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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

Post by templetooth2on Aug 11, 2023 5:44pm
379 Views
Post# 35584713

Conference call takeaways

Conference call takeawaysListened to both TWM and LCFS calls (recorded) this aft. The only clear, crystal clear message was that the asset review study was coming to an end and results would be forthcoming sooner rather than later. I am guessing weeks not months. Guessing.

Some preliminary conclusions are possible - for instance, less debt is better. They have also been thinking about which assets might be better off in other hands. One questioner none-too-gently asked why the Pipestone expansion was even mentioned, given the company's handicap of having a much higher cost of capital than competitors. I think the greater value in other hands answer came as a result of that cost-of-capital comment. 

Interesting comment re LCFS. It was stated that it was never Midstream's goal to end up with 70% ownership. Also, that consolidating that 70% on Midstream's books led to "complexity". My immediate reaction was they're gonna sell LCFS, or at least take their interest below 20%. 

On second thought, not so sure. If they wanted to sell, why appoint 2 new outside directors? Also commented that project was at the finish line and tremendously undervalued. I THINK there's a better chance of Tidewater selling the gas assets, then perhaps using some of the proceeds to buy back some portion of LCFS minority. I think Tidewater going forward will be LCFS. Won't have to wait long to find out.
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