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Tidewater Midstream and Infrastructure Ltd T.TWM

Alternate Symbol(s):  TWMIF | T.TWM.DB.A

Tidewater Midstream and Infrastructure Ltd. is a diversified midstream and infrastructure company with an integrated value chain across North American natural gas, natural gas liquids (NGLs), crude oil, refined product, and renewable energy markets. The Company's operations include downstream facilities, natural gas processing facilities, NGLs infrastructure, pipelines, storage, and various renewable initiatives. It also markets crude, refined products, natural gas, NGLs and renewable products and services to customers across North America. Its key midstream assets include the Brazeau River Complex and Fractionation Facility (BRC), a full-service natural gas and NGL processing facility with natural gas storage pools, and the Ram River Gas Plant, a sour natural gas processing facility with sulfur handling solutions and rail connections. Its key downstream asset is the Prince George Refinery (PGR), the sole light oil refinery within the interior British Columbia market.


TSX:TWM - Post by User

Comment by fauxtomatoon Mar 11, 2021 2:40pm
150 Views
Post# 32777431

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Pipeline Sale

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Pipeline SaleI don't know enough about the market or the project to comment intelligibly but it looks good on paper.

I think the BC credits would take the form of marketable BC LCFS credits https://www2.gov.bc.ca/assets/gov/farming-natural-resources-and-industry/electricity-alternative-energy/transportation/renewable-low-carbon-fuels/monthly_credit_market_report_-_2021-02.pdf which adds an element of market risk to the grant.

Any project built on government largess is cause for concern, I'm sure the generation of credits is a majority of the cashflow given the volume of production in relation to the volume of cash, but I think in this era all available sources of cashflow need to be considered. Look at the companies doing a-ok with windfarms or solar farms built in Ontario for instance. But it can go the other way, too.

How they fund it will be a big part of the equation for shareholders. I'm happy to have the clarity: TWM often feels like a financial black box, and I think there is something to be said for improving the existing dots on the map, not increasing the number of dots on the map. But measuring TWM's baseline feels like it has been an exercise in futility: the BRC barely gets a mention in the press release. I do think 2021 could be a good year for TWM, but more than that I'm hoping for the 'optimize, expand' TWM I bought into that has brought PGR to nameplate in a year. 
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