Slide 1: First Quarter 2012 Earnings Presentation
First Quarter 2012 Earnings Presentation May 17, 2012
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: tanker marke
Slide 3: Recent Highlights
Recent Highlights TEEKAY CORP NYSE: TK » Generated total Q1-12 $203.5m of cash flow from vessel operations1 » Q1-12 consolidated adjusted net loss attributable to Teekay of $20.8m, or $0.30 per share2, compared to adjusted net loss of $0.39 per share in Q1-113 » Entered agreement to sell 13 conventi
Slide 4: Overview of Recent Agreement to Sell Conventional Tankers
Overview of Recent Agreement to Sell Conventional Tankers » Teekay Parent has agreed to sell 13 conventional tankers to Teekay Tankers for a total purchase price of approximately $455 million 7 mid-size conventional oil tankers and 6 product tankers Includes related time-charters, debt facilitie
Slide 5: Gas Business Update
Gas Business Update Japan currently without nuclear power for the first time since 1970 …leads to higher LNG imports Source: CRS / Market Estimates Liquefied Gas Industry Outlook Teekay’s Gas Activity » Japanese LNG imports up 24% y-o-y in Q1-12 » Took delivery of final Angola LNG carrier in • All J
Slide 6: FPSO Business Update
FPSO Business Update Number of FPSO Projects in the Planning Stage Forecast of Annual FPSO Orders in Next 5 Years 30 28 24 Number of Orders End-06 68 25 20 20 15 15 End-08 96 10 10 5 Apr-12 141 0 Avg. Orders Low Base High Orders Jan-Apr Case Case Case 0 50 100 150 per year 2012 Next 5 Years (2007 –
Slide 7: Shuttle Tanker Business Update
Shuttle Tanker Business Update Growing Demand for High-Spec Shuttle Tankers in Barents Sea More Brazilian Requirements Expected Later This Year Barents Sea Driving demand for additional (emerging shuttle area) shuttle tanker requirement Norwegian Sea (existing shuttle area) North Sea (existing shutt
Slide 8: Conventional Tanker Business Update
Conventional Tanker Business Update OPEC Production vs. Suezmax Rates Crude Tanker Scrapping Large Tanker Scrapping** 31.5 30 100 * “Call on OPEC” crude OPEC Crude Prodn. 90 Million Barrels per Day 31.0 25 2012 YTD scrapping Number of ships Suezmax TCE 80 30.5 ** Includes > 80,000 dwt of large tanke
Slide 9: Q1-12 Consolidated Adjusted Income Statement
Q1-12 Consolidated Adjusted Income Statement Three Months Ended Three Months Ended March 31, 2012 December 31, 2011 Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Losses As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted As Adjusted NET REVENUES Reve
Slide 10: Q2-2012 Outlook – Teekay Consolidated
Q2-2012 Outlook – Teekay Consolidated Income Q2-2012 Statement Item Outlook » Fixed-Rate Fleet (expected changes from Q1-12): $6m decrease from shuttle tanker fleet due to scheduled drydockings and expiration of time-charter contracts $6m decrease from conventional tanker fleet due to expiration
Slide 11: TPG and TOO Distribution Increases Further Enhance Teekay's Sum-of-the-Parts Value
TPG and TOO Distribution Increases Further Enhance Teekay’s Sum-of-the-Parts Value ($ millions, except per share amounts) Teekay Parent Assets Conventional Tankers 1 $188 Voyageur FPSO FPSOs 1 575 and future value of Newbuildings 2 270 Tiro Sidon and JVs and Other Investments 3 234 Knarr FPSOs not F
Slide 12: 2012 Investor Day
2012 Investor 2012 Investor Day Day 12
Slide 13: Appendix
TEEKAY CORPORATION a ww teekay<com ‘
Slide 14: Q1 2012 Appendix A Item Descriptions
Q1 2012 Appendix A Item Descriptions Q1 - 2012 (in thousands of US dollars) Appendix A Items Explanation of Items NET REVENUES Revenues - Voyage expenses - Net revenues - OPERATING EXPENSES Vessel operating expense - Time charter hire expense - Depreciation and amortization - General and administrat
Slide 15: Q4 2011 Adjusted Net Income Reconciled to GAAP Net Income
Q4 2011 Adjusted Net Income Reconciled to GAAP Net Income Three Months Ended December 31, 2011 Reclass for (in thousands of US dollars, except Realized Gains/ per share amounts) Losses As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted NET REVENUES Revenues 512,730 - - 512,730 Voyage e
Slide 16: Teekay Parent – Conventional Tanker Fleet Employment (Q2-12 to Q1-14)
Teekay Parent – Conventional Tanker Fleet Employment (Q2-12 to Q1-14) Three Months Ending Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2012E 2012E 2012E 2013E 2013E 2013E 2013E 2014E Suezmax Spot revenue days (1) 589 368 368 360 364 368 368 360 Average time-charter rate(2) 21,705
Slide 17: Teekay Parent – Q1-2012 In-chartered Fleet
Teekay Parent – Q1-2012 In-chartered Fleet Three Months Ended Mar.31, Dec.31, Mar.31, 2012 2011 2011 Suezmax (1) (2) Average in-charter rate 29,182 28,792 29,985 In-charter days 182 182 339 Aframax - external in-charters Average in-charter rate 17,992 21,022 24,539 In-charter days 508 465 360 Averag
Slide 18: Teekay Parent – In-chartered Fleet (Q2-12 to Q1-14)
Teekay Parent – In-chartered Fleet (Q2-12 to Q1-14) Three Months Ending Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2012E 2012E 2012E 2013E 2013E 2013E 2013E 2014E Suezmax (1) Average in-charter rate 28,750 28,750 - - - - - - In-charter days 150 78 - - - - - - Aframax - external
Slide 19: 2012 Drydock Schedule
2012 Drydock Schedule March 31, 2012 (A) June 30, 2012 (E) September 30, 2012 (E) December 31, 2012 (E) Total 2012 Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Offhire Offhire Offhire Offhire Offhire Drydocked Drydocked Drydocked Drydocked Drydocked Entity Segment Days Days
Slide 20: Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership
Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership Three Months Ended March 31, December 31, September 30, June 30, March 31, 2012 2011 2011 2011 2011 Teekay LNG Partners Distribution per common unit $ 0.675 $ 0.63 $ 0.63 $ 0.63 $ 0.63 Common units owned by Teekay Parent 25,208,274 2