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Q3 2012 EARNINGS CALL – Semgroup Corporation

Semgroup Corporation · Nov 9, 2012 · 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. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 1
    2012 Third Quarter Results Earnings Conference Call - November 9, 2012
  2. Q3 2012 EARNINGS CALL – Semgroup Corporation – 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 2012 EARNINGS CALL – Semgroup Corporation – slide 3
    SemGroup and Rose Rock Midstream Executing and Increasing Strategic Growth Capitalize on Growth Opportunities with Existing and New Assets Executing on strategic growth plans DJ Basin, Mississippi Lime, Granite Wash and Cushing Over…
  4. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 4
    White Cliffs Pipeline Expansion 80,000 barrels per day; post-expansion total capacity of 150,000 barrels per day Anticipated completion in first half of 2014 Successful open season resulting in firm shipper commitments Estimated…
  5. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 5
    Glass Mountain Pipeline Increased Ownership to 50% Joint venture with Gavilon 440,000 barrels of intermediate storage Anticipated completion in fourth quarter 2013 1 million barrels of storage in Cushing 210 mile crude oil pipeline…
  6. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 6
    2012 Capex Guidance SemGroup and Rose Rock Midstream 2012 Capital Expenditures 230 million 5 4 2% 2% 11 5% Crude - RRMS 12 21 33 4 5% 9% 14% 2% Crude - SEMG Growth SemGas 53 Maintenance 23% SemCAMS 209 Refurbishment 91%…
  7. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 7
    SemGroup Third Quarter 2012 Performance Nine Months Ended As Reported (in millions, excluding EPS, unaudited) 3Q 2012 2Q 2012 Sept. 2012 Sept. 2011 Net income (loss) attributable to SemGroup (2.8) 5.1 1.0 2.1 Net income (loss) per…
  8. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 8
    SemGroup Segment Results Nine Months Ended Segment Adjusted EBITDA (in millions, unaudited) (1) 3Q 2012 2Q 2012 Sept. 2012 Sept. 2011 Crude(2) 21.2 19.8 61.6 45.4 SemGas 1.7 1.6 5.6 11.8 SemCAMS 8.8 8.4 21.8 28.9 SemLogistics…
  9. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 9
    SemGroup Capitalization & Liquidity (in millions) September 30, 2012 December 31, 2011 Total Debt 191.7 109.3 Owners Equity 1,001.4 978.7 Total Book Capitalization 1,193.1 1,088.0 Credit Metrics Net Debt 124.2 35.7 Total…
  10. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 10
    Financial Overview
  11. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 11
    Rose Rock Midstream Third Quarter 2012 Performance As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating income 3.1 5.6 EBITDA(1) 10.0 8.6 (1) Selected Non-Cash Items and Other Items Impacting Comparability (0.5) 0.1…
  12. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 12
    Rose Rock Midstream Annualized Distribution per LP Unit 2012 Target Coverage Ratio 1.15-1.2x 2.00 1.53 1.57 1.45 1.49 1.50 1.00 4Q 1Q 2Q 3Q 2011 2012 2014 E 8.3% cumulative increase in distributions since IPO (1)…
  13. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 13
    Rose Rock Midstream 2012 Capex 2012 Capital Expenditures - 37 million 2 2 6% 5% Growth Maintenance 33 Environmental 89% Estimated Normalized (USD in Millions) Completion Total Annual EBITDA Description Date 2012 Capex…
  14. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 14
    Rose Rock Midstream Capitalization & Liquidity (in millions) September 30, 2012 December 31, 2011 Total Debt 0.1 0.1 Partners' Capital 310.4 304.9 Total Book Capitalization 310.5 305.0 Credit Metrics Total Debt/Capitalization N/M…
  15. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 15
    Our Business Strategy Capitalize on Organic Generate Consistent Growth Opportunities Operating Margins, with Existing and Earnings and Cash Flows New Assets Grow Our Business Maintain Financial Through Strategic and…
  16. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 16
    Appendix
  17. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 17
    SemGroups Fee-based Business Model Gross Margin Contribution(1) 6% Business Unit Fixed Fee Variable Fee Marketing 7% SemGas 5% 95% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 87% White Cliffs Pipeline 100% Rose…
  18. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 18
    Crude Third Quarter Results(1) As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating income 19.2 13.8 EBITDA(2) 22.3 16.7 Selected Non-Cash Items and Other Items Impacting Comparability(1) (1.1) 3.1 Adjusted EBITDA(2) 21.2…
  19. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 19
    Crude Key Performance Metrics Cushing Storage Transportation Volumes(2) 7.25 million barrels of capacity (Thousand Barrels per Day) 8 49.0 48.5 7 50 44.8 6 40 37.5 5 32.9 35.7 30.9 32.1 30 28.9 27.8 27.2 4 6.75 7.00 7.00 6.75…
  20. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 20
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information Three Months Ended Nine Months Ended September 30, June 30, September 30, (in thousands, unaudited) 2012 2011 2012 2012 2011 Revenue 28,522 17,515 25,732 76,910…
  21. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 21
    SemGas Third Quarter Results As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating loss (0.2) (0.3) EBITDA(1) 1.6 1.5 (1) Selected Non-Cash Items and Other Items Impacting Comparability 0.1 0.1 Adjusted EBITDA(1) 1.7 1.6…
