CALGARY,
AB, Nov. 28, 2022 /CNW/ - The Boards of
Directors of Tidewater Midstream and Infrastructure Ltd.
("Tidewater Midstream") (TSX: TWM) and Tidewater Renewables Ltd.
("Tidewater Renewables") (TSX: LCFS) announced today that they have
appointed Robert Colcleugh as
interim Chief Executive Officer of both companies, effective
November 28, 2022. Mr. Colcleugh, who
currently serves as a Director of Tidewater Midstream, succeeds
Joel MacLeod, who is stepping down
from his management and board roles to pursue other
opportunities.
Mr. Colcleugh brings significant oil and gas management
expertise as well as broad business and capital markets experience
to the leadership roles. Thomas Dea
will serve as Chairman at Tidewater Midstream and Mr. Colcleugh
will serve as Chairman of Tidewater Renewables with Brett Gellner continuing to serve as Lead
Independent Director of Tidewater Renewables following Mr.
Macleod's departure.
"The business outlook remains strong and both companies are well
positioned for continued success," said Mr. Dea, Chairman at
Tidewater Midstream. "Under Mr. Colcleugh's leadership, the
companies will continue to execute their respective business plans
while ensuring they maintain a strong culture of safety, further
strengthen their balance sheets, and create value for all
constituents. With his significant industry experience and
knowledge of the Tidewater business, we have the utmost confidence
in his ability to lead the teams and generate shareholder
value."
"I am proud to be leading such exceptional and dedicated teams
at Tidewater Midstream and Tidewater Renewables. Their strong focus
on safety, customer service and operational excellence has provided
a solid foundation for our future," said Mr. Colcleugh. "I am
excited to build on our success and thank the Boards of Tidewater
Midstream and Tidewater Renewables for their confidence during this
period. We will continue to focus on building a profitable,
diversified midstream and infrastructure company at Tidewater
Midstream. At Tidewater Renewables, we will continue to deliver on
our commitment to supply North
America with low carbon intensity fuel solutions at scale. I
look forward to delivering for our valued customers, partners, and
shareholders."
Mr. Colcleugh has been a Director of Tidewater Midstream since
May 25, 2017. Over the last 25 years
he has held a variety of operational, advisory and board roles at a
broad array of domestic Canadian and international energy companies
and investment banks.
"I am proud of everything the teams have built at Tidewater
Midstream and Tidewater Renewables and have been honoured to work
with them," said Mr. MacLeod. "Under Rob's and the senior
management's leadership, I know a bright future is in store at
Tidewater."
"On behalf of the Boards of Directors and the teams at Tidewater
Midstream and Tidewater Renewables, I would like to thank
Joel MacLeod for his years of
service to both companies," said Mr. Dea. "We wish him the very
best going forward."
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 multi-faceted, energy transition
company. The Corporation is focused on the production of low carbon
fuels, including renewable diesel, renewable hydrogen, and
renewable natural gas, as well as carbon capture through future
initiatives. The Corporation was created in response to the growing
demand for renewable fuels in North
America and to capitalize on its potential to efficiently
turn a wide variety of renewable feedstocks (such as tallow, used
cooking oil, distillers corn oil, soybean oil, canola oil and other
biomasses) into low carbon fuels. Tidewater Renewables' objective
is to become one of the leading Canadian renewable fuel producers.
The Corporation is pursuing this objective through the ownership,
development, and operation of clean fuels projects and related
infrastructure, utilizing existing proven technologies.
Organically, Tidewater Renewables will seek to leverage the
existing infrastructure owned by Tidewater Midstream and
Infrastructure Ltd. and in-house operational and engineering
expertise, regarding the development of the Corporation's portfolio
of greenfield and brownfield capital projects as well as the
expansion of the Corporation's product offerings. Additional
information relating to Tidewater Renewables is available on SEDAR
at www.sedar.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. In particular, this press release contains
forward-looking statements pertaining to but not limited to the
following: the business outlook of Tidewater Midstream and
Tidewater Renewables; the generation and creation of value for
constituents of Tidewater Midstream and/or constituents of
Tidewater Renewables; and the continued execution of the business
plans of Tidewater Midstream and Tidewater Renewables. 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.
Although the forward-looking statements contained in this press
release are based upon assumptions which management of Tidewater
Midstream and management of Tidewater Renewables believe 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
assumptions made 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 most recent annual information
form available under its profile on SEDAR at www.sedar.com. Any
forward-looking information contained in this press release
represents expectations as of the date of this press release and
are subject to change after such date. However, neither
Tidewater Midstream nor Tidewater Renewables is under an
obligation (and both expressly disclaim any such obligation) to
update or alter any statements containing forward-looking
information, the factors or assumptions underlying them, whether as
a result of new information, future events or otherwise, except as
required by law. All the forward-looking information in this press
release is qualified by the cautionary statements herein.
Media Contact
Heather Ritzer
Edelman Smithfield Canada
(416) 894-6848
heather.ritzer@edelmansmithfield.com
SOURCE Tidewater Midstream and Infrastructure Ltd.