All financial figures are in Canadian dollars unless otherwise noted
CALGARY, March 6, 2012 /PRNewswire/ - Gibson Energy Inc. ("Gibson"), (TSX: GEI), announced today that its Board of Directors has declared a quarterly dividend of $0.25 per common share for the quarter ending March 31, 2012 on its outstanding common shares. The common share dividend is payable on April 17, 2012 to shareholders of record at the close of business on March 30, 2012.
This quarterly dividend reflects a 4.2% increase from the prior quarterly rate. On an annualized basis, dividends will increase from $0.96 per share to $1.00 per share. "The dividend increase announced today is the first since we closed our initial public offering in June, 2011," said Stewart Hanlon, President and Chief Executive Officer. "Although we are relatively new to the public markets, we're confident that when we combine the assets we've established over several decades with our attractive growth opportunities; we can continue to generate steady and diversified cash flow across various commodity cycles."
Gibson is one of the largest independent midstream energy companies in Canada and a major participant in the crude oil transportation business in the United States, and is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, and refined products. Gibson transports hydrocarbons by utilizing its integrated network of terminals, pipelines, storage tanks, and truck fleet located throughout western Canada and the United States. Additionally, Gibson, through its Canwest Propane subsidiary, 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") including, but not limited to, statements concerning the Company's future payment of dividends and management's expectations with respect to the Company's business and financial prospects and opportunities. 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 Supplemented Prep Prospectus dated June 7, 2011 as filed on SEDAR and available on the Gibson website at www.gibsons.com.
SOURCE Gibson Energy Inc.