FOURTH QUARTER AND FULL-YEAR 2015 RESULTS Earnings Call

FOURTH QUARTER AND FULL -
YEAR 2015 RESULTS
Earnings Conference Call - February 26, 2016

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 ability of SemGroup Corporation (SemGroup)
to generate sufficient cash flow from operations to enable it to pay its debt obligations and its current and expected dividends or to fund its other liquidity needs;
insufficient cash from operations following the establishment of cash reserves and payment of fees and expenses for SemGroup’s subsidiary, Rose Rock
Midstream, L.P. (Rose Rock), to pay current, expected or minimum quarterly distributions; 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 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 agreements and the indentures
governing our senior notes, including requirements under our credit agreements 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; in the case of
SemGroup, 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 each of SemGroup’s and Rose Rock’s 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.
SemGroup and Rose Rock Midstream use their 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 websites at ir.semgroupcorp.com and ir.rrmidstream.com.
Both companies are present on Twitter and LinkedIn, follow us at the links below:
SemGroup Twitter and LinkedIn Rose Rock Midstream Twitter and LinkedIn
2

Non-GAAP Financial Measures
SemGroup
Adjusted EBITDA and cash available for dividends are not U.S. generally accepted accounting principles (GAAP) measures and are not intended to be used in lieu
of GAAP presentation of net income (loss). Adjusted EBITDA and cash available for dividends are presented in this presentation because SemGroup believes they
provide additional information with respect to its performance. 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. Although SemGroup presents selected
items that it considers in evaluating its performance, you should also be aware that the items presented do not represent all items that affect comparability
between the periods presented. Variations in SemGroup’s operating results are also caused by changes in volumes, prices, exchange rates, mechanical
interruptions and numerous other factors. These types of variances are not separately identified in this presentation. Cash available for dividends is based on
Adjusted EBITDA, as described above, adjusted to exclude the earnings of our subsidiary, Rose Rock Midstream, cash income taxes, cash interest expense and
maintenance capital expenditures and include cash distributions received from Rose Rock Midstream. Because all companies do not use identical calculations,
SemGroup’s presentations of Adjusted EBITDA and cash available for dividends may be different from similarly titled measures of other companies, thereby
diminishing their utility.
Rose Rock Midstream
This presentation includes the non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA and distributable cash flow, which may be used
periodically by management when discussing our financial results with investors and analysts. Adjusted gross margin, Adjusted EBITDA and distributable cash
flow are presented as management believes they provide additional information and metrics relative to the performance of our business.
Operating income (loss) is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss) and cash provided by (used in) operating
activities are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) is the GAAP measure most directly comparable to
distributable cash flow. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures.
These non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly
comparable GAAP financial measures. You should not consider Adjusted gross margin, Adjusted EBITDA or distributable cash flow in isolation or as substitutes for
analysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently by other
companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby
diminishing their utility.
Management compensates for the limitation of Adjusted gross margin, Adjusted EBITDA and distributable cash flow as analytical tools by reviewing the
comparable GAAP measures, understanding the differences between Adjusted gross margin, Adjusted EBITDA and distributable cash flow, on the one hand, and
operating income (loss), net income (loss) and net cash provided by (used in) operating activities, on the other hand, 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.
3

2015 - Year in Review
Year in Review
¬ Drop down of Wattenberg Oil Trunkline and 50% ownership in Glass Mountain Pipeline –
January 2015
¬ Maurepas Pipeline project announcement
¬ Rose Rock $350 million bond offering – May 2015
¬ Platteville truck unloading expansion – October 2015
¬ White Cliffs Pipeline expansion – expected completion
March 2016
¬ Isabel Pipeline – expected completion March 2016
¬ Cushing contract renewals completed
¬ SemCAMS expansion announcements
¬ SemLogistics available storage capacity fully contracted
4

2015 Year End Results
SemGroup
¬ Adjusted EBITDA increased ~ 6% over 2014
- Including ~$11 million negative impact related to foreign exchange rates
¬ Dividend increased 48% over full-year 2014 with coverage of 1.9x
¬ Maintained strong balance sheet with leverage of 1.4x
¬ Focused on high return fee-based growth projects
Rose Rock Midstream
¬ Adjusted EBITDA increased nearly 40% over 2014
¬ Distributions increased 17% over full-year 2014 while maintaining coverage of greater than 1.0x
SemGroup Corporation
(in millions, unaudited) 2015 Actuals 2015 Guidance(1)
Adjusted EBITDA $305 $305 - $315
CapEx $522 $650
Dividend Growth 48% 50% - 60%
Rose Rock Midstream
(in millions, unaudited) 2015 Actuals 2015 Guidance(1)
Adjusted EBITDA $175 $175 - $185
CapEx $131 $150
Distribution Growth 17% 15% - 20%
2015 Key Highlights
(1) Updated 2015 Guidance provided November 5, 2015
5

Total 2015 Capital Expenditures
of $522 million(1)
SemGroup
¬ SemCAMS Northwest Wapiti Pipeline Loop - completed June 2015
¬ SemGas Rose Valley II plant - completed July 2015
¬ Maurepas Pipeline - expected completion 4Q 2016
Rose Rock Midstream
¬ Platteville truck unloading expansion - October 2015
¬ Isabel Pipeline - expected completion March 2016
¬ White Cliffs Pipeline expansion - expected completion 1Q 2016
2015 Capital Projects Review
$120
45%
23%
1%
8%$236
$5
$43
__
(1) Excludes drop down transactions, approximately $115 million of 2015 capex carried over to 2016 due to
timing of expenditures
6
$118
23%
n Maurepas Pipeline
n Rose Rock Midstream
n Natural Gas
n Other Growth Projects
n Maintenance
Projects remain on schedule and on budget

2015 Fourth Quarter Adjusted EBITDA(1)
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
(2) Crude segment includes fully consolidated Rose Rock Midstream
(3) SemGroup Crude - Transportation segment includes earnings from equity method investments adjusted for related
depreciation and amortization; compared to cash distributions received at Rose Rock
Year Ended
(in millions, unaudited) 4Q 2015 3Q 2015 2015 2014
Crude - Transportation(2)(3) $ 31.3 $ 28.0 $ 116.6 $ 98.3
Crude - Facilities(2) 8.3 9.1 33.7 32.3
Crude - Supply and Logistics(2) 9.5 5.8 32.7 29.7
SemGas 12.5 17.4 64.4 62.8
SemCAMS 11.1 9.2 37.2 45.9
SemLogistics 2.6 2.0 7.9 (1.9)
SemMaterials Mexico 1.5 4.6 16.7 16.8
SemStream 4.8 4.7 19.1 23.3
Corporate and Other (2.3) (4.8) (23.0) (19.8)
SemGroup $ 79.3 $ 76.0 $ 305.3 $ 287.4
Transportation $ 29.4 $ 27.9 $ 115.0 $ 71.7
Facilities 8.3 9.1 33.8 32.2
Supply and Logistics 9.5 5.8 32.7 29.7
Corporate and Other (0.6) (0.9) (6.2) (5.7)
Rose Rock Midstream $ 46.6 $ 41.9 $ 175.3 $ 127.9
7

