Investor Presentaiton

Forward-Looking Statement Notice Definitions Scope 1 emissions are direct emissions from facilities owned and operated by Gibson. Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson's owned and operated facilities. Scope 3 emissions are indirect emissions not included in Scope 1 or Scope 2 that Gibson indirectly impacts in its value chain. All references in this presentation to Net Zero include Scope 1 and Scope 2 emissions. All references in this presentation to Gibson's business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Leverage ratio is calculated as Net Debt over Adjusted EBITDA. Forward-Looking Statements Certain statements contained in this document constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or Gibson's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "aim", "target", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential", "possible", and similar expressions are intended to identify forward-looking statements. Forward-looking statements, included or referred to in this presentation include, but are not limited to statements with respect to: Gibson's plans and targets, and the achievement thereof, including with respect to the acquisition of South Texas Gateway Terminal LLC ("STLLC" or "Gateway"); the business and financial prospects and opportunities of Gibson; potential additional DRU phases; targeting sanctioning tankage; the anticipated benefits of the acquisition of STLLC and the timing thereof; forecast operating and financial results of Gibson, including target segment profit, revenue, distributable cash flow, distributable cash flow per share, leverage and payout ratios and maturity profile and the drivers thereof; the pro forma financial information as a result of the acquisition of STLLC; Gibson's Sustainability and ESG targets and expected ESG and sustainability disclosures; business strategy and funding position and plans of management (including targeted timing); anticipated growth, per share growth and growth opportunities and optionality, including at Gibson's terminals, and the sources of financing thereof; capital deployment and investment and the amount, funding, sources and timing thereof; objectives of or involving Gibson, including building a leading liquids-focused infrastructure business and remaining disciplined; expectations regarding the nature of existing and future counterparties and contracts; intercompany contracts and the compositions thereof over time; Gibson's priorities with respect to capital allocation and timing and funding sources thereof; funding capacity; Gibson's competitive position and anticipated competitive advantages; others' inability to replicate Gibson's competitive position; directed Infrastructure investment and growth; capital targets; the anticipated in-service dates of various projects; Gibson's ability to pursue potential future opportunities and the nature thereof, including related to the energy transition; projections for future years and Gibson's plans and strategies to realize such projections; expectations and targets for EBITDA, cash flows, distributable cash flow growth, debt and Net Debt to Adjusted EBITDA ratios, payout ratio, anticipated leverage and credit ratings; Gibson's continued adherence and commitment to existing financial governing principles and targets and pro forma metrics related thereto including, exposure to take or pay and fee based contracts and investment grade counterparties, Net Debt to Adjusted EBIDTA, investment grade ratings and outlook, growth capital expenditures, payout ratio of distributable cash flow and infrastructure; management's expectations with respect to share buybacks and dividends, and the amount, growth, timing and funding sources thereof; market access; Gibson's ability to operate sustainably and continue to integrate ESG and Sustainability initiatives into its business including the ESG benefits of growth capital to Gibson or its customers; Gibson's goal of achieving Net Zero GHG emissions by 2050; the role of sustainable development in future outcomes related to the economy and climate goals; the credibility and success of the Gibson's intended path to achieve its Net Zero by 2050 target; Gibson's ability to achieve its interim goals in 2025 and 2030 including overall GHG intensity, processing GHG intensity, storage and handling GHG intensity, direct and indirect Scope 1 and 2 emissions reductions and quantifications the reduction of GHG intensity at Gibson's Moose Jaw Facility and further opportunities related to GHG reductions at such facility; Gibson's go forward deliverables; Gibson's expectations and plans related to its Net Zero by 2050 target pathway; ability to provide further disclosures related to Gibson's climate goals; continually improving Gibson's health and safety performance and culture; Gibson's future climate and ESG targets and metrics and future ambitions, including with respect to diversity. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, future operating and financial results, including annual segment profit; the purchase price of the acquisition of STLLC, subject to post-closing adjustments; the purchase price of the acquisition of STLLC, subject to post-closing adjustments; Gibson's ability to obtain the anticipated benefits of the acquisition of STLLC; the accuracy of historical and forward-looking operational and financial information and estimates provided by STLLC and the sellers thereof; STLLC's historical and future financial results; Gibson's ability to integrate the assets acquired pursuant to the acquisition of STLLC into Gibson's operations; the accuracy of financial and operational projections of Gibson following completion of the acquisition of STLLC; the completion of STLLC's connection to the Cactus II Pipeline and other construction projects; Buckeye Development & Logistics II LLC's ("Buckeye") ability to provide the necessary services pursuant to the operating and maintenance agreement between Gibson and Buckeye; general economic and industry conditions, including, without limitation, macroeconomic, societal, political and industry trends; the impacts, in the short and medium term, of geopolitical instability in certain regions of the world and concern regarding energy security; future growth in world-wide demand for crude oil and petroleum products; commodity prices; no material defaults by the counterparties to agreements with Gibson; Gibson's ability to obtain qualified and diverse personnel and equipment in a timely and cost-efficient manner or at all; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; the energy transition that is underway as the world shifts towards a lower carbon economy and a maintained industry focus on ESG and the impact thereof