Is Gibson Energy / GEI Halal?
Gibson Energy Inc. (TSX: GEI) is a Calgary-based oil-and-gas midstream company — terminals, pipelines, and a marketing segment. The business clears gate one, but ~50% debt-to-market-cap is well above the ~33% AAOIFI ceiling.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASS
Gibson operates energy infrastructure — crude oil terminals, pipelines, and related services — plus a marketing segment that trades crude and refined products. Energy midstream infrastructure is a permissible business activity under AAOIFI-style screens, consistent with this site's Enbridge screener (which failed on debt, not on its business). Gate one: PASS.
Gate two: the ratios — FAIL
Debt-to-market-cap: ~50% (ceiling ~33%) — FAIL. Gibson reported long-term debt of about C$2.680 billion at March 31, 2026 (the latest disclosed balance sheet). In May 2026 it closed the C$400 million Chauvin acquisition, funded from its revolving credit facility and refinanced into 4.45% senior unsecured notes in July — so June 30 debt is higher than the March figure. Against a market cap of roughly C$5.408 billion on September 28, 2026, the ratio is about 50% as a minimum and higher in reality, far above the ceiling.
Non-compliant income: ~0% (ceiling ~5%) — PASS. Revenue comes from infrastructure services and marketing — Q2 2026 (reported July 27, 2026) delivered record infrastructure adjusted EBITDA of C$169 million and marketing adjusted EBITDA of C$15 million. Gibson reports net finance costs of C$38.1 million — a net cost, not income — with no separate interest income disclosed. The income screen is not the deciding factor here: the debt ratio already fails. Gate two: FAIL.
What other screeners say
No verified current third-party rating was found for Gibson Energy on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Gibson Energy Inc. (TSX: GEI) a FAIL. The business is permissible, and Q2 was operationally strong — but roughly C$2.7 billion of debt against a C$5.4 billion market cap leaves no room under the 33% ceiling. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
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Frequently asked questions
Is Gibson Energy stock halal?
This screener gives Gibson Energy Inc. (TSX: GEI) a FAIL. Oil-and-gas midstream infrastructure clears the business-activity screen, but the ratio math fails: about C$2.680 billion of long-term debt at March 31, 2026 — the latest disclosed balance sheet, before the C$400 million Chauvin acquisition draw — against a market cap of about C$5.408 billion on September 28, 2026, giving roughly 50% as a minimum, above the ~33% AAOIFI ceiling.
What are Gibson Energy's debt and market-cap figures?
Gibson reported long-term debt of about C$2.680 billion at March 31, 2026 (the latest disclosed balance sheet), and closed the C$400 million Chauvin acquisition in May 2026 funded from its revolving credit facility — refinanced into 4.45% senior unsecured notes in July. June 30 debt is therefore higher than the March figure, so the ratio of about 50% against a market cap of roughly C$5.408 billion on September 28, 2026 is a minimum; actual leverage is above it — still over the ~33% AAOIFI ceiling.
Does Gibson Energy earn interest income?
Gibson's Q2 2026 filing reports finance costs, net of C$38.1 million — a net cost, not income — with no separate interest income disclosed; revenue comes from infrastructure services and marketing of crude and refined products. The income screen is not the deciding factor here: the debt ratio already fails.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Gibson Energy on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Gibson Energy's halal screener?
A sustained deleveraging program or a sharp share-price recovery that lifts the market cap — the ratio needs to fall below ~33%. Gibson targets a debt-to-adjusted-EBITDA ratio of 2.5–3.0x, so screeners can re-run this page whenever a quarterly balance sheet shows materially lower debt. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.