Tidewater Turning Tide with Q4 Earnings

It’s earnings season, and at least one company found its financial tidings successfully driving its small-cap stock price Thursday.

Calgary-based Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) came out with fourth-quarter numbers that turned heads. For example, net income attributable to shareholders was $13.3 million or $0.04 per share, compared to $0.5 million or $0.00 per share for the fourth quarter of 2017.

Moreover, TWM exulted in a record quarter of Adjusted EBITDA growth to $20.9 million or $0.06 per share compared to $17.0 million or $0.05 per share for the same period in 2017.

During the year, the corporation took on construction of approximately $400 million (gross) of new capital growth projects, experienced NGL and natural gas volume growth across its operations and executed crude oil infrastructure agreements to deliver crude oil to end markets.

A prize project is the Pipestone Gas Plant, on which the company is making significant headway. Last December 2018, Tidewater successfully drilled an acid gas injection well, with a salt water disposal well completed in January 2019. The wells provide the capacity necessary to accommodate higher volumes of sour gas production received at the plan.

Shares gathered seven cents by midday Thursday, or 5.4%, to $1.36, on volume of 991,000 shares.