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Q1 2015 Investor Presentation – Semgroup Corporation

Semgroup Corporation · May 26, 2015 · 31 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 2015 Investor Presentation – Semgroup Corporation – slide 1
    Investor Presentation First Quarter 2015
  2. Q1 2015 Investor Presentation – Semgroup Corporation – 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…
  3. Q1 2015 Investor Presentation – Semgroup Corporation – slide 3
    Two Public Companies SemGroup Corporation Rose Rock Midstream C-Corp assets in US, Canada, Mexico & UK Master Limited Partnership (MLP) General Partner of RRMS IPO December 2011 Publicly Traded November 2010 Units: 36.8 million…
  4. Q1 2015 Investor Presentation – Semgroup Corporation – slide 4
    SemGroup Ownership Structure Note: NGL Common Units are as of April 23, 2015 5
  5. Q1 2015 Investor Presentation – Semgroup Corporation – slide 5
    Business Strategy Focused Growth Quality Cash Flows Capitalize on organic growth Generate consistent earnings and opportunities with existing and cash flows new assets Focus on fee-based activities Grow our business through…
  6. Q1 2015 Investor Presentation – Semgroup Corporation – slide 6
    Crude and Gas Assets in Key Growth Areas 7
  7. Q1 2015 Investor Presentation – Semgroup Corporation – slide 7
    Crude Business Overview DJ Basin White Cliffs Pipeline 51% ownership DJ Basin to Cushing, OK Two 527-mile, 12-inch pipelines 150,000 bpd current capacity Expanding capacity to approximately 215,000 bpd Expected completion 3Q 2015…
  8. Q1 2015 Investor Presentation – Semgroup Corporation – slide 8
    Crude Business Overview Oklahoma/Kansas Assets Cushing Storage Glass Mountain Pipeline 50% ownership 7.6 million barrels of storage 215-mile pipeline 86% under long-term fixed fee contracts with first Two laterals Granite Wash and…
  9. Q1 2015 Investor Presentation – Semgroup Corporation – slide 9
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 300 64.9 8.00 0.50 65.2 1.10 250 1.10 1.10 2.10 61.1 45.8 1.10 1.85 35.2 6.00 3.60 200 43.7…
  10. Q1 2015 Investor Presentation – Semgroup Corporation – slide 10
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 400 300 200 355.9 369.0 315.9 251.4 100 156.9 167.7 143.4 96.6 70.5 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Located…
  11. Q1 2015 Investor Presentation – Semgroup Corporation – slide 11
    SemCAMS Natural Gas Business Average Throughput Volume (mmcf/d) SemCAMS Areas of Operation 500 443.5 438.4 438.0 419.5 412.5 394.4 400 376.5 378.8 97.9 159.6 152.6 334.3 146.9 138.3 91.9 128.5 300 162.6 186.1 200 340.1…
  12. Q1 2015 Investor Presentation – Semgroup Corporation – slide 12
    Maurepas Pipeline Overview Project Construct, own and operate three pipelines for Motiva Enterprises, LLC in St. James, LA connecting Motiva's refineries 24-inch, 34 mile crude oil pipeline connected to LOCAP, crossing the…
  13. Q1 2015 Investor Presentation – Semgroup Corporation – slide 13
    SemGroup Corporation 2015 Capital Expenditure Guidance 2015 Capital Expenditures 775 million(1) More than 90% of capital expenditures are focused on growth capital 450 Targeting 5-8x EBITDA multiples on 58% organic growth…
  14. Q1 2015 Investor Presentation – Semgroup Corporation – slide 14
    SemGroup Corporation 2015 Capital Expenditure Guidance (in millions) Estimated Completion Total Segment Description Date 2015 Capex 2016 Capex Capex Crude-SEMG Maurepas Pipeline 4Q 2016 260 220 500 Crude-RRMS White Cliffs Pipeline…
  15. Q1 2015 Investor Presentation – Semgroup Corporation – slide 15
    First Quarter 2015 Results Adjusted EBITDA(1) 1Q 2015 4Q 2014 2015 Guidance SemGroup(2) 70.0 million 83.2 million 320 - 360 million Rose Rock Midstream(3) 42.1 million 45.1 million 180 - 200 million SEMG Adjusted EBITDA(1) RRMS…
