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- Revenue of $ 319.8 million and net loss of $ 28.0 million, or ($ 0.09) per common unit
- Adjusted net income attributable to partners and preferred unitholders(1) $ 4.7 million and an adjusted net loss attributable to limited partners of $ 0.01 per common unit (excluding items listed in Appendix B to this version)
- Adjusted EBITDA(1) $ 158.9 million
- In May 2019, finalization of a $ 450 million refinancing of a long-term loan facility secured by 16 tankers
- In May 2019, Brookfield received a non-binding, unsolicited proposal to acquire all of the issued and outstanding common shares of the public that Brookfield does not already own in exchange for $ 1.05 in cash per Common Unit.
HAMILTON, Bermuda, July 31, 2019 (GLOBE NEWSWIRE) – Teekay Offshore GP LLC (TROP GP), General Partner of Teekay Offshore Partners L.P.Teekay Offshore or the partnership) (NYSE: TOO), announced today the results of the limited partnership for the quarter ended June 30, 2019.
Consolidated financial summary
| Three months have ended | |||||||
| June 30th | March, 31st, | June 30th | |||||
| (in thousands of US dollars, except data per unit) | 2019 | 2019 (2) | 2018 | ||||
| (not verified) | (not verified) | (not verified) | |||||
| GAAP FINANCIAL RESULTS | |||||||
| Income | 319,774 | 336.637 | 320,354 | ||||
| Net loss | (27,979 | ) | (2,598 | ) | (168,492 | ) | |
| Interest of Limited Partners in Net Loss per Common Unit – Basic | (0.09 | ) | (0.03 | ) | (0.43 | ) | |
| NON-GAAP FINANCIAL RESULTS: | |||||||
| Adjusted EBITDA (1) | 158,941 | 188.150 | 160198 | ||||
| Adjusted net income (loss) attributable to partners and preferred unitholders (1) | 4,735 | 29,510 | (732 | ) | |||
| Interest of Limited Partners in Adjusted Net Income per Common Unit (1) | (0.01 | ) | 0.05 | (0.02 | ) | ||
- These are non-GAAP financial measures. Please refer to "Non-GAAP Financial Definitions and Measures" and the appendices to this press release for definitions of these terms and reconciliations of these non-GAAP financial measures used in this news release with the financial measures of the Canadian GAAP. more directly comparable under generally accepted accounting in the United States. principles (GAAP).
- Please refer to the appendices of the press release announcing the results for the first quarter of 2019 attached as Schedule 1 to Form 6-K filed with the Securities and Exchange Commission on April 30, 2019 for a reconciliation of these non-measurement measures. most directly comparable under GAAP.
Second quarter of 2019 compared to the second quarter of 2018
Revenues were $ 320 million in the second quarter of 2019, which was consistent with the same quarter last year.
The net loss decreased to $ 28 million in the second quarter of 2019 compared to $ 168 million in the same quarter last year mainly due to the recognition of write-downs and write-offs. gains on ship sales and the reduction in unrealized fair value losses on derivative instruments resulting from interest rate movements. In the second quarter of 2019, the net loss included a gain on the sale of three vessels of $ 13 million, while in the second quarter of 2018, the net loss included write-downs of $ 180 million related to two FPSO units.
Non-GAAP adjusted EBITDA was $ 159 million in the second quarter of 2019, which was in line with the same quarter of 2018. An increase in adjusted EBITDA of $ 11 million from the transportation vessel segment was offset by a $ 11 million decrease in the FPSO sector. .
Non-GAAP adjusted net income was $ 5 million in the second quarter of 2019, up $ 5 million from the same quarter last year, primarily due to 39, a decrease in amortization of $ 7 million.
Second quarter of 2019 compared to the first quarter of 2019
Revenues decreased by $ 17 million and net loss increased by $ 25 million in the second quarter of 2019 compared to the prior quarter, primarily due to the absence of $ 15 million of deferred revenue amortization. cashier related to the Piranema Spirit FPSO, fully amortized in the first quarter of 2019; a reduction of $ 7 million in contributions since the completion of the Rio das Ostras Charter of FPSO units in March 2019 and a decrease of $ 5 million compared to less use of the tow fleet. The operating and operating expenses of the vessels in the second quarter of 2019 also included the recognition of deferred revenue and deferred charges of $ 13 million and $ 15 million, respectively, upon the termination of the Cheviot Field Agreement. relating to Petrojarl Varg FPSO unit. Other items affecting the change in net loss include a $ 13 million gain on the sale of three ships in the second quarter of 2019 and a $ 9 million increase in unrealized fair value losses on derivative instruments.
Non-GAAP adjusted EBITDA and Adjusted net income decreased by $ 29 million and $ 25 million, respectively, in the second quarter of 2019, compared to the prior quarter, mainly due to higher revenues and expenses. the operation of the vessels as described above.
Please refer to "Results of Operations" for more information on segment and Annexes A and B for reconciliations between GAAP net income (loss) and Adjusted EBITDA and non-GAAP adjusted net income, respectively.
Comment from the CEO
"We are pleased to announce another strong operating quarter with adjusted EBITDA of $ 159 million. The Tanker and FSO results were in line with the first quarter, while the FPSO segment decreased by $ 22 million, primarily for non-cash items. The tow segment was essentially EBITDA neutral, "said Ingvild Sæther, President and Chief Executive Officer of Teekay Offshore Group Ltd.
