Gibson Energy Inc. · TSX:GEI
Gibson Energy — Investor Presentation (August 2025)
48 slides from Gibson Energy's investor presentation, August 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: Why Invest in Gibson?
Why Invest in Gibson? Leading North American liquids infrastructure platform positioned to capture both short-term and long-term growth opportunities Favorable Macro Environment Supports long-term growth, positioning Gibson for multiple expansion Critically Located, Best-in-Class Liquids Infrastruct
Slide 5: Focused and Disciplined Strategy
Focused and Disciplined Strategy Premier crude oil Infrastructure assets underpin compelling per share value proposition Crude Oil Crown Jewel Infrastructure Focus Asset Base Growth Positioned to capitalize on increased Optimize the performance of each Executing on pipeline of organic global oil dem
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 Oil Supply and Demand(1) Oil Consumption per Person(2) (mmbbl/d) (bbl/person) Demand Supply Select countries Ot
Slide 7: Best-in-Class, Strategically Located Liquids Infrastructure Assets
Best-in-Class, Strategically Located Liquids Infrastructure Assets Over 25 mmbbl of terminal capacity supporting critical North American crude egress; ~90% of segment profit from Infrastructure Hardisty (13.5 mmbbl tankage) 2024A Segment Profit Breakout(2) • DRU With 50 kbbl/d inlet capacity Marketi
Slide 8: Compelling Infrastructure EBITDA per Share Growth
Compelling Infrastructure EBITDA per Share Growth Steady growth driven by Infrastructure platform with Marketing upside Infrastructure Adj. EBITDA/Share and Infrastructure Adj. EBITDA(1) (C$/share) GEI $3.37 Peer Average(2) $2.96 $2.74 $2.75 $2.33 $1.85 2019 2020 2021 2022 2023 2024 Infra. Adj. EBIT
Slide 9: Gibson Total Shareholder Return (2019-Present)
Gibson Total Shareholder Return (2019-Present)(1) Since 2019, Gibson has a total shareholder return of 95%, comprising both attractive dividends and steady cash flow growth (%) TSR: 95% 120 95% 80 Dividend 68% & Dividend 40 Reinvestment 0 Share Price 27% Appreciation -40 2019 2020 2021 2022 2023 202
Slide 10: Gibson: Evolution Over Last 5 Years
Gibson: Evolution Over Last 5 Years Completed transition to focused Infrastructure company, doubling storage capacity and Infrastructure EBITDA since 2019 25.1 13.7 mmbbl Expanded Crude Oil Infrastructure Footprint mmbbl 83% Increased storage capacity by 83% 2019 2024 Enhanced Diversity of Cash Flow
Slide 11: Key Growth Drivers: 2025
Key Growth Drivers: 2025 Driving meaningful Infrastructure results through focused project execution Increase Loading Increase Market Producer Tank Optimization Capacity Access Partnerships Expansion Dredging Cactus II Connection Baytex TMX Tanks Initiatives 52’ departure draft, Increase supply Deve
Slide 12: Key Growth Drivers: Beyond 2025
Key Growth Drivers: Beyond 2025 Over $1 billion of identified potential growth projects driven by the critical nature and strategic location of our core assets Hardisty Gateway Edmonton Complementary Growth ($350+ mm) ($500+ mm) ($200+ mm) ($250+ mm) o Additional Diluent Recovery Units o VLCC or Sue
Slide 13: Canadian Infrastructure
Canadian Infrastructure
Slide 14: Western Canada Oil Supply Growth Outlook
Western Canada Oil Supply Growth Outlook ~600 kbbl/d of incremental oil supply growth forecasted through 2028, enhancing the value of Gibson's Infrastructure footprint Incremental Capacity by Operator / Project Through 2028 (1) (kbbl/d) 600 Gibson touches 1 in 4 barrels in the WCSB 500 400 ~600,000
Slide 15: Hardisty Terminal
Hardisty Terminal Dominant land position in the Hardisty footprint with a long history of operations and the optionality for continued growth Essential Location Touches 1 in 4 barrels in the WCSB; with capacity to double footprint Superior Connectivity Connected to all egress pipelines Exclusive Rai
Slide 16: Hardisty DRU
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 WCSB ▪ In addition, to su
Slide 17: Edmonton Terminal
