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Teekay Offshore Partners L.P. (TOO)

  • Thu, Apr. 2, 5:19 PM
    • Teekay Offshore (NYSE:TOO) declares $0.5384/share quarterly dividend, in line with previous.
    • Forward yield 10.02%
    • Payable May 15; for shareholders of record April 13; ex-div April 9.
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  • Wed, Mar. 25, 11:36 AM
  • Thu, Feb. 19, 5:51 AM
    • Teekay Offshore (NYSE:TOO): Q4 net income of $40.1M
    • Revenue of $260.46M (-0.1% Y/Y) beats by $9.58M.
    • Press Release
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  • Tue, Feb. 17, 4:59 PM
    • Teekay Offshore Partners (NYSE:TOO) is upgraded to Buy from Neutral with a $28 price target at UBS, which believes worries over TOO's oil exposure are overdone.
    • UBS says the long-term fundamentals for offshore production remain intact, and TOO is largely shielded from short-term volatility in the crude price, with the ~60% pullback since the end of June representing an attractive entry point.
    • TOO's long-term fee-based contracts mitigate commodity exposure, and its focus on the production side of E&P makes its operations less sensitive to short-term moves in oil prices, the firm says; however, it expects an overhang on the units until TOO issues equity to fund its recent acquisitions, which have been bridged with debt thus far.
    • Meanwhile, TOO has taken delivery of its first cylindrical floating accommodation vessel from a Chinese yard, ready to begin work on a long-term contract with Petrobras off Brazil.
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  • Fri, Jan. 9, 12:25 PM
    • Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
    • “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
    • Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
    • Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
    • Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
  • Thu, Jan. 8, 12:36 PM
    • Some of the world's largest oil traders are hiring supertankers to store crude at sea, Reuters reports: Trading firms including Vitol and Trafigura, and energy major Shell (RDS.A, RDS.B) are said to have booked crude tankers for up to 12 months in the past week.
    • Freight brokers and shipping sources consider the flurry of long-term bookings unusual and suggests that traders could use the vessels to store excess crude at sea until prices rebound, repeating a popular 2009 trading gambit when prices last crashed.
    • Analysts at JBC Energy say floating storage, while a sign of an oversupplied market, may provide some temporary support for oil prices in the coming weeks.
    • Related tanker companies: TK, TNK, TOO, TGP, TNP, FRO, GLNG, NAT, DHT.
  • Dec. 18, 2014, 9:19 AM
    • Teekay Offshore Partners (NYSE:TOO) says it has won a contract to supply its Petrojarl I FPSO for work in waters off Brazil by the partners at Brazil's Atlanta heavy-oil field.
    • In connection with the contract, TOO agrees to purchase the Petrojarl I FPSO from parent Teekay Corp. (NYSE:TK) for $57M; the unit then will be upgraded at a shipyard for a fully built-up cost of ~$240M.
    • The FPSO is scheduled to commence operations in H1 2016 under a five-year charter contract with the Atlanta group; TOO expects the charter contract to generate annual cash flow from vessel operations of $55M-$60M.
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  • Nov. 6, 2014, 6:26 AM
    • Teekay Offshore (NYSE:TOO): Q3 Net Income of $28.8M
    • Revenue of $258.44M (+9.7% Y/Y) beats by $14.56M.
    • Press Release
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  • Oct. 6, 2014, 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%.
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  • Sep. 30, 2014, 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.
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  • Aug. 7, 2014, 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.
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  • Aug. 7, 2014, 5:44 AM
    • Teekay Offshore (NYSE:TOO): Q2 Net Income of $23.8M
    • Revenue of $241.4M (+8.5% Y/Y) misses by $13.68M.
    • Press Release
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  • May. 15, 2014, 7:55 AM
    • Teekay Offshore (TOO): Q1 EPS of $0.36 misses by $0.03.
    • Revenue of $259.23M (+22.2% Y/Y) beats by $18.03M.
    • Press Release
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  • Feb. 21, 2014, 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.
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  • Feb. 20, 2014, 8:51 AM
    • Teekay Offshore Partners L.P. (TOO): Q4 Adj. Net Income of $33.68M.
    • Revenue of $260.65M (+12% Y/Y) beats by $17.31M.
    • Press Release
    | Comment!
  • Nov. 7, 2013, 9:48 AM
    • Teekay Offshore Partners (TOO): Q3 Net Income of -$44.27M.
    • Revenue of $235.56M. (PR)
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Company Description
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.