CALGARY, AB, March 7, 2022 /CNW/ - Tidewater Midstream and
Infrastructure Ltd. ("Tidewater Midstream" or the "Corporation")
(TSX: TWM) is pleased to announce the release of its inaugural ESG
Report summarizing the Corporation's performance on several key
environmental, social and governance ("ESG") topics and
highlighting its commitment to responsible energy development.
"Tidewater Midstream is excited about our role within the energy
industry to reliably and cost-effectively deliver sustainable
energy solutions across North
America," said Joel MacLeod,
Chairman and Chief Executive Officer. "We recognize that we are in
the early stages of our ESG journey and have more to do, but we are
committed to continual improvement and strive to become a leader in
the space."
The report features Tidewater Midstream's progress to date
including:
- Establishing an ESG Committee chaired by the Chief Executive
Officer and also comprised of the Chair of the Corporation's board
of director's Corporate Governance, Compensation, Nomination,
Health, Safety, and Environment Committee, Chief Financial Officer,
Chief Legal Officer & EVP, Shared Services, VP HSE &
Regulatory, Director of Investor Relations and Refinery Economics,
Director of Legal and Assistant Corporate Secretary and Manager,
Sustainability. The ESG Committee meets weekly to review
opportunities to improve the Corporation's ESG performance.
- Demonstrating a strong safety record with zero lost time
injuries in the past three calendar years and zero fatalities since
inception.
- Continuing Tidewater's commitment to invest time and resources
in the communities where the Corporation operates and contributing
over $465,000 in the past four years
to various community initiatives.
- Stepping into a leadership role and becoming a founding member
of Project Forest in 2020, a non-profit organization committed to
planting trees to sequester carbon in Alberta. The Corporation has committed to
planting 20,000 trees over the next 5 years.
- Creating a subsidiary, Tidewater Renewables Ltd., in
August 2021 and retaining an
approximate 69% equity ownership in such entity. Tidewater
Renewables is building Canada's
first ever renewable diesel facility which will drive an expected
80%-90% carbon intensity reduction compared to conventional
diesel.
The inaugural ESG report provides performance metrics for the
2017 to 2020 calendar years, with the Corporation planning to issue
a full report biennially with performance tables being updated
annually. The report and disclosures are guided by the Sustainable
Accounting Standards Board (SASB) standards for Oil and Gas –
Midstream, and Oil and Gas – Refining and Marketing.
The full ESG report is available on the Corporation's website at
http://www.tidewatermidstream.com/sustainability
About Tidewater Midstream
Tidewater Midstream is traded on the TSX under the symbol "TWM".
Tidewater Midstream's business objective is to build a diversified
midstream and infrastructure company in the North American natural
gas, natural gas liquids, crude oil, refined product and renewable
space. Its strategy is to profitably grow and create shareholder
value through the acquisition and development of oil and gas
infrastructure. Tidewater Midstream plans to achieve its business
objective by providing customers with a full service, vertically
integrated value chain, including gas plants, pipelines, railcars,
export terminals, storage, downstream facilities and various
renewable initiatives.
Additional information relating to Tidewater Midstream is
available on SEDAR at www.sedar.com and at
www.tidewatermidstream.com.
Advisory Regarding Forward-Looking Statements
Certain information regarding Tidewater Midstream set forth in
this press release, including management's assessment of the
company's future plans and operations, contains forward-looking
statements that involve substantial known and unknown risks and
uncertainties. This information may not be appropriate for other
purposes and includes aspirational goals, approximations, and
estimates, which will differ from actual results, and is for
information purposes only. The use of any of the words
"anticipate", "continue", "estimate", "project", "intends",
"expect", "may", "will", "project", "should", "forecast", "target",
"goal", "believe" and similar expressions are intended to identify
forward-looking statements. These statements are only
predictions and actual events, or results may differ
materially. Although Tidewater believes that the expectations
reflected in the forward-looking statements are reasonable, it
cannot guarantee future results, levels of activity, performance or
achievement since such expectations reflected in the
forward-looking statements are inherently subject to significant
business, economic, competitive, political, and social
uncertainties, and contingencies. Many factors could cause
Tidewater's actual results to differ materially from those
expressed or implied in any forward-looking statements made by, or
on behalf of, Tidewater.
In particular, forward-looking statements included in this press
release include, but are not limited to, statements with respect
to: Tidewater Renewables Ltd.'s, a subsidiary of Tidewater,
plans to construct Canada's first
ever renewable diesel facility; and, estimates of reductions in
carbon intensity relative to conventional diesel resulting from
such facility.
These forward-looking statements are based on certain key
assumptions regarding our ability to execute on our business plan
including with respect to construction, by our subsidiary, of the
renewable diesel facility; availability of adequate volumes of
feedstock for use in the Prince
George refinery; our operating activities and current
industry conditions; the timely receipt of all required regulatory
approvals; general business, economic and market conditions; the
ability of Tidewater to obtain the required capital to finance its
operations and projects; anticipated timelines and budgets being
met with respect to Tidewater's operations and projects; future
natural gas liquids prices and 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.
Although we believe these forward-looking statements are
reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and are
subject to numerous risks and uncertainties, most of which are
beyond the company's control, including the impact of general
economic conditions; industry conditions; liabilities inherent in
operations in the energy industry; energy transition, including the
drivers and pace thereof; the COVID-19 pandemic and the duration
and impact thereof; availability of feedstock for use in the
Prince George refinery; that
governmental policies or laws may change or governmental approvals
may be delayed or withheld; sufficiency of budgeted capital
expenditures in carrying out planned activities; uncertainties
regarding aboriginal claims and in maintaining relationships with
local populations and other stakeholders; exchange rates;
inflation; interest rates; availability and price of labor and
construction materials; weather; litigation; changes in
legislation, regulations or government policy; environmental risks;
hazards such as fire, explosion, blowouts, and spills, any of which
could result in substantial damage to our facilities, other
property and the environment or in personal injury; and the other
risks considered under "Risk Factors" in Tidewater's most recent
annual information form available at www.sedar.com.
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.
SOURCE Tidewater Midstream and Infrastructure Ltd.