  22. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 22
    SemGas Liquids Upgrade Gas & Liquids Value Gas & Liquids Value 4.50/mcf 4.33/mcf Liquids Stream Breakdown(1) Liquids Upgrade(3) 1% Liquids Upgrade(2) 1.16 1.26 19% 31% 1 mcf Gas 1 mcf Gas 19% Wellhead Btu content 1,152,000…
  23. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 23
    SemGas Key Performance Metrics Average Processing Volumes Processing and Gathering Capacity(2) 100 by Location 2013 Northern Oklahoma Capacity 200 mmcf/d 300 80 18.4 18.8 250 241 17.8 60 200 mmcf/d mmcf/d 15.8 150 40 116…
  24. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 24
    SemCAMS Third Quarter Results As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating income 7.9 5.5 EBITDA(1) 10.6 8.1 Selected Non-Cash Items and Other Items Impacting Comparability(1) (1.8) 0.3 Adjusted EBITDA(1) 8.8 8.4…
  25. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 25
    SemLogistics Third Quarter Results As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating loss (2.7) (2.9) (1) EBITDA (0.1) (0.6) (1) Selected Non-Cash Items and Other Items Impacting Comparability 0.1 0.1 Adjusted…
  26. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 26
    SemMaterials Mxico Third Quarter Results As Reported (in millions, unaudited) 3Q 2012 2Q 2012 Operating income 1.5 0.4 EBITDA(1) 3.1 1.6 Selected Non-Cash Items and Other Items Impacting Comparability(1) (0.1) 0.5 Adjusted…
  27. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 27
    Cash Distributions NGL Energy Partners LP Rose Rock Midstream, L.P. (NYSE: NGL) (NYSE: RRMS) (in thousands, excluding per unit amounts) (in thousands, excluding per unit amounts) (1) NGL Common Units owned by SemGroup 9,133 Common…
  28. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 28
    SemGroup Consolidated Balance Sheet (in thousands, unaudited) September 30, December 31, 2012 2011 ASSETS Current assets 496,431 389,735 Property, plant and equipment, net 800,231 733,925 Goodwill and other intangible assets…
  29. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 29
    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, 2012 2011 2012 2012 2011 Revenues…
  30. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 30
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Reconciliation of net income to Adjusted EBITDA: Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income…
  31. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 31
    SemGroup Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Reconciliation of net cash provided by (used in) Three Months Ended Nine Months Ended operating activities to Adjusted EBITDA September 30, June 30, September…
  32. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 32
    SemGroup 2012 Adjusted EBITDA Guidance(1) (in millions, unaudited) Low High Net income 16.5 26.3 Add: Interest expense 10.0 9.7 Add: Income tax expense 8.4 8.9 Add: Depreciation and amortization 51.5 51.5 EBITDA 86.4 96.4…
  33. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 33
    Crude Adjusted EBITDA Calculation(1) (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income 19,340 8,629 14,136 48,352 25,856 Add: Interest expense…
  34. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 34
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income (loss) 133 2,201 (1,050) (885) 5,172 Add: Interest expense…
  35. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 35
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income 3,141 2,070 162 540 3,979 Add: Interest expense 3,421 4,668…
  36. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 36
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income (loss) (2,287) 1,033 (2,325) (6,931) 2,923 Add:…
  37. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 37
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income 510 258 18 162 430 Add: Interest expense 44 114…
  38. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 38
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income (loss) (5,152) (1,181) 3,418 (652) (22,882) Add: Interest…
  39. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 39
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Net income (loss ) (16,117) 1,329 (7,116) (31,665)…
  40. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 40
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited) September 30, December 31, 2012 2011 ASSETS Current assets 249,642 166,582 Property, plant and equipment, net 285,244 276,246 Other noncurrent assets, net…
  41. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 41
    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, 2012 2011 2012 2012 2011 Revenues, including revenues…
  42. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 42
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2012 2011 2012 2012 2011 Reconciliation of operating income to Adjusted…
  43. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 43
    Rose Rock Midstream 2012 Adjusted EBITDA Guidance Revised-2Q 2012 Original (in millions, unaudited) Low High Low High Net income 22.8 24.7 17.8 19.7 Add: Interest expense 2.8 2.8 2.8 2.8 Add: Depreciation and amortization 12.4…
  44. Q3 2012 EARNINGS CALL – Semgroup Corporation – slide 44
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended September 30, 2012 Reconciliation of net income to distributable cash flow: Net income 6,469 Add: Interest expense 450 Add: Depreciation and…

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