on Gibson; the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets and carbon price outlook; Gibson's relationships with the communities in which we operate; climate-related estimates and scenarios and the accuracy thereof, including the cost of compliance with climate change legislation and the impact thereof on Gibson; the impact of emerging regulations on the nature of oil and gas operations, expenditures in the oil and gas industry, and demand for our products and services; changes in credit ratings applicable to Gibson; Gibson's ability to achieve its Sustainability and ESG targets, the timing thereof and the impact thereof on Gibson; Gibson's future investments in new technologies and innovation and the return thereon; operating and borrowing costs, including those related to Gibson's Sustainability and ESG programs; future capital expenditures to be made by Gibson, including its ability to place assets into service as currently planned and scheduled; the effectiveness of Gibson's hedging and risk management activities; Gibson's ability to obtain financing for its capital programs on acceptable terms; Gibson's ability to maintain a strong balance sheet and financial position; Gibson's future debt levels; inflation and changes to interest rates and their impact on Gibson; the impact of increasing competition on Gibson; the impact of changes in government policies on Gibson; the ability of Gibson and, as applicable, its partner(s), to construct and place assets into service and the associated costs of such projects; Gibson's ability to generate sufficient cash flow to meet Gibson's current and future obligations; Gibson's dividend policy; product supply and demand; demand for the services offered by Gibson; Gibson's ability to re-negotiate contracts for its services on terms favorable to Gibson; the impact of future changes in accounting policies on Gibson's consolidated financial statements; Gibson's ability to successfully implement the plans and programs disclosed in Gibson's strategy and other assumptions inherent in management's expectations in respect of the forward-looking statements identified herein. Certain forward-looking statements herein are intended to provide readers with information regarding Gibson after giving effect to the Transaction, including its assessment of future plans, operations and financial performance related to the Transaction and may not be appropriate for other purposes. Gibson and its management believe that financial information relating to STLLC and the Transaction has been prepared on a reasonable basis, reflecting the best estimates and judgments, and that prospective pro forma financial information represents, to the best of management's knowledge and opinion, Gibson's expected course of action and results. Forward-looking 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. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; risks relating to the acquisition of STLLC, including risks relating to exchange rates, unexpected liabilities, the accuracy of assumptions underlying financial and operational forecasts, failure to realize the benefits of the acquisition, the integration of STLLC into Gibson's business, reliance on Buckeye, litigation, costs, and increased indebtedness; STLLC's historical and future financial results; risks relating to STLLC's business, including risks relating to commodity transportation and storage activities, coastal natural disasters, subsidence and coastal erosion, compliance with legislation, terminal competition, and attacks, terrorism or cyber sabotage; the accuracy of pro forma financial information as it relates to Gibson's financial condition or results following the acquisition of STLLC or if the acquisition had been completed as of the beginning of the presented period; the effect of COVID-19 or other international or global events, including any governmental responses thereto on Gibson's business; the uncertainty of the pace and magnitude of the energy transition and the variation between jurisdictions; risks related to activism, terrorism or other disruptions to operations; competitive factors and economic conditions in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; changes in credit ratings applicable to Gibson; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating and borrowing costs and the accuracy of cost estimates, including those associated with Gibson's ESG and Sustainability programs; the effect of reductions or increases in Gibson's borrowing costs; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson's business plans or strategy; Gibson's ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain third parties, key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with Indigenous relations; risks associated with the Hardisty DRU project; capital project delivery and success; risks associated with Gibson's use of technology, including attacks by hackers and/or cyberterrorists or breaches due to employee error, malfeasance or other disruptions, and any increased risk associated with increased remote access to Gibson's systems; ability to obtain regulatory approvals necessary for the conduct of Gibson's business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including as a result of climate change and its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; litigation risk; political developments around the world, including the areas in which Gibson operates; commodity prices, inflation, interest and foreign exchange rates; supply chain risks; the performance of assets; capital efficiencies and cost savings; applicable laws and government policies; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; impact of the dividend policy on our future cash flows and estimated future dividends; credit ratings and capital project funding; the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; the accuracy of assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 target; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services and other risks and uncertainties described in Gibson's Annual Information Form dated February 22, 2023, Management's Discussion and Analysis dated October 30, 2023 and other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. In addition, this document may contain forward-looking information attributed to third party industry sources. The forward-looking statements contained in this document represent Gibson's expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see "Risk Factors" in Gibson's Annual Information Form dated February 22, 2023 and Management's Discussion and Analysis dated October 30, 2023 and the risk factors described in other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. GIBSON ENERGY INVESTOR PRESENTATION 28