The document is Teekay Tankers' first quarter 2012 earnings presentation. It announces an agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase Teekay Tankers' fixed rate coverage from 29% to 43% over the next year. The acquisition diversifies Teekay Tankers' fleet with the addition of mid-size oil and product tankers and provides a non-competition agreement with Teekay Corp. The presentation highlights recent financial results and the strategic benefits of the acquisition.
Teekay Tankers Second Quarter 2012 Earnings PresentationTeekay Tankers Ltd
- Teekay Tankers reported net income for Q2 2012 and adjusted income to exclude earnings from vessels acquired in June 2012 and other one-time items.
- Adjusted net revenues for Q2 2012 were $31.4 million, compared to $31.1 million in Q1 2012. Adjusted operating expenses were lower in Q2 at $12.1 million for vessel operating expenses and $11.8 million for depreciation and amortization.
- Excluding the impact of recently acquired vessels and special items, Teekay Tankers' financial results were largely consistent between the first and second quarters of 2012 on an adjusted basis.
Teekay Tankers Third Quarter 2012 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
Teekay Tankers Ltd. Acquisition of 13 Vessels From Teekay Corporation Confere...Teekay Tankers Ltd
Teekay Tankers has agreed to acquire 13 tankers from Teekay Corporation for $455 million. The acquisition is expected to be accretive to Teekay Tankers' cash flow per share and dividend per share. Nine of the tankers acquired come with fixed-rate time charters, increasing Teekay Tankers' fixed-rate coverage. The transaction will be financed through the issuance of new shares, assumption of existing debt facilities on the vessels, and available credit facilities. The acquisition provides Teekay Tankers with a larger fleet and is expected to improve the company's financial position and ability to pursue future growth opportunities.
The 2004 annual report summarizes Amerada Hess' strong financial and operating results for the year. Net income increased significantly to $977 million from $643 million in 2003. Worldwide oil and gas production averaged 342,000 barrels per day, exceeding the original forecast. Major development projects made progress including starting production from the Llano field in the Gulf of Mexico and approving the Okume Complex project in Equatorial Guinea. The exploration program also had successes such as appraising the Shenzi discovery in the Gulf of Mexico. Both the HOVENSA and Port Reading refineries operated near capacity, enabling them to benefit from strong margins.
JHMA is a London-based reservoir development consultancy providing advisory services to oil and gas companies. [1] It offers reservoir studies, asset evaluations, training, and other consultancy services through experienced development geologist John Martin and an associate network. [2] JHMA has worked on fields in the UK, Norway, Netherlands, Canada, Libya, Nigeria, Yemen, Oman, Pakistan, and New Zealand for a range of clients. [3]
Mari Gas Company Limited is one of the largest oil and gas exploration and production companies in Pakistan. It owns and operates the Mari Gas Field, the country's second largest gas field. The company supplies natural gas to various fertilizer plants and other customers. Mari Gas is seeking to develop new gas fields and discover new reserves to meet Pakistan's growing energy needs through strategic investments and community development initiatives.
Spectrum acted as the exclusive restructuring and financial advisor to Southwest Georgia Ethanol LLC, a ethanol manufacturing company that faced a liquidity crisis due to increased corn prices and operational issues. Spectrum helped the company file for Chapter 11 bankruptcy and emerge from bankruptcy in only 11 months with no debt and a potential recovery for equity holders. Spectrum also advised Third Party Logistics company 3PD, Inc. in successfully refinancing its credit facilities when it faced potential covenant violations during the recession. Additionally, Spectrum advised Quixote Corporation, a $100 million company with a hostile debt situation, in its successful restructuring and sale to a strategic buyer, providing shareholders a 3.4x return on investment.
The document is from Foyson's 2012 Annual General Meeting presentation. It summarizes Foyson's strategy for creating shareholder value, including repositioning the corporate structure, recapitalizing through share issues and asset sales, forging a strategic partnership with TVI Pacific to develop its undervalued resource projects in Papua New Guinea, and exploiting its portfolio of projects such as the Amazon Bay iron sands project and gold and copper prospects. The presentation outlines Foyson's tenement portfolio and TVI's investment, and concludes that significant progress has been made in the first year under new management to reposition the company and unlock value from its assets.
