60
YEARS THE VALUE OF KNOWLEDGE
ANNUAL REPORT 2012
60
YEARS
2012 Highlights
•
Completed 600,000 bbls of new tank capacity at Hardisty, with 600,000 bbls more underway
and site clearing commenced for an additional 1.1 mmbbls on Hardisty’s eastern lands,
backed by long-term agreements
•
•
Completed seven strategic acquisitions totaling approximately $479 M to expand our
integrated asset base and capture synergies
The OMNI Energy Services acquisition, the largest in the history of Gibson, provided
a synergistic fit with existing business units and a platform for growth in the areas of
environmental services and fluids handling
•
Added four new custom terminals and six transloaders to our North American service suite
• Share price increased 26% in 2012 and approximately 44% since the IPO
•
Increased dividend payout by 8% to $0.26 per share, reflecting our steady and
diversified cash flow
• Strengthened our balance sheet by reducing interest costs and reducing leverage
•
Added additional operational flexibility by making strategic amendments to our
existing credit facilities
Corporate Overview
Gibson Energy Inc. has been providing essential midstream services to the energy industry
for 60 years. The Company is engaged in the transportation, storage, blending, processing,
marketing and distribution of crude oil, condensate, NGLs and refined products, and its
extensive network of infrastructure assets spans throughout North America. 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.
Gibson Energy Inc. trades on the Toronto Stock Exchange under the symbol GEI.
Annual General Meeting Information
Wednesday, May 8, 2013 at 9:00 a.m. (Mountain Standard Time)
Sun Life Plaza Conference Centre
140 4 Ave SW (+15 Level), Calgary, Alberta
Table of Contents
Fold_A Look at 60 Years of Knowledge 2_Financial Overview
4_President’s Message 6_Senior Leadership Team 8_Gibson’s North American Footprint
10_Terminals and Pipelines 11_Truck Transportation 12_Environmental Services
13_Processing and Distribution 14_Marketing 15_Social Responsibility
16_Corporate Governance and Abbreviations/Definitions 17_Corporate Information
60
YEARS
Gibson
Timeline Stats
Gibson Petroleum
is incorporated
First oil sale (366
barrels) and first
purchase of tank trucks
Enter pipeline business
with construction of
Bellshill Pipeline
Hardisty Terminal
built (40,000 barrels)
Built Edmonton
Terminal
1950
1953
1954
1957
1958
1961
1964
Interesting
Facts
Marilyn Monroe
appears on the cover
of Roughneck, an oil
and gas magazine.
Cheez Whiz and Saran
Wrap appear
The laser is invented,
and so is the Hula Hoop
The Beatles make their
first appearance on
The Ed Sullivan Show
Purchased first two
semi-trailers for
crude hauling
Enter asphalt
hauling business
Enter LPG hauling
business
Construct
Provost Pipeline
Acquire
Canwest Propane
Enter bitumen market
1969
1973
1975
1978
1980
1984
1988
1990
1995
Neil Armstrong
walks on the moon
Syncrude starts
oil sand production
Mount St. Helens
erupts in Washington
Chernobyl power plant
has a meltdown in the
Soviet Union
Nelson Mandela is
released from prison
in South Africa after
28 years
60 Years
of Knowledge
Acquire Moose Jaw
Asphalt Inc., Tulsa
Oilfield Services Ltd.
