Investor Presentaiton
Financial Governing Principles
Gibson maintains a strong pro forma financial position by adhering to existing targets
Quality of
Cash Flows
Funding
Financial
Model
Flexibility
Highly Secured
Contract Structure
Creditworthy
Counterparties
Strong
Balance Sheet
Maintain & Improve
Credit Ratings
Committed Target
>80% of Infrastructure revenues from take-or-pay and high-quality
fee-for-service contracts
>85% of Infrastructure exposures under long-term contracts with
investment grade counterparties
Net Debt to Adjusted EBITDA of 3.0x - 3.5x (2) and no greater than
4x on an Infrastructure-only (1) basis
Maintain Two Investment Grade ratings
Capital Funding
Fund growth capital expenditures with maximum 50% - 60% debt
Strategy
Sustainable
Payout Ratio
Sustainable long-term payout of 70% - 80% of DCF and
Infrastructure payout less than 100% (1)
Pro Forma Metrics
>95% PF Infrastructure revenue from
TOP and fee-based contracts (1)
>85% PF Infrastructure exposure under
contracts with IG counterparties (1)
3.1x total and 3.7x Infrastructure-only
Net Debt to Adjusted EBITDA at Q3
2023 PF LTM(2,3)
S&P: BBB- rating
DBRS: BBB (low) rating
No change to capital funding strategy
61% total payout and 79%
Infrastructure-only at Q3 2023 (2,3)
GIBSON ENERGY INVESTOR PRESENTATION
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(2) Net Debt to Adjusted EBITDA, Infrastructure-only Net Debt to Adjusted EBITDA, payout ratio, and Infrastructure-only Payout ratio do not have standardized meanings under GAAP; see "Specified Financial Measures" slide.
(3) See "Forward-Looking Statements Notice" slide and "Presentation of Pro Forma Information" on the "Specified Financial Measures" slide; see "Financial Position and Maturity Profile" on slide 27 for Q3 2023A Net Debt to Adjusted EBITDA and Q3 2023A Payout Ratio metrics.
(1) Based on 2022 PF Revenue.View entire presentation