Teekay Tankers reported strong financial results for Q3 2015, with adjusted net income of $40.3 million compared to $2.6 million in Q3 2014. The company generated $59.4 million in free cash flow for the quarter. Teekay Tankers recently acquired 12 Suezmax tankers and a ship-to-ship transfer business, expanding its fleet. Spot tanker rates were higher in Q3 2015 than the previous year, but softened in August and September due to seasonal maintenance, though remained strong historically. The company expects rates and cash flow to increase in Q4 2015 and Q1 2016.
Teekay Tankers reported a net loss in Q4-13 but generated positive cash flow. It declared a dividend and reversed losses on its VLCC loan investments due to increased vessel values. It co-invested $25 million with Teekay Corp in a new company, Tanker Investments Ltd, to invest in secondhand tankers. Spot tanker rates hit five-year highs in January 2014 due to strong oil demand and weather delays. Teekay Tankers is finalizing the acquisition of Teekay's technical management operations, which will provide new fee revenue. Fundamentals point to a sustained tanker market recovery in 2014 as demand growth outpaces slower supply growth.
Teekay Tankers reported an adjusted net loss in Q4 2013 but generated positive cash flow. It reversed a loss provision on its VLCC investments and expects to recover the full value of those loans. Spot tanker rates hit multi-year highs in January 2014 due to strong oil demand and weather delays. Teekay Tankers co-invested $25 million with Teekay Corp in a new company, Tanker Investments Ltd, to invest in secondhand tankers. It is also acquiring Teekay's commercial and technical management operations to generate new fee revenue. Overall fundamentals point to a sustained tanker market recovery starting in 2014 as demand growth outpaces slower supply growth.
Teekay Tankers First Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported improved financial results in Q1 2014 compared to Q1 2013, with adjusted net income of $0.20 per share versus a net loss of $0.04 per share previously. The company benefited from the highest Suezmax and Aframax spot tanker rates since 2010. In other developments, Teekay Tankers sold two VLCCs it had acquired for $154 million, realizing a 12% annual return on its original investment. Additionally, it agreed to acquire a 50% stake in Teekay Corporation's commercial and technical management operations for $15.6 million to expand its tanker services platform.
Teekay Tankers Second Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported an adjusted net loss of $0.05 per share for Q2 2014. It secured time charter contracts for two Aframax tankers and four LR2 product tankers at an average rate of $15,850 per day, bringing its total in-charter fleet to eight vessels. Spot rates were higher in Q2 2014 compared to Q2 2013, with average Suezmax rates up 32% and Aframax rates up 25%. Teekay Tankers expects its spot market exposure to increase from 26% over the next 12 months as more vessels complete current charters.
Teekay Tankers reported its Q2-2016 earnings. Some key highlights include:
- Generated $31.6 million in adjusted net income and $59.6 million in free cash flow.
- Paid a dividend of $0.06 per share, representing 30% of adjusted net income.
- Sold a non-core product tanker for $14 million, with delivery expected in mid-August.
- Increased fixed-rate charter coverage to 30% for the next 12 months.
Teekay Tankers First Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. It outperformed industry benchmarks in spot tanker rates. It has 40% fixed rate charter coverage for the next 12 months and ordered four fuel efficient LR2 product tankers. It has $294 million in total liquidity and low debt repayments through 2016.
Teekay Tankers (NYSE: TNK) Investor Day Presentation September 30 2014Teekay Tankers Ltd
This document provides an overview of Teekay Tankers' investor day presentation. The summary includes:
1) Teekay Tankers discussed the tanker market fundamentals, noting improving market conditions in 2014 and projections for continued recovery through 2016 as tanker demand growth outpaces supply growth.
2) The presentation highlighted Teekay Tankers' strategy to position itself to benefit from the expected tanker market recovery, including increasing its spot market exposure and growing its fleet and fee-based revenues.
3) Teekay Tankers believes its operational platform and experience positions it well to pursue consolidation opportunities in the changing competitive landscape.
Teekay Corporation reported its Q1-2017 earnings. It generated $275 million in cash flow from vessel operations. It reported an adjusted net loss of $35.7 million. Two new contracts are expected to increase Teekay Parent's cash flow, including extending the Hummingbird Spirit FPSO charter until 2020 and securing a new charter for the Polar Spirit LNG carrier. Recent highlights from Teekay's daughter companies included generating distributable cash flow for Teekay LNG and Teekay Offshore, and adjusted net income for Teekay Tankers. The outlook for Q2-2017 includes higher revenues from new contracts and maintenance activities, offset by lower time charter hire expenses.
Teekay Tankers reported a net loss in Q4-13 but generated positive cash flow. It declared a dividend and reversed losses on its VLCC loan investments due to increased vessel values. It co-invested $25 million with Teekay Corp in a new company, Tanker Investments Ltd, to invest in secondhand tankers. Spot tanker rates hit five-year highs in January 2014 due to strong oil demand and weather delays. Teekay Tankers is finalizing the acquisition of Teekay's technical management operations, which will provide new fee revenue. Fundamentals point to a sustained tanker market recovery in 2014 as demand growth outpaces slower supply growth.
Teekay Tankers reported an adjusted net loss in Q4 2013 but generated positive cash flow. It reversed a loss provision on its VLCC investments and expects to recover the full value of those loans. Spot tanker rates hit multi-year highs in January 2014 due to strong oil demand and weather delays. Teekay Tankers co-invested $25 million with Teekay Corp in a new company, Tanker Investments Ltd, to invest in secondhand tankers. It is also acquiring Teekay's commercial and technical management operations to generate new fee revenue. Overall fundamentals point to a sustained tanker market recovery starting in 2014 as demand growth outpaces slower supply growth.
Teekay Tankers First Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported improved financial results in Q1 2014 compared to Q1 2013, with adjusted net income of $0.20 per share versus a net loss of $0.04 per share previously. The company benefited from the highest Suezmax and Aframax spot tanker rates since 2010. In other developments, Teekay Tankers sold two VLCCs it had acquired for $154 million, realizing a 12% annual return on its original investment. Additionally, it agreed to acquire a 50% stake in Teekay Corporation's commercial and technical management operations for $15.6 million to expand its tanker services platform.
Teekay Tankers Second Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported an adjusted net loss of $0.05 per share for Q2 2014. It secured time charter contracts for two Aframax tankers and four LR2 product tankers at an average rate of $15,850 per day, bringing its total in-charter fleet to eight vessels. Spot rates were higher in Q2 2014 compared to Q2 2013, with average Suezmax rates up 32% and Aframax rates up 25%. Teekay Tankers expects its spot market exposure to increase from 26% over the next 12 months as more vessels complete current charters.
Teekay Tankers reported its Q2-2016 earnings. Some key highlights include:
- Generated $31.6 million in adjusted net income and $59.6 million in free cash flow.
- Paid a dividend of $0.06 per share, representing 30% of adjusted net income.
- Sold a non-core product tanker for $14 million, with delivery expected in mid-August.
- Increased fixed-rate charter coverage to 30% for the next 12 months.
Teekay Tankers First Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. It outperformed industry benchmarks in spot tanker rates. It has 40% fixed rate charter coverage for the next 12 months and ordered four fuel efficient LR2 product tankers. It has $294 million in total liquidity and low debt repayments through 2016.
Teekay Tankers (NYSE: TNK) Investor Day Presentation September 30 2014Teekay Tankers Ltd
This document provides an overview of Teekay Tankers' investor day presentation. The summary includes:
1) Teekay Tankers discussed the tanker market fundamentals, noting improving market conditions in 2014 and projections for continued recovery through 2016 as tanker demand growth outpaces supply growth.
2) The presentation highlighted Teekay Tankers' strategy to position itself to benefit from the expected tanker market recovery, including increasing its spot market exposure and growing its fleet and fee-based revenues.
3) Teekay Tankers believes its operational platform and experience positions it well to pursue consolidation opportunities in the changing competitive landscape.
Teekay Corporation reported its Q1-2017 earnings. It generated $275 million in cash flow from vessel operations. It reported an adjusted net loss of $35.7 million. Two new contracts are expected to increase Teekay Parent's cash flow, including extending the Hummingbird Spirit FPSO charter until 2020 and securing a new charter for the Polar Spirit LNG carrier. Recent highlights from Teekay's daughter companies included generating distributable cash flow for Teekay LNG and Teekay Offshore, and adjusted net income for Teekay Tankers. The outlook for Q2-2017 includes higher revenues from new contracts and maintenance activities, offset by lower time charter hire expenses.
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
The document provides an earnings presentation by Teekay Tankers for Q2-2015. Some key points:
- Teekay Tankers acquired 12 modern Suezmax tankers from Principal Maritime for $662 million, which doubles its Suezmax fleet and increases scale. The acquisition is financed through new debt and equity and is immediately accretive.
- Teekay Tankers also acquired a ship-to-ship transfer business for $45.5 million, which expands its services and increases fleet utilization.