"During the quarter, we decided to end the agreement with Alpha Petroleum for the redeployment of the Petrojarl Varg FPSO on the UK Cheviot field. Given the increased activity on a number of field developments in the North Sea, it was important for us to reach a final contract with Alpha Petroleum on the Cheviot field, or to make the unit available for other developments in the field where it can offer an attractive offer. development solution in the field. "
Ms. Sæther added, "On the financing side, we were pleased to announce during the quarter the refinancing of the $ 450 million revolving credit facility backed by 16 of our oil companies on attractive terms. in addition to the long-term financing of the first four new tanker constructions and the refinancing of three FPSOs to the tune of $ 100 million, as announced in the last quarterly news release. "
Summary of recent events
Brookfield Investment
At the end of May 2019, Brookfield Business Partners LP (NYSE: BBU) (TSX: BBU.UN) submitted an unsolicited unsolicited proposal, together with its institutional partners (collectively Brookfield), to acquire all of the issued and outstanding common shares of the Partnership that are the limited partnership of the Partnership that Brookfield does not already own in exchange for $ 1.05 in cash per Common Unit. The Partnership Conflicts Committee, composed solely of Teekay Offshore directors not affiliated with Brookfield, evaluates the proposed offer on behalf of the owners of the Brookfield Limited Partnership. The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts Committee and the fulfillment of any conditions to the completion of a transaction that may be defined in any definitive agreement relating to the transaction. transaction. There can be no badurance that final documentation will be executed or that any transaction will materialize as described above or at all.
In May 2019, Brookfield purchased all of Teekay Corporation's remaining interest in the Partnership, including its 49% general partnership interests, 13.8% common shares, 17.3 million subscription of common shares and a $ 25 million loan outstanding under an unsecured revolving credit facility, for a total proceeds of $ 100 million.
Financing
On July 30, 2019, the remaining principal amount of $ 75 million of our outstanding 6% and 5 year senior unsecured debentures matured and were repaid by drawing $ 75 million of the Partnership under an existing revolving credit facility.
In May 2019, the Partnership obtained $ 450 million refinancing from 16 tankers. The facility was used to refinance an existing revolving credit facility, dated September 2017, which bore interest at LIBOR plus a margin of 300 basis points and a remaining term of 3.4 years. The new revolving credit facility bears interest at LIBOR plus a margin of 250 basis points and has a term of five years and a profile of 8.4 years.
At the end of April 2019, the Partnership completed a $ 100 million refinancing Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a lump sum payment of $ 35 million. The new revolving credit facility bears interest at LIBOR, plus a margin of 300 basis points, and is $ 45 million over three years, as a result of the relative short-term order backlog for these units. FPSO.
In April 2019, the Partnership acquired a new $ 414 million long-term debt facility to finance four new Suezmax DP2 LNG fueled tanker projects. . On delivery in 2019 and 2020, two of the vessels will enter service under the Partnership's Equinor Framework Agreement, while the other two vessels will join the Partnership's charter (CoA) tanker portfolio in the North Sea. The new facility is funded and guaranteed by export credit agencies and Canadian and Norwegian commercial banks. It bears interest at LIBOR, plus a margin of 225 basis points, and has a maximum life of 12 years from the date of delivery of each vessel and an 18-year Repayment Profile.
Termination of the Cheviot Field Contract
In June 2019, the Partnership announced that an agreement with Alpha Petroleum Resources Limited (or Alpha) on the use of the Petrojarl Varg The FPSO was closed due to the inability of Alpha to meet certain prerequisites, including the fact that Alpha provides initial financing to cover the costs of life extension and upgrade, in contractual deadlines. The partnership is currently looking for other deployment opportunities for the Petrojarl Varg FPSO unit.
Change in the board of directors
In July 2019, Brookfield appointed Gregory Morrison to the board of Teekay Offshore General Partner, replacing Walter Weathers, appointed by Brookfield in September 2017.
Liquidity update
As at June 30, 2019, the Partnership had total liquidities of $ 202 million, an increase of $ 19 million from March 31, 2019. The increase in cash is primarily due to the refinancing of the revolving credit facility. FPSO of the Partnership and the proceeds received from the transaction. sale of Pattani Spirit FSO and the Nordic spirit and Alexita Spirit Tankers during the second quarter of 2019.
Results of exploitation
The commentary below compares certain results from our operating segments for the three months ended June 30, 2019, for the same period last year, unless otherwise noted.
FPSO segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 127,478 | 136,560 | 124,053 | |||
| Adjusted EBITDA | 72 169 | 94,420 | 83,429 | |||
Adjusted EBITDA (including Adjusted EBITDA for vessels accounted for using the equity method) decreased by $ 11 million primarily due to: $ 8 million decrease due to lease agreement Rio das Ostras FPSO unit in March 2019; and a decrease of $ 6 million resulting from an extension of the Piranema Spirit FPSO unit with lower charter rates than the original contract and a decrease in amortization of non-cash deferred revenue; partially offset by an increase of $ 6 million since the beginning of the activities of the Petrojarl I FPSO unit in May 2018.
Adjusted EBITDA decreased by $ 22 million compared to the quarter ended March 31, 2019, primarily due to: the absence of $ 15 million amortization of non-cash deferred revenue related to Piranema Spirit FPSO unit; and a decrease of $ 5 million since the completion of Rio das Ostras Contract of FPSO unit charter in March 2019.
Maritime Shuttle Segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 137,050 | 137,337 | 142,047 | |||
| Adjusted EBITDA | 67,688 | 67,337 | 56,254 | |||
Adjusted EBITDA increased by $ 11 million, mainly due to: $ 4 million increase in the use of CoA and rates in the second quarter of 2019; $ 4 million from a decrease in vessel operating costs and overhead and administrative costs; and $ 3 million because of the timing of the ship's dry docking.
