NEW YORK (AP) -- Oil tanker operator Teekay Corp. on Thursday posted a huge second-quarter loss due mainly to the declining value of derivatives.
Teekay lost $47.3 million, or 68 cents per share, compared with a year-ago profit of $1.1 million, or 2 cents per share.
Adjusted to exclude one-time charges, including a loss on derivative contracts, the Bermuda company earned $17 million, or 25 cents per share, in the recent quarter. The contracts Teekay lost on involved bets on its vessel operating and administrative expenses, which went up significantly in the quarter.
Revenue slid to $481.9 million from $484.9 million a year ago.
Analysts polled by FactSet, who generally exclude one-time items, expected a loss of 42 cents per share on revenue of $478.7 million.
In June, Teekay sold 13 vessels to its publicly traded subsidiary, Teekay Tankers Ltd., in a deal valued at $455 million, unloading almost all of the large vessels that it directly owns.
Teekay Corp. now owns only four conventional tankers. It's in the process of buying new tankers, some of which will be delivered by peak production times in the fourth-quarter.
Oil tanker operators have suffered as crude demand around the globe remains weak. Oil demand tends to fall as economic uncertainty increases and global growth slows.
Oil and gas prices were also lower this year. Benchmark U.S. crude prices fell 8.8 percent in the spring compared with a year earlier, while natural gas prices plunged 46.2 percent.
Teekay shares fell 23 cents to $32.15 in afternoon trading.