Tidewater Midstream Sells Sylvan Lake Gas Plant to Parallax Energy for $5.5 Million
Tidewater Midstream has sold its Sylvan Lake gas processing facility and related gathering system to Parallax Energy for $5.5 million. The non-core asset sale will help the Calgary-based company reduce debt and focus on core midstream operations.
(P&GJ) — Tidewater Midstream and Infrastructure Ltd. has completed the sale of its Sylvan Lake gas processing facility and associated gathering infrastructure to Parallax Energy Operating Inc. for $5.5 million in cash, the company said Oct. 21.
The Alberta-based midstream operator said the Sylvan Lake Gas Processing Facility is a non-core asset and the transaction will have an immaterial impact on its 2025 financial results. Proceeds will be used to repay amounts outstanding on Tidewater’s senior credit facility.
“The sale supports our ongoing focus on core operations and disciplined balance sheet management,” the company said in its announcement.
Tidewater, traded on the Toronto Stock Exchange under the symbol TWM, operates a portfolio of natural gas processing, storage, and NGL infrastructure across North America, along with downstream and renewable energy assets. The company also holds a majority stake in Tidewater Renewables.
The sale marks another step in Tidewater’s efforts to streamline its asset base and focus on higher-return segments of its business.