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4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation

Semgroup Corporation · Feb 28, 2019 · 26 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. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 1
    February 27, 2019 Fourth Quarter and Full-Year 2018 Results Earnings Conference Call
  2. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 2
    Fourth Quarter and Full-Year 2018 Results Transformed Portfolio Provides Strategic Platform 2016 - 2018 2019 & Beyond Simplify Transform Execute Strengthen Deliver Rolled up Rose Rock Midstream MLP Complete key projects Sold…
  3. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 3
    Fourth Quarter and Full-Year 2018 Results 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…
  4. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 4
    Fourth Quarter and Full-Year 2018 Results 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…
  5. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 5
    Fourth Quarter and Full-Year 2018 Results 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)…
  6. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 6
    Fourth Quarter and Full-Year 2018 Results 2019 Financial and 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…
  7. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 7
    Fourth Quarter and Full-Year 2018 Results 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…
  8. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 8
    Fourth Quarter and Full-Year 2018 Results 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…
  9. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 9
    Fourth Quarter and Full-Year 2018 Results 2019 Strategic Goals and Priorities BALANCE prudent capital management with CAPTURING strategic growth opportunities Expand SemCAMS Midstream JV Footprint Capture Montney liquids takeaway…
  10. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 10
    Appendix
  11. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 11
    Fourth Quarter and Full-Year 2018 Results SemCAMS Midstream Guidance and Reporting Contiguous Assets Strategically Positioned SemCAMS Midstream 2019 Guidance (1) (USD) Segment Profit of 125 - 135 million Growth Capex of 220…
  12. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 12
    Fourth Quarter and Full-Year 2018 Results 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…
  13. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 13
    Fourth Quarter and Full-Year 2018 Results Reporting of Cash Available for Dividend Cash Available for Dividend Description 2019 Guidance Low High Consolidated Adjusted EBITDA Consolidated Basis (100% SemCAMS Midstream JV &…
  14. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 14
    Fourth Quarter and Full-Year 2018 Results SemCAMS Midstream Illustrative Capital Structure in millions Assets Capital Structure CAD USD CAD USD (1) SemCAMS Valuation 1,237 938 Common Equity - SemGroup 599 454 Meritage…
  15. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 15
    Fourth Quarter and Full-Year 2018 Results 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…
  16. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 16
    Fourth Quarter and Full-Year 2018 Results 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…
  17. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 17
    Fourth Quarter and Full-Year 2018 Results 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%…
  18. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 18
    Fourth Quarter and Full-Year 2018 Results 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…
  19. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 19
    Fourth Quarter and Full-Year 2018 Results 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…
  20. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 20
    Fourth Quarter and Full-Year 2018 Results 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)…
  21. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 21
    Fourth Quarter and Full-Year 2018 Results 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…
  22. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 22
    Fourth Quarter and Full-Year 2018 Results 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…
  23. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 23
    Fourth Quarter and Full-Year 2018 Results 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…
  24. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 24
    Fourth Quarter and Full-Year 2018 Results 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…
  25. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 25
    Fourth Quarter and Full-Year 2018 Results 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…
  26. 4Q and FY 2018 Results Earnings Conference Call Presentation – Semgroup Corporation – slide 26
    Fourth Quarter and Full-Year 2018 Results 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…

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