Gibson buys Texas terminal amid bullish outlook for US oil exports

Growing global thirst for light sweet crude contrasts with potential refining decline and risks of inland infrastructure bottlenecks at home

Oil export capacity on the US Gulf Coast is in the spotlight thanks to Canadian firm Gibson Energy’s mid-June announcement that it has agreed to buy the South Texas Gateway Terminal at Ingleside, Texas, for $1.1bn. This comes as US crude exports continue to grow and several operators of large-scale oil export infrastructure are seeking to accommodate that growth. Under Gibson’s agreement, the company will acquire 100pc of the membership interests in the South Texas Gateway facility. It is currently 50pc owned and operated by US oil firm Buckeye Partners, with refiners Marathon Petroleum and Phillips 66 each holding 25pc stakes. Buckeye has indicated it intends to focus more on the energy tra