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Gibson Energy Inc. Q1-2020 Earnings, Price Target Update

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Gibson Energy Inc. (GEI) operates in the oil infrastructure sector with growth plans focused on crude oil storage. Headquartered in Calgary, approximately 75% of the $2.8B in assets focused on storage and related facilities primarily located at Hardisty and Edmonton, Alberta, and also include the Moose Jaw Facility and injection stations in Texas and Oklahoma. Their key strategy is to refocus on the oil storage business in western Canada largely financed with the sale of assets and profits from operations. Their Hardisty Terminal connects to the Enbridge Line 3 Mainline and Edmonton Terminal connects to Kinder Morgan's TransMountain Pipeline. The Hardisty Terminal will be connected to the TransCanada Keystone XL pipeline. Based on the location of the end user, approximately 30% of revenues are from US customers. By assets, approximately 70% are located in Canada. Capital spending for 2019 is forecast at $500M of which $280M is growth capital. They also have exclusive access to the only unit train rail terminal at Hardisty through joint venture with USD(NYSE-USDP) with a capacity of 120,000 bbl/d (2 unit trains per day), with potential to expand.

Operating Segments

Infrastructure includes a network of midstream infrastructure assets that includes oil terminals, rail loading and unloading facilities, injection stations, gathering pipelines and processing facilities that collect, store, and process oil and other liquid hydrocarbon production and by-products before eventual distribution to end-use markets. The primary facilities within this segment include the terminals located at Edmonton and Hardisty, which are the principal hubs for aggregating and exporting oil and refined products out of the Western Canadian Sedimentary Basin; gathering pipelines, which are connected to the Hardisty Terminal; injection stations, which are located in the United States; a crude oil processing facility in Moose Jaw, Saskatchewan, and processing, recovery, and disposal terminals located throughout Western Canada and the Northern United States.

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