- Spot tanker rates were significantly higher in Q2-2015 compared to the previous year and strong rates have continued into Q3-2015 due to high oil supply and changing trade patterns
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 Tankers Third Quarter 2014 Earnings PresentationTeekay Tankers Ltd
The document is Teekay Tankers' third quarter 2014 earnings presentation. Some key points from the summary:
- Teekay reported adjusted net income of $2.6 million or $0.03 per share for Q3 2014 and generated $0.19 per share in cash available for distribution.
- They completed the acquisition of a 50% interest in Teekay Corporation's commercial and technical management operations.
- Spot rates have strengthened in Q4 2014 compared to Q4 2013 based on bookings to date, though final Q4 2014 results are expected to be higher with the recent market strengthening.
- Winter weather is expected to support tanker rates in Q4 2014 through increased oil demand and potential
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Teekay Tankers reported strong financial results in Q4 2018, with cash flow from vessel operations of $62.3 million, up from $27.8 million in Q3 2018. Spot tanker rates hit three-year highs in Q4 2018 due to seasonal volatility and a structural shift in fundamentals. The company completed $40 million in financing transactions and signed a term sheet for a $25 million sale-leaseback transaction. While OPEC supply cuts may slow tanker demand in the near term, non-OPEC production growth led by the US is expected to increase tanker demand in the second half of 2019 and into 2020. Tanker fleet utilization is forecast to strengthen due to demand growth
- Teekay Corporation reported financial results for the fourth quarter and full year of 2021. Q4 results were stronger than Q3 due to a modest improvement in spot tanker rates. However, full year 2021 results were lower than 2020 due to a weak tanker market.
- Teekay completed the sale of its interests in Teekay LNG to Stonepeak, generating $641 million in proceeds. Teekay is now largely debt free with a net cash position over $300 million.
- Looking ahead, Teekay expects a decrease in Q1 2022 adjusted net income versus Q4 2021 primarily due to fewer spot tanker days and the sale of its LNG interests. However, tanker
The document shows spot rates in USD per day for Suezmax, Aframax, and LR2 tankers from 2015 to 2017 by quarter according to Clarksons data. Suezmax rates increased from 2015 to 2016 but declined in 2017. Aframax rates declined from 2015 to 2016 but increased in 2017. LR2 rates increased each year from 2015 to 2017.
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 Tankers reported its Q3-2018 earnings and provided an outlook for Q4-2018. Some key points:
- Q3-2018 revenues decreased from the prior quarter due to fewer available ship days from drydockings and vessel redeliveries. Spot tanker rates have increased since Q3-2018.
- Expenses are expected to increase in Q4-2018 due to planned maintenance and interest costs associated with recent financing transactions.
- The company completed three financings in Q3-2018 that added approximately $100 million in liquidity.
Victory Energy (VYEY) Investor PresentationDerek Gradwell
Victory Energy Corporation is a public oil and gas exploration company focused on development in the Permian Basin. The company owns interests in several producing properties in the basin. Victory plans to deploy $15 million in 2014 for drilling, completions, and acquisitions to increase production and proved reserves. The goal is to achieve over 30 million barrels of proved reserves by year-end and increase revenue to over $1 million. A key focus is the recently acquired 4,050 acre Fairway project, which Victory expects can generate a 60% internal rate of return over three years of planned drilling.
This document provides an overview of the Teekay Group's investor day presentation on November 14, 2019. It discusses Teekay Corporation's growing cash flows and improving profitability, strengthening balance sheets, simplifying and focusing on its core gas and tanker businesses. It highlights the stable and growing gas cash flows from long-term contracts and upside potential as the tanker market strengthens. The presentation outlines Teekay's strategic focus on gas shipping and oil shipping over time and the positive long-term outlook for energy shipping due to rising global energy demand and increasing dislocation between supply and demand areas, driving LNG and oil shipping growth.
The presentation provides an outlook for Teekay Tankers' Q1 2022 financial results. Net revenues are expected to decrease due to fewer available spot shipping days from vessel sales and more scheduled drydocking days. Time-charter hire expenses will increase slightly due to a new in-chartered vessel. Depreciation expenses will decrease as a result of vessel sales. General and administrative costs will be up modestly. Overall, financial results are forecasted to decline compared to Q4 2021 due to reduced spot shipping activity. However, the company maintains a strong liquidity position and outlook for tanker market recovery remains positive.
PVA is focused on increasing its oil and liquids exposure through continued development of its Eagle Ford acreage in Texas, where it is seeing excellent early results. It aims to add more Eagle Ford and other oily inventory to accelerate cash flow growth. PVA will retain its large gas assets as optionality given current gas prices. It maintains a solid financial position with ample liquidity to fund its capital expenditure plans through 2012 as it transitions to more oil-weighted production and cash flows.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
Seplat is a leading Nigerian independent oil and gas company that has transformed its gas business in 2015. It doubled its gas processing capacity to 300 million standard cubic feet per day by commissioning a new gas plant. With 100% of its gas volumes dedicated to the domestic Nigerian market, Seplat now supplies enough gas to underpin around a third of Nigeria's current power generation. Seplat plans further increases to its gas processing capacity to help meet Nigeria's growing demand for power and ambitions to increase electricity access nationwide.
Seplat Petroleum Development Company Plc is a leading independent oil and gas company in Nigeria. In 2016, the company faced challenges from low oil prices and disruptions to oil production and exports in Nigeria. Seplat's working interest production and revenue declined significantly compared to 2015. However, the company maintained financial discipline by reducing capital expenditures and engaging with lenders. Seplat aims to grow through portfolio expansion and diversification, focusing on opportunities that can offset risks and provide near-term growth.
- The document discusses investing in Tesoro Corporation, an independent petroleum refining and marketing company. It is analyzing Tesoro as a potential buying opportunity following the decline in the energy sector.
- Tesoro has refineries located on the West Coast and in the Mid-Continent region of North America. The analysis sees potential for Tesoro to take advantage of increasing oil price spreads and higher utilization rates through its downstream refining and retail assets.
- A sum-of-the-parts valuation of Tesoro's refining, retail and logistics businesses points to 26% upside from the current share price, suggesting Tesoro is undervalued and represents an attractive investment opportunity.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and risks. It also cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Key information includes updated production, acreage, and hedging data as of Q3 2015, highlighting the company's large production base, low development costs, substantial long-term hedge position, and strong liquidity.
Cimarex Energy is an oil and gas exploration company with assets primarily in Texas, Oklahoma, and New Mexico. The company's stock price has declined in recent months due to falling energy prices. However, Cimarex has strong growth potential from its Permian Basin and Delaware Basin assets which have high oil weighting. Cimarex also has a competitive advantage through increased drilling efficiencies and a strong balance sheet, positioning it well for industry volatility. An analysis indicates the stock is undervalued and offers upside potential.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
El documento presenta los sueños, metas y valores de una estudiante. Sus metas a corto plazo incluyen terminar sus estudios en el INSODI, obedecer a sus padres y ahorrar para la universidad. Sus metas a mediano plazo son ingresar a la universidad, casarse por la iglesia y ahorrar para laboratorios. Sus metas a largo plazo son graduarse como ingeniera, formar una familia y ahorrar para su graduación.
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
The document provides an earnings presentation by Teekay Tankers for Q2-2015. Some key points:
- Teekay Tankers acquired 12 modern Suezmax tankers from Principal Maritime for $662 million, which doubles its Suezmax fleet and increases scale. The acquisition is financed through new debt and equity and is immediately accretive.
- Teekay Tankers also acquired a ship-to-ship transfer business for $45.5 million, which expands its services and increases fleet utilization.
- Spot tanker rates were significantly higher in Q2-2015 compared to the previous year and strong rates have continued into Q3-2015 due to high oil supply and changing trade patterns
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 Tankers Third Quarter 2014 Earnings PresentationTeekay Tankers Ltd
The document is Teekay Tankers' third quarter 2014 earnings presentation. Some key points from the summary:
- Teekay reported adjusted net income of $2.6 million or $0.03 per share for Q3 2014 and generated $0.19 per share in cash available for distribution.
- They completed the acquisition of a 50% interest in Teekay Corporation's commercial and technical management operations.
- Spot rates have strengthened in Q4 2014 compared to Q4 2013 based on bookings to date, though final Q4 2014 results are expected to be higher with the recent market strengthening.
- Winter weather is expected to support tanker rates in Q4 2014 through increased oil demand and potential
- Royal Gold reported record quarterly revenue of $74.1 million, up 7% from the previous year, driven by a record 65,868 gold equivalent ounces sold.
- The quarter included a $56 million expense from terminating the Andacollo royalty interest. Excluding this, earnings per share would have been $0.17.
- Production is expected to grow over the near term from new streams at Andacollo, Golden Star, and Pueblo Viejo, as well as continued ramp up at Mount Milligan.
