Highlights
Teekay Corporation (Teekay or the Company) (NYSE:TK) today reported
the Company's results for the quarter ended June 30, 2018.
These results include the Company’s two publicly-listed
consolidated subsidiaries Teekay LNG Partners L.P. (Teekay LNG)
(NYSE:TGP) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) and
its equity-accounted investment in publicly-listed Teekay Offshore
Partners L.P. (Teekay Offshore) (NYSE:TOO), which was
deconsolidated as of September 25, 2017, (collectively, the
Daughter Entities) and all remaining subsidiaries and
equity-accounted investments of the Company. The Company, together
with its subsidiaries other than the Daughter Entities, is referred
to in this release as Teekay Parent. Please refer to the
second quarter 2018 earnings releases of Teekay LNG, Teekay Tankers
and Teekay Offshore, which are available on the Company’s website
at www.teekay.com, for additional information on their respective
results.
|
|
Three Months Ended |
|
June 30, |
March 31, |
June 30, |
|
2018 |
2018 |
2017(2) |
(in
thousands of U.S. dollars, except per share amounts) |
(unaudited) |
(unaudited) |
(unaudited) |
TEEKAY CORPORATION CONSOLIDATED |
|
|
GAAP FINANCIAL COMPARISON |
|
|
|
Revenues |
405,642 |
|
394,022 |
|
513,923 |
|
Income from
vessel operations |
1,921 |
|
18,505 |
|
48,286 |
|
Equity
income (loss) |
837 |
|
27,117 |
|
(47,984 |
) |
Net loss
attributable to shareholders of Teekay |
(28,324 |
) |
(20,555 |
) |
(80,152 |
) |
Loss per
share attributable to shareholders of Teekay |
(0.28 |
) |
(0.21 |
) |
(0.93 |
) |
NON-GAAP FINANCIAL COMPARISON |
|
|
|
Total Cash
Flow from Vessel Operations(CFVO)(1)(3) |
164,197 |
|
168,364 |
|
254,496 |
|
Adjusted
Net Loss attributable to shareholders of Teekay(1) |
(21,555 |
) |
(18,324 |
) |
(38,145 |
) |
Adjusted
Net Loss per share attributable to shareholders of Teekay(1) |
(0.21 |
) |
(0.19 |
) |
(0.44 |
) |
TEEKAY PARENT |
|
|
|
NON-GAAP FINANCIAL COMPARISON |
|
|
|
Teekay
Parent Adjusted Cash Flow from Vessel Operations(1) |
16,641 |
|
13,222 |
|
(6,787 |
) |
Total
Teekay Parent Free Cash Flow(1) |
798 |
|
(3,212 |
) |
(19,567 |
) |
(1) |
These are
non-GAAP financial measures. Please refer to “Definitions and
Non-GAAP Financial Measures” and the Appendices to this release for
definitions of these terms and reconciliations of these non-GAAP
financial measures as used in this release to the most directly
comparable financial measures under United States generally
accepted accounting principles (GAAP). |
(2) |
For the
quarter ended June 30, 2017, Teekay Offshore was consolidated in
the Company’s financial statements. As a result of Teekay
Offshore’s transaction with Brookfield Business Partners L.P.,
together with its institutional partners (collectively Brookfield)
on September 25, 2017, the Company deconsolidated Teekay Offshore
as of that date. For the quarters ended June 30, 2018 and March 31,
2018, Teekay Offshore was accounted for as an equity-accounted
investment. |
(3) |
Total
cash flow from vessel operations has reduced in the first and
second quarter of 2018 primarily as a result of the deconsolidation
of Teekay Offshore on September 25, 2017, which Teekay now accounts
for using the equity method. |
(4) |
These
financings remain subject to customary conditions precedent and the
execution of definitive documentation. |
|
|
CEO Commentary
“Both our consolidated and Teekay Parent's
results improved in the second quarter of 2018, compared to the
same period of the prior year, due mainly to higher cash flows
generated by our directly-owned FPSO units that have upside
exposure to oil prices and production,” commented Kenneth Hvid,
Teekay’s President and CEO. “I would like to point out,
similar to last quarter, when making year-over-year comparisons of
Teekay’s consolidated results, it is important to account for the
deconsolidation of Teekay Offshore as of September 25, 2017 and the
adoption of the new revenue accounting standard as of January 1,
2018(1).”
“At Teekay Parent, I am pleased to report that
we have secured a one-year charter contract extension on the Banff
FPSO, which will continue to have a fixed-rate component and an
upside component linked to oil prices and production. Teekay
Parent continues to strengthen its balance sheet with the recent
agreement to sell our ownership interest in Sevan Marine ASA
(Sevan) for approximately $28 million and the repurchase of
approximately $53 million of our 8.5% senior notes due in 2020 at
an average price below current levels and well below the make whole
price.”
“At Teekay LNG, we continue to execute on our
portfolio of growth projects with the delivery of two additional
LNG carrier newbuildings, both on long-term charters, and the
completion of multiple debt refinancings. Looking ahead, we
expect to take delivery of seven LNG carrier newbuildings and the
Bahrain LNG terminal project to commence over the next 18 months,
which we anticipate will help drive further cash flow growth and
the delevering of Teekay LNG's balance sheet.”
“At Teekay Tankers, including the sale-leaseback
transaction previously announced in May 2018, we have signed term
sheets for three financings which, upon completion, are expected to
increase Teekay Tankers' net liquidity position by approximately
$110 million.”
“Teekay Offshore has secured new FPSO charter
contract extensions on the Voyageur Spirit and Ostras, refinanced
its 2019 bond maturities and ordered two additional LNG-fueled
shuttle tanker newbuildings, which are expected to further
strengthen its position as the leading provider of contract of
affreightment (CoA) shuttle tanker services in the North Sea.”
Mr. Hvid concluded, “We continue to make
progress on strengthening the financial foundation across the
Teekay Group while maintaining our market-leading positions and
strong operating platforms and we believe that the Teekay Group is
positioning to benefit from a continued broader energy and tanker
market recovery."
(1) |
Please
refer to footnote (1) of the summary consolidated statement of loss
included in this release for further details on the deconsolidation
and the adoption of new revenue accounting standards. |
|
|
Summary of Results
Teekay Corporation Consolidated
The Company's consolidated results during the
quarter ended June 30, 2018, compared to the same period of the
prior year, were positively impacted primarily by higher cash flows
from the Banff and Hummingbird FPSO units due to the commencement
of oil price-linked production tariffs in those charter contracts
on August 1, 2017 and October 1, 2017, respectively, and higher
income and cash flows from Teekay LNG as a result of the deliveries
of 10 liquefied natural gas (LNG) and mid-sized liquefied petroleum
gas (LPG) newbuildings between July 2017 and May 2018 and the
commencement of short-term charter contracts for certain of the
vessels in Teekay LNG's 52 percent-owned joint venture with
Marubeni Corporation (the Teekay LNG-Marubeni Joint Venture).
These increases were partially offset primarily
by lower income and cash flows in Teekay Tankers, as a result of
lower average spot tanker rates, and lower income and cash flows in
Teekay LNG primarily a result of a decrease in earnings in 2018 on
seven Multi-gas carriers upon the termination of their previous
charter contracts.
Teekay Parent
Teekay Parent Adjusted Cash Flow from Vessel
Operations(1), which includes distributions and dividends paid to
Teekay Parent from the Daughter Entities in the following quarter
and cash flow from vessel operations attributable to assets
directly-owned by, or chartered-in to, Teekay Parent, less Teekay
Parent’s corporate general and administrative expenses, was
positive $16.6 million for the quarter ended June 30, 2018
compared to negative $6.8 million for the same period of the prior
year. This significant improvement was primarily due to: higher
revenues from the Banff and Hummingbird Spirit FPSO units due to
contractual production tariffs linked to oil prices which commenced
in the latter half of 2017; and, as a result of the adoption of the
new revenue accounting standard, the recognition of approximately
$2 million of additional annual incentive revenue related to the
Foinaven FPSO that was previously recognized annually in the fourth
quarter. These increases were partially offset by a reduction in
cash distributions from Teekay Offshore as a result of the
strategic partnership with Brookfield and the elimination of the
minimum dividend payment from Teekay Tankers commencing with the
first quarter of 2018 (the variable portion of Teekay Tankers'
dividend policy remains intact).
Total Teekay Parent Free Cash Flow(1), which
includes Teekay Parent Adjusted Cash Flow from Vessel
Operations(1), less net interest expense, was positive $0.8 million
during the second quarter of 2018, compared to negative $19.6
million for the same period of the prior year for the reasons
mentioned above. This improvement was partially offset by no
interest income earned for the three months ended June 30, 2018 on
a $200 million loan to Teekay Offshore which Teekay Parent sold to
Brookfield in the third quarter of 2017. Please refer to Appendix D
of this release for additional information about Teekay Parent Free
Cash Flow.
