Mr. Jeremy Baines reports

TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. HAS ENTERED INTO DEFINITIVE AGREEMENTS WITH PEMBINA PIPELINE CORPORATION AND CERTAIN OF ITS AFFILIATES TO ACQUIRE THE NORTH SEGMENT OF ITS WESTERN PIPELINE SYSTEM

Tidewater Midstream and Infrastructure Ltd. has entered into definitive agreements with Pembina Pipeline Corp. and certain of its affiliates, through a wholly owned limited partnership, to acquire the North segment of Pembina's Western pipeline system for total cash consideration of approximately $1.2-million, as well as the assumption of certain future abandonment and reclamation obligations and liabilities estimated to be approximately $30.0-million (undiscounted value).

The Western pipeline is an approximately 377-kilometre crude oil pipeline originating in Taylor, B.C., and terminating in Prince George, B.C. The Western pipeline's connection at Taylor, B.C., is the key conduit tying the Prince George refinery into the northeastern B.C. crude supply region. As part of the transaction, Tidewater and Pembina will enter into an interconnection agreement upon closing, which will allow Tidewater to continue to access existing crude sources at the terminal located in Taylor, B.C., for the next 25 years, which is expected to provide PGR with a reliable and cost-effective source of feedstock. The transaction is anticipated to yield material run-rate cost improvements, compared with historical metrics, while further enhancing Tidewater's ability to optimize its feedstock procurement at the PGR.

"We are excited to announce the agreement to purchase the Western pipeline. The transaction provides Tidewater with the opportunity to unlock meaningful cost savings and increased flexibility and control of our day-to-day refining operations at the PGR. We expect that the transaction will allow us to significantly reduce the cost of feedstock flowing into PGR, which will improve product margins and will play a key role as we continue to focus on optimizing our refining assets," said Jeremy Baines, chief executive officer of Tidewater.

The transaction is expected to close on or before Sept. 1, 2025, and is subject to customary postclosing adjustments and regulatory approvals.

About Tidewater Midstream and Infrastructure Ltd.

Tidewater is traded on the Toronto Stock Exchange under the symbol TWM. Tidewater's business objective is to profitably increase and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage and various renewable initiatives. To complement its infrastructure asset base, the corporation also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across North America. Tidewater is a majority shareholder of Tidewater Renewables Ltd.

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