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Teekay LNG Partners Reports Third Quarter 2019 Results

Source: www.gulfoilandgas.com 11/13/2019, Location: Middle East

Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (TGP), reported the Partnership’s results for the quarter ended September 30, 2019.

Highlights
- GAAP net income attributable to the partners and preferred unitholders of $47.4 million and GAAP net income per common unit of $0.51.
- Adjusted net income(1) attributable to the partners and preferred unitholders of $50.5 million and adjusted net income per common unit of $0.55 (excluding items listed in Appendix A to this release).
- Total Adjusted EBITDA(1) of $180.2 million.
- Took delivery of fourth and fifth, 50 percent-owned ARC7 LNG carrier newbuildings in August 2019 and early November 2019, respectively; final ARC7 newbuilding expected to deliver in late-November 2019.
- Bahrain LNG Regasification terminal expected to commence operations before year-end.
- Fiscal 2019 earnings guidance range revised upwards by 10 percent(2) and today introducing 2020 guidance with earnings per unit projected to increase by over 55 percent(2) from 2019 guidance.
- Expect distributions to increase by 32 percent, to $1.00 per common unit per annum, commencing with the first quarter of 2020 distribution, a second consecutive year of distribution growth in excess of 30 percent.

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