Slides
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Focused Disciplined Growth Corporate Presentation Q3 2026
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Compelling Total Return Proposition Committed to Disciplined Financial Principles Highly Contracted Infrastructure Business Corporate Information Critically Located, Best-in-Class Liquids Infrastructure Safely connecting customers to global markets, enhancing optionality and improving their netbacks Gibson Energy Snapshot Data as of Sep. 30, 2026. 1) Leverage rat ios exclude hybrids. Metrics used are non -GAAP measures and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 2) Calculated as t he Last Twelve Months Total Recordable Injuries per 200,000 Employee -Hours. 3) Based on total throughput volumes during the post -dredging period (since June 2025). 4) Based on 2025A. 5) Credit ratings on senior unsecured notes issued by Morningstar DBRS and S&P, respectively. 6) Dividend yield represents annualized quarterly dividend of $0.45 per share ($1.80). 7) Infrastructure EBITDA per share refers t o Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2 $5.3B / $8.2B Market Capitalization / Enterprise Value(1) 0.00 TRIF (2) Industry-leading safety performance 70+ Years in the business 1 in 4 WCSB barrels through GEI terminals 2nd Largest Crude export terminal in North America(3) >25 mmbbl Tankage capacity in North America >90% Q3 2026 Adjusted EBITDA from Infrastructure ~75% Take-or-Pay Infrastructure Revenue(4) >85% T erminals revenue from Investment Grade customers(4) 4.2x Q3 2026 Infrastructure Leverage ratio(1) 3.9x Q3 2026 Net Debt / Adjusted EBITDA(1) BBB (low) / BBB- Maintain Investment Grade ratings(5) 5.9% Dividend yield(6) Targeting 7%+ Average annual Infrastructure EBITDA per share(7) growth Targeting 100%+ T otal shareholder return by end of 2030
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Strong safety culture and disciplined execution underpin best-in-class performance Industry-Leading Safety Performance 3 Engaged Leadership Clear expectations and accountability embed safety across the organization Operational Excellence Consistent processes and disciplined execution drive safe, reliable performance across our assets Process Safety Disciplined operating practices and robust asset integrity programs support safe and reliable operations Technology Automation and AI enhance safety, reliability and operational efficiency Employee Total Recordable Injury Frequency 0.00 0.00 0.29 0.31 0.32 0.33 0.34 0.54 0.56 0.59 0.64 0.90 0.92 0.96 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Peer M 11 Million Hours without a lost-time incident 1 Billion+ Barrels safely moved at Gateway since operations began 2+ Years Without a Tier 1 or 2 Process Safety Event 1+ Years Without a recordable injury across our workforce Industry-leading safety performance reflects a strong safety culture and disciplined execution across our operations
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Wink: ~90% of throughput to Gateway Edmonton: 3.0 mmbbl tankage Gateway: 8.6 mmbbl tankage Hardisty: 13.5 mmbbl tankage Moose Jaw: 24 mbbl/d throughput capacity Pipelines: 900+ km North American pipeline network 4 1 in 4 WCSB barrels through GEI terminals ~50% of heavy crude volumes shipped to TMX ~55% of Keystone volumes ~20% of U.S. crude oil exports ~20% of Mainline volumes Critically Located, Best-in-Class Liquids Infrastructure Over 25 million barrels of terminal capacity supporting critical North American crude egress 1 in 4 WCSB barrels through GEI terminals ~50% of heavy crude volumes shipped to TMX >50% of Keystone volumes ~20% of U.S. crude oil exports ~20% of Mainline volumes Improving customer netbacks through increased optionality, quality management and access to storage
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Strategic hub positions create both capital-free and high-return investment opportunities WCSB Production Growth Expands GEI’s Infrastructure Opportunity 5 +1.1 mmbbl/d WCSB production growth(1) (2025 to 2035E) ~2.0 mmbbl/d Proposed incremental egress(2) TMX – DRA + Expansion | Enbridge MLO1 | South Bow Prairie Connector | Pacific Link More WCSB barrels create multiple pathways to recurring, high-return Infrastructure EBITDA per share(3) growth Contributes to Gibson’s 7%+ Infrastructure EBITDA per share (3) growth target (2025 to 2030E) 1) Source: Enverus, Street Research. 2) Source: Company disclosure. Includes TMX – DRA + Expansion ( 300 mbbl/d), Enbridge MLO1 (150 mbbl/d), South Bow Prairie Connector (~550 mbbl/d), and potential future Pacific Link Pipeline (1,000 mbbl/d). 3) Infrastructure EBITDA per share refers t o Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Multiple Ways to Monetize Growing WCSB Production Higher Utilization Existing infrastructure More barrels increase utilization of existing terminals and connections Re-Contracting & Pricing Capital-free growth Growing demand for storage and optionality supports re-contracting and improved pricing New Tanks & Connections High-return growth capital Develop new tankage, DRU and connections Producer Partnerships Extend upstream & capture volumes Partnerships & pipeline investments to capture incremental barrels 1 in 4 WCSB barrels already move through Gibson’s terminals Edmonton + Hardisty Strategically positioned at critical WCSB hubs