(1) |
These are
non-GAAP financial measures. Please refer to “Definitions and
Non-GAAP Financial Measures” and the Appendices to this release for
definitions of these terms and reconciliations of these non-GAAP
financial measures as used in this release to the most directly
comparable financial measures under United States GAAP. |
|
|
Summary Results of Daughter
Entities
Teekay LNG
Teekay LNG’s results improved during the quarter
ended June 30, 2018, compared to the same quarter of the prior
year, primarily due to the deliveries of 10 LNG and mid-sized LPG
carrier newbuildings between July 2017 and May 2018 and the
commencement of short-term charter contracts for certain of the
vessels in Teekay LNG's Teekay LNG-Marubeni Joint Venture. These
increases were partially offset by the sale of a conventional
tanker and an LPG carrier in the first quarter of 2018, lower rates
earned in 2018 on two conventional tankers upon the expiration of
their fixed-rate charter contracts in 2017, and lower rates earned
in 2018 on seven Multi-gas carriers upon the termination by Teekay
LNG of their previous charter contracts due to non-payment of
charter hire. Teekay LNG's GAAP net loss for the second quarter of
2018, compared to the same quarter of the prior year, was also
negatively impacted by the write-down of four Multi-gas carriers in
the second quarter of 2018. Please refer to Teekay LNG's second
quarter 2018 earnings release for additional information on the
financial results for this entity.
Teekay Tankers
Teekay Tankers' results decreased during the
quarter ended June 30, 2018, compared to the same period of the
prior year, primarily due to lower average spot tanker rates and
the expiry of time-charter out contracts for various vessels, which
have subsequently traded on spot voyages at lower average realized
rates in the second quarter of 2018 compared to the same period of
the prior year. Please refer to Teekay Tankers' second quarter 2018
earnings release for additional information on the financial
results for this entity.
Teekay Offshore
Teekay Offshore’s results increased during the
quarter ended June 30, 2018, compared to the same period of the
prior year, primarily due to the contract start-up of the Randgrid
FSO and the Pioneiro de Libra and Petrojarl I FPSO units, the
redelivery by Teekay Offshore of one in-chartered shuttle tanker in
early-2018 and stronger results from the towage segment reflecting
higher rates and utilization from a large tow assist and
installation project for the Kaombo Norte FPSO. These increases
were offset by lower earnings from the Voyageur Spirit and Ostras
FPSO units operating at reduced rates upon contract extensions in
the first and second quarter of 2018, respectively. Teekay
Offshore's GAAP net loss for the second quarter of 2018, compared
to the same quarter of the prior year, was also negatively impacted
by the write-down of two of Teekay Offshore's FPSO units in the
second quarter of 2018. Please refer to Teekay Offshore's second
quarter 2018 earnings release for additional information on the
financial results for this entity.
Summary of Recent Events
Teekay Parent
In July 2018, Teekay Parent secured a one-year
contract extension with Canadian Natural Resources (CNR) to extend
the employment of the Banff FPSO on the Banff and Kyle fields to
August 2019. The new one-year extension, which took effect in July
2018, has a slightly lower fixed charter rate and an oil and
production tariff, which provides potential upside from a formula
based on oil price and production.
Since the beginning of March 2018, Teekay Parent
has repurchased $52.6 million of its 8.5% senior unsecured notesdue
in January 2020 for total consideration of $54.8 million for an
average price of 103.97, which is below the current market price
and the current make-whole for the notes. Of the total $52.6
million of notes repurchased, $45.8 million of the notes were
purchased subsequent to June 30, 2018.
In July 2018, Teekay Parent agreed to sell its
43.5% interest in Sevan Marine ASA for total consideration of
approximately $28 million. The Company expects to record an
accounting income/gain on this transaction during the second half
of 2018.
Teekay LNG
Growth Projects Update
In July 2018, Teekay LNG’s 20 percent-owned
joint venture with China LNG Shipping (Holdings) Limited (China
LNG), CETS Investment Management (HK) Co. Ltd. (an affiliate of
China National Offshore Oil Corporation (CNOOC)) and BW LNG
Investments Pte. Ltd., took delivery of one LNG carrier
newbuilding, the Pan Europe, which immediately commenced its
20-year charter contract with Royal Dutch Shell (Shell).
In May and July 2018, Teekay LNG took delivery
of two M-Type, Electronically Controlled, Gas Injection (MEGI) LNG
carrier newbuildings, the Myrina and Megara, which immediately
commenced their six to eight-year charter contracts with Shell.
In May and July 2018, Teekay LNG’s 50
percent-owned joint venture with Exmar NV (the Exmar LPG Joint
Venture) took delivery of its remaining mid-sized LPG carrier
newbuildings, the Koksijde and the Wepion, which are currently
trading in the spot market.
Financing Update
In May 2018, Teekay LNG’s Teekay LNG-Marubeni
Joint Venture refinanced an outstanding $105 million debt
facility secured by the Woodside Donaldson LNG carrier,
which reduced its financing cost and extended its maturity date
from 2021 to 2026.
In June 2018, Teekay LNG refinanced an
outstanding $57 million debt facility maturing in 2018 secured by
the Polar Spirit and Arctic Spirit LNG carriers with a new $40
million debt facility maturing in 2022.
In July 2018, Teekay LNG refinanced an
outstanding 107 million Euro ($125 million) debt facility maturing
in 2018 secured by the Madrid Spirit LNG carrier with a new 100
million Euro ($117 million) debt facility maturing in 2024.
In July 2018, Teekay LNG’s 50 percent-owned
Exmar LPG joint venture completed a three-year, $35 million debt
facility maturing in 2021 for its final LPG carrier newbuilding,
Weipon, which delivered on July 31, 2018.
Teekay Tankers
Financing Update
In June 2018, Teekay Tankers signed a term sheet
for a sale-leaseback financing transaction relating to six Aframax
tankers, which is in addition to the signed term sheet for a
sale-leaseback transaction for seven mid-sized tankers announced in
May 2018.
In July 2018, Teekay Tankers signed a term sheet
for a loan to finance working capital for its revenue sharing
arrangement (RSA) pool management operations.
Upon completion, these three transactions are
expected to increase Teekay Tankers’ liquidity by approximately
$110 million after the repayment of outstanding debt related to the
13 vessels. These transactions are targeted to be completed in the
third quarter of 2018 and remain subject to customary conditions
precedent and the execution of definitive documentation.
Secured Additional Fixed-Rate Charter
In July 2018, Teekay Tankers entered into a time
charter-out contract with a key customer for one Suezmax tanker for
a firm period of 12 months, plus an extension option, which is
expected to commence by mid-August 2018. The new charter contract
is expected to add approximately $6.4 million in fixed revenues
over the initial 12-month period.
Teekay Offshore
Recontracting of FPSO Units
In July 2018, Teekay Offshore secured a further
one-year contract extension with Premier Oil to extend the
employment of the Voyageur Spirit FPSO on the Huntington field to
April 2020. Compared to the current contract, the new one-year
extension, which takes effect in April 2019, maintains the same
fixed charter rate and oil production tariff elements, but provides
additional upside from a formula based on oil price, regardless of
production volume, which provides incremental cash flow upside to
Teekay Offshore.
In July 2018, Teekay Offshore agreed to a
contract extension with Petrobras to extend the employment of the
Ostras FPSO to November 2018, with options to extend up to January
2019, at an increased rate relative to the previous contract
extension.
In both cases, these contract extensions represent material
incremental cash flow contribution with no incremental investment
by Teekay Offshore. These activities also extend the timeframe
available to secure appropriate future redeployment opportunities
and potentially delay or eliminate costs associated with lay-up
between employment opportunities. Teekay Offshore continues
to explore options for future redeployment opportunities for both
assets
Financing Update
In July 2018, Teekay Offshore completed an
upsized $700 million private placement of 8.5% senior unsecured
notes maturing in 2023 (the Notes). Brookfield, the holder of
approximately 60% of Teekay Offshore’s outstanding common units,
purchased $500 million principal amount of the Notes. Teekay
Offshore used a portion of the net proceeds from the issuance to
(a) repurchase $225.2 million of the $300 million aggregate
principal of its outstanding 6% senior notes maturing in 2019, (b)
repurchase approximately NOK 910 million of the NOK 1,000 million
aggregate principal of its NOK senior notes maturing in 2019 (the
NOK notes) and settle approximately $40 million of the cross
currency swaps which were an economic hedge to the NOK notes, and
(c) repay at par an outstanding $200 million 10% promissory note
held by Brookfield maturing in 2022 along with an associated $12
million early termination fee. Following completion of the bond
offering, Brookfield exercised its option to acquire an additional
2% ownership interest in Teekay Offshore’s general partner (TOO GP)
from Teekay, bringing their ownership interest in TOO GP to
51%.
New Growth
In late-July 2018, Teekay Offshore entered into
shipbuilding contracts with Samsung Heavy Industries Co. Ltd. to
construct two Aframax DP2 shuttle tanker newbuildings. These
newbuildings will be constructed based on Teekay Offshore's New
Shuttle Spirit design which incorporates proven technologies to
increase fuel efficiency and reduce emissions, including LNG
propulsion technology. Upon expected delivery in late-2020 through
early-2021, these vessels will join Teekay Offshore’s CoA portfolio
in the North Sea to provide needed capacity to meet its customers’
needs.
Arendal Spirit UMS loan extension
In August 2018, Teekay Offshore extended the
mandatory prepayment date for the Arendal Spirit UMS debt facility
to September 30, 2019 in exchange for a principal prepayment of $18
million, which is expected to be paid in the third quarter of
2018.
