Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Corporation reported its first quarter 2012 earnings. While net revenues were similar to Q4 2011, adjusted net loss was $20.8 million compared to a $1.6 million adjusted net income in Q4 2011. Key factors negatively impacting results were lower fixed-rate revenues from tanker and LNG fleet changes and fewer spot tanker days. However, Teekay expects to sell 13 tankers to Teekay Tankers which will simplify its structure and reduce debt. Spot tanker rates were also higher in Q1 than previous quarter.
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Teekay Corporation First Quarter 2013 Earnings PresentationTeekay Corporation
- Teekay Corporation reported financial results for the first quarter of 2013, with a consolidated adjusted net loss of $11.7 million compared to a $20.8 million loss in Q1 2012.
- Recent highlights included the acquisition of the Voyageur Spirit FPSO and offering to sell a 50% interest in the Cidade de Itajai FPSO to Teekay Offshore.
- For the second quarter of 2013, Teekay expects a $18 million increase in net revenues from the Voyageur Spirit FPSO and about $6 million higher vessel operating expenses.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay LNG Partners L.P.
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include additional vessels from parent company Teekay Corp and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Corporation reported its first quarter 2012 earnings. While net revenues were similar to Q4 2011, adjusted net loss was $20.8 million compared to a $1.6 million adjusted net income in Q4 2011. Key factors negatively impacting results were lower fixed-rate revenues from tanker and LNG fleet changes and fewer spot tanker days. However, Teekay expects to sell 13 tankers to Teekay Tankers which will simplify its structure and reduce debt. Spot tanker rates were also higher in Q1 than previous quarter.
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Teekay Corporation First Quarter 2013 Earnings PresentationTeekay Corporation
- Teekay Corporation reported financial results for the first quarter of 2013, with a consolidated adjusted net loss of $11.7 million compared to a $20.8 million loss in Q1 2012.
- Recent highlights included the acquisition of the Voyageur Spirit FPSO and offering to sell a 50% interest in the Cidade de Itajai FPSO to Teekay Offshore.
- For the second quarter of 2013, Teekay expects a $18 million increase in net revenues from the Voyageur Spirit FPSO and about $6 million higher vessel operating expenses.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay LNG Partners L.P.
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include additional vessels from parent company Teekay Corp and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation First Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its first quarter 2014 earnings. Key highlights included generating $265 million in total cash flow from vessel operations, up 37% from Q1 2013. Teekay Parent reported adjusted net income of $3.5 million compared to an adjusted net loss of $11.7 million in Q1 2013. Teekay Parent also completed the sale of four tankers to Tanker Investments Ltd. and agreed to sell an ownership interest in its tanker operations to Teekay Tankers Ltd. Teekay's daughter companies - Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers Ltd. - also reported strong results in the first quarter and continued progress on
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
- Teekay LNG Partners owns and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers under long-term, fixed-rate charters and is focused on expanding its fleet through acquisitions and new project opportunities.
- The presentation discusses Teekay LNG's growth opportunities through bidding on new LNG shipping and regasification projects and securing long-term contracts for two new LNG carrier newbuildings.
- Forward-looking statements note factors like availability of LNG shipping projects, changes in LNG/LPG production or trading patterns, and market fundamentals that could impact Teekay LNG's growth opportunities and ability to secure new
Teekay Corporation reported its earnings for the second quarter of 2015. Some key highlights include:
- Teekay Parent generated $49.5 million in free cash flow in Q2-15, an increase of 57% from Q1-15.
- Teekay Parent increased its dividend by 75% to $0.55 per share for Q2-15.
- On July 1st, Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, reducing its net debt by $1 billion.
- Teekay's daughters reported strong results in Q2-15, with distribution increases expected to support continued
Teekay Corporation First Quarter Earnings PresentationTeekay Corporation
Teekay Corporation reported its Q1-2015 earnings, with the following highlights:
- Consolidated cash flow from vessel operations increased 21% compared to Q1-2014.
- Adjusted net income was $15.7 million, up from $3.5 million in Q1-2014.
- The Knarr FPSO commenced operations in March and is expected to be sold to Teekay Offshore in Q2-2015.
- Teekay expects to implement a new dividend policy in Q2-2015, increasing its dividend by approximately 75% to $0.55 per share annually.
Teekay Offshore Partners reported its Q2-2016 earnings. It generated $45.9 million in distributable cash flow and $144.2 million in cash flow from vessel operations. In June 2016, it completed $600 million in financing initiatives to fund its growth projects and address upcoming debt maturities, increasing its total liquidity to $421 million. Its three-year growth pipeline is fully financed and expected to contribute $200 million annually in additional cash flow from vessel operations.
Teekay Corporation provides a Q3 2017 outlook for its consolidated financial results, expecting a net revenue increase of $2-4 million across its segments. Operating expenses are expected to increase $10-6 million primarily due to planned maintenance. Recent transactions have strengthened Teekay's financial position by fully financing growth projects and reducing debt. The outlook expects each daughter company to benefit from market recoveries in their respective sectors.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with a portfolio of 40 shuttle tankers, 7 FPSO units, 5 FSO units, and 10 conventional tankers. Teekay LNG focuses on LNG and LPG shipping, with a portfolio of 27 LNG carriers and 5 LPG carriers operating under long-term fixed-rate contracts. Both MLPs have strong growth opportunities through acquisitions from Teekay Corporation and new offshore oil and gas project developments.
Teekay Offshore Partners generated distributable cash flow of $58.8 million in Q3-2015, an increase from $58.3 million in Q2-2015. The coverage ratio was 0.86x. Revenues increased due to the acquisition of the Petrojarl Knarr FPSO unit and a full quarter of operations for other assets. Distributions increased to $68.3 million due to common unit financing for the Knarr acquisition and a 4% distribution increase.
Teekay Offshore (NYSE: TOO) Investor Day Presentation September 30 2014Altera Infrastructure
This document provides an overview of Teekay Offshore Partners' investor day presentation on September 30, 2014. It discusses Teekay Offshore's business segments of floating production and offshore logistics. Teekay Offshore is well positioned for growth with $3.2 billion in known growth projects delivering through 2017, driven by strong industry fundamentals as offshore oil production, especially deepwater production, is expected to significantly increase in coming years. The presentation outlines Teekay Offshore's growth opportunities across segments like FPSOs, shuttle tankers and floating accommodation units.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
- Teekay LNG Partners generated distributable cash flow of $40.6 million in Q2 2017, with a distribution coverage ratio of 3.6x.
- The Partnership has $6.8 billion in forward fee-based revenues from its existing fleet and growth projects, with a weighted average charter length of 13 years.
