Sem group investor-presentation-march-2018-final

Investor Presentation
Fourth Quarter and Full-Year 2017 Results
March 2018

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Non-GAAP Financial Measures
SemGroup’s non-GAAP measures, Adjusted EBITDA and Total Segment Profit, are not GAAP measures and are not intended to be used in lieu of GAAP
presentation of net income (loss) and operating income, respectively, which are the most closely associated GAAP measures.
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 Energy
Partners LP common 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.
Total Segment Profit represents revenue, less cost of products sold (exclusive of depreciation and amortization) and operating expenses, plus equity earnings
and is adjusted to remove unrealized gains and losses on commodity derivatives and to reflect equity earnings on an EBITDA basis. Reflecting equity earnings
on an EBITDA basis is achieved by adjusting equity earnings to exclude our percentage of interest, taxes, depreciation and amortization from equity earnings for
operated equity method investees. For our investment in NGL Energy, we exclude equity earnings and include cash distributions received. Segment profit is the
measure by which management assess the performance of our reportable segments.
These measures may be used periodically by management when discussing our financial results with investors and analysts and are presented as management
believes they provide additional information and metrics relative to the performance of our businesses. 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 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.
SemGroup does not provide guidance for net income, the GAAP financial measure most directly comparable to the non-GAAP financial measure Adjusted
EBITDA, because Net Income includes items such as unrealized gains or losses on derivative activities or similar items which, because of their nature, cannot
be accurately forecasted. We do not expect that such amounts would be significant to Adjusted EBITDA as they are largely non-cash items.

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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, 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 failure to realize the anticipated benefits of our acquisition of 100 percent of the
equity interests in Buffalo Parent Gulf Coast Terminals LLC, the parent company of Buffalo Gulf Coast Terminals LLC and HFOTCO LLC, doing business as
Houston Fuel Oil Terminal Company (“HFOTCO”); our ability to pay the second payment related to our HFOTCO acquisition and the consequences of our failing to
do so; 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 consequences of any divestitures of non-strategic operating assets or divestitures of interests in some of our
operating assets through partnerships and/or join 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 agreements, continuing covenant
agreement, and the indentures governing our notes, including requirements under our credit agreements and continuing covenant 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; any future
impairment of goodwill resulting from the loss of customers or business; 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 press release, 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: SemGroup Twitter and LinkedIn
Forward-Looking Information

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Ñ 2017: Year of Transition
• Transformed portfolio with addition of stable refinery-facing assets
• Achieved strategic goals, basin diversification and geographic focus
• Raised $800 million as part of capital program
Ñ 2018: Year of Execution
• Execute 2018 operating budget and long-term strategic plan
• Streamline and simplify business with focus on three high quality areas:
◦ Canada, Mid-Continent and Gulf Coast
• Solid growth in earnings driven by secure cash flows
Ñ 2019 & Beyond: Well-Positioned for Strong Value Creation
• New contributions from key projects: Wapiti, Smoke Lake and HFOTCO
Clear Path to Year-Over-Year Growth

5
Over 70% of SemGroup's pro forma revenue is
derived from investment grade counterparties
Over 95% of total LTM gross margin from
fee-based cash flows
Take or Pay Fixed Fee POP/Marketing
700
600
500
400
300
200
100
0
($inmillions)
2014 2015 2016 2017 Investment Grade
Non-Investment Grade
71%
29%51%
38%
11%11%
59%
30%
64%
13%
23%
Company Strengths
1) Pro forma for full-year 2017 HFOTCO acquisition and Maurepas Pipeline
2) Counterparty ratings LTM December 31, 2017; excludes SemLogistics and SemMaterials Mexico
Counterparty Strength(2)
Stable Cash Flows(1)
39%
57%
4%
SemGroup derives a significant portion of cash flows from fixed-fee, contracted
arrangements from credit-worthy counterparties

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2018 Capital Expenditures Guidance
Projects 2Q18 3Q18 4Q18 1H19 2H19 2020+
HFOTCO Ship Dock 5 & Crude Storage Tanks: $120mm(1)
~7x EBITDA multiple
Wapiti Plant: $250mm ~6x EBITDA multiple
Smoke Lake Plant: $50mm ~6x EBITDA multiple
Maintenance Growth
Total Capital Expenditures
($inmillions)
2016 2017 2018e
$52 $45 $40
$255
$307
$447
$492
$310
$350
Canada
Mid-Continent
Gulf Coast
Maintenance
2018 Capex Guidance - $350 million
Spending by Strategic Area
$193
55%
$50
14%
$67
19%
$40
11%
Key Projects Driving Financial Growth 2018, 2019 and beyond
1) Expected SemGroup project spend on HFOTCO projects; excludes ~$65 million spent prior to close. The 7x
multiple is based on the total project cost of $185 million
12%
2018 Capital Expenditures have been risk adjusted for guidance and will not tie to model

