Teekay LNG Partners Declares Distributions on Series A and B Preferred Units; Eliminating K-1 Reporting for Preferred Unitholders

Hamilton, Bermuda - Dec. 14, 2018

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared cash distributions of $0.5625 per unit on the Partnership’s Series A preferred units (NYSE:TGP PR A) and $0.5313 per unit on the Partnership’s Series B preferred units (NYSE:TGP PR B) for the period from October 1, 2018 to December 31, 2018. The cash distributions are payable on January 15, 2019 to all unitholders of record as at December 31, 2018.

As previously-announced, Teekay LNG intends to amend its U.S. tax status to be treated as a corporation, instead of a partnership, for U.S. federal income tax purposes. This amendment is subject to common unitholder vote at a special meeting of common unitholders on December 18, 2018. If approved, common and preferred unit investors will receive Form 1099s instead of Schedule K-1s commencing in taxation year 2019.

About Teekay LNG
Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, primarily providing LNG and LPG marine transportation services largely under long-term, fee-based charter contracts through its interests in 49 LNG carriers (including seven newbuildings), 22 mid-size LPG carriers, seven multigas carriers and three conventional tankers. The Partnership’s interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification facility, which is currently under construction. Teekay LNG Partners was formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG marine transportation sectors.

Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

Teekay LNG Partners L.P. press release