Teekay Tankers reported strong financial results in Q4 2018, with cash flow from vessel operations of $62.3 million, up from $27.8 million in Q3 2018. Spot tanker rates hit three-year highs in Q4 2018 due to seasonal volatility and a structural shift in fundamentals. The company completed $40 million in financing transactions and signed a term sheet for a $25 million sale-leaseback transaction. While OPEC supply cuts may slow tanker demand in the near term, non-OPEC production growth led by the US is expected to increase tanker demand in the second half of 2019 and into 2020. Tanker fleet utilization is forecast to strengthen due to demand growth
- Teekay Corporation reported financial results for the fourth quarter and full year of 2021. Q4 results were stronger than Q3 due to a modest improvement in spot tanker rates. However, full year 2021 results were lower than 2020 due to a weak tanker market.
- Teekay completed the sale of its interests in Teekay LNG to Stonepeak, generating $641 million in proceeds. Teekay is now largely debt free with a net cash position over $300 million.
- Looking ahead, Teekay expects a decrease in Q1 2022 adjusted net income versus Q4 2021 primarily due to fewer spot tanker days and the sale of its LNG interests. However, tanker
The document shows spot rates in USD per day for Suezmax, Aframax, and LR2 tankers from 2015 to 2017 by quarter according to Clarksons data. Suezmax rates increased from 2015 to 2016 but declined in 2017. Aframax rates declined from 2015 to 2016 but increased in 2017. LR2 rates increased each year from 2015 to 2017.
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 Tankers reported its Q3-2018 earnings and provided an outlook for Q4-2018. Some key points:
- Q3-2018 revenues decreased from the prior quarter due to fewer available ship days from drydockings and vessel redeliveries. Spot tanker rates have increased since Q3-2018.
- Expenses are expected to increase in Q4-2018 due to planned maintenance and interest costs associated with recent financing transactions.
- The company completed three financings in Q3-2018 that added approximately $100 million in liquidity.
Victory Energy (VYEY) Investor PresentationDerek Gradwell
Victory Energy Corporation is a public oil and gas exploration company focused on development in the Permian Basin. The company owns interests in several producing properties in the basin. Victory plans to deploy $15 million in 2014 for drilling, completions, and acquisitions to increase production and proved reserves. The goal is to achieve over 30 million barrels of proved reserves by year-end and increase revenue to over $1 million. A key focus is the recently acquired 4,050 acre Fairway project, which Victory expects can generate a 60% internal rate of return over three years of planned drilling.
This document provides an overview of the Teekay Group's investor day presentation on November 14, 2019. It discusses Teekay Corporation's growing cash flows and improving profitability, strengthening balance sheets, simplifying and focusing on its core gas and tanker businesses. It highlights the stable and growing gas cash flows from long-term contracts and upside potential as the tanker market strengthens. The presentation outlines Teekay's strategic focus on gas shipping and oil shipping over time and the positive long-term outlook for energy shipping due to rising global energy demand and increasing dislocation between supply and demand areas, driving LNG and oil shipping growth.
The presentation provides an outlook for Teekay Tankers' Q1 2022 financial results. Net revenues are expected to decrease due to fewer available spot shipping days from vessel sales and more scheduled drydocking days. Time-charter hire expenses will increase slightly due to a new in-chartered vessel. Depreciation expenses will decrease as a result of vessel sales. General and administrative costs will be up modestly. Overall, financial results are forecasted to decline compared to Q4 2021 due to reduced spot shipping activity. However, the company maintains a strong liquidity position and outlook for tanker market recovery remains positive.
PVA is focused on increasing its oil and liquids exposure through continued development of its Eagle Ford acreage in Texas, where it is seeing excellent early results. It aims to add more Eagle Ford and other oily inventory to accelerate cash flow growth. PVA will retain its large gas assets as optionality given current gas prices. It maintains a solid financial position with ample liquidity to fund its capital expenditure plans through 2012 as it transitions to more oil-weighted production and cash flows.
The document discusses oil prices and activity in the Southern Midland Basin. It notes that AREX has 134,000 net acres in the basin with an estimated 1 billion barrels of oil equivalent of unrisked resource potential from the Wolfcamp shale. AREX has implemented water recycling facilities to reduce drilling and completion costs by $450,000 per well and lower operating expenses. At their current drilling and completion cost of $7 million per well, AREX wells in the Wolfcamp have a type curve estimated ultimate recovery of 510 thousand barrels of oil equivalent and an internal rate of return above 40% at $60 oil.
Seplat is a leading Nigerian independent oil and gas company that has transformed its gas business in 2015. It doubled its gas processing capacity to 300 million standard cubic feet per day by commissioning a new gas plant. With 100% of its gas volumes dedicated to the domestic Nigerian market, Seplat now supplies enough gas to underpin around a third of Nigeria's current power generation. Seplat plans further increases to its gas processing capacity to help meet Nigeria's growing demand for power and ambitions to increase electricity access nationwide.
Seplat Petroleum Development Company Plc is a leading independent oil and gas company in Nigeria. In 2016, the company faced challenges from low oil prices and disruptions to oil production and exports in Nigeria. Seplat's working interest production and revenue declined significantly compared to 2015. However, the company maintained financial discipline by reducing capital expenditures and engaging with lenders. Seplat aims to grow through portfolio expansion and diversification, focusing on opportunities that can offset risks and provide near-term growth.
- The document discusses investing in Tesoro Corporation, an independent petroleum refining and marketing company. It is analyzing Tesoro as a potential buying opportunity following the decline in the energy sector.
- Tesoro has refineries located on the West Coast and in the Mid-Continent region of North America. The analysis sees potential for Tesoro to take advantage of increasing oil price spreads and higher utilization rates through its downstream refining and retail assets.
- A sum-of-the-parts valuation of Tesoro's refining, retail and logistics businesses points to 26% upside from the current share price, suggesting Tesoro is undervalued and represents an attractive investment opportunity.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and risks. It also cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Key information includes updated production, acreage, and hedging data as of Q3 2015, highlighting the company's large production base, low development costs, substantial long-term hedge position, and strong liquidity.
Cimarex Energy is an oil and gas exploration company with assets primarily in Texas, Oklahoma, and New Mexico. The company's stock price has declined in recent months due to falling energy prices. However, Cimarex has strong growth potential from its Permian Basin and Delaware Basin assets which have high oil weighting. Cimarex also has a competitive advantage through increased drilling efficiencies and a strong balance sheet, positioning it well for industry volatility. An analysis indicates the stock is undervalued and offers upside potential.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
El documento presenta los sueños, metas y valores de una estudiante. Sus metas a corto plazo incluyen terminar sus estudios en el INSODI, obedecer a sus padres y ahorrar para la universidad. Sus metas a mediano plazo son ingresar a la universidad, casarse por la iglesia y ahorrar para laboratorios. Sus metas a largo plazo son graduarse como ingeniera, formar una familia y ahorrar para su graduación.
Google Maps es una aplicación que permite planificar rutas de viaje. Ofrece varias opciones para llegar a la Universidad Técnica de Ambato, la principal ciudad de la provincia de Tungurahua, Ecuador.
This document provides information on several music and movement classes for children of different ages offered by Kindermusik. The classes include "Creatures at the Ocean for Families" for ages 0-6, "Peek-a-Boo I Love You!" for babies ages 0-1.5, "Sign & Sing for Hearing Children" for ages 6-24 months, "Creatures at the Ocean for Toddlers" for ages 1.5-3.5, "Confetti Days!" for ages 3.5-preK, and "Join the Parade Pre-Piano Class" for ages 4-6. Each class listing includes the day, time, instructor, any fees due,
Esta es la moción presentada por el Grupo Municipal de UPyD Majadahonda por la cual se pedía la ampliación del horario de la sala de estudio de la biblioteca Francisco Umbral. Esta moción fué aprobada por unanimidad.
Hemen ilustratzaile gazte honen obraren zenbait irudi, zein bere zenbait argazki ikusi ahal izango dituzue.
Here, you'll find some images and ilustrations of Victoria Francés. Words are in Bask.
La estudiante quiere graduarse de ingeniería para tener un buen trabajo, ayudar a su país y a las personas necesitadas, y ser una persona importante. Su visión es convertirse en alguien capaz de lograr sus objetivos y causar cambios positivos en su país, gracias a Dios y su familia.
O documento descreve as principais estruturas do sistema límbico: 1) o hipocampo é importante para a memória e atribuição de significado emocional; 2) a amígdala atribui emoções aos fatos e desempenha um papel no medo e agressão; 3) o bolbo olfativo está relacionado ao olfato.
The document describes the partnership between the NHS and the Virginia Mason Institute to improve patient care through lean process improvements. It discusses deploying lean techniques over 5 years to build capacity and sustainability within the trusts. This includes training staff in each trust to become certified lean leaders to train others. It outlines how the Leeds Teaching Hospitals trust has created a sustainable, self-perpetuating system of continuous improvement through this process. The trust leader also shares lessons learned from applying lean including increased awareness of waste and opportunities for improvement identified by engaging frontline staff and leaders.
Global HTA and pricing mechanisms
What can we learn about national medicines pricing and procurement?
Led by Janssen UK
Day One, Pop-up University 3, 16.00
Teekay Tankers First Quarter 2015 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported strong financial results in Q1-2015, generating $39.0 million in adjusted net income and $53.0 million in free cash flow. The company completed the acquisition of 5 modern tankers and expanded its in-charter fleet. Spot rates in Q1 were the highest since 2008 due to low fleet growth and increasing oil demand and supply. The presentation discusses Teekay Tankers' strategy of increasing spot exposure and deleveraging its balance sheet to deliver shareholder value.
