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EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Aug 9, 2013 · 40 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. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 1
    2013 Second Quarter Results Earnings Conference Call August 9, 2013
  2. EARNINGS 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…
  3. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 3
    2013 Capital Projects & Acquisitions Update SemGroup Mississippi Lime gas gathering and processing acquisition - closed August 1, 2013 Capital Spending (2013 2014) Purchase price 300 million Plant I and II completion 75 million…
  4. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 4
    Adjusted EBITDA(1) 2Q 2013 2013 Guidance SemGroup(2) 43.6 million 165 to 175 million Rose Rock Midstream 15.4 million 56 to 60 million 2nd Quarter Highlights SEMG Bonds 300 million, 7.5% Mature June 2021 Proceeds used to fund…
  5. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 5
    2013 Capex Guidance SemGroup and Rose Rock Midstream 2013 Capital Expenditures 850 million YTD Spend - 141 million Crude - RRMS 432 Crude - SEMG 51% 163 SemGas 46 19% 5% 76 SemCAMS 103 30 9% 12% 4% Other Growth…
  6. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 6
    2013 Capex Guidance SemGroup and Rose Rock Midstream 2013 Capital Expenditures 850 million YTD Spend - 141 million Normalized (USD in millions) Estimated Total Annual EBITDA 2013 Capex 2014 Capex(1) (1) Segment Description…
  7. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 7
    SemGroup Second Quarter Results Six Months Ended As Reported (in millions, excluding EPS, unaudited) 2Q 2013 1Q 2013 June 2013 June 2012 Net income attributable to SemGroup 3.6 43.4 47.0 3.8 Net income per share - diluted 0.08 1.03…
  8. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 8
    SemGroup Segment Results Six Months Ended (1) Segment (2) Adjusted EBITDA (in millions, unaudited) 2Q 2013 1Q 2013 June 2013 June 2012 Crude 24.6 25.9 50.5 40.4 SemGas 7.7 3.9 11.6 3.9 SemCAMS 7.9 4.8 12.7 13.0 SemLogistics…
  9. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 9
    SemGroup Capitalization & Liquidity (in millions) June 30, 2013 December 31, 2012 Total Debt 471 206 Owners Equity 1,102 1,022 Total Book Capitalization 1,573 1,228 Credit Metrics Net Debt 172 126 Total Debt/Capitalization 30%…
  10. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 10
    Rose Rock Midstream Second Quarter Results Six Months Ended As Reported (in millions, unaudited) 2Q 2013 1Q 2013 June 2013 June 2012 Operating income 11.6 13.7 25.4 13.9 (1) EBITDA 15.3 17.3 32.6 19.8 (1) Selected Non-Cash Items…
  11. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream Distribution per LP Unit 2013 Target Coverage Ratio 1.1-1.2x 2013 Target Distribution Growth 15% year-over-year 0.50 0.4400 0.45 0.4300 0.4025 0.3925 0.40 0.3725 0.3825 0.3625 0.35 0.30 (2) 4Q 1Q…
  12. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream 2013 Capex 2013 Capital Expenditures - 107 million YTD Spend - 31 million 103 96% Growth Maintenance 4 4% Normalized (USD in millions) Estimated Total Annual EBITDA (1) Description Completion Date…
  13. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream Capitalization & Liquidity (in millions) June 30, 2013 December 31, 2012 Total Debt 167 5 Partners' Capital 227 308 Total Book Capitalization 394 313 Credit Metrics Net Debt 163 5 Total Debt/Capitalization 42%…
  14. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 14
    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…
  15. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 15
    Appendix
  16. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 16
    SemGroups Fee-based Business Model Adjusted Gross Margin Fixed Fee Variable Fee Marketing Contribution(1) SemGas 8% 92% 87% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 4% White Cliffs Pipeline 100% Rose Rock…
  17. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 17
    SemGroup Operating Results Quarterly Average Operating Results 2Q 2013 1Q 2013 Crude Cushing Storage Capacity (million barrels) 7.25 7.0 Transportation Volumes (thousands barrels per day) 57.3 55.7 White Cliffs Pipeline Throughput…
  18. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 18
    Crude Key Performance Metrics Cushing Storage Capacity Forecast Transportation Volumes(2) 7.6 million barrels in 2013 (Thousand Barrels per Day) 49.0 48.5 53.3 55.7 57.3 8 50 44.8 37.5 6 40 32.1 30.9 27.2 30 4 7.00 7.00 6.75…
  19. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 19