2015 Leverage & Liquidity
(in millions, unaudited)
SemGroup(1) Rose Rock
December 31, 2015 December 31, 2015
$500 million revolver - 2018 $ 30.0
$585 million revolver - 2018 —
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 $ 330.0 $ 750.0
Compliance leverage ratio(2) 1.4x 4.2x
Target leverage 3.0x 4.5x
Liquidity:
Cash and cash equivalents(3) $ 31.5 $ 9.1
Revolver availability(4) 465.3 549.7
Total liquidity $ 496.8 $ 558.8
(1) SemGroup stand-alone basis
(2) Calculated per revolving credit agreement definitions; total leverage not to exceed 5.5x
(3) SemGroup cash excludes Rose Rock and SemMaterials Mexico
(4) Revolver availability excludes outstanding letters of credit
Nearly $1.1 Billion of Combined Liquidity
8

Guidance Assumptions
¬ 2016 Dividend: Maintain current dividend and coverage of
1.2x or better
¬ Cash Taxes(3)
: $10 million, primarily related to foreign subs
¬ Average Commodity Price Assumptions(4)
– Crude Oil: $35.40/barrel
– Natural Gas: $2.39/mmbtu
– Natural Gas Liquids: $0.59/gallon
¬ Foreign Exchange Rate Assumptions
– Canadian Dollar (USD/CAD): $0.704
– British Pound (USD/GBP): $1.406
– Mexican Peso (USD/MXN): $0.054
Operational Assumptions
¬ RRMS
– Average Cushing storage rate: $0.34/barrel/month
– Transportation volumes(5)
: 15-20% increase
– White Cliffs Pipeline volumes: 125-135kbpd
– Glass Mountain Pipeline volumes: 70-75kbpd
¬ SemGas
– N. OK processing volumes: 260-290 mmcf/d
¬ SemCAMS
– Processing volumes: 390-420 mmcf/d
Adjusted EBITDA of $270 million to $320 million(1)
$400
$300
$200
$100
2011 2012 2013 2014 2015 2016E
SEMG Adjusted EBITDA(1)
(in millions)
SemGroup Corporation 2016 Guidance
21% CAGR
(2)
$116
$135
$189
$305
$287
(1) Non-GAAP Reconciliations are included in the Appendix to this presentation, includes fully consolidated Rose Rock Midstream
(2) CAGR is based on the midpoint of 2016 Adjusted EBITDA Guidance
(3) Cash Taxes do not assume future drop downs or NGL unit sales
(4) Average commodity prices as of February 9, 2016
(5) RRMS transportation volumes exclude JV projects White Cliffs Pipeline and Glass Mountain Pipeline
$270 - $320
9

Rose Rock Midstream 2016 Guidance
Adjusted EBITDA $165 million to $185 million(1)
Guidance Assumptions
¬ 2016 Distribution: Maintain current distribution and
coverage of 1.0x or better
¬ Average Commodity Price Assumptions(3)
– Crude Oil: $35.40/barrel
Operational Assumptions
– Average Cushing storage rate: $0.34/barrel/month
– Transportation volumes(4)
: 15-20% increase
– White Cliffs Pipeline volumes: 125-135kbpd
– Glass Mountain Pipeline volumes: 70-75kbpd
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
(2) CAGR is based on the midpoint of 2016 Adjusted EBITDA Guidance
(3) Average commodity prices as of February 9, 2015
(4) Transportation volumes exclude JV projects White Cliffs Pipeline and Glass Mountain PipelineMS transportation
$200
$150
$100
$50
$0
2011 2012 2013 2014 2015 2016E
RRMS Adjusted EBITDA(1)
(in millions)
38% CAGR
(2)
$35 $40
$68
$175
$128
$165 - $185
10

2016 Capital Expenditure Guidance
2016 Capital Expenditures – $455 million
n Maurepas Pipeline
n Rose Rock Midstream(1)
n Natural Gas
n Other Growth Projects
n Maintenance
$325
10%
72%
1%
12%
$45
$5
$55
__
Key Committed Projects
¬ Crude Projects
- Maurepas Pipeline (expected completion 4Q 2016): $325 million
- Isabel Pipeline (expected completion March 2016): $9 million
¬ Natural Gas Projects
- Northern OK well connects & compression: $15 million
- KA Plant Projects: $18 million
- Wapiti Pipeline Expansion (expected completion June 2016): $9 million
¬ Maintenance Capital
- SemGroup: $45 million
- Rose Rock: $10 million
¬ Focus to complete projects already in progress and maintain
existing assets
¬ Prudent organic capital investments at attractive EBITDA
multiples
11
$25
5%
Capital market access not needed in 2016
(1) Includes investments in Glass Mountain Pipeline and White Cliffs Pipeline

$600
$500
$400
$300
$200
$100
$0
2016 2017 2018 2019 2020 2021 2022 2023
$600
$500
$400
$300
$200
$100
$0
2014 2015 2016
$200
$150
$100
$50
$0
2014 2015 2016
SemGroup(1)
Company Strengths
Stable Cash Flows
89% of total 2015 gross margin from fixed-fee based cash flows
30% of total 2015 gross margin secured by take-or-pay contracts
Counterparty Strength(2)
More than 60% of SemGroup's revenue is derived from investment grade
counterparties
Dividend Coverage
2016 Target Dividend Coverage Ratio of 1.2x or greater
64%
36%
n Investment grade n Non- Investment Grade
n Dividends Paid n Excess CAFD
>1.2x
2.0x2.7x
30%
59%
11%
23%
64%
13%
Debt Maturity Profile(3)
Leverage of 3.0x or better with no debt maturities until 2018
12
(1) SemGroup Consolidated excluding Debt Maturity Profile
(2) Counterparty ratings as of 2/22/16, excludes SemLogistics and SemMaterials Mexico
(3) SemGroup stand-alone, excludes Rose Rock
(4) SemGroup revolving credit facility agreement expires December 2018
n Take or Pay n Fixed Fee (non TOP) n POP/Marketing
n Revolver - Available n Revolver - Drawn n 7.500% Senior Notes
$30
$470
$300
($ in millions)
($ in millions)
($ in millions)
NoDebtMaturities
(4)
34%
54%
12%