- Teekay LNG has 18 LNG carrier newbuildings on order that will add an average of 18 years of charter duration upon delivery through 2020. Financing for the newbuildings and growth projects remains on track for completion by the end of 2017.
Teekay Corporation reported its Q2-2016 earnings. It generated $350.5 million in cash flow from vessel operations. It also reported adjusted net income of $0.7 million. Teekay completed $1 billion in financing initiatives in June to further deleverage its balance sheet and increase liquidity. It sold the Shoshone Spirit VLCC for $63 million, expected to close in September/October 2016.
Teekay Offshore Partners held an earnings presentation to discuss their Q2 2017 results and provide an outlook for Q3 2017. Some of the key points included:
- They announced a comprehensive financial transaction with Brookfield that will significantly strengthen their financial position and fully finance existing growth projects.
- They are focused on delivering existing projects including the Libra FPSO, Randgrid FSO, Petrojarl I FPSO, and East Coast Canada shuttle tankers.
- Distributable cash flow for Q2 2017 was $27.2 million compared to $30.6 million in Q1 2017 mainly due to lower utilization and higher expenses. The outlook for Q3 2017 was for higher revenues partially offset by
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
Teekay Offshore Partners reported its Q1-2016 earnings. Key highlights included generating $62 million in distributable cash flow and $166.1 million in cash flow from vessel operations. The company is nearing completion of financing initiatives to address its 2016-2017 funding requirements and fully finance $1.6 billion in growth projects through 2018. This includes refinancing debt, issuing equity, and potentially deferring deliveries of two new units. The company expects these initiatives to extend its debt maturity runway to late-2018 and significantly delever its balance sheet over time.
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
Teekay Corporation Second Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation held a presentation on its second quarter 2014 earnings. Some of the key highlights included:
- Teekay Corporation generated $224 million in total cash flow from vessel operations in Q2-14, an increase of 22% from Q2-13. It reported an adjusted net loss of $20.1 million for Q2-14.
- Teekay Offshore Partners took delivery of the Knarr FPSO and it is currently being transported to the North Sea to begin its charter. Teekay LNG Partners finalized agreements to provide six icebreaker LNG carriers through a new joint venture.
- For Q3-14, Teekay Corporation expects higher net revenues
Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2013. Key highlights included:
- Teekay LNG and Teekay Offshore both increased their cash distributions by 2.5% in Q4.
- Teekay Parent agreed to sell its last four directly owned tankers to the new joint venture Tanker Investments Ltd.
- Construction of the Petrojarl Knarr FPSO project remains on schedule, with the unit expected to begin its charter in late Q4 2014.
- The company reported consolidated adjusted net income of $1.1 million, compared to $2.9 million in Q4 2012.
Teekay Corporation First Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its first quarter 2014 earnings. Key highlights included generating $265 million in total cash flow from vessel operations, up 37% from Q1 2013. Teekay Parent reported adjusted net income of $3.5 million compared to an adjusted net loss of $11.7 million in Q1 2013. Teekay Parent also completed the sale of four tankers to Tanker Investments Ltd. and agreed to sell an ownership interest in its tanker operations to Teekay Tankers Ltd. Teekay's daughter companies - Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers Ltd. - also reported strong results in the first quarter and continued progress on
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
- Teekay LNG Partners owns and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers under long-term, fixed-rate charters and is focused on expanding its fleet through acquisitions and new project opportunities.
- The presentation discusses Teekay LNG's growth opportunities through bidding on new LNG shipping and regasification projects and securing long-term contracts for two new LNG carrier newbuildings.
- Forward-looking statements note factors like availability of LNG shipping projects, changes in LNG/LPG production or trading patterns, and market fundamentals that could impact Teekay LNG's growth opportunities and ability to secure new
Teekay Corporation reported its earnings for the second quarter of 2015. Some key highlights include:
- Teekay Parent generated $49.5 million in free cash flow in Q2-15, an increase of 57% from Q1-15.
- Teekay Parent increased its dividend by 75% to $0.55 per share for Q2-15.
- On July 1st, Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, reducing its net debt by $1 billion.
- Teekay's daughters reported strong results in Q2-15, with distribution increases expected to support continued
Teekay Corporation First Quarter Earnings PresentationTeekay Corporation
Teekay Corporation reported its Q1-2015 earnings, with the following highlights:
- Consolidated cash flow from vessel operations increased 21% compared to Q1-2014.
- Adjusted net income was $15.7 million, up from $3.5 million in Q1-2014.
- The Knarr FPSO commenced operations in March and is expected to be sold to Teekay Offshore in Q2-2015.
- Teekay expects to implement a new dividend policy in Q2-2015, increasing its dividend by approximately 75% to $0.55 per share annually.
Teekay Offshore Partners reported its Q2-2016 earnings. It generated $45.9 million in distributable cash flow and $144.2 million in cash flow from vessel operations. In June 2016, it completed $600 million in financing initiatives to fund its growth projects and address upcoming debt maturities, increasing its total liquidity to $421 million. Its three-year growth pipeline is fully financed and expected to contribute $200 million annually in additional cash flow from vessel operations.
Teekay Corporation provides a Q3 2017 outlook for its consolidated financial results, expecting a net revenue increase of $2-4 million across its segments. Operating expenses are expected to increase $10-6 million primarily due to planned maintenance. Recent transactions have strengthened Teekay's financial position by fully financing growth projects and reducing debt. The outlook expects each daughter company to benefit from market recoveries in their respective sectors.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with a portfolio of 40 shuttle tankers, 7 FPSO units, 5 FSO units, and 10 conventional tankers. Teekay LNG focuses on LNG and LPG shipping, with a portfolio of 27 LNG carriers and 5 LPG carriers operating under long-term fixed-rate contracts. Both MLPs have strong growth opportunities through acquisitions from Teekay Corporation and new offshore oil and gas project developments.
Teekay Offshore Partners generated distributable cash flow of $58.8 million in Q3-2015, an increase from $58.3 million in Q2-2015. The coverage ratio was 0.86x. Revenues increased due to the acquisition of the Petrojarl Knarr FPSO unit and a full quarter of operations for other assets. Distributions increased to $68.3 million due to common unit financing for the Knarr acquisition and a 4% distribution increase.
Teekay Offshore (NYSE: TOO) Investor Day Presentation September 30 2014Altera Infrastructure
This document provides an overview of Teekay Offshore Partners' investor day presentation on September 30, 2014. It discusses Teekay Offshore's business segments of floating production and offshore logistics. Teekay Offshore is well positioned for growth with $3.2 billion in known growth projects delivering through 2017, driven by strong industry fundamentals as offshore oil production, especially deepwater production, is expected to significantly increase in coming years. The presentation outlines Teekay Offshore's growth opportunities across segments like FPSOs, shuttle tankers and floating accommodation units.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
- Teekay LNG Partners generated distributable cash flow of $40.6 million in Q2 2017, with a distribution coverage ratio of 3.6x.