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STACK SemGas Canton Pipeline
Canton Pipeline
Ñ 24-inch diameter natural gas pipeline, ~50
miles long
Ñ Originates from SemGroup’s Rose Valley
gas processing facility in Woods County and
extends to north central Blaine County
Ñ Backed by a long-term, firm commitment
from an investment-grade counterparty
Ñ Additional long-term gathering and
processing contract with dedicated acreage
Ñ Initial capacity of 200 mmcf/d, and could be
expanded up to 400 mmcf/d with minimal
capital by adding compression, to serve
other producers in the area
Ñ Project completed December 2017
Ñ Total project cost ~ $60 million
Provides significant operational synergies with our existing assets

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Ñ New 200 mmcf/d sour gas processing plant
Ñ Producer development activity driven by
condensate demand
Ñ Supported by a 120 mmcf/d, 15 year
contract with NuVista
Ñ Total project cost ~ USD $225 - $250 million
Ñ Plant completion estimated 2Q 2019
SemCAMS - New Gas Plants
Wapiti Plant - Montney
Smoke Lake Plant - Duvernay
Ñ New 60 mmcf/d sweet and sour gas
processing plant
Ñ Supported by a 15 year contract with
Murphy Oil company and Athabasca Oil
Corporation
Ñ Total project cost ~ USD $50 million
Ñ Plant completion estimated 4Q 2019
New Smoke
Lake Plant

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HFOTCO Growth Projects
Ñ Complete construction of Ship Dock #5
Ñ 1.45 million barrels of new crude oil storage
Ñ Project backstopped by a 10-year firm
agreement with an investment grade refiner
Ñ Expected project cost ~$185 million; ~$120
million funded by SemGroup
Ñ Expected completion mid-2018
Expansion Project

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DJ Basin
Ñ White Cliffs Pipeline - 51% ownership
• DJ Basin to Cushing, OK
• Two 527-mile, 12-inch pipelines
• 215,000 bpd current capacity
• Currently ships two crude types
▪ DJ Basin crude/condensate
▪ Kansas common
• In negotiations with counterparty to
repurpose one of the pipelines to
NGL service
Ñ 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
• 4-bay truck unloading facility at Briggsdale, CO
Ñ Platteville Truck Unloading Facility
• 30-lane truck unloading facility
• Origin of White Cliffs Pipeline
• 350,000 barrels of storage capacity
Crude Business Overview
U.S. Gulf Coast
Ñ Maurepas Pipeline
• 24-inch, 35 mile crude oil pipeline
connected to LOCAP at St. James
and terminating at Norco refinery
• 12-inch, 35 1/2 mile intermediates
pipeline between Convent and Norco
refineries
• 6-inch, 35 1/2 mile intermediates
pipeline between Norco and Convent
refineries

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Ñ Cushing Storage
• 7.6 million barrels of storage
• Connectivity to all major inbound/outbound pipelines
Ñ Kansas/Oklahoma System
• 455-mile gathering and transportation pipeline
system
• Connects to third-party pipelines, Kansas and
Oklahoma refineries and Cushing terminal
• More than 720,000 barrels of storage capacity
Ñ Isabel Pipeline
• 48 mile, 8-inch crude oil pipeline from Isabel
Junction, KS to Alva, OK
• Connects Kansas barrels to Glass Mountain Pipeline
Crude Business Overview
Oklahoma/Kansas Assets Field Services
Ñ Crude Oil Trucking Fleet
• Fleet of ~215 crude oil transport trucks
• Servicing the Bakken, DJ/Niobrara, Eagle Ford,
STACK, Granite Wash & Mississippi Lime
Crude Operational Summary 1Q17 2Q17 3Q17 4Q17
Crude Transportation
Transportation Volumes (mbbl/d) 179 182 190 193
White Cliffs Pipeline Volumes (mbbl/d) 111 107 105 92
Crude Facilities
Average Cushing Terminal Utilization 100% 94% 94% 100%