Adjusted EBITDA was in line with the first quarter of 2019.
FSO segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 34,605 | 34,654 | 33,840 | |||
| Adjusted EBITDA | 22,761 | 23,335 | 22,717 | |||
Adjusted EBITDA was in line with previous periods.
UMS segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 431 | 1,622 | – | |||
| Adjusted EBITDA | (1,884 | ) | 1,316 | (2,208 | ) | |
Adjusted EBITDA was consistent with the same quarter last year.
Adjusted EBITDA decreased by $ 3 million compared to the quarter ended March 31, 2019, mainly due to an insurance settlement received in the first quarter of 2019.
Towing segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 16,716 | 21,986 | 15,510 | |||
| Adjusted EBITDA | (426 | ) | 4,120 | 2,048 | ||
Adjusted EBITDA decreased by $ 2 million due to an increase in vessel operating expenses related to the reactivation of ALP Forward in June 2019, which was previously in lay-up.
Adjusted EBITDA decreased by $ 5 million from the quarter ended March 31, 2019, due to a decrease in the use of the tow fleet from 96% to 67% and an increase in operating expenses of vessels related to the reactivation of the park. ALP Forward in June 2019.
Conventional oil tanker segment
| Three months have ended | ||||||
| June 30th | March, 31st, | June 30th | ||||
| 2019 | 2019 | 2018 | ||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | |||
| Income | 3,494 | 4,478 | 4,904 | |||
| Adjusted EBITDA | (225 | ) | (1,203 | ) | (2,412 | ) |
Adjusted EBITDA increased by $ 2 million. The partnership restituted the two chartered vessels to their owners in March and April 2019, respectively, and has no more activity on the conventional tanker segment.
The fleet of Teekay Offshore
The following table summarizes Teekay Offshore's fleet as of July 31, 2019. Teekay Offshore's fleet is consistent with the fleet table previously published in the first quarter release of 2019.
| Number of vessels | ||||||||||||
| Possesses ships |
Chartered-in ships |
engaged New buildings |
Total | |||||||||
| FPSO segment | 8 (I) | – | – | 8 | ||||||||
| Maritime Shuttle Segment | 25 (Ii) | 2 | 6 (Iii) | 33 | ||||||||
| FSO segment | 5 | – | – | 5 | ||||||||
| UMS segment | 1 | – | – | 1 | ||||||||
| Towing segment | ten | – | – | ten | ||||||||
| Conventional segment | – | – | – | – | ||||||||
| Total | 49 | 2 | 6 | 57 | ||||||||
- Includes two FPSO units, the Cidade of Itajai and Pioneiro of Librain which Teekay Offshore's interest is 50%.
- Includes four tankers in which Teekay Offshore's interest is 50% owned and a HiLoad DP unit.
- Includes six new DP2 shuttle tanker projects scheduled to be delivered in late 2019 to early 2021, two of which will operate under the main agreement between Teekay Offshore and Equinor, four of which will join the portfolio. CoA of Teekay Offshore in the North Sea.
Conference call
The Partnership plans to hold a conference call on Wednesday, July 31, 2019 at 12 noon. (HE) to discuss the second quarter results of 2019. All Unitholders and Interested Parties are invited to listen to the live conference call by choosing one of the following options:
- By calling 1-800-367-2403 or +1 (647) 490-5367, if you are outside of North America, and indicating conference ID 9980688
- By accessing the webcast, which will be available on the Teekay Offshore website at www.teekay.com (the archives will remain on the site for one year).
A presentation of the results for the second quarter of 2019 will also be available at the following address: www.teekay.com before the start time of the teleconference.
Forward-looking statements
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) reflecting management's current view of certain future events and performance, including: Petrojarl Varg FPSO unit; Brookfield's proposal to acquire all publicly held, issued and outstanding common shares of the Partnership, and all transactions that may result therefrom; the planned financing for two new constructions; the schedule of shipments of new ships for tankers and the start of the corresponding contracts. The following factors are among the factors that could cause actual results to differ materially from forward-looking statements, which involve risks and uncertainties, that should be taken into account in the badessment of such statements: changes in Exploration, production and storage of offshore oil and gas, generally or in particular regions that would affect expected future growth, particularly in the fields off the North Sea, Brazil and the east coast of Canada, or in related fields shipyard delivery delays and cost overruns; delays in the commencement of charter agreements; the ability of the Partnership to collect amounts due under the Petrobras Settlement Agreement; new opportunities for the Petrojarl Varg FPSO unit; and other factors discussed in Teekay Offshore's SEC filings, including its report on Form 20-F for the year ended December 31, 2018. The Partnership expressly disclaims the obligation or the a commitment to post updates or revisions to any forward-looking statement contained herein, reflecting any change in the Partnership's expectations therein or any change in the events, conditions or circumstances on which the forward-looking statement is based; .
About Teekay Offshore Partners L.P.
Teekay Offshore Partners LP is a leading international midsize services provider in the offshore oil production sector, primarily focused on the ownership and operation of critical infrastructure in the North Sea offshore oil Brazil and the east coast of Canada. Teekay Offshore has consolidated badets of approximately $ 5.2 billion, consisting of 57 offshore badets, including floating production, storage and offloading (FPSO) units, tankers (including six new vessels), floating storage and sampling (FSO) offshore towing and installation units as well as maintenance and safety units (UMS). The majority of Teekay Offshore's fleet is employed under stable medium-term contracts. Brookfield owns 100% of Teekay Offshore's general partner.
