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The Canadian Press - ONLINE EDITION

Gibson Energy raises dividend 5.8 per cent, reverses last year's net loss

By: The Canadian Press

Tuesday, Mar. 5, 2013 at 4:44 PM | Comments: 0

CALGARY - Gibson Energy Inc. raised its quarterly dividend on Tuesday as it reported improved financial results.

The company has declared a quarterly dividend of 27.5 cents per share, an increase of 5.8 per cent.

It's the third increase since Gibson went public nearly two years ago.

"The consistent performance of our diversified, integrated and growing asset base over this time period provides us with confidence that we will be able to continue to generate steady and growing cash flows across varying energy pricing cycles," chief financial officer Donald Fowlis said.

For all of 2012, Gibson reported a profit of $116.2 million, or $1.10 per share, reversing a net loss of $62.6 million, or 88 cents per share in 2011.

Revenues were $4.9 billion, down from $5.1 billion in the previous year.

Gibson, Canada's second-largest retail propane distributor, transports, processes, markets and distributes petroleum products on behalf of the oil and gas industry. It also treats water and handles waste in the oilpatch.

Shares in the company rose 1.8 per cent to $25.75 on the Toronto Stock Exchange.

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