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Sanctioned project to add interconnection with Gibson's existing Hardisty terminal assets; expected to be complete in H1 2027 Gives Gibson access to greater volume flows and added flexibility Sanctioned project to increase in system capacity by 50% ; expected to be complete in H1 2028 Immediately unlocks material incremental third -party volumes Directly supports Mannville growth and Hardisty-bound flows Chauvin Pipeline Acquisition $400 million acquisition expands conventional heavy crude capabilities with immediate organic growth 6 1) Represents effective pipeline capacity at time of acquisition. ~30 mbbl/d(1) crude oil pipeline & infrastructure Hardisty oil hub-connected pipeline 50% of volume contracted with Teine Energy Backed by long-term take-or- pay and area dedication Two near-term organic growth projects Hardisty Connection and pipeline expansion Associated Organic Growth Projects Pipeline Expansion Hardisty Connection ~5% volume growth since acquisition through operational efficiencies Improving customer netbacks Hardisty Chauvin Alberta Saskatchewan Additional future growth opportunities Further connections, capacity expansion and third-party volumes Cenovus CNRL Longshore Heritage Surge West Lake Teine Strathcona Baytex
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What We Said, What We Have Done Executing against the disciplined, high-return growth plan introduced at Investor Day 7 Producer Partnerships 2026–2030 $300+ mm 1–2 fit-for-purpose partnerships per year to build infrastructure and drive volumes to core terminals UPDATE Chauvin acquisition expected to facilitate new partnerships Extend Pipeline Network 2026–2030 $250+ mm Extend networks and connections to enable customers to direct incremental production to core terminals UPDATE $400mm Chauvin acquisition Hardisty Connection sanctioned / engineering underway for expansion Harvest Twin in service New Tanks 2026–2030 $250+ mm Place 5+ additional tanks in service by 2030 across all terminals UPDATE 100 mbbl Wink tank in service Additional opportunities to support WCSB production growth DRU Expansion 2028+ $200+ mm Add 1–2 Diluent Recovery Units in 50+ mbbl/d phases Optimization 2026–2030 $100+ mm Smaller-scale projects (debottlenecking, increasing efficiency, and addressing customer needs) UPDATE Savings and capacity initiatives accelerated, targeting $10mm in annual savings beginning in 2027 Gateway Dock Expansion 2030+ $350+ mm Third dock to support growing North American crude exports Chauvin acquisition and positive macro tailwinds reinforce confidence in deploying up to $1bn of growth capital by 2030 Longer Term UPDATE Growing WCSB production and tightening condensate supply increase the strategic value of the DRU
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Mix Integrated supply and deepwater access are expanding Gateway's role in North American crude exports Gateway: More Barrels. More Markets. Better Economics. FROM BASIN TO WA TER Gateway Throughput (mbbl/d) 2025 2026 YTD ~30% throughput growth since 2024 8.6 mmbbl Storage capacity 2 VLCC-capable docks 2025 (KBPD) 2026 YTD (KBPD) South Korea 138 130 Japan Taiwan India ~90% of Wink throughput moves to Gateway 8 1) Source: Enverus, Street Research, Gibson internal estimates. 2) Volume numbers rounded. 3) Source: Vortexa . Permian Supply Growth (mmbbl/d)(1) Volumes in Motion(2) Top 2026 Destinations(3) 580 670 760 2024 2025 2026 YTD VLCC Suezmax 28% 60% 47% 30% Gray Oak Cactus II Cactus III Harvest Pipeline Connectivity Aframax 12% 23% Flexible Vessel Mix (% of VesselCount) 0.5 - 1.1 42 107 73 79 20 49 67 37 France Singapore 17 40 Strong commodity prices, higher rig counts and expanding oil and gas takeaway capacity support Permian production growth and more barrels flowing to Gateway
