Earnings call transcript: Tidewater Midstream lifts 2026 outlook in Q2 2026
Tidewater Midstream and Infrastructure Ltd. reported stronger than expected second-quarter adjusted earnings and cash flow in its Q2 2026 earnings call. Despite missing analyst earnings per share expectations, the company's stock surged over 2% in premarket trading. The company's renewable fuels unit posted record performance at its HDRD complex, operating at 111% of nameplate capacity.
The midstream business also showed improvement, benefitting from a crack spread averaging $118 a barrel at the Prince George refinery. Tidewater lowered its consolidated net debt and improved leverage ratio, indicating a healthier balance sheet. The company raised its 2026 adjusted EBITDA guidance to CAD 230 million to CAD 250 million, up 20% from the previous outlook.
Management expects free cash flow to continue going towards debt reduction. The company's sustainable aviation fuel plant is expected to enter service in 2030 after a three-year build, with a capital cost of about CAD 1.2 billion.
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