Seapeak LLC Files Q2 2024 Update

TL;DR

Seapeak LLC dropped its Q2 2024 update, filed Aug 15. Nothing major, just routine reporting.

AI Summary

Seapeak LLC filed a Form 6-K for the quarterly period ended June 30, 2024. The filing, submitted on August 15, 2024, provides an update on the company's operations. Seapeak LLC, formerly Teekay LNG Partners L.P., is incorporated in Hamilton, Bermuda, with principal executive offices in Vancouver, BC, Canada.

Why It Matters

This filing provides a routine update on Seapeak LLC's financial and operational status for the second quarter of 2024, which is important for investors tracking the company's performance.

Risk Assessment

Risk Level: low — This is a routine 6-K filing providing quarterly period information, not indicating any significant new risks or events.

Key Players & Entities

• Seapeak LLC (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• August 15, 2024 (date) — Filing date
• Teekay LNG Partners L.P. (company) — Former company name
• Hamilton, Bermuda (location) — Place of incorporation
• Vancouver, BC, Canada (location) — Principal executive office location

FAQ

Key Financial Figures

• $8,727 — unts receivable, including non-trade of $8,727 (2023 – $7,993) (note 11) 27,245 31,26
• $7,993 — , including non-trade of $8,727 (2023 – $7,993) (note 11) 27,245 31,269 Prepaid expe
• $745,127 — cost, less accumulated depreciation of $745,127 (2023 – $715,758) 901,886 932,414 Ves
• $715,758 — ulated depreciation of $745,127 (2023 – $715,758) 901,886 932,414 Vessels related to f
• $330,079 — cost, less accumulated depreciation of $330,079 (2023 – $293,820) (note 5) 2,016,717 2
• $293,820 — ulated depreciation of $330,079 (2023 – $293,820) (note 5) 2,016,717 2,050,933 Advance
• $26,019 — ncome, net of distributions received of $26,019 (2023 – $20,701) (38,483) (55,922) Am
• $20,701 — stributions received of $26,019 (2023 – $20,701) (38,483) (55,922) Amortization of de
• $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)
• $0.3 million — The changes in credit loss provision of $0.3 million and $13.2 million for the Company's con
• $13.2 million — edit loss provision of $0.3 million and $13.2 million for the Company's consolidated vessels'
• $5.9 million — it loss provision of $(1.5) million and $5.9 million for the three and six months ended June

Filing Documents

• seapeak6-kq2x24doc.htm (6-K) — 1048KB
• 0001628280-24-037353.txt ( ) — 1049KB

FINANCIAL INFORMATION PAGE

PART I FINANCIAL INFORMATION PAGE

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Unaudited Consolidated Statements of Income for the three and six months ended June 3 0 , 2024 and 2023 3 Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2024 and 2023 4 Unaudited Consolidated Balance Sheets as at June 3 0 , 2024 and December 31, 2023 5 Unaudited Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 6 Unaudited Consolidated Statements of Changes in Total Equity for the three and six months ended June 3 0 , 2024 and 2023 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 24

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS SEAPEAK LLC AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands of U.S. Dollars) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 $ $ $ $ Voyage revenues (notes 6 and 10a) 175,502 183,982 354,619 369,152 Voyage expenses (2,102) (4,241) (5,487) (11,417) Vessel operating expenses (57,159) (58,995) (112,994) (116,631) Time-charter hire expenses (2,128) (2,233) (4,301) (4,490) Depreciation and amortization (35,210) (36,358) (70,203) (73,280) General and administrative expenses (6,877) (7,634) (15,452) (16,199) Gain (loss) on sales and (write-down) of vessels (notes 6 and 14) 267 537 971 36,008 Income from vessel operations 72,293 75,058 147,153 183,143 Equity income (notes 7 and 10a) 34,564 43,513 64,502 76,623 Interest expense (45,516) (46,088) (89,204) (93,421) Interest income (note 7) 3,542 2,718 6,866 5,369 Realized and unrealized gain on non-designated derivative instruments (note 11) 8,167 25,457 31,530 19,810 Foreign currency exchange gain (loss) (notes 8 and 11) 591 2,618 1,304 (1,792) Other (expense) income (notes 3b and 5a) (2,715) 648 (9,542) 13,737 Net income before income tax recovery (expense) 70,926 103,924 152,609 203,469 Income tax recovery (expense) (note 9) 497 (3,981) 679 (5,586) Net income 71,423 99,943 153,288 197,883 Non-controlling interest in net income 2,507 3,440 2,386 8,625 Preferred unitholders' interest in net income 6,425 6,160 12,850 12,500 Common unitholder's interest in net income 62,491 90,343 138,052 176,758 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 $ $ $ $ Net income 71,423 99,943 153,288 197,883

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View this 6-K filing on SEC EDGAR