Welcome to the Teekay Corporation's Second Quarter 2019 Earnings Results Conference Call. During the call, all participants are in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded. And now, for opening remarks and introductions, I'd like to now turn the call over to Mr. Kenneth Hvid, Teekay's President and Chief Executive Officer. Please go ahead, sir.

Before we begin, I'd like to direct all participants to our website at www.teekay.com, where you'll find a copy of the second quarter 2019 earnings presentation. Kenneth and Vince will review this presentation during today's conference call. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the first quarter 2019 earnings release and earnings presentation, available on our website. I will now turn the call over to Vince to begin.

Thanks Lee, and thank you all for joining us today for Teekay Corporation's Second Quarter 2019 Earnings Conference Call. I will briefly review our second quarter results before I hand over the call to Kenneth. Starting with slide 3 of the presentation. Overall, our second quarter results came in better than expected for each of our entities. On a consolidated basis, we generated total adjusted EBITDA of $197 million, up $32 million or 20% from the same period of the prior year. We also reported a consolidated adjusted net loss of $13 million, or $0.13 per share a significant improvement from the consolidated net loss of $22 million or $0.21 per share recorded in the same period of the prior year. Our second quarter consolidated results were positively impacted by the startup of various growth projects at Teekay LNG, higher charter rates in our tanker business and on certain LNG carriers, and lower G&A expenses. These increases were partially offset by lower revenues and higher costs from Teekay Parent's directly owned FPSO units as a result of some unplanned downtime and lower production and oil prices. We will discuss the results and outlook for the FPSO units in more detail later in the presentation. Teekay Parent generated positive adjusted EBITDA of over $3 million, which includes EBITDA from our directly owned assets and cash distributions from our publicly traded Daughter Entities. Our results were down compared to the second quarter of 2018, mainly as a result of lower revenues from our three FPSOs as mentioned earlier, partially offset by the 36% increase in Teekay LNG's quarterly cash distribution, lower G&A expenses and lower interest expense as a result of bond repurchases completed over the past year and our recent bond refinancing. In May 2019, we completed the refinancing of our $498 million 2020 bond maturity with a new $250 million secured bond, the proceeds from the sale of our remaining interest in Teekay Offshore and our existing liquidity. Teekay Parent's current liquidity of over $180 million is more than sufficient to retire the remaining $37 million of outstanding January 2020 bonds. As a result of the refinancing, Teekay Parent's gross debt has decreased by $223 million or 37% from last quarter which is reducing our interest expense, the full effect of which will be reflected in our earnings and cash flows in the third quarter of 2019. For further details on our second quarter results as well as our third quarter outlook, please refer to the slides in the appendices to this presentation. I will now turn the call over to Kenneth.

Thanks Vince. Turning to slide 4. Teekay Parent has been and will continue to derisk, delever and focus on maximizing value of Teekay Parent's assets. With the sales of our interest in Teekay Offshore and Sevan Marine which was consistent with our strategy to simplify and focus on our core gas and tanker businesses, we received a total of approximately $130 million in cash which significantly improved our credit profile, reduced our portfolio exposure to the Offshore segment and resulted in a number of other benefits. Specifically, on the TOO sale, we believe it was an opportune time to sell as it enabled us to secure significantly better terms on our 2020 bond refinancing. Following the public launch of our secured bond offering on April 24, Brookfield approached us with an unsolicited offer to acquire our remaining interest in TOO which we were able to quickly agree on a deal which then allowed us to relaunch our bond offering to reduce the size of the new bond from $300 million to $250 million, reduced the tenor from five years to 3.5 years and pushed down pricing by approximately 100 basis points. We were able to secure a bond that was more flexible and at a lower cost which better fits our delevering strategy. Looking ahead, from Teekay's perspective, we'll continue to focus on maximizing the value of our remaining four key assets. Teekay LNG and Teekay Tankers continue to execute on their respective strategies and have achieved total unitholder and shareholder returns year-to-date of 34.4% and 32.5% respectively. We believe that we have strengthened both companies through various initiatives over the past couple of years. With expected cash flow increases in both companies and current valuations still being below our intrinsic values, we continue to see considerable upside in both…

Well, we look forward to seeing you all in October at our Investor Day and reporting back to you next quarter. Thank you for listening in today.

Thank you ladies and gentlemen. This concludes today's teleconference. You may now disconnect.