Teekay LNG Partners (TGP) Press Releases

Teekay LNG Partners L.P. Announces Entering Into an Equity Distribution Agreement With an Aggregate Offering Price of Up to $100 Million

Wed, 22 May 2013 21:49:00 -0400

HAMILTON, BERMUDA -- (Marketwired) -- 05/23/13 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced today that it has filed a prospectus supplement with the Securities and Exchange Commission (SEC) through which it may, from time to time, issue common units representing limited partner interests with an aggregate offering price of up to $100 million through Citigroup Global Markets Inc. (Citigroup) as sales agent.

Sales of common units, if any, will be made by means of ordinary brokers' transactions on the New York Stock Exchange, in block transactions, or as otherwise agreed to between Teekay LNG and Citigroup.

Teekay LNG is under no obligation to issue common units under the equity distribution agreement. The Partnership intends to use the net proceeds from sales under this program for general partnership purposes, which may include, among other things, repaying or refinancing all or a portion of its outstanding indebtedness and funding future working capital requirements, capital expenditures or acquisitions.

The common units will be offered pursuant to a prospectus supplement, dated May 22, 2013, to the Partnership's base prospectus, dated May 6, 2013. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by visiting EDGAR on the SEC website at www.sec.gov, or by contacting Citigroup as follows: Citigroup, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: 800-831-9146.

In connection with the securities offered under the Registration Statement on Form F-3 filed May 6, 2013, the Partnership may file on Form 6-K preliminary, unaudited financial results for each of the four quarters of its fiscal year in advance of its regular quarterly financial reports on Form 6-K, and its regular year-end financial report, filed on Form 20-F.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This offering may be made only by means of a prospectus supplement and accompanying base prospectus.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements, which include statements regarding the proposed offering of common units and the use of proceeds from the proposed offering, involve risks and uncertainties that could cause the outcomes or results to be materially different.

Teekay LNG Partners L.P.
Kent Alekson
Investor Relations
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Reports First Quarter Results

Thu, 09 May 2013 09:00:00 -0400

HAMILTON, BERMUDA -- (Marketwired) -- 05/09/13 -- Teekay LNG Partners L.P. (NYSE:TGP) -

Highlights

Generated distributable cash flow of $53.7 million in the first quarter of 2013, an increase of 6 percent from the first quarter of 2012.
Declared first quarter 2013 cash distribution of $0.675 per unit.
On February 12, 2013, completed the previously-announced 50/50 joint venture with Exmar NV which owns and charters-in 25 vessels in the LPG carrier segment.
Total liquidity of $301.2 million as at March 31, 2013.

Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), today reported the Partnership's results for the quarter ended March 31, 2013. During the first quarter of 2013, the Partnership generated distributable cash flow⁽¹⁾ of $53.7 million, compared to $50.8 million in the same quarter of the previous year. The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: a 50 percent interest in Exmar LPG BVBA, a joint venture with Exmar NV that owns and charters-in 25 liquefied petroleum gas (LPG) carriers, including eight newbuilding carriers, in February 2013; and a 52 percent interest in six liquefied natural gas (LNG) carriers in February 2012.

On April 18, 2013, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2013. The cash distribution is payable on May 14, 2013 to all unitholders of record on April 30, 2013.

Exmar LPG Joint Venture

On February 12, 2013, Teekay LNG entered into a joint venture with Belgium-based Exmar NV to own and charter-in LPG carriers with a primary focus on the mid-size gas carrier segment. The joint venture entity, called Exmar LPG BVBA includes 20 owned LPG carriers (including eight newbuildings scheduled for delivery between 2014 and 2016) and five chartered-in LPG carriers. In exchange for its 50 percent ownership in Exmar LPG BVBA, including newbuilding payments made prior to the establishment of the joint venture, Teekay LNG invested approximately $134 million of equity and assumed approximately $108 million of pro rata debt and lease obligations secured by certain vessels in the Exmar LPG BVBA fleet.

"With 100 percent of the Partnership's LNG fleet operating under fixed-rate contracts, Teekay LNG is insulated from the recent decline in short-term LNG shipping rates," commented Peter Evensen , Chief Executive Officer of Teekay GP L.L.C. "While demand for new LNG carrier capacity is expected to be volatile in the short-term, following the scheduled start-up of several new liquefaction projects beginning in late-2015, demand for new LNG carriers is expected to increase." Mr. Evensen continued. "As a result, the Partnership is currently bidding on several LNG and floating regasification projects with start-up dates in late-2015 through 2017, including potential employment opportunities that we believe are well-suited to the Partnership's two fuel-efficient LNG carrier newbuildings scheduled for delivery during the first-half of 2016."

⁽¹⁾ Distributable cash flow is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. Please see Appendix B for a reconciliation of this non-GAAP measure to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP).

Financial Summary

The Partnership reported adjusted net income attributable to the partners⁽²⁾ (as detailed in Appendix A to this release) of $39.1 million for the quarter ended March 31, 2013, compared to $35.6 million for the same period of the prior year. Adjusted net income attributable to the partners excludes a number of specific items that had the net effect of increasing net income by $15.4 million and decreasing net income by $10.9 million for the three months ended March 31, 2013 and 2012, respectively, as detailed in AppendixA. Including these items, the Partnership reported net income attributable to the partners, on a GAAP basis, of $54.4 million and $24.7 million for the three months ended March 31, 2013 and 2012, respectively.

For accounting purposes, the Partnership is required to recognize the changes in the fair value of its derivative instruments on its consolidated statements of income. This method of accounting does not affect the Partnership's cash flows or the calculation of distributable cash flow, but results in the recognition of unrealized gains or losses on the consolidated statements of income as detailed in footnotes 3, 4 and 5 to the Summary Consolidated Statements of Income included in this release.

⁽²⁾ Adjusted net income attributable to the partners is a non-GAAP financial measure. Please refer to Appendix A to this release for a reconciliation of this non-GAAP measure to the most directly comparable financial measure under GAAP and information about specific items affecting net income which are typically excluded by securities analysts in their published estimates of the Partnership's financial results.

Operating Results

The following table highlights certain financial information for Teekay LNG's two segments: the Liquefied Gas segment and the Conventional Tanker segment (please refer to the "Teekay LNG's Fleet" section of this release above and Appendices C to F for further details).

(in thousands of U.S. Dollars)	Three Months Ended March 31, 2013 (unaudited)			Three Months Ended March 31, 2012 (unaudited)
(in thousands of U.S. Dollars)	Liquefied Gas Segment	Conventional Tanker Segment	Total	Liquefied Gas Segment	Conventional Tanker Segment	Total
Net voyage revenues⁽ⁱ⁾	68,030	28,686	96,716	70,697	28,300	98,997
Vessel operating expenses	13,993	11,323	25,316	11,779	10,608	22,387
Depreciation and amortization	17,290	6,853	24,143	17,238	7,519	24,757
CFVO from consolidated vessels⁽ⁱⁱ⁾	51,937	13,633	65,570	56,832	15,835	72,667
CFVO from equity accounted vessels⁽ⁱⁱⁱ⁾	41,999	-	41,999	26,186	-	26,186
Total CFVO⁽ⁱⁱ⁾	93,936	13,633	107,569	83,018	15,835	98,853

⁽ⁱ⁾		Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see Appendix C for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure.
⁽ⁱⁱ⁾		Cash flow from vessel operations (CFVO) from consolidated vessels represents income from vessel operations before (a) depreciation and amortization expense, (b) amortization of in-process revenue contracts and includes (c) adjustments for direct financing leases and two Suezmax tankers to a cash basis. CFVO is included because certain investors use this data to measure a company's financial performance. CFVO is not required by GAAP and should not be considered as an alternative to net income, equity income or any other indicator of the Partnership's performance required by GAAP. Please see Appendix E for a reconciliation of CFVO from consolidated vessels (a non-GAAP measure) as used in this release to the most directly comparable GAAP financial measure.
⁽ⁱⁱⁱ⁾		The Partnership's equity accounted investments for the three months ended March 31, 2013 and 2012 include the Partnership's 40 percent interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership's 50 percent interest in the Excalibur and Excelsior joint ventures, which owns one LNG carrier and one regasification unit, respectively; the Partnership's 33 percent interest in four LNG carriers servicing the Angola LNG Project; and the Partnership's 52 percent interest in MALT LNG Holdings ApS, the joint venture between the Partnership and Maurbeni Corporation, which owns six LNG carriers.The Partnership's equity accounted investments for the three months ended March 31, 2013 also includes the Partnership's acquisition of a 50 percent interest in Exmar LPG BVBA, the joint venture between the Partnership and Exmar NV, completed in February 2013, which owns and charters-in 25 vessels in the LPG carrier segment, including eight newbuildings. Please see Appendix F for a description and reconciliation of CFVO from equity accounted vessels (a non-GAAP measure) as used in this release to the most directly comparable GAAP financial measure.

Liquefied Gas Segment

Cash flow from vessel operations from the Partnership's Liquefied Gas segment, excluding equity-accounted vessels, decreased to $51.9 million in the first quarter of 2013 from $56.8 million in the same quarter of the prior year. The decrease is primarily due to the scheduled drydocking of the Arctic Spirit during the first quarter of 2013, which resulted in 41 days of off-hire, and higher vessel operating expenditures due to preparations for the scheduled drydocking of the two Tangguh project LNG carriers during the second and fourth quarters in 2013.

Cash flow from vessel operations from the Partnership's equity-accounted vessels in the Liquefied Gas segment increased to $42.0 million in the first quarter of 2013 from $26.2 million in the same quarter of the prior year. This increase was primarily due to the Teekay LNG-Marubeni joint venture's acquisition of six LNG carriers from A.P. Moller Maersk A/P (the MALT LNG Carriers) in February 2012 and the acquisition of a 50 percent interest in the Exmar LPG BVBA joint venture in February 2013.