Teekay Offshore's ordinary units and preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A", "TOO PR B" and "TOO PR E", respectively.
For inquiries regarding investor relations, contact:
Jan Rune Steinsland
Tel: +47 9705 2533
Website: www.teekayoffshore.com
Teekay Offshore Partners L.P.
Consolidated Statements of Summary Results
| Three months have ended | Six months ended | ||||||||||
| June 30th | March, 31st, | June 30th | June 30th | June 30th | |||||||
| (in thousands of US dollars, except data per unit) | 2019 | 2019 | 2018 | 2019 | 2018 | ||||||
| (not verified) | (not verified) | (not verified) | (not verified) | (not verified) | |||||||
| Income | 319,774 | 336.637 | 320,354 | 656, 411 | 643.553 | ||||||
| Travel cost | (32,624 | ) | (34,066 | ) | (36,486 | ) | (66,690 | ) | (71,492 | ) | |
| Ship operating expenses | (118,718 | ) | (101,219 | ) | (110,298 | ) | (219,937) | ) | (225,680 | ) | |
| Charter Rental Fees | (10,619 | ) | (12,453 | ) | (13,464 | ) | (23,072 | ) | (26.191 | ) | |
| Depreciation and amortization | (88,666 | ) | (89,466 | ) | (95,440) | ) | (178.132 | ) | (189,744 | ) | |
| general and administrative | (17,212) | ) | (16,992 | ) | (17,890 | ) | (34.204 | ) | (35,676 | ) | |
| Gain on sale and (depreciation) of vessels | 11,756 | – | (178,795 | ) | 11,756 | (207,291 | ) | ||||
| Operating income | 63,691 | 82,441 | (132,019 | ) | 146.132 | (112.521 | ) | ||||
| Interest charges | (51,443 | ) | (52,414 | ) | (49,662 | ) | (103,857 | ) | (91.235 | ) | |
| Interest income | 1,253 | 1,070 | 734 | 2,323 | 1,392 | ||||||
| Realized and unrealized gain (loss) | |||||||||||
| on derivatives | (40,839 | ) | (31,390 | ) | 9.441 | (72,229 | ) | 43892 | |||
| Income in shares | 2,388 | 886 | 8,346 | 3,274 | 22,344 | ||||||
| Foreign exchange gain (loss) | 1,789 | (568 | ) | (3,860 | ) | 1,221 | (5,803 | ) | |||
| Other expenses – net | (1,640 | ) | (354 | ) | (592 | ) | (1,994 | ) | (3,863 | ) | |
| Loss before tax expense | (24,801 | ) | (329 | ) | (167,612 | ) | (25,130) | ) | (145,794 | ) | |
| The income tax expense | (3,178 | ) | (2269 | ) | (880 | ) | (5,447 | ) | (6,638 | ) | |
| Net loss | (27,979 | ) | (2,598 | ) | (168,492 | ) | (30,577 | ) | (152.432 | ) | |
| Non-controlling interest in net loss | 1 | 285 | 8 | 286 | (7,852 | ) | |||||
| Interest of Preferred Unitholders in Net Loss | 8,038 | 8,038 | 8,038 | 16,076 | 15,409 | ||||||
| Interest of the General Partner in the net loss | (274 | ) | (83 | ) | (1,342 | ) | (357 | ) | (1,217 | ) | |
| Interest of Limited Partners in Net Loss | (35,744 | ) | (10,838 | ) | (175,196) | ) | (46,582 | ) | (158,772 | ) | |
| Limited Partner Interest in Net Income | |||||||||||
| per common unit | |||||||||||
| – basic | (0.09 | ) | (0.03 | ) | (0.43 | ) | (0.11 | ) | (0.39 | ) | |
| – diluted | (0.09 | ) | (0.03 | ) | (0.43 | ) | (0.11 | ) | (0.39 | ) | |
| Weighted average number of common units: | |||||||||||
| – basic | 410 595 551 | 410342692 | 410 310 586 | 410,469,820 | 410206610 | ||||||
| – diluted | 410 595 551 | 410342692 | 410 310 586 | 410,469,820 | 410206610 | ||||||
| Total number of ordinary units in circulation | |||||||||||
| at the end of the period | 410,707,764 | 410 400 988 | 410,314,977 | 410,707,764 | 410,314,977 | ||||||
Teekay Offshore Partners L.P.
Consolidated balance sheets
| Like a | Like a | Like a | |||||
| June 30, 2019 | March 31, 2019 | December 31, 2018 | |||||
| (in thousands of US dollars) | (not verified) | (not verified) | (not verified) | ||||
| ASSETS | |||||||
| Current | |||||||
| Cash and cash equivalents | 201,567 | 182,791 | 225,040 | ||||
| Restricted species | 8,963 | 6,349 | 8,540 | ||||
| Accounts receivable | 169 137 | 122,083 | 141,903 | ||||
| Ships for sale | 13,756 | 20,027 | 12,528 | ||||
| Expenses paid in advance | 29.277 | 30,062 | 32,199 | ||||
| Due to related parties | – | 39,118 | 58,885 | ||||
| Other current badets | 6,272 | 9,506 | 11,879 | ||||
| Total current badets | 428.972 | 409.936 | 490 974 | ||||
| Ships and equipment | |||||||
| At cost, less accumulated amortization | 4,010,862 | 4,103,831 | 4,196,909 | ||||
| Advances on new construction contracts | 184,987 | 140,553 | 73,713 | ||||
| Investment in joint ventures accounted for using the equity method | 215,304 | 213,047 | 212.202 | ||||
| Deferred tax badet | 7,295 | 8,746 | 9,168 | ||||
| Due to related parties | – | 954 | 949 | ||||
| other badets | 207,796 | 214,943 | 198,992 | ||||
| Good will | 129 145 | 129 145 | 129 145 | ||||
| Total badets | 5184361 | 5,221,155 | 5312052 | ||||
| PASSIVE AND EQUITY | |||||||
| Current | |||||||
| Accounts payable | 55,544 | 10,990 | 16,423 | ||||
| Fees to pay | 138.204 | 108,577 | 129,896 | ||||
| Deferred revenue | 61,721 | 59,325 | 55,750 | ||||
| Due to related parties | 50,000 | 167,292 | 183,795 | ||||
| Current portion of derivative instruments | 21,693 | 18,245 | 23,290 | ||||
| Slice of long-term debt | 487,018 | 480,484 | 554,336 | ||||
| Other current liabilities | 5,344 | 10,002 | 15 062 | ||||
| Total current liabilities | 819.524 | 854,915 | 978.552 | ||||
| Long-term debt | 2,589,431 | 2,561,154 | 2,543,406 | ||||
| Derivatives | 152,143 | 120103 | 94,354 | ||||
| Other long-term liabilities | 211,449 | 238,049 | 236,616 | ||||
| Total responsibilities | 3,772,547 | 3,774,221 | 3,852,928 | ||||
| Equity | |||||||
| Sponsoring Partners – Common Units | 837405 | 873.126 | 883,090 | ||||
| Limited Partners – Preferred Units | 384.274 | 384.274 | 384.274 | ||||
| General Partner | 14,696 | 14,969 | 15,055 | ||||
| Mandates | 132,225 | 132,225 | 132,225 | ||||
| Accumulated other comprehensive income | 6,892 | 7,187 | 7,361 | ||||
| Non-majority interests | 36,322 | 35153 | 37,119 | ||||
| Total equity | 1,411,814 | 1,446,934 | 1,459,124 | ||||
| Total liabilities and total equity | 5184361 | 5,221,155 | 5312052 | ||||
Teekay Offshore Partners L.P.
Consolidated statements of cash flows
| Six months ended | ||||
| June 30, 2019 | June 30, 2018 | |||
| (in thousands of US dollars) | (not verified) | (not verified) | ||
| Cash, cash equivalents and restricted cash provided by (used for) | ||||
| OPERATIONS ACTIVITIES | ||||
| Net loss | (30,577 | ) | (152.432 | ) |
| Adjustments to reconcile net loss to net operating cash flow: | ||||
| Unrealized loss (gain) on derivative instruments | 63,468 | (67,795 | ) | |
| Income in shares | 550 | (17,644 | ) | |
| Depreciation and amortization | 178.132 | 189,744 | ||
| (Gain) on the sale and writedown of ships | (11,756 | ) | 207,291 | |
| Deferred tax charge | 2,351 | 5435 | ||
| Amortization of current sales contracts | (15,062 | ) | (6.101 | ) |
| Expenses in dry dock | (10,593 | ) | (9,995 | ) |
| Other | (19,415 | ) | (992 | ) |
| Change in non-cash working capital items related to operating activities | 30,148 | (70,456 | ) | |
| Net operating cash flow | 187,246 | 77,055 | ||
| FINANCING ACTIVITIES | ||||
| Long-term debt product | 148,480 | 226,520 | ||
| Remboursements prévus de la dette à long terme et règlement des swaps connexes | (169.214 | ) | (345 970) | ) |
| Prépaiement de la dette à long terme | – | (40 000 | ) | |
| Frais d'émission de dette | (13,208 | ) | (8.346 | ) |
| Produit de l’émission de parts privilégiées | – | 120 000 | ||
| Charges relatives aux offres d’actions | – | (3 997 | ) | |
| Produit de la facilité de crédit due à des apparentés | – | 125 000 | ||
| Prépaiements de la facilité de crédit dus à des parties liées | (75 000 | ) | – | |
| Distributions en espèces payées par la société en commandite | (16 075 | ) | (22 330) | ) |
| Distributions en espèces versées par les filiales aux intérêts minoritaires | (2.583 | ) | (664 | ) |
| Contributions en espèces versées par des participations ne donnant pas le contrôle à des filiales | 1500 | – | ||
| Other | (864 | ) | (715 | ) |
| Flux net de financement | (126 964 | ) | 49 498 | |
| ACTIVITÉS D'INVESTISSEMENT | ||||
| Paiements nets pour les navires et les équipements, y compris les avances sur contrats de construction neuve et les coûts de conversion | (112 849 | ) | (160,175 | ) |
| Produit de la vente de navires et d'équipements | 33.341 | 10 410 | ||
| Investissement dans des coentreprises mises en équivalence | (3 824 | ) | (1 700 | ) |
| Financement direct des loyers reçus | – | 2 991 | ||
| Acquisition de sociétés de Teekay Corporation (déduction faite des espèces acquises de 26,6 millions de dollars) | – | 25 254 | ||
| Cash flow net d'investissement | (83 332 | ) | (123,220 | ) |
| Diminution de la trésorerie, des équivalents de trésorerie et de la trésorerie affectée | (23 050 | ) | 3 333 | |
| Trésorerie, équivalents de trésorerie et liquidités soumises à restrictions, au début de la période | 233 580 | 250 294 | ||
| Trésorerie, équivalents de trésorerie et liquidités soumises à restrictions, fin de la période | 210 530 | 253,627 | ||
Définitions et mesures financières non définies par les PCGR
Ce communiqué inclut diverses mesures financières qui sont des mesures financières non définies par les PCGR au sens des règles de la US Securities and Exchange Commission (SECONDE). Ces mesures financières non définies par les PCGR, notamment le BAIIA ajusté consolidé, le BAIIA ajusté et le résultat net ajusté, ont pour but de fournir des informations supplémentaires et ne doivent pas être considérées comme des substituts des mesures de performance préparées conformément aux PCGR. En outre, ces mesures n'ont pas de signification normalisée et peuvent ne pas être comparables à des mesures similaires présentées par d'autres sociétés. La direction utilise ces mesures non conformes aux PCGR et la société en commandite estime que ces mesures supplémentaires aident les investisseurs et les autres utilisateurs de ses rapports financiers à comparer les résultats financiers et opérationnels de la société en commandite au cours des périodes considérées et par rapport à d’autres sociétés.
Mesures financières non conformes aux PCGR
EBITDA ajusté consolidé représente la perte nette avant intérêts, impôts et amortissements et est ajusté pour exclure certains éléments dont le calendrier ou le montant ne peut pas être raisonnablement estimé à l'avance ou qui ne sont pas considérés comme représentatifs de la performance opérationnelle essentielle. Ces ajustements comprennent les dépréciations de navires, les gains ou pertes à la vente de navires, les gains ou pertes latents sur les instruments dérivés, les gains ou pertes de change, les pertes sur rachats de dette et certains autres produits ou charges. Le BAIIA ajusté consolidé exclut également les gains ou les pertes réalisés sur les swaps de taux d’intérêt en tant que direction, pour évaluer le rendement de la société en commandite, considère ces gains ou pertes comme un élément des intérêts débiteurs, ainsi que les gains ou les pertes réalisés sur les instruments dérivés résultant des modifications ou des résiliations des contrats sous-jacents. instruments. Le BAIIA ajusté consolidé exclut également le revenu des capitaux propres étant donné que la société en commandite ne contrôle pas ses investissements comptabilisés selon la méthode de la mise en équivalence. Par conséquent, la société en commandite n’a pas la capacité unilatérale de déterminer si les flux de trésorerie générés par ses investissements mis en équivalence sont conservés au sein de l’entité. la société en commandite détient la participation mise en équivalence ou la distribue à la société en commandite et aux autres propriétaires. En outre, la société en commandite ne contrôle pas le moment de ces distributions à la société en commandite et à d’autres propriétaires.
EBITDA ajusté représente le BAIIA ajusté consolidé, ajusté de façon à inclure la quote-part du BAIIA ajusté consolidé de la société en commandite provenant de ses coentreprises mises en équivalence et à exclure la quote-part de l’EBITDA ajusté consolidé détenue par les actionnaires sans contrôle des sociétés en commandite. Les lecteurs sont avertis lorsqu'ils utilisent le BAIIA ajusté comme mesure de liquidité, étant donné que le montant apporté par le BAIIA ajusté provenant des investissements mis en équivalence peut ne pas être disponible ou distribué à la Société au cours des périodes où cet EBITDA ajusté est généré par les investissements mis en équivalence. Prière de se référer à Annexes A and C of this release for reconciliations of Adjusted EBITDA to net loss and equity income, respectively, the most directly comparable GAAP measures reflected in the Partnership’s consolidated financial statements.
Adjusted Net Income represents net loss adjusted to exclude the impact of certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance consistent with the calculation of Adjusted EBITDA. Adjusted Net Income includes realized gains or losses on interest rate swaps as an element of interest expense and excludes income tax expenses or recoveries from changes in valuation allowance or uncertain tax provisions. Please refer to Appendix B of this release for a reconciliation of this non-GAAP financial measure to net loss, the most directly comparable GAAP measure reflected in the Partnership’s consolidated financial statements.
Teekay Offshore Partners L.P.
Appendix A – Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | June 30, | |||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||
| (in thousands of U.S. Dollars) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
| Net loss | (27,979 | ) | (168,492 | ) | (30,577 | ) | (152,432 | ) | ||
| Depreciation and amortization | 88,666 | 95,440 | 178,132 | 189,744 | ||||||
| Interest expense, net of interest income | 50,190 | 48,928 | 101,534 | 89,843 | ||||||
| Income tax expense | 3,178 | 880 | 5,447 | 6,638 | ||||||
| EBITDA | 114,055 | (23,244 | ) | 254,536 | 133,793 | |||||
| Add (subtract) specific income statement items affecting EBITDA: | ||||||||||
| (Gain) on sale and write-down of vessels | (11,756 | ) | 178,795 | (11,756 | ) | 207,291 | ||||
| Realized and unrealized loss (gain) on derivative instruments | 40,839 | (9,441 | ) | 72,229 | (43,892 | ) | ||||
| Equity income | (2,388 | ) | (8,346 | ) | (3,274 | ) | (22,344 | ) | ||
| Foreign currency exchange (gain) loss | (1,789 | ) | 3,860 | (1,221 | ) | 5,803 | ||||
| Other expense – net | 1,640 | 592 | 1,994 | 3,863 | ||||||
| Realized (loss) gain on foreign currency forward contracts | (1,142 | ) | 370 | (2,317 | ) | 990 | ||||
| Total adjustments | 25,404 | 165,830 | 55,655 | 151,711 | ||||||
| Consolidated Adjusted EBITDA | 139,459 | 142,586 | 310,191 | 285,504 | ||||||
| Add: Adjusted EBITDA from equity-accounted vessels (See Appendix C) | 22,619 | 22,556 | 43,415 | 44,485 | ||||||
| Less: Adjusted EBITDA attributable to non-controlling interests (1) | (3,137 | ) | (4,944 | ) | (6,515 | ) | (9,344 | ) | ||
| Adjusted EBITDA | 158,941 | 160,198 | 347,091 | 320,645 | ||||||
- Adjusted EBITDA attributable to non-controlling interests is summarized in the table below.
