Tidewater Midstream and Infrastructure Ltd.

afternoon ladies and gentlemen and welcome to the tidewater midstream and infrastructure ltd q4 2024 financial results conference call at this time all lines are in listen only mode following the presentation we will conduct a question and answer session if at any time during this call you require immediate assistance please press star 0 for the operator this call is being recorded on thursday march 27th 2025. i would not like to turn the conference over to michael gracher Please go ahead.

Thank you, Joelle. I welcome everyone to Tidewater Midstream's fourth quarter 2024 results conference call. I'm Michael Grasher, Manager of Investor Relations, and joining me today are Jeremy Baines, CEO, and Aaron Ames, Tidewater Midstream's Interim CFO. Also with us and available during the question and answer session is Sean Heaney, EVP, Planning and Strategy. Before we begin, please note that matters discussed on this call include forward-looking statements under applicable securities laws with respect to Tidewater Midstream and infrastructure LTD, including, but not limited to, statements regarding investments and acquisitions by the company, commercial arrangements of the company, the business strategies and operational activities of the company, the markets and industries in which the company operates, cost and expense management, the company's leverage and plans for debt and leverage reduction, refinancing of the company's indebtedness, the value of the company's assets, and the future growth objectives, targets, and financial and operating performance of the company and its businesses. Such statements are based on factors and assumptions that management believes are reasonable at the time that they were made and information currently available. Forward-looking statements we may express or imply today are subject to risk and uncertainties which can cause actual results to differ from expectations. Further, some of the information provided refers to non-gap metrics. To learn more about these forward-looking statements and non-gap measures, please see Tidewater Midstream's financial reports, which are available at www.tidewatermidstream.com and on CDAR. And with that, I will now pass the call over to Jeremy to go over some highlights of the quarter and the full year 2024.

Thanks, Michael. Thanks to everyone for joining us today. Operationally, Tidewater had another safe and successful quarter. Our downstream and midstream facilities continue to operate reliably and consistently throughout the fourth quarter. At PGR, throughput averaged 10,963 barrels per day, which was 6% lower than Q3 2024. The lower throughput was largely attributed to scheduled maintenance and third-party pipeline maintenance, which temporarily decreased the feedstock volume coming into the facility. HDRD had an average throughput of approximately 2,677 barrels per day, slightly lower than Q3 2024, which averaged 2,849 barrels per day. Keep in mind, during winter operations, the HDRD facility requires a minor reduction in throughput rate in order to optimize hydrogen production and produce high quality, low cloud point diesel that meets cold temperature specifications. During the fourth quarter, Prince George crack spreads spreads averaged approximately $75 per barrel, which was lower than in the fourth quarter of 2023, which averaged $87 per barrel. So far, during the start of Q1 2025, crack spreads have averaged in the low $80 per barrel range and are approximately $86 today. During the fourth quarter, the five-year offtake agreement with Synovus, which provided the sale of the majority of refined product volumes for PGR, expired. and the company has now successfully transitioned to marketing all refined products produced at both HDRD and PGR facilities in-house. Tidewater has made significant progress in marketing its diesel and gasoline volumes for 2025. As we have previously disclosed, current market discounts are wider than those at the time the Synovus offtake agreement was entered into, largely stemming from the oversupply of imported renewable diesel from Western Canada. On December 30th, 2024, Tidewater Renewables filed a trade complaint with the Canada Border Services Agency with the aim of combating the adverse effects caused by the unfair imports of subsidized renewable diesel from the US. In early March 2025, the CBSA formally initiated a countervailing anti-subsidy and anti-dumping duty investigation into imports of renewable diesel from the United States. In initiating the investigation, the CBSA confirms that Tidewater Renewables provided satisfactory evidence to support its allegations that U.S. renewable diesel imports were subsidized and dumped, causing harm to Tidewater Renewables. A decision by the CBSA regarding whether provisional duties will be imposed at the Canada-U.S. border is anticipated by June 2025. Final duties, which would be in place for five years and can be renewed every five years thereafter, could be imposed by September 2025 following a ruling by the Canadian International Trade Tribunal. If final duties are imposed at the anticipated levels valued between 50 and 80 cents per liter of renewable diesel imported from the United States, these duties would support long-term market stability for tidewater renewables, renewable diesel production, BCLCFS credit prices, and work to help restore balance within the BC market. In addition to the trade complaint, on February 27, 2025, the government of British Columbia announced changes to the Low Carbon Fuels Act, specifically to increase the renewable fuel requirement for diesel from 4% to 8% for the 2025 compliance period, together with effective April 1, 2025, requiring such renewable fuel content to be produced in Canada. The amendments represent a good first step in leveling the entire trade environment supporting tidewater renewables and the broader Canadian biofuels industry. On the midstream side of the business, the Brazzo River Complex operated well. The facility averaged 132 million cubic feet per day compared to 134 million cubic feet per day in the same period last year. Gas processing activities at the Rand River Gas Plant have been temporarily curtailed due to producers shutting in their volumes as a result of depressed natural gas prices. Natural gas prices are expected to recover during 2025, and gas processing operations are expected to resume as producer activity restarts. Sulphur handling activities continue to be operational. We also continue to remain very focused on our liquidity, and we have made great progress on non-poor asset sales and deleveraging. On March 25, 2025, we announced that the company completed the previously announced sale of the BRC Roadway Network for total proceeds of $24 million. of which 22.5 million was received and used to repay amounts outstanding on the three-year delayed draw term loan. The balance is expected to be received on or before December 31st, 2025. The disposition of the BRC roadway network is expected to have an immaterial impact to Tidewater's 2025 operating results. In addition to the sale of the previously announced used cooking oil business at Tidewater Renewables for 10.6 million on January 10th, 2025, Tidewater Renewables also completed the sale of its interest in the Rimrock Renewables Partnership for total proceeds of $7.8 million, of which $4.7 million was received on close, and a further $3.1 million is expected to be received upon the satisfaction of certain post-closing conditions on or before December 30, 2025. The net proceeds of this transaction were used to repay outstanding debt Overall, we remain laser focused on safe, efficient and reliable operations while maintaining liquidity and protecting the balance sheet by reducing costs and capital spending, which doesn't mean our return hurdles. In summary, I want to take a step back to when I joined in January 2024. At that time, the company had just completed a strategic review, which culminated in the sale of Pipestone and Dimmesdale assets in December 2023. It is worth pointing out that there have been significant changes throughout the company from the board of directors to senior management, both Tidewater Midstream and Tidewater Renewables. Since that time, we have continued making progress towards improving our operations and optimizing our asset portfolio across the consolidated entity. During this time, we sold three non-core assets for total combined proceeds of over $40 million, which was used to deliver. We have completed four financings totaling $290 million, including the convertible debentures, the revolving credit facilities, and the intercompany transaction. We completed a major turnaround at BRC Complex safely and below initial cost expectations, initiated cost and capital savings totaling over $15 million, and run rate savings expected to be on the cost side between $7 and $10 million go forward. We commissioned the HDRD facility and got it running reliably in that capacity. We weathered unfair trade practices in the renewable diesel and emission credit market stemming from a policy breakdown and worked with the government to implement necessary changes to the BCLCFS program. We still have more work to get done. Our strategy is underpinned by three key initiatives, maintaining safe and reliable operations, driving ongoing operational efficiencies, and optimizing our asset portfolio to ensure we have the right mix of assets that are generating appropriate returns. I'm proud of our Tidewater team, and I am confident in our ability to continue to progress on our plan and achieve our goal of delivering sustainable free cash flow and growth. I will now turn the call over to Aaron to go through our financial results.