After the bell Gibson Energy (GEI) announced a $400M pipeline acquisition, adding 30K bpd of capacity to its Hardisty network. With take-or-pay agreements covering 90% of revenue (50% of volumes)…

… project economics should be relatively stable over the medium term. At 7.5x NTM EBITDA, management’s mid-single-digit accretion target passes the smell test…

… enabling it to fund half of the deal with equity. The headline multiple could prove conservative too, with a potential $50M, 15K bpd expansion project being evaluated.