Slide 1: Third Quarter 2013 Earnings Presentation
// Third Quarter 2013 Earnings Presentation November 7, 2013 TEEKAY CORPORATION
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: timing and c
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORPORATION (PARENT) • Generated $195m of total CFVO1 in Q3-13, compared to $184m in Q2-13 • Reported Q3-13 consolidated adjusted net loss2 of $36.0m, or $0.51 per share, compared to Q3-12 consolidated adjusted net loss3 $20.0m, or $0.29 per share • Voyageur Spirit FPSO repa
Slide 4: Operational and Commercial FPSO Update
Operational and Commercial FPSO Update FPSO Update Commentary Voyageur Spirit FPSO Repairs Achieved full production capacity and has been completed on full rate since Aug 27th, and is now waiting on the certificate of final acceptance on completion of operational tests. Foinaven FPSO Repairs on Firs
Slide 5: Continued Focus on Project Execution
Continued Focus on Project Execution 2013 2014 2015 2016 2017 2018 Q4 1H 2H Petrojarl Banff Re-start FPSO Petrojarl Knarr Petrojarl I Redeployment (TBD) BG Shuttle Tanker Remora HiLoad DP Unit SHUTTLE & FSO Salamander FSO Project Gina Krog FSO Project Awilco LNG carrier (Sale-leaseback) GAS 12 Exmar
Slide 6: Organic Growth and Acquisitions Continuing to Yield Results
Organic Growth and Acquisitions Continuing to Yield Results • Both TOO and TGP intend to increase Q4’13 L.P. distributions by 2.5%, adding further to GP distributions as both TOO and TGP GP Incentive distribution rights (IDRs) are in the 50% high-splits TOO & TGP Cash Distributions to Teekay Parent
Slide 7: Q3 2013 Consolidated Adjusted Statement of Income (loss)
Q3 2013 Consolidated Adjusted Statement of Income (loss) Three Months Ended Three Months Ended September 30, 2013 June 30, 2013 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 As Adjusted NET RE
Slide 8: Q4 2013 Outlook – Teekay Consolidated
Q4 2013 Outlook – Teekay Consolidated Income Q4-2013 • Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q3-13): • $30m increase from the Foinaven FPSO, resulting from higher production and the recognition of the annual operational and oil price tariff revenue for 2013 • $10m increase
Slide 9: Execution Plan
Execution Plan Increasing Teekay Parent Free Cash Flow and NAV Deleveraging Improving Support Future Teekay Parent Profitability of Daughter Balance Sheet Existing Assets Growth TEEKAY CORPORATION 9
Slide 10: Appendix
Appendix TEEKAY CORPORATION 10
Slide 11: Q3 2013 Appendix A Item Description
Q3 2013 Appendix A Item Description Q3 - 2013 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense - Time charter hire expense - Depreciation and amortization - General and admin
Slide 12: Q2 2013 Consolidated Adjusted Income Statement
Q2 2013 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended June 30, 2013 Mar 31, 2013 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Appendix A Losses As Reported Voyageur VIE Items (1) on Derivatives (2) As Adjusted As Adjusted NET REVEN
Slide 13: Teekay Parent Sum-of-Parts Update
Teekay Parent Sum-of-Parts Update ($ millions, except per share amounts) Teekay Parent Assets GP Ticker P/DCF % DCF to multiple GP Conventional Tankers 1 $152 KMI 23.5x 45.6% FPSOs 1 530 AHGP 19.9x 44.0% WMB 16.1x 33.8% Newbuilding 2 606 PAGP 33.1x 33.0% JVs and Other Investments 75 TRGP 26.7x 27.8%
Slide 14: Teekay Group Capital Commitments
Teekay Group Capital Commitments • Teekay Group’s remaining capital commitments relating to its portion of acquisitions and newbuildings as at September 30, 2013, including recent transactions announced after September 30, 2013: (in Millions) 2013 2014 2015 2016 2017 2018 Total Teekay Offshore(1) $8
Slide 15: Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off
Teekay Parent In-Chartered Conventional Tanker Fleet Rapidly Rolling Off As at November 1, 2013 Bahamas Spirit Aframax TC-in $18,400/day, expiry 12/2013 In-Charter Period Koa Spirit Aframax TC-in $18,400/day, expiry 12/2013 Out-Charter Period Kiowa Spirit Aframax TC-in $18,400/day, expiry 12/2013 Ta
Slide 16: 2013 and 2014 Drydock Schedule
2013 and 2014 Drydock Schedule March 31, 2013 (A) June 30, 2013 (A) September 30, 2013 (A) December 31, 2013 (E) Total 2013 Total 2014 Total Total Total Total Total Total Vessels Off- Vessels Vessels Vessels Vessels Vessels Off-hire Off-hire Off-hire Off-hire Off-hire Off-hire hire Off-hire Off-hire
Slide 17: Teekay Parent Conventional Tanker Fleet Performance
Teekay Parent Conventional Tanker Fleet Performance Q3-13 Q2-13 Q3-12 Suezmax Gemini Suezmax Pool average spot TCE rate (1) $ 13,800 $ 12,000 $ 13,724 (2) Spot revenue days 368 364 405 (3) Average time-charter rate $ 21,600 $ 20,300 $ - Time-charter revenue days 134 182 - Aframax Teekay Aframax Pool
Slide 18: TEEKAY CORPORATION
TEEKAY CORPORATION