Tidewater Midstream and Infrastructure Ltd T.TWM

Q3 transcript

[fauxtomato]

https://ca.news.yahoo.com/edited-transcript-twm-earnings-conference-180000960.html

For once I felt like my questions were in tune to what the analysts were asking.

Pipestone phase 2 appears to be moving down the hierarchy of potential capital programs, favoring downstream and (a $150M investment in) renewable diesel. Both natural gas storage assets will contribute to the bottom line...eventually.

Addressing both debt refinancing and the gap between EBITDA and DCF in 2021. Guess there will be some juggling to do with the funds from the Pioneer sale to balance maturities and cost of capital.

Volumes at BRC to remain consistent. Pipestone phase 1 approaching nameplate finally, the marketing business unit appears to have not contributed much this year and is put back on the shelf, other than moving products out of PGR in the event of another catastrophe or crude diffs widen.

I added ~150k shares at $0.684 over the last few weeks, hope to sell those closer to $1 when/if Pioneer closing has more clarity.

[robbie88]

Good move.  I feel the management artificially lowered the DCF in Q3 for purpose. The outlook of Q3 DCF could be diffent considering the timing of $2m provision and lease payment. "the main drivers for the decrease year-over-year would be a deferral of some operating costs and maintenance capital in Q2 as we dealt with COVID that were incurred in Q3 and also about $2 million of

[fauxtomato]

TWM has a long list of game changers. https://www.newswire.ca/news-releases/tidewater-midstream-and-infrastructure-ltd-announces-strategic-expansion-of-its-liquids-value-chain-with-the-acquisition-of-prince-george-refinery-including-a-five-year-investment-grade-product-offtake-agreement-which-results-in-over-50-acc-882196439.html C$ millions Tidewater

[firstworld]

Fantasyland these guys referring maintence ...a typical last legs desperation move or they simply don't see a need for the next while which is the absolute worst. Poorly educated exec team and crook lawyers are squeezing every nepotistic penny from this fleecing shareholders big time. In the firstworld they would be imprisoned awaiting trial....not in backwater Canada though just like Haiti

[fauxtomato]

The deferred maintenance was picked up in Q3 from Q2, it's more a COVID related decision than an engineering one. They're not too far off from beginning to think about the next PGR turnaround though. Short term the best thing I can do for the shareprice is sell off working interest in contract assets (Pipestone gas plant) but longer term they're probably best off maintaining interest.

[valuguy]

Husky/Cenovus will declare Force Majeure on their contract with Tidewater to purchase production from the Prince George Refinery.This will happen in 2021 and will last indefinitely.

[fauxtomato]

Why? No more fuel combusted in NE BC in 2021? The more likely outcome would be the offtake agreement transfers to the buyer of the retail locations, I'd imgaine CVE would be more willing to take a loss on the sale of those locations than HSE was. I don't know that the refined product offtake agreement was worth anything other than helping to secure an all debt transaction in the first

[valuguy]

The middle class in Canada will be crushed in 2021.At the latest,the banking system will collapse by 2022.

[valuguy]

Mnuchin is knee capping the Federal Reserve asking for a refund of half a trillion dollars by year end.How many Central Banks in the world is the Federal Reserve keeping on life support including Canada'a?For a fact,the Federal Reserve recapitalized the Bank of Canada in 2008-9.When the Federal Reserve goes belly up,do you think Tidewater has any life in it left?

[firstworld]

Rule # 2 when dealing with Candian, or anyone, get a guaranteed irrevocable letter of credit before calling any deal bankable....these guys are total amateurs even a 10 year old knows adults break their words and contracts all the time. At least in many parts of the world it's prison pending trail. Anyone who calls TWM "investment grade", like TWM trade school execs constantly