Slide 1: Teekay Corporation Q4 2018 Earnings Presentation
Teekay Corporation Q4 2018 Earnings Presentation February 21, 2019
Slide 2: Forward Looking Statement
Forward Looking Statement 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, among other things, rega
Slide 3: Teekay Consolidated Total CFVO
Teekay Consolidated Total CFVO(1) • Q4-18 consolidated total CFVO(1) of 280 Q4-18 Results $246.7 million, compared to $196.4 million in Q3-18 Consolidated and Teekay Parent cash flows in Q4-18 • Q4-18 consolidated adjusted net 230 would have been approx. loss(1) of $2.0 million, or $0.02 per $8 mill
Slide 4: Teekay Parent Delevering Balance Sheet and Growing Cash Flows
Teekay Parent Teekay Parent Debt Delevering Balance 800 Sheet and Growing 700 Cash Flows 600 ($ USD Millions) 500 • Removed Teekay Parent’s TOO guarantees as part of Brookfield 400 transaction in 2017 and reduced 300 TNK guarantees as a result of TNK refinancings 200 • Since beginning of 2018, repai
Slide 5: Maximizing the Value of Teekay Parent's FPSOs
Maximizing the Value Historical FPSO CFVO Hummingbird Banff Foinaven of Teekay Parent’s FPSOs 50 Continue to have constructive 45 customer discussions on contract extensions and/or 40 amendments for all 3 FPSO units 35 ($ USD Millions) 30 25 20 15 • Contracted until • Contracted until • Operating un
Slide 6: Teekay LNG ("TGP") Recent Highlights
Recent Highlights • Q4-18 total CFVO(1) of $150.1 million and adjusted net Existing Growth Projects income(1) of $32.6 million, or $0.32 per common unit, Teekay LNG (“TGP”) up 13%, 68% and 100% from Q3-18, respectively Project Q4-18 2019 • Took delivery of three LNG carrier newbuildings, all on 1 ve
Slide 7: Teekay Tankers ("TNK") Recent Highlights
Recent Highlights FCF1 Per Share Per Annum Teekay Tankers • Q4-18 total CFVO(1) of $62.3 million, Spot Rate Sensitivity2 (“TNK”) compared to $27.8 million in Q3-18 TNK has significant cash flow • Q4-18 adjusted net income (1) of $14.0 million, $1.50 and asset price upside from a or $0.05 per share,
Slide 8: Teekay Offshore ("TOO") Recent Highlights
Recent Highlights Existing Growth Projects Teekay Offshore • Q4-18 adjusted EBITDA(1) of $289.5 million, Project 2018 2019 2020 2021 (“TOO”) compared to $172.3 million in Q3-18 North Sea Shuttle Secured on charter contracts Tankers • Q4-18 adjusted net income (1) of $130.5 million, compared to $11.6
Slide 9: Steady Progress Towards Greater Value Creation
Steady Progress Towards Greater Value Creation Key Drivers TGP TNK TOO TKC Favourable LNG trade increasing; Global oil & gas supply/demand Improving recently hit multi-year Increasing offshore demand growing fundamentals; Macro high LNG carrier spot activity driving need for oil recently hit multi-y
Slide 10: Appendix
Appendix 10
Slide 11: Consolidated Adjusted Net Loss Reconciliation Q4-18 vs. Q3-18
Consolidated Teekay Corporation Adjusted Net Loss Consolidated Adjusted Net Loss Reconciliation Q4-18 vs. Q3-18 Reconciliation (Thousands of U.S. Dollars except Q4-2018 Q3-2018 Q4-18 vs Q3-18 per share am ounts) (unaudited) (1) (unaudited) (1) Com m ents Revenues 491,805 416,443 Voyage expenses (117
Slide 12: Q1 2019 Outlook – Teekay Consolidated Income Statement
Q1 2019 Outlook – Teekay Consolidated Income Q1 2019 Statement Item Outlook (expected changes from Q4-18) (1) Teekay Parent • $8m decrease from the Foinaven FPSO from the recognition of annual operational tariff revenues in Q4-18 and no oil tariff revenues in Q1-19 • $4m increase from the Foinaven F
Slide 13: Consolidated Adjusted Net Loss Reconciliation
Consolidated Adjusted Net Loss Teekay Corporation Reconciliation Q4-2018 Consolidated Adjusted Statement of Net Loss Three Months Ended Three Months Ended December 31, 2018 September 30, 2018 Q4-18 vs. Q3-18 Reclass for Reclass for (in thousands of US dollars, except per share amounts) Realized Gain
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