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Tidewater announces regulatory approval of pipeline to TransAlta, updates Q3 guidance and crude oil infrastructure initiatives and announces Q3 release details
Tidewater announces regulatory approval of pipeline to TransAlta, updates Q3 guidance and ...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n\n\n\nTidewater announces regulatory approval of pipeline to TransAlta, updates Q3 guidance and crude oil infrastructure initiatives and announces Q3 release details\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 30, 2018\n\n\n\nCALGARY, Oct. 30, 2018 /CNW/ - \nRegulatory approval for TransAlta intra-Alberta pipeline\nTidewater Midstream and Infrastructure Ltd. (\"Tidewater\" or the \"Corporation\") announces today that it received approval from the Alberta Energy Regulator to construct and operate the previously announced 120 km natural gas pipeline connecting Tidewater's Brazeau River Complex to TransAlta Corporation's (\"TransAlta\") generating units at Sundance and Keephills (the \"Pipeline\"). The Pipeline will have initial capacity of 130 MMcf/d which may be expanded to approximately 440 MMcf/d and is supported by a 15 year take or pay commitment from TransAlta.  Tidewater expects to commence construction within the next three weeks to meet a projected in-service date in Q3/Q4 of 2019.  \n\"Tidewater is well positioned to commence constructing this very important piece of infrastructure that will provide a source of egress to many Alberta gas producers,\" said Reed McDonnell, Vice President, Acquisitions and JV of Tidewater. \"We are very excited to move forward with our long-term arrangement with TransAlta.\" \nUpdate to Q3 guidance\nDue to reduced customer volume in Q3, 2018, Tidewater expects third quarter Adjusted EBITDA to be approximately 95% of expected Adjusted EBITDA of $18.5 million. Despite the low gas, Natural Gas Liquids and condensate pricing realized in Q3, 2018, Tidewater's mix of customers and contracts maintained Adjusted EBITDA to within 5% of expectations.\nCrude oil infrastructure update\nTidewater has executed a total of six crude oil infrastructure agreements to date to deliver crude oil to six end markets including direct to three refiners. Tidewater now expects the impact of these agreements to be greater than 10% of incremental annualized Adjusted EBITDA in 2019 compared to ...