(TSX: TWM)

CALGARY, AB, Nov. 14, 2024 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) has filed its interim consolidated financial statements and Management Discussion and Analysis ("MD&A") for the three and nine month period ended September 30, 2024.

THIRD QUARTER 2024 HIGHLIGHTS

Net income attributable to shareholders increased by $15.6 million to a net loss of $7.3 million in the third quarter 2024, from a net loss of $22.9 million in the same period of 2023. The improvement was largely due to higher operating income offset by higher costs on renewable feedstock contracts.Consolidated adjusted EBITDA(1)[1]was $29.2 million for the third quarter of 2024, compared to $37.5 million in the third quarter of 2023, proforma for Pipestone and Dimsdale, which were divested in December 2023.During the third quarter of 2024, Tidewater Midstream completed a related party transaction (the "Transaction") with Tidewater Renewables Ltd. ("Tidewater Renewables"), in which Tidewater Midstream acquired various assets from Tidewater Renewables, including the canola co-processing and fluid catalytic cracking co-processing infrastructure, working interests in various other Prince George Refinery units, a natural gas storage facility located at the Brazeau River Complex (collectively, the "Acquired Assets"), for cash consideration of $122.0 million, plus the assumption of certain liabilities related to the Acquired Assets. Additionally, as part of the consideration, Tidewater Midstream assigned the right to receive certain British Columbia Low Carbon Fuel Standard ("BC LCFS") emission credits with a minimum value of $7.7 million to Tidewater Renewables.Tidewater Midstream and Tidewater Renewables also entered into an agreement for the purchase and sale of credits dated September 12, 2024, under which Tidewater Midstream agreed to purchase BC LCFS emission credits from Tidewater Renewables for an aggregate purchase price of $7.2 million, and also agreed to purchase additional BC LCFS emission credits (subject to certain monthly average limits) from Tidewater Renewables until March 31, 2025, for cash proceeds of approximately $77.5 million (assuming the Renewable Diesel and Renewable Hydrogen Complex ("HDRD Complex") continues to operate at over 90% utilization).Concurrent with the close of the above Transaction, the Corporation successfully amended and restated its senior credit facility, increasing the aggregate revolving capacity by $25 million, from $150 million to $175 million, and extending the maturity date from February 10, 2026 to September 12, 2026. The Corporation has also added a three-year delayed draw term loan tranche of $150 million to finance the Acquired Assets and the portion of the BC LCFS credits mentioned above.On September 12, 2024, Tidewater Renewables closed the sale of assets from its used cooking oil feedstock business, generating total proceeds of $10.6 million. The proceeds from this transaction were used to reduce outstanding debt on its first lien senior credit facility.