Teekay Tankers Second Quarter 2012 Earnings PresentationTeekay Tankers Ltd
- Teekay Tankers reported net income for Q2 2012 and adjusted income to exclude earnings from vessels acquired in June 2012 and other one-time items.
- Adjusted net revenues for Q2 2012 were $31.4 million, compared to $31.1 million in Q1 2012. Adjusted operating expenses were lower in Q2 at $12.1 million for vessel operating expenses and $11.8 million for depreciation and amortization.
- Excluding the impact of recently acquired vessels and special items, Teekay Tankers' financial results were largely consistent between the first and second quarters of 2012 on an adjusted basis.
Teekay Tankers Third Quarter 2012 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
Teekay Tankers Ltd. Acquisition of 13 Vessels From Teekay Corporation Confere...Teekay Tankers Ltd
Teekay Tankers has agreed to acquire 13 tankers from Teekay Corporation for $455 million. The acquisition is expected to be accretive to Teekay Tankers' cash flow per share and dividend per share. Nine of the tankers acquired come with fixed-rate time charters, increasing Teekay Tankers' fixed-rate coverage. The transaction will be financed through the issuance of new shares, assumption of existing debt facilities on the vessels, and available credit facilities. The acquisition provides Teekay Tankers with a larger fleet and is expected to improve the company's financial position and ability to pursue future growth opportunities.
The 2004 annual report summarizes Amerada Hess' strong financial and operating results for the year. Net income increased significantly to $977 million from $643 million in 2003. Worldwide oil and gas production averaged 342,000 barrels per day, exceeding the original forecast. Major development projects made progress including starting production from the Llano field in the Gulf of Mexico and approving the Okume Complex project in Equatorial Guinea. The exploration program also had successes such as appraising the Shenzi discovery in the Gulf of Mexico. Both the HOVENSA and Port Reading refineries operated near capacity, enabling them to benefit from strong margins.
JHMA is a London-based reservoir development consultancy providing advisory services to oil and gas companies. [1] It offers reservoir studies, asset evaluations, training, and other consultancy services through experienced development geologist John Martin and an associate network. [2] JHMA has worked on fields in the UK, Norway, Netherlands, Canada, Libya, Nigeria, Yemen, Oman, Pakistan, and New Zealand for a range of clients. [3]
Mari Gas Company Limited is one of the largest oil and gas exploration and production companies in Pakistan. It owns and operates the Mari Gas Field, the country's second largest gas field. The company supplies natural gas to various fertilizer plants and other customers. Mari Gas is seeking to develop new gas fields and discover new reserves to meet Pakistan's growing energy needs through strategic investments and community development initiatives.
Spectrum acted as the exclusive restructuring and financial advisor to Southwest Georgia Ethanol LLC, a ethanol manufacturing company that faced a liquidity crisis due to increased corn prices and operational issues. Spectrum helped the company file for Chapter 11 bankruptcy and emerge from bankruptcy in only 11 months with no debt and a potential recovery for equity holders. Spectrum also advised Third Party Logistics company 3PD, Inc. in successfully refinancing its credit facilities when it faced potential covenant violations during the recession. Additionally, Spectrum advised Quixote Corporation, a $100 million company with a hostile debt situation, in its successful restructuring and sale to a strategic buyer, providing shareholders a 3.4x return on investment.
The document is from Foyson's 2012 Annual General Meeting presentation. It summarizes Foyson's strategy for creating shareholder value, including repositioning the corporate structure, recapitalizing through share issues and asset sales, forging a strategic partnership with TVI Pacific to develop its undervalued resource projects in Papua New Guinea, and exploiting its portfolio of projects such as the Amazon Bay iron sands project and gold and copper prospects. The presentation outlines Foyson's tenement portfolio and TVI's investment, and concludes that significant progress has been made in the first year under new management to reposition the company and unlock value from its assets.
Magellan Petroleum is executing a turnaround strategy focused on maximizing value from existing oil and gas assets in the US, Australia, and UK. Key assets include 22,000 acres in Montana's Poplar Dome, which has several near-term reserve development opportunities, and Australian natural gas assets generating long-term revenue. The company has $40 million in cash and a portfolio of assets positioned for improved cash flow and reserve growth through development activities and new contracts.
1) Chevron's key financial priorities are to fund its capital program, maintain its AA credit rating, increase dividends annually, and repurchase shares.
