Tidewater Midstream and Infrastructure Ltd (OTCPK:TWMIF)
$ 0.1115 0 (0%) Market Cap: 46.45 Mil Enterprise Value: 467.25 Mil PE Ratio: 0 PB Ratio: 0.25 GF Score: 40/100
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Q3 2024 Tidewater Midstream and Infrastructure Ltd Earnings Call Transcript

Nov 14, 2024 / 05:00PM GMT
Release Date Price: $0.085 (-46.88%)

Key Points

Positve
  • Tidewater Midstream and Infrastructure Ltd (TWMIF) successfully transitioned to marketing its refined products in-house after the end of its offtake agreement with Cenovus.
  • The Prince George refinery and HDRD facilities continue to operate well, maintaining consistent throughput levels.
  • Tidewater Midstream has entered into agreements for the sale of the majority of its diesel and gasoline volumes for the remainder of 2024.
  • The company is actively engaging with government bodies to address trade issues impacting the competitiveness of its operations.
  • Tidewater Midstream's Brazeau River Complex operated efficiently following a Q2 turnaround, despite lower producer volumes.
Negative
  • The Prince George refinery experienced a 9% decrease in throughput compared to the previous year due to a third-party outage.
  • Crack spreads have decreased from $87 per barrel in Q3 2023 to approximately $84 per barrel in Q3 2024, with further declines expected.
  • The oversupply of imported diesel in Western Canada is leading to wider market discounts and lower margins.
  • Gas processing activities at the Ram River facility have been curtailed due to low natural gas prices, impacting throughput.
  • Consolidated adjusted EBITDA decreased year-over-year, primarily due to lower diesel and gasoline pricing and reduced throughput volumes.
Operator

Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Ltd Q3 2024 financial results conference call. (Operator Instructions) This call is being recorded on Thursday, November 14, 2024.

I would now like to turn the conference over to Michael Grasher, Manager of Investor Relations. Please go ahead.

Michael Gracher
Tidewater Midstream and Infrastructure Ltd - Manager of Investor Relations

Thank you, operator, and welcome, everyone, to Tidewater Midstream's third quarter 2024 results conference call. I'm Michael Grasher, Manager, Investor Relations. And joining me today are Jeremy Baines, CEO; and Aaron Ames, Tidewater 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

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