Fifteen-year liquids premium agreement
CALGARY, June 22, 2018 /CNW/ – Tidewater Midstream and Infrastructure Ltd. (TSX: TWM) (“Tidewater” or the “Corporation“) is pleased to announce that it has entered into a fifteen-year liquids sale commitment with an investment grade counterparty, in exchange for an agreed upon liquids pricing premium.
Tidewater announces today that it successfully completed its planned maintenance and turnaround operations at the Brazeau River Complex. This maintenance and turnaround occurred over a 16-day period and is scheduled to occur every four years.
“We would like to extend our sincere thanks and congratulations to our many employees and contractors who completed these major maintenance and turnaround operations without a lost-time safety incident,” said Jarvis Williams, Vice President, Logistics and Midstream Operations. “Safely and successfully completing these operations is a significant accomplishment for Tidewater.”
Second Quarter 2018 dividend
Tidewater is pleased to announce that its Board has declared a dividend for the second quarter 2018 of $0.01 per common share payable on or about July 31, 2018 to shareholders of record on June 29, 2018. The ex-dividend date is June 28, 2018. This dividend is an eligible dividend for the purpose of the Income Tax Act (Canada).
The Corporation’s Business
Tidewater is traded on the TSX under the symbol “TWM”. Tidewater’s business objective is to build a diversified midstream and infrastructure company in the North American natural gas and natural gas liquids (“NGL”) space. Its strategy is to profitably grow and create shareholder value through the acquisition and development of oil and gas infrastructure. Tidewater plans to achieve its business objective by providing customers with a full service, vertically integrated value chain through the acquisition and development of oil and gas infrastructure including: gas plants, pipelines, railcars, trucks, export terminals and storage facilities.