Gibson Energy Inc. ("Gibsons" or the "Company"), (TSX:GEI), announced today its operating and financial results for the three months ended March 31, 2017. The Company also announced the pending retirement of its President and Chief Executive Officer, Stewart Hanlon.
All financial figures are in Canadian dollars
(Comparisons made between fiscal Q1 2017 and fiscal Q1 2016 results, unless otherwise noted.)
The Company formally announced Stewart Hanlon's intention to retire following 26 years with Gibsons, eight of them as President and CEO. Mr. Hanlon informed the Board, in mid-2016, about his desire to retire at some point in 2018. At that time, the Board commenced a search and hopes to be in a position to announce the new President and CEO in the near term. Mr. Hanlon will continue in his current role until his successor has joined Gibsons and will stay on with the Company, in an advisory capacity, for a period of time thereafter to ensure an orderly transition.
"Under Stewart's leadership, Gibsons has built a highly valuable and irreplaceable footprint at its key hubs in Hardisty and Edmonton, Alberta. In 2011, Stewart led the Company's IPO. Since then, the Company has dramatically sharpened its business focus, tripling Infrastructure-based cash flows, and contracting for the sale of its Industrial Propane business, at full value. Growing the Company's high-value Infrastructure business will continue to be the strategy going forward," said James Estey, Chair of the Board. "I want to thank Stewart for his contributions. He has built a strong executive team, enabling the seamless transition to a new President and CEO. He is a respected leader and has created a company culture with strong values and a focus on providing customer solutions."
Management's Discussion and Analysis and Financial Statements
The first quarter 2017 Management's Discussion and Analysis and Condensed Consolidated Financial Statements provide a detailed explanation of Gibsons' operating results for the quarter ended March 31, 2017, as compared to the first quarter ended March 31, 2016. These documents are available at www.gibsons.com and at www.sedar.com.
2017 First Quarter Results Conference Call
A conference call to discuss Gibsons' first quarter 2017 results will be held at 7:00 a.m. MT (9:00 a.m. ET) on May 9, 2017, for interested investors, analysts and media representatives.
The conference call dial-in numbers are:
Gibsons is a Canadian-based midstream energy company with operations in most of the key hydrocarbon-rich basins in North America. For over 60 years, Gibsons has delivered integrated midstream solutions to customers in the oil and gas industry. With headquarters in Calgary, Alberta, the Company's North American operations include the storage, blending, processing, transportation, marketing and distribution of crude oil, natural gas liquids and refined products. The Company also provides oilfield waste and water management services.
Gibson Energy Inc. shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsons.com
SOURCE: Gibson Energy Inc.
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