Gibson Energy Inc. Reports Second Quarter 2013 Financial Results and Announces Higher Growth Capital Spending Estimates for 2013 and 2014
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/07/13 -- All financial figures are in Canadian dollars unless otherwise stated.
Gibson Energy Inc. ("Gibson" or the "Company"), (TSX: GEI), announced today results for the second quarter 2013.
Highlights include:
"Our integrated midstream services model continued to produce solid results despite the poor weather experienced in Canada and the northern U.S. late in the second quarter causing a temporary slowdown in parts of our business," said Stewart Hanlon, Gibson's President and Chief Executive Officer. "I am very pleased that we continue to execute on long-term contracts with customers to build infrastructure on the strategic land positions at our Edmonton and Hardisty Terminals. Based on continuing discussions with several customers, we expect to sign more contracts in the near future. These prospects combined with the capital required for our recent announcements have improved our capital visibility; therefore, we have increased our 2014 capital spending estimates by 50%."
Other Highlights for the Second Quarter and Six Months ended June 30, 2013:
"The refinancing and extension of the Company's capital structure this past June shifted us to unsecured, fixed rate debt with more flexible financial covenants and an extended maturity." said Donald Fowlis, Gibson's Chief Financial Officer. "This balance sheet change has improved our operating and financial flexibility and helps us to execute our growth plans."
Management's Discussion and Analysis and Financial Statements
The Management's Discussion and Analysis and the Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's operating results for the three and six months ended June 30, 2013 as compared to the three and six months ended June 30, 2012. These documents are available at and at .
2013 Second Quarter Results Conference Call
A conference call to discuss Gibson's second quarter will be held at 7:00 a.m. MT (9:00 a.m. ET) on Thursday, August 8, 2013 for interested investors, analysts and media representatives.
The conference call dial-in numbers are:
Shortly after the call, an audio archive will be posted on the Investor Relations and Media section at .
The call will also be recorded and available for playback 60 minutes after the meeting end time, until November 5, 2013, using the following dial in process:
About Gibson
Gibson is a large, independent midstream energy company 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.
Forward-Looking Statements
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. In addition, this news release may contain forward-looking statements and forward-looking information attributed to third party industry sources. 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 .
This news release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ("IFRS"). Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries with similar capital structures. See "Summary of Quarterly Results" in the Company's MD&A for a reconciliation of EBITDA to net income (loss), the IFRS measure most directly comparable to EBITDA, and for a reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA to EBITDA. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. See "Distributable Cash Flow" in the Company's MD&A for a reconciliation of distributable cash flow to cash flow from operations, the IFRS measure most directly comparable to distributable cash flow. Investors are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Investors are cautioned, however, that these measures should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of the Company's performance.
Second Quarter- Selected Financial Highlights
Contacts:
Gibson Energy Inc.
Ken Hall
Vice President Investor Relations and Communications
(403) 781-2899
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 21:30 Uhr
Sprache: Deutsch
News-ID 285752
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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