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1. Company Snapshot

1.a. Company Description

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, operates as a diversified midstream and infrastructure company in North America.It primarily focuses on natural gas, natural gas liquids (NGLs), and crude oil operations and processing plants located in the Deep Basin, Edmonton, and Montney regions of Alberta and British Columbia.The company engages in gathering, processing, and transportation for natural gas and NGLs; crude oil refining and refined products marketing; NGL extraction and marketing; and crude oil marketing and transportation.


It also produces refined products, including gasoline, low sulfur diesel, and other products; produces and sells crude oil, natural gas, and NGLs; and rents railcar, as well as operates export terminals and storage facilities.The company was incorporated in 2015 and is headquartered in Calgary, Canada.

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1.b. Last Insights on TWM

Tidewater Midstream and Infrastructure Ltd.'s recent performance was driven by a successful sale of its Brazeau River Complex roadway network to Canadian Resource Roadways LP for $24 million. The company received $22.5 million upon closing, with the balance expected to be received shortly. Additionally, the company's fourth quarter and year-end 2024 results showed an earnings per share beat, despite revenue lagging expectations. This suggests that the company's operational efficiency and cost management are improving, contributing to its positive performance.

1.c. Company Highlights

2. Tidewater Renewables' Q3 2025 Earnings: A Mixed Bag

Tidewater Renewables reported a net loss of $1 million during the third quarter of 2025, primarily due to noncash items, while adjusted EBITDA was $16.5 million, a 54% increase over the second quarter of 2025. The company's EPS came out at -$1.58, missing estimates by a significant margin, as the actual EPS was more than three times the expected -$0.4. Revenue growth is expected to be robust, with analysts estimating an 18.4% increase in revenues for the next year. The company's current valuation metrics show a P/S Ratio of 1.55 and an EV/EBITDA of 29.34, indicating that the market is pricing in significant growth expectations.

Publication Date: Nov -21

📋 Highlights

Operational Highlights

The HDRD complex experienced a 2-week unplanned outage in October due to an equipment anomaly, but throughput has averaged approximately 2,330 barrels per day in November, with rates expected to return to full capacity in December 2025. The company has significantly increased its contracted offtakes, covering 100% of forecasted renewable diesel production for the remainder of 2025. As Jeremy Baines mentioned, "the change in the Canadian renewable mandate made it easier to implement certain strategies," which has been helpful in keeping sustainable reliable cash flow throughout the year.

Biofuels Production Incentive Program

Tidewater Renewables is well-positioned to benefit from the Canadian government's $370 million biofuels production incentive program, which aims to support Canadian producers of renewable diesel and biodiesel, providing per liter support from January 2026 to December 2027. The company's best estimate is that the program will benefit LCFS by $0.15 to $0.21 per liter, which is expected to have a positive impact on the company's financial performance.

Valuation and Outlook

The current valuation metrics, including a P/E Ratio of -36.74 and a P/B Ratio of 8.82, indicate that the market is pricing in significant growth expectations. The company's ROE is -21.41%, and the Net Debt / EBITDA is 6.0, which may be a concern for investors. However, with the expected revenue growth and the potential benefits from the biofuels production incentive program, the company's prospects appear to be improving.

3. NewsRoom

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Tidewater Secures BC Credits to Support Renewable Gasoline and Diesel Production

Dec -04

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TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES AN INITIATIVE AGREEMENT FOR FLUID CATALYTIC CRACKING CO-PROCESSING AT THE PRINCE GEORGE REFINERY

Dec -04

Source:

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Axiom Oil and Gas Inc. Maintains $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd. Related to Brazeau Property for Sale

Nov -26

Source: newsfilecorp.com

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Tidewater Midstream Says Axiom's $110 Million Lawsuit "Without Merit"

Nov -21

Source:

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TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. RESPONDS TO AXIOM OIL AND GAS INC.'S DISCLOSURE REGARDING LAWSUIT

Nov -21

Source:

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Axiom Oil and Gas Inc. Announces Property Sales, Files $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd.

