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Q2 2015 Results – Semgroup Corporation

Semgroup Corporation · Aug 7, 2015 · 41 slides

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Slides

  1. Q2 2015 Results – Semgroup Corporation – slide 1
    SECOND QUARTER 2015 RESULTS Earnings Conference Call - August 7, 2015
  2. Q2 2015 Results – 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. Q2 2015 Results – Semgroup Corporation – slide 3
    Second Quarter 2015 Results Adjusted EBITDA(1) 2Q 2015 1Q 2015 2015 Guidance SemGroup(2) 80.0 million 70.0 million 320 - 360 million Rose Rock Midstream(3) 44.7 million 42.1 million 180 - 200 million SEMG Adjusted EBITDA(1) RRMS…
  4. Q2 2015 Results – Semgroup Corporation – slide 4
    Business Segment Growth Update Crude Platteville truck unloading expansion July 2015 October 2015 Prior to June 2015 4 Bay Expansion 10 Bay Expansion Total truck unloading bays 16 Bays 20 Bays 30 Bays White Cliffs Pipeline committed…
  5. Q2 2015 Results – Semgroup Corporation – slide 5
    SemGroup Corporation 2015 Capital Expenditure Guidance 2015 Capital Expenditures 775 million(1) More than 90% of capital expenditures are focused on growth capital 450 58% Targeting EBITDA multiples of 5-8x on organic growth…
  6. Q2 2015 Results – Semgroup Corporation – slide 6
    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 (1) Crude-RRMS White Cliffs…
  7. Q2 2015 Results – Semgroup Corporation – slide 7
    SemGroup Second Quarter 2015 Results Segment Adjusted EBITDA(1) (in millions, unaudited) 2Q 2015 1Q 2015 Crude(2) 43.8 41.6 SemGas 19.4 15.1 SemCAMS 8.5 8.4 SemLogistics 2.2 1.0 SemMaterials Mexico 5.3 5.3 SemStream 4.5 5.0…
  8. Q2 2015 Results – Semgroup Corporation – slide 8
    SemGroup Capitalization & Liquidity (in millions, unaudited) June 30, 2015 December 31, 2014 Total Consolidated Debt 1,044 767 Owner's Equity 1,272 1,219 Total Book Capitalization 2,316 1,986 Consolidated Credit Metrics Net Debt…
  9. Q2 2015 Results – Semgroup Corporation – slide 9
    Rose Rock Midstream Second Quarter 2015 Results As Reported (in millions, unaudited) 2Q 2015 1Q 2015 Adjusted EBITDA(1) 44.7 42.1 Key Highlights (2Q 2015 vs 1Q 2014) Adjusted EBITDA increased 2.6 million 4.4 million increase in…
  10. Q2 2015 Results – Semgroup Corporation – slide 10
    Rose Rock Midstream 2015 Capital Expenditure Guidance 2015 Capital Expenditures 185 million(1) 175 95% n Growth n Maintenance 10 5% (in millions) Estimated Completion Total Description Date 2015 Capex 2016 Capex Capex…
  11. Q2 2015 Results – Semgroup Corporation – slide 11
    Rose Rock Midstream Capitalization & Liquidity (in millions, unaudited) June 30, 2015 December 31, 2014(1) Total Debt 744 432 Total Equity 271 308 Total Book Capitalization 1,015 740 Credit Metrics Net Debt 676 428 Total…
  12. Q2 2015 Results – Semgroup Corporation – slide 12
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return SemCAMS K3 Plants SemGas Rose Valley Plant Crude Storage Canada Oklahoma Oklahoma 13
  13. Q2 2015 Results – Semgroup Corporation – slide 13
    APPENDIX
  14. Q2 2015 Results – Semgroup Corporation – slide 14
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 69% 31% 88% SemCAMS 100% SemLogistics 100% 6% SemMaterials Mexico 100% 6% White Cliffs Pipeline 100% n Fixed Fee n Variable Fee…
  15. Q2 2015 Results – Semgroup Corporation – slide 15
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 320 8 0.50 64.9 71.8 1.10 65.2 1.10 1.85 240 6 61.1 45.8 50.0 3.35 61.7 35.2 1.10 43.7…
  16. Q2 2015 Results – Semgroup Corporation – slide 16
    Natural Gas Business SemGas Northern OK Avg Processed Volume (mmcf/d) 400 300 200 369.0 384.2 315.9 355.9 100 251.4 156.9 167.7 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2013 2014 2015 Capacity Processing Volumes SemCAMS Avg Throughput…
  17. Q2 2015 Results – Semgroup Corporation – slide 17
    SemGroup Corporation Dividend Growth(1) 2015 Target Dividend Growth 50-60% year-over-year Current dividend policy is to pass 0.5500 through the after-tax cash distributions received from our MLP 0.4500 0.4200 investments 0.3800…
  18. Q2 2015 Results – Semgroup Corporation – slide 18
    Rose Rock Midstream Distribution Growth(1) 2015 Target Annual Coverage Ratio 1.1x-1.2x 2015 Target Distribution Growth 15-20% year-over-year 0.7500 C AGR 20 % 0.6500 0.6350 0.6500 0.6200 0.5750 0.5350 0.5500 0.4950 0.4650…