and Wells Cargo
Oilfield Services
(Trucking Division)
Moose Jaw facility
winterization; open
propane rail terminal
in Surrey, BC; begin
marketing frac fluid
and solvent
Acquire Del’s Propane,
REV Fluid, Boychuk
Transport, MP Energy,
Western Propane &
Gas Services; complete
Moose Jaw Tops
Pipeline project
Construct ECHO
Pipeline (50%
ownership interest)
Riverstone purchases
Gibson from Hunting;
Gibson acquires Chief
Acquire Bridge Creek
and Turner Gas;
investment in Deepwell
Energy Services (Palko)
Acquire Johnstone,
Aarcam, Taylor and
remaining 75% of
Battle River Terminal;
sign agreement
to construct an
additional 1.2
mmbbls of tankage
at Hardisty
Complete IPO on TSX,
enter into partnership
for Plato pipeline and
custom treating
facility construction;
acquire remaining
interest in Palko
Acquire Summit assets,
Mobile Propane,
Jalbert Enterprises,
Gator Services, Fricken
Fracken Water Hauling,
Northern Trucking, All
Clean Fluid & Filtration
Services and OMNI
Energy Services;
announce commitments
to build an additional
1.1 mmbbls of storage
at Hardisty
1997
2002
2004
2007
2008
2009
2010
2011
2012
Tony Blair becomes
Prime Minister of the
United Kingdom
First iPhone released
Winter Olympics
held in Vancouver
Encyclopedia Britannica
discontinues print
edition
Financial Overview
Gibson’s integrated midstream services model delivered outstanding results
in 2012. This achievement provides a great start to 2013, which represents
Gibson’s 60th anniversary as an operating entity. In 2013, the Company
intends to develop additional infrastructure to meet customer needs and
build upon its recent acquisition in the US.
Increase In
profItabIlIty
share prIce
Increase
In 2012
29%
26%
8%
$479 M
Increase In
dIvIdend payout
In acquIsItIons
2_3
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS
Financial Charts
The results of the Company’s efforts in 2012 are reflected in the significant appreciation of Gibson Energy Inc.’s stock price
from the beginning of the year to December 31, 2012. Gibson has a solid strategy for continued growth, founded on an
integrated portfolio approach. Our numerous projects should allow the Company to execute and continue to deliver growing
cash flows and meaningful yield to Gibson shareholders in 2013 and beyond.
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
4,000,000
3,000,000
2,000,000
1,000,000
0
160
140
120
100
80
60
40
20
0
137
58
42
39
34
26
34
10
9
55
24
5
Terminals
& Pipelines
Truck
Transportation
Processing
& Distribution
Environmental
Services*
0.30
0.28
0.26
0.24
0.22
0.20
Q3/11*
Q4/11
Q1/12
Q2/12
Q3/12
Q4/12
Q1/13
Growth Capital Spending ($ in millions)
Quarterly Dividend ($ per share)
2011 Actuals = $111 M 2012 Actuals = $126 M 2013 Announced = $235 M
*Includes the period from and including June 15, 2011 to September 30, 2011
*Canadian Environmental Services capital expenditures have been reclassified
from Terminals and Pipelines to Environmental Services for historical periods
which equates to a $0.24 quarterly dividend
2009
2010
2011
2012
Adjusted EBITDA
($ in thousands)
60
50
40
30
20
10
0
2009
2010
2011
2012
75
50
25
0
-25
-50
2009
2010
At IPO
2011
2012
53.2%
(8.5%)
(21.1%)
7-Jun
2011
7-Aug
2011
7-Oct
2011
7-Dec
2011
7-Feb
2012
7-Apr
2012
7-Jun
2012
7-Aug
2012
7-Oct
2012
7-Dec
2012
7-Feb
2013
Enterprise Value ($ in thousands)
Debt/Debt + Equity Ratio (%)
GEI Total Return (%)
Gibson Energy
S&P/TSX Composite Index
S&P/TSX Capped/Energy
President’s Message
I have spent more than two decades of my career working for Gibson,
and no two years have ever been the same. There is an overwhelming
sense of pride felt by myself and the Gibson team when we review our
accomplishments from the past year. Our people worked hard to execute
on our goals and objectives, and we have certainly seen that reflected in
the strength of our share price. Growth is a major theme for Gibson, and
we achieved a 29% increase in profitability over the previous year. We
made a number of acquisitions, most notably OMNI Energy Services in
the United States. As we enter into our 60th year in business, I can
attribute these achievements to the “value of knowledge” acquired over
a long and successful history. I have no doubt that knowledge, as
brought to the forefront every day by the phenomenal men and women
who work here, will continue to be an asset for our organization as we
navigate the changes that the next 60 years will inevitably bring.
