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Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Feb 28, 2014 · 44 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. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 1
    FOURTH QUARTER & FULL-YEAR 2013 RESULTS Earnings Conference Call February 28, 2014
  2. Q4 2013 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. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 3
    2013 Results SemGroup Corporation Rose Rock Midstream 2013 2013 (in millions, unaudited) Initial Guidance(1) 2013 Actuals (in millions, unaudited) Initial Guidance(2) 2013 Actuals Adjusted EBITDA 165 - 175 189.0 Adjusted EBITDA 56…
  4. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 4
    Capital Projects & Acquisitions Update SemGroup and Rose Rock Midstream Total 2013 Capital Expenditures MLP second drop down of additional one-third interest in of 751 million SemCrude Pipeline L.L.C., which owns a 51% interest in…
  5. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 5
    SemGroup Corporation 2014 Adjusted EBITDA Guidance 245 million to 265 million(1) Guidance Assumptions(3) Crude Average crude price 94.20/barrel Adjusted EBITDA Glass Mountain Pipeline in service February 2014 (in millions) RRMS…
  6. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 6
    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 0.2500 0.2200 Targeting dividend growth of 25-30%…
  7. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 7
    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…
  8. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 8
    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)…
  9. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 9
    SemGroup Fourth Quarter Results Year Ended As Reported (in millions, excluding EPS, unaudited) 4Q 2013 3Q 2013 Dec. 2013 Dec. 2012 Net income (loss) attributable to SemGroup 3.3 (1.9) 48.1 22.1 Net income (loss) per share - diluted…
  10. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 10
    SemGroup Segment Results Year Ended Segment Adjusted EBITDA(1) (in millions, unaudited) 4Q 2013 3Q 2013 2Q 2013 1Q 2013 Dec. 2013 Dec. 2012 Crude(2) 31.0 25.1 24.6 25.9 106.6 85.8 SemGas 12.0 10.1 7.7 3.9 33.7 8.8 SemCAMS 9.6 11.8 7.9…
  11. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 11
    SemGroup Capitalization & Liquidity (in millions) December 31, 2013 December 31, 2012 Total Consolidated Debt 615 206 Owner's Equity 1,214 1,022 Total Book Capitalization 1,829 1,228 Consolidated Credit Metrics Net Debt 536 126…
  12. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream Fourth Quarter Results Year Ended As Reported (in millions, unaudited) 4Q 2013 3Q 2013 Dec. 2013 Dec. 2012 Operating income 9.4 11.3 46.1 25.9 EBITDA(1) 21.3 15.4 69.3 38.0 Selected Non-Cash Items and Other Items…
  13. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 13
    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 0.4650 0.5000 0.4500 0.4400 0.4300 0.4025 0.4000 0.3625 0.3000 0.2000 4Q…
  14. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 14
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance 92 million to 97 million(1) Adjusted EBITDA Guidance Assumptions (in millions) GR (2) Average crude price - 94.20/barrel A 110 C 39% 92 - 97 Average Cushing storage…
  15. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 15
    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…
  16. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 16
    Rose Rock Midstream Capitalization & Liquidity (in millions) December 31, 2013 December 31, 2012 Total Debt 245 5 Total Equity 359 308 Total Book Capitalization 604 313 Credit Metrics Net Debt 230 5 Total Debt/Capitalization 41%…
  17. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 17
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return K3 Plant Rose Valley I Glass Mountain Pipeline Canada Oklahoma Oklahoma 18
  18. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 18
    APPENDIX
  19. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 19
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 35% 65% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% n Fixed Fee n Variable…
  20. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 20
    SemGroup Operating Results Quarterly Average Operating Results 4Q 2013 3Q 2013 2Q 2013 1Q 2013 Crude Cushing Storage Capacity (million barrels) 7.35 7.25 7.25 7.0 Transportation Volumes (thousands barrels per day) 87.9 64.3 57.3…
  21. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 21
    Crude Key Performance Metrics Cushing Storage Capacity Transportation Volumes(2) 7.6 million barrels (Thousand Barrels per Day) 8 100 87.9 90 80 64.3 6 70 53.3 55.7 57.3 60 44.8 49.0 48.5 4 7.10 7.10 7.10 50 37.5 6.50 32.1 40…
  22. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 22
    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 of Rigs in Dedicated Acreage 15 Avg. Processing…
  23. Q4 2013 CONFERENCE CALL – 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 527-mile crude oil pipeline - 76,000 bpd capacity White Cliffs Pipeline Incremental 80,000 bpd…
  24. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Balance Sheet (in thousands, unaudited, condensed) December 31, December 31, 2013 2012 ASSETS Current assets 534,014 520,003 Property, plant and equipment, net 1,105,728 814,724 Goodwill and other intangible…
  25. Q4 2013 CONFERENCE CALL – 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 Year Ended December 31, 2013 September 30, December 31, 2013 2013 2012 2013 2013 2012…
  26. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 26
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, Reconciliation of net income to Adjusted EBITDA: 2013 2012 2013 2013 2012 Net income 6,599…
  27. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 27
    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…
  28. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 28
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income(1) 10,921 16,202 14,830 57,228 64,554 Add: Interest…
  29. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 29
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income (loss) 5,538 621 3,482 14,701 (264) Add: Interest expense 1,119…
  30. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 30
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income (loss) (3,436) 3,557 3,073 (3,136) 4,097 Add: Interest expense…
  31. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 31
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income (loss) (2,714) 3,379 834 (6,769) (3,552) Add: Interest…
  32. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 32
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income 2,361 1,305 2,523 5,377 1,467 Add: Interest expense…
  33. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 33
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income (loss) 27,281 5,571 (2,164) 38,071 4,919 Add: Interest…
  34. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 34
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net loss (33,352) (7,659) (19,443) (39,660) (39,324)…
  35. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 35
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Revenue 41,072 31,215 31,453 133,310…
  36. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) December 31, December 31, 2013 2012 ASSETS Current assets 321,587 250,617 Property, plant and equipment, net 311,616 291,530 Equity method…
  37. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit amounts, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Revenues, including revenues from…
  38. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit amounts, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Net income allocated…
  39. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Reconciliation of operating income to Adjusted gross…
  40. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 40
    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…
  41. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 41
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2013 2012 2013 2013 2012 Reconciliation of net income to distributable cash flow: Net income…
  42. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 42
    SemGroup Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2013 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 14,533 5,233 (390) (2,585) 1,280…
  43. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 43
    SemGroup Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 16,944 7,721 (2,383) (2,304) (787)…
  44. Q4 2013 CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 44
    SemGroup Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2011 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 39,241 16,752 2,868 (41,440) 2,430 6,308…

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