Stable Cash Flows
85% of total 2015 gross margin from fixed-fee based cash flows
63% of total 2015 gross margin secured by take-or-pay contracts
$300
$250
$200
$150
$100
$50
$0
2014 2015 2016
Rose Rock Company Strengths
Counterparty Strength(1)
More than 80% of Rose Rock's revenue is derived from investment grade
counterparties
Distribution Coverage
2016 Target Distribution Coverage Ratio of 1.0x or greater
84%
16%
n Investment grade n Non- Investment Grade
$140
$120
$100
$80
$60
$40
$20
$0
2012 2013 2014 2015 2016
n Distributions Paid n Excess DCF
>1.00x1.04x
1.20x
30%
55%
15%
21%
63%
16%
1.38x
1.32x
13
n Take or Pay n Fixed Fee (non TOP) n Marketing
$600
$500
$400
$300
$200
$100
$0
2016 2017 2018 2019 2020 2021 2022 2023
$585
$400
$350
Debt Maturity Profile
Leverage of 4.5x or better with no debt maturities until 2018
n Revolver - Available n 5.625% Senior Notes
($ in millions)
($ in millions)
($ in millions)
NoDebtMaturities
(2)
(1) Rose Rock revolving credit facility agreement expires September 2018
(2) Counterparty ratings as of 2/22/16
65%
17%
18%

2016 - A Look Ahead
¬ Preserve Balance Sheet strength
¬ Ample liquidity - no capital market needs in 2016
¬ Maintain current dividends and distributions
¬ Visibility of incremental secure cash flow from Maurepas Pipeline - 2017
¬ Focus on downstream, refinery facing business opportunities
14

SemGroup’s Fee-based Business Model
Margin Descriptions
¬ Fixed Fee
– Storage fees
– Transportation fees
– Unloading fees
– Gathering and processing fees
¬ Variable Fee
– Gas processing – percent of
proceeds
¬ Marketing
– Back-to-back marketing and
blending transactions
(1) LTM December 31, 2015
(2) SemGas 4Q 2015 margin contribution 77% fixed fee, 23% variable fee
(3) Rose Rock Midstream includes White Cliffs and Glass Mountain Pipeline proportionate cash distributions
(4) Marketing margin reduced by intercompany trucking expense
Fixed Fee Variable Fee Marketing
SemGas(2) 75% 25%
SemCAMS 100%
SemLogistics 100%
SemMaterials Mexico 100%
White Cliffs Pipeline 100%
Rose Rock Midstream(3)(4) 85% 15%
2015 Margin Contribution(1)
n Fixed Fee n Variable Fee n Marketing
89%
6%
5%
16

Crude Segments
17
Transportation
We charge capacity or volume based fees
to transport crude oil by pipeline and by
truck
Pipeline Transportation
Kansas/Oklahoma Pipeline System
Isabel Pipeline
Wattenberg Oil Trunkline
Tampa Pipeline
Field Services Trucking fleet
Joint Venture Pipelines
White Cliffs Pipeline - 51% Ownership
Glass Mountain Pipeline - 50% Ownership
Facilities
We charge capacity or volume based fees
for crude oil storage and terminal services.
We also charge capacity or volume based
fees to use our truck unloading facility
Crude Oil Storage
Cushing Storage Terminal
Kansas/Oklahoma Storage
Platteville Storage
Truck Unloading Platteville Truck Unloading Facility
Other Ancillary Activities
Platteville Facilities
Cushing Pumpover
Supply&Logistics
We purchase crude oil for our own account
from producers, aggregators and traders
and sell crude oil, including crude oil
blends, to traders and refiners
Location Spread
Cushing Storage Terminal
Kansas/Oklahoma System
North Dakota Assets
Grade Spread Cushing Storage Terminal
Time Spread Cushing Storage Terminal

175
150
125
100
75
50
25
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
48.7 49.6 39.3 51.5
68.7 75.4
100.2
125.5
164.6
250
200
150
100
50
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
68.1
93.9 93.4 96.4 107.0 111.1 119.1 109.4 109.6
30.9
42.7 46.1
75.0
85.6 76.8
93.2 91.6 91.5
2013 2014 2015
225
200
175
150
125
100
75
50
25
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
77.4 72.7 74.1
98.5 118.4 139.2 121.3 120.7 130.3
43.7 61.7
61.1
65.2
64.9
71.8 61.5 59.9
2013 2014 2015
Crude Key Performance Metrics
(1) Weighted average term of storage contracts
(2) Pipeline volumes include KS/OK system, ND transportation, Tampa pipeline and Wattenberg Oil Trunkline
(3) Includes intercompany trucking volumes; 21.6kbpd in 4Q 2015
(4) White Cliffs Pipeline is owned 51% by RRMS; reflects 100% throughput
(5) Glass Mountain Pipeline is owned 50% by RRMS; average volumes for 1Q 2014 for two months operational;
reflects 100% throughput
Transportation Volumes
(Thousand Barrels per Day)
Supply and Logistics Volumes
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
1.6
5.1
n Pipeline Volumes(2) n Field Services(3)
Facilities - Cushing Storage
7.6 million Barrels Capacity
Joint Venture Transportation Volumes
n Contracted(1) n Operational / Marketing n Uncontracted
n White Cliffs Pipeline Volumes(4) n Glass Mountain Pipeline Volumes(5)
0.7
18
2013 2014 2015

SemCAMS Avg Throughput Volume (mmcf/d)
600
500
400
300
200
100
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
272.6 285.8
148.2
274.2
340.1 302.5 288.8 254.6 267.4
146.9 152.6
186.1
138.3
97.9
91.9 96.6
93.4 106.0
SemGas Northern OK Avg Processed Volume (mmcf/d)
Capacity Processing Volumes
600
500
400
300
200
100
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
156.9 167.7
251.4 315.9 355.9 369.0 384.2 368.0 336.1
2013 2014 2015
Natural Gas Business
419.5 438.4
334.3
412.5 438.0
394.4 385.3
348.0 373.4
19
2013 2014 2015
Capacity n K3 Plant n KA Plant

SemGroup Consolidated Balance Sheets
(in thousands, unaudited, condensed) December 31,
2015
December 31,
2014
ASSETS
Current assets $ 480,381 $ 479,280
Property, plant and equipment, net 1,566,821 1,256,825
Goodwill and other intangible assets 210,255 231,391
Equity method investments 551,078 577,920
Other noncurrent assets, net 62,155 44,386
Total assets $ 2,870,690 $ 2,589,802
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 31 $ 40
Other current liabilities 376,996 391,622
Total current liabilities 377,027 391,662
Long-term debt, excluding current portion 1,074,597 767,092
Other noncurrent liabilities 222,710 211,611
Total liabilities 1,674,334 1,370,365
Total owners' equity 1,196,356 1,219,437
Total liabilities and owners' equity $ 2,870,690 $ 2,589,802
20

