Q2 2026 Tidewater Renewables Ltd Earnings Call Transcript
Key Points
- Record HDRD complex throughput of 3,315 barrels per day, achieving 111% utilization rate.
- Record adjusted EBITDA of $56 million in Q2 2026, driven by strong margins and the biofuels production incentive.
- Executed contribution agreement for the Biofuel Production Incentive Program, securing $13.8 million in cash contributions for Q1 and Q2 2026.
- Significant debt reduction, with consolidated net debt down $44.4 million and leverage ratios back within target range.
- Increased full-year 2026 adjusted EBITDA guidance to $230-$250 million, reflecting improved market conditions and facility performance.
- Planned 17-day outage at the Prince George Refinery reduced throughput to 10,032 barrels per day in Q2.
- BRC gas processing throughput decreased 80% quarter-over-quarter due to NGTL curtailments.
- Ram River Gas Plant remains temporarily curtailed, limiting production and revenue.
- Realized losses on crack spread hedges partially offset stronger refining margins.
- SAF project FID still pending regulatory clarity, with capital costs estimated at $1.2 billion.
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 Quarty, 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, who 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
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