Leading Western Canadian midstream company Tidewater Midstream and Infrastructure reported its best quarter to date amid a global crisis. The company has built an incredible business that connects its customers and other stakeholders along the entire energy value chain, but the most recent quarterly results have put an exclamation point on its success.
"Our second quarter performance highlights Tidewater Midstream's diversification and scale, and our resulting earnings power", says Vanni Tomaselli, Director of Capital Projects and Controls. "Like every other business, we're still weary of the situation and despite the impact of the global crisis, we managed to not lay off anyone as a result of lower demand for energy commodities.”
Having first incorporated in 2015, Tidewater Midstream has seen exponential growth after successfully deploying approximately $750 million for grown capital in the Grand Prairie and Drayton Valley/Edmonton areas as well as acquisitions in both Alberta and British Columbia. However, it was the company's shift from relying on people to systems that helped the thriving company reach its success.
Reliance on software system leads to Canadian company's success
"In 2016, we had no project controls systems in place. We were reliant on Excel and needed a software solution like 4castplus that could manage both project controls and procurement," notes Tomaselli.
"The switch from relying on people to systems definitely helped lead to our strong performance and resilience during our capital program and recent unprecedented events."
The positive results not only offer greater confidence in the future success of the company for employees, but for shareholders as well.
As a valued 4castplus client, we want to congratulate the Tidewater Midstream team on an incredible and noteworthy milestone.