SemGroup Investor Presentation Highlights Growth Strategy

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Investor Presentation
January 2017

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Non-GAAP Financial Measures
SemGroup’s non-GAAP measure, Adjusted EBITDA, is not a GAAP measure and is not intended to be used in lieu of GAAP presentation of net income (loss),
which is the most closely associated GAAP measure. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for
selected items that SemGroup believes impact the comparability of financial results between reporting periods. In addition to non-cash items, we have selected
items for adjustment to EBITDA which management feels decrease the comparability of our results among periods. These items are identified as those which are
generally outside of the results of day to day operations of the business. These items are not considered non-recurring, infrequent or unusual, but do erode
comparability among periods in which they occur with periods in which they do not occur or occur to a greater or lesser degree. Historically, we have selected
items such as gains on the sale of NGL units, costs related to our predecessor’s bankruptcy, significant business development related costs, significant legal
settlements, severance and other similar costs. Management believes these types of items can make comparability of the results of day to day operations among
periods difficult and have chosen to remove these items from our Adjusted EBITDA. We expect to adjust for similar types of items in the future. Although we
present selected items that we consider in evaluating our performance, you should be aware that the items presented do not represent all items that affect
comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, mechanical interruptions and
numerous other factors. We do not adjust for these types of variances.
This measure may be used periodically by management when discussing our financial results with investors and analysts and is presented as management
believes it provides additional information and metrics relative to the performance of our businesses. This non-GAAP financial measure has important limitations
as an analytical tool because it excludes some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider non-
GAAP measures in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for the limitations of our non-GAAP
measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the non-GAAP measure and the most
comparable GAAP measure and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the
same financial measures that our management uses in evaluating our operating results. Because all companies do not use identical calculations, our
presentations of non-GAAP measures may be different from similarly titled measures of other companies, thereby diminishing their utility.

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Forward-looking Information
Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections
provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance,
our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcome
of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are
subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in
these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the failure to realize the anticipated benefits of the
transaction, consummated on September 30, 2016, pursuant to which we acquired all of the outstanding common units of our subsidiary, Rose Rock Midstream,
L.P., not already owned by us; our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected
dividends or to fund our other liquidity needs; any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and
store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional capital on terms that are favorable to us; our
ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations and equity; the loss of,
or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements and performance of our
investments and joint ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or derivative transactions; the
impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum products; competition from
other midstream energy companies; our ability to comply with the covenants contained in our credit agreement and the indentures governing our senior notes,
including requirements under our credit agreement to maintain certain financial ratios; our ability to renew or replace expiring storage, transportation and related
contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisition of new assets may not
result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other natural phenomena, including climate conditions;
a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of doing business outside
of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or changes in, laws and
regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the environment; the
possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and business conditions;
as well as other risk factors discussed from time to time in our each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation which reflect management's opinions only as of
the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
We use our Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted
and accessible on our Investor Relations website at ir.semgroupcorp.com.
We are present on Twitter and LinkedIn, follow us at the links below:
SemGroup Twitter and LinkedIn

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Strong balance sheet, sound business model, clear strategic growth plan
 Visibility to incremental secure cash flow from Maurepas Pipeline in 2017
 Pursuing high-return organic growth around existing footprints and strategic acquisitions
 Managing for “lower for longer” commodity price environment with focus on diversifying
for a more balanced midstream portfolio
 Enhanced credit profile, expected dividend growth beyond 2016 and lower cost of capital
to support growth targets
Creating Long-Term Shareholder Value

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88% of total LTM gross margin from fixed fee based cash flows
37% of total LTM gross margin secured by take or pay contracts
More than 70% of SemGroup's revenue is derived from
investment grade counterparties
Stable Cash Flows(1) Counterparty Strength(1)(2)
SemGroup derives a significant portion of its margin from fixed fee contracted arrangements
with strong counterparties; SemGroup is well-positioned to drive future growth
(1) LTM September 30, 2016
(2) Counterparty ratings LTM September 30, 2016; excludes SemLogistics and SemMaterials Mexico
Company Strengths
51%
37%
12%11%
59%
30%
64%
13%
23%23% 30% 37%
64%
59% 51%
13%
11% 12%
0
100
200
300
400
500
600
2014 2015 LTM
Take or Pay Fixed Fee POP/Marketing
($ in millions)

