Financial Data and Key Metrics - Teekay Tankers reported adjusted net income of $500 5 million or $14 65 per share for 2023, more than double the 2022 earnings and setting a new record for the company [41] - The company generated over $575 million of free cash flow in 2023, allowing it to transform its balance sheet and repurchase 19 vessels from sale-leaseback arrangements [24] - Teekay Tankers declared a cash dividend of $0 25 per share for Q4 2023, in line with its fixed quarterly dividend policy [4] - The company ended 2023 with a net cash position of $226 million and expects to be completely debt-free by the end of Q1 2024 [25] Business Line Data and Key Metrics - Midsize spot tanker rates averaged around $48,500 per day in 2023, the highest in Teekay Tankers' history [5] - Q1 2024 Suezmax and Aframax size vessel bookings averaged approximately $50,100 and $50,900 per day, respectively, based on 68% and 67% of revenue days booked [18] - The company sold two 2004-built Aframaxes in Q4 2023 for total proceeds of $46 5 million, recording a gain on sale of $10 4 million in December and an expected gain of approximately $11 5 million in Q1 2024 [9] Market Data and Key Metrics - Global oil demand grew by approximately 1 9 million barrels per day in 2023, reaching a record high of around 101 million barrels per day, surpassing pre-pandemic levels [10] - Tanker demand was boosted by longer voyage distances due to the EU's ban on Russian crude oil imports and the G7's price cap, with over 90% of Russian crude oil exports moving long haul to India and China [11] - Global oil demand is projected to grow by around 1 4 million barrels per day in 2024 and 1 3 million barrels per day in 2025, reaching 103 7 million barrels per day by the end of 2025 [12] Company Strategy and Industry Competition - Teekay Tankers' strategy focuses on maintaining a strong cash position for fleet reinvestment and rewarding shareholders through capital allocation tools, including dividends and share buybacks [64][67] - The company expects the tanker market to remain strong for the next two to three years, supported by robust supply and demand fundamentals [26] - The expansion of the Trans Mountain pipeline to Vancouver, Canada, is expected to create significant Aframax demand, with up to 30-35 Aframax loadings per month once the pipeline is operational [22][95] Management Commentary on Operating Environment and Future Outlook - Management highlighted the positive outlook for tanker fleet supply, with minimal growth expected over the next two to three years due to a small order book and limited shipyard capacity [13][35] - The rerouting of cargoes due to disruptions in the Red Sea and Panama Canal is expected to create additional tanker demand and rate volatility in the near term [14][15][38] - Management remains confident in the company's ability to capture upside and realize shareholder value, given its midsize tanker focus and spot market strategy [33] Other Important Information - Teekay Tankers achieved 99 8% fleet availability and zero lost time injuries in 2023, emphasizing the importance of crew safety and operational reliability [25] - The company's chartered-in fleet has a current mark-to-market value of approximately $60 million, in addition to its owned fleet [18] Q&A Session Summary Question: What is the company's capital allocation strategy moving forward? - The company plans to continue building financial strength for fleet reinvestment while balancing capital returns to shareholders through dividends and potential special dividends [64][67][90] Question: How does the company view the current tanker market and its impact on rates? - Management expects the tanker market to remain strong, with demand growth outstripping fleet supply growth, leading to high fleet utilization and firm rates, albeit with periods of volatility [12][35][58] Question: What are the company's plans for fleet renewal and reinvestment? - Teekay Tankers is open to various opportunities, including small or large acquisitions, fleet dispositions, and exiting individual ship assets, depending on what creates the most value for shareholders [68][70][72] Question: How does the company view the impact of the Trans Mountain pipeline expansion? - The expansion is expected to create significant Aframax demand, with up to 30-35 Aframax loadings per month, potentially benefiting the midsize tanker market [22][95] Question: What is the company's breakeven level after final debt repayment? - The breakeven level is expected to be between $15,500 and $16,000 per day, including all CapEx and maintenance costs [89]

As voyages agreed during the latter part of Q3 and early October are completed and replaced by those reflecting the more recent higher spot market, we expect our own spot rate results to strengthen as we move further through the quarter, provided rates remain firm. Importantly, I would highlight the value being created by TNK's eight-vessel chartered-in fleet, with six trading in the strong spot market with an average in-charter rate of $25,400 per day. The chartered-in fleet has a current mark-to-market va ...

Teekay Tankers Ltd. (NYSE:TNK) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Kevin Mackay - President and Chief Executive Officer Stewart Andrade - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore ISI Omar Nokta - Jefferies Nathan Ho - Bank of America Operator Welcome to Teekay Tankers Ltd. Second Quarter 2023 Earnings Results Conference Call. During the call, all participants will be in a listen-only mode. Afterwards, you'll be invited to parti ...

| --- | --- | |----------------------------------------------------------|----------------| | | | | Teekay Tankers Second Quarter 2023 Earnings Presentation | August 3, 2023 | Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this report, other than statements of historical fact, are forward-lookin ...

Teekay Tankers Ltd. (NYSE:TNK) Q1 2023 Earnings Conference Call May 11, 2023 11:00 AM ET Company Participants Kevin Mackay - President and Chief Executive Officer Stewart Andrade - Chief Financial Officer Conference Call Participants Jonathan Chappell - Evercore ISI Omar Nokta - Jefferies LLC Kenneth Hoexter - Bank of America Merrill Lynch Operator Welcome to Teekay Tankers Ltd.'s First Quarter 2023 Earnings Results Conference Call. During the call, all participants will be in a listen-only mode. Afterwards ...

| --- | --- | |---------------------------------------------------------|--------------| | | | | | | | Teekay Tankers First Quarter 2023 Earnings Presentation | May 11, 2023 | Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this report, other than statements of historical fact, are forward-lookin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________ FORM 20-F _________________________________________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) ...

| --- | --- | |----------------------------------------------------------------------|-------------------| | | | | | | | Teekay Tankers Fourth Quarter and Annual 2022 Earnings Presentation | February 23, 2023 | Forward-Looking Statements This presentation 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, among other things, statements reg ...

Teekay Tankers Ltd (NYSE:TNK) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Kevin Mackay - President & CEO Stewart Andrade - CFO Conference Call Participants Jonathan Chappell - Evercore ISI Omar Nokta - Jefferies Operator Welcome to Teekay Tankers Ltd.'s Fourth Quarter 2022 Earnings Results Conference Call. During the call, all participants will be in a listen-only mode. Afterwards you will be invited to participate in a question-and-answer session. [Operator Instructi ...

Teekay Tankers Ltd (NYSE:TNK) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Kevin Mackay - President & CEO Stewart Andrade - CFO Christian Waldegrave - Director, Research & Commercial Performance Conference Call Participants Omar Nokta - Jefferies Jonathan Chappell - Evercore ISI Kenneth Hoexter - Bank of America Merrill Lynch Operator Welcome to Teekay Tankers Limited's Third Quarter 2022 Earnings Results Conference Call. [Operator Instructions]. As a reminder, this cal ...