  19. Q2 2015 Results – Semgroup Corporation – slide 19
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) June 30, December 31, 2015 2014 ASSETS Current assets 695,157 479,280 Property, plant and equipment, net 1,420,194 1,256,825 Goodwill and other intangible…
  20. Q2 2015 Results – Semgroup Corporation – slide 20
    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, 2015 2014 2015 2015 2014 Revenues 377,226…
  21. Q2 2015 Results – Semgroup Corporation – slide 21
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, Reconciliation of net income to Adjusted EBITDA: 2015 2014 2015 2015 2014 Net income (loss) 28,433…
  22. Q2 2015 Results – Semgroup Corporation – slide 22
    SemGroup 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance(1) Mid-point Net income 97.5 Add: Interest expense 72.0 Add: Income tax expense 14.0 Add: Depreciation and amortization 109.0 EBITDA 292.5 Selected…
  23. Q2 2015 Results – Semgroup Corporation – slide 23
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended SIx Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income(1) 13,954 14,076 9,662 23,616 28,232 Add: Interest expense…
  24. Q2 2015 Results – Semgroup Corporation – slide 24
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income (loss) 7,043 (14,921) 4,891 11,934 (9,003) Add: Interest expense 3,269…
  25. Q2 2015 Results – Semgroup Corporation – slide 25
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income 915 4,812 1,199 2,114 7,294 Add: Interest expense 3,117 3,761 3,112…
  26. Q2 2015 Results – Semgroup Corporation – slide 26
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income (loss) 103 1,653 (1,926) (1,823) (42) Add: Interest expense 443…
  27. Q2 2015 Results – Semgroup Corporation – slide 27
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income 3,199 465 3,011 6,210 3,050 Add: Interest expense 2 66 2…
  28. Q2 2015 Results – Semgroup Corporation – slide 28
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net income 20,064 6,297 8,908 28,972 19,166 Add: Interest expense (1,336)…
  29. Q2 2015 Results – Semgroup Corporation – slide 29
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 2015 2015 2014 Net loss (16,845) (25,591) (19,969) (36,814) (41,543) Add:…
  30. Q2 2015 Results – Semgroup Corporation – slide 30
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) June 30, December 31, 2015 2014(1) ASSETS Current assets 408,520 274,769 Property, plant and equipment, net 419,458 396,066 Equity method…
  31. Q2 2015 Results – Semgroup Corporation – slide 31
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014(1) 2015 2015 2014(1) Revenues, including revenues from…
  32. Q2 2015 Results – Semgroup Corporation – slide 32
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014(1) 2015 2015 2014(1) Net income allocated to…
  33. Q2 2015 Results – Semgroup Corporation – slide 33
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014(1) 2015 2015 2014(1) Reconciliation of operating income to Adjusted gross…
  34. Q2 2015 Results – Semgroup Corporation – slide 34
    Rose Rock Midstream 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance Mid-point Net income 82.0 Add: Interest expense 43.5 Add: Depreciation and amortization 43.0 EBITDA 168.5 Non-Cash and Other Adjustments…
  35. Q2 2015 Results – Semgroup Corporation – slide 35
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 2014 (1) 2015 2015 2014(1) Reconciliation of net income to distributable cash flow: Net income…
  36. Q2 2015 Results – Semgroup Corporation – slide 36
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014 Crude SemStream SemCAMS SemLogistics SemMexico SemGas Corporate Consolidated and other Net income (loss) 57,495 70,632…
  37. Q2 2015 Results – Semgroup Corporation – slide 37
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 57,228 38,071…
  38. Q2 2015 Results – Semgroup Corporation – slide 38
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 64,554 4,919…
  39. Q2 2015 Results – Semgroup Corporation – slide 39
    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…
  40. Q2 2015 Results – Semgroup Corporation – slide 40
    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…
  41. Q2 2015 Results – Semgroup Corporation – slide 41
    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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