CALGARY, ALBERTA--(Marketwired - March 1, 2016) -
All financial figures are in Canadian dollars
Gibson Energy Inc. ("Gibsons" or the "Company") (TSX:GEI) announced today that its Board of Directors has approved a quarterly dividend of $0.33 per common share payable on April 15, 2016, to shareholders of record at the close of business on March 31, 2016. 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.
"Today's decision to provide a modest dividend increase in 2016 represents the Company's sixth increase since our initial public offering in June, 2011," said Stewart Hanlon, Gibsons' President and Chief Executive Officer. "This increase is consistent with our strategy to create long term value by delivering a balance between growth and income as part of our total shareholder return strategy. We have a high degree of confidence in the stability of Gibsons' cash flows that are underpinned by our existing long-term tank leases, as well as the visible, near-term growth profile offered by the phased commissioning schedule of contracted infrastructure that is currently under construction. We believe today's dividend increase offers our shareholders an attractive cash return, while still enabling the Company to execute its growth plans and maintain a healthy balance sheet."
Gibsons is a large independent midstream energy company 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. Gibsons also provides emulsion treating, water disposal and oilfield waste management services 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 small terminals in the United States, to the end user or refineries of North America.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements") including, but not limited to, statements concerning the Company's future payment of dividends and the amount thereof and management's expectation with respect to the Company's business and financial prospects and opportunities. 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 1, 2016 as filed on SEDAR and available on the Gibsons website at www.gibsons.com.