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     162  0 Kommentare Teekay LNG Partners Reports Fourth Quarter and Record Annual 2020 Results

    Highlights

    • GAAP net income attributable to the partners and preferred unitholders of $35.1 million and GAAP net income per common unit of $0.32 in the fourth quarter of 2020; and $87.4 million and $0.73 per common unit, respectively, for fiscal 2020.
    • Adjusted net income(1) attributable to the partners and preferred unitholders of $60.0 million and adjusted net income per common unit of $0.61 in the fourth quarter of 2020 (excluding other items listed in Appendix A to this release), and a record high $233.8 million and $2.45 per common unit, respectively, for fiscal 2020.
    • Total adjusted EBITDA(1) of $190.2 million in the fourth quarter of 2020; and $757.9 million for fiscal 2020.
    • In early-December 2020, secured a fixed-rate charter for the 52 percent-owned Methane Spirit to early-2023. The Partnership's LNG fleet is 97 percent fixed for 2021, and is currently 89 percent fixed for 2022.
    • Teekay LNG expects to increase its common unit distributions by 15 percent to $1.15 per common unit, on an annualized basis, commencing with the first quarter's distribution to be paid in May 2021.

    HAMILTON, Bermuda, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Teekay GP L.L.C., the general partner (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 and year ended December 31, 2020.

    Consolidated Financial Summary

      Three Months Ended Year Ended
      December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
    (in thousands of U.S. Dollars, except per unit data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
    GAAP FINANCIAL COMPARISON          
    Voyage revenues 154,076 148,935 148,797 591,103 601,256
    Income from vessel operations 65,169 69,597 83,604 226,093 299,253
    Equity income 15,359 24,346 30,207 72,233 58,819
    Net income attributable to the partners and preferred unitholders 35,142 40,275 67,370 87,357 152,790
    Limited partners’ interest in net income per common unit 0.32 0.38 0.77 0.73 1.59
    NON-GAAP FINANCIAL COMPARISON          
    Total adjusted EBITDA(1) 190,228 186,902 184,168 757,858 684,667
    Distributable cash flow (DCF)(1) 85,033 79,168 71,350 322,248 252,819
    Adjusted net income attributable to the partners and preferred unitholders(1) 59,978 58,933 50,342 233,790 168,656
    Limited partners’ interest in adjusted net income per common unit 0.61 0.59 0.56 2.45 1.79


    (1)   These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (GAAP).


    Fourth Quarter of 2020 Compared to Third Quarter of 2020

    GAAP net income and non-GAAP adjusted net income attributable to the partners and preferred unitholders were positively impacted for the three months ended December 31, 2020, compared to the three months ended September 30, 2020, primarily due to fewer scheduled dry dockings in the fourth quarter of 2020.

    GAAP net income attributable to the partners and preferred unitholders was also negatively impacted by write-downs recorded in the fourth quarter of 2020 of four wholly-owned multi-gas carriers by $6.0 million and four, 50 percent-owned liquefied petroleum gas (LPG) carriers by $17.0 million. These decreases to GAAP net income were partially offset by lower unrealized credit loss provisions recorded in the fourth quarter of 2020 compared to the third quarter of 2020.

    Fourth Quarter of 2020 Compared to Fourth Quarter of 2019

    GAAP net income and non-GAAP adjusted net income attributable to the partners and preferred unitholders were positively impacted for the three months ended December 31, 2020, compared to the same quarter of the prior year, primarily due to: the delivery of liquefied natural gas (LNG) carrier newbuildings, commencement of terminal use payments for the Partnership's 30 percent-owned Bahrain LNG Terminal, higher LPG rates, and lower net interest expense. These increases were partially offset by more scheduled dry dockings during the fourth quarter of 2020 and lower charter rates earned by certain of the Partnership's LNG carriers and in addition, the increases in non-GAAP adjusted net income attributable to the partners and preferred unitholders were partially offset by the sales of two LNG carriers in January 2020.

    GAAP net income attributable to the partners and preferred unitholders was also negatively impacted by write-downs recorded in the fourth quarter of 2020 of four wholly-owned multi-gas carriers and four, 50 percent-owned LPG carriers; a gain recognized in the fourth quarter of 2019 upon derecognition of two LNG carriers and reclassification as sales-type leases; and lower unrealized gains on non-designated derivative instruments in the fourth quarter of 2020 compared to the fourth quarter of 2019.

    CEO Commentary

    “For both the fourth quarter and fiscal year 2020, we generated strong earnings and cash flows resulting in the highest ever recorded annual adjusted results for Teekay LNG,” commented Mark Kremin, President and Chief Executive Officer of Teekay Gas Group Ltd. “During a year which saw extreme volatility in gas prices, LNG shipping rates and equity markets, our strategy of chartering substantially all of our LNG fleet on long-term contracts helped us to achieve consistently strong results throughout the year and to maintain certainty and forward visibility amid the unprecedented uncertainty and volatility that impacted many others in the broader energy space in 2020.” Mr. Kremin continued, “In 2020, we increased our total adjusted EBITDA(i) and adjusted net income(i) by 11 percent and 39 percent, respectively, over our 2019 fiscal results, while simultaneously reducing our proportionate net debt(ii) by nearly $560 million(iii), or over 10 percent.”

    “I’m also pleased to announce our plan to increase our common unit distributions by 15 percent, to $1.15 per common unit per annum, commencing with the first quarter’s distribution to be paid in May 2021. This represents our third consecutive year of double-digit increases to our distributions, which is supported by not only a record level of adjusted earnings, but also an industry-leading revenue backlog of long-term contracts to a diversified portfolio of strong counterparties. As a result, Teekay LNG's distributions are well-covered, which enables the Partnership to provide an attractive distribution to existing and new investors while also build equity value and financial flexibility through continued balance sheet delevering.”

    (i)   These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP.
    (ii)   Including Teekay LNG's proportionate share of net debt in its equity-accounted joint ventures.
    (iii)   Including $260 million of proceeds received from the sale of two LNG carriers in January 2020.


    Summary of Recent Events

    Chartering Activities

    In October 2020, the charterer of the 52 percent-owned LNG carrier Marib Spirit exercised its options to extend the current charter by 14 months at a higher charter rate, extending the vessel's charter coverage to early-2022.

    In December 2020, the Partnership's 52 percent-owned joint venture with Marubeni Corporation (the MALT Joint Venture) secured a two-year, fixed-rate charter contract, with a one-year option, for the Methane Spirit which is expected to commence after its current charter contract ends in March 2021.

    Financing Activities

    In December 2020, the Partnership's 50 percent-owned joint venture with Exmar NV (the Exmar LPG Joint Venture) successfully refinanced its $254 million revolving credit facility and term loan by entering into a new revolving credit facility in the amount of $310 million maturing in December 2023.

