About Tidewater Midstream and Infrastructure

Tidewater Midstream and Infrastructure Ltd., through its subsidiaries, operates as a diversified midstream and infrastructure company in North America. The company engages in the acquisition and development of oil and gas infrastructure, including refining and distribution of light crude oils and refined products, natural gas processing and extraction plants, pipelines, natural gas liquids (NGLs) and crude oil by rail, export terminals and storage facilities (collectively, the light crude oil refining, natural gas, NGL and crude oil midstream infrastructure business). The company has two material subsidiaries Tidewater Propane Inc. – that owns and operates the corporation's retail propane business; and Tidewater Logistics Ltd. –that owns and operates the company’s NGL trucking business. Tidewater's Operations The company focuses on natural gas, NGL and crude oil midstream infrastructure and light oil refining within the liquidsrich Western Canadian Sedimentary Basin, including the Montney, Edmonton and Deep Basin core areas, as well as Prince George, B.C. The company utilizes its network of integrated light crude oil refining, natural gas and NGL midstream infrastructure to provide essential services to its customers. As of December 31, 2019, the company operated as one operating segment, midstream and infrastructure. Refined Products – The company purchases light crude oil and refines and produces refined products including low sulfur diesel and gasoline. Gathering, Processing and Transportation – The company provides fee-based processing, storage and terminalling services and tariff-based pipeline services for natural gas and NGLs. NGL/Crude Oil Marketing and Extraction – The company purchases, extracts, sells, stores and blends NGLs. The company also purchases, transports, stores and sells crude oil throughout North America. Other – The company’s other revenue stream includes propane distribution to customers throughout western Canada, as well as minor upstream oil and gas production in western Canada. Refined Products The company has a 100% ownership interest in the e 12.0 s thousand barrels per day (Mbbl/d) light oil refinery located at Prince George, British Columbia (PGR). The PGR produces low sulfur diesel and gasoline, in addition to other products, to supply the greater Prince George region. Customers and Contracts Pipestone Gas Plant is capable of producing 15.0 Mbbl/d of 45° API condensate and, correspondingly, 45° API condensate is the optimal and feedstock for the PGR. PGR's two customers are two of the company’s customers at the Pipestone Gas Plant. Gathering, Processing and Transportation The company has ownership interests in a number of active gas plants and gathering systems, NGL extraction and fractionation facilities and a refinery in western Canada (primarily the Alberta Deep Basin, West Pembina, Edmonton, Pipestone and Prince George regions), of which it operates the majority of these assets. In addition, the company owns approximately 6,000 km (gross) of pipelines. The company’s gathering, processing and transportation operations generate revenue from fee-based (take-or-pay or feefor-service basis) processing, storage and terminalling services and tariff-based pipeline services for natural gas and NGLs. The company provides fee-based processing, storage and terminalling services and tariff-based pipeline services for natural gas and NGLs. The Brazeau River Complex (BRC), a 225 million cubic feet per day (MMcf/d) deep-cut gas processing facility located in the West Pembina region in central Alberta, was the company’s core asset and includes approximately 10,000 barrels per day (bbls/d) of liquid fractionation capability. The company owns a 100% working interest in the BRC and also owns 225 km of gas gathering pipelines connected to the BRC and a 100% working interests in three proven natural gas storage reservoirs. The Ram River Gas Plant, in which company has an 95% operated working interest, is a rail-connected 600 MMcf/d processing facility located in the Strachan region in west central Alberta. The company also has an operated working interest in approximately 600 km of pipelines that connect to the Ram River Gas Plant, which run from Narraway and Wapiti and interconnect Ansell, Brazeau, Stolberg and Ferrier, that provide connectivity between Tidewater's core Montney and Deep Basin areas. The Pipestone Gas Plant is a 100 MMcf/d sour, deep-cut Montney gas plant with acid gas injection and 20,000 bbls/d of NGL processing capability, as well as a gathering pipeline network, in the Pipestone area near Grande Prairie, Alberta. The facility is fully contracted and is connect to company’s Pipestone infrastructure/egress hub. The company and TransAlta (through its subsidiary, TransAlta Generation Partnership) each own 50% of the Pioneer Pipeline through a limited partnership, Pioneer Pipeline LP. Pioneer Pipeline LP carries on the business of owning, developing, constructing and operating the Pioneer Pipeline. Customers and Contracts The company provides fee-based processing, storage and terminal services and tariff-based pipeline services to independent and integrated oil and gas producers. End users for the company’s products range from large natural gas utilities, producers and refiners, to retail customers with product reaching the end markets through major export pipelines and rail infrastructure to which Tidewater is connected. NGL Marketing and Extraction The company provides marketing services to its customers and also focuses on increasing volumes through its gas plants and pipelines. The company purchases, extracts, sells, stores and blends NGLs and has three operating ethane extraction plants in the Edmonton area as well as NGL fractionation at the BRC. Customers In the NGL marketing business, the company’s customer base is diversified and includes integrated oil and gas companies, producers, refineries and retail customers. Crude Oil Marketing and Transportation The company provides marketing services to crude oil customers including producers, refiners, third party crude oil markets and downstream consumers. The company operates facilities connected to Western Canadian pipeline egress for crude oil and condensate, as well as a proprietary rail terminal in Acheson, Alberta. The Acheson rail terminal is connected to transport crude oil by rail both into and out of the province. Customers In the crude oil marketing business, the company’s customer base is diversified and includes integrated oil and gas companies, producers, refineries and downstream end user customers. Other The company’s other revenue stream includes its propane distribution business, natural gas storage business, as well as minor upstream oil and gas production. The company distributes propane to retail and wholesale customers throughout western Canada. The company has proven natural gas injectivity of approximately 150 MMcf/d, proven withdrawal capacity of approximately 60 MMcf/d and total storage capacity of approximately 200 billion standard cubic feet. Strategy The key elements of the company’s strategy is to selectively pursues acquisitions; builds on the interconnectivity of its infrastructure and its integrated business model; strives to provide reliable midstream services; pursues opportunities to increase throughput at its existing facilities; and invests in expansion and optimization opportunities to meet its customer needs and complement its service offerings. History Tidewater Midstream and Infrastructure Ltd. was incorporated in 2015.