Seapeak LLC Files 6-K for Q1 2024

TL;DR

Seapeak LLC (formerly Teekay LNG) filed its Q1 2024 6-K, standard reporting for foreign issuers.

AI Summary

Seapeak LLC, formerly Teekay LNG Partners L.P., filed a 6-K report for the quarterly period ended March 31, 2024. The company is incorporated in Bermuda and its principal executive office is located in Vancouver, BC, Canada. The filing is related to its status as a foreign private issuer.

Why It Matters

This filing provides an update on Seapeak LLC's financial reporting for the first quarter of 2024, which is crucial for investors tracking the company's performance.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that does not contain significant new financial information or strategic changes.

Key Players & Entities

• Seapeak LLC (company) — Registrant
• Teekay LNG Partners L.P. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• 2000, 550 Burrard Street, Vancouver, BC, Canada, V6C 2K2 (address) — Principal executive office

FAQ

Key Financial Figures

• $9,636 — unts receivable, including non-trade of $9,636 (2023 – $7,993) (note 11) 30,713 31,26
• $7,993 — , including non-trade of $9,636 (2023 – $7,993) (note 11) 30,713 31,269 Prepaid expe
• $730,939 — cost, less accumulated depreciation of $730,939 (2023 – $715,758) 915,338 932,414 Ves
• $715,758 — ulated depreciation of $730,939 (2023 – $715,758) 915,338 932,414 Vessels related to f
• $311,873 — cost, less accumulated depreciation of $311,873 (2023 – $293,820) (note 5) 2,032,685 2
• $293,820 — ulated depreciation of $311,873 (2023 – $293,820) (note 5) 2,032,685 2,050,933 Advance
• $40,920 — ncome, net of distributions received of $40,920 (2023 – $nil) 10,982 (33,110) Amortiz
• $2.0010 — Distributions declared Common units ($2.0010 per unit) — (200,000) — — — — (200,000
• $0.5625 — — (200,000) Preferred units Series A ($0.5625 per unit) — — — (2,849) — — (2,849) P
• $0.5313 — — — (2,849) Preferred units Series B ($0.5313 per unit) — — — (3,576) — — (3,576)
• $12.9 million — The changes in credit loss provision of $12.9 million and $(11.5) million for the Company's c
• $7.4 million — The changes in credit loss provision of $7.4 million and $(7.6) million for the three months
• $2.1 b — applicable finance leases, approximated $2.1 billion, including imputed interest of $4
• $417.9 m — billion, including imputed interest of $417.9 million, repayable through 2035, as indic
• $132.5 million — neos Independence , for a total cost of $132.5 million. As a result of the repurchases, the Co

Filing Documents

• seapeak6-kq1x24doc.htm (6-K) — 835KB
• 0001628280-24-023736.txt ( ) — 836KB

FINANCIAL INFORMATION PAGE

PART I FINANCIAL INFORMATION PAGE

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Unaudited Consolidated Statements of Income for the three months ended March 31 , 202 4 and 20 23 3 Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31 , 202 4 and 202 3 4 Unaudited Consolidated Balance Sheets as at March 31 , 202 4 and December 31, 20 23 5 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3 6 Unaudited Consolidated Statements of Changes in Total Equity for the three months ended March 31 , 202 4 and 202 3 7 Notes to the Unaudited Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS SEAPEAK LLC AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands of U.S. Dollars) Three Months Ended March 31, 2024 2023 $ $ Voyage revenues (notes 6 and 10a) 179,117 185,170 Voyage expenses (3,385) (7,176) Vessel operating expenses (55,835) (57,636) Time-charter hire expenses (2,173) (2,257) Depreciation and amortization (34,993) (36,922) General and administrative expenses (8,575) (8,565) Gain (loss) on sales and (write-down) of vessels (notes 6 and 14) 704 35,471 Income from vessel operations 74,860 108,085 Equity income (notes 7 and 10a) 29,938 33,110 Interest expense (43,688) (47,333) Interest income (note 7) 3,324 2,651 Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) 23,363 (5,647) Foreign currency exchange gain (loss) (notes 8 and 11) 713 (4,410) Other (expense) income (notes 3b and 5a) (6,827) 13,089 Net income before income tax recovery (expense) 81,683 99,545 Income tax recovery (expense) (note 9) 182 (1,605) Net income 81,865 97,940 Non-controlling interest in net income (121) 5,185 Preferred unitholders' interest in net income 6,425 6,340 Company's interest in net income 75,561 86,415 Related party transactions (note 10) Subsequent events (note 16) The accompanying notes are an integral part of the unaudited consolidated financial statements. 3 SEAPEAK LLC AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands of U.S. Dollars) Three Months Ended March 31, 2024 2023 $ $ Net income 81,865 97,940 Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications Unrealized gain (loss) on qualifying cash flow hedging instruments, net of tax 13,551 (7,855) Amounts reclassified from accumulated other comprehensive income, net of tax To equity income Realized gain on qualifying cash flow hedging instruments (4,303) (3,634) To interest expense Realize

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