Tidewater Midstream & Infrastructure Ltd. · TSX:TWM
Tidewater Midstream & Infrastructure — Investor Presentation (January 2021)
21 slides from Tidewater Midstream & Infrastructure's investor presentation, January 2021
Slide 1: Investor Presentation
TIDEWATER MIDSTREAM & INFRASTRUCTURE LTD Pipestone Gas Storage Ram River Gas Plant Brazeau River Complex Prince George Refinery Investor Presentation January 2021 : TWM
Slide 2: Disclaimers
Disclaimers IMPORTANT – YOU MUST READ THE FOLLOWING BEFORE CONTINUING: The information contained in this document has been prepared by Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation"). The information contained in this document (a) is provided as at the date hereof and
Slide 3: Disclaimers
Disclaimers Tidewater’s ability to generate sufficient cash flow from operations to meet its current and future obligations; distributable cash flow and net cash provided by operating activities consistent with expectations; Tidewater’s ability to access external sources of debt and equity capital o
Slide 4: Asset Dispositions
Asset Dispositions Pioneer and Other Assets Disposition Highlights ▪ Tidewater and TransAlta Corporation (“TransAlta”) announced a transaction to sell the Pioneer Pipeline to ATCO Gas and Pipelines Ltd. (“ATCO”) for total cash consideration of $255 million ▪ ATCO acquired the right to purchase the P
Slide 5: Expanding the Value Chain
Expanding the Value Chain A Diversified Midstream Company with an Expanding Value Chain, Supported by Long Term Contracts 1 MONTNEY Acquire and Build High Quality, TAYLOR CORE AREA Strategically Located, Contracted Infrastructure VALHALLA • ALLIANCE (GAS) • PEMBINA (Crude, Condensate, NGL’s) 2 PEMBI
Slide 6: Tidewater Continues To Strengthen Customer and Contracts
Tidewater Continues To Strengthen Customer and Contracts 75% EBITDA from long term contracts and 50% of EBITDA from Investment Grade counterparties Highlights ▪ Material cash flow to contribute to deleveraging (1) 37% 2020E Adj. EBITDA by efforts 50% Division ▪ Internal marketing team optimizing com
Slide 7: Financial Overview
Financial Overview Annual Net Income, Adjusted EBITDA & YE Net Debt for TWM $ 200 $0.60 $ 180 ~72% 5-Yr Adj. EBITDA ~31% 5-Yr Adj. EBITDA Net Income & Adj. EBITDA ($mm) $0.50 $ 160 CAGR (2020E) per Share CAGR (2020E) Adj. EBITDA ($/ share) $ 140 $0.40 $ 120 $ 100 $0.30 $ 80 $0.20 $ 60 $ 40 $0.10 $ 2
Slide 8: Tidewater Becoming a Leader in Clean Fuels in Canada
Tidewater Becoming a Leader in Clean Fuels in Canada ▪ Tidewater is a large generator of low carbon fuel credits in Canada ▪ Tidewater blends ethanol and biodiesel at its Prince George Refinery today ▪ Canola co-processing project to be online in late 2021 and is supported by the BC government and w
Slide 9: Integrated Value Chain
Integrated Value Chain Tidewater’s Integrated Natural Gas, NGL, and Crude Oil Value Chains Natural Gas Natural Gas Liquids Crude and Condensate ▪ >30,000 bbls/d of NGL processing ▪ 12,000 bbls/d refining capacity ▪ >1.0 Bcf/d processing capacity capabilities at BRC and Pipestone ▪ >1.0 mmbbl of refi
Slide 10: History of Successful Acquisitions & Development
History of Successful Acquisitions & Development Demonstrated Ability to Effectively Integrate and Enhance the Value of Acquired Assets A Jun. 2, 2015 ($180 mm) B May 5, 2016 ($11 mm) A Dec. 19, 2016 ($30 mm) B Oct. 2018 ($220 mm)(1) B Sep. 2019 ▪ 63% WI in Brazeau ▪ Infrastructure, pipeline right ▪
Slide 11: Prince George Refinery
Prince George Refinery Facility Highlights Highly profitable light oil refinery located in Prince George, B.C. ▪ One of two refineries in British Columbia; PGR was previously operated by Husky for over 50 years ▪ Top decile crack spreads globally with the premium diesel market in North America(1) ▪
