Q1 2025 Tidewater Midstream and Infrastructure Ltd Earnings Call Transcript

May 8, 2025 / 05:00 PM GMT

Release Date Price: $2.84 (-29.00%)

Transcript

Key Points

Positve

Tidewater Midstream and Infrastructure Ltd (TWMIF) announced an agreement to purchase the North segment of Pembina Western pipeline, which is expected to provide a reliable and lower-cost source of feedstock.
The company has made significant progress in marketing its diesel and gasoline volumes, transitioning to in-house marketing after the expiration of a previous offtake agreement.
Tidewater Midstream and Infrastructure Ltd (TWMIF) completed the sale of the BRC roadway network for $24 million, using $22.5 million to repay outstanding debt, aiding in deleveraging efforts.
The company is seeing positive demand for processing capacity at the Brazil River Complex and anticipates potential announcements regarding increased volumes.
Tidewater Midstream and Infrastructure Ltd (TWMIF) has built up a significant inventory of BCL CFS credits, providing leverage for liquidity management.

Negative

The company reported a consolidated net loss attributable to shareholders of $31.8 million in Q1 2025, significantly higher than the $11.3 million loss in Q1 2024.
Consolidated adjusted EBITDA was negative $3.7 million in Q1 2025, a sharp decline from $39.8 million in Q1 2024, primarily due to lower refined product sales and margins.
The Prince George Refinery throughput was 20% lower than the first quarter of 2024, affected by third-party facility and pipeline maintenance.
The Canadian International Trade Tribunal terminated its preliminary injury inquiry regarding Tidewater Renewables' complaint about imports of renewable diesel from the United States, a setback for the company.
The Brazil River Complex experienced lower throughput due to an outage and discontinuation of sour gas processing, impacting overall performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TWM.TO - Tidewater Midstream and Infrastructure Ltd
Q1 2025 Tidewater Midstream and Infrastructure Ltd Earnings Call
May 08, 2025 / 05:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Limited Q1 2025 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, May 8, 2025.

Now, I would like to turn the call over to your first speaker today, Michael Cratcher. Please go ahead, sir.

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Unidentified_2 [2]
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