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Unique Position on the Houston Ship Channel
1) Fifth ship dock is currently under construction, expected completion mid-2018
2) HFOTCO owns two pipelines
3) Expected completion mid-2018
4) HFOTCO acquisition closed July 17, 2017
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Ñ Land
• 300 acres of waterfront land on the Houston Ship Channel
• 12 acres of undeveloped land at Moore Road Junction, hub
for multiple pipelines
Ñ Storage tanks
• 144 tanks ranging in size from 10 to 400 mbbls
• 16.8 mmbbls of storage capacity
• Additional 1.45 mmbbls currently under construction(3)
Ñ Ship & Barge Docks
• Five ship docks which can receive up to Suez-max vessels
with 45-foot draft(1)
• Seven barge docks (accommodating 23 barge
simultaneously)
Ñ Pipelines, Truck & Rail
• Three crude oil pipelines to four refineries(2)
• 72 rail spots
• 14 trucks spots
HFOTCO Operational Summary 1Q17 2Q17 3Q17 4Q17
Average Terminal Utilization(4)
n/a n/a 98% 99%

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Strong Connectivity to the Houston Refinery Complex
15
Ñ Connects directly or indirectly to crude pipelines serving the Eagle Ford, Permian, Bakken, Midcontinent and Canada

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Ñ HFOTCO terminal currently consists of 16.8 million barrels of storage with an additional
1.45 million barrels of crude oil tankage under construction; expected completion
mid-2018
Ñ Strategically located asset on the Houston Ship Channel with connectivity to the largest
U.S. energy hub
Diversification Focus
• Nearly 2 million barrels of heated storage has been converted to crude oil since 2014
• HFOTCO has increased other products handled, such as VGO, asphalt and carbon
black, from 8% in 2013 to approximately 30% in 2017
HFOTCO Terminal
1) Total capacity includes 1.45 million barrels of tanks under construction. Residual Fuel Oil and Other Products
capacity allocated based on 2017 actual throughput
18.3 million barrels of capacity (1)
Current Terminal Utilization

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HFOTCO Customers
Ñ HFOTCO terminal currently services nearly 30 active customers
Ñ Successfully re-contracted 16% of heated storage during 4Q 2017, representing 100% of
renewals during the quarter
Ñ Current storage demand exceeds available tankage
Ñ Average customer tenure of approximately 15 years, illustrating operational flexibility and
customer service
Key CustomersCustomer Base

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,
Ñ What is IMO 2020?
The decision by the IMO (International Maritime Organization) to reduce the global sulfur limit
of marine fuels by 85% by year 2020
• Upon implementation of the IMO regulation in 2020, it is expected the price of high sulfur fuel oil will
drop considerably
• Shipping will still be the most economical method to move global freight no matter what the fuel
requirements are, the demand for product will be there, freight costs will simply increase
• Some shipowners will install scrubbers initially and more will be installed over time as fuel price
differentials drive higher operating efficiency
• Refiners will most likely invest in hydro treating to produce LSFO which will still require HFOTCO
assets for aggregation and distribution of the product; sulphur middle distillates that may be used as a
replacement fuel will need incremental terminal infrastructure
• Blending sulphur content down will be a major commodity play that will require tankage; There will
always be production of HSFO that will need to clear and storage will be required
• HFOTCO handles products beyond bunker fuel. These include fuel oils for power generation, VGO
and carbon black (for rubber production) that will not be impacted by the IMO regulations
IMO 2020

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SemGas Areas of Operation
Ñ Located in liquids rich oil plays
Ñ Four processing facilities - 595 mmcf/d of current capacity
• ~1,060 miles of gathering lines
Ñ STACK Canton Pipeline - completed(2)
SemGas Natural Gas Business
Northern OK Avg Processing Volumes(1)
(mmcf/d)
1) SemGas volumes include total volumes processed - Northern Oklahoma and Sherman, Texas
2) Completed December 2017, see slide 7 for additional project information
1Q 2Q 3Q 4Q
287 277 265 252
2017

21
1Q 2Q 3Q 4Q
414
349
414 452
Ñ 600 miles of transport and gathering lines
Ñ Strong incumbent position to serve industry’s
growing infrastructure needs
Ñ Wapiti Sour Gas Plant - under construction(3)
Ñ Smoke Lake Gas Plant - announced December 2017(4)
SemCAMS Areas of Operations
SemCAMS Natural Gas Business
Average Throughput Volume(1)
(mmcf/d)
1) SemCAMS volumes include total volumes processed - K3, KA and West Fox Creek facilities
2) Scheduled plant turnaround at K3
3) Expected completion 2Q 2019, see slide 8 for additional project information
4) Expected completion 4Q 2019, see slide 8 for additional project information
(2)
2017

