Tidewater Midstream closes pipeline segment purchase

Executive Summary

• Tidewater Midstream and Infrastructure Ltd. has officially closed the acquisition of the north segment of the Western pipeline system from Pembina Pipeline Corp. and its affiliates.
• The acquired asset is a critical infrastructure component connecting the Prince George refinery (PGR) to crude supply sources in northeastern British Columbia.
• Tidewater expects the integration of this pipeline to generate meaningful operational efficiencies, specifically optimizing feedstock procurement and reducing cost structures at the PGR.

Key Details

• Transaction Status: The acquisition has been closed.
• Acquirer: Tidewater Midstream and Infrastructure Ltd. (via a wholly owned limited partnership).
• Seller: Pembina Pipeline Corp. and certain of its affiliates.
• Asset Acquired: The north segment of the Western pipeline system.
• Strategic Rationale: Integration into Tidewater's downstream operations and capital program is expected to deliver operational efficiencies, enhance feedstock procurement optimization, and improve the cost structure at the Prince George refinery (PGR).

Notable Quotes

• "Integration of the Western pipeline within Tidewater's downstream operations and capital program is expected to deliver meaningful operational efficiencies, enhancing Tidewater's ability to optimize its feedstock procurement and cost structure at the PGR."