2) Chevron reported record net income of $18.7 billion in 2007, up from $17.1 billion in 2006, driven by strong performance across its upstream, downstream, and chemical segments.
3) Chevron maintains a disciplined approach to capital allocation, investing over half of its cash from operations and divestments back into its capital program to take advantage of growth opportunities.
Canacol Energy - introduction & portfolio review englishMauricio Restrepo
The document provides an overview of Canacol Energy's operations and growth over the past 2.5 years. It summarizes that Canacol Energy was formed with CDN $3 million to focus on oil and gas in Colombia, and has since raised over CDN $140 million and grown its market capitalization to CDN $670 million with CDN $65 million in cash. It also outlines Canacol's key assets in Colombia, including the Rancho Hermoso and Capella fields, and provides production, reserves, and growth targets for these areas.
This document summarizes Chevron's downstream business accomplishments in 2007 and strategic priorities going forward. In 2007, Chevron improved operational performance, delivered a 16% return on capital employed, and increased refining scale and flexibility through major asset upgrades. Going forward, Chevron aims to further enhance reliability, pursue high-grading divestments, increase integration, marketing efficiency, and flexibility to process heavier crudes and capture higher margins. The overall strategy is focused on improving returns through operational excellence, selective growth, and effective execution.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
2006* Financial And Corporate Governance Embraer Day 2006Embraer RI
Embraer undertook a capital reorganization to finance expansion programs through equity markets, create acquisition currency, and improve market perception, governance, and transparency. The reorganization increased Embraer's share liquidity and listing on the Novo Mercado exchange. Embraer manages off-balance sheet exposure through residual value guarantees and trade-in options, and remarkets pre-owned aircraft through its asset management division to support new sales. Risk management includes policies on trading, disclosure, and compliance with Sarbanes-Oxley requirements.
Teekay Tankers First Quarter 2012 Earnings PresentationTeekay Tankers Ltd
The presentation summarizes Teekay Tankers' Q1 2012 earnings results and provides an outlook for Q2 2012. It announces a dividend of $0.16 per share for Q1 2012 and estimates dividends between $0.05-$0.21 per share for Q2 2012 depending on spot tanker rates. It also details Teekay Tankers' agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase fixed rate coverage and cash flow stability. The acquisition is expected to close in June 2012.
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.
The Community and area St John's Burslem servesburslem
Welcome to St John's Church and Centre for the Community, Burslem! (In Stoke-on-Trent, Staffordshire, England)
This is a prayerful look (with music) at the Community and area St Johns Burslem serves:
What was. What is now. What could be.
Please find our web site at www.stjohnsburslem.btik.com
The document summarizes Teekay Tankers' recent highlights and financial position including:
- Declaring a $0.11 dividend per share for Q2 payable in August.
- Completing the acquisition of 13 tankers from Teekay Corporation, increasing fixed coverage to 47% over the next year.
- Having $386 million in total liquidity and no significant debt maturities until 2017.
- Entering into several new time-charter contracts that enhance downside protection while preserving balance sheet flexibility.
In April 2012, very large crude carrier (VLCC) rates reached almost $50,000 per day due to a combination of factors:
1) There was a surprisingly high growth in seaborne crude oil volumes as well as transport distances in the first quarter of 2012 compared to the same period in 2011.
2) This resulted in an estimated 8-9% growth in ton-miles for crude oil shipments, benefiting VLCCs which have a high market share in relevant trades.
3) Fleet growth of around 6% was outpaced by the ton-mile growth of between 5-6%, improving utilization rates and supporting higher rates.
This document provides an earnings presentation by Teekay Tankers for their fourth quarter and fiscal year 2011 results. It highlights recent market fundamentals including oversupply of tankers and volatility in charter rates. It also summarizes the company's financial results for Q4 2011, dividend payments, fleet employment strategies of balancing spot and time-chartered vessels, and outlook for fleet growth and tanker market recovery in 2012-2013 as fleet growth slows. The presentation provides context on the company's capital structure and ability to pay dividends through weak tanker markets.
Teekay Tankers held an investor day presentation to discuss its business strategy and outlook. Key points include:
- Teekay Tankers has acquired 13 tankers from Teekay Corporation, increasing its fixed-rate coverage and diversifying its fleet.
- The acquisition is accretive to cash flow available for dividends. Dividends per share are expected to increase 19% at illustrative spot rates.