Liquidity
As at June 30, 2018, Teekay Parent had
total liquidity of approximately $446.9 million (consisting of
$229.4 million of cash and cash equivalents and $217.5 million of
undrawn revolving credit facilities) and, on a consolidated basis,
Teekay had consolidated total liquidity (excluding Teekay Offshore)
of approximately $1.0 billion (consisting of $454.9 million of cash
and cash equivalents and $515.7 million of undrawn revolving credit
facilities).
Availability of 2017 Annual Report
The Company filed its 2017 Annual Report on Form
20-F with the U.S. Securities and Exchange Commission (SEC) on
April 30, 2018. Copies of this report are available on Teekay’s
website, under “Investors - Teekay Corporation - Financials &
Presentations”, at www.teekay.com. Shareholders may request a
printed copy of this Annual Report, including the complete audited
financial statements, free of charge by contacting Teekay’s
Investor Relations Department.
Conference Call
The Company plans to host a conference call on
Thursday, August 2, 2018 at 2:00 p.m. (ET) to discuss its
results for the second quarter of 2018. An accompanying
investor presentation will be available on Teekay’s 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 (888) 220-8451 or (647) 484-0475, if outside North
America, and quoting conference ID code 6811190.
- By accessing the webcast, which will be available on Teekay’s
website at www.teekay.com (the archive will remain on the
website for a period of one year).
An accompanying Second Quarter 2018 Earnings
Presentation will also be available at www.teekay.com in
advance of the conference call start time.
About Teekay
Teekay Corporation operates in the marine
midstream space through its ownership of the general partner and a
portion of the outstanding limited partner interests in Teekay LNG
Partners L.P. (NYSE:TGP) and an interest in the general partner and
a portion of the outstanding limited partner interests in Teekay
Offshore Partners L.P. (NYSE:TOO). The general partners own all of
the outstanding incentive distribution rights of these entities. In
addition, Teekay has a controlling ownership interest in Teekay
Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The
combined Teekay entities operate total assets under management of
approximately $16.6 billion, comprised of approximately 220
liquefied gas, offshore, and conventional tanker assets. With
offices in 14 countries and approximately 8,300 seagoing and
shore-based employees, Teekay provides a comprehensive set of
marine services to the world’s leading oil and gas companies.
Teekay’s common stock is listed on the New York
Stock Exchange where it trades under the symbol “TK”.
For Investor Relations enquiries contact:Ryan
HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
Definitions and Non-GAAP Financial Measures
This release includes various financial measures
that are non-GAAP financial measures as defined under the rules of
the U.S. Securities and Exchange Commission. These non-GAAP
financial measures, which include Cash Flow from Vessel Operations,
Cash Flow from Vessel Operations - Consolidated, Cash Flow From
Vessel Operations - Equity Investments, Adjusted Net Loss
Attributable to Shareholders of Teekay, Teekay Parent GPCO Cash
Flow, Teekay Parent OPCO Cash Flow, Teekay Parent Adjusted Cash
Flow from Vessel Operations, Teekay Parent Free Cash Flow, Net
Interest Expense and Adjusted Equity Income, are intended to
provide additional information and should not be considered a
substitute for measures of performance prepared in accordance with
GAAP. In addition, these measures do not have standardized meanings
across companies, and therefore may not be comparable to similar
measures presented by other companies. The Company believes that
certain investors use this information to evaluate the Company’s
financial performance, as does management.
Non-GAAP Financial Measures
Cash Flow from Vessel Operations (CFVO)
represents income (loss) from vessel operations before depreciation
and amortization expense, amortization of in-process revenue
contracts, write-down and loss on sales of vessels, write-off of
deferred revenues and operating expenses and adjustments for direct
financing leases to a cash basis, but includes realized gains or
losses on the settlement of foreign currency forward contracts and
a derivative charter contract. CFVO - Consolidated represents CFVO
from vessels that are consolidated on the Company’s financial
statements. CFVO - Equity Investments represents the Company’s
proportionate share of CFVO from its equity-accounted vessels and
other investments. The Company does not control its
equity-accounted vessels and investments and as a result, the
Company does not have the unilateral ability to determine whether
the cash generated by its equity-accounted vessels and other
investments is retained within the entities in which the Company
holds the equity-accounted investment or distributed to the Company
and other owners. In addition, the Company does not control the
timing of such distributions to the Company and other owners.
Consequently, readers are cautioned when using total CFVO as a
liquidity measure as the amount contributed from CFVO - Equity
Investments may not be available to the Company in the periods such
CFVO is generated by its equity-accounted vessels and other
investments. CFVO is a non-GAAP financial measure used by certain
investors and management to measure the operational financial
performance of companies. Please refer to Appendices C and E of
this release for reconciliations of these non-GAAP financial
measures to income (loss) from vessel operations and income (loss)
from vessel operations of equity-accounted vessels, respectively,
the most directly comparable GAAP measures reflected in the
Company’s consolidated financial statements.
Adjusted Net Loss Attributable to Shareholders
of Teekay excludes items of income or loss from GAAP net loss that
are typically excluded by securities analysts in their published
estimates of the Company’s financial results. The Company believes
that certain investors use this information to evaluate the
Company’s financial performance, as does management. Please refer
to Appendix A of this release for a reconciliation of this non-GAAP
financial measure to net loss, and refer to footnote (4) of the
statements of loss for a reconciliation of adjusted equity income
to equity (loss) income, the most directly comparable GAAP measure
reflected in the Company’s consolidated financial statements.
Teekay Parent Financial
Measures
Teekay Parent Adjusted Cash Flow from Vessel
Operations represents the sum of (a) distributions or dividends
(including payments-in-kind) relating to a given quarter (but
received by Teekay Parent in the following quarter) as a result of
ownership interests in its consolidated publicly-traded
subsidiaries (Teekay LNG and Teekay Tankers) and its
equity-accounted investment in Teekay Offshore, net of Teekay
Parent’s corporate general and administrative expenditures for the
given quarter (collectively, Teekay Parent GPCO Cash Flow) plus (b)
CFVO attributed to Teekay Parent’s directly-owned and chartered-in
assets (Teekay Parent OPCO Cash Flow). Teekay Parent Free Cash Flow
represents Teekay Parent Adjusted Cash Flow from Vessel Operations,
less Teekay Parent’s net interest expense and dry-dock expenditures
for the given quarter. Net Interest Expense includes interest
expense, interest income and realized losses on interest rate
swaps. Please refer to Appendices B, C, D and E of this release for
further details and reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP measures reflected in
the Company’s consolidated financial statements.
Important Notice to Reader
Deconsolidation of Teekay Offshore and Adoption
of New Revenue Accounting Standard
On September 25, 2017, Teekay, Teekay Offshore
and Brookfield finalized a strategic partnership (the Brookfield
Transaction) which resulted in the deconsolidation of Teekay
Offshore as of that date. As a result, Teekay Offshore's financial
results are not consolidated by Teekay on or following September
25, 2017. As a result, items such as revenues and CFVO for the
three and six months ended June 30, 2018 will be lower compared to
the same periods in the prior year since Teekay Offshore is
accounted for using the equity method commencing September 25,
2017.
Effective January 1, 2018, the Company adopted
the new revenue accounting standard. The following resulting
differences had no impact on net loss but a material effect
individually on revenues, voyage expenses and vessel operating
expenses reported in the first half of 2018:
- Teekay Tankers previously presented the net allocation for its
vessels participating in revenue sharing arrangements as revenues.
Effective January 1, 2018, Teekay Tankers presents the revenue from
the voyages these vessels perform in voyage revenues and the
difference between this aggregate amount and Teekay Tankers' net
allocation from the revenue sharing arrangement as voyage expenses.
This had the effect of increasing both revenues and voyage expenses
for the three and six months ended June 30, 2018 by $67.5
million and $128.8 million, respectively.
- Teekay Parent previously presented the reimbursement of costs
incurred by Teekay Parent for its seafarers onboard vessels owned
by its equity-accounted investments and third parties as a
reduction to vessel operating expenses. Effective January 1, 2018,
Teekay Parent presents the costs of managing these vessels as
vessel operating expenses and the reimbursement of such costs as
revenue. This had the effect of increasing both revenues and vessel
operating expenses for the three and six months ended June 30,
2018 by $19.6 million and $41.1 million, respectively.
