Gibson Energy Inc. 1Q in Review; Model Update

Research evidence excerpt

Gibson Energy Inc. 1Q in Review; Model Update

J P M O R G A N North America Equity Research

14 May 2026

Gibson Energy Inc. Underweight

GEI.TO, GEI CN

1Q in Review; Model Update Price (13 May 26):C$28.37

Price Target (Dec-26):C$28.00

Head of North America Power,

Gateway volume recovery and Chauvin integration dominated 1Q26 earnings call Utilities, Midstream, LNG, and

airtime. On Gateway, management confirmed export disruptions proved Nuclear

ACtemporary, with volumes averaging ~800mbpd in January/February before Jeremy Tonet, CFA

dropping to ~600mbpd in March on spiked freight rates and geopolitical (1-212) 622-4915

uncertainty. Encouragingly, April recovery tracked sharply higher, with the team jeremy.b.tonet@jpmorgan.com

expecting ~1mmb/d throughput in the back half of 2Q26. GEI also flagged a ~50% Vrathan Reddy

increase in Gateway customer count in 2Q, including super-major participation, (1-212) 622-4692

though management tempered near-term revenue upside given most incremental vrathan.reddy@jpmchase.com

volumes fall within existing MVC windows. On Chauvin, GEI formally Eli Jossen, CFA

sanctioned the Hardisty Connection post-close on May 1, with the pipeline (1-212) 622-4113

eli.jossen@jpmchase.com

expansion from 30mbpd to 45mbpd expected to reach FID later this year. Together,

we expect these projects to compress the acquisition multiple below 7x. On Francina Kolluri

(1-212) 270-5796

Marketing, GEI reiterated a $0–10mm/quarter run-rate, with backwardation and francina.kolluri@jpmchase.com

efficient Western Canada egress continuing to limit upside. G&A lands at $17– J.P. Morgan Securities LLC

18mm/quarter through 2026, normalizing in 2027 as technology and automation

investments yield savings. All in, positive Gateway recovery commentary and