- The Partnership has $6.8 billion in forward fee-based revenues from its existing fleet and growth projects, with a weighted average charter length of 13 years.
- Teekay LNG has 18 LNG carrier newbuildings on order that will add an average of 18 years of charter duration upon delivery through 2020. Financing for the newbuildings and growth projects remains on track for completion by the end of 2017.
Teekay Corporation reported its Q2-2016 earnings. It generated $350.5 million in cash flow from vessel operations. It also reported adjusted net income of $0.7 million. Teekay completed $1 billion in financing initiatives in June to further deleverage its balance sheet and increase liquidity. It sold the Shoshone Spirit VLCC for $63 million, expected to close in September/October 2016.
Teekay Offshore Partners held an earnings presentation to discuss their Q2 2017 results and provide an outlook for Q3 2017. Some of the key points included:
- They announced a comprehensive financial transaction with Brookfield that will significantly strengthen their financial position and fully finance existing growth projects.
- They are focused on delivering existing projects including the Libra FPSO, Randgrid FSO, Petrojarl I FPSO, and East Coast Canada shuttle tankers.
- Distributable cash flow for Q2 2017 was $27.2 million compared to $30.6 million in Q1 2017 mainly due to lower utilization and higher expenses. The outlook for Q3 2017 was for higher revenues partially offset by
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
Teekay Offshore Partners reported its Q1-2016 earnings. Key highlights included generating $62 million in distributable cash flow and $166.1 million in cash flow from vessel operations. The company is nearing completion of financing initiatives to address its 2016-2017 funding requirements and fully finance $1.6 billion in growth projects through 2018. This includes refinancing debt, issuing equity, and potentially deferring deliveries of two new units. The company expects these initiatives to extend its debt maturity runway to late-2018 and significantly delever its balance sheet over time.
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
Teekay Corporation Second Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation held a presentation on its second quarter 2014 earnings. Some of the key highlights included:
- Teekay Corporation generated $224 million in total cash flow from vessel operations in Q2-14, an increase of 22% from Q2-13. It reported an adjusted net loss of $20.1 million for Q2-14.
- Teekay Offshore Partners took delivery of the Knarr FPSO and it is currently being transported to the North Sea to begin its charter. Teekay LNG Partners finalized agreements to provide six icebreaker LNG carriers through a new joint venture.
- For Q3-14, Teekay Corporation expects higher net revenues
Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2013. Key highlights included:
- Teekay LNG and Teekay Offshore both increased their cash distributions by 2.5% in Q4.
- Teekay Parent agreed to sell its last four directly owned tankers to the new joint venture Tanker Investments Ltd.
- Construction of the Petrojarl Knarr FPSO project remains on schedule, with the unit expected to begin its charter in late Q4 2014.
- The company reported consolidated adjusted net income of $1.1 million, compared to $2.9 million in Q4 2012.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of 52 vessels across these segments and $4.8 billion in long-term contracts. Teekay Corporation also owns and controls other marine logistics daughters and may offer additional vessels to TOO for acquisition in the future to further expand its operations and support continued revenue growth.
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of vessels serving long-term contracts in the North Sea and Brazil. Teekay Corporation also owns and controls two other publicly traded daughters, Teekay LNG Partners and Teekay Tankers, and may offer additional vessels to TOO in the future.
Teekay Corp group presentation September 2013TradeWindsnews
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
Teekay Corporation is an international provider of marine services to the global oil and gas industry. It owns interests in several publicly-traded subsidiaries, including Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers. The document discusses Teekay's diversified business model and leading market positions across its segments. It also outlines the company's growth strategies and financial flexibility provided by its corporate structure.
Teekay Offshore Partners Second Quarter 2013 Earnings PresentationAltera Infrastructure
Teekay Offshore recently acquired several offshore oil and gas assets including the Voyageur Spirit FPSO and a 50% interest in the Cidade de Itajai FPSO for $744 million total. However, the Voyageur Spirit is experiencing operational issues that are preventing it from reaching full production. As a result, Teekay Corporation has agreed to indemnify Teekay Offshore for up to $54 million in lost revenues from the Voyageur Spirit until it achieves full production. Teekay Offshore is also growing its shuttle tanker fleet through newbuild deliveries for long-term contracts in Brazil and recently secured a contract to convert a shuttle tanker into an FSO unit for St
Teekay Offshore recently acquired several FPSO units and took delivery of new shuttle tankers. However, one FPSO, the Voyageur Spirit, experienced operational issues that prevented it from reaching full production. As a result, Teekay Corporation agreed to indemnify Teekay Offshore for lost revenues up to $54 million until the Voyageur Spirit achieves full acceptance. Teekay Offshore is also working on converting existing vessels into FSO units and pursuing new FPSO projects, while continuing deliveries of shuttle tankers on long-term contracts.
Teekay's Q3-2017 earnings presentation provides an overview of financial results for Teekay Corporation and its subsidiaries Teekay LNG, Teekay Tankers, and Teekay Offshore. Key highlights include:
- Teekay Corporation generated $238.1 million in cash flow from vessel operations in Q3-2017.
- Teekay LNG generated $40.2 million in distributable cash flow and $107.3 million in cash flow from vessel operations.
- Teekay Tankers reported an adjusted net loss of $14.0 million and cash flow from vessel operations of $20.6 million.
- Teekay Offshore
Teekay Corporation Second Quarter 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its second quarter 2013 earnings. The presentation provided an overview of recent highlights and operational issues for Teekay and its subsidiaries Teekay Offshore, Teekay LNG, and Teekay Tankers. It noted temporary operational issues on the Voyageur Spirit and Foinaven FPSO units that negatively impacted results. Looking ahead, it outlined its continued focus on project execution and provided an outlook for the third quarter of 2013, expecting challenges from the FPSO issues to be resolved in the second half of the year.
Teekay Group Presents at the 2013 Citi One-on-One MLP / Midstream ConferenceTeekay Corporation
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include acquiring additional vessels from parent company Teekay Corporation or developing new offshore projects. However, actual growth depends on factors such as oil prices, production volumes, and contract terms.