|
Teekay
CorporationSummary Consolidated Statements of Loss(1)(in thousands
of U.S. dollars, except share and per share data) |
|
|
Three Months Ended |
Six Months Ended |
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
2018 |
2018 |
2017 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
|
Revenues |
405,642 |
|
394,022 |
|
513,923 |
|
799,664 |
|
1,057,428 |
|
|
|
|
|
|
|
Voyage expenses |
(94,912 |
) |
(85,877 |
) |
(40,640 |
) |
(180,789 |
) |
(91,437 |
) |
Vessel operating
expenses |
(162,537 |
) |
(157,935 |
) |
(207,784 |
) |
(320,472 |
) |
(399,044 |
) |
Time-charter hire
expense |
(20,648 |
) |
(19,411 |
) |
(30,689 |
) |
(40,059 |
) |
(69,461 |
) |
Depreciation and
amortization |
(67,960 |
) |
(67,311 |
) |
(142,741 |
) |
(135,271 |
) |
(285,771 |
) |
General and
administrative expenses |
(23,720 |
) |
(24,183 |
) |
(29,541 |
) |
(47,903 |
) |
(60,979 |
) |
Write-down and loss on
sales of vessels(2) |
(32,830 |
) |
(18,662 |
) |
(14,242 |
) |
(51,492 |
) |
(18,669 |
) |
Restructuring charges |
(1,114 |
) |
(2,138 |
) |
— |
|
(3,252 |
) |
(2,176 |
) |
Income from
vessel operations |
1,921 |
|
18,505 |
|
48,286 |
|
20,426 |
|
129,891 |
|
|
|
|
|
|
|
Interest expense |
(59,526 |
) |
(54,625 |
) |
(74,383 |
) |
(114,151 |
) |
(144,738 |
) |
Interest income |
2,095 |
|
1,677 |
|
1,536 |
|
3,772 |
|
3,017 |
|
Realized and unrealized
gain (loss) on |
|
|
|
|
|
non-designated derivative instruments(3) |
10,723 |
|
9,426 |
|
(30,570 |
) |
20,149 |
|
(37,045 |
) |
Equity income
(loss)(4) |
837 |
|
27,117 |
|
(47,984 |
) |
27,954 |
|
(37,637 |
) |
Income tax expense |
(8,746 |
) |
(4,117 |
) |
(3,527 |
) |
(12,863 |
) |
(6,546 |
) |
Foreign exchange gain
(loss) |
12,529 |
|
22 |
|
(17,342 |
) |
12,551 |
|
(20,246 |
) |
Loss on deconsolidation
of Teekay Offshore |
— |
|
(7,070 |
) |
— |
|
(7,070 |
) |
— |
|
Other income (loss) –
net |
520 |
|
(915 |
) |
(759 |
) |
(395 |
) |
(464 |
) |
Net loss |
(39,647 |
) |
(9,980 |
) |
(124,743 |
) |
(49,627 |
) |
(113,768 |
) |
Less: Net loss (income)
attributable |
|
|
|
|
|
to non-controlling interests |
11,323 |
|
(10,575 |
) |
44,591 |
|
748 |
|
(11,640 |
) |
Net loss
attributable to the |
|
|
|
|
|
shareholders of Teekay Corporation |
(28,324 |
) |
(20,555 |
) |
(80,152 |
) |
(48,879 |
) |
(125,408 |
) |
Loss per common share
of Teekay Corporation |
|
|
|
|
|
-
Basic and Diluted |
$ |
(0.28 |
) |
$ |
(0.21 |
) |
$ |
(0.93 |
) |
$ |
(0.49 |
) |
$ |
(1.45 |
) |
Weighted-average number
of common |
|
|
|
|
|
shares
outstanding |
|
|
|
|
|
-
Basic and Diluted |
100,434,512 |
|
97,333,503 |
|
86,259,207 |
|
98,892,574 |
|
86,217,567 |
|
(1) |
On
September 25, 2017, Teekay deconsolidated Teekay Offshore as part
of the Brookfield Transaction and as a result, Teekay Offshore's
financial results are not consolidated by Teekay since that date.
On January 1, 2018, as a condition of the Brookfield Transaction,
Teekay Offshore acquired a 100% ownership interest in seven
subsidiaries (the Transferred Subsidiaries) of Teekay Corporation
at carrying value. This resulted in a loss on the sale of the
Transferred Subsidiaries of $7.1 million, which is recorded in loss
on deconsolidation of Teekay Offshore on the Company's consolidated
statements of loss for the three months ended March 31, 2018 and
six months ended June 30, 2018. |
|
|
|
Effective
January 1, 2018, the Company adopted the new revenue accounting
standard. The following differences had no impact on net loss but
had a material effect individually on revenues, voyage expenses and
vessel operating expenses reported in the first half of 2018: |
|
|
|
- Teekay Tankers previously presented the net allocation for its
vessels participating in revenue sharing arrangements as revenues.
Effective January 1, 2018, Teekay Tankers presents the revenue from
these voyages in voyage revenues and the difference between this
amount and Teekay Tankers' net allocation from the revenue sharing
arrangement as voyage expenses. This had the effect of increasing
both revenues and voyage expenses for the three and six months
ended June 30, 2018 by $67.5 million and $128.8 million,
respectively.
- Teekay Parent previously presented the net reimbursement of
costs incurred by Teekay Parent for its seafarers for the
management of vessels owned by its equity-accounted investments and
third parties as revenues. Effective January 1, 2018, Teekay Parent
presents the costs of managing these vessels as vessel operating
expenses and the reimbursement of such costs as revenue. This had
the effect of increasing both revenues and vessel operating
expenses for the three and six months ended June 30, 2018 by
$19.6 million and $41.1 million, respectively.
|
(2) |
Write-down and loss on sale of vessels for the three and six months
ended June 30, 2018 include the write-downs of four of Teekay LNG's
Multi-gas carriers. These vessels were written down to their
estimated fair values, using appraised values, as a result of the
Teekay LNG's evaluation of alternative strategies for these assets,
combined with the current charter rate environment and the outlook
for charter rates for these vessels. |
|
|
(3) |
Realized
and unrealized gains (losses) related to derivative instruments
that are not designated as hedges for accounting purposes are
included as a separate line item in the consolidated statements of
loss. The realized (losses) gains relate to the amounts the Company
actually paid to settle such derivative instruments and the
unrealized gains (losses) relate to the change in fair value of
such derivative instruments, as detailed in the table below: |
|
Three Months Ended |
Six Months Ended |
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
2018 |
2018 |
2017 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
Realized (losses) gains
relating to: |
|
|
|
|
|
Interest
rate swaps |
(4,031 |
) |
(4,809 |
) |
(15,914 |
) |
(8,840 |
) |
(32,470 |
) |
Termination of interest rate swaps |
— |
|
— |
|
(1,005 |
) |
— |
|
(610 |
) |
Foreign
currency forward contracts |
— |
|
— |
|
(618 |
) |
— |
|
(971 |
) |
Time-charter swaps |
— |
|
— |
|
360 |
|
— |
|
1,106 |
|
Forward
freight agreements |
(18 |
) |
— |
|
80 |
|
(18 |
) |
113 |
|
|
(4,049 |
) |
(4,809 |
) |
(17,097 |
) |
(8,858 |
) |
(32,832 |
) |
Unrealized gains
(losses) relating to: |
|
|
|
|
|
Interest
rate swaps |
8,532 |
|
15,919 |
|
(15,517 |
) |
24,451 |
|
(6,394 |
) |
Foreign
currency forward contracts |
— |
|
— |
|
2,808 |
|
— |
|
3,648 |
|
Stock
purchase warrants |
6,206 |
|
(1,684 |
) |
(332 |
) |
4,522 |
|
(575 |
) |
Time-charter swap |
— |
|
— |
|
(402 |
) |
— |
|
(875 |
) |
Forward
freight agreements |
34 |
|
— |
|
(30 |
) |
34 |
|
(17 |
) |
|
14,772 |
|
14,235 |
|
(13,473 |
) |
29,007 |
|
(4,213 |
) |
Total
realized and unrealized gains (losses) on non-designated derivative
instruments |
10,723 |
|
9,426 |
|
(30,570 |
) |
20,149 |
|
(37,045 |
) |
(4) |
The
Company’s proportionate share of items within equity income (loss)
as identified in Appendix A of this release is detailed in the
table below. By excluding these items from equity income (loss) as
reflected in the consolidated statements of loss, the Company
believes the resulting adjusted equity income is a normalized
amount that can be used to evaluate the financial performance of
the Company’s equity-accounted investments. Adjusted equity income
is a non-GAAP financial measure. |
|
Three Months Ended |
Six Months Ended |
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
2018 |
2018 |
2017 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
Equity income
(loss) |
837 |
|
27,117 |
|
(47,984 |
) |
27,954 |
|
(37,637 |
) |
Proportionate share of
unrealized (gains) losses on derivative instruments |
(6,986 |
) |
(19,477 |
) |
3,853 |
|
(26,463 |
) |
1,778 |
|
Other(i) |
10,712 |
|
1,532 |
|
49,994 |
|
12,244 |
|
50,756 |
|
Equity
income adjusted for items in Appendix A |
4,563 |
|
9,172 |
|
5,863 |
|
13,735 |
|
14,897 |
|
(i) |
Other for the three and
six months ended June 30, 2018 includes the Company's proportionate
share of write-downs and gain on sales of vessels in Teekay
Offshore and a loss on sale of the Company's investment in KT
Maritime (Pty) Ltd. Other for the six months ended June 30, 2018
