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TIDEWATER RENEWABLES LTD. PROVIDES SECOND QUARTER 2022 UPDATE
TIDEWATER RENEWABLES LTD. PROVIDES SECOND QUARTER 2022 UPDATE Canada NewsWire ...
About this update from Tidewater Renewables Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER RENEWABLES LTD. PROVIDES SECOND QUARTER 2022 UPDATE\n \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 Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 27, 2022\n \n \n /CNW/ - Tidewater Renewables Ltd. (\"Tidewater Renewables\" or the \"Corporation\") (TSX: LCFS) is pleased to provide a second quarter 2022 update.\n \n \n \n \n \n \n \n \n \n The Corporation's base business continues to outperform. Tidewater Renewables expects to generate 2022 and 2023 run rate EBITDA at the high end of the previously disclosed ranges of\n \n $50\n \n -55 million and\n \n $140\n \n -150 million, respectively. The Corporation remains optimistic about further outperformance in 2023, anchored by strong refined product fundamentals and regulatory tailwinds, following recent clarifications around the federal government's Clean Fuel Regulation.\n \n \n During the second quarter, the Corporation reached important milestones on its 3,000 bbl/d Renewable Diesel & Renewable Hydrogen Complex (the \"\n \n HDRD Complex\n \n \") including the commencement and completion of various construction activities and continues to produce and sell renewable diesel and gasoline from its Canola Co-Processing Project located at the HDRD Complex.  Additionally, and as previously disclosed, Tidewater Renewables entered into its inaugural multi-year sale agreement for its clean fuel regulation credits with an investment grade counterparty.\n \n \n The Corporation has exceeded initial forecasts due to increased renewable diesel prices and carbon credit values.  Strong business performance has driven initial second quarter 2022 net income estimates of\n \n $4\n \n -\n \n $5 million\n \n and Adjusted EBITDA estimates of\n \n $15\n \n -16 million. Full second quarter 2022 financial results are expected to be released on\n \n August 11, 2022\n \n .\n \n \n \n ABOUT TIDEWATER RENEWABLES\n \n \n \n Tidewater Renewables is traded on the TSX under the symbol \"LCFS\". Tidewater Renewables is a multi-faceted, energy transition company.  The Corporati...