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TIDEWATER Midstream and Infrastructure Ltd. Tidewater Midstream and Infrastructure Ltd. Announces Second Quarter 2021 Results and Operational Update CALGARY , AB , Aug. 5 , 2021 / CNW / - Tidewater Midstream and Infrastructure Ltd. ( " Tidewater Midstream " 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 and six month periods ended June 30 , 2021 . SECOND - QUARTER 2021 FINANCIAL PERFORMANCE Highlights • Tidewater Midstream delivered another record quarter of Adjusted EBITDA growth . This performance continues to highlight the resiliency and stability of the Corporation's integrated business model and the Corporation continues to grow in the energy sector with the creation of Tidewater Renewables Ltd. , as described below . Adjusted EBITDA increased to $ 52.3 million in the second quarter of 2021 as compared to $ 41.9 million in the second quarter of 2020 , resulting in 25 % Adjusted EBITDA growth year over year . Net income attributable to shareholders was $ 64.3 million for the second quarter of 2021 as compared to a net income of $ 1.1 million in the second quarter of 2020. This increase is the result of both realized and unrealized gains on derivative contracts related to the Corporation's feedstock for its downstream operations , secured at a lower cost , as well as the Corporation's realized gain on the sale of assets from its Pioneer Pipeline disposition . • Net cash provided by operating activities totaled $ 42.3 million for the second quarter of 2021 , with distributable cash flow of $ 17.3 million and a payout ratio of 20 % . • On July 21 , 2021 , the Corporation announced the formal creation of Tidewater Renewables Ltd. ( " Tidewater Renewables " ) as a wholly owned subsidiary of the Corporation . Tidewater Renewables was formed to become a multi - faceted , energy transition company focusing on the production of low carbon fuels . The creation of and the initial public offering of Tidewater Renewables is a result of a thorough evaluation of financing alternatives with the goal of funding Tidewater Renewables ' portfolio of clean fuel projects while allowing the Corporation to continue to deleverage through 2021 . An amended and restated preliminary prospectus qualifying the initial public offering of Tidewater Renewables ' common shares to the public ( the " Offering " ) was filed on July 26 , 2021. In connection with the Offering , Tidewater Renewables will acquire certain pre - existing operating assets as well as a number of growth projects from the Corporation that will provide an initial platform for the renewable diesel , renewable hydrogen , and renewable natural gas business units ( the " Acquired Assets " ) . Tidewater Renewables expects the Acquired Assets to generate approximately $ 40 million of run - rate EBITDA primarily from take - or - pay contracts with the Corporation , as the primary counterparty , and from other non - take - or - pay activities . This will provide Tidewater Renewables with stable , long - term , contracted cash flows . The creation of Tidewater Renewables provides the Corporation with a focused vehicle for pursuing and funding growth opportunities in the renewable energy sector . Upon completion of the Offering , the Corporation would retain a majority equity stake in Tidewater Renewables ( equity stake to be determined by ultimate price and size of the Offering ) .