Tidewater Midstream and Tidewater Renewables Name Jeremy Baines CEO; Update from Tidewater Renewables

CALGARY, AB, Jan. 22, 2024 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream") (TSX: TWM) and Tidewater Renewables Ltd. ("Tidewater Renewables") (TSX: LCFS) Boards of Directors have jointly announced the appointment of Jeremy Baines as the Chief Executive Officer and to the Boards of both companies, effective immediately. The Board of Tidewater Midstream also announces Aaron Ames as interim Chief Financial Officer for Tidewater Midstream, also effective immediately. This has followed the departure of Robert Colcleugh from the management teams of Tidewater Midstream and Tidewater Renewables and from the board of Tidewater Renewables.

With over 27 years of midstream and infrastructure business experience, and a strong background in operations, finance, and corporate development, Mr. Baines brings a deep understanding of the business and industry. Under his leadership, Tidewater Midstream remains committed to building a profitable, diversified midstream and infrastructure company, and Tidewater Renewables will continue to focus on delivering on its commitment to being a leader in the North American energy transition.

"As a result of his specific industry experience and significant operational expertise, Mr. Baines is ideally suited to lead the Tidewater team," said Thomas Dea, Chairman of the Board of Tidewater Midstream. "We are entering a new phase focused on operations, cash flow, prudent capital allocation, and return on capital, with safety remaining at the top of our list."

"With construction and operations being at the forefront of our business needs, we believe Mr. Baines' valuable operational and industry experience is well-suited for Tidewater Renewables.  Under Mr. Baines, the organization will work to optimize operational performance of our Renewable Diesel Facility and continue to pursue our strong pipeline of renewable projects currently being reviewed," said John Adams, Lead Independent Director of Tidewater Renewables.

Mr. Baines said, "I am excited about the opportunities ahead at Tidewater Midstream and Tidewater Renewables. With the strong team, solid asset base and supportive environment for energy and decarbonization, Tidewater has an important role to play, and a significant opportunity to generate value for all of our stakeholders, providing energy not only to Western Canada, but to the world."

"I am proud and excited to lead the exceptional teams at Tidewater Midstream and Tidewater Renewables. Their dedication, and unwavering focus on safety, customer service and operational excellence has laid a solid foundation for our future. I am eager to build on their success and deliver for our valued customers, partners, and shareholders," added Mr. Baines.

Mr. Baines has held various operational, financial, and board roles in domestic and global Canadian infrastructure companies over the last 27 years.

Tidewater Renewables Update

Additionally, Simon Bregazzi has resigned from the Tidewater Renewables Board and Tidewater Renewables intends to conduct a search for an appropriate replacement.

ABOUT TIDEWATER MIDSTREAM

Tidewater is traded on the TSX under the symbol "TWM". Tidewater'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 energy value chain. Its strategy is to profitably grow and create shareholder value through the acquisition and development of conventional and renewable energy infrastructure. To achieve its business objective, Tidewater is focused on providing customers with a full service, vertically integrated value chain through the acquisition and development of energy infrastructure, including downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, railcars, export terminals, storage, and various renewable initiatives. To complement its infrastructure asset base, the Company also markets crude, refined product, natural gas, NGLs and renewable products and services to customers across North America.

Tidewater is a majority shareholder in Tidewater Renewables Ltd., a multi-faceted, energy transition company focusing on the production of low carbon fuels. Tidewater Renewables' common shares are publicly traded on the TSX under the symbol "LCFS".

ABOUT TIDEWATER RENEWABLES

Tidewater Renewables is traded on the TSX under the symbol "LCFS". Tidewater Renewables is a renewable fuel producer and energy transition leader.  Tidewater Renewables provides alternative low-carbon and clean-fuel solutions at scale through commercially proven technology and a dedicated focus on making change happen. In addition to Canada's first renewable diesel facility, Tidewater Renewables is invested in renewable natural gas and renewable hydrogen, all of which offer an alternative to fossil fuels.  Tidewater Renewables has invested in all aspects of the value chain as a vertically integrated renewable and profitable energy company, led by a highly experienced team and backed by significant government support.  With a competitive advantage, a clear purpose, and a genuine commitment to a more sustainable future, Tidewater Renewables turns waste into value and creates the clean energy our world needs today.  Additional information relating to Tidewater Renewables is available on SEDAR+ at www.sedarplus.com and at www.tidewater-renewables.com.

FORWARD LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively referred to herein as, "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to future events, conditions or future financial performance of Tidewater Midstream and/or Tidewater Renewables based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "continue", "forecast", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "will likely result", "are expected to", "will continue", "is anticipated", "believes", "estimated", "intends", "plans", "projection", "outlook" and similar expressions. These statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Tidewater Midstream and Tidewater Renewables believe the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.

In particular, this press release contains forward-looking statements pertaining to but not limited to Tidewater Midstream and Tidewater Renewables' expectations regarding, among others, Tidewater Renewables' future continued focus on delivering on its commitment to being a leader in the North American energy transition and on its implementation of a director search.

Although the forward-looking statements contained in this press release are based upon assumptions which management of Tidewater Midstream and management of Tidewater Renewables believes to be reasonable, neither Tidewater Midstream nor Tidewater Renewables can assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, each of Tidewater Midstream and Tidewater Renewables has made assumptions regarding, but not limited to: the ability to execute on its business plan, general economic and industry trends, regulatory risks,  commodity and renewable energy prices; sustained or growing demand for renewable fuels; and other assumptions set forth in each of Tidewater Midstream and Tidewater Renewables annual information forms for the year ended December 31, 2022, available under its respective profile on the SEDAR+ at www.sedarplus.ca.

Tidewater Midstream and/or Tidewater Renewables' actual results could differ materially from those anticipated in the forward-looking statements, as a result of numerous known and unknown risks and uncertainties and other factors. Readers are cautioned that they should not unduly rely on the forward-looking statements included in this press release. Additional information on other factors which could affect Tidewater Midstream and/or Tidewater Renewables' operations or financial results are included under the heading "Risk Factors" in each of Tidewater Midstream and Tidewater Renewables' annual information forms for the year ended December 31, 2022.

Neither Tidewater Midstream and Tidewater Renewables undertakes 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, other than as required by applicable securities law. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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SOURCE Tidewater Midstream and Infrastructure Ltd.

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