Mr. Robert Colcleugh reports

TIDEWATER MIDSTREAM PROVIDES OPERATIONAL UPDATE FOLLOWING SUCCESSFUL TURNAROUND AT ITS PRINCE GEORGE REFINERY

Tidewater Midstream and Infrastructure Ltd.'s downstream operations have resumed at its Prince George refinery following a safe and successful planned turnaround. Scheduled on a four-year cycle, the turnaround was completed on time and on budget, with the maintenance investment representing the majority of Tidewater's 2023 capital budget.

Additionally, Tidewater has resumed operations at its Brazeau River complex (BRC), which was impacted by the wildfires in the area and related evacuation orders earlier in May. The facility outage is not expected to have a material impact on Tidewater's 2023 financial outlook. Tidewater thanks its staff, contractors, firefighters and industry partners for all their tireless efforts and support through these wildfires.

With major turnaround activities now complete and mid-stream operations fully functional, Tidewater's forecasted second-half free cash flow will enhance financial flexibility that supports increasing shareholder value.

About Tidewater Midstream and Infrastructure Ltd.

Tidewater is traded on the Toronto Stock Exchange under the symbol TWM. Tidewater's business objective is to build a diversified mid-stream 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 multifaceted, energy transition company focusing on the production of low-carbon fuels. Tidewater Renewables' common shares are publicly traded on the Toronto Stock Exchange under the symbol LCFS.

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