ProShares UltraShort Russell2000 Stock Price: Quote, Forecast, Splits & News (TWM)

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ProShares UltraShort Russell2000 Price & Performance (TWM)

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Updated May 12, 8:00 PM UTC

ProShares UltraShort Russell2000

$47.07USD

-$3.62 (-7.14%)

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-$0.05 (-0.11%)

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$50.69

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$47.59M

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$46.60

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$10.69M

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What's Happening

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Avg 1d Change

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Q1 2025

EPS Estimate

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Transcript

11m 32s

Such statements are based on factors and assumptions that management believes are reasonable at the time that they were made, and information currently available. Forward looking statements we may express or imply today are subject to risks and uncertainties, which can cause actual results to differ from expectations. Further, some of the information provided refers to non GAAP measures. To learn more about these forward looking statements and non GAAP measures, please see Tidewater Midstream's financial reports which are available at www.tidewatermidstream.com and on SEDAR plus And with that, I will now pass the call over to Jeremy to go over the quarter. Thanks, Michael. Thanks to everyone for joining us today. Q1 was a difficult quarter as a result of wider discounts on refined products and producer shut ins affecting our midstream operations. We remain very focused on improving our cash flow and operating results. To this end, a few days ago, we announced an agreement to purchase the north segment of Pembina's Western Pipeline. Western Pipeline is a 377 kilometer crude oil pipeline originating in Taylor, British Columbia, and terminating at our Prince George refinery. The Western Pipeline Is The Key Transportation Conduit Tying Prince George Refinery into the Northeastern British Columbia crude supply region.

12m 53s

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, British Columbia for the next twenty five years. This is expected to provide PGR with a reliable and lower cost source of feedstock compared to historical operations.

13m 19s

At PGR, throughput averaged 9,936 barrels per day, which was 9% lower than Q4 twenty twenty four, and 20% lower than the first quarter of twenty twenty four. The decrease for both periods was largely due to third party facility and pipeline maintenance that decreased the volume of crude feedstock coming into the facility. As well as inventory management. Throughput is expected to return to normal levels over the course of the year. HTRD had an average throughput of approximately 2,239 barrels per day, compared to 2,116 barrels per day during the same period in the prior year and 2,677 per day during the fourth quarter of twenty twenty four. While utilization was relatively consistent with the first quarter of twenty twenty four, the decrease from the fourth quarter of twenty twenty four reflects excess supply of refined products in Western Canadian market, somewhat muted demand, and inclement weather affecting rail logistics. As previously noted, during the fourth quarter, the five year offtake agreement was Synovus, which provided the sale of the majority of refined product volumes for PGR expired and the company is now has now transitioned to marketing all refined products produced at both the HDRD and PGR facilities in house.

14m 39s

Whilst Tidewater has made significant progress in marketing its diesel and gasoline volumes, Current market discounts are significantly wider than those at the time in Synovus offtake agreement was entered into largely stemming from the oversupply of diesel in Western Canada. We have taken steps to improve our cost structure including the recently acquisition of the Western Pipeline and we are focused on improving our utilization We also expect that the BC government's changes to the Low Carbon Fuels Act will continue to provide over time improved refined product margins for our Tidewater renewable sub HDRD facility. On May five, twenty twenty five, the Canadian International Trade Tribunal issued a decision to terminate its preliminary injury in inquiry in respect of Tidewater Renewable's countervailing antisubsidy and anti dumping duty complaint relating to imports of renewable diesel from The United States. While we are disappointed with the tribunal's decision, Tidewater Renewables remains committed to free and fair trade in Canada's renewable diesel market. Our view remains that the facts support a finding that unfair trade practice by The United States have caused the flood of subsidized and dumped renewable diesel into Canada. This flood of imports has significantly injured Tidewater, currently the sole Western Canadian producer of renewable diesel.