SemGroup Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Year Ended
December 31, September 30, December 31,
2015 2014 2015 2015 2014
Revenues $ 382,493 $ 547,237 $ 397,065 $ 1,455,094 $ 2,122,579
Expenses:
Costs of products sold, exclusive of depreciation
and amortization shown below 268,680 411,655 274,639 979,549 1,623,358
Operating 57,286 67,034 53,267 224,443 246,613
General and administrative 19,094 23,963 23,045 97,366 87,845
Depreciation and amortization 26,452 27,498 26,022 100,882 98,397
Loss (gain) on disposal or impairment, net 9,993 11,959 (951) 11,472 32,592
Total expenses 381,505 542,109 376,022 1,413,712 2,088,805
Earnings from equity method investments 20,687 15,827 16,237 81,386 64,199
Gain on issuance of common units by equity method investee 352 2,121 136 6,385 29,020
Operating income 22,027 23,076 37,416 129,153 126,993
Other expenses (income), net 19,082 (2,196) 17,829 52,807 28,422
Income from continuing operations before income taxes 2,945 25,272 19,587 76,346 98,571
Income tax expense 3,921 12,569 10,006 33,530 46,513
Income (loss) from continuing operations (976) 12,703 9,581 42,816 52,058
Income (loss) from discontinued operations, net of income taxes (1) 4 (1) (4) (1)
Net income (loss) (977) 12,707 9,580 42,812 52,057
Less: net income (loss) attributable to noncontrolling interests (1,661) 4,633 4,707 12,492 22,817
Net income attributable to SemGroup Corporation $ 684 $ 8,074 $ 4,873 $ 30,320 $ 29,240
Net income attributable to SemGroup Corporation $ 684 $ 8,074 $ 4,873 $ 30,320 $ 29,240
Other comprehensive loss, net of income taxes (7,671) (17,669) (20,210) (31,421) (24,287)
Comprehensive income (loss) attributable to SemGroup Corporation $ (6,987) $ (9,595) $ (15,337) $ (1,101) $ 4,953
Net income per common share
Basic $ 0.02 $ 0.19 $ 0.11 $ 0.69 $ 0.69
Diluted $ 0.02 $ 0.18 $ 0.11 $ 0.69 $ 0.68
Weighted average shares (thousands):
Basic 43,824 43,492 43,808 43,787 42,665
Diluted 43,971 43,807 43,971 43,970 42,967
21

SemGroup Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Year Ended
Reconciliation of net income to Adjusted EBITDA: 2015 2014 2015 2015 2014
Net income (loss) $ (977) $ 12,707 $ 9,580 $ 42,812 $ 52,057
Add: Interest expense 19,092 14,650 19,170 69,675 49,044
Add: Income tax expense 3,921 12,569 10,006 33,530 46,513
Add: Depreciation and amortization expense 26,452 27,498 26,022 100,882 98,397
EBITDA 48,488 67,424 64,778 246,899 246,011
Selected Non-Cash Items and
Other Items Impacting Comparability 30,837 15,783 11,171 58,383 41,430
Adjusted EBITDA $ 79,325 $ 83,207 $ 75,949 $ 305,282 $ 287,441
Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 9,993 $ 11,959 $ (951) $ 11,472 $ 32,592
Loss (income) from discontinued operations, net of income taxes 1 (4) 1 4 1
Foreign currency transaction (gain) loss 132 302 (385) (1,067) (86)
Remove NGL equity losses (earnings) including gain on issuance of
common units (346) (387) 742 (11,416) (31,363)
Remove gain on sale of NGL units — (7,463) — (14,517) (34,211)
NGL cash distribution 4,839 5,942 4,752 19,074 23,404
M&A transaction related costs — — — 10,000 —
Inventory valuation adjustments including equity method investees 1,810 7,781 142 3,187 7,781
Employee severance expense 48 101 21 90 220
Unrealized loss (gain) on derivative activities 5,330 (1,078) (4,546) 2,014 (1,734)
Change in fair value of warrants — (10,076) — — 13,423
Depreciation and amortization included within equity earnings 6,173 6,404 6,412 25,307 18,992
Bankruptcy related expenses — 317 33 224 1,310
Charitable contributions — 81 — — 3,379
Legal settlement expense — — 3,394 3,394 —
Recovery of receivables written off at emergence — — — — (664)
Non-cash equity compensation 2,857 1,904 1,556 10,617 8,386
Selected Non-Cash items and
Other Items Impacting Comparability $ 30,837 $ 15,783 $ 11,171 $ 58,383 $ 41,430
22

SemGroup 2016 Adjusted EBITDA Guidance
(1) Guidance is on a cash basis for equity investments in NGL, includes fully consolidated Rose Rock Midstream
(in millions, unaudited) 2016 Guidance(1)
Mid-point
Net income $ 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
23

SemGroup 2016 Cash Available for Dividends Guidance
(1) Guidance is on a cash basis for equity investments in NGL, includes fully consolidated Rose Rock Midstream
(in millions, unaudited) 2016 Guidance(1)
Mid-point
Net income $ 34.0
Add: Income tax expense 10.0
EBITDA 253.0
Selected non-cash and other items impacting comparability (63.0)
SemGroup stand-alone Adjusted EBITDA $ 190.0
Less: Cash interest expense 29.0
Less: Cash paid for income taxes 10.0
Less: Maintenance capital expenditures 45.0
Cash available for dividends $ 106.0
Expected dividends declared $ 79.0
Coverage 1.3x
Selected non-cash and other items impacting comparability
Rose Rock EBITDA $ (148.5)
Rose Rock distributions received, net of General Partner support 74.5
Selected Non-Cash and Other Items Impacting Comparability $ (63.0)
24

Crude Transportation Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 6,057 $ 5,850 $ 12,120 $ 44,771 $ 31,301
Add: Interest expense 254 3,391 267 778 11,727
EBITDA 15,133 20,525 21,409 81,049 76,707
Adjusted EBITDA $ 31,270 $ 29,222 $ 27,996 $ 116,649 $ 98,289
Selected Non-Cash Items and Other Items Impacting Comparability
Loss on disposal or impairment, net $ 9,461 $ 179 $ 27 $ 9,621 $ 467
Employee severance expense 48 — 6 75 9
Depreciation and amortization included within
equity earnings 6,173 6,404 6,412 25,307 18,992
Inventory valuation adjustments including equity method investees 455 2,114 142 597 2,114
25

