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Q1 2016 Results – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Feb 29, 2016 · 37 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 2016 Results – Rose Rock Midstream, L.P. – slide 1
    Investor Presentation First Quarter 2016
  2. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 2
    2016 - A Look Ahead Preserve Balance Sheet strength Ample liquidity no capital market needs in 2016 Maintain current dividends and distributions Visibility of incremental secure cash flow from Maurepas Pipeline 2017 Focus on…
  3. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 3
    SemGroup(1) Company Strengths Stable Cash Flows Counterparty Strength(2) 89% of total 2015 gross margin from fixed-fee based cash flows More than 60% of SemGroup's revenue is derived from investment grade 30% of total 2015 gross…
  4. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 4
    Rose Rock Company Strengths Stable Cash Flows Counterparty Strength(1) 85% of total 2015 gross margin from fixed-fee based cash flows More than 80% of Rose Rock's revenue is derived from investment grade 55% of total 2015 gross margin…
  5. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 5
    SemGroup Ownership Structure Note: NGL Common Units are as of December 31, 2015 7
  6. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 6
    Crude and Gas Assets in Key Growth Areas 8
  7. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 7
    Crude Segments Kansas/Oklahoma Pipeline System Isabel Pipeline Transportation Pipeline Transportation Wattenberg Oil Trunkline Tampa Pipeline We charge capacity or volume based fees to transport crude oil by pipeline and by…
  8. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 8
    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…
  9. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 9
    White Cliffs Pipeline Contract & Rate Structure Committed Take or Pay Volumes Wtd. Avg. Origination Volumes (bpd) Rate (/bbl) Remaining Contract Life(1) Platteville, CO 72,000 5.20 4.0 years Healy, KS 5,000 2.09 5.6 years 77,000…
  10. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 10
    Crude Business Overview Oklahoma/Kansas Assets Cushing Storage Glass Mountain Pipeline 50% ownership 7.6 million barrels of storage 215-mile pipeline 82% under long-term fixed fee contracts with first 140,000 bpd current capacity…
  11. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 11
    Crude Key Performance Metrics Facilities - Cushing Storage Supply and Logistics Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 0.7 n Contracted(1) n Operational / Marketing n Uncontracted 2013 2014 2015…
  12. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 12
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 600 500 400 300 200 384.2 355.9 369.0 368.0 315.9 336.1 251.4 100 156.9 167.7 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q…
  13. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 13
    SemCAMS Natural Gas Business Average Throughput Volume (mmcf/d) SemCAMS Areas of Operation 600 500 438.4 438.0 419.5 412.5 394.4 385.4 400 97.9 373.4 152.6 348.0 334.3 91.9 348.0 146.9 138.3 96.6 106.0 300 93.4 186.1 200…
  14. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 14
    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…
  15. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 15
    Maurepas Pipeline Area Map 17
  16. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 16
    SemGroup Corporation 2016 Guidance Adjusted EBITDA of 270 million to 320 million(1) Guidance Assumptions 2016 Dividend: Maintain current dividend and coverage of SEMG Adjusted EBITDA (1) 1.2x or better (in millions) Cash Taxes(3):…
  17. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 17
    Rose Rock Midstream 2016 Guidance Adjusted EBITDA 165 million to 185 million(1) Guidance Assumptions RRMS Adjusted EBITDA(1) 2016 Distribution: Maintain current distribution and (in millions) coverage of 1.0x or better 165 - 185…
  18. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 18
    2016 Capital Expenditure Guidance 2016 Capital Expenditures 455 million 5 Key Committed Projects 1% 55 12% Crude Projects 45 - Maurepas Pipeline (expected completion 4Q 2016): 325 million 10% - Isabel Pipeline (expected completion…
  19. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 19
    2015 Year End Results SemGroup Corporation Rose Rock Midstream (in millions, unaudited) 2015 Actuals 2015 Guidance(1) (in millions, unaudited) 2015 Actuals 2015 Guidance(1) Adjusted EBITDA 305 305 - 315 Adjusted EBITDA 175 175 -…
  20. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 20
    2015 Fourth Quarter Adjusted EBITDA(1) Year Ended (in millions, unaudited) 4Q 2015 3Q 2015 2015 2014 Crude - Transportation(2)(3) 31.3 28.0 116.6 98.3 Crude - Facilities(2) 8.3 9.1 33.7 32.3 Crude - Supply and Logistics(2) 9.5 5.8…
  21. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 21
    2015 Leverage & Liquidity SemGroup(1) Rose Rock (in millions, unaudited) December 31, 2015 December 31, 2015 500 million revolver - 2018 30.0 585 million revolver - 2018 7.500% Senior unsecured notes - 2021 300.0 5.625% Senior…
  22. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 22
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 75% 25% 89% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 5% 6% White Cliffs Pipeline 100% Rose Rock…
  23. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 23
    Appendix
  24. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 24
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, Reconciliation of net income to Adjusted EBITDA: 2015 2014 2015 2015 2014 Net income (loss)…
  25. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 25
    SemGroup Cash Available for Dividends (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, Reconciliation of net income to cash available for dividends: 2015 2014 2015 2015 2014 Net income…
  26. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 26
    SemGroup Cash Available for Dividends (Continued) (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Selected Non-Cash Items and Other Items Impacting…
  27. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 27
    SemGroup 2016 Adjusted EBITDA Guidance (in millions, unaudited) 2016 Guidance(1) Mid-point Net income 34.0 Add: Interest expense 83.0 Add: Income tax expense 10.0 Add: Depreciation and amortization 126.0 EBITDA 253.0 Selected…
  28. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 28
    SemGroup 2016 Cash Available for Dividends Guidance (in millions, unaudited) 2016 Guidance(1) Mid-point Net income 34.0 Add: Interest expense 83.0 Add: Income tax expense 10.0 Add: Depreciation and amortization 126.0 EBITDA 253.0…
  29. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 29
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Reconciliation of operating income to Adjusted…
  30. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 30
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Reconciliation of net cash provided by…
  31. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 31
    Rose Rock Midstream 2016 Adjusted EBITDA and DCF Guidance (in millions, unaudited) 2016 Guidance Mid-point Net income 48.5 Add: Interest expense 51.0 Add: Depreciation and amortization 49.0 EBITDA 148.5 Non-Cash and Other…
  32. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 32
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014 Crude - Crude - Crude - Supply and Corporate and Transportation Facilities Logistics SemStream SemCAMS SemLogistics…
  33. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 33
    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…
  34. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 34
    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…
  35. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 35
    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…
  36. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 2012 2011 Net income 37,515 23,954 23,235 Add: Interest expense 8,181 1,912 1,823 Depreciation and amortization…
  37. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 2012 2011 Net cash provided by operating activities 72,528 35,097 51,085 Less: Changes…

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