Edmonton Terminal Attractive terminal position, with two new tanks recently placed in-service Essential Location Heart of the Edmonton Industrial Area, next to two major refineries Superior Connectivity Mainline, TMX Lines 1 and 2; access to CN & CP rail lines Three New TMX-Connected Tanks Underpinn
Slide 18: Edmonton – Three TMX-Connected Tanks
Edmonton – Three TMX-Connected Tanks Expanded asset base at Edmonton to meet demand from new TMX shippers Overview Gibson % of TMX Line 2 Heavy Volumes (1) (%; kbbl/d) ▪ Description: Two new 435,000 bbl tanks in 2024 and one new 435,000 tank in 2023, providing incremental storage capacity GEI % of T
Slide 19: 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 20: Gateway Overview
Gateway Overview
Slide 21: Gateway: Track Record of Sustained Growth
Gateway: Track Record of Sustained Growth Gateway has doubled U.S. crude oil export market share between first full year of operations and completion of dredging Gateway Crude Oil Export Volumes (kbbl/d)(1) 685 581 598 Permian barrels are an export product 515 Global demand for light sweet crude dri
Slide 22: Gateway: Advantaged Access in Premium Corpus Christi Market
Gateway: Advantaged Access in Premium Corpus Christi Market Critical downstream export value chain connectivity from key, highly utilized and contracted long haul Permian pipelines NM OK Ingleside is the lowest cost USGC export option AR Permian Basin Pyote/Wink Terminal Increasing market share is n
Slide 23: Permian Supply Driving U.S. Crude Exports
Permian Supply Driving U.S. Crude Exports U.S. crude export growth connecting to core demand from Europe and Asia and emerging demand from Africa and the Americas Permian Crude Oil Supply(1) (mmbbl/d) ▪ U.S. is the world’s 3rd largest crude oil exporter, driven by low-cost Permian 7.5 production 6.3
Slide 24: Gateway Operational Advantages
Gateway Operational Advantages Purpose-built, locationally advantaged terminal to meet customer needs Two Deep Water VLCC-Capable Vessel Docks Maximum allowable 52’ departure draft allows for loading VLCCs up to 1.6 mmbbls and the ability to fully load a Suezmax vessel Superior Connectivity to Most
Slide 25: Gateway Economic Advantages
Gateway Economic Advantages Gateway represents the most economic U.S. crude oil export logistics solution under all market conditions 2025 Gateway Volumetric Records ▪ Customer-focused fungible storage system differentiates Gateway Record Export Volume Following Dredging (June) o Allows customers to
Slide 26: Positioning GEI for Sustainable Growth and Increased Market Share
Positioning GEI for Sustainable Growth and Increased Market Share Cactus II connection and dredging projects will further increase Gateway competitiveness and unlock new export opportunities Gateway Corpus Christi Market Share (1) Cactus II Enables New Gateway Export Opportunities 31% 28% 26% Gatewa
Slide 27: Key Gateway Milestones
Key Gateway Milestones Track record of successful execution since acquisition in 2023 Enhanced Quality of Cash Flow with Contract Extensions Refreshed initial five to seven-year tenor on multiple contracts, at or above existing rate Increased Cash Flow Stability With Additional Contracts Enhanced st
Slide 28: Robust, Multi-Year Pipeline of Future Growth Opportunities
Robust, Multi-Year Pipeline of Future Growth Opportunities Ability to expand tank footprint by 50-60% and increase export capacity by 500,000-750,000 barrels per day ▪ 50–60% storage expansion within site footprint to support Permian and Eagle Ford growth Future Phases o Phase 1: 1.3 mmbbl additiona
Slide 29: Financial Summary
Financial Summary
Slide 30: Financial Flexibility
Financial Governing Principles Gibson maintains a strong financial position by adhering to existing targets Committed Target Performance (2024A) Highly Secured >80% of Infrastructure revenues from take-or-pay and high- >95% Infrastructure revenue from Cash Flows Quality of Contract Structure quality
Slide 31: 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 71% Fund 60% 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 32: 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 33: Adjusted EBITDA Growth Driven by Infrastructure
