Business
Gibson Energy Inc. Reports Strong 2011 Second Quarter Results
All financial figures are in Canadian dollars unless noted otherwise CALGARY, Aug. 11, 20...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nAll financial figures are in Canadian dollars unless noted otherwise\n\n\nCALGARY, Aug. 11, 2011 /CNW/ - Gibson Energy Inc. (\"Gibson or the\n \"Company\"), TSX: GEI, announced today its financial and operating\n results for the second quarter of 2011.\n\n\nSegment profit1 increased by 124% to $48.2 million in the three months ended June 30,\n 2011 from $21.5 million in the three months ended June 30, 2010, and by\n 78% to $114.7 million in the six months ended June 30, 2011 from $64.4\n million in the six months ended June 30, 2010, with increases across\n all of the Company's operating segments. The key segment highlights\n were:\n\n\nSignificant increase in Terminals and Pipelines segment profit largely\n due to increased activity through the Hardisty Terminal and increased\n profits from Custom Terminals;\n\n\nSizeable increase in Truck Transportation segment profit primarily\n driven by the impact of the Taylor acquisition in 2010;\n\n\nIncrease in Propane and NGL Marketing and Distribution segment profit\n from both retail and wholesale components;\n\n\nIncreased margins for tops and distillate resulting in an increase in\n Processing and Wellsite Fluids segment profit; and\n\n\nWidening differentials and rising prices resulting in a substantial\n increase in Marketing segment results.\n\n\nAdjusted EBITDA2 increased by 183% to $42.1 million in the second quarter of 2011\n compared to $14.9 million in the second quarter of 2010.  Adjusted\n EBITDA in the six months ended June 30, 2011 increased by 87% to $99.1\n million compared to $53.1 million in the six months ended June 30,\n 2010.  Pro Forma Adjusted EBITDA3 for the twelve months ended June 30, 2011 was $199.0 million.\n\n\nCash provided by operations in the three and six months ended June 30,\n 2011 was $23.5 million and $87.1 million, respectively, compared to\n $20.3 million and $43.7 million in the three and six months ended\n June 30, 2010, respectively.\n\n\n\"Our suite of integrated assets continues to benefit from favorable\n crude oil and liquids industry fundamentals\" said Stew Hanlon,\n President and Chief Executive Officer.  \"Gibson business segments all\n produced solid results in the second quarter even though areas such as\n trucking, processing and wellsite fluids and propane tend to be\n negatively...