Conventional Tanker Segment

Cash flow from vessel operations from the Partnership's Conventional Tanker segment decreased to $13.6 million in the first quarter of 2013 from $15.8 million in the same quarter of the prior year, primarily as a result of amendments to two of the Partnership's Suezmax tanker charter contracts that temporarily reduces the daily hire rate for each vessel by $12,000 from October 2012 until September 2014. During this period, however, if Suezmax spot tanker rates exceed the amended rates, the charterer will pay the Partnership the excess amount up to a maximum of the original daily charter rate.

Teekay LNG's Fleet

The following table summarizes the Partnership's fleet as of May 1, 2013:

	Number of Vessels
	Owned Vessels	In-Chartered Vessels	Newbuilds	Total
LNG Carrier Fleet	27 ⁽ⁱ⁾	-	2	29
LPG/Multigas Carrier Fleet	16 ^(ii)(iii)	5 ^(iv)	8 ⁽ⁱⁱ⁾	29
Conventional Tanker Fleet	11	-	-	11
Total	54	5	10	69

⁽ⁱ⁾		The Partnership's ownership interests in these vessels ranges from 33 percent to 100 percent.
⁽ⁱⁱ⁾		The Partnership's ownership interests in these vessels ranges from 50 percent to 99 percent.
⁽ⁱⁱⁱ⁾		Excludes one LPG carrier, the Donau, owned by the Exmar LPG BVBA that was sold in April 2013.
^(iv)		The Partnership's interest in these vessels is 50 percent.

Liquidity

As of March 31, 2013, the Partnership had total liquidity of $301.2 million (comprised of $91.0 million in cash and cash equivalents and $210.2 million in undrawn credit facilities), compared to total liquidity of $495.0 million as of December 31, 2012. The decrease in liquidity during the first quarter of 2013 is primarily due to the acquisition of the Partnership's 50 percent interest in Exmar LPG BVBA, advances to Exmar LPG BVBA of $13.8 million to fund newbuilding installments and drydocking expenditures incurred during the quarter.

Availability of 2012 Annual Report

The Partnership filed its 2012 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) on April 16, 2013. Copies of this report are available on Teekay LNG's website, under "SEC Filings", at www.teekaylng.com. Unitholders may request a printed copy of this Annual Report, including the complete audited financial statements, free of charge by contacting Teekay LNG Partners Investor Relations.

Conference Call

The Partnership plans to host a conference call on Friday, May 10, 2013 at 11:00 a.m. (ET) to discuss the results for the first quarter of 2013. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

By dialing (866) 322-2356 or (416) 640-3405, if outside North America, and quoting conference ID code 2188375.
By accessing the webcast, which will be available on Teekay LNG's website at www.teekaylng.com (the archive will remain on the web site for a period of 30 days).

A supporting First Quarter 2013 Earnings Presentation will also be available at www.teekaylng.com in advance of the conference call start time.

The conference call will be recorded and made available until Friday, May 17, 2013. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 2188375.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG carriers, providing LNG, LPG and crude oil marine transportation services generally under long-term, fixed-rate charter contracts through its interests in 29 LNG carriers (including one LNG regasification unit and two newbuildings), 29 LPG/Multigas carriers (including five chartered-in LPG carriers and eight newbuildings) and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands of U.S. Dollars, except units outstanding)

		Three Months Ended
		March 31, 2013 (unaudited)	December 31, 2012 (unaudited)	March 31, 2012 (unaudited)
VOYAGE REVENUES		97,107	98,236	99,340
OPERATING EXPENSES
Voyage expenses		391	327	343
Vessel operating expenses⁽¹⁾		25,316	25,735	22,387
Depreciation and amortization		24,143	26,227	24,757
General and administrative⁽¹⁾		5,469	5,258	5,260
Write down of vessels⁽²⁾		-	29,367	-
		55,319	86,914	52,747
Income from vessel operations		41,788	11,322	46,593
OTHER ITEMS
Equity income⁽³⁾		26,424	29,634	17,048
Interest expense		(13,248)	(13,265)	(12,798)
Interest income		515	771	932
Realized and unrealized (loss) gain on derivative instruments⁽⁴⁾		(8,285)	14,373	(15,903)
Foreign exchange gain (loss)⁽⁵⁾		8,211	(6,255)	(9,668)
Other (expense) income - net		(374)	540	475
Net income		55,031	37,120	26,679
Net income attributable to:
	Non-controlling interest	586	8,895	1,948
	Partners	54,445	28,225	24,731
Limited partners' units outstanding:
Weighted-average number of common units outstanding
	- basic	69,683,763	69,683,763	64,857,900
	- diluted	69,686,503	69,683,763	64,857,900
Total number of units outstanding at end of period		69,683,763	69,683,763	64,857,900

⁽¹⁾		In order to more closely align the Partnership's presentation to many of its peers, the cost of ship management services of $1.9 million for the three months ended March 31, 2013 have been presented as vessel operating expenses. Prior to 2013, the Partnership included these amounts in general and administrative expenses. All such costs incurred in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses to conform to the presentation adopted in the current period. The amounts reclassified were $2.0 million and $1.9 million for the three months ended December 31, 2012 and March 31, 2012, respectively.

⁽²⁾		The carrying values of three of the Partnership's conventional Suezmax tankers (the Tenerife Spirit, Algeciras Spirit and Huelva Spirit) were written down during the three months ended December 31, 2012 due to the expected termination of their time-charter contracts between August 2013 and April 2014. The estimated fair value was based on a discounted cash flow approach and such estimates of cash flows were based on existing time-charter contracts, lease obligations and budgeted operating costs.

⁽³⁾		Equity income includes unrealized gains on derivative instruments as detailed in the table below:


	Three Months Ended
	March 31, 2013	December 31, 2012	March 31, 2012

Equity income	26,424	29,634	17,048
Proportionate share of unrealized gains on derivative instruments	4,599	9,599	5,061
Equity income excluding unrealized gains on derivative instruments	21,825	20,035	11,987


Equity income also includes the Partnership's share of Exmar LPG BVBA which is based on preliminary purchase price adjustments.

⁽⁴⁾		The realized (losses) gains relate to the amounts the Partnership actually paid to settle derivative instruments and the unrealized gains (losses) relate to the change in fair value of such derivative instruments as detailed in the table below:

	Three Months Ended
	March 31, 2013	December 31, 2012	March 31, 2012
Realized (losses) gains relating to:
Interest rate swaps	(9,526)	(9,614)	(9,079)
Toledo Spirit time-charter derivative contract	-	945	(32)
	(9,526)	(8,669)	(9,111)

Unrealized (losses) gains relating to:
Interest rate swaps	(1,259)	21,442	(7,092)
Toledo Spirit time-charter derivative contract	2,500	1,600	300
	1,241	23,042	(6,792)
Total realized and unrealized (losses) gains on derivative instruments	(8,285)	14,373	(15,903)

⁽⁵⁾		For accounting purposes, the Partnership is required to revalue all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period. This revaluation does not affect the Partnership's cash flows or the calculation of distributable cash flow, but results in the recognition of unrealized foreign currency translation gains or losses in the consolidated statements of income.
Foreign exchange (loss) gain includes realized gains relating to the amounts the Partnership received to settle the Partnership's non-designated cross currency swap that was entered into as an economic hedge in relation to the Partnership's Norwegian Kroner (NOK)-denominated unsecured bonds. The Partnership issued NOK 700 million of unsecured bonds in May 2012 that mature in 2017. Foreign exchange (loss) gain also includes unrealized gains (losses) relating to the change in fair value of such derivative instruments, partially offset by unrealized (losses) gains on the revaluation of the NOK bonds as detailed in the table below:

	Three Months Ended
	March 31, 2013	December 31, 2012	March 31, 2012

Realized gains on cross-currency swaps	58	102	-
Unrealized (losses) gains on cross-currency swaps	(6,191)	4,516	-
Unrealized gains (losses) on revaluation of NOK bonds	5,923	(3,523)	-

TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars)

		As at March 31,	As at December 31,
		2013	2012
		(unaudited)	(unaudited)
ASSETS
Cash and cash equivalents		90,982	113,577
Restricted cash - current		34,166	34,160
Other current assets		21,469	19,244
Advances to affiliates		3,273	13,864
Restricted cash - long-term		494,353	494,429
Vessels and equipment		1,901,373	1,911,016
Advances on newbuilding contracts		38,829	38,624
Net investments in direct financing leases		401,795	403,386
Derivative assets		144,252	162,559
Investments in and advances to equity accounted joint ventures⁽¹⁾		589,507	409,735
Other assets		39,844	39,237
Intangible assets		106,524	109,984
Goodwill		35,631	35,631
Total Assets		3,901,998	3,785,446
LIABILITIES AND EQUITY
Accounts payable, accrued liabilities and unearned revenue		51,692	59,729
Current portion of long-term debt and capital leases		249,357	156,761
Advances from affiliates		16,551	12,083
Long-term debt and capital leases		1,933,467	1,894,166
Derivative liabilities		282,938	296,295
Other long-term liabilities		111,271	112,138
Equity
	Non-controlling interest⁽²⁾	41,736	41,294
	Partners' equity	1,214,986	1,212,980
Total Liabilities and Total Equity		3,901,998	3,785,446

⁽¹⁾		Investments in and advances to equity accounted joint ventures includes the Partnership's investment in Exmar LPG BVBA which is based on preliminary purchase price adjustments.
⁽²⁾		Non-controlling interest includes a 30 percent equity interest in the RasGas II project (which owns three LNG carriers), a 31 percent equity interest in the Tangguh Project (which owns two LNG carriers), a 1 percent equity interest in the two Kenai LNG carriers, a 1 percent equity interest in the Excalibur joint venture (which owns one LNG carrier), and a 1 percent equity interest in the five LPG/Multigas carriers that are chartered out to I.M. Skaugen ASA, which in each case represents the ownership interest not owned by the Partnership.