Adjusted EBITDA Growth Driven by Infrastructure Steady growth driven by Infrastructure platform with Marketing upside Adjusted EBITDA and Adjusted EBITDA/Share Growth(1) (C$mm; C$/share) Marketing $610 $700 $590 $4.50 Infrastructure $600 Adj. EBITDA/Share $521 $462 $445 $445 $3.56 $3.93 $500 $3.76 $
Slide 34: Marketing Upside Accelerates Infrastructure Reinvestment
Marketing Upside Accelerates Infrastructure Reinvestment 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 Tops re-in
Slide 35: Distributable Cash Flow Growth
Distributable Cash Flow Growth Since 2019, DCF has delivered a 4% CAGR, with DCF per share increasing at a 2% CAGR(1) DCF $450 $3.00 DCF per Share $2.57 $2.44 $2.31 $2.50 $350 $2.08 $2.05 $1.99 $2.00 $250 $1.50 $1.00 $150 $0.50 $302 $299 $291 $356 $386 $375 $50 $- 2019 2020 2021 2022 2023 2024 Note:
Slide 36: Steady, Long-Term Dividend Growth with Attractive Yield
Steady, Long-Term Dividend Growth with Attractive Yield Sustainable, increasing dividend underpinned by stable, long-term Infrastructure cash flows Dividend per Share and Payout(1) Top 50 Dividend Yields Among S&P/TSX Composite Index (2) (C$/share; %) (%) 18% Target payout range $2.00 Dividend/Share
Slide 37: Attractive Total Return Proposition
Attractive Total Return Proposition Reconfirming commitment to existing financial objectives $1 Billion 5 – 7x 5-Year Growth Build Capital Pipeline Multiple 5%+ 7 – 8% Yield Up to 5% Annual Infrastructure Resulting in a Compelling Annual Dividend EBITDA per Share Growth Total Return Proposition Grow
Slide 38: Safety, People & Sustainability
Safety, People & Sustainability
Slide 39: Safety is Foundational at Gibson
Safety is Foundational at Gibson Uncompromising view on health and safety ▪ Committed to continually improving our safety performance and enhancing our safety culture ▪ Industry leading safety performance o Recording over 9.5 million hours (or >6 years) without a lost time injury o Gibson has operat
Slide 40: Ownership Mentality
Ownership Mentality People, execution and ownership mentality Ownership Mentality ▪ Increased alignment of director and employee interests with shareholders through share ownership Pride, Quality Experienced team who take pride in ▪ Director, Executive, and Vice President ownership requirements oper
Slide 41: Sustainability Performance
Sustainability Performance Gibson remains focused on being a strong corporate citizen Gibson Ratings vs. Direct Peers (1) AAA AAA A- AAA is best Grade; MSCI AA MSCI Rating 2024 CDP Score AA A- CDP Score A is best 35% LOWEST Grade; B B Short-term Incentive Plan tied to Scope 1 & 2 GHG per Revenue in
Slide 42: Appendix
Appendix
Slide 43: 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 44: Crude Oil Vessel Classes
Crude Oil Vessel Classes Three primary vessel classes provide global crude oil shipping Very Large Crude Carrier (VLCC) Suezmax Aframax Capacity 2.0-2.2 million barrels 1.0-1.1 million barrels 0.7-0.8 million barrels % of U.S. Crude Oil 50-55% 20-25% 20-30% Exports(1) Typical Maximum volume to Europ
Slide 45: Sustainability Targets
Sustainability Targets 2 02 5 TARG ET 2 03 0 TARG ET OV ER A L L G HG IN T EN SI T Y Reduce our overall greenhouse gas intensity 15% 20% P RO CE S SI N G G H G I N T E N S I T Y T A RG E T Reduce our aggregate greenhouse gas intensity 30% 40% S T OR AG E & H AN D L I N G G H G I N T E N S IT Y T AR
Slide 46: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Significant available liquidity and staggered debt maturity profile Maturity Profile (as at Q2/25) (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 Un
Slide 47: Forward-Looking Statement Notice
Forward-Looking Statement Notice Definitions Scope 1 emiss ions are direct emiss ions from facilities owned and operated by Gibson; Scope 2 emiss ions are indirect emiss ions from the generation of purchased energy for Gibson’s owned and operated facilities. All references in this presentation to Gi
Slide 48: Specified Financial Measures
Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and indus try measures that are used by the Company, as indicators of fin an cial performance. These measures include: Adjusted EBITDA, Net Debt, Distribu