Gibson Energy Inc. (GEI.TO) announced that its Board of Directors has approved a 2012 capital budget of $173 million for internal growth investments, strategic investments and for the upgrade and replacement of existing assets.
Approximately $113 million, or 65%, of the 2012 capital expenditure is directed towards growth investments. About 55% of the growth investments are earmarked for the Terminals and Pipelines segment, which includes Custom Treating and Terminals. Significant investments are also planned for both the Truck Transportation and Processing and Wellsite Fluids segments.
"Gibson's 2012 capital expenditure program is directly aligned with the Company's long-term objective of generating stable and growing cash flow for shareholders," said Stew Hanlon, President and Chief Executive Officer. "Planned spending is well balanced between business segments, which should enable our integrated oil levered assets to provide diversified cash flow and stability through various commodity cycles."
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
