Skip to main content March 2019 Investor Presentation – Semgroup Corporation | Shale Experts
Loading...
Pm

March 2019 Investor Presentation – Semgroup Corporation

Semgroup Corporation · Mar 5, 2019 · 47 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. March 2019 Investor Presentation – Semgroup Corporation – slide 1
    March 2019 Investor Presentation
  2. March 2019 Investor Presentation – Semgroup Corporation – slide 2
    Transformed Portfolio Provides Strategic Platform 2016 - 2018 2019 & Beyond Simplify Transform Execute Strengthen Deliver Rolled up Rose Rock Midstream MLP Complete key projects Sold non-core assets Successfully renew contracts…
  3. March 2019 Investor Presentation – Semgroup Corporation – slide 3
    Diversified Operations in Strong Markets CANADA: SemCAMS Midstream Unique platform in liquids-rich Montney and Duvernay 5 natural gas processing plants 700 miles natural gas gathering pipelines 60 miles of liquids pipelines 60…
  4. March 2019 Investor Presentation – Semgroup Corporation – slide 4
    Canada SemCAMS Midstream 6
  5. March 2019 Investor Presentation – Semgroup Corporation – slide 5
    SemCAMS Midstream Primed for Optimization Canadian Buisiness Overview Gathering & Processing Assets Operational Processing Capacity 1.3 1.1 bcf/d operational capacity Bcf/d 260 mmcf/d under construction Total Operational Pipeline…
  6. March 2019 Investor Presentation – Semgroup Corporation – slide 6
    SemCAMS Midstream: Patterson Creek Plant Canadian Buisiness Overview: Patterson Creek Plant Assets located in prolific liquids-rich Montney play Situated in the Gold Creek and Karr regions Basin is top quartile with highly…
  7. March 2019 Investor Presentation – Semgroup Corporation – slide 7
    SemCAMS Midstream - Smoke Lake Plant Producer activity driven by condensate demand Smoke Lake Plant - Duvernay 60 mmcf/d sweet & sour gas processing plant Supported by 15-year contract, 90% of capacity contracted Project cost USD 50…
  8. March 2019 Investor Presentation – Semgroup Corporation – slide 8
    SemCAMS Midstream Pipestone Growth Projects Pipestone Pipeline System Construction commenced, deliver gas to our Wapiti gas plant for processing Supported by 15-year contract Project cost USD 40 million 7x EBITDA multiple…
  9. March 2019 Investor Presentation – Semgroup Corporation – slide 9
    SemCAMS Midsteam Proposed Montney-to-Market Pipeline Growth Continues in the Condensate Rich Montney Montney-to-Market Pipeline (M2M) (licensed approved) Joint Open Season announced August 2018 with Plains Midstream Canada…
  10. March 2019 Investor Presentation – Semgroup Corporation – slide 10
    U.S. Liquids 12
  11. March 2019 Investor Presentation – Semgroup Corporation – slide 11
    U.S. Liquids: Crude Business Overview Rockies/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…
  12. March 2019 Investor Presentation – Semgroup Corporation – slide 12
    U.S. Liquids: Crude Business Overview Midcontinent Assets Field Services Cushing Storage Crude Oil Trucking Fleet 7.6 million barrels of storage Fleet of 245 crude oil transport trucks and trailers Connectivity to all major…
  13. March 2019 Investor Presentation – Semgroup Corporation – slide 13
    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…
  14. March 2019 Investor Presentation – Semgroup Corporation – slide 14
    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…
  15. March 2019 Investor Presentation – Semgroup Corporation – slide 15
    U.S. Liquids: Houston Terminal 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 Moore Road…
  16. March 2019 Investor Presentation – Semgroup Corporation – slide 16
    Strong Connectivity to the Houston Refinery Complex Connects directly or indirectly to crude pipelines serving the Eagle Ford, Permian, Bakken, Midcontinent and Canada Zydeco Pipeline * * 18 * Under construction
  17. March 2019 Investor Presentation – Semgroup Corporation – slide 17
    HFOTCO Terminal and Customers HFOTCO terminal currently services nearly 30 active customers Current storage demand exceeds available tankage Average customer tenure 16 years, illustrating operational flexibility and customer service…