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Crude and Gas Assets in Key Growth Areas
 Crude Oil
‒ ~1,800 miles of crude oil pipelines
‒ 9 million barrels of crude oil storage
capacity
‒ Over 250 crude oil trucks and trailers
‒ Maurepas Pipeline under construction(1)
‒ Locations: Bakken Shale, Granite Wash,
Eagle Ford, Utica Basin, Gulf Coast,
DJ/Niobrara Basin, Mississippi Lime
 Natural Gas
‒ 8 natural gas processing plants
‒ New 200 mmcf/d Wapiti Plant(2)
‒ ~1,600 miles of natural gas gathering
pipeline
‒ ~1.3 bcf/d of total processing capacity
‒ Locations: WCSB, Montney / Duvernay
(Wapiti Field), Mississippi Lime
 Additional Assets
‒ 8.7 million barrels of multi-product
storage in the U.K.
‒ 14 asphalt terminals in Mexico
‒ ~12% ownership in GP of NGL Energy
Partners
(1) Expected completion 2Q 2017
(2) Expected completion mid-2019

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Crude Business Overview
White Cliffs Pipeline – 51% ownership
 DJ Basin to Cushing, OK
 Two 527-mile, 12-inch pipelines
 150,000 bpd current capacity
 Expanding capacity to approximately 215,000 bpd
 Expected 4Q 2016 volumes ~115,000 bpd
Wattenberg Oil Trunkline
 75-mile, 12-inch pipeline and storage in DJ Basin
 Transports Noble Energy production to White Cliffs
 360,000 barrels of storage capacity
Platteville Truck Unloading Facility
 30-lane truck unloading facility
 Origin of White Cliffs Pipeline
Tampa Pipeline
 16-mile, 12-inch pipeline from Platteville to Tampa, CO rail facility
DJ Basin

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(1) Average remaining contract life as of 9/30/2016
(2) Weighted average rate ($/bbl)
(3) FERC Filing No. 4.4.0
(4) Shipper receives credit for the committed volumes towards their uncommitted volume incentive rate
White Cliffs Pipeline Contract & Rate Structure
Committed Take or Pay Volumes
Origination Volumes (bpd) Rate ($/bbl)
Wtd. Avg.
Remaining
Contract Life(1)
Platteville, CO 72,000 $5.20 ~ 3.3 years
Healy, KS 5,000 $2.09 ~ 4.8 years
77,000 $5.00(2)
~ 3.4 years
Uncommitted Volumes(3)
Volumes (bpd) Incentive Rate ($/bbl)
0 – 9,999 $4.90
10,000 – 19,999 $4.65
20,000 – 29,999 $4.40
30,000 – 39,999 $4.15
40,000 – 49,999 $3.90
50,000 and up $3.25
Shipper Example - 1 Month
51,000 bpd shipped during the month, 10,000 of those barrels are committed volumes
Below is an example the shipper’s tariff structure
Total Volumes
(bpd)
Rate ($/bbl)
Committed
Volumes
10,000 $5.20
Uncommitted
Volumes
41,000 $3.25(4)
51,000 $3.63(2)
All Uncommitted Volumes Shipped At Lowest Applicable Incentive Rate

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Crude Business Overview
Cushing Storage
 7.6 million barrels of storage
 82% under long-term fixed fee contracts with first
expiration 2017
 2016 average storage rate of $0.34 per month
 Connectivity to all major inbound/outbound pipelines
Kansas/Oklahoma System
 400-mile gathering and transportation pipeline system
 Connects to third-party pipelines, Kansas and
Oklahoma refineries and Cushing terminal
 More than 630,000 barrels of storage capacity
 Analyzing various opportunities that may result in a
sale, joint venture and/or write down of the asset
Oklahoma/Kansas Assets
Field Services
Crude Oil Trucking Fleet
 Fleet of more than 250 crude oil transport trucks
 Servicing the Bakken, DJ/Niobrara, Eagle Ford,
Granite Wash, Mississippi Lime & Utica plays
Glass Mountain Pipeline – 50% ownership
 215-mile pipeline
 140,000 bpd current capacity
 Two laterals – Granite Wash and Mississippi Lime Play join
and terminate in Cushing
Isabel Pipeline
 48 mile, 8-inch crude oil pipeline from Isabel Junction, KS
to Alva, OK
 Connects Kansas barrels to Glass Mountain Pipeline

