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UBS MLP One on One Conference – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Jan 12, 2016 · 41 slides

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Slides

  1. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 1
    UBS MLP One-on-One Conference January 12-13 Park City, UT
  2. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 2
    SemGroup Ownership Structure Note: NGL Common Units are as of September 30, 2015 4
  3. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 3
    Company Strengths Rose Rock Midstream Expect to maintain current distribution and coverage of 1.0x or better through 2016, which may include some Distribution Outlook level of GP support 85% of total gross margin from fixed fee-based…
  4. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 4
    Crude and Gas Assets in Key Growth Areas 6
  5. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 5
    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 first half…
  6. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 6
    White Cliffs Pipeline Contract & Rate Structure Committed Take or Pay Volumes Wtd. Avg. Origination Volumes (bpd) Rate (/bbl) Remaining Contract Life Platteville, CO 72,000 5.20 4.0 years Healy, KS 5,000 2.09 5.6 years 77,000 5.00…
  7. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 7
    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…
  8. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 8
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 8.0 250 7.0 1.3 0.7 1.6 200 6.0 1.4 93.2 5.0 1.4 5.1 150 85.6 76.8 91.6 75 4.0 42.7 46.1…
  9. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 9
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 600 550 500 450 400 350 300 250 200 384.2 355.9 369.0 368.0 150 315.9 251.4 100 156.9 167.7 50 0 4Q 1Q 2Q 3Q 4Q…
  10. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 10
    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 97.9 152.6 334.3 348.0 146.9 138.3 91.9 96.6 300 93.4 186.1 200 340.1 285.8 274.2…
  11. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 11
    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…
  12. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 12
    Maurepas Pipeline Area Map 14
  13. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 13
    2015 Updated Capital Expenditure Guidance(1) 2015 Capital Expenditures 650 million Project update - Platteville expansion completed - Maurepas Pipeline on-track for a Q4 2016 completion 355 Growth capex guidance reduced 90 54%…
  14. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 14
    2015 Updated Capital Expenditure Guidance(1) (in millions) Estimated Completion Total Segment Description Date 2015 Capex 2016 Capex Project SemGroup Crude Maurepas Pipeline 4Q 2016 205 275 500 SemGas Northern Oklahoma gas…
  15. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 15
    Third Quarter 2015 Adjusted EBITDA(1) 9 months 9 months 3Q 2015 2Q 2015 1Q 2015 ending ending 9/30/15 9/30/14 Crude(2) 42.2 43.8 41.6 127.6 106.0 SemGas 17.4 19.4 15.1 51.9 44.5 SemCAMS 9.2 8.5 8.4 26.1 36.5 SemLogistics 2.0 2.2…
  16. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 16
    Leverage & Liquidity SemGroup Rose Rock (in millions, unaudited) September 30, 2015 September 30, 2015 500 million revolver - 2018 -... 585 million revolver - 2018 -... 7.500% Senior unsecured notes - 2021 300.0 5.625% Senior…
  17. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 17
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 72% 28% 88% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 6% 6% White Cliffs Pipeline 100% Rose Rock…
  18. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 18
    SemGroup Corporation Dividend Growth(1) 2015 Target Dividend Growth 50-60% year-over-year 0.4500 0.4200 0.3800 0.3400 0.3000 0.2700 0.2400 0.2100 0.2200 0.1900 0.2000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QE 2013 2014…
  19. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 19
    Rose Rock Midstream Distribution Growth(1) 2015 Distribution Growth of more than 17% year-over-year 0.6350 0.6500 0.6600 0.6600 0.6200 0.5750 0.5350 0.4950 0.4500 0.4650 0.4300 0.4400 0.4025 0.3825 0.3925 0.3625 0.3725…
  20. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 20
    Company Highlights Prudent organic capital investment at 5-8x EBITDA multiples Capital spending can be accomplished without accessing capital markets Clean balance sheet provides significant financial flexibility SemGroups…
  21. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 21
    SemGroup 2015 Cash Available for Dividends Reconciliation Nine Months Ended September 30, 2015 SemGroup Consolidated Net income 43.8 Add: Interest expense 50.6 Add: Income tax expense (benefit) 29.6 Add: Depreciation and…
  22. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 22
    Non-GAAP Reconciliations
  23. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 23
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) September 30, December 31, 2015 2014 ASSETS Current assets 571,241 479,280 Property, plant and equipment, net 1,474,947 1,256,825 Goodwill and other…
  24. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Revenues…
  25. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 25
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, Reconciliation of net income to Adjusted EBITDA: 2015 2014 2015 2015 2014 Net income…
  26. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 26
    SemGroup 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance(1) Mid-point Net income 62.0 Add: Interest expense 69.0 Add: Income tax expense 38.0 Add: Depreciation and amortization 104.0 EBITDA 273.0 Selected…
  27. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 27
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Net income(1) 9,834 15,950 13,954 33,450 44,182 Add: Interest…
  28. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 28
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Net income (loss) 4,754 7,448 7,043 16,688 (1,555) Add: Interest…
  29. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 29
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Net income 2,119 5,310 915 4,233 12,604 Add: Interest expense 2,270…
  30. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 30
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Net income (loss) (1,077) (6,057) 103 (2,900) (6,099) Add:…
  31. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 31
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014 2015 2015 2014 Net income 2,473 1,484 3,199 8,683 4,534 Add: Interest…
  32. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 32
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014(1) 2015 2015 2014(1) Revenues, including…
  33. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 33
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014(1) 2015 2015 2014(1) Net income…
  34. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014(1) 2015 2015 2014(1) Reconciliation of operating income to…
  35. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance Mid-point Net income 70.3 Add: Interest expense 43.0 Add: Depreciation and amortization 42.0 EBITDA 155.3 Non-Cash and Other Adjustments…
  36. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2015 2014(1) 2015 2015 2014(1) Reconciliation of net income to distributable cash flow:…
  37. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 37
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended March 31, 2015 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 9,662 8,908…
  38. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 38
    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…
  39. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 39
    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…
  40. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 40
    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…
  41. UBS MLP One on One Conference – Rose Rock Midstream, L.P. – slide 41
    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…

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