(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.

(TSX:TWM)

CALGARY, AB, Sept. 12, 2024 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce the closing of its previously announced transaction (the "Transaction") with Tidewater Renewables Ltd. ("Tidewater Renewables").

Pursuant to an asset sale agreement dated September 12, 2024, the Corporation has acquired various assets from Tidewater Renewables including canola co-processing infrastructure, and the fluid catalytic cracking co-processing infrastructure, working interests in various other Prince George refinery units, and a natural gas storage facility located at the Brazeau River Complex (collectively, the "Acquired Assets"). The Acquired Assets historically generated annual Adjusted deconsolidated EBITDA1 of $40.0 million to $50.0 million.  The cash consideration for the Acquired Assets is $122 million, plus the assumption of certain liabilities related to the Acquired Assets.  In addition, as part of the consideration, Tidewater assigned the right to receive certain British Columbia Low Carbon Fuel Standard ("BC LCFS") credits to Tidewater Renewables with a minimum value of $7.7 million.

CALGARY, AB, Sept. 12, 2024 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce that it has completed its previously announced proposed transaction (the "Transaction") with Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream") and has refinanced its first lien credit facilities and extended its second lien credit facilities.

(TSX: TWM)

CALGARY, AB, Aug. 30, 2024 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce that Tidewater Renewables Ltd. ("Tidewater Renewables") has announced, with the support of its debt capital providers, an interim extension of the maturity of its $175 million first lien senior credit facility, and its $25 million of additional debt capacity under the second lien term debt facility, from August 30, 2024, to September 18, 2024.

(TSX: TWM)

CALGARY, AB, Aug. 15, 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 month period ended June 30, 2024.

SECOND QUARTER 2024 HIGHLIGHTS

Net Income attributable to shareholders increased by $1.7 million to a net loss of $4.7 million in the second quarter 2024, from a net loss of $6.4 million in the same period of 2023. The improvement was largely due to higher operating income, offset in part by unfavorable changes in the fair value of derivative contracts, and the absence of a deferred income tax recovery.Consolidated adjusted EBITDA(1)[1]was $45.3 million for the second quarter of 2024, compared to $29.3 million in the second quarter of 2023, proforma for Pipestone and Dimsdale, which were divested in December 2023.On June 4, 2024, Tidewater Midstream completed the issuance of $100 million convertible unsecured subordinated debentures (the "Convertible Debentures") at a price of $1,000 per debenture. The Convertible Debentures mature on June 30, 2029, and accrue interest at 8% per annum, payable semi-annually, on the last day of June and December, commencing December 31, 2024. Proceeds from the issuance were used to satisfy and discharge Tidewater Midstream's $75 million convertible debentures due September 30, 2024, with the remaining proceeds used for general corporate purposes.In early May 2024, Tidewater Midstream successfully completed the previously announced three-week turnaround at the Brazeau River Complex and Fractionation Facility (the "BRC") safely, on time and approximately $5.0 million below initial cost expectations.The Renewable Diesel & Renewable Hydrogen Complex (the "HDRD Complex") averaged daily throughput of approximately 2,925 bbl/d, representing a 98% utilization rate. Consistent with previous guidance, the HDRD Complex is expected to exceed an average full year utilization rate of 85%, representing an average daily throughput of 2,550 bbl/d.The Special Committees and Boards of Directors of both Tidewater Midstream and Tidewater Renewables Ltd. (the "Parties") have approved entering into a related party purchase agreement, whereby Tidewater Midstream will acquire from Tidewater Renewables Ltd. ("Tidewater Renewables") various operated assets at the Prince George Refinery (the "PGR") and the BRC, that were previously sold to Tidewater Renewables during its initial public offering. Tidewater Midstream will also acquire the canola co-processing and fluid catalytic cracking ("FCC") co-processing units. Consideration for this related party transaction will consist of an upfront cash payment by Tidewater Midstream of $129.7 million and a commitment to purchase a minimum of $80.7 million BC LCFS credits, as they are produced by Tidewater Renewables, over the next nine months, assuming the HDRD complex continues to operate at over 90% utilization (the "Proposed Transaction"). Tidewater Midstream expects to finance the transaction through operating cash flow, a $25.0 million increase in its revolving credit facility and a $150.0 million term loan. Tidewater Renewables will use the proceeds to repay amounts outstanding on its Senior Credit Facility. This transaction is expected to close during the third quarter of 2024, subject to completion of documentation, financing and regulatory approval.Given the uncertainty surrounding the BC LCFS credit market, the Corporation is revising its previously issued 2024 consolidated adjusted EBITDA(1)[2]guidance to $130 million to $150 million (previously $150 million to $170 million), assuming completion of the Proposed Transaction during the third quarter of 2024 and crack spreads averaging in the $80 to $90/bbl range. Full-year 2024 consolidated maintenance capital is expected to be in the range of $35 million to $40 million, consistent with previous guidance.