also includes the Company's proportionate share of the gain (loss)
on sale of vessels in Teekay LNG's Exmar LPG joint venture,
partially offset by the write-down of two shuttle tankers in Teekay
Offshore, transaction fees relating to the historical amendment of
certain interest rate swaps in Teekay Offshore, depreciation
expense as a result of the change in the useful life and residual
value estimates of certain of Teekay Offshore's shuttle tankers, a
decrease in the deferred income tax asset for Teekay Offshore's
Norwegian tax structure and the write-down of loans receivable from
Gemini Tankers LLC. |
|
|
|
|
|
|
Teekay
CorporationSummary Consolidated Balance Sheets(in thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
As at June 30, |
As at March 31, |
As at December 31, |
|
2018 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
ASSETS |
|
Cash and cash
equivalents - Teekay Parent |
229,405 |
|
244,205 |
|
129,772 |
|
Cash and cash
equivalents - Teekay LNG |
177,071 |
|
197,007 |
|
244,241 |
|
Cash and cash
equivalents - Teekay Tankers |
48,457 |
|
47,962 |
|
71,439 |
|
Other current
assets |
284,693 |
|
283,819 |
|
305,525 |
|
Restricted cash -
Teekay Parent |
2,141 |
|
5 |
|
7,257 |
|
Restricted cash -
Teekay LNG |
83,422 |
|
86,288 |
|
95,194 |
|
Restricted cash -
Teekay Tankers |
4,530 |
|
3,924 |
|
4,271 |
|
Assets held for
sale |
29,911 |
|
28,000 |
|
33,671 |
|
Vessels and equipment -
Teekay Parent |
320,111 |
|
328,748 |
|
337,318 |
|
Vessels and equipment -
Teekay LNG |
2,755,911 |
|
2,602,182 |
|
2,461,219 |
|
Vessels and equipment -
Teekay Tankers |
1,917,547 |
|
1,942,139 |
|
1,965,514 |
|
Advances on newbuilding
contracts |
349,169 |
|
407,211 |
|
444,493 |
|
Investment in
equity-accounted investees |
1,133,224 |
|
1,129,297 |
|
1,130,198 |
|
Net investment in
direct financing leases |
490,747 |
|
493,622 |
|
495,990 |
|
Other non-current
assets |
261,485 |
|
238,057 |
|
229,631 |
|
Intangible assets |
85,394 |
|
89,218 |
|
93,014 |
|
Goodwill |
43,690 |
|
43,690 |
|
43,690 |
|
Total Assets |
8,216,908 |
|
8,165,374 |
|
8,092,437 |
|
LIABILITIES AND
EQUITY |
|
|
Accounts payable and
accrued liabilities and other |
281,672 |
|
256,996 |
|
320,339 |
|
Advances from
affiliates |
64,100 |
|
48,441 |
|
49,100 |
|
Current portion of
long-term debt - Teekay Parent |
— |
|
— |
|
81,748 |
|
Current portion of
long-term debt - Teekay LNG |
455,752 |
|
606,818 |
|
659,350 |
|
Current portion of
long-term debt - Teekay Tankers |
162,543 |
|
160,737 |
|
173,972 |
|
Long-term debt - Teekay
Parent |
687,761 |
|
686,149 |
|
585,663 |
|
Long-term debt - Teekay
LNG |
2,478,796 |
|
2,254,138 |
|
2,150,191 |
|
Long-term debt - Teekay
Tankers |
916,679 |
|
931,609 |
|
927,238 |
|
Derivative
liabilities |
103,485 |
|
101,927 |
|
128,811 |
|
Other long-term
liabilities |
132,507 |
|
134,448 |
|
136,369 |
|
Equity: |
|
|
|
Non-controlling
interests |
2,077,449 |
|
2,098,274 |
|
2,102,465 |
|
Shareholders of
Teekay |
856,164 |
|
885,837 |
|
777,191 |
|
Total Liabilities and Equity |
8,216,908 |
|
8,165,374 |
|
8,092,437 |
|
Net debt - Teekay
Parent(1) |
456,215 |
|
441,939 |
|
530,382 |
|
Net debt - Teekay
LNG(1) |
2,674,055 |
|
2,577,661 |
|
2,470,106 |
|
Net debt
- Teekay Tankers(1) |
1,026,235 |
|
1,040,460 |
|
1,025,500 |
|
(1) |
Net debt is a non-GAAP
financial measure and represents current and long-term debt less
cash and cash equivalents and, if applicable, restricted cash. |
|
|
|
|
Teekay
CorporationSummary Consolidated Statements of Cash Flows(in
thousands of U.S. dollars) |
|
|
|
|
Six Months Ended |
|
June 30, |
|
2018 |
2017 |
|
(unaudited) |
(unaudited) |
Cash, cash equivalents
and restricted cash provided by (used for) |
|
|
OPERATING
ACTIVITIES |
|
|
Net loss |
(49,627 |
) |
(113,768 |
) |
Depreciation and
amortization |
135,271 |
|
285,771 |
|
Unrealized gain on
derivative instruments |
(35,515 |
) |
(45,128 |
) |
Write-down and loss on
sales of vessels |
51,492 |
|
18,669 |
|
Equity (income) loss,
net of dividends received |
(15,207 |
) |
65,915 |
|
Income tax expense |
12,863 |
|
6,546 |
|
Loss on deconsolidation
of Teekay Offshore |
7,070 |
|
— |
|
Unrealized foreign
exchange loss and other |
2,199 |
|
63,219 |
|
Change in operating
assets and liabilities |
14,325 |
|
16,508 |
|
Expenditures for dry
docking |
(12,437 |
) |
(18,639 |
) |
Net operating cash flow |
110,434 |
|
279,093 |
|
|
|
|
FINANCING
ACTIVITIES |
|
|
Proceeds from issuance
of long-term debt, net of issuance costs |
409,793 |
|
461,095 |
|
Prepayments of
long-term debt |
(295,914 |
) |
(132,920 |
) |
Scheduled repayments of
long-term debt |
(171,433 |
) |
(451,072 |
) |
Proceeds from financing
related to sales and leaseback of vessels |
243,812 |
|
297,230 |
|
Repayments of
obligations related to capital leases |
(28,819 |
) |
(20,582 |
) |
Net proceeds from
equity issuances of subsidiaries |
— |
|
8,521 |
|
Net proceeds from
equity issuances of Teekay Corporation |
103,657 |
|
— |
|
Distributions paid from
subsidiaries to non-controlling interests |
(33,872 |
) |
(63,803 |
) |
Cash dividends
paid |
(11,036 |
) |
(9,493 |
) |
Other financing
activities |
(566 |
) |
(650 |
) |
Net financing cash flow |
215,622 |
|
88,326 |
|
|
|
|
INVESTING
ACTIVITIES |
|
|
Expenditures for
vessels and equipment |
(315,348 |
) |
(365,903 |
) |
Proceeds from sale of
vessels and equipment |
— |
|
59,935 |
|
Investment in
equity-accounted investments |
(27,629 |
) |
(31,680 |
) |
Advances to joint
ventures and joint venture partners |
(24,971 |
) |
(32,469 |
) |
Proceeds from sale of
equity-accounted investment |
54,438 |
|
— |
|
Cash of transferred
subsidiaries on sale, net of proceeds received |
(25,254 |
) |
— |
|
Other investing
activities |
5,560 |
|
12,214 |
|
Net investing cash flow |
(333,204 |
) |
(357,903 |
) |
|
|
|
(Decrease)
increase in cash, cash equivalents and restricted
cash |
(7,148 |
) |
9,516 |
|
Cash, cash equivalents
and restricted cash, beginning of the period |
552,174 |
|
805,242 |
|
Cash, cash equivalents and restricted cash, end of the
period |
545,026 |
|
814,758 |
|
|
|
Teekay
CorporationAppendix A - Reconciliation of Non-GAAP Financial
MeasuresAdjusted Net Loss(in thousands of U.S. dollars, except per
share data) |
|
|
Three Months Ended |
|
June 30, |
March 31, |
June 30, |
|
2018 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
|
|
$ Per |
|
$ Per |
|
$ Per |
|
$ |
Share(1) |
$ |
Share(1) |
$ |
Share(1) |
Net loss – GAAP
basis |
(39,647 |
) |
|
(9,980 |
) |
|
(124,743 |
) |
|
Adjust for: Net loss
(income) attributable to |
|
|
|
|
|
|
non-controlling interests |
11,323 |
|
|
(10,575 |
) |
|
44,591 |
|
|
Net loss
attributable to |
|
|
|
|
|
|
shareholders of Teekay |
(28,324 |
) |
(0.28 |
) |
(20,555 |
) |
(0.21 |
) |
(80,152 |
) |
(0.93 |
) |
(Subtract) add
specific items affecting net loss |
|
|
|
|
|
|
Unrealized (gains) losses from derivative instruments(2) |
(21,758 |
) |
(0.22 |
) |
(34,452 |
) |
(0.35 |
) |
18,148 |
|
0.21 |
|
Foreign
exchange (gains) losses (3) |
(14,045 |
) |
(0.14 |
) |
(1,399 |
) |
(0.01 |
) |
12,263 |
|
0.14 |
|
Write-down and loss on sales of vessels and other operating
assets(4) |
43,157 |
|
0.43 |
|
16,839 |
|
0.18 |
|
62,813 |
|
0.73 |
|
Restructuring (recoveries) charges(5) |
(607 |
) |
(0.01 |
) |
2,138 |
|
0.02 |
|
— |
|
— |
|
Tax
indemnification guarantee liability |
— |
|
— |
|
600 |
|
0.01 |
|
— |
|
— |
|
Loss on
deconsolidation of Teekay Offshore |
— |
|
— |
|
7,070 |
|
0.07 |
|
— |
|
— |
|
Other(6) |
5,490 |
|
0.06 |
|
5,050 |
|
0.04 |
|
17,311 |
|
0.20 |
|
Non-controlling interests’ share of items above(7) |
(5,468 |
) |
(0.05 |
) |
6,385 |
|
0.06 |
|
(68,528 |
) |
(0.79 |
) |
Total
adjustments |
6,769 |
|
0.07 |
|
2,231 |
|
0.02 |
|
42,007 |
|
0.49 |
|
Adjusted net
loss attributable to shareholders |
|
|
|
|
|
|
of Teekay |
(21,555 |
) |
(0.21 |
) |
(18,324 |
) |
(0.19 |
) |
(38,145 |
) |
(0.44 |
) |
(1) |
Basic per
share amounts. |
(2) |
Reflects
the unrealized (gains) losses relating to the change in the
mark-to-market value of derivative instruments that are not
designated as hedges for accounting purposes, including those
investments included in the Company's proportionate share of equity
income (loss) from joint ventures, and hedge ineffectiveness from
