Ms. Beth Pollock reports

GIBSON ENERGY ANNOUNCES $900 MILLION MEDIUM TERM NOTE OFFERINGS AND $200 MILLION HYBRID NOTE OFFERING

Gibson Energy Inc. will issue $900-million of senior unsecured medium term notes consisting of $350-million of 5.80 per cent senior unsecured medium term notes due 2026, $350-million of 5.75 per cent senior unsecured medium term notes due 2033 and $200-million of 6.20 per cent senior unsecured medium term notes due 2053. The company also will issue $200-million of 8.70 per cent fixed-to-fixed rate subordinated notes due 2083 callable in five years at par (the hybrid notes and collectively with the senior notes, the notes).

The offerings of notes are expected to close concurrently on or about July 12, 2023, subject to customary closing conditions. Gibson intends to use the net proceeds from the sale of the notes to finance a portion of the purchase price for its acquisition of South Texas Gateway Terminal LLC announced on June 14, 2023, and to finance fees and expenses associated with the acquisition, including financings for the acquisition. The completion of the offerings are not contingent upon each other or the completion of the acquisition.

The completion of the offerings, together with the completion of the previously announced offering of subscription receipts, currently expected to close on June 22, 2023, will provide the company with the funds necessary to complete the acquisition and, accordingly, the company does not expect to close or draw on any of its previously announced committed acquisition credit facilities.

Gibson will be required to redeem all of the notes pursuant to a special mandatory redemption at a redemption price equal to 101 per cent of the aggregate principal amount of the notes, plus accrued and unpaid (including deferred, as applicable) interest to, but not including, the date fixed for redemption, if (i) the closing of the acquisition has not occurred on or prior to 5 p.m. Eastern Time on Dec. 14, 2023, or (ii) prior to such time, the agreement providing for the acquisition is terminated in accordance with its terms, or Gibson issues a press release announcing or notifies the trustees for the notes, that it does not intend to proceed with the acquisition.

The senior notes have been assigned provisional ratings of "BBB (low)" with a "stable" trend by DBRS Morningstar and "BBB-" by S&P Global Ratings. The hybrid notes have been assigned provisional ratings of "BB" with a "stable" trend by DBRS Morningstar and "BB" by S&P Global Ratings.

The notes are being offered through a syndicate of investment dealers led by RBC Capital Markets and BMO Capital Markets. The senior notes will be issued under Gibson's short form base shelf prospectus dated Aug. 16, 2021, as supplemented by a prospectus supplement dated Dec. 7, 2021, and pricing supplements to be dated June 22, 2023. The hybrid notes will be issued under Gibson's short form base shelf prospectus dated Aug. 16, 2021, as supplemented by a prospectus supplement to be dated June 22, 2023.

About Gibson Energy Inc.

Gibson is a leading North American liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of liquids and refined products. Headquartered in Calgary, Alta., the company's operations are currently focused around its core terminal assets located at Hardisty and Edmonton, Alta., and include the Moose Jaw facility in Saskatchewan and an infrastructure position in the United States.

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