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Gibson Energy Inc - Q1-2016 Earnings & Price Target Update

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Gibson is a 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. They transport energy products by utilizing an integrated 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. The Company also provides emulsion treating, water disposal and oilfield waste management services in Canada and the United States and were the second largest retail propane distribution company in Canada prior to the selling this segment to Superior Propane(SPB) in Mar-2017 for $435M. The Company's integrated operations allow it to participate across the full midstream energy value chain, from the hydrocarbon producing regions in Canada and the United States, through the Company's strategically located terminals comprising 9.8M bbls of storage in Hardisty and Edmonton, Alberta and injection stations and small terminals in the United States, to the refineries of North America via major pipelines. Gibson has provided market access to leading oil and gas industry participants in western Canada for 60 years.

Revenues for Gibson's integrated segments reported in five categories: Infrastructure, Logistics, Wholesale, Industrial Propane and Other. Effective Mar-2017 the propane segment was sold to Superior Propane(SPB). Each segment contributes substantially to profits with the Infrastructure Segment which includes Terminals and Pipelines and Environmental Services together comprising about 80% of AFFO excluding the Propane business. Prior to the sale the Propane segment contributed about of 10% AFFO. Based on the location of the end user, approximately 30% of revenues are from US customers. By assets, approximately 70% are located in Canada.

Up until the IPO in June-2011, Gibson Energy was 100% owned by Riverstone Holdings LLC who purchased 100% of Gibson in Dec-08 for $1.1B. Riverstone Holdings LLC, is an energy and power-focused private equity firm founded in 2000. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. Riverstone sold their interest in May-2012.

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