Gibsons Reports Financial Results for 2016
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/07/17 -- All financial figures are in Canadian dollars
Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX: GEI), announced today its operating and financial results for the three months and year ended December 31, 2016.
Highlights:
"Gibsons'' fourth quarter results reflect a positive conclusion to a difficult year for the Company. Despite many challenges, the year highlighted certain key strengths of our operations, including the stability and value of our key terminal assets, as well as our team''s ability to bring new Infrastructure projects into service below budget and ahead of schedule," said Stewart Hanlon, Gibsons'' President and Chief Executive Officer. "Looking forward, the structural cost reductions we have achieved during the past year, and the successful sale of our Industrial Propane business, have positioned us as a more streamlined midstream operator with an enhanced focus on our key Infrastructure segment. While we are confident in our positive outlook for continued cash flow growth in 2017 and beyond, we have decided to maintain our current dividend level as we seek to deliver an attractive total return to Gibsons'' shareholders, while maintaining a strong balance sheet."
(1) Combined Adjusted EBITDA is defined in Gibsons'' Management''s Discussion and Analysis.
Management''s Discussion and Analysis and Financial Statements
The 2016 Management''s Discussion and Analysis and Consolidated Financial Statements provide a detailed explanation of Gibsons'' operating results for the year ended December 31, 2016, as compared to the year ended December 31, 2015. These documents are available at and at .
2016 Fourth Quarter and Year End Results Conference Call
A conference call to discuss Gibsons'' fourth quarter and year end results will be held at 7:00 a.m. MT (9:00 a.m. ET) on Wednesday, March 8, 2017, 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 8, 2017, using the following dial in process:
About Gibsons
Gibsons is a Canadian-based midstream energy company with operations in most of the key hydrocarbon-rich basins in North America. For over 60 years, Gibsons has delivered integrated midstream solutions to customers in the oil and gas industry. With headquarters in Calgary, Alberta, the Company''s North American operations include the storage, blending, processing, transportation, marketing and distribution of crude oil, natural gas liquids and refined products. The Company also provides oilfield waste and water management services.
Gibsons'' shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit .
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 growth capital spending, the timing and completion of construction projects, future additional construction projects, the sale of the Company''s Industrial Propane business, the current dividend level 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 7, 2017 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
Balance sheet and ratios
Contacts:
Gibson Energy Inc.
Tammi Price
Vice President Finance & Corporate Affairs
(403) 206-4212
Gibson Energy Inc.
Cam Deller
Manager, Investor Relations
(403) 776-3041
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Unternehmensinformation / Kurzprofil:
Datum: 07.03.2017 - 15:49 Uhr
Sprache: Deutsch
News-ID 1491233
Anzahl Zeichen: 4809
contact information:
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Town:
CALGARY, ALBERTA
Phone:
Kategorie:
Oil & Gas
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