Gibson Energy
Oil and gas industry supply company based in Calgary, Canada
From Wikipedia, the free encyclopedia
Gibsons is a Canada-based midstream oilfield service company.[2][3] Its assets include pipelines, oil storage facilities, as well as a refinery in Moose Jaw.[4] It is listed on the Toronto Stock Exchange.
| |
| Company type | Public (TSX: GEI) |
|---|---|
| Industry | Oil and gas |
| Founded | 1953 |
| Headquarters | Calgary, Alberta , Canada |
Areas served | Canada and the United States |
Key people | James M. Estey, Chairman Steve Spaulding, CEO |
| Revenue | C$5,592 million (2015) |
| (C$280,7 million) (loss) (2015) | |
| Total assets | C$3,283 million (2015) |
| Total equity | C$1,167 million (2015) |
| Website | www |
| Footnotes / references Financials from Annual Report[1] | |
History
Gibsons was founded with the incorporation of its predecessor in 1953.[5] It was initially a subsidiary of Hunting plc, a British firm in the same business. Gibsons was sold by Hunting plc to an energy industry focused private equity fund managed by Riverstone Holdings in December 2008, for C$1.2 billion.[6] It was later listed on the Toronto Stock Exchange on June 14, 2011.
In 2012, Gibson bought Omni Energy Services for $445 million.[7] OMNI was an environmental services provider to the American oil and gas industry.
In 2016, Gibsons Energy rejected a $2.8 billion acquisition proposal from a Singapore private equity firm.[3] In 2017, it sold its industrial propane distribution business, Canwest Propane, to Superior Plus for $412 million.[8] In 2017, its largest shareholder called for the company to sell its non-core assets, and consider selling the whole company.[4]
Current operations
Gibsons has facilities in locations in both the United States and Canada. It owns and operates a refinery in Moose Jaw that is Western Canada's largest supplier of the asphalt used for making roofing shingles.[9] It also runs a number of oil storage terminals, the largest of which is the Hardisty Terminal in Hardisty, Alberta.
Gibsons used to run a trucking service to haul petroleum and other products from and to oil and gas production facilities. The majority of the trucks were leased to independent contractor, who paid upwards of $200 a day for equipment that was supposed to be lease purchased. This has been sold to Trimac.[10] The company also buys, sells, and markets oil and gas on the wholesale market.
