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Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Nov 12, 2013 · 37 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. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 1
    2013 Third Quarter Results Earnings Conference Call November 12, 2013
  2. Q3 2013 EARNINGS 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…
  3. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 3
    Third Quarter Results & Updated 2013 Guidance Adjusted EBITDA(1) Nine Months Ended (in millions, unaudited) 3Q 2013 Sept 2013 SemGroup(2) 52.1 131.2 Rose Rock Midstream 15.7 47.5 SEMG Updated Guidance RRMS Updated Guidance…
  4. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 4
    2013 Capital Projects & Acquisitions Update SemGroup and Rose Rock Midstream MLP Drop Down expected to close by year-end Rose Rock intends to acquire an additional 33.3% interest in SemCrude Pipeline, L.L.C., which owns a 51%…
  5. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 5
    2013 Capex Guidance SemGroup and Rose Rock Midstream 2013 Capital Expenditures 825 million YTD Spend - 633 million 437 83% committed to US crude and natural 53% gas projects Includes 2013 acquisitions 143 Low multiple organic…
  6. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 6
    2013 Capex Guidance SemGroup and Rose Rock Midstream Normalized (USD in millions) Estimated Total Annual EBITDA (1) Segment Description Completion Date 2013 Capex 2014 Capex CapEx(1) EBITDA(2) Multiple Crude-RRMS New 20 pipeline in…
  7. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 7
    SemGroup Third Quarter Results Nine Months Ended As Reported (in millions, excluding EPS, unaudited) 3Q 2013 2Q 2013 Sept. 2013 Sept. 2012 Net income (loss) attributable to SemGroup (1.9) 3.6 44.8 1.0 Net income (loss) income per…
  8. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 8
    SemGroup Segment Results Nine Months Ended Segment Adjusted EBITDA(1) (in millions, unaudited) 3Q 2013 2Q 2013 1Q 2013 Sept. 2013 Sept. 2012 (2) Crude 25.1 24.6 25.9 75.7 61.6 SemGas 10.1 7.7 3.9 21.7 5.6 SemCAMS 11.8 7.9 4.8 24.5…
  9. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 9
    SemGroup Capitalization & Liquidity (in millions) September 30, 2013 December 31, 2012 Total Consolidated Debt 540 206 Owners Equity 1,254 1,022 Total Book Capitalization 1,794 1,228 Consolidated Credit Metrics Net Debt 475 126…
  10. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 10
    Rose Rock Midstream Third Quarter Results Nine Months Ended As Reported (in millions, unaudited) 3Q 2013 2Q 2013 Sept. 2013 Sept. 2012 Operating income 11.3 11.6 36.6 20.8 EBITDA(1) 15.4 15.3 48.0 29.8 (1) Selected Non-Cash Items…
  11. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 11
    2013 Capex Guidance Rose Rock Midstream 2013 Capital Expenditures - 113 million YTD Spend - 97 million 105 93% Growth Maintenance 8 7% Normalized (USD in millions) Estimated Total Annual EBITDA Description Completion Date…
  12. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream Capitalization & Liquidity (in millions) September 30, 2013 December 31, 2012 Total Debt 85 5 Partners' Capital 383 308 Overnight Equity Offering - August 13th, completed Total Book Capitalization 468 313…
  13. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 13
    2013 Goals Safety Maintain strong safety and environmental record Deliver on Financial Targets Achieve Adjusted EBITDA and capex guidance Disciplined Investments Execute 2013 capital program Selectively pursue third-party…
  14. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 14
    Appendix
  15. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 15
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas 22% 78% 87% SemCAMS 100% SemLogistics 100% 9% 4% SemMaterials Mexico 100% White Cliffs Pipeline 100% Fixed Fee Variable Fee…
  16. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 16
    SemGroup Operating Results Quarterly Average Operating Results 3Q 2013 2Q 2013 1Q 2013 Crude Cushing Storage Capacity (million barrels) 7.25 7.25 7.0 Transportation Volumes (thousands barrels per day) 64.3 57.3 55.7 White Cliffs…
  17. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 17
    Crude Key Performance Metrics Cushing Storage Capacity Transportation Volumes(2) 7.6 million barrels in 2013 (Thousand Barrels per Day) 8 70 64.3 55.7 57.3 6 60 53.3 49.0 48.5 50 44.8 37.5 4 7.00 7.10 7.10 40 30.9 32.1 6.50…
  18. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 18
    SemGas Northern Oklahoma Processing Mississippi Lime Play Northern Oklahoma System 3Q 2013 1Q 2014 1Q 2016 Processing Capacity 165 mmcf/d 365 mmcf/d 565* mmcf/d Miles of Pipeline 400 of Rigs in Dedicated Acreage 15 Avg.…
  19. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 19
    Return of Capital to Equity Holders SemGroup Corp Rose Rock Midstream L.P. (NYSE: SEMG) (NYSE: RRMS) 0.30 0.50 0.4500 0.4400 0.25 0.45 0.4300 0.2100 0.4025 0.2000 0.3925 0.1900 0.20 0.40 0.3725 0.3825 0.3625 0.15 0.35…
  20. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 20
    Future Growth in Drop Downs Rose Rock Midstreams relationship with SemGroup allows for potential future drop downs Adjusted EBITDA (in millions) Asset Description LTM 527-mile crude oil pipeline - 76,000 bpd capacity White Cliffs…
  21. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 21
    SemGroup Consolidated Balance Sheet (unaudited) (in thousands) September 30, December 31, * 2013 2012 ASSETS Current assets 541,961 520,003 Property, plant and equipment, net 1,057,116 814,724 Goodwill and other intangible assets…
  22. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 22
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Revenues…
  23. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 23
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, Reconciliation of net income to Adjusted EBITDA: 2013 2012 2013 2013 2012 Net income…
  24. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 24
    SemGroup 2013 Adjusted EBITDA Guidance (1) (in millions, unaudited) Updated Guidance Original Guidance(1) Low High Low High Net income 72.2 78.2 89.8 93.3 Add: Interest expense 27.0 28.0 19.0 20.0 Add: Income tax benefit (38.0)…
  25. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 25
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net income(1) 14,830 19,340 14,533 46,307 48,352 Add: Interest…
  26. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 26
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net income (loss) 3,482 133 4,567 9,163 (885) Add: Interest expense…
  27. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 27
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net income (loss) 3,073 3,141 (390) 300 540 Add: Interest expense…
  28. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 28
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net loss 834 (2,287) (2,585) (4,055) (6,931) Add: Interest…
  29. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 29
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net income 2,523 510 1,280 3,016 162 Add: Interest expense…
  30. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 30
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net income (loss) (2,164) (5,152) 5,233 10,790 (652) Add: Interest…
  31. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 31
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Net loss (19,443) (16,117) (15,126) (6,308)…
  32. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 32
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Revenue 31,453 28,522 30,112 92,238…
  33. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 33
    Rose Rock Midstream Consolidated Balance Sheet (unaudited) (in thousands) September 30, December 31, * 2013 2012 ASSETS Current assets 294,300 250,617 Property, plant and equipment, net 313,193 291,530 Equity method investment…
  34. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit amounts, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Revenues, including revenues…
  35. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Reconciliation of operating income to Adjusted…
  36. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream 2013 Adjusted EBITDA Guidance (millions, unaudited) Updated Guidance Original Guidance Low High Low High Net income 36.7 38.7 26.7 32.2 Add: Interest expense 8.0 9.0 12.3 11.3 Add: Depreciation and…
  37. Q3 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2013 2012 2013 2013 2012 Reconciliation of net income to distributable cash flow: Net…

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