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$20 $40 $60 $80 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. '21-'25 2026 Asset-backed Marketing business creates value for customers by leveraging Infrastructure across N.A. Marketing Upside Accelerates Infrastructure Reinvestment 9 Refined Products Key Drivers Performance Levers Tops ↑ Wider Differentials ↑ Wider 2:1:1 Crack Spreads Drilling Fluids ↑ Drilling Activity ↑ Wider 2:1:1 Crack Spreads Asphalt ↑ Paving Activity (Seasonal) ↑ Roofing Shingle Demand Time-Based ↑ Contango Curve ↑ Volatility Location-Based ↑ Location Spread Differentials ↑ Tighter Egress Quality-Based ↑ Crude Pricing Differentials 1) Marketing Adjusted EBITDA does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2) Source: Enverus MarketView. Based on mont hly data. Crude Marketing 9 Marketing Adjusted EBITDA ($mm) (1) Strong crack spreads Capitalizing on crude volatility 2026 Drivers ‘21-’25 Avg: $77mm 2:1:1 Crack Spreads (US$/bbl) (2) Q1/26 $36.18 Q2/26 $54.38 Q3/26 $73.49 Q4/26 $64.53 Expanded capabilities of Refined Products segment ’21-’25 Avg: $29.21 WCS Differential (US$/bbl) (3) 3) Bloomberg; CalRock ; Based on daily data. Cheaper feedstock with wider year-over-year differentials -$30 -$20 -$10 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21-'25 Avg. 2025 2026 2026F
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Deliver 7%+ Infrastructure EBITDA per share(1) growth through focused capital investment and optimization Growth Expectations 10 2% Deliver at 5-7x build multiple Deploy $700mm to $1bn of growth capital through 2030 5%+ Growth Projects Asset utilization Pricing opportunity Cost discipline 2%+ Capital-Free 7%+ Average Annual Infrastructure EBITDA per share(1) growth Growth Projects Capital-Free Upside 1) Infrastructure EBITDA per share refers t o Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Potential for complementary M&A to further advance growth and enhance per share metrics
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$2.98 $3.03 $3.29 $3.70 $3.80 2021 2022 2023 2024 2025 2026E 2030E Peer A Peer B Peer C Peer D Peer E Peer F Sustained growth through efficient capital deployment and supported by scale advantage Positioned for Disciplined, Consistent Infrastructure Growth 11 Power of Small Numbers Small projects deliver impactful returns with limited risk Infrastructure EBITDA per Share Growth (1) ($/Share) Growth Capital Required for 1% Increase in Infrastructure EBITDA (1)(2) 1) Infrastructure EBITDA per share referenced here represent s Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Per share amounts are calculated using weighted average number of shares outstanding. 2) Bar heights assume 6x build multiple; range shown above select bars represent 5 -7x build mult iple. Peer group includes AltaGas , Enbridge, Keyera, Pembina, South Bow, and TC Energy. $30-45mm (Consensus) 6%+ CAGR (‘21-’25A) 7%+ CAGR (’25A-’30E) $1.0-1.4Bn Sustained infrastructure growth supported by efficient capital deployment and scale advantages
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53% 31% 100%+ Total shareholder return by end of 2030 (2026-2030) Attractive Total Return Proposition Gibson expects to generate a total return of over 100% by the end of 2030 12 Historical T otal Shareholder Return (Last 5 Years)(1) 0% 5-7% Yield + annual dividend growth 7%+ Annual Infrastructure EBITDA per share(2) growth Forward T otal Shareholder Return Proposition (by 2030) 1) Bloomberg; as of Sep. 30, 2026 . Figures may not add due to rounding. 2) Infrastructure EBITDA per share refers t o Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. TSR: 84% Share Price Appreciation Dividend & Dividend Reinvestment 2021 2022 2023 2024 2025 2026
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Financial Summary
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Quality of Cash Flows Highly Secured Contract Structure >95% of Infrastructure revenues from take-or-pay and high-quality fee-for-service contracts(1) Creditworthy Counterparties >85% of Infrastructure revenue under long-term contracts with Investment Grade counterparties(1) Financial Flexibility Strong Balance Sheet Total and Infrastructure leverage trending back toward the target range of 3.0–3.5x and <4.0x, respectively(2,3) Maintain & Improve Credit Ratings Maintain or improve on DBRS BBB (low) and S&P BBB- Investment Grade ratings(4) Funding Model Capital Funding Strategy Fund growth capital expenditures with maximum 50-60% debt Sustainable Payout Ratio Infrastructure Payout ratio below 100% target; overall Payout ratio tracking to return within the target range of 70-80% of DCF(2,3) Strong cash flow visibility and disciplined financial targets support sustained growth Financial Principles 1) Based on 2025A Revenues. 2) Metrics do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 3) Reflect s management's estimat es and cert ain assumptions and adjustments management considers reasonable. 4) Credit ratings on senior unsecured notes issued by Morningstar DBRS and S&P. 14
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Balancing disciplined growth and meaningful capital returns to create long-term, per share value Disciplined Approach to Capital Allocation 15 Disciplined capital allocation ensures financial strength and drives long-term value Fund current Dividend Invest in Infrastructure Growth Maintain strong Balance Sheet Fund steady Dividend Increases Execute Share Buybacks Pursue opportunistic M&A Core Priorities Secondary Priorities 1 2 3
