Tidewater Midstream & Infrastructure Ltd. · TSX:TWM

Tidewater Midstream & Infrastructure — Investor Presentation (January 2022)

25 slides from Tidewater Midstream & Infrastructure's investor presentation, January 2022

  1. Slide 1: Investor Presentation January 2022

    TIDEWATER MIDSTREAM & INFRASTRUCTURE LTD Pipestone Gas Storage Ram River Gas Plant Brazeau River Complex Prince George Refinery Investor Presentation January 2022 : TWM

  2. Slide 2: Disclaimers

    Disclaimers CAUTIONARY NOTE: This presentation includes forward-looking statements or information (collectively referred to herein as “forward looking statements”) within the meaning of applicable securities legislation. The information contained in this document has been prepared by Tidewater Midst

  3. Slide 3: Disclaimers

    Disclaimers Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document or the dates specifically referenced herein. For additional information, please refer to Tidewater’s pu

  4. Slide 4: Tidewater Corporate Profile

    Tidewater Corporate Profile Stock Symbol TSX: TWM Common Shares Outstanding ~340 million Insider Ownership (Fully Diluted) (1) ~30% Market Capitalization (2) $442 million Forecasted Consolidated Net Debt (3) $675 million Enterprise Value (4)(5) $1,117 million Midstream Processing Capacity (gross/net

  5. 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 Acquire and Build High Quality, MONTNEY CORE AREA Strategically Located, Contracted TAYLOR Infrastructure 2 VALHALLA ~75% of Adj. EBITDA Derived • ALLIANCE (GAS) • PEMBINA (Cru

  6. Slide 6: Tidewater Continues To Strengthen Customer and Contracts

    Tidewater Continues To Strengthen Customer and Contracts ~75% EBITDA is from long term contracts and 50% of EBITDA from Investment Grade counterparties Highlights 10% 8% ▪ Material cash flow to contribute to deleveraging Consolidated 2021E Adj. efforts 50% EBITDA by Division ▪ Internal marketing tea

  7. Slide 7: Consolidated Financial Overview

    Consolidated Financial Overview Annual Net Income, Adjusted EBITDA & YE Net Debt $ 250 $0.70 (4) (4) (4)(5) Net Income Adj. TWM EBITDA Adj. LCFS EBITDA Adj. EBITDA per share Net Income & Adj. EBITDA ($mm) $0.60 $ 200 ~$300 million of consolidated Adj. EBITDA in 2023E once Adj. EBITDA ($/ share) $0.5

  8. Slide 8: Announced Renewable Initiatives

    Announced Renewable Initiatives 8

  9. Slide 9: Tidewater Renewables Ltd. (TSX: LCFS)

    Tidewater Renewables Ltd. (TSX: LCFS) CREATION OF TIDEWATER RENEWABLES – TRANSACTION OVERVIEW Creation and capitalization of Tidewater Renewables is expected to unlock significant value for Tidewater Midstream shareholders through the spinout of energy transition assets Ownership Structure Benefits

  10. Slide 10: Renewable Initiatives Will be Underpinned by 3 Products

    Renewable Initiatives Will be Underpinned by 3 Products New Energy Transition Platform Will Cater to a Growing Global Demand Base Creation of a multi-faceted green energy Renewable Diesel Near-Term(1)(2) Long-Term(1)(2) platform with strong ESG attributes 13.4B Gallons 18.0B Gallons ✓ Deliver Carbon

  11. Slide 11: Overview of Renewable Initiatives

    Overview of Renewable Initiatives Creating a Canadian Energy Transition Leader With a Focus on Renewable Fuels On March 11, Tidewater formally announced various Asset Map 1 2 3 renewable energy initiatives currently in development Prince George Brazeau River Complex Ram River Clean Liquids Complex ▪

  12. Slide 12: Renewable Diesel Refinery and Associated Renewable Hydrogen

    Renewable Diesel Refinery and Associated Renewable Hydrogen PROJECT OVERVIEW: OPPORTUNITY TO BUILD CANADA’S FIRST RENEWABLE DIESEL PROJECT Renewable Diesel Refinery co-located at the Prince George Refinery ▪ Utilizes renewable feedstocks to produce Renewable Diesel ▪ Project includes an over-built r

  13. Slide 13: Tidewater Core Business

    Tidewater Core Business 13

  14. Slide 14: 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

  15. Slide 15: 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 ▪ Cra

  16. Slide 16: Prince George Refinery: Unlocking value since acquisition

    Prince George Refinery Unlocking value since acquisition ▪ Tidewater effectively executed on debottlenecking of various processing units whereby PGR is consistently seeing record total throughput and combined gasoline + diesel production ▪ Tidewater continues to move forward and identify numerous lo

  17. Slide 17: 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

  18. Slide 18: Montney Core Area | Pipestone Gas Plant

    Montney Core Area | Pipestone Gas Plant Well Legend Well – Producing Wells Well – RR Last 12 Months Land Legend Advantage CNRL Ovintiv Cenovus Kelt Pipestone Energy Pipeline Legend Alliance NGTL Pembina Tidewater Pipestone Pipelines KAPS (To Be Constructed) 18

  19. Slide 19: 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

  20. Slide 20: 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 pla

  21. Slide 21: 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

  22. Slide 22: 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 (zero lost time

  23. Slide 23: Appendix

    Appendix 23

  24. Slide 24: 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 ▪

  25. Slide 25: Analyst Coverage

    Analyst Coverage Financial Institution Analyst Acumen Capital Trevor Reynolds ATB Capital Markets Nate Heywood Canaccord Genuity John Bereznicki CIBC Robert Catellier Credit Suisse Andrew Kuske National Bank Financial Patrick Kenny RBC Capital Markets Robert Kwan Scotiabank Robert Hope Stifel Canada

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