10
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q
125.6
151.0 157.2
191.2 209.8 198.5 206.7
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q
111.1 119.1 109.4 109.6 102.4 111.3 104.6
76.8
187.9
93.2
212.3
91.6
201.0
91.5
201.1
93.8
196.2
86.3
197.6
97.1
201.7
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q
139.2 121.3 120.7 130.3 142.3 124.9 114.9
64.9
204.1
71.8
193.1
61.5
182.2
59.9
190.2
58.9
201.2
52.5
177.4
52.5
167.4
2015 2016
Crude Key Performance Metrics
(1) Weighted average term of storage contracts
(2) Prior period volumes recast to include intersegment volumes for comparability
(3) Volumes on 100% owned pipelines
(4) Reflects 100% throughput on Joint Venture pipelines
Transportation Volumes
(Thousand Barrels per Day)
Supply and Logistics Volumes(2)
(Thousand Barrels per Day)
Facilities - Cushing Storage
7.6 million Barrels Capacity
Joint Venture Transportation Volumes
(Thousand Barrels per Day)(4)
n Third-party contracted(1) n Operational / Marketing n Uncontracted
n White Cliffs Pipeline n Glass Mountain Pipeline
0.7
2015 2016
2015 2016
8
6
4
2
0
2016 2017 2018 2019
6.3
5.5
4.6
1.1
1.3
1.4
1.4
1.4
0.7 1.6
5.1
n Pipelines(3) n Field Services

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Glass Mountain Pipeline STACK Extension
SemGroup and NGL Energy Partners LP jointly own Glass Mountain Pipeline, LLC. The 215-mile-long pipeline delivers crude
oil from the Mississippi Lime and Granite Wash plays to the Cushing storage hub.
STACK Extension Project Highlights
 44-mile pipeline extension of Glass Mountain Pipeline to STACK resource play to Cushing storage complex
 Backed by long-term, fee-based transportation agreement with large investment-grade producer; includes committed area of dedication
 Provides cost-effective, reliable transportation to Cushing storage complex and access to Mid-Continent and Gulf Coast refineries
 Expected to be in service 4Q 2017

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Maurepas Pipeline Overview
Project
 Construct, own and operate three pipelines for Motiva Enterprises, LLC in St. James, LA connecting Motiva's refineries
– 24-inch, 34 mile crude oil pipeline connected to LOCAP, crossing the Mississippi River and terminating at Motiva's Norco refinery;
– 12-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries;
– 6-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries
 This pipeline project is supported by multi-decade transportation agreements with Motiva and is part of an overall refinery
optimization project
Strategic Rationale
 First step in establishing a SemGroup presence in US Gulf Coast crude markets and it provides a more balanced risk
profile through geographic diversity, new customer base and potential for product expansion
 Platform for future participation in the build-out of infrastructure in the Gulf Coast
 Accomplishes strategic goal of becoming more refinery facing
Project Progress
 Construction has begun on all fronts
 Expected to be operational in 2Q 2017

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Maurepas Pipeline Construction

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Maurepas Pipeline Area Map

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SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d)
 Located in liquids rich oil plays
 Four processing facilities - 595 mmcf/d of current capacity
 ~1,000 miles of gathering lines
 Inventory of drilled but uncompleted wells to support production volumes
 N. Oklahoma 4Q 2016 expected volumes – 300 mmcf/d
SemGas Natural Gas Business

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SemCAMS Natural Gas Business
SemCAMS Areas of OperationAverage Throughput Volume (mmcf/d)
 600 miles of transport and gathering lines
 Strong incumbent position to serve industry’s growing infrastructure
needs
 During 4Q 2016, expect to finalize an agreement in which
SemCAMS would make a one-time incentive payment of up to
$5mm to a customer to continue production of gas flowing into our
K3 plant, agreement is subject to a partial clawback provision
through 2018
(1) Lower volumes related to an unplanned shutdown at our K3 plant during June

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Wapiti Sour Gas Plant in the Liquids-Rich Montney Play
SemCAMS uniquely advantaged, leading the way with sour gas solution in the Wapiti
 New 200 mmcf/d sour gas processing Wapiti plant will be integrated with our
existing infrastructure to optimize & leverage current operations on the Wapiti
Pipeline System and K3 plant located in the Kaybob region
‒ Supported by a 120 mmcf/d, 15 year contract with NuVista
‒ Total project cost ~ $225 - $250 million
‒ Plant completion estimated mid-2019
Active Wapiti Producers
Birchcliff Orlens
Blackbird Paramount
Encana RMP-Chinook
Grafton/Riverstone Seven Generations
Inception Shell
NuVista Sinopec Daylight
(1)
(1) Expected completion mid-2019