15m 59s

Tidewater Renewables is carefully reviewing its in respect of the tribunal's decision with the support of its its external trade law council. Upon receipt of the tribunal's reasons expected on May 23, the corporation will assess all available options and legal remedies including but not limited to promptly filing an amended or new complaint to CBSA. In spite of this hopefully temporary setback to our trade case, we have seen significant improvement as a result of Canadian renewable blend requirements as part of the new BCLCFS regulations, along with California LCFS and D4 RIN prices increasing the import parity price of US renewable diesel available into the British Columbia market. This has seen a significant increase in our margins at our facility and we expect this to hold for the rest of the year. On the midstream side of the business, the Brazeau River complex operated exceedingly well. The BRC gas processing facility had throughput of 94,000,000 cubic feet a day in the first quarter of twenty twenty five, 38,000,000 cubic feet a day lower than the fourth quarter of twenty four, and 40,000,000 cubic feet per day lower than the first quarter of twenty twenty four. The lower throughput was primarily due to lower straddle volumes coming through the facility as a function of an outage at Plant 3 of the facility, and the discontinuation of our sour gas processing after the second quarter of twenty twenty four.

17m 26s

We are seeing increasingly positive demand for processing capacity in the area and hope to be able to make some announcements later in the area. Later in the year on that front. As we discussed at year end, gas processing activities at the Ram River gas plant have been temporarily curtailed with sulfur handling activities continuing to be operational. We continue to focus on controlling costs at the facility with the intent restart the facility as ANCO pricing improves and produce restart operations. We also continue to remain focused on our liquidity and we've made great progress on non core asset sales and deleveraging. On 03/25/2025, we announced that the company completed the previously announced sale of the BRC roadway network for total proceeds of 24,000,000 of which $22,500,000 was received and used to repay outstanding debt. Also continue to advance our non core asset sales programs and will update the market as progress is made. Before I turn the call over to Aaron to go through our financial results, I wanted to let you know that effective 05/18/2025, Aaron will be stepping down as interim CFO due to personal circumstances. On behalf of myself, the Board of Directors, and Tidewater, would like to give a great big thank you to Aaron for his dedication and hard work helping the corporation progress its strategy during his tenure.

18m 46s

The Board of Directors will be conducting a comprehensive search to identify and evaluate internal and external candidates for the role of Chief Financial Officer. With Aera's departure in courtly, currently Tidewater Renewable Chief Financial Officer, and Tidewater's Vice President of Finance will be appointed Interim Chief Financial Officer effective 05/18/2025. Aaron will remain with the corporation and serve as special advisor to the CEO to ensure a smooth transition of responsibilities until 06/13/2025. Ian will also continue to serve as Tidewater Renewables Chief Financial Officer an office he has held since May of twenty twenty four. I will now turn the call over to Aaron to go through our financial results. Thank you, Jeremy. Consolidated net loss attributable to shareholders was 31,800,000.0 during the first quarter of twenty twenty five, compared to a net loss attributable to shareholders of 11,300,000.0 during the first quarter of twenty twenty four. The increase in net loss attributable to shareholders was due to lower refined product sales lower product margins, offset in part by lower depreciation interest expense, favorable changes in the fair value of derivative contracts, and higher income from equity investments. Consolidated adjusted EBITDA negative $3,700,000 during the first quarter of twenty twenty five, compared to 39,800,000.0 during the first quarter of twenty twenty four.

20m 4s

The decrease in EBITDA is primarily driven by lower refined product sales and lower product margins in the first quarter twenty twenty five, offset in part by by favorable changes the fair value of derivative contracts and higher income from equity investments.

20m 22s

I'll now ask John, our operator, to open the call up for questions.

20m 28s

Yes, sir. Thank you. Ladies and gentlemen, we will now begin the question and answer session. And wait for your name to be announced. Once again, star and one if you wish to ask a question. We now have our first question. And this comes from Patrick Kenny of National Bank Financial.

21m 11s

Jeremy, wondering if you could provide an update on your noncore sale program for the year I believe you were looking at around $100,000,000 or so of opportunities Just curious if these processes are still live given the macro uncertainties facing potential buyers out there right now. And overall, how would you say that the pace of executing the program is tracking relative to your initial expectations coming into the year? Yeah, mean obviously we are very successful with the VRS [indiscernible] The process continues. We are making progress We can't comment on any of the ongoing potential transactions until they're announced and we'll do that at the appropriate time. But you know we're still on track to that hundred million inclusive of the PRC roads.

22m 7s

Okay, and then guess, outside of non core asset sales, just given the uncertainty around the direction of commodity prices through the summer in the back half of the year.

22m 20s

Curious if you can comment on what other sources of liquidity you might be looking at what other levers might be available to help bridge the gap if needed.

