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Q4 2015 Results – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Feb 26, 2016 · 51 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. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 1
    FOURTH QUARTER AND FULL - YEAR 2015 RESULTS Earnings Conference Call - February 26, 2016
  2. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 2
    Non-GAAP Financial Measures SemGroup Adjusted EBITDA and cash available for dividends are not U.S. generally accepted accounting principles (GAAP) measures and are not intended to be used in lieu of GAAP presentation of net income…
  3. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 3
    2015 - Year in Review Year in Review Drop down of Wattenberg Oil Trunkline and 50% ownership in Glass Mountain Pipeline January 2015 Maurepas Pipeline project announcement Rose Rock 350 million bond offering May 2015 Platteville…
  4. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 4
    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 - 185…
  5. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 5
    2015 Capital Projects Review Total 2015 Capital Expenditures SemGroup of 522 million(1) 5 SemCAMS Northwest Wapiti Pipeline Loop - completed June 2015 1% __ SemGas Rose Valley II plant - completed July 2015 Maurepas Pipeline -…
  6. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 6
    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…
  7. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 7
    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…
  8. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 8
    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): 10…
  9. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 9
    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 (2) GR 165 -…
  10. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 10
    2016 Capital Expenditure Guidance 2016 Capital Expenditures 455 million 5 Key Committed Projects 1% 55 __ 12% Crude Projects - Maurepas Pipeline (expected completion 4Q 2016): 325 million 45 - Isabel Pipeline (expected…
  11. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 11
    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…
  12. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 12
    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…
  13. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 13
    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…
  14. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 14
    APPENDIX
  15. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 15
    SemGroups Fee-based Business Model 2015 Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 75% 25% 89% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% 6% Rose Rock…
  16. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 16
    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…
  17. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 17
    Crude Key Performance Metrics Facilities - Cushing Storage Supply and Logistics Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 175 8 0.7 150 1.3 1.4 1.6 125 6 1.4 100 5.1 4 75 164.6 6.3 125.5 5.5 50 100.2 2…
  18. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 18
    Natural Gas Business SemGas Northern OK Avg Processed Volume (mmcf/d) 600 500 400 300 200 355.9 369.0 384.2 368.0 336.1 251.4 315.9 100 156.9 167.7 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 2015 Capacity Processing Volumes…
  19. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 19
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) December 31, December 31, 2015 2014 ASSETS Current assets 480,381 479,280 Property, plant and equipment, net 1,566,821 1,256,825 Goodwill and other…
  20. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 20
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited, condensed) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014…
  21. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 21
    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)…
  22. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 22
    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…
  23. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 23
    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…
  24. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 24
    Crude Transportation Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 6,057 5,850 12,120 44,771 31,301 Add: Interest…
  25. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 25
    Crude Facilities Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 6,705 6,203 7,633 27,928 26,921 Add: Depreciation and…
  26. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 26
    Crude Supply and Logistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 2,598 9,249 10,216 27,567 24,610 Add:…
  27. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 27
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 16 8,347 4,754 16,704 6,792 Add: Interest expense 3,538 2,538…
  28. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 28
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 3,646 1,714 2,119 7,879 14,318 Add: Interest expense 2,243 1,689…
  29. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 29
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income (loss) 1,276 (3,973) (1,077) (1,624) (10,072) Add: Interest…
  30. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 30
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 42 1,366 2,473 8,725 5,900 Add: Interest expense 44…
  31. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 31
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net income 1,708 9,165 603 31,283 70,632 Add: Interest expense (1,366)…
  32. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 32
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Net loss (23,025) (25,214) (29,261) (120,421) (118,345)…
  33. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 33
    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…
  34. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 34
    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…
  35. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Consolidated Balance Sheets (in thousands, unaudited, condensed) December 31, December 31, 2015 2014(1) ASSETS Current assets 319,614 274,769 Property, plant and equipment, net 441,596 396,066 Equity method…
  36. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Revenues, including revenues…
  37. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Net income…
  38. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 38
    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…
  39. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 39
    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…
  40. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Transportation Segment (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Reconciliation of…
  41. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 41
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Facilities Segment (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Reconciliation of operating…
  42. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Supply and Logistics Segment (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Reconciliation of…
  43. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 43
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Corporate and Other Segment (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014 2015 2015 2014 Reconciliation of…
  44. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 44
    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…
  45. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 45
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2015 2014(1) 2015 2015 2014(1) Reconciliation of net income to distributable cash flow: Net…
  46. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 46
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2014 Crude - Crude - Crude - Supply and Corporate Transportation Facilities Logistics SemStream SemCAMS SemLogistics SemMexico…
  47. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 47
    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…
  48. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 48
    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…
  49. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 49
    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…
  50. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 50
    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…
  51. Q4 2015 Results – Rose Rock Midstream, L.P. – slide 51
    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:…

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