    On February 8, 2021, the Partnership's 70 percent-owned joint venture with PT Berlian Laju Tanker (the Tangguh Joint Venture), refinanced its $191.5 million term loan which was scheduled to mature in 2021, by entering into a new $191.5 million term loan maturing in February 2026.

    Operating Results

    The following table highlights certain financial information for Teekay LNG’s segments: the Liquefied Natural Gas Segment, the Liquefied Petroleum Gas Segment and, until the sale of our last conventional tanker in October 2019, the Conventional Tanker Segment (please refer to the “Teekay LNG’s Fleet” section of this release below and Appendices D and E for further details).

      Three Months Ended
      December 31, 2020 December 31, 2019
    (in thousands of U.S. Dollars) (unaudited) (unaudited)
      Liquefied Natural Gas Segment Liquefied Petroleum Gas Segment Total Liquefied Natural Gas Segment Liquefied Petroleum Gas Segment Conventional Tanker Segment Total
    GAAP FINANCIAL COMPARISON              
    Voyage revenues 143,071    11,005    154,076    138,436    10,347   14   148,797   
    Income (loss) from vessel operations 73,142    (7,973 ) 65,169    85,522    (1,801 ) (117 ) 83,604   
    Equity income (loss) 28,593    (13,234 ) 15,359    28,468    1,739     30,207   
    NON-GAAP FINANCIAL COMPARISON              
    Consolidated adjusted EBITDA(i) 107,427    203    107,630    112,547    188   (117 ) 112,618   
    Adjusted EBITDA from equity-accounted vessels(i) 70,958    11,640    82,598    61,454    10,096     71,550   
    Total adjusted EBITDA(i) 178,385    11,843    190,228    174,001    10,284   (117 ) 184,168   


    (i)   These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP.


    Liquefied Natural Gas Segment

    Income from vessel operations for the LNG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, decreased primarily due to a $14.3 million gain on the derecognition of the WilForce and WilPride LNG carriers as they were reclassified as sales-type leases prior to their sale in January 2020. Consolidated adjusted EBITDA(1) for the LNG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, decreased primarily due to a reduction in earnings upon the sales of the WilForce and WilPride LNG carriers.

    Equity income and adjusted EBITDA from equity-accounted vessels(1) for the LNG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, increased primarily due to the deliveries of two ARC7 LNG carrier newbuildings in November and December 2019 to the Partnership's 50 percent-owned joint venture with China LNG (the Yamal LNG Joint Venture) and commencement of terminal use payments in January 2020 to the Partnership's 30 percent-owned joint venture in Bahrain (the Bahrain LNG Joint Venture). These increases were partially offset by lower earnings from the Partnership's 52 percent-owned MALT Joint Venture as a result of lower charter rates earned upon redeployment of the Arwa Spirit, Marib Spirit and Methane Spirit between May and July 2020. In addition, GAAP equity income was negatively impacted by increases in unrealized credit loss provisions in the fourth quarter of 2020 related to the adoption of the new accounting standards on credit losses (Accounting Standards Codification 326: Financial Instruments - Credit Losses (ASC 326)) at the beginning of 2020 and lower unrealized gains on non-designated derivative instruments in the Partnership's equity-accounted joint ventures in the fourth quarter of 2020 compared to fourth quarter of 2019.

    Liquefied Petroleum Gas Segment

    Loss from vessel operations for the LPG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, was negatively impacted by write-downs recorded in the fourth quarter of 2020 on four multi-gas carriers by $6.0 million.

    Consolidated adjusted EBITDA(1) for the LPG segment for the three months ended December 31, 2020 was comparable to the same quarter of the prior year.

    Equity (loss) income and adjusted EBITDA from equity-accounted vessels(1) for the LPG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, were positively impacted from higher charter rates earned in the Partnership's 50 percent-owned Exmar LPG Joint Venture. In addition, equity (loss) income for the LPG segment for the three months ended December 31, 2020, compared to the same quarter of the prior year, was negatively impacted by the write-downs of four LPG carriers in the Partnership’s 50 percent-owned Exmar LPG Joint Venture by $17.0 million.

    Conventional Tanker Segment

    There were no results from vessel operations for the conventional tanker segment for the three months ended December 31, 2020, as the last of the Partnership's conventional tanker, the Alexander Spirit, was sold in October of 2019.

    (1)   These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP.


    Teekay LNG's Fleet

    The following table summarizes the Partnership’s fleet as of February 1, 2021. In addition, the Partnership owns a 30 percent interest in an LNG regasification terminal in Bahrain.

      Number of Vessels
      Owned and In-Chartered Vessels(i)
    LNG Carrier Fleet 47(ii)
    LPG/Multi-gas Carrier Fleet 30(iii)
    Total 77


    (i)   Includes vessels leased by the Partnership from third parties and accounted for as finance leases.
         
    (ii)   The Partnership’s ownership interests in these vessels range from 20 percent to 100 percent.
         
    (iii)   The Partnership’s ownership interests in these vessels range from 50 percent to 100 percent.


    Liquidity

    As of December 31, 2020, the Partnership had total liquidity of $461.6 million (comprised of $206.8 million in cash and cash equivalents and $254.8 million in undrawn credit facilities) compared to $430.8 million as of September 30, 2020.

    Conference Call

    The Partnership plans to host a conference call on Thursday, February 25, 2021 at 1:00 p.m. (ET) to discuss the results for the fourth quarter and year ended of 2020. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

    • By dialing 1 (800) 437-2398 or 1 (647) 792-1240, if outside North America, and quoting conference ID code 5369396.
    • By accessing the webcast, which will be available on Teekay LNG’s website at www.teekay.com (the archive will remain on the website for a period of one year).

    An accompanying Fourth Quarter and Fiscal Year of 2020 Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time.

    About Teekay LNG Partners L.P.

    Teekay LNG Partners is one of the world's largest independent owners and operators of LNG carriers, providing LNG and LPG services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 23 mid-size LPG carriers, and seven multi-gas carriers. The Partnership's ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in an LNG regasification terminal. Teekay LNG Partners is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

    Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

    For Investor Relations enquiries contact:

    Ryan Hamilton
    Tel: +1 (604) 609-2963
    Website: www.teekay.com

    Definitions and Non-GAAP Financial Measures

    This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures which include Adjusted Net Income Attributable to the Partners and Preferred Unitholders, Distributable Cash Flow and Adjusted EBITDA, are intended to provide additional information and should not be considered substitutes for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings across companies, and may not be comparable to similar measures presented by other companies. These non-GAAP measures are used by management, and the Partnership believes that these supplementary metrics assist investors and other users of its financial reports in comparing financial and operating performance of the Partnership across reporting periods and with other companies.