    SemGas Key Performance Metrics Average Processing Volumes Processing and Gathering Capacity(2) by Location 2013 Northern Oklahoma Capacity 200 mmcf/d 114.5 120 100 241 241 250 80 200 96.6 mmcf/d mmcf/d 60 71.0 70.5 150…
  20. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 20
    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) NGL common units owned by SemGroup 9,133 Common units…
  21. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 21
    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…
  22. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 22
    SemGroup Consolidated Balance Sheet (in thousands, unaudited) June 30, December 31, 2013 2012 ASSETS Current assets 740,023 520,003 Property, plant and equipment, net 833,591 814,724 Goodwill and other intangible assets 16,727…
  23. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 23
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Revenues 324,244…
  24. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 24
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Reconciliation of net income to Adjusted EBITDA: Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income 7,512…
  25. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 25
    SemGroup Corporation 2013 Adjusted EBITDA Guidance 165 to 175 million(1) 2013 Adjusted EBITDA Guidance Assumptions 2013 vs 2012 Adjusted EBITDA Crude (in millions) + Average crude price 93 per barrel RRMS 200 + Full year EBITDA…
  26. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 26
    SemGroup 2013 Adjusted EBITDA Guidance (1) (in millions, unaudited) Guidance Low High Net income 89.8 93.3 Add: Interest expense 19.0 20.0 Add: Income tax benefit (47.4) (46.9) Add: Depreciation and amortization 55.0 60.0 EBITDA…
  27. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 27
    Crude Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income(1) 14,533 14,136 16,944 31,477 29,012 Add: Interest expense 4,133 (383)…
  28. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 28
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income (loss) 4,567 (1,050) 1,114 5,681 (1,018) Add: Interest expense 676…
  29. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 29
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income (loss) (390) 162 (2,383) (2,773) (2,601) Add: Interest expense 4,736…
  30. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 30
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net loss (2,585) (2,325) (2,304) (4,889) (4,644) Add: Interest expense 367…
  31. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 31
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income (loss) 1,280 18 (787) 493 (348) Add: Interest expense 60…
  32. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 32
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income 5,233 3,418 7,721 12,954 4,500 Add: Interest expense (1,193) -…
  33. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 33
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Net income (loss) (15,126) (7,116) 28,261 13,135 (15,548)…
  34. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 34
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information Three Months Ended Six Months Ended June 30, March 31, June 30, (in thousands, unaudited) 2013 2012 2013 2013 2012 Revenue 30,112 25,732 30,673 60,785 48,388…
  35. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Consolidated Balance Sheet June 30, December 31, 2013 2012 ASSETS Current assets 250,845 250,617 Property, plant and equipment, net 296,084 291,530 Equity method investment 66,037 - Other noncurrent assets,…
  36. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit amounts, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Revenues, including revenues from…
  37. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2013 2012 2013 2013 2012 Reconciliation of operating income to Adjusted gross…
  38. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream 2013 Adjusted EBITDA Guidance 56 to 60 million(1) 2013 Adjusted EBITDA Guidance Assumptions Adjusted EBITDA 2013 vs 2012 (in millions) + Average crude price 93 per barrel 70 50 40 + Full year EBITDA…
  39. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream 2013 Adjusted EBITDA Guidance (in millions, unaudited) Guidance Low High Net income 26.7 32.2 Add: Interest expense 12.3 11.3 Add: Depreciation and amortization 13.5 13.0 EBITDA 52.5 56.5 Non-Cash…
  40. EARNINGS CONFERENCE CALL – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended June 30, March 31, 2013 2012 2013 Reconciliation of net income to distributable cash flow: Net income 9,134 5,126 11,994 Add: Interest…

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