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Q2 2015 Earnings Call – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Aug 26, 2015 · 32 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 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 1
    Investor Presentation Second Quarter 2015
  2. Q2 2015 Earnings Call – 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…
  3. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – 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. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 4
    SemGroup Ownership Structure Note: NGL Common Units are as of June 30, 2015 5
  5. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – 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. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 6
    Crude and Gas Assets in Key Growth Areas 7
  7. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – 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 October…
  8. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – 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. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 9
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 0.50 1.10 1.85 1.10 45.8 35.2 50.0 3.35 1.10 31.2 11.0 26.6 28.5 6.50 6.00 4.65 1.10…
  10. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 10
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 600 500 400 300 200 384.2 355.9 369.0 315.9 251.4 100 156.9 167.7 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q Located in…
  11. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 11
    SemCAMS Natural Gas Business Average Throughput Volume (mmcf/d) SemCAMS Areas of Operation 600 500 438.4 438.0 419.5 412.5 394.4 385.3 400 97.9 152.6 334.3 146.9 138.3 91.9 96.6 300 186.1 200 340.1 285.8 274.2 302.5 288.8…
  12. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – 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 Mississippi…
  13. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 13
    Maurepas Pipeline Area Map 14
  14. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 14
    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…
  15. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 15
    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…
  16. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 16
    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…
  17. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 17
    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…
  18. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 18
    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…
  19. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 19
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 69% 31% 88% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 6% 6% White Cliffs Pipeline 100% Rose Rock…
  20. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 20
    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 investments 0.4500 0.4200…
  21. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 21
    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 0.6500 0.6200 0.6350 0.5750 0.5500 0.5350 0.4950 0.4650 0.4500 0.4025…
  22. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 22
    APPENDIX
  23. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 23
    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)…
  24. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 24
    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…
  25. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 25
    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…
  26. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 26
    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…
  27. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 27
    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…
  28. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 28
    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…
  29. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 29
    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…
  30. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 30
    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…
  31. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 31
    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…
  32. Q2 2015 Earnings Call – Rose Rock Midstream, L.P. – slide 32
    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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