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Stable Infrastructure business growth allows for consistent performance in all oil price environments Stable, Contracted, High-Quality Cash Flows Long-term, take-or-pay contracts with predominately Investment Grade customers providing predictable cash flows Capital-free upside from re-contracting as tankage demand grows with Canadian production expansion 1) Infrastructure EBITDA refers to Infrastructure Adjusted EBITDA, which is a non -GAAP measure and does not have a standardized mea ning under GAAP – refer to “Specified Financial Measures” slide. Infrastructure EBITDA has been adjusted to exclude t he impact of dispositions. 2) Historical WTI pricing data sourced from Bloomberg. Infrastructure EBITDA(1) has demonstrated stability since Q3 2023 (post-Gateway), despite meaningful fluctuations in WTI ($mm) (US$/bbl) Long-term, take-or-pay contracts with predominately Investment Grade customers supports predictable cash flows Crown jewel Infrastructure assets offer a stable growth profile in take-or-pay revenues Capital-free EBITDA upside from re-contracting as tankage demand grows with Canadian production expansion 16 (2)
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$436 $442 $494 $601 $622 $43 $118 $145 $63 $15 $2.98 $3.03 $3.29 $3.70 $3.80 $0 . 0 0 $0 . 5 0 $1 . 0 0 $1 . 5 0 $2 . 0 0 $2 . 5 0 $3 . 0 0 $3 . 5 0 $4 . 0 0 $4 . 5 0 $5 . 0 0 $0 $1 00 $2 00 $3 00 $4 00 $5 00 $6 00 $7 00 2021 2022 2023 2024 2025 Marketing Infrastructure Infrastructure EBITDA / Share Enhanced quality of cash flows through stable Infrastructure EBITDAper share(1) growth Growth Driven by Infrastructure Note: Weighted average share count used for per share metrics. 1) Segment EBITDA refers to Marketing Adjusted EBITDA and Infrastructure Adjusted EBITDA, and Infrastructure EBITDA per share re fers to Infrastructure Adjusted EBITDA per share. All metrics are non -GAAP and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. ($mm; $/share) Segment EBITDA (1) Growth >6% Infrastructure EBITDA per share(1) CAGR (2021-2025) ~4% Adjusted EBITDA per share(1) CAGR (2021-2025) Infrastructure growth has enabled the return of $1.4 billion of capital to shareholders 17 Proven Track Record
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Peer C Reliable, growing dividends deliver attractive returns for shareholders Proven Record of Delivering Shareholder Returns 181) Bloomberg; as of Sep. 30, 2026. Peer group includes Enbridge, Keyera, Pembina, South Bow and TC Energy. Yields based on last twelve months (LTM) data per Bloomberg methodology. 2) “Investment Grade” refers to a credit rating of BBB – or higher by S&P Global Ratings, Baa3 or higher by Moody’s Investors Servic e, or BBB– or higher by Fitch Ratings. 3) Infrastructure Payout ratio is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Peer A Peer B Peer D Peer E Attractive Dividend Yield Relative to Investment Grade Peers (1,2) 7 Consecutive annual dividend increases Dividend Growth Track Record Infrastructure Payout Ratio (3) 5.2% CAGR since 2021 $1.40 $1.48 $1.56 $1.64 $1.72 $1.80 72% 79% 86% 77% 78% 82% 2021 2022 2023 2024 2025 2026 (Q3/26 TTM)
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Premier infrastructure, disciplined growth and strong execution underpin compelling shareholder returns Why Invest in Gibson? Energy security and supply / egress growth reinforce the value of crown jewel platform 25 million barrels of terminal capacity, handling 1 in 4 WCSB barrels and ~20% of U.S. crude exports Backstopped by take-or-pay agreements & high-quality counterparties Resilience across commodity price environments supports stable cash flow growth Up to $1 billion of planned growth capital through 2030 across multiple growth levers Scale allows for small, high-return projects around existing core assets with lower execution risk and lower capital requirements Disciplined approach to funding growth while maintaining a strong balance sheet Current ratings of BBB (low) / BBB-, both stable Customer-focused, high-performing teams Industry-leading safety performance Ownership mentality drives accountability, execution and stakeholder alignment Targeting 7%+ annual Infrastructure EBITDA per-share(1) growth Attractive dividend yield with annual dividend growth Critically located, best-in-class liquids infrastructure Stable, contracted cash flows with high-quality counterparties Visible, capital-efficient growth pipeline Disciplined capital allocation and Investment Grade balance sheet High-performing culture with industry-leading safety Compelling per-share growth and total shareholder returns 19 1) Infrastructure EBITDA per share refers t o Infrastructure Adjusted EBITDA per share which is a non -GAAP rat io and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide.
