Slide 1: Q4-2015 Earnings and Business Outlook Presentation
Exhibit 99.2 TEEKAY18, February CORPORATION 2016 Q4-2015 EARNINGS AND BUSINESS OUTLOOK PRESENTATION
Slide 2: Forward Looking Statements
Forward This available LNG’s contract relating Tankers’ tanker, and levels regulations FSOs, vessels charter tankers; resumption financing any dividend with disclaims 2change performance, that failure presentation the of FPSOs, and future contracts; payments; in and to failure should lengths; SEC, L
Slide 3: Recent Highlights
Recent Generated Reported oIn 31)MLPs December See the Highlights reallocating adjusted Q4-15 consolidated 2015,earnings net announced internally income CFVO1 CFVO release attributable generated quarterly ofof$1.4 for $401.4 explanations billion cash cash to million shareholders1 dividends in flows
Slide 4: Recent Highlights – Daughter Entities
Recent Secured Completed Teekay Generated percent debt 1) 4under See facility GAAP. Teekay Daughter Tankers LNG Offshore of first its CFVO1 free the Acquired LNG Partners quarterly Offshore’s, sale cash Partners Highlights regasification of of flow1 $121.1 $172.9 two adjusted Teekay purpose-built co
Slide 5: Strategic Rationale for Dividend Reduction
Strategic In Disconnect Significant Internally Distribution Avoids Provides Facilitates Will 5Creates December result permanently greater greater Rationale generated access in decline between reductions 2015, higher capacity funding toin for Teekay bank, cash DCF dilutive capital MLP Dividend enable
Slide 6: Diverse, Fee-Based Consolidated Revenues
Logistics Diverse, Consolidated 2% Total $21.3B Average 27% Gas 5FPSO Offshore Tankers years 17% 12 Forward 5years 51Remaining Fee-Based years year2 Forward Fee- 55% Contracted Contract Fee-Based BasedLength Revenue Revenues andbyaverage Segment¹ by Segment¹ Note: ofForward fee-based 1, 2016 revenue
Slide 7: TOO's Proportionally Consolidated CFVO Continues to Grow
In TOO’s Proportionally Millions $750 $850 $950 USD $150 $250 $350 $450 CFVO $650 Continues $550 Consolidated toG&A Grow Estimated Run-Rate CFVO 2015 interest) Annualized Run-Rate Shuttle 1Increase forOPEX Tanker Annualized and CFVO (4) Decrease Navion Initiatives SagaAssumed Varg Contract 2016 Navi
Slide 8: TGP's CFVO Continues to Grow
$800 TGP’s Includes CFVO TGP’s Continues proportionate to Grow shareexpected of equity-accounted investment$250M CFVOof annual CFVO(1) Committed USD Millions $600 $- $200 $400 growth in 2018 – 2020 list. to add Current 2016) Annualized CFVO (1) (2) Assumes Refer (2) expected Run- to (2017) Increase
Slide 9: Teekay Parent Asset Status
Teekay Status Asset Hummingbird discussions pursue Petrojarl FPSO shut-down Shoshone production-rate VLCC loan Arctic Polar 9LNG facility Carriers Spirit(expires Status convenience extension. of Spirit new one-year Parent Banff Foinaven Teekay Spirit into charter expected /Q3-15 Chartered-in Q2-2018
Slide 10: Teekay Parent Free Cash Flow
Q4-15 ($’000’s, GPCO LP GP Other Total Corporate Less: OPCO CFVO Net Dry-docking Declared Coverage Teekay 10 Distributions Distributions Interest Daughter dividends vs. Q4-15 20,835 Parent weighted except dividend Ratio Q3-15 G&A(4,174)(3,628) expense(15,693)(13,656) expense(5,069)(46) Q3-15 19,731
Slide 11: Teekay Parent Net Asset Value
Currently ($ FPSO Conventional JVs FMV Tanker Sevan GP Total Value Less: Teekay Number TK Share % 1) 2) 3) 11 As millions) Discount Management Based Value option Parent and Equity Teekay at of Price of Assets1 Marine Investments Tankers LNG Offshore Parent December Other Teekay of Teekay on $22 Trad
Slide 12: Appendix
Appendix
Slide 13: Consolidated Q4-15 vs Q3-15 Results
Consolidated Q4-15 except ($’000’s, days revenue in Vessel Q4-15. and Time acquisitions. contract vessel Depreciation related General expenses Q3-15. quarter Equity higher on Income Spirit. Other—net Less: non-controlling Net shareholders *Basic See Q3-15, MALT revenues higher interest income atchar
Slide 14: Q1 2016 Outlook
Q1 Statement offset »partially compared Vessel (OPEX) General each •Net Equity owned Income Non-controlling Expense 14 Approximately Teekay $15m $6m $2m $8m Increase Teekay 2016 Revenues Interest year by increase decrease Operating in Income decrease Tax Q1 & by offset earnings Parent LNG Offshore O
Slide 15: TOO Proportionally Consolidated CFVO
TOO Varg in delivery ECC (In Shuttle FSO Towage UMS Conventionals CFVO Equity FPSO Total Key •redelivered Fuji Kilimanjaro Navion New ALP Petrojarl Gina Libra East 15 ALP Varg HiLoad No 1H-2016; USD Assumptions: Spirit: Coast assumed 34 Newbuilds contract Project Krog 2Segment CFVO FPSO #1 Knarr 27
Slide 16: TGP Proportionally Consolidated CFVO
TGP Delivery 2017 In CFVO Conventional Equity LNG LPG Total Proportionally Assumes and Key rate •market 16 Yemen TGP 2USD MEGI xcharter Assumptions 52% FORECASTED 24 55 and CFVO Equity LNG 109 sells Investment by rates Millions 24 49 newbuild LNG of YLNG 3120 Segment owned $x2returns 1in Investment
Slide 17: TGP Project Forecast Delivery Schedule
Forecast TGP Project Interest Cheniere Exmar Shell BG BP MEGI Bahrain Yamal (1) Assumed 1shown. 17x Where LNG Suezmax LNG Estimated LNG Newbuilding LNG LPG Vessel Delivery Terminal FSU Assumptions LNG LNG Newbuilding Vessel delivery Newbuilding Newbuilding #1 #2 #3 #4 #5 #6 –FSU Type 100% Newbuildin
Slide 18: Consolidated Q4-15 Income Statement
Consolidated Q4-15 December Reclass (in Appendix As Revenues Voyage Vessel Time Depreciation General Asset Loss Restructuring Interest Realized derivative Equity Income Foreign Other—net Net Less: interests(124,750) NET OF 21Basic 18Please thousands Reported TEEKAY revenues income on INCOME charter
Slide 19: Consolidated Q3-15 Income Statement
Consolidated Q3-15 September Reclass (in Appendix As Revenues Voyage Vessel Time Depreciation General Asset Restructuring Interest Realized derivative Equity Income Foreign Other—net(164) Net Less: interests NET STOCKHOLDERS 21Basic Please thousands Reported revenues (loss) (LOSS) charter Net (loss)
Slide 20: Bringing Energy to the World
BRINGING ENERGY TO‘TRE WORLD