Teekay Tankers reported strong financial results for the fourth quarter and full year 2014. Net income for Q4 2014 was $18.6 million, up from $2.6 million in Q3 2014. For the full year, adjusted net income was $33.9 million compared to an adjusted net loss of $16.3 million in 2013. In December 2014, Teekay Tankers acquired 5 tankers for $230 million, which increased its owned fleet to 33 vessels. Spot rates booked so far for Q1 2015 have continued to increase and are higher than in Q4 2014. Low oil prices are expected to positively impact tanker earnings through increased refinery throughput and potential floating storage requirements.
Teekay Offshore Partners reported earnings for Q2-2015. Distributable cash flow was $58.3 million for the quarter, providing a distribution coverage ratio of 1.06x. Management is recommending a 4% increase in cash distributions for Q3. Key highlights included the acquisition of the Knarr FPSO and commencement of operations for the Arendal Spirit UMS. Teekay Offshore expects increased revenues and cash flow in Q3 from the full quarter contribution of these assets as well as its new East Coast Canada shuttle tanker contract. The presentation provided an outlook for Q3 performance and discussed Teekay Offshore's growth projects and access to capital to fund its expansion plans.
Teekay Tankers acquired 12 Suezmax tankers from Principal Maritime in late Q3-2015 and early Q4-2015. Eight of the vessels are undergoing drydocking, including modifications to improve fuel efficiency. The acquisitions were financed and have been accretive to earnings and free cash flow per share. Spot tanker rates remained strong in Q3-2015 compared to historical levels, though softened seasonally, and are expected to increase further in Q4-2015 and Q1-2016 due to higher oil demand and potential weather delays.
Teekay Tankers reported strong financial results in Q4-2015 compared to Q4-2014. The company generated adjusted net income of $48.5 million versus $18.6 million in the prior year quarter. Free cash flow increased to $74.0 million from $31.7 million. Looking ahead, tanker demand fundamentals are expected to remain strong in 2016, driven by oil demand growth and fleet utilization. The company recently acquired vessels and expanded its presence in the US Gulf to capitalize on growing oil trade in the region.
Teekay Tankers reported adjusted net loss of $1.5 million for Q3-2016. Spot tanker rates reached 3-year lows in Q3 due to seasonal factors but have improved in Q4 with stronger oil demand and returning oil supply. While fleet growth remains elevated in 2017, fundamentals point to a more positive tanker market in 2018 with moderating fleet growth and increasing oil supply and demand.
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 Tankers reported a Q3-17 adjusted net loss of $14.0 million and cash flow from vessel operations of $20.6 million. It declared a $0.03 dividend and entered agreements to sell two older tankers. It also announced a $45 million share repurchase program. The presentation discussed the strategic benefits of Teekay Tankers' proposed merger with Tanker Investments Ltd, including modernizing its fleet and establishing a market-leading presence. It noted supportive factors for tanker rates such as easing fleet growth and strong oil demand and exports. Spot tanker rates have improved in Q4 so far.
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 Tankers reported an adjusted net loss of $5.9 million for Q4-2017 and generated $32.1 million in cash flow from vessel operations.
- In Q4-2017, Teekay Tankers completed a strategic merger with Tanker Investments Ltd, increasing its fleet by 18 vessels, and completed a $270 million debt refinancing for 14 former-TIL vessels.
- While tanker rates are currently at cyclical lows, fundamentals including slowing fleet growth and rebalancing of the oil market signal a tanker market recovery in late-2018.
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 Tankers reported financial results for Q2 2018 and provided an outlook for Q3 2018. Key highlights include:
- Generated $16.6 million in cash flow from vessel operations and an adjusted net loss of $28.7 million in Q2 2018.
- Signed term sheets for $110 million in additional liquidity through sale-leaseback and working capital loan financings.
- Secured a one-year time charter contract expected to generate $6.4 million in fixed revenue.
- Spot tanker rates were lower in Q2 2018 due to OPEC cuts but an inflection point is expected later in 2018 as tanker market fundamentals improve.
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. Spot rates for its tanker segments were higher than industry benchmarks. Teekay Tankers has 40% of its available days fixed over the next 12 months. It also ordered four fuel efficient LR2 product tankers with delivery in 2015-2016 and options to order additional vessels.
Teekay Corporation Fourth Quarter and Business Outlook 2015 PresentationTeekay Corporation
Teekay Corporation held a presentation on its Q4-2015 earnings and business outlook. It reported generating $401.4 million in cash flow in Q4-2015, up 30% year-over-year. For fiscal year 2015, it generated $1.4 billion in cash flow, up 35% over 2014. Teekay temporarily reduced its dividend to $0.055 per share to allow its two MLP subsidiaries, Teekay Offshore Partners and Teekay LNG Partners, to retain cash flows of around $450 million annually to fund growth projects without issuing new equity. This will increase the subsidiaries' distributable cash flow per unit in the future once projects are completed. Teekay
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 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 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 Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
- Teekay Tankers reported strong financial results in Q2 2019, with adjusted EBITDA of $36.2 million, up from $16.6 million in Q2 2018. However, it reported an adjusted net loss of $12.1 million.
- Tanker market fundamentals were improving in Q2 2019 compared to the prior year, with higher tanker rates, though seasonal weakness affected Q3 2019. Rates are expected to increase later in the year.
- The company has a significant portion of its fleet employed on short-term charters, providing exposure to improving spot tanker rates. It expects revenues and depreciation to increase in Q3 2019.
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
Similar to Teekay Tankers Earnings Release Q3-2015 (20)
Teekay Tankers Q4-23 and Annual 2023 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation summary for Teekay Tankers for Q4 2023 and full year 2023. Some of the key highlights included strong financial results for 2023 with record adjusted net income and free cash flow generation. Teekay Tankers is now debt free with a net cash position. Spot tanker rates remained high in 2023 and have continued at firm levels in early 2024 supported by positive tanker market fundamentals. The presentation discusses factors impacting tanker trades in a tight market and how Teekay Tankers accomplished key goals in 2023 such as transforming their balance sheet, strong operational performance, and creating shareholder value.
- Teekay Tankers reported strong financial results for Q3 2023, with adjusted EBITDA of $106.1 million, up from $91.8 million in Q3 2022. Spot tanker rates remained high in Q3 despite typical seasonal declines, and have increased further in early Q4.
- The company exercised an option to extend a chartered-in vessel for another year at $21,250 per day. It has acquired 4 vessels previously under sale-leaseback and extended a revolving credit facility to refinance vessels.
- Tanker fundamentals remain positive with a low orderbook, aging fleet, and expected growth in oil demand and exports in Q4 which should support
- Teekay Tankers reported strong financial results in Q2 2023, with adjusted EBITDA of $184.5 million and adjusted net income of $149.4 million. Spot tanker rates remained very high during the quarter.
- The tanker market fundamentals remain positive with expected growth in oil demand and longer trade routes for Russian oil exports. Tanker fleet growth is projected to remain low in the next two years.
- With over 95% of its fleet trading in the spot market, Teekay Tankers expects to continue generating significant free cash flow per share, creating substantial shareholder value.
- Teekay Tankers presented its Q1 2023 earnings and outlook. Spot tanker rates were at record highs in Q1 and remain strong in Q2 due to high US and Russian crude oil exports supporting mid-size tanker demand.
- Global oil demand is expected to grow by 2 million barrels per day in 2023 led by China, while the tanker fleet growth outlook remains positive with low fleet growth projected over the next few years.
- Teekay Tankers generated $193.8 million in free cash flow in Q1 and expects to continue generating significant cash flows with 96% of its fleet trading in the spot market. It has updated its capital allocation plan to focus on returning capital
Teekay Tankers reported strong financial results in Q4 2022 and full year 2022, with adjusted net income of $147.5 million and $217.1 million respectively. Spot tanker rates were extremely high in Q4 2022 and have remained strong into Q1 2023, particularly for Aframax and Suezmax tankers. The company expects to generate significant free cash flow in 2023 given its high operating leverage with 96% of its fleet trading in the spot market. Management sees a positive outlook for tanker demand and rates over the medium term due to supply constraints and forecasted oil demand growth.
Teekay Tankers presented its third quarter 2022 earnings. Key points include:
- Adjusted EBITDA of $91.8 million, up $33.4 million from last quarter due to higher spot tanker rates.
- Spot tanker rates remained elevated in the third quarter and are expected to stay high in the winter months.
- Changing trade patterns from the Ukraine conflict have increased mid-sized tanker demand and rates.
- Low levels of new tanker orders and an aging fleet imply minimal fleet growth through 2025, supporting tanker fundamentals.
Teekay Tankers held a second quarter 2022 earnings presentation on August 4th. Some key points:
- Spot tanker rates significantly increased in Q2 compared to Q1 and Q2 of 2021, driven by oil supply disruptions from the Russia-Ukraine conflict.