- Tanker market fundamentals are expected to improve in 2013 with lower fleet growth and increasing oil demand, which should boost spot tanker rates from current lows.
- Teekay Tankers has a portfolio of short- and long-term fixed-rate contracts and vessel
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
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 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 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.
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
The document discusses Teekay Tankers' Q4 2012 earnings results, including generating $0.13 per share in cash available for distribution. It provides an outlook for 2013, noting about 42% of the fleet is covered on fixed-rate contracts, and liquidity of $327 million with no significant debt maturities until 2017. The presentation also covers recent fleet employment activities and expectations for a gradual recovery in the tanker market starting in late 2013.
The document summarizes Teekay Tankers' fourth quarter and fiscal year 2012 earnings presentation. It discusses recent highlights including Q4-12 financial results, fleet management transactions to maintain approximately 42% fixed coverage for 2013, and a non-cash vessel impairment charge. It also provides an overview of the weak 2012 tanker market, particularly in the second half of the year for large crude tankers and the reverse for LR2 product tankers.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Magellan Petroleum is executing a turnaround strategy focused on maximizing value from existing oil and gas assets in the US, Australia, and UK. Key assets include 22,000 acres in Montana's Poplar Dome, which has several near-term reserve development opportunities, and Australian natural gas assets generating long-term revenue. The company has $40 million in cash and a portfolio of assets positioned for improved cash flow and reserve growth through development activities and new contracts.
1) Chevron's key financial priorities are to fund its capital program, maintain its AA credit rating, increase dividends annually, and repurchase shares.
2) Chevron reported record net income of $18.7 billion in 2007, up from $17.1 billion in 2006, driven by strong performance across its upstream, downstream, and chemical segments.
3) Chevron maintains a disciplined approach to capital allocation, investing over half of its cash from operations and divestments back into its capital program to take advantage of growth opportunities.
Canacol Energy - introduction & portfolio review englishMauricio Restrepo
The document provides an overview of Canacol Energy's operations and growth over the past 2.5 years. It summarizes that Canacol Energy was formed with CDN $3 million to focus on oil and gas in Colombia, and has since raised over CDN $140 million and grown its market capitalization to CDN $670 million with CDN $65 million in cash. It also outlines Canacol's key assets in Colombia, including the Rancho Hermoso and Capella fields, and provides production, reserves, and growth targets for these areas.
This document summarizes Chevron's downstream business accomplishments in 2007 and strategic priorities going forward. In 2007, Chevron improved operational performance, delivered a 16% return on capital employed, and increased refining scale and flexibility through major asset upgrades. Going forward, Chevron aims to further enhance reliability, pursue high-grading divestments, increase integration, marketing efficiency, and flexibility to process heavier crudes and capture higher margins. The overall strategy is focused on improving returns through operational excellence, selective growth, and effective execution.
Hess Corporation reported record financial results for 2006 with net income of $1.9 billion, up 54% from 2005. Worldwide oil and gas production grew 7% to an average of 359,000 barrels per day. Key events included starting production at four new fields and making a significant oil discovery in the Gulf of Mexico. Marketing and Refining operations performed solidly despite margin pressures. The company expects 2007 production of 370,000 to 380,000 barrels per day.
2006* Financial And Corporate Governance Embraer Day 2006Embraer RI
Embraer undertook a capital reorganization to finance expansion programs through equity markets, create acquisition currency, and improve market perception, governance, and transparency. The reorganization increased Embraer's share liquidity and listing on the Novo Mercado exchange. Embraer manages off-balance sheet exposure through residual value guarantees and trade-in options, and remarkets pre-owned aircraft through its asset management division to support new sales. Risk management includes policies on trading, disclosure, and compliance with Sarbanes-Oxley requirements.
Teekay Tankers First Quarter 2012 Earnings PresentationTeekay Tankers Ltd
The presentation summarizes Teekay Tankers' Q1 2012 earnings results and provides an outlook for Q2 2012. It announces a dividend of $0.16 per share for Q1 2012 and estimates dividends between $0.05-$0.21 per share for Q2 2012 depending on spot tanker rates. It also details Teekay Tankers' agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase fixed rate coverage and cash flow stability. The acquisition is expected to close in June 2012.
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.
