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Gibson Energy Announces 2021 Third Quarter Results All financial figures are in Canadian dollars unless otherwise noted GIBSON ENERGY- Calgary , Alberta ( November 1 , 2021 ) - Gibson Energy Inc. announced today its financial and operating results for the three and nine months ended September 30 , 2021 . " We are pleased to report another strong quarter from both an operational and financial perspective , with our Infrastructure segment run - rate increasing with a partial quarter contribution from the DRU beginning operation and Marketing performance within our initial outlook , " said Steve Spaulding , President and Chief Executive Officer . " Our focus remains on securing incremental growth projects while maintaining the 5x to 7x EBITDA build multiples that we have consistently achieved over the past several years . We have also continued to advance Sustainability and ESG at Gibson , recently adopting a Net Zero by 2050 target and being recognized with a " AAA " rating by MSCI ESG Ratings . " Financial Highlights : • Revenue of $ 1,808 million in the third quarter , a $ 443 million or 33 % increase over the third quarter of 2020 , a result of higher commodity prices and volumes increasing contribution from the Marketing Segment • Infrastructure Adjusted EBITDA ( ¹ ) of $ 104 million in the third quarter , an $ 8 million or 9 % increase over the third quarter of 2020 , due to additional tankage in service at Hardisty as well as a contribution from the DRU for a portion of the current quarter • Marketing Adjusted EBITDA of $ 16 million in the third quarter , a $ 3 million or 23 % increase over the third quarter of 2020 , reflecting slightly improved margins in the Crude Marketing business • Adjusted EBITDA on a consolidated basis of $ 111 million , a $ 10 million or 10 % increase over the third quarter of 2020 , due to the factors discussed above • Net Income of $ 36 million in the third quarter , an $ 18 million or 105 % increase over the third quarter of 2020 , a result of debt extinguishment costs in the prior quarter as well as the factors described above • Distributable cash flow of $ 71 million in the third quarter , a $ 6 million or 9 % increase over the third quarter of 2020 , with increased contributions from both the Infrastructure and Marketing segments being partly offset by higher replacement capital and taxes in the current quarter • Payout ratio on a trailing twelve - month basis of 72 % , near the low end of Gibson's 70 % - 80 % target range • Maintained a strong financial position , with Net Debt to Pro Forma Adjusted EBITDA at September 30 , 2021 of 3.2x , within the Company's 3.0x - 3.5x target range , and remain fully - funded for all sanctioned capital Strategic Developments and Highlights : • Commenced operation of the DRU on - schedule and within expected capital cost • Announced the addition of Ms. Juliana Lam to the Company's Board of Directors , who will also serve on the Audit Committee • Subsequent to the quarter , received the top " AAA " rating from MSCI ESG Ratings , being only one of three companies globally in the Oil & Gas Refining , Marketing , Transportation & Storage industry and the only company in North America in that industry to receive this leadership rating • Subsequent to the quarter , announced an ambitious Net Zero by 2050 target . As part of ensuring the Company has a credible path to reaching this target , identified the ability to reduce approximately 90 % of current Scope 1 and 2 emissions through the application of existing technologies already in commercial use in North America ( 1 ) Adjusted Earnings before Interest , Tax , Depreciation and Amortization and other adjustments ( " Adjusted EBITDA " ) , Distributable Cash Flow , Interest Coverage Ratio and Dividend Payout Ratio are non- GAAP measures as noted in the section titled " Non - GAAP Financial Measures " section in Gibson's Management Discussion and Analysis for the three and nine months ended September 30 , 2021 ( " MD & A " ) . The applicable definitions and reconciliations of these non - GAAP measures to the most directly comparable GAAP measures are set out in the " Non - GAAP Financial Measures " section of the MD & A . Effective Q1 2021 , the Company has updated the manner in which it determines Adjusted EBITDA and prior period comparative figures have been restated to conform to this new presentation . See " Adjusted EBITDA " in this news release and " Non - GAAP Financial Measures " in the MD & A for the definition and reconciliations of Adjusted EBITDA .