All financial figures are in Canadian dollars unless otherwise
noted
CALGARY,
AB, Feb. 21, 2023 /PRNewswire/ - Gibson
Energy Inc. announced today that its Board of Directors has
approved a quarterly dividend of $0.39 per common share, an increase of
$0.02 per common share, which will be
payable on April 17, 2023, to
shareholders of record at the close of business on March 31, 2023. This dividend is designated
as an eligible dividend for Canadian income tax purposes. For
non-resident shareholders, Gibson's dividends are subject to
Canadian withholding tax.
"With the continued growth of our long-term, stable cash flows
from our Infrastructure segment as well as our distributable cash
flow per share, which have both roughly doubled over the past five
years, we are pleased to continue the consistent, annual growth of
our dividend," said Steve Spaulding,
President and Chief Executive Officer. "The increase reflects
our continued adherence to our stated capital allocation approach,
resulting in the buyback of over 4% of outstanding shares in 2022,
as well as our Financial Governing Principles which include our
focus on Infrastructure-only payout and leverage metrics that do
not rely on the variable part of our business. When combined
with our intention to repurchase up to $100
million in common shares in 2023, we see the potential to
provide a return of capital of nearly 10% per share during the
year."
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.
Forward-Looking Statements
Certain statements
contained in this press release constitute forward-looking
information and statements (collectively, forward-looking
statements) including, but not limited to, statements concerning
Gibson's dividend payment, share repurchases and the return of
capital to shareholders. All statements other than statements
of historical fact are forward-looking statements. The use of
any of the words ''anticipate'', ''plan'', ''contemplate'',
''continue'', ''estimate'', ''expect'', ''intend'', ''propose'',
''might'', ''may'', ''will'', ''shall'', ''project'', ''should'',
''could'', ''would'', ''believe'', ''predict'', ''forecast'',
''pursue'', ''potential'' and ''capable'' and similar expressions
are intended to identify forward looking statements.
The forward-looking statements reflect Gibson's beliefs and
assumptions with respect to, among other things, dividend
payment, share repurchases, the return of capital to shareholders
and the funding sources thereof. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this press release should
not be unduly relied upon. These statements speak only as of
the date of this press release. The Company does not undertake any
obligations to publicly update or revise any forward-looking
statements except as required by securities law. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the risks and
uncertainties described in "Forward-Looking Information" and "Risk
Factors" included in the Company's Annual Information Form dated
February 23, 2022, and Management's
Discussion and Analysis dated February 21,
2023 as filed on SEDAR and available on the Gibson website
at www.gibsonenergy.com.
For further information, please contact:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor
Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
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SOURCE Gibson Energy Inc.