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SEC Edgar

Teekay Offshore Partners L.P.

SIC 4400 · Water Transportation

Teekay Offshore Partners L.P.

CIK:0001382298|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Revenues	$ 1,151,260	$ 1,182,110	$ 1,252,938
Direct operating costs	(654,580)	(627,792)	(606,691)
General and administrative expenses	(40,770)	(44,360)	(54,927)
Depreciation and amortization	(313,120)	(316,317)	(358,474)
Interest expense	(206,176)	(192,723)	(205,667)
Interest income	91	2,770	5,111
Equity-accounted income (loss)	25,062	35,921	33,768
Impairment expense, net	(116,420)	(268,612)	(187,680)
Gain (loss) on dispositions, net	10,502	3,411	12,548
Realized and unrealized gain (loss) on derivative instruments	15,732	(96,499)	(34,682)
Foreign currency exchange gain (loss)	(825)	(7,861)	2,193
Gain (loss) on modification of financial liabilities, net	(45,920)	0	(8,332)
Other income (expenses), net	48,323	(10,472)	(1,345)
Income (loss) before income tax (expense) benefit	(126,841)	(340,424)	(151,240)
Income tax (expense) benefit
Current	(4,603)	(6,543)	(4,666)
Deferred	(5,006)	804	(3,161)
Net income (loss)	(136,450)	(346,163)	(159,067)
Attributable to:
Non-controlling interests in subsidiaries	$ (6,527)	$ (7,154)	$ (8,409)
Basic earnings (loss) per limited partner common unit (in USD per share)	$ (0.39)	$ (0.90)	$ (0.44)
Diluted earnings (loss) per limited partner common unit (in USD per share)	$ (0.39)	$ (0.90)	$ (0.44)
Limited partners \| Common units
Attributable to:
Profit (loss), attributable to owners of parent	$ (160,218)	$ (368,341)	$ (181,424)
Limited partners \| Preferred units
Attributable to:
Profit (loss), attributable to owners of parent	31,520	32,103	32,150
General partner
Attributable to:
Profit (loss), attributable to owners of parent	$ (1,225)	$ (2,771)	$ (1,384)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Operating Activities

Net income (loss)

$ (136,450)

$ (346,163)

$ (159,067)

Adjusted for the following items:

Depreciation and amortization

313,120

316,317

358,474

Equity-accounted (income) loss, net of distributions received of $33,428 (2020 - $29,742; 2019 - $17,655)

8,368

(6,532)

(16,113)

Impairment expense, net

116,420

268,612

187,680

(Gain) loss on dispositions, net

(10,502)

(3,411)

(12,548)

Unrealized (gain) loss on derivative instruments

(173,195)

36,045

443

Deferred income tax expense (benefit)

5,006

(804)

3,161

Provisions and other items

(54,698)

(3,503)

(1,547)

Other non-cash items

59,937

34,629

(22,942)

Changes in non-cash working capital, net

87,289

(12,871)

13,341

Net operating cash flow

215,295

282,319

350,882

Financing Activities

Proceeds from borrowings

276,120

312,149

492,517

Repayments of borrowings and settlement of related derivative instruments

(579,180)

(329,073)

(410,429)

Financing costs related to borrowings

(7,720)

(8,023)

(20,752)

Proceeds from borrowings related to sale and leaseback of vessels

71,400

119,073

23,800

Repayments of borrowings related to sale and leaseback of vessels

(11,335)

(1,190)

0

Financing costs related to borrowings from sale and leaseback of vessels

(584)

(187)

(2,256)

Proceeds from borrowings from related parties

147,000

205,000

95,000

Prepayment of borrowings from related parties

(30,000)

0

(200,000)

Lease liability repayments

(14,506)

(20,332)

(14,695)

Capital contribution by non-controlling interests

17,950

0

1,500

Distributions to limited partners and preferred unitholders

(15,760)

(32,103)

(32,150)

Distributions to non-controlling interests

(10,605)

(4,750)

(3,636)

Repurchase of preferred units

(24)

(6,200)

0

Net financing cash flow

(157,244)

234,364

(71,101)

Investing Activities

Vessels and equipment

(211,448)

(479,981)

(231,658)

Equity-accounted investments

(4,847)

(3,948)

(7,886)

Vessels and equipment

44,894

27,996

33,341

Changes in restricted cash

68,575

(26,520)

(98,329)

Acquisition of company (net of cash acquired of $6.4 million)

0

6,430

0

Net investing cash flow

(102,826)

(476,023)

(304,532)

Cash and cash equivalents

Change during the year

(44,775)

40,660

(24,751)

Impact of foreign exchange on cash

(17)

(4,314)

(901)

Balance, beginning of the year

235,734

^[1]

199,388

^[1]

225,040

Balance, end of the year

$ 190,942

$ 235,734

^[1]

$ 199,388

^[1]

[1]	See Note 2i for further details.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

^[1]

Dec. 31, 2019

^[1]

Current assets

Cash and cash equivalents

$ 190,942

$ 235,734

$ 199,388

Financial assets

19,400

103,514

107,992

Accounts and other receivable, net

127,453

222,629

204,825

Vessels and equipment classified as held for sale

5,800

7,500

15,374

26,601

16,308

18,581

Due from related parties

978

9,980

0

43,668

37,326

16,844

Total current assets

414,842

632,991

563,004

Non-current assets

Financial assets

45,740

36,372

0

Accounts and other receivable, net

0

0

17,276

Vessels and equipment

2,869,395

3,029,415

3,025,716

Advances on newbuilding contracts

51,918

127,335

297,100

Equity-accounted investments

237,469

241,731

232,216

Deferred tax assets

0

5,153

7,000

138,247

185,521

218,813

127,113

127,113

127,113

Total non-current assets

3,469,882

3,752,640

3,925,234

3,884,724

4,385,631

4,488,238

Current liabilities

Accounts payable and other

249,297

286,295

256,114

Other financial liabilities

34,679

198,985

21,697

407,274

362,079

353,238

Due to related parties

0

16,126

37,810

Total current liabilities

691,250

863,485

668,859

Non-current liabilities

Accounts payable and other

49,253

128,671

222,659

Other financial liabilities

188,658

144,350

164,511

2,056,753

2,397,638

2,407,649

Due to related parties

797,432

605,888

423,625

Deferred tax liabilities

700

700

3,133

Total non-current liabilities

3,092,796

3,277,247

3,221,577

Total liabilities

3,784,046

4,140,732

3,890,436

Accumulated other comprehensive income

2,811

4,071

4,410

Non-controlling interests in subsidiaries

18,708

17,890

29,794

100,678

244,899

597,802

Total liabilities and equity

3,884,724

4,385,631

4,488,238

Limited partners | Common units

0

0

169,737

Limited partners | Class A common units

(4,539)

(2,505)

0

Limited partners | Class B common units

(314,153)

(157,897)

0

Limited partners | Preferred units

392,248

376,512

384,274

General partner

$ 5,603

$ 6,828

$ 9,587

[1]	See Note 2i for further details.