22m 32s

Just until better market conditions resume from operating cash flow perspective. Yeah, I mean, there's asset sales and you know like I said we'll announce some of those as we go. We've also have built up a significant inventory of VCLCFS credits at what is now relatively attractive price to the current market, we're seeing. So have some leverage there. Obviously we continue to sell inventory that we built during the first quarter at the PGR facility and we're actually you know we're moving significant barrels Our sales have increased significantly every month since the start of the year. So we continue to generate liquidity that way. So you know and always you know being a prudent operator, managing cash flows, looking at every single source of revenue and cost, and continuing to manage that way.

23m 38s

Got it.

23m 39s

And then last one for me just on the, the acquisition of the the Northern segment of the Western pipeline.

23m 46s

I appreciate the OpEx savings guidance there, but just wondering what the ownership of the system might do to your run rate maintenance capital program I believe Pembina had cited the need to invest over know, 300,000,000 or so on in line inspections and other maintenance projects over the next ten years. So I just wondering if this aligns with your assessment and and whether or not a 30 plus million dollar per year increase to your run rate maintenance capital program is a reasonable assumption. Yeah, so let's talk about the pipeline and glad you raised that. Obviously, we see PIMEN as a good operator. The pipeline is younger than TMX, younger than Line one, I think line two, line three, and it's about average age for liquids pipelines in North America. Pembina has been a good operator, it's done good maintenance on it. But over the last more than eight years, Tidewater and predecessors have funded the complete integrity and maintenance program that Pembina has undertook on the pipeline, OpEx and maintenance. Plus a capital fee of $10,000,000 a year over the last three years. So that 10,000,000 is clearly going to go away. The second point is you know this pipeline wasn't core to Pembina, and we think we're better aligned with the pipeline and how it will be run.

25m 27s

We expect to continue to see run rate capital over the ten years similar to what we've been spending, like in capital I'm talking OpEx integrity spending, and CapEx. And you know we've got a detailed ten year plan, we're not the owners of the pipeline yet, so we haven't released it, but we do expect we'll be able to continue to do it at a cost effective level. And hopefully you know given our alignment maybe be able to do it a little bit lower cost than Pembina. Obviously they've been getting effectively a risk free significant return on the pipeline, cause they weren't responsible. They didn't bear any of the costs, we paid them all. And we'll continue to do that. Make sure we run safely and with proper integrity as we go forward. [indiscernible] So sorry, just to clarify, the OpEx savings there, the 10,000,000 to $15,000,000 that's inclusive of the the maintenance capital program that you expect to spend?

26m 31s

Yes. Okay. Got it. I'll jump back in the queue. Thank you.

26m 37s

Thank you. And the next question comes from Rob Hope from Scotiabank. Your line is now open. Please go ahead.

26m 47s

Hi, everyone.

26m 49s

Was hoping you could add a little bit of color on the quarter over quarter EBITDA walk moving from, we'll call it 14 to minus six.

26m 59s

Like, if we think about the key drivers there, lower volumes on the gas side, lower volumes on the refined product side, weaker margins. Are you able to give us maybe a little bit more clarity on how much each of those factors impacted results as well as the go forward outlook there?

27m 21s

Yeah, so you know, we didn't it's not in the we didn't disclose that But as you said, was as a result of lower lower volumes and lower margin. We do expect on a go forward basis that the volumes and margins will improve The first quarter was just a relatively more difficult operating environment. And going forward, though, beginning in Q2 we expect that to start to to see some improvement there.

27m 59s

All right.

28m

That is helpful there. And then can you maybe just talk about what you're seeing in terms of spreads for the refined product business there as you're marketing it yourself? Is that improving? And was weaker than expected in Q1 there as well?

28m 16s

Q1 had fairly low crack spread at It has improved towards the end of Q1 and continues to sit about 85. Ian or sorry Aaron mentioned differentials have been a little bit wider. Think the market is slowly starting to tighten up on that front. We've we took over the marketing in November of last year. We've been broadening our customer base We went from one significant customer to with a handful of customers to now you know servicing 30 plus customers and we continue to grow that raw roster of customers and optimize the margins and we're making good headway on that front.

29m 5s

Thank you. I'll hop back in the queue.

29m 10s

Thank you. Next question comes from Maurice Choi from RBC Capital Markets. Your line is now open. Please go ahead.

29m 21s

Thanks, good morning, everyone.