derivative instruments designated as hedges for accounting
purposes. |
(3) |
Foreign
currency exchange (gains) losses primarily relate to the Company’s
debt denominated in Euros and Norwegian Kroner (NOK) and unrealized
losses on cross currency swaps used to economically hedge the
principal and interest on NOK bonds. Nearly all of the Company’s
foreign currency exchange gains and losses are unrealized. |
(4) |
Also
includes the Company's proportionate share of write-downs and loss
on sales of vessels and other operating assets in equity-accounted
joint ventures for the three months ended June 30, 2018 (refer to
footnote (4) of the summary consolidated statement of loss included
in this release for further details). For details on the
consolidated write-downs of vessels, refer to footnote (2) of the
summary consolidated statement of loss. |
(5) |
Also
includes the recovery of restructuring charges related to the
closure of offices and seafarers' severance amounts included in
revenues in the consolidated statement of loss for the three months
ended June 30, 2018. |
(6) |
Other for
the three months ended June 30, 2018 includes a decrease in the
Company's freight taxes relating to prior periods and a decrease in
the Company's deferred tax assets. |
(7) |
Items
affecting net loss include items from the Company’s consolidated
non-wholly-owned subsidiaries. The specific items affecting net
loss are analyzed to determine whether any of the amounts
originated from a consolidated non-wholly-owned subsidiary. Each
amount that originates from a consolidated non-wholly-owned
subsidiary is multiplied by the non-controlling interests’
percentage share in this subsidiary to determine the
non-controlling interests’ share of the amount. The amount
identified as “Non-controlling interests’ share of items above” in
the table above is the cumulative amount of the non-controlling
interests’ proportionate share of items listed in the table. |
|
|
|
Teekay
CorporationAppendix B - Supplemental Financial InformationSummary
Statement of Income (Loss) for the Three Months EndedJune 30,
2018(in thousands of U.S. dollars)(unaudited) |
|
|
Teekay |
Teekay |
Teekay |
Consolidation |
Total |
|
LNG |
Tankers |
Parent |
Adjustments(1) |
|
|
|
|
|
|
|
Revenues |
122,315 |
|
171,659 |
|
112,612 |
|
(944 |
) |
405,642 |
|
|
|
|
|
|
|
Voyage expenses |
(7,951 |
) |
(86,933 |
) |
(230 |
) |
202 |
|
(94,912 |
) |
Vessel operating
expenses |
(33,969 |
) |
(52,652 |
) |
(75,219 |
) |
(697 |
) |
(162,537 |
) |
Time-charter hire
expense |
— |
|
(5,697 |
) |
(16,390 |
) |
1,439 |
|
(20,648 |
) |
Depreciation and
amortization |
(29,794 |
) |
(29,573 |
) |
(8,593 |
) |
— |
|
(67,960 |
) |
General and
administrative expenses |
(7,096 |
) |
(9,407 |
) |
(7,217 |
) |
— |
|
(23,720 |
) |
Write-down and gain on
sales of vessels |
(33,000 |
) |
170 |
|
— |
|
— |
|
(32,830 |
) |
Restructuring
charges |
— |
|
(982 |
) |
(132 |
) |
— |
|
(1,114 |
) |
|
|
|
|
|
|
Income (loss)
from vessel operations |
10,505 |
|
(13,415 |
) |
4,831 |
|
— |
|
1,921 |
|
|
|
|
|
|
|
Interest expense |
(28,171 |
) |
(13,931 |
) |
(17,494 |
) |
70 |
|
(59,526 |
) |
Interest income |
902 |
|
160 |
|
1,103 |
|
(70 |
) |
2,095 |
|
Realized and unrealized
gain on non-designated |
|
|
|
|
|
derivative instruments |
4,302 |
|
1,116 |
|
5,305 |
|
— |
|
10,723 |
|
Equity income
(loss) |
11,194 |
|
(70 |
) |
(10,287 |
) |
— |
|
837 |
|
Equity in earnings of
subsidiaries(2) |
— |
|
— |
|
(9,408 |
) |
9,408 |
|
— |
|
Income tax expense |
(843 |
) |
(6,086 |
) |
(1,817 |
) |
— |
|
(8,746 |
) |
Foreign exchange gain
(loss) |
8,443 |
|
4,793 |
|
(707 |
) |
— |
|
12,529 |
|
Other
income – net |
350 |
|
20 |
|
150 |
|
— |
|
520 |
|
Net income
(loss) |
6,682 |
|
(27,413 |
) |
(28,324 |
) |
9,408 |
|
(39,647 |
) |
Less: Net (income) loss
attributable to |
|
|
|
|
|
non-controlling interests(3) |
(3,948 |
) |
— |
|
— |
|
15,271 |
|
11,323 |
|
Net income
(loss) attributable to shareholders/ |
|
|
|
|
|
unitholders of publicly-listed
entities |
2,734 |
|
(27,413 |
) |
(28,324 |
) |
24,679 |
|
(28,324 |
) |
(1) |
Consolidation Adjustments column includes adjustments which
eliminate transactions between subsidiaries (a) Teekay LNG and
Teekay Tankers and (b) Teekay Parent. |
(2) |
Teekay
Corporation’s proportionate share of the net earnings of its
publicly-traded subsidiaries. |
(3) |
Net
income attributable to non-controlling interests in the Teekay LNG
column represents the joint venture partners’ share of the net
income of its respective consolidated joint ventures. Net
loss attributable to non-controlling interest in the Consolidation
Adjustments column represents the public’s share of the net loss of
Teekay’s publicly-traded consolidated subsidiaries. |
|
|
|
Teekay
CorporationAppendix C - Supplemental Financial InformationTeekay
Parent Summary Operating ResultsFor the Three Months Ended
June 30, 2018(in thousands of U.S. dollars)(unaudited) |
|
|
|
|
|
Teekay |
|
|
|
Corporate |
Parent |
|
FPSOs |
Other(1) |
G&A |
Total |
|
|
|
|
|
Revenues |
66,429 |
|
46,183 |
|
— |
|
112,612 |
|
|
|
|
|
|
Voyage expenses |
(208 |
) |
(22 |
) |
— |
|
(230 |
) |
Vessel operating
expenses |
(37,650 |
) |
(37,569 |
) |
— |
|
(75,219 |
) |
Time-charter hire
expense |
(11,515 |
) |
(4,875 |
) |
— |
|
(16,390 |
) |
Depreciation and
amortization |
(8,593 |
) |
— |
|
— |
|
(8,593 |
) |
General and
administrative expenses |
(2,922 |
) |
(279 |
) |
(4,016 |
) |
(7,217 |
) |
Restructuring
charges |
— |
|
(132 |
) |
— |
|
(132 |
) |
Income (loss) from vessel operations |
5,541 |
|
3,306 |
|
(4,016 |
) |
4,831 |
|
|
|
|
|
|
Reconciliation of income (loss) from vessel operations to
cash flow from vessel operations |
|
|
|
|
|
Income (loss) from
vessel operations |
5,541 |
|
3,306 |
|
(4,016 |
) |
4,831 |
|
Depreciation and
amortization |
8,593 |
|
— |
|
— |
|
8,593 |
|
Amortization of
in-process revenue |
|
|
|
|
contracts
and other |
(1,857 |
) |
735 |
|
— |
|
(1,122 |
) |
CFVO - Consolidated(2) |
12,277 |
|
4,041 |
|
(4,016 |
) |
12,302 |
|
CFVO - Equity Investments(3) |
677 |
|
19,659 |
|
— |
|
20,336 |
|
CFVO - Total |
12,954 |
|
23,700 |
|
(4,016 |
) |
32,638 |
|
(1) |
Includes
the results of two chartered-in FSO units owned by Teekay Offshore
and one chartered-in LNG carrier owned by Teekay LNG, which was
redelivered in April 2018. |
(2) |
In
addition to the CFVO generated by its directly owned and
chartered-in assets, Teekay Parent also receives cash dividends and
distributions from its consolidated publicly-traded subsidiaries,
Teekay LNG and Teekay Tankers, and its equity-accounted investment
in Teekay Offshore. For the three months ended June 30,
2018, Teekay Parent received cash distributions and dividends from
these entities totaling $4.3 million. The distributions and
dividends received by Teekay Parent include, among others, those
made with respect to its general partner interests in Teekay
Offshore and Teekay LNG. Please refer to Appendix D this
release for further details. |
(3) |
Please
see Appendix E to this release for a reconciliation of this
non-GAAP financial measure as used in this release to equity income
(loss) of equity accounted vessels, the most directly comparable
GAAP financial measure. |
|
|
|
Teekay
CorporationAppendix D - Reconciliation of Non-GAAP Financial
MeasuresTeekay Parent Free Cash Flow(in thousands of U.S. dollars,
except share and per share data) |
|
|
Three Months Ended |
|
June 30, |
March 31, |
June 30, |
|
2018 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
TEEKAY PARENT
GPCO CASH FLOW |
|
|
|
Daughter
Entities distributions to Teekay Parent(1) |
|
|
|
Limited
Partner interests(2) |
|
|
|
Teekay
LNG |
3,529 |
|
3,529 |
|
3,529 |
|
Teekay
Offshore |
566 |
|
566 |
|
444 |
|
GP
interests |
|
|
|
Teekay
LNG |
228 |
|
228 |
|
228 |
|
Teekay
Offshore |
16 |
|
16 |
|
31 |
|
Other
Dividends |
|
|
|
Teekay
Tankers(2)(3) |
— |
|
— |
|
1,690 |
|
Teekay Offshore(4) |
— |
|
— |
|
683 |
|
Total Daughter Entity
Distributions |
4,339 |
|
4,339 |
|
6,605 |
|
Less:
Corporate general and administrative expenses |
(4,016 |
) |
(5,647 |
) |
(3,318 |
) |
Total Teekay Parent GPCO Cash Flow |
323 |
|
(1,308 |
) |
3,287 |
|
TEEKAY PARENT
OPCO CASH FLOW |
|
|
|
Teekay Parent
