CALGARY, July 3, 2012 /CNW/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, announced today that it continues to consider
expansion plans for the Moose Jaw Facility ("the Expansion"). However,
due to uncertainty around capital cost estimates and continued pressure
on the construction industry in western Canada, the Company is not in a
position to sanction the Expansion at this point.
"We will make a decision on the Expansion after we have more clarity in
certain areas," said Stewart Hanlon, Gibson's President and Chief
Executive Officer. "Although the latest capital cost estimate supports
the Expansion economics, it is in the high end of our economical
project range so we want to take the time to refine cost estimates,
seek capital efficiencies and further assess construction conditions
for large energy projects. As a result of preliminary engineering work
completed for the Expansion, certain process improvements have been
implemented at the Moose Jaw Facility during our recent maintenance
turnaround that will increase capacity by up to 10% with limited
capital spending. We will continue to pursue capacity improvement
opportunities."
About Gibson
Gibson is one of the largest independent midstream energy companies in
Canada and a major participant in the crude oil transportation business
in the United States, and is engaged in the movement, storage,
blending, processing, marketing and distribution of crude oil,
condensate, natural gas liquids, and refined products. Gibson
transports hydrocarbons by utilizing its integrated network of
terminals, pipelines, storage tanks, and truck fleet located throughout
western Canada and the United States. Gibson is also involved in the
processing, blending and marketing of hydrocarbons, provision of water
disposal and oilfield waste management services 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") including, but not limited to, the
completion of the Expansion. 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 March 6, 2012 as filed on SEDAR and available on
the Gibson website at www.gibsons.com.