Tidewater Midstream and Infrastructure Ltd T.TWM

Sold Gilby / Petrinex

[fauxtomato]

https://webapps.aer.ca/pnoa/details?applicationnumber=1936170

Looks like they've sold Gilby to JOY for $5M

Gross inlet volumes from Petrinex:

Sum of Volume	ProductionMonth
ReportingFacilityName	2021-01	2021-02	2021-03	2021-04	2021-05	2021-06	2021-07	2021-08	2021-09	2021-10	2021-11	2021-12	2022-01	2022-02
ACHESON 05-02-052-26W4 Gas Plant	2,697	2,341	2,478	2,609	2,852	2,750	3,082	2,660	2,676	3,520	3,505	3,158	2,998	2,967
BRC 04-31-048-12W5 FRAC PLANT					261	200	204	208	252	447	317	494	362	326
BRC 04-31-048-12W5 GAS PLANT	86,211	90,345	92,519	78,678	96,224	80,090	86,263	93,679	76,345	82,962	78,853	92,995	90,004	86,333
BRC 04-31-048-12W5 GAS PLANT #4	25,026	5,516	16,406	32,410	13,662	26,674	32,406	37,222	32,147	30,036	15,309	47,627	24,587	8,441
Deanne 03-06-039-11W5	1,548	1,317	1,536	1,464	1,571	1,530	1,511	1,616	1,451	1,437	1,467	1,420	1,123	1,055
FSEEP 02-03-055-22W4 Gas Plant	31,024	24,106	29,829	26,553	28,247	19,262	26,206	28,542	20,514	23,575	25,690	29,154	28,357	28,060
GILBY 01-04-042-03W5 GAS PLANT	8,506	7,076	8,333	8,339	8,348	8,010	8,419	8,605	8,455	8,764	8,494	8,236	8,067	7,541
GOODFARE 04-19-072-11W6 GAS PLANT	5,933	5,477	6,610	5,720	5,608	5,121	5,559	5,647	4,457	5,740	6,297	6,130	5,980	5,418
PADDLE RIVER 13-06-057-8W5 Gas Plant	10,526	27,934	29,665	22,277	36				2,412	10	1	25	24	21
PIPESTONE 12-35-070-09W6 GAS PLANT	81,487	52,045	80,653	77,655	89,504	75,482	86,944	89,606	76,967	85,260	88,640	84,579	89,202	75,157
Ram River 04-02-037-10W5	102,857	88,649	100,839	96,309	99,051	90,340	94,192	90,584	130,937	92,994	92,909	87,081	77,263	86,908
SEAL 09-15-084-14W5 GAS PLANT	7,125	6,260	7,338	4,521	6,498	5,233	6,532	4,183	4,837	5,351	5,744	4,396	6,173	5,402
SYLVAN 05-01-039-01W5 GAS PLANT	4,818	4,383	5,329	5,454	4,212	4,077	4,108	4,773	5,366	5,103	4,710	4,826	4,567	3,925
VEEP 08-05-054-26W4 GAS PLANT	29,810	23,287	31,186	27,257	31,250	25,986	23,355	26,886	20,441	21,063	21,210	30,522	30,836	28,349
Grand Total	397,567	338,735	412,721	389,244	387,323	344,755	378,780	394,211	387,257	366,260	353,145	400,642	369,543	339,904

[fauxtomato]

Gilby clearly isn't a flagship facility, but the readthrough of selling it to the producer customer for 4x FFO (approximately? JOY said processing savings of $1.25M a year). Maybe some decline in ARO and obviously some savings on interest and opex. But you kind of get why this continues to trade at 4x ebitda, with most of that being the magic math of the RD facility coming online next year.