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Ñ Key Highlights
• Net income includes:
◦ $150 million gain on the sale of Glass Mountain Pipeline, offset by approximately $120 million
of non-cash write downs related to the held for sale assets of SemMaterials Mexico and
SemLogistics
◦ Increased deferred tax expense by $18 million primarily due to U.S. tax rate change
• Adjusted EBITDA increased 23% over third quarter, 16% year over year
• Declared 4Q 2017 dividend of $0.4725 per share, resulting in an annualized dividend of $1.89
($ in millions, except per share)
Net Income (loss)(1)
$(10.3) $9.6 $(19.1) $2.6 $(17.2) $2.1
Adjusted EBITDA(2)
60.7 65.4 90.7 111.5 328.3 282.8
Cash Interest Expense 18.0 18.4 29.6 35.2 101.2 55.0
Maintenance Capex 8.3 11.9 12.7 9.6 42.5 50.0
Cash Taxes 1.2 1.7 0.2 4.1 7.2 0.7
Dividend Declared per share $0.4500 $0.4500 $0.4500 $0.4725 $1.8225 $1.8000
1) Net income (loss) attributable to SemGroup
2) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
Fourth Quarter and Full-Year 2017 Results
1Q17 2Q17 3Q17 4Q17 2017 2016

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Segment Profit
Ñ Why change segment reporting metric?
• Recent portfolio changes (acquisition & divestments) driving significant change in corporate allocations
• Segment Profit facilitates comparability across time periods without regard to corporate changes
• More accurate reflection of asset performance, mitigates volatility due to G&A and disposal gains/losses
• Anticipate material changes in corporate cost structure and future cost allocations
Segment profit definition: SemGroup management believes segment profit is a valuable measure of the operating and financial
performance of the company's operating segments. Segment profit is defined as revenue, less cost of products sold (exclusive of
depreciation and amortization) and operating expenses, plus equity earnings and is adjusted to remove unrealized gains and losses on
commodity derivatives and to reflect equity earnings on an EBITDA basis. Reconciliations can be found in the Appendix to this
presentation.
Segment Reporting Change, Tax Reform & FERC
Tax Reform Changes
Ñ No U.S. cash taxes forecasted through 2021
• No significant impact expected on our U.S. cash tax position
• Deferred tax assets & liabilities restated at December 31, 2017, to reflect federal rate reduction to 21%
FERC
Ñ No expected FERC related tariff rate adjustments from FERC Revised Policy Statement
• SemGroup is structured as a C-Corp and does not have any pipelines subject to FERC jurisdiction
other than its interest in one joint venture oil pipeline that utilizes negotiated rate tariffs and is not
impacted by the revised policy statement

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($ in millions)
Crude Transportation $28.3 $29.0 $34.6 $41.6 $133.5 $119.7
Crude - Facilities 9.6 9.5 8.8 14.1 42.0 47.0
Crude - Supply and Logistics (2.4) (2.2) (1.7) (1.5) (7.8) 24.0
HFOTCO(1)
— — 28.5 33.0 61.5 —
SemGas 18.2 19.5 15.6 14.5 67.8 66.5
SemCAMS 16.9 19.0 16.7 23.7 76.3 53.3
Corporate/Other 8.3 8.3 8.4 8.2 33.2 39.5
Total Segment Profit(2)
$78.9 $83.1 $110.9 $133.6 $406.5 $350.0
2017 2016
Segment Profit
1) HFOTCO acquisition closed July 17, 2017
2) Segment profit to previously reported segment Adjusted EBITDA reconciliations are included in the Appendix
to this presentation
Ñ Fourth Quarter 2017 vs Third Quarter 2017
• Crude Transportation increase was driven by a full quarter contribution from Maurepas Pipeline partially
offset by lower White Cliffs Pipeline volumes
• Crude Facilities recognized approximately $5 million related to a take-or-pay deficiency at Platteville
• HFOTCO contributed $33 million in its first full-quarter as a SemGroup asset
• SemGas decreased reflecting weaker Mississippi Lime volumes in the fourth quarter
• SemCAMS reflects a $3.5 million increase due to a take-or-pay deficiency recognition and producer
recoveries, coupled with an increase in volumes
1Q17 2Q17 3Q17 4Q17