Crude Facilities Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 6,705 $ 6,203 $ 7,633 $ 27,928 $ 26,921
EBITDA 8,308 7,576 9,084 33,757 32,286
Other Items Impacting Comparability — — — — (34)
Adjusted EBITDA $ 8,308 $ 7,576 $ 9,084 $ 33,757 $ 32,252
Gain on disposal or impairment, net $ — $ — $ — $ — $ (34)
Other Items Impacting Comparability $ — $ — $ — $ — $ (34)
26

Crude Supply and Logistics Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 2,598 $ 9,249 $ 10,216 $ 27,567 $ 24,610
Add: Interest expense 132 122 119 462 502
Add: Depreciation and amortization expense 40 110 40 159 549
EBITDA 2,770 9,481 10,375 28,188 25,661
Other Items Impacting Comparability 6,685 4,684 (4,546) 4,491 4,004
Adjusted EBITDA $ 9,455 $ 14,165 $ 5,829 $ 32,679 $ 29,665
Gain on disposal or impairment, net $ — $ (18) $ — $ (3) $ (42)
Employee severance expense — — — 4 —
Unrealized loss (gain) on derivative activities 5,330 (965) (4,546) 1,900 (1,621)
Inventory valuation adjustments including equity method investees 1,355 5,667 — 2,590 5,667
Other Items Impacting Comparability $ 6,685 $ 4,684 $ (4,546) $ 4,491 $ 4,004
27

SemGas Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 16 $ 8,347 $ 4,754 $ 16,704 $ 6,792
EBITDA 12,259 17,926 16,859 61,669 41,715
Other Items Impacting Comparability 238 305 561 2,777 21,053
Adjusted EBITDA $ 12,497 $ 18,231 $ 17,420 $ 64,446 $ 62,768
Loss (gain) on disposal or impairment, net $ (62) $ — $ 445 $ 1,832 $ 20,092
Employee severance expense — 41 — — 41
Bankruptcy related expenses — 60 — — 150
Non-cash equity compensation 300 204 116 945 770
Other Items Impacting Comparability $ 238 $ 305 $ 561 $ 2,777 $ 21,053
28

SemCAMS Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 3,646 $ 1,714 $ 2,119 $ 7,879 $ 14,318
EBITDA 10,697 8,939 9,948 36,408 45,306
Other Items Impacting Comparability 397 477 (745) 773 590
Adjusted EBITDA $ 11,094 $ 9,416 $ 9,203 $ 37,181 $ 45,896
Gain on disposal or impairment, net $ — $ — $ (917) $ (917) $ (950)
Foreign currency transaction (gain) loss (1) 63 3 103 42
Employee severance — 60 — — 150
Non-cash equity compensation 398 354 169 1,587 2,012
Other Items Impacting Comparability $ 397 $ 477 $ (745) $ 773 $ 590
29

SemLogistics Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income (loss) $ 1,276 $ (3,973) $ (1,077) $ (1,624) $ (10,072)
Add: Interest expense 405 421 433 1,746 1,528
Add: Income tax benefit (1,823) (666) (170) (2,195) (2,231)
EBITDA 2,034 (1,806) 1,359 6,470 (770)
Other Items Impacting Comparability 598 762 670 1,399 (1,083)
Adjusted EBITDA $ 2,632 $ (1,044) $ 2,029 $ 7,869 $ (1,853)
Loss from discontinued operations, net of income taxes $ — $ (5) $ — $ — $ (1)
Loss (gain) on disposal or impariment, net — 5 — — (2,490)
Foreign currency transaction (gain) loss 425 601 596 799 821
Other Items Impacting Comparability $ 598 $ 762 $ 670 $ 1,399 $ (1,083)
30

SemMaterials México Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 42 $ 1,366 $ 2,473 $ 8,725 $ 5,900
Add: Interest expense — — 44 46 166
Add: Income tax expense 215 919 642 2,611 4,053
Add: Depreciation and amortization expense 993 1,493 993 4,076 6,031
EBITDA 1,250 3,778 4,152 15,458 16,150
Other Items Impacting Comparability 234 422 480 1,193 621
Adjusted EBITDA $ 1,484 $ 4,200 $ 4,632 $ 16,651 $ 16,771
Gain (loss) on disposal or impairment, net $ (20) $ (18) $ 124 $ 85 $ (53)
Foreign currency transaction loss 111 330 269 605 279
Other Items Impacting Comparability $ 234 $ 422 $ 480 $ 1,193 $ 621
31

SemStream Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net income $ 1,708 $ 9,165 $ 603 $ 31,283 $ 70,632
Add: Interest expense (1,366) (1,307) (1,352) (5,376) (5,140)
EBITDA 342 7,858 (749) 25,907 65,492
Other Items Impacting Comparability 4,494 (1,908) 5,494 (6,857) (42,165)
Adjusted EBITDA $ 4,836 $ 5,950 $ 4,745 $ 19,050 $ 23,327
Remove NGL equity losses (earnings) including gain on
issuance of common units $ (346) $ (387) $ 742 $ (11,416) $ (31,363)
Bankruptcy related expenses — 1 — — 1
Non-cash equity compensation 1 (1) — 2 4
Other Items Impacting Comparability $ 4,494 $ (1,908) $ 5,494 $ (6,857) $ (42,165)
32

SemGroup Corporate & Other Adjusted EBITDA Calculation
2015 2014 2015 2015 2014
Net loss $ (23,025) $ (25,214) $ (29,261) $ (120,421) $ (118,345)
Add: Depreciation and amortization expense 624 511 544 2,032 2,120
EBITDA (4,305) (6,853) (7,659) (42,007) (56,536)
Adjusted EBITDA $ (2,251) $ (4,509) $ (4,989) $ (23,000) $ (19,674)
Loss from discontinued operations, net of income taxes $ 1 $ 1 $ 1 $ 4 $ 2
Loss (gain) on disposal or impairment, net 614 11,811 (630) 854 15,602
Foreign currency transaction (gain) loss (403) (692) (1,253) (2,574) (1,228)
Employee severance expense — — 15 11 20
Unrealized loss (gain) on derivative activities — (113) — 114 (113)
Legal settlement — — 3,394 3,394 —
Non-cash equity compensation 1,842 1,076 1,110 6,980 4,618
33

SemGroup Cash Available for Dividends
Reconciliation of net income to cash available for dividends: 2015 2014 2015 2015 2014
Net income $ (977) $ 12,707 $ 9,580 $ 42,812 $ 52,057
EBITDA 48,488 67,424 64,778 246,899 246,011
Selected non-cash items and
other items impacting comparability 1,201 (23,307) (12,081) (48,577) (67,292)
SemGroup stand-alone Adjusted EBITDA 49,689 44,117 52,697 198,322 178,719
Less: Cash interest expense 6,227 6,530 6,100 24,902 27,354
Less: Cash paid for income taxes 1,008 5,362 585 7,285 23,519
Less: Maintenance capital expenditures 11,353 5,649 6,031 28,090 18,706
Cash available for dividends $ 31,101 $ 26,576 $ 39,981 $ 138,044 $ 109,140
Dividends declared $ 19,896 $ 14,911 $ 19,677 $ 74,564 $ 49,578
Coverage 1.6x 1.8x 2.0x 1.9x 2.2x
34

