GBNXF - Gibson Energy 2022 capital budget - less growth spend more dividends

Gibson Energy (OTCPK:GBNXF) released 2022 capital spending plans after the close today; the Company plans to spend ~$150m on growth capital next year, in addition to $25-$30 million of maintenance spend Gibson had planned to spend $200m on growth projects in 2021, but has since whittled down that original budget for to $160-$170m The Company's President stated "the number of growth projects we are constructing today is reflective of the impacts that the onset of covid-19 had on the sector in 2020," perhaps an indication that Gibson's growth is constrained by upstream volume growth in the basin Projects under consideration are focused on tankage and DRU's; more egress focus than growth focus Gibson carries an 8% dividend yield and bought back ~1% of company shares in 2021; however, the company has authorization to repurchase up to 10% of company shares in 2022, indicating plenty of room to increase shareholder returns

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Gibson Energy 2022 capital budget - less growth spend, more dividends