Slide 1: Teekay's Q2-2018 Earnings Presentation
TEEKAY’S Q2- 2018 EARNINGS PRESENTATION August 2, 2018
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: the completion of Teekay Tankers’
Slide 3: Q2-18 Results
Q2-18 Results Teekay Corporation Consolidated • Q2-18 consolidated total CFVO(1) of $164.2 million • Q2-18 consolidated adjusted net loss(1) of $21.6 million, or $0.21 per share Teekay Parent • Q2-18 adjusted CFVO (1) of $16.6 million • Secured one-year charter extension for the Banff FPSO to August
Slide 4: Benefitting from Stronger Oil Prices
Benefitting from Stronger Oil Prices Teekay Parent’s 3 directly-owned FPSOs benefit from oil price and production tariffs Recent Contract Extension Banff Hummingbird Spirit Foinaven Operating under Evergreen contract Firm charter contract out to September Operating under Evergreen contract. with fir
Slide 5: Teekay Parent On a Delevering Path
Teekay Parent On a Delevering Path • Significant progress to-date: $700 o TOO / Brookfield transaction, resulting in receipt of $140m in cash and removal of all $600 financial guarantees to TOO o January 2018 convertible and equity financings $500 o Repurchased $53m of 8.5% unsecured Teekay Parent N
Slide 6: Teekay LNG Partners ("TGP")
Teekay LNG Partners (“TGP”) Recent Highlights Existing Growth Projects • Generated Q2-18 total CFVO(1) of $115 Project 2018 2019 2020 million and DCF(1) of $31 million, or $0.39 2 vessels with 6 to 8-year contracts, plus extension per common unit options, with Shell, 1 vessel with 13-year contract M
Slide 7: Teekay Tankers ("TNK")
Teekay Tankers (“TNK”) • Generated Q2-18 total CFVO(1) of $17 million and adjusted net loss(1) of $29 million, or $0.11 per share • Signed term sheets for new financings amounting to $110 million in additional liquidity o Pro-forma liquidity for these initiatives of $190 million as of June 30, 2018
Slide 8: Teekay Offshore Partners ("TOO")
Teekay Offshore Partners (“TOO”) Recent Highlights Existing Growth Projects • Generated Q2-18 total CFVO(1) of $162 million Project 2018 2019 2020 2021 and DCF(1) of $25 million, or $0.06 per common unit North Sea Shuttle Secured on charter contracts Tankers • Secured FPSO contract extensions: o Voy
Slide 9: Appendix
Appendix 9
Slide 10: Q3 2018 Outlook – Teekay Consolidated
Q3 2018 Outlook – Teekay Consolidated Income Q3 2018 Statement Item Outlook (expected changes from Q2-18) (1) Teekay Parent • $2m increase from the Banff FPSO due to the planned maintenance shutdown in Q2-18 • $1m decrease from the Hummingbird FPSO due to the planned production shutdown in Q3-18 Tee
Slide 11: Consolidated Adjusted Income Statement
Consolidated Adjusted Income Statement Q2-18 Three Months Ended June 30, 2018 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 405,642 (1,721) - 403,921 Voyage expenses (94,912) - - (94,
Slide 12: Bringing Energy to the World
BRINGING ENERGY TO THE WORLD