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2016 Capital Expenditures Updated Guidance
2016 Capital Expenditures – $350 million
~$100 million reduction due to timing of Maurepas Pipeline
 Maurepas Pipeline
 Crude
 Natural Gas
 Other Growth Projects
 Maintenance(2)
$220
13% 63%
1% 16%
$45
$5 $55
 Key Committed Projects
‒ Crude Projects
• Maurepas Pipeline (expected completion 2Q 2017): $220 million
• Isabel Pipeline (completed 1Q 2016): $9 million
‒ Natural Gas Projects
• Northern OK well connects & compression: $15 million
• KA Plant Projects: $18 million
• Wapiti Pipeline Expansion (completed 3Q 2016): $9 million
 Capital Spend to Date: $206 million(1)
 Focus on completing projects & maintain existing assets
 Prudent organic capital investments at attractive returns
$25
7%
(in millions)
(1) As of 9/30/2016
(2) 3Q 2016 maintenance capital spend approximately $9mm

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SEMG Adjusted EBITDA
(in millions)
Third Quarter 2016 Results
$305
$287
$270 - $320
3Q 2016(1) 2Q 2016 1Q 2016
Net Income $(7.4) million $8.0 million $(15.3) million
Adjusted EBITDA(2) $71.3 million $67.6 million $77.7 million
Dividend per share $0.45 $0.45 $0.45
(1) 3Q 2016 cash interest expense of approximately $18mm and cash taxes of ($3mm)
(2) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
Maurepas Pipeline Construction - October 2016

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Third Quarter 2016 Results
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
Segment Adjusted EBITDA
(in millions, unaudited) 3Q 2016 2Q 2016 1Q 2016
Crude - Transportation $27.8 $27.1 $32.0
Crude - Facilities 9.7 9.4 9.6
Crude - Supply and Logistics 3.1 10.1 9.3
SemGas 16.3 12.5 12.4
SemCAMS 13.2 9.3 10.3
SemLogistics 3.4 2.2 2.8
SemMaterials Mexico 2.9 2.6 2.6
Corporate and Other (5.1) (5.6) (1.3)
SemGroup $71.3 $67.6 $77.7
As Reported (in millions, excluding EPS, unaudited) 3Q 2016 2Q 2016 1Q 2016
Net income attributable to SemGroup $ (7.4) $ 8.0 $ (15.3)
Net income per share - diluted $ (0.14) $ 0.18 $ (0.35)
EBITDA(1) $ 50.7 $ 58.5 $ 15.3
Selected Non-Cash Items and Other Items Impacting Comparability(1) $ 20.6 $ 9.1 $ 62.4
Adjusted EBITDA(1) $ 71.3 $ 67.6 $ 77.7

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Leverage & Liquidity
(in millions, unaudited) September 30, 2016
$1 billion revolver - 2021 $0.0
7.500% Senior unsecured notes - 2021 $300.0
5.625% Senior unsecured notes - 2022 400.0
5.625% Senior unsecured notes - 2023 350.0
Total consolidated debt $1,050.0
Compliance leverage ratio(1) 3.0x
Target leverage <4.5x
Liquidity:
Cash and cash equivalents(2) $140.0
Revolver availability(3) 962.5
Total liquidity $1,102.5
(1) Calculated per revolving credit agreement definitions, which includes material project adjustments; maximum total leverage covenant of 5.5x
(2) Cash excludes SemMaterials Mexico
(3) Revolver availability excludes outstanding letters of credit

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A Look Ahead
Strong Balance
Sheet
High Return Growth
Projects & Strategic
Acquisitions
Focus on Portfolio
Balance and Secure
Cash Flows
Dividend Growth
Beyond 2016

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Consolidated Balance Sheets
(in thousands, unaudited, condensed) September 30,
2016
December 31,
2015
ASSETS
Current assets $ 612,484 $ 480,381
Property, plant and equipment, net 1,696,010 1,566,821
Goodwill and other intangible assets 188,271 210,255
Equity method investments 438,194 551,078
Other noncurrent assets, net 51,573 45,374
Total assets $ 2,986,532 $ 2,853,909
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 25 $ 31
Other current liabilities 415,742 376,996
Total current liabilities 415,767 377,027
Long-term debt, excluding current portion 1,030,140 1,057,816
Other noncurrent liabilities 73,293 222,710
Total liabilities 1,519,200 1,657,553
Total owners' equity 1,467,332 1,196,356
Total liabilities and owners' equity $ 2,986,532 $ 2,853,909