  16. Q1 2015 Investor Presentation – Semgroup Corporation – slide 16
    SemGroup First Quarter 2015 Results Segment Adjusted EBITDA(1) (in millions, unaudited) 1Q 2015 4Q 2014 Crude(2) 41.6 50.8 SemGas 15.1 18.2 SemCAMS 8.4 9.4 SemLogistics 1.0 (1.0) SemMaterials Mexico 5.3 4.2 SemStream 5.0 5.9…
  17. Q1 2015 Investor Presentation – Semgroup Corporation – slide 17
    SemGroup Capitalization & Liquidity Pro Forma (in millions, unaudited) March 31, 2015 March 31, 2015 SEMG - 500MM Revolver due 2018 66 66 SEMG 7.500% Senior Notes due 2021 300 300 RRMS - 585MM Revolver due 2018 261 - RRMS - 5.625%…
  18. Q1 2015 Investor Presentation – Semgroup Corporation – slide 18
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 64% 36% 88% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 7% 5% White Cliffs Pipeline 100% Rose Rock…
  19. Q1 2015 Investor Presentation – Semgroup Corporation – slide 19
    SemGroup Corporation Dividend Growth(1) 2015 Target Dividend Growth 50-60% year-over-year 0.5500 Current dividend policy is to pass through the after-tax cash distributions 0.4500 received from our MLP investments 0.3800 0.3400…
  20. Q1 2015 Investor Presentation – Semgroup Corporation – slide 20
    Rose Rock Midstream Distribution Growth(1) 2015 Target Coverage Ratio 1.1x-1.2x 2015 Target Distribution Growth 15-20% year-over-year 0.7500 0.6500 0.6200 0.6350 0.5750 0.5500 0.5350 0.4950 0.4650 0.4500 0.4025 0.3625…
  21. Q1 2015 Investor Presentation – Semgroup Corporation – slide 21
    APPENDIX
  22. Q1 2015 Investor Presentation – Semgroup Corporation – slide 22
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, Reconciliation of net income to Adjusted EBITDA: 2015 2014 2014 Net income 5,776 19,738 12,707 Add: Interest expense…
  23. Q1 2015 Investor Presentation – Semgroup Corporation – slide 23
    SemGroup 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance(1) Mid-point Net income 121.5 Add: Interest expense 64.0 Add: Income tax expense 8.0 Add: Depreciation and amortization 109.0 EBITDA 302.5 Selected…
  24. Q1 2015 Investor Presentation – Semgroup Corporation – slide 24
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended March 31, December 31, 2015 2014(1) 2014(1) Reconciliation of operating income to Adjusted gross margin: Operating income…
  25. Q1 2015 Investor Presentation – Semgroup Corporation – slide 25
    Rose Rock Midstream 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance Mid-point Net income 90.5 Add: Interest expense 37.0 Add: Depreciation and amortization 45.0 EBITDA 172.5 Non-Cash and Other Adjustments…
  26. Q1 2015 Investor Presentation – Semgroup Corporation – slide 26
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 57,495 70,632…
  27. Q1 2015 Investor Presentation – Semgroup Corporation – slide 27
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 57,228 38,071…
  28. Q1 2015 Investor Presentation – Semgroup Corporation – slide 28
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 64,554 4,919…
  29. Q1 2015 Investor Presentation – Semgroup Corporation – slide 29
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2011 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 39,241 16,752…
  30. Q1 2015 Investor Presentation – Semgroup Corporation – slide 30
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014(1) 2013 2012 2011 Net income 62,925 37,515 23,954 23,235 Add: Interest expense 21,279 8,181 1,912 1,823…
  31. Q1 2015 Investor Presentation – Semgroup Corporation – slide 31
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014(1) 2013 2012 2011 Net cash provided by operating activities 111,093 72,528 35,097…

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