Tidewater Midstream and Infrastructure Ltd
TSX:TWM
Tidewater Midstream and Infrastructure Ltd
Tidewater Midstream & Infrastructure Ltd. engages in the acquisition and development of oil and gas infrastructure, including gas plants, pipelines, NGLs by rail, export terminals and storage facilities. The company is headquartered in Calgary, Alberta and currently employs 419 full-time employees. The company went IPO on 2015-04-15. The firm is engaged in providing customers with a full service, vertically integrated value chain through the acquisition and development of oil and gas infrastructure, including gas plants, pipelines, railcars, export terminals, storage, downstream facilities and various renewable initiatives. Its operations are located in the Deep Basin, Edmonton, and Montney regions of Alberta and British Columbia. Its wholly owned subsidiary, Tidewater Renewables Ltd. (Tidewater Renewables) is a multi-faceted, energy transition company focusing on the production of low carbon fuels.
Renewables Momentum: Tidewater Renewables signed offtake contracts for over 70% of expected HDRD facility production in H2 2025, benefiting from British Columbia's stricter renewable diesel requirements.
Operational Recovery: HDRD complex throughput ramped up to 95% of design capacity by quarter-end after recovering from a fire, with full-year throughput guidance reaffirmed.
Refinery Challenges: Prince George Refinery throughput was flat sequentially but down 17% year-over-year, pressured by operational adjustments and a weak diesel market due to imports and oversupply.
Asset Sales: About $38 million in noncore asset sales have been closed or agreed to in 2025, with the Sylvan Lake gas plant sale expected to close in Q3.
Financials Mixed: Tidewater Renewables achieved strong Q2 net income and EBITDA growth, while Tidewater Midstream posted a higher net loss and lower EBITDA versus last year, mainly due to lower refined product margins.
Liquidity Actions: Credit facility capacity increased and maturity extended for Renewables, and $20 million of consolidated debt was repaid.
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