TEEKAY LNG PARTNERS DECLARES DISTRIBUTIONS ON SERIES A AND B PREFERRED UNITS; AND REITERATES 2020 DISTRIBUTION GUIDANCE ON CO...
March 20 2020 - 4:05PM
Teekay GP LLC, the general partner of Teekay LNG Partners L.P.
(Teekay LNG or the Partnership) (NYSE:TGP), has declared cash
distributions of $0.5625 per unit on the Partnership’s Series A
preferred units (NYSE:TGP PR A) and $0.5313 per unit on the
Partnership’s Series B preferred units (NYSE:TGP PR B) for the
period from January 1, 2020 to March 31, 2020. The cash
distributions are payable on April 15, 2020 to all unitholders of
record as at March 31, 2020. Teekay LNG’s preferred unit
distributions are reported on Form 1099 for United States tax
purposes.
As previously-announced, the Partnership plans
to increase its cash distributions on its common units by 32
percent to $1.00 per unit per annum, effective with the first
quarter of 2020 distribution to be paid in May 2020.
About Teekay LNG
Teekay LNG Partners is one of the world’s
largest independent owners and operators of LNG carriers, providing
LNG and LPG services primarily under long-term, fee-based charter
contracts through its interests in 47 LNG carriers, 23 mid-size LPG
carriers, and seven multi-gas carriers. The Partnership’s ownership
interests in these vessels range from 20 to 100 percent. In
addition, the Partnership owns a 30 percent interest in a
regasification terminal. Teekay LNG Partners is a publicly-traded
master limited partnership formed by Teekay Corporation (NYSE: TK)
as part of its strategy to expand its operations in the LNG and LPG
shipping sectors.
Teekay LNG Partners’ common units and preferred
units trade on the New York Stock Exchange under the symbols “TGP”,
“TGP PR A” and “TGP PR B”, respectively.
For Investor Relations
enquiries contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
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,
among other things, regarding: the ability to pay increased
distributions on its common units in 2020. The following factors
are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks
and uncertainties, and that should be considered in evaluating any
such statement: changes in production of LNG or LPG, either
generally or in particular regions; changes in trading patterns or
timing of start-up of new LNG liquefaction and regasification
projects significantly affecting overall vessel tonnage
requirements; changes in applicable industry laws and regulations
and the timing of implementation of new laws and regulations; the
potential for early termination of long-term contracts of existing
vessels in the Partnership's fleet; higher than expected costs and
expenses; general market conditions and trends, including spot,
multi-month and multi-year charter rates; inability of customers of
the Partnership or any of its joint ventures to make future
payments under contracts; the inability of the Partnership to renew
or replace long-term contracts on existing vessels; potential lack
of excess capital available to allocate towards returning capital
to unitholders; and other factors discussed in Teekay LNG Partners’
filings from time to time with the SEC, including its Report on
Form 20-F for the fiscal year ended December 31, 2018. The
Partnership expressly disclaims any obligation to release publicly
any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Partnership’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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