Teekay Tankers Ltd. Files Q3 2024 6-K Report

TL;DR

Teekay Tankers (TNK) filed their Q3 2024 6-K, check it for latest financials.

AI Summary

Teekay Tankers Ltd. filed a Form 6-K for the quarterly period ended September 30, 2024. The filing provides information as of November 1, 2024, and details the company's principal executive office in Hamilton, Bermuda. Teekay Tankers Ltd. is registered with the SEC under file number 1-33867 and operates in the water transportation industry.

Why It Matters

This filing provides an update on Teekay Tankers Ltd.'s financial reporting for the third quarter of 2024, which is crucial for investors to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that provides standard financial reporting information and does not appear to contain any unusual or high-risk disclosures.

Key Players & Entities

• TEEKAY TANKERS LTD. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• November 1, 2024 (date) — Filing date
• Hamilton, Bermuda (location) — Principal executive office location
• 1-33867 (other) — SEC file number

FAQ

Key Financial Figures

• $1.70 — (note 16) - Basic earnings per share $1.70 $2.38 $9.03 $11.77 - Diluted earnings
• $2.38 — 16) - Basic earnings per share $1.70 $2.38 $9.03 $11.77 - Diluted earnings per sh
• $9.03 — - Basic earnings per share $1.70 $2.38 $9.03 $11.77 - Diluted earnings per share $1
• $11.77 — ic earnings per share $1.70 $2.38 $9.03 $11.77 - Diluted earnings per share $1.69 $2.
• $1.69 — 03 $11.77 - Diluted earnings per share $1.69 $2.35 $8.95 $11.63 - Cash dividends de
• $2.35 — .77 - Diluted earnings per share $1.69 $2.35 $8.95 $11.63 - Cash dividends declared
• $8.95 — Diluted earnings per share $1.69 $2.35 $8.95 $11.63 - Cash dividends declared $0.25
• $11.63 — ed earnings per share $1.69 $2.35 $8.95 $11.63 - Cash dividends declared $0.25 $0.25
• $0.25 — $8.95 $11.63 - Cash dividends declared $0.25 $0.25 $2.75 $1.50 Weighted-average nu
• $2.75 — - Cash dividends declared $0.25 $0.25 $2.75 $1.50 Weighted-average number of Clas
• $1.50 — sh dividends declared $0.25 $0.25 $2.75 $1.50 Weighted-average number of Class A an
• $4.7 million — ccounts receivable, net of allowance of $4.7 million (2023 - $5.6 million) 79,576 99,940 As
• $5.6 million — et of allowance of $4.7 million (2023 - $5.6 million) 79,576 99,940 Assets held for sale 37
• $553.4 million — cost, less accumulated depreciation of $553.4 million (2023 - $440.9 million) 1,151,862 929,2
• $440.9 million — depreciation of $553.4 million (2023 - $440.9 million) 1,151,862 929,237 Vessels related to

Filing Documents

• tnk6-kq3x24.htm (6-K) — 716KB
• chart-3d8a675acf354e249b3a.jpg (GRAPHIC) — 94KB
• 0001419945-24-000010.txt ( ) — 846KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION PAGE

Financial Statements

Item 1. Financial Statements Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 1 Unaudited Consolidated Balance Sheets as at September 30, 2024 and December 31, 2023 2 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Changes in Equity for the three and nine months ended September 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 13

OTHER INFORMATION

PART II OTHER INFORMATION 27

SIGNATURES

SIGNATURES 28 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 $ $ $ $ Voyage charter revenues (note 3) 231,665 274,774 848,580 1,019,484 Time-charter revenues (note 3) 8,184 8,119 18,355 23,124 Other revenues (note 3) 3,429 2,965 11,276 8,553 Total revenues 243,278 285,858 878,211 1,051,161 Voyage expenses (note 7) (93,984) (113,274) (310,612) (355,543) Vessel operating expenses (note 11b) (38,091) (36,366) (113,942) (112,348) Time-charter hire expenses (note 6) (18,465) (19,378) (57,651) (51,014) Depreciation and amortization (23,445) (24,565) (69,136) (72,924) General and administrative expenses (notes 10 and 11b) (10,876) (10,700) (38,678) (35,087) Gain on sale of vessel (note 12) — — 11,601 — Restructuring charges (note 13) (5,952) — (5,952) (1,248) Income from operations 52,465 81,575 293,841 422,997 Interest expense (825) (6,440) (6,670) (23,565) Interest income 5,772 3,119 16,972 7,120 Realized and unrealized gain on derivative instruments (note 8) — — — 449 Equity (loss) income (121) 666 2,152 2,916 Other income (expense) (note 14) 942 (82) 1,628 (65) Net income before income tax 58,233 78,838 307,923 409,852 Income tax recovery (expense) (note 15) 582 2,528 2,633 (7,875) Net income 58,815 81,366 310,556 401,977 Per common share amounts (note 16) - Basic earnings per share $1.70 $2.38 $9.03 $11.77 - Diluted earnings per share $1.69 $2.35 $8.95 $11.63 - Cash dividends declared $0.25 $0.25 $2.75 $1.50 Weighted-average number of Class A and Class B common shares outstanding ( note 16) - Basic 34,496,757 34,201,415 34,381,247 34,145,219 - Diluted 34,765,008 34,571,439 34,706,817 34,552,933 Related party transactions (note 11) The accompanying notes are an integral part of the unaudited consolidated financi

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