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($inmillions)
2016 2017 2018E
$283
$328
$294.5
2016 - 2018 CAGR of ~20%
2018 Adjusted EBITDA Guidance
$385 - $415
($ in millions)
2018 Adjusted EBITDA $385 - $415
Continuing Portfolio Transformation through 2018 for Long-Term Financial Strength
Ñ Growing earnings while improving quality of earnings
Ñ Divestments contributed $34 million of 2017 Adjusted EBITDA
Ñ Additional EBITDA to come online in 2019 already contracted
1) Divested assets include Glass Mountain Pipeline, SemMaterials Mexico and SemLogistics
Divested
Assets(1)
HFOTCO
&
Maurepas
full-year
earnings
Key Guidance Assumptions
Crude
White Cliffs Pipeline Average Volumes (mbbl/d) 100-110
Average Cushing Terminal Utilization 95-100%
SemGas
Average Processing Volumes (mmcf/d) 375-400
SemCAMS
Average Throughput Volumes (mmcf/d) 425-440
HFOTCO
Average Terminal Utilization 95-100%
Ñ 2018 divestments contribute ~$9 million of 2018 Adjusted EBITDA
• Assumed closing dates:
◦ SemMaterials Mexico: March 31, 2018
◦ SemLogistics: June 30, 2018
Ñ SemCAMS - KA plant turnaround in 2Q18
Ñ Assume no U.S. cash taxes and minimal foreign cash taxes in 2018

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Leverage and Liquidity
($ in millions, unaudited) 12/31/2017
SemGroup (B2 / B+)(1)
Revolving Credit Facility - $1.0 Billion due 2021 $ 131
5.625% Senior unsecured notes due 2022 400
Total SEMG Debt $ 1,506
HFOTCO (Ba3 / BB-)(1)
Revolving Credit Facility - $75 Million due 2019 60
Term Loan due 2021 532
Hurricane Ike Bonds due 2050 225
Total HFOTCO Debt $ 817
Leverage Metrics
SEMG Covenant Net Leverage Ratio (max 5.5x)(2)
3.8x
HFOTCO Covenant Net Leverage Ratio (max 7.5x)(3)
7.0x
Consolidated Net Leverage Ratio(4)
5.1x
Consolidated Available Liquidity(5)
$ 928.7
1) Moody's / S&P Corporate Family Rating
2) Calculated per SEMG revolving credit agreement definitions which includes material project adjustments and HFOTCO distributions
3) Calculated per HFOTCO revolving credit agreement definition
4) Calculated as consolidated net debt to consolidated covenant EBITDA which includes material project adjustments
5) Available liquidity is reduced for outstanding letters of credit; does not include Mexico cash

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Consolidated Balance Sheets
(in thousands, unaudited, condensed) December 31,
2017
December 31,
2016
ASSETS
Current assets $ 902,899 $ 635,874
Property, plant and equipment, net 3,315,131 1,762,072
Goodwill and other intangible assets 655,945 185,208
Equity method investments 285,281 434,289
Other noncurrent assets, net 132,600 57,529
Noncurrent assets held for sale 84,961 —
Total assets $ 5,376,817 $ 3,074,972
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 5,525 $ 26
Other current liabilities 761,036 488,329
Total current liabilities 766,561 488,355
Long-term debt, excluding current portion 2,853,095 1,050,918
Other noncurrent liabilities 85,080 89,734
Noncurrent liabilities held for sale 13,716 —
Total liabilities 3,718,452 1,629,007
Total owners' equity 1,658,365 1,445,965
Total liabilities and owners' equity $ 5,376,817 $ 3,074,972
29

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Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited, condensed) 2017
Q1 Q2 Q3 Q4 FY2017
Revenues $ 456,100 $ 473,089 $ 545,922 $ 606,806 $ 2,081,917
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown
below 348,998 340,107 398,252 427,534 1,514,891
Operating 52,083 73,346 62,666 66,669 254,764
General and administrative 21,644 26,752 35,210 26,767 110,373
Depreciation and amortization 24,599 25,602 50,135 58,085 158,421
Loss (gain) on disposal or impairment, net 2,410 (234) 41,625 (30,468) 13,333
Total expenses 449,734 465,573 587,888 548,587 2,051,782
Earnings from equity method investments 17,091 17,753 17,367 15,120 67,331
Operating income (loss) 23,457 25,269 (24,599) 73,339 97,466
Other expenses, net 33,639 12,033 31,753 39,579 117,004
Income (loss) from continuing operations before income taxes (10,182) 13,236 (56,352) 33,760 (19,538)
Income tax expense (benefit) 95 3,625 (37,249) 31,141 (2,388)
Net income (loss) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Net income (loss) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Other comprehensive income (loss), net of income taxes 6,033 8,952 9,230 (4,102) 20,113
Comprehensive income (loss) $ (4,244) $ 18,563 $ (9,873) $ (1,483) $ 2,963
Net income (loss) per common share:
Basic $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24)
Diluted $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24)
Weighted average shares (thousands):
Basic 65,692 65,749 75,974 78,189 71,418
Diluted 65,692 66,277 75,974 78,749 71,418