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Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Nine Months Ended
September 30, June 30, September 30,
2016 2015 2016 2016 2015
Revenues $ 327,764 $ 397,065 $ 287,377 $ 929,992 $ 1,072,601
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below 218,503 274,639 176,842 592,292 710,869
Operating 52,636 53,267 54,707 157,537 167,157
General and administrative 20,583 23,045 20,775 62,419 78,272
Depreciation and amortization 24,912 26,022 25,048 74,007 74,430
Loss (income) on disposal or impairment, net 1,018 (951) 1,685 16,010 1,479
Total expenses 317,652 376,022 279,057 902,265 1,032,207
Earnings from equity method investments 15,845 16,237 17,078 55,994 60,699
Gain (loss) on issuance of common units by equity method investee — 136 — (41) 6,033
Operating income 25,957 37,416 25,398 83,680 107,126
Other expenses, net 21,199 17,829 10,807 91,987 33,725
Income (loss) from continuing operations before income taxes 4,758 19,587 14,591 (8,307) 73,401
Income tax expense (benefit) 11,898 10,006 4,658 (4,851) 29,609
Income (loss) from continuing operations (7,140) 9,581 9,933 (3,456) 43,792
Loss from discontinued operations, net of income taxes — (1) (2) (1) (3)
Net income (loss) (7,140) 9,580 9,931 (3,457) 43,789
Less: net income attributable to noncontrolling interests 225 4,707 1,922 11,167 14,153
Net income (loss) attributable to SemGroup Corporation $ (7,365) $ 4,873 $ 8,009 $ (14,624) $ 29,636
Net income (loss) attributable to SemGroup Corporation $ (7,365) $ 4,873 $ 8,009 $ (14,624) $ 29,636
Other comprehensive income (loss), net of income taxes (7,051) (20,210) 6,591 (4,569) (23,750)
Comprehensive income (loss) attributable to SemGroup Corporation $ (14,416) $ (15,337) $ 14,600 $ (19,193) $ 5,886
Net income (loss) per common share:
Basic $ (0.14) $ 0.11 $ 0.18 $ (0.31) $ 0.68
Diluted $ (0.14) $ 0.11 $ 0.18 $ (0.31) $ 0.67
Weighted average shares (thousands):
Basic 52,642 43,808 45,236 47,269 43,775
Diluted 52,642 43,971 45,647 47,269 43,969

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Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Nine Months Ended
Reconciliation of net income to Adjusted EBITDA: 2016 2015 2016 2016 2015
Net income (loss) $ (7,140) $ 9,580 $ 9,931 $ (3,457) $ 43,789
Add: Interest expense 21,032 19,170 18,875 58,842 50,583
Add: Income tax expense (benefit) 11,898 10,006 4,658 (4,851) 29,609
Add: Depreciation and amortization expense 24,912 26,022 25,048 74,007 74,430
EBITDA 50,702 64,778 58,512 124,541 198,411
Selected Non-Cash Items and
Other Items Impacting Comparability 20,588 11,171 9,121 92,046 27,546
Adjusted EBITDA $ 71,290 $ 75,949 $ 67,633 $ 216,587 $ 225,957
Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 1,018 $ (951) $ 1,685 $ 16,010 $ 1,479
Loss from discontinued operations, net of income taxes — 1 2 1 3
Foreign currency transaction (gain) loss 659 (385) 1,543 3,671 (1,199)
Remove NGL equity losses (earnings) including loss (gain) on issuance of common units 38 742 — (2,153) (11,070)
Remove loss (gain) on sale or impairment of NGL units — — (9,120) 30,644 (14,517)
NGL cash distribution — 4,752 — 4,873 14,235
M&A transaction related costs 3,269 — — 3,269 10,000
Inventory valuation adjustments including equity method investees — 142 — — 1,377
Employee severance and relocation expense 534 21 836 1,629 42
Unrealized loss (gain) on derivative activities 6,167 (4,546) 4,477 6,096 (3,316)
Depreciation and amortization included within equity earnings 7,283 6,412 7,138 20,960 19,134
Bankruptcy related expenses — 33 — — 224
Legal settlement expense — 3,394 — — 3,394
Non-cash equity compensation 1,620 1,556 2,560 7,046 7,760
Selected Non-Cash items and
Other Items Impacting Comparability $ 20,588 $ 11,171 $ 9,121 $ 92,046 $ 27,546

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Non-GAAP Financial Data Reconciliations
2016 2015 2016 2016 2015
Net income $ 13,054 $ 12,120 $ 11,797 $ 44,147 $ 38,714
Add: Interest expense 154 267 193 611 524
EBITDA 19,515 21,409 18,161 63,095 65,916
Other Items Impacting Comparability 8,334 6,587 8,954 23,894 19,463
Adjusted EBITDA $ 27,849 $ 27,996 $ 27,115 $ 86,989 $ 85,379
Selected Non-Cash Items and Other Items Impacting Comparability
Loss on disposal or impairment, net $ 1,018 $ 27 $ 1,714 $ 2,799 $ 160
Inventory valuation adjustments including equity method investees — 142 — — 142
Employee severance and relocation expense 33 6 102 135 27
Depreciation and amortization included within
equity earnings 7,283 6,412 7,138 20,960 19,134
Other Items Impacting Comparability $ 8,334 $ 6,587 $ 8,954 $ 23,894 $ 19,463
Crude - Transportation Segment

