Teekay LNG Partners Declares Distribution

HAMILTON, Bermuda, Jan. 20, 2020 — 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 $0.19 per common unit for the quarter ended December 31, 2019. The cash distribution is payable on February 14, 2020 to all common unitholders of record on January 31, 2020.  Teekay LNG’s common unit distributions are reported on Form 1099 for United States tax purposes.

As previously-announced, Teekay LNG expects to increase its quarterly distributions by 32 percent commencing with the first quarter of 2020 to $0.25 per unit, or $1.00 per unit on an annualized basis, payable in May 2020.

About Teekay LNG

Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG marine transportation services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 23 mid-size LPG carriers and seven multi-gas carriers. The Partnership’s ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification terminal. Teekay LNG Partners 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’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

For Investor Relations enquiries contact:

Ryan Hamilton Tel: +1 (604) 609-2963 Website: www.teekay.com

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, among other things, regarding: the ability to pay increased distributions on common units in the first quarter of 2020. 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: potential lack of cash flow of excess capital available to allocate towards returning capital to unitholders; 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, 2018. 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 expectation.

Teekay LNG Partners Declares Distribution 1

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