Month: May 2020

HighlightsReported GAAP net income of $106.8 million, or $3.17 per share, and adjusted net income(1) of $110.0 million, or $3.27 per share, in the first quarter of 2020 (excluding items listed in Appendix A to this release).Total Adjusted EBITDA(1) of $155.4 million in the first quarter of 2020.Generated over $140 million of free cash flow(1) and completed approximately $60 million of vessel sales in the first quarter of 2020, reducing net debt(2) by approximately $200 million and increasing liquidity to approximately $368 million as of March 31, 2020.Secured strong second quarter to-date spot tanker rates of $52,100 per day for its Suezmax fleet and $33,600 per day for its Aframax-sized fleet.Entered into nine six-month to two-year time charter-out contracts for six Suezmaxes and three Aframax-sized vessels at attractive rates to a total...

HighlightsGAAP net loss attributable to the partners and preferred unitholders of $33.0 million and GAAP net loss per common unit of $0.50 in the first quarter of 2020.Adjusted net income(1) attributable to the partners and preferred unitholders of $52.2 million and adjusted net income per common unit of $0.58 in the first quarter of 2020 (excluding a $45 million non-cash vessel write-down and other items listed in Appendix A to this release).Total adjusted EBITDA(1) of $188.4 million in the first quarter of 2020, representing another quarterly record-high and up nearly 20 percent from the same quarter of the prior year.With recent charter of the 52 percent-owned Marib Spirit, the Partnership’s LNG fleet is now 100 percent chartered on fixed-rate contracts for the remainder of 2020; and 94 percent charter coverage for 2021.Fixed-rate...

HighlightsGAAP net loss attributable to shareholders of Teekay of $49.8 million, or $0.49 per share, and adjusted net income attributable to shareholders of Teekay(1) of $25.3 million, or $0.25 per share, in the first quarter of 2020 (excluding $44.9 million of income relating to the Foinaven transaction and other items listed in Appendix A to this release).Total adjusted EBITDA(1) of $342.2 million in the first quarter of 2020.Teekay Parent secured a new bareboat charter contract for the Foinaven FPSO, which included a $67 million upfront payment received in April 2020; and also eliminated its Teekay LNG incentive distribution rights (IDRs) in exchange for 10.75 million Teekay LNG common units.Teekay LNG reported record-high adjusted net income in the first quarter of 2020; increased its quarterly cash distributions by 32 percent paid...