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Q2 2014 Earnings Results – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Aug 8, 2014 · 46 slides

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Slides

  1. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 1
    2014 Second Quarter Results Earnings Conference Call - August 8, 2014
  2. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 2
    Non-GAAP Financial Measures SemGroup Adjusted EBITDA is presented in this presentation for certain periods. Adjusted EBITDA is not a U.S. generally accepted accounting principles (GAAP) measure and is not intended to be used in lieu of…
  3. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 3
    Capital Projects & Acquisitions Update SemGroup and Rose Rock Midstream MLP drop down of remaining one-third interest in SemCrude Pipeline - Closed June 2014 White Cliffs Pipeline expansion - Completed August 2014 SemGroup Wattenberg…
  4. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 4
    Second Quarter Results Adjusted EBITDA(1) 2014 Updated 2Q 2014 1Q 2014 Guidance SemGroup 57.5 million 67.3 million 260 - 275 million Rose Rock Midstream 20.6 million 27.8 million 115 - 120 million Second Quarter Highlights…
  5. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 5
    SemGroup Corporation 2014 Adjusted EBITDA Guidance 260 million to 275 million(1) Updated Guidance Assumptions(2) Crude Average crude price 97.82/barrel Adjusted EBITDA RRMS (in millions) Average Cushing storage rate -…
  6. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 6
    SemGroup Corporation 2014 Capital Expenditure Guidance 2014 Capital Expenditures 475 million(1)(2) Nearly 90% of capital expenditures 185 are focused on growth capital 39% 227 48% Mid-teens or higher returns on organic growth…
  7. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 7
    SemGroup Corporation 2014 Capital Expenditure Guidance (in millions) Project Spend Estimated Through Total Segment Description Completion Date 12/31/2013 2014 Capex(1) 2015 Capex CapEx Crude-RRMS White Cliffs Pipeline expansion (2)…
  8. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 8
    SemGroup Second Quarter Results As Reported (in millions, excluding EPS, unaudited) 2Q 2014 1Q 2014 Net income (loss) attributable to SemGroup (17.6) 13.6 Net income (loss) per share - diluted (0.41) 0.29 EBITDA(1) 13.1 69.1…
  9. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 9
    SemGroup Segment Results Segment Adjusted EBITDA(1) (in millions, unaudited) 2Q 2014 1Q 2014 Crude(2) 30.3 35.1 SemGas 14.6 12.8 SemCAMS 8.0 11.7 SemLogistics 0.4 1.1 SemMaterials Mexico 3.0 5.1 SemStream 5.7 5.2 Corporate and…
  10. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 10
    SemGroup Capitalization & Liquidity ProForma(1) (in millions) June 30, 2014 December 31, 2013 Total Consolidated Debt 825 615 Owner's Equity 1,165 1,214 Total Book Capitalization 1,990 1,829 Consolidated Credit Metrics Net Debt…
  11. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream Second Quarter Results As Reported (in millions, unaudited) 2Q 2014 1Q 2014 Operating income 17.7 18.4 EBITDA(1) 24.0 29.0 Selected Non-Cash Items and Other Items Impacting Comparability(1) (3.4) (1.2) Adjusted…
  12. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance 115 million to 120 million(1) Adjusted EBITDA Updated Guidance Assumptions(2) (in millions) (3) Average crude price - 97.82/barrel 130 GR % CA Average Cushing storage rate -…
  13. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream 2014 Capital Expenditure Guidance 2014 Capital Expenditures - 125 million(1)(2) 111 n Growth 89% n Maintenance 14 11% (in millions) Project Spend Estimated Through Total Description Completion Date…
  14. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 14
    Rose Rock Midstream Capitalization & Liquidity ProForma(1) (in millions) June 30, 2014 December 31, 2013 Total Debt 456 245 Total Equity 253 359 Total Book Capitalization 709 604 Credit Metrics Net Debt 453 230 Total…
  15. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 15
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return Platteville Storage SemGas Hopeton Plant Glass Mountain Pipeline Colorado Oklahoma Oklahoma 16
  16. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 16
    APPENDIX
  17. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 17
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 49% 51% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% n Fixed Fee n Variable…
  18. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 18
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 8 0.50 300 1.10 1.10 1.85 250 1.10 6 3.35 1.10 200 61.7 43.7 11.0 4 6.50 6.50 150 26.6…
  19. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 19
    SemGas Northern Oklahoma Processing Mississippi Lime Play 1Q 2014 2Q 2014 mid-2015 Processing Capacity 365 mmcf/d 365 mmcf/d 565 mmcf/d Miles of Pipeline 600 600 of Rigs in Dedicated Acreage 15 17 Avg. Processing Volumes 168 mmcf/d…
  20. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 20