The Community and area St John's Burslem servesburslem
Welcome to St John's Church and Centre for the Community, Burslem! (In Stoke-on-Trent, Staffordshire, England)
This is a prayerful look (with music) at the Community and area St Johns Burslem serves:
What was. What is now. What could be.
Please find our web site at www.stjohnsburslem.btik.com
The document summarizes Teekay Tankers' recent highlights and financial position including:
- Declaring a $0.11 dividend per share for Q2 payable in August.
- Completing the acquisition of 13 tankers from Teekay Corporation, increasing fixed coverage to 47% over the next year.
- Having $386 million in total liquidity and no significant debt maturities until 2017.
- Entering into several new time-charter contracts that enhance downside protection while preserving balance sheet flexibility.
In April 2012, very large crude carrier (VLCC) rates reached almost $50,000 per day due to a combination of factors:
1) There was a surprisingly high growth in seaborne crude oil volumes as well as transport distances in the first quarter of 2012 compared to the same period in 2011.
2) This resulted in an estimated 8-9% growth in ton-miles for crude oil shipments, benefiting VLCCs which have a high market share in relevant trades.
3) Fleet growth of around 6% was outpaced by the ton-mile growth of between 5-6%, improving utilization rates and supporting higher rates.
This document provides an earnings presentation by Teekay Tankers for their fourth quarter and fiscal year 2011 results. It highlights recent market fundamentals including oversupply of tankers and volatility in charter rates. It also summarizes the company's financial results for Q4 2011, dividend payments, fleet employment strategies of balancing spot and time-chartered vessels, and outlook for fleet growth and tanker market recovery in 2012-2013 as fleet growth slows. The presentation provides context on the company's capital structure and ability to pay dividends through weak tanker markets.
Teekay Tankers held an investor day presentation to discuss its business strategy and outlook. Key points include:
- Teekay Tankers has acquired 13 tankers from Teekay Corporation, increasing its fixed-rate coverage and diversifying its fleet.
- The acquisition is accretive to cash flow available for dividends. Dividends per share are expected to increase 19% at illustrative spot rates.
- Tanker market fundamentals are expected to improve in 2013 with lower fleet growth and increasing oil demand, which should boost spot tanker rates from current lows.
- Teekay Tankers has a portfolio of short- and long-term fixed-rate contracts and vessel
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
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 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 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.
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
The document discusses Teekay Tankers' Q4 2012 earnings results, including generating $0.13 per share in cash available for distribution. It provides an outlook for 2013, noting about 42% of the fleet is covered on fixed-rate contracts, and liquidity of $327 million with no significant debt maturities until 2017. The presentation also covers recent fleet employment activities and expectations for a gradual recovery in the tanker market starting in late 2013.
The document summarizes Teekay Tankers' fourth quarter and fiscal year 2012 earnings presentation. It discusses recent highlights including Q4-12 financial results, fleet management transactions to maintain approximately 42% fixed coverage for 2013, and a non-cash vessel impairment charge. It also provides an overview of the weak 2012 tanker market, particularly in the second half of the year for large crude tankers and the reverse for LR2 product tankers.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
Teekay Corporation Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Tsakos Energy Navigation Q3 2012 results presentationTradeWindsnews
1) TEN Ltd reported financial results for Q3 and the first nine months of 2012 with operating income of $776,000 in Q3 and $11.9 million for the nine month period, improvements from the same periods in 2011.
2) As of November 21, 2012 TEN had a fleet of 51 vessels, with 33 vessels fixed on long term charters securing over $1.1 billion in minimum revenues through 2023.
3) Since listing on the NYSE in 2002, TEN has paid a total of $9.575 per share in dividends to shareholders and generated $280 million in capital gains from vessel sales.
This document provides a summary of Sempra Energy's financial report for 2006. Some key points:
1) Net income increased 53% to $1.4 billion in 2006 due to asset sales by Sempra Generation and lower litigation expenses, offset by impairment of Sempra Pipelines & Storage investments.
2) Sempra Utilities saw a 33% contribution to net income, while Sempra Global contributed 48%.
3) Natural gas revenues decreased 9% to $4.8 billion while costs decreased 15%, due to lower average gas prices passed on to customers. Electric revenues increased 19% to $2.1 billion on higher authorized margins and recoverable expenses.
