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Tidewater Midstream and Infrastructure (TWM) investor relations material
Tidewater Midstream and Infrastructure Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Strong commercial momentum for renewables driven by BC's Low Carbon Fuels Act amendments, doubling renewable diesel requirements and mandating Canadian production from April 2025.
Over 70% of HDRD facility's 2025 forecasted production contracted, mainly for R100 renewable diesel, with pricing aligned to US import parity benchmarks.
Net loss attributable to shareholders increased to $16.3 million in Q2 2025 from $4.7 million in Q2 2024, mainly due to lower refined product margins, partially offset by favorable derivative contract changes and lower G&A costs.
Asset sale program progressing, with over $37 million in non-core asset sales executed or closed in 2025, including a $5.5 million sale post-quarter.
Acquisition of the Western Pipeline segment for $1.2 million plus $30 million in assumed obligations, expected to close by September 1, 2025.
Financial highlights
Q2 2025 consolidated net loss: $16.3 million vs. $4.7 million loss in Q2 2024; adjusted EBITDA: $16.0 million vs. $45.3 million in Q2 2024.
Tidewater Renewables reported Q2 net income of $13M and adjusted EBITDA of $10.7M, both up $8M quarter over quarter, driven by new R100 contracts.
Distributable cash flow per share: $(0.02) in Q2 2025, unchanged from Q2 2024.
Net debt at June 30, 2025: $570.1 million, up from $505.9 million at June 30, 2024.
$20M of consolidated debt repaid, with $55M of available capacity on senior credit facilities as of June 30, 2025.
Outlook and guidance
HDRD complex on track to meet full-year throughput guidance of 2,200–2,400 barrels per day, including Q3 turnaround.
Full-year 2025 capital program expected at $15–$20 million, excluding Western Pipeline maintenance capital.
Expectation for Prince George refinery throughput to return to normal post-October maintenance.
Focus remains on operational efficiency, margin expansion, and advancing non-core asset sales to increase liquidity.
Focus on improving downstream product margins, increasing midstream throughput, and managing costs.
HDRD facility: Contracted offtake percentage for H2 2025
PGR: Expected throughput after scheduled maintenance
SAF project: Timeline for final investment decision
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Next Tidewater Midstream and Infrastructure earnings date
Q3 202513 Nov, 2025
Next Tidewater Midstream and Infrastructure earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Tidewater Midstream and Infrastructure Ltd. is a Canadian company engaged in the development, construction, and operation of energy infrastructure. The company focuses on the transportation, processing, storage, and marketing of natural gas, natural gas liquids (NGLs), and crude oil. Tidewater Midstream operates a network of pipelines, gas processing plants, and storage facilities, providing services to producers and customers in the energy industry. The company also engages in the marketing and trading of hydrocarbons. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.
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