Gibson Energy (GEI) investor relations material

Strategic positioning and infrastructure assets

• Operates critically located, best-in-class liquids infrastructure with over 25 million barrels of terminal capacity in North America, including major assets at Hardisty, Edmonton, Moose Jaw, Gateway, and Wink.

• Handles 1 in 4 Western Canadian Sedimentary Basin (WCSB) barrels and is the second largest crude export terminal operator in North America.

• Infrastructure revenue is highly contracted, with over 95% from take-or-pay and fee-for-service agreements, and more than 85% from investment grade customers.

• Recent $400 million acquisition of Chauvin assets expands heavy crude capabilities and provides immediate organic growth opportunities.

• U.S. Gateway Terminal offers two deep water VLCC docks, ample storage, and a 24-48 hour loading advantage, supporting significant export growth.

Growth strategy and capital allocation

• Targets 7%+ average annual Infrastructure EBITDA per share growth through 2030, driven by focused capital investment and optimization.

• Plans to deploy $700 million to $1 billion in growth capital over the next five years, with small projects delivering impactful returns at a 5-7x build multiple.

• Capital-free growth levers, such as increased asset utilization, pricing escalators, and cost discipline, are expected to add 2%+ CAGR to Infrastructure EBITDA.

• Disciplined capital allocation prioritizes infrastructure investment, balance sheet strength, steady dividend growth, and opportunistic M&A.

• Maintains investment grade credit ratings and targets an Infrastructure Leverage ratio at or below 4.0x.

Financial performance and shareholder returns

• Market capitalization of $5.1 billion and enterprise value of $8.0 billion as of March 31, 2026.

• Infrastructure EBITDA per share grew at a 9%+ CAGR from 2021 to 2025 and is targeted to grow at 7%+ CAGR through 2030.

• Stable, contracted cash flows allow for consistent performance across oil price cycles, with over 95% of revenues secured by long-term contracts.

• Expects to generate over 100% total shareholder return by 2030, supported by 6-7% dividend yield and annual dividend growth.

• Over $1.4 billion returned to shareholders since 2021, with seven consecutive annual dividend increases and a 5.2% CAGR in dividends.