Teekay Group presents at the 2013 Citi One-on-One MLP / Midstream ConferenceAltera Infrastructure
Teekay Offshore is a leading provider of offshore oilfield services, including floating production, storage and transportation. It has a fleet of 52 offshore vessels serving long-term contracts in the North Sea and Brazil. Recent acquisitions and new contracts are expected to drive cash flow growth. Potential future growth opportunities include vessels offered by parent company Teekay Corporation and new projects developed through joint ventures. However, contract delays and oil production volume changes could negatively impact cash flow.
Teekay Corporation reported earnings for Q3 2015. Key highlights include:
- Teekay Parent generated $59.8 million in free cash flow in Q3 2015, a 21% increase over Q2 2015, with a strong coverage ratio of 1.49x.
- Teekay Parent completed the sale of the Knarr FPSO to Teekay Offshore for $1.26 billion, increasing its dividend by 75% and reducing net debt by $900 million.
- Teekay's daughter entities continued to perform well, with all declaring distribution increases in Q3 2015, providing stable cash flows to Teekay Parent.
- Looking ahead, Teekay Parent expects higher net revenues
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with assets including FPSO units and shuttle tankers. Teekay LNG focuses on LNG and LPG projects, owning one of the world's largest fleets of LNG carriers with long-term fixed contracts from major oil and gas companies. Both MLPs offer stable cash flows, growth opportunities through acquisitions, and high quarterly distributions to unitholders.
Teekay Corporation Third Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its third quarter 2014 earnings. Key highlights included:
- Generated $252 million in cash flow, up 29% year-over-year. Reported adjusted net loss of $12.6 million.
- Announced new dividend policy to increase dividend to $2.20-$2.30 per share upon sale of the Knarr FPSO to Teekay Offshore.
- Offered the Knarr FPSO for sale to Teekay Offshore for $1.16 billion. It is expected to generate $70 million in annual cash flow.
The document is the Q2 2018 earnings presentation for Teekay Offshore Partners.
The summary is:
- Teekay Offshore Partners generated $162 million in cash flow from vessel operations and $25 million in distributable cash flow in Q2 2018.
- They secured contract extensions for the Voyageur Spirit and Ostras FPSO units through 2020 and 2018 respectively.
- They ordered two new shuttle tankers to service the growing North Sea market, bringing their total newbuild orderbook to 6 shuttle tankers.
- They refinanced $700 million in debt maturities through 2023 with a private placement of 8.5% senior notes, improving their maturity
Similar to Teekay Corporation - Second Quarter 2012 Earnings Results Presentation (20)
- Teekay Corporation reported GAAP net income of $35.4 million and adjusted EBITDA of $127.2 million for Q4 2023, with full year 2023 GAAP net income of $150.6 million and adjusted EBITDA of $618.9 million.
- Spot tanker rates remained strong in Q4 2023 for Teekay Tankers, though lower than the previous year, with average daily rates of $37,000 for Suezmax vessels and $44,500 for Aframax vessels.
- Teekay continued repurchasing its own shares in Q4 2023, bringing total repurchases to $65.8 million since August 2022
Teekay Corporation reported its highest third quarter adjusted net income per share in 15 years. Key highlights included GAAP net income of $26.2 million and adjusted net income of $24.8 million for the quarter. Since the start of the third quarter, Teekay Parent repurchased $4.6 million of its common shares, bringing total repurchases to $63 million. Teekay Tankers declared a $0.25 per share dividend and continued to benefit from strong spot tanker rates in its fleet trading on the spot market.
- Teekay Corporation reported GAAP net income of $40.3 million and adjusted net income of $42.8 million for Q2 2023, driven by higher earnings from Teekay Tankers due to strong spot tanker rates.
- Teekay Tankers secured average Q3 2023 spot rates of $42,800/day for Suezmax fleet and $48,300/day for Aframax fleet, well above historical Q3 levels.
- Teekay Parent repurchased $12.5 million of its shares in Q2 2023, bringing total repurchased since August 2022 to $58.3 million, and authorized a new $25 million rep
Teekay Corporation reported its financial results for the first quarter of 2023, with GAAP net income of $48.8 million and adjusted net income of $51 million. Teekay Tankers secured high spot rates in the quarter of $62,400 per day for Suezmax vessels and $58,500 per day for Aframax vessels. Teekay Parent completed its $30 million share repurchase program and announced a new $30 million program. Teekay Tankers announced an updated capital allocation plan that includes implementing a $0.25 per share quarterly dividend and a $1 per share special dividend, as well as authorizing a $100 million share repurchase program.
Teekay Corporation reported financial results for the fourth quarter and full year of 2022. The company's adjusted net income increased in the fourth quarter compared to the prior year period, driven by stronger earnings from Teekay Tankers due to higher spot tanker rates. Teekay Parent also benefited from lower interest expense due to debt repurchases completed in 2022. For the full year, adjusted EBITDA was $341.7 million. Teekay Tankers has secured strong spot tanker rates for the first quarter of 2023 to date and remains well positioned given current tanker market fundamentals. Teekay Parent also continued repurchasing its common shares and has become debt free.
- Teekay Corporation reported GAAP net income of $33.1 million in Q3 2022, compared to a net loss in Q3 2021, driven by higher earnings from Teekay Tankers due to increased spot tanker rates and lower interest costs for Teekay Parent.
- Teekay successfully completed the sale of its last remaining FPSO unit, the Petrojarl Foinaven, in October 2022, with proceeds from asset sales expected to fully offset decommissioning and recycling costs.
- Spot tanker rates were significantly higher in Q3 2022 compared to the same period in 2021, with rates for Teekay Tankers' Suezmax, Aframax and
Teekay Corporation reported higher adjusted net income in Q2 2022 than Q2 2021, driven by higher earnings from its subsidiary Teekay Tankers from increased spot tanker rates. Teekay Tankers saw spot rates reach their highest level in two years during Q2 2022. While consolidated earnings increased in Q2 2022, results were partially offset by the sale of Teekay LNG in January 2022. Looking ahead, management expects to substantially complete the wind-down of its FPSO segment by the end of 2022.
Teekay Tankers presented its third quarter 2021 earnings. Key highlights included:
- Adjusted EBITDA of ($15.8) million, down from the previous quarter, due to weak spot tanker rates.
- Pro forma liquidity of $209 million providing financial resilience.
- Tanker market fundamentals remain positive with an expected recovery, supported by increasing oil demand and tight fleet supply.
- Spot tanker rates improved in early Q4 but remained weak in Q3 due to oil demand impacts from COVID variants and OPEC+ supply cuts.
Teekay Corporation presented its third quarter 2021 earnings. Key highlights included:
- Total adjusted EBITDA was $165 million, down slightly from $172 million last quarter.
- Consolidated adjusted net income was $95 thousand, up from $30 thousand last quarter.