TEEKAY LNG PARTNERS L.P.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. Dollars)

	Three Months Ended March 31,
	2013	2012
	(unaudited)	(unaudited)
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
Net operating cash flow	36,561	48,299
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	178,797	209,128
Scheduled repayments of long-term debt	(18,785)	(18,439)
Prepayments of long-term debt	(10,000)	-
Scheduled repayments of capital lease obligations and other long-term liabilities	(2,592)	(2,510)
Advances to joint venture partners and equity accounted joint ventures	(16,785)	(3,600)
Increase in restricted cash	(424)	(30,215)
Cash distributions paid	(52,972)	(44,331)
Other	(144)	-
Net financing cash flow	77,095	110,033
INVESTING ACTIVITIES
Purchase of equity accounted investments	(136,841)	(170,067)
Receipts from direct financing leases	1,591	1,481
Expenditures for vessels and equipment	(1,001)	(838)
Other	-	1,369
Net investing cash flow	(136,251)	(168,055)

Decrease in cash and cash equivalents	(22,595)	(9,723)
Cash and cash equivalents, beginning of the period	113,577	93,627
Cash and cash equivalents, end of the period	90,982	83,904

TEEKAY LNG PARTNERS L.P.

APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME

(in thousands of U.S. Dollars)

Set forth below is a reconciliation of the Partnership's unaudited adjusted net income attributable to the partners, a non-GAAP financial measure, to net income attributable to the partners as determined in accordance with GAAP. The Partnership believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Partnership's financial performance. The items below are also typically excluded by securities analysts in their published estimates of the Partnership's financial results. Adjusted net income attributable to the partners is intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP.

		Three Months Ended
		March 31, 2013	March 31, 2012
		(unaudited)	(unaudited)
Net income - GAAP basis		55,031	26,679
Less:
	Net income attributable to non-controlling interest	(586)	(1,948)
Net income attributable to the partners		54,445	24,731
(Subtract) add specific items affecting net income:
	Unrealized foreign exchange (gains) losses⁽¹⁾	(8,048)	9,668
	Unrealized (gains) losses from derivative instruments⁽²⁾	(1,241)	6,792
	Unrealized gains from derivative instruments and other items from equity accounted investees⁽³⁾	(4,599)	(4,811)
	Non-controlling interests' share of items above⁽⁴⁾	(1,506)	(777)
Total adjustments		(15,394)	10,872
Adjusted net income attributable to the partners		39,051	35,603

⁽¹⁾		Unrealized foreign exchange (gains) losses primarily relate to the Partnership's revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and unrealized loss on the cross-currency swap economically hedging the Partnership's NOK bond and exclude the realized gains relating to the cross currency swap for the NOK bonds.
⁽²⁾		Reflects the unrealized (gains) losses due to changes in the mark-to-market value of interest rate derivative instruments that are not designated as hedges for accounting purposes.
⁽³⁾		Reflects the unrealized gains due to changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes within the Partnership's equity-accounted investments and $0.3 million of start-up related costs during the three months ended March 31, 2012 relating to the acquisition of the six MALT LNG Carriers.
⁽⁴⁾		Items affecting net income include items from the Partnership's wholly-owned subsidiaries, its consolidated non-wholly-owned subsidiaries and its proportionate share of items from equity accounted for investments. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests' percentage share in this subsidiary to arrive at the non-controlling interests' share of the amount. The amount identified as "non-controlling interests' share of items listed above" in the table above is the cumulative amount of the non-controlling interests' proportionate share of items listed in the table.

TEEKAY LNG PARTNERS L.P.

APPENDIX B - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

DISTRIBUTABLE CASH FLOW ( DCF )

(in thousands of U.S. Dollars)

Description of Non-GAAP Financial Measure - Distributable Cash Flow (DCF)

Distributable cash flow represents net income adjusted for depreciation and amortization expense, non-cash items, estimated maintenance capital expenditures, unrealized gains and losses from derivatives, deferred income taxes and foreign exchange related items. Maintenance capital expenditures represent those capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership's capital assets. Distributable cash flow is a quantitative standard used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Distributable cash flow is not required by GAAP and should not be considered as an alternative to net income or any other indicator of the Partnership's performance required by GAAP. The table below reconciles distributable cash flow to net income.

		Three Months Ended March 31, 2013 (unaudited)	Three Months Ended March 31, 2012 (unaudited)

Net income:		55,031	26,679
Add:
	Depreciation and amortization	24,143	24,757
	Partnership's share of equity accounted joint ventures' DCF before estimated maintenance capital expenditures	31,343	16,828
Less:
	Estimated maintenance capital expenditures	(16,399)	(12,716)
	Equity income	(26,424)	(17,048)
	Unrealized foreign exchange (gain) loss	(8,048)	9,668
	Unrealized (gain) loss on derivatives and other non-cash items	(2,141)	7,050

Distributable Cash Flow before Non-controlling interest		57,505	55,218
Non-controlling interests' share of DCF before estimated maintenance capital expenditures		(3,840)	(4,450)
Distributable Cash Flow		53,665	50,768

TEEKAY LNG PARTNERS L.P.

APPENDIX C - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NET VOYAGE REVENUES

(in thousands of U.S. Dollars)

Description of Non-GAAP Financial Measure - Net Voyage Revenues

Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues is included because certain investors use this data to measure the financial performance of shipping companies. Net voyage revenues is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to voyage revenues or any other indicator of the Partnership's performance required by accounting principles generally accepted in the United States.

	Three Months Ended March 31, 2013
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Voyage revenues	68,030	29,077	97,107
Voyage expenses	-	391	391
Net voyage revenues	68,030	28,686	96,716

	Three Months Ended March 31, 2012
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Voyage revenues	70,733	28,607	99,340
Voyage expenses	36	307	343
Net voyage revenues	70,697	28,300	98,997

TEEKAY LNG PARTNERS L.P.

APPENDIX D - SUPPLEMENTAL SEGMENT INFORMATION

(in thousands of U.S. Dollars)

	Three Months Ended March 31, 2013
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Net voyage revenues⁽¹⁾	68,030	28,686	96,716
Vessel operating expenses	13,993	11,323	25,316
Depreciation and amortization	17,290	6,853	24,143
General and administrative	3,684	1,785	5,469
Income from vessel operations	33,063	8,725	41,788

	Three Months Ended March 31, 2012
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Net voyage revenues⁽¹⁾	70,697	28,300	98,997
Vessel operating expenses	11,779	10,608	22,387
Depreciation and amortization	17,238	7,519	24,757
General and administrative	3,559	1,701	5,260
Income from vessel operations	38,121	8,472	46,593

⁽¹⁾

Net voyage revenues represents voyage revenues less voyage expenses, which comprise all expenses relating to certain voyages, including bunker fuel expenses, port fees, canal tolls and brokerage commissions. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see Appendix C for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure.

TEEKAY LNG PARTNERS L.P.

APPENDIX E - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS

FROM CONSOLIDATED VESSELS

(in thousands of U.S. Dollars)

Description of Non-GAAP Financial Measure - Cash Flow from Vessel Operations from Consolidated Vessels

Cash flow from vessel operations from consolidated vessels represents income from vessel operations before (a) depreciation and amortization expense, (b) amortization of in-process revenue contracts included in voyage revenues, and includes (c) adjustments for direct financing leases and two Suezmax tankers to a cash basis. The Partnership's only direct financing leases for the periods indicated relate to the Partnership's 69% interest in two LNG carriers, the Tangguh Sago and Tangguh Hiri. The Partnership's cash flow from vessel operations from consolidated vessels does not include the Partnership's cash flow from vessel operations from its equity-accounted joint ventures. Cash flow from vessel operations is included because certain investors use cash flow from vessel operations to measure a company's financial performance, and to highlight this measure for the Partnership's consolidated vessels. Cash flow from vessel operations from consolidated vessels is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to net income or any other indicator of the Partnership's performance required by accounting principles generally accepted in the United States.

	Three Months Ended March 31, 2013
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Income from vessel operations (See Appendix D)	33,063	8,725	41,788
Depreciation and amortization	17,290	6,853	24,143
Amortization of in-process revenue contracts included in voyage revenues	-	(278)	(278)
Tangguh LNG revenue accounted for as direct financing leases	(11,455)	-	(11,455)
Tangguh LNG cash flow from time-charter contracts	13,039	-	13,039
Cash flow adjustment for two Suezmax tankers⁽¹⁾	-	(1,667)	(1,667)
Cash flow from vessel operations from consolidated vessels	51,937	13,633	65,570

	Three Months Ended March 31, 2012
	(unaudited)

	Liquefied Gas Segment	Conventional Tanker Segment	Total
Income from vessel operations (See Appendix D)	38,121	8,472	46,593
Depreciation and amortization	17,238	7,519	24,757
Amortization of in-process revenue contracts included in voyage revenues	-	(124)	(124)
Tangguh LNG revenue accounted for as direct financing leases	(11,578)	-	(11,578)
Tangguh LNG cash flow from time-charter contracts	13,051	-	13,051
Realized loss on Toledo Spirit derivative contract	-	(32)	(32)
Cash flow from vessel operations from consolidated vessels	56,832	15,835	72,667

⁽¹⁾

The Partnership's charter contracts for two of its Suezmax tankers, the Bermuda Spirit and Hamilton Spirit, were amended in 2012 which had the effect of reducing the daily charter rates by $12,000 per day for a duration of 24 months commencing October 1, 2012. The cash impact of the change in hire rates is not fully reflected in the Partnership's statements of income as the change in the lease payments are being recognized straight-line over the term of the lease.

