Gibson Energy Inc. Reports Record 2012 Financial Results and Increases Quarterly Dividend

    Gibson Energy Inc. Reports Record 2012 Financial Results and Increases
                              Quarterly Dividend

PR Newswire

CALGARY, March 5, 2013

All financial figures are in Canadian dollars unless otherwise stated

CALGARY, March 5, 2013 /PRNewswire/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, announced today record annual results for 2012 supported
by large profit increases across four businesses.

Highlights include:

  *Adjusted EBITDA^1 increased by 43% to $96.1 million for the three months
    ended December 31, 2012 compared to $67.4 million in the three months
    ended December 31, 2011. For the full year, 2012 Adjusted EBITDA
    increased by 31% to $302.1 million compared to $231.3 million in 2011;

  *Earlier today, the Company's Board of Directors approved a 5.8% increase
    to its quarterly dividend. The quarterly increase to $0.275 per common
    share is payable on April 17, 2013 to shareholders of record at the close
    of business on March 29th, 2013;

  *On October 31, 2012, the Company acquired all of the issued and
    outstanding common shares of the parent company of OMNI Energy Services
    Corp. ("OMNI") for total cash consideration of $439.7 million; and

  *In December, the Company received committed support from a large oil sands
    producer for a 300,000 bbl oil storage tank at Hardisty Terminal and plans
    to immediately begin construction of this tank on its eastern Hardisty
    lands. The new 300,000 bbl tank is expected to be commissioned in
    mid-2014. This commitment is in addition to the two 400,000 bbl oil
    storage tanks announced in September, 2012.

Our integrated  midstream  services  model delivered  outstanding  results  in 
2012," said Stewart Hanlon, Gibson's  President and Chief Executive  Officer. 
"This achievement provides a  great start to  2013, which represents  Gibson's 
60th anniversary as an operating  entity. Despite some economic and  industry 
headwinds, I  expect  another  strong  year for  the  Company  as  we  develop 
additional infrastructure to  meet customer  needs and build  upon our  recent 
acquisition in the U.S."

Other Highlights for the fourth quarter and year ended December 31, 2012:

  *Cash provided by operations for the three months and year ended December
    31, 2012 was $125.2million and $308.9 million, respectively, compared to
    $35.9 million and $207.3 million in the three months and year ended
    December 31, 2011, respectively;

  *Capital expenditures, excluding acquisitions, were $182.2 million in the
    year ended December 31, 2012, of which $125.7 million related to internal
    growth projects. The internal growth project expenditures were primarily
    related to the construction of tankage and pipeline connections at the
    Company's facilities, in particular at Hardisty, the expansion of the
    Canadian Environmental Services and the growth of the Truck Transportation
    and Canwest fleets;

  *In December 2012, the Company announced approval of 2013 capital
    expenditures of $304.0 million. Of the total capital expenditures $235.0
    million or 77% is directed towards growth investments of which $137.0
    million or 58% is earmarked for the Terminals and Pipelines segment. The
    other significant capital expenditures are primarily comprised of growth
    capital investment in the Truck Transportation and the Environmental
    Services segments;

  *On October 29, 2012, the Company closed a bought deal offering of
    subscription receipts which on closing of the acquisition of OMNI were
    automatically exchanged into common shares of the Company. As a result,
    the Company issued 18,216,000 common shares at a price of $22.10 per
    common share for gross proceeds of approximately $402.6 million which were
    used to finance a portion of the purchase price of OMNI;

  *The Company also completed five other acquisitions in the truck
    transportation and propane businesses in 2012, totalling $39.3 million;

  *On May 24, 2012, through an amendment of its existing credit agreement,
    the Company replaced its U.S.$645.0 million senior secured first lien term
    loan facility with a U.S.$650.0 million senior secured first lien term
    loan facility and re-priced such loan to reflect a decrease in the
    interest rate from LIBOR plus 4.5% to LIBOR plus 3.75% and a decrease in
    the LIBOR Floor from 1.25% to 1.0%. Also, the Company's U.S.$275.0 million
    revolving credit facility was expanded by U.S.$100.0 million to U.S.$375.0
    million; and

  *On March 27, 2012, the Company completed a secondary offering of common
    shares of the Company held by R/C Guitar Coöperatief U.A., a Dutch
    cooperative owned by investment funds affiliated with Riverstone Holdings
    LLC, pursuant to which Co-op sold 28,107,782 common shares at a price of
    $20.70 per common share for total gross proceeds to Co-op of $581.8
    million. As a result, Co-op and Riverstone no longer own any common shares
    of the Company.

______________________________

^(1) Adjusted EBITDA is defined as consolidated net income (loss) before
     interest expense, income taxes, depreciation, amortization, other
     non-cash expenses and charges deducted in determining consolidated net
     income (loss), including movement in the unrealized gains and losses on
     the Company's financial instruments, stock based compensation expense,
     impairment of goodwill and intangible assets, and non-cash inventory
     write-downs. It also takes into account the impact of foreign exchange
     movements in the Company's U.S. dollar denominated long-term debt,
     management fees, debt extinguishment costs and other adjustments that are
     considered non-recurring in nature.

Management's Discussion and Analysis and Financial Statements

The  Management's  Discussion   and  Analysis  and   the  December  31,   2012 
Consolidated Financial Statements provide  a detailed explanation of  Gibson's 
operating results for the year ended December 31, 2012 as compared to the year
ended December 31, 2011. These documents are available at www.gibsons.com and
at www.sedar.com.

2012 Fourth Quarter and Year End Results Conference Call

A conference call to discuss Gibson's fourth quarter and year end results will
be held  at 7:00  a.m. MT  (9:00  a.m. ET)  on Wednesday,  March 6,  2013  for 
interested investors, analysts and media representatives.

