TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES THE CLOSING OF THE ACQUISITION OF THE NORTH SEGMENT OF THE WESTERN PIPELINE

(TSX: TWM)

CALGARY, AB, Sept. 25, 2025 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce the successful closing of the previously announced transaction to acquire, through a wholly owned limited partnership, the North Segment of the Western Pipeline System (the "Western Pipeline") from Pembina Pipeline Corporation and certain of its affiliates (the "Transaction").

The Western Pipeline is a key infrastructure asset to Tidewater, connecting the Prince George Refinery ("PGR") to crude supply in Northeastern British Columbia. Integration of the Western Pipeline within Tidewater's downstream operations and capital program is expected to deliver meaningful operational efficiencies, enhancing Tidewater's ability to optimize its feedstock procurement and cost structure at the PGR.

ABOUT TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD.

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to profitably grow 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. Additional information relating to Tidewater is available on SEDAR+ at www.sedarplus.ca and at https://www.tidewatermidstream.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this news release contains forward-looking statements regarding the operational efficiencies to be yielded from the Transaction.

Although the forward-looking statements contained in this news release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this news release represent expectations as of the date of this news release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims 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. With respect to the forward-looking statements contained in this news release, the Corporation has made assumptions regarding the effect of the Transaction on the Corporation's business and its cash flow.

Forward-looking statements are provided herein for the purpose of giving information about the Transaction. Readers are cautioned that such information may not be appropriate for other purposes. In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control. Such risks and uncertainties include the factors discussed under "Risk Factors" in the Corporation's annual information form for the year ended December 31, 2024 and the most recent management's discussion and analysis.

All the forward-looking statements in this news release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.

SOURCE Tidewater Midstream and Infrastructure Ltd.

For further information please contact: Michael Gracher, Manager, Investor Relations, Tidewater Midstream and Infrastructure Ltd., [email protected]; Ian Quartly, Interim Chief Financial Officer, Tidewater Midstream and Infrastructure Ltd., [email protected]