SemGroup Cash Available for Dividends (Continued)
2015 2014 2015 2015 2014
Other Items Impacting Comparability
Remove Rose Rock EBITDA (24,691) (36,125) (39,546) (134,859) (124,239)
Rose Rock distributions received 19,602 10,954 19,027 72,520 33,845
White Cliffs equity earnings attributable directly to SemGroup
excluding depreciation and amortization — — — — 9,308
Loss (gain) on disposal or impairment, net (107) 11,870 (978) 1,215 32,273
Loss (income) from discontinued operations, net of income taxes 1 (4) 1 4 1
Foreign currency transaction (gain) loss 132 302 (385) (1,067) (86)
Remove NGL equity earnings including gain on issuance of
common units (346) (387) 742 (11,416) (31,363)
Employee severance expense — 101 3 3 211
Legal settlement expense — — 3,394 3,394 —
Non-cash equity compensation 1,771 1,181 876 6,848 6,117
Other Items Impacting Comparability $ 1,201 $ (23,307) $ (12,081) $ (48,577) $ (67,292)
35

Rose Rock Midstream Consolidated Balance Sheets
(in thousands, unaudited, condensed) December 31,
2015
December 31,
2014(1)
ASSETS
Current assets $ 319,614 $ 274,769
Property, plant and equipment, net 441,596 396,066
Equity method investment 438,291 269,635
Other noncurrent assets, net 58,330 65,793
Total assets $ 1,257,831 $ 1,006,263
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities $ 283,029 $ 265,682
Long-term debt 744,597 432,092
Total liabilities 1,027,626 697,774
Partners’ capital 230,205 308,489
Total liabilities and partners' capital $ 1,257,831 $ 1,006,263
(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline.
The impact to prior periods was not significant
36

1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline. The
impact to prior periods was not significant. The prior period earnings impact was allocated to the general partner
Rose Rock Midstream Consolidated Statements of Income
(in thousands, except per unit data, unaudited) Three Months Ended Year Ended
2015 2014(1) 2015 2015 2014(1)
Revenues, including revenues from affiliates
Product $ 218,020 $ 305,583 $ 211,881 $ 729,993 $ 1,185,456
Service 27,609 30,988 29,205 114,718 112,641
Total revenues 245,629 336,571 241,086 844,711 1,298,097
Expenses, including expenses from affiliates
Costs of products sold, exclusive of depreciation
and amortization 207,155 287,434 195,244 671,769 1,131,362
Operating 19,603 25,607 19,054 83,134 80,160
General and administrative 4,797 5,033 4,339 21,085 19,415
Depreciation and amortization 10,613 12,882 10,634 41,998 40,035
Loss on disposal or impairment, net 10,100 89 27 10,257 319
Total expenses 252,268 331,045 229,298 828,243 1,271,291
Operating income 14,054 23,244 28,903 92,823 84,184
Other expenses:
Interest expense 12,494 8,152 12,491 43,188 21,279
Other expense (income) (24) 1 (9) (38) (20)
Total other expenses, net 12,470 8,153 12,482 43,150 21,259
Net income 1,584 15,091 16,421 49,673 62,925
Less: net income attributable to noncontrolling interests — — — — 7,758
Net income attributable to Rose Rock Midstream, L.P. $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 55,167
37

(in thousands, except per unit data, unaudited) Three Months Ended Year Ended
2015 2014(1) 2015 2015 2014(1)
Net income allocated to general partner $ 5,366 $ 4,077 $ 5,658 $ 21,089 $ 8,142
Net income allocated to common unitholders $ (3,782) $ 6,925 $ 10,763 $ 28,584 $ 32,914
Net income allocated to subordinated unitholders $ — $ 2,826 $ — $ — $ 13,912
Net income (loss) allocated to Class A unitholders $ — $ 1,263 $ — $ — $ 199
Net income (loss) per limited partner unit:
Common unit (basic) $ (0.10) $ 0.34 $ 0.29 $ 0.79 $ 1.69
Common unit (diluted) $ (0.10) $ 0.34 $ 0.29 $ 0.79 $ 1.69
Subordinated unit (basic and diluted) $ — $ 0.34 $ — $ — $ 1.66
Class A unit (basic and diluted) $ — $ 0.34 $ — $ — $ 0.06
Basic weighted average number of limited partner
units outstanding:
Common units 36,796 20,576 36,792 36,302 19,419
Subordinated units — 8,390 — — 8,390
Class A units — 3,750 — — 3,154
Diluted weighted average number of limited partner
units outstanding:
Common units 36,831 20,647 36,831 36,343 19,484
Subordinated units(2) — 8,390 — — 8,390
Class A units(3) — 3,750 — — 3,154
Rose Rock Midstream Consolidated Statements of Income (Continued)
The impact to prior periods was not significant. The prior period earnings impact was allocated to the general partner
(2) The Subordinated Units converted to Common Units on February 17, 2015
(3) The Class A units converted to Common Units on January 1, 201538

Rose Rock Midstream Non-GAAP Financial Data Reconciliations
2015 2014(1) 2015 2015 2014(1)
Reconciliation of operating income to Adjusted gross margin:
Operating income $ 14,054 $ 23,244 $ 28,903 $ 92,823 $ 84,184
Add:
Operating expense 19,603 25,607 19,054 83,134 80,160
General and administrative expense 4,797 5,033 4,339 21,085 19,415
Depreciation and amortization expense 10,613 12,882 10,634 41,998 40,035
Less:
Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621
Adjusted gross margin $ 43,804 $ 48,172 $ 41,296 $ 174,842 $ 165,114
Reconciliation of net income to Adjusted EBITDA:
Net income $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 62,925
Add:
Cash distributions from equity method investments 25,241 21,687 23,602 100,468 66,768
Inventory valuation adjustment 1,355 5,667 — 2,590 5,667
Provision for uncollectible accounts receivable 257 — — 257 —
Non-cash equity compensation 341 238 358 1,354 943
Less:
White Cliffs cash distributions attributable to noncontrolling interests — — — — 11,008
Impact from derivative instruments:
Total gain on derivatives, net 4,955 16,053 6,036 8,145 17,351
Total realized gain (cash flow) on derivatives, net (10,285) (15,088) (1,490) (10,045) (15,730)
Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929
39

