Gibson Energy Inc. · TSX:GEI
Gibson Energy — Q2 2025 Earnings Presentation
42 slides from Gibson Energy's earnings presentation, Jul 29, 2025
Slide 1: Focused, Disciplined Growth. Corporate Presentation Q2 2025
Focused, Disciplined Growth. Corporate Presentation Q2 2025
Slide 2: Overview & Strategy
Overview & Strategy
Slide 3: Gibson Energy Snapshot (TSX: GEI)
Gibson Energy Snapshot (TSX: GEI) Critical crude infrastructure tied into long life plays essential for market access and underpinned by stable, high quality cash flows Corporate Leading North American Highly Contracted Committed to Governing Growing & Information Terminals Platform Infrastructure B
Slide 4: 70+ Years in Business
70+ Years in Business Long history of supporting the energy industry in key strategic hubs across North America 1950s & 1970s & 1990 – 2020s & 1953 1960s 1980s 2020 Beyond Creation of Gibson Construction of first Expansion of Acquisition of the Transitioned to an Petroleum Marketing storage tanks at
Slide 5: Key Investment Highlights
Key Investment Highlights Leading North American liquids infrastructure platform positioned to capture both short-term and long-term growth opportunities 1 Favorable Macro Environment Supports Long-Term Growth, Positioning Gibson for Multiple Expansion 2 Best-in-Class Liquids Infrastructure: Critica
Slide 6: Long-Term Demand for Oil and Energy Security will Fuel Growth
Long-Term Demand for Oil and Energy Security will Fuel Growth Critical, crown-jewel assets positioned to capitalize on increased global oil demand and growing North American exports Global Liquids Supply and Demand(1) (mmbbl/d) Demand Supply CAGR of ~1.5% from 2023 to 2030 Increased global energy de
Slide 7: Best-in-Class, Strategically Located Liquids Infrastructure Assets
Best-in-Class, Strategically Located Liquids Infrastructure Assets ~80% of segment profit from core terminals and ~90% from Infrastructure Hardisty • 13.5 mmbbl existing tankage • DRU With 50 kbbl/d inlet capacity Edmonton • Best-in-class connectivity Hardisty Gateway • 8.6 mmbbl existing tankage Mo
Slide 8: Focused and Disciplined Strategy
Focused and Disciplined Strategy Premier crude Infrastructure assets underpin compelling per share value proposition Leverage Long-Life, Total Shareholder Grow High Quality Cash Best-in-Class Assets to Return Proposition Flows from Strong Drive Complementary Backstopped by Stable Counterparties Grow
Slide 9: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Priority remains to fund the business and then return capital when business is fully-funded 70% 71% Fund 61% ▪ Target payout ratio of 70-80% over the long-term(1) Dividend ▪ Dividend to be fully covered by stable, long-term Infrastructure cash flows Fund th
Slide 10: Steady, Long-Term Dividend Growth
Steady, Long-Term Dividend Growth Sustainable, increasing dividend underpinned by stable, long-term Infrastructure cash flows Dividend per Share and Infrastructure Payout(1) Top 50 Dividend Yields Among S&P/TSX Composite Index(2) 14.0% Dividend/Share Infra Payout Ratio ~5% CAGR in dividend per Share
Slide 11: Strong, Multi-Year Pipeline of Growth Opportunities
Strong, Multi-Year Pipeline of Growth Opportunities Continued focus on expanding strategic liquids infrastructure footprint, with near term projects at Gateway and Edmonton Near-Term Growth Drivers Longer-Term Growth Drivers ▪ Dredging – load 10%+ more volume per vessel Gateway ▪ Additional tankage
Slide 12: Asset Overview
Asset Overview
Slide 13: Strategically Located Terminal Assets
Strategically Located Terminal Assets Over 25 mmbbl of total terminal capacity supporting critical North American crude egress Hardisty (13.5 mmbbl) Edmonton (3.0 mmbbl) Gateway (8.6 mmbbl) ▪ Leading market position in Hardisty ▪ Connected to major egress pipelines ▪ Second-largest U.S. crude oil ex
Slide 14: Western Canada Egress Environment & Outlook
Western Canada Egress Environment & Outlook Excess egress driven by TMX enabling customer growth and driving tankage demand, but expected to tighten by 2026-27 Strathcona, Nov. 14, 2024 ▪ Current excess egress environment was driven by TMX coming online in May 2024 and “Strathcona has the opportunit
Slide 15: Canadian Infrastructure: Hardisty Terminal
