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Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · May 9, 2012 · 45 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. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 1
    SemGroup Corporation & Rose Rock Midstream 2012 First Quarter Results Earnings Conference Call May 9, 2012 5/9/2012 1
  2. Q1 2012 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 generally accepted accounting principles (GAAP) in the United States of America measure and is not…
  3. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 3
    SemGroup First Quarter 2012 Performance As Reported (dollars in millions, excluding EPS, unaudited) 1Q 2012 1Q 2011 Net income (loss) attributable to SemGroup (1.4) 0.0 Net income (loss) per share (0.03) 0.0 EBITDA(1) 16.7 26.3 Selected…
  4. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 4
    SemGroups Fee-based Business Model Gross Margin Contribution* Business Unit Fixed Fee Variable Fee Marketing 6% SemGas 6% 94% 9% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 85% White Cliffs Pipeline 100% Rose Rock…
  5. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 5
    Strategically Positioned in Key Growth Areas Montney/ Duvernay Western Canadian Shale Sedimentary Basin Williston Basin Bakken Shale DJ Basin Niobrara Shale Wattenberg Field Mississippi Granite Wash Lime play…
  6. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 6
    2012 Capex Guidance (Includes SemGroup and Rose Rock Midstream Capex Projects) 2012 Capital Expenditures - 180 million Year-to-date Spend - 16 million 5 4 2% 2012 Guidance 2012 Guidance 3% Crude - RRMS 30 28 21 12% 17% 15%…
  7. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 7
    Glass Mountain Pipeline Joint venture with Chesapeake and Gavilon estimated completion Fall 2013 210 mile crude oil pipeline, 140,000 barrels per day initial capacity 440,000 barrels of intermediate pipeline crude oil storage 1…
  8. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 8
    SemGroup Segment Results Segment Adjusted EBITDA (dollars in millions, unaudited)(1) 1Q 2012 1Q 2011 Crude(2) 20.6 13.9 SemGas 2.3 3.2 SemCAMS 4.6 4.8 SemLogistics 0.9 4.4 SemMaterials Mexico 1.0 0.4 SemStream 1.5 2.5 Corp &…
  9. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 9
    SemGroup Capitalization & Liquidity (dollars in millions) March 31, 2012 December 31, 2011 Total Debt Revolver-SemGroup 120.0 82.0 Revolver-Rose Rock - - Term Loan SemLogistics - 23.2 SemMaterials Mexico 3.6 4.0 Capital Leases 0.1…
  10. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 10
    Rose Rock Midstream Financial Overview 5/9/2012 11
  11. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream First Quarter 2012 Performance As Reported (dollars in millions, unaudited) 1Q 2012 1Q 2011 Operating income 8.3 8.1 EBITDA(1) 11.2 10.8 Selected items impacting comparability(1) 0.2 (1.9) Adjusted EBITDA(1) 11.4…
  12. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream Distributable Cash Flow (dollars in thousands, unaudited) Three Months Ended March 31, 2012 Net income 7,758 Add: Interest expense 480 Add: Depreciation and amortization 2,967 EBITDA 11,205 Add: Unrealized…
  13. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream 2012 Capex 2012 Capital Expenditures - 37 million 2 2 5% 6% Growth Maintenance 33 Environmental 89% Estimated Normalized (USD Millions) Completion Total Annual EBITDA Description Date 2012 Capex 2013…
  14. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 14
    Rose Rock Midstream Capitalization & Liquidity (dollars in millions) March 31, 2012 December 31, 2011 Total Debt Revolver - - Capital Leases 0.1 0.1 Total Debt 0.1 0.1 Partners' Capital 311.5 304.9 Total Book Capitalization…
  15. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 15
    SemGroup Corp 2012 First Quarter Growth Cushing Storage capacity expansion completed Growth Hopeton and Nash gas processing plants connected Expanding previously announced 60mmcf/d gas processing plant to 125 mmcf/d Glass Mountain…
  16. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 16
    Thank you. 5/9/2012 17
  17. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 17
    Appendix 5/9/2012 18
  18. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 18
    Crude First Quarter Results* As Reported (dollars in millions, unaudited) 1Q 2012 1Q 2011 Operating income 14.6 10.2 EBITDA(1) 17.5 12.8 Selected items impacting comparability(1) 3.1 1.1 Adjusted EBITDA(1) 20.6 13.9 Key Drivers…
  19. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 19
    Crude Operating Highlights Cushing Storage Contracts(1) 7.25 million barrels of capacity Transportation Volumes(2) 8 (Thousand Barrels per Day) 6 50 44.8 37.5 40 35.7 32.1 Millions 4 32.9 30.9 7.00 7.00 30 28.9 27.8 27.2…
  20. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 20
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (100% White Cliffs - not adjusted for net ownership interest) Three Months Ended March 31, (dollars in thousands, unaudited) 2012 2011 Revenue 22,656 13,493…
  21. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 21
    SemGas First Quarter Results 1st Quarter 1st Quarter (dollars in millions, unaudited) 2012 2011 As reported Operating income 0.6 1.7 EBITDA(1) 2.2 3.1 (1) Selected items impacting comparability 0.1 0.1 Adjusted EBITDA(1) 2.3…
  22. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 22
    SemGas Liquids Upgrade Gas & Liquids Value 5.17/mcf Gas & Liquids Value 5.00/mcf Liquids Stream Breakdown(1) Liquids Upgrade(2) 1% 1.89 Liquids Upgrade(1) 14% 1.96 40% 16% 1 mcf Gas 1 mcf Gas Wellhead Btu content…
  23. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 23
    SemGas Key Performance Metrics Average Processing Volumes Average Capacity 300 100 by Location 250 241 80 200 18 60 150 116 MMCF/d 116 MMCF/d 16 94 96 96 40 100 71 71 71 84 15 15 16 60 20 15 18 16 15 50 39 20…
  24. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 24
