Sem group earnings presentation q2 2016 final

Second Quarter 2016 Results
Earnings Conference Call - August 5, 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 closing, expected timing, and benefits of the
proposed transaction pursuant to which SemGroup Corporation (“SemGroup”) will acquire all of the outstanding common units of its subsidiary, Rose Rock
Midstream, L.P. (“Rose Rock”), not already owned by SemGroup; the ability of 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 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

In connection with the proposed merger of SemGroup and Rose Rock, SemGroup filed a registration statement on Form S-4 with the Securities and Exchange
Commission (the "Commission") that includes a joint solicitation statement/prospectus and other relevant documents concerning the proposed transaction. YOU
ARE URGED TO READ THE JOINT SOLICITATION STATEMENT/PROSPECTUS AND THE OTHER RELEVANT DOCUMENTS FILED WITH THE
COMMISSION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT SemGroup, Rose Rock AND THE PROPOSED TRANSACTION. The joint
solicitation statement/prospectus and the other documents filed with the Commission may be obtained free of charge at the Commission’s website, www.sec.gov.
In addition, you may obtain free copies of the joint solicitation statement/prospectus and the other documents filed by SemGroup and Rose Rock with the
Commission by requesting them in writing from SemGroup Corporation, Two Warren Place, 6120 S. Yale Avenue, Suite 700, Tulsa, Oklahoma 74136-4216,
Attention: Investor Relations, or by telephone at (918) 524-8100, or from Rose Rock Midstream, L.P., Two Warren Place, 6120 S. Yale Avenue, Suite 700, Tulsa,
Oklahoma 74136-4216, Attention: Investor Relations, or by telephone at (918) 524-7700.
SemGroup and Rose Rock and their respective directors and executive officers may be deemed under the rules of the Commission to be participants (as defined in
Schedule 14A under the Exchange Act) in respect of the proposed transaction. Information about SemGroup’s directors and executive officers and their ownership
of SemGroup common stock is set forth in SemGroup’s proxy statement on Schedule 14A filed on April 13, 2016 with the Commission. Information about the
directors and executive officers and their ownership of RRMS common units representing limited partnership interests is set forth in Rose Rock’s Annual Report on
Form 10-K for the year ended December 31, 2015 filed on February 26, 2016 with the Commission. Information regarding the identity of the potential participants,
and their direct or indirect interests in the proposed transaction, by security holdings or otherwise, is contained in the joint solicitation statement/prospectus and
other materials filed by SemGroup with the Commission, as amended from time to time. Stockholders may obtain additional information about the interests of the
directors and executive officers in the proposed transaction by reading the joint solicitation statement/prospectus.
3
Where You Can Find Additional Information

Non-GAAP Financial Measures
This presentation includes financial measures which are not U.S. generally accepted accounting principles (GAAP) measures and are not intended to be used in
lieu of GAAP measures. 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
SemGroup’s non-GAAP measures, Adjusted EBITDA and cash available for dividends, are not GAAP measures and are not intended to be used in lieu of GAAP
presentation of net income (loss), which is the most closely associated GAAP measure. Adjusted EBITDA represents earnings before interest, taxes, depreciation
and amortization, adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. 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.
Rose Rock Midstream
Rose Rock’s non-GAAP financial measures, Adjusted gross margin, Adjusted EBITDA and distributable cash flow, are not GAAP measures and are not intended to
be used in lieu of GAAP presentation of operating income (loss) which is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss)
and cash provided by (used in) operating activities which are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) which is
the GAAP measure most directly comparable to distributable cash flow. Adjusted gross margin represents total revenues minus cost of products sold and
unrealized gain (loss) on derivatives. Adjusted EBITDA represents net income before interest expense, income tax expense (benefit), depreciation and
amortization, earnings from equity method investments and any other non-cash adjustments to reconcile net income to net cash provided by operating activities
plus cash distributions from equity method investments. Distributable cash flow represents Adjusted EBITDA, as described above, adjusted to exclude cash
income taxes, cash interest expense and maintenance capital expenditures.
4

$400
$300
$200
$100
$0
2014 2015 2016E
SEMG Adjusted EBITDA
(in millions)
$305
$287
$270 - $320
5
$300
$200
$100
$0
2014 2015 2016E
RRMS Adjusted EBITDA
(in millions)
$175
$128
$165 - $185
Adjusted EBITDA(1)
2Q 2016 1Q 2016 2016 Guidance
SemGroup(2) $67.6 million $77.7 million $270 - $320 million
Rose Rock Midstream $44.9 million $49.0 million $165 - $185 million
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
(2) SemGroup includes fully consolidated Rose Rock Midstream