TEEKAY LNG PARTNERS L.P.

APPENDIX F - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

CASH FLOW FROM VESSEL OPERATIONS FROM EQUITY ACCOUNTED VESSELS

(in thousands of U.S. Dollars)

Description of Non-GAAP Financial Measure - Cash Flow from Vessel Operations from Equity Accounted Vessels

Cash flow from vessel operations from equity accounted vessels represents income from vessel operations before (a) depreciation and amortization expense, (b) amortization of in-process revenue contracts and includes (c) adjustments for direct financing leases to a cash basis. Cash flow from vessel operations from equity accounted vessels is included because certain investors use cash flow from vessel operations to measure a company's financial performance, and to highlight this measure for the Partnership's equity-accounted joint ventures. Cash flow from vessel operations from equity accounted vessels is not required by accounting principles generally accepted in the United States and should not be considered as an alternative to equity income or any other indicator of the Partnership's performance required by accounting principles generally accepted in the United States.

	Three Months Ended March 31, 2013		Three Months Ended March 31, 2012
	(unaudited)		(unaudited)

	At 100%	Partnership's Portion ⁽¹⁾	At 100%	Partnership's Portion ⁽¹⁾
Voyage revenues	127,152	57,962	78,692	32,900
Vessel and other operating expenses	32,684	15,237	18,114	7,785
Depreciation and amortization	18,418	9,396	6,657	3,404
Income from vessel operations of equity accounted vessels	76,050	33,329	53,921	21,711
Interest expense	(15,517)	(6,885)	(21,825)	(8,382)
Realized and unrealized (loss) gain on derivative instruments	(1,094)	(360)	9,522	3,028
Other income - net	402	340	919	691
Other items	(16,209)	(6,905)	(11,384)	(4,663)
Net income / equity income of equity accounted vessels	59,841	26,424	42,537	17,048


Income from vessel operations	76,050	33,329	53,921	21,711
Depreciation and amortization	18,418	9,396	6,657	3,404
Revenue accounted for as direct financing leases	(49,050)	(17,946)	(50,240)	(18,363)
Cash flow from time-charter contracts	55,926	20,441	56,938	20,810
Amortization of in-process revenue contracts and other	(6,200)	(3,221)	(2,650)	(1,376)
Cash flow from vessel operations from equity accounted vessels	95,144	41,999	64,626	26,186

⁽¹⁾

The Partnership's equity accounted investments for the three months ended March 31, 2013 and 2012 include the Partnership's 40 percent interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership's 50 percent interest in the Excalibur and Excelsior joint ventures, which owns one LNG carrier and one regasification unit, respectively; the Partnership's 33 percent interest in four LNG carriers servicing the Angola LNG Project; and the Partnership's 52 percent interest in MALT LNG Holdings ApS, the joint venture between the Partnership and Maurbeni Corporation, which owns six LNG carriers. The Partnership's equity accounted investments for the three months ended March 31, 2013 also includes the Partnership's acquisition of a 50 percent interest in Exmar LPG BVBA, the joint venture between the Partnership and Exmar NV, completed in February 2013, which owns and charters-in 25 vessels in the LPG carrier segment, including eight newbuildings.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: future growth opportunities, including the Partnership's ability to successfully bid for new LNG shipping and regasification projects; the Partnership's ability to secure long-term contract employment for the two LNG carrier newbuilding vessels; expected delivery dates for the Partnership's newbuildings; and LNG and LPG shipping market fundamentals, including the short-term demand for LNG carrier capacity, future growth in global LNG supply, and the balance of supply and demand of shipping capacity and shipping charter rates in these sectors. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: availability of LNG shipping LPG shipping, floating storage, regasification and other growth project opportunities; changes in production of LNG or LPG, either generally or in particular regions; changes in trading patterns or timing of start-up of new LNG liquefaction and regasification projects significantly affecting overall vessel tonnage requirements; the Partnership's ability to secure new contracts through bidding on project tenders; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of long-term contracts of existing vessels in the Teekay LNG fleet; the financial ability of our charterers to pay their charter payments; the inability of the Partnership to renew or replace long-term contracts on existing vessels or attain fixed-rate long-term contracts for newbuilding vessels; the Partnership's ability to raise financing to purchase additional vessels or to pursue other projects; changes to the amount or proportion of revenues, expenses, or debt service costs denominated in foreign currencies; competitive dynamics in bidding for potential LNG or LPG projects; and other factors discussed in Teekay LNG Partners' filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2012. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Announces First Quarter 2013 Earnings Results Conference Call

Mon, 29 Apr 2013 09:00:00 -0400

HAMILTON, BERMUDA -- (Marketwired) -- 04/29/13 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) plans to release its financial results for the first quarter of 2013 before market open on Thursday, May 9, 2013.

The Partnership also plans to host a conference call on Friday, May 10, 2013 at 11:00 a.m. (ET) to discuss the results for the first quarter of 2013. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

By dialing 1-866-322-2356 or 416-640-3405, if outside North America, and quoting conference ID code 2188375.
By accessing the webcast, which will be available on Teekay LNG's website at www.teekaylng.com (the archive will remain on the website for a period of 30 days).

A supporting First Quarter 2013 Earnings Presentation will also be available at www.teekaylng.com in advance of the conference call start time.

The conference call will be recorded and available until Friday, May 17, 2013. This recording can be accessed following the live call by dialing 1-888-203-1112 or 647-436-0148, if outside North America, and entering access code 2188375.

About Teekay LNG

Teekay LNG Partners is the world's third largest independent owner and operator of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 29 LNG carriers (including one LNG regasification unit and two newbuildings), 30 LPG/Multigas carriers (including five chartered-in LPG carriers and eight newbuildings) and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners L.P. Declares Distribution

Thu, 18 Apr 2013 09:09:00 -0400

HAMILTON, BERMUDA -- (Marketwired) -- 04/18/13 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2013. The cash distribution is payable on May 14, 2013 to all unitholders of record on April 30, 2013.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 29 LNG carriers (including one LNG regasification unit and two newbuildings), 30 LPG/Multigas carriers (including five chartered-in LPG carriers and eight newbuildings) and 11 conventional tankers. The Partnership's interests in these vessels ranges from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Teekay LNG Partners L.P.
Kent Alekson
Investor Relations
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Reports Fourth Quarter and Annual Results

Thu, 21 Feb 2013 08:00:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 02/21/13 -- Teekay LNG Partners L.P. (NYSE:TGP) -

Highlights

--  Generated distributable cash flow of $53.6 million in the fourth quarter
    of 2012, an increase of 22 percent from the fourth quarter of 2011. 

--  Declared fourth quarter 2012 cash distribution of $0.675 per unit. 

--  On February 12, 2013, completed the previously-announced 50/50 joint
    venture with Exmar NV which owns and charters-in 25 vessels in the LPG
    carrier segment. 

--  On December 12, 2012, ordered two LNG carrier newbuildings with options
    to order up to three additional vessels.  

--  Total liquidity of approximately $495.0 million as at December 31, 2012.

Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), today reported the Partnership's results for the quarter ended December 31, 2012. During the fourth quarter of 2012, the Partnership generated distributable cash flow(1) of $53.6 million, compared to $44.1 million in the same quarter of the previous year. The increase primarily reflects the incremental distributable cash flow resulting from the following acquisitions: a 52 percent interest in six liquefied natural gas (LNG) carriers acquired in February 2012; a 33 percent interest in two LNG carriers delivered between October 2011 and January 2012; and one Multigas carrier delivered in October 2011.

On January 18, 2013, the Partnership declared a cash distribution of $0.675 per unit for the quarter ended December 31, 2012. The cash distribution was paid on February 14, 2013 to all unitholders of record on February 4, 2013.

1.  Distributable cash flow is a non-GAAP financial measure used by certain
    investors to measure the financial performance of the Partnership and
    other master limited partnerships. Please see Appendix B for a
    reconciliation of this non-GAAP measure to the most directly comparable
    financial measure under United States generally accepted accounting
    principles (GAAP).

Recent Transactions

New LPG Joint Venture

In February 2013, the Partnership completed its joint venture agreement with Belgium-based Exmar NV to own and charter-in liquefied petroleum gas (LPG) carriers with a primary focus on the mid-size gas carrier segment. The joint venture entity, called Exmar LPG BVBA, took economic effect as of November 1, 2012 and includes 16 owned LPG carriers (including four newbuildings scheduled for delivery in 2014) and five chartered-in LPG carriers. In addition, the joint venture recently ordered another four medium-size gas carrier newbuildings with deliveries scheduled between 2015 and 2016, with options to order up to four additional vessels, which brings the total fleet size of Exmar LPG BVBA to 25 vessels, excluding options. For its 50 percent ownership interest in the joint venture, including newbuilding payments made prior to the November 1, 2012 economic effective date of the joint venture, Teekay LNG invested approximately $134 million of equity and assumed approximately $108 million of its pro rata share of existing debt and lease obligations as of the economic effective date, secured by certain vessels in the Exmar LPG BVBA fleet. Exmar LPG BVBA is in the process of refinancing the joint venture fleet and four of the newbuildings with a new $355 million debt facility which is currently in documentation.

