Teekay Tankers Files Q2 2024 6-K Report

TL;DR

Teekay Tankers dropped its Q2 2024 update, check the 6-K for the deets.

AI Summary

Teekay Tankers Ltd. filed a 6-K report for the quarterly period ended June 30, 2024. The filing provides information on the company's operations and financial status as a foreign private issuer. The report is filed under the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors with an update on Teekay Tankers' performance and financial position for the second quarter of 2024, which is crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that provides an update on the company's financial period, not a filing that typically introduces new or unexpected risks.

Key Players & Entities

• TEEKAY TANKERS LTD. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 0001628280-24-034319 (filing_id) — Accession Number
• 1-33867 (company_id) — Commission file number
• 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM08, Bermuda (address) — Principal executive office

FAQ

Key Financial Figures

• $3.11 — (note 16) - Basic earnings per share $3.11 $4.43 $7.33 $9.40 - Diluted earnings p
• $4.43 — 16) - Basic earnings per share $3.11 $4.43 $7.33 $9.40 - Diluted earnings per sha
• $7.33 — - Basic earnings per share $3.11 $4.43 $7.33 $9.40 - Diluted earnings per share $3.
• $9.40 — ic earnings per share $3.11 $4.43 $7.33 $9.40 - Diluted earnings per share $3.08 $4.
• $3.08 — .33 $9.40 - Diluted earnings per share $3.08 $4.38 $7.26 $9.28 - Cash dividends dec
• $4.38 — .40 - Diluted earnings per share $3.08 $4.38 $7.26 $9.28 - Cash dividends declared
• $7.26 — Diluted earnings per share $3.08 $4.38 $7.26 $9.28 - Cash dividends declared $2.25
• $9.28 — ed earnings per share $3.08 $4.38 $7.26 $9.28 - Cash dividends declared $2.25 $1.25
• $2.25 — $7.26 $9.28 - Cash dividends declared $2.25 $1.25 $2.50 $1.25 Weighted-average nu
• $1.25 — $9.28 - Cash dividends declared $2.25 $1.25 $2.50 $1.25 Weighted-average number o
• $2.50 — - Cash dividends declared $2.25 $1.25 $2.50 $1.25 Weighted-average number of Clas
• $5.4 million — ccounts receivable, net of allowance of $5.4 million (2023 - $5.6 million) 95,209 99,940 As
• $5.6 million — et of allowance of $5.4 million (2023 - $5.6 million) 95,209 99,940 Assets held for sale 36
• $546.0 million — cost, less accumulated depreciation of $546.0 million (2023 - $440.9 million) 1,090,899 929,2
• $440.9 million — depreciation of $546.0 million (2023 - $440.9 million) 1,090,899 929,237 Vessels related to

Filing Documents

• tnk6-kq2x24.htm (6-K) — 714KB
• chart-e426bcbe876148a4a33a.jpg (GRAPHIC) — 84KB
• 0001628280-24-034319.txt ( ) — 831KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION PAGE

Financial Statements

Item 1. Financial Statements Unaudited Consolidated Statements of Income for the three and si x months ended June 3 0 , 2024 and 2023 1 Unaudited Consolidated Balance Sheets as at June 3 0 , 2024 and December 31, 2023 2 Unaudited Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 3 Unaudited Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023 4 Notes to the Unaudited Consolidated Financial Statements 5

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 14

OTHER INFORMATION

PART II OTHER INFORMATION 26

SIGNATURES

SIGNATURES 27 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS TEEKAY TANKERS LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands of U.S. Dollars, except share and per share amounts) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Voyage charter revenues (note 3) 287,974 359,966 616,915 744,710 Time-charter revenues (note 3) 5,048 7,995 10,171 15,005 Other revenues (note 3) 3,568 2,685 7,847 5,588 Total revenues 296,590 370,646 634,933 765,303 Voyage expenses (note 7) (100,097) (118,082) (216,628) (242,269) Vessel operating expenses (note 11b) (38,356) (37,800) (75,851) (75,982) Time-charter hire expenses (note 6) (19,670) (18,691) (39,186) (31,636) Depreciation and amortization (22,373) (24,384) (45,691) (48,359) General and administrative expenses (note 11b) (13,959) (12,118) (27,802) (24,387) Gain on sale of vessel (note 12) — — 11,601 — Restructuring charges (note 13) — — — (1,248) Income from operations 102,135 159,571 241,376 341,422 Interest expense (979) (5,907) (5,845) (17,125) Interest income 5,726 1,771 11,200 4,001 Realized and unrealized gain on derivative instruments (note 8) — 547 — 449 Equity income 905 1,120 2,273 2,250 Other income (note 14) 1,465 2,262 686 17 Net income before income tax 109,252 159,364 249,690 331,014 Income tax (expense) recovery (note 15) (2,282) (8,121) 2,051 (10,403) Net income 106,970 151,243 251,741 320,611 Per common share amounts (note 16) - Basic earnings per share $3.11 $4.43 $7.33 $9.40 - Diluted earnings per share $3.08 $4.38 $7.26 $9.28 - Cash dividends declared $2.25 $1.25 $2.50 $1.25 Weighted-average number of Class A and Class B common stock outstanding ( note 16) - Basic 34,383,813 34,140,540 34,322,858 34,116,655 - Diluted 34,705,613 34,546,749 34,677,402 34,543,526 Related party transactions (note 11) The accompanying notes are an integral part of the unaudited consolidated financial statements. 1 Table of Contents TEEK

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View this 6-K filing on SEC EDGAR