Slide 1: Teekay Corporation Q2-2020 Earnings Presentation
Teekay Corporation Q2-2020 Earnings Presentation August 13, 2020
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, among other things, re
Slide 3: Q2-20 Highlights: Total Adjusted EBITDA
Total Adjusted EBITDA(1) 350 Improved cash flows and earnings 300 250 $ Millions • Q2-20 Total Adjusted EBITDA(1) of $316M, compared 200 to $197M in Q2-19 150 316 Q2-20 Highlights • Q2-20 consolidated Adjusted Net Income(1) of $40M, 100 197 or $0.39 per share, compared to Adjusted Net Loss of 50 Thi
Slide 4: Continue to Wind-Down FPSO Segment
Continue to Wind- Down FPSO Segment Foinaven ✓ Banff Hummingbird • Secured up to 10-year bareboat charter • Unit ceased production in June 2020 and • Continues to produce on its field under its contract, which effectively covers is expected to come off existing field in existing fixed-rate contract
Slide 5: Teekay LNG Recent Highlights
Recent Highlights Adjusted Net Income (1) Financial Leverage • Q2-20 Total Adjusted EBITDA(1) of $192M and 70 10.0x Teekay LNG (“TGP”) Adjusted Net Income(1) of $63M, or $0.67 per unit, up 19%, 82% and 91% from Q2-19, respectively 9.0x Another record-high Adjusted • Reaffirmed 2020 financial guidanc
Slide 6: Teekay Tankers Recent Highlights
Net Debt(1) Recent Highlights $1,000 Teekay Tankers • Q2-20 Total Adjusted EBITDA(1) of $124M, (“TNK”) compared to $36M in Q2-19 $800 $ Millions Third consecutive quarter of • Q2-20 Adjusted Net Income(1) of $81M, or $997 $929 strong earnings and cash $2.39 per share, compared to Adjusted Net $600 f
Slide 7: Stronger Financial Foundation
Stronger Financial Foundation Improved profitability and Teekay Consolidated delevered the balance sheet across the Group Q2-19 Q2-20 Change No committed growth CAPEX Net Debt(1) $4,362M $3,475M -$887M (-20%) ✓ No significant near-term debt maturities Net Debt(1) to Cap 62.0% 57.3% -4.7% ✓ Liquidity
Slide 8: Appendix
Appendix 8
Slide 9: Teekay Parent Sum-of-the-Parts (SOTP)
Teekay Parent Sum-of-the Parts (SOTP) In $ Million, except share/unit figures Current Equity Investments in Daughters(1)(2) Teekay Corp - Levered $429 TGP LP (35.96M units x $11.92 unit price) Play on Daughter 19 Entities TGP GP (1.55M units x $11.92 unit price) Excludes Daughter TNK (9.66M shares x
Slide 10: Consolidated Adjusted Net Income Reconciliation
(Thousands of U.S. Dollars except Q2-2020 Q1-2020 per share am ounts) (unaudited) (1) (unaudited) (1) Variance Com m ents Consolidated Revenues 474,004 572,805 (98,801) Adjusted Net Income Voyage expenses Net revenues (66,896) 407,108 (121,564) 451,241 54,668 (44,133) Teekay Parent - $11m decrease p
Slide 11: Q3-2020 Outlook
Income Q2-20 Q3 2020 Adjusted Net Income Outlook Statement Item in millions (expected changes from Q2-20) (1) Q3-2020 Outlook – adjusted Teekay Consolidated basis Teekay Parent • $12m decrease from the Banff FPSO due to the cessation of production on June 1, 2020 Teekay LNG • $2m decrease due to a s
Slide 12: Consolidated Adjusted Statement of Net Income (Loss) Reconciliation
Consolidated Adjusted Statement of Net Income (Loss) Reconciliation Three Months Ended Three Months Ended June 30, 2020 March 31, 2020 Q2-20 vs. Q1-20 Reclass for Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Realized Gains/ Appendix A Losses Appendix A Losses As
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