2015 2014(1) 2015 2015 2014(1)
Reconciliation of net cash provided by operating activities to
Adjusted EBITDA:
Net cash provided by operating activities $ 30,549 $ 64,823 $ 32,431 $ 82,851 $ 111,093
Less:
Changes in operating assets and liabilities, net 140 31,295 8,710 (28,044) 1,296
White Cliffs cash distributions attributable to noncontrolling
interests — — — — 11,008
Add:
Interest expense, excluding amortization of debt issuance costs 11,664 7,626 11,664 40,322 19,750
Distributions from equity method investments in excess of equity
in earnings 4,549 3,969 6,487 24,113 9,390
Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929
The impact to prior periods was not significant.
40

Transportation Segment
2015 2014(1) 2015 2015 2014(1)
Add:
General and administrative expense 2,610 1,927 2,058 9,154 8,176
Less:
Net income $ 6,066 $ 8,719 $ 12,120 $ 44,781 $ 36,529
Add:
Interest expense 254 859 267 778 2,629
Less:
interests — — — — 11,008
Adjusted EBITDA $ 29,408 $ 25,010 $ 27,923 $ 115,050 $ 71,686
The impact to prior periods was not significant.
41

(in thousands, unaudited)
Three Months Ended Year Ended
2015 2014 2015 2015 2014
Add:
General and administrative expense 1,045 1,060 776 3,594 3,874
Gain on disposal or impairment, net — — — — (34)
Net income $ 6,705 $ 6,203 $ 7,633 $ 27,928 $ 26,921
Add:
Gain on disposal or impairment, net — — — — (34)
Adjusted EBITDA $ 8,308 $ 7,576 $ 9,084 $ 33,757 $ 32,252
Facilities Segment
42

2015 2014 2015 2015 2014
Add:
Operating expense 366 210 281 995 753
General and administrative expense 242 240 176 814 817
Depreciation and amortization expense 40 110 40 159 549
Gain on disposal or impairment, net — (18) — (3) (42)
Less:
Net income $ 2,598 $ 9,249 $ 10,216 $ 27,567 $ 24,610
Add:
Interest expense 132 122 119 462 502
Gain on disposal or impairment, net — (18) — (3) (42)
Less:
Total gain on derivatives, net 4,955 16,053 6,036 8,145 17,351
Total realized gain (cash flow) on derivatives, net (10,285) (15,088) (1,490) (10,045) (15,730)
Adjusted EBITDA $ 9,455 $ 14,165 $ 5,829 $ 32,675 $ 29,665
Supply and Logistics Segment
43

2015 2014 2015 2015 2014
Operating loss $ (1,680) $ (1,907) $ (1,452) $ (8,672) $ (6,985)
Add:
Operating expense (7) 58 2 — 67
General and administrative expense 900 1,806 1,329 7,523 6,548
Loss (gain) on disposal or impairment, net 639 (72) — 639 (72)
Adjusted gross margin $ — $ — $ — $ — $ —
Net loss $ (13,785) $ (9,080) $ (13,548) $ (50,603) $ (25,135)
Add:
Loss (gain) on disposal or impairment, net 639 (72) — 639 (72)
Adjusted EBITDA $ (549) $ (1,628) $ (964) $ (6,152) $ (5,674)
Corporate and Other Segment
44

Rose Rock Midstream 2016 Adjusted EBITDA and DCF Guidance
(in millions, unaudited) 2016 Guidance
Mid-point
Net income $ 48.5
EBITDA $ 148.5
Non-Cash and Other Adjustments 26.5
Adjusted EBITDA $ 175.0
Less:
Cash interest expense 48.0
Maintenance capital expenditures 10.0
Add:
General Partner support 4.0
Distributable cash flow $ 121.0
Expected cash distributions declared $ 121.0
Coverage 1.0x
Non-Cash and Other Adjustments
Earnings from equity method investments $ (77.0)
Cash distributions from equity method investments (1) 102.0
Non-Cash and Other Adjustments $ 26.5
(1) Distributions from equity method investment includes the cash distributions from White Cliffs and Glass Mountain
attributable to Rose Rock
45

Rose Rock Midstream Distributable Cash Flow
2015 2014(1) 2015 2015 2014(1)
Reconciliation of net income to distributable cash flow:
Net income $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 62,925
Add:
EBITDA 24,691 36,125 39,546 134,859 124,239
Add:
Less:
interests — — — — 11,008
Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929
Less:
Cash interest expense 11,640 7,601 11,364 40,222 19,650
Maintenance capital expenditures 2,458 2,275 2,892 11,132 6,511
Distributable cash flow $ 32,524 $ 35,247 $ 27,616 $ 123,976 $ 101,768
Distribution declared $ 30,224 $ 24,269 $ 30,221 $ 118,307 $ 73,756
Distribution coverage ratio 1.08 x 1.45 x 0.91 x 1.05 x 1.38 x
46

(in thousands, unaudited) Year Ended
December 31, 2014
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemStream SemCAMS SemLogistics SemMexico SemGas
Corporate
and other Consolidated
Net income (loss) $ 26,921 $ 26,921 $ 24,610 $ 70,632 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (118,345) $ 47.677
Add: Interest expense — — 502 (5,140) 13,558 1,528 166 8,570 18,133 37.317
Add: Income tax expense (benefit) — 3,135 (2,231) 4,053 — 41,556 46.513
Add: Depreciation and amortization expense 5,365 5,365 549 — 14,295 10,005 6,031 26,353 2,120 70.083
EBITDA 128,602 65,492 45,306 (770) 16,150 41,715 (50,484) 246,011
Other Items Impacting Comparability 21,582 (34) 4,004 (42,165) 590 (1,083) 621 21,053 36,862 41,430
Adjusted EBITDA $ 150,184 $ (34) $ 4,004 $ 23,327 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ (13,622) $ 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 NGL equity earnings including gain on issuance of common
units — (31,363) — — — — — (31,363)
Remove gain on sale of NGL units (34,211) (34,211)
NGL cash distribution — 23,404 — — — — — 23,404
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 — 1 — — — 150 1,159 1,310
Charitable contributions — — — — — — 3,379 3,379
Non-cash equity compensation — 4 2,012 587 395 770 4,618 8,386
Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ (42,165) $ 590 $ (1,083) $ 621 $ 21,053 $ 36,862 $ 41,430
SemGroup Reconciliation of Net Income to Adjusted EBITDA
47