29m 22s

I just want to come back to the Western pipeline system. Maybe just more broadly, you know, are there any of the similar investment or cost saving opportunities like this that you've been interested in doing or is this one where the deal came about in a rather unique way and it's not replicable?

29m 48s

I mean this deal, obviously this is a very strategic asset for us and is important to our Prince George refinery. We've got some other things that we're working on that are interesting smaller type tuck ins. This is unique in that it is a strategic asset to us for our [indiscernible] Non core to Pembina, and we're always looking for opportunistic opportunities to deploy capital at a good return.

30m 22s

Do you see these tuck ins needing to be married from a timing and funding perspective with the non core asset sales program.

30m 32s

Yeah, we, I mean our number one focus is liquidity and reducing leverage. And you know it's a pretty high bar return hurdle that for us to do things like this, so we'll continue to monitor that and make sure we make the right moves on that front.

30m 52s

Understood, and if we could just finish off with some more broad market commentary here. Given the lower commodity price environment, how would you characterize your demand for utilities? Any thoughts about the throughput in the coming quarters?

31m 11s

Yeah, we see ourselves increasing throughput as we go forward. This was a tough quarter on that front. We do see significant opportunities around the Brazil facility to add volumes and contract extensions and so forth at that facility. So we are seeing some positives there. Hopefully with LNG Canada we see some of the drier gas become a little more profitable for producers, and we see some activity on that front as well.

31m 49s

To everyone for your dedication and hard work, look forward to working with you a little bit more. Thank you. Thank you. Thank you. And the next question comes from Robert Cutelier from CIBC Capital Markets. Your line is now open. Please go ahead.

32m 7s

Hey, everyone. I want if you could just provide a little bit more of an update on the offtakes at PGR. Is this a situation where you expect to eventually sell a sign medium or longer term agreements? Or do you expect to be a little bit more to month on your sales portfolio going forward?

32m 28s

Yeah. I mean, it's a good question. Rob. Obviously under the right terms we would sign term agreements if they're available in the market. It's not I would say the offtake agreement that was signed with Synovus when the facility was, or with Husky when the facility was purchased, atypical of the refining. We typically do sort of one to three year deals with we try to get minimum liftings in them. But that's just the nature of the refined products market. And you know we so it's been a you can imagine it's been a big transition from invoicing one customer to 30 plus customers over time. And we're moving there and we're starting to see some more strength in demand as we're reducing our inventory.

33m 19s

Okay, understood. And then just on the feedstock cost, I think there was a comment in the quarter about, you had to process some higher density feedstock costs. Could you explain what happened there? And the outlook for feedstock going forward in q two and beyond?

33m 37s

Yeah, like it was just one of those circumstances where producers upstream activities, we had some producer or producer that we had some offline. Is there increasing their production and had another producer who put some further processing that took some of the light ends off and it just know it's all a big pool that comes together in the tank before it comes to us, and so some of the historically it's been getting lighter and it got a little bit heavier based on what happened there based on like we buy from multiple producers and it all gets together, so we think it's behind us and there's actually going to be some more feedstock becoming available here shortly with some new programs that are just being completed. So I think it's temporary to the quarter. It did happen before Tidewater owned the facilities there was a bit of a increase in shortly short term increase in density for a while with things like this, and it takes a little bit of time for us to readjust the refinery and so forth and be able to process properly, so it does change the yields a little bit as well.

34m 50s

So we think it's behind us, but you know we're working on it for sure.

34m 57s

Okay thank you.

35m 2s

Thank you. And there are no further questions that came through at this time. I'll now hand the call over back to Michael Krasier for closing remarks. Please go ahead, sir.

35m 14s

Thanks, everyone, for joining the call. Team is available to address any outstanding items with the contact information at the bottom this morning's press release. Thank you.