- Rates have remained strong into Q3, which is typically a seasonally weaker quarter.
- Changing trade patterns have increased tonne-mile demand for mid-size tankers as they transport Russian crude oil longer distances.
- Tanker supply/demand fundamentals are expected to remain positive for the next 2-3 years as tanker fleet growth is projected to be outpaced by demand growth. The orderbook
Teekay Corporation reported financial results for the first quarter of 2022. GAAP net income was $0.9 million compared to an adjusted net loss of $0.5 million. Total adjusted EBITDA was $41.8 million. The sale of the Teekay Gas Business in January 2022 decreased earnings, which was partially offset by higher earnings from Teekay Tankers due to increased spot tanker rates and lower costs. Teekay also expects to largely offset the remaining costs of decommissioning the Hummingbird FPSO unit through its upcoming sale.
Teekay Tankers reported financial results for the first quarter of 2022, with adjusted EBITDA of $17.5 million, up from $9.7 million in the previous quarter. Spot tanker rates strengthened in late Q1 due to the Russian invasion of Ukraine, and have improved significantly in Q2 to date. The company completed $288 million in refinancings in Q1, increasing liquidity. With 46 vessels trading on the spot market and low fleet growth expected, the company is well positioned to benefit from a strengthening tanker market.
Teekay Tankers presented its Q1-2019 earnings and outlook for Q2-2019. Key highlights included adjusted EBITDA of $63.4 million for Q1, up slightly from Q4-2018. Recent financing transactions increased liquidity. Spot tanker rates have remained resilient despite near-term headwinds, though Q2 seasonally weaker. Tanker demand is expected to increase in the second half of 2019 due to IMO 2020 and increased oil demand and trade flows. The orderbook remains low relative to the existing fleet, keeping fleet growth constrained over the extended period.
Teekay Tankers reported financial results for Q1-2018 and provided an outlook for Q2-2018. Key points include:
- Generated $22.3 million in cash flow from vessel operations and an adjusted net loss of $22.0 million in Q1-2018.
- Signed a term sheet for a sale-leaseback of 7 tankers expected to improve liquidity by $36 million.
- Spot tanker rates were at cyclical lows in Q1-2018 but fundamentals point to improved rates in late 2018/2019 as fleet growth slows and oil demand increases.
- Q2-2018 is expected to see higher revenues from more operating days and a rise in expenses,
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
The document is the first quarter 2016 earnings presentation for Teekay Tankers. It discusses Teekay Tankers' financial results for Q1 2016 including generating $46 million in adjusted net income. It also discusses positive tanker market fundamentals expected through 2016 due to factors like rising oil demand and OPEC supply. The presentation provides an outlook on tanker supply/demand trends and notes earnings remained strong in Q1 despite some negative impacts from weather and refinery maintenance.
Global Situational Awareness of A.I. and where its headedvikram sood
You can see the future first in San Francisco.
Over the past year, the talk of the town has shifted from $10 billion compute clusters to $100 billion clusters to trillion-dollar clusters. Every six months another zero is added to the boardroom plans. Behind the scenes, there’s a fierce scramble to secure every power contract still available for the rest of the decade, every voltage transformer that can possibly be procured. American big business is gearing up to pour trillions of dollars into a long-unseen mobilization of American industrial might. By the end of the decade, American electricity production will have grown tens of percent; from the shale fields of Pennsylvania to the solar farms of Nevada, hundreds of millions of GPUs will hum.
The AGI race has begun. We are building machines that can think and reason. By 2025/26, these machines will outpace college graduates. By the end of the decade, they will be smarter than you or I; we will have superintelligence, in the true sense of the word. Along the way, national security forces not seen in half a century will be un-leashed, and before long, The Project will be on. If we’re lucky, we’ll be in an all-out race with the CCP; if we’re unlucky, an all-out war.
Everyone is now talking about AI, but few have the faintest glimmer of what is about to hit them. Nvidia analysts still think 2024 might be close to the peak. Mainstream pundits are stuck on the wilful blindness of “it’s just predicting the next word”. They see only hype and business-as-usual; at most they entertain another internet-scale technological change.
Before long, the world will wake up. But right now, there are perhaps a few hundred people, most of them in San Francisco and the AI labs, that have situational awareness. Through whatever peculiar forces of fate, I have found myself amongst them. A few years ago, these people were derided as crazy—but they trusted the trendlines, which allowed them to correctly predict the AI advances of the past few years. Whether these people are also right about the next few years remains to be seen. But these are very smart people—the smartest people I have ever met—and they are the ones building this technology. Perhaps they will be an odd footnote in history, or perhaps they will go down in history like Szilard and Oppenheimer and Teller. If they are seeing the future even close to correctly, we are in for a wild ride.
Let me tell you what we see.
The Ipsos - AI - Monitor 2024 Report.pdfSocial Samosa
According to Ipsos AI Monitor's 2024 report, 65% Indians said that products and services using AI have profoundly changed their daily life in the past 3-5 years.
End-to-end pipeline agility - Berlin Buzzwords 2024Lars Albertsson
We describe how we achieve high change agility in data engineering by eliminating the fear of breaking downstream data pipelines through end-to-end pipeline testing, and by using schema metaprogramming to safely eliminate boilerplate involved in changes that affect whole pipelines.
A quick poll on agility in changing pipelines from end to end indicated a huge span in capabilities. For the question "How long time does it take for all downstream pipelines to be adapted to an upstream change," the median response was 6 months, but some respondents could do it in less than a day. When quantitative data engineering differences between the best and worst are measured, the span is often 100x-1000x, sometimes even more.
A long time ago, we suffered at Spotify from fear of changing pipelines due to not knowing what the impact might be downstream. We made plans for a technical solution to test pipelines end-to-end to mitigate that fear, but the effort failed for cultural reasons. We eventually solved this challenge, but in a different context. In this presentation we will describe how we test full pipelines effectively by manipulating workflow orchestration, which enables us to make changes in pipelines without fear of breaking downstream.
Making schema changes that affect many jobs also involves a lot of toil and boilerplate. Using schema-on-read mitigates some of it, but has drawbacks since it makes it more difficult to detect errors early. We will describe how we have rejected this tradeoff by applying schema metaprogramming, eliminating boilerplate but keeping the protection of static typing, thereby further improving agility to quickly modify data pipelines without fear.
ViewShift: Hassle-free Dynamic Policy Enforcement for Every Data LakeWalaa Eldin Moustafa
Dynamic policy enforcement is becoming an increasingly important topic in today’s world where data privacy and compliance is a top priority for companies, individuals, and regulators alike. In these slides, we discuss how LinkedIn implements a powerful dynamic policy enforcement engine, called ViewShift, and integrates it within its data lake. We show the query engine architecture and how catalog implementations can automatically route table resolutions to compliance-enforcing SQL views. Such views have a set of very interesting properties: (1) They are auto-generated from declarative data annotations. (2) They respect user-level consent and preferences (3) They are context-aware, encoding a different set of transformations for different use cases (4) They are portable; while the SQL logic is only implemented in one SQL dialect, it is accessible in all engines.
#SQL #Views #Privacy #Compliance #DataLake
Orchestrating the Future: Navigating Today's Data Workflow Challenges with Ai...Kaxil Naik
Navigating today's data landscape isn't just about managing workflows; it's about strategically propelling your business forward. Apache Airflow has stood out as the benchmark in this arena, driving data orchestration forward since its early days. As we dive into the complexities of our current data-rich environment, where the sheer volume of information and its timely, accurate processing are crucial for AI and ML applications, the role of Airflow has never been more critical.
In my journey as the Senior Engineering Director and a pivotal member of Apache Airflow's Project Management Committee (PMC), I've witnessed Airflow transform data handling, making agility and insight the norm in an ever-evolving digital space. At Astronomer, our collaboration with leading AI & ML teams worldwide has not only tested but also proven Airflow's mettle in delivering data reliably and efficiently—data that now powers not just insights but core business functions.
This session is a deep dive into the essence of Airflow's success. We'll trace its evolution from a budding project to the backbone of data orchestration it is today, constantly adapting to meet the next wave of data challenges, including those brought on by Generative AI. It's this forward-thinking adaptability that keeps Airflow at the forefront of innovation, ready for whatever comes next.
The ever-growing demands of AI and ML applications have ushered in an era where sophisticated data management isn't a luxury—it's a necessity. Airflow's innate flexibility and scalability are what makes it indispensable in managing the intricate workflows of today, especially those involving Large Language Models (LLMs).
This talk isn't just a rundown of Airflow's features; it's about harnessing these capabilities to turn your data workflows into a strategic asset. Together, we'll explore how Airflow remains at the cutting edge of data orchestration, ensuring your organization is not just keeping pace but setting the pace in a data-driven future.
Session in https://budapestdata.hu/2024/04/kaxil-naik-astronomer-io/ | https://dataml24.sessionize.com/session/667627
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...sameer shah
"Join us for STATATHON, a dynamic 2-day event dedicated to exploring statistical knowledge and its real-world applications. From theory to practice, participants engage in intensive learning sessions, workshops, and challenges, fostering a deeper understanding of statistical methodologies and their significance in various fields."
