Slide 1: Teekay's Q1-2018 Earnings Presentation
TEEKAY’S Q1- 2018 EARNINGS PRESENTATION May 17, 2018
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: the benefit to the Company’s futu
Slide 3: Q1-18 Results
Q1-18 Results Teekay Corporation Consolidated • Q1-18 consolidated total CFVO(1) of $168.4 million • Q1-18 consolidated adjusted net loss(1) of $18.3 million, or $0.19 per share Teekay Parent • Q1-18 adjusted CFVO (1) of $13.2 million • Total liquidity of approximately $480 million as of March 31, 2
Slide 4: Teekay LNG Partners ("TGP")
Teekay LNG Partners (“TGP”) Recent Highlights Existing Growth Projects • Generated Q1-18 total CFVO(1) of $117.6 million and Project 2017 2018 2019 2020 DCF(1) of $35.3 million, or $0.44 per common unit 5 vessels with 6 – 8 year contracts, plus extension 7 MEGI LNG Carriers options, with Shell, 1 ve
Slide 5: Teekay Tankers ("TNK")
Teekay Tankers (“TNK”) FCF Per Share Spot Rate Sensitivity2 $2.50 • Generated Q1-18 total CFVO(1) of $22.3 million $2.00 and adjusted net loss(1) of $22.0 million, or $ Per Share $0.08 per share $1.50 $1.00 Mid-cycle rates4 • Proactive steps to strengthen financial position: $0.50 $0.00 o Term sheet
Slide 6: Teekay Offshore Partners ("TOO")
Teekay Offshore Partners (“TOO”) Recent Highlights Existing Growth Projects • Generated Q1-18 total CFVO(1) of $161.5 million Project 2017 2018 2019 2020 and DCF(1) of $39.4 million, or $0.10 per common unit Randgrid FSO Firm period out to 2020 Statoil (conversion) Options out to 2032 • Growth proje
Slide 7: Teekay Parent at an Inflection Point
Teekay Parent at an Inflection Point Teekay Parent’s Growing Adjusted CFVO¹ ($ millions) $20 • Growing adjusted CFVO from new recent contracts on Banff and Hummingbird Spirit FPSO $15 units linked to production and oil prices Adj. CFVO $10 • Cash flows expected to further improve on the $5 back of n
Slide 8: Positioning for Energy Market Recovery
Positioning for Energy Market Recovery In the early innings 8
Slide 9: Appendix
Appendix 9
Slide 10: Consolidated Adjusted Income Statement
Consolidated Adjusted Income Statement Q1-18 Three Months Ended March 31, 2018 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 394,022 - - 394,022 Voyage expenses (85,877) - - (85,877)
Slide 11: Q2 2018 Outlook – Teekay Consolidated
Q2 2018 Outlook – Teekay Consolidated Income Q2 2018 Statement Item Outlook (expected changes from Q1-18) (1) Teekay Parent • $4m decrease from the Banff FPSO due to a scheduled maintenance shutdown in Q2-18 • $2m increase from the Hummingbird FPSO due to higher oil price linked tariff revenues in Q
Slide 12: Poised to Benefit from Stronger Oil Prices
Poised to Benefit from Stronger Oil Prices Teekay Parent’s 3 directly-owned FPSOs benefit from oil price and production tariffs Hummingbird Spirit Banff Foinaven Firm charter contract out to Operating under Evergreen contract with Operating under Evergreen contract. September 2020 firm charter contr
Slide 13: Bringing Energy to the World
BRINGING ENERGY TO THE WORLD