Tidewater Midstream & Infrastructure Ltd. · TSX:TWM
Tidewater Midstream & Infrastructure — Investor Presentation (January 2022)
25 slides from Tidewater Midstream & Infrastructure's investor presentation, January 2022
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
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
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
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
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
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
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
Slide 8: Announced Renewable Initiatives
Announced Renewable Initiatives 8
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
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
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 ▪
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
Slide 13: Tidewater Core Business
Tidewater Core Business 13
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
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
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
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
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
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
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
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
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
Slide 23: Appendix
Appendix 23
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 ▪
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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