Slide 12: Prince George Refinery: Expanding the Montney Value Chain
Prince George Refinery Expanding the Montney Value Chain Pipestone Complex BC AB 45° API crude/condensate processed at the Pipestone Gas Plant is the ideal feedstock for the Prince George Refinery Crude is transported from Taylor to TAYLOR Prince George, B.C. on a contracted GRANDE PRAIRIE basis thr
Slide 13: Prince George Refinery: Unlocking value since acquisition
Prince George Refinery Unlocking value since acquisition ▪ Tidewater effectively executed on debottlenecking of various processing units whereby currently PGR is seeing record total throughput above 12,000 bbls/day and combined gasoline and diesel production of over 10,500 bbls/day ▪ Tidewater conti
Slide 14: Montney Core Area | Overview
Montney Core Area | Overview Strategically Positioned to Offer Montney Customers Processing, Egress, and Storage ▪ Pipestone began processing sour gas on September 15, 2019 Montney Processing Facilities & Pipelines ▪ Throughput at or near full capacity as of April 2020 after delays in third party in
Slide 15: Montney Core Area | Pipestone Gas Plant
Montney Core Area | Pipestone Gas Plant FLAGSHIP 100 MMCF/D GAS PROCESSING PLANT, COMPLETED ON TIME AND ON BUDGET Well Legend Well – Producing Wells Well – RR Last 12 Months Land Legend Crown - Advantage Crown - CNRL Crown - Encana Crown - Husky Crown - Kelt Crown - Pipestone Energy Pipeline Legend
Slide 16: Deep Basin Core Area | Overview
Deep Basin Core Area | Overview Activity Continues to Increase Around Tidewater’s Deep Basin Assets ▪ Pioneer Pipeline physically connects Tidewater’s largest gas Deep Basin Processing Facilities & Pipelines processing complex (BRC) to a large new demand source in TransAlta’s Sundance and Keephills
Slide 17: Edmonton Core Area | Overview
Edmonton Core Area| Overview Edmonton Assets Provide Egress and Takeaway Options Edmonton Processing Facilities & Pipelines ▪ Tidewater has over 800 km of key pipelines and valuable right of ways at Edmonton, 450 acres of heavy industrial land at Edmonton/Fort Saskatchewan, and 3 key extraction plan
Slide 18: Corporate Responsibility & Sustainability
Corporate Responsibility & Sustainability Prioritizing Environmental, Social and Governance (ESG) in Canadian Energy ▪ Tidewater is committed to advancing a strong record of Environmental, Social and Governance performance. In February 2020 Tidewater established an ESG committee comprised of key per
Slide 19: Corporate Responsibility & Sustainability
Corporate Responsibility & Sustainability Taking Initiative in ESG in Canadian Energy ▪ Social ▪ Tidewater takes preventative measures to minimize the likelihood of incidents and operational downtime while safeguarding employees, the environment, and communities in which it operates ▪ Board health,
Slide 20: North American Refinery Closures – Positive For Tidewater
North American Refinery Closures – Positive For Tidewater COVID-19 Crisis has Significantly Impacted Competition and Accelerated the Transition to the Production of Renewable Fuels A Phillips 66 Rodeo/Santa Maria (California) G Come by Chance Refinery (Canada) ▪ Phillips 66 announced on August 12th
Slide 21: Tidewater Corporate Profile
Tidewater Corporate Profile Stock Symbol TSX: TWM Common Shares Outstanding ~339 million Insider Ownership (Fully Diluted) (1) ~29% Market Capitalization (2) $292 million Pro Forma Net Debt (3) $717 million Enterprise Value (4) $1.0 billion Midstream Processing Capacity (gross/net) >1.66 Bcf/day / >
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