cash flow from vessel operations(5) |
|
|
|
FPSOs |
12,277 |
|
13,538 |
|
(3,089 |
) |
Conventional Tankers |
— |
|
— |
|
(2,988 |
) |
Other(6) |
4,041 |
|
992 |
|
(3,997 |
) |
Teekay Parent OPCO Cash Flow(7) |
16,318 |
|
14,530 |
|
(10,074 |
) |
Teekay Parent
adjusted cash flow from vessel operations |
16,641 |
|
13,222 |
|
(6,787 |
) |
Less: Net
interest expense(8) |
(15,843 |
) |
(16,434 |
) |
(12,780 |
) |
TOTAL TEEKAY PARENT FREE CASH FLOW |
798 |
|
(3,212 |
) |
(19,567 |
) |
Weighted-average number of common shares -
Basic |
100,434,512 |
|
97,333,503 |
|
86,259,207 |
|
(1) |
Daughter
Entities dividends and distributions for a given quarter consists
of the amount of dividends and distributions (including
payments-in-kind) relating to such quarter but received by Teekay
Parent in the following quarter. The limited partner and general
partner distributions received from Teekay Offshore for the quarter
ended June 30, 2017 were paid-in-kind in the form of new Teekay
Offshore common units. |
(2) |
Common
share/unit dividend/distribution cash flows to Teekay Parent are
based on Teekay Parent’s ownership on the ex-dividend date for the
respective publicly-traded subsidiary and equity-accounted
investment in Teekay Offshore for the periods as follows: |
|
|
Three Months Ended |
|
|
June 30, |
March 31, |
June 30, |
|
|
2018 |
2018 |
2017 |
|
|
(unaudited) |
(unaudited) |
(unaudited) |
Teekay
LNG |
|
|
|
|
|
|
Distribution per common unit |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
Common
units owned by |
|
|
|
|
|
|
Teekay Parent |
|
25,208,274 |
|
|
25,208,274 |
|
|
25,208,274 |
|
Total
distribution |
$ |
3,259,158 |
|
$ |
3,529,158 |
|
$ |
3,529,158 |
|
Teekay
Offshore |
|
|
|
|
|
|
Distribution per common unit |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.01 |
|
Common
units owned by |
|
|
|
|
|
|
Teekay Parent |
|
56,587,484 |
|
|
56,587,484 |
|
|
44,400,566 |
|
Total
distribution |
$ |
565,875 |
|
$ |
565,875 |
|
$ |
444,006 |
|
Teekay
Tankers |
|
|
|
|
|
|
Dividend
per share |
$ |
— |
|
$ |
— |
|
$ |
0.03 |
|
Shares owned by Teekay Parent(3) |
|
77,298,441 |
|
|
77,298,441 |
|
|
56,317,627 |
|
Total
dividend |
$ |
— |
|
$ |
— |
|
$ |
1,689,529 |
|
(3) |
Includes
Class A and Class B shareholdings. Teekay Tankers' past dividend
policy was to pay out 30 percent to 50 percent of its quarterly
adjusted net income (as defined), with a minimum quarterly dividend
of $0.03 per share, subject to Teekay Tankers' Board approval.
Commencing with the dividend for the first quarter of 2018, Teekay
Tanker's Board eliminated the minimum quarter dividend; however,
the variable portion of the dividend policy was maintained. |
(4) |
Includes
distributions from Teekay Parent's interest in Teekay Offshore's
10.5% Series D Preferred Units acquired in June 2016. The
distributions received for the quarter ended June 30, 2017 were
paid-in-kind in the form of new Teekay Offshore common units. All
outstanding Series D Preferred Units were repurchased by Teekay
Offshore in September 2017 as part of the Brookfield
Transaction. |
(5) |
Please
refer to Appendices C and E for additional financial information on
Teekay Parent’s cash flow from vessel operations. |
(6) |
Other for
the three months ended June 30, 2018 includes $1.7 million of
revenue associated with a customer recovery of prior period
restructuring costs relating to Teekay Parent's Australian
operations. Includes $0.4 million for the three months ended June
30, 2017 relating to 50 percent of the CFVO from Teekay Tanker
Operations Ltd. (TTOL). Teekay Parent owned 50 percent of TTOL for
the period up to May 31, 2017, when Teekay Tankers purchased the
remaining 50 percent of TTOL from Teekay Parent. |
(7) |
Excludes
corporate general and administrative expenses relating to Teekay
Parent GPCO Cash Flow. |
(8) |
Please
see Appendix E to this release for a description of this measure
and a reconciliation of this non-GAAP financial measure as used in
this release to interest expense net of interest income, the most
directly comparable GAAP financial measure. |
|
|
|
Teekay CorporationNon-GAAP Financial
Reconciliations |
|
Teekay
CorporationAppendix E - Reconciliation of Non-GAAP Financial
MeasuresCash Flow from Vessel Operations - Consolidated(in
thousands of U.S. dollars) |
|
|
Three Months Ended |
|
June 30, |
March 31, |
June 30, |
|
2018 |
2018 |
2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
Income from vessel
operations |
1,921 |
|
18,505 |
|
48,286 |
|
Depreciation and
amortization |
67,960 |
|
67,311 |
|
142,741 |
|
Amortization of
in-process revenue contracts and other |
(2,727 |
) |
(2,469 |
) |
(6,241 |
) |
Realized losses from
the settlements of non-designated |
|
|
|
derivative instruments |
— |
|
— |
|
(177 |
) |
Write-down and loss on
sales of vessels |
32,830 |
|
18,662 |
|
14,242 |
|
Termination of Arendal
Spirit UMS charter contract |
— |
|
— |
|
8,888 |
|
Cash flow from
time-charter contracts, net of revenue accounted for |
|
|
|
as direct finance leases |
2,897 |
|
2,887 |
|
6,509 |
|
CFVO -
Consolidated |
102,881 |
|
104,896 |
|
214,248 |
|
CFVO - Equity Investments (see Appendix E) |
61,316 |
|
63,468 |
|
40,248 |
|
CFVO – Total |
164,197 |
|
168,364 |
|
254,496 |
|
|
|
Teekay
CorporationAppendix E - Reconciliation of Non-GAAP Financial
MeasuresCash Flow from Vessel Operations – Equity-Accounted
Vessels(in thousands of U.S. dollars) |
|
|
Three Months Ended |
|
June 30, 2018 |
March 31, 2018 |
June 30, 2017 |
|
(unaudited) |
(unaudited) |
(unaudited) |
|
At |
Company's |
At |
Company's |
At |
Company's |
|
100% |
Portion(1) |
100% |
Portion |
100% |
Portion |
|
|
|
|
|
|
|
Revenues |
458,098 |
|
106,875 |
|
466,765 |
|
111,857 |
|
176,125 |
|
74,082 |
|
Vessel and other
operating expenses |
(228,523 |
) |
(48,996 |
) |
(235,911 |
) |
(52,053 |
) |
(86,424 |
) |
(36,077 |
) |
Depreciation and
amortization |
(128,353 |
) |
(27,467 |
) |
(125,756 |
) |
(27,181 |
) |
(40,199 |
) |
(17,428 |
) |
Write-down and loss on sales of vessels |
(62,913 |
) |
(8,854 |
) |
(25,493 |
) |
(3,775 |
) |
— |
|
— |
|
Income from vessel
operations of |
|
|
|
|
|
|
equity-accounted vessels |
38,309 |
|
21,558 |
|
79,605 |
|
28,848 |
|
49,502 |
|
20,577 |
|
Interest expense |
(87,010 |
) |
(23,611 |
) |
(75,131 |
) |
(20,841 |
) |
(29,607 |
) |
(12,383 |
) |
Realized and unrealized
gain (loss) |
|
|
|
|
|
|
on
derivative instruments |
17,474 |
|
4,684 |
|
65,980 |
|
14,588 |
|
(20,957 |
) |
(6,647 |
) |
Write-down and (loss)
gain on sales of |
|
|
|
|
|
|
equity-accounted investments (2) |
— |
|
(1,523 |
) |
— |
|
5,563 |
|
— |
|
(48,571 |
) |
Other –
net |
(2,744 |
) |
(271 |
) |
1,843 |
|
(1,041 |
) |
(1,284 |
) |
(960 |
) |
Equity
(loss) income of equity-accounted vessels |
(33,971 |
) |
837 |
|
72,297 |
|
27,117 |
|
(2,346 |
) |
(47,984 |
) |
Income from vessel
operations of |
|
|
|
|
|
|
equity-accounted vessels |
38,309 |
|
21,558 |
|
79,605 |
|
28,848 |
|
49,502 |
|
20,577 |
|
Depreciation and
amortization |
128,353 |
|
27,467 |
|
125,756 |
|
27,181 |
|
40,199 |
|
17,428 |
|
Write-down and loss on
sale of vessels |
62,913 |
|
8,854 |
|
25,493 |
|
3,775 |
|
— |
|
— |
|
Realized gains from the
settlement |
|
|
|
|
|
|
of
non-designated foreign currency |
|
|
|
|
|
|
forward
contracts |
370 |
|
52 |
|
431 |
|
61 |
|
— |
|
— |
|
Cash flow from
time-charter contracts, |
|
|
|
|
|
|
net of
revenue accounted for as |
|
|
|
|
|
|
direct
finance leases |
13,879 |
|
4,707 |
|
13,773 |
|
4,665 |
|
9,476 |
|
3,361 |
|
Amortization of
in-process revenue |
|
|
|
|
|
|
contracts and other |
(6,027 |
) |
(1,322 |
) |
(6,190 |
) |
(1,062 |
) |
(2,541 |
) |
(1,118 |
) |
Cash flow from
vessel operations |
|
|
|
|
|
|
of equity-accounted vessels(3) |
237,797 |
|
61,316 |
|
238,868 |
|
63,468 |
|
96,636 |
|
40,248 |
|
(1) |
The
Company’s proportionate share of its equity-accounted vessels and
other investments, including its investment in Teekay Offshore,
ranges from 14 percent to 52 percent. |
(2) |
Includes
a loss on sale of the Company's investment in KT Maritime (Pty)
Ltd. during the three months ended June 30, 2018. Includes a gain
on sale of Teekay LNG's 50% ownership interest in the Excelsior
Joint Venture during the three months ended March 31, 2018.
