Canada · Delayed Price · Currency is CAD Tidewater Midstream and Infrastructure Earnings Call Transcripts
Fiscal Year 2026
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Strong Q1 2026 results driven by regulatory tailwinds, high facility utilization, and improved market pricing led to increased adjusted EBITDA guidance for the year. Capital discipline and hedging support robust outlook, with asset sales expected to further strengthen liquidity.
Fiscal Year 2025
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Operational disruptions led to Q4 losses, but 2026 guidance forecasts a 400% EBITDA increase, driven by regulatory incentives, higher utilization, and asset sales. Most cash flow will be used for debt reduction, with hedging and amended credit facilities supporting financial flexibility.
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Q3 2025 saw strong operational execution, with the Western Pipeline acquisition closed and integration underway. Renewables faced a net loss due to non-cash items, but adjusted EBITDA rose 54%. The outlook is positive, with margin expansion expected as market conditions improve.
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Renewables saw strong commercial and financial gains, with over 70% of H2 2025 HDRD output contracted and net income up $8M sequentially. Midstream faced lower margins and a $16.3M net loss, but asset sales and cost controls support improved outlook for H2 2025.
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Shareholders elected six directors, approved Deloitte LLP as auditors, passed resolutions on restricted share units, share consolidation, and executive compensation, with all motions receiving strong majority support. No questions were raised during the Q&A.
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Q1 2025 saw a significant net loss and negative adjusted EBITDA due to lower refined product sales and margins, but steps like the Western Pipeline acquisition and asset sales aim to improve cash flow and reduce leverage. Market oversupply and regulatory changes continue to impact operations.
Fiscal Year 2024
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Q4 2024 saw improved net loss and stable adjusted EBITDA, with operational reliability despite lower throughput due to maintenance. Regulatory changes and trade actions are expected to support renewable diesel margins, while asset sales and amended debt covenants enhance liquidity and flexibility.
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Q3 2024 saw lower adjusted EBITDA due to weaker pricing and throughput, with margins pressured by oversupply and subsidized imports. Guidance was revised to the low end, and maintenance capital was reduced, supporting free cash flow.
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Q2 2024 saw strong operational performance and a 98% HDRD utilization rate, but depressed BC LCFS credit prices led to a major asset transaction to address liquidity. EBITDA guidance was lowered to $130–$150 million, with compliance covered through 2025.