Tidewater Midstream and Infrastructure Ltd T.TWM.DB.A

WHAT happened here?????

[downwithdotcom1]

All i read is :
Prince George crack spreads averaged more than $100/bbl during the fourth quarter of 2022 - is this not their core asset???
Their gas processing plants also performed marginally better ...

And by the way, we lost $30 million this quarter..WHERE"S THE EXPLANATION???

Market not happy - 15% sell-off. This appears to be in relation to this somewhat convoluted financing not sure..

Their is external chatter going on that renewable nat gas pollution credits out of California are being revised lower.. whats the deal??

Please post. dwdc

[wynner]

Tidewater Midstream and Infrastructure Ltd. (TWM-T; C$1.11; SO) Higher Renewable Diesel Costs Weigh on Shares OUR TAKE: Negative. Tidewater Midstream's shares were very weak (-9%) following Q4 results, where it increased the cost of its associated renewable diesel facility (HDRD) by $82m. The higher capital cost of the project introduces some funding risk

[wordless]

Non-cash impairment charge of $55M. Ignoring this, income for the quarter would of been $25 million. During the year ended December 31, 2022, Tidewater identified that certain non-core assets in the Deep Basin CGU had a recoverable amount of $NIL, based on the assets value in use. As the carrying value of the assets exceeded the recoverable amount, a $55.0 million impairment expense was recorded

[Mephistopheles3]

Right, that was my first thought when I saw that they were looking at strategically selling some of their assets - this one is written down to zero, so seems like an easy sell, at least in terms of picking it as opposed to what the marketplace will pay.  Also I thought it was an interesting conference call given that the interim CEO was making comments about how TWM was essentially chasing

[VeritasVern]

Management’s Discussion and Analysis https://www.tidewatermidstream.com/documents/326/TWM_2022_Year-End_MDA_-_FINAL.pdf