    Commodity Price Sensitivity SemGas Natural Gas Price Sensitivity vs. SemGroup Consolidated Adjusted EBITDA (1) 140 SemGroup Consolidated Adjusted EBITDA (USD in millions) 135 130 125 120 115 1.75 2.00 2.25…
  25. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 25
    SemCAMS First Quarter Results Average Plant Utilization 1st Quarter 1st Quarter (Percent Utilization) (dollars in millions, unaudited) 2012 2011 As reported 100 89 91 88 Operating income 1.8 2.4 82 80 73 74 75 68 63 EBITDA (1) 4.4…
  26. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 26
    SemLogistics First Quarter Results Average Percent of Capacity Leased* 1st Quarter 1st Quarter (dollars in millions, unaudited) 2012 2011 120 As reported 99 99 99 99 100 Operating income (loss) (1.8) 2.0 83 80 61 EBITDA(1) 0.7 4.4…
  27. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 27
    SemMaterials Mxico First Quarter Results Metric Tons Sold (Thousands) 1st Quarter 1st Quarter (dollars in millions, unaudited) 2012 2011 As reported 100.0 94.3 89.5 88.8 84.9 Operating (loss) (0.6) (1.4) 90.0 79.7 84.3 80.0 70.0…
  28. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 28
    Cash Distributions NGL Energy Partners LP Rose Rock Midstream Cash Distributions Cash Distributions (dollars in thousands, excluding per unit amounts) (dollars in thousands, excluding per unit amounts) NGL Common Units owned by SEMG…
  29. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 29
    SemGroup Consolidated Balance Sheet (dollars in thousands, unaudited, condensed) March 31, December 31, 2012 2011 ASSETS Current assets 464,596 389,735 Property, plant and equipment, net 758,587 743,235 Goodwill and other…
  30. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 30
    SemGroup Consolidated and Comprehensive Income Statements of Operations (dollars in thousands, except per share amounts, unaudited, condensed) Three Months Ended March 31, 2012 2011 Revenues 317,679 406,954 Expenses: Costs of…
  31. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 31
    SemGroup Non-GAAP Adjusted EBITDA Calculation Three Months Ended March 31, 2012 2011 Net income 2,110 32 Add: Interest expense 3,669 13,605 Add: Income tax expense (benefit) (1,013) (324) Add: Depreciation and amortization…
  32. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 32
    SemGroup Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended March 31, 2012 2011 Reconciliation of net cash provided by operating activities to adjusted EBITDA Net cash provided by (used…
  33. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 33
    SemGroup 2012 Adjusted EBITDA Guidance (dollars in millions, unaudited) Low High Net income 28.5 38.2 Add: Interest expense 10.0 9.7 Add: Income tax expense 8.4 8.9 Add: Depreciation and amortization 51.5 51.5 EBITDA 98.4 108.4…
  34. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 34
    Crude Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net income 14,877 10,182 Add: Interest expense (309) (31) Add: Income tax expense (benefit) - - Add: Depreciation and…
  35. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 35
    SemGas Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net income 32 1,298 Add: Interest expense 532 390 Add: Income tax expense (benefit) - - Add: Depreciation and amortization…
  36. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 36
    SemCAMS Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net loss (2,763) (2,077) Add: Interest expense 5,198 6,234 Add: Income tax expense (benefit) (622) (1,784) Add:…
  37. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 37
    SemLogistics Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net income (loss) (2,323) 1,600 Add: Interest expense 1,507 218 Add: Income tax expense (benefit) (758) 271 Add:…
  38. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 38
    SemMaterials Mxico Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net loss (366) (1,270) Add: Interest expense 84 - Add: Income tax expense (benefit) (163) 157 Add:…
  39. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 39
    SemStream Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net income (loss) 1,082 (112) Add: Interest expense 23 3,244 Add: Income tax expense (benefit) - - Add: Depreciation and…
  40. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 40
    SemGroup Corporate & Other Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31 2012 2011 Net loss (8,429) (9,589) Add: Interest expense (3,366) 3,550 Add: Income tax expense (benefit) 530…
  41. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 41
    Rose Rock Midstream Consolidated Balance Sheets (dollars in thousands, unaudited, condensed) March 31, December 31, 2012 2011 ASSETS Current assets 244,061 166,582 Property, plant and equipment, net 277,392 276,246 Other…
  42. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Midstream Consolidated Statements of Income (dollars in thousands, except per unit amounts, unaudited, condensed) Three Months Ended March 31, 2012 2011 Revenues 179,715 83,791 Expenses: Costs of products sold,…
  43. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 43
    Rose Rock Midstream Non-GAAP Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31, 2012 2011 Net income 7,758 7,604 Add: Interest expense 480 483 Add: Depreciation expense 2,967 2,683 EBITDA…
  44. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 44
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended March 31, 2012 2011 Reconciliation of operating income to adjusted gross margin: Operating income 8,310 8,087 Add:…
  45. Q1 2012 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 45
    Rose Rock Midstream 2012 Adjusted EBITDA Guidance (dollars in millions, unaudited) Low High Net income 17.8 19.8 Add: Interest expense 2.8 2.8 Add: Depreciation and amortization 12.4 12.5 Adjusted EBITDA 33.0 35.0 5/9/2012 46

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