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SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation

Semgroup Corporation · Jan 10, 2019 · 11 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. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 1
    January 2019 SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC
  2. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 2
    Transaction Details SemGroup and KKR to form Canadian joint venture, SemCAMS Midstream ULC SemGroup to have controlling interest and operatorship SemGroup to contribute SemCAMS shares/assets valued at C1.15 billion (US860 million)…
  3. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 3
    Transaction Overview SemGroup and KKR Create SemCAMS Midstream ULC and Acquire Meritage Midstream ULC and its Midstream Infrastructure Assets Contribution of SemCAMS shares and assets valued at C1.15b and receipt of cash proceeds…
  4. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 4
    SemCAMS Midstream Ownership & Financing JV Ownership Structure JV Debt Financing Revolving Credit Term Loan A Facility Common 51% 49% C350 million (US262 C450 million (US336 Shares million) amortizing term loan million)…
  5. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 5
    SemCAMS Midstream Capital Structure Assets Cap Structure CAD USD CAD USD SemCAMS Valuation 1,150 860 Common Equity - SemGroup 535 400 Meritage Valuation 600 449 Common Equity - KKR 515 385 Total Assets 1,750 1,308 Preferred Equity…
  6. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 6
    Strategic Rationale Deleverages SemGroup Transactions strengthen SemGroup capital position SemCAMS and Meritage combined portfolios Portfolio Strength diversify customer base, broaden service offerings and expand processing…
  7. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 7
    SemCAMS Midstream Primed for Optimization Contiguous Assets Strategically Positioned Pro Forma Gathering & Processing Assets Operational Processing Capacity Pipestone 1.3 900 mmcf/d operational capacity Pipeline System Bcf/d 460…
  8. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 8
    Meritage Midstream at a Glance Meritage Midstream Overview Meritage Portfolio Footprint Assets located in prolific liquids-rich Montney play Situated in the Gold Creek and Karr regions Basin is top quartile with highly competitive…
  9. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 9
    Expanding Montney Opportunity Meritage Development Area in Fairway of Gold Creek & Karr Stacked Montney Play Sets the Stage Large scale development opportunity driven by low cost drilling and completion and liquids- SIGNIFICANT…
  10. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 10
    Key Takeaways Deleveraging Portfolio Optimization Growth Industry Strength Platform Leading Partner Values Broadens Highly contiguous Creates Canadian Partnership with SemCAMS at SemCAMS assets in top-tier midstream industry…
  11. SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC – Semgroup Corporation – slide 11
    Q&A 13

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