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3rd Quarter Earnings – Semgroup Corporation

Semgroup Corporation · Nov 7, 2014 · 43 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. 3rd Quarter Earnings – Semgroup Corporation – slide 1
    2014 Third Quarter Results Earnings Conference Call - November 7, 2014
  2. 3rd Quarter Earnings – 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…
  3. 3rd Quarter Earnings – Semgroup Corporation – slide 3
    Key Basin Growth Update DJ Basin White Cliffs Pipeline expansion - 150,000 bpd expansion completed August 2014 Volume increase of 33% quarter over quarter Binding open season successfully secured 72,000 bpd - 5 year firm capacity…
  4. 3rd Quarter Earnings – Semgroup Corporation – slide 4
    SemGroup Corporation 2014 Capital Expenditure Guidance 2014 Capital Expenditures 475 million(1)(2) Nearly 90% of capital expenditures 185 are focused on growth capital 39% 227 48% Mid-teens or higher returns on organic growth…
  5. 3rd Quarter Earnings – Semgroup Corporation – slide 5
    SemGroup Corporation 2014 Capital Expenditure Guidance (in millions) Project Spend Estimated Through Total Segment Description Completion Date 12/31/2013 2014 Capex(1) 2015 Capex CapEx Crude-RRMS White Cliffs Pipeline expansion (2)…
  6. 3rd Quarter Earnings – Semgroup Corporation – slide 6
    Third Quarter Results Adjusted EBITDA(1) 3Q 2014 2Q 2014 1Q 2014 2014 Guidance(2) SemGroup 79.4 million 57.5 million 67.3 million 260 - 275 million Rose Rock Midstream 31.0 million 20.6 million 27.8 million 115 - 120 million SEMG…
  7. 3rd Quarter Earnings – Semgroup Corporation – slide 7
    SemGroup Segment Results Segment Adjusted EBITDA(1) (in millions, unaudited) 3Q 2014 2Q 2014 1Q 2014 Crude(2) 40.6 30.3 35.1 SemGas 17.1 14.6 12.8 SemCAMS 16.8 8.0 11.7 SemLogistics (2.3) 0.4 1.1 SemMaterials Mexico 4.5 3.0 5.1…
  8. 3rd Quarter Earnings – Semgroup Corporation – slide 8
    SemGroup Capitalization & Liquidity (in millions) September 30, 2014 December 31, 2013 Total Consolidated Debt 793 615 Owner's Equity 1,171 1,214 Total Book Capitalization 1,964 1,829 Consolidated Credit Metrics Net Debt 726 536…
  9. 3rd Quarter Earnings – Semgroup Corporation – slide 9
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return Platteville Storage SemGas Hopeton Plant Glass Mountain Pipeline Colorado Oklahoma Oklahoma 10
  10. 3rd Quarter Earnings – Semgroup Corporation – slide 10
    APPENDIX
  11. 3rd Quarter Earnings – Semgroup Corporation – slide 11
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 53% 47% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% n Fixed Fee n Variable Fee…
  12. 3rd Quarter Earnings – Semgroup Corporation – slide 12
    Crude Key Performance Metrics Crude Cushing Storage Crude Transportation Volumes 7.6 million Barrels Capacity (Thousand Barrels per Day) 8 0.50 300 1.10 1.10 1.10 2.10 250 6 3.60 61.1 200 61.7 1.10 43.7 31.2 11.0 28.5 4 6.50…
  13. 3rd Quarter Earnings – Semgroup Corporation – slide 13
    SemGas Natural Gas Business SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d) 400 300 200 315.9 251.4 100 167.7 143.4 156.9 96.6 60.0 67.1 66.7 71.0 70.5 Located in liquids-rich oil…
  14. 3rd Quarter Earnings – Semgroup Corporation – slide 14
    SemCAMS Natural Gas Business Average Throughput Volume (mmcf/d) SemCAMS Areas of Operation 500 443.5 438.4 419.5 412.5 400 376.5 378.8 159.6 152.6 334.3 146.9 138.3 300 128.5 162.6 186.1 200 283.9 272.6 285.8 274.2 250.3 100…
  15. 3rd Quarter Earnings – Semgroup Corporation – slide 15
    SemGroup Corporation Dividend Growth 0.3500 Our current dividend policy is to pass 0.3000 through the after-tax cash 0.2700 distributions received from our MLP investments 0.2400 0.2500 0.2200 Targeting dividend growth of…
  16. 3rd Quarter Earnings – Semgroup Corporation – slide 16
    Rose Rock Midstream Distribution Per LP Unit 2014 Target Coverage Ratio 1.1x-1.2x 2014 Target Distribution Growth 25% year-over-year(1) 0.6000 0.5750 0.5350 0.4950 0.5000 0.4650 0.4500 0.4400 0.4300 0.4025 0.4000…
  17. 3rd Quarter Earnings – Semgroup Corporation – slide 17
    Rose Rock Midstream 2014 Capital Expenditure Guidance 2014 Capital Expenditures - 125 million(1)(2) 111 n Growth 89% n Maintenance 14 11% (in millions) Project Spend Estimated Through Total Description Completion Date…
  18. 3rd Quarter Earnings – Semgroup Corporation – slide 18
    Rose Rock Midstream Capitalization & Liquidity ProForma(1) (in millions) September 30, 2014 December 31, 2013 Total Debt 473 245 Total Equity 253 359 Total Book Capitalization 726 604 Credit Metrics Net Debt 464 230 Total…
  19. 3rd Quarter Earnings – Semgroup Corporation – slide 19
    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 barrel…
  20. 3rd Quarter Earnings – Semgroup Corporation – slide 20
