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Q4 2012 RESULTS – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Mar 1, 2013 · 47 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 2012 RESULTS – Rose Rock Midstream, L.P. – slide 1
    2012 Fourth Quarter and Full Year Results Earnings Conference Call March 1, 2013
  2. Q4 2012 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 U.S. generally accepted accounting principles (GAAP) measure and is not intended to be used in lieu…
  3. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 3
    2012 Adjusted EBITDA(1) Fourth Quarter Full Year SemGroup(2) 43.7 million SemGroup(2) 135.0 million Rose Rock Midstream 9.9 million Rose Rock Midstream 39.5 million 2012 Year in Review Capital Projects SemGroup spent 195 million,…
  4. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 4
    2012 Goals Delivered as Promised Goals Results Execute Growth Plans Expanding around existing assets Cushing Storage Capacity - 39% increase White Cliffs Pipeline - 69% volume increase Platteville 60% expansion of truck unloading…
  5. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 5
    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 RRMS 200 + Full year EBITDA 180 + 1.95…
  6. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 6
    2013 Capex Guidance SemGroup and Rose Rock Midstream 2013 Capital Expenditures 400 million 12 3% Crude - RRMS 27 7% Crude - SEMG 158 39% 117 SemGas 29% SemCAMS 56 30 14% 8% Corp and Other Maintenance, Refurbishment &…
  7. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 7
    SemGroup Fourth Quarter & Full Year 2012 Performance Year Ended As Reported (in millions, excluding EPS, unaudited) 4Q 2012 3Q 2012 2012 2011 Net income (loss) attributable to SemGroup 21.1 (2.8) 22.1 2.4 Net income (loss) per…
  8. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 8
    SemGroup Segment Results (1) Year Ended Segment Adjusted EBITDA (in millions, unaudited) 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Dec. 2012 Dec. 2011 (2) Crude 24.2 21.2 19.8 20.6 85.8 62.6 SemGas 3.2 1.7 1.6 2.3 8.8 15.1 SemCAMS 12.4 8.8…
  9. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 9
    SemGroup Capitalization & Liquidity (in millions) December 31, 2012 December 31, 2011 Total Debt 206 109 Owners Equity 1,022 979 Total Book Capitalization 1,228 1,088 Credit Metrics Net Debt 126 36 Total Debt/Capitalization 17%…
  10. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 10
    Financial Overview
  11. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream Fourth Quarter & Full Year 2012 Performance Year Ended As Reported (in millions, unaudited) 4Q 2012 3Q 2012 2012 2011 Operating income 5.1 6.9 25.9 24.9 EBITDA(1) 8.2 10.0 38.0 36.4 (1) Selected Non-Cash Items…
  12. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream Distribution per LP Unit 2013 Target Coverage Ratio 1.1-1.2x 2013 Target Distribution Growth 10% to 15% year-over-year 0.50 0.45 0.3925 0.4025 0.3825 0.40 0.3625 0.3725 0.35 0.30 0.25 4Q 1Q 2Q 3Q 4Q…
  13. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 13
    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…
  14. Q4 2012 RESULTS – 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. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 15
    Rose Rock Midstream Capitalization & Liquidity (in millions) December 31, 2012 December 31, 2011 Total Debt 5 - Partners' Capital 308 305 Total Book Capitalization 313 305 Credit Metrics Total Debt/Capitalization 1% N/M Total…
  16. Q4 2012 RESULTS – 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. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 17
    Appendix
  18. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 18
    SemGroups Fee-based Business Model Gross Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas 5% 95% 87% SemCAMS 100% SemLogistics 100% 8% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% Rose Rock Midstream 78%…
  19. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 19
    Crude Fourth Quarter Results As Reported (in millions, unaudited) 4Q 2012 3Q 2012 Operating income 16.6 19.2 (1) EBITDA 19.7 22.3 Selected Non-Cash Items and Other Items Impacting Comparability(1) 4.5 (1.1) Adjusted EBITDA(1) 24.2…
  20. Q4 2012 RESULTS – 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) 8 49.0 48.5 53.3 50 44.8 35.7 37.5 6 40 32.9 28.9 27.8 30.9 32.1 30 27.2 4 6.75 7.00 6.75…
  21. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 21
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information Three Months Ended Year Ended December 31, September 30, December 31, (in thousands, unaudited) 2012 2011 2012 2012 2011 Revenue 31,215 18,219 28,522 108,125…
  22. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 22
    SemGas Fourth Quarter Results As Reported (in millions, unaudited) 4Q 2012 3Q 2012 Operating income (loss) 1.2 (0.2) EBITDA(1) 3.0 1.6 (1) Selected Non-Cash Items and Other Items Impacting Comparability 0.2 0.1 (1) Adjusted…
  23. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 23
    SemGas Liquids Upgrade Gas & Liquids Value Gas & Liquids Value 5.12/mcf Liquids Stream Breakdown(1) 5.10/mcf Liquids Upgrade(3) 31% Liquids Upgrade(2) 1.16 1.41 19% 34% 15% 1 mcf Gas 1 mcf Gas Wellhead Btu content 1,152,000…
