Gibson Energy Inc. Declares Dividend and Announces Dividend Increase
All financial figures are in Canadian dollars
CALGARY, March 5, 2013 /PRNewswire/ - Gibson Energy Inc. ("Gibson"), TSX: GEI, announced today that its Board of Directors has approved a quarterly dividend of $0.275 per common share to shareholders of record at the close of business on March 29th, 2013 and is payable on April 17, 2013. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson's dividends are subject to Canadian withholding tax.
This quarterly dividend reflects a 5.8% increase from the prior quarterly rate. "The dividend increase announced today is the third since we completed our initial public offering in June, 2011," said Donald Fowlis, Chief Financial Officer. "The consistent performance of our diversified, integrated and growing asset base over this time period provides us with confidence that we will be able to continue to generate steady and growing cash flows across varying energy pricing cycles."
Gibson is one of the largest independent midstream energy companies in Canada and an integrated service provider to the oil and gas industry in the United States. Gibson is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste and refined products. Gibson transports energy products by utilizing its network of terminals, pipelines, storage tanks, and trucks located throughout western Canada and through its significant truck transportation and injection station network in the United States. Gibson also provides emulsion treating, water disposal and oilfield waste management services in Canada and the United States and is the second largest retail propane distribution company in Canada.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements"). 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. 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 5, 2013 as filed on SEDAR and available on the Gibson website at www.gibsons.com.
SOURCE Gibson Energy Inc.