    Non-GAAP Financial Measures

    Adjusted EBITDA represents net income before interest, taxes, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include unrealized credit loss provisions, unrealized gains or losses on non-designated derivative instruments, write-down and gains or losses on sales of vessels, foreign currency exchange gains or losses, adjustments for direct financing and sales-type leases to a cash basis, and certain other income or expenses. Adjusted EBITDA also excludes realized gains or losses on interest rate swaps as management, in assessing the Partnership's performance, views these gains or losses as an element of interest expense and realized gains or losses on derivative instruments resulting from amendments or terminations of the underlying instruments. Consolidated Adjusted EBITDA represents Adjusted EBITDA from vessels that are consolidated on the Partnership's financial statements. Adjusted EBITDA from Equity-Accounted Vessels represents the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted vessels. The Partnership does not have the unilateral ability to determine whether the cash generated by its equity-accounted vessels is retained within the entity in which the Partnership holds the equity-accounted investments or distributed to the Partnership and other owners. In addition, the Partnership does not control the timing of any such distributions to the Partnership and other owners. Adjusted EBITDA is a non-GAAP financial measure used by certain investors and management to measure the operational performance of companies. Please refer to Appendices C and E of this release for reconciliations of Adjusted EBITDA to net income and equity income, respectively, which are the most directly comparable GAAP measures reflected in the Partnership’s consolidated financial statements.

    Adjusted Net Income Attributable to the Partners and Preferred Unitholders excludes items of income or loss from GAAP net income that are typically excluded by securities analysts in their published estimates of the Partnership’s financial results. The Partnership believes that certain investors use this information to evaluate the Partnership’s financial performance, as does management. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net income, and refer to footnote (3) of the Consolidated Statements of Income for a reconciliation of adjusted equity income to equity income, the most directly comparable GAAP measure reflected in the Partnership’s consolidated financial statements.

    Distributable Cash Flow (DCF) represents GAAP net income adjusted for depreciation and amortization expense, deferred income tax and other non-cash items, estimated maintenance capital expenditures, unrealized gains and losses from non-designated derivative instruments, unrealized credit loss provisions, distributions relating to equity financing of newbuilding installments, distributions relating to preferred units, adjustments for direct financing and sales-type leases to a cash basis, unrealized foreign currency exchange gains or losses, write-downs of vessels, gains or losses on sales of vessels, and the Partnership’s proportionate share of such items in its equity-accounted for investments. Maintenance capital expenditures represent those capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership’s capital assets. DCF is a quantitative standard used in the publicly-traded partnership investment community and by management to assist in evaluating financial performance. Please refer to Appendix B of this release for a reconciliation of this non-GAAP financial measure to net income, the most directly comparable GAAP measure reflected in the Partnership’s consolidated financial statements.


    Teekay LNG Partners L.P.
    Consolidated Statements of Income
    (in thousands of U.S. Dollars, except unit and per unit data)

      Three Months Ended Year Ended
      December 31, September 30, December 31, December 31, December 31,
    2020  2020  2019  2020  2019 
      (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
    Voyage revenues 154,076   148,935   148,797   591,103   601,256  
               
    Voyage expenses (5,798 ) (3,950 ) (4,628 ) (17,394 ) (21,387 )
    Vessel operating expenses (31,243 ) (30,642 ) (30,706 ) (116,396 ) (111,585 )
    Time-charter hire expenses (6,294 ) (5,980 ) (5,987 ) (23,564 ) (19,994 )
    Depreciation and amortization (32,883 ) (32,601 ) (33,053 ) (129,752 ) (136,765 )
    General and administrative expenses (6,689 ) (6,165 ) (4,829 ) (26,904 ) (22,521 )
    Write-down and gain on sales of vessels(1) (6,000 )   14,349   (51,000 ) 13,564  
    Restructuring charges(2)     (339 )   (3,315 )
    Income from vessel operations 65,169   69,597   83,604   226,093   299,253  
               
    Equity income(3) 15,359   24,346   30,207   72,233   58,819  
    Interest expense (30,431 ) (30,528 ) (40,712 ) (132,806 ) (164,521 )
    Interest income 1,411   1,406   922   6,884   3,985  
    Realized and unrealized (loss) gain on non-designated derivative instruments(4) (3,020 ) (1,327 ) 4,352   (33,334 ) (13,361 )
    Foreign currency exchange loss(5) (6,618 ) (7,853 ) (4,545 ) (21,356 ) (9,640 )
    Other expense(6) (1,721 ) (14,149 ) (1,767 ) (16,910 ) (2,454 )
    Net income before income tax expense 40,149   41,492   72,061   100,804   172,081  
    Income tax expense (1,364 ) (1,420 ) (985 ) (3,492 ) (7,477 )
    Net income 38,785   40,072   71,076   97,312   164,604  
               
    Non-controlling interest in net income (loss) 3,643   (203 ) 3,706   9,955   11,814  
    Preferred unitholders' interest in net income 6,427   6,425   6,426   25,702   25,702  
    General partner's interest in net income 504   595   1,218   1,023   2,542  
    Limited partners’ interest in net income 28,211   33,255   59,726   60,632   124,546  
    Limited partners' interest in net income per common unit:          
    • Basic 0.32   0.38   0.77   0.73   1.59  
    • Diluted 0.32   0.38   0.77   0.73   1.59  
    Weighted-average number of common units outstanding:          
    • Basic 86,951,234   86,951,234   77,509,379   83,313,097   78,177,189  
    • Diluted 87,077,496   87,041,046   77,615,829   83,419,004   78,268,412  
    Total number of common units outstanding at end of period 86,951,234   86,951,234   77,509,339   86,951,234   77,509,339  


    (1)   During the three months and year ended December 31, 2020, the Partnership wrote-down its seven wholly-owned multi-gas carriers to their estimated fair values. The total impairment charges of $6.0 million and $51.0 million were included in write-down of vessels and gain on sales of vessels for the three months and year ended December 31, 2020, respectively. In December 2019, the Partnership recognized a gain of $14.3 million for the three months and year ended December 31, 2019 on derecognition of two LNG carriers on charter to Awilco LNG ASA as they were reclassified as sales-type leases. For the year ended December 31, 2019, the Partnership recorded a write-down of $0.8 million on the Alexander Spirit conventional tanker, which was sold in October 2019.
         
    (2)   In January 2019, the Toledo Spirit conventional tanker was sold and as a result of the sale, the Partnership recorded restructuring charges relating to seafarer severance costs of $0.3 million and $3.3 million for the three months and year ended December 31, 2019, respectively.
         