- Teekay LNG's pending merger with Stonepeak was announced, valued at $6.2 billion including Teekay Parent receiving $640 million in proceeds.
- A new long-term contract was secured to provide marine services to Australian government vessels.
Teekay LNG Partners reported second quarter 2021 earnings. Adjusted net income was $57.0 million, or $0.57 per unit, down slightly from the previous quarter due to more scheduled drydockings. The partnership's liquefied natural gas fleet is substantially fixed, with 98% of capacity booked for the remainder of 2021 and 89% for 2022. Strong LNG shipping fundamentals are expected to continue into 2022, supported by firm gas prices and growing global LNG demand and trade.
Teekay Tankers reported weak financial results in Q2 2021 due to persistently low spot tanker rates. However, the company signed contracts to refinance higher-cost debt on eight vessels, which is expected to save $11 million in interest per year. While tanker markets remain weak in the near term, key indicators like rising oil demand, falling inventories, and increasing OPEC+ supply point to a recovery starting in the coming quarters. Teekay Tankers has a strong financial position with $274 million in pro forma liquidity to withstand current market conditions.
Teekay Corporation reported its second quarter 2021 earnings. Key highlights included:
- Reversing a $33 million asset retirement obligation associated with the Banff FPSO, reducing remaining FPSO exposure.
- Teekay LNG reported $57 million in adjusted net income for the quarter despite higher drydocking. Rates for LNG shipping remain strong.
- Teekay Tankers reported a loss due to weak tanker spot rates and expired contracts, but sees signs of a market recovery.
- Teekay Corporation's sum-of-the-parts valuation leaves upside given its interests in Teekay LNG and Teekay Tankers trading at a discount to estimated net asset value.
Teekay Corporation reported stronger financial results in the first quarter of 2021 compared to the previous quarter, despite ongoing weakness in tanker markets due to the COVID-19 pandemic's impact on oil demand. Total adjusted EBITDA was $202 million in Q1-21 compared to $201 million in Q4-20. Consolidated adjusted net income was $11 million, or $0.11 per share, in Q1-21 compared to $3 million, or $0.03 per share, in Q4-20. Teekay has made significant progress winding down its FPSO segment and expects to reduce accrued asset retirement obligations. Teekay LNG maintained a high fleet utilization rate and increased its
Teekay LNG Partners reported strong first quarter 2021 results, with adjusted net income slightly higher than the previous quarter. The partnership secured three new charter contracts in March and April and its LNG fleet is now fully chartered through 2021 and over 89% chartered through 2022. Global LNG demand is expected to double by 2040 due to growth in Asia and the increasing role of LNG in the global transition to lower emissions. Spot and term LNG shipping rates have strengthened in recent months due to high demand, low inventories, and charterers looking to secure tonnage ahead of potential winter volatility.
Teekay Tankers reported financial results for the first quarter of 2021 that showed an increase in adjusted EBITDA compared to the previous quarter. While spot tanker rates remained weak in Q1 2021, rates spiked in March due to bad weather and the Suez Canal blockage. Looking forward, several key indicators point to a tanker market recovery in the second half of 2021 as oil demand increases and inventories normalize. Teekay Tankers maintains a strong financial position with $372 million in liquidity to capitalize on an expected market recovery.
- Teekay Tankers reported an adjusted net loss of $40.7 million for Q4-2020, compared to an adjusted net income of $3.1 million in Q3-2020. This was primarily due to lower spot tanker rates in Q4-2020.
- The company reduced its net debt by $419 million in 2020 to $510 million through strong cash flows and asset sales. It had liquidity of $373 million as of December 31, 2020.
- Spot tanker rates remained weak in Q4-2020 due to the second wave of COVID-19 and oversupply of tankers returning from floating storage. Rates are expected to improve in the second half of 2021 as oil
Teekay Corporation reported its fourth quarter and annual 2020 earnings. Total adjusted EBITDA was $201 million in Q4-20, down from $227 million in Q3-20, primarily due to weaker results at Teekay Tankers from a lower tanker market. Consolidated adjusted net income was $3 million in Q4-20, down from $15 million in Q3-20. For the full year 2020, total adjusted EBITDA increased 14% to $1.086 billion and consolidated adjusted net income was $83 million, compared to an adjusted net loss of $19 million in 2019.
Teekay LNG Partners reported record-high 2020 results, with adjusted net income up 39% and total adjusted EBITDA up 11% from 2019. The company also announced a 15% increase to its common unit distribution commencing in Q1 2021. Teekay LNG's fleet has 97% of available days fixed for 2021 and 89% fixed for 2022, providing stable cash flow. Global demand for LNG is expected to grow substantially over the next decades, driven by Asia and the transition away from coal, supporting strong long-term LNG shipping dynamics.
The document is a presentation by Teekay LNG Partners providing an overview of their recent financial and operational performance as well as outlook. Some key points:
- Teekay LNG reported adjusted net income of $58.9 million for Q3 2020 and their earnings are expected to increase in Q4 2020.
- Their liquidity was $431 million as of the end of Q3 2020 and their financial leverage continues to decrease.
- Over 96% of their LNG fleet is fixed for 2021 providing stable long-term cash flows.
- Natural gas is expected to remain a key part of the global energy transition and increasing demand for LNG is driving the need for LNG shipping.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Bienestar Financiero al servicio de su jubilación anticipada
Pago de su 🏡
Estudio de sus hijos
Directamente a tu cuenta bancaria
Con Tesorería Auditoria Jurídica comercial
Administración de carteras
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Desarrollo de tu marca personal
Acceso a Desarrollo de varias industrias
Cuentas bancarias
Estructuras Físicas en USA y en América Central
Avalado por Bolcomer
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Y mucho más
Link de registro
https://business.myinfinity.global/maurod8/
https://therusnetwork.com/
Contacto:
https://goo.su/pzm1fja
2. Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as
amended) which reflect management’s current views with respect to certain future events and performance, including
statements regarding: tanker market fundamentals, including the balance of supply and demand in the tanker market and the
impact of seasonal factors on spot tanker charter rates; the estimated cost and timing of delivery of FPSO and shuttle tanker
newbuildings/conversions in progress and the effect on the Company’s future cash flows and profitability; the estimated timing
of commencement of new charter contracts upon delivery of FPSO and shuttle tanker newbuildings/conversions in progress; the
potential sale of the Voyageur Spirit FPSO from Teekay Parent to Teekay Offshore; the impact on Teekay Parent’s cash flows
from its GP and LP ownership interests in Teekay LNG and Teekay Offshore resulting from acquisitions and delivery of assets
by Teekay LNG and Teekay Offshore; the estimated timing for the completion of the Company’s takeover of technical
management of the MALT LNG Carriers; the expected timing of the commencement of the new charter contract for the Magellan
Spirit LNG carrier; expected timing of redeliveries of vessels chartered-in by Teekay Parent; expected timing for commencement
of cost savings related to the Company’s ship management joint venture with Anglo-Eastern; the Company’s future capital
expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinanced capital
expenditure commitments; and fundamentals of the offshore and LNG industries and the Company’s ability to complete future
growth projects and acquisitions. The following factors are among those that could cause actual results to differ materially from
the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such
statement: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particular
regions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker
scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry
laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in
tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil
production by or increased operating expenses for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO
contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace
long-term contracts or complete existing contract negotiations; changes affecting the offshore tanker market; shipyard production
delays and cost overruns; changes in the Company’s expenses; the Company’s future capital expenditure requirements and the
inability to secure financing for such requirements; the inability of the Company to complete vessel sale transactions to its public
company subsidiaries or to third parties; factors impeding the expected transfer of technical management of the MALT LNG
Carriers; factors impeding or preventing the establishment of the Company’s ship management joint venture with Anglo-Eastern;
conditions in the United States capital markets; and other factors discussed in Teekay’s filings from time to time with the SEC,
including its Report on Form 20-F for the fiscal year ended December 31, 2011. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on
which any such statement is based.
