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TIDEWATER Midstream and Infrastructure Ltd. Tidewater Midstream and Infrastructure Ltd. Announces First Quarter 2021 Results and Operational Update CALGARY , AB , May 13 , 2021 / CNW / - Tidewater Midstream and Infrastructure Ltd. ( " Tidewater " or the " Corporation " ) ( TSX : TWM ) is pleased to announce that it has filed its condensed interim consolidated financial statements and Management's Discussion and Analysis ( " MD & A " ) for the three month period ended March 31 , 2021 . FIRST - QUARTER 2021 FINANCIAL PERFORMANCE Highlights • The first quarter of 2021 represented Tidewater's eighth consecutive quarter of Adjusted EBITDA growth . This performance continues to highlight the resiliency and stability of its integrated business model . Adjusted EBITDA increased to $ 51.1 million in the first quarter of 2021 as compared to $ 41.5 million in the first quarter of 2020 , resulting in 23 % Adjusted EBITDA growth . Adjusted EBITDA also increased by $ 2.3 million as compared to the fourth quarter of 2020 resulting in 5 % Adjusted EBITDA growth . Net income attributable to shareholders was $ 8.4 million for the first quarter of 2021 as compared to a net loss of $ 38.1 million in the first quarter of 2020. This increase is the result of unrealized gains on derivative contracts and increased operating income driven predominantly by higher commodity prices . Net cash provided by operating activities totaled $ 55.5 million for the first quarter of 2021 , with distributable cash flow of $ 16.9 million and a payout ratio of 20 % . • Tidewater continues to evaluate multiple financing options for its renewable initiatives including its proposed 3,000 bbls / day renewable diesel and renewable hydrogen facility for which the Corporation has received approximately $ 100 million in BC Government support for the total $ 215 to $ 235 million capital cost . The financing options being pursued would not add incremental leverage to the Corporation . Tidewater has a vital role to play in the long - term renewable energy transition in Canada and is currently developing clean fuels through its existing hydrogen and carbon capture assets , its ability to blend ethanol and renewable diesel and its current canola co - processing project . Tidewater is also evaluating opportunities in various renewable energy initiatives including renewable diesel , co - processing , renewable hydrogen , blue hydrogen , renewable natural gas , carbon capture and other renewable energy projects . • The Corporation , together with its partner TransAlta Corporation ( " TransAlta " ) , continues to move forward with the sale of its Pioneer Pipeline to ATCO Gas and Pipelines Ltd. ( " ATCO " ) for gross proceeds of $ 255 million ( the " Pioneer Transaction " ) . Net cash proceeds to Tidewater are anticipated to be approximately $ 135 million which includes certain ancillary assets and completion of budgeted restoration work to be paid for by TransAlta . The transaction is subject to customary conditions for a transaction of this nature including regulatory approvals by the Alberta Utilities Commission ( " AUC " ) and the Alberta Energy Regulator . Regulatory approval is anticipated in the second quarter of 2021 . • Tidewater's top priorities remain free cash flow generation and debt reduction . Tidewater is committed to reducing leverage throughout 2021 with a target of 3.0x to 3.5x Net Debt to annualized Adjusted EBITDA , subsequent to the closing of the Pioneer Transaction .