    (3)   The Partnership’s proportionate share of items within equity income as identified in Appendix A of this release are detailed in the table below. By excluding these items from equity income, the Partnership believes the resulting adjusted equity income is a normalized amount that can be used to better evaluate the financial performance of the Partnership’s equity-accounted investments. Adjusted equity income is a non-GAAP financial measure.


      Three Months Ended Year Ended
      December 31, September 30, December 31, December 31,
    December 31,
      2020
    2020
    2019
    2020
    2019
    Equity income 15,359   24,346   30,207   72,233   58,819  
    Proportionate share of unrealized (gain) loss on non-designated interest rate swaps (4,214 ) (2,680 ) (6,271 ) 19,116   8,341  
    Proportionate share of write-down of vessels 17,000       17,000    
    Proportionate share of unrealized credit loss provisions(a) 2,989   7,099     18,645    
    Proportionate share of other items (669 ) 1,167   1,436   321   2,828  
    Equity income adjusted for items in Appendix A 30,465   29,932   25,372   127,315   69,988  


      (a)   Related to adoption of new accounting standard ASC 326 effective January 1, 2020.
           
    (4)     The realized losses on non-designated derivative instruments relate to the amounts the Partnership actually paid to settle non-designated derivative instruments and the unrealized gains (losses) on non-designated derivative instruments relate to the change in fair value of such non-designated derivative instruments, as detailed in the table below:


      Three Months Ended Year Ended
      December 31, September 30, December 31, December 31, December 31,
      2020
    2020
    2019
    2020
    2019
    Realized losses relating to:          
    Interest rate swap agreements (5,106 ) (4,947 ) (2,683 ) (16,626 ) (10,081 )
    Foreign currency forward contracts     (147 ) (241 ) (147 )
      (5,106 ) (4,947 ) (2,830 ) (16,867 ) (10,228 )
    Unrealized gains (losses) relating to:          
    Interest rate swap agreements 2,086   3,620   6,849   (16,669 ) (2,891 )
    Foreign currency forward contracts     333   202   (202 )
    Toledo Spirit time-charter derivative         (40 )
      2,086   3,620   7,182   (16,467 ) (3,133 )
    Total realized and unrealized (losses) gains on non-designated derivative instruments (3,020 ) (1,327 ) 4,352   (33,334 ) (13,361 )


    (5)   For accounting purposes, the Partnership is required to revalue all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rates at the end of each reporting period. This revaluation does not affect the Partnership’s cash flows or the calculation of distributable cash flow, but results in the recognition of unrealized foreign currency translation gains or losses in the Consolidated Statements of Income.
         
        Foreign currency exchange loss includes realized (losses) gains relating to the amounts the Partnership paid to settle the Partnership’s Norwegian Krone (NOK) denominated unsecured bonds and the associated non-designated cross currency swaps that were entered into as economic hedges in relation to the NOK denominated bonds. Foreign currency exchange loss also includes unrealized gains (losses) relating to the change in fair value of such derivative instruments and unrealized gain (losses) on the revaluation of the NOK bonds as detailed in the table below:



      Three Months Ended Year Ended
      December 31, September 30, December 31, December 31, December 31,
      2020
    2020
    2019
    2020
    2019
    Realized losses on cross-currency swaps (1,672 ) (1,669 ) (1,019 ) (6,588 ) (5,061 )
    Realized losses on cross-currency swaps maturity       (33,844 )  
    Realized gains on repurchase of NOK bonds       33,844    
    Unrealized gains (losses) on cross currency swaps 29,001   1,490   12,579   26,832   (13,239 )
    Unrealized (losses) gains on revaluation of NOK bonds (28,694 ) (1,836 ) (11,877 ) (30,351 ) 5,810  


    (6)    Includes unrealized credit loss provisions of $1.5 million, $14.4 million and $16.1 million for the three months ended December 31, 2020, three months ended September 30, 2020 and for the year ended December 31, 2020, respectively, related to the Partnership's adoption of ASC 326 effective January 1, 2020.



    Teekay LNG Partners L.P.
    Consolidated Balance Sheets
    (in thousands of U.S. Dollars)

      As at December 31, As at September 30, As at December 31,
      2020 2020 2019
      (unaudited) (unaudited) (unaudited)
    ASSETS      
    Current      
    Cash and cash equivalents 206,762   201,036   160,221  
    Restricted cash – current 8,358   11,224   53,689  
    Accounts receivable 7,631   6,753   13,460  
    Prepaid expenses 9,259   9,706   6,796  
    Current portion of derivative assets     355  
    Current portion of net investments in direct financing and sales-type leases, net 13,969   13,762   273,986  
    Current portion of advances to equity-accounted joint ventures, net 10,991      
    Advances to affiliates 4,924   1,953   5,143  
    Other current assets 237   237   238  
    Total current assets 262,131   244,671   513,888  
           
    Restricted cash – long-term 42,823   42,577   39,381  
    Vessels and equipment      
    At cost, less accumulated depreciation 1,220,355   1,244,123   1,335,397  
    Vessels related to finance leases, at cost, less accumulated depreciation 1,654,814   1,664,059   1,691,945  
    Operating lease right-of-use asset 20,750   24,179   34,157  
    Total vessels and equipment 2,895,919   2,932,361   3,061,499  
    Investments in and advances to equity-accounted joint ventures, net 1,056,792   1,092,724   1,155,316  
    Net investments in direct financing and sales-type leases, net 500,101   508,561   544,823  
    Other assets 22,382   20,025   14,738  
    Derivative assets 4,505     1,834  
    Intangible assets – net 34,510   36,724   43,366  
    Goodwill 34,841   34,841   34,841  
    Total assets 4,854,004   4,912,484   5,409,686  
    LIABILITIES AND EQUITY      
    Current      
    Accounts payable 4,883   2,319   5,094  
    Accrued liabilities 81,706   84,975   76,752  
    Unearned revenue 30,254   32,685   28,759  
    Current portion of long-term debt 250,508   291,720   393,065  
    Current obligations related to finance leases 71,932   71,441   69,982  
    Current portion of operating lease liabilities 14,003   13,841   13,407  
    Current portion of derivative liabilities 56,925   35,616   38,458  
    Advances from affiliates 11,047   13,970   7,003  
    Total current liabilities 521,258   546,567   632,520  
    Long-term debt 1,221,705   1,201,909   1,438,331  
    Long-term obligations related to finance leases 1,268,990   1,287,044   1,340,922  
    Long-term operating lease liabilities 6,747   10,338   20,750  
    Other long-term liabilities 56,063   81,991   51,006  
    Derivative liabilities 32,971   53,088   49,182  
    Total liabilities 3,107,734   3,180,937   3,532,711  
    Equity      
    Limited partners – common units 1,465,408   1,459,599   1,543,598  
    Limited partners – preferred units 285,159   285,159   285,159  
    General partner 46,182   46,081   50,241  
    Accumulated other comprehensive loss (103,836 ) (111,967 ) (57,312 )
    Partners' equity 1,692,913   1,678,872   1,821,686  
    Non-controlling interest 53,357   52,675   55,289  
    Total equity 1,746,270   1,731,547   1,876,975  
    Total liabilities and total equity 4,854,004   4,912,484   5,409,686  