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Appendix
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21 Moose Jaw TMX — (DRA + Expansion): 300 mbbl/d Enbridge MLO1: 150 mbbl/d South Bow (Prairie Connector): ~550 mbbl/d Increasing egress and associated supply growth create storage and utilization opportunities GEI’s Strategic Locations Benefit from Expanding Egress in Canada Oil Sands Producers Egress projects facilitate production growth in the WCSB; ability to participate in additional infrastructure projects and expand service offerings Increased utilization and new storage opportunities at Hardisty and Edmonton Opportunities for Gibson Total WCSB (mbbl/d) Oil Sands (mbbl/d) Montney (mbbl/d) Duvernay (mbbl/d) Clearwater (mbbl/d) AB & SK Other Heavy (mbbl/d) 21% 160 acres of land in Bruderheim Edmonton Hardisty 21% 46% 60% 35% 38% Total Proposed Egress Projects: ~2.0 mmbbl/d Source: Enverus, Street Research, Company Disclosure. Pacific Link Pipeline: 1,000 mbbl/d
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8 7 6 4 1 1 GEI Peer A Peer B Peer C Peer D Peer E 7 6 6 6 5 1 GEI Peer A Peer B Peer C Peer D Peer E Highly connected, strategically located asset base with significant embedded growth optionality Hardisty Terminal and DRU 22 1) Long-haul oil sands and export pipelines only. 2) Peers include Enbridge, Flint Hills, Husky, Inter Pipeline, South Bow (peers are not linked between charts). Hardisty Terminal Essential location tied to the oil sands with 500+ acres available for new tankage Exclusive rail access with the only rail terminal at Hardisty co- owned with Strathcona Most connected terminal with inbound and outbound egress pipelines Opportunity to expand in 50,000 bbl/d increments in less than 24 months per phase ScalabilityInbound Pipeline Connections(1,2) (total number) Outbound Pipeline Connections(2) (total number) Sole access point for DRU egress from WCSB at Hardisty Safety and efficiency: DRUBit (non-hazardous) eliminates condensate movements to/from USGC Stable cash flows underpinned by 10-year, 50,000 bbl/d ConocoPhillips Canada contract Hardisty DRU
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Strategically positioned to capture continued TMX growth and expanding WCSB production Edmonton Terminal 23 Prime location near two major refineries, pipeline alley, and CN/CP rail access Strategic producer partnerships increase connectivity and ensure long-term, committed volumes Three TMX-connected tanks doubled footprint , backed by long-term agreements with strong counterparties Adaptable asset base, including Biofuels Blending supported by a 25-year contract with IG counterparty Major contract extensions of 20 and 10 years , enhancing the stability and quality of Infrastructure cash flows Site work completed in preparation of next phase of 1 mmbbl tankage to support TMX growth
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Moose Jaw Facility 24 ~24,000 Barrels per Day of throughput capacity Connected to road, rail and pipeline for optimal egress Comprehensive Product Range with diverse selection of asphalt products and drilling fluids Oil processing facility producing asphalt, roofing flux, wellsite fluids, and intermediate feedstocks + Enhanced insight into upstream and downstream markets + Ability to run light and heavy feedstocks creating differentiated asphalt products + Best-in-class drilling fluid product for Montney producers + Moose Jaw Tank Expansion in 2024 (additional capacity: 175,000 barrels) + Safely executed turnaround in 2025
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Delivering improved producer netbacks and increased supply liquidity for Gateway customers Wink Terminal 25 Commercial integration is driving incremental volumes to Gateway, now representing ~90% of Wink throughput, and boosting overall Gateway capacity utilization Strategically located in the Delaware Basin and the emerging Woodford Shale play enabling producer access to multiple refineries and pipelines Wink-to-Gateway Integration Project enables increased throughput to drive further growth ~60% of throughput underpinned by Investment-Grade customers Pyote Cactus III Pipeline Enbridge Gray Oak Pipeline Energy Transfer Panther Pipeline Marathon Jackrabbit Terminal Pyote West Pipeline Pyote East Pipeline Gibson Wink Terminal Flintlock Pipeline Wink Monahans Central Basin Platform GEI Pipelines in Service Third Party Pipelines in Service Area of Dedication TX
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Enhancing ability to move supply concurrently from the Eagle Ford and Permian basins into Gateway Wink-to-Gateway Integration Project New, independent Harvest (Eagle Ford) pipeline connection to eliminate shared bottleneck with Cactus III (Permian) Key Benefits: Expands Gateway receipt capacity, enabling higher throughput with concurrent flow of Permian and Eagle Ford volumes to drive further growth at terminal TX NM MX Permian Basin Eagle Ford Shale Gray Oak Cactus II Cactus I Cactus III Houston Corpus Christi Inner Harbor Midland Colorado CityWinkOrla Crane Gateway Beaumont / Nederland Gibson Wink Terminal OK 100,000 barrels of new tank capacity, and other facility upgrades at the Wink T erminal to meet customer demand and relieve capacity constraints Key Benefits: Relieves storage bottlenecks, improves crude quality management as Permian quality evolves, and allows for increased sourcing of supply for Gateway customers beyond the existing one VLCC per month equivalent 26 Gateway Harvest Twin Wink Terminal Expansion Gateway Harvest Twin New T ank at Wink Wink-to-Gateway integration project in service
