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TIDEWATER Midstream and Infrastructure Ltd. Tidewater Midstream and Infrastructure Ltd. Announces Third Quarter 2021 Results and Operational Update CALGARY , AB , Nov. 4 , 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 nine month periods ended September 30 , 2021 . THIRD - QUARTER 2021 FINANCIAL PERFORMANCE Highlights • Tidewater Midstream delivered its tenth consecutive quarter of consolidated Adjusted EBITDA growth . This performance continues to highlight the resiliency and stability of the Corporation's integrated business model as the Corporation continues to grow in the renewable energy sector with the creation of Tidewater Renewables Ltd. ( " Tidewater Renewables " ) . • Consolidated Adjusted EBITDA increased to $ 53.1 million in the third quarter of 2021 as compared to $ 47.6 million in the third quarter of 2020 , resulting in 11 % consolidated Adjusted EBITDA growth year over year . Net income attributable to shareholders was $ 1.8 million for the third quarter of 2021 as compared to a net loss of $ 3.8 million in the third quarter of 2020. This increase includes the impact of both realized and unrealized gains on derivative contracts related to the Corporation's feedstock for its downstream operations , secured at a lower cost . • Net cash used in operating activities totaled $ 3.8 million for the third quarter of 2021 , with distributable cash flow attributable to shareholders of $ 15.8 million and a payout ratio of 21 % . • On August 18 , 2021 , Tidewater Renewables closed its initial public offering ( the " Offering " ) of an aggregate of 10,000,000 common shares ( the " TWR Common Shares " ) at a price of $ 15.00 per Common Share , for gross proceeds of $ 150 million , with an additional 735,000 TWR Common Shares issued on September 15 , 2021 pursuant to the partial exercise of over allotment option , for additional gross proceeds of approximately $ 11 million , with total gross proceeds of approximately $ 161 million raised by the Offering . In total , Tidewater Renewables received approximately $ 150 million in cash consideration net of underwriter commissions and legal expenses . The TWR Common Shares held by Tidewater Midstream represents approximately 69 % of the outstanding common shares , with Tidewater Midstream retaining a majority equity stake in Tidewater Renewables . After the closing of the Offering , and as a result of certain transactions completed in connection with the Offering , the Corporation achieved its leverage target of 3.0x to 3.5x consolidated net debt to annualized consolidated Adjusted EBITDA . • Tidewater Midstream remains focused on pursuing and developing high rate of return capital projects to support continued growth . The Corporation is currently evaluating multiple projects in the $ 5 million to $ 25 million capital cost range with payouts of under 3 years and remains committed to its leverage target of 3.0x to 3.5x consolidated net debt to annualized consolidated Adjusted EBITDA . • Tidewater Midstream remains optimistic in its outlook for global energy demand . Within Western Canada , Tidewater Midstream continues to see strong demand at PGR as a result of large infrastructure projects in central and northern British Columbia . Throughput at PGR remains