Tidewater Midstream and Infrastructure Ltd T.TWM

Catching up with Tidewater (RBC Capital Markets)

[AntoninScalia]

[fauxtomato]

Thanks for sharing! Nice to see detail on the PGR project estimates. $320 seems like a reasonable estimate [avg price in q4 2020]. I think the structure of any partnership will say a lot about the viability of the project. SMU.un just did a 'green bond' offer at 2.5% with essentially no green strings attached [proceeds used to pay off a 3.5% line of credit, and eventually maybe towards the

[AntoninScalia]

They use maintenance capex of $25 million to arrive at their DCF estimate. Overall capex in 2021 will be much higher since it will include growth capex.

[fauxtomato]

This isn't easy to read but I think is a fair assesment of 2021 expectations.

[AntoninScalia]

They're not including the potential EBITDA from the renewable project in these estimates right? At a 50% contribution that project would contribute $37.5 million in EBITDA.

[Maxmoe]

I also don't see any sign of the pipeline sale on the balance sheet either. Good ole RBC just project last year forward with little or zero growth assumptions. 

[fauxtomato]

Yeah, no contribution from the renewable diesel project in any models until it FIDs and details around the funding is disclosed. I think that could be potentially soon given the opportunity to advance construction nearly immediately and that they've retained two banks to aid in the funding. In addition to the eventual decision on Pioneer there is the potential for a near term refinancing

[firstworld]

FUN to gamble on!!

[Wordless1]

What is Scotia's target?

[fauxtomato]