Tidewater Midstream and Infrastructure Ltd T.TWM

Dudes

[fauxtomato]

https://www2.auc.ab.ca/Proceeding25937/ProceedingDocuments/25937_X[]_Decision%2025937-D01-2021%20-%20Pipeline%20Acquisition%20from%20Pioneer%20Pipeline%20Inc_000081.pdf

Summary of findings

46. For the reasons stated above, the Commission finds that the pipeline acquisition is in the public interest in accordance with Section 17 of the Alberta Utilities Commission Act. ATCO Pipelines is directed to revise its 2021-2023 revenue requirement to reflect the approval of the acquisition of the Pioneer pipeline, including the impact on rate base and operation and maintenance, in its next rate application

[mitochondria]

   Great news, been holding a loong time, Thanks to the quality posters on this board appreciate the insights, eom.

[fauxtomato]

I think the AUC was the last hurdle to clear, and don't know when the news became public though the disposition is dated about 9:30am today. There was an application about a month ago with the AER for the transfer as well but I can't find it anymore, though I think that's more about names on record than legal decisions. If you are at all interested in this, and I don't know if I am

[Maxmoe]

Yup, regulatory decision documents give me a headache as well. It's like it's purposely done that way.

[fauxtomato]

I was expecting a pop on this being finalized, maybe that comes with a PR, maybe with the Q2 dividend announcement, and finalization of the NGL extraction agreement with NGTL? DUnno man, didn't expect to find out about this first from the AUC.

[fauxtomato]

Yeah, I could easily have a similarly worded document that came to the exact opposite conclusion, just nice to finally see it in print, that was a long wait, the sale was first announced last March! This sale backs TWM off from the brink, they weren't really making progress on debt repayments due to continued growth capex and their financing costs. Being able to actually make a dent in their

[fauxtomato]

AER transfer approval now published, too, guess it was coordinated?

[Maxmoe]

No press release from either company?

[fauxtomato]

I think it's a 'check is in the mail' scenario? Status on AUC site is 'decided in part' and end with: The amended licences will be issued upon approval of the pipeline licence transfer by the Alberta Energy Regulator and confirmation from ATCO Pipelines that the conditions of closing the acquisition have been satisfied. AER has this: 1932780 - Pioneer Pipeline Inc.APPROVED

[fauxtomato]

Now the new license has been granted to ATCO so this has to be finally over. The proceeding now shows as 'approved'. Hopefully a PR next week with all the updates, Q2 dividend announcement and we can put this comfortably in the past. With the proceeds from Pioneer and the EBITDA mostly replaced, rig counts picking up and WTI at $70 and AECO above $3 the old base business, that has little

[TVR]

Thanks for your posts regarding the progress on the approvals process for the Pioneer Pipeline sale.  This has been a very long wait for the deal to get completed.  With luck we should hear in the next week to 10 days that the sale is completed/paid for.  Once the cash arrives I assume the first order of business is to repay the expensive ATB 2nd Lien financing with its escalating

[fauxtomato]

Thanks for reading! I'm surprised to be breaking the news by checking the AUC and AER pages and not a press release. I was worried given the contentious nature of the AUC proceedings that it'd get denied at that level, or further complicated somehow, and we'd be back to $1. On a previous earnings call, I think it was Q4 in March, they said they were publishing the renewable plans in

[fauxtomato]

The proceedings are grinding along day by day now: the license was granted yesterday to NGTL for the first 30km or whatever of Pioneer. Can't see what else we're waiting on now. And this is the time the Q2 dividend should be announced. Looking forward to the future, as ever. https://www2.auc.ab.ca/Proceeding26189/ProceedingDocuments/26189_X[]_Gas%20Utility%20Pipeline%20Licence%20Transfer

[firstworld]

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[fauxtomato]

This post has been removed in accordance with Community Policy