Stewart Hanlon,
President and CEO
4_5
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS Q&A with the President
Over the past 14 years, Gibson has been involved
in 40 acquisitions. 2012 was another big year for
acquiring new businesses. What have you learned
throughout the years and what makes acquisitions
vital to the overall strategy for the Company?
The decision to make an acquisition always starts with strategy. We ask ourselves, “Does this potential
acquisition support the overall strategy of the business and how we want it to grow? Does it give us a
geography that fits the overall strategy or does it give us a new business that fits, or is consistent, with our
growth strategy?” We have never done an acquisition for the sake of the existing cash flow it would bring.
That thought process is the same whether the acquisition is $5 M, or $500 M.
What areas of the business do you see Gibson
spending the majority of its capital in over the
next few years?
Certainly the guidance we have given to the market is consistent with the opportunity we see in front of
us. We will focus heavily on major infrastructure projects, particularly at Hardisty and Edmonton, and
potentially in the United States, as we build on our growing footprint south of the border.
Gibson has a diverse asset base that could
complicate your story. What would you like
shareholders to understand about your business?
On the surface our business looks somewhat complicated. I would like shareholders to understand that
over the past 60 years, we have built our business on purpose. Each part of the business fits with all
the other parts. This provides us with an integrated service offering that is particularly beneficial to
our customers.
Gibson has started to move oil by rail. What do
you see as the biggest benefit rail adds to the
overall company strategy?
The stock was up 26% in 2012 and substantially
more since the IPO in June 2011. How does Gibson
plan to continue to deliver shareholder value?
You have raised Gibson’s dividend three times
since becoming public in June 2011. How
sustainable is this dividend growth?
How do you see 2013 unfolding for the Company?
Gibson started by moving oil by rail in our very first transaction. We moved 366 barrels of crude oil on
a rail car from Gull Lake, Saskatchewan, to a refinery in Calgary in 1953. As we look forward into 2013
and beyond, we believe that crude oil movement by rail will be an important addition to the optionality
our customers need when getting their product to exactly the right market. That is not to say rail will
eliminate the need for additional pipeline capacity, but it will be an additional tool that we use to
ensure specific qualities of product make it to the most valuable markets.
We hope to continue to deliver shareholder value by focusing on the business fundamentals that have
allowed us to be successful so far. We are exposed to large and growing markets in oil and gas liquids
production. We see our Environmental Services business capturing that value across North America with
respect to the associated water and waste streams that would be produced alongside oil and liquids
production. Through our large and growing asset base, we believe we can participate in that growth.
The growth of our dividend has been consistent with our guidance with respect to our dividend payout
ratio. As we continue to grow the Company, we would fully expect we can grow the dividend too.
We’re excited about 2013! We will focus on two main things: realizing the potential of the OMNI
acquisition and executing on a large portfolio of infrastructure projects that we have in front of
us. We continue to be challenged by, and excited about, the many growth prospects we have
throughout our business.
6_7
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS Senior Leadership Team
from left to right
Management
Management Team Facts
• Senior management team has average of 25 years’ industry experience
• Demonstrated track record of consistently and conservatively
growing business and producing strong returns
• Proven history of profitable operations and a strong reputation
Rodney J. Bantle
Senior Vice President
Truck Transportation
A. Stewart Hanlon
President and Chief Executive Officer
Samuel van Aken
Senior Vice President
Propane Marketing & Distribution
Brian J. Recatto
Senior Vice President
Environmental Services
Donald A. Fowlis
Chief Financial Officer
Richard M. Wise
Senior Vice President
Operations
Douglas P. Wilkins
Senior Vice President
Marketing Supply & Trading
Gibson’s North American Footprint
Gibson has provided market access to leading oil and gas industry
participants in western Canada for 60 years. The Company has grown its
business by diversifying its service offerings to meet customers’ needs
and has expanded geographically to provide its service offerings to key
hydrocarbon-producing regions throughout the US. Most recently, Gibson
further expanded its services to include emulsion treating, water disposal
and oilfield waste management in both Canada and the US.
