Gibsons Reports Financial Results for 2015 and Announces a 3% Dividend Increase
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/01/16 -- All financial figures are in Canadian dollars
Gibson Energy Inc. ("Gibsons" or the "Company") (TSX: GEI) announced today a dividend increase and operating and financial results for the three months and year ended December 31, 2015.
Highlights:
"Gibsons'' fourth quarter results cap a challenging year for the Company, but also highlight certain key strengths of our operation including the value of our diversified portfolio. We generated cash flow levels that were in line with our expectations, as excellent results in our Terminals & Pipelines segment were offset by weakness in some of our more activity-sensitive businesses. Our strategy to focus organic growth capital towards infrastructure projects has proven to offer our shareholders a steady and predictable cash flow stream in today''s volatile environment," said Stewart Hanlon, Gibsons'' President and Chief Executive Officer. "Looking forward, we recognize the continued challenges many of our customers face and we expect to see further reductions in capital spent on shorter cycle time investments. While we do not expect industry conditions to recover in the near term, there is growing evidence that oil supply and demand fundamentals will re-align within our planning horizon. In the interim, we have driven meaningful cost efficiencies into our business and we have good visibility to the cash flow growth associated with our capital projects that are currently underway. This outlook provided us the comfort to modestly increase our quarterly dividend as we continue to deliver an attractive total return to Gibsons'' shareholders, while maintaining a strong balance sheet."
Management''s Discussion and Analysis and Financial Statements
The 2015 Management''s Discussion and Analysis and Consolidated Financial Statements provide a detailed explanation of Gibsons'' operating results for the year ended December 31, 2015, as compared to the year ended December 31, 2014. These documents are available at and at .
2015 Fourth Quarter and Year End Results Conference Call
A conference call to discuss Gibsons'' fourth quarter and year end results will be held at 9:00 a.m. MT (11:00 a.m. ET) on Wednesday, March 2, 2016, for interested investors, analysts and media representatives.
The conference call dial-in numbers are:
Shortly after the call, an audio archive will be posted on the Investor/News section at . The call will also be recorded and available for playback 60 minutes after the meeting end time, until May 4, 2016, using the following dial in process:
About Gibsons
Gibsons is a large independent midstream energy company with operations across major producing regions throughout North America. Gibsons is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste, and refined products. The Company transports energy products by utilizing its integrated network of terminals, pipelines, storage tanks, and trucks located throughout western Canada and through its significant truck transportation and injection station network in the United States. Gibsons also provides emulsion treating, water disposal and oilfield waste management services in Canada and the United States and is the second largest industrial propane distribution company in Canada. The Company''s integrated operations allow it to participate across the full midstream energy value chain, from the hydrocarbon producing regions in Canada and the United States, through the Company''s strategically located terminals in Hardisty and Edmonton, Alberta, and injection stations and small terminals in the United States, to the end user or refineries of North America.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements") including, but not limited to, statements concerning the Company''s future payment of dividends and the amount thereof and management''s expectation with respect to the Company''s business and financial prospects and opportunities. These statements relate to future events or the Company''s future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In addition, this news release may contain forward-looking statements and forward-looking information attributed to third party industry sources. The Company does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in the Company''s Annual Information Form dated March 1, 2016 as filed on SEDAR and available on the Gibsons website at .
This news release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ("IFRS"). Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of the Company''s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries with similar capital structures. See "Summary of Quarterly Results" in the Company''s MD&A for a reconciliation of EBITDA to net income, the IFRS measure most directly comparable to EBITDA, and for a reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA to EBITDA. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. See "Distributable Cash Flow" in the Company''s MD&A for a reconciliation of distributable cash flow to cash flow from operations, the IFRS measure most directly comparable to distributable cash flow. Investors are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Investors are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of the Company''s performance.
Selected Financial Highlights
Contacts:
Gibson Energy Inc.
Tammi Price
Vice President Investor Relations & Corporate Development
(403) 206-4212
Gibson Energy Inc.
Cam Deller
Manager, Investor Relations
(403) 776-3041
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Datum: 01.03.2016 - 15:16 Uhr
Sprache: Deutsch
News-ID 1418864
Anzahl Zeichen: 2533
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CALGARY, ALBERTA
Phone:
Kategorie:
Oil & Gas
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