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Gibson Energy Announces 2022 Third Quarter Results

Press Release

All financial figures are in Canadian dollars unless otherwise noted

CALGARY, AB, Oct. 31, 2022 – Gibson Energy Inc. announced today its financial and operating results for the three and nine months ended September 30, 2022.

“Our third quarter results were strong from both an operational and financial perspective, with the Infrastructure segment performing in-line with our expectations while an increased contribution from Refined Products led the Marketing segment to be above our initial outlook,” said Steve Spaulding, President and Chief Executive Officer.  “The improved performance of our business has allowed us to repurchase 2.7% of our outstanding shares, or $97 million, to date and we now expect to deploy up to $150 million towards share repurchases in 2022 given our outlook for the business for the balance of the year.  We have also continued to progress Sustainability and ESG at Gibson through the release of our 2021 Sustainability Report while also strengthening our Board with the addition of Diane Kazarian, who brings extensive audit and risk experience.”

Financial Highlights:

  • Revenue of $2,652 million in the third quarter, a $844 million or 47% increase over the third quarter of 2021, a result of higher commodity prices increasing contribution from the Marketing segment
  • Infrastructure Adjusted EBITDA(1) of $111 million in the third quarter, a $7 million or 7% increase from the third quarter of 2021, principally due to increased contributions from the Edmonton Terminal, in part due to the Biofuels Blending project entering service, and a full quarter of operation for the DRU
  • Marketing Adjusted EBITDA(1) of $48 million in the third quarter, a $32 million or 202% increase from the third quarter of 2021, primarily due to a stronger contribution from Refined Products as well as an increased contribution from Crude Marketing
  • Adjusted EBITDA(1) on a consolidated basis of $149 million in the third quarter, a $39 million or 35% increase over the third quarter of 2021, as result of the factors described above
  • Net Income of $71 million in the third quarter, a $35 million or 98% increase over the third quarter of 2021, due to the factors described above and with the current quarter benefitting from foreign exchange gains that were partially offset by higher income tax expense
  • Distributable Cash Flow(1) of $115 million in the third quarter, a $44 million or 63% increase from the third quarter of 2021, a result of the factors described above
  • Dividend Payout ratio(2) on a trailing twelve-month basis of 64%, below the Company’s 70% – 80% target range
  • Net Debt to Adjusted EBITDA ratio(2) at September 30, 2022 of 2.7x, below the bottom end of the Company’s 3.0x – 3.5x target range

Strategic Developments and Highlights:

  • Released its 2021 Sustainability Report, showcasing progress along the Company’s sustainability journey including continued focus on safety, further embedding ESG into its culture and business as well as achieving targets of having at least one racial and ethnic minority and/or Indigenous person on the Board and of 40% women representation on the Board, ahead of the 2025 target date
  • Announced the addition of Ms. Diane Kazarian to the Company’s Board of Directors
  • Repurchased 1.2 million shares for an aggregate $28 million in the third quarter plus an additional 0.4 million shares subsequent to the end of the quarter, for a total to date this year of 3.9 million shares for an aggregate $97 million representing 2.7% of outstanding shares

(1) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.

(2) Net debt to Adjusted EBITDA ratio and Dividend Payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

Management’s Discussion and Analysis and Financial Statements
The 2022 third quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and nine months ended September 30, 2022, as compared to the three and nine months ended September 30, 2021.  These documents are available at www.gibsonenergy.com and at www.sedar.com.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2022 third quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, November 1, 2022.

The conference call dial-in numbers are:

  • 416-764-8659 / 1-888-664-6392
  • Conference ID: 70584022

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

The webcast will remain accessible for a 12-month period at the above URL. Additionally, a digital recording will be available for replay two hours after the call’s completion until November 15, 2022, using the following dial-in numbers:

  • 416-764-8677 / 1-888-390-0541
  • Replay Entry Code: 584022 #

Supplementary Information
Gibson has also made available certain supplementary information regarding the 2022 third quarter financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), is a Canadian-based liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products.  Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

For further information, please contact:

Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email:    [email protected]

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