LNG Newbuildings

In December 2012, Teekay LNG entered into an agreement with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400-cubic meter LNG carrier newbuildings, for a total purchase price of approximately $400 million, with options to order up to three additional vessels. The newbuildings will be constructed with M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than engines currently being utilized in LNG shipping. The Partnership intends to secure long-term contract employment for both vessels prior to their scheduled deliveries in the first half of 2016.

"Teekay LNG continued to broaden its position as a leader in liquefied gas shipping during the fourth quarter, entering into a new joint venture with Exmar in the LPG carrier sector and placing orders for two LNG newbuilding carriers," commented Peter Evensen , Chief Executive Officer of Teekay GP L.L.C. "Last week, the Partnership finalized its 50/50 joint venture with Exmar which will directly own and charter-in a fleet of 25 LPG carriers, including eight newbuildings. This accretive transaction provides Teekay LNG with immediate access to Exmar's well-established commercial presence in the LPG market, including a sizeable contract of affreightment portfolio, and deep expertise in medium-sized gas carrier operations. In addition to providing exposure to the attractive fundamentals in the LPG shipping market, the newbuilding LPG carriers currently on order provide the Partnership with visible distributable cash flow growth."

"With the Partnership's recent orders for two 173,400 cubic meter LNG carrier newbuildings from DSME in South Korea, and options to order up to three additional vessels, the Partnership is also well positioned for the expected ramp-up in global LNG supply as several new liquefaction facilities are scheduled to commence operations in late-2015," Mr. Evensen continued. "The vessels have manageable tail-weighted shipyard installment payments and, based on the increased demand for LNG carrier tonnage that is expected to coincide with the vessel delivery timeframe, we are confident that we will be able to secure attractive fixed-rate employment for these modern, fuel efficient, newbuilding vessels which will further contribute to the Partnership's distributable cash flow growth."

Mr. Evensen continued, "In our conventional tanker segment, during the fourth quarter, we agreed to amend the time-charter contracts for two of our Suezmax tankers which will result in a reduced cash flows for 24 months commencing October 1, 2012. However, we expect that increased cash flow from our recent LPG joint venture will more than offset any reduction in cash flows from these vessels during this period. Further to our recent growth transactions, the Partnership continues to actively bid on new LNG shipping and regasification projects and review opportunities to acquire quality on-the-water assets. With approximately $360 million of total liquidity as of December 31, 2012, giving pro forma effect for the Exmar LPG joint venture, we believe the Partnership is financially well-positioned for further growth."

Teekay LNG's Fleet

The following table summarizes the Partnership's fleet as of February 15, 2013, including vessels operated through the Exmar LPG BVBA joint venture:

----------------------------------------------------------------------------
                                           Number of Vessels                
                          --------------------------------------------------
                                    Owned   In-Chartered                    
                                  Vessels        Vessels   Newbuilds   Total
                          --------------------------------------------------
LNG Carrier Fleet                  27 (i)              -           2      29
LPG/Multigas Carrier Fleet        17 (ii)        5 (iii)     8 (iii)      30
Conventional Tanker Fleet              11              -           -      11
----------------------------------------------------------------------------
Total                                  55              5          10      70
----------------------------------------------------------------------------

i.  The Partnership's ownership interests in these vessels ranges from 33
    percent to 100 percent. 
ii. The Partnership's ownership interests in these vessels ranges from 50
    percent to 99 percent. 
iii.The Partnership has a 50 percent ownership interests in these vessels.

Financial Summary

The Partnership reported adjusted net income attributable to the partners(1) (as detailed in Appendix A to this release) of $38.5 million for the quarter ended December 31, 2012, compared to $29.8 million for the same period of the prior year. Adjusted net income attributable to the partners excludes a number of specific items that had the net effect of decreasing net income by $10.3 million and increasing net income by $10.6 million for the three months ended December 31, 2012 and 2011, respectively, as detailed in Appendix A. Including these items, the Partnership reported net income attributable to the partners, on a GAAP basis, of $28.2 million and $40.3 million for the three months ended December 31, 2012 and 2011, respectively.

For the year ended December 31, 2012, the Partnership reported adjusted net income attributable to the partners(1) (as detailed in Appendix A to this release) of $156.3 million, compared to $108.9 million for the same period of the prior year. Adjusted net income attributable to the partners excludes a number of specific items that had the net effect of decreasing net income by $32.6 million and $19.0 million for the years ended December 31, 2012 and 2011, respectively, as detailed in Appendix A. Including these items, the Partnership reported net income attributable to the partners, on a GAAP basis, of $123.7 million and $89.8 million for the years ended December 31, 2012 and 2011, respectively.

For accounting purposes, the Partnership is required to recognize the changes in the fair value of its derivative instruments on its consolidated statements of income. This method of accounting does not affect the Partnership's cash flows or the calculation of distributable cash flow, but results in the recognition of unrealized gains or losses on the consolidated statements of income as detailed in footnotes 2 and 3 to the Summary Consolidated Statements of Income included in this release.

1.  Adjusted net income attributable to the partners is a non-GAAP financial
    measure. Please refer to Appendix A to this release for a reconciliation
    of this non-GAAP measure to the most directly comparable financial
    measure under GAAP and information about specific items affecting net
    income which are typically excluded by securities analysts in their
    published estimates of the Partnership's financial results.

Operating Results

----------------------------------------------------------------------------
                               Three Months Ended      Three Months Ended   
                               December 31, 2012        December 31, 2011   
                                  (unaudited)              (unaudited)      
                           -------------------------------------------------
                             Lique- Convent-          Lique- Convent-       
                               fied    ional            fied    ional       
(in thousands of U.S.           Gas   Tanker             Gas   Tanker       
 Dollars)                   Segment  Segment   Total Segment  Segment  Total
----------------------------------------------------------------------------
Net voyage revenues(i)       70,545   27,086  97,631  68,966   28,262 97,228
Vessel operating expenses    12,810   10,910  23,720  11,748   10,737 22,485
Depreciation and                                                            
 amortization                17,359    8,590  25,949  16,995    7,372 24,367
----------------------------------------------------------------------------
CFVO from consolidated                                                      
 vessels(ii)                 54,285   13,069  67,354  55,468   15,428 70,896
CFVO from equity accounted                                                  
 vessels(ii) (iii)           38,498        -  38,498  20,005        - 20,005
Total CFVO(ii)               92,783   13,069 105,852  75,473   15,428 90,901
----------------------------------------------------------------------------

i.  Net voyage revenues represents voyage revenues less voyage expenses,
    which comprise all expenses relating to certain voyages, including
    bunker fuel expenses, port fees, canal tolls and brokerage commissions.
    Net voyage revenues is a non-GAAP financial measure used by certain
    investors to measure the financial performance of shipping companies.
    Please see the Partnership's website at www.teekaylng.com for a
    reconciliation of this non-GAAP measure as used in this release to the
    most directly comparable GAAP financial measure. 
ii. Cash flow from vessel operations (CFVO) represents income from vessel
    operations before (a) depreciation and amortization expense, (b)
    amortization of in-process revenue contracts, (c) write down of vessels
    and (d) adjustments for direct financing leases to a cash basis. CFVO is
    included because certain investors use this data to measure a company's
    financial performance. CFVO is not required by GAAP and should not be
    considered as an alternative to net income, equity income or any other
    indicator of the Partnership's performance required by GAAP. Please see
    the Partnership's website at www.teekaylng.com for a reconciliation of
    this non-GAAP measure as used in this release to the most directly
    comparable GAAP financial measure. 
iii.The Partnership's equity accounted investments for the three months
    ended December 31, 2012 and 2011 include the Partnership's 40 percent
    interest in Teekay Nakilat (III) Corporation, which owns four LNG
    carriers; the Partnership's 50 percent interest in the Excalibur and
    Excelsior Joint Ventures, which owns one LNG carrier and one
    regasification unit, respectively; and the Partnership's 33 percent
    interest in three LNG carriers servicing the Angola LNG Project. The
    Partnership's equity accounted investment for the three months ended
    December 31, 2012 also includes the Partnership's 33 percent interest in
    one other LNG carrier that was delivered in early 2012 servicing the
    Angola LNG Project; and the Partnership's 52 percent interest in MALT
    LNG Holdings ApS, the joint venture between the Partnership and Maurbeni
    Corporation, which acquired six LNG carriers on February 28, 2012.

Liquefied Gas Segment

Cash flow from vessel operations from the Partnership's Liquefied Gas segment, excluding equity-accounted vessels, decreased to $54.3 million in the fourth quarter of 2012 from $55.5 million in the same quarter of the prior year. The decrease is mainly attributable to higher general and administrative costs related to an increase in business development activities.

Cash flow from vessel operations from the Partnership's equity-accounted vessels in the Liquefied Gas segment increased to $38.5 million in the fourth quarter of 2012 from $20.0 million in the same quarter of the prior year. This increase was primarily due to the Teekay LNG-Marubeni joint venture's acquisition of six LNG carriers from A.P. Moller Maersk A/P (the MALT LNG Carriers) in February 2012 and the acquisition of a 33 percent interest in two of the Angola LNG carriers from Teekay Corporation between October 2011 and January 2012.

Conventional Tanker Segment

Cash flow from vessel operations from the Partnership's Conventional Tanker segment decreased to $13.1 million in the fourth quarter of 2012 from $15.4 million in the same quarter of the prior year, primarily as a result of amendments for two of the Partnership's Suezmax tankers charter contracts which temporarily reduces the daily hire rate for each vessel by $12,000 from October 2012 until September 2014. However, during this period, if Suezmax spot tanker rates exceed the amended rates, the charterer will pay the Partnership the excess amount up to a maximum of the original daily charter rate.

