Tidewater Midstream raises 2026 guidance after record Q2 EBITDA

Tidewater Midstream and Infrastructure and Tidewater Renewables reported record second-quarter adjusted EBITDA, leading the company to raise its 2026 consolidated adjusted EBITDA outlook to between C$230 million and C$250 million.

Tidewater Renewables achieved a record adjusted EBITDA of C$56 million, driven by the HDRD renewable diesel complex operating at 111% utilization. Performance was supported by strong pricing under offtake contracts indexed to U.S. import-parity benchmarks and contributions from Canada’s Biofuel Production Incentive program. The company expects to receive C$13.8 million in cash contributions for the first and second quarters during the third quarter of 2026.

Tidewater Midstream reported a consolidated adjusted EBITDA of C$88.9 million, an increase of C$39.2 million from the previous quarter. This growth was attributed to favorable refining and renewable diesel market conditions, higher facility utilization, and stronger crack spreads at the Prince George Refinery.

The company is also advancing a sustainable aviation fuel project, with a final investment decision expected in the fourth quarter.