May 21, 2020
On May 21, Teekay Corporation, Teekay LNG Partners and Teekay Tankers, released Q1-2020 earnings results.
We want to thank all of our seafarers and shore-based staff for their extraordinary dedication to bringing Energy to the world with unwavering Teekay SPIRIT. We are fortunate to be in a position where our operational results are strong so far in 2020 and we have had minimal impacts on our operations due to the pandemic.
Q1-2020 was a very busy quarter with record TGP and TNK earnings, and executing on our strategic priorities, which included completing various asset sales, securing new charter contracts across the group, and eliminating TGP IDRs in exchange for new TGP common units.
With our balance sheets continuing to strengthen, total pro forma liquidity of over $900 million for the Teekay Group, extensive contracted revenue from Teekay LNG and higher contracted revenue and strong spot rates to-date at Teekay Tankers, and with no committed growth capex or significant upcoming debt maturities, we believe that the Teekay Group is financially well-positioned for both any potential market volatility in the near-term and the longer-term future of marine energy transportation.