Liquidity

As of December 31, 2012, the Partnership had total liquidity of $495.0 million (comprised of $113.6 million in cash and cash equivalents and $381.4 million in undrawn credit facilities), compared to total liquidity of $558.9 million as of September 30, 2012. The change in liquidity during the fourth quarter of 2012 primarily reflects shipyard installment payments for the two LNG newbuildings ordered in December 2012. Giving pro forma effect to the Partnership's equity contribution for the Exmar LPG joint venture transaction, the Partnership's total liquidity at December 31, 2012 was approximately $360 million.

Conference Call

The Partnership plans to host a conference call on Friday, February 22, 2013 at 11:00 a.m. (ET) to discuss the results for the fourth quarter and fiscal year of 2012. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

--  By dialing (866) 322-2356 or (416) 640-3405, if outside North America,
    and quoting conference ID code 7443167. 
--  By accessing the webcast, which will be available on Teekay LNG's
    website at www.teekaylng.com (the archive will remain on the web site
    for a period of 30 days).

A supporting Fourth Quarter and Fiscal Year 2012 Earnings Presentation will also be available at www.teekaylng.com in advance of the conference call start time.

The conference call will be recorded and made available until Friday, March 1, 2013. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 7443167.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 29 LNG carriers (including one LNG regasification unit and two newbuildings), 30 LPG/Multigas carriers (including five chartered-in LPG carriers and eight newbuildings) and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

TEEKAY LNG PARTNERS L.P.                                                    
SUMMARY CONSOLIDATED STATEMENTS OF INCOME                                   
(in thousands of U.S. Dollars, except units outstanding)                    


                        Three Months Ended                 Year Ended       
               -------------------------------------------------------------
                  December    September    December    December    December 
                       31,          30,         31,         31,         31, 
                      2012         2012        2011        2012        2011 
               (unaudited)  (unaudited) (unaudited) (unaudited) (unaudited) 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
VOYAGE REVENUES     97,958       98,723      97,253     392,251     379,975 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OPERATING                                                                   
 EXPENSES                                                                   
Voyage expenses        327          860          25       1,772       1,387 
Vessel                                                                      
 operating                                                                  
 expenses           23,720       21,992      22,485      86,347      89,046 
Depreciation                                                                
 and                                                                        
 amortization       25,949       24,570      24,367      99,825      91,919 
General and                                                                 
 administrative      7,273        6,254       5,455      27,149      24,120 
Write down of                                                               
 vessels(1)         29,367            -           -      29,367           - 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                    86,636       53,676      52,332     244,460     206,472 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income from                                                                 
 vessel                                                                     
 operations         11,322       45,047      44,921     147,791     173,503 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OTHER ITEMS                                                                 
Equity                                                                      
 income(2)          29,634       21,098       8,189      78,866      20,584 
Interest                                                                    
 expense           (13,265)     (14,414)    (13,861)    (54,211)    (49,880)
Interest income        771          850       1,835       3,502       6,687 
Realized and                                                                
 unrealized                                                                 
 gain (loss) on                                                             
 derivative                                                                 
 instruments(3)     14,373       (9,945)     (8,780)    (29,620)    (63,030)
Foreign                                                                     
 exchange                                                                   
 (loss) gain(4)     (6,255)      (6,248)     10,722      (8,244)     10,310 
Other income                                                                
 (expense) -                                                                
 net                   540         (305)         98       1,058        (818)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income          37,120       36,083      43,124     139,142      97,356 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income                                                                  
 attributable                                                               
 to:                                                                        
  Non-                                                                      
   controlling                                                              
   interest          8,895        3,022       2,777      15,437       7,508 
  Partners          28,225       33,061      40,347     123,705      89,848 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Limited                                                                     
 partners'                                                                  
 units                                                                      
 outstanding:                                                               
Weighted-                                                                   
 average number                                                             
 of common and                                                              
 total units                                                                
 outstanding -                                                              
 basic and                                                                  
 diluted        69,683,763   65,882,450  62,885,074  66,328,496  59,147,422 
Total number of                                                             
 units                                                                      
 outstanding at                                                             
 end of period  69,683,763   69,683,763  64,857,900  69,683,763  64,857,900 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  The carrying value of three of the Partnership's conventional Suezmax
    tankers (the Tenerife Spirit, Algeciras Spirit and Huelva Spirit) was
    written down during the three months and year ended December 31, 2012
    due to the expected termination of their time-charter contracts between
    August 2013 and April 2014. The estimated fair value was based on a
    discounted cash flow approach and such estimates of cash flows were
    based on existing time-charter contracts, lease obligations and budgeted
    operating costs. 
2.  Equity income includes unrealized gains (losses) gains on derivative
    instruments as detailed in the table below. 

                                       Three Months Ended        Year Ended 
                           -------------------------------------------------
                             December September  December December December 
                             31, 2012  30, 2012  31, 2011 31, 2012 31, 2011 
                           -------------------------------------------------
Equity income                  29,634    21,098     8,189   78,866   20,584 
Proportionate share of                                                      
 unrealized gains (losses)                                                  
 on derivative instruments                                                  
 included in equity income      9,599      (870)      158    5,548   (5,956)
                           -------------------------------------------------
Equity income excluding                                                     
 unrealized gains (losses)                                                  
 on derivative instruments     20,035    21,968     8,031   73,318   26,540 
                           -------------------------------------------------

3.  The realized (losses) gains relate to the amounts the Partnership
    actually paid to settle derivative instruments and the unrealized gains
    (losses) relate to the change in fair value of such derivative
    instruments as detailed in the table below:  

                               Three Months Ended            Year Ended     
                         ---------------------------------------------------
                          December  September  December  December  December 
                          31, 2012   30, 2012  31, 2011  31, 2012  31, 2011 
                         ---------------------------------------------------
Realized (losses) gains                                                     
 relating to:                                                               
Interest rate swaps         (9,614)    (9,450)   (9,795)  (37,427)  (40,100)
Interest rate swaps                                                         
 terminations                    -          -   (22,560)        -   (22,560)
Toledo Spirit time-                                                         
 charter derivative                                                         
 contract                      945          -       (40)      907       (93)
                         ---------------------------------------------------
                            (8,669)    (9,450)  (32,395)  (36,520)  (62,753)
                         ---------------------------------------------------
Unrealized gains (losses)                                                   
 relating to:                                                               
Interest rate swaps         21,442       (295)   (6,345)    5,200   (32,237)
Interest rate swaps                                                         
 terminations                    -          -    22,560         -    22,560 
Toledo Spirit time-                                                         
 charter derivative                                                         
 contract                    1,600       (200)    7,400     1,700     9,400 
                         ---------------------------------------------------
                            23,042       (495)   23,615     6,900      (277)
                         ---------------------------------------------------
Total realized and                                                          
 unrealized gains                                                           
 (losses) derivative                                                        
 instruments                14,373     (9,945)   (8,780)  (29,620)  (63,030)
                         ---------------------------------------------------

4.  For accounting purposes, the Partnership is required to revalue all
    foreign currency-denominated monetary assets and liabilities based on
    the prevailing exchange rate at the end of each reporting period. This
    revaluation does not affect the Partnership's cash flows or the
    calculation of distributable cash flow, but results in the recognition
    of unrealized foreign currency translation gains or losses in the
    consolidated statements of income.

    Foreign exchange (loss) gain includes realized gains relating to the
    amounts the Partnership received to settle the Partnership's non-
    designated cross currency swap that was entered into as an economic
    hedge in relation to the Partnership's Norwegian Kroner (NOK)-
    denominated unsecured bonds. The Partnership issued NOK 700 million
    unsecured bonds in May 2012 maturing in 2017. Foreign exchange (loss)
    gain also includes unrealized gains (losses) relating to the change in
    fair value of such derivative instruments, partially offset by
    unrealized gains (losses) on the revaluation of the NOK bonds as
    detailed in the table below: 

                                 Three Months Ended           Year Ended    
                           -------------------------------------------------
                            December  September  December December  December
                            31, 2012   30, 2012  31, 2011 31, 2012  31, 2011
                           -------------------------------------------------
Realized gains on cross-                                                    
 currency swaps                  102        107         -      257         -
Unrealized gains (losses)                                                   
 on cross-currency swaps       4,516      3,077         -   (2,677)        -
Unrealized losses on                                                        
 revaluation of NOK bonds     (3,523)    (4,828)        -     (791)        -


TEEKAY LNG PARTNERS L.P.                                                    
SUMMARY CONSOLIDATED BALANCE SHEETS                                         
(in thousands of U.S. Dollars)                                              


                                               As at       As at       As at
                                            December   September    December
                                                 31,         30,         31,
                                                2012        2012        2011
                                         (unaudited) (unaudited) (unaudited)
                                        ------------------------------------
ASSETS                                                                      
Cash and cash equivalents                    113,577      91,931      93,627
Restricted cash - current                     34,160      31,361           -
Other current assets                          19,244      19,327      18,837
Advances to affiliates                        13,864       3,338      11,922
Restricted cash - long-term                  494,429     496,309     495,634
Vessels and equipment                      1,911,016   1,960,756   2,021,125
Advances on newbuilding contracts             38,624           -           -
Net investments in direct financing                                         
 leases                                      403,386     404,981     409,541
Derivative assets                            162,559     167,638     155,259
Investments in and advances to equity                                       
 accounted joint ventures                    409,735     388,722     191,448
Other assets                                  39,237      37,668      34,760
Intangible assets                            109,984     113,731     120,950
Goodwill                                      35,631      35,631      35,631
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Assets                               3,785,446   3,751,393   3,588,734
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Accounts payable, accrued liabilities                                       
 and unearned revenue                         59,729      46,019      60,030
Current portion of long-term debt and                                       
 capital leases                              156,761     253,791     131,925
Advances from affiliates and joint                                          
 venture partners                             12,083      11,072      17,400
Long-term debt and capital leases          1,894,166   1,730,220   1,830,353
Derivative liabilities                       296,295     328,930     293,218
Other long-term liabilities                  112,138     111,310     116,099
Equity                                                                      
Non-controlling interest(1)                   41,294      32,434      26,242
Partners' equity                           1,212,980   1,237,617   1,113,467
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Liabilities and Total Equity         3,785,446   3,751,393   3,588,734
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Non-controlling interest includes a 30 percent equity interest in the
    RasGas II project (which owns three LNG carriers), a 31 percent equity
    interest in the Tangguh Project (which owns two LNG carriers), a 1
    percent equity interest in the two Kenai LNG carriers, a 1 percent
    equity interest in the Excalibur joint venture (which owns one LNG
    carrier), and a 1 percent equity interest in the five LPG/Multigas
    carriers, which in each case the Partnership does not own.  

