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FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation

Semgroup Corporation · Mar 1, 2002 · 45 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. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 1
    SemGroup Corporation & Rose Rock Midstream Fourth Quarter 2011 Financial & Operating Report
  2. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – 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) measure and is not intended to be used in lieu of a GAAP…
  3. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 3
    Non-GAAP Financial Measures Rose Rock Midstream This presentation includes the non-GAAP financial measures of adjusted gross margin and adjusted EBITDA, which may be used periodically by management when discussing our financial results…
  4. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 4
    Crude Oil
  5. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 5
    Crude Business Overview Rose Rock Midstream DJ Basin/Niobrara Location: Kansas, Colorado, Nebraska and Wyoming Crude storage (fee-based) Acreage: 60,000+ square miles 5.05 million barrels in Cushing, OK - 12/31/11 Production: 95,000…
  6. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 6
    Crude Fourth Quarter Results* 4th Quarter 4th Quarter (dollars in millions, unaudited) 2011 2010 White Cliffs Pipeline Volumes (Thousand Barrels per Day) As reported Operating income 13.6 16.2 50 44.5 41.5 40 34.4 EBITDA(1) 16.1…
  7. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 7
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (100% White Cliffs - not adjusted for net ownership interest) Three Months Ended Year Ended December 31, December 31, (dollars in thousands, unaudited) 2011 2010…
  8. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 8
    Rose Rock Midstream Successfully launched IPO Bakken/Williston Basin Location: Montana, North Dakota, South Dakota and parts Issued seven million common limited partnership units of southern Canada Acreage: 140,000+ square miles of…
  9. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 9
    Rose Rock Midstream Fourth Quarter Results 4th Quarter 4th Quarter 2010 2011 (dollars in millions, unaudited) 2011 2010 Crude Storage (millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q As reported Operating income (loss) 7.3 9.6 Cushing Capacity 4.2…
  10. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 10
    Cushing Storage Contracts Cushing Storage Contracts(1) 7 million barrels of capacity 8 6 Millions 4 6.75 6.75 6.75 6.50 5.65 2 1.95 - 2012 2013 2014 2015 2016 2017 Cushing Contracts Uncontracted Capacity (1) 100%…
  11. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 11
    Rose Rock Midstream Distributable Cash Flow (dollars in thousands, unaudited) Three Months Ended December 31 2011 Net income 6,828 Add: Interest expense 418 Add: Depreciation and amortization expense 2,874 EBITDA 10,120 Add:…
  12. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 12
    Natural Gas 2/29/2012 13
  13. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 13
    SemGas Business Overview Mississippi Zone Play Location: Northern Oklahoma and southern Kansas Key Producers: Eagle Energy Approximately 75,000 acres leased Natural gas gathering and Sandridge 20 rigs, 209 horizontal wells, approx 2…
  14. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 14
    SemGas Highlights Northern Oklahoma Gas Processing Capacity up 77% versus 4Q 2010 New cryo 35 mmcf/day unit at Hopeton Plant Debottlenecking of Nash plant resulting in five mmcf/d additional capacity Completed interconnection between…
  15. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 15
    SemGas Capacity End of 2012 Current Expected System Capacity Capacity (MMCF/d) (MMCF/d) Northern Oklahoma Processing: Processing Capacity 160 140 135 Northern Oklahoma 55 135 (Nash & Hopeton) 120 100 MMCF/d 80 75…
  16. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 16
    SemGas Contracts SemGas Contract Breakdown Contract Comparison 9% 120% 9% 100% 98% 80% 80% 69% 60% 48% 52% 40% 31% 82% 20% 20% 2% 0% Northern Sherman Kansas Eufaula Oklahoma POP POI Gathering/Fee Long-Term Evergreen…
  17. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 17
    SemGas Liquids Upgrade Gas & Liquids Value 6.15/mcf Gas & Liquids Value Liquids Stream Breakdown 5.84/mcf 2% Liquids Upgrade(2) 1.89 10% Liquids Upgrade(1) 1.83 15% 42% 1 mcf Gas 1 mcf Gas Wellhead Btu content 1,220,000…
  18. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 18
    SemGas Average Volumes Processing & Gathering Volumes by Location 70 4 60 4 6 4 50 4 4 4 4 4 7 16 7 MMCF/d 40 7 9 8 8 7 15 30 16 15 15 20 15 18 16 39 23 28 10 15 15 17 20 13 0 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011…
  19. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 19
    SemGas Fourth Quarter Results 4th Quarter 4th Quarter SemGas Utilization (dollars in millions, unaudited) 2011 2010 100% As reported Operating income 1.6 3.7 90% EBITDA(1) 3.2 6.0 80% Selected items impacting comparability 0.1…
  20. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 20
    SemCAMS Business Overview Montney - Emerging liquids-rich gas play Two sour and two sweet natural gas processing plants Location: Wapiti and Kaybob region, Alberta, Canada Key Producers: Sinopec Daylight, NuVista, Encana, Celtic,…
  21. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 21
    SemCAMS Fourth Quarter Results 4th Quarter 4th Quarter Average Plant Utilization (dollars in millions, unaudited) 2011 2010 (Percent Utilization) As reported 100 91 89 88 Operating income 4.4 7.3 82 80 73 74 75 68 EBITDA (1) 7.0…
