Teekay LNG Partners L.P.
NYSE : TGP

Teekay LNG Partners L.P.

January 26, 2011 16:02 ET

Teekay LNG Partners Announces 5 Percent Increase to Cash Distribution

HAMILTON, BERMUDA--(Marketwire - Jan. 26, 2011) - Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution of $0.63 per unit for the quarter ended December 31, 2010, an increase of $0.03 per unit, or 5.0 percent, from the previous quarter.

"The Partnership's growing portfolio of long-term, fixed-rate charters continues to provide a stable and increasing base of distributable cash flow," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. "Today's distribution increase primarily reflects the incremental distributable cash flow resulting from the Partnership's November 2010 acquisition of a 50 percent interest in two LNG carriers under long-term, fixed-rate charters with Excelerate Energy LP."

The cash distribution is payable on February 14, 2011 to all unitholders of record on February 7, 2011.

About Teekay LNG Partners L.P.

Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 16 LNG carriers, five LPG carriers and 11 conventional oil tankers. Three of the five LPG carriers are newbuildings scheduled for delivery in 2011. In addition, Teekay LNG Partners has a 50 percent ownership interest in one LNG regasification unit.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

FORWARD LOOKING STATEMENTS

This release 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 statements regarding future distributable cash flows, including the incremental distributable cash flow contribution from the Partnership's 50 percent interest in the two LNG carriers, one with regasification capability, acquired in November 2010, under contract to Excelerate Energy LP. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in production of LNG or LPG, either generally or in particular regions; required approvals by the conflicts committee of the board of directors of the Partnership's general partner to acquire any LNG or LPG projects or conventional tankers in the future; less than anticipated revenues or higher than anticipated costs or capital requirements; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of long-term contracts and inability of the Partnership to renew or replace long-term contracts; the Partnership's ability to raise financing to purchase additional vessels or to pursue LNG or LPG projects; changes to the amount or proportion of revenues, expenses, or debt service costs denominated in foreign currencies; and other factors discussed in Teekay LNG's filings from time to time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31, 2009. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • Teekay LNG Partners L.P.
    Kent Alekson
    Investor Relations Enquiries
    +1 (604) 609-6442
    www.teekaylng.com