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Q2 2012 RESULTS – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Aug 8, 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. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 1
    SemGroup Corporation & Rose Rock Midstream 2012 Second Quarter Results Earnings Conference Call August 8, 2012
  2. Q2 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 of a…
  3. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 3
    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…
  4. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 4
    SemGroup Second Quarter 2012 Performance As Reported (in millions, excluding EPS, unaudited) 2Q 2012 1Q 2012 Net income (loss) attributable to SemGroup 5.1 (1.4) Net income (loss) per share - basic and diluted 0.12 (0.03) (1) EBITDA…
  5. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 5
    2012 Capex Guidance (Includes SemGroup and Rose Rock Midstream Capex Projects) 2012 Capital Expenditures - 180 million 4 Year-to-date Spend - 44 million 5 2% 2012 Guidance 2012 Guidance 3% Crude - RRMS 21 30 33 12% 17% 18%…
  6. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 6
    SemGroup Segment Results Segment Adjusted EBITDA (in millions, unaudited) (1) 2Q 2012 1Q 2012 (2) Crude 19.8 20.6 SemGas 1.6 2.3 SemCAMS 8.4 4.6 SemLogistics (0.5) 0.9 SemMaterials Mexico 2.1 1.0 SemStream 1.6 1.5 Corp and…
  7. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 7
    SemGroup 2012 Adjusted EBITDA Guidance SemGroup maintains Adjusted EBITDA Guidance 125 to 135 million(1) Expecting to be in the lower end of range Strong performance in Crude segment Full distribution received on NGL Energy Partners…
  8. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 8
    SemGroup Capitalization & Liquidity (in millions) June 30, 2012 December 31, 2011 Conservative Total Debt 121.3 109.3 leverage ratio Owners Equity 990.8 978.7 provides financial Total Book Capitalization 1,112.1 1,088.0…
  9. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 9
    Rose Rock Midstream Financial Overview
  10. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 10
    Rose Rock Midstream Second Quarter 2012 Performance As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income 5.6 8.3 EBITDA(1) 8.6 11.2 (1) Selected Non-Cash Items and Other Items Impacting comparability 0.1 0.2 (1)…
  11. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 11
    Rose Rock Midstream 2012 Adjusted EBITDA Guidance Revised 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 12.5 12.4 12.5…
  12. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 12
    Rose Rock Midstream Annualized Distribution per LP Unit 2012 Target Coverage Ratio 1.15-1.2x 2.00 1.49 1.53 1.50 1.45 1.00 4Q 1Q 2Q 2011 2012 2014 E 5.5% cumulative increase in distributions since IPO (1) Estimated…
  13. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream 2012 Capex 2012 Capital Expenditures - 37 million Year-to-date Spend - 10 million 2 6% 2 5% Growth Maintenance 33 Environmental 89% Estimated Normalized (USD Millions) Completion Total Annual EBITDA…
  14. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 14
    Rose Rock Midstream Capitalization & Liquidity (in millions) June 30, 2012 December 31, 2011 Available liquidity Total Debt 0.1 0.1 and debt capacity to Partners' Capital 310.4 304.9 fund acquisitions and Total Book Capitalization…
  15. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 15
    Track Record of Value Creation Agreement with Eagle Energy Company to gather and process natural gas in the Contributed Mississippi Lime Play in Oklahoma SemStream to NGL Announced plans Agreement finalized for Energy Partners for…
  16. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 16
    Appendix
  17. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 17
    SemGroups Fee-based Business Model Gross Margin Contribution* Business Unit Fixed Fee Variable Fee Marketing 6% SemGas 6% 94% 9% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 85% White Cliffs Pipeline 100% Rose Rock…
  18. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 18
    Crude Second Quarter Results* As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income 13.8 14.6 EBITDA(1) 16.7 17.5 (1) Selected Non-Cash Items and Other Items Impacting comparability 3.1 3.1 Adjusted EBITDA(1) 19.8…
  19. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 19
    Crude Key Performance Metrics Cushing Storage Transportation Volumes(2) 7.25 million barrels of capacity (Thousand Barrels per Day) 8 49.0 7 50 44.8 6 37.5 40 35.7 5 32.9 30.9 32.1 30 28.9 27.8 27.2 4 6.75 7.00 7.00 6.75 3 6.15 20…
  20. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 20
    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) 2012 2011 2012 2012 2011 Revenue 25,732 16,870 22,656 48,388 30,363…
  21. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 21
    SemGas Second Quarter Results As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income (loss) (0.3) 0.6 (1) EBITDA 1.5 2.2 Selected Non-Cash Items and Other Items Impacting comparability(1) 0.1 0.1 Adjusted EBITDA(1)…
  22. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 22
    SemGas Liquids Upgrade Gas & Liquids Value 4.14/mcf Gas & Liquids Value 3.86/mcf Liquids Upgrade(3) Liquids Stream Breakdown(1) 1.49 1% Liquids Upgrade(2) 1.47 15% 36% 1 mcf Gas 1 mcf Gas 18% Wellhead Btu content 1,152,000…