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution and reported an adjusted net loss of $0.08 per share. Crude tanker rates weakened in Q2 due to seasonal and structural factors, while LR2 product tanker rates also softened. However, Suezmax rates have firmed in early Q3. The period of rapid crude tanker fleet growth is coming to an end, which sets up a better supply/demand balance in 2014. Teekay Tankers' financial position remains strong with $256 million in total liquidity.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
Teekay Corporation - Second Quarter 2012 Earnings Results PresentationTeekay Corporation
Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
Similar to TNK Q1 2012: Teekay Tankers Ltd. First Quarter 2012 Earnings Presentation (14)
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.
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.
- 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
- 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 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 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 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.
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 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 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 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.
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2. Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect to certain future events and performance, including
statements regarding: the Company’s anticipated acquisition of 13 conventional crude oil and product tankers from Teekay
Corporation, including the purchase price, timing and certainty of completing the transaction and the effect of the
transaction on the Company’s business, Cash Available for Distribution, dividend, liquidity, and fixed cover for the 12-
month period commencing July 1, 2012; opportunities in the product tanker segment; tanker market fundamentals,
including the balance of supply and demand in the tanker market, and spot tanker charter rates; anticipated tanker fleet
utilization; the Company’s financial position and ability to acquire additional assets; estimated dividends per share for the
quarter ending June 30, 2012 and the 12-month period commencing July 1, 2012 based on various spot tanker rates
earned by the Company; anticipated dry-docking and vessel upgrade costs; the Company's ability to generate surplus
cash flow and pay dividends; and potential vessel acquisitions, and their affect on the Company’s future Cash Available for
Distribution. 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:
failure to satisfy the closing conditions or obtain the necessary third party consents for the Company’s anticipated 13-
vessel acquisition from Teekay Corporation or unexpected results from the technical inspection of those vessels that would
result in a change to the transaction purchase price; changes in the production of or demand for oil; changes in trading
patterns significantly affecting overall vessel tonnage requirements; lower than expected level of tanker scrapping;
changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the
potential for early termination of short- or medium-term contracts and inability of the Company to renew or replace short-
or medium-term contracts; changes in interest rates and the capital markets; future issuances of the Company’s common
stock; the ability of the owner of the two VLCC newbuildings securing the two first-priority ship mortgage loans to continue
to meet its payment obligations; increases in the Company's expenses, including any dry-docking expenses and
associated off-hire days; the ability of Teekay Tankers' Board of directors to establish cash reserves for the prudent
conduct of Teekay Tankers' business or otherwise; failure of Teekay Tankers Board of Directors and its Conflicts
Committee to accept future acquisitions of vessels that may be offered by Teekay Corporation or third parties; 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, 2011. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or
circumstances on which any such statement is based.
2
3. Recent Highlights
» Declared a dividend of $0.16 per share for Q1-12, up from $0.11 per
share in the previous quarter
• Payable on June 5th to all shareholders of record on May 29th
» 55% of Q1-12 revenue days earned avg. of $21,000 per day on
fixed-rate time-charters, above average spot TCE of $17,800 per
day
1
» Earned adjusted net income of $3.1 million, or $0.04 per share
» Agreed to acquire 13 conventional tankers from Teekay Corporation
for a total purchase price of approximately $455 million
• On schedule to close in June 2012
1 Excluding net gain of $1.1 million, or $0.02 per share related to change in fair value of interest rate swaps as detailed in Appendix A of the Q1-12
earnings release.
