The following is a summary of the Tidewater Midstream and Infrastructure Ltd. (TWMIF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Tidewater Midstream reported year-end consolidated results were impacted by lower gasoline and diesel sales volumes due to the turnaround during Q2, weaker commodity prices, and higher maintenance costs.

• They took a non-cash impairment charge in Q4 while reevaluating the carrying values of their assets. Aim to reduce G&A expenditures and operation and maintenance program costs by $15 million to $20 million which will contribute to cash flow.

• Reported consolidated adjusted FY '23 EBITDA of $162.9 million, decreased compared to last year's EBITDA of $249.8 million.

• Faced a downturn in Q4 adjusted EBITDA, which was $21.4 million compared to $60.4 million in Q4 2022 due to lower demand for refined products influenced by unusually warm weather and other factors.

• Used proceeds from the AltaGas transaction and new term loan facility to repay its $550 million credit facility and $53.3 million of working capital liabilities.

Business Progress:

• After the sale of Pipestone and Dimsdale, now focusing on maximizing ROI and enhancing focus, urgency, and accountability across the organization.

• Midstream operations are now focused within the Deep Basin presenting opportunities to consolidate volumes at core facilities and capitalize on increased producer activity.

• Reports successful operation of HDRD Complex in Prince George at its design capacity, with expectations to operate at approximately 65% of design capacity during the first quarter of 2024.

• Entered into agreement with BC government to provide front-end engineering and design work for a sustainable aviation fuel refinery and aims to have a bankable fee study completed in the first half of 2025.

• Examining options for its convertible debentures due in the third quarter of 2023, suggesting an in-depth approach in evaluating its business.

More details: TIDEWATER MIDSTREAM & INFRASTR LTD IR

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