35m 24s

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

Key Insights

Q1 2025 was challenging for Tidewater Midstream (TWM), with wider discounts on refined products, producer shut-ins, and lower throughput at key facilities; consolidated net loss attributable to shareholders was $31.8 million, compared to $11.3 million in Q1 2024, and adjusted EBITDA was negative $3.7 million versus $39.8 million in the prior year.
TWM announced the acquisition of the north segment of Pembina's Western Pipeline, a strategic asset expected to provide the Prince George Refinery (PGR) with a more reliable and lower-cost feedstock source; anticipated OpEx savings include the elimination of a $10 million annual capital fee, with run-rate maintenance capital expected to remain similar to historical levels.
Throughput at PGR averaged 9,936 barrels per day (down 9% from Q4 2024 and 20% from Q1 2024) due to third-party maintenance and inventory management; throughput is expected to normalize over the course of the year, and refined product sales have increased monthly since the start of 2025.
The company is focused on improving liquidity and deleveraging, targeting $100 million in non-core asset sales (including the completed $24 million BRC roadway network sale), and leveraging inventory and VCLCFS credits for additional liquidity.
TWM expects improved volumes and margins beginning in Q2 2025, with crack spreads and market conditions showing signs of recovery; the company continues to broaden its customer base for refined products and anticipates increased throughput and contract opportunities at its Brazeau River complex.

Recent Transcripts

Q1 2025 saw significant losses due to weak margins, but strategic pipeline acquisition aims to improve outlook.

Tidewater focused on operational stability, asset sales, and navigating renewable diesel trade challenges.

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Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

Overview
Latest News
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Earnings

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Q1 2025

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Transcript

11m 32s

12m 53s

13m 19s

14m 39s

15m 59s

17m 26s

18m 46s

20m 4s

20m 22s

I'll now ask John, our operator, to open the call up for questions.

20m 28s

21m 11s

22m 7s

Okay, and then guess, outside of non core asset sales, just given the uncertainty around the direction of commodity prices through the summer in the back half of the year.

22m 20s

Curious if you can comment on what other sources of liquidity you might be looking at what other levers might be available to help bridge the gap if needed.

22m 32s

23m 38s

Got it.

23m 39s

And then last one for me just on the, the acquisition of the the Northern segment of the Western pipeline.

23m 46s

25m 27s

26m 31s

Yes. Okay. Got it. I'll jump back in the queue. Thank you.

26m 37s

Thank you. And the next question comes from Rob Hope from Scotiabank. Your line is now open. Please go ahead.

26m 47s

Hi, everyone.

26m 49s

Was hoping you could add a little bit of color on the quarter over quarter EBITDA walk moving from, we'll call it 14 to minus six.

26m 59s

27m 21s

27m 59s

All right.

28m

28m 16s

29m 5s

Thank you. I'll hop back in the queue.

29m 10s

Thank you. Next question comes from Maurice Choi from RBC Capital Markets. Your line is now open. Please go ahead.

29m 21s

Thanks, good morning, everyone.

29m 22s

29m 48s

30m 22s

Do you see these tuck ins needing to be married from a timing and funding perspective with the non core asset sales program.

30m 32s

30m 52s

31m 11s

31m 49s

32m 7s

32m 28s

33m 19s

33m 37s

34m 50s

So we think it's behind us, but you know we're working on it for sure.

34m 57s

Okay thank you.

35m 2s

Thank you. And there are no further questions that came through at this time. I'll now hand the call over back to Michael Krasier for closing remarks. Please go ahead, sir.

35m 14s

Thanks, everyone, for joining the call. Team is available to address any outstanding items with the contact information at the bottom this morning's press release. Thank you.

35m 24s

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

Key Insights

Q1 2025 was challenging for Tidewater Midstream (TWM), with wider discounts on refined products, producer shut-ins, and lower throughput at key facilities; consolidated net loss attributable to shareholders was $31.8 million, compared to $11.3 million in Q1 2024, and adjusted EBITDA was negative $3.7 million versus $39.8 million in the prior year.
TWM announced the acquisition of the north segment of Pembina's Western Pipeline, a strategic asset expected to provide the Prince George Refinery (PGR) with a more reliable and lower-cost feedstock source; anticipated OpEx savings include the elimination of a $10 million annual capital fee, with run-rate maintenance capital expected to remain similar to historical levels.
Throughput at PGR averaged 9,936 barrels per day (down 9% from Q4 2024 and 20% from Q1 2024) due to third-party maintenance and inventory management; throughput is expected to normalize over the course of the year, and refined product sales have increased monthly since the start of 2025.
The company is focused on improving liquidity and deleveraging, targeting $100 million in non-core asset sales (including the completed $24 million BRC roadway network sale), and leveraging inventory and VCLCFS credits for additional liquidity.
TWM expects improved volumes and margins beginning in Q2 2025, with crack spreads and market conditions showing signs of recovery; the company continues to broaden its customer base for refined products and anticipates increased throughput and contract opportunities at its Brazeau River complex.

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