TEEKAY LNG PARTNERS L.P.                                                    
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS                               
(in thousands of U.S. Dollars)                                              

                                                    Year Ended December 31, 
                                                          2012         2011 
                                                   (unaudited)  (unaudited) 
                                                  --------------------------
Cash and cash equivalents provided by (used for)                            
OPERATING ACTIVITIES                                                        
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net operating cash flow                                192,013      122,046 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Proceeds from issuance of long-term debt               500,335      600,862 
Debt issuance costs                                     (2,065)      (2,578)
Scheduled repayments of long-term debt                 (84,666)    (290,940)
Prepayments of long-term debt                         (324,274)    (383,000)
Scheduled repayments of capital lease obligations                           
 and other long-term liabilities                       (10,161)     (89,350)
Proceeds from equity offering, net of offering                              
 costs                                                 182,316      341,178 
Advances to and from affiliates                              -       27,048 
(Increase) decrease in restricted cash                 (31,217)      76,249 
Cash distributions paid                               (195,909)    (159,380)
Purchase of Skaugen Multigas Subsidiary                      -     (114,466)
Advances to joint venture partners                      (3,600)           - 
Other                                                     (385)       1,551 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net financing cash flow                                 30,374        7,174 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Purchase of equity accounted investments              (170,067)     (57,287)
Receipts from direct financing leases                    6,155        6,154 
Expenditures for vessels and equipment                 (39,894)     (64,685)
Other                                                    1,369         (830)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net investing cash flow                               (202,437)    (116,648)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Increase in cash and cash equivalents                   19,950       12,572 
Cash and cash equivalents, beginning of the year        93,627       81,055 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash and cash equivalents, end of the year             113,577       93,627 
----------------------------------------------------------------------------
----------------------------------------------------------------------------


TEEKAY LNG PARTNERS L.P.                                                    
APPENDIX A - SPECIFIC ITEMS AFFECTING NET INCOME                            
(in thousands of U.S. Dollars)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                 Three Months Ended        Year Ended       
                               December    December    December    December 
                                    31,         31,         31,         31, 
                                   2012        2011        2012        2011 
                            (unaudited) (unaudited) (unaudited) (unaudited) 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income - GAAP basis          37,120      43,124     139,142      97,356 
Less:                                                                       
  Net income attributable to                                                
   non-controlling interest      (8,895)     (2,777)    (15,437)     (7,508)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income attributable to                                                  
 the partners                    28,225      40,347     123,705      89,848 
Add (subtract) specific                                                     
 items affecting net income:                                                
  Write down of vessels(1)       29,367           -      29,367           - 
  Unrealized foreign                                                        
   exchange loss (gain)(2)        6,300     (10,722)      8,213     (10,310)
  Unrealized (gains) losses                                                 
   from derivative                                                          
   instruments(3)               (23,042)    (23,615)     (6,900)        277 
  Unrealized (gains) losses                                                 
   from derivative                                                          
   instruments and other                                                    
   items from equity                                                        
   accounted investees(4)        (8,849)        677      (3,721)      6,790 
  Interest rate swap                                                        
   cancellation costs                 -      22,560           -      22,560 
  Other items(5)                      -           -           -         949 
  Non-controlling interests'                                                
   share of items above           6,497         507       5,650      (1,256)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total adjustments                10,273     (10,593)     32,609      19,010 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted net income                                                         
 attributable to the                                                        
 partners                        38,498      29,754     156,314     108,858 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  The carrying value of three of the Partnership's conventional Suezmax
    tankers (the Tenerife Spirit, Algeciras Spirit and Huelva Spirit) was
    written down during the three months and year ended December 31, 2012
    due to the expected termination of their time-charter contracts between
    August 2013 and April 2014. The estimated fair value was based on a
    discounted cash flow approach and such estimates of cash flows were
    based on existing time-charter contracts, lease obligations and budgeted
    operating costs. 
2.  Unrealized foreign exchange losses (gains) primarily relate to the
    Partnership's revaluation of all foreign currency-denominated monetary
    assets and liabilities based on the prevailing exchange rate at the end
    of each reporting period and unrealized loss on the cross-currency swap
    economically hedging the Partnership's NOK bonds and exclude the
    realized gains relating to the cross currency swap for the NOK bonds. 
3.  Reflects the unrealized (gain) loss due to changes in the mark-to-market
    value of interest rate derivative instruments that are not designated as
    hedges for accounting purposes. 
4.  Reflects the unrealized (gain) loss due to changes in the mark-to-market
    value of derivative instruments that are not designated as hedges for
    accounting purposes within the Partnership's equity-accounted
    investments and $1.1 million, $0.8 million and $0.8 million of
    acquisition-related costs during the year ended December 31, 2012, and
    the three months and the year ended December 31, 2011, respectively,
    relating to the acquisition of the six MALT LNG Carriers. In addition,
    the three months and the year ended December 31, 2012 each includes a
    $0.8 million provision relating to a customer claim relating to a prior
    year. 
5.  Amount for the year ended December 31, 2011 relates to a one-time
    management fee associated with the portion of stock-based compensation
    grants to Teekay Corporation's former President and Chief Executive
    Officer that had not yet vested prior to the date of his retirement on
    March 31, 2011. 

TEEKAY LNG PARTNERS L.P.                                                    
APPENDIX B - RECONCILIATION OF NON-GAAP FINANCIAL MEASURE                   
(in thousands of U.S. Dollars)

Description of Non-GAAP Financial Measure - Distributable Cash Flow (DCF)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                               Three Months    Three Months 
                                                      Ended           Ended 
                                               December 31,    December 31, 
                                                       2012            2011 
                                                (unaudited)     (unaudited) 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income:                                          37,120          43,124 
Add:                                                                        
  Depreciation and amortization                      25,949          24,367 
  Write down of vessels                              29,367               - 
  Partnership's share of equity accounted                                   
   joint ventures' DCF before estimated                                     
   maintenance capital expenditures                  27,748          12,359 
  Unamortized amount relating to swap                                       
   cancellation costs                                     -          21,782 
  Unrealized foreign exchange loss (gain)             6,300         (10,722)
Less:                                                                       
  Unrealized gain on derivatives and other                                  
   non-cash items                                   (25,089)        (23,130)
  Estimated maintenance capital expenditures        (14,345)        (12,045)
  Equity income                                     (29,634)         (8,189)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Distributable Cash Flow before Non-                                         
 controlling interest                                57,416          47,546 
Non-controlling interests' share of DCF                                     
 before estimated maintenance capital                                       
 expenditures                                        (3,817)         (3,442)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Distributable Cash Flow                              53,599          44,104 
----------------------------------------------------------------------------
----------------------------------------------------------------------------


TEEKAY LNG PARTNERS L.P.                                                    
APPENDIX C - SUPPLEMENTAL SEGMENT INFORMATION                               
(in thousands of U.S. Dollars)                                              


                                        Three Months Ended December 31, 2012
                                       -------------------------------------
                                                    (unaudited)             
                                          Liquefied   Conventional          
                                               Gas         Tanker           
                                            Segment        Segment     Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net voyage revenues(1)                       70,545         27,086    97,631
Vessel operating expenses                    12,810         10,910    23,720
Depreciation and amortization                17,359          8,590    25,949
General and administrative                    4,925          2,348     7,273
Write down of vessels                             -         29,367    29,367
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income (loss) from vessel operations         35,451        (24,129)   11,322
----------------------------------------------------------------------------
----------------------------------------------------------------------------



                                        Three Months Ended December 31, 2011
                                       -------------------------------------
                                                    (unaudited)             
                                          Liquefied   Conventional          
                                               Gas         Tanker           
                                            Segment        Segment     Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net voyage revenues(1)                       68,966         28,262    97,228
Vessel operating expenses                    11,748         10,737    22,485
Depreciation and amortization                16,995          7,372    24,367
General and administrative                    3,398          2,057     5,455
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income from vessel operations                36,825          8,096    44,921
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Net voyage revenues represents voyage revenues less voyage expenses,
    which comprise all expenses relating to certain voyages, including
    bunker fuel expenses, port fees, canal tolls and brokerage commissions.
    Net voyage revenues is a non-GAAP financial measure used by certain
    investors to measure the financial performance of shipping companies.
    Please see the Partnership's website at www.teekaylng.com for a
    reconciliation of this non-GAAP measure as used in this release to the
    most directly comparable GAAP financial measure.

