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Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P.

Rose Rock Midstream, L.P. · Feb 27, 2015 · 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. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 1
    FOURTH QUARTER AND FULL- YEAR 2014 RESULTS Earnings Conference Call - February 27, 2015
  2. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – 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. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 3
    2014 Year End Results SemGroup Corporation Rose Rock Midstream (in millions, unaudited) 2014 Actuals 2014 Guidance(1) (in millions, unaudited) 2014 Actuals 2014 Guidance(1) Adjusted EBITDA 287 260 - 275 Adjusted EBITDA 123 115 - 120…
  4. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 4
    Capital Projects & Acquisitions Review Total 2014 Capital Expenditures SemGroup and Rose Rock Midstream of 386 million(1) Drop down of remaining one-third interest in SemCrude Pipeline, L.L.C., which owns a 51% interest in White…
  5. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 5
    More than 1 Billion of Growth Capital in 2015-2016 2015 Guidance(1) 2014 Actual (1) 2015 Guidance n Fixed Fee 2014 Actual(1) 89% 86% n Variable Fee n Marketing 6% 9% 5% 5% Key Basin Exposure Our key producers in the DJ…
  6. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 6
    SemGroup Corporation 2015 Adjusted EBITDA Guidance 320 million to 360 million(1) Guidance Assumptions RRMS SEMG Adjusted EBITDA(1) Average Cushing storage rate - 0.37/barrel/month (in millions) Transportation volumes(2) - 75% to 85%…
  7. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 7
    Rose Rock Midstream 2015 Adjusted EBITDA Guidance 180 million to 200 million(1) RRMS Adjusted EBITDA(1) Guidance Assumptions (in millions) (2) Average Cushing storage rate - 0.37/barrel/month GR 180-200 200 CA 53% White Cliffs…
  8. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 8
    SemGroup Corporation 2015 Capital Expenditure Guidance 2015 Capital Expenditures 775 million(1) More than 90% of capital expenditures are focused on growth capital 450 58% Targeting 5-8x EBITDA multiples on organic growth…
  9. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 9
    SemGroup Corporation 2015 Capital Expenditure Guidance (in millions) Estimated Completion Total Segment Description Date 2015 Capex 2016 Capex Capex Crude-RRMS White Cliffs Pipeline capacity expansion(1) 3Q 2015 35 5 40 Crude-RRMS…
  10. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 10
    Rose Rock Midstream 2015 Capital Expenditure Guidance 2015 Capital Expenditures 190 million(1) 175 92% n Growth n Maintenance 15 8% (in millions) Estimated Completion Total Description Date 2015 Capex 2016 Capex Capex…
  11. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 11
    Key Basin Growth Update DJ Basin Wattenberg Oil Trunkline extension - Expected completion 1Q 2015 38-mile, 12-inch pipeline extension backed by long-term agreement with Noble Energy 150,000 barrels of additional storage Platteville…
  12. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 12
    SemGroup Corporation Dividend Growth(1) 2015 Target Dividend Growth 50-60% year-over-year 0.5500 Our current dividend policy is to pass through the after-tax cash 0.4500 distributions received from our MLP investments 0.3400…
  13. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 13
    Rose Rock Midstream Distribution Growth(1) 2015 Target Coverage Ratio 1.1x-1.2x 2015 Target Distribution Growth 15-20% year-over-year 0.7500 R 0.6500 % CAG 0.6200 2 0 0.5750 0.5500 0.5350 0.4950 0.4650 0.4500 0.4025…
  14. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 14
    SemGroup Fourth Quarter Results Year Ended Segment Adjusted EBITDA(1) (in millions, unaudited) 4Q 2014 3Q 2014 Dec. 2014 Dec. 2013 Crude(2) 50.8 40.6 156.8 106.6 SemGas 18.2 17.1 62.8 33.7 SemCAMS 9.4 16.8 45.9 34.1 SemLogistics…
  15. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 15
    SemGroup Capitalization & Liquidity (in millions, unaudited) December 31, 2014 December 31, 2013 Total Consolidated Debt 767 615 Owner's Equity 1,219 1,214 Total Book Capitalization 1,986 1,829 Consolidated Credit Metrics Net Debt…
  16. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 16
    Rose Rock Midstream Fourth Quarter Results Year Ended As Reported (in millions, unaudited) 4Q 2014 3Q 2014 Dec. 2014 Dec. 2013 Adjusted EBITDA(1) 43.5 31.0 122.8 68.5 Key Highlights (4Q 2014 vs 3Q 2014) Adjusted EBITDA increased…
  17. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 17
    Rose Rock Midstream Capitalization & Liquidity (in millions, unaudited) December 31, 2014 December 31, 2013 Total Debt 432 245 Total Equity 249 359 Total Book Capitalization 681 604 Credit Metrics Net Debt 428 230 Total…
  18. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 18
    Growing today with a focus for tomorrow Disciplined Increase Equity Safety Execution Investment Holders Return SemCAMS K3 Plants SemGas Rose Valley Plant Crude Storage Canada Oklahoma Oklahoma 19
  19. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 19
    APPENDIX
  20. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 20
