Gibson Energy

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.

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.

See also

• List of oilfield service companies