Gibson Energy (GEI) Corporate Presentation summary

Business overview and strategy

• Operates critical crude infrastructure in North America, with a C$3.7B market cap and C$6.3B enterprise value, and over 70 years of industry experience.

• Manages more than 25 million barrels of tankage capacity, including the second-largest U.S. crude export terminal.

• Approximately 90% of segment profit and 75% of revenue are derived from highly contracted infrastructure, with over 85% of terminals revenue from investment-grade customers.

• Focuses on disciplined growth, leveraging long-life assets, and maintaining investment-grade credit ratings.

• Six consecutive annual dividend increases, with a 7.7% yield and a 77% payout ratio as of Q1 2025.

Infrastructure assets and growth

• Core terminals at Hardisty, Gateway, and Edmonton provide best-in-class connectivity and significant expansion potential.

• Gateway Terminal is the second-largest U.S. crude export terminal, with VLCC capabilities and direct connections to major pipelines.

• Over $1 billion in identified growth projects, including tankage expansions, new docks, and enhanced pipeline connectivity.

• Recent and ongoing projects include new TMX-connected tanks in Edmonton, Gateway dredging, and the Cactus II pipeline connection.

• Strategic partnerships, such as with Baytex, are expanding infrastructure and securing long-term, take-or-pay contracts.

Financial performance and capital allocation

• Maintains strong financial discipline, targeting infrastructure-only net debt to adjusted EBITDA of ≤4.0x and corporate leverage of 3.0–3.5x.

• Over 95% of infrastructure revenue is secured by long-term, take-or-pay or fee-for-service contracts with investment-grade counterparties.

• Adjusted EBITDA per share has grown at a ~13% CAGR since 2017, with infrastructure-only distributable cash flow per share growing at ~20% CAGR.

• Dividend per share has increased at a ~5% CAGR from 2019 to 2025, ranking among the top yields in the S&P/TSX Composite Index.

• Surplus cash flows are returned to shareholders via buybacks when capital investment opportunities are limited.