2016 Capital Expenditure Guidance
2016 Capital Expenditures – $455 million
n Maurepas Pipeline
n Rose Rock Midstream
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 early 2017): $325 million
• Isabel Pipeline (completed March 2016): $9 million
- Natural Gas Projects
• Northern OK well connects & compression: $15 million
• KA Plant Projects: $18 million
• Wapiti Pipeline Expansion (expected completion 3Q 2016): $9
million
- Maintenance Capital
• SemGroup: $45 million
• Rose Rock: $10 million
¬ Focus on completing projects already in progress and
maintain existing assets
¬ Prudent organic capital investments at attractive EBITDA
multiples
6
$25
5%

7
SemGroup(1)
As Reported (in millions, excluding EPS, unaudited) 2Q 2016 1Q 2016
Net income (loss) attributable to SemGroup $ 8.0 $ (15.3)
Net income (loss) per share - diluted $ 0.18 $ (0.35)
EBITDA(2) $ 58.5 $ 15.3
Selected Non-Cash Items and Other Items Impacting Comparability(2) $ 9.1 $ 62.4
Adjusted EBITDA(2) $ 67.6 $ 77.7
Rose Rock
As Reported (in millions, excluding EPU, unaudited) 2Q 2016 1Q 2016
Net income $ 9.9 $ 26.5
Net income per unit - diluted $ 0.12 $ 0.56
EBITDA(2) $ 30.6 $ 46.8
Selected Non-Cash Items and Other Items Impacting Comparability(2) $ 14.3 $ 2.2
Adjusted EBITDA(2) $ 44.9 $ 49.0

Second Quarter 2016 Adjusted EBITDA(1)
(3) Rose Rock Transportation segment adjusted EBITDA includes equity method investments on a cash basis
Segment Adjusted EBITDA
(in millions, unaudited) 2Q 2016 1Q 2016
Crude - Transportation $27.1 $32.0
Crude - Facilities 9.4 9.6
Crude - Supply and Logistics 10.1 9.3
SemGas 12.5 12.4
SemCAMS 9.3 10.3
SemLogistics 2.2 2.8
SemMaterials Mexico 2.6 2.6
Corporate and Other (5.6) (1.3)
SemGroup(2) $67.6 $77.7
Transportation(3) $27.8 $31.8
Facilities 9.4 9.6
Supply and Logistics 10.1 9.3
Corporate and Other (2.4) (1.7)
Rose Rock Midstream $44.9 $49.0
8

Leverage & Liquidity
SemGroup(1) Rose Rock
(in millions, unaudited) June 30, 2016 June 30, 2016
$500 million revolver - 2018
$585 million revolver - 2018 $41.0
7.500% Senior unsecured notes - 2021 $300.0
5.625% Senior unsecured notes - 2022 400.0
5.625% Senior unsecured notes - 2023 350.0
Total consolidated debt $300.0 $791.0
Compliance leverage ratio(2) 0.4x 4.2x
Target leverage 3.0x 4.5x
Liquidity:
Cash and cash equivalents(3) $226.5 $7.9
Revolver availability(4) 494.0 506.3
Total liquidity $720.5 $514.2
(1) SemGroup stand-alone basis
(2) Calculated per revolving credit agreement definitions; maximum total leverage covenant of 5.5x
(3) SemGroup cash excludes Rose Rock and SemMaterials Mexico
(4) Revolver availability excludes outstanding letters of credit
$1.2 Billion of Combined Liquidity
9

10
A Look Ahead
Strong Balance
Sheet
High Return Growth
Projects & Strategic
Acquisitions
Focus on Portfolio
Balance and Secure
Cash Flows
Dividend Growth
Beyond 2016

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 June 30, 2016
Fixed Fee Variable Fee Marketing
SemGas 75% 25%
SemCAMS 100%
SemLogistics 100%
SemMaterials Mexico 100%
White Cliffs Pipeline 100%
Rose Rock Midstream 84% 16%
Margin Contribution(1)
n Fixed Fee n Variable Fee n Marketing
88%
7%
5%
12

