November 13, 2020
On November 12, Teekay Corporation, Teekay LNG Partners and Teekay Tankers, released Q3-2020 earnings results.
In the third quarter of 2020, we reported our fourth consecutive quarterly adjusted profit. Our stronger results this quarter can be attributed to higher adjusted earnings in each of our main businesses. With it’s growth program completed late last year, Teekay LNG generated strong earnings and cash flows this quarter despite a heavy scheduled drydock program. Teekay Tankers also reported positive adjusted net income and outperformed a weak spot tanker market on the strength of fixed-rate charters secured over the past several quarters at attractive levels. Lastly, Teekay Parent’s results improved due to improved earnings from the Foinaven and Hummingbird FPSOs and lower net G&A expenses; partially offset by lower earnings from the Banff FPSO, which ceased production and commenced decommissioning in June 2020.
We want to acknowledge the incredible work of our seafarers and shore-based staff who, quarter after quarter, remain steadfast in their dedication to maintain business continuity. While COVID-19 is having an unprecedented impact on the world and is a major focus for us and our industry, we are truly proud of how our onshore colleagues, and especially our seafarers, continue to respond to COVID-19 and conduct safe and efficient operations for our customers.
While we remain focused on our commitments to our colleagues and customers, we also look to the future of our industry. In this quarters’ earnings presentations, we highlight our ESG journey to date and main areas of focus. Our history shows that changes in the global energy mix have always informed our strategy. We will continue to evolve as we see stakeholders raising the expectation bar. The need for industry leadership is as great as ever, and ultimately, we will be measured on the actions that we take.
Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages: $TK, $TGP, $TNK.