Gibson said yesterday it has revised the design configuration of the Hardisty terminal, where construction is underway, resulting in a 200,000 bbl boost from the original planned capacity. The company will also construct an additional, 300,000 bbl operational tank, which it will use to service customers during periods of maintenance or cleaning of the other two tanks, executives said.

The expansion will be done by upsizing two previously planned storage tanks to 400,000 bbl capacity each, “resulting in a more efficient use of land,” said President and CEO Stewart Hanlon on a conference call with analysts. These changes will boost total storage capacity at Hardisty to 7.1 million bbl, or 65% over pre-construction levels.

Hanlon declined to discuss specific costs associated with the Hardisty expansion. However, he noted that the company’s planned C$375 million in capital expenditures for 2015 “is looking somewhat conservative,” noting that the tank reconfiguration “is one aspect of that.”

Gibson reported third-quarter profits of nearly C$120 million, up slightly from the C$117 million it earned in the same quarter of 2013, driven by record contributions from its Terminals & Pipelines and Environmental Services segments.

Its Terminals & Pipelines division posted C$31.1 million in profit, up from C$25.8 million a year ago, while the Environmental Services division’s earnings rose to $C$28.5 million from C$24.3 million. Processing and Wellsite Fluids’ profit picked up to C$14.3 million from C$12.1 million.

Gibson’s Propane and NGL Marketing and Distribution division realized C$13.2 million in profits, relatively even with 2013 levels. A 42% boost in operating expenses related to its recent Cal-Gas Inc. and Stittco Energy Ltd. acquisitions offset a 41% uptick in retail propane volumes and 2% increase in operating margins, Hanlon said.

“We are looking forward to the upcoming winter months” to realize additional cash contributions from the Stittco and Cal-Gas acquisitions, which respectively closed April 1 and Aug. 1.

Segment losses were seen in Marketing, which fell to C$12.3 million from C$18.8 million, and in its Truck Transportation unit, where profits dipped to C$20.5 million from C$22.8 million.

Gibson executives touched upon the current weak petroleum price environment, noting that “if similarly difficult market conditions do persist [into the fourth quarter], we do not expect to realize [Marketing] segment profits” beyond the third quarter, Hanlon said.

However, he stressed that the company remains “confident in our ability to continue to deliver growth and returns to our customers.”

Gibson also announced that it will hold an Investor Day in Toronto, Ontario, on Dec. 11 to provide more details on its strategy and operations, as well as its capital expenditure plans for 2015-2016.