In 2013, Gibson’s growth will be focused around some distinct features of
the North American footprint:
•
•
•
Strategic undeveloped land positions at Hardisty and Edmonton will serve as
the foundation for considerable additions to our storage tank and infrastructure
assets, supported by long-term contracts with customers
Our 2012 acquisition of OMNI increased the depth and breadth of our US
penetration and will provide a launching pad to further increase our US service
and product lines
Our presence and ties to customers in many developing production regions in the US
should provide the opportunity to explore additional infrastructure opportunities
8_9
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS
Montney
Slave
Point
Swan
Hills
Alberta
Oilsands
Cardium
Viking
Shaunavon
Bakken
Williston
Greater
Green River
D-J / Niobrara
San Joaquin
Utica Shale
Liquids
Granite
Wash
Mississippian
Lime
Cana-
Woodford
Permian
Eagleford
Tuscaloosa
Marine
Gulf Coast
Offshore
LEGEND
Oil Developments
Where Gibson Operates
Other Oil Developments
AlbertaSaskatchewanNorth DakotaSouth DakotaMontanaWyomingUtahColoradoNew MexicoOklahomaMiss.LouisianaTexas Terminals and Pipelines
Gibson’s Terminals and Pipelines segment includes the Hardisty and Edmonton
terminals with aggregate storage capacity of 4.2 mmbbls, approximately 424 km of
pipeline and 78 pipeline injection stations throughout the United States.
Services
and refined products
Storage, terminalling, pipeline and rail loading services for crude oil, condensate
Business Model
Fee-based storage and terminalling and tariff-based pipeline services
2012 Performance and Operating Highlights
•
Increased volumes through the segment’s facilities by 35% over 2011
• Commissioned 600,000 bbls of storage at Hardisty and are on track to commission an
additional 600,000 bbls in Q2 2013 as part of the Suncor joint venture
•
•
Obtained commitments to construct three new tanks totalling an additional 1.1 mmbbls
on eastern Hardisty lands
Announced agreement to partner on a unit train development with US Development
Group at Hardisty
Growth Opportunities
• Expansion of the Hardisty and Edmonton terminals
•
Increase rail transloading and loading capacity and capability
• Development of terminal and/or pipeline infrastructure in US developing plays
10_11
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS
Truck Transportation
Gibson’s Truck Transportation segment is one of the largest haulers of energy products in North America, transporting
over 152 million boe throughout Canada and the US in 2012. With access to approximately 2,400 trailers and more than
1,300 tractors, the Company’s large scale, flexibility and diverse locations provide a strategic advantage in dealing with many
of North America’s leading oil and gas producers.
Hauling Services
Crude oil, condensate, NGLs, LPGs, asphalt, chemicals, sulfur, petroleum coke, iron calcine, gypsum, water and drilling fluids
Business Model
Services are provided using a combination of long-term contracts, master service agreements and tenders
“ The best part about my job is
working at a well-kept facility
with a good group of people.
Senior management supports the
work we do by getting us what
we need to get the job done.”
Brandon Christ, Project Manager,
Environmental Services South NORM Yard
– Intracoastal City, Louisiana,
9 years of service
“ I am so privileged to work for a
dynamic company, doing a job
that allows me to learn something
new every day and that allows
our team to create value in a very
tangible way.”