250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q
125.6
151.0 157.2
191.2 209.8 198.5
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q
111.1 119.1 109.4 109.6 102.4 111.3
76.8
93.2 91.6 91.5 93.8 86.3
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q
139.2 121.3 120.7 130.3 142.3 124.9
64.9
71.8 61.5 59.9
58.9
52.5
2015 2016
Crude Key Performance Metrics
(1) Weighted average term of storage contracts
(2) Prior period volumes recast to include intersegment volumes for comparability
(3) Volumes on pipelines 100% owned by RRMS
(4) Reflects 100% throughput on Joint Venture pipelines
Transportation Volumes
(Thousand Barrels per Day)
Supply and Logistics Volumes(2)
(Thousand Barrels per Day)
Facilities - Cushing Storage
7.6 million Barrels Capacity
Joint Venture Transportation Volumes
(Thousand Barrels per Day)(4)
n Third-party contracted(1) n Operational / Marketing n Uncontracted
n White Cliffs Pipeline n Glass Mountain Pipeline
0.7
13
2015 2016
2015 2016
187.9
212.3 201.0 201.1 196.2
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 Pipelines(3) n Field Services
197.6

SemCAMS Avg Throughput Volume (mmcf/d)
600
500
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q
302.5 288.8 254.6 267.4 270.4
157.0
91.9 96.6
93.4 106.0 114.3
147.1
SemGas Northern OK Avg Processed Volume (mmcf/d)
Capacity Processing Volumes
600
500
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q
369.0 384.2 368.0 336.1 325.9 290.6
2015 2016
Natural Gas Key Performance Metrics
384.7394.4 385.3
348.0 373.4
14
2015 2016
Capacity n K3 Plant n KA Plant
304.1

SemGroup Consolidated Balance Sheets
(in thousands, unaudited, condensed) June 30,
2016
December 31,
2015
ASSETS
Current assets $ 765,603 $ 480,381
Property, plant and equipment, net 1,648,962 1,566,821
Goodwill and other intangible assets 191,315 210,255
Equity method investments 446,938 551,078
Other noncurrent assets, net 44,156 45,374
Total assets $ 3,096,974 $ 2,853,909
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 25 $ 31
Other current liabilities 443,938 376,996
Total current liabilities 443,963 377,027
Long-term debt, excluding current portion 1,070,363 1,057,816
Other noncurrent liabilities 207,320 222,710
Total liabilities 1,721,646 1,657,553
Total owners' equity 1,375,328 1,196,356
Total liabilities and owners' equity $ 3,096,974 $ 2,853,909
15

SemGroup Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Six Months Ended
June 30, March 31, June 30,
2016 2015 2016 2016 2015
Revenues $ 287,377 $ 377,226 $ 314,851 $ 602,228 $ 675,536
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below 176,842 244,158 196,947 373,789 436,230
Operating 54,707 60,800 50,192 104,899 113,890
General and administrative 20,775 22,917 21,060 41,835 55,227
Depreciation and amortization 25,048 24,674 24,047 49,095 48,408
Loss on disposal or impairment, net 1,685 1,372 13,307 14,992 2,430
Total expenses 279,057 353,921 305,553 584,610 656,185
Earnings from equity method investments 17,078 23,903 23,071 40,149 44,462
Gain (loss) on issuance of common units by equity method investee — 5,897 (41) (41) 5,897
Operating income 25,398 53,105 32,328 57,726 69,710
Other expenses net 10,807 9,809 59,981 70,788 15,896
Income (loss) from continuing operations before income taxes 14,591 43,296 (27,653) (13,062) 53,814
Income tax expense (benefit) 4,658 14,861 (21,407) (16,749) 19,603
Income (loss) from continuing operations 9,933 28,435 (6,246) 3,687 34,211
Loss from discontinued operations, net of income taxes (2) (2) (2) (4) (2)
Net income (loss) 9,931 28,433 (6,248) 3,683 34,209
Less: net income attributable to noncontrolling interests 1,922 5,136 9,020 10,942 9,446
Net income (loss) attributable to SemGroup Corporation $ 8,009 $ 23,297 $ (15,268) $ (7,259) $ 24,763
Net income (loss) attributable to SemGroup Corporation $ 8,009 $ 23,297 $ (15,268) $ (7,259) $ 24,763
Other comprehensive income (loss), net of income taxes 6,591 5,520 (4,109) 2,482 (3,540)
Comprehensive income (loss) attributable to SemGroup Corporation $ 14,600 $ 28,817 $ (19,377) $ (4,777) $ 21,223
Net income (loss)per common share
Basic $ 0.18 $ 0.53 $ (0.35) $ (0.16) $ 0.57
Diluted $ 0.18 $ 0.53 $ (0.35) $ (0.16) $ 0.56
Weighted average shares (thousands):
Basic 45,236 43,798 43,870 44,553 43,758
Diluted 45,647 44,013 43,870 44,553 43,975
16

