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Gibson Energy Announces 2022 Capital Budget
Gibson Energy Announces 2022 Capital Budget Canada NewsWire ...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n \n \n \n Gibson Energy Announces 2022 Capital Budget\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n All financial figures are in Canadian dollars unless otherwise noted\n \n \n CALGARY, AB,\n \n Dec. 6, 2021\n \n /CNW/ -\n \n \n Gibson Energy Inc. announced today its target for growth capital expenditures in 2022 to be approximately\n \n $150 million\n \n , depending on the timing of the sanction of certain growth opportunities.  Projects currently sanctioned by the Board of Directors comprise approximately one-third of the target capital figure.  Additionally, the Board of Directors has approved the allocation of between\n \n $25 million\n \n and\n \n $30 million\n \n in replacement capital expenditures in 2022.\n \n \n \"Our focus remains on deploying our capital into high-quality opportunities at our target 5x to 7x EBITDA build multiples and, remaining consistent with our strategy, we will continue to be disciplined when evaluating projects,\" said\n \n Steve Spaulding\n \n , President and Chief Executive Officer.  \"The number of growth projects we are constructing today is reflective of the impacts that the onset of Covid-19 had on the sector in 2020 and into early 2021.  We are currently progressing discussions with customers on tankage, DRU and other opportunities, which would point us to our growth capital expenditures target in 2022 of approximately\n \n $150 million\n \n .\"\n \n \n The Company now expects 2021 growth capital expenditures of approximately\n \n $160 million\n \n to\n \n $170 million\n \n due to cost savings realized on certain projects, several smaller-scale internal projects not proceeding and timing of spend on projects currently in progress.\n \n \n \n Funding Position\n \n \n Gibson remains fully-funded for all sanctioned capital, within its Financial Governing Principles and, given the continued growth of its long-term, stable Infrastructure cash flows, has internal funding capacity above both its 2022 growth capital outlook and its annual\n \n $150...