Business
Gibson Energy Inc. Reports First Quarter 2013 Financial Results
All financial figures are in Canadian dollars unless otherwise stated CALGARY, May 7, 201...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nAll financial figures are in Canadian dollars unless otherwise stated\n\n\nCALGARY, May 7, 2013 /CNW/ - Gibson Energy Inc. (\"Gibson\" or the\n \"Company\"), TSX: GEI, announced today record results for the first\n quarter 2013 supported by profit increases across all businesses.\n\n\nHighlights include:\n\n\n\nAdjusted EBITDA1 increased by 69% to $121.0 million in the three months ended March 31,\n 2013 compared to $71.8 million in the three months ended March 31,\n 2012.  Pro Forma Adjusted EBITDA2 for the twelve months ended March 31, 2013 was $398.6 million;\n\n\nSegment profit3 increased by 62% to $127.0 million in the three months ended March 31,\n 2013 compared to $78.4 million in the three months ended March 31,\n 2012, with increases in all of the Company's segments;\n\n\nIn early May, the Company received committed support from a large oil\n sands producer for a 500,000 bbl oil storage tank at Hardisty\n Terminal.  This is the fourth large storage tank to be announced in the\n past seven months for a combined total of 1.7 million barrels of new\n storage capacity; and\n\n\nOn May 7, 2013, the Board of Directors approved a quarterly dividend\n rate of $0.275 per common share to shareholders of record at the close\n of business on June 28, 2013 that is payable on July 17, 2013.  \n\n\n\n\"This record quarter for the Company reflects the advantage 60 years of\n knowledge brings to our business segments,\" said Stewart Hanlon,\n Gibson's President and Chief Executive Officer.  \"These results\n highlight the fact that our portfolio is well balanced and that the\n diversity and integration of our businesses generates profitable\n results throughout the year.\"\n\n\nOther Highlights for the First Quarter ended March 31, 2013:\n\n\n\nCash provided by operations in the three months ended March 31, 2013 was\n $88.0 million compared to $64.6 million in the three months ended March\n 31, 2012. The increase was primarily attributable to an increase in\n overall segment profitability in the three months ended March 31, 2013\n compared to the three months ended March 31, 2012;\n\n\nCapital expenditures were $46.7 million in the three months ended March\n 31, 2013, of which $34.2 million related to internal growth projects.\n The internal growth project expenditures are primari...