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NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · May 24, 2012 · 24 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. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 1
    NAPTP MLP Conference Norm Szydlowski, President and CEO May 24, 2012
  2. NAPTP MLP CONFERENCE – 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) in the United States of America measure and is not…
  3. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 3
    SemGroup Corporation Rose Rock Midstream, L.P. (NYSE: SEMG) (NYSE: RRMS) Listed on NYSE November 2010 IPO December 2011 C Corp MLP Owns 2% of RRMS General Partner Owner/Operator of all RRMS assets Total Equity Value(1) 1,354 Total LP…
  4. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 4
    RRMS Ownership Structure Public 7.0 mm 100% Interest Common Units Rose Rock Midstream GP, LLC 1.4 mm Common Units Incentive Distribution Rights 8.4 mm Subordinated Units 2% GP Interest 40.9% LP Interest 57.1% LP Interest NYSE:…
  5. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 5
    RRMS Business Strategies Our primary business objective is to generate stable cash flows and increase our quarterly distributions over time Capitalize on Organic Growth Opportunities Associated with Existing Assets Grow Our…
  6. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 6
    RRMS Strategically Located Assets Cushing 7 million barrels of crude oil storage KS and OK 96% under long-term fixed fee contracts with third parties Pipelines and All tanks constructed since 2008 Storage Capacity to receive or…
  7. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 7
    RRMS Strategically Located Assets Bakken Shale Crude oil gathering, storage, transportation and marketing business in western North Dakota and eastern Montana average of 8,200 barrels per day 30-day evergreen contracts Two truck…
  8. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 8
    Cushing is a Liquidity Hub Designated point of delivery for NYMEX crude oil futures contracts Cushing Commentary North American Oil Flow Continues to serve as the primary crude oil Alberta Basin Legend Existing Major Crude…
  9. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 9
    Strong Platform for Growth Organic 3rd Party Acquisitions Growth Acquisitions from SEMG Growth Drivers Growing oil production in multiple regions Ability to move oil to end-users and liquid markets Substantial future need for…
  10. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 10
    RRMS 2012 Capex 2012 Capital Expenditures - 37 million 2 2 5% 6% Growth Maintenance 33 Environmental 89% Estimated Normalized (USD Millions) Completion Total Annual EBITDA (2) Description Date 2012 Capex 2013 Capex…
  11. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 11
    Future Growth in Drop Downs Total Adjusted Assets EBITDA (dollars in millions) Asset Description 12/31/11 FY 2011 527-mile crude oil pipeline 144.9 25.6 White Cliffs Pipeline 70,000 barrels per day capacity (51% ownership) 100,000…
  12. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 12
    Key Investment Considerations Strategically Located Assets Well positioned to take advantage of increased throughput due to continued that Provide a Strong Platform unconventional oil and gas production for Growth Majority of assets…
  13. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 13
    Appendix
  14. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 14
    SEMG Ownership Structure Rose Rock Midstream GP, LLC NYSE: SEMG Incentive Distribution Rights Public 41.9 mm Public Shares 7.0 mm 2% GP Interest Outstanding Common Units 40.9% LP Interest SemMaterials White Cliffs…
  15. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 15
    Strategically Positioned in Key Growth Areas Montney/ Duvernay Western Canadian Shale Sedimentary Basin Williston Basin Bakken Shale DJ Basin Niobrara Shale Wattenberg Field Mississippi Granite Wash Lime play…
  16. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 16
    SemGroups Fee-based Business Model Gross Margin Contribution* Business Unit Fixed Fee Variable Fee Marketing 6% 9% SemGas 6% 94% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 85% White Cliffs Pipeline 100% Rose Rock…
  17. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 17
    2012 Capex Guidance (Includes SemGroup and Rose Rock Midstream Capex Projects) 2012 Capital Expenditures - 180 million Year-to-Date Spend - 16 million 4 5 2% 2012 Guidance 2012 Guidance 3% Crude - RRMS 30 28 21 16% Crude -…
  18. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 18
    RRMS Position in the Industry 5/24/2012 19
  19. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 19
    Cushing Market Overview Pipelines Into Cushing Pipelines Out of Cushing Rose Rock Midstream Conoco Phillips (2) White Cliffs Pipeline Plains Keystone BP Spearhead (Canadian) Ozark Plains (5) W. Tulsa Oxy Sunoco Sunoco BlueKnight…
  20. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 20
    Rose Rock Midstream Consolidated Balance Sheets (dollars in thousands, unaudited, condensed) March 31, December 31, 2012 2011 ASSETS Current assets 244,061 166,582 Property, plant and equipment, net 277,392 276,246 Other noncurrent…
  21. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 21
    Rose Rock Midstream Consolidated Statements of Income (dollars in thousands, except per unit amounts, unaudited, condensed) Three Months Ended March 31, 2012 2011 Revenues 179,715 83,791 Expenses: Costs of products sold, exclusive…
  22. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 22
    Rose Rock Midstream Non-GAAP Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended March 31, 2012 2011 Net income 7,758 7,604 Add: Interest expense 480 483 Add: Depreciation expense 2,967 2,683 EBITDA…
  23. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 23
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended March 31, 2012 2011 Reconciliation of operating income to adjusted gross margin: Operating income 8,310 8,087 Add:…
  24. NAPTP MLP CONFERENCE – Rose Rock Midstream, L.P. – slide 24
    Rose Rock Midstream Distributable Cash Flow (dollars in thousands, unaudited) Three Months Ended March 31, 2012 Net income 7,758 Add: Interest expense 480 Add: Depreciation and amortization 2,967 EBITDA 11,205 Add: Unrealized…

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