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Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited, condensed) 2016
Q1 Q2 Q3 Q4 FY2016
Revenues $ 314,851 $ 287,377 $ 327,764 $ 402,172 $ 1,332,164
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown
below 196,947 176,842 218,503 281,139 873,431
Operating 50,192 54,707 52,636 54,564 212,099
General and administrative 21,060 20,775 20,583 21,490 83,908
Loss on disposal or impairment, net 13,307 1,685 1,018 38 16,048
Total expenses 305,557 279,064 317,662 382,007 1,284,290
Earnings from equity method investments 23,071 17,078 15,845 17,763 73,757
Gain on issuance of common units by equity method investee (41) — — — (41)
Operating income 32,324 25,391 25,947 37,928 121,590
Other expenses, net 58,622 9,944 18,684 9,809 97,059
Income (loss) from continuing operations before income taxes (26,298) 15,447 7,263 28,119 24,531
Income tax expense (benefit) (21,407) 4,658 11,898 16,119 11,268
Income (loss) from continuing operations (4,891) 10,789 (4,635) 12,000 13,263
Income (loss) from discontinued operations, net of income taxes (2) (2) 3 — (1)
Net income (loss) (4,893) 10,787 (4,632) 12,000 13,262
Less: net income attributable to noncontrolling interests 9,020 1,922 225 — 11,167
Net income (loss) attributable to SemGroup Corporation (13,913) 8,865 (4,857) 12,000 2,095
Net income (loss) attributable to SemGroup Corporation (13,913) 8,865 (4,857) 12,000 2,095
Other comprehensive income (loss), net of income taxes (4,109) 6,591 (7,051) (10,783) (15,352)
Comprehensive income (loss) attributable to SemGroup Corporation $ (18,022) $ 15,456 $ (11,908) $ 1,217 $ (13,257)
Net income (loss) per common share:
Basic $ (0.32) $ 0.20 $ (0.09) $ 0.18 $ 0.04
Diluted $ (0.32) $ 0.19 $ (0.09) $ 0.18 $ 0.04
Weighted average shares (thousands):
Basic 43,870 45,236 52,642 65,754 51,889
Diluted 43,870 45,647 52,642 66,326 52,281
31

32
(in thousands, unaudited) 2017
Segment Profit: Q1 Q2 Q3 Q4 FY2017
Crude Transportation $ 28,251 $ 29,028 $ 34,585 $ 41,641 $ 133,505
Crude Facilities 9,564 9,481 8,806 14,116 41,967
Crude Supply and Logistics (2,428) (2,173) (1,693) (1,507) (7,801)
HFOTCO — — 28,504 33,032 61,536
SemGas 18,227 19,484 15,555 14,539 67,805
SemCAMS 16,865 19,037 16,704 23,668 76,274
Corporate and other 8,367 8,296 8,421 8,153 33,237
Total Segment Profit 78,846 83,153 110,882 133,642 406,523
Less:
General and administrative expense 21,644 26,752 35,210 26,767 110,373
Other expense (income) (150) (441) (211) (424) (1,226)
Pension curtailment gain (loss) — — 3,097 (89) 3,008
Plus:
M&A related costs — 5,453 14,886 1,649 21,988
Employee severance and relocation 558 312 104 720 1,694
Non-cash equity compensation 2,757 2,803 2,957 1,736 10,253
Consolidated Adjusted EBITDA $ 60,667 $ 65,410 $ 90,733 $ 111,493 $ 328,303
Segment Profit and Adjusted EBITDA
32

33
Segment Profit: Q1 Q2 Q3 Q4 FY2016
Crude Transportation $ 33,170 $ 28,122 $ 29,000 $ 29,434 $ 119,726
Crude Facilities 10,761 10,404 10,380 15,494 47,039
Crude Supply and Logistics 9,886 10,572 3,532 13 24,003
SemGas 14,305 14,678 18,320 19,227 66,530
SemCAMS 13,734 12,531 16,488 10,511 53,264
Corporate and other 13,559 8,214 8,238 9,523 39,534
Total Segment Profit 95,415 84,521 85,958 84,202 350,096
Less:
Other expense (income) (188) (490) (492) 176 (994)
Plus:
M&A related costs — — 3,269 — 3,269
Employee severance and relocation 259 836 534 499 2,128
Consolidated Adjusted EBITDA $ 77,668 $ 67,632 $ 71,290 $ 66,205 $ 282,795
Segment Profit and Adjusted EBITDA
33