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2016 2015 2016 2016 2015
Net income $ 7,692 $ 7,633 $ 7,450 $ 22,845 $ 21,223
EBITDA 9,679 9,084 9,371 28,637 25,449
Other Items Impacting Comparability 2 — 4 6 —
Adjusted EBITDA $ 9,681 $ 9,084 $ 9,375 $ 28,643 $ 25,449
Employee severance expense $ 2 $ — $ 4 $ 6 $ —
Other Items Impacting Comparability $ 2 $ — $ 4 $ 6 $ —
Crude - Facilities Segment

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2016 2015 2016 2016 2015
Net income (loss) $ (3,248) $ 10,216 $ 5,370 $ 15,583 $ 24,969
Add: Interest expense 186 119 182 508 330
Add: Depreciation and amortization expense 46 40 40 126 119
EBITDA (3,016) 10,375 5,592 16,217 25,418
Other Items Impacting Comparability 6,167 (4,546) 4,477 6,323 (2,198)
Adjusted EBITDA $ 3,151 $ 5,829 $ 10,069 $ 22,540 $ 23,220
Loss (gain) on disposal or impairment, net $ — $ — $ — $ 227 $ (3)
Unrealized loss (gain) on derivative activities 6,167 (4,546) 4,477 6,096 (3,430)
Inventory valuation adjustments — — — — 1,235
Other Items Impacting Comparability $ 6,167 $ (4,546) $ 4,477 $ 6,323 $ (2,198)
Crude - Supply and Logistics Segment

DRAFT
Confidential
30
2016 2015 2016 2016 2015
Net income (loss) $ 3,763 $ 4,754 $ (321) $ (10,027) $ 16,688
EBITDA 16,196 16,859 12,304 27,508 49,410
Other Items Impacting Comparability 125 561 256 13,772 2,539
Adjusted EBITDA $ 16,321 $ 17,420 $ 12,560 $ 41,280 $ 51,949
Loss (gain) on disposal or impairment, net $ — $ 445 $ (1) $ 13,051 $ 1,894
Employee severance expense — — 13 13 —
Non-cash equity compensation 125 116 244 708 645
Other Items Impacting Comparability $ 125 $ 561 $ 256 $ 13,772 $ 2,539
SemGas Segment

DRAFT
Confidential
31
2016 2015 2016 2016 2015
Net income $ 5,006 $ 2,119 $ 2,021 $ 9,783 $ 4,233
Add: Income tax expense 1,573 2,361 451 2,989 3,528
EBITDA 13,067 9,948 9,001 31,966 25,711
Other Items Impacting Comparability 124 (745) 381 888 376
Adjusted EBITDA $ 13,191 $ 9,203 $ 9,382 $ 32,854 $ 26,087
Gain on disposal or impairment, net $ — $ (917) $ — $ — $ (917)
Foreign currency transaction (gain) loss — 3 (1) 5 104
Employee severance 1 — — 1 —
Non-cash equity compensation 123 169 382 882 1,189
Other Items Impacting Comparability $ 124 $ (745) $ 381 $ 888 $ 376
SemCAMS Segment

DRAFT
Confidential
32
2016 2015 2016 2016 2015
Net income (loss) $ 948 $ (1,077) $ (1,447) $ (745) $ (2,900)
Add: Interest expense 456 433 353 1,185 1,341
Add: Income tax expense (benefit) (601) (170) (273) (815) (372)
EBITDA 2,683 1,359 616 5,448 4,436
Other Items Impacting Comparability 686 670 1,562 2,935 801
Adjusted EBITDA $ 3,369 $ 2,029 $ 2,178 $ 8,383 $ 5,237
Foreign currency transaction loss $ 647 $ 596 $ 1,391 $ 2,548 $ 374
Other Items Impacting Comparability $ 686 $ 670 $ 1,562 $ 2,935 $ 801
SemLogistics Segment

DRAFT
Confidential
33
2016 2015 2016 2016 2015
Net income $ 1,491 $ 2,473 $ 1,187 $ 3,374 $ 8,683
Add: Interest expense 43 44 — 43 46
Add: Income tax expense 349 642 194 1,150 2,396
Add: Depreciation and amortization expense 932 993 949 2,822 3,083
EBITDA 2,815 4,152 2,330 7,389 14,208
Other Items Impacting Comparability 72 480 244 686 959
Adjusted EBITDA $ 2,887 $ 4,632 $ 2,574 $ 8,075 $ 15,167
Loss (gain) on disposal of long-lived assets, net $ — $ 124 $ (28) $ (67) $ 105
Foreign currency transaction loss 30 269 153 439 494
Other Items Impacting Comparability $ 72 $ 480 $ 244 $ 686 $ 959
SemMaterials México Segment