    Teekay LNG Partners L.P.
    Consolidated Statements of Cash Flows
    (in thousands of U.S. Dollars)

      Year Ended
      December 31, December 31,
      2020  2019 
      (unaudited) (unaudited)
    Cash and cash equivalents provided by (used for)    
    OPERATING ACTIVITIES    
    Net income 97,312   164,604  
    Non-cash and non-operating items:    
    Unrealized loss on non-designated derivative instruments 16,467   3,133  
    Depreciation and amortization 129,752   136,765  
    Write-down and (gain) on sales of vessels 51,000   (13,564 )
    Unrealized foreign currency exchange loss including the effect of settlement upon maturity of cross currency swaps 16,194   2,805  
    Equity income, net of distributions received $71,758 (2019 – $40,303) (475 ) (18,516 )
    Amortization of deferred financing issuance costs included in interest expense 5,788   8,135  
    Change in unrealized credit loss provisions included in other expense 16,075    
    Other non-cash items 7,161   7,634  
    Change in non-cash operating assets and liabilities:    
    Receipts from direct financing and sales-type leases 274,562   17,073  
    Expenditures for dry docking (5,259 ) (12,358 )
    Other non-cash operating assets and liabilities 4,928   3,218  
    Net operating cash flow 613,505   298,929  
    FINANCING ACTIVITIES    
    Proceeds from issuance of long-term debt 604,050   186,566  
    Scheduled repayments of long-term debt and settlement of related swaps (256,085 ) (132,627 )
    Prepayments of long-term debt (752,061 ) (188,787 )
    Financing issuance costs (5,111 ) (1,149 )
    Proceeds from financing related to sales and leaseback of vessels   317,806  
    Scheduled repayments of obligations related to finance leases (69,982 ) (71,726 )
    Extinguishment of obligations related to finance leases   (111,617 )
    Repurchase of common units (15,635 ) (25,728 )
    Cash distributions paid (104,397 ) (82,379 )
    Dividends paid to non-controlling interests (5,940 ) (90 )
    Acquisition of non-controlling interest in certain of the Partnership's subsidiaries (2,219 )  
    Net financing cash flow (607,380 ) (109,731 )
    INVESTING ACTIVITIES    
    Expenditures for vessels and equipment, net of warranty settlement (10,482 ) (97,895 )
    Capital contributions and advances to equity-accounted joint ventures (991 ) (72,391 )
    Proceeds from repayments of advances to equity-accounted joint ventures 10,000    
    Proceeds from sales of vessels   11,515  
    Net investing cash flow (1,473 ) (158,771 )
    Increase in cash, cash equivalents and restricted cash 4,652   30,427  
    Cash, cash equivalents and restricted cash, beginning of the year 253,291   222,864  
    Cash, cash equivalents and restricted cash, end of the year 257,943   253,291  



    Teekay LNG Partners L.P.
    Appendix A - Reconciliation of Non-GAAP Financial Measures
    Adjusted Net Income
    (in thousands of U.S. Dollars)

      Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    2020 2020 2019 2020 2019
    (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
    Net income – GAAP basis 38,785   40,072   71,076   97,312   164,604  
    Less: net (income) loss attributable to non-controlling interests (3,643 ) 203   (3,706 ) (9,955 ) (11,814 )
    Net income attributable to the partners and preferred unitholders 35,142   40,275   67,370   87,357   152,790  
    Add (subtract) specific items affecting net income:          
    Write-down and (gain) on sales of vessels(1) 6,000     (14,349 ) 51,000   (13,564 )
    Restructuring charges(2)     339     3,315  
    Foreign currency exchange losses(3) 4,944   6,184   3,436   14,766   4,021  
    Unrealized credit loss provisions, unrealized gains and losses on non-designated derivative instruments and other items from equity-accounted investees(4) 15,106   5,586   (4,835 ) 55,082   11,169  
    Unrealized (gains) losses on non-designated derivative instruments(5) (2,086 ) (3,620 ) (7,182 ) 16,467   3,133  
    Unrealized credit loss provisions and other items(6) 174   14,397   5,046   12,852   8,461  
    Non-controlling interests’ share of items above(7) 698   (3,889 ) 517   (3,734 ) (669 )
    Total adjustments 24,836   18,658   (17,028 ) 146,433   15,866  
    Adjusted net income attributable to the partners and preferred unitholders 59,978   58,933   50,342   233,790   168,656  
               
    Preferred unitholders' interest in adjusted net income 6,427   6,425   6,426   25,702   25,702  
    General partner's interest in adjusted net income 941   923   878   3,824   2,859  
    Limited partners’ interest in adjusted net income 52,610   51,585   43,038   204,264   140,095  
    Limited partners’ interest in adjusted net income per common unit, basic 0.61   0.59   0.56   2.45   1.79  
    Weighted-average number of common units outstanding, basic 86,951,234   86,951,234   77,509,379   83,313,097   78,177,189  


    (1)   See Note 1 to the Consolidated Statements of Income included in this release for further details.
         
    (2)   See Note 2 to the Consolidated Statements of Income included in this release for further details.
         
    (3)   Foreign currency exchange losses primarily relate to the Partnership’s revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and unrealized losses (gains) on the cross-currency swaps economically hedging the Partnership’s NOK bonds. This amount excludes the realized losses relating to the cross currency swaps for the NOK bonds. See Note 5 to the Consolidated Statements of Income included in this release for further details.
         
    (4)   Reflects the proportionate share of write-down of vessels, unrealized credit loss provisions and unrealized gains or losses due to changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes in the Partnership's equity-accounted investees. See Note 3 to the Consolidated Statements of Income included in this release for further details.
         
    (5)   Reflects the unrealized (gains) losses due to changes in the mark-to-market value of the Partnership's derivative instruments that are not designated as hedges for accounting purposes. See Note 4 to the Consolidated Statements of Income included in this release for further details.
         
    (6)   For the three months ended December 31, 2020, three months ended September 30, 2020 and for the year ended December 31, 2020, includes unrealized credit loss provisions of $1.5 million, $14.4 million and $16.1 million, respectively, related to the Partnership's adoption of ASC 326 effective January 1, 2020.
         
