Tidewater Midstream and Infrastructure Ltd T.TWM

Conference Call

[capedcrusader]

Conference call was pretty brutal. Management seemed listless and disinterested.

Seems They are pinning all short term hopes on government action on LCFS credits, but there are so many short-term issues with this company it's mind-boggling. One of the analyst asked a question on the plan strategically if renewables Is no longer viable and they basically said no change in strategy. We'll just keep operating the assets.

I get that management was maybe dealt a bad hand, but the lack of vision or any kind of strategic thinking is frankly unfathomable. Definitely worth more breaking up the assets and selling them then it is as a standalone company.

[nkbourbaki]

Agreed.  They couldn't sound more disengaged if they tried.  Every question is essentially left unanswered, either explicitly or implicitly, even when it's pretty straightforward and doesn't require speculation.  Example:  Is the lowered capex guidance for Q4 the result of cost-cutting or shifting some work into the next year?   Answer:  Well we'

[capedcrusader]

Yeah, that was a good one. Like how they wou;dn't comment on ANY Capex for next year. "we'll tell you next year', It's only a month away guys, and you need all the good will you can get from those analysts. At these levels, maybe an activist shareholder comes in and makes them sell....

[nkbourbaki]

I think Birch Hill remains the largest shareholder, and they installed this crew.   Ever since Rob departed I feel the company has been extremely shareholder unfriendly in terms of disclosure and engagement.  Maybe Birch Hill's plan is to drive it to the brink of extinction and then make a bid to take it private (a la Fairfax and Farmer's Edge), holding out for improving

[capedcrusader]

I was a bit surprised as well (if I heard this correctly) when they said they can't really market their refined products outside Northern BC, as they aren't competitive outside the home marker.

[pennydredful]

Birch  Hill   may  have  layered  on  a bunch   of  costs  at  the  executive   level  making  things  uneconomic  

[wynner]

I guess I am brave. Management not burning their hair over LCFS credits and having the majority NDP government on side. Seems like they know just as much as me about CARB LCFS hitting $80US a ton on November 10. Everything running full bore. $84 crack spread. Worries over double dipping seem like negotiations . I bought more........silly me.

[wynner]

Ooops . I only own LCFS-T. Anyone else hear them say they have a partner for the government paid for SAF unit?