Tammi Price, VP Corporate Planning
& Development, Calgary Office,
15 years of service
2012 Performance and Operating Highlights
•
•
•
Successful acquisition of Northern Truck Services and All Clean Fluids, rounding out northern
Alberta and northeastern British Columbia geographic coverage
Completed acquisition of Fricken Fracken Water Hauling and entered the Viking play
Commenced installation of PeopleNet systems to improve operating efficiency and safety
Growth Opportunities
• Continued execution of small, easy-to-integrate acquisitions
• Expansion into additional product lines, especially in the US
• Optimize trucking opportunities presented through the OMNI acquisition
Environmental Services
Gibson’s Environmental Services segment provides environmental, production and
other complementary services like fluid handling, exploration support services
and accommodations to oil and gas companies across North America.
Fluid and solid waste transport, emulsion treating, water disposal, oilfield waste
Services
management, environmental cleaning, pumping unit services, well-testing services, rental services,
exploration support services, and mobile accommodation services
Business Model
mandated frequency of service, carrying with them significant regulatory barriers and permitting costs
Providing fee-based services, which are typically non-deferrable, with a
2012 Performance and Operating Highlights
• Created a North America wide Environmental Services platform
• Added four new emulsion treating terminals and a landfill in western Canada
•
Acquired OMNI and expanded this segment to include 59 terminals, sales and logistics hubs,
and 21 disposal wells
Growth Opportunities
• Expansion of existing service lines into developing plays where they are currently not being offered
• Expansion of existing water disposal facilities into full waste management facilities
• Completion of the full-service facility that has been permitted in the North Dakota Bakken
12_13
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS
Processing and Distribution
Gibson’s Processing and Distribution segments are comprised of its refining and propane and natural gas liquids (NGLs) businesses.
Gibson’s 17,000 bpd refinery located at Moose Jaw, Saskatchewan, is capable of storing approximately 1.0 mmbbls and produces
various products for sale into niche markets.
Products
Road asphalt, roofing flux, tops and wellsite fluids (D822, Gibson Clear, Gibsol)
Gibson provides propane services to both the retail and wholesale markets. The retail distribution is done through the Canwest brand
and it is the second largest retail propane distributor in Canada.
Services
Propane supply and distribution, equipment rentals and related services
The NGL business is responsible for the marketing of natural gas liquids across North America. It also operates a 5,800 bpd fractionation
plant at Hardisty, that splits NGL mix into its various components.
Condensate, butane, propane, ethane and solvents
Products
“ The Moose Jaw Refinery has been
a place of constant change and
growth. That, and the great team
I work with, make it an exciting
place to work.”
Mark Beck, GM Refining,
Moose Jaw, Saskatchewan,
10 years of service
2012 Performance and Operating Highlights
•
Moose Jaw increased its processing capability from 16,000 bpd to 17,000 bpd through small capital investments
made during its 2012 turnaround
• Canwest established a significant presence in the Saskatchewan marketplace through three small acquisitions
•
In 2012, Canwest sold over 328 million litres of propane, the wholesale propane business sold almost
4.2 mmbbls of propane and the NGL business sold 6.3 mmbbls of products
Growth Opportunities
•
Increase the production capacity of the Moose Jaw processing facility through additional small,
incremental investments
• Continue consolidation of retail and wholesale propane markets
•
Internal growth in step with the increase in oil and gas production across North America
Marketing
Gibson’s Marketing segment generates value for buyers and sellers of energy
products across North America. By taking advantage of natural arbitrage
opportunities in location and quality, Gibson can capture the value differential.
Services
commodity positions for the other segments
Purchases, sells, stores and blends crude oil and condensate and manages physical
Location-based arbitrage arises when value differentials between crude
Business Model
oil prices at two locations are greater than the transportation cost between the two locations;
quality-based arbitrage opportunities are dependent on the prevailing price differentials between
various grades of crude oil and diluent that can be combined to create a specific crude oil grade
2012 Performance Highlights
• Sold an average of 224,000 bbls per day of product in 2012; an increase of 46% from 2011
•
Initiated five new truck-to-rail crude oil transloaders
Growth Opportunities
• Continue to expand the crude oil marketing business in the US
• Optimize and expand crude oil transloading operations throughout North America
•
Increase scale of marketing operations at Edmonton
14_15
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS
Social Responsibility
Gibson Energy, at all staff levels, is committed to employing responsible management practices that
will result in protecting the health, safety and security of its employees, contractors agents and the public.
