CALGARY, Alberta, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (“Gibsons” or the “Company”), (TSX:GEI), is pleased to announce the construction of 1.1 million barrels of new tankage at its Hardisty Terminal. The two 300,000 barrel tanks and one 500,000 barrel tank are expected to be placed in service in the third quarter of 2019 and will increase the total capacity of the terminal to 10 million barrels. The two 300,000 barrel tanks are underpinned by a long-term, fixed fee contract with a senior, investment grade, oil sands customer.
The 500,000 barrel tank will service operational needs, replacing the tank that was earmarked for that purpose in the last expansion phase which was ultimately contracted to a customer under a long-term contract.
“Our Hardisty Terminal continues to demonstrate its commercial competitiveness and this contract affirms the on-going demand for our strategic storage infrastructure in support of incremental oil sands brownfield development,” said Steve Spaulding, Gibsons’ President and Chief Executive Officer. “We will continue to focus on the build-out of the undeveloped acreage at both our Hardisty and Edmonton terminals, and the growth of the proportion of our cash flow streams attributable to the Infrastructure segment, as our number one strategic priority.”
Gibsons is a Canadian-based midstream energy company with operations in most of the key hydrocarbon-rich basins in North America. Headquartered in Calgary, Alberta, the Company’s North American operations include the storage, blending, processing, transportation, marketing and distribution of crude oil, liquids and refined products. The Company also provides oilfield waste and water management services.
Gibson Energy Inc. shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsons.com
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”) including, but not limited to, completion of the construction of the crude oil storage tanks and related infrastructure, and the anticipated in-service date thereof; projected total storage capacity at the Company’s Hardisty Terminal, and the expansion thereof; and the anticipated increase in cash flow streams from the Infrastructure segment. 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 7, 2017 as filed on SEDAR and available on the Gibsons website at www.gibsons.com.