    (7)   Items affecting net income include items from the Partnership’s consolidated non-wholly-owned subsidiaries. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to arrive at the non-controlling interests’ share of the amount. The amount identified as “non-controlling interests’ share of items above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of the other specific items affecting net income listed in the table.


    Teekay LNG Partners L.P.
    Appendix B - Reconciliation of Non-GAAP Financial Measures
    Distributable Cash Flow (DCF)
    (in thousands of U.S. Dollars, except units outstanding and per unit data)

      Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    2020  2020  2019  2020  2019 
    (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
                 
    Net income 38,785   40,072   71,076   97,312   164,604  
    Add:          
    Partnership’s share of equity-accounted joint ventures' DCF net of estimated maintenance capital expenditures(1) 38,511   38,065   32,514   158,843   101,637  
    Depreciation and amortization 32,883   32,601   33,053   129,752   136,765  
    Write-down and (gain) on sales of vessels 6,000     (14,349 ) 51,000   (13,564 )
    Foreign currency exchange loss 4,944   6,184   3,436   14,766   4,021  
    Deferred income tax and other non-cash items 3,723   (709 ) 992   4,383   5,674  
    Direct finance and sale-type lease payments received in excess of revenue recognized and other adjustments 3,578   3,502   10,310   14,241   21,636  
    Unrealized credit loss provisions 1,518   14,397     16,075    
    Distributions relating to equity financing of newbuildings     886     4,190  
    Subtract:          
    Unrealized (gains) losses on non-designated derivative instruments (2,086 ) (3,620 ) (7,182 ) 16,467   3,133  
    Distributions relating to preferred units (6,427 ) (6,425 ) (6,426 ) (25,702 ) (25,702 )
    Estimated maintenance capital expenditures (14,683 ) (14,683 ) (17,411 ) (58,536 ) (69,404 )
    Equity income (15,359 ) (24,346 ) (30,207 ) (72,233 ) (58,819 )
    Distributable Cash Flow before non-controlling interest 91,387   85,038   76,692   346,368   274,171  
    Non-controlling interests’ share of DCF before estimated maintenance capital expenditures (6,354 ) (5,870 ) (5,342 ) (24,120 ) (21,352 )
    Distributable Cash Flow 85,033   79,168   71,350   322,248   252,819  
    Amount of cash distributions attributable to the General Partner (389 ) (389 ) (301 ) (1,578 ) (1,211 )
    Limited partners' Distributable Cash Flow 84,644   78,779   71,049   320,670   251,608  
    Weighted-average number of common units outstanding, basic 86,951,234   86,951,234   77,509,379   83,313,097   78,177,189  
    Distributable Cash Flow per limited partner common unit 0.97   0.91   0.92   3.85   3.22  


    (1)   The estimated maintenance capital expenditures relating to the Partnership’s share of equity-accounted joint ventures were $15.4 million, $15.4 million and $13.4 million for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively, and $61.2 million and $47.0 million for the years ended December 31, 2020 and 2019, respectively.


     
    Teekay LNG Partners L.P.
    Appendix C - Reconciliation of Non-GAAP Financial Measures
    Total Adjusted EBITDA
    (in thousands of U.S. Dollars)

      Three Months Ended Year Ended
    December 31, September 30, December 31, December 31,
    2020 2020 2019 2020 2019
    (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
    Net income 38,785   40,072   71,076   97,312   164,604  
    Depreciation and amortization 32,883   32,601   33,053   129,752   136,765  
    Interest expense, net of interest income 29,020   29,122   39,790   125,922   160,536  
    Income tax expense 1,364   1,420   985   3,492   7,477  
    EBITDA 102,052   103,215   144,904   356,478   469,382  
               
    Add (subtract) specific income statement items affecting EBITDA:          
    Foreign currency exchange loss 6,618   7,853   4,545   21,356   9,640  
    Other expense 1,721   14,149   1,767   16,910   2,454  
    Equity income (15,359 ) (24,346 ) (30,207 ) (72,233 ) (58,819 )
    Realized and unrealized loss (gain) on non-designated derivative instruments 3,020   1,327   (4,352 ) 33,334   13,361  
    Write-down and (gain) on sales of vessels 6,000     (14,349 ) 51,000   (13,564 )
    Direct finance and sale-type lease payments received in excess of revenue recognized and other adjustments 3,578   3,502   10,310   14,241   21,636  
    Consolidated adjusted EBITDA 107,630   105,700   112,618   421,086   444,090  
    Adjusted EBITDA from equity-accounted vessels (See Appendix E) 82,598   81,202   71,550   336,772   240,577  
    Total adjusted EBITDA 190,228   186,902   184,168   757,858   684,667  



    Teekay LNG Partners L.P.
    Appendix D - Reconciliation of Non-GAAP Financial Measures
    Consolidated Adjusted EBITDA by Segment
    (in thousands of U.S. Dollars)

      Three Months Ended December 31, 2020 Year Ended December 31, 2020
      (unaudited) (unaudited)
      Liquefied Natural Gas Segment Liquefied Petroleum Gas Segment Conventional Tanker Segment Total Total
    Voyage revenues 143,071   11,005     154,076   591,103  
    Voyage expenses (747 ) (5,051 )   (5,798 ) (17,394 )
    Vessel operating expenses (26,010 ) (5,233 )   (31,243 ) (116,396 )
    Time-charter hire expenses (6,294 )     (6,294 ) (23,564 )
    Depreciation and amortization (30,707 ) (2,176 )   (32,883 ) (129,752 )
    General and administrative expenses (6,171 ) (518 )   (6,689 ) (26,904 )
    Write-down of vessels   (6,000 )   (6,000 ) (51,000 )
    Income (loss) from vessel operations 73,142   (7,973 )   65,169   226,093  
    Depreciation and amortization 30,707   2,176     32,883   129,752  
    Write-down of vessels   6,000     6,000   51,000  
    Direct finance and sales-type lease payments received in excess of revenue recognized and other adjustments 3,578       3,578   14,241  
    Consolidated adjusted EBITDA 107,427   203     107,630   421,086  
               
