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

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/

(TSX:TWM)

CALGARY, AB, June 1, 2023 /CNW/ - Tidewater Midstream and Infrastructure Ltd.'s ("Tidewater") (TSX: TWM) 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 our staff, contractors, firefighters, and industry partners for all their tireless efforts and support through these wildfires.

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

ABOUT TIDEWATER

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to build a diversified midstream 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 multi-faceted, energy transition company focusing on the production of low carbon fuels. Tidewater Renewables' common shares are publicly traded on the TSX under the symbol "LCFS".

Advisory Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively referred to herein as, "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to future events, conditions or future financial performance of Tidewater Midstream and Infrastructure Ltd. (the "Corporation" or "Tidewater") based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "continue", "forecast", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "will likely result", "are expected to", "will continue", "is anticipated", "believes", "estimated", "intends", "plans", "projection", "outlook" and similar expressions. These statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.

In particular, this press release contains forward-looking statements pertaining to but not limited to the following:

• that the BRC outage is not expected to have a material impact on Tidewater's 2023 financial outlook; and
• with major turnaround activities now complete and midstream operations fully functional, Tidewater's forecast second half free cash flow will enhance financial flexibility that supports increasing shareholder value.

The Corporation's actual results' performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any off them do so, what benefits the Corporation will derive therefrom. Readers are therefore cautioned that the foregoing list of important factors is not exhaustive, and they should not unduly rely on the forward-looking statements included in this press release. Tidewater does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities law. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement. 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 provincial securities commissions available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

SOURCE Tidewater Midstream and Infrastructure Ltd.

Robert Colcleugh, Interim Chief Executive Officer, Tidewater Midstream and Infrastructure Ltd., Phone: [phone], Email: [email protected]; Brian Newmarch, Chief Financial Officer, Tidewater Midstream and Infrastructure Ltd., Phone: [phone], Email: [email protected]