Mr. Steve Spaulding reports

GIBSON ENERGY ANNOUNCES 2024 FIRST QUARTER RESULTS AND RECORD VOLUMES AT GATEWAY TERMINAL

Gibson Energy Inc. has released its financial and operating results for the three months ended March 31, 2024.

"We are pleased to announce a strong start to the year, driven by stable, high-quality cash flows from our Infrastructure segment, which includes both our Canadian assets and our now fully integrated Gateway Terminal, which achieved record volumes in March," said Steve Spaulding, President and Chief Executive Officer. "These positive financial results further enhance our conservative financial profile, with our payout and leverage ratios at or below our target ranges. As we look forward, we are focused on execution, including contract discussions at our Gateway Terminal and continued construction of the two new TMX tanks at our Edmonton Terminal."

Financial Highlights:

Revenue of $3,289 million in the first quarter, a $923 million or 39% increase relative to the first quarter of 2023, primarily due to higher sales volumes within the Marketing segment and revenue contribution from the Gateway Terminal

Infrastructure adjusted EBITDA(1) of $151 million in the first quarter, a $43 million or 40% increase from the first quarter of 2023, primarily driven by the contribution from the Gateway Terminal

Marketing adjusted EBITDA(1) of $34 million in the first quarter, a $25 million or 43% decrease from the first quarter of 2023, due to weaker contributions from both Refined Products and Crude Marketing

Adjusted EBITDA(1) on a consolidated basis of $170 million in the first quarter, a $15 million or 10% increase over the first quarter of 2023, as a result of the factors described above

Net income of $40 million in the first quarter, a $48 million or 54% decrease over the first quarter of 2023, due to the impact of unrealized gains and losses on financial instruments, higher finance and executive transition costs, as well as depreciation and amortization expenses, partially offset by lower income tax expense and higher adjusted EBITDA(1), as noted above

Distributable cash flow(1) of $114 million in the first quarter, a $7 million or 7% increase from the first quarter of 2023, as a result of the factors described above

Dividend payout ratio(2) on a trailing twelve-month basis of 63%, below the Company's 70% - 80% target

Net debt to adjusted EBITDA ratio(2) at March 31, 2024 of 3.5x, which is within the Company's 3.0x - 3.5x target range, notwithstanding adjusted EBITDA(1) only including eight months of contribution from the Gateway Terminal; the net debt to adjusted EBITDA ratio(2) is expected to be temporarily elevated until twelve months of adjusted EBITDA(1) from the Gateway Terminal is reflected in the Company's net debt to adjusted EBITDA ratio(2)

Strategic Developments and Highlights:

Fully integrated the operations and maintenance functions of the Gateway Terminal from Buckeye to Gibson effective January 1, 2024

Announced Steve Spaulding's intention to retire as President and Chief Executive Officer. Gibson's Board has engaged a search firm to evaluate internal and external candidates; to ensure a smooth transition, Mr. Spaulding will continue to serve in his current role and remain on the Board until a successor has been identified and appointed

Appointed Craig V. Richardson to Gibson's Board; Mr. Richardson brings extensive U.S. commercial and regulatory experience, and serves on the Audit Committee and Health and Safety Committee

Announced that Gibson achieved top quartile safety performance among peers for the third consecutive year, including record low Total Recordable Injury Frequency of 0.22 in 2023

Management's Discussion and Analysis and Financial Statements

The 2024 first quarter and year-end Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca .

Earnings Conference Call & Webcast Details

A conference call and webcast will be held to discuss the 2024 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, April 30, 2024.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: https://register.vevent.com/register/BI43329aad838a4f1db0d187dde158bb87

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL: https://edge.media-server.com/mmc/p/n679ps8v

The webcast will remain accessible for a 12-month period at the above URL.

Annual General Meeting & Webcast Details

Gibson is holding its Annual Meeting of Shareholders on Tuesday, April 30, 2024 at 10:00am Mountain Time (12:00 noon Eastern Time). This meeting will be held in a hybrid format (virtual and in-person). Applying technology to the meeting by allowing virtual participation will make the meeting more relevant, accessible and engaging for all involved, permitting a broader base of shareholders to participate in the meeting, regardless of their geographic location.

Attending In-Person:

Lumi Experience Studio Suite 1410, 225 6 Ave SW, Calgary, Alberta

Attending virtually can be accessed using the following URL: https://web.lumiagm.com/420003534

Password: gibson2024

The webcast will remain accessible for a 12-month period at the above URL.

Additionally, information and materials related to the annual general meeting of shareholders can be accessed using the following URL: https://www.gibsonenergy.com/investor-centre/shareholder-information/2024-annual-meeting-of-shareholders/

Supplementary Information

Gibson has also made available certain supplementary information regarding the 2024 first quarter financial and operating results, available at www.gibsonenergy.com .

About Gibson

Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange.

We seek Safe Harbor.