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$0 $1,000 $325 $500 $350 $375 $350 $200 $250 $200 $400 2026 2027 2028 2029 2030 2030 2031 2032 2033 2034 2053 Significant available liquidity and staggered debt maturity profile Liquidity and Debt Maturity Profile 1) Floating rate revolving credit facility; drawn balance as at September 30, 2026; bilateral facilities not included in revolving credit facility amounts. 2) Hybrid notes are presented in the year they first become callable. BBB– rating BBB (low) rating 8.70% Hybrid Notes(2) Senior Unsecured 3.60% NotesSenior Unsecured 2.85% Notes Senior Unsecured 4.45% Notes5.25% Hybrid Notes(2) Senior Unsecured 5.75% Notes Senior Unsecured 6.20% Notes Senior Unsecured 4.45% Notes Debt Maturity Profile ($mm) Senior $1B Credit Facility (1) Senior Unsecured 4.45% Notes 27 Undrawn Senior Credit Facility
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Forward-Looking Statement Notice Definitions All references in this presentation (the “Presentation”) to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Forward-Looking Statements Certain statements contained in this Presentation constitute forward-looking information and statements (collectively, “forward-looking statements”). These statements relate to future events or Gibson’s future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “continue”, “expect”, “enhance”, “estimate”, “grow”, “target”, “potential”, “positioned”, “pursue”, “deliver”, “deploy”, “maintain”, “improve”, "track", "trend", “will”, derivatives of such words, and similar expressions are intended to identify forward-looking statements. Forward-looking statements included or referred to in this Presentation include, but are not limited to statements concerning: Gibson’s plans and targets, and the achievement thereof; the business and financial prospects and opportunities of Gibson; expectations regarding total shareholder return, including the expectation of generating 100%+ total shareholder return by 2030; anticipated Infrastructure Adjusted EBITDA per share growth and annual dividend growth; anticipated adjusted EBITDA per share compound annual growth rate; forecasts and expectations relating to WCSB and Permian Basin production, proposed Canadian egress additions, crude oil differentials, crack spreads, tighter existing egress, and condensate availability; Gibson’s positioning to capitalize on production growth and additional egress capacity and growing North American exports; infrastructure growth levers and related expectations, including targeted 5 - 7x build multiples and the deployment of up to $1 billion of growth capital through 2030; infrastructure utilization, re-contracting, partnerships, and pipeline investments; the potential for future M&A activities and the benefits thereof to per share metrics; expectations regarding organic and other growth projects, including the anticipated timing, capital requirements, completion, returns and benefits thereof; the scalability, optionality, durability and growth potential of Gibson’s terminals and other infrastructure assets, including the Hardisty terminal, diluent recovery unit (“DRU”), the Edmonton terminal, Moose Jaw Facility, Gateway terminal, Wink terminal, Wink-to-Gateway integration project, new tanks, new producer partnerships, optimization projects, and related expansion opportunities; the current and anticipated benefits of the Chauvin acquisition, including integration and expansion opportunities and new producer partnerships; expectations regarding production growth in the Mannville; expectations regarding future leverage levels, payout ratios, liquidity, maintenance of Investment Grade credit ratings, capital funding strategy and capital allocation priorities; projections for future years and Gibson’s plans and strategies to realize such projections; expectations regarding cash flow growth and the drivers thereof; expectations regarding the performance and integration of the Marketing and Infrastructure segments and the anticipated value creation associated therewith; Gibson’s continued adherence to disciplined financial principles; and operational efficiencies, cost discipline and related savings. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future operating and financial results; Gibson’s ability to obtain the anticipated benefits from its growth projects and the Chauvin acquisition; the successful integration and performance of the acquired assets; the realization of growth opportunities; the development, timing, cost, completion and expected benefits of the Hardisty Connection project, the Chauvin pipeline capacity expansion and the Wink-to-Gateway integration project; Gibson’s ability to identify, sanction, fund and execute growth capital projects within targeted build multiples; the realization of capital-free growth opportunities, including through asset utilization, pricing opportunities, contract structure, cost discipline, re-contracting and customer demand; conditions relating to berthing, vessel availability and marine operations; the accuracy of historical and forward-looking operational and financial information and estimates; general economic and industry conditions, including macroeconomic and industry trends; geopolitical instability and global events and their impact on energy security and demand for crude oil and petroleum products; future growth in worldwide demand for crude oil and petroleum products and North American crude oil production; production profiles and decline characteristics of underlying resource plays, including anticipated production growth and development activity across the WCSB, including the Mannville, and the Permian Basin; the timing and extent of additional third-party egress capacity; anticipated throughput levels and customer demand for Gibson’s terminals and pipeline infrastructure; commodity prices, crude oil differentials, crack spreads and condensate availability; no material defaults by counterparties; the continued reliable and efficient operation and utilization of Gibson’s infrastructure and facilities; projects being completed on time and on budget, including the accuracy of capital cost estimates and expected returns associated with identified growth projects; credit ratings applicable to Gibson; Gibson’s ability to achieve its financial targets, payout targets, leverage targets and total shareholder return objectives; operating and borrowing costs; future capital expenditures and the ability to place assets into service as currently planned; Gibson’s continued access to debt and equity capital on acceptable terms and ability to maintain a strong balance sheet and targeted leverage levels; Gibson’s ability to execute its capital allocation priorities, including dividends, dividend increases, share buybacks, growth capital expenditures and opportunistic M&A; inflation and changes in interest rates; competitive conditions; changes in laws and regulations; and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein. Forward-looking 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. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this Presentation should not be unduly relied upon. Actual results or events could differ materially from those anticipated as a result of, among other things, risks inherent in the businesses conducted by Gibson; risks relating to terminal, storage and marine operations; capital project execution risks including construction delays, cost overruns, or difficulties in obtaining regulatory approvals; delays in or cancellation of proposed third-party egress projects; acquisition and integration risks, including risks relating to the integration and performance of the Chauvin infrastructure assets and related growth opportunities; exposure to counterparties; volatility of commodity prices, crude oil differentials, crack spreads, condensate availability, currency and interest rates; changes in government policies, laws and regulations, including environmental and tax laws and regulations; geopolitical events and macroeconomic conditions; competitive factors and economic conditions; changes in customer demand, throughput levels, production growth, market access, contract renewal or re-contracting opportunities and infrastructure utilization; labour relations; seasonality and adverse weather conditions; supply chain risks; cybersecurity risks; credit rating changes; access to debt and equity capital on acceptable terms; changes in capital costs, project timing, expected returns, payout ratios, leverage levels and Gibson’s ability to execute its capital allocation priorities; and the other risks and uncertainties described in Gibson’s Annual Information Form dated February 17, 2026, Management's Discussion and Analysis dated November 2, 2026, and other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on Gibson’s website. Financial outlook and future-oriented financial information contained in this Presentation about prospective financial performance, financial position and cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available and is subject to the same risk factors, limitations and qualifications as set forth above. The financial information included in this Presentation has been prepared by, and is the responsibility of, management. The purpose of the financial outlook and future-oriented financial information provided in this Presentation is to assist readers in understanding Gibson's anticipated financial performance and strategic initiatives and may not be appropriate for other purposes. The Company and its management believe that such financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and that prospective