We are also committed to being good stewards of the environment and work diligently to protect and
support the communities in which we live and operate.
Health, Safety, Security
on record. All employees, beginning with the CEO, are held accountable to Health, Safety, Security and Environment (HSS&E)
performance metrics, and the Company will strive for continued improvement in 2013.
Gibson finished 2012 with its lowest total recordable and lost time injury frequency rates
Our refinery in Moose Jaw recently celebrated a milestone of 1,000 days without an employee lost time injury.
Environment
Gibson continues to demonstrate proactive care and attention with respect to environmental affairs.
The Company is focused on spill reduction through engineering solutions and strong employee focus and training. Robust
monitoring programs are firmly in place and in-house experts play a key role in all due diligence for transactions.
We continue to foster innovative strategies that will support a proactive HSS&E culture across the Company.
Community Investment
supports the efforts of organizations and individuals that dedicate their time and lend their vision and energy to making a
difference in the communities in which we operate.
Community investment is a fundamental part of our corporate culture. Gibson Energy
Highlights
•
•
•
•
A proud supporter of United Way in our areas of operations in both Canada and the US
Our four pillars of community investment support Health, Safety and Wellness; Education and the Arts;
Community Enhancement and the Environment
Implementation of a web-based grant request tool allows for improved communication between community
partners and Gibson
Proud to support community emergency services, various sporting facilities, organizations for children,
health and wellness programs, and environmental initiatives
Abbreviations/Definitions
Adjusted EBITDA: EBITDA before other non-cash expenses and charges
deducted in determining consolidated net income (loss), including
movement in the unrealized gains and losses on financial instruments,
stock-based compensation, impairment of goodwill and intangible assets
and non-cash inventory or asset writedowns
asphalt: liquid asphalt cement is a dark brown to black cementitious
material that is primarily produced by petroleum distillation. It is
primarily used in the road construction and maintenance industry and for
shingle manufacturing and roofing purposes
bbl(s): barrel(s)
bitumen: petroleum in semi-solid or solid forms
boe: barrels of oil equivalent
bpd: barrels per day
condensate: a petroleum mixture primarily composed of pentane and
heavier hydrocarbons, usually produced with or extracted from natural
gas, which is liquid at normal pressure and temperature. The component
of NGLs that remains after the propane and butane have generally been
removed, comprised of a pentane and higher hydrocarbon composition
diesel: combustible petroleum distillate used as a fuel for diesel engines
diluent: a lower density fluid used to blend with heavy oil or bitumen to
reduce viscosity and density
distillate: a liquid condensed from vapor in refinery distillation, including
diesel and jet fuel
EBITDA: net income (loss) before interest expense, income taxes,
depreciation and amortization
frac fluids: a fluid, either water or hydrocarbon, used to transport propane
in a hydraulic fracture well completion
LPG: liquefied petroleum gas
mmbbl: one million barrels
NGL: natural gas liquids. This term refers to a mixture of the hydrocarbons
ethane, propane, butane and condensate
propane: a common LPG, C3H8, that is colorless and flammable as a
gas. Used industrially in the petrochemical industry and commercially as
a heating or engine fuel
roofing flux: processed asphalt product used in manufacture of shingles
and other roofing products
segment profit: revenue minus cost of sales and operating costs,
excluding depreciation and amortization
tops: a bottomless light sour crude oil, a residual from the asphalt
refining process, which is a premium feedstock for refiners
WCSB: Western Canadian Sedimentary Basin
wellsite fluids: includes frac-oil-based drilling and frac fluids used in the
drilling and completion of oil and natural gas wells
Corporate Governance
Gibson believes good corporate governance and ethical conduct in all its business practices is
critical to the continuing development and maintenance of its reputation. We will ensure that we
operate in a safe, compliant and environmentally responsible manner whenever and wherever
we conduct our business.
