Skip to main content Q4 2011 RESULTS – Rose Rock Midstream, L.P. Investor Presentation | Shale Experts
Loading...
Pm

Q4 2011 RESULTS – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Feb 29, 2012 · 34 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 2011 RESULTS – Rose Rock Midstream, L.P. – slide 1
    SemGroup Corporation & Rose Rock Midstream 2011 Fourth Quarter and Full Year Results Earnings Conference Call February 29, 2012
  2. Q4 2011 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 generally accepted accounting principles (GAAP) measure and is not intended to be used in lieu of a GAAP…
  3. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 3
    Non-GAAP Financial Measures Rose Rock Midstream This presentation includes the non-GAAP financial measures of adjusted gross margin and adjusted EBITDA, which may be used periodically by management when discussing our financial results…
  4. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 4
    Agenda 2011 Highlights 2011 Financial Overview Guidance for 2012 Adjusted EBITDA and CapEx 2012 Goals Concluding Remarks 2/29/2012 5
  5. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 5
    SemGroup Corp 2011 Highlights Growth Cushing Storage capacity: up 7% from 4Q 2010 Growth White Cliffs Pipeline capacity: 70,000+ bpd Gas processing capacity: up 47% Stable Cash Flows Stable Cash SemStream/NGL Energy Partners LP…
  6. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 6
    SemGroups Fee-based Business Model Gross Margin Contribution 5% Business Unit Fixed Fee Variable Fee Marketing 10% SemGas 6% 94% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 85% White Cliffs Pipeline 100% Rose Rock…
  7. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 7
    Strategically Positioned in Key Growth Areas Montney/ Duvernay Bakken/ Williston Basin DJ Basin/ Niobrara Mississippi Zone Cushing, OK Granite Crude Oil Wash Storage Hub 2/29/2012 8
  8. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 8
    Crude Oil Expansion Projects Cushing 2011, completed 350,000 barrel expansion on time, on budget Cushing Storage Capacity (Million Barrels) Ahead of schedule on 1.95 million barrel expansion (27 million capex) 8.0 7.00 950,000…
  9. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 9
    Natural Gas Expansion Projects SemGas Northern Oklahoma Northern Oklahoma Mississippi Zone Processing Capacity 160 Completed the Hopeton to Nash 24 mile 8 interconnection 140 135 allowing for enhanced operating flexibility 120…
  10. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 10
    SemLogistics Storage Market Update Continued high prompt prices and 22.00 BRENT Forward Spread Curve backwardated market curves are 19.00 16.00 Contango 13.00 keeping customers on sidelines 10.00 7.00 Geopolitical…
  11. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 11
    2011 SemGroup Financial Overview Bob Fitzgerald, CFO 2/29/2012 12
  12. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 12
    SemGroup Fourth Quarter 2011 Performance As Reported (dollars in millions, excluding EPS, unaudited) 4Q 2011 4Q 2010 Operating income 9.0 14.2 Net income (loss) attributable to SemGroup 0.3 (4.9) Net income (loss) per share 0.01 (0.12)…
  13. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 13
    SemGroup Full Year 2011 Results As Reported (dollars in millions, excluding EPS, unaudited) Full Year 2011 Full Year 2010 Operating income/(loss) 45.6 (50.3) Net income (loss) attributable to SemGroup 2.4 (132.3) Net income (loss) per…
  14. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 14
    SemGroup Segment Results Normalized Full Year Full Year Segment Adjusted EBITDA (dollars in millions, unaudited)(1) 4Q 2011 4Q 2010(2) 2011 2010(3) Crude(4) 16.8 18.9 62.2 71.6 SemStream (0.2) 9.9 (10.1) 26.0 SemGas 3.3 4.1 15.1 13.2…
  15. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 15
    SemGroup Capitalization & Liquidity December 31, December 31, Capitalization (dollars in millions) 2011 2010 Total Debt 109.3 348.4 Owners Equity 978.7 855.1 Total Book Capitalization 1,088.0 1,203.5 Credit Metrics…
  16. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 16
