ET - Teekay LNG Distribution Up 32% 2020 Guidance Looks Better

Teekay LNG (TGP) is the world's 3rd largest independent LNG carrier owner/operator, moving 8% of the world's seaborn gas. TGP owns 79 vessels and the Bahrain regasification project, generating contracted backlog of $~9.8bn (forward-fee based revenues) with average remaining contract duration of ~10.8 years, backed by strong counterparties (a diverse portfolio of blue chip customers including Shell, BP, Total, Cheniere and ConocoPhillips). In other words, TGP enjoys substantial quality cash flow visibility, allowing the Partnership to pursue a disciplined and balanced capital allocation approach, including deleveraging, progressive distribution policy and unit repurchases. This