04:40 PM EST, 02/18/2025 (MT Newswires) -- Gibson Energy ( GBNXF ) after trade Tuesday said it swung to a modest loss in the fourth quarter, not helped by higher costs, but added revenues were "relatively consistent year over year" as the company's Infrastructure unit has started to reap a contribution from the Gateway Terminal in Texas, leading it to increase its dividend by 5%.

The oil infrastructure and marketing company reported a $6-million loss in the fourth quarter, compared to a profit of $53.3 million a year earlier. Per-share results were not disclosed.

It noted net income of $152 million for the full year 2024, a $62 million or 29% drop from 2023 due to higher general and administrative costs primarily due to an executive transition and restructuring as well as the cost to acquire the Gateway oil-export terminal resulted that pushed up higher finance costs,.

It recorded revenue of $11.78 billion for the full year, including $2.36 billion in the fourth quarter, "relatively consistent year over year" primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal.

Among other highlights, Gibson posted Infrastructure Adjusted EBITDA of $601 million for the full year, including $147 million in the fourth quarter, a $107 million, or 22%, increase over 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items.

Adjusted EBITDA on a consolidated basis was $610 million for the full year, including $130 million in Q4, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs.

The company had Distributable Cash Flow of $375 million for the full year, including $71 million in Q4, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments

"We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway," said chief executive Curtis Philippon. "Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway."

Gibson's board approved a quarterly dividend of $0.43 per share, a $0.02 increase, or 5%. The quarterly dividend is payable on April 17 to shareholders of record on March 31.

"This dividend increase is reflective of the growth of our long-term, stable cash flows in 2024 driven by record-setting volumes achieved at the Gateway and Edmonton Terminals," chief financial officer Riley Hicks said.

Gibson shares closed down $0.12 to $23.58 on the Toronto Stock Exchange.