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Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · May 9, 2013 · 42 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 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 1
    2013 First Quarter Results Earnings Conference Call May 9, 2013
  2. Q1 2013 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 U.S. generally accepted accounting principles (GAAP) measure and is not intended to be used in lieu…
  3. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 3
    SemGroup Proposed Acquisition Mississippi Lime Gas Gathering & Processing 300 million purchase price, subject to post-closing adjustments Anticipate to close by 3Q 2013 200 miles of gathering pipeline currently in service Rose…
  4. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 4
    Pro-Forma Mississippi Lime(1) (1) Includes proposed CHK acquisition 5
  5. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 5
    Adjusted EBITDA(1) 1Q 2013 2013 Guidance SemGroup(2) 35.5 million 165 to 175 million Rose Rock Midstream 16.4 million 56 to 60 million 1st Quarter Highlights January 2013 - drop down 1/3 ownership of White Cliffs Pipeline from…
  6. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 6
    2013 Capital Project Update White Cliffs Pipeline On schedule, delivery of pipe has begun Wattenberg Oil Trunkline On schedule, pipe is currently being placed in the ground Glass Mountain Pipeline On schedule, tank construction…
  7. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 7
    2013 Capex Guidance SemGroup and Rose Rock Midstream 2013 Capital Expenditures 400 million(1) 12 Crude - RRMS 3% 27 7% Crude - SEMG 163 41% 112 SemGas 28% SemCAMS 56 30 14% 7% Other Growth Projects Maintenance,…
  8. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 8
    SemGroup First Quarter Results As Reported (in millions, excluding EPS, unaudited) 1Q 2013 4Q 2012 Net income attributable to SemGroup 43.4 21.1 Net income per share - diluted 1.03 0.50 (1) EBITDA 9.6 33.6 (1) Selected Non-Cash…
  9. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 9
    SemGroup Segment Results (1) Segment Adjusted EBITDA (in millions, unaudited) 1Q 2013 4Q 2012 (2) Crude 25.9 24.2 SemGas 3.9 3.2 SemCAMS 4.8 12.4 SemLogistics 0.1 1.1 SemMaterials Mexico 0.3 4.3 SemStream 4.0 3.9 Corp and Other…
  10. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 10
    SemGroup Capitalization & Liquidity (in millions) March 31, 2013 December 31, 2012 Pro-Forma(1) Total Debt 181 206 481 Owners Equity 1,086 1,022 1,086 Total Book Capitalization 1,267 1,228 1,567 Credit Metrics Net Debt 103 126…
  11. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 11
    Financial Overview
  12. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream First Quarter Results As Reported (in millions, unaudited) 1Q 2013 4Q 2012 Operating income 13.7 5.1 (1) EBITDA 17.3 8.2 (1) Selected Non-Cash Items and Other Items Impacting Comparability (0.9) 1.7 Adjusted…
  13. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 13
    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 0.45 0.4300 0.3925 0.4025 0.3825 0.40 0.3625 0.3725 0.35 0.30 0.25 (1) 4Q 1Q 2Q 3Q…
  14. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 14
    Rose Rock Midstream 2013 Capex 2013 Capital Expenditures - 60 million 56 93% Growth Maintenance 4 7% Normalized (USD in Millions) Estimated Total Annual EBITDA (1) (2) Description Completion Date 2013 Capex CapEx EBITDA…
  15. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 15
    Rose Rock Midstream Capitalization & Liquidity (in millions) March 31, 2013 December 31, 2012 Total Debt 153 5 Partners' Capital 227 308 Total Book Capitalization 380 313 Credit Metrics Total Debt/Capitalization 40% 1% Total…
  16. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 16
    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…
  17. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 17
    Appendix
  18. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 18
    SemGroups Fee-based Business Model Gross Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas 4% 96% 87% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 4% White Cliffs Pipeline 100% Rose Rock Midstream (2)…
  19. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 19
    SemGroup Operating Results Quarterly Average Operating Results 1Q 2013 4Q 2012 Crude Cushing Storage Capacity (million barrels) 7.0 7.0 Transportation Volumes (thousands barrels per day) 55.7 53.3 White Cliffs Pipeline Throughput…
  20. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 20
    Crude Key Performance Metrics Cushing Storage Capacity Transportation Volumes(2) 7.6 million barrels in 2013 (Thousand Barrels per Day) 49.0 48.5 53.3 55.7 8 50 44.8 37.5 6 40 32.1 30.9 27.2 30 4 6.75 7.00 6.75 6.15 20 2…
  21. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 21
