Q2 2024 Tidewater Renewables Ltd Earnings Call Transcript
Key Points
- Tidewater Renewables Ltd (TDWRF) reported a record adjusted EBITDA of $29.6 million for Q2 2024, a significant increase from $8.1 million in Q2 2023.
- The HDRD Complex achieved a 98% utilization rate with an average daily throughput of 2,925 barrels per day.
- The company successfully commissioned Canada's first renewable diesel plant, operating at nameplate capacity.
- Tidewater Renewables Ltd (TDWRF) has entered into a related party asset sale and forward credit sales agreement, providing $130 million in cash proceeds and an additional $81 million in cash flow.
- The company has made significant progress in the front-end engineering and design for its SAF project, with funding from the BC government.
- The market price for BC LCFS credits has significantly declined, averaging only $207 per credit in July 2024, down from $450 per credit earlier in the year.
- The decline in credit prices has created liquidity challenges for Tidewater Renewables Ltd (TDWRF).
- The company had to sell certain assets, including its canola co-processing and fluid catalytic cracking co-processing infrastructure, to improve liquidity.
- Tidewater Renewables Ltd (TDWRF) reported a $9.9 million realized hedging loss due to lower soybean prices.
- The company has a net debt of approximately $316 million as of the end of Q2 2024, although this is down from $346.6 million at year-end 2023.
Good afternoon, ladies and gentlemen. And welcome to the Tidewater Renewables Q2 financial results conference call. (Operator Instructions) This call is being recorded on Thursday, August 15, 2024.
I would now like to turn the conference over to Mr. Ian Quartly. Please go ahead.
Thank you, operator. And good morning, everyone. On the call this morning with me today is our Chairman and CEO, Jeremy Baines, who will take you through our operational activity. And I will follow with our financial results. Then, we'll open the line for Jeremy and myself to take any of your questions.
Before we get started, I'd like to note that today's call is being recorded for the benefit of individual shareholders, the media, and other interested parties who may want to review the call at a later time. A recording of today's conference call will be available through Cision.
This morning, we reported results for the second quarter ended June 30, 2024. An announcement of the Board of
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