The conference call dial-in numbers are:

  *866-696-5910 from Canada and the US
  *416-340-2217 from Toronto and International
  *Participant Pass Code: 7015666#

Shortly after  the call,  an audio  archive  will be  posted on  the  Investor 
Relations and Media section at http://www.gibsons.com.

The call will also be recorded and available for playback 60 minutes after the
meeting end time, until May 7, 2013, using the following dial in process:

  *905-694-9451 / 800-408-3053
  *Pass code: 3806944#

About Gibson

Gibson is one of the largest independent midstream energy companies in  Canada 
and an integrated service provider to the  oil and gas industry in the  United 
States. Gibson  is engaged  in the  movement, storage,  blending,  processing, 
marketing and  distribution of  crude oil,  condensate, natural  gas  liquids, 
water, oilfield waste and refined products. Gibson transports energy products
by utilizing its network  of terminals, pipelines,  storage tanks, and  trucks 
located  throughout  western   Canada  and  through   its  significant   truck 
transportation and injection  station network  in the  United States.  Gibson 
also provides emulsion treating, water disposal and oilfield waste  management 
services in Canada  and the  United States and  is the  second largest  retail 
propane distribution company in Canada.

Forward-Looking Statements

Certain statements contained in  this news release constitute  forward-looking 
information and statements (collectively, "forward-looking statements"). These
statements relate to future  events or the  Company's future performance.  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. 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 news  release should not  be 
unduly relied upon. These statements  speak only as of  the date of this  news 
release. In addition, this news release may contain forward-looking statements
and forward-looking information  attributed to third  party industry  sources. 
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 Statements"  and "Risk  Factors"  included in  the  Company's 
Annual Information Form dated March5, 2013 as filed on SEDAR and available on
the Gibson website at www.gibsons.com.

This news release refers to certain financial measures that are not determined
in accordance  with  International  Financial  Reporting  Standards  ("IFRS"). 
Adjusted EBITDA  and Pro  Forma Adjusted  EBITDA are  not measures  recognized 
under  IFRS  and  do  not  have  standardized  meanings  prescribed  by  IFRS. 
Management considers  these  to  be important  supplemental  measures  of  the 
Company's performance  and  believes these  measures  are frequently  used  by 
securities analysts, investors and other interested parties in the  evaluation 
of companies in its industries with similar capital structures. See  ''Summary 
of Quarterly Results" in the Company's MD&A for a reconciliation of EBITDA  to 
net income (loss), the  IFRS measure most directly  comparable to EBITDA,  and 
for a  reconciliation of  Adjusted EBITDA  and Pro  Forma Adjusted  EBITDA  to 
EBITDA. Distributable  cash flow  is used  to assess  the level  of cash  flow 
generated from ongoing operations and  to evaluate the adequacy of  internally 
generated cash flow to fund dividends.  See ''Distributable Cash Flow" in  the 
Company's MD&A for a  reconciliation of distributable cash  flow to cash  flow 
from operations, the  IFRS measure most  directly comparable to  distributable 
cash flow.  Investors are  encouraged  to evaluate  each adjustment  and  the 
reasons the  Company  considers  it  appropriate  for  supplemental  analysis. 
Investors are cautioned, however, that these measures should not be  construed 
as an alternative to net income  (loss) determined in accordance with IFRS  as 
an indication of the Company's performance.

                                 Fourth Quarter- Selected Financial Highlights
                                                                             
                                                                    Three months ended    Year ended Dec 31
                                                                           Dec 31
                                                                     2012       2011      2012       2011
                                                                                 (in thousands)
                                                                                                       
Segment Profit*:                                                                                        
Terminals and Pipelines...................................           $22,753   $22,309    $87,157   $72,081
Truck Transportation.......................................           21,634    19,655     85,499    68,613
Propane and NGL Marketing and Distribution..                          20,866    14,532     49,671    40,385
Processing and Wellsite Fluids........................                10,132     9,607     40,068    46,905
Marketing.........................................................    17,918     8,552     58,737    28,674
Environmental Services...................................              8,761         -      8,761         -
Total Segment Profit........................................         102,084    74,655    329,893   256,658
                                                                                                       
Statement of Cash Flows Data:                                                                           
Cash flows provided by (used in):                                                                       
Operating Activities..........................................      $125,203   $35,912   $308,899  $207,317
Investing Activities............................................   (490,153)  (42,865)  (636,045)  (83,880)
Financing Activities..........................................       384,511  (35,935)    322,827  (66,853)
                                                                                                       
Other Financial Data:                                                                                   
Capital Expenditures:                                                                                   
Internal Growth Projects...................................          $34,404   $34,018   $125,662  $111,352
Upgrade and Replacement Capital..................                     13,406     7,702     56,536    36,686
Acquisitions......................................................   466,724    51,788    479,026    51,788
                                                                                                       
Adjusted EBITDA.............................................         $96,134   $67,435   $302,076  $231,283
                                                                                                
                                                                                                
                                                                    Twelve                              
                                                                     months
                                                                      ended
                                                                     Dec 31,
                                                                      2012
Pro Forma Adjusted EBITDA............................               $370,612                            
                                                                                                       

* Segment profit is defined as revenue minus (i) cost of sales; and (ii)
   operating costs. It excludes depreciation, amortization, impairment
   charges, stock based compensation and corporate expenses.









SOURCE Gibson Energy Inc.

Contact:

Ken Hall
Vice President Investor Relations and Communications
(403) 781-2899
ken.hall@gibsons.com
 
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