      Three Months Ended December 31, 2019 Year Ended December 31, 2019
      (unaudited) (unaudited)
      Liquefied Natural Gas Segment Liquefied Petroleum Gas Segment Conventional Tanker Segment Total Total
    Voyage revenues 138,436   10,347   14   148,797   601,256  
    Voyage (expenses) recoveries (57 ) (4,573 ) 2   (4,628 ) (21,387 )
    Vessel operating expenses (25,363 ) (5,102 ) (241 ) (30,706 ) (111,585 )
    Time-charter hire expenses (5,987 )     (5,987 ) (19,994 )
    Depreciation and amortization (31,064 ) (1,989 )   (33,053 ) (136,765 )
    General and administrative (expenses) recoveries (4,392 ) (484 ) 47   (4,829 ) (22,521 )
    Gain on sales and write-down of vessels 14,349       14,349   13,564  
    Restructuring (charges) recoveries (400 )   61   (339 ) (3,315 )
    Income (loss) from vessel operations 85,522   (1,801 ) (117 ) 83,604   299,253  
    Depreciation and amortization 31,064   1,989     33,053   136,765  
    Gain on sales and write-down of vessels (14,349 )     (14,349 ) (13,564 )
    Direct finance and sales-type lease payments received in excess of revenue recognized and other adjustments 10,310       10,310   21,636  
    Consolidated adjusted EBITDA 112,547   188   (117 ) 112,618   444,090  



    Teekay LNG Partners L.P.
    Appendix E - Reconciliation of Non-GAAP Financial Measures
    Adjusted EBITDA from Equity-Accounted Vessels
    (in thousands of U.S. Dollars)

      Three Months Ended
      December 31, 2020 December 31, 2019
      (unaudited) (unaudited)
      At Partnership's At Partnership's
    100% Portion(1) 100% Portion(1)
    Voyage revenues 247,876   107,172   218,416   97,617  
    Voyage expenses (3,886 ) (1,809 ) (1,567 ) (788 )
    Vessel operating expenses, time-charter hire expenses and general and administrative expenses (72,680 ) (31,726 ) (71,018 ) (31,535 )
    Depreciation and amortization (23,748 ) (12,339 ) (28,528 ) (13,852 )
    Write-down of vessels (34,000 ) (17,000 )    
    Income from vessel operations of equity-accounted vessels 113,562   44,298   117,303   51,442  
    Net interest expense (66,314 ) (26,832 ) (61,932 ) (25,641 )
    Income tax expense (2,863 ) (1,080 ) (200 ) (107 )
    Other items including realized and unrealized (losses) gains on derivative instruments and unrealized credit loss provisions(2) (4,485 ) (1,027 ) 12,743   4,513  
    Net income / equity income of equity-accounted vessels 39,900   15,359   67,914   30,207  
    Net income / equity income of equity-accounted LNG vessels 65,903   28,593   64,274   28,468  
    Net (loss) income / equity (loss) income of equity-accounted LPG vessels (26,003 ) (13,234 ) 3,640   1,739  
             
    Net income / equity income of equity-accounted vessels 39,900   15,359   67,914   30,207  
    Depreciation and amortization 23,748   12,339   28,528   13,852  
    Net interest expense 66,314   26,832   61,932   25,641  
    Income tax expense 2,863   1,080   200   107  
    EBITDA from equity-accounted vessels 132,825   55,610   158,574   69,807  
             
    Add (subtract) specific income statement items affecting EBITDA:        
    Other items including realized and unrealized losses (gains) on derivative instruments and unrealized credit loss provisions(2) 4,485   1,027   (12,743 ) (4,513 )
    Write-down of vessels 34,000   17,000      
    Direct finance and sale-type lease payments received in excess of revenue recognized 27,387   9,917   19,286   7,212  
    Amortization of in-process contracts (1,759 ) (956 ) (1,758 ) (956 )
    Adjusted EBITDA from equity-accounted vessels 196,938   82,598   163,359   71,550  
    Adjusted EBITDA from equity-accounted LNG vessels 173,657   70,958   143,164   61,454  
    Adjusted EBITDA from equity-accounted LPG vessels 23,281   11,640   20,195   10,096  


    (1)   The Partnership's equity-accounted vessels for the three months ended December 31, 2020 and 2019 include: the Partnership’s 40 percent ownership interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership’s 50 percent ownership interest in the Partnership’s joint venture with Exmar NV (the Excalibur Joint Venture), which owns one LNG carrier; the Partnership’s 33 percent ownership interest in four LNG carriers servicing the Angola LNG project; the Partnership’s 52 percent ownership interest in the MALT Joint Venture, which owns six LNG carriers; the Partnership’s 50 percent ownership interest in Exmar LPG BVBA, which owns and in-charters 23 LPG carriers; the Partnership’s ownership interest ranging from 20 to 30 percent in four LNG carriers chartered to Shell (the Pan Union Joint Venture); the Partnership’s 50 percent ownership interest in six ARC7 LNG carriers in the Yamal LNG Joint Venture; and the Partnership's 30 percent ownership interest in the Bahrain LNG Joint Venture, which owns an LNG receiving and regasification terminal in Bahrain.
         
    (2)   Unrealized credit loss provisions relate to the Partnership's adoption of ASC 326 effective January 1, 2020.



      Year Ended
      December 31, 2020 December 31, 2019
      (unaudited) (unaudited)
      At Partnership's At Partnership's
    100% Portion(1) 100% Portion(1)
    Voyage revenues 1,007,442   435,299   767,026   334,218  
    Voyage expenses (10,876 ) (5,168 ) (10,807 ) (5,359 )
    Vessel operating expenses, time-charter hire expenses and
    general and administrative expenses
    (290,270 ) (127,684 ) (247,070 ) (109,063 )
    Depreciation and amortization (100,969 ) (51,162 ) (114,610 ) (55,340 )
    Write-down of vessels (34,000 ) (17,000 )    
    Income from vessel operations of equity-accounted vessels 571,327   234,285   394,539   164,456  
    Net interest expense (277,038 ) (111,809 ) (224,635 ) (91,394 )
    Income tax expense (3,685 ) (1,504 ) (3,683 ) (1,420 )
    Other items including realized and unrealized losses on
    derivative instruments and unrealized credit loss provisions(2)
    (151,821 ) (48,739 ) (41,197 ) (12,823 )
    Net income / equity income of equity-accounted vessels 138,783   72,233   125,024   58,819  
    Net income / equity income of equity-accounted LNG vessels 151,858   79,244   125,944   59,600  
    Net loss / equity loss of equity-accounted LPG vessels (13,075 ) (7,011 ) (920 ) (781 )
             
    Net income / equity income of equity-accounted vessels 138,783   72,233   125,024   58,819  
    Depreciation and amortization 100,969   51,162   114,610   55,340  
    Net interest expense 277,038   111,809   224,635   91,394  
    Income tax expense 3,685   1,504   3,683   1,420  
    EBITDA from equity-accounted vessels 520,475   236,708   467,952   206,973  
             
