TEEKAY LNG PARTNERS
REPORTS FIRST QUARTER RESULTS
17.05.2012
Highlights
Generated distributable cash flow of $50.8 million for the first quarter of 2012, an increase of 30 percent from the first quarter of 2011.
Declared first quarter 2012 cash distribution of $0.675 per unit, an increase of 7 percent from the previous quarter.
Completed acquisition of six LNG carriers from A.P. Moller Maersk on February 28, 2012, through the Teekay LNG Marubeni joint venture***.
Current total liquidity of approximately $440 million, including proceeds from the Norwegian bond offering completed in May 2012:
Hamilton, Bermuda, May 17, 2012 - Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP), today reported the Partnership's results for the quarter ended March 31, 2012. During the first quarter of 2012, the Partnership generated distributable cash flow(1) of $50.8 million, compared to $39.1 million in the same
quarter of the previous year.
The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: Multigas carriers delivered in June and October 2011; a 33 percent interest in four liquefied natural gas (LNG) carriers delivered between August 2011 and January 2012; one liquefied petroleum gas (LPG) carrier delivered in September 2011; and a 52 percent interest in six LNG carriers completed in February 2012.
On April 12, 2012, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2012. The cash distribution was paid on May 14, 2012 to all unitholders of record on April 23, 2012.
"The Partnership's distributable cash flows increased in the first quarter due to a month of contribution from our interest in the Maersk LNG fleet, in addition to incremental contributions from the newbuilding Multigas carrier and two newbuilding Angola LNG carriers which delivered during the past two quarters," noted Peter Evensen, Chief Executive Officer of Teekay GP L.L.C. "These additional cash flows enabled us to raise our first quarter distribution by 7 percent, while maintaining our coverage ratio above 1.0."
"The delivery of the fourth and final Angola LNG carrier in January completed our latest newbuilding program; however, we continue to actively pursue new acquisition opportunities and organic growth projects," Mr. Evensen continued. "Given the positive market fundamentals in the LNG sector and our financial strength, we believe there will continue to be attractive
growth opportunities for the Partnership."
- more here:
http://www.teekaylng.com/Theme/TeekayPartners/files/doc_financials/Earnings/Q1'12%20TGP%20vFINAL_v001_z1q7h9.pdf
Teekay LNG Partners L.P.
http://www.teekaylng.com/
Teekay LNG Marubeni joint venture***.
http://www.marubeni.com/news/2011/111013e.html
----------------------------------------------------
LNG World Shipping Journal:
http://www.rivieramm.com/publications/lng-world-shipping-3
REPORTS FIRST QUARTER RESULTS
17.05.2012
Highlights
Generated distributable cash flow of $50.8 million for the first quarter of 2012, an increase of 30 percent from the first quarter of 2011.
Declared first quarter 2012 cash distribution of $0.675 per unit, an increase of 7 percent from the previous quarter.
Completed acquisition of six LNG carriers from A.P. Moller Maersk on February 28, 2012, through the Teekay LNG Marubeni joint venture***.
Current total liquidity of approximately $440 million, including proceeds from the Norwegian bond offering completed in May 2012:
Hamilton, Bermuda, May 17, 2012 - Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP), today reported the Partnership's results for the quarter ended March 31, 2012. During the first quarter of 2012, the Partnership generated distributable cash flow(1) of $50.8 million, compared to $39.1 million in the same
quarter of the previous year.
The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: Multigas carriers delivered in June and October 2011; a 33 percent interest in four liquefied natural gas (LNG) carriers delivered between August 2011 and January 2012; one liquefied petroleum gas (LPG) carrier delivered in September 2011; and a 52 percent interest in six LNG carriers completed in February 2012.
On April 12, 2012, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2012. The cash distribution was paid on May 14, 2012 to all unitholders of record on April 23, 2012.
"The Partnership's distributable cash flows increased in the first quarter due to a month of contribution from our interest in the Maersk LNG fleet, in addition to incremental contributions from the newbuilding Multigas carrier and two newbuilding Angola LNG carriers which delivered during the past two quarters," noted Peter Evensen, Chief Executive Officer of Teekay GP L.L.C. "These additional cash flows enabled us to raise our first quarter distribution by 7 percent, while maintaining our coverage ratio above 1.0."
"The delivery of the fourth and final Angola LNG carrier in January completed our latest newbuilding program; however, we continue to actively pursue new acquisition opportunities and organic growth projects," Mr. Evensen continued. "Given the positive market fundamentals in the LNG sector and our financial strength, we believe there will continue to be attractive
growth opportunities for the Partnership."
- more here:
http://www.teekaylng.com/Theme/TeekayPartners/files/doc_financials/Earnings/Q1'12%20TGP%20vFINAL_v001_z1q7h9.pdf
Teekay LNG Partners L.P.
http://www.teekaylng.com/
Teekay LNG Marubeni joint venture***.
http://www.marubeni.com/news/2011/111013e.html
----------------------------------------------------
LNG World Shipping Journal:
http://www.rivieramm.com/publications/lng-world-shipping-3
19/5 2012 10:11 fcras 0
57100 Chevron Snaps Up More LNG Business As Japan Pulls Out Of Nuclear
5/16/2012
- more here:
http://www.forbes.com/sites/greatspeculations/2012/05/16/chevron-snaps-up-more-lng-business-as-japan-pulls-out-of-nuclear/
Photo:Tokyo Gas LNG Terminal Sodegaura
5/16/2012
- more here:
http://www.forbes.com/sites/greatspeculations/2012/05/16/chevron-snaps-up-more-lng-business-as-japan-pulls-out-of-nuclear/
Photo:Tokyo Gas LNG Terminal Sodegaura
