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UBS Midstream MLP and Utilities Conference – Semgroup Corporation

Semgroup Corporation · Jan 15, 2019 · 31 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. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 1
    January 2019 Investor Presentation UBS Midstream, MLP and Utilities Conference
  2. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 2
    Diversified Operations in Strong Markets CANADA(1) Unique platform in liquids-rich Montney and Duvernay 5 natural gas processing plants 700 miles natural gas gathering pipelines 60 miles of liquids pipelines 200 mmcf/d Wapiti Gas…
  3. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 3
    Why Invest in SemGroup Reliable Business Model Provides Highly Predictable Cash Flows Stable Secure Cash Investment Grade Business Flows Customers 98% 60% 70% Fee Based Take-or-Pay of revenue 18% 1.4x Adjusted EBITDA CAGR…
  4. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 4
    Driving Shareholder Value Delivering Transforming Executing Shareholder Portfolio Opportunities Value Execution as Promised: 2018 Executed preferred equity raise Completed sale of SemMaterials Mexico and SemLogistics Funded…
  5. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 5
    Continued Execution of Strategic Transformation Focused on Strengthening Balance Sheet and Completing High-Return Projects Secure Cash Flows Drive Quality Earnings Nearly 60% of gross margin supported by take-or-pay contracts 3Q…
  6. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 6
    Canada SemCAMS MidStream 8
  7. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 7
    SemCAMS Midstream Primed for Optimization Contiguous Assets Strategically Positioned Pro Forma Gathering & Processing Assets Operational Processing Capacity 1.3 900 mmcf/d operational capacity Bcf/d 460 mmcf/d under construction…
  8. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 8
    SemCAMS Midstream 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…
  9. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 9
    SemCAMS Midstream Illustrative Capital Structure in millions 11 Note: Represents illustrative capital structure at close
  10. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 10
    SemCAMS Midstream Transactions 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…
  11. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 11
    SemCAMS Midstream Strategic Rationale Deleverages SemGroup Transactions strengthen SemGroup capital position SemCAMS and Meritage combined portfolios Portfolio Strength diversify customer base, broaden service offerings and expand…
  12. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 12
    Meritage Midstream Assets 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…
  13. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 13
    Canadian Growth Projects Overview (US in millions) Status / Cost EBITDA Growth Project Size (US in Completion millions) Multiple Under Construction Wapiti Plant(1) 200 mmcf/d 225-250 6x 1Q 2019 Patterson Creek Plant Under…
  14. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 14
    U.S. Natural Gas 16
  15. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 15
    U.S. Natural Gas Business Areas of Operation Northern OK Avg Processing Volumes(1) (mmcf/d) 367 395 287 277 265 305 252 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2017 2018 Located in liquids rich oil plays Four processing facilities 600…
  16. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 16
    U.S. Crude & Liquids 18
  17. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 17
    Crude Business Overview DJ Basin White Cliffs Pipeline - 51% ownership DJ Basin to Cushing, OK Two 527-mile, 12-inch pipelines 215,000 bpd current capacity Currently ships two crude types DJ Basin crude/condensate Kansas common…
  18. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 18
    Crude Business Overview Oklahoma/Kansas Assets Field Services Cushing Storage Crude Oil Trucking Fleet 7.6 million barrels of storage Fleet of 230 crude oil transport trucks and trailers Connectivity to all major inbound/outbound…
  19. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 19
    DJ Basin NGL Take-Away Solution Long-Term Contract with DCP Midstream White Cliffs Pipeline NGL Conversion Diversify one 12 pipeline to NGL service Supported by 50,000 bpd, 10-year contract with DCP Transport NGLs from DJ Basin to Mt…
  20. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 20
    Proposed Gladiator Pipeline Cushing to Gulf Coast Solution Provides crude transportation services for light, neat grades of crude from Cushing to the Gulf Coast Originates at SemGroups Cushing terminal and provides crude oil service…
  21. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 21
    Unique Position on the Houston Ship Channel Ship & Barge Docks Land Five ship docks which can receive up to Suez-max vessels 330 acres of waterfront land on the Houston Ship Channel with 45-foot draft 12 acres of undeveloped land at…
  22. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 22
    HFOTCO: Strategic Gulf Coast Position Drives Growth Houston Fuel Oil Terminal 1.45 million barrels of new crude storage Ship Dock 5 Backstopped by investment-grade refiner, 10-year contract Strong connectivity to Gulf Coast refining…
  23. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 23
    Strong Connectivity to the Houston Refinery Complex Connects directly or indirectly to crude pipelines serving the Eagle Ford, Permian, Bakken, Midcontinent and Canada * * 25 * Under construction
  24. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 24
    HFOTCO Terminal and Customers HFOTCO terminal currently services nearly 30 active customers Current storage demand exceeds available tankage Average customer tenure 15 years, illustrating operational flexibility and customer service…
  25. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 25
    HFOTCO, Moore Road Pipeline Connectivity Project Improves our access to various long-haul, inbound delivery systems while adding outbound pipeline connectivity Moore Road Pipeline Construct 36 inch, 6.4 mile pipeline Project Cost 65…
  26. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 26
    Maurepas Pipeline U.S. Gulf Coast Maurepas Pipeline 24-inch, 35 mile crude oil pipeline connected to LOCAP at St. James and terminating at Norco refinery 12-inch, 35 1/2 mile intermediates pipeline between Convent and Norco…
  27. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 27
    Appendix 29
  28. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 28
    Company Strengths Stable Cash Flows Counterparty Strength(2) 98% of total LTM gross margin from 70% of SemGroup's pro forma revenue is derived from fee-based cash flows investment grade counterparties 5% 2% 13% 11% 11% 41%…
  29. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 29
    Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) 2018 2017 Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY2017 Net income (loss) (33,035) (2,726) 8,461 (27,300) (10,277) 9,611 (19,103) 2,619…
  30. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 30
    Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) FY2016 Reconciliation of net income to Adjusted EBITDA: Net income 13,262 Add: Interest expense 62,650 Add: Income tax expense 11,268 Add: Depreciation and amortization…
  31. UBS Midstream MLP and Utilities Conference – Semgroup Corporation – slide 31
    Cash Available for Dividends (in thousands, unaudited) 2018 2017 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY2017 Adjusted EBITDA 93,371 99,010 96,451 288,832 60,667 65,410 90,733 111,493 328,303 Less: Cash interest expense 32,530 34,870 36,377…

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