December 31, 2013
Crude SemStream SemCAMS SemLogistics SemMexico SemGas
Corporate
Net income (loss) $ 57,228 $ 38,071 $ (3,136) $ (6,769) $ 5,377 $ 14,701 $ (39,660) $ 65,812
Add: Interest expense 14,923 (4,810) 18,928 1,435 188 3,268 (8,790) 25,142
Add: Income tax expense (benefit) — — 6,348 (5,699) 2,589 — (20,492) (17,254)
Add: Depreciation and amortization expense 23,708 — 10,766 9,426 5,991 14,517 2,001 66,409
EBITDA 95,859 33,261 32,906 (1,607) 14,145 32,486 (66,941) 140,109
Other Items Impacting Comparability 10,764 (15,624) 1,180 111 (722) 1,221 51,979 48,909
Adjusted EBITDA $ 106,623 $ 17,637 $ 34,086 $ (1,496) $ 13,423 $ 33,707 $ (14,962) $ 189,018
Loss (gain) on disposal of long-lived assets, net $ (56) $ 6 $ — $ — $ (854) $ 665 $ — $ (239)
Income from discontinued operations, net of income taxes — — — — — — (59) (59)
Foreign currency transaction (gain) loss — — (23) (391) (177) — (1,042) (1,633)
Remove NGL equity earnings — (33,996) — — — — — (33,996)
Mid-America Midstream Gas Services acquisition cost — — — — — — 3,600 3,600
Employee severance expense 5 — — — — — 33 38
Unrealized gain on derivative activities (974) — — — — — — (974)
equity in earnings of White Cliffs 9,520 — — — — — — 9,520
Bankruptcy related expenses — — — — — — 567 567
Non-cash equity compensation 2,269 45 1,203 502 309 556 2,446 7,330
Other Items Impacting Comparability $ 10,764 $ (15,624) $ 1,180 $ 111 $ (722) $ 1,221 $ 51,979 $ 48,909
48

December 31, 2012
Corporate
Net income (loss) $ 64,554 $ 4,919 $ 4,097 $ (3,552) $ 1,467 $ (264) $ (39,324) $ 31,897
Add: Interest expense (409) (3,449) 18,727 2,486 314 1,461 (10,228) 8,902
Add: Income tax expense (benefit) — — 720 (7,736) 2,285 — 2,653 (2,078)
Add: Depreciation and amortization expense 12,131 — 10,589 9,780 6,171 7,043 2,496 48,210
EBITDA 76,276 1,470 34,133 978 10,237 8,240 (44,403) 86,931
Other Items Impacting Comparability 9,532 6,952 50 514 121 629 30,236 48,034
Adjusted EBITDA $ 85,808 $ 8,422 $ 34,183 $ 1,492 $ 10,358 $ 8,869 $ (14,167) $ 134,965
Loss (gain) on disposal of long-lived assets, net $ (3,501) $ 214 $ — $ — $ (290) $ 46 $ — $ (3,531)
Loss (income) from discontinued operations, net of income taxes — (2,985) — 14 — — 32 (2,939)
Foreign currency transaction (gain) loss — — 26 (370) 190 — 452 298
Remove NGL equity earnings — 403 — — — — — 403
Employee severance expense — — — 159 — — 195 354
Unrealized loss on derivative activities 1,196 — — — — — — 1,196
Defense costs — — — — — — 5,899 5,899
Recovery of receivables written off at emergence — — (858) — — — — (858)
Non-cash equity compensation 1,656 102 882 711 221 583 2,348 6,503
Other Items Impacting Comparability $ 9,532 $ 6,952 $ 50 $ 514 $ 121 $ 629 $ 30,236 $ 48,034
49

December 31, 2011
Corporate and
other Consolidated
Net income (loss) $ 39,241 $ 16,752 $ 2,868 $ (41,440) $ 2,430 $ 6,308 $ (23,347) $ 2,812
Add: Interest expense 3,749 17,152 24,685 1,005 365 2,346 10,836 60,138
Add: Income tax expense (benefit) — — 552 (3,331) 629 — (160) (2,310)
Add: Depreciation and amortization expense 11,379 3,501 10,233 9,271 6,502 5,986 2,951 49,823
EBITDA 54,369 37,405 38,338 (34,495) 9,926 14,640 (9,720) 110,463
Other Items Impacting Comparability 8,293 (48,513) (2,296) 45,283 57 452 1,806 5,082
Adjusted EBITDA $ 62,662 $ (11,108) $ 36,042 $ 10,788 $ 9,983 $ 15,092 $ (7,914) $ 115,545
Loss (gain) on disposal of long-lived assets, net $ 64 $ (45,821) $ (8) $ 44,663 $ (200) $ 4 $ 1,599 $ 301
Loss (income) from discontinued operations, net of income taxes(1) — 9,644 — 30 — — (126) 9,548
Foreign currency transaction (gain) loss — 39 (2,674) 88 18 — (921) (3,450)
Employee severance expense — — 3,855 131 — — 388 4,374
Unrealized gain on derivative activities (787) (13,247) — — — — (80) (14,114)
Change in fair value of warrants — — — — — — (5,012) (5,012)
Reversal of allowance on goods and services tax receivable — — (4,144) — — — — (4,144)
Defense costs — — — — — — 1,000 1,000
Recovery of receivables written off at emergence (2,692) — — — — — — (2,692)
Non-cash equity compensation 1,078 872 675 371 239 448 4,958 8,641
Other Items Impacting Comparability $ 8,293 $ (48,513) $ (2,296) $ 45,283 $ 57 $ 452 $ 1,806 $ 5,082
(1) SemStream Arizona has been reported as a discontinued operation at December 31, 2012.
Prior periods have been recast to conform with the presentation.
50

December 31,
2013 2012 2011
Net income $ 37,515 $ 23,954 $ 23,235
Add:
Interest expense 8,181 1,912 1,823
Depreciation and amortization expense 23,708 12,131 11,379
Distributions from equity method investment 16,999 — —
Non-cash equity compensation 806 308 —
Loss (gain) on disposal of long-lived assets, net (31) (1) 64
Provision for (recovery of) uncollectible accounts receivable — — (916)
Less:
Earnings from equity method investment 17,571 — —
Total gain (loss) on derivatives, net (1,593) 149 (386)
Total realized (gain) loss (cash outflow) on derivatives, net 2,567 (1,345) 1,173
Non-cash unrealized gain (loss) on derivatives, net 974 (1,196) 787
Adjusted EBITDA $ 68,633 $ 39,500 $ 34,798
Rose Rock Reconciliation of Net Income to Adjusted EBITDA
51

Rose Rock Reconciliation of Net Cash Provided by Operating Activities to
Adjusted EBITDA
December 31,
2013 2012 2011
Net cash provided by operating activities $ 72,528 $ 35,097 $ 51,085
Less:
Changes in operating assets and liabilities, net 11,265 (2,850) 18,082
Add:
Interest expense, excluding amortization of debt issuance costs 7,370 1,553 1,795
Adjusted EBITDA $ 68,633 $ 39,500 $ 34,798
52

FOURTH QUARTER AND FULL-YEAR 2015 RESULTS Earnings Call

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