Tidewater Midstream and Infrastructure Ltd. is a diversified midstream and infrastructure company operating primarily in Western Canada. The company's business model spans the natural gas, natural gas liquids (NGL), crude oil, refined products, and renewable energy value chains. Tidewater's operations are divided into midstream/downstream activities and renewable energy. Its core midstream and downstream assets include the Brazeau River Complex (BRC), which provides natural gas processing, extraction, and storage services, and the Prince George Refinery (PGR) in British Columbia, a light oil refinery that produces low-sulfur diesel and gasoline for local markets. The company also engages in NGL marketing and operates a network of pipelines and storage terminals.
In addition to its traditional fossil fuel infrastructure, Tidewater holds a majority stake (approximately 69%) in Tidewater Renewables Ltd. (TSX: LCFS), a publicly traded subsidiary focused on the energy transition. Tidewater Renewables operates the HDRD (Hydrogen Derived Renewable Diesel) Complex, which co-processes renewable feedstocks to produce renewable diesel and emissions credits. The company generates revenue through processing fees, marketing margins on NGLs and refined products, and the sale of renewable fuels. In late 2023, Tidewater sold its Pipestone natural gas plant and Dimsdale storage facility to AltaGas for $650 million to deleverage its balance sheet and focus on its core BRC, PGR, and renewables assets.
