CIBC Jan 2020 presentation23rd Annual : Tidewater Midstream and Infrastructure Ltd.
I had a bunch of boring administrative work to do this weekend and, out of boredom and nostalgia but this nearly year old presentation on, was curious to see if it was still up and how it's aged.
Coming just weeks before the pandemic went global a lot of the PGR commentary didn't age well, at this point they'd had the asset for nearly a quarter and cracks had run consistently over $60/b. At that level of cash generation Pipestone phase 2 was a 'Q3/Q4 decision' after material delveraging.
He does hint that the propane business would be sold and the smaller gas plants would be dropped, and some capex would be spent on butane blending and reactiving storage at PGR.
Early on in the covid times I surmised that 2020 was a wash and everything was kicked out at least 2 quarters. Certainly has been true of any debt repayment ('cash flow harvesting' as it's called in the presentation) or new projects so far. That won't change until Pioneer closes eventually.
I know the story is 'contracted infrastructure' but they're the licensee on something like 700 abanadoned and producing wells in Alberta and it's hard to balance the fact from the illusion if we get much more delay on actually repaying some debt.