TIDEWATER MIDSTREAM & INFRASTRUCTURE LTD Pioneer Pipeline Pipestone Gas Plant Acheson Rail Terminal Brazeau River Complex Prince George Refinery Investor Presentation: Expanding the Value Chain Acquisition of Prince George…
Prince George Refinery ACQUISITION STRUCTURE & HIGHLIGHTS Acquisition Price: Acquisition of Prince George Refinery for a base transaction price of 215 million Working Capital: Additional 62 million payable for current and long term…
Prince George Refinery STRATEGIC RATIONALE Acquisition of 1 of 2 refineries in B.C.; provides exposure to Prince George market, a highly profitable market with high barriers to entry and a material supply shortfall (net short 150.0…
Expanding the Value Chain ACQUISITION OF PRINCE GEORGE REFINERY (PGR) FROM HUSKY ENERGY FOR 215 MILLION A Diversified Midstream Company with an Expanding Value Chain, Supported by Long Term Contracts 1 MONTNEY Acquire and Build High…
Pro Forma Adj. EBITDA Make-up PGR SIGNIFICANTLY IMPROVES TWMS DIVERSITY, CONTRACTEDNESS AND COUNTERPARTY MIX Highlights Stand Alone Pro Forma PGR 4% PGR is expected to be a material 2020E Adj. EBITDA by contributor to corporate…
Integrated Value Chain PGR IS AN ACCRETIVE ADDITION TO TWMS NATURAL GAS, NGL, AND CRUDE OIL VALUE CHAINS Natural Gas Natural Gas Liquids Crude and Condensate 30,000 bbls/d of NGL processing 12,000 bbls/d refining capacity 1.0 Bcf/d…
Prince George Refinery EXPANDING THE PIPESTONE VALUE CHAIN Pipestone Complex BC AB 45 API crude/condensate processed at the Pipestone Gas Plant is the ideal feedstock for the Prince George Refinery Crude is transported from…
History of Successful Acquisitions & Development DEMONSTRATED ABILITY TO EFFECTIVELY INTEGRATE AND ENHANCE THE VALUE OF ACQUIRED ASSETS A June 2, 2015 (180 mm) B May 5, 2016 (11 mm) A December 19, 2016 (30 mm) C December 6, 2017 (195 mm)…
Montney Core Area Overview STRATEGICALLY POSITIONED TO OFFER MONTNEY CUSTOMERS PROCESSING, EGRESS, AND STORAGE Pipestone began processing sour gas on September 15, 2019 and processing approximately 30 MMcf/d during start-up phase…
Montney Core Area Pipestone Gas Plant FLAGSHIP 100 MMCF/D GAS PROCESSING PLANT, COMPLETED ON TIME AND ON BUDGET Well Legend Well Producing Wells Land Legend Crown - Advantage Crown - CNRL Crown - Encana Crown - Husky Crown -…
Deep Basin Core Area Overview ACTIVITY CONTINUES TO INCREASE AROUND TIDEWATERS DEEP BASIN ASSETS Pioneer Pipeline physically connects Tidewaters largest gas processing complex (BRC) to a large new demand source in TransAltas Sundance…
Deep Basin Core Area Pioneer Pipeline CONNECTS TIDEWATERS LARGEST GAS PROCESSING COMPLEX TO A LARGE NEW DEMAND SOURCE Well Legend Comparative Natural Gas Pipeline Construction Costs(1) Well Rig Released Last 12 Months 400,000…
Edmonton Core Area Overview EDMONTON ASSETS PROVIDE EGRESS AND TAKEAWAY OPTIONS THROUGHOUT THE DEEP BASIN Tidewater has over 800 km of key pipelines and valuable right of ways at Edmonton, 600 acres of heavy industrial land at…
Corporate & Operations Update CORPORATE RESPONSIBILITY Low Carbon Initiatives / Accomplishments The Prince George Refinery is one of the only assets in Western Canada that can utilize renewables (canola oil, biodiesel, and ethanol…
Pro Forma Tidewater Corporate Profile PRO FORMA ACQUISITION OF PRINCE GEORGE REFINERY Stock Symbol TSX: TWM Common Shares Outstanding 335 million Insider Ownership (Fully Diluted) 6.0% Market Capitalization (1) 365 million Pro…
Appendix Prince George Refinery Overview 19
Prince George Refinery SNAPSHOT OF FACILITY HIGHLIGHTS Acquisition of a highly profitable light oil refinery located in Prince George, B.C. One of two refineries in British Columbia; PGR has been operated by Husky for over 50 years…
Prince George Refinery ENHANCING THE VALUE OF PGR WITHIN TIDEWATER Strong plan in place to ensure PGRs smooth integration and enhanced go-forward operations Retention of a highly experienced team with an average of 18 years of…
Prince George Refinery Refined Product Dynamics SOLE REFINERY IN NICHE INTERIOR B.C. REGION Localized refined product demand in the Prince George market is higher Western Canadian Refined Product Flows than available refined product…
Prince George Refinery Crude Input Dynamics FAVOURABLY POSITIONED IN DISCOUNTED WESTERN CANADIAN CRUDE MARKET PGR is favourably positioned as a buyer of light Western Canadian crude oil(1) which has historically traded at varying…
Prince George Refinery Margin Maximization CRACK SPREADS AMONGST THE HIGHEST IN NORTH AMERICA The combination of discounted regional crude prices and strong refined product pricing results in Western Canada consistently having some of…
Prince George Refinery A Focus on Contracting READILY AVAILABLE FEEDSTOCK & 5-YEAR CONTRACT FOR OFFTAKE SECURED Feedstock for the facility is entirely supplied from over 40.0 mbbl/d (1) of existing light oil production from NEBC & Alberta…
Prince George Refinery Historical Operations STRONG ADJ. EBITDA GENERATION DRIVEN BY OPERATIONAL EXCELLENCE PGRs strong mechanical and operational availability has led to PGR Historical Crude Throughput & Utilization(1) high utilization…
Prince George Refinery PRECEDENT REFINERY ACQUISITIONS Attractive purchase metrics compare favourably to precedent refinery transactions in North America 8.8x 8.6x 8.1x 7.7x 6.6x 6.3x Average 6.3x 5.6x 5.4x 4.0x 4.2x…
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