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Q2 2016 Investor Presentation – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Aug 16, 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. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 1
    Investor Presentation August 2016
  2. Q2 2016 Investor Presentation – 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. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 3
    Positioned for Long-Term Value Creation Strong balance sheet, sound business model, clear strategic growth plan Visibility to incremental secure cash flow from Maurepas Pipeline in early 2017 Pursuing high-return organic growth around…
  4. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 4
    Pro Forma SemGroup Positioned for Long-Term Success Immediately accretive to SemGroup shareholders Value Enhancing Targeting pro forma 8% compound annual dividend growth rate and dividend coverage of & Stronger over 1.5x through 2018…
  5. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 5
    SemGroup Company Strengths Stable Cash Flows Counterparty Strength(1)(2) 88% of total LTM gross margin from fixed-fee based cash flows More than 70% of SemGroup's revenue is derived from 35% of total LTM gross margin secured by…
  6. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 6
    Illustrative Pro Forma Organizational Structure SemGroup Status Quo SemGroup Pro Forma SemGroup SemGroup Shareholders Shareholders 100% 100% SemGroup SemGroup acquires SemGroup Rose Rock public units GP & Rose Rock IDRs +…
  7. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 7
    Crude and Gas Assets in Key Growth Areas 9
  8. Q2 2016 Investor Presentation – 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 third…
  9. Q2 2016 Investor Presentation – 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 3.5 years Healy, KS 5,000 2.09 5.1 years (2)…
  10. Q2 2016 Investor Presentation – 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. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 11
    Crude Key Performance Metrics Facilities - Cushing Storage Supply and Logistics Volumes(2) 7.6 million Barrels Capacity (Thousand Barrels per Day) 0.7 n Third-party contracted(1) n Operational / Marketing n Uncontracted 2015…
  12. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 12
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 2015 2016 Located in liquids rich oil plays Five processing facilities - 595 mmcf/d of current capacity 1,000 miles of…
  13. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 13
    SemCAMS Natural Gas Business Average Throughput Volume (mmcf/d) SemCAMS Areas of Operation 394.4 385.3 373.4 384.7 348.0 304.1 2015 2016 Capacity n K3 Plant n KA Plant Located in: Western Canadian Sedimentary Basin…
  14. Q2 2016 Investor Presentation – 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. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 15
    Maurepas Pipeline Construction 17
  16. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 16
    Maurepas Pipeline Area Map 18
  17. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 17
    2016 Capital Expenditure Guidance 2016 Capital Expenditures 455 million 5 Key Committed Projects 1% 55 12% Crude Projects 45 - Maurepas Pipeline (expected completion early 2017): 325 million 10% - Isabel Pipeline (completed March…
  18. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 18
    Second Quarter 2016 Adjusted EBITDA(1) Segment Adjusted EBITDA (in millions, unaudited) 2Q 2016 1Q 2016 Crude - Transportation 27.1 32.0 Crude - Facilities 9.4 9.6 Crude - Supply and Logistics 10.1 9.3 SemGas 12.5 12.4 SemCAMS…
  19. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 19
    Leverage & Liquidity SemGroup(1) Rose Rock (in millions, unaudited) June 30, 2016 June 30, 2016 500 million revolver - 2018 585 million revolver - 2018 41.0 7.500% Senior unsecured notes - 2021 300.0 5.625% Senior unsecured notes -…
  20. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 20
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas 75% 25% 88% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% 7% Rose Rock Midstream 84% 16%…
  21. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 21
    A Look Ahead High Return Growth Focus on Portfolio Strong Balance Dividend Growth Projects & Strategic Balance and Secure Sheet Beyond 2016 Acquisitions Cash Flows 23
  22. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 22
    APPENDIX
  23. Q2 2016 Investor Presentation – 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: 2016 2015 2016 2016 2015 Net income (loss) 9,931…
  24. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 24
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Transportation Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income 11,797 10,844 19,296 31,093…
  25. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 25
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Facilities Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income 7,450 6,557 7,703 15,153…
  26. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 26
    SemGroup Non-GAAP Financial Data Reconciliations Crude - Supply and Logistics Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income 5,370 12,241 13,461…
  27. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 27
    SemGroup Non-GAAP Financial Data Reconciliations SemGas Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income (loss) (321) 7,043 (13,469) (13,790)…
  28. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 28
    SemGroup Non-GAAP Financial Data Reconciliations SemCAMS Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income 2,021 915 2,756 4,777 2,114 Add: Interest…
  29. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 29
    SemGroup Non-GAAP Financial Data Reconciliations SemLogistics Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income (loss) (1,447) 103 (246) (1,693)…
  30. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 30
    SemGroup Non-GAAP Financial Data Reconciliations SemMaterials Mxico Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net income 1,187 3,199 696 1,883 6,210…
  31. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 31
    SemGroup Non-GAAP Financial Data Reconciliations Corporate & Other Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Net loss (16,126) (12,469) (36,445)…
  32. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 32
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of operating income to Adjusted gross…
  33. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 33
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of net cash provided by operating…
  34. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Transportation Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of operating income…
  35. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Facilities Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of operating income to…
  36. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Supply and Logistics Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of operating…
  37. Q2 2016 Investor Presentation – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations Corporate and Other Segment (in thousands, unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, 2016 2015 2016 2016 2015 Reconciliation of operating…

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