Marketing Drives 2Q Beat; Await Infrastructure Platform Expansion Updates & Refreshed Capital Allocation Priorities

研报英文原文证据摘录

Marketing Drives 2Q Beat; Await Infrastructure Platform Expansion Updates & Refreshed Capital Allocation Priorities

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

27 July 2026

Gibson Energy Inc.

Marketing Drives 2Q Beat; Await Infrastructure Platform Underweight

Expansion Updates & Refreshed Capital Allocation GEI.TO, GEI CN

Priorities Price (27 Jul 26):C$30.57

Head of North America Power,

GEI reported 2Q26 adj. EBITDA of $169mm, above the $158mm JPMe/$157mm Utilities, Midstream, LNG, and

Nuclear

Street median driven by a strong Marketing print. Infrastructure adj. EBITDA of

$169mm matched JPMe, benefitting from solid throughput at Gateway and Jeremy Tonet, CFA AC

Edmonton terminals and two months of Chauvin asset contributions. Marketing (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

adj. EBITDA of $15mm beat the $6mm JPMe and $0-10mm quarterly guide,

North American Midstream

reflecting improved crack spreads and continued mix diversification in Refined

Products. G&A of $16mm landed ~$2mm better than JPMe. GEI confirmed Wink- Vrathan Reddy

to-Gateway project advancement, with the Gateway connector pipeline placed in- (1-212) 622-4692

vrathan.reddy@jpmchase.com

service subsequent to quarter end, and the additional Wink Terminal storage tank

Eli Jossen, CFAconstruction underway. Turning to the call, we expect updates on Chauvin

(1-212) 622-4113

integration progress, Gateway volume trajectory, and the Marketing outlook in eli.jossen@jpmchase.com

2H26. Lastly, we await color on the balance sheet trajectory, including the de-

Francina Kolluri

leveragng path versus planned organic growth project spend. (1-212) 270-5796

francina.kolluri@jpmchase.com

• Infrastructure growth execution across the platform. The Hardisty J.P. Morgan Securities LLC