Business
Gibson Energy Inc. Reports Record 2012 Financial Results and Increases Quarterly Dividend
All financial figures are in Canadian dollars unless otherwise stated CALGARY, March 5, 2...
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, March 5, 2013 /CNW/ - Gibson Energy Inc. (\"Gibson\" or the\n \"Company\"), TSX: GEI, announced today record annual results for 2012\n supported by large profit increases across four businesses.\n\n\nHighlights include:\n\n\n\nAdjusted EBITDA1 increased by 43% to $96.1 million for the three months ended December\n 31, 2012 compared to $67.4 million in the three months ended December\n 31, 2011.  For the full year, 2012 Adjusted EBITDA increased by 31% to\n $302.1 million compared to $231.3 million in 2011;\n\n\n\n\nEarlier today, the Company's Board of Directors approved a 5.8% increase\n to its quarterly dividend.   The quarterly increase to $0.275 per\n common share is payable on April 17, 2013 to shareholders of record at\n the close of business on March 29th, 2013;\n\n\n\n\nOn October 31, 2012, the Company acquired all of the issued and\n outstanding common shares of the parent company of OMNI Energy Services\n Corp. (\"OMNI\") for total cash consideration of $439.7 million; and\n\n\n\n\nIn December, the Company received committed support from a large oil\n sands producer for a 300,000 bbl oil storage tank at Hardisty Terminal\n and plans to immediately begin construction of this tank on its eastern\n Hardisty lands. The new 300,000 bbl tank is expected to be commissioned\n in mid-2014. This commitment is in addition to the two 400,000 bbl oil\n storage tanks announced in September, 2012.\n\n\n\n\n\nOur integrated midstream services model delivered outstanding results in\n 2012,\" said Stewart Hanlon, Gibson's President and Chief Executive\n Officer.  \"This achievement provides a great start to 2013, which\n represents Gibson's 60th anniversary as an operating entity.  Despite\n some economic and industry headwinds, I expect another strong year for\n the Company as we develop additional infrastructure to meet customer\n needs and build upon our recent acquisition in the U.S.\"\n\n\nOther Highlights for the fourth quarter and year ended December 31,\n 2012:\n\n\n\nCash provided by operations for the three months and year ended December\n 31, 2012 was $125.2 million and $308.9 million, respectively, compared\n to $35.9 million and $207.3 million in the three months and year ended\n December 31, 2011, r...