Gibson Energy Announces 2022 3rd Quarter Results.

CALGARY, AB: Gibson Energy Inc. announced today its financial and operating results for the three and nine months ended September 30, 2022.

"Our third quarter results were strong from both an operational and financial perspective, with the Infrastructure segment performing in-line with our expectations while an increased contribution from Refined Products led the Marketing segment to be above our initial outlook," said Steve Spaulding, President and Chief Executive Officer. "The improved performance of our business has allowed us to repurchase 2.7% of our outstanding shares, or $97 million, to date and we now expect to deploy up to $150 million towards share repurchases in 2022 given our outlook for the business for the balance of the year. We have also continued to progress Sustainability and ESG at Gibson through the release of our 2021 Sustainability Report while also strengthening our Board with the addition of Diane Kazarian, who brings extensive audit and risk experience."

Financial Highlights:

Revenue of $2,652 million in the third quarter, a $844 million or 47% increase over the third quarter of 2021, a result of higher commodity prices increasing contribution from the Marketing segment

Infrastructure Adjusted EBITDA(1) of $111 million in the third quarter, a $7 million or 7% increase from the third quarter of 2021, principally due to increased contributions from the Edmonton Terminal, in part due to the Biofuels Blending project entering service, and a full quarter of operation for the DRU

Marketing Adjusted EBITDA(1) of $48 million in the third quarter, a $32 million or 202% increase from the third quarter of 2021, primarily due to a stronger contribution from Refined Products as well as an increased contribution from Crude Marketing

Adjusted EBITDA(1) on a consolidated basis of $149 million in the third quarter, a $39 million or 35% increase over the third quarter of 2021, as result of the factors described above

Net Income of $71 million in the third quarter, a $35 million or 98% increase over the third quarter of 2021, due to the factors described above and with the current...