Normally, when the discouraging vicissitudes of the market seem to come at investors rapid-fire, the impulse is to keep one’s head down. But on Thursday, Calgary-based Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) moved higher on the price scale, on filing financial statements for the year ended December 31, 2019.
In its news release early Thursday, the company acknowledges equities have it rough this week. Tidewater "takes the severe downturn in the energy industry very seriously and has been working extremely hard over the past three years to minimize its major risks with a clear focus on de-leveraging after completing a successful 2019 capital program."
So, to counter these negative vibes, "the Corporation has been focused on growing and acquiring defensive assets that perform well in low commodity price environments, while also focusing on materially improving customers and contracts."
Tidewater came out of 2019 with record Adjusted EBITDA of $40.0 million or $0.12 per share in the fourth quarter, compared to $20.9 million or $0.06 per share in the fourth quarter of 2018, resulting in over 90% Adjusted EBITDA per share growth in 2019.
Not all was roses and sunshine, however. The company reported a net loss attributable to shareholders was $13.8 million or $0.04 per share for the fourth quarter of 2019.
