Slide 1: Teekay Corporation Q2-2016 Earnings Presentation
TEEKAY CORPORATION Q2-2016 EARNINGS PRESENTATION August 5, 2016
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: the results
Slide 3: Recent Financial Highlights
Recent Financial Highlights • Generated Q2-16 consolidated CFVO1 of $350.5 million Add picture • Reported Q2-16 adjusted net income1 of $0.7 million, or $0.01 per share • Declared a Q2-16 cash dividend of $0.055 per share • In June, Teekay Parent and Teekay Offshore completed all its previously anno
Slide 4: Recent Business Highlights
Recent Business Highlights • Agreed to sell the Shoshone Spirit VLCC for gross proceeds of $63 million • Expected to deliver to buyers Sept./Oct. 2016 • Secured a short-term charter for the Polar Spirit LNG carrier (chartered-in from Teekay LNG): • expected to commence in August 2016 • Extended the
Slide 5: Recent Daughter Highlights
Recent Daughter Highlights Teekay Offshore Partners • Generated Q2-16 distributable cash flow1 of $45.9 million, or $0.42 per common unit • Declared Q2-16 cash distribution of $0.11 per unit – distribution coverage ratio of 3.0x • In June 2016, completed $600 million of financing and other initiativ
Slide 6: TKC's Financing Initiatives Completed in June
TKC’s Financing Initiatives Completed in June Further de-levers Teekay Parent’s balance sheet and increases liquidity Initiatives • $150 million Equity Margin Loan Revolver (increased from $34 million previously available) Banks • $150 million facility secured by three FPSOs (Petrojarl Banff, Petroj
Slide 7: TOO Financing Initiatives Completed in June
TOO Financing Initiatives Completed in June Debt financing now in place for all growth projects and addresses near and medium-term debt maturities Initiatives • New $250 million debt facility to finance three East Coast Canada shuttle tanker newbuildings • New $40 million debt facility secured by si
Slide 8: TOO's CFVO Continues to Grow
TOO’s CFVO Continues to Grow Proportionally Consolidated Estimated Run-Rate CFVO $950 $850 $750 $650 USD Millions $550 $450 $350 $250 $150 2015 Run-Rate OPEX and G&A Navion Saga Varg Contract Four ALP Petrojarl I Gina Krog Libra (50% Two ECC 2017 Run-Rate CFVO (1) Savings Layup and Termination (2H-
Slide 9: Committed Growth Driving Increase in CFVO
Committed Growth Driving Increase in CFVO Includes TGP’s proportionate share of equity-accounted investment CFVO $800 Committed growth in 2018 – 2020 expected to add approximately $250M of annual CFVO(1) $600 USD Millions $400 $200 $- Q4-15 Run- YLNG Cheniere Conventional Centrofin YLNG MEGI Shell L
Slide 10: Appendix
Appendix 10
Slide 11: Q3 2016 Outlook – Teekay Consolidated
Q3 2016 Outlook – Teekay Consolidated Income Q3 2016 Statement Item Outlook (expected changes from Q2-16) Teekay Parent: $8m decrease from the Hummingbird Spirit FPSO due to a new contract in place commencing July 2016 and a maintenance bonus recognized in Q2-16 $1m increase from the short-term
Slide 12: Consolidated Adjusted Line Items
Consolidated Adjusted Line Items Q2-16 Income Statement Item As Reported Appendix A Reclassification As Adjusted Items (1) for Realized Gains/ Loss on Derivatives (2) Revenues 587,619 (1,219) 127 586,527 Vessel Operating Expenses (OPEX) (205,655) - (859) (206,514) General & Administrative Expenses (
Slide 13: Bringing Energy To
BRINGING ENERGY TO