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TEEKAY TANKERS LTD. REPORTS
THIRD QUARTER 2015 RESULTS
Highlights
Reported third quarter 2015 adjusted net income attributable to shareholders
(1)
of $40.3 million, or
$0.30 per share, compared to $2.6 million, or $0.03 per share, in the same period of the prior year.
Generated third quarter 2015 free cash flow
(2)
of $59.4 million, or $0.44 per share, compared to $16.2
million, or $0.19 per share, in the same period of the prior year.
From mid-August through mid-October 2015, took delivery of 12 modern, on-the-water Suezmax
tankers acquired from Principal Maritime Tankers for $662 million.
In July 2015, acquired a leading global ship-to-ship transfer business, SPT Inc., for a purchase price
of $45.5 million.
Hamilton, Bermuda, November 5, 2015 - Teekay Tankers Ltd. (Teekay Tankers or the Company)
(NYSE: TNK) today reported adjusted net income attributable to its shareholders
(1)
of $40.3 million, or
$0.30 per share, for the quarter ended September 30, 2015, compared to $2.6 million, or $0.03 per share,
for the same period in the prior year. The increase is primarily due to stronger spot tanker rates in the
third quarter of 2015 compared to the same period in the prior year and an increase in fleet size due to
the acquisition of 10 modern Suezmax tankers during the third quarter of 2015, four Long Range 2 (LR2)
product tankers and one Aframax tanker in the first quarter of 2015 and the addition of eight in-chartered
vessels that delivered to the Company over the past 12 months. Adjusted net income attributable to
shareholders excludes a number of specific items that had the net effect of increasing net income
attributable to shareholders by $0.9 million, or $0.00 per share, and by $3.3 million, or $0.04 per share,
for the three months ended September 30, 2015 and 2014, respectively, as detailed in Appendix A to this
release. Including these items, the Company reported, on a GAAP basis, net income attributable to its
shareholders of $41.2 million, or $0.30 per share, and $5.9 million, or $0.07 per share, for the three
months ended September 30, 2015 and 2014, respectively. Net revenues
(3)
were $122.8 million and
$50.6 million for the three months ended September 30, 2015 and 2014, respectively.
During the third quarter of 2015, the Company generated $59.4 million, or $0.44 per share, of free cash
flow
(2)
, compared to $16.2 million, or $0.19 per share, in the third quarter of 2014, with the increase due to
higher average spot rates earned and an increase in the size of the Company’s fleet. On October 5, 2015,
Teekay Tankers declared a dividend of $0.03 per share for the third quarter of 2015, which was paid on
October 30, 2015 to all shareholders of record on October 16, 2015. Since the Company’s inception, it
has declared dividends in 32 consecutive quarters.
CEO Commentary
“Teekay Tankers generated strong free cash flow of $59.4 million, or $0.44 per share, despite the
seasonally weaker third quarter”, commented Kevin Mackay, Teekay Tankers’ Chief Executive Officer.
“However, our third quarter results were negatively impacted by a significantly heavier than normal
drydocking schedule, which included the repositioning and scheduled drydocking of five of the Principal
Maritime Suezmax tankers that delivered during the quarter, as well as the timing difference related to the
issuance of new common shares early in the third quarter in connection with our recent acquisitions.”
“Since reporting our second quarter results in early-August, the integration of our recent acquisitions,
which is now largely complete, has been one of our primary focuses and we expect to begin to see
significant commercial and financial benefits starting in the fourth quarter,” Mr. Mackay continued.
“Teekay is now one of the largest owners of modern Suezmax tankers at the right point in the tanker
market cycle when positive fundamentals continue to support strong spot tanker rates. The significant
Teekay Tankers Ltd. Investor Relations Tel: +1 604 844-6654 www.teekaytankers.com
4
th
Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda
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increase in our scale will allow us to further optimize our fleet while enhancing our service offerings to
both existing and new customers across more regions. Importantly, the Company has continued to
delever its balance sheet with a net debt to book capitalization of 53 percent at the end of the third quarter
of 2015, compared to 65 percent one year ago.”
“During the fourth quarter to-date, crude spot tanker rates have strengthened and remained firm,” Mr.
Mackay continued. “We expect crude spot tanker rates to increase further for the remainder of 2015 and
into the first quarter of 2016, mainly due to higher expected oil demand related to colder weather in the
Northern Hemisphere, the continued building of strategic and commercial petroleum reserves in China
and India, and the potential for weather and transit delays that could further support rates. With an
expanded fleet, we expect our free cash flow generation will mirror the expected strong rate environment
in the fourth quarter of 2015 and into 2016.”
Summary of Recent Developments
Suezmax Fleet Deliveries
In early-August 2015, Teekay Tankers agreed to acquire 12 modern Suezmax tankers from Principal
Maritime Tankers (Principal Maritime) for an aggregate purchase price of approximately $662 million. The
12 vessels have an average age of 5.5 years, which reduces the average age of Teekay Tankers’ fleet by
1.2 years. The Company took delivery of all 12 vessels between mid-August and mid-October 2015 with
nine vessels trading in the spot tanker market and the remaining three vessels trading under short-term
fixed rate contracts, which expire between December 2015 and February 2016. Eight of the 12 vessels
are expected to complete drydockings by early December 2015, which include fuel-efficiency
modifications.
Acquisition of Ship-to-Ship Transfer Business
In late-July 2015, Teekay Tankers acquired SPT Inc. (SPT), a joint venture company between Teekay
Corporation (Teekay) and I.M. Skaugen SE, for a purchase price of $45.5 million. SPT provides a full
suite of ship-to-ship (STS) transfer services in the oil, gas and dry bulk industries. In addition to full
service lightering and lightering support, SPT also provides consultancy, terminal management and
project development services. This acquisition establishes Teekay Tankers as a global player in the STS
transfer business, which is expected to increase the Company’s fee-based revenue and its overall fleet
utilization. SPT owns and operates a fleet of six STS support vessels and has one chartered-in Aframax
tanker, the SPT Explorer.
(1) Adjusted net income attributable to shareholders of Teekay Tankers is a non-GAAP financial measure. Please refer to
Appendix A to this release for a reconciliation of this non-GAAP measure as used in this release to the most directly
comparable financial measure under United States generally accepted accounting principles (GAAP) and for information
about specific items affecting net income that are typically excluded by securities analysts in their published estimates of the
Company’s financial results.
(2) Free cash flow (FCF) represents net income, plus depreciation and amortization, unrealized losses from derivatives, non-
cash items, FCF from equity accounted investments and any write-offs or other non-recurring items, less unrealized gains
from derivatives and other non-cash items. Please refer to Appendix B to this release for a reconciliation of free cash flow (a
non-GAAP measure) as used in this release to the most directly comparable GAAP financial measure.
(3) Net revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping
companies. Please refer to Appendix C included in this release for a reconciliation of this non-GAAP measure to the most
directly comparable financial measure under GAAP.
3. 3
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Tanker Market
While crude tanker spot rates softened in August and September as refineries undertook scheduled
seasonal maintenance, they have remained strong relative to historical third quarter average rates. Rates
for the third quarter of 2015 were the highest third quarter rates since 2008. The strength in the crude
tanker market is due to various factors, including:
Positive tanker supply fundamentals, as fleet growth remains below historical averages;
Ongoing commercial and strategic stockpiling in both OECD and non-OECD countries due to low
oil prices;
High refinery throughput, as refiners take advantage of positive margins due to low global oil
prices;
Increased earnings, as bunker fuel prices remain low due to low global oil prices; and
High crude oil supply from OPEC.
Crude tanker rates at the beginning of the fourth quarter have strengthened since the end of the third
quarter of 2015. The Company expects that crude tanker rates will remain firm through the remainder of
the fourth quarter and into the first quarter of 2016, largely due to the factors highlighted above and the
potential for weather and port delays.
Long Range 2 (LR2) tanker rates in 2015 are averaging the highest levels since 2008, supported by
record high refinery throughput as well as the full ramping up of new Middle Eastern and Asian refineries,
which increased demand for LR2 tankers. However, rates softened towards the end of the third quarter as
refinery maintenance coincided with large increases to onshore distillates storage volumes. In the fourth
quarter, there is the potential for increased LR2 demand driven by intermittent and localized short-term
floating storage requirements as onshore distillate tanks space is increasingly limited.
The global tanker fleet grew by 13.8 million deadweight tonnes (mdwt), or 2.7 percent, in the first nine
months of 2015. The global Suezmax fleet grew by nine vessels, or 1.8 percent, while the uncoated
Aframax fleet grew by only one vessel, or 0.2 percent. During the same period, the LR2 fleet grew by 25
vessels, or 9.7 percent.
In October 2015, the International Monetary Fund (IMF) reduced its outlook for 2015 global economic
growth to 3.1 percent, down 0.2 percent from its July 2015 forecast. This represents a 0.3 percent
decrease from global economic growth of 3.4 percent in 2014, according to the IMF. Based on an
average of forecasts from the International Energy Agency, the U.S. Energy Information Administration
and OPEC, global oil demand is forecast to grow by 1.5 million barrels per day (mb/d) in 2015, and by a
further 1.3 mb/d in 2016.
