CA - Gibson Energy Inc. (GBNXF) Q4 2023 Earnings Call Transcript

2024-02-21 12:25:22 ET

Gibson Energy Inc. (GBNXF)

Q4 2023 Earnings Conference Call

February 21, 2024, 9:00 AM ET

Company Participants

Beth Pollock - Vice President, Capital Markets and Risk

Steve Spaulding - President and CEO

Sean Brown - Senior Vice President and CFO

Kyle DeGruchy - Senior Vice President and CCO

Omar Saif - Chief Operating Officer

Conference Call Participants

Rob Hope - Scotiabank

Linda Ezergailis - TD Securities

Jeremy Tonet - JPMorgan

Patrick Kenny - National Bank

Robert Catellier - CIBC

Robert Kwan - RBC Capital Markets

Ben Pham - BMO

Presentation

Operator

Good morning. My name is Lara, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gibson Energy Q4 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the meeting over to Ms. Beth Pollock, Vice President, Capital Markets and Risk. Ms. Pollock, please go ahead.

Beth Pollock

Thank you, Lara. Good morning and thank you for joining us on this conference call discussing our fourth quarter and full year 2023 operational and financial results. Joining me on the call today from Gibson Energy are Steve Spaulding, President and Chief Executive Officer; and Sean Brown, Senior Vice President and Chief Financial Officer. We also have the rest of the senior management team in the room to help with questions-and-answers as required.

Listeners are reminded that today’s call refers to non-GAAP measures, forward-looking information and pro forma financial information. Pro forma financial information is derived in part from historical financial information of South Texas Gateway Terminal LLC and is subject to certain assumptions and adjustments and may not be indicative of actual results. Descriptions and qualifications of such measures and information are set out in our investor presentation available on our website and our continuous disclosure documents available on SEDAR+.

Now, I would like to turn the call over to Steve.

Steve Spaulding

Thanks, Beth. Good morning, everyone, and thank you for joining us today. First, I’d like to touch on highlights from our last year. As is customary, Sean will speak in more detail regarding our financial results and financial position. And before we conclude the call, I’ll provide some brief remarks regarding the announcement of my retirement.

In 2023, we advanced our Infrastructure growth strategy through the acquisition of the Gateway Terminal and continue to deliver strong and consistent financial results. In our Infrastructure segment, with the benefit of a full quarter of contribution from the Gateway Terminal, which closed August 1st, we set a record for the company, with segment EBITDA of $494 million. This breaks the previous record of $442 million, which was set the previous year, and speaks to the growth and stability of our Infrastructure business. We are proud of the rate at which our Infrastructure segment continues to grow, which equates to a compounded annual growth rate of 16% since 2017, pro forma, the Gateway acquisition....

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