Gibson Energy Inc. · TSX:GEI
Gibson Energy — Merger or Acquisition (June 2023)
18 slides from Gibson Energy's merger presentation, June 2023
Slide 1: Gibson Energy Investor Presentation: Expanding Core Terminals Footprint
GIBSON ENERGY INVESTOR PRESENTATION EXPANDING CORE TERMINALS FOOTPRINT June 2023 Acquisition of High-Quality Texas Gulf Coast Export Facility TSX: GEI 1
Slide 2: Legal Notice
Legal Notice A final base shelf prospectus of Gibson dated August 16, 2021 containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada. A copy of the final base shelf prospectus, a
Slide 3: Transaction Highlights
Transaction Highlights Strategic acquisition that expands and diversifies Gibson’s core terminals footprint with attractive financial impact ▪ Enhances Gibson’s leading liquids-focused infrastructure business with on-strategy acquisition of high-quality export terminal at Ingleside, GE IX BP SAONND
Slide 4: Transaction Summary
Transaction Summary Fully financed C$1.485 billion acquisition of the South Texas Gateway Terminal, located in the Port of Corpus Christi ▪ Gibson to acquire 100% of the membership interests of the South Texas Gateway Terminal LLC (“STLLC”) GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR
Slide 5: Enhancing Gibson with a Strategic Terminal Acquisition
Enhancing Gibson with a Strategic Terminal Acquisition Pro forma Gibson is a diversified North American energy infrastructure platform underpinned by high quality terminal assets GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR EF SOEONTTPAR TI INOT N Leading North American Stable Highly C
Slide 6: Expanded Footprint of Strategic Terminal Assets
Expanded Footprint of Strategic Terminal Assets Over 25 mmbbl of total terminal capacity at strategically situated North American hubs Acquisition Hardisty Edmonton Ingleside GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR EF SOEONTTPAR TI INOT N 13.5 mmbbl 3.0 mmbbl(1) 8.6 mmbbl ▪ Leadin
Slide 7: Complementary to Gibson’s Liquids Infrastructure Strategy
Complementary to Gibson’s Liquids Infrastructure Strategy High-quality crude storage and export platform with strong commercial underpinnings and stable cash flows Pro Forma Gibson Asset Footprint South Texas Gateway Terminal LLC – Key Highlights GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA
Slide 8: Establishes Leading Export Capabilities
Establishes Leading Export Capabilities Tankage and Export Operations with VLCC Capabilities – Highly Complementary to Gibson’s Existing Business Key Asset Details Connected to Key Takeaway Pipelines Location ▪ Ingleside, Texas (Port of Corpus Christi) GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT
Slide 9: Permian Production to Drive Future Export Growth
Permian Production to Drive Future Export Growth U.S. Export Macro Favourable for the Re-contracting Strategy Historical Permian Production(1) U.S. Export Demand by Geography(1) U.S. Crude Export Volumes(2) (mmbbl/d) (mmbbl/d) (mmbbl/d) GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR EF S
Slide 10: STGT is Strategically Situated in the Corpus Christi Export Hub
STGT is Strategically Situated in the Corpus Christi Export Hub Premier Asset with Locational and Operational Advantages Ingleside is Strategically Advantaged versus Inner Harbor Second largest crude oil export terminal in North America by throughput capacity(1) GE IX BP SAONND IENNGE RC GO YR EI NT
Slide 11: On-Strategy Acquisition Further Enhances Gibson’s Profile
On-Strategy Acquisition Further Enhances Gibson’s Profile Growth in Segment Profit(1,2,3) Pro Forma Positioning GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR EF SOEONTTPAR TI INOT N (C$mm) ~158% growth (~21% CAGR) in Core Transaction immediately grows Core ✓ Infrastructure expected to I
Slide 12: Fully Financed Acquisition Financing
Fully Financed Acquisition Financing Committed to Gibson’s key Financial Governing Principles and maintaining investment grade credit ratings Transaction Financing Overview Net Net DebtDebt / Adjusted EBITDA (2) / Adjusted Outlook EBITDA (2) Outlook GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT ION
Slide 13: Financial Flexibility
Committed to Financial Governing Principles Gibson maintains a strong pro forma financial position by adhering to existing targets Committed Target Pro Forma Metrics GE IX BP SAONND IENNGE RC GO YR EI NTVE ER SMT IONRA LP SR EF SOEONTTPAR TI INOT N Highly Secured >80% of Infrastructure revenues from
Slide 14: Transaction Highlights
Transaction Highlights Strategic acquisition that expands and diversifies Gibson’s core terminals footprint with attractive financial impact ▪ Enhances Gibson’s leading liquids-focused infrastructure business with on-strategy acquisition of high-quality export terminal at Ingleside, GE IX BP SAONND
Slide 15: Readers’ Advisory
Readers’ Advisory READERS' ADVISORY This presentation (the "Presentation") has been prepared by Gibson Energy Inc. ("Gibson", "we", "our" or the "Corporation") solely for information purposes. Recipients of this Presentation may not reproduce or otherwise redistribute, in whole or in part, the prese
Slide 16: Readers’ Advisory (cont’d) & Forward Looking Information Notice
Readers’ Advisory (cont’d) & Forward Looking Information Notice Notice to U.S. Investors The securities offered hereby have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and such securities may not be
Slide 17: Specified Financial Measures
Specified Financial Measures Specified Financial Measures This Presentation contains references to certain non-IFRS and non-U.S. GAAP financial measures and ratios and industry measures that are used by the Corporation and STLLC, respectively, as indicators of their financial performance. These meas
Slide 18: Specified Financial Measures
Specified Financial Measures Reconciliation of non-GAAP financial measures Pro forma Adjusted EBITDA reconciliation to the nearest GAAP measure, net income, for the Corporation and STLLC: For the twelve months ended March 31, 2023 Pro forma adjusted EBITDA (CAD$ dollars in thousands) Gibson STLLC(1)