SemGroup Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Six Months Ended
Reconciliation of net income to Adjusted EBITDA: 2016 2015 2016 2016 2015
Net income (loss) $ 9,931 $ 28,433 $ (6,248) $ 3,683 $ 34,209
Add: Interest expense 18,875 16,822 18,935 37,810 31,413
Add: Income tax expense (benefit) 4,658 14,861 (21,407) (16,749) 19,603
Add: Depreciation and amortization expense 25,048 24,674 24,047 49,095 48,408
EBITDA 58,512 84,790 15,327 73,839 133,633
Selected Non-Cash Items and
Other Items Impacting Comparability 9,121 (4,764) 62,340 71,461 16,375
Adjusted EBITDA $ 67,633 $ 80,026 $ 77,667 $ 145,300 $ 150,008
Other Items Impacting Comparability
Loss on disposal or impairment, net $ 1,685 $ 1,372 $ 13,307 $ 14,992 $ 2,430
Loss from discontinued operations, net of income taxes 2 2 2 4 2
Foreign currency transaction (gain) loss 1,543 (295) 1,469 3,012 (814)
Remove NGL equity losses (earnings) including loss (gain) on issuance of common units — (12,117) (2,191) (2,191) (11,812)
Remove loss (gain) on sale or impairment of NGL units (9,120) (6,623) 39,764 30,644 (14,517)
NGL cash distribution — 4,468 4,873 4,873 9,483
M&A transaction related costs — — — — 10,000
Inventory valuation adjustments — 48 — — 1,235
Employee severance and relocation expense 836 21 259 1,095 21
Unrealized loss (gain) on derivative activities 4,477 (1,415) (4,548) (71) 1,230
Depreciation and amortization included within equity earnings 7,138 6,346 6,539 13,677 12,722
Bankruptcy related expenses — 2 — — 191
Non-cash equity compensation 2,560 3,427 2,866 5,426 6,204
Selected Non-Cash items and
Other Items Impacting Comparability $ 9,121 $ (4,764) $ 62,340 $ 71,461 $ 16,375
17

SemGroup Cash Available for Dividends
Reconciliation of net income to cash available for dividends: 2016 2015 2016 2016 2015
Net income (loss) $ 9,931 $ 28,433 $ (6,248) $ 3,683 $ 34,209
EBITDA 58,512 84,790 15,327 73,839 133,633
Selected non-cash items and other items impacting comparability (16,412) (30,786) 32,163 15,751 (37,703)
SemGroup stand-alone Adjusted EBITDA 42,100 54,004 47,490 89,590 95,930
Less: Cash interest expense 5,857 6,034 5,913 11,770 12,055
Less: Cash paid for income taxes 1,199 2,406 1,137 2,336 5,705
Less: Maintenance capital expenditures 7,004 7,324 14,523 21,527 10,632
Cash available for dividends $ 28,040 $ 38,240 $ 25,917 $ 53,957 $ 67,538
Dividends declared $ 23,624 $ 18,358 $ 19,736 $ 43,360 $ 34,990
Coverage 1.2x 2.1x 1.3x 1.2x 1.9x
18

SemGroup Cash Available for Dividends (Continued)
2016 2015 2016 2016 2015
Other Items Impacting Comparability
Remove Rose Rock EBITDA $ (30,591) $ (37,873) $ (46,798) $ (77,389) $ (70,622)
Rose Rock distributions received 19,611 18,166 19,606 39,217 33,891
Loss (gain) on disposal or impairment, net (29) 1,394 13,013 12,984 2,294
Loss (income) from discontinued operations, net of income taxes 2 2 2 4 2
Foreign currency transaction (gain) loss 1,543 (295) 1,469 3,012 (814)
Remove NGL equity losses (earnings) including gain on issuance of
common units — (12,117) (2,191) (2,191) (11,812)
Remove loss (gain) on sale or impairment of NGL units (9,120) (6,623) 39,764 30,644 (14,517)
Employee severance and relocation expense 730 — 259 989 —
Bankruptcy related expenses — 2 — — 191
Other Items Impacting Comparability $ (16,412) $ (30,786) $ 32,163 $ 15,751 $ (37,703)
19

