(TSX: TWM)

CALGARY, AB, March 27, 2025 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) has filed its consolidated financial statements and Management Discussion and Analysis ("MD&A") for the year ended December 31, 2024.

Fourth Quarter 2024 Highlights

Consolidated net loss attributable to shareholders was $3.3 million during the fourth quarter of 2024, compared to a net loss attributable to shareholders of $331.8 million during the fourth quarter of 2023. The decrease in net loss attributable to shareholders is largely due to the reversal of certain non-cash impairment charges previously taken in 2023, offset in part by the gain on sale of the Pipestone natural gas plant, expansion project at the Pipestone natural gas plant, the Dimsdale natural gas storage assets, and associated gathering and other infrastructure to AltaGas Ltd. in the fourth quarter of 2023 (the "Pipestone Transaction").Consolidated adjusted EBITDA(1) was $20.0 million during the fourth quarter of 2024, compared to $21.4 million during the fourth quarter of 2023. The decrease was primarily due to higher adjusted EBITDA from equity investments and lower realized losses on derivative contracts in the comparative period, offset in part by lower general and administrative costs in the current quarter.During the quarter, the Corporation's offtake agreement with Cenovus Energy Inc. (the "Offtake Agreement") expired and the Corporation successfully transitioned to marketing its refined products in-house. However, refining margins for the company's products have been negatively impacted by the dumping of subsidized U.S. renewable diesel into the BC market causing the market to become oversupplied. On December 30, 2024, Tidewater Renewables Ltd. ("Tidewater Renewables") filed a trade complaint (the "Complaint") with the Canada Border Services Agency ("CBSA") which management of the Corporation believes will result in duties being imposed that will remedy and offset the significant impact of U.S. subsidies, which enable U.S. producers to export renewable diesel to Canada at artificially low prices.During the quarter, the Corporation recorded $24.3 million of net reversals of previously recorded impairment charges on its midstream assets in the Deep Basin cash generating unit. The increase in the net estimated recoverable amount was primarily due to the elimination of the take-or-pay fees paid to Tidewater Renewables as a result of the Transaction (as defined below), and the review of the recoverable amount of the Brazeau River Complex roadway network (the "BRC Roadway Network") which, subsequent to the period, Tidewater Midstream sold to Canadian Roadways LP ("CRR"), for total proceeds of $24 million.