Includes the write-down of the Company's and Teekay Tankers' equity
investments in TIL to their estimated fair value, based on the best
available indication of fair value at June 30, 2017, which was the
Tankers Investments Ltd. (TIL) share price as on that date. Teekay
Parent and Teekay Tankers recognized a consolidated non-cash
impairment charge of $48.6 million during the quarter ended June
30, 2017, related to their equity investments in TIL. |
(3) |
CFVO from
equity-accounted vessels represents the Company’s proportionate
share of CFVO from its equity-accounted vessels and other
investments. |
|
|
|
Teekay
CorporationAppendix E - Reconciliation of Non-GAAP Financial
MeasuresCash Flow from Vessel Operations - Teekay Parent(in
thousands of U.S. dollars) |
|
|
Three Months Ended March 31,
2018 |
|
(unaudited) |
|
|
|
|
|
Teekay |
|
Conventional |
|
|
Corporate |
Parent |
|
Tankers |
FPSOs |
Other |
G&A |
Total |
|
|
|
|
|
|
|
|
|
|
Teekay Parent income
(loss) from |
|
|
|
|
|
|
|
|
|
vessel
operations |
|
— |
|
|
6,882 |
|
|
549 |
|
(5,647 |
) |
|
1,784 |
|
Depreciation and
amortization |
|
— |
|
|
8,594 |
|
|
20 |
|
— |
|
|
8,614 |
|
Amortization of
in-process revenue |
|
|
|
|
|
|
|
|
|
contracts
and other |
|
— |
|
|
(1,938 |
) |
|
423 |
|
— |
|
|
(1,515 |
) |
Cash flow from
vessel |
|
|
|
|
|
|
|
|
|
operations – Teekay Parent |
|
— |
|
|
13,538 |
|
|
992 |
|
(5,647 |
) |
|
8,883 |
|
|
Three Months Ended June 30, 2017 |
|
(unaudited) |
|
|
|
|
|
Teekay |
|
Conventional |
|
|
Corporate |
Parent |
|
Tankers |
FPSOs |
Other |
G&A |
Total |
|
|
|
|
|
|
|
|
|
|
Teekay Parent loss from
vessel |
|
|
|
|
|
|
|
|
|
operations |
|
(2,988 |
) |
|
(18,618 |
) |
|
(4,466 |
) |
(3,318 |
) |
|
(29,390 |
) |
Depreciation and
amortization |
|
— |
|
|
17,320 |
|
|
(75 |
) |
— |
|
|
17,245 |
|
Amortization of
in-process revenue |
|
|
|
|
|
|
|
|
|
contracts
and other |
|
— |
|
|
(1,483 |
) |
|
135 |
|
— |
|
|
(1,348 |
) |
Realized losses from
the settlements |
|
|
|
|
|
|
|
|
|
of
non-designated foreign currency |
|
|
|
|
|
|
|
|
|
derivative instruments |
|
— |
|
|
(308 |
) |
|
— |
|
— |
|
|
(308 |
) |
Cash flow from
vessel |
|
|
|
|
|
|
|
|
|
operations – Teekay Parent |
|
(2,988 |
) |
|
(3,089 |
) |
|
(4,406 |
) |
(3,318 |
) |
|
(13,801 |
) |
|
|
Teekay
CorporationAppendix E - Reconciliation of Non-GAAP Financial
MeasuresNet Interest Expense - Teekay Parent(in thousands of U.S.
dollars) |
|
|
|
Three Months Ended |
|
|
June 30, |
March 31, |
June 30, |
|
|
2018 |
2018 |
2017 |
|
|
(unaudited) |
(unaudited) |
(unaudited) |
Interest
expense |
(59,526 |
) |
(54,625 |
) |
(74,383 |
) |
Interest income |
2,095 |
|
1,677 |
|
1,536 |
|
Interest
expense net of interest income consolidated |
(57,431 |
) |
(52,948 |
) |
(72,847 |
) |
Less:
Non-Teekay Parent interest expense net of |
|
|
|
interest income and adjustment |
(41,040 |
) |
(36,363 |
) |
(60,777 |
) |
Interest
expense net of interest income - Teekay Parent |
(16,391 |
) |
(16,585 |
) |
(12,070 |
) |
Less:
Teekay Parent non-cash accretion on convertible bond |
942 |
|
673 |
|
— |
|
Add: Teekay Parent realized losses on interest rate
swaps |
(394 |
) |
(522 |
) |
(710 |
) |
Net interest expense - Teekay
Parent |
(15,843 |
) |
(16,434 |
) |
(12,780 |
) |
|
|
|
|
|
|
|
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: the completion
of Teekay Tankers’ expected sale-leaseback financing transactions
and working capital loan, and the effect of the transactions on its
liquidity; the impact of contract extensions on future cash flows;
the timing and certainty of the Company’s sale of its interest in
Sevan, and the effect on the Company’s balance sheet and income
statement; the anticipated benefit to the Company’s future
financial results and balance sheet from the delivery of the
remaining LNG projects over the next few years; the timing and cost
of delivery and start-up of various newbuildings and other projects
and the commencement of related contracts; future forward revenues;
the completion and impact of Teekay Offshore’s newbuilding order on
its position in the North Sea CoA shuttle tanker market, and
customer demand in the market; fuel consumption and emissions for
the shuttle tanker newbuildings; the ability of the Teekay Group to
benefit from a broader energy and tanker market recovery; and the
extension of the Arendal Spirit UMS loan facility. 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 exploration, production and storage of
offshore oil and gas, either generally or in particular regions
that would impact expected future growth, particularly in or
related to North Sea, Brazil and East Coast of Canada offshore
fields; changes in the demand for oil, refined products, LNG or
LPG; changes in trading patterns significantly affecting overall
vessel tonnage requirements; greater or less than anticipated
levels of vessel newbuilding orders and deliveries and greater or
less than anticipated rates of vessel scrapping; changes in global
oil prices; issues with vessel operations; variations in expected
levels of field maintenance; increased operating expenses;
potential project delays or cancellations; newbuilding or
conversion specification changes, cost overruns, or shipyard
disputes; 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; delays in the commencement of charter or other contracts;
the ability to fund remaining capital commitments and debt
maturities; the Daughter Entities’ ability to secure or draw on
financings; failure to complete the sale of shares in Sevan or
Teekay Tankers' expected sale-leaseback financing transactions and
working capital loan, at all or in proposed terms; and other
factors discussed in Teekay’s filings from time to time with the
SEC, including its Report on Form 20-F for the fiscal year ended
December 31, 2017. Teekay 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 Teekay’s expectations with respect thereto or any change in
events, conditions or circumstances on which any such statement is
based.
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Teekay Offshore Partners (NYSE:TOO)
Historical Stock Chart
From Sep 2023 to Sep 2024