April 25, 2018 10:17 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Gibson Energy Inc.

Company Overview

Gibson Energy Inc., an integrated midstream company, engages in the movement, storage, optimization, processing, marketing, and distribution of crude oil, condensate, natural gas liquids (NGLs), water, oilfield waste, and refined products in North America. It operates through four segments: Infrastructure, Logistics, Wholesale, and Other. The Infrastructure segment operates a network of midstream infrastructure assets that include oil terminals, rail loading and unloading facilities, injection stations, gathering pipelines, and processing facilities that collect, store, and process oil and other liquid hydrocarbon production and by-products. The Logistics segment offers wellsite services tha...

440 2nd Avenue, SW

Suite 1700

Calgary, AB T2P 5E9

Canada

Founded in 1950

1,900 Employees

Phone:

403-206-4000

Fax:

403-206-4001

Key Executives for Gibson Energy Inc.

Senior VP & CFO
Total Annual Compensation: C$346.2K
Senior VP & President of U.S. Operations
Age: 53
Total Annual Compensation: C$400.0K
Senior VP & Chief Commercial Officer
Total Annual Compensation: C$360.0K
Advisor
Age: 57
Total Annual Compensation: C$600.0K
Strategic Advisor
Age: 56
Total Annual Compensation: C$400.0K
Compensation as of Fiscal Year 2016.

Gibson Energy Inc. Key Developments

Gibson Energy Inc. Announces Executive Changes

Gibson Energy Inc. announced that Mr. Clayton Woitas will not be standing for re-election as a director at its 2018 Annual General Meeting, and that Mr. John Festival will be proposed as a nominee for election to the Board of Directors. Mr. Woitas has been a dedicated and passionate board member since 2010 and is currently the company's longest serving director. Following an extensive search, the company are excited to have John Festival stand as a nominee to board. Mr. Festival is currently President, Chief Executive Officer, and a director of BlackPearl Resources Inc.

Gibson Energy Declares Quarterly Dividend, Payable on April 17, 2018

Gibson Energy Inc. announced that its Board of Directors has approved a quarterly dividend of CAD 0.33 per common share payable on April 17, 2018, to shareholders of record at the close of business on March 30, 2018. This dividend is designated as an eligible dividend for Canadian income tax purposes.

Gibson Energy Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Investment Guidance for 2018

Gibson Energy Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported revenue from continuing operations of CAD 1,766,887,000 compared to CAD 1,414,187,000 a year ago. Net loss from continuing operations was CAD 91,787,000 or CAD 0.64 per basic and diluted share compared to CAD 50,597,000 or CAD 0.36 per basic and diluted share a year ago. Adjusted EBITDA from continuing operations was CAD 82,271,000 compared to CAD 83,927,000 a year ago. Distributable cash flow from continuing operations was CAD 48,465,000 compared to CAD 42,725,000 a year ago. Cash flow from operating activities from continuing operations was CAD 45,314,000 compared to CAD 44,152,000 a year ago. Growth capital expenditures from continuing operations were CAD 59,045,000 compared to CAD 34,769,000 a year ago. Combined adjusted EBITDA were CAD 82,271,000 compared to CAD 97,219,000 a year ago. Combined distributable cash flow was CAD 65,170,000 compared to CAD 47,614,000 a year ago. For the year, the company reported revenue from continuing operations of CAD 6,100,839,000 compared to CAD 4,594,181,000 a year ago. Net loss from continuing operations was CAD 115,715,000 or CAD 0.81 per basic and diluted share compared to CAD 178,167,000 or CAD 1.31 per basic and diluted share a year ago. Adjusted EBITDA from continuing operations was CAD 277,635,000 compared to CAD 244,092,000 a year ago. Distributable cash flow from continuing operations was CAD 165,031,000 compared to CAD 101,940,000 a year ago. Cash flow from operating activities from continuing operations was CAD 204,970,000 compared to CAD 175,482,000 a year ago. Growth capital expenditures from continuing operations were CAD 157,123,000 compared to CAD 202,984,000 a year ago. Combined adjusted EBITDA were CAD 291,272,000 compared to CAD 278,106,000 a year ago. Combined distributable cash flow was CAD 183,594,000 compared to CAD 131,644,000 a year ago. For 2018, with the sanction of the Viking Pipeline Project, the company updated 2018 growth capital outlook to be between CAD 165 million and CAD 205 million, implying that capital investment in 2018 will exceed 2017, based on the projects have sanctioned. The company continues to seek additional investment opportunities with a potential to invest up to CAD 250 million in 2018. Maintenance capital in 2017 was CAD 28 million. The company expects to be in line or below those levels in 2018 as focus on driving down cost and divest of several more capital-intensive businesses. Looking ahead to first quarter results, the company reminds that it will be early adopting IFRS 16 as had previously indicated. There's no impact to distribute cash flow from this adoption, however, the noncash component of both segment profit and EBITDA will be approximately CAD 55 million per year higher or just under CAD 15 million a quarter. To provide an example, the company expects that segment profit in Wholesale in the first quarter will be between CAD 20 million and CAD 30 million including the impact of IFRS 16, which would be comparable to the CAD 20 million to CAD 30 million as expected range for the fourth quarter of 2017 without IFRS 16.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 19, 2018
U.S. Energy Services Businesses of Gibson Energy Inc.
Merger/Acquisition
September 27, 2017
Canwest Propane Ltd.
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