3
4. Strategic Acquisition of 13 Tankers From Teekay Corp.
» Teekay Tankers will acquire 13 conventional tankers from Teekay Corporation
for a total purchase price of approximately $455 million
• 7 mid-size conventional oil tankers and 6 product tankers with average age of 7 years
• 9 of the thirteen vessels come with fixed-rate charters earning over $20,000/day
• Increases fixed cover from 29% to 43% for 12-month period commencing July 1, 2012
• Non-competition agreement with Teekay Corp for conventional tanker projects for a
period of 3 years
Strategic Benefits
» Modern vessels acquired at cyclical low purchase
price
» Increases near-term fixed-rate coverage during
expected weaker Q2 and Q3
» Provides diversification into product tankers
» Attractive, ‘covenant-lite’ debt facilities with
favorable repayment profiles
» $400 million of liquidity post-transaction provides
financial flexibility
4
5. Pro Forma Fleet Employment
Name Class Y/Built Fixed-Rate Coverage (estimated)
Erik Spirit Aframax 2005
Kareela Spirit Aframax 1999
Pre- Post-
Nassau Spirit Aframax 1998 Transaction Transaction
Ashkini Spirit Suezmax 2003
12 months Commencing
Iskmati Spirit Suezmax 2003 Trading in July 1, 2012 29% 43%
Kaveri Spirit Suezmax 2004
Zenith Spirit Suezmax 2009
Teekay Pools
Donegal Spirit LR2 2006 FY 2013 23% 34%
Limerick Spirit LR2 2007 Existing Vessels Charter rate per day
Galway Spirit LR2 2007 Charter rate per day
Vessels to be Acquired
Ganges Spirit Suezmax 2002 $30,5001
Yamuna Spirit Suezmax 2002 $30,5001
Everest Spirit Aframax 2004 $17,000
Esther Spirit Aframax 2004 $18,2002
Kanata Spirit Aframax 1999 $17,250
Matterhorn Spirit Aframax 2005 $21,375
Narmada Spirit Suezmax 2003 $22,0003
Godavari Spirit Suezmax 2004 $21,000
Teesta Spirit MR 2004 $21,500
VLCC Mortgage A
VLCC Mortgage B
Mahanadi Spirit MR 2000 $21,500
Kyeema Spirit Aframax 1999 $17,000
Helga Spirit Aframax 2005 $18,000
Pinnacle Spirit Suezmax 2008 $21,000
Summit Spirit Suezmax 2008 $21,000
Hugli Spirit MR 2005 $30,600*
Americas Spirit Aframax 2003 $21,000
Australian Spirit Aframax 2004 $21,000
Axel Spirit Aframax 2004 $19,500
Newbuilding J/V VLCC 2013
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
1 Plus profit share. Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50% thereafter of vessel’s incremental Gemini Pool earnings, settled in the second quarter of each year.
2 Includes profit share paying 49% of earnings in excess of $18,700 generated December 1 through March 20.
3 Profit share above the applicable minimum time-charter rate entitles Teekay Tankers to 50% of the difference between the average TD5 BITR rate and the minimum rate.
4 Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
5
6. Q1-12 Dividend Calculation
(USD thousands, except shares outstanding and per share amounts) Three Months Ended
March 31, 2012
(unaudited)
Net income for the period 4,137
Add:
Depreciation and amortization 10,738
Amortization of debt issuance costs 155
Less:
Unrealized gain on interest rate swaps (1,050)
Non-cash accrual of repayment premium on term loans (295)
Amortization of in-process revenue contract (69)
Post-Transaction*
Cash Available for Distribution before Reserves 13,616
Less:
Reserves:
Reserve for scheduled dry-dockings and other capital expenditures (2,000) (3,500)
Reserve for debt principal repayment (450) (4,000)
Cash Available for Distribution after Reserves 11,166
Weighted average number of common shares outstanding for the quarter ended Share Count:
March 31, 2012 70,975,645 83,591,030
Cash dividend per share (rounded) $0.16
* Commencing in Q3-12
6
7. Q2-12 Dividend Outlook
» Average spot bookings in Q2 to date are down from the previous quarter
(based on ~50% days booked)
• Aframax: $9,500 per day (vs. $12,700 per day in Q1-12)
• Suezmax: $19,500 per day (vs. $25,200 per day in Q1-12)
Q2-2012 Estimated Suezmax Spot Rate Assumption (TCE per day)
Dividend Per Share* $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000
$10,000 0.05 0.07 0.10 0.13 0.15 0.18 0.21
(TCE per day)
Aframax Spot
Assumption
$15,000 0.08 0.10 0.13 0.15 0.18 0.21 0.24
$20,000 0.11 0.13 0.16 0.18 0.21 0.24 0.27
Rate
$25,000 0.14 0.16 0.18 0.21 0.24 0.27 0.30
$30,000 0.16 0.19 0.21 0.24 0.27 0.30 0.33
$35,000 0.19 0.22 0.24 0.27 0.30 0.33 0.36
* Estimated dividend per share is based on estimated Cash Available for Distribution, less $0.45 million for scheduled principal payments related to
one of the Company’s debt facilities and less a $2.2 million reserve for estimated drydocking costs and $750,000 of transaction costs related to the
13-vessel acquisition from Teekay Corporation. Based on the estimated weighted average number of shares outstanding for the second quarter of
79.9 million shares.
