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Deutsche Bank Leveraged Finance Conference – Semgroup Corporation

Semgroup Corporation · Sep 30, 2014 · 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. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 1
    Deutsche Bank Leveraged Finance Conference Bob Fitzgerald, CFO September 30, 2014
  2. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 2
    Non-GAAP Financial Measures SemGroup Adjusted EBITDA is presented in this presentation for certain periods. Adjusted EBITDA is not a U.S. generally accepted accounting principles (GAAP) measure and is not intended to be used in lieu of a…
  3. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 3
    SemGroup Ownership Structure 4
  4. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 4
    Business Strategy Focused Growth Quality Cash Flows Capitalize on organic growth Generate consistent earnings and opportunities with existing and cash flows new assets Grow our business through strategic Focus on fee-based…
  5. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 5
    Crude and Gas Assets in Key Growth Areas 6
  6. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 6
    Crude Business Overview SemGroup Corporation Glass Mountain Pipeline In service February 2014 210-mile pipeline Two laterals Granite Wash and Mississippi Lime Play join and terminate in Cushing 140,000 bpd current capacity…
  7. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 7
    Crude Business Overview Rose Rock Midstream Cushing Kansas/Oklahoma System 7.6 million barrels of storage Approximately 600-mile gathering and 86% under long-term fixed fee contracts with first expiration transportation pipeline…
  8. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 8
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 8 250 0.50 1.10 1.10 1.10 1.85 6 3.35 200 61.7 43.7 1.10 11.0 150 26.6 28.5 4 1.10 6.50…
  9. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 9
    SemGas Natural Gas Business Areas of Operation Mississippi Lime Play 1Q 2014 2Q 2014 mid-2015 Processing Capacity 365 mmcf/d 365 mmcf/d 565 mmcf/d Avg. Processing Volumes 168 mmcf/d 251 mmcf/d Miles of Pipeline 600 600 of Rigs in…
  10. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 10
    SemCAMS Natural Gas Business Areas of Operation Average Throughput Volume (mmcf/d)(1) 500 400 159.6 152.6 146.9 128.5 300 162.6 186.1 200 283.9 272.6 285.8 250.3 100 213.9 Located in: 148.2 Western Canadian…
  11. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 11
    SemGroup Corporation 2014 Updated Capital Expenditure Guidance 2014 Capital Expenditures 475 million(1)(2) 11 2% 52 11% Nearly 90% of capital expenditures are focused on growth capital 227 Mid-teens or higher returns on…
  12. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 12
    SemGroup Corporation 2014 Updated Capital Expenditure Guidance(1) Project Spend (in millions) Estimated Through Total Segment Description Completion Date 12/31/2013 2014 Capex 2015 Capex CapEx Crude-RRMS White Cliffs Pipeline…
  13. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 13
    SemGroup Corporation 2014 Updated Adjusted EBITDA Guidance 2014 Updated Adjusted EBITDA guidance reflects approximately 42% increase over 2013 (1) Non-GAAP Financial Data Reconciliations can be found on the companys website,…
  14. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 14
    SemGroup Credit Metrics(1) Proforma(2) (in millions) June 30, 2014 December 31, 2013 Senior Secured Debt 125 315 High Yield Bond 700 300 Cash 75 79 Net Debt 750 536 Credit Metrics Net Debt/Adjusted EBITDA LTM 3.2x 2.8x…
  15. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 15
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance 2014 Updated Adjusted EBITDA guidance reflects approximately 73% increase over 2013 (1) Non-GAAP Financial Data Reconciliations can be found on the companys website (2) Guidance…
  16. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 16
    Rose Rock Credit Metrics Proforma(1) (in millions) June 30, 2014 December 31, 2013 Senior Secured Debt 56 245 High Yield Bond 400 - Cash 3 15 Net Debt 453 230 Credit Metrics Net Debt/Adjusted EBITDA LTM(2) 3.9x 2.1x Interest…
  17. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 17
    Future Growth in Drop Downs Rose Rock Midstreams relationship with SemGroup allows for potential future drop downs Asset Description Joint venture with NGL Energy Partners 50% ownership Glass Mountain Pipeline 210-mile, 140,000…
  18. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 18
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return K3 Plant Rose Valley I Glass Mountain Pipeline Canada Oklahoma Oklahoma 19
  19. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 19
    Q&A 20
  20. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 20
    Rose Rock Midstream Ownership Structure 21
  21. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 21
    SemGroup Segment Results Segment Adjusted EBITDA(1) (in millions, unaudited) 2Q 2014 1Q 2014 Crude(2) 30.3 35.1 SemGas 14.6 12.8 SemCAMS 8.0 11.7 SemLogistics 0.4 1.1 SemMaterials Mexico 3.0 5.1 SemStream 5.7 5.2 Corporate and…
  22. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 22
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 49% 51% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% Rose Rock Midstream(3)…
  23. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 23
    SemLogistics Business Largest independent petroleum products storage facility in U.K. Receive Product from the Middle East and Europe and deliver to Europe, West Africa and the United States 8.7 million barrels of storage Two deep…
  24. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 24
    SemMaterials Mexico Asphalt Business Provide asphalt products and services 14 in-country terminals 2 National labs Importing product to diversify suppliers Diversified customer base 25
  25. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 25
    SemGroup Corporation Dividend Growth 0.3500 Our current dividend policy is to pass 0.2700 through the after-tax cash distributions 0.2500 0.2400 received from our MLP investments 0.2200 0.2100 Targeting dividend growth of…
  26. Deutsche Bank Leveraged Finance Conference – Semgroup Corporation – slide 26
    Rose Rock Midstream Distribution Per LP Unit 2014 Target Annual Coverage Ratio 1.1x-1.2x 2014 Target Distribution Growth 25% year-over-year(1) 0.6000 2.35 0.5350 0.4950 2.15 0.5000 0.4650 1.95 0.4500 1.79x 0.4400 0.4300 1.75…

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