  23. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 23
    SemGas Key Performance Metrics Average Processing Volumes Average Capacity 300 100 by Location 250 241 80 18.4 200 17.8 60 150 116 MMCF/d 116 MMCF/d 15.8 94 96 96 40 100 71 71 71 84 15.1 14.7 16.4 60.0 67.1 20…
  24. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 24
    SemCAMS Second Quarter Results As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income 5.5 1.8 EBITDA(1) 8.1 4.4 Selected Non-Cash Items and Other Items Impacting comparability(1) 0.3 0.2 Adjusted EBITDA(1) 8.4 4.6 (1)…
  25. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 25
    SemLogistics Second Quarter Results As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income (loss) (2.9) (1.8) EBITDA(1) (0.6) 0.7 Selected Non-Cash Items and Other Items Impacting comparability(1) 0.1 0.2 (1)…
  26. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 26
    SemMaterials Mxico Second Quarter Results As Reported (in millions, unaudited) 2Q 2012 1Q 2012 Operating income (loss) 0.4 (0.6) (1) EBITDA 1.6 1.1 (1) Selected Non-Cash Items and Other Items Impacting comparability 0.5 (0.1) (1)…
  27. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – 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) NGL Common Units owned by SemGroup 8,932 Common Units…
  28. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 28
    SemGroup Consolidated Balance Sheet (dollars in thousands, unaudited, condensed) June 30, December 31, 2012 2011 ASSETS Current assets 433,137 389,735 Property, plant and equipment, net 769,708 743,235 Goodwill and other intangible…
  29. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 29
    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, 2012 2011 2012 2012 2011 Revenues 334,154…
  30. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 30
    SemGroup Non-GAAP Adjusted EBITDA Calculation Adjusted EBITDA Calculation Three Months Ended Six Months Ended (in thousands, unaudited) June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) 7,243 (12,299) 2,110…
  31. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 31
    SemGroup Non-GAAP Financial Data Reconciliations Reconciliation of net cash provided by (used in) Three Months Ended Six Months Ended operating activities to adjusted EBITDA June 30, March 31, June 30, (in thousands, unaudited) 2012…
  32. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 32
    SemGroup 2012 Adjusted EBITDA Guidance(1) (in millions, unaudited) Low High Net income 26.1 35.9 Add: Interest expense 10.0 9.7 Add: Income tax expense 8.4 8.9 Add: Depreciation and amortization 51.5 51.5 EBITDA 96.0 106.0…
  33. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 33
    Crude Adjusted EBITDA Calculation* (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income 14,136 7,045 14,877 29,012 17,227 Add: Interest expense (383) 3,899…
  34. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 34
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) (1,050) 1,673 32 (1,018) 2,971 Add: Interest expense 770 1,361…
  35. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 35
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) 162 3,986 (2,763) (2,601) 1,909 Add: Interest expense 5,347…
  36. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 36
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) (2,325) 290 (2,323) (4,644) 1,890 Add: Interest expense…
  37. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 37
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) 18 1,442 (366) (348) 172 Add: Interest expense 50…
  38. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 38
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income (loss) 3,418 (21,590) 1,082 4,500 (21,702) Add: Interest expense -…
  39. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 39
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net loss (7,116) (5,145) (8,429) (15,548) (14,734) Add:…
  40. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream Consolidated Balance Sheet (Unaudited) (dollars in thousands) June 30, December 31, 2012 2011 ASSETS Current assets 180,956 166,582 Property, plant and equipment, net 279,150 276,246 Other noncurrent assets, net…
  41. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 41
    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, 2012 2011 2012 2012 2011 Revenues 157,418 110,714 179,715…
  42. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Midstream Non-GAAP Adjusted EBITDA Calculation (In thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Net income 5,126 4,973 7,758 12,884 12,577 Add: Interest…
  43. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 43
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (In thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2012 2011 2012 2012 2011 Reconciliation of operating income to adjusted gross…
  44. Q2 2012 RESULTS – Rose Rock Midstream, L.P. – slide 44
    Distributable Cash Flow (In thousands, unaudited) Three Months Ended June 30, 2012 Reconciliation of net income to distributable cash flow: Net income 5,126 Add: Interest expense 477 Add: Depreciation and amortization 2,999 EBITDA…

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