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TMX   TWM 0.67 -0.06

Tidewater Midstream and Infrastructure Ltd.

Committed to operational safety and integrity in the communities where we work

Tidewater is committed to advancing a strong record of Environmental, Social and Governance ("ESG") performance. In February, 2020 Tidewater established an Environmental, Social and Governance ("ESG") committee comprised of Tidewater's Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and Vice President, Health, Safety, Environment and Regulatory, among other Tidewater personnel (the "ESG Committee"), to guide Tidewater's efforts in measuring and reporting on the Corporation's ESG metrics. The ESG Committee operates under the valued direction of the Chair of Tidewater's Corporate Governance, Compensation, Nomination, Health, Safety and Environment Committee (“CGCNHSE”). With the guidance of Tidewater’s ESG committee, Tidewater has provided an overview of its recent ESG accomplishments, identified key relevant metrics to track, recognized improvement opportunities, and created goals to improve overall sustainability. Certain general highlights of Tidewater's recent ESG efforts are provided as follows:

Environmental

  • The Prince George Refinery is one of the only assets in Western Canada that can utilize renewables such as canola oil, biodiesel and ethanol to help reduce the carbon footprint of its operations. Tidewater continues to assess other green initiatives for implementation at this facility.
  • The Pipestone Sour Gas Plant was designed and constructed to process sour natural gas and natural gas liquids as efficiently as possible in an effort conserve a valuable resource. The design of this gas plant includes on-site power generation (low-NOx gas turbines), waste-heat recovery as well as acid gas injection for final disposal of waste gases, each of which has a more positive impact on the environment compared to more conventional processes.
  • Tidewater built and operates the Pioneer Pipeline to distribute clean natural gas to TransAlta’s legacy coal fed Sundance and Keephills generating stations, reducing carbon emissions compared to the use of coal.

Safety

  • Tidewater constructed its Pipestone Gas Complex utilizing over one and a half million hours of labour time with zero lost time injuries.
  • In 2019, Tidewater completed 18 Operational ERP training exercises corporately in addition to regular project level muster and ERP exercises.
  • Tidewater’s Total Recordable Injury Frequency Rate (TRIF) has seen a steady annual improvement to 0.69 recordable injuries per 200,000 hours despite significant growth and changes in business mix.
  • Tidewater was recently awarded the CP 2019 Safe Shipper Award for the safe handling of dangerous goods by rail moved on CP’s network.

Governance

  • Tidewater’s executive compensation plan is based on a lower salary component relative to its peers whereby the executive leadership team is heavily incentivized by financial performance and shareholder returns. Tidewater’s Chief Executive Officer has acquired a significant number of Common Shares in the open market since inception. Furthermore, in March 2020 Tidewater approved a minimum TWM holdings requirement for members of the Board which will further align interests with shareholders.
  • In July 2020 Tidewater announced that Mr. Michael Salamon and Mr. Neil McCarron, both of Birch Hill Equity Partners Management Inc. ("Birch Hill"), were elected to the Board of Directors. Subsequent to Tidewater’s 2020 Shareholder Meeting, Tidewater added another independent Board member, Ms. Gail Yester. The election of these new independent directors adds significant legal experience and financial acumen to complement an already strong board with a diverse set of skills.

First Nations

  • Tidewater is a large First Nations supporter with >25% of the $200m Pioneer Pipeline budget awarded to First Nation Affiliated partners.

ESG Metrics

Tidewater is committed to improving its ESG disclosure and as such provides the following ESG metrics. Since inception, Tidewater has achieved material growth through a combination of acquisitions and organic projects including the Pipestone Plant, Pioneer Pipeline, and acquisition of the Prince George Refinery. As a result, Tidewater expects certain metrics (such as emissions levels and waste) to naturally trend higher due to the significantly larger scale and change in overall business mix. One such example is Tidewater’s acquisition of the Ram River gas plant in December 2017 has resulted in higher corporate emissions due to the nature of operations in that region (sour gas processing and sulphur forming/remelting). Tidewater also expects emissions data to increase moving forward due to the Prince George Refinery acquisition in November 2019. Tidewater intends to manage these metrics on a relative basis while considering its size and business mix which continue to evolve. Several opportunities for improvement and targets to enhance overall sustainability are expanded upon in the section following the metrics below.