SemGroup Non-GAAP Financial Data Reconciliations
2016 2015 2016 2016 2015
Net income $ 11,797 $ 10,844 $ 19,296 $ 31,093 $ 26,594
Add: Interest expense 193 101 264 457 257
EBITDA 18,161 19,983 25,419 43,580 44,507
Other Items Impacting Comparability 8,954 6,324 6,606 15,560 12,855
Adjusted EBITDA $ 27,115 $ 26,307 $ 32,025 $ 59,140 $ 57,362
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 1,714 $ (22) $ 67 $ 1,781 $ 133
Employee severance and relocation expense 102 — — 102 —
Depreciation and amortization included within
equity earnings 7,138 6,346 6,539 13,677 12,722
Other Items Impacting Comparability $ 8,954 $ 6,324 $ 6,606 $ 15,560 $ 12,855
20
Crude - Transportation Segment

2016 2015 2016 2016 2015
Net income $ 7,450 $ 6,557 $ 7,703 $ 15,153 $ 13,590
EBITDA 9,371 7,963 9,587 18,958 16,365
Other Items Impacting Comparability 4 — — 4 —
Adjusted EBITDA $ 9,375 $ 7,963 $ 9,587 $ 18,962 $ 16,365
Employee severance expense $ 4 $ — $ — $ 4 $ —
Other Items Impacting Comparability $ 4 $ — $ — $ 4 $ —
21
Crude - Facilities Segment

2016 2015 2016 2016 2015
Net income $ 5,370 $ 12,241 $ 13,461 $ 18,831 $ 14,753
Add: Depreciation and amortization expense 40 40 40 80 79
EBITDA 5,592 12,393 13,641 19,233 15,043
Other Items Impacting Comparability 4,477 (1,346) (4,321) 156 2,369
Adjusted EBITDA $ 10,069 $ 11,047 $ 9,320 $ 19,389 $ 17,412
Loss (gain) on disposal or impairment, net $ — $ — $ 227 $ 227 $ (3)
Employee severance expense — 21 — — 21
Unrealized loss (gain) on derivative activities 4,477 (1,415) (4,548) (71) 1,116
Inventory valuation adjustments — 48 — — 1,235
Other Items Impacting Comparability $ 4,477 $ (1,346) $ (4,321) $ 156 $ 2,369
22
Crude - Supply and Logistics Segment

2016 2015 2016 2016 2015
Net income (loss) $ (321) $ 7,043 $ (13,469) $ (13,790) $ 11,934
EBITDA 12,304 17,671 (992) 11,312 32,551
Other Items Impacting Comparability 256 1,778 13,391 13,647 1,978
Adjusted EBITDA $ 12,560 $ 19,449 $ 12,399 $ 24,959 $ 34,529
Loss (gain) on disposal or impairment, net $ (1) $ 1,450 $ 13,052 $ 13,051 $ 1,449
Employee severance expense 13 — — 13 —
Non-cash equity compensation 244 328 339 583 529
Other Items Impacting Comparability $ 256 $ 1,778 $ 13,391 $ 13,647 $ 1,978
23
SemGas Segment

2016 2015 2016 2016 2015
Net income $ 2,021 $ 915 $ 2,756 $ 4,777 $ 2,114
Add: Income tax expense 451 616 965 1,416 1,167
EBITDA 9,001 7,835 9,898 18,899 15,763
Other Items Impacting Comparability 381 697 383 764 1,121
Adjusted EBITDA $ 9,382 $ 8,532 $ 10,281 $ 19,663 $ 16,884
Foreign currency transaction (gain) loss $ (1) $ 145 $ 6 $ 5 $ 101
Non-cash equity compensation 382 552 377 759 1,020
Other Items Impacting Comparability $ 381 $ 697 $ 383 $ 764 $ 1,121
24
SemCAMS Segment

2016 2015 2016 2016 2015
Net income (loss) $ (1,447) $ 103 $ (246) $ (1,693) $ (1,823)
Add: Income tax expense (benefit) (273) 167 59 (214) (202)
EBITDA 616 2,867 2,149 2,765 3,077
Other Items Impacting Comparability 1,562 (674) 687 2,249 131
Adjusted EBITDA $ 2,178 $ 2,193 $ 2,836 $ 5,014 $ 3,208
Foreign currency transaction loss (gain) $ 1,391 $ (873) $ 510 $ 1,901 $ (222)
Other Items Impacting Comparability $ 1,562 $ (674) $ 687 $ 2,249 $ 131
25
SemLogistics Segment