NYSE: TK
. 2 www.teekay.com
3. Recent Highlights
TEEKAY CORPORATION (PARENT)
• Generated $208m of cash flow from vessel operations in Q2-121
• Q2-12 consolidated adjusted net loss attributable to Teekay of $17.0m, or $0.25 per
share2, compared to adjusted net loss of $0.51 per share in Q2-113
• Completed sale of 13 conventional tankers to Teekay Tankers in late-June
• Offered to sell Voyageur Spirit FPSO to Teekay Offshore
TEEKAY TEEKAY TEEKAY
TEEKAY
LNG PARTNERS OFFSHORE PARTNERS TANKERS LTD.
TANKERS
• Entered into new three- • Petrojarl Varg FPSO • Acquisition and new time-
year time-charter for contract extended for charters increased fixed
Magellan Spirit, starting in three years until June 30, coverage from 29% to
September 2013 2016 47% for the 12 months
• Declared Q2-12 • Declared Q2-12 commencing July 1, 2012
distribution of $0.675 per distribution of $0.5125 • Declared Q2-12 dividend
unit per unit of $0.11 per unit
1 Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s web site at
www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP financial measure.
2 Adjusted net loss attributable to stockholders of Teekay excludes specific items which increased GAAP net loss by $30.2m, or $0.43 per share, as detailed in Appendix A of the Q2-12 earnings release.
3 Adjusted net loss attributable to stockholders of Teekay excludes specific items which increased GAAP net loss by $60.2m, or $0.85 per share, as detailed in Appendix A of the Q2-11 earnings release.
NYSE: TK 3 www.teekay.com
4. Focused in the Near-Term on Execution
• In 2011, Teekay announced approximately $3 billion of asset
acquisitions and newbuilding/conversion projects
• Teekay’s project management teams are focused on the efficient
execution of these projects
Current Projects Business Expected
Completion
Maersk LNG Fleet Integration LNG Q3-12
Voyageur Spirit FPSO Upgrade Offshore Q4-12
Cidade de Itajai FPSO Conversion Offshore Q4-12
Shuttle Tanker Newbuildings (TOO direct) Offshore Q2/Q3/Q4-13
Petrojarl Banff FPSO Repair and Upgrade Offshore Q3/Q4-13
Knarr FPSO Newbuilding Offshore Q1-14
NYSE: TK 4 www.teekay.com
5. Voyageur Spirit FPSO Upgrade
• In November 2011, Teekay took over joint responsibility for the completion of the
Voyageur Spirit FPSO upgrade project
• Sail away from Nymo shipyard (Arendal, Norway) expected in August 2012
• Full contract rate with E.ON will commence following field start-up in the North Sea in
Q4-12
• In June 2012, Teekay Parent offered to sell its future ownership of this unit to Teekay
Offshore for a price of $540 million
○ Currently being reviewed by Teekay Offshore’s Conflicts Committee
NYSE: TK 5 www.teekay.com
6. Cidade de Itajai (ex-Tiro Sidon) Conversion
• Commenced $380 million FPSO unit conversion at the Jurong shipyard in
Singapore following contract signing in October 2010
○ 50% project interest sold to JV partner, Odebrecht, in February 2012
• Conversion work is nearing completion
○ Naming ceremony held July 20th, 2012 and the unit is scheduled to sail away in the
next two weeks
• Contract with Petrobras commences with field start-up in Brazil Q4-12
December 2010 September 2011 July 2012
NYSE: TK 6 www.teekay.com
7. Knarr FPSO Newbuilding
• Steel cutting on $1 billion Knarr FPSO commenced in October 2011 (turret
construction commenced in December 2011)
• Keel laying at Samsung Shipyard in Korea began in May 2012 and the hull
is expected to launch in September 2012
• Sail away is scheduled for December 2013, following topsides integration
and mechanical completion
• Contract with BG commences following start-up on the Knarr field,
scheduled for March/April 2014
NYSE: TK 7 www.teekay.com
8. Q2-2012 Consolidated Adjusted Income Statement
Three Months Ended Three Months Ended
June 30, 2012 March 31, 2012
Reclass for
(in thousands of US dollars, except per share amounts) Realized Gains/
Losses
As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted As Adjusted
NET REVENUES
Revenues 481,911 - - 481,911 495,564
Voyage expenses 39,176 - - 39,176 38,637
Net revenues 442,735 - - 442,735 456,927
OPERATING EXPENSES
Vessel operating expense 172,356 - (243) 172,113 165,964
Time charter hire expense 31,491 - - 31,491 43,979
Depreciation and amortization 115,068 - - 115,068 114,614
General and administrative 50,777 (1,056) 96 49,817 53,355
Loss on sale of vessels and asset impairments 3,269 (3,269) - - -
Restructuring charges 1,525 (1,525) - - -
Total operating expenses 374,486 (5,850) (147) 368,489 377,912
Income from vessel operations 68,249 5,850 147 74,246 79,015
OTHER ITEMS
Interest expense (42,707) - (30,401) (73,108) (73,709)
Interest income 1,645 - - 1,645 2,046
Realized and unrealized loss on
derivative instruments (94,598) 65,076 29,522 - -
Equity income 5,291 10,987 - 16,278 10,724
Income tax recovery (expense) 1,849 (2,700) - (851) (1,738)
Foreign exchange gain 17,835 (18,567) 732 - -
Other - net 89 - - 89 545
Total other items (110,596) 54,796 (147) (55,947) (62,132)
Net (loss) income (42,347) 60,646 - 18,299 16,883
Less: Net income attributable to non-controlling interest (4,927) (30,404) - (35,331) (37,685)
NET (LOSS) INCOME ATTRIBUTABLE TO STOCKHOLDERS OF
TEEKAY CORP. (47,274) 30,242 - (17,032) (20,802)
Fully diluted loss per share (0.68) (0.25) (0.30)