  18. March 2019 Investor Presentation – Semgroup Corporation – slide 18
    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…
  19. March 2019 Investor Presentation – Semgroup Corporation – slide 19
    Maurepas Pipeline U.S. Gulf Coast Maurepas Pipeline Recent Announcement - 4Q 2018 24-inch, 35 mile crude oil pipeline connected to Sold 49% interest in Maurepas for 350 million to Alinda LOCAP at St. James and terminating at Norco…
  20. March 2019 Investor Presentation – Semgroup Corporation – slide 20
    U.S. Gas 22
  21. March 2019 Investor Presentation – Semgroup Corporation – slide 21
    U.S. Gas Overview Areas of Operation Northern OK Avg Processing Volumes (1) (mmcf/d) 367 395 369 287 277 265 305 252 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2017 2018 Located in liquids rich oil plays Four processing facilities 600…
  22. March 2019 Investor Presentation – Semgroup Corporation – slide 22
    2019 Strategic Goals and Guidance 24
  23. March 2019 Investor Presentation – Semgroup Corporation – slide 23
    2019 Strategic Goals and Priorities BALANCE prudent capital management with CAPTURING strategic growth opportunities Expand SemCAMS Midstream JV Footprint Capture Montney liquids takeaway via proposed Montney to Market (M2M) Pipeline…
  24. March 2019 Investor Presentation – Semgroup Corporation – slide 24
    2019 Guidance Highlights Adjusted EBITDA Guidance Cash Available for Dividend Guidance f 16% Ro CAG 420 - 465 019 210 155 - 200 7-2 201 Guidance Range 394 178 Guidance Range (USD in millions) 328 (USD in millions)…
  25. March 2019 Investor Presentation – Semgroup Corporation – slide 25
    2019 Financial Guidance 2018 - 2019E Adjusted EBITDA Bridge 2019 Financial Guidance (2) (USD in millions) Low-High U.S. Liquids 320 - 350 420 - 465 U.S. Gas 55 - 65 Guidance Range Canada (100% basis) 125 - 135 394 Consolidated…
  26. March 2019 Investor Presentation – Semgroup Corporation – slide 26
    2019 Operational Guidance & Key Growth Projects Expected Estimated 2019 Key Growth Projects Total Spend (1) EBITDA Multiple (2) Completion Capex U.S. Liquids White Cliffs NGL Pipeline Conversion (3) 1Q 2020 27 34 < 4x HFOTCO Moore…
  27. March 2019 Investor Presentation – Semgroup Corporation – slide 27
    2019 Capital Expenditure Guidance Total Capex Guidance 307 million (1) 2019 U.S. Capital Expenditure Guidance (USD in millions) U.S. Liquids 135 U.S. Gas U.S. Gas 15 15 Total Growth Capital 150 5% Maintenance Capital 40…
  28. March 2019 Investor Presentation – Semgroup Corporation – slide 28
    SemCAMS Midstream Guidance and Reporting SemCAMS Midstream 2019 Guidance (1) (USD) Segment Profit of 125 - 135 million Growth Capex of 220 million Maintenance Capex of 10 million Minimum cash taxes Maintain leverage ratio between…
  29. March 2019 Investor Presentation – Semgroup Corporation – slide 29
    SemCAMS Midstream Illustrative Capital Structure Illustrative Structure at Close of Transaction in millions Assets Capital Structure CAD USD CAD USD (1) SemCAMS Valuation 1,237 938 Common Equity - SemGroup 599 454 Meritage…
  30. March 2019 Investor Presentation – Semgroup Corporation – slide 30
    2018 Results 32
  31. March 2019 Investor Presentation – Semgroup Corporation – slide 31
    Fourth Quarter and Full-Year 2018 Results 1Q18 2Q18 3Q18 4Q18 2018 2017 (USD in millions, except per share) Net Income (loss) (33.0) (2.7) 8.4 3.0 (24.3) (17.2) Adjusted EBITDA 93.4 99.0 96.4 105.4 394.2 328.3 Cash Available for…
  32. March 2019 Investor Presentation – Semgroup Corporation – slide 32
    2018 Segment Profit Results 1Q18 2Q18 3Q18 4Q18 2018 2017 (USD in millions) U.S. Liquids (1) 68.1 80.4 75.5 85.5 309.4 229.2 (2) Crude Transportation 34.3 37.9 38.1 39.8 150.1 133.5 (2) Crude Facilities 9.3 9.7 8.2 8.3 35.5 42.0…
  33. March 2019 Investor Presentation – Semgroup Corporation – slide 33
    Operational Summary Key Asset Volumes 1Q18 2Q18 3Q18 4Q18 FY 2018 U.S. Liquids White Cliffs Pipeline Volumes (mbbl/d) 107 135 112 144 125 Cushing Terminal Utilization 98% 97% 94% 98% 97% HFOTCO Terminal Utilization 97% 97% 96% 96%…
