Teekay LNG Partners Cash Flow Rises (Bermuda)

Teekay, the general partner of Teekay LNG Partners, reported the Partnership’s results for the quarter ended March 31, 2013.

During the first quarter of 2013, the Partnership generated distributable cash flow of $53.7 million, compared to $50.8 million in the same quarter of the previous year.

The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: a 50 percent interest in Exmar LPG BVBA, a joint venture with Exmar NV that owns and charters-in 25 liquefied petroleum gas (LPG) carriers, including eight newbuilding carriers, in February 2013; and a 52 percent interest in six liquefied natural gas (LNG) carriers in February 2012.

On April 18, 2013, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2013. The cash distribution is payable on May 14, 2013 to all unitholders of record on April 30, 2013.

Financial Summary

The Partnership reported adjusted net income attributable to the partners of $39.1 million for the quarter ended March 31, 2013, compared to $35.6 million for the same period of the prior year. Adjusted net income attributable to the partners excludes a number of specific items that had the net effect of increasing net income by $15.4 million and decreasing net income by $10.9 million for the three months ended March 31, 2013 and 2012. Including these items, the Partnership reported net income attributable to the partners, on a GAAP basis, of $54.4 million and $24.7 million for the three months ended March 31, 2013 and 2012, respectively.

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LNG World News Staff, May 9, 2013