Teekay LNG Partners today reported adjusted net income of $35.6 million for the quarter ended March 31, 2012, compared to $25.9 million for the same period of the prior year.
During the first quarter of 2012, the Partnership generated distributable cash flow of $50.8 million, compared to $39.1 million in the same quarter of the previous year. The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: Multigas carriers delivered in June and October 2011; a 33 percent interest in four liquefied natural gas (LNG) carriers delivered between August 2011 and January 2012; one liquefied petroleum gas (LPG) carrier delivered in September 2011; and a 52 percent interest in six LNG carriers completed in February 2012.
On April 12, 2012, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2012. The cash distribution was paid on May 14, 2012 to all unitholders of record on April 23, 2012.
“ The Partnership’s distributable cash flows increased in the first quarter due to a month of contribution from our interest in the Maersk LNG fleet, in addition to incremental contributions from the newbuilding Multigas carrier and two newbuilding Angola LNG carriers which delivered during the past two quarters, ” noted Peter Evensen, Chief Executive Officer of Teekay GP L.L.C . “ These additional cash flows enabled us to raise our first quarter distribution by 7 percent, while maintaining our coverage ratio above 1.0 .”
“ The delivery of the fourth and final Angola LNG carrier in January completed our latest newbuilding program; however, we continue to actively pursue new acquisition opportunities and organic growth projects ,” Mr. Evensen continued.
“ Given the positive market fundamentals in the LNG sector and our financial strength, we believe there will continue to be attractive growth opportunities for the Partnership .”
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LNG World News Staff, May 17, 2012