  34. March 2019 Investor Presentation – Semgroup Corporation – slide 34
    Appendix 36
  35. March 2019 Investor Presentation – Semgroup Corporation – slide 35
    Portfolio Transformation Driving Secure Cash Flows Over 95% of Total LTM Gross Margin from Fee Based Cash Flows 11% 5% 2% 3% 98% 97% 95% 89% 58% 49% 38% 2016 2017 2018 2019E Fee Based POP/Marketing Take-or-Pay 37
  36. March 2019 Investor Presentation – Semgroup Corporation – slide 36
    Leverage and Liquidity Interest Rate 12/31/2018 (USD in millions, unaudited) SemGroup (B2 / B+) Revolving Credit Facility - 1.0 billion due 2021 120 Senior unsecured notes due 2022 5.625% 400 Senior unsecured notes due 2023…
  37. March 2019 Investor Presentation – Semgroup Corporation – slide 37
    Reporting of Cash Available for Dividend Cash Available for Dividend Description 2019 Guidance Low High Consolidated Adjusted EBITDA Consolidated Basis (100% SemCAMS Midstream JV & Maurepas) 420 465 less: cash interest Consolidated…
  38. March 2019 Investor Presentation – Semgroup Corporation – slide 38
    Joint Venture Reporting for Key Metrics SemGroup Does Not Consolidate SemGroup Controls and Fully Consolidates (Equity Method) SemCAMS Midstream (51%) White Cliffs Pipeline (51%) Joint Ventures Maurepas Pipeline (51%) Includes…
  39. March 2019 Investor Presentation – Semgroup Corporation – slide 39
    Consolidated Balance Sheets (in thousands, unaudited, condensed) December 31, December 31, 2018 2017 ASSETS Current assets 715,825 902,899 Property, plant and equipment, net 3,457,326 3,315,131 Goodwill and other intangible assets…
  40. March 2019 Investor Presentation – Semgroup Corporation – slide 40
    Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share amounts, unaudited, condensed) 2018 2017 Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 Revenues 661,609 595,794 633,996 611,863 2,503,262…
  41. March 2019 Investor Presentation – Semgroup Corporation – slide 41
    Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) 2018 2017 Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 Net income (loss) (33,035) (2,726) 8,461 2,972 (24,328) (10,277) 9,611…
  42. March 2019 Investor Presentation – Semgroup Corporation – slide 42
    Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) 2016 Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 Q4 FY2016 Net income (loss) (4,893) 10,787 (4,632) 12,000 13,262 Add: Interest expense 17,577 18,011 18,517…
  43. March 2019 Investor Presentation – Semgroup Corporation – slide 43
    Segment Profit and Adjusted EBITDA (in thousands, unaudited) 2018 2017 Segment Profit: Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 U.S. Liquids 68,056 80,393 75,500 85,474 309,423 35,387 36,336 70,202 87,283 229,208 U.S. Gas 14,277 15,437…
  44. March 2019 Investor Presentation – Semgroup Corporation – slide 44
    Segment Profit Under Prior Segmentation (in thousands, unaudited) 2018 2017 Segment Profit: Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 Crude Transportation 34,310 37,865 38,135 39,794 150,104 28,251 29,028 34,585 41,641 133,505 Crude…
  45. March 2019 Investor Presentation – Semgroup Corporation – slide 45
    Reconciliation of Operating Income to Total Segment Profit (in thousands, unaudited) 2018 2017 Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 Operating income (loss) 34,853 31,346 39,699 49,913 155,811 23,389 25,202 (27,778) 73,247 94,060…
  46. March 2019 Investor Presentation – Semgroup Corporation – slide 46
    Cash Available for Dividends (in thousands, unaudited) 2018 2017 Q1 Q2 Q3 Q4 FY2018 Q1 Q2 Q3 Q4 FY2017 Adjusted EBITDA 93,371 99,010 96,451 105,352 394,184 60,667 65,410 90,733 111,493 328,303 Less: Cash interest expense 32,530 34,870…
  47. March 2019 Investor Presentation – Semgroup Corporation – slide 47
    Reconciliation of Adjusted EBITDA to Pro Forma Consolidated Leverage EBITDA (in millions, unaudited) Adjusted EBITDA 4Q18 105.4 3Q18 96.4 2Q18 99.0 1Q18 93.4 LTM Adjusted EBITDA 394.2 Adjustments 22.7 LTM Consolidated…

From the store

Browse maps, data & reports in the Shale Experts store