1 See Appendix to this presentation for description of Appendix A items.
2 Please refer to footnote (1) to the Summary Consolidated Statements of Income (Loss) in the Q2-12 earnings release.
NYSE: TK 8 www.teekay.com
9. Q3-2012 Outlook – Teekay Consolidated
Income Q3-2012
Statement Item Outlook
» Fixed-Rate Fleet (expected changes from Q2-12):
$6m decrease from FPSO fleet due to summer maintenance
$6m decrease from conventional tanker fleet due to expiration of time-charter
contracts
$3m increase from LNG fleet due to fewer drydocking days in Q3
$2m increase from shuttle tanker fleet due to increased project revenues
Net Revenues » Spot Fleet:
~230 fewer revenue days due to redeliveries of in-chartered vessels and
scheduled dry dockings, partially offset by time-charter out expirations from
fixed-rate fleet
~40% of Q3-12 spot revenue days for Aframaxes and Suezmaxes fixed at
$11,500/day and $14,000/day, respectively, compared to $10,500/day and
$22,500/day in Q2-12
» Increase of $12m to $15m (from Q2-12) due to life extension work on the Foinaven FPSO,
Vessel Operating Expenses
North Sea maintenance season for the FPSO and shuttle tanker fleets and a heavier
(OPEX) drydock schedule for the conventional tanker fleet in Q3-12
Time-charter Hire Expense » Decrease of $4m to $5m (from Q2-12) due to vessel redeliveries in Q2 and Q3
Depreciation & Amortization » Consistent with Q2-12
General & Administrative » Expected range: $49m - $51m
Net Interest Expense » Consistent with Q2-12
Equity Income » Consistent with Q2-12
Income Tax Expense » Expected total: $2m
Non-controlling Interest Expense » Expected range: $28m - $30m
NYSE: TK 9 www.teekay.com
10. Executing on Our Financial Strategy
• $125m TGP NOK Bond completed in May 2012
Continued Access to
Public Markets • $45m TOO Equity Private Placement completed in
July 2012
• Recently completed $300m Knarr FPSO
construction facility
Significant Progress on
Debt Financing of • Expect to upsize existing Voyageur Spirit facility
by $100m
Projects
• Received significant interest for financing BG
shuttle tanker newbuildings
• Teekay Parent Net Debt at June 30, 2012 $260m
lower than March 31, 2012, primarily due to 13-
Deleveraging Teekay vessel sale to Teekay Tankers
Parent Balance Sheet • Voyageur Spirit FPSO sale will provide further
reduction in Teekay Parent net debt
NYSE: TK 10 www.teekay.com
11. Continued Focus on Growing NAV per Share
• Progressing on • Executing on • Integrating
Voyageur Spirit current project Maersk LNG
FPSO sale to development vessels
Teekay Offshore portfolio
• Continuing to
• Actively reviewing • Executing on focus on
new project project financings profitability of
tenders and existing assets
acquisition
opportunities
NYSE: TK 11 www.teekay.com
13. Q2 2012 Appendix A Item Descriptions
Q2 - 2012
(in thousands of US dollars) Appendix A Items Explanation of Items
NET VOYAGE REVENUES
Revenues -
Voyage expenses -
Net revenues -
OPERATING EXPENSES
Vessel operating expense -
Time charter hire expense -
Depreciation and amortization -
General and administrative (1,056) Unrealized losses on derivative instruments and acquisition costs
Loss on sale of vessels and asset impairments (3,269) Loss on sale of vessel and vessel write-down
Restructuring charges (1,525) Restructuring of marine operations for conventional tanker fleet
Total operating expenses (5,850)
Income from vessel operations 5,850
OTHER ITEMS
Interest expense -
Interest income -
Realized and unrealized loss on derivative 65,076
instruments Unrealized losses on derivative instruments
Equity income 10,987 Unrealized losses on derivative instruments in joint ventures and acquisition costs
Income tax recovery (2,700) FIN 48 reversal
Foreign exchange gain (18,567) Unrealized foreign exchange gains
Other - net -
Total other items 54,796
Net Income 60,646
Less: Net income attributable to non-controlling (30,404) Non-controlling interest on applicable items noted above
interest
NET INCOME ATTRIBUTABLE TO
STOCKHOLDERS OF TEEKAY CORP. 30,242
NYSE: TK 13 www.teekay.com
14. Q1 2012 Adjusted Net Income Reconciled to GAAP Net Income
Three Months Ended
March 31, 2012
Reclass for
(in thousands of US dollars, except per share
amounts) Realized Gains/
Losses
As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted
NET REVENUES
Revenues 495,564 - - 495,564
Voyage expenses 38,637 - - 38,637
Net revenues 456,927 - - 456,927
OPERATING EXPENSES
Vessel operating expense 167,201 - (1,237) 165,964
Time charter hire expense 43,979 - - 43,979
Depreciation and amortization 114,614 - - 114,614
General and administrative 53,373 (18) - 53,355
Gain on sale of vessels and equipment (197) 197 - -
Total operating expenses 378,970 179 (1,237) 377,912
Income from vessel operations 77,957 (179) 1,237 79,015
OTHER ITEMS
Interest expense (42,300) - (31,409) (73,709)
Interest income 2,046 - - 2,046
Realized and unrealized gain on
derivative instruments 4,815 (33,994) 29,179 -
Equity income 17,644 (6,920) - 10,724
Income tax recovery (expense) 3,568 (5,306) - (1,738)
Foreign exchange loss (15,824) 14,831 993 -
Other - net 2,343 (1,798) - 545
Total other items (27,708) (33,187) (1,237) (62,132)
Net income 50,249 (33,366) - 16,883
Less: Net income attributable to non-
controlling interest (49,183) 11,498 - (37,685)
NET INCOME (LOSS) ATTRIBUTABLE TO
STOCKHOLDERS OF TEEKAY CORP. 1,066 (21,868) - (20,802)
Fully diluted earnings (loss) per share 0.02 (0.30)
(1)(2) Please see Appendix A in the Company’s Q1-12 earnings release.
