On August 1, 2023, Gibson Energy Inc., through its subsidiary Gibson (U.S.) Acquisitionco Corp., acquired South Texas Gateway Terminal LLC (STLLC) from Buckeye South Texas Gateway Holdings LLC, Gray Oak Gateway Holdings LLC, and Phillips 66 Partners Holdings LLC. The transaction was valued at approximately USD 1.1 billion (CAD 1.485 billion). STLLC operates a deep-water crude oil export terminal in Ingleside, Texas, featuring a storage capacity of approximately 8.6 million barrels. This facility, with two deep-water docks, connects the Permian and Eagle Ford basins to global markets, enhancing Gibson's crude export infrastructure.

The purchase price was financed through a combination of a CAD 403 million subscription receipt offering, a CAD 900 million senior unsecured medium-term notes issuance, a CAD 200 million hybrid notes issuance, cash reserves, and a CAD 750 million revolving credit facility. This acquisition expands Gibson’s asset portfolio in the energy export sector, with a strategic focus on enhancing connectivity to global markets.