Tidewater Midstream and Infrastructure Ltd. Releases its Inaugural ESG Report

CALGARY, AB, March 7, 2022 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream" or the "Corporation") (TSX: TWM) is pleased to announce the release of its inaugural ESG Report summarizing the Corporation's performance on several key environmental, social and governance ("ESG") topics and highlighting its commitment to responsible energy development.

"Tidewater Midstream is excited about our role within the energy industry to reliably and cost-effectively deliver sustainable energy solutions across North America," said Joel MacLeod, Chairman and Chief Executive Officer. "We recognize that we are in the early stages of our ESG journey and have more to do, but we are committed to continual improvement and strive to become a leader in the space."

The report features Tidewater Midstream's progress to date including:

• Establishing an ESG Committee chaired by the Chief Executive Officer and also comprised of the Chair of the Corporation's board of director's Corporate Governance, Compensation, Nomination, Health, Safety, and Environment Committee, Chief Financial Officer, Chief Legal Officer & EVP, Shared Services, VP HSE & Regulatory, Director of Investor Relations and Refinery Economics, Director of Legal and Assistant Corporate Secretary and Manager, Sustainability. The ESG Committee meets weekly to review opportunities to improve the Corporation's ESG performance.
• Demonstrating a strong safety record with zero lost time injuries in the past three calendar years and zero fatalities since inception.
• Continuing Tidewater's commitment to invest time and resources in the communities where the Corporation operates and contributing over $465,000 in the past four years to various community initiatives.
• Stepping into a leadership role and becoming a founding member of Project Forest in 2020, a non-profit organization committed to planting trees to sequester carbon in Alberta. The Corporation has committed to planting 20,000 trees over the next 5 years.
• Creating a subsidiary, Tidewater Renewables Ltd., in August 2021 and retaining an approximate 69% equity ownership in such entity. Tidewater Renewables is building Canada's first ever renewable diesel facility which will drive an expected 80%-90% carbon intensity reduction compared to conventional diesel.

The inaugural ESG report provides performance metrics for the 2017 to 2020 calendar years, with the Corporation planning to issue a full report biennially with performance tables being updated annually. The report and disclosures are guided by the Sustainable Accounting Standards Board (SASB) standards for Oil and Gas – Midstream, and Oil and Gas – Refining and Marketing.

The full ESG report is available on the Corporation's website at http://www.tidewatermidstream.com/sustainability

About Tidewater Midstream

Tidewater Midstream is traded on the TSX under the symbol "TWM". Tidewater Midstream's business objective is to build a diversified midstream and infrastructure company in the North American natural gas, natural gas liquids, crude oil, refined product and renewable space. Its strategy is to profitably grow and create shareholder value through the acquisition and development of oil and gas infrastructure. Tidewater Midstream plans to achieve its business objective by providing customers with a full service, vertically integrated value chain, including gas plants, pipelines, railcars, export terminals, storage, downstream facilities and various renewable initiatives.

Additional information relating to Tidewater Midstream is available on SEDAR at www.sedar.com and at www.tidewatermidstream.com.

Advisory Regarding Forward-Looking Statements

Certain information regarding Tidewater Midstream set forth in this press release, including management's assessment of the company's future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. This information may not be appropriate for other purposes and includes aspirational goals, approximations, and estimates, which will differ from actual results, and is for information purposes only.  The use of any of the words "anticipate", "continue", "estimate", "project", "intends", "expect", "may", "will", "project", "should", "forecast", "target", "goal", "believe" and similar expressions are intended to identify forward-looking statements.  These statements are only predictions and actual events, or results may differ materially.  Although Tidewater believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations reflected in the forward-looking statements are inherently subject to significant business, economic, competitive, political, and social uncertainties, and contingencies.  Many factors could cause Tidewater's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Tidewater.

In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to:  Tidewater Renewables Ltd.'s, a subsidiary of Tidewater, plans to construct Canada's first ever renewable diesel facility; and, estimates of reductions in carbon intensity relative to conventional diesel resulting from such facility.

These forward-looking statements are based on certain key assumptions regarding our ability to execute on our business plan including with respect to construction, by our subsidiary, of the renewable diesel facility; availability of adequate volumes of feedstock for use in the Prince George refinery; our operating activities and current industry conditions; the timely receipt of all required regulatory approvals; general business, economic and market conditions; the ability of Tidewater to obtain the required capital to finance its operations and projects; anticipated timelines and budgets being met with respect to Tidewater's operations and projects; future natural gas liquids prices and laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Tidewater at the time of preparation, may prove to be incorrect.

Although we believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and are subject to numerous risks and uncertainties, most of which are beyond the company's control, including the impact of general economic conditions; industry conditions; liabilities inherent in operations in the energy industry; energy transition, including the drivers and pace thereof; the COVID-19 pandemic and the duration and impact thereof; availability of feedstock for use in the Prince George refinery; that governmental policies or laws may change or governmental approvals may be delayed or withheld; sufficiency of budgeted capital expenditures in carrying out planned activities; uncertainties regarding aboriginal claims and in maintaining relationships with local populations and other stakeholders; exchange rates; inflation; interest rates; availability and price of labor and construction materials; weather; litigation; changes in legislation, regulations or government policy; environmental risks; hazards such as fire, explosion, blowouts, and spills, any of which could result in substantial damage to our facilities, other property and the environment or in personal injury; and the other risks considered under "Risk Factors" in Tidewater's most recent annual information form available at www.sedar.com.

The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Tidewater's current and future operations and such information may not be appropriate for other purposes. There is no representation by Tidewater that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Tidewater does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

SOURCE Tidewater Midstream and Infrastructure Ltd.

Tidewater Midstream and Infrastructure Ltd., Joel MacLeod, Chairman and CEO, 587.475.0210, [email protected]