We want our directors, officers, employees and contractors to conduct our business in accordance
with the highest ethical standards, and we have in place our Whistleblower policy and Code of
Conduct and Ethics to clearly set out our expectations.
We are also committed to adopting and maintaining effective, meaningful governance practices
for all our stakeholders. To that end, our Board has created an Audit Committee, a Corporate
Governance, Compensation and Nomination Committee, and a Health, Safety, Security and
Environment Committee, each chaired by an independent director.
Charters have been created for the Board of Directors and each committee of the Board, and
position descriptions have been developed for our CEO, Chairman of the Board, and each Board
committee chair.
Disclosure and Insider Trading policies applicable to our directors, officers, employees and
contractors have also been created. We have adopted specific procedures to remind such
individuals of these requirements and to facilitate compliance.
16_17
2012 ANNUAL REPORT_GIBSON ENERGY
60YEARS Corporate Information
MANAGEMENT
A. Stewart Hanlon
President and Chief Executive Officer
Donald A. Fowlis
Chief Financial Officer
Rodney J. Bantle
Senior Vice President
Truck Transportation
Brian J. Recatto
Senior Vice President
Environmental Services
Samuel van Aken
Senior Vice President
Propane Marketing & Distribution
Douglas P. Wilkins
Senior Vice President
Marketing Supply & Trading
Richard M. Wise
Senior Vice President
Operations
DIRECTORS
James M. Estey
A. Stewart Hanlon
Donald R. Ingram
Marshall L. McRae
Robert M. Tichio
Andrew W. Ward
Clayton H. Woitas
HEAD OFFICE
1700, 440 - 2nd Ave SW
Calgary, AB Canada
T2P 5E9
(403) 206-4000
Phone:
(403) 206-4001
Fax:
Website: www.gibsons.com
AUDITORS
PricewaterhouseCoopers LLP
BANKERS
Royal Bank of Canada
JPMorgan Chase Bank, N.A.
LEGAL COUNSEL
Bennett Jones LLP
TRUSTEE, REGISTRAR & TRANSFER AGENT
Computershare Trust Company of Canada
Calgary, Alberta
STOCK EXCHANGE
Toronto Stock Exchange
Trading Symbol: GEI
INVESTOR RELATIONS & MEDIA
Ken Hall
Vice President
Investor Relations & Communications
(403) 781-2899
Phone:
ken.hall@gibsons.com
Email:
Nicole Collard
Manager Communications
(403) 206-4276
Phone:
nicole.collard@gibsons.com
Email:
Designed by bmir Bryan Mills Iradesso www.bmir.com
FORWARD-LOOKING STATEMENTS
Certain statements contained in this annual report 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 annual report should not be unduly relied upon. These statements
speak only as of the date of this annual report.
With respect to forward-looking statements contained in this annual report,
assumptions have been made regarding, among other things:
• future growth in worldwide demand for crude oil and petroleum products;
• crude oil prices supporting increased production and services in North
America, including the Canadian oil sands and off-shore of North America,
including the Gulf of Mexico;
• no material defaults by the counterparties to agreements with the Company;
• the Company’s ability to obtain qualified personnel, owner-operators, lease
operators and equipment in a timely and cost-efficient manner;
• the regulatory framework governing taxes and environmental matters in the
jurisdictions in which the Company conducts and will conduct its business;
• operating costs;
• future capital expenditures to be made by the Company;
• the Company’s ability to obtain financing for its capital programs on
acceptable terms;
• the Company’s future debt levels and ratings on the Company’s debt;
• the impact of increasing competition on the Company.
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 described in “Risk Factors” and “Forward-Looking Statements” included
in the Company’s AIF dated March 5, 2013 as filed on SEDAR at www.sedar.com.
1700, 440 - 2nd Ave SW
Calgary, AB Canada
T2P 5E9
Phone: (403) 206-4000
Fax:
(403) 206-4001
Website: www.gibsons.com