Investor Presentaiton
Focused Strategy
Premier liquids infrastructure assets to underpin compelling per share growth over time
Leverage Terminals Position
Terminals represent ~70% of PF Segment Profit (1)
Dominant market position in strategic locations
including Hardisty (Alberta), Edmonton (Alberta) and
Corpus Christi / Ingleside (Texas)
Continue to target sanctioning tankage
Liquids
Infrastructure
Focus
Target Compelling
Complementary Growth
Target deploying $150 - $200mm in Infrastructure
capital per year over the long-term
2023 target up to $150mm
Exploring opportunities around energy transition
GIBSON ENERGY INVESTOR PRESENTATION
5
Seek to expand Gateway dock capacity, storage capacity
and long-term committed volumes
Per Share Growth
Quality Cash Flows
~85% of PF Segment Profit from the Infrastructure
segment(1)
Infrastructure-only payout ratio of 79% at Q3 2023 (2)
Nearly all infrastructure revenue from stable, long-term
take-or-pay or fee-for-service contracts (3)
PF Terminals revenue >85% from Investment Grade
counterparties(4)
Secure, Growing
Dividend
Commitment to Net
Zero and Leading
ESG Profile
Strong Balance Sheet
Q3 2023 PF LTM Net Debt to Adjusted EBITDA of 3.1x is
below the target range of 3.0 to 3.5x (2)
On an infrastructure-only basis at 3.7x at PF LTM Q3
2023, well below a target of no greater than 4x(2)
Fully-funded for all targeted capital
Investment grade credit ratings from S&P: BBB- and
DBRS: BBB (low)
(1) Based on 2022 PF Segment Profit.
(2) Net Debt, Adjusted EBITDA and Infrastructure-only Payout ratio do not have standardized meaning under GAAP; see "Forward-Looking Statements Notice" slide and "Presentation of Pro Forma Information" on the "Specified Financial Measures" slide.
(3) Take-or-pay intercompany contracts currently represent approximately 20% of Infrastructure revenues, with the proportion expected to decline over time.
(3) Based on 2022 PF Revenues; credit ratings as at September 30, 2023.View entire presentation