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Earnings Conference Call – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · May 9, 2014 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 1
    2014 First Quarter Results Earnings Conference Call - May 9, 2014
  2. Earnings Conference Call – 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. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 3
    Business Strategy 4
  4. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 4
    First Quarter Results Adjusted EBITDA(1) 1Q 2014 4Q 2013 2014 Guidance SemGroup 67.3 million 57.8 million 245 - 265 million Rose Rock Midstream 27.8 million 21.0 million 92 - 97 million 1st Quarter Highlights Carlin Conner,…
  5. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 5
    SemGroup Corporation 2014 Capital Expenditure Guidance 2014 Capital Expenditures 415 million(1) More than 85% of capital expenditures 133 are focused on growth capital 32% 219 53% Mid-teens or higher returns on organic growth…
  6. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 6
    SemGroup Corporation 2014 Capital Expenditure Guidance (in millions) Project Spend Estimated Through Total Segment Description Completion Date 12/31/2013 2014 Capex 2015 Capex CapEx Crude-RRMS White Cliffs Pipeline expansion (1) 3Q…
  7. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 7
    Capital Projects & Acquisitions Update SemGroup and Rose Rock Midstream White Cliffs Pipeline expansion - Expected completion 3Q 2014 Project remains on schedule with linefill to occur in July and fully operational August 2014…
  8. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 8
    SemGroup First Quarter Results As Reported (in millions, excluding EPS, unaudited) 1Q 2014 4Q 2013 Net income attributable to SemGroup 13.6 3.3 Net income per share - diluted 0.29 0.08 EBITDA(1) 69.1 64.7 Selected Non-Cash Items…
  9. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 9
    SemGroup Segment Results Segment Adjusted EBITDA(1) (in millions, unaudited) 1Q 2014 4Q 2013 Crude(2) 35.1 31.0 SemGas 12.8 12.0 SemCAMS 11.7 9.6 SemLogistics 1.1 (0.1) SemMaterials Mexico 5.1 4.8 SemStream 5.2 4.8 Corporate and…
  10. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 10
    SemGroup Capitalization & Liquidity (in millions) March 31, 2014 December 31, 2013 Total Consolidated Debt 673 615 Owner's Equity 1,218 1,214 Total Book Capitalization 1,891 1,829 Consolidated Credit Metrics Net Debt 598 536 Total…
  11. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream First Quarter Results As Reported (in millions, unaudited) 1Q 2014 4Q 2013 Operating income 18.4 9.4 EBITDA(1) 29.0 21.3 Selected Non-Cash Items and Other Items Impacting Comparability(1) (1.2) (0.3) Adjusted…
  12. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 12
    2014 Capex Guidance Rose Rock Midstream 2014 Capital Expenditures - 75 million(1) 63 n Growth 84% n Maintenance 12 16% (in millions) Project Spend Estimated Through Total Description Completion Date 12/31/2013 2014…
  13. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream Capitalization & Liquidity (in millions) March 31, 2014 December 31, 2013 Total Debt 245 245 Total Equity 360 359 Total Book Capitalization 605 604 Credit Metrics Net Debt 242 230 Total Debt/Capitalization 40%…
  14. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 14
    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 15
  15. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 15
    APPENDIX
  16. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 16
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 42% 58% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% n Fixed Fee n Variable…
  17. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 17
    SemGroup Operating Results Quarterly Average Operating Results 1Q 2014 4Q 2013 Crude Cushing Storage Capacity (million barrels) 7.6 7.4 Transportation Volumes (thousands barrels per day) 110.0 88.0 White Cliffs Pipeline Throughput…
  18. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 18
    Crude Key Performance Metrics RRMS Cushing Storage RRMS Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 8 0.50 125 1.10 1.10 1.10 1.85 100 6 3.35 42.7 1.10 75 30.9 4 6.50 6.50 1.10 9.7 6.00 50 4.65…
  19. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 19
    SemGas Northern Oklahoma Processing Mississippi Lime Play Northern Oklahoma System 4Q 2013 1Q 2014 1Q 2016 Processing Capacity 165 mmcf/d 365 mmcf/d 565 mmcf/d Miles of Pipeline 600 600 of Rigs in Dedicated Acreage 15 15 Avg.…
  20. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 20
    SemGroup Corporation Dividend Growth 0.3500 In 2014 we will continue our dividend practice of passing through most of our cash distributions received from our MLP investments 0.2400 0.2500 0.2200 Targeting dividend growth of…
