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

Rose Rock Midstream, L.P. · May 6, 2016 · 41 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
    First Quarter 2016 Results Earnings Conference Call - May 6, 2016
  2. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 2
    First Quarter 2016 Results Adjusted EBITDA(1) 1Q 2016 4Q 2015 2016 Guidance SemGroup(2) 77.7 million 79.3 million 270 - 320 million Rose Rock Midstream 49.0 million 46.6 million 165 - 185 million SEMG Adjusted EBITDA RRMS Adjusted…
  3. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 3
    2016 Capital Expenditure Guidance 2016 Capital Expenditures 455 million 5 Key Committed Projects 1% 55 __ - Crude Projects 12% Maurepas Pipeline (expected completion 4Q 2016): 325 million 45 Isabel Pipeline (completed March…
  4. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 4
    First Quarter 2016 Adjusted EBITDA(1) Segment Adjusted EBITDA (in millions, unaudited) 1Q 2016 4Q 2015 Crude - Transportation 32.0 31.3 Crude - Facilities 9.6 8.3 Crude - Supply and Logistics 9.3 9.5 SemGas 12.4 12.5 SemCAMS 10.3…
  5. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 5
    Leverage & Liquidity SemGroup(1) Rose Rock (in millions, unaudited) March 31, 2016 March 31, 2016 500 million revolver - 2018 70.0 585 million revolver - 2018 24.0 7.500% Senior unsecured notes - 2021 300.0 5.625% Senior unsecured…
  6. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 6
    A Look Ahead Ample Liquidity - No Focus on Preserve Balance Maintain Dividends & Capital Market Needs Downstream Sheet Strength Distributions in 2016 Opportunities 8
  7. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 7
    APPENDIX
  8. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 8
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas 74% 26% 88% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% 7% Rose Rock Midstream 84% 16%…
  9. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 9
    Crude Key Performance Metrics Facilities - Cushing Storage Supply and Logistics Volumes(2) 7.6 million Barrels Capacity 250 (Thousand Barrels per Day) 8 1.3 0.7 1.6 200 6 1.4 1.4 150 5.1 4 100 191.2 209.8 6.3 5.5 151.0 157.2 2…
  10. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 10
    Natural Gas Key Performance Metrics SemGas Northern OK Avg Processed Volume (mmcf/d) 600 500 400 300 200 369.0 384.2 368.0 336.1 325.9 100 0 1Q 2Q 3Q 4Q 1Q 2015 2016 Capacity Processing Volumes SemCAMS Avg Throughput Volume…
  11. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 11
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) March 31, December 31, 2016 2015 ASSETS Current assets 449,102 480,381 Property, plant and equipment, net 1,629,751 1,566,821 Goodwill and other intangible…
  12. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 12
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited, condensed) Three Months Ended March 31, December 31, 2016 2015 2015 Revenues 314,851 298,310 382,493…
  13. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 13
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended March 31, December 31, Reconciliation of net income to Adjusted EBITDA: 2016 2015 2015 Net income (loss) (6,248) 5,776 (977) Add: Interest…
  14. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 14
    SemGroup Cash Available for Dividends (in thousands, unaudited) Three Months Ended March 31, December 31, Reconciliation of net income to cash available for dividends: 2016 2015 2015 Net income (loss) (6,248) 5,776 (977) Add:…
  15. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 15
    SemGroup Cash Available for Dividends (Continued) (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Selected Non-Cash Items and Other Items Impacting Comparability Remove Rose Rock EBITDA (46,798)…
  16. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 16
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Transportation Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income 19,296 15,750 6,057 Add: Interest expense 264 156 254…
  17. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 17
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Facilities Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income 7,703 7,033 6,705 Add: Depreciation and amortization expense…
  18. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 18
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Supply and Logistics Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income 13,461 2,512 2,598 Add: Interest expense 140 99…
  19. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 19
    SemGroup Non-GAAP Financial Data Reconciliations SemGas Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income (loss) (13,469) 4,891 16 Add: Interest expense 3,555 2,851 3,538 Add:…
  20. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 20
    SemGroup Non-GAAP Financial Data Reconciliations SemCAMS Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income 2,756 1,199 3,646 Add: Interest expense 2,226 3,112 2,243 Add: Income…
  21. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 21
    SemGroup Non-GAAP Financial Data Reconciliations SemLogistics Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income (loss) (246) (1,926) 1,276 Add: Interest expense 376 465 405 Add:…
  22. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 22
    SemGroup Non-GAAP Financial Data Reconciliations SemMaterials Mxico Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income 696 3,011 42 Add: Income tax expense 607 990 215 Add:…
  23. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 23
    SemGroup Non-GAAP Financial Data Reconciliations SemStream Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income (loss) (36,200) 8,908 1,708 Add: Interest expense (income) (1,382)…
  24. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 24
    SemGroup Non-GAAP Financial Data Reconciliations Corporate & Other Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net loss (244) (35,602) (23,025) Add: Interest expense 13,756 9,230…
  25. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 25
    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…
  26. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 26
    SemGroup 2016 Cash Available for Dividends Guidance (in millions, unaudited) 2016 Guidance 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…
  27. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 27
    Rose Rock Midstream Consolidated Balance Sheets (in thousands, unaudited, condensed) March 31, December 31, 2016 2015 ASSETS Current assets 290,474 319,614 Property, plant and equipment, net 443,415 441,596 Equity method…
  28. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 28
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Revenues, including revenues from affiliates Product 176,622 106,567…
  29. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 29
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Net income allocated to general partner 5,868 4,742 5,366…
  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 March 31, December 31, 2016 2015 2015 Reconciliation of operating income to Adjusted gross margin: Operating income 38,905…
  31. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 31
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of net cash provided by operating activities to Adjusted EBITDA: Net cash…
  32. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 32
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of net income to distributable cash flow: Net income 26,468 14,600 1,584 Add: Interest…
  33. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 33
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Transportation Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of operating income to Adjusted gross margin:…
  34. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Facilities Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of operating income to Adjusted gross margin:…
  35. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Supply and Logistics Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of operating income to Adjusted gross…
  36. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Corporate and Other Segment (in thousands, unaudited) Three Months Ended March 31, December 31, 2016 2015 2015 Reconciliation of operating income to Adjusted gross margin:…
  37. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 37
    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…
  38. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 38
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2015 Crude - Crude - Crude - Supply and Corporate Transportation Facilities Logistics SemStream SemCAMS SemLogistics SemMexico…
  39. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 39
    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…
  40. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 40
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2015 2014 Net income 49,673 62,925 Add: Interest expense 43,188 21,279 Depreciation and amortization expense 41,998…
  41. Q1 2016 Results – Rose Rock Midstream, L.P. – slide 41
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2015 2014 Net cash provided by operating activities 82,851 111,093 Less: Changes in…

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