Attachment: Gibson-Buckeye 0623

Researched by Industrial Info Resources (Sugar Land, Texas)--Gibson Energy Incorporated (Calgary, Alberta) is making a bold move in the U.S. oil-export market: Earlier this week, it agreed to buy full ownership of the South Texas Gateway oil terminal in Ingleside, Texas, from operator Buckeye Partners and its two co-owners, Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) and Phillips 66 (NYSE:PSX) (Houston, Texas). Crucially, this will provide Gibson with much stronger access to product from the Permian Basin, which could significantly expand its presence in the North American market.

Industrial Info is tracking $4 billion worth of active projects from Buckeye and more than $1 billion from Gibson. The South Texas Gateway Terminal, which is located at the mouth of the Corpus Christi ship channel, completed construction and began oil-export operations in the summer of 2020. A major expansion, which increased its total capacity from 7.2 million to 8.6 million barrels across 20 tanks, was completed in the first quarter of 2021. This March, it averaged more than 670,000 barrels per day of oil exports, a monthly record.

Other companies featured: Cenovus Energy Incorporated (NYSE:CVE), Enbridge Incorporated (NYSE:ENB) and TC Energy (NYSE:TRP)

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