2016 2015 2016 2016 2015
Net income $ 1,187 $ 3,199 $ 696 $ 1,883 $ 6,210
Add: Interest expense — 2 — — 2
Add: Income tax expense 194 764 607 801 1,754
Add: Depreciation and amortization expense 949 1,037 941 1,890 2,090
EBITDA 2,330 5,002 2,244 4,574 10,056
Other Items Impacting Comparability 244 260 370 614 479
Adjusted EBITDA $ 2,574 $ 5,262 $ 2,614 $ 5,188 $ 10,535
Gain on disposal of long-lived assets, net $ (28) $ — $ (39) $ (67) $ (19)
Foreign currency transaction loss 153 94 256 409 225
Other Items Impacting Comparability $ 244 $ 260 $ 370 $ 614 $ 479
26
SemMaterials México Segment

2016 2015 2016 2016 2015
Net loss $ (16,126) $ (12,469) $ (36,445) $ (52,571) $ (39,163)
Add: Depreciation and amortization expense 496 453 490 986 864
EBITDA 1,137 11,076 (46,619) (45,482) (3,729)
Other Items Impacting Comparability (6,757) (11,803) 45,224 38,467 (2,558)
Adjusted EBITDA $ (5,620) $ (727) $ (1,395) $ (7,015) $ (6,287)
Loss (gain) on disposal or impairment, net $ — $ (56) $ — $ — $ 870
Loss from discontinued operations, net of income taxes 2 2 2 4 2
Foreign currency transaction (gain) loss — 339 697 697 (918)
Remove NGL equity earnings including gain on issuance of common
units — (12,117) (2,191) (2,191) (11,812)
Remove loss (gain) on impairment or sale of NGL units (9,120) (6,623) 39,764 30,644 (14,517)
Employee severance and relocation expense 717 — 259 976 —
Unrealized loss on derivative activities — — — — 114
Bankruptcy related expenses — 2 — 191
Other Items Impacting Comparability $ (6,757) $ (11,803) $ 45,224 $ 38,467 $ (2,558)
27
Corporate & Other Segment

SemGroup 2016 Adjusted EBITDA Guidance
(1) Guidance is on a cash basis for equity investments in NGL and 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
28

SemGroup 2016 Cash Available for Dividends Guidance
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)
29
(1) Cash available for dividends guidance does not reflect any pro forma impacts for the proposed merger

Rose Rock Midstream Consolidated Balance Sheets
(in thousands, unaudited, condensed) June 30,
2016
December 31,
2015
ASSETS
Current assets $ 421,534 $ 319,614
Property, plant and equipment, net 443,327 441,596
Equity method investment 427,961 438,291
Other noncurrent assets, net 44,606 46,089
Total assets $ 1,337,428 $ 1,245,590
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities $ 356,248 $ 283,029
Long-term debt 774,488 732,356
Total liabilities 1,130,736 1,015,385
Partners’ capital 206,692 230,205
Total liabilities and partners' capital $ 1,337,428 $ 1,245,590
30

Rose Rock Midstream Consolidated Statements of Income
(in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended
2016 2015 2016 2016 2015
Revenues, including revenues from affiliates
Product $ 143,201 $ 193,525 $ 176,622 $ 319,823 $ 300,092
Service 25,943 29,778 27,329 53,272 57,904
Total revenues 169,144 223,303 203,951 373,095 357,996
Expenses, including expenses from affiliates
Costs of products sold, exclusive of depreciation
and amortization 128,763 173,133 151,391 280,154 269,370
Operating 19,726 23,678 21,407 41,133 44,477
General and administrative 5,428 6,329 4,900 10,328 11,949
Depreciation and amortization 8,235 10,608 7,893 16,128 20,751
Loss (gain) on disposal or impairment, net 1,714 (22) 294 2,008 130
Total expenses 163,866 213,726 185,885 349,751 346,677
Operating income 22,356 27,260 38,905 61,261 49,866
Other expenses:
Interest expense 12,434 10,197 12,437 24,871 18,203
Other income — (5) — — (5)
Total other expenses, net 12,434 10,192 12,437 24,871 18,198
Net income $ 9,922 $ 17,068 $ 26,468 36,390 31,668
31

(in thousands, except per unit data, unaudited) Three Months Ended Six Months Ended
2016 2015 2016 2016 2015
Net income allocated to general partner $ 5,537 $ 5,323 $ 5,868 $ 11,405 $ 10,065
Net income