LNG

Dec 17 (LNGJ) - Teekay GP, the main affiliate of Teekay LNG Partners, approved a plan to reduce its quarterly cash distributions to $0.14 per common unit, down from $0.70 per common unit in the third quarter of 2015. "Despite significant weakness in the global energy and capital markets, Teekay LNG's businesses remain strong," said Peter Evensen, Chief Executive of Teekay GP.  "However, as a growing Master Limited Partnship, Teekay LNG does require capital and there is currently a dislocation in the capital markets relative to the stability of our businesses such that the partnership's cost of equity has increased to the point where it is currently not an economically attractive source of capital. This decision by management and the Partnership's Board of Directors was not taken lightly. Numerous options were considered, including selling existing assets and future growth projects."