CALGARY, ALBERTA--(Marketwired - Aug. 6, 2015) -
All financial figures are in Canadian dollars unless otherwise stated
Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX:GEI), announced today that its Board of Directors has approved a quarterly dividend of $0.32 per common share to shareholders of record at the close of business on September 30, 2015 that is payable on October 16, 2015. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibsons' dividends are subject to Canadian withholding tax.
Additionally, the Company announced today that its Board of Directors has suspended, until further notice, Gibsons' Dividend Reinvestment Plan and Stock Dividend Program commencing with the Company's next quarterly dividend, payable on October 16, 2015. In consideration of current equity market conditions, the Company believes the continuation of these dividend reinvestment programs results in unwarranted dilution of its shareholders. Shareholders currently enrolled in Gibsons' Dividend Reinvestment Plan and Stock Dividend Program will now receive cash dividends.
About Gibson Energy Inc.
Gibsons is a large independent integrated service provider to the oil and gas industry with operations across major producing regions throughout North America. Gibsons is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste, and refined products. The Company transports energy products by utilizing its integrated 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. The Company also provides emulsion treating, water disposal and oilfield waste management services through its network of processing, recovery and disposal facilities in Canada and the United States and is the second largest industrial propane distribution company in Canada. The Company's integrated operations allow it to participate across the full midstream energy value chain, from the hydrocarbon producing regions in Canada and the United States, through the Company's strategically located terminals in Hardisty and Edmonton, Alberta, and injection stations and terminals in the United States, to the end user or refineries of North America.