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Mon, Oct. 6, 10:33 AM
- Teekay (TK +0.2%) is not enjoying the typical Barron's bounce, after a weekend profile of the oil and gas marine transporter and servicer is touted as offering a potential 30% upside.
- With TK, "you’re getting global exposure to emerging economies, and you’re not getting the currency exposure you would with a company like Petrobras or any emerging-markets equity,” says Clearbridge Investments' Chris Eades.
- The stock jumped 16% last week, to above $67, after TK announced plans to triple its $1.265 annual dividend by 2018.
- TGP +0.2%, TOO +0.9%, TNK +0.2%.
Tue, Sep. 30, 12:32 PM
- Teekay (TK +13.8%) says it will change its dividend policy to link its quarterly payouts to growing cash flows from its two MLPs, Teekay LNG Partners (TGP -0.2%)and Teekay Offshore Partners (TOO -1.7%), and includes an 80% increase in its annual dividend effective Q1 2015.
- The moves prompt Deutsche Bank to upgrade shares to Buy from Hold with a $90 price target, raised from $68; the firm says TK’s "bold" new strategy should result in a 20%/year growth in TK’s dividend for the foreseeable future.
Thu, Aug. 7, 5:58 PM
- In its Q2 earnings report, Teekay Offshore (NYSE:TOO) confirmed that its joint venture with Brazil's Odebrecht Oil & Gas has been selected by Petrobras as the lead commercial bidder to provide a floating production, storage and offloading unit for the giant Libra field.
- TOO said the FPSO unit is expected to be owned and operated by its 50/50 joint venture with Odebrecht and will service the Libra pre-salt field in the Santos Basin offshore Brazil, which is expected to begin operations in early 2017.
- Also in the report, TOO said its Q2 distributable cash flow fell to $40.1M from $43M in the year-ago quarter, due to the expiration of time-charter contracts relating to four existing shuttle tankers since Q1 2013, the sale of three conventional tankers since Q1 2013, and other factors.
Thu, Aug. 7, 5:44 AM
Thu, May. 15, 7:55 AM
Fri, Feb. 21, 10:33 AM
- Teekay Offshore Partners (TOO +1.3%) agrees to acquire ALP Maritime Services, a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry, for ~$260M.
- As part of the deal, TOO orders four towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing, offshore installation and decommissioning of large FPSO units, FLNG units and floating drill rigs.
Thu, Feb. 20, 8:51 AM| Comment!
Nov. 7, 2013, 9:48 AM
Nov. 1, 2013, 3:10 PM
- Rates for the largest oil tankers are surging, as Chinese freight traders lead an acceleration in Asian demand for the ships to load Middle East crude, sapping a fleet surplus that had made the carriers unprofitable almost all year.
- A VLCC built 16 years ago reportedly was hired today at ~13% more than yesterday’s prevailing prices, for the biggest one-day gain in 2013; rising demand has cut a capacity surplus to the smallest since June 4, according to a Bloomberg survey.
- FRO +9.4%, SFL +0.8%, NAT +3%, TK +1.3%, TNK +0.1%, TOO +0.1%, TGP -0.1%.
Sep. 3, 2013, 9:59 AM
- China’s smallest oil imports from west Africa in at least two years are curbing demand for tankers, prolonging the worst rates in more than a decade for Frontline (FRO +1.2%) and other owners, according to a Bloomberg analysis.
- Tanker owners are enduring a fifth year of declining rates as fleet growth outpaces demand; China's preference for cheaper Middle East oil over west African supplies shortens voyages by 42%, effectively increasing the capacity of the fleet.
- Daily earnings for VLCCs have plunged 77% to $4,450 this year, according to shipbroker Clarkson; FRO says its ships need $25K/day to break even.
- Shippers: SFL, NAT, TK, TNK, TOO, TGP.
Aug. 8, 2013, 9:55 AM
- Teekay (TK -2%) swung to a Q2 profit after benefiting from one-time gains, but its adjusted loss widened as results sharply missed expectations.
- Q2 was "challenging" for its FPSO segment due to near-term production issues which negatively impacted revenue contribution from the Voyageur Spirit and Foinaven, TK says.
- Teekay Tankers (TNK +1.1%) reported Q2 EPS of -$0.08, missing consensus by $0.05, on $43.5M in revenue (-15% Y/Y). (PR)
- Teekay Offshore (TOO +0.1%) swung to a $55.3M profit vs. a year-ago loss of $11.1M; revenue fell 0.8% to $222.4M. (PR)
- Teekay LNG's (TGP -1.2%) profit was up 85% to $69.7M, posting strong realized and unrealized gains on derivative instruments. (PR)
Jul. 12, 2013, 8:33 AMSeasonal oil tanker hiring orders rose to their highest seasonal level since 2007, as demand for crude cargoes accelerates before a projected surge in oil refining. Rates on the benchmark Saudi Arabia to Japan route reportedly have jumped fourfold to $24,939/day since late June, helping owners contend with VLCC earnings that averaged $6,838/day YTD, lowest since at least 1997. FRO +4.1% premarket. | 2 Comments
May. 29, 2013, 8:00 PMTeekay (TOO) files an offering for up to $100M units. The Partnership intends to use the net proceeds for general partnership purposes, which may include, among other things, paying or refinancing all or a portion of its outstanding indebtedness and funding working capital, capital expenditures or acquisitions. JP Morgan is acting as broker for all transactions. | Comment!
May. 29, 2013, 9:26 AMTeekay Offshore (TOO) is taking over the 50% stake in the Cidade de Itajai FPSO unit now held by Teekay Corp. (TK) The intra-company deal will see TOO spend ~$204M for the stake in the unit currently working offshore Brazil for Petrobras (PBR). The unit will be able to produce up to 80K barrels of oil and 2M cubic metres of natural gas per day. | Comment!
May. 22, 2013, 3:33 PMTeekay Offshore Partners (TOO +0.7%) secures an agreement with Statoil (STO) to provide a floating storage and offtake unit for work in the North Sea. TOO says it will spend $220M to purchase the one-third of the shuttle tanker Randgrid it doesn't already own for conversion into the FSO; completion is scheduled for Q1 2017. | Comment!
Feb. 21, 2013, 8:23 AM
TOO vs. ETF Alternatives
Teekay Offshore Partners LP is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Its segments include: Shuttle Tankers, FPSO, Conventional Tankers, FSO Units.
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