-- Gibson Energy (GEI.TO) after trade Monday said it swung to a first-quarter loss "primarily due to unrealized losses from financial hedges that support underlying physical assets, restructuring costs incurred during the quarter, and higher depreciation, amortization and impairment charges, partially offset by lower income tax expense".
The oil infrastructure and marketing company had net loss of $1.4 million, compared with net income of $50 million a year ago. Per-share results were not disclosed.
Adjusted EBITDA for the quarter ended March 31 stood at $139.1 million, down from $142.2 million a year prior. The company said the drop was "a result of higher general and administrative expenses, partially offset by higher adjusted EBITDA from Infrastructure and Marketing segments".
The company also declared a quarterly dividend of $0.45 per share, payable on July 17 to shareholders of record at the close of business on June 29.
"The completion of the Chauvin acquisition, sanctioning the Hardisty Connection project and our internal restructuring represent key milestones achieved this quarter in advancing the growth strategy we outlined at our Investor Day in December," Chief Executive Officer Curtis Philippon said, adding that, "recent geopolitical events further reinforce the importance of growing reliable North American energy supply. Gibson's operations are well positioned to enable our customers in meeting this global energy need."
The company's shares closed up $0.28 to $30.18 on the Toronto Stock Exchange.