  21. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 21
    Rose Rock Midstream Distribution Per LP Unit 2014 Target Coverage Ratio 1.1x-1.2x 2014 Target Distribution Growth 15% year-over-year(1) 0.6000 0.4950 0.5000 0.4650 0.4500 0.4400 0.4300 0.4025 0.4000 0.3625…
  22. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 22
    Future Growth in Drop Downs Rose Rock Midstreams relationship with SemGroup allows for potential future drop downs Asset Description 527-mile crude oil pipeline - 76,000 bpd capacity White Cliffs Pipeline Incremental 80,000 bpd…
  23. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 23
    SemGroup Consolidated Balance Sheet (in thousands, unaudited, condensed) March 31, March 31, 2014 2013 ASSETS Current assets 566,708 534,014 Property, plant and equipment, net 1,137,540 1,105,728 Goodwill and other intangible…
  24. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Revenues 498,883 287,696 457,328 Expenses: Costs of…
  25. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 25
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, Reconciliation of net income to Adjusted EBITDA: 2014 2013 2013 Net income 19,738 48,566 6,599 Add: Interest expense…
  26. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 26
    SemGroup 2014 Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance(1) Low High Net income 79 93 Add: Interest expense 46 48 Add: Income tax expense 6 8 Add: Depreciation and amortization 86 88 EBITDA 217 237 Selected…
  27. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 27
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income(1) 14,156 16,944 10,921 Add: Interest expense 4,663 3,171 3,985 Add: Deprecation and…
  28. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 28
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income 5,918 1,114 5,538 Add: Interest expense 1,689 593 1,119 Add: Deprecation and amortization expense…
  29. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 29
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income (loss) 2,482 (2,383) (3,436) Add: Interest expense 4,190 4,729 4,728 Add: Income tax expense…
  30. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 30
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net loss (1,691) (2,304) (2,714) Add: Interest expense 349 320 364 Add: Income tax benefit (117) (714)…
  31. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 31
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31 2014 2013 2013 Net income (loss) 2,585 (787) 2,361 Add: Interest expense 8 102 Add: Income tax expense (benefit)…
  32. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 32
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income 12,869 7,721 27,281 Add: Interest expense (1,264) (1,126) (1,252) EBITDA 11,605 6,595 26,029…
  33. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 33
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income (loss) (15,952) 28,261 (33,352) Add: Interest expense (400) (5,299) 125 Add:…
  34. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 34
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Revenue 33,274 30,673 41,072 Operating, general and administrative expenses…
  35. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) March 31, December 31, 2014 2013 ASSETS Current assets 349,640 321,587 Property, plant and equipment, net 308,270 311,616 Equity method investment…
  36. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Revenues, including revenues from affiliates Product 266,290 158,728…
  37. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Net income allocated to general partner 738 281 368 Net…
  38. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Reconciliation of operating income to Adjusted gross margin: Operating income 18,431…
  39. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance Low High Net income 64 67 Add: Interest expense 13 15 Add: Depreciation and amortization 22 22 EBITDA 99 104 Non-Cash and Other Adjustments…
  40. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended March 31, December 31, 2014 2013 2013 Reconciliation of net income to distributable cash flow: Net income 16,159 11,994 7,466 Add: Interest…
  41. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 41
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended June 30, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 14,533 5,233…
  42. Earnings Conference Call – Rose Rock Midstream, L.P. – slide 42
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended September 30, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 14,830…

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