Canadian Infrastructure: Hardisty Terminal Dominant land position in the Hardisty footprint with a long history of operations and the optionality for continued growth Essential Location ▪ Located at the heart of the Hardisty footprint ▪ Touches 1 in 4 barrels in the WCSB ▪ 240 acres of undeveloped l
Slide 16: Canadian Infrastructure: Hardisty Terminal
Canadian Infrastructure: Hardisty Terminal Best-in-class connectivity - replicating Gibson’s competitive position not possible and is cost prohibitive Superior Connectivity Inbound Pipeline Connections(1) ▪ Existing best-in-class connectivity provides a wide moat (total number) 11 o Mainline expansi
Slide 17: Canadian Infrastructure: Hardisty DRU
Canadian Infrastructure: Hardisty DRU High-quality infrastructure project is the first DRU in the WCSB, leveraging and extending Hardisty position Superior Connectivity: Extension of Hardisty ▪ Further improves Gibson’s best-in-class connectivity at Hardisty; sole access point for DRU egress out of
Slide 18: Canadian Infrastructure: Edmonton Terminal
Canadian Infrastructure: Edmonton Terminal Attractive terminal position, with two new tanks recently placed in-service in Q4 2024 Essential Location ▪ Heart of the Edmonton Industrial Area, next to two major refineries ▪ Land position to add up to ~1.0mmbbl of tankage, plus adjacent land for further
Slide 19: Long-Term Permian Production Will Meet Increasing Export Demand
Long-Term Permian Production Will Meet Increasing Export Demand Gateway is the second largest U.S. crude export terminal and is strategically located to capture export growth ▪ Geopolitical environment has increased focus on energy security and diversification of energy imports ConocoPhillips, Oct.
Slide 20: US Infrastructure: Gateway Terminal
US Infrastructure: Gateway Terminal Purpose-built, locationally advantaged terminal designed to meet customer needs Essential Location 2025 Growth Drivers ▪ One of only two Terminals in Texas able to directly load VLCCs, reducing Re-contracting – refreshed initial 5 to 7-year contract tenor customer
Slide 21: Marketing Overview
Marketing Overview Asset backed marketing business creates value for customers by leveraging access to infrastructure across North America Key Drivers Performance Levers Marketing Adjusted EBITDA(1) ($mm) Wider Differentials Marketing contribution is Refined Products Tops $206 $196 re-invested in In
Slide 22: Financial Overview
Financial Overview
Slide 23: Financial Flexibility
Financial Governing Principles Gibson maintains a strong financial position by adhering to existing targets Committed Target Performance Highly Secured >80% of Infrastructure revenues from take-or-pay and high- >95% Infrastructure revenue from Cash Flows Quality of Contract Structure quality fee-for
Slide 24: Stable Infrastructure Revenue Driven by Contract Structure
Stable Infrastructure Revenue Driven by Contract Structure Delivered ~20% Infrastructure Revenue CAGR since 2011 driven by Take-or-Pay revenues ▪ Growth in proportion of Take-or-Pay revenues within Infrastructure reflective of capital discipline and adherence to Financial Governing Principles o Stab
Slide 25: Consistent Growth in Shareholder Returns
Consistent Growth in Shareholder Returns Steady growth driven by Infrastructure platform with Marketing upside Adjusted EBITDA and Adjusted EBITDA/Share Growth(1) Infrastructure-Only Distributable Cash Flow/Share Growth(1) (C$mm) (C$mm) $2.18 $2.16 $2.22 $1.95 $1.74 Marketing $700 $4.50 $1.18 $1.11
Slide 26: Safety, People & Sustainability
Safety, People & Sustainability
Slide 27: Safety is Foundational at Gibson
Safety is Foundational at Gibson Uncompromising view on health and safety ▪ Committed to continually improving its safety performance, enhancing its safety culture and promoting health and wellness ▪ Dedicated Board Health and Safety Committee responsible for overseeing and supporting the Company’s
Slide 28: Ownership Mentality
Ownership Mentality People, execution and ownership mentality Ownership Mentality ▪ Increased alignment of director and employee interests with Pride, Quality Experienced team who take pride in shareholders through share ownership operating our assets safely and & Safety efficiently o 90%+ participa