    Add (subtract) specific income statement items affecting EBITDA:        
    Other items including realized and unrealized losses on derivative instruments and unrealized credit loss provisions(2) 151,821   48,739   41,197   12,823  
    Write-down of vessels 34,000   17,000      
    Direct finance and sale-type lease payments received in excess of revenue recognized 105,496   38,117   67,807   24,574  
    Amortization of in-process contracts (6,974 ) (3,792 ) (6,974 ) (3,793 )
    Adjusted EBITDA from equity-accounted vessels 804,818   336,772   569,982   240,577  
    Adjusted EBITDA from equity-accounted LNG vessels 720,137   294,435   499,176   205,181  
    Adjusted EBITDA from equity-accounted LPG vessels 84,681   42,337   70,806   35,396  


    (1)   The Partnership's equity-accounted vessels for the year ended December 31, 2020 and 2019 include: the Partnership’s 40 percent ownership interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership’s 50 percent ownership interest in the Partnership’s joint venture with Exmar NV (the Excalibur Joint Venture), which owns one LNG carrier; the Partnership’s 33 percent ownership interest in four LNG carriers servicing the Angola LNG project; the Partnership’s 52 percent ownership interest in the MALT Joint Venture, which owns six LNG carriers; the Partnership’s 50 percent ownership interest in Exmar LPG BVBA, which owns and in-charters 23 LPG carriers; the Partnership’s ownership interest ranging from 20 to 30 percent in four LNG carriers chartered to Shell (the Pan Union Joint Venture); the Partnership’s 50 percent ownership interest in six ARC7 LNG carriers in the Yamal LNG Joint Venture; and the Partnership's 30 percent ownership interest in the Bahrain LNG Joint Venture, which owns an LNG receiving and regasification terminal in Bahrain.
         
    (2)   Unrealized credit loss provisions relate to the Partnership's adoption of ASC 326 effective January 1, 2020.



    Teekay LNG Partners L.P.
    Appendix F - Summarized Financial Information of Equity-Accounted Joint Ventures
    (in thousands of U.S. Dollars)

      As at December 31, 2020 As at December 31, 2019
      (unaudited) (unaudited)
      At Partnership's At Partnership's  
    100% Portion(1) 100% Portion(1)  
    Cash and restricted cash, current and non-current 549,454   225,049   509,065   210,736  
    Other current assets 67,580   25,415   62,566   27,719  
    Property, plant and equipment, including owned vessels, vessels related to finance leases and operating lease right-of-use assets 1,961,820   1,000,386   3,112,349   1,375,570  
    Net investments in sales-type and direct financing leases, current and non-current 5,384,652   2,077,707   4,589,139   1,856,709  
    Other non-current assets 87,248   51,812   50,967   41,015  
    Total assets 8,050,754   3,380,369   8,324,086   3,511,749  
               
    Current portion of long-term debt and obligations related to finance leases and operating leases 306,185   129,538   315,247   136,573  
    Current portion of derivative liabilities 68,966   27,988   34,618   13,658  
    Other current liabilities 164,266   65,311   153,816   66,224  
    Long-term debt and obligations related to finance leases and operating leases 4,789,260   1,938,748   5,026,123   2,041,595  
    Shareholders' loans, current and non-current 341,113   121,778   346,969   126,546  
    Derivative liabilities 280,480   112,922   162,640   66,060  
    Other long-term liabilities 70,743   33,353   64,196   32,323  
    Equity 2,029,741   950,731   2,220,477   1,028,770  
    Total liabilities and equity 8,050,754   3,380,369   8,324,086   3,511,749  
               
    Investments in equity-accounted joint ventures   950,731     1,028,770  
    Advances to equity-accounted joint ventures   121,778     126,546  
    Unrealized credit loss provisions(2)   (4,726 )    
    Investments in and advances, net to equity-accounted joint ventures, current and non-current   1,067,783     1,155,316  


    (1)   The Partnership's equity-accounted vessels as at December 31, 2020 and December 31, 2019 include: the Partnership’s 40 percent ownership interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership’s 50 percent ownership interests in the Excalibur Joint Venture, which owns one LNG carrier; the Partnership’s 33 percent ownership interest in four LNG carriers servicing the Angola LNG project; the Partnership’s 52 percent ownership interest in the MALT Joint Venture, which owns six LNG carriers; the Partnership’s 50 percent ownership interest in Exmar LPG BVBA, which owns and in-charters 23 LPG carriers; the Partnership’s ownership interest ranging from 20 percent to 30 percent in four LNG carriers chartered to Shell in the Pan Union Joint Venture; the Partnership’s 50 percent ownership interest in six ARC7 LNG carriers in the Yamal LNG Joint Venture; and the Partnership's 30 percent ownership interest in the Bahrain LNG Joint Venture, which owns an LNG receiving and regasification terminal in Bahrain.
         
    (2)   The unrealized credit loss provisions relate to the Partnership's adoption of ASC 326 effective January 1, 2020.



    Forward-Looking Statements

    This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements, among other things, regarding: the impact of market volatility and related global events on the Partnership's operations and cash flows; fixed charter coverage for the Partnership's LNG fleet for 2021 and 2022; the expected increase in the Partnership’s common unit distribution commencing in the first quarter of 2021 (and the coverage of such increased distribution payments); the continued creditworthiness of the Partnership’s contractual counterparties; the ability of the Partnership to realize and receive the full benefits from its contractual backlog of revenue under its long-term charter contracts; continued receipt of terminal use payments in respect of the Bahrain LNG regasification terminal; the expected increase in the Partnership's equity value and financial flexibility resulting from the Partnership’s continued delevering of its balance sheet; and the expected cash flows from, and the continued performance of, the Partnership's and its joint ventures' charter contracts.

    The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in production of LNG or LPG, either generally or in particular regions; changes in trading patterns or timing of start-up of new LNG liquefaction and regasification projects significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of long-term contracts of existing vessels in the Partnership's fleet; higher than expected costs and expenses, including as a result of off-hire days or dry-docking requirements (both scheduled and unscheduled); delays in the Partnership’s ability to successfully and timely complete dry dockings; general market conditions and trends, including spot, multi-month and multi-year charter rates; inability of customers of the Partnership or any of its joint ventures to make future payments under contracts; potential further delays to the formal commencement of commercial operations of the Bahrain Regasification Terminal; the inability of the Partnership to renew or replace long-term contracts on existing vessels; potential lack of cash flow to reduce balance sheet leverage or of excess capital available to allocate towards returning capital to unitholders; potential lack of cash flow to continue paying distributions on the Partnership’s common units and other securities; and other factors discussed in Teekay LNG Partners’ filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

     




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    Teekay LNG Partners Reports Fourth Quarter and Record Annual 2020 Results Highlights GAAP net income attributable to the partners and preferred unitholders of $35.1 million and GAAP net income per common unit of $0.32 in the fourth quarter of 2020; and $87.4 million and $0.73 per common unit, respectively, for fiscal …