Ms. Beth Pollock reports

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

Gibson Energy Inc. has closed its previously announced offering of $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. Gibson concurrently announced today that it has closed its previously announced offering of $200-million of 8.70 per cent fixed-to-fixed rate subordinated notes due 2083 callable in five years at par.

Gibson intends to use the net proceeds from the offerings of 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 transaction, including financings for the transaction.

The completion of the offerings, together with the completion of the previously announced offering of subscription receipts which closed on June 22, 2023, provides the company with the finances necessary to complete the transaction and, accordingly, the company expects to cancel the remaining portion 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 transaction has not occurred on or prior to 5 p.m. ET on Dec. 14, 2023, or (ii) prior to such time, the agreement providing for the transaction 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 transaction.

Closing of the transaction is expected to occur in the third quarter of 2023, subject to satisfaction of customary closing conditions.

The notes were offered through a syndicate of investment dealers led by RBC Capital Markets and BMO Capital Markets. The senior notes were 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 dated June 22, 2023. The hybrid notes were issued under Gibson's short-form base shelf prospectus dated Aug. 16, 2021, as supplemented by a prospectus supplement dated June 22, 2023.

About Gibson Energy Inc.

Gibson Energy is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of liquids and refined products.

We seek Safe Harbor.