Gibson Energy Inc. - Payout Ratio 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 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 in the US until sale in Q3-2017. Prior to selling their Canadian propane business to Superior Plus (SPB) in Mar-2017 for $435M they were the second largest retail propane distribution company in Canada. 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 four categories: Infrastructure, Logistics, Wholesale, and Other. 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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