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) September 30, December 31, 2014 2013 ASSETS Current assets 609,131 534,014 Property, plant and equipment, net 1,239,356 1,105,728 Goodwill and other…
  21. 3rd Quarter Earnings – Semgroup Corporation – slide 21
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Revenues…
  22. 3rd Quarter Earnings – Semgroup Corporation – slide 22
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, Reconciliation of net income to Adjusted EBITDA: 2014 2013 2014 2014 2013 Net income…
  23. 3rd Quarter Earnings – Semgroup Corporation – slide 23
    SemGroup 2014 Updated Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance(1)(2) Low High Net income 51 60 Add: Interest expense 51 53 Add: Income tax expense 20 21 Add: Depreciation and amortization 93 96 EBITDA 215…
  24. 3rd Quarter Earnings – Semgroup Corporation – slide 24
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income(1) 15,950 14,830 14,076 44,182 46,307 Add: Interest…
  25. 3rd Quarter Earnings – Semgroup Corporation – slide 25
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income (loss) 7,448 3,482 (14,921) (1,555) 9,163 Add: Interest…
  26. 3rd Quarter Earnings – Semgroup Corporation – slide 26
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income 5,310 3,073 4,812 12,604 300 Add: Interest expense 3,918…
  27. 3rd Quarter Earnings – Semgroup Corporation – slide 27
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income (loss) (6,057) 834 1,653 (6,099) (4,055) Add: Interest…
  28. 3rd Quarter Earnings – Semgroup Corporation – slide 28
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income 1,484 2,523 465 4,534 3,016 Add: Interest expense…
  29. 3rd Quarter Earnings – Semgroup Corporation – slide 29
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income (loss) 42,301 (2,164) 6,297 61,467 10,790 Add: Interest…
  30. 3rd Quarter Earnings – Semgroup Corporation – slide 30
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net loss (34,240) (19,443) (25,591) (75,783) (6,308)…
  31. 3rd Quarter Earnings – Semgroup Corporation – slide 31
    White Cliffs Pipeline, L.L.C. Summarized Income Statement Information (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Revenue 42,211 31,453 34,533 110,017…
  32. 3rd Quarter Earnings – Semgroup Corporation – slide 32
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) September 30, December 31, 2014 2013 ASSETS Current assets 389,654 321,587 Property, plant and equipment, net 332,902 311,616 Equity method…
  33. 3rd Quarter Earnings – Semgroup Corporation – slide 33
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Revenues, including revenues…
  34. 3rd Quarter Earnings – Semgroup Corporation – slide 34
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Net income…
  35. 3rd Quarter Earnings – Semgroup Corporation – slide 35
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Reconciliation of operating income to Adjusted…
  36. 3rd Quarter Earnings – Semgroup Corporation – slide 36
    Rose Rock Midstream 2014 Adjusted EBITDA Guidance (in millions, unaudited) 2014 Guidance(1) Low High Net income 60 62 Add: Interest expense 18 20 Add: Depreciation and amortization 30 31 EBITDA 108 113 Non-Cash and Other…
  37. 3rd Quarter Earnings – Semgroup Corporation – slide 37
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, 2014 2013 2014 2014 2013 Reconciliation of net income to distributable cash flow: Net…
  38. 3rd Quarter Earnings – Semgroup Corporation – slide 38
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2013 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 57,228 38,071…
  39. 3rd Quarter Earnings – Semgroup Corporation – slide 39
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 Corporate Crude SemStream SemCAMS SemLogistics SemMexico SemGas and other Consolidated Net income (loss) 64,554 4,919…
  40. 3rd Quarter Earnings – Semgroup Corporation – slide 40
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2011 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 39,241 16,752…
  41. 3rd Quarter Earnings – Semgroup Corporation – slide 41
    SemGroup Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended March 31, 2014 Corporate and Crude SemStream SemCAMS SemLogistics SemMexico SemGas other Consolidated Net income (loss) 14,156 12,869…
  42. 3rd Quarter Earnings – Semgroup Corporation – slide 42
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended Year Ended March 31, December 31, 2014 2013 2012 2011 Net income 16,159 38,005 23,954 23,235 Add: Interest expense 2,272…
  43. 3rd Quarter Earnings – Semgroup Corporation – slide 43
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Three Months Ended Year Ended March 31, December 31, 2014 2013 2012 2011 Net cash provided by operating activities…

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