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.
- 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.