Gibson bets on Permian strength powering US oil exports growth

Gibson Energy Inc. is betting that swelling oil output in the Permian Basin will fuel continued growth in US crude exports

Canada’s Gibson Energy Inc. is betting that swelling oil output in the Permian Basin will fuel continued growth in US crude exports, boosting profit from a major Gulf Coast terminal it bought last year for about $1.1 billion.

The acquisition of the South Texas Gateway Terminal — which expanded Gibson beyond its core business of storing and processing Canadian crude in Alberta and Saskatchewan — is seen by analysts as a key earnings driver for the company. While Gibson has plans to generate more revenue from the terminal through physical improvements and enhanced contracts, the deal is also a macro bet on growing US oil exports.

Click here to read the full article
Source: Bloomberg

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
Chevron's $53 billion acquisition of Hess Corporation expands its assets in Guyana and the U.S. Bakken shale.American Oil Giants Boost Domestic Footprint as Geopolitical Tensions Mount
Exxon outperforms oil majors, rising 15% despite falling crude prices, with higher production growth and lower costs than rivals.Exxon Mobil Corp. Beats Estimates on Higher Permian Basin Oil Production
Share of Natural gas produced from the three largest tight oil-producing plays in the United States has increased in the last decade.Share of natural gas production in US tight oil plays increased over the last decade
Record Oil ProductionRecord Oil Production in Permian and Bakken Basins
The EIA said on Monday that American shale output from the top-producing regions would soar to a six-month high in June.American Shale output hits heading for 6-month high in June
ChevronChevron targets 1 million boe/d Permian production by 2025
Ovintiv Inc. is considering a possible sale of its operations in the Uinta basin, which could fetch as much as $2 billionOvintiv explores $2 billion Uinta basin business sale to focus on Permian shale operations
The total number of active drilling rigs for oil and gas in the US rose this week, according to new data from Baker Hughes.US Oil Drilling Activity Inches Up
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *