Teekay LNG Partners Declares Common Unit Distribution

Rhea-AI Summary

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (TGP), announced a cash distribution of $0.25 per common unit for the quarter ending June 30, 2020, marking an annualized distribution of $1.00 per unit. This represents a significant increase of 32% compared to the previous year's distribution. The cash distribution will be payable on August 14, 2020, to common unitholders of record as of July 31, 2020. Teekay LNG operates a fleet of 47 LNG carriers and is a major player in the LNG and LPG shipping sectors.

Positive

• Cash distribution announced at $0.25 per unit, reflecting a 32% increase from last year.
• Annualized distribution projected at $1.00 per unit, showcasing stronger financial performance.

Negative

• None.

HAMILTON, Bermuda, July 17, 2020 (GLOBE NEWSWIRE) -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution of $0.25 per common unit for the quarter ended June 30, 2020. This corresponds to $1.00 per common unit on an annualized basis, which is 32 percent higher than last year’s annual distribution.

The cash distribution is payable on August 14, 2020 to all common unitholders of record on July 31, 2020.  Teekay LNG’s common unit distributions are reported on Form 1099 for United States tax purposes.

About Teekay LNG

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. Teekay LNG’s ownership interests in these vessels range from 20 to 100 percent. In addition, Teekay LNG owns a 30 percent interest in a 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

 

FAQ

What is the cash distribution declared by TGP for Q2 2020?

Teekay LNG Partners L.P. declared a cash distribution of $0.25 per common unit for the quarter ended June 30, 2020.

When will TGP's cash distribution be paid?

The cash distribution will be payable on August 14, 2020, to common unitholders of record as of July 31, 2020.

How much is TGP's annualized cash distribution?

The annualized cash distribution for TGP is projected at $1.00 per common unit.

What increase in cash distribution has TGP announced compared to last year?

TGP announced a 32% increase in cash distribution compared to last year.