Ms. Beth Pollock reports

GIBSON ENERGY ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Gibson Energy Inc. has renewed its normal course issuer bid (NCIB).

Gibson's board of directors has approved a renewal of the company's NCIB, and the Toronto Stock Exchange has accepted Gibson's notice of intention to commence its NCIB for an additional one-year period. This enables the company to purchase and cancel up to 7.5 per cent or 9,812,193 of the public float for the issued and outstanding common shares as of Sept. 5, 2023, over the next 12 months commencing Sept. 15, 2023, in accordance with the applicable rules and policies of the TSX and applicable securities laws. As of Sept. 5, 2023, the company had 161,651,572 common shares issued and outstanding.

Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian alternative trading platforms. In accordance with the rules of the TSX governing an NCIB, the total number of common shares the company is permitted to purchase is subject to a daily purchase limit of 212,613 common shares, representing 25 per cent of the average daily trading volume of common shares on the TSX calculated for the six-month period ended Aug. 31, 2023. The NCIB will terminate at the earlier of Sept. 14, 2024, and the date on which the maximum number of common shares that can be acquired pursuant to the NCIB have been purchased.

The price that Gibson will pay for common shares in open market transactions will be the market price at the time of purchase. Gibson continues to believe that the availability of an NCIB will enable the company to maximize return to shareholders. The actual number of common shares that may be purchased, if any, and the timing of any such purchases, will be determined by Gibson based on several factors, including the continued adherence to its financial governing principles. Gibson previously purchased an aggregate of 5,639,800 common shares at a weighted average price of $23.42 under a normal course issuer bid that commenced on Aug. 31, 2022, and ended on Aug. 30, 2023. The number of common shares sought and approved for purchase under such NCIB was 11,680,739 and the common shares were purchased on the open market through the facilities of the TSX and/or alternative trading platforms.

The company has renewed its automatic purchase plan with its broker, BMO Nesbitt Burns Inc., to facilitate purchases of its common shares. The automatic purchase plan allows for purchases by the company of its common shares at any time, including, without limitation, when the company would ordinarily not be permitted to make purchases due to regulatory restriction or self-imposed blackout periods. Purchases will be made by Gibson's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement.

About Gibson Energy Inc.

Gibson is a leading 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 located across North America, with core terminal assets in Hardisty and Edmonton, Alta., Ingleside, Tex., and including a facility in Moose Jaw, Sask.

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