Slide 29: ESG Strategy and Sustainability Performance
ESG Strategy and Sustainability Performance Top ESG rankings from third-party providers with continued progress towards targets ESG Ratings Dashboard(1) AAA A- MSCI Rating 2024 CDP Score AAA AAA is best Grade; MSCI AA AA ACHIEVED 12th Target of Racial, Ethnic Minority Out of 215 companies in the and
Slide 30: Appendix
Appendix
Slide 31: Edmonton – Three TMX-Connected Tanks (In-Service)
Edmonton – Three TMX-Connected Tanks (In-Service) Expanded asset base at Edmonton to meet demand from new TMX shippers Overview ▪ Description: Two new 435,000 bbl tanks in 2024 and one new 435,000 tank in 2023, providing incremental storage capacity and increasing facility throughput ▪ Timeline: Pla
Slide 32: Gateway – Dredging (In-Service)
Gateway – Dredging (In-Service) Maximize depth at the terminal to facilitate increased throughput Overview ▪ Description: Dredging will increase depth of Gateway to 52’ departure draft and expand dock capacity, matching Corpus Christi-Ingleside Ship Channel maximum allowable loading depth ▪ Timeline
Slide 33: Gateway – Cactus II Connection (In Progress)
Gateway – Cactus II Connection (In Progress) Enhance connectivity at the terminal to increase supply available to customers Overview ▪ Description: New connection to the Cactus II Pipeline, enhancing the Gateway Terminal’s connectivity and provide our customers with access to incremental Permian sup
Slide 34: Edmonton – Gibson & Baytex Strategic Partnership
Edmonton – Gibson & Baytex Strategic Partnership Creating purpose-built solutions for customers to expand crude footprint Overview ▪ Description: Strategic partnership with Baytex to develop liquids infrastructure in the Duvernay o Estimated capital investment of ~$50 million supported by an establi
Slide 35: Hardisty Terminal Asset Map
Hardisty Terminal Asset Map COLD LAKE HARDISTY WEST HARDISTY TOP OF GIBSON EAST THE HILL CONNECTION TO 210 MBBL/D RAIL FACILITY HARDISTY TERMINAL Placed 10 tanks, or 4.6 mmbbl, into service in between 2017 and 2020 at Top of the Hill PROVOST / VIKING ENBRIDGE EXPRESS TC ENERGY KEYSTONE 35
Slide 36: Hardisty DRU Asset Map
Hardisty DRU Asset Map ATHABASCA / ATHABASCA TWIN Dilbit sent ~5km from Hardisty terminal to the COLD LAKE / Hardisty Unit train rail facility COLD LAKE EXPANSION DRU & HURC FACILITY HARDISTY TERMINAL Condensate separated from Dilbit at the DRU ENBRIDGE TC ENERGY and returned to the Hardisty termina
Slide 37: Edmonton Terminal Asset Map
Edmonton Terminal Asset Map RAIL LINE RAIL LINE New 2 x 435kbbl Tanks SUNCOR REFINERY Online Q4 2024 FUTURE TERMINAL OPPORTUNITIES BIOFUELS RIVER BLENDING EDMONTON TERMINAL VALLEY AOSPL WAUPISOO & KML / ENB CONNECTION ACCESS INBOUND COLD LAKE COLD LAKE PEACE PEACE IMPERIAL REFINERY COLD LAKE ACCESS
Slide 38: Sustainability Targets
Sustainability Targets 2025 TARGET 2030 TARGET OVERALL GHG INTENSI T Y Reduce our overall greenhouse gas intensity 15% 20% PROCESSI NG GHG INTENSI T Y TARGET Reduce our aggregate greenhouse gas intensity 30% 40% STORAGE & HANDLING GHG INTENSI T Y TARGET Reduce our aggregate greenhouse gas intensity
Slide 39: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Significant available liquidity and staggered debt maturity profile Maturity Profile (C$mm) Senior $1B BBB– rating Sustainability Linked Credit Facility(1) $1,000 BBB (low) rating $800 Senior Unsecured $600 3.60% Notes Senior Senior Senior Senior Unsecured Unsecu
Slide 40: Endnotes
Endnotes Slide 3: Gibson Energy Snapshot (TSX: GEI) Slide 20: US Infrastructure: Gateway Terminal Market data as of March 31, 2025. Source: EIA, Management. 1) Metrics do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 1) Cactus II connection currently in p
Slide 41: Forward-Looking Statement Notice
Forward-Looking Statement Notice Definitions Scope 1 emissions are direct emissions from facilities owned and operated by Gibson; Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson’s owned and operated facilities; Scope 3 emissions are indirect emissions not
Slide 42: Specified Financial Measures
Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance. These measures include; Adjusted EBITDA, Net Debt, Distributab