The outlook for crude spot tanker rates is expected to remain firm during the fourth quarter of 2015 and
into 2016 based on a combination of low fleet growth and an increase in long-haul tanker demand as
more crude oil moves from the Atlantic Basin to the Pacific Basin. In addition, low oil prices are expected
to continue to provide support for tanker demand during the fourth quarter of 2015 and into 2016.
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Operating Results
The following table highlights the operating performance of the Company’s time-charter vessels and spot
vessels trading in pools measured in net voyage revenue per revenue day, or time-charter equivalent
(TCE) rates, before related-party pool management fees, related-party commissions and off-hire bunker
expenses:
Three Months Ended
September 30, 2015 June 30, 2015 September 30, 2014
Time Charter-Out Fleet +
Suezmax revenue days 133 - 184
Suezmax TCE per revenue day $33,646 - $20,373
Aframax revenue days 642 544 697 +
Aframax TCE per revenue day $19,528 $18,758 $17,848 +
LR2 revenue days 83 - -
LR2 TCE per revenue day $25,515 - -
MR revenue days - - 92
MR TCE per revenue day (i)
- - $36,666
+
Spot Fleet +
Suezmax revenue days 818 895 730
Suezmax spot TCE per revenue day (ii)
$34,782 $38,767 $21,134 +
Aframax revenue days 1,177 1,150 371 +
Aframax spot TCE per revenue day (iii)
$32,269 $33,843 $22,105
LR2 revenue days 773 860 511
LR2 spot TCE per revenue day $33,555 $28,996 $17,232
MR revenue days 276 251 151
MR spot TCE per revenue day $23,782 $22,040 $13,365
+
+
Total Fleet
Suezmax revenue days 951 895 914
Suezmax TCE per revenue day $34,617 $38,767 $20,980
Aframax revenue days 1,819 1,694 1,068
Aframax TCE per revenue day $25,926 $25,761 $18,410
LR2 revenue days 856 860 511
LR2 TCE per revenue day $32,777 $28,996 $17,232
MR revenue days 276 251 243
MR TCE per revenue day (i)
$23,782 $22,040 $22,199
+
(i) The charter rate on the Medium Range (MR) tanker includes approximately $14,000 per day for the additional costs relating to
Australian crew versus international crew.
(ii) The combined average spot TCE rate for the Suezmax tankers trading in both the Gemini Suezmax pool and non-pool voyage
charters was $34,774 per day for the three months ended September 30, 2015.
(iii) The combined average spot TCE rates for the Aframax tankers trading in both the Aframax Pools and non-pool voyage
charters were $29,417 per day, $29,072 per day and $19,466 day for the three months ended September 30, 2015, June 30,
2015 and September 30, 2014, respectively.
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Teekay Tankers’ Fleet
The following table summarizes the Company’s fleet as of November 1, 2015:
Owned
Vessels
Chartered-in
Vessels
Total
Fixed-rate:
Suezmax Tankers
(i)
Aframax Tankers
LR2 Product Tankers
5
7
-
-
-
1
5
7
1
VLCC Tanker
(ii)
1 - 1
Total Fixed-Rate Fleet 13 1 14
Spot-rate:
Suezmax Tankers
(i) 17 - 17
Aframax Tankers
(iii)
5 10 15
LR2 Product Tankers
(iv)
7 2 9
MR Product Tankers
(v)
3 - 3
Total Spot Fleet 32 12 44
STS Support Vessels 6 - 6
Total Teekay Tankers Fleet 51 13 64
(i) Three of these Suezmax tankers were acquired from Principal Maritime and will operate on fixed-rate time charter-out contracts
that will expire between December 2015 and February 2016.
(ii) The Company’s ownership interest in this vessel is 50 percent.
(iii) Includes ten Aframax tankers with charter-in contracts that are scheduled to expire between November 2015 and March 2018;
four of these charter-in vessel contracts include options to extend.
(iv) Includes two LR2 product tankers with charter-in contracts that are scheduled to expire in January 2016 and July 2016.
(v) The Company has agreed to sell a 2000-built MR tanker, the Mahanadi Spirit, for net proceeds of $10.9 million, which is
expected to be completed by the end of November 2015.
Liquidity and Continuous Offering Program Update
In June 2015, the Company implemented a continuous offering program (COP) under which the
Company may issue new common shares at market prices up to a maximum aggregate amount of $80
million. During the third quarter of 2015, the Company sold an aggregate of 6,324,100 common shares
under the COP, generating net proceeds of approximately $40.9 million. Since initiation of the program,
the Company has sold an aggregate of 11,346,100 common shares under the COP, generating net
proceeds of approximately $78.2 million and has now completed the existing $80 million COP.
As of September 30, 2015, the Company had total liquidity of $206.2 million (comprised of $80.6 million in
cash and cash equivalents and $125.6 million in undrawn revolving credit facilities).
6. 6
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Conference Call
The Company plans to host a conference call on Thursday, November 5, 2015 at 1:00 p.m. (ET) to
discuss its results for the third quarter of 2015. An accompanying investor presentation will be available
on Teekay Tankers’ website at www.teekay.com prior to the start of the call. All shareholders and
interested parties are invited to listen to the live conference call by choosing from the following options:
By dialing (800) 524-8850 or (416) 204-9702, if outside of North America, and quoting conference ID
code 5975034.
By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com
(the archive will remain on the website for a period of 30 days).
The conference call will be recorded and available until Thursday, November 19, 2015. This recording
can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North
America, and entering access code 5975034.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 44 double-hull tankers, including 22 Suezmax tankers 12
Aframax tankers, 7 LR2 product tankers and 3 Medium-Range (MR) product tankers, and has 13 time
charter-in tankers. Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed-
rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude
Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship
transfer business and a minority interest of 9.4 percent in Tanker Investments Ltd. (OSE: TIL), which
currently owns a fleet of 20 modern tankers. Teekay Tankers was formed in December 2007 by Teekay
Corporation as part of its strategy to expand its conventional oil tanker business.
Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK.”
For Investor Relations
enquiries contact:
Ryan Hamilton
Tel: +1 (604) 844-6654
Website: www.teekay.com
7. 7
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Teekay Tankers Ltd.
Summary Consolidated Statements of Income
(in thousands of U.S. dollars, except share and per share data)
Three Months Ended Nine Months Ended
September
30, June 30,
September
30,
September
30,
September
30,
2015 2015 2014 2015 2014
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Net pool revenues 92,022 90,979 31,648 263,510 82,329
Time charter revenues 19,307 10,197 19,986 40,021 62,001
Voyage charter revenues 5,502 7,297 1,836 20,327 6,214
Interest income from investment in term loans - - - - 9,118
Other revenues
(1)
8,538 (879) - 12,983 -
Total revenues 125,369 107,594 53,470 336,841 159,662
Voyage expenses (2,588) (3,545) (2,872) (9,967) (7,923)
Vessel operating expenses (33,574) (26,201) (22,935) (82,216) (69,314)
Time-charter hire expense (22,600) (16,793) (6,309) (54,396) (8,473)
Depreciation and amortization (17,399) (15,227) (12,451) (46,298) (37,378)
General and administrative expenses (4,138) (3,039) (2,890) (10,477) (9,245)
Gain on sale of vessels
(2)
- - - - 9,955
Restructuring charges
(1)
(327) 879 - (4,772) -
Income from operations 44,743 43,668 6,013 128,715 37,284
Interest expense (3,903) (3,075) (2,042) (9,343) (6,663)
Interest income 28 8 49 67 247
Realized and unrealized (loss) gain on
derivative instruments
(3)
(1,031) 523 447 (2,095) (1,523)
Equity income
(4)
2,762 3,587 1,612 8,931 4,221
Other (expense) income (1,386) (469) (217) (1,835) 3,317
Net income 41,213 44,242 5,862 124,440 36,883
Earnings per share attributable to
shareholders of Teekay Tankers
- Basic 0.31 0.38 0.07 1.02 0.44
- Diluted 0.30 0.38 0.07 1.02 0.43
Weighted-average number of total common
shares outstanding
- Basic 134,630,768 116,150,985 86,429,215 121,933,274 84,584,086
- Diluted 135,174,756 116,725,428 86,828,810 122,504,070 84,942,563
(1) During the three months ended September 30, 2015, the Company incurred $0.3 million of restructuring costs related to the acquisition of the ship-
to-ship transfer business. During the nine months ended September 30, 2015, the Company incurred $4.7 million of restructuring charges, of which
$4.4 million relates to redundancy costs in connection with the termination of Australian seafarers of the Hugli Spirit upon the completion of the
contract with its customer during the three months ended March 31, 2015. The other revenues includes ship-to-ship transfer business revenue and
the associated 100 percent reimbursement of the Hugli Spirit redundancy cost from the customer, of which $(0.9) million of these costs were
reversed in the three months ended June 30, 2015.
