Tidewater October Presentationhttps://www.tidewatermidstream.com/documents/181/TWM_Investor_Presentation_-_October_2020.pdf
Some positive highlights:
1) Regulatory approval of this sale transaction is now subject to Alberta Utilities Commission and Alberta Energy Regulator approval rather than the Canada Energy Regulator had the pipeline been sold to NGTL
2) Pioneer Pipeline will be integrated into NGTL’s and ATCO’s Alberta integrated natural gas transmission systems, providing Tidewater with access to significantly more natural gas supply
3) Significant renewables opportunities with existing hydrogen assets, storage assets
4) Tidewater effectively executed on debottlenecking of various processing units whereby currently PGR is seeing record throughput above 12,000 bbls/day and combined gasoline and diesel production of over 10,500 bbls/day
5) 211 crack spreads remain strong around C$50/bbl
6) Tidewater switched to gasoline mode in Q2 to take advantage of stronger gasoline vs diesel margins at PG; Tidewater has recently switched back to diesel mode heading into Q4 in order to meet expected winter demand
7) Downstream team has expanded to several new markets and customers to optimize export sales volumes beyond the Husky Offtake