FORWARD-LOOKING STATEMENTS

The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: availability of LNG shipping LPG shipping, floating storage, regasification and other growth project opportunities; changes in production of LNG or LPG, either generally or in particular regions; changes in trading patterns or timing of start-up of new LNG liquefaction and regasification projects significantly affecting overall vessel tonnage requirements; the Partnership's ability to secure new contracts through bidding on project tenders and/or acquire existing on-the-water assets; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of long-term contracts of existing vessels in the Teekay LNG fleet; and the inability of the Partnership to renew or replace long-term contracts on existing vessels or attain fixed-rate long-term contracts for newbuilding vessels; the Partnership's ability to raise financing to purchase additional vessels or to pursue other projects; changes to the amount or proportion of revenues, expenses, or debt service costs denominated in foreign currencies; competitive dynamics in bidding for potential LNG or LPG projects; and other factors discussed in Teekay LNG Partners' filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2011. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Announces Additions to Board of Directors

Wed, 20 Feb 2013 20:31:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 02/21/13 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announced that Mr. Joseph E. McKechnie has accepted an invitation to join Teekay LNG's Board of Directors, effective February 19, 2013.

Mr. McKechnie brings considerable experience in the gas business to the Teekay LNG Board. Mr. McKechnie is a retired United States Coast Guard Officer, having served for more than 23 years, many of which focused on marine safety and security with an emphasis on liquefied natural gas (LNG). Commencing in 2000, Mr. McKechnie held various positions with Tractebel LNG North America (formerly Cabot LNG) and its parent company GDF-SUEZ, including Deputy Head of the Shipping Department. Mr. McKechnie is a former member of the Board of Directors for the Society of International Gas Tankers and Terminal Operators (SIGTTO).

"Joseph McKechnie's extensive LNG industry experience will make him an invaluable member of Teekay LNG's Board of Directors as we continue to expand our LNG business," commented Mr. C. Sean Day, Chairman of Teekay LNG's Board of Directors.

In addition, Mr. Kenneth Hvid rejoined the board on February 19, 2013, after briefly resigning on September 14, 2012 to maintain a majority of independent directors. Mr. Hvid is the Chief Strategy Officer, Teekay Corporation (Teekay or the Company) (NYSE:TK). Mr. Hvid joined Teekay in 2000 and has held several positions including leading the procurement team, Senior Vice President of Teekay Gas Services, and President of Teekay Navion Shuttle Tankers and Offshore Services. Mr. Hvid has 24 years of global shipping experience, 12 of which were spent with A.P. Moller in Copenhagen, San Francisco and Hong Kong. In 2007, Mr. Hvid joined the board of Gard P. & I. (Bermuda) Ltd.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 29 LNG carriers (including one LNG regasification unit and two newbuildings), 30 LPG/Multigas carriers (including five chartered-in LPG carriers and eight newbuildings) and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Announces Fourth Quarter and Fiscal 2012 Earnings Results Conference Call

Tue, 12 Feb 2013 16:11:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 02/12/13 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) plans to release its financial results for the fourth quarter and fiscal year 2012 before market open on Thursday, February 21, 2013.

The Partnership also plans to host a conference call on Friday, February 22, 2013 at 11:00 a.m. (ET) to discuss the results for the fourth quarter and fiscal year 2012. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:


--  By dialing 1-866-322-2356 or 416-640-3405, if outside North America, and
    quoting conference ID code 7443167. 
--  By accessing the webcast, which will be available on Teekay LNG's
    website at www.teekaylng.com (the archive will remain on the website for
    a period of 30 days).

A supporting Fourth Quarter and Fiscal Year 2012 Earnings Presentation will also be available at www.teekaylng.com in advance of the conference call start time.

The conference call will be recorded and available until Friday, March 1, 2013. This recording can be accessed following the live call by dialing 1-888-203-1112 or 647-436-0148, if outside North America, and entering access code 7443167.

About Teekay LNG

Teekay LNG Partners is the world's third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 27 LNG carriers (including one LNG regasification unit), 21 LPG/Multigas carriers and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. In addition, Teekay LNG, through its 50 percent joint venture with Exmar NV, in-charters seven LPG carriers. The Partnership also recently entered into an agreement for the construction of two LNG carrier newbuildings from DSME of South Korea, which are expected to be delivered in 2016. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners L.P. Updates Distribution Record Date

Thu, 24 Jan 2013 21:00:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 01/25/13 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), today announced a revised record date for its previously declared cash distribution of $0.675 per unit for the quarter ended December 31, 2012. The cash distribution is payable on Thursday, February 14, 2013 (unchanged) to all unitholders of record on Monday, February 4, 2013. This record date supersedes the previously announced record date of Friday, February 1, 2013 for the distribution for the quarter ended December 31, 2012.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 27 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. The Partnership's interests in these vessels ranges from 33 to 100 percent. In addition, Teekay LNG has agreed to acquire a 50 percent interest in a new joint venture with EXMAR NV, which will own and in-charter LPG carriers, and expects this transaction to close in early-2013. The Partnership also recently entered into an agreement for the construction of two LNG carrier newbuildings from DSME of South Korea, which are expected to be delivered in 2016. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Contacts:
Teekay LNG Partners L.P. - Investor Relations
Kent Alekson
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners L.P. Declares Distribution

Fri, 18 Jan 2013 16:00:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 01/18/13 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution of $0.675 per unit for the quarter ended December 31, 2012. The cash distribution is payable on February 14, 2013 to all unitholders of record on February 1, 2013.

About Teekay LNG Partners L.P.

Teekay LNG Partners is the world's third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 27 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. The Partnership's interests in these vessels ranges from 33 to 100 percent. In addition, Teekay LNG has agreed to acquire a 50 percent interest in a new joint venture with EXMAR NV, which will own and in-charter LPG carriers, and expects this transaction to close in early-2013. The Partnership also recently entered into an agreement for the construction of two LNG carrier newbuildings from DSME of South Korea, which are expected to be delivered in 2016. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

Contacts:
Teekay LNG Partners L.P.
Kent Alekson
Investor Relations Enquiries
+1 (604) 609-6442
www.teekaylng.com

Source: Teekay LNG Partners L.P.

Teekay LNG Partners Orders Two LNG Newbuildings; Intends to Charter on Long-Term Contracts

Thu, 13 Dec 2012 08:45:00 -0500

HAMILTON, BERMUDA -- (MARKET WIRE) -- 12/13/12 -- Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) today announced that it has entered into an agreement with Daewoo Shipbuilding & Marine Engineering CO., LTD., (DSME) of South Korea for the construction of two 173,400 cubic meter Liquefied Natural Gas (LNG) carrier newbuildings, with options to order up to three additional vessels. The Partnership intends to secure long-term contract employment for both vessels prior to their delivery in the first half of 2016. The newbuildings will be constructed with M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than other engines currently being utilized in LNG shipping.

The contract with DSME includes a favorable installment payment schedule, with the majority of the purchase price due upon delivery. The Partnership intends to finance the installment payments during construction with a portion of its existing liquidity, which was approximately $420 million as of September 30, 2012 (after deducting the equity required to complete the recently announced Exmar LPG joint venture acquisition), and expects to secure long-term debt financing for the two vessels prior to their scheduled delivery.

"The delivery of these vessels is timed to coincide with the next wave of increased demand for LNG carriers which is expected when a large number of new LNG export projects come on-stream commencing from late-2015. They are also among the largest LNG carriers that will be able to transit the Panama Canal after its expansion project is complete, which makes them ideal for U.S. LNG exports. The recent U.S. Department of Energy study supported the export of LNG from the U.S.," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. "In addition, we are confident these newbuildings will be especially attractive to our customers given their fuel-efficient engines as well as being built to a high specification at DSME." Mr. Evensen continued, "With scheduled delivery in 2016, we believe that we are well-positioned to charter these LNG newbuildings on fixed-rate charter contracts prior to their delivery, thereby providing Teekay LNG with visible built-in growth."

About Teekay LNG Partners L.P.

Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 27 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. Teekay LNG Partners' interests in these vessels ranges from 33 to 100 percent. In addition, Teekay LNG Partners has agreed in principal to acquire a 50 percent interest in a new joint venture with EXMAR NV, which will own and in-charter LPG carriers and expects this transaction to close by late-2012 or early-2013; and has entered into an agreement for the construction of two LNG carrier newbuildings from DSME of South Korea, which are expected to be delivered in 2016. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the timing and certainty of completion of the Partnership's two LNG carrier newbuildings; timing and certainty of entering into long-term charter contracts and long-term financing for the two LNG newbuildings; the higher fuel-efficiency and lower emissions levels associated with the MEGI engines; the effect of the newbuildings on the Partnership's fleet size and cash flows; the potential for the Partnership to exercise its options to order up to three additional newbuildings from DSME; and the anticipated increase in demand for LNG shipping commencing from late-2015 due to new LNG export projects as well as potentially more exports of LNG from the United States. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: less than anticipated revenues or higher than anticipated costs or capital requirements related to the newbuildings in which the Partnership has agreed to construct; shipyard construction delays; increased cost to construct the two LNG carriers; failure of the MEGI engine to provide the expected efficiency and emission specifications; failure by the Partnership to secure charter contracts and/or financing prior to the delivery for the two LNG carrier newbuildings, and for any additional vessels that the Partnership may order through exercise of its newbuilding options; changes in production of LNG, either generally or in particular regions that would impact the expected future growth in the global LNG transportation and regasification markets, and spot LNG shipping rates; changes in trading patterns or timing of the start-up of new LNG liquefaction projects significantly impacting overall LNG shipping requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; and other factors discussed in Teekay LNG Partners' filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2011. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts:
Teekay LNG Partners L.P.
Scott Gayton
Investor Relations Enquiries
+ 1 (604) 609-4740
www.teekaylng.com

Source: Teekay LNG Partners L.P.