    SemCAMS Natural Gas Business SemCAMS (Canada) SemCAMS Areas of Operation Located in: Western Canadian Sedimentary Basin - sour gas Montney - liquids-rich sour gas Duvernay - liquids-rich sweet gas Current operational capacity - 694…
  21. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 21
    SemGroup Corporation Dividend Growth 0.3500 Our current dividend policy is to pass through the after-tax cash distributions 0.2700 received from our MLP investments 0.2500 0.2400 0.2200 Targeting dividend growth of 0.2100…
  22. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 22
    Rose Rock Midstream Distribution Per LP Unit 2014 Target Coverage Ratio 1.1x-1.2x 2014 Target Distribution Growth 25% year-over-year(1) 0.6000 0.5350 0.4950 0.5000 0.4650 0.4500 0.4400 0.4300 0.4025 0.4000 0.3625…
  23. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 23
    Future Growth in Drop Downs Rose Rock Midstreams relationship with SemGroup allows for potential future drop downs Asset Description Joint venture with NGL Energy Partners 50% ownership Glass Mountain Pipeline 210-mile, 140,000 barrel…
  24. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) June 30, December 31, 2014 2013 ASSETS Current assets 903,844 534,014 Property, plant and equipment, net 1,212,421 1,105,728 Goodwill and other intangible…
  25. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 25
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Revenues 482,224…
  26. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 26
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, Reconciliation of net income to Adjusted EBITDA: 2014 2013 2014 2014 2013 Net income (loss)…
  27. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 27
    SemGroup 2014 Updated Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance(1)(2) Low High Net income 31 40 Add: Interest expense 51 53 Add: Income tax expense 20 21 Add: Depreciation and amortization 93 96 EBITDA 195…
  28. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 28
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income(1) 14,076 14,533 14,156 28,232 31,477 Add: Interest expense…
  29. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 29
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income (loss) (14,921) 4,567 5,918 (9,003) 5,681 Add: Interest expense 2,013…
  30. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 30
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income (loss) 4,812 (390) 2,482 7,294 (2,773) Add: Interest expense 3,761…
  31. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 31
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income (loss) 1,653 (2,585) (1,691) (42) (4,889) Add: Interest expense…
  32. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 32
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income 465 1,280 2,585 3,050 493 Add: Interest expense 66 60 66…
  33. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 33
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income 6,297 5,233 12,869 19,166 12,954 Add: Interest expense (1,277)…
  34. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 34
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income (loss) (25,591) (15,126) (15,952) (41,543) 13,135…
  35. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 35
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Revenue 34,533 30,112 33,274 67,807 60,785…
  36. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) June 30, December 31, 2014 2013 ASSETS Current assets 672,365 321,587 Property, plant and equipment, net 336,377 311,616 Equity method investment…
  37. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Revenues, including revenues from…
  38. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Net income allocated to…
  39. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Reconciliation of operating income to Adjusted gross…
  40. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance(1) Low High Net income 58 60 Add: Interest expense 18 20 Add: Depreciation and amortization 30 31 EBITDA 106 111 Non-Cash and Other…
  41. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 41
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2014 2013 2014 2014 2013 Reconciliation of net income to distributable cash flow: Net income 15,130…
  42. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 42
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 57,228 38,071…
  43. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 43
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 64,554 4,919…
  44. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 44
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2011 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 39,241 16,752…
  45. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 45
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 2012 2011 Net income 38,005 23,954 23,235 Add: Interest expense 8,100 1,912 1,823 Depreciation and amortization…
  46. Q2 2014 Earnings Results – Rose Rock Midstream, L.P. – slide 46
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 2012 2011 Net cash provided by operating activities 72,475 35,097 51,085 Less:…

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