CALGARY, Sept. 23, 2019 /CNW/ -
Pipestone Gas Plant Commissioning
Tidewater Midstream and Infrastructure Ltd. ("Tidewater"
or the "Corporation") (TSX: TWM) is pleased to announce that
it completed commissioning and start-up of the Pipestone Montney,
sour deep-cut gas processing complex ("Pipestone Gas
Plant"). The Pipestone Gas Plant is designed to process
approximately 100 MMcf/day of sour gas and includes an acid gas
injection well, salt water disposal well, and pipelines that
directly connect to Tidewater's Pipestone Gas Storage
Facility. Additionally, the Pipestone Gas Plant is connected
to both the Alliance and TC Energy pipeline network.
The Pipestone Gas Plant began processing sour gas on
September 15, 2019 and is currently
processing approximately 30 MMcf/day of sour gas during this
start-up phase. Tidewater expects processing to ramp up to at
or near full capacity of 100MMcf/day by the end of the year.
Tidewater received approval from the Alberta Energy Regulator
to construct and operate the Pipestone Gas Plant in October, 2018
and began constructing this plant shortly thereafter. The
Pipestone Gas Plant was constructed on time and on budget with
Tidewater's divestment of the plant's 32MW cogeneration units for
cash proceeds of $85 million during
the first quarter of 2019. Capacity at the Pipestone Gas
Plant is fully contracted with customers including two investment
grade counterparties having executed processing agreements.
Toby McKenna, Vice President of
Business Development commented that this plant represents a
significant milestone for Tidewater. "With the start-up of
this strategic asset, Tidewater is well positioned in the
Grande Prairie area to offer
Montney producers natural gas and
liquids processing, egress and storage opportunities." Mr.
McKenna added that "we at Tidewater are grateful to all of our
employees, contractors and service providers who diligently worked
to build this plant in a safe and environmentally responsible
manner. We also wish to thank all of our customers for their
continued support and confidence in Tidewater."
Q3 Dividend Announcement
Tidewater is pleased to announce that its Board of
Directors has declared a dividend for the third quarter 2019 of
$0.01 per common share payable on or
about October 31, 2019 to
shareholders of record on September 30,
2019. The ex-dividend date is September 27, 2019. This dividend is an eligible
dividend for the purpose of the Income Tax Act (Canada).
About Tidewater
Tidewater is traded on the TSX under the symbol "TWM".
Tidewater's business objective is to build a diversified midstream
and infrastructure company in the North American natural gas,
natural gas liquids ("NGL") and crude oil space. Its
strategy is to profitably grow and create shareholder value through
the acquisition and development of oil and gas infrastructure.
Tidewater plans to achieve its business objective by providing
customers with a full service, vertically integrated value chain
through the acquisition and development of oil and gas
infrastructure including: gas plants, pipelines, railcars, trucks,
export terminals and storage facilities.
Cautionary Notes
Advisory Regarding Forward-Looking Statements
In the interest of providing Tidewater's shareholders and
potential investors with information regarding Tidewater,
including management's assessment of Tidewater's future plans and
operations, certain statements in this press release are
"forward-looking information" within the meaning of applicable
Canadian securities legislation ("forward-looking statements"). In
some cases, forward-looking statements can be identified by
terminology such as "anticipate", "believe", "continue", "could",
"estimate", "expect", "forecast", "intend", "may", "objective",
"ongoing", "outlook", "potential", "project", "plan", "should",
"target", "would", "will" or similar words suggesting future
outcomes, events or performance. The forward-looking statements
contained in this press release speak only as of the date thereof
and are expressly qualified by this cautionary statement.
Specifically, this press release contains forward-looking
statements relating to but not limited to projected processing
capacity of the Pipestone Gas Plant and projections regarding ramp
up to such capacity. These forward-looking statements are based on
certain key assumptions regarding, among other things: our ability
to execute on our business plan; that third party infrastructure
will be completed according to estimated timelines; that any third
party projects relating to the Corporation's growth projects will
be sanctioned and completed as expected; that there are no
unforeseen events preventing the performance of contracts; that
there are no unforeseen material construction, integrity or other
costs related to current growth projects or current operations; our
operating activities; the availability and cost of labour and other
industry services; and current industry conditions, laws and
regulations continuing in effect (or, where changes are proposed,
such changes being adopted as anticipated). Readers are cautioned
that such assumptions, although considered reasonable by Tidewater
at the time of preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors. These known and
unknown risks and uncertainties, include, but are not limited
to: the regulatory environment and decisions; the ability
of Tidewater or its joint venture partners or customers to raise
sufficient capital (or to raise sufficient capital on favourable
terms) to fund future expansions and growth projects and satisfy
future commitments; failure to negotiate and conclude any required
commercial agreements or failure to obtain project sanctioning;
increased construction costs, or construction delays, on
Tidewater's expansion and growth projects; labour and material
shortages; non-performance of agreements in accordance with
their terms; the impact of competitive entities and pricing;
reliance on key industry partners, alliances and agreements; the
continuation or completion of third-party projects; actions by
governmental or regulatory authorities including changes in tax
laws and treatment, construction delays; labour and material
shortages; and certain other risks detailed from time to time in
Tidewater's public disclosure documents including, among other
things, those detailed under the heading "Risk Factors" in
Tidewater's management's discussion and analysis and annual
information form for the year ended December 31, 2018.
The above summary of assumptions and risks related to
forward-looking statements in this press release has been provided
in order to provide shareholders and potential investors with a
more complete perspective on Tidewater's current and future
operations and such information may not be appropriate for other
purposes. There is no representation by Tidewater that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and Tidewater does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
Additional information relating to Tidewater is available on
SEDAR at www.sedar.com and at www.tidewatermidstream.com.
SOURCE Tidewater Midstream and Infrastructure Ltd.