DRAFT
Confidential
34
2016 2015 2016 2016 2015
Net loss $ (35,846) $ (28,658) $ (16,126) $ (88,417) $ (67,821)
Add: Income tax expense (benefit) 10,577 7,173 4,286 (8,175) 24,057
Add: Depreciation and amortization expense 455 544 496 1,441 1,408
EBITDA (10,237) (8,408) 1,137 (55,719) (12,137)
Other Items Impacting Comparability 5,078 8,164 (6,757) 43,542 5,606
Adjusted EBITDA $ (5,159) $ (244) $ (5,620) $ (12,177) $ (6,531)
Loss (gain) on disposal or impairment, net $ — $ (630) $ — $ — $ 240
Loss from discontinued operations, net of income taxes — 1 2 1 3
Foreign currency transaction (gain) loss (18) (1,253) — 679 (2,171)
Remove NGL equity losses (earnings) including gain on issuance of
common units 38 742 — (2,153) (11,070)
Remove loss (gain) on impairment or sale of NGL units — — (9,120) 30,644 (14,517)
NGL cash distribution — 4,752 — 4,873 14,235
M&A transaction related costs 3,269 — — 3,269 10,000
Employee severance and relocation expense 498 15 717 1,474 15
Unrealized loss on derivative activities — — — — 114
Bankruptcy related expenses — 33 — — 224
Legal settlement expense — 3,394 — — 3,394
Non-cash equity compensation 1,291 1,110 1,644 4,755 5,139
Other Items Impacting Comparability $ 5,078 $ 8,164 $ (6,757) $ 43,542 $ 5,606
Corporate & Other Segment

DRAFT
Confidential
35
2016 Adjusted EBITDA Guidance
(1) Net income in our guidance reconciliation does not include unrealized gains or losses on derivative activities or other similar items which, due to their nature,
cannot be accurately forecasted. Net income, as presented in the reconciliation, is based on the best information available but is not intended to represent guidance
for net income and should not be relied on as such
(in millions, unaudited) 2016 Guidance
Mid-point
Net income(1) $ 34.0
Add: Interest expense 83.0
Add: Income tax expense 10.0
Add: Depreciation and amortization 126.0
EBITDA $ 253.0
Selected Non-Cash and Other Items Impacting Comparability 42.0
Adjusted EBITDA $ 295.0
Selected Non-Cash and Other Items Impacting Comparability
Depreciation and amortization included within equity earnings $ 28.0
Non-cash equity compensation 14.0
Selected Non-Cash and Other Items Impacting Comparability $ 42.0

DRAFT
Confidential
36
(in thousands, unaudited) Three Months Ended
March 31, 2016
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemCAMS SemLogistics SemMexico SemGas
Corporate and
other Consolidated
Net income (loss) $ 19,296 $ 7,703 $ 13,461 $ 2,756 $ (246) $ 696 $ (13,469) $ (36,445) $ (6,248)
Add: Interest expense 264 — 140 2,226 376 — 3,555 12,374 18,935
Add: Income tax expense (benefit) — — — 965 59 607 — (23,038) (21,407)
Add: Depreciation and amortization expense 5,859 1,884 40 3,951 1,960 941 8,922 490 24,047
EBITDA 25,419 9,587 13,641 9,898 2,149 2,244 (992) (46,619) 15,327
Other Items Impacting Comparability 6,606 — (4,321) 383 687 370 13,391 45,224 62,340
Adjusted EBITDA $ 32,025 $ 9,587 $ 9,320 $ 10,281 $ 2,836 $ 2,614 $ 12,399 $ (1,395) $ 77,667
Loss (gain) on disposal of long-lived assets, net $ 67 $ — $ 227 $ — $ — $ (39) $ 13,052 $ — $ 13,307
Loss from discontinued operations, net of income taxes — — — — — — — 2 2
Foreign currency transaction loss — — — 6 510 256 — 697 1,469
Remove NGL equity earnings including gain on issuance of common units — — — — — — — (2,191) (2,191)
Remove gain on sale of NGL units — — — — — — — 39,764 39,764
NGL cash distribution — — — — — — — 4,873 4,873
Employee severance and relocation expense — — — — — — — 259 259
Unrealized gain on derivative activities — — (4,548) — — — — — (4,548)
equity earnings 6,539 — — — — — — — 6,539
Non-cash equity compensation — — — 377 177 153 339 1,820 2,866
Other Items Impacting Comparability $ 6,606 $ — $ (4,321) $ 383 $ 687 $ 370 $ 13,391 $ 45,224 $ 62,340
Reconciliation of Net Income to Adjusted EBITDA