financial information represents, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this prospective information is inherently uncertain, it should not be relied on as necessarily indicative of past or future results, as the actual results may differ materially from those set forth in this Presentation. This Presentation may contain forward-looking information attributed to third party industry sources. The forward-looking statements contained in this Presentation represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in Gibson’s Annual Information Form dated February 17, 2026, and Management's Discussion and Analysis dated November 2, 2026, as filed on SEDAR+ at www.sedarplus.ca and available on our website at www.gibsonenergy.com. See also “Specified Financial Measures” in this Presentation. 28
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Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance . These measures include: EBITDA, Adjusted EBITDA, Net Debt, Distributable Cash Flow (“DCF”), Enterprise Value (“EV”), and various ratios derived from such measures . Such measures and ratios are not recognized under IFRS, and do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures used by other companies . The Company believes presenting non-IFRS financial measures helps readers to better understand how management analyses results, shows the impacts of specified items on the results of the reported periods and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Company’s operat ions. 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 evaluations of companies in indust ries with similar capital structures . Readers are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Readers are cautioned, however, that these measures should not be construed as an alternative to net income, cash flow from operating activities, segment profit, gross profit or other measures of financial results determined in accordance with IFRS, as an indication of the performance of the Company . For further details on these measures, see the “Specified Financial Measures” sect ions of the Company’s Management’s Discussion and Analysis for the three and nine mont hs ended September 30, 2026, and 2025, as well as the year ended December 31, 2025, which are incorporated by reference herein and are available on SEDAR+ at www.sedarplus .ca and on our website at www.gibsonenergy .com. Adjusted EBITDA, Infrastructure Adjusted EBITDA, Marketing Adjusted EBITDA, Net Debt, Net Debt to Adjusted EBITDA, Distributable Cash Flow, Growth Capital, Replacement Capital and various supplementary financial measures are defined in the Company’s Management’s Discussion and Analysis for the three and nine mont hs ended September 30, 2026, and 2025 and are reconciled to their most directly comparable financial measures under GAAP, if applicable . Infrastructure Leverage ratio, Infrastructure Adjusted EBITDA per share; Adjusted EBITDA per share; Distributable cash flow per share, Dividend Payout Ratio and Infrastructure Payout ratio are non-GAAP financial ratios, in each case as presented on a standalone or consolidated basis. All such reconciliations in respect of the Company are in the "Specified Financial Measures" section of the Management's Discussion and Analysis for the applicable period, each of which are available on Gibson’s SEDAR+ profile at www.sedarplus .ca and each such reconciliation is incorporated by reference herein. • Enterprise Value is a supplementary measure intended to measure the Company’s total value, calculated as market capitalizatio n plus Net Debt. Reconciliation of Infrastructure Adjusted EBITDA aft er adjusting for disposed businesses : 29 Infra only adj EBITDA Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Segment Profit 174,134 163,965 152,917 161,501 149,101 156,640 154,079 127,444 150,272 150,632 145,663 157,968 137,726 92,186 106,571 108,855 109,349 109,817 106,977 105,307 102,774 117,573 108,275 Unrealized (gain) loss on derivative financial instruments 1,372 3,783 1,596 (2,563) 3,503 (5,225) (455) 6,359 (1,553) 1,150 4,149 (5,377) 740 - - - - - - - - - - Adj to share of profit from equity accounted investees - depreciation 1,568 1,562 1,560 1,560 1,549 1,174 1,173 1,169 1,166 1,424 1,481 156 1,432 1,426 1,435 1,400 2,021 2,010 2,011 614 1,403 265 269 Environmental remediation provision - - - - - - - 9,287 - - - - - - - - - - - - - - - Post-close purchase price adjustment - - - - - - - 2,670 - - - - - - - - - - - - - - - Infrastructure Adjusted EBITDA 177,074 169,310 156,073 160,498 154,153 152,589 154,797 146,929 149,885 153,206 151,293 152,747 139,898 93,612 108,006 110,255 111,370 111,827 108,988 105,921 104,177 117,838 108,544 Adjustment for Disposed businesses - - - - - - - 1,350 180 (665) 624 (1,330) (1,890) 208 (1,547) (1,733) (2,367) (4,239) (1,012) (4,695) (3,896) (184) (934) Adjusted EBITDA after adjustment 177,074 169,310 156,073 160,498 154,153 152,589 154,797 148,279 150,065 152,541 151,917 151,417 138,008 93,820 106,459 108,522 109,003 107,588 107,976 101,226 100,281 117,654 107,610 2026 2024 2023 2022 20212025