
Teekay Consolidated Highlights - Q1 2020 total adjusted EBITDA was $342 million, compared to $214 million in Q1 2019 (excluding Altera)[4] - Q1 2020 consolidated adjusted net income was $25 million, or $025 per share, compared to an adjusted net loss of $(13) million, or $(013) per share, in Q1 2019[4] - The company had a strong consolidated pro forma liquidity position of over $900 million[4] Teekay Parent Strategic Moves - Eliminated TGP Incentive Distributions Rights (IDRs) in exchange for 1075 million newly-issued TGP common units[4,10] - Secured a new bareboat charter contract for the Foinaven FPSO, receiving a $67 million upfront payment in early April[4] Teekay LNG (TGP) Achievements - Q1 2020 total adjusted EBITDA was $188 million and adjusted net income was $52 million, or $058 per unit, up 19%, 57% and 71% from Q1 2019, respectively[16] - Proportionate Net Debt / Total Adj EBITDA decreased from 72x in 2019 to 61x in Q1 2020[16] - Increased Q1 2020 distributions by 32% in May 2020[16] Teekay Tankers (TNK) Performance - Q1 2020 total adjusted EBITDA was $155 million, compared to $63 million in Q1 2019[23] - Q1 2020 adjusted net income was $110 million, or $327 per share, compared to $15 million, or $044 per share, in Q1 2019[23] - Reduced net debt by approximately $200 million, or 21%, since the beginning of 2020[23]