  22. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 22
    Products 2/29/2012 23
  23. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 23
    SemLogistics Business Overview Largest independent petroleum products storage facility in U.K. 8.7 million barrels of above ground storage Approval to build nine new tanks; 1.5 million barrels of storage (on hold) Two deep water…
  24. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 24
    SemLogistics Storage Market Update Continued high prompt prices and 22.00 BRENT Forward Spread Curve backwardated market curves are 19.00 16.00 Contango 13.00 keeping customers on sidelines 10.00 7.00 Geopolitical…
  25. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 25
    SemLogistics Fourth Quarter Results 4th Quarter 4th Quarter Average Storage Utilization* (dollars in millions, unaudited) 2011 2010 (Percent Utilization) As reported 120 Operating income (45.0) 5.1 99 99 99 99 100 83 EBITDA(1)…
  26. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 26
    SemMaterials Mxico Business Overview Provide asphalt products and services 14 in-country terminals Importing product to diversify suppliers 2/29/2012 27
  27. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 27
    SemMaterials Mxico Fourth Quarter Results 4th Quarter 4th Quarter Short Tons Sold (dollars in millions, unaudited) 2011 2010 (Thousands) As reported 120.0 103.9 97.8 Operating income (loss) 1.5 (7.6) 100.0 87.9 92.9 93.6 75.3…
  28. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 28
    Equity Interest in NGL Energy Partners LP Completed NGL Energy Partners LP transaction on November 1, 2011 8.93 million common units in NGL Energy Partners 1.40 current annual distribution Forbearance on 3.93 million units first…
  29. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 29
    Appendix
  30. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 30
    SemGroup Consolidated Balance Sheet (dollars in thousands, unaudited, condensed) December 31, December 31, 2011 2010 ASSETS Current assets 389,735 563,091 Property, plant and equipment, net 743,235 781,815 Goodwill and other…
  31. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 31
    SemGroup Consolidated Statements of Operations (dollars in thousands, except per share amounts, unaudited, condensed) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Revenues 334,933 453,130 1,479,510…
  32. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 32
    Operating Income by Business Unit (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Operating income (loss) - Crude 13,615 16,223 41,390 27,859 SemStream 40,353 7,503…
  33. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 33
    Normalized Fourth Quarter 2010 Adjusted EBITDA Reconcilation (dollars in thousands, unaudited) Actual Corporate Overhead Normalized (1) Q4 2010 Reallocation adjustment Q4 2010 Crude 23,400 (4,478) 18,922 SemStream 12,785 (2,904)…
  34. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 34
    Crude Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation 12,950 29,449 38,806 13,761 Add:…
  35. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 35
    SemGas Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation 1,136 6,620 6,308 5,087 Add:…
  36. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 36
    SemCAMS Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation (1,111) 2,064 2,868 (5,480) Add:…
  37. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 37
    SemLogistics Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation (44,363) 3,514 (41,440)…
  38. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 38
    SemMaterials Mxico Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation 2,000 (6,585) 2,430…
  39. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 39
    SemStream Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation 39,634 2,762 16,752 (10,501)…
  40. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 40
    SemGroup Corporate & Other Adjusted EBITDA Calculation (dollars in thousands, unaudited) Three Months Ended Year Ended December 31 December 31 2011 2010 2011 2010 Net income (loss) attributable to SemGroup Corporation (9,941)…
  41. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 41
    Debt Commitment Schedule Facility Commitments(1) 2012 2013 2014 2015 2016 SemGroup revolver 300.0 million Rose Rock Midstream revolver 150.0 million 15 million GBP SemLogistics revolver(2) (23.8 million USD) 15 million GBP…
  42. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 42
    Rose Rock Midstream Consolidated Balance Sheets (dollars in thousands, unaudited, condensed) December 31, December 31, 2011 2010 ASSETS Current assets 166,582 96,018 Property, plant and equipment, net 276,246 260,048 Other…
  43. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 43
    Rose Rock Midstream Consolidated Statements of Income (dollars in thousands, except per unit amounts, unaudited, condensed) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Revenues 132,200 74,635 431,321…
  44. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 44
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Net income 6,828 10,284 23,235 23,477 Add: Interest expense…
  45. FOURTH QUARTER 2011 FINANCIAL AND OPERATING REPORT – Semgroup Corporation – slide 45
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (dollars in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 Reconciliation of operating income to adjusted gross margin:…

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