    SemGas Key Performance Metrics Average Processing Volumes Processing and Gathering Capacity(2) by Location 2013 Northern Oklahoma Capacity 200 mmcf/d 100 19.6 241 80 18.4 18.8 18.4 250 17.8 60 200 mmcf/d mmcf/d 15.8 150 116…
  22. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 22
    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…
  23. Q1 2013 EARNINGS 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 Total Adjusted Assets EBITDA (in millions) Asset Description 12/31/12 FY 2012 527-mile crude oil pipeline - 70,000 bpd…
  24. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Balance Sheet (in thousands, unaudited) March 31, December 31, 2013 2012 ASSETS Current assets 519,657 520,003 Property, plant and equipment, net 817,141 814,724 Goodwill and other intangible assets 17,934…
  25. Q1 2013 EARNINGS 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 March 31, December 31, 2013 2012 2012 Revenues 287,696 312,031 315,837 Expenses: Costs…
  26. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 26
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Reconciliation of net income to Adjusted EBITDA: Three Months Ended March 31, December 31, 2013 2012 2012 Net income 48,566 2,110 22,976 Add: Interest expense…
  27. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 27
    SemGroup Corporation 2013 Adjusted EBITDA Guidance 165 to 175 million(1) 2013 Adjusted EBITDA Guidance Assumptions Adjusted EBITDA 2013 vs 2012 (in millions) Crude + Average crude price 93 200 RRMS 180 + Full year EBITDA + 1.95…
  28. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 28
    SemGroup 2013 Adjusted EBITDA Guidance (in millions, unaudited) Guidance(1) Low High Net income 96.2 99.7 Add: Interest expense 19.0 20.0 Add: Income tax benefit (47.4) (46.9) Add: Depreciation and amortization 55.0 60.0 EBITDA…
  29. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 29
    Crude Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income(1) 16,944 14,877 16,202 Add: Interest expense 3,171 (309) 362 Add: Depreciation and amortization…
  30. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 30
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income 1,114 32 621 Add: Interest expense 593 532 537 Add: Depreciation and amortization expense 2,128 1,630…
  31. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 31
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income (loss) (2,383) (2,763) 3,557 Add: Interest expense 4,729 5,198 4,761 Add: Income tax (benefit)…
  32. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 32
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income (loss) (2,304) (2,323) 3,379 Add: Interest expense 320 1,507 262 Add: Income tax benefit (714)…
  33. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 33
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income (loss) (787) (366) 1,305 Add: Interest expense 8 84 136 Add: Income tax (benefit)…
  34. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 34
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income 7,721 1,082 5,571 Add: Interest expense (1,126) 13 (961) EBITDA 6,595 1,095 4,610 Selected…
  35. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 35
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Net income (loss) 28,261 (8,429) (7,659) Add: Interest expense (5,299) (3,366) (3,958) Add:…
  36. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 36
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information Three Months Ended March 31, December 31, (in thousands, unaudited) 2013 2012 2012 Revenue 30,673 22,656 31,215 Operating, general and administrative expenses…
  37. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited) March 31, December 31, 2013 2012 ASSETS Current assets 259,784 250,617 Property, plant and equipment, net 295,384 291,530 Equity method investment 54,459 -…
  38. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit amounts, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Revenues, including revenues from affiliates Product 158,728 169,386…
  39. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Reconciliation of operating income to Adjusted gross margin: Operating income 13,748…
  40. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream 2013 Adjusted EBITDA Guidance 56 to 60 million(1) 2013 Adjusted EBITDA Guidance Assumptions 2013 vs 2012 Adjusted EBITDA (in millions) + Average crude price 93 70 + Full year EBITDA contribution 50 40 + 1.95…
  41. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 41
    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…
  42. Q1 2013 EARNINGS CALL – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended March 31, December 31, 2013 2012 2012 Reconciliation of net income to distributable cash flow: Net income 11,994 7,758 4,601 Add: Interest…

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