    SemGroup 2011 Capital Expenditures 2011 Capital Expenditures - 66 million 2 3% 3 10 4% 15% 13 Corporate 20% Growth Crude Maintenance Gas 32 Products Refurbishment 22 49% 50 33% 76% Estimated (USD Millions) Completion…
  17. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 17
    2011 Rose Rock Midstream Financial Overview Bob Fitzgerald, CFO 2/29/2012 18
  18. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 18
    Rose Rock Midstream Fourth Quarter 2011 Performance As Reported (dollars in millions, excluding EPS, unaudited) 4Q 2011 4Q 2010 Operating income 7.3 9.6 EBITDA(1) 10.1 13.2 Selected items impacting comparability(2) (0.4) 1.0 Adjusted…
  19. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 19
    Rose Rock Midstream Capitalization & Liquidity December 31, Capitalization (dollars in millions) 2011 Total Debt 0.1 Owners Equity 304.9 Total Book Capitalization 305.0 Credit Metrics Debt/Capitalization N/M Debt/Adjusted…
  20. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 20
    2012 Guidance Capex & Adjusted EBITDA 2/29/2012 21
  21. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 21
    2012 Capex Guidance (Includes SemGroup and Rose Rock Midstream Capex Projects) 4 2012 Capital Expenditures - 180 million 5 5 2% 3% 3% 21 27 15% Corporate 11% Growth Crude Maintenance 83 46% 55 Gas Refurbishment 31% Products…
  22. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 22
    SemGroup 2012 Adjusted EBITDA Guidance (dollars in millions, unaudited) Low High Net income (loss) attributable to SemGroup 47.1 56.9 Add: Net income attributable to noncontrolling Interests 7.9 7.9 Add: Interest expense 10.0 9.7…
  23. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 23
    Rose Rock Midstream 2012 Capex 2012 Capital Expenditures - 37 million 2 2 5% 6% Growth Maintenance Environmental 33 89% Estimated Normalized (USD Millions) Completion 2012 2013 Annual EBITDA Description Date Capex Capex…
  24. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 24
    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 Consistent…
  25. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 25
    2012 Goals Execute growth plans The capital structure now in place with the Rose Rock Midstream MLP is the long-term growth vehicle for SemGroup Continue building gas gathering and processing capacity in Mississippi Zone Leverage…
  26. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 26
    Delivered As Promised Built a foundation for growth Migrated to fee-based business model SemStream asset contribution to NGL Energy Partners Strengthened balance sheet Refinancing Rose Rock Midstream Initial Public Offering…
  27. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 27
    Questions 2/29/2012 28
  28. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 28
    Appendix 2/29/2012 29
  29. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 29
    Ownership Structure Rose Rock NYSE: SEMG Midstream GP, LLC Incentive Distribution Rights Public 41.5 mm Public Shares 7.0 mm Outstanding Common Units 40.9% LP Interest SemMaterials White Cliffs SemStream SemCAMS SemGas…
  30. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 30
    SemGroup Non-GAAP Financial Data Reconciliations Net income (loss) to earnings before interest, taxes, depreciation and amortization (EBITDA) and excluding selected items impacting comparability (Adjusted EBITDA) reconciliations…
  31. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 31
    SemGroup Selected Items Impacting Comparability (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Loss (gain) on disposal or impairment of long-lived assets 9,634 8,469…
  32. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 32
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Net income 6,828 10,284 23,235 23,477 Add: Interest expense…
  33. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 33
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Reconciliation of operating income to adjusted gross margin:…
  34. Q4 2011 RESULTS – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Distributable Cash Flow (dollars in thousands, unaudited) Three Months Ended December 31 2011 Net income 6,828 Add: Interest expense 418 Add: Depreciation and amortization expense 2,874 EBITDA 10,120 Add:…

From the store

Browse maps, data & reports in the Shale Experts store