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | June 30, | |||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||
| (in thousands of U.S. Dollars) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
| Net loss attributable to non-controlling interests | 1 | 8 | 286 | (7,852 | ) | |||||
| Depreciation and amortization | 2,749 | 4,104 | 5,433 | 8,668 | ||||||
| Interest expense, net of interest income | 381 | 528 | 793 | 1,105 | ||||||
| EBITDA attributable to non-controlling interests | 3,131 | 4,640 | 6,512 | 1,921 | ||||||
| Add (subtract) specific income statement items affecting EBITDA: | ||||||||||
| Write-down of vessels | – | 290 | – | 7,386 | ||||||
| Foreign currency exchange loss | 6 | 14 | 3 | 37 | ||||||
| Total adjustments | 6 | 304 | 3 | 7,423 | ||||||
| Adjusted EBITDA attributable to non-controlling interests | 3,137 | 4,944 | 6,515 | 9,344 | ||||||
Teekay Offshore Partners L.P.
Appendix B – Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income (Loss)
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | June 30, | |||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||
| (in thousands of U.S. Dollars, except per unit data) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
| Net loss | (27,979 | ) | (168,492 | ) | (30,577 | ) | (152,432 | ) | ||
| Adjustments: | ||||||||||
| Net loss attributable to non-controlling interests | 1 | 8 | 286 | (7,851 | ) | |||||
| Net loss attributable to the partners and preferred unitholders | (27,980 | ) | (168,500 | ) | (30,863 | ) | (144,581 | ) | ||
| Add (subtract) specific items affecting net loss: | ||||||||||
| (Gain) on sale and write-down of vessels | (11,757 | ) | 178,795 | (11,757 | ) | 207,291 | ||||
| Unrealized loss (gain) on derivative instruments | 36,225 | (14,914 | ) | 63,468 | (65,890 | ) | ||||
| Realized loss on interest rate swap amendments | – | – | – | 10,000 | ||||||
| Foreign currency exchange (gain) loss (1) | (1,789 | ) | 2,416 | (1,657 | ) | 3,066 | ||||
| Other expense – net | 1,639 | 592 | 1,993 | 3,863 | ||||||
| Deferred income tax expense relating to Norwegian tax structure | 1,523 | 735 | 1,957 | 5,409 | ||||||
| Other adjustments (2) | – | 161 | – | 973 | ||||||
| Adjustments related to equity-accounted vessels (3) | 6,868 | 287 | 11,101 | (5,145 | ) | |||||
| Adjustments related to non-controlling interests (4) | 6 | (304 | ) | 3 | (7,422 | ) | ||||
| Total adjustments | 32,715 | 167,768 | 65,108 | 152,145 | ||||||
| Adjusted net income (loss) attributable to the partners and preferred unitholders | 4,735 | (732 | ) | 34,245 | 7,564 | |||||
| Preferred unitholders' interest in adjusted net income (loss) | 8,038 | 8,038 | 16,076 | 15,409 | ||||||
| General Partner's interest in adjusted net income (loss) | (25 | ) | (67 | ) | 138 | (60 | ) | |||
| Limited partners' interest in adjusted net income (loss) | (3,278 | ) | (8,703 | ) | 18,031 | (7,785 | ) | |||
| Limited partners' interest in adjusted net income (loss) per common unit, basic | (0.01 | ) | (0.02 | ) | 0.04 | (0.02 | ) | |||
| Weighted-average number of common units outstanding, basic | 410,595,551 | 410,310,586 | 410,469,820 | 410,206,610 | ||||||
- Foreign currency exchange (gain) loss primarily relates to the Partnership's revaluation of all foreign currency-denominated badets and liabilities based on the prevailing exchange rate at the end of each reporting period and unrealized gain or loss related to the Partnership's cross-currency swaps related to the Partnership's Norwegian Krone (NOK) bonds, and excludes the realized gain or loss relating to the Partnership's cross-currency swaps and NOK bonds.
- Other adjustments primarily reflects voyage expenses, vessel operating expense, depreciation and amortization expense, general and administrative expenses relating to the Petrojarl I FPSO unit while undergoing upgrades.
- Reflects the Partnership's proportionate share of specific items affecting the net income of the Cidade de Itajai FPSO unit and Pioneiro de Libra FPSO unit equity-accounted joint ventures, including the unrealized gain or loss on derivative instruments and the foreign exchange gain or loss.
- Items affecting net loss include amounts attributable to the Partnership’s consolidated non-wholly-owned subsidiaries. Each item affecting net loss is badyzed 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 adjustments relate to the gain on sale or write-down of vessels and foreign currency exchange gain or loss within the Partnership's consolidated non-wholly-owned subsidiaries.
Teekay Offshore Partners L.P.