34
Non-GAAP Adjusted EBITDA Calculation
Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 Q4 FY2017
Net income (loss) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Add: Interest expense 13,867 13,477 32,711 42,954 103,009
Add: Income tax expense (benefit) 95 3,625 (37,249) 31,141 (2,388)
Add: Depreciation and amortization expense 24,599 25,602 50,135 58,085 158,421
EBITDA 28,284 52,315 26,494 134,799 241,892
Selected Non-Cash Items and
Other Items Impacting Comparability 32,383 13,095 64,239 (23,306) 86,411
Adjusted EBITDA $ 60,667 $ 65,410 $ 90,733 $ 111,493 $ 328,303
Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 2,410 $ (234) $ 41,625 $ (30,468) $ 13,333
Foreign currency transaction loss (gain) — (1,011) (747) (2,951) (4,709)
Adjustments to reflect equity earnings on an EBITDA basis 6,709 6,692 6,678 6,811 26,890
M&A transaction related costs — 5,453 14,886 1,649 21,988
Pension plan curtailment gain — — (3,097) 89 (3,008)
Employee severance and relocation expense 558 312 104 720 1,694
Unrealized loss (gain) on derivative activities 27 (928) 1,833 (892) 40
Loss on early extinguishment of debt 19,922 8 — — 19,930
Selected Non-Cash items and
Other Items Impacting Comparability $ 32,383 $ 13,095 $ 64,239 $ (23,306) $ 86,411
34

35
Non-GAAP Adjusted EBITDA Calculation
Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 Q4 FY2016
Net income (loss) $ (4,893) $ 10,787 $ (4,632) $ 12,000 $ 13,262
Add: Interest expense 17,577 18,011 18,517 8,545 62,650
Add: Income tax expense (benefit) (21,407) 4,658 11,898 16,119 11,268
Add: Depreciation and amortization expense 24,051 25,055 24,922 24,776 98,804
EBITDA 15,328 58,511 50,705 61,440 185,984
Other Items Impacting Comparability 62,340 9,121 20,585 4,765 96,811
Adjusted EBITDA $ 77,668 $ 67,632 $ 71,290 $ 66,205 $ 282,795
Other Items Impacting Comparability
Loss on disposal or impairment, net $ 13,307 $ 1,685 $ 1,018 $ 38 $ 16,048
Loss (income) from discontinued operations, net of income
taxes 2 2 (3) — 1
Foreign currency transaction loss 1,469 1,543 659 1,088 4,759
Remove loss (gain) on sale or impairment of NGL units 39,764 (9,120) — — 30,644
M&A transaction related costs — — 3,269 — 3,269
Employee severance and relocation expense 259 836 534 499 2,128
Unrealized loss (gain) on derivative activities (4,548) 4,477 6,167 (5,107) 989
Selected Non-Cash items and
Other Items Impacting Comparability $ 62,340 $ 9,121 $ 20,585 $ 4,765 $ 96,811
35

36
Reconciliation of Operating Income to Total Segment Profit
Q1 Q2 Q3 Q4 FY2017
Operating income (loss) $ 23,457 $ 25,269 $ (24,599) $ 73,339 $ 97,466
Plus:
Unrealized loss (gain) on derivatives 27 (928) 1,833 (892) 40
Loss (gain) on disposal or impairment, net 2,410 (234) 41,625 (30,468) 13,333
Total Segment Profit $ 78,846 $ 83,153 $ 110,882 $ 133,642 $ 406,523
36

37
Reconciliation of Operating Income to Total Segment Profit
Q1 Q2 Q3 Q4 FY2016
Operating income $ 32,324 $ 25,391 $ 25,947 $ 37,928 $ 121,590
Plus:
Unrealized loss (gain) on derivatives (4,548) 4,477 6,167 (5,107) 989
Loss on disposal or impairment, net 13,307 1,685 1,018 38 16,048
Total Segment Profit $ 95,415 $ 84,521 $ 85,958 $ 84,202 $ 350,096
37