Illustrative Annualized Dividend Per Share Illustrative Annualized CAD1 Per Share
12 months Commencing July 1, 2012 12 months Commencing July 1, 2012
$2.00 $2.50
$2.00
$1.50
$1.50
$1.00
$1.00
$0.50
Pro Forma $0.50
Pro Forma
Pre-transaction
Pre-transaction
$0.00 $0.00
Aframax / $10,000 / $15,000 / $20,000 / $25,000 / $30,000 / $35,000 / Aframax / $10,000 / $15,000 / $20,000 / $25,000 / $30,000 / $35,000 /
Suezmax $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Suezmax $15,000 $20,000 $25,000 $30,000 $35,000 $40,000
For every $1,000 / day increase in spot rates, annual dividend increases by ~$0.075 per share
1 Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-recurring items,
and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
7
8. Positive Tanker Fundamentals in Q1-2012
1. Global oil production reached a record high of over 90.5 mb/d
2. OPEC crude supply grew by 1.0 mb/d to a 3.5 year high of over 31 mb/d
• Replacement for non-OPEC supply outages (Sudan, Syria, North Sea)
• Higher levels of OPEC production = longer voyage distances
3. Increased demand for crude imports in Asia for stockpiling purposes
• Precaution against potential Iranian supply disruptions
4. Seasonal factors provided periodic support for rates
• Weather delays in the US Gulf / Turkish Straits
5. Jan-Apr 2012 tanker scrapping at 4.6 mdwt (vs. 9.8 mdwt in 2011)
Average Teekay Tankers Suezmax spot rate of $25,200/day highest since Q2-2010
8
9. Crude Tanker Market Outlook
High OPEC supply leading to increased tonne-miles as supply is dampened by scrapping
31.5 30 Large Tanker Scrapping**
100
OPEC Crude Prodn. * “Call on OPEC” crude
Million Barrels per Day
31.0 25 90
80 2012 YTD scrapping
Number of ships
Suezmax TCE
30.5
‘000 USD / Day
20 70 of large tankers = all
** Includes > 80,000 dwt
30.0 60 of 2009
15
50
29.5
10
40
29.0 30
28.5
5 20
10
28.0 0
0
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12E* Q3-12E* Q4-12E*
2005 2006 2007 2008 2009 2010 2011 2012
Source: IEA / Company Source: CRS YTD
» Robust demand growth in Asia is the key driver for crude tanker demand
» Longer distances due to an increase in OPEC vs. non-OPEC production and greater
movement of Atlantic barrels to Asia adds to tanker tonne-mile effect
» Removal of 1st generation double hull tankersmove into balance during 2013;
Crude tanker market expected to dampening the impact of tanker deliveries
Increased scrap / removal of older double-hulls a positive development
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10. Product Tanker Market Outlook
Product tanker tonne-miles set to grow as LR2 fleet growth falls away
LR2 Supply Outlook
40 Deliveries
35 Removals
30
Number of Vessels
Expected Deliveries
25 Expected Removals
Net Change
20
15
10
5
0
-5
-10
2008 2009 2010 2011E 2012E 2013E
Source: CRS / Estimates
» Global refining capacity expected to increase by ~8 mb/d in the period 2012-2016
• ~40% of new capacity is from export-oriented facilities in India / MEG
» Product tanker trades / demand expected to grow at a faster pace in the future
» LR2 fleet growth expected to be lower by 2013 as the orderbook rolls off
Low fleet growth and the development of longer haul product trades
positive for LR2 product tanker fleet utilization
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11. Strong Financial Position
» March 31, 2012 total liquidity of approximately $400 million, pro forma for 13-vessel acquisition
» Average cost of debt remains at approximately 3.7%
» Low principal repayments through 2016
» No financial covenant concerns
Total
Liquidity
$500
~ $400
($ millions)
$400
$40
$300
Millions
$200
$332
$100
$25
$16.2 $16.6 $17.0 $17.4
$8.0
$0
Mar 31, 2012 2H 2012 2013 2014 2015 2016
Pro Forma
Cash Undrawn Lines
Principal Repayments Post-Transaction Incremental Undrawn Lines Assumed from Teekay Corp.
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