Q2 2026 Tidewater Midstream and Infrastructure Ltd Earnings Call Transcript
Key Points
- Record HDRD complex throughput of 3,315 barrels per day, achieving 111% utilization rate, driven by low-cost debottlenecking initiatives and flawless reliability.
- Record adjusted EBITDA of $56 million for Tidewater Renewables, supported by record margins on renewable diesel sales at US import parity pricing and an additional $0.16 per liter from the biofuels production incentive.
- Executed contribution agreement with Natural Resources Canada for the biofuels production incentive, securing total funding in line with full annual production capacity and expecting $13.8 million in Q3 2026 cash contributions.
- Strong refining macro environment with Prince George crack spread averaging $118 per barrel in Q2 2026, a 16% increase from Q1, and additional hedges for 2027 at prices significantly above mid-cycle and 2026 realized hedge pricing.
- Consolidated net debt decreased by $44.4 million in Q2, bringing debt-to-adjusted EBITDA ratio to 1.7 times, within the target range of 1.2 to 2.5 times, and increased full-year 2026 adjusted EBITDA guidance by 20% to $230-$250 million.
- Prince George Refinery throughput averaged 10,032 barrels per day in Q2 due to a planned 17-day partial facility outage for maintenance, reducing overall production.
- BRC gas processing throughput decreased 8% quarter-over-quarter to 105 million cubic feet per day due to NGTL curtailments, also reducing fractionation facility utilization to 76% from 90%.
- Ram River Gas Plant remains temporarily curtailed, with only sulfur handling operations continuing, limiting midstream revenue generation.
- Realized losses on crack spread hedges partially offset stronger crack spreads at the Prince George refinery, impacting net financial performance.
- SAF project FID is contingent on regulatory environment improvements, including targeted amendments from ECCC and other program support, which are not yet finalized, creating uncertainty for the $1.2 billion project.
Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Limited and Tidewater Renewables Limited Q2 2026 Financial Results Conference Call.
At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded on Thursday, August 13, 2026. And I would now like to turn the conference over to Mr. Ian Quartley, CFO. Please go ahead.
Thank you, Ina, and welcome everyone to the joint conference call for the second quarter 2026 results of both Tidewater Midstream Infrastructure Limited and Tidewater Renewables Limited.
Joining me today is our CEO, Jeremy Baines. Will provide an update on our operational performance, regulatory tailwinds and favorable market conditions we have seen to start the year.
I will follow with the financial results and details on the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