    SemGroups Fee-based Business Model Margin Contribution(1) Fixed Fee Variable Fee Marketing SemGas(2) 57% 43% 86% SemCAMS 100% SemLogistics 100% 9% SemMaterials Mexico 100% 5% White Cliffs Pipeline 100% n Fixed Fee n Variable Fee…
  21. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 21
    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 65.2 1.10 2.10 250 6 3.60 61.1 200 35.2 1.10 43.7 61.7 31.2 4 150 11.0…
  22. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 22
    Natural Gas Business SemGas Northern Oklahoma Average Processed Volume (mmcf/d) 400 300 200 315.9 355.9 100 251.4 143.4 156.9 167.7 70.5 96.6 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 Capacity Processing Volumes SemCAMS…
  23. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 23
    SemGroup Consolidated Balance Sheets (in thousands, unaudited, condensed) December 31, December 31, 2014 2013 ASSETS Current assets 479,280 534,014 Property, plant and equipment, net 1,256,825 1,105,728 Goodwill and other…
  24. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 24
    SemGroup Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share amounts, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Revenues…
  25. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 25
    SemGroup Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, Reconciliation of net income to Adjusted EBITDA: 2014 2013 2014 2014 2013 Net income 12,707…
  26. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 26
    SemGroup 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance(1) Mid-point Net income 121.5 Add: Interest expense 64.0 Add: Income tax expense 8.0 Add: Depreciation and amortization 109.0 EBITDA 302.5 Selected…
  27. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 27
    Crude Segment Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income(1) 13,313 10,921 15,950 57,495 57,228 Add: Interest…
  28. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 28
    SemGas Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income 8,347 5,538 7,448 6,792 14,701 Add: Interest expense 2,538 1,119…
  29. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 29
    SemCAMS Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income (loss) 1,714 (3,436) 5,310 14,318 (3,136) Add: Interest expense…
  30. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 30
    SemLogistics Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net loss (3,973) (2,714) (6,057) (10,072) (6,769) Add: Interest…
  31. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 31
    SemMaterials Mxico Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income 1,366 2,361 1,484 5,900 5,377 Add: Interest expense…
  32. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 32
    SemStream Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income 9,165 27,281 42,301 70,632 38,071 Add: Interest expense…
  33. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 33
    SemGroup Corporate & Other Adjusted EBITDA Calculation (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net loss (17,222) (33,352) (34,240) (93,005) (39,660)…
  34. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 34
    Rose Rock Midstream Consolidated Balance Sheet (in thousands, unaudited, condensed) December 31, December 31, 2014 2013 ASSETS Current assets 273,890 321,587 Property, plant and equipment, net 335,910 311,616 Equity method…
  35. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 35
    Rose Rock Midstream Consolidated Statements of Income (in thousands, except per unit data, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Revenues, including revenues from…
  36. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 36
    Rose Rock Midstream Consolidated Statements of Income (Continued) (in thousands, except per unit data, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Net income allocated to…
  37. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 37
    Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Reconciliation of operating income to Adjusted gross…
  38. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 38
    Rose Rock Midstream 2015 Adjusted EBITDA Guidance (in millions, unaudited) 2015 Guidance Mid-point Net income 90.5 Add: Interest expense 37.0 Add: Depreciation and amortization 45.0 EBITDA 172.5 Non-Cash and Other Adjustments…
  39. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 39
    Rose Rock Midstream Distributable Cash Flow (in thousands, unaudited) Three Months Ended Twelve Months Ended December 31, September 30, December 31, 2014 2013 2014 2014 2013 Reconciliation of net income to distributable cash flow:…
  40. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 40
    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…
  41. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 41
    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…
  42. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 42
    Rose Rock Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 2011 Net income 23,954 23,235 Add: Interest expense 1,912 1,823 Depreciation and amortization expense 12,131…
  43. Q4 AND FULL YEAR 2014 RESULTS – Rose Rock Midstream, L.P. – slide 43
    Rose Rock Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (in thousands, unaudited) Year Ended December 31, 2012 2011 Net cash provided by operating activities 35,097 51,085 Less: Changes in…

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