Appendix C – Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA From Equity-Accounted Vessels
| Three Months Ended | Three Months Ended | ||||||||
| June 30, 2019 | June 30, 2018 | ||||||||
| (in thousands of U.S. Dollars) | (unaudited) | (unaudited) | |||||||
| At 100% | Partnership's 50% | At 100% | Partnership's 50% | ||||||
| Revenues | 57,719 | 28,860 | 61,794 | 30,897 | |||||
| Vessel and other operating expenses | (12,481 | ) | (6,241 | ) | (16,682 | ) | (8,341 | ) | |
| Depreciation and amortization | (16,294 | ) | (8,146 | ) | (15,455 | ) | (7,728 | ) | |
| Operating income of equity-accounted vessels | 28,944 | 14,473 | 29,657 | 14,828 | |||||
| Net interest expense | (10,604 | ) | (5,302 | ) | (11,849 | ) | (5,925 | ) | |
| Realized and unrealized (loss) gain on derivative instruments (1) | (13,957 | ) | (6,979 | ) | 357 | 179 | |||
| Foreign currency exchange gain (loss) | 326 | 163 | (987 | ) | (494 | ) | |||
| Total other items | (24,235 | ) | (12,118 | ) | (12,479 | ) | (6,240 | ) | |
| Net income / equity income of equity-accounted vessels before income tax expense | 4,709 | 2,355 | 17,178 | 8,588 | |||||
| Income tax recovery (expense) | 66 | 33 | (484 | ) | (242 | ) | |||
| Net income / equity income of equity-accounted vessels | 4,775 | 2,388 | 16,694 | 8,346 | |||||
| Depreciation and amortization | 16,294 | 8,146 | 15,455 | 7,728 | |||||
| Net interest expense | 10,604 | 5,302 | 11,849 | 5,925 | |||||
| Income tax (recovery) expense | (66 | ) | (33 | ) | 484 | 242 | |||
| EBITDA | 31,607 | 15,803 | 44,482 | 22,241 | |||||
| Add (subtract) specific items affecting EBITDA: | |||||||||
| Realized and unrealized loss (gain) on derivative instruments (1) | 13,957 | 6,979 | (357 | ) | (179 | ) | |||
| Foreign currency exchange (gain) loss | (326 | ) | (163 | ) | 987 | 494 | |||
| Adjusted EBITDA from equity-accounted vessels | 45,238 | 22,619 | 45,112 | 22,556 | |||||
- Realized and unrealized (loss) gain on derivative instruments includes an unrealized loss of $14.1 million ($7.0 million at the Partnership’s 50% share) for the three months ended June 30, 2019 related to interest rate swaps for the Cidade de Itajai and Pioneiro de Libra FPSO units and an unrealized gain of $0.4 million ($0.2 million at the Partnership’s 50% share) for the three months ended June 30, 2018 related to interest rate swaps for the Cidade de Itajai FPSO unit.
| Six Months Ended | Six Months Ended | ||||||||
| June 30, 2019 | June 30, 2018 | ||||||||
| (in thousands of U.S. Dollars) | (unaudited) | (unaudited) | |||||||
| At 100% | Partnership's 50% | At 100% | Partnership's 50% | ||||||
| Revenues | 117,444 | 58,722 | 121,451 | 60,726 | |||||
| Vessel and other operating expenses | (30,614 | ) | (15,307 | ) | (32,482 | ) | (16,241 | ) | |
| Depreciation and amortization | (33,464 | ) | (16,732 | ) | (30,181 | ) | (15,090 | ) | |
| Operating income of equity-accounted vessels | 53,366 | 26,683 | 58,788 | 29,395 | |||||
| Net interest expense (1) | (22,684 | ) | (11,342 | ) | (13,368 | ) | (6,684 | ) | |
| Realized and unrealized (loss) gain on derivative instruments (2) | (24,222 | ) | (12,111 | ) | 1,725 | 863 | |||
| Foreign currency exchange gain (loss) | 324 | 162 | (1,643 | ) | (822 | ) | |||
| Total other items | (46,582 | ) | (23,291 | ) | (13,286 | ) | (6,643 | ) | |
| Net income / equity income of equity-accounted vessels before income tax expense | 6,784 | 3,392 | 45,502 | 22,752 | |||||
| Income tax expense | (238 | ) | (118 | ) | (815 | ) | (408 | ) | |
| Net income / equity income of equity-accounted vessels | 6,546 | 3,274 | 44,687 | 22,344 | |||||
| Depreciation and amortization | 33,464 | 16,732 | 30,181 | 15,090 | |||||
| Net interest expense (1) | 22,684 | 11,342 | 13,368 | 6,684 | |||||
| Income tax expense | 238 | 118 | 815 | 408 | |||||
| EBITDA | 62,932 | 31,466 | 89,051 | 44,526 | |||||
| Add (subtract) specific items affecting EBITDA: | |||||||||
| Realized and unrealized loss on derivative instruments (2) | 24,222 | 12,111 | (1,725 | ) | (863 | ) | |||
| Foreign currency exchange (gain) loss | (324 | ) | (162 | ) | 1,643 | 822 | |||
| Adjusted EBITDA from equity-accounted vessels | 86,830 | 43,415 | 88,969 | 44,485 | |||||
- Net interest expense for the six months ended June 30, 2018 includes an unrealized gain of $9.7 million ($4.9 million at the Partnership's 50% share) related to interest rate swaps designated and qualifying as cash flow hedges for the Pioneiro de Libra FPSO unit.
- Realized and unrealized (loss) gain on derivative instruments includes an unrealized loss of $22.6 million ($11.3 million at the Partnership’s 50% share) for the six months ended June 30, 2019 related to interest rate swaps for the Cidade de Itajai and Pioneiro de Libra FPSO units and an unrealized gain of $2.2 million ($1.1 million at the Partnership’s 50% share) for the six months ended June 30, 2018 related to interest rate swaps for the Cidade de Itajai FPSO unit.
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