Teekay Corporation Ltd. · NYSE:TK
Teekay — Q3 2014 Earnings Presentation
16 slides from Teekay's earnings presentation, Nov 6, 2014
Slide 1: Teekay Corporation Third Quarter 2014 Earnings Presentation
TEEKAY TEEKAY TEEKAY CORPORATION THIRD QUARTER 2014 EARNINGS PRESENTATION November 6, 2014
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: future growt
Slide 3: Recent Highlights - Teekay Corporation (Parent)
Recent Highlights Teekay Corporation (Parent) • Generated $252 million of total CFVO1 in Q3-14, an increase of 29 percent from Q3-13 • Reported Q3-14 consolidated adjusted net loss2 of $12.6m, or $0.17 per share, compared to Q3-13 consolidated adjusted net loss2 of $36.0m, or $0.51 per share • Annou
Slide 4: Recent Highlights
Recent Highlights Teekay LNG Teekay Offshore Teekay Tankers Partners Partners Ltd. • Declared Q3-14 distribution • Declared Q3-14 distribution • Declared Q3-14 dividend of of $0.6918 per unit – $25.3m of $0.5384 per unit – $17.7m $0.03 per share – $0.8m to Teekay Parent to Teekay Parent to Teekay Pa
Slide 5: Knarr FPSO Status Update
Knarr FPSO Status Update • Arrived in Norway in September and currently being towed to field • Mooring and riser installation scheduled for November and targeting first oil in December (weather dependent) • Offered the unit for sale to Teekay Offshore for fully built-up cost of ~$1.16 billion; curre
Slide 6: Consolidated Adjusted Statements of (Loss) Income
Consolidated Adjusted Statements of (Loss) Income Q3-14 vs. Q2-14 ($’000’s, except per share amounts) Q3-14 Adjusted Q2-14 Adjusted Comments Net revenues 456,000 418,815 Increase mainly related to Banff FPSO returning to operations in July, higher revenues from the Voyageur and Foinaven FPSO units,
Slide 7: Q4 2014 Outlook – Teekay Consolidated
Q4 2014 Outlook – Teekay Consolidated Income Statement Q4 2014 Item Outlook Fixed-Rate Fleet (expected changes from Q3-14): • $20m - 23m increase from Foinaven FPSO due to Q4 recognition of the annual operational and oil price tariff revenue for 2014 • $9m increase from Knarr FPSO assuming achieveme
Slide 8: Teekay Parent Free Cash Flow
Teekay Parent Free Cash Flow Q3-14 vs. Q2-14 ($’000’s, except per share amounts) OPCO Q3-14 Q2-14 CFVO (9,170) (19,915) Net Interest expense (13,000) (15,015) Dry-docking expense (2,673) (378) Teekay Parent OPCO Cash Flow (24,843) (35,308) GPCO Q3-14 Q2-14 LP Distributions 30,258 30,258 GP Distribut
Slide 9: Significant Growth at MLPs
Significant Growth at MLPs Currently over $6 billion of known accretive growth will support future dividend increases Q4 2014 2015 2016 2017 2018 2019 2020 FPSO Dropdowns (Est.) ALP Towing Acquisition Teekay Offshore Logitel FAU Newbuilds Remora Hi-Load ALP Towing Newbuilds TOO TGP Gina Krog FSO 57%
Slide 10: Appendix
Appendix 10
Slide 11: Committed Known Growth Capex
Committed Known Growth Capex (in Millions)* 2014 2015 2016 2017 2018 2019 2020 Total Offshore Production FPSO (incl. Dropdowns) $1,160 $450 $485 - - - $2,095 Offshore Logistics Teekay Shuttles (incl. Hi-Load) - $60 - - - - - $60 Offshore FSO - - - $280 - - - $280 Towage - $220 $260 - - - - $480 FAU
Slide 12: Consolidated Adjusted Statement of Income (Loss)
Consolidated Adjusted Statement of Income (Loss) Three Months Ended Q3-14 September 30, 2014 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 490,183 - - 490,183 Voyage expenses (34,183)
Slide 13: Appendix A Item Descriptions
Appendix A Item Descriptions Q3-14 Q3 - 2014 (in thousands of US dollars) Appendix A Items Explanation of Items Revenues - Voyage expenses - Net revenues - Vessel operating expense 280 Pre-operational costs incurred in respect of Knarr FPSO unit Time charter hire expense - Depreciation and amortizat
Slide 14: Consolidated Adjusted Statement of (Loss) Income
Consolidated Adjusted Statement of (Loss) Income Three Months Ended Q2-14 June 30, 2014 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 452,254 - - 452,254 Voyage expenses (33,439) - -
Slide 15: Appendix A Item Descriptions
Appendix A Item Descriptions Q2-14 Q2 - 2014 (in thousands of US dollars) Appendix A Items Explanation of Items NET VOYAGE REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense (4,906) Pre-operational costs incurred in respect of Knarr FPSO unit Time charte
Slide 16: Bringing Energy To
BRINGING ENERGY TO