Slide 1: Teekay Corporation Q3-2015 Earnings Presentation
TEEKAY TEEKAY TEEKAY CORPORATION Q3-2015 EARNINGS PRESENTATION November 6, 2015
Slide 2: Forward Looking Statements
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: expectations
Slide 3: Recent Teekay Parent Highlights
Recent Teekay Parent Highlights • Teekay Parent generated free cash flow1 of $59.8 million, or $0.82 per share, in Q3-15, an increase of 21% from Q2-15 ○ Strong coverage ratio of 1.49x • On July 1st, completed the dropdown sale of the Knarr FPSO to Teekay Offshore for $1.26 billion ○ Increased divid
Slide 4: Recent Daughter Highlights
Recent Daughter Highlights Teekay LNG Partners • Declared Q3-15 distribution of $0.70 per unit – $26.4M to Teekay Parent • Exmar LPG JV took delivery of fifth of 12 mid-size LPG carrier newbuildings, which subsequently commenced a 10-year charter contract with Potash Corp. Teekay Offshore Partners •
Slide 5: Teekay Parent at a Positive Inflection Point
Teekay Parent at a Positive Inflection Point Teekay Parent on Path to Becoming Net Debt1 Free ($mm) $1,600 $1,400 $1,343 $1,461 • Teekay Offshore’s acquisition of the Voyageur Spirit, Cidade de Itajai, Petrojarl I $1,200 $983 and Knarr FPSO units delevered Teekay $1,000 Parent’s balance sheet $800 $
Slide 6: Teekay Parent Free Cash Flow (FCF)
Teekay Parent Free Cash Flow (FCF) Q3-15 vs. Q2-15 ($’000’s, except per share amounts) GPCO Q3-15 Q2-15 LP Distributions 39,045 30,465 GP Distributions 17,168 13,948 Other dividends 1,212 881 Total Daughter Distributions 57,425 45,294 Less: Corporate G&A (3,628) (4,139) Teekay Parent GPCO Cash Flow
Slide 7: Summary
Summary • Teekay Parent’s cash flow supported by stable and growing cash flows received from our two MLPs: ○ Strong operating track record ○ TGP and TOO have a contract portfolio of $11.3 billion and $8.2 billion, respectively, with no direct exposure to commodity prices ○ Continued growth in offsho
Slide 8: Appendix
Appendix 8
Slide 9: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q3-15 vs. Q2-15 ($’000’s, Q3-15 Q2-15 Comments except per share amounts) Adjusted* Adjusted* Net revenues 578,172 569,786 Increase mainly due a full quarter of operations on the Arendal Spirit which commenced operations in early-June, acquisition of the ship
Slide 10: Q4 2015 Outlook – Teekay Consolidated
Q4 2015 Outlook – Teekay Consolidated Income Q4 2015 Outlook Statement Item (expected changes from Q3 2015) » Teekay Parent: $17m increase from the recognition of annual operational tariff revenue and increased production from the Foinaven FPSO $3m decrease from S&P fees recognized in Q3-15 in r
Slide 11: Consolidated Adjusted Statement of (Loss) Income
Consolidated Adjusted Statement of (Loss) Income Three Months Ended Q3-15 September 30, 2015 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Items (1) on Derivatives (2) As Adjusted Revenues 611,617 (3,510) - 608,107 Voyage expenses (2
Slide 12: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Three Months Ended Q2-15 June 30, 2015 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Items (1) on Derivatives (2) As Adjusted Revenues 592,797 879 - 593,676 Voyage expenses (23,890) - - (23,8
Slide 13: Bringing Energy To
BRINGING ENERGY TO