Environmental Measure 2017 2018 2019
Greenhouse Gas (GHG) Emissions Scope 1 & 2
Total Scope 1 EmissionsTonnes CO2e402,043697,588TBD
Total Scope 2 EmissionsTonnes CO2e88,420197,560TBD
Annual Emission IntensityTonnes CO2e/BOE0.01310.0188TBD
Total NOx EmissionsTonnes2,6164,189TBD
Total CO EmissionsTonnes3,0942,994TBD
Total VOC EmissionsTonnes66562TBD
Total PM EmissionsTonnes1329TBD
Total SO2 EmissionsTonnes7324,044TBD
Energy
Total Natural Gas Fuel Consumptione3m3107,735209,812TBD
Total Electricity ConsumptionMWh116,335259,930TBD
Water
Surface Water Usem37,9857,453TBD
Recycled Waterm3025,932TBD
Groundwater Usem334,027243,133TBD
Liquid Wastem32,6985,921TBD
Solid Wastem35,38121,731TBD
Spills and Releases
Number of Significant SpillsCount123
Volume of Significant Spillsm3103535
Health and Safety Measure 2017 2018 2019
Lost Time InjuriesCount100
Medical AidsCount154
Total Recordable Injury Frequency Rate (TRIF)Recordable Injuries /200,000 Hours1.180.860.69
Tidewater People Measure 2017 2018 2019
Total EmployeesCount243292439
Total Male EmployeesCount197233360
Total Female EmployeesCount465979
Proportion of Female Employees%192018
Tidewater Contributions to Society Measure 2017 2018 2019
Capital Expenditures$ Million CAD144.3315.7451.3
Property Tax$ Million CAD5.37.98.9
Employee Payroll$ Million CAD22.939.253.0
Contributions to Community Initiatives$ CAD89,442156,899120,806
Community Investments Per Employee$/Employee368537275
Financial Strength Measure 2017 2018 2019
Revenue$ Million CAD221.4324.3692.3
Adjusted EBITDA$ Million CAD61.677.4109.7
Distributable Cash Flow$ Million CAD45.056.556.4
Net Income$ Million CAD12.920.3(14.0)
Dividends Declared$ Million CAD13.213.213.3
Governance Measure 2017 2018 2019
Size of Board of Directors*Count655
Executive DirectorsCount111
Independent Directors*Count544
Independent Lead Director
Independent Audit Committee
Independent CGCNHSE Committee
Women on Board of Directors**%172020
Average Board Meeting Attendance%100.097.797.1
Majority Voting Policy
Code of Business Ethics
Minimum Shareholding Requirements***
Whistleblower ComplaintsCount011

*In July 2020 TWM added three independent directors to its Board: Mr. Michael Salamon, Mr. Neil McCarron, Ms. Gail Yester

**In July 2020 TWM added Ms. Gail Yester to its Board

***In March 2020 TWM Board approved a minimum TWM holdings requirement for members of the Board

GSE Graphs

Tidewater ESG Targets for 2020

  • In anticipation of increased compliance costs as a result of evolving GHG emissions and regulatory changes, Tidewater is developing a Corporate GHG and Carbon Strategy with industry leading professionals to reduce its carbon footprint, reduce GHG compliance costs and mitigate future increased financial risk. Tidewater has forecasted out several years of future compliance obligation costs which have been incorporated into its annual budgets.
  • Tidewater remains focused on improving its corporate governance. As such, Tidewater made advancements in 2020 by adding three independent directors to its Board: Mr. Michael Salamon, Mr. Neil McCarron, and Ms. Gail Yester.
  • The Prince George Refinery can process renewables such as canola oil to help reduce the carbon footprint of its operations. Tidewater continues to assess other green initiatives for implementation at this facility and is working with the BC government to further improve its carbon footprint.
  • Tidewater is working closely on potential projects that could make significant mutually beneficially contributions to First Nations communities.

Legend

COCarbon Monoxide
CGCNHSECorporate Governance, Compensation, Nomination, Health, Safety and Environment
EBITDAEarnings Before Interest Depreciation and Amortization ERP Emergency Response Plan
NOxNitrogen Oxide
PMParticulate Matter
SO2Sulphur Dioxide
VOCVolatile Organic Compound