DRAFT
Confidential
37
(in thousands, unaudited) Year Ended
December 31, 2015
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Corporate and
other Consolidated
Net income (loss) $ 44,771 $ 27,928 $ 27,567 $ 7,879 $ (1,624) $ 8,725 $ 16,704 $ (90,425) $ 41,525
Add: Interest expense (income) 778 — 462 10,742 1,746 46 13,162 42,739 69,675
Add: Income tax expense (benefit) — — — 4,847 (2,195) 2,611 — 29,554 34,817
Add: Depreciation and amortization expense 35,500 5,829 159 12,940 8,543 4,076 31,803 2,032 100,882
EBITDA 81,049 33,757 28,188 36,408 6,470 15,458 61,669 (16,100) 246,899
Other Items Impacting Comparability 35,600 — 4,491 773 1,399 1,193 2,777 12,150 58,383
Adjusted EBITDA $ 116,649 $ 33,757 $ 32,679 $ 37,181 $ 7,869 $ 16,651 $ 64,446 $ (3,950) $ 305,282
Loss (gain) on disposal of long-lived assets, net $ 9,621 $ — $ (3) $ (917) $ — $ 85 $ 1,832 $ 854 $ 11,472
Loss from discontinued operations, net of income taxes — — — — — — — 4 4
Foreign currency transaction (gain) loss — — — 103 799 605 — (2,574) (1,067)
Remove gain on sale of NGL units — — — — — — — (14,517) (14,517)
Employee severance expense 75 — 4 — — — — 11 90
Unrealized loss (gain) on derivative activities — — 1,900 — — — — 114 2,014
M&A transaction related costs — — — — — — — 10,000 10,000
equity earnings 25,307 — — — — — — — 25,307
Inventory valuation adjustment including equity method investees 597 — 2,590 — — — — — 3,187
Bankruptcy related expenses — — — — — — — 224 224
Legal settlement — — — — — — — 3,394 3,394
Non-cash equity compensation — — — 1,587 600 503 945 6,982 10,617
Other Items Impacting Comparability $ 35,600 $ — $ 4,491 $ 773 $ 1,399 $ 1,193 $ 2,777 $ 12,150 $ 58,383

DRAFT
Confidential
38
(in thousands, unaudited) Year Ended
December 31, 2014
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Corporate and
other Consolidated
Net income (loss) $ 31,301 $ 26,921 $ 24,610 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (47,713) $ 52,057
Add: Interest expense (income) 11,727 — 502 13,558 1,528 166 8,570 12,993 49,044
Add: Income tax expense (benefit) — — — 3,135 (2,231) 4,053 — 41,556 46,513
Add: Depreciation and amortization expense 33,679 5,365 549 14,295 10,005 6,031 26,353 2,120 98,397
EBITDA 76,707 32,286 25,661 45,306 (770) 16,150 41,715 8,956 246,011
Other Items Impacting Comparability 21,582 (34) 4,004 590 (1,083) 621 21,053 (5,303) 41,430
Adjusted EBITDA $ 98,289 $ 32,252 $ 29,665 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ 3,653 $ 287,441
Loss (gain) on disposal of long-lived assets, net $ 467 $ (34) $ (42) $ (950) $ (2,490) $ (53) $ 20,092 $ 15,602 $ 32,592
Loss (income) from discontinued operations, net of income taxes — — — — (1) — — 2 1
Foreign currency transaction (gain) loss — — — 42 821 279 — (1,228) (86)
Remove gain on sale of NGL units — — — — — — — (34,211) (34,211)
Employee severance expense 9 — — 150 — — 41 20 220
Unrealized loss (gain) on derivative activities — — (1,621) — — — — (113) (1,734)
Change in fair value of warrants — — — — — — — 13,423 13,423
equity earnings 18,992 — — — — — — — 18,992
Inventory valuation adjustment including equity method investees 2,114 — 5,667 — — — — — 7,781
Recovery of receivables written off at emergence — — — (664) — — — — (664)
Bankruptcy related expenses — — — — — — 150 1,160 1,310
Charitable contributions — — — — — — — 3,379 3,379
Non-cash equity compensation — — — 2,012 587 395 770 4,622 8,386
Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ 590 $ (1,083) $ 621 $ 21,053 $ (5,303) $ 41,430

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