8. 8
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(2) In early-May 2014, the Company sold to Tanker Investments Ltd. (TIL) two wholly-owned subsidiaries, each of which owns one VLCC, for
aggregate proceeds of $154.0 million plus related working capital on closing of $1.7 million, resulting in the recognition of a $10 million gain.
(3) Includes realized losses relating to interest rate swaps that relate to amounts actually paid by the Company of $2.5 million, $2.5 million and $2.5
million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively, and $7.4 million and $7.5 million for
the nine months ended September 30, 2015 and September 30, 2014, respectively.
(4) Included in equity income are the Company’s proportionate share of earnings from its investment in TIL, which owned 20 conventional tankers at
September 30, 2015, its 50 percent interest in the High-Q joint venture (High-Q), which owns one VLCC tanker, and its 50 percent interest in
Teekay Tanker Operations Ltd (TTOL), which owns Teekay’s conventional tanker commercial and technical management operations. The total
equity income of $2.8 million and $8.9 million for the three and nine months ended September 30, 2015, respectively, includes losses of $0.2
million and $0.9 million, respectively, which were the Company’s proportionate share of items included in Appendix A to this release, related
primarily to realized and unrealized losses from foreign exchange items.
Components of equity income are detailed in the table below:
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
2015 2015 2014 2015 2014
High-Q Joint Venture 663 828 844 2,036 1,773
Tanker Investments Ltd. 1,083 1,644 (60) 4,497 (434)
Dilution gain in respect of the Initial Public Offering
of Tanker Investments Ltd. - - - - 2,054
Teekay Tanker Operations Ltd. 1,016 1,115 828 2,398 828
Total equity income 2,762 3,587 1,612 8,931 4,221
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Teekay Tankers Ltd.
Summary Consolidated Balance Sheets
(in thousands of U.S. dollars)
As at As at As at
September 30, 2015 June 30,
2015
December 31,
2014
(unaudited) (unaudited) (unaudited)
ASSETS
Cash and cash equivalents 80,579 83,082 162,797
Restricted cash 915 - -
Pool receivable from affiliates 36,114 36,185 35,254
Accounts receivable 22,653 11,344 4,178
Prepaid assets 30,169 13,656 8,883
Due from affiliates 39,281 47,493 42,502
Vessel held for sale 10,092 - -
Vessels and equipment - net 1,589,297 1,035,311 828,291
Investment in and advances to equity accounted
investments 81,328 79,566 73,397
Derivative asset
(1)
5,421 5,526 4,657
Intangible assets - net 31,464 - -
Other non-current assets 14,399 1,992 5,400
Total assets 1,941,712 1,314,155 1,165,359
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities 54,350 23,965 19,464
Current portion of long-term debt 477,013 144,453 41,959
Current portion of derivative liabilities 6,034 7,141 7,263
Current portion of in-process revenue contracts 2,143 - -
Deferred revenue - 398 637
Due to affiliates 4,679 11,830 10,395
Long-term debt 545,042 530,219 614,104
Other long-term liabilities 14,176 13,327 15,814
Equity 838,275 582,822 455,723
Total liabilities and equity 1,941,712 1,314,155 1,165,359
(1) Derivative asset reflects the fair value of a common stock purchase warrant issued by TIL to the Company in connection with the Company’s
involvement in the formation of TIL.
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Teekay Tankers Ltd.
Summary Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
Nine Months Ended
September 30,
2015
September 30,
2014
(unaudited) (unaudited)
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
Net operating cash flow 140,535 8,632
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs 575,328 72,897
Repayments of long-term debt (21,276) (15,275)
Prepayment of long-term debt (191,592) (162,000)
Equity contribution from Teekay Corporation - 1,267
Cash dividends paid (10,519) (7,528)
Proceeds from equity offerings, net of offering costs 227,995 -
Net financing cash flow 579,936 (110,639)
INVESTING ACTIVITIES
Proceeds from sale of vessels - 154,000
Expenditures for vessels and equipment (230,468) (1,449)
Expenditures for Principal Maritime vessel acquisitions (526,021) -
Investment in Teekay Tankers Operations Ltd. (239) (7,153)
Investment in Tanker Investments Ltd. - (25,000)
Loan repayments from equity accounted investment 1,000 1,150
Term loan advance recoveries - 1,179
Acquisition of SPT (46,961) -
Net investing cash flow (802,689) 122,727
(Decrease) increase in cash and cash equivalents (82,218) 20,720
Cash and cash equivalents, beginning of the period 162,797 25,646
Cash and cash equivalents, end of the period 80,579 46,366
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Teekay Tankers Ltd.
Appendix A – Specific Items Affecting Income
(in thousands of U.S. dollars, except per share amounts)
Set forth below is a reconciliation of the Company’s unaudited adjusted net income attributable to the
shareholders of Teekay Tankers, a non-GAAP financial measure, to net income as determined in accordance with
GAAP. The Company believes that, in addition to conventional measures prepared in accordance with GAAP,
certain investors use this information to evaluate the Company’s financial performance. The items below are also
typically excluded by securities analysts in their published estimates of the Company’s financial results. Adjusted
net income attributable to the shareholders of Teekay Tankers is intended to provide additional information and
should not be considered a substitute for measures of performance prepared in accordance with GAAP.
Three Months Ended
September 30, 2015 September 30, 2014
(unaudited) (unaudited)
$
$ Per
Share(1) $
$ Per
Share(1)
Net income - GAAP basis 41,213 $0.30 5,862 $0.07
(Subtract) add specific items affecting net income:
Unrealized gain on derivative instruments (2)
(1,445) (0.01) (2,972) (0.03)
Other (3)
529 0.01 (305) (0.01)
Total adjustments (916) $0.00 (3,277) ($0.04)
Adjusted net income (loss) attributable to shareholders of
Teekay Tankers 40,297 $0.30 2,585 $0.03
(1) Fully diluted per share amounts.
(2) Reflects the unrealized gain due to changes in the mark-to-market value of derivative instruments that are not designated as hedges for
accounting purposes, including unrealized gains or losses on interest rate swaps and the TIL common stock purchase warrant.
(3) The amount recorded for the three months ended September 30, 2015 primarily relates to unrealized derivative losses in joint venture,
foreign exchange losses and restructuring costs related to the acquisition of the ship-to-ship transfer business.
12. 12
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Teekay Tankers Ltd.
Appendix B – Reconciliation of Non-GAAP Financial Measure
Free Cash Flow
(in thousands of U.S. dollars, except share and per share data)
Free cash flow (FCF) represents net income, plus depreciation and amortization, unrealized losses from
derivatives, non-cash items, FCF from the equity accounted investments and any write-offs or other non-
recurring items, less unrealized gains from derivatives, equity income from the equity accounted investments
and other non-cash items.
Three Months Ended
September 30, 2015
(unaudited)
Net income for the period 41,213
Add:
Depreciation and amortization 17,399
Proportionate share of free cash flow from equity accounted investments 4,210
Other 739
Less:
Unrealized gain on derivative instruments (1,445)
Equity income (2,762)
Free cash flow 59,354
Weighted-average number of common shares outstanding for the quarter 134,630,768
Free cash flow per share (rounded) 0.44
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Teekay Tankers LTD.
Appendix C – Reconciliation of Non-GAAP Financial Measure
Net Revenues
(in thousands of U.S. dollars)
Net revenues represents revenues less voyage expenses where voyage expenses are comprised of all expenses
relating to certain voyages, including bunker fuel expenses, port fees, cargo loading and unloading expenses,
canal tolls, agency fees and commissions. Net revenues is a non-GAAP financial measure used by certain
investors to measure the financial performance of shipping companies; however, it is not required by GAAP and
should not be considered as an alternative to revenues or any other indicator of the Company’s performance
required by GAAP.
Three Months Ended
September 30, 2015 September 30, 2014
(unaudited) (unaudited)
Revenues 125,369 53,470
Voyage expenses (2,588) (2,872)
Net revenues 122,781 50,598
14. 14
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Forward Looking Statements
This release 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: the crude oil and refined product tanker market fundamentals,
including the balance of supply and demand in the tanker market, estimated growth in the world tanker fleet,
estimated growth in global oil demand and crude oil tanker demand, changes in long-haul crude tanker
movements from the Atlantic to Pacific basins, tanker fleet utilization, spot tanker rates, and the potential for
localized floating storage and weather and port delays; the effect of lower global oil prices, including the
potential impact on oil stockpiling, refinery throughput and bunker fuel prices; and the timing and certainty of
the financial and commercial benefits of the Company’s recent acquisitions, including the impact on its future
free cash flow generation. 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 the production of, or demand for, oil or refined
products; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or
less than anticipated levels of tanker newbuilding orders and deliveries and greater or less than anticipated
rates of tanker scrapping; changes in global oil prices; changes in applicable industry laws and regulations and
the timing of implementation of new laws and regulations; the ability of the Company to operate the acquired
businesses profitably; increased costs; and other factors discussed in Teekay Tankers’ filings from time to
time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the
fiscal year ended December 31, 2014. 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.