GasLog Partners LP (NYSE:GLOP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 06, 2020 • 08:30 am ET


GasLog Partners LP (NYSE:GLOP) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings, my name is and I will be your conference operator today. At this time, I would like to welcome everyone to the GasLog Limited and Gaslog Partners Fourth Quarter 2019 Results Conference call. [Operator Instructions]

On today's call are Peter Livanos, Chairman of GasLog Ltd. And Director of GasLog Partners. Paul Wogan, Chief Executive Officer of GasLog Ltd; Andrew Orekar, Chief Executive Officer of GasLog Partners and Alastair Maxwell, Chief Financial Officer. Phil Corbett, Head of Investor Relations, will begin your conference.

Phil Corbett

Good morning or good afternoon, and thank you for joining the GasLog Limited and GasLog Partners' Fourth Quarter 2019 Earnings Conference Call. For your convenience, this webcast and presentation are available on the Investor Relations section of our website, and, where a replay will also be available. Please now turn to slide two of the presentation. Many of our remarks contain forward-looking statements. For factors that could cause actual results to differ materially for forward-looking statements, please refer to our fourth quarter earnings press releases. In addition, some of our remarks contain non-GAAP financial measures as defined by the SEC. A reconciliation of these is included in the appendix of this presentation.

During the presentation, and we will cover the partnerships fourth quarter, and four year 2019 highlights and the revised capital allocation strategy announced today. Paul will then cover an update on the LNG and LNG shipping markets before taking you through gas stocks fourth quarter and full year 2019 performance. We will then be happy to take your questions. But before we commence today's presentation, people upon us will make some introductory remarks.

Peter G. Livanos

Thank you, Phil. As we enter the new decade, I wanted to take the opportunity to give you my perspective on the LNG industry and the outlook for GasLog and GasLog partners. The world today is keen to deal with pressing concerns regarding climate change. Consequently, making the sustainability of any business a key value driver. The LNG transportation industry, and GasLog in particular, can and will play a key part in achieving this for an energy sector in transition. Firstly, I remain confident in the outlook for natural gas demand and LNG's key role of bring supply to meet the consumption both. This positive view is underpinned by the switching from coal to gas as a primary fuel source as well as playing a critical role in supporting the fast-developing renewable power sector.

In addition to the power sector, LNG will have a vital role in the ability of the shipping industry to achieve the stated IMO target. 25% reduction of co2 emissions by 2030 by providing the most effective and readily available fuel on the path to this transition, thereby adding yet another demand driver to the LNG story. We must not forget that the LNG industry involves significant investment over long term horizons. In any cyclical business, there may be a temporary mismatch between supply and demand, such as the one currently playing out of the global gas