Gibson Energy Reports Third Quarter 2026 Results, Highlighted by Record Consolidated and Infrastructure Adjusted EBITDA, and Sanctions the Chauvin Pipeline Expansion Project

"Gibson delivered an exceptional third quarter, with record results across the business," said Curtis Philippon, President & Chief Executive Officer. "Chauvin continues to exceed our expectations, and we are pleased to sanction an expansion that will increase pipeline capacity by approximately 50%. It is a great example of the kind of disciplined infrastructure investment we want to make: supported by our customers, closely connected to our existing assets and capable of delivering attractive returns. In the U.S., we also placed our Wink-to-Gateway Integration Project into service, enhancing connectivity across our network and positioning Gateway to capture additional volumes. With improving Canadian market access and growing producer activity, the opportunity set in front of Gibson is as strong as we have seen in some time. We are well positioned to turn those opportunities into meaningful growth and long-term value for shareholders."

Financial Highlights:

• Infrastructure adjusted EBITDA of $177 million in the third quarter, a $23 million increase from the third quarter of 2025, primarily driven by strong performance from the Chauvin Infrastructure Assets, higher overall throughput, including record volumes moved to TMX through Edmonton, ongoing optimization of our existing assets, and benefits from the Company’s 2026 restructuring initiatives
• Marketing adjusted EBITDA of $35 million in the third quarter, a $28 million increase from the third quarter of 2025, primarily driven by strong refining margins resulting from elevated crack spreads, highlighting the benefits of the Company’s product diversification strategy
• Adjusted EBITDA on a consolidated basis of $193 million in the third quarter, a $46 million increase from the third quarter of 2025, primarily reflecting stronger Infrastructure and Marketing results and adjustments for unrealized gains and losses on financial instruments in both periods, partially offset by higher General and Administrative costs
• Net income of $77 million in the third quarter, a $31 million increase from the third quarter of 2025, primarily due to the factors affecting segment adjusted EBITDA as noted above, partially offset by higher income tax expense and finance costs
• Distributable Cash Flow of $120 million in the third quarter, a $34 million increase from the third quarter of 2025, primarily due to the factors contributing to higher adjusted EBITDA as noted above, partially offset by higher finance cost and current income tax expense
• Dividend payout ratio of 82% and net debt to adjusted EBITDA ratio of 3.9x on a trailing twelve-month basis, with both metrics expected to improve as a full 12 months of contributions from the Chauvin acquisition are reflected

Strategic Developments and Highlights:

• In November, the Board declared a quarterly dividend of $0.45 per common share, payable on January 15, 2027, to shareholders of record at the close of business on December 30, 2026
• In October, placed the Wink-to-Gateway Integration Project into service, enhancing connectivity and operational flexibility at Gateway
• In September, the Company's NCIB was renewed for an additional one-year period, enabling the Company to repurchase and cancel up to 7,251,988 common shares, representing 5% of the Company’s public float
• In July, the Company closed its offering of $400 million 4.45% senior unsecured medium-term notes due January 9, 2034

Management’s Discussion and Analysis and Financial Statements The 2026 third quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and nine months ended September 30, 2026, as compared to the three months and nine months ended September 30, 2025. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast DetailsA conference call and webcast will be held to discuss the 2026 third quarter financial and operating results at 8:00am ABT (9:00am ET) on Tuesday, November 3, 2026.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

https://register-conf.media-server.com/register/BI8015be24fb1e49ffb93a019531a832fd?utm

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

https://edge.media-server.com/mmc/p/h5qy8qeq

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary InformationGibson has also made available certain supplementary information regarding the 2026 third quarter financial and operating results, available at www.gibsonenergy.com.

About Gibson Gibson is a leading liquids infrastructure company providing storage, optimization, processing, gathering, and waterborne vessel loading services for liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information and statements (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The use of any of the words "expect", "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements included or referred to in this press release include, but are not limited to, statements concerning: the development, construction and completion of the Chauvin pipeline expansion project, including its expected increase in system capacity and anticipated in-service date; Gibson's long-term growth strategy and ability to create long-term shareholder value, including through infrastructure investments capable of delivering attractive returns; Gateway’s positioning to capture additional volumes following the completion of the Wink-to-Gateway Integration Project; improving Canadian market access and growing producer activity, and Gibson’s ability to realize on opportunities relating thereto to produce meaningful growth and create long term value for shareholders; expectations regarding the Company's dividend payout ratio and net debt to adjusted EBITDA metrics, including their expected improvement and the expected timing and payment of the quarterly dividend. These statements are based on assumptions that the Chauvin pipeline expansion will proceed on the anticipated schedule and within expected costs, with necessary approvals and customer support; that Canadian market access and producer activity will continue to support growth opportunities; that the Chauvin Infrastructure Assets will contribute to Gibson's financial results as expected; and that customer demand and market conditions will support Gateway's ability to capture additional volumes as expected. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, construction delays or cost overruns on the Chauvin pipeline expansion, changes in producer activity, customer demand or market access, and lower-than-expected contributions from the Chauvin Infrastructure Assets, as well as the risks and uncertainties described in "Forward-Looking Information" and "Risk Factors" included in the Company's Annual Information Form dated February 17, 2026, and Management's Discussion and Analysis dated November 2, 2026, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investor Relations Phone: (403) 776-3077Email: investor.relations@gibsonenergy.com

Media Phone: (403) 476-6334 Email: communications@gibsonenergy.com

Specified Financial MeasuresThis press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company’s MD&A for the three and nine months ended September 30, 2026 and 2025, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at www.sedarplus.ca and Gibson's website at www.gibsonenergy.com .

a)    Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and nine months ended September 30, 2026, and 2025:

b)    Distributable Cash Flow

The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

c)    Dividend Payout Ratio

d)    Net Debt To Adjusted EBITDA Ratio

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