Q4 2024 Tidewater Midstream and Infrastructure Ltd Earnings Call Transcript

Mar 27, 2025 / 03:00PM GMT

Release Date Price: $3.52 (+15.79%)

Transcript

Key Points

Positve

Tidewater Midstream and Infrastructure Ltd (TWMIF) successfully transitioned to marketing all refined products in-house after the expiration of the offtake agreement with Cenovus.
The company completed the sale of several noncore assets, generating over $40 million in proceeds used for debt repayment.
Tidewater Midstream and Infrastructure Ltd (TWMIF) made significant progress in marketing its diesel and gasoline volumes for 2025, despite wider market discounts.
The company initiated a trade complaint against subsidized renewable diesel imports from the US, which could lead to tariffs supporting market stability.
Operational efficiency improvements and cost savings initiatives are expected to result in run rate savings between $7 million and $10 million going forward.

Negative

Throughput at the Prince George Refinery (PGR) and HDRD facilities was lower in Q4 2024 compared to Q3 2024, due to scheduled maintenance and winter operations.
Prince George crack spreads averaged $75 per barrel in Q4 2024, lower than the $87 per barrel in Q4 2023.
The company reported a net loss attributable to shareholders of $3.3 million in Q4 2024.
Gas processing activities at the Ram River Gas Plant were temporarily curtailed due to depressed natural gas prices.
The company faces challenges from an oversupply of imported renewable diesel in Western Canada, impacting market discounts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Ltd. Q4 2024 financial results conference call. (Operator Instructions) This call is being recorded on Thursday, March 27, 2025. I would now like to turn the conference over to Michael Gracher. Please go ahead.

Michael Gracher

Tidewater Midstream and Infrastructure Ltd - Manager of IR

Thank you, Joelle, and welcome, everyone, to Tidewater Midstream's fourth quarter 2024 results Conference Call. I'm Michael Gracher, Manager of Investor Relations. And joining me today are Jeremy Baines, CEO; and Aaron Ames, Tidewater's Midstream's Interim CFO also with us and available during the question-and-answer session is Shawn Heaney, EVP, Planning and Strategy.

Before we begin, please note that matters discussed on this call include forward-looking statements under applicable securities laws with respect to Tidewater Midstream and Infrastructure Ltd., including, but not limited to, statements regarding investments and acquisitions by the company, commercial

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