38
(in thousands, unaudited) 2017 2016
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit $ 28,251 $ 29,028 $ 34,585 $ 41,641 $ 133,505 $ 33,170 $ 28,122 $ 29,000 $ 29,434 $ 119,726
Less:
General and administrative expense 2,716 3,797 2,580 1,755 10,848 1,146 1,109 1,188 3,473 6,916
Other income (2) — (4) — (6) (1) — (4) — (5)
Plus:
Employee severance and relocation 115 — — 4 119 — 102 33 97 232
Adjusted EBITDA $ 25,652 $ 25,231 $ 32,009 $ 39,890 $ 122,782 $ 32,025 $ 27,115 $ 27,849 $ 26,058 $ 113,047
Crude Transportation Segment Profit and Adjusted EBITDA
38
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit $ 9,564 $ 9,481 $ 8,806 $ 14,116 $ 41,967 $ 10,761 $ 10,404 $ 10,380 $ 15,494 $ 47,039
Less:
General and administrative expense 602 604 309 500 2,015 1,174 1,033 701 1,614 4,522
Plus:
Employee severance and relocation 54 — — 4 58 — 4 2 — 6
Adjusted EBITDA $ 9,016 $ 8,877 $ 8,497 $ 13,620 $ 40,010 $ 9,587 $ 9,375 $ 9,681 $ 13,880 $ 42,523
Crude Facilities Segment Profit and Adjusted EBITDA

39
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit (Loss) $ (2,428) $ (2,173) $ (1,693) $ (1,507) $ (7,801) $ 9,886 $ 10,572 $ 3,532 $ 13 $ 24,003
Less:
General and administrative expense 1,187 1,291 675 982 4,135 566 503 381 1,906 3,356
Plus:
Employee severance and relocation 143 — — — 143 — — — — —
Adjusted EBITDA $ (3,472) $ (3,464) $ (2,368) $ (2,489) $ (11,793) $ 9,320 $ 10,069 $ 3,151 $ (1,893) $ 20,647
Crude Supply and Logistics Segment Profit and Adjusted EBITDA
39

40
Q1 Q2 Q3 Q4 FY2017
Segment Profit $ — $ — $ 28,504 $ 33,032 $ 61,536
Less:
General and administrative expense — — 1,267 5,690 6,957
Other income — — (25) (20) (45)
Pension curtailment gain (loss) — — 3,097 (89) 3,008
Plus:
M&A related costs — — 1,283 1,553 2,836
Adjusted EBITDA $ — $ — $ 25,448 $ 29,004 $ 54,452
HFOTCO Segment Profit and Adjusted EBITDA
40
Note: HFOTCO acquisition closed July 17, 2017

41
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit $ 18,227 $ 19,484 $ 15,555 $ 14,539 $ 67,805 $ 14,305 $ 14,678 $ 18,320 $ 19,227 $ 66,530
Less:
Other income — — (4) (7) (11) — — — — —
Plus:
Employee severance and relocation — 45 5 (1) 49 — 13 — — 13
Non-cash equity compensation 297 302 243 275 1,117 339 244 125 266 974
Adjusted EBITDA $ 16,067 $ 17,001 $ 13,167 $ 12,811 $ 59,046 $ 12,399 $ 12,560 $ 16,321 $ 16,900 $ 58,180
SemGas Segment Profit and Adjusted EBITDA
41
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit $ 16,865 $ 19,037 $ 16,704 $ 23,668 $ 76,274 $ 13,734 $ 12,531 $ 16,488 $ 10,511 $ 53,264
Less:
Other expense (income) — — 1 (8) (7) — — — 1 1
Plus:
Employee severance and relocation — 1 16 — 17 — — 1 — 1
Non-cash equity compensation 479 440 375 184 1,478 377 382 123 369 1,251
Adjusted EBITDA $ 12,520 $ 15,893 $ 12,227 $ 19,346 $ 59,986 $ 10,281 $ 9,382 $ 13,191 $ 7,298 $ 40,152
SemCAMS Segment Profit and Adjusted EBITDA

42
Q1 Q2 Q3 Q4 FY2017 Q1 Q2 Q3 Q4 FY2016
Segment Profit $ 8,367 $ 8,296 $ 8,421 $ 8,153 $ 33,237 $ 13,559 $ 8,214 $ 8,238 $ 9,523 $ 39,534
Less:
Other expense (income) (148) (441) (179) (389) (1,157) (187) (490) (488) 175 (990)
Plus:
M&A related costs — 5,453 13,603 96 19,152 — — 3,269 — 3,269
Employee severance and relocation 246 266 83 713 1,308 259 717 498 402 1,876
Non-cash equity compensation 1,981 2,061 2,339 1,277 7,658 2,150 1,934 1,372 2,535 7,991
Adjusted EBITDA $ 884 $ 1,872 $ 1,753 $ (689) $ 3,820 $ 4,056 $ (869) $ 1,097 $ 3,962 $ 8,246
Corporate and Other Segment Profit and Adjusted EBITDA
42

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