Nov -20

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Tidewater Midstream and Infrastructure Ltd (TWMIF) Q3 2025 Earnings Call Highlights: Strategic ...

Nov -13

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TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES THIRD QUARTER 2025 RESULTS AND OPERATIONAL UPDATE

Nov -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.17%)

6. Segments

Marketing and Other

Expected Growth: 9%

Tidewater Midstream and Infrastructure Ltd.'s 9% growth in Marketing and Other segment is driven by increased demand for its logistics and marketing services, expansion of its crude oil marketing business, and strategic acquisitions. Additionally, the company's focus on optimizing its asset base, improving operational efficiencies, and investing in digital technologies have contributed to the growth.

Downstream

Expected Growth: 12%

Tidewater Midstream and Infrastructure Ltd.'s downstream segment growth is driven by increasing demand for refined products, strategic acquisitions, and expansion of existing infrastructure. Additionally, the company's focus on cost optimization, operational efficiencies, and strong relationships with customers contribute to its 12% growth.

Midstream

Expected Growth: 10%

Tidewater Midstream's 10% growth in Midstream segment is driven by increasing demand for crude oil transportation and storage, strategic acquisitions, and expansion of existing infrastructure. Additionally, the company's focus on operational efficiency, cost savings, and strong relationships with producers contribute to its growth momentum.

7. Detailed Products

Crude Oil Transportation

Tidewater Midstream and Infrastructure Ltd. provides transportation services for crude oil from production sites to refineries and other destinations.

Natural Gas Processing

The company offers natural gas processing services, including sweetening, dehydration, and compression.

Natural Gas Storage

Tidewater Midstream and Infrastructure Ltd. provides natural gas storage services, including underground storage facilities.

NGL Extraction and Fractionation

The company extracts and fractionates natural gas liquids (NGLs) into their component parts, including ethane, propane, and butane.

Pipeline Infrastructure

Tidewater Midstream and Infrastructure Ltd. owns and operates a network of pipelines that transport crude oil, natural gas, and NGLs.

Terminal and Storage Services

The company provides terminal and storage services for crude oil, natural gas, and NGLs.

8. Tidewater Midstream and Infrastructure Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Tidewater Midstream and Infrastructure Ltd. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Tidewater Midstream and Infrastructure Ltd. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

Tidewater Midstream and Infrastructure Ltd. relies on a few key suppliers, giving them some bargaining power, but the company's size and diversification mitigate this risk.

Threat Of New Entrants

The midstream and infrastructure industry has high barriers to entry, including significant capital requirements and regulatory hurdles, reducing the threat of new entrants.

Intensity Of Rivalry

The midstream and infrastructure industry is highly competitive, with several established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.22%
Debt Cost 12.95%
Equity Weight 28.78%
Equity Cost 12.95%
WACC 12.95%
Leverage 247.47%

11. Quality Control: Tidewater Midstream and Infrastructure Ltd. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Delek Logistics Partners

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Value: 4.9

Growth: 3.0

Quality: 4.6

Yield: 10.0

Momentum: 7.5

Volatility: 8.7

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NGL Energy Partners

A-Score: 4.7/10

Value: 7.6

Growth: 3.6

Quality: 5.0

Yield: 0.0

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Volatility: 3.0

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Overseas Shipholding Group

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Value: 6.6

Growth: 5.9

Quality: 5.3

Yield: 0.0

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Martin Midstream Partners

A-Score: 3.8/10

Value: 9.8

Growth: 2.6

Quality: 3.7

Yield: 1.0

Momentum: 1.5

Volatility: 4.3

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Tidewater Midstream

A-Score: 3.3/10

Value: 5.5

Growth: 2.7

Quality: 1.5

Yield: 2.0

Momentum: 6.5

Volatility: 1.7

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Summit Midstream Partners

A-Score: 3.1/10

Value: 8.4

Growth: 1.0

Quality: 2.6

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.93$

Current Price

4.93$

Potential

-0.00%

Expected Cash-Flows