NYSE: TK 14 www.teekay.com
16. Teekay Parent and Daughters Remain Financial Strong
Teekay Parent Includes:
• $375m newbuilding
Total Debt1,2 1,124 advances on Knarr
Cash (353) FPSO project
Net Debt1,2 771 • $67m of net debt
Net Debt/Total Capitalization1,2 37% associated with
Voyageur FPSO
Liquidity:
upgrades
As at Jun. 30, 2012 Pro Forma3,4 555
Teekay LNG Partners Teekay Offshore Partners Teekay Tankers
Total Debt1 1,649 Total Debt 1,995 Total Debt 726
Cash (115) Cash (179) Cash (19)
1
Net Debt 1,534 Net Debt 1,816 Net Debt 708
5 5
Net Debt/CFVO 5.4x Net Debt/CFVO 4.1x Net Debt/Total Capitalization 51%
Liquidity: Liquidity: Liquidity:
3
As at Jun. 30, 2012 403 As at Jun. 30, 2012 Pro Forma 418 As at Jun. 30, 2012 386
(1) Excludes $230m of VIE debt associated with the Voyageur Spirit FPSO which Teekay Parent has agreed to acquire upon completion of capital upgrades in Q4-12.
(2) Net of restricted cash.
(3) Pro forma for $45.9 million Teekay Offshore equity private placement completed in July 2012 (including 2% contribution to maintain general partnership interest)
(4) Pro forma for $168 million draw down in July 2012 on the Knarr FPSO construction facility.
(5) Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies.
Please see the Company’s website at www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP
financial measure. CFVO figures based on Q2-12 consolidated amounts, annualized, and exclude CFVO from equity investments.
NYSE: TK 16 www.teekay.com
17. Teekay Parent Sum-of-Parts Update
($ millions, except per share amounts)
Teekay Parent Assets
Conventional Tankers 1 $188
FPSOs 1 550
Newbuildings 2 375
JVs and Other Investments 3 212
FMV of Teekay Parent Assets $1,325
Teekay Parent Net Debt 4 $(1,002)
Add back: Voyageur VIE Debt $230
Equity Value of Teekay Parent Assets $553
Teekay Parent Equity Investment in Daughters 5,6
TGP $1,013
TOO 642
TNK 89
Implied value of GP equity 7 757
Total Equity Investment in Daughters $2,501
Teekay Parent Net Asset Value $3,054
Teekay Corporation Shares Outstanding (millions) 69.2
Teekay Parent Net Asset Value per Share $44.15
1 Management estimates. 5 Based on Teekay Parent’s current percentage of TGP, TOO and TNK ownership.
2 Progress payments on existing newbuildings as of June 30, 2012 6 Closing share prices as of August 8, 2012.
3 Includes $70m investment in first priority VLCC mortgage loan. 7 Implied value calculated by annualizing Q2-12 GP cash flows of $8.4m and multiplying by the
4 As at June 30, 2012. current 22.6x average P/DCF multiple for publicly traded GPs.
NYSE: TK 17 www.teekay.com
18. 2012 Drydock Schedule
March 31, 2012 (A) June 30, 2012 (A) September 30, 2012 (E) December 31, 2012 (E) Total 2012
Total Total Total Total Total
Vessels Vessels Vessels Vessels Vessels
Offhire Offhire Offhire Offhire Offhire
Drydocked Drydocked Drydocked Drydocked Drydocked
Entity Segment Days Days Days Days Days
Teekay Parent Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - - - - - - -
- - - - - - - - - -
Teekay LNG Fixed-Rate Tanker - - - - 1 24 1 24
Liquefied Gas - - 1 21 - - - - 1 21
- - 1 21 - - 1 24 2 45
Teekay Offshore Spot Tanker - - - - - - - - - -
Fixed-Rate Tanker - - - - - - - - - -
FSO - - - - 1 38 - - 1 38
Shuttle Tanker - - 5 107 2 19 1 9 8 135
- - 5 107 3 57 1 9 9 173
Teekay Tankers Spot Tanker - - - - 3 112 1 24 4 136
Fixed-Rate Tanker - - - - - - - - - -
- - - - 3 112 1 24 4 136
Teekay Consolidated Spot Tanker - - - - 3 112 1 24 4 136
Fixed-Rate Tanker - - - - - - 1 24 1 24
Liquefied Gas - - 1 21 - - - - 1 21
FSO - - - - 1 38 - - 1 38
Shuttle Tanker - - 5 107 2 19 1 9 8 135
- - 6 128 6 169 3 57 15 354
Note: In the case that a vessel drydock straddles between quarters, the drydock has been allocated to the quarter in which the majority of drydock days occur.
NYSE: TK 18 www.teekay.com
19. Teekay Parent Conventional Tanker Fleet Performance
Three Months Ended
Jun. 30 Mar. 31 Jun. 30
2012 2012 2011
Suezmax
Gemini Suezmax Pool average spot TCE rate(1) 22,532 24,847 17,461
Spot revenue days (2) 528 546 586
Average time-charter rate(3)(4) 23,147 23,434 24,464
Time-charter revenue days (3) 286 353 364
Aframax
Teekay Aframax Pool average spot TCE rate(1)(5)(6) 10,547 12,614 16,348
Spot revenue days (2) 799 1,023 1,349
Average time-charter rate(4) 20,214 20,261 23,662
Time-charter revenue days 588 636 727
LR2
Taurus LR2 Pool average spot TCE rate(1) 10,995 9,888 15,509
Spot revenue days (2) 308 455 453
MR
Average time-charter rate(4) 32,706 30,669 30,869
Time-charter revenue days 319 364 407
(1) Average spot rates include short-term time-charters and fixed-rate contracts of affreightment that are initially under a year in duration and third-party vessels trading in the pools.
(2) Spot revenue days include total ow ned and in-chartered vessels in the Teekay Parent fleet, but exclude vessels commercially managed on behalf of third parties. Suezmax spot
revenues days exclude vessels on back-to-back in-charters.
(3) Includes one VLCC on time-charter at a TCE rate of $47,000 per day prior to May 14, 2011 w hen this vessel w as redelivered follow ing the expiry of its time-charter in contract.
(4) Average time-charter rates include realized gains and losses of FFAs, bunker hedges, short-term time-charters, and fixed-rate contracts of affreightment that are initially one year in
duration or greater.
(5) Excludes vessels greater than 15 years-old.
(6) The average Teekay Aframax spot TCE rate (including vessels greater than 15 years old and realized results of bunker hedging and FFAs) w as $8,432 per day, $10,927 per day,
and $15,423 per day during the three months ended June 30, 2012, March 31, 2012, and June 30, 2011 respectively.
NYSE: TK 19 www.teekay.com