  24. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 24
    SemGas Key Performance Metrics Average Processing Volumes Processing and Gathering Capacity(2) by Location 2013 Northern Oklahoma Capacity 200 mmcf/d 100 241 80 18.4 18.8 19.6 250 17.8 60 200 mmcf/d mmcf/d 15.8 150 116 116…
  25. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 25
    SemCAMS Fourth Quarter Results As Reported (in millions, unaudited) 4Q 2012 3Q 2012 Operating income 8.4 7.9 EBITDA(1) 11.1 10.6 Selected Non-Cash Items and Other Items Impacting Comparability(1) 1.3 (1.8) (1) Adjusted EBITDA 12.4…
  26. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 26
    SemLogistics Fourth Quarter Results As Reported (in millions, unaudited) 4Q 2012 3Q 2012 Operating loss (1.8) (2.7) (1) EBITDA 0.9 (0.1) (1) Selected Non-Cash Items and Other Items Impacting Comparability 0.2 0.1 Adjusted…
  27. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 27
    SemMaterials Mxico Fourth Quarter Results As Reported (in millions, unaudited) 4Q 2012 3Q 2012 Operating income 2.8 1.5 EBITDA(1) 4.4 3.1 Selected Non-Cash Items and Other Items Impacting Comparability(1) (0.1) (0.1) (1) Adjusted…
  28. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 28
    2012 Capital Spend SemGroup and Rose Rock Midstream 2012 Capital Expenditures 195 million Crude - RRMS 47 Crude - SEMG 88 24% 1 45% 1% SemGas SemCAMS 24 18 17 14% 9% Corp and Other 7% Maintenance, Refurbishment &…
  29. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 29
    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…
  30. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 30
    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…
  31. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 31
    SemGroup Consolidated Balance Sheet Condensed Consolidated Balance Sheets (in thousands, unaudited) December 31, December 31, 2012 2011 ASSETS Current assets 520,003 389,735 Property, plant and equipment, net 814,724 733,925…
  32. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 32
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Revenues…
  33. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 33
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Reconciliation of net income to Adjusted EBITDA: Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income…
  34. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 34
    SemGroup 2013 Adjusted EBITDA Guidance (in millions, unaudited) Guidance(1) Low High Net income 68.6 72.1 Add: Interest expense 19.0 20.0 Add: Income tax expense 6.0 6.5 Add: Depreciation and amortization 55.0 60.0 EBITDA 148.6…
  35. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 35
    Crude Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income(1) 16,202 13,385 19,340 64,554 39,241 Add: Interest expense 362…
  36. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 36
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income (loss) 621 1,136 133 (264) 6,308 Add: Interest expense 537 511…
  37. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 37
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income (loss) 3,557 (1,111) 3,141 4,097 2,868 Add: Interest expense…
  38. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 38
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income (loss) 3,379 (44,363) (2,287) (3,552) (41,440) Add:…
  39. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 39
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net income 1,305 2,000 510 1,467 2,430 Add: Interest expense…
  40. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 40
    SemStream Adjusted EBITDA Calculation Reconciliation of net income to Adjusted EBITDA (in thousands, unaudited) SemStream (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011…
  41. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 41
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Net loss (7,659) (9,941) (16,117) (39,324) (23,347)…
  42. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited) December 31, December 31, 2012 2011 ASSETS Current assets 250,617 166,582 Property, plant and equipment, net 291,530 276,246 Other noncurrent assets, net…
  43. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 43
    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, 2012 2011 2012 2012 2011 Revenues, including revenues…
  44. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 44
    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, 2012 2011 2012 2012 2011 Allocation of net income used…
  45. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 45
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2012 2011 2012 2012 2011 Reconciliation of operating income to Adjusted…
  46. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 46
    Rose Rock Midstream 2013 Adjusted EBITDA Guidance (in millions, unaudited) (1) 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…
  47. Q4 2012 RESULTS – Rose Rock Midstream, L.P. – slide 47
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Year Ended December 31, 2012 December 31, 2012 Reconciliation of net income to distributable cash flow: Net income 4,601 23,954 Add: Interest…

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