Investor Presentaiton
Committed to 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 (¹) and no greater than 4x
on an Infrastructure-only (1) basis
Maintain Two Investment Grade ratings
Pro Forma Metrics
GIBSON
ENERGY
>95% Infrastructure revenue from
TOP and fee-based contracts
>85% Infrastructure exposure under
contracts with IG counterparties
3.2x (1) total and <3.9x (1) Infrastructure-
only leverage at close of transaction (2,3)
Transaction structured to maintain
investment grade ratings and outlooks
Capital Funding
Strategy
Sustainable
Payout Ratio
Fund growth capital expenditures (1) with maximum 50% - 60% debt
Sustainable long-term payout of 70% - 80% of DCF and Infrastructure
payout less than 100% (1)
No change to current capital funding
strategy
53% total payout and 62%
Infrastructure-only payout(3)
EXPANDING CORE TERMINALS FOOTPRINT
(1) Net Debt, Adjusted EBITDA, infrastructure-only EBITDA, payout ratio, DCF, infrastructure-only Payout ratio and growth capital expenditures do not have standardized meanings under GAAP. See "Specified Financial Measures" slide.
Pro Forma estimated Q1 2023 net debt assuming closing of the Debt Offerings.
(2)
13
(3)
Figure as at Q1 2023, adjusted to reflect value pro forma the acquisition, the Equity Offering and the Debt Offerings.View entire presentation