Revenue during the quarter went down marginally by 2.77 percent to $100.77 million from $103.64 million in the previous year period. Total expenses were 62.28 percent of quarterly revenues, up from 51.54 percent for the same period last year. That has resulted in a contraction of 1074 basis points in operating margin to 37.72 percent.

Operating income for the quarter was $38.01 million, compared with $50.22 million in the previous year period.

"During the fourth quarter, the Partnership continued to generate stable cash flows supported by a diversified portfolio of long-term contracts totaling approximately $12 billion in forward, contracted revenue(1) and with a weighted average remaining contract length of 13 years," commented Mark Kremin, president and chief executive officer of Teekay Gas Group Ltd. "In the fourth quarter of 2016, our results included a full quarter of contribution from the delivery of our second MEGI LNG carrier newbuilding, the Oak Spirit, which commenced its five-year charter in early-August 2016, and we are scheduled to take delivery of our third MEGI LNG carrier, the Torben Spirit, at the end of February, which will commence its short-term charter contract with a major energy company."

Cash flow from investing activities was $6.60 million from investing activities during the year as against cash outgo of $212.53 million in the last year.

The company has spent $158.72 million cash to carry out financing activities during the year as against cash outgo of $84.36 million in the last year period.

Cash and cash equivalents stood at $126.15 million as on Dec. 31, 2016, up 23.09 percent or $23.67 million from $102.48 million on Dec. 31, 2015.

Debt moves up
Teekay Lng Partners L.P. has witnessed an increase in total debt over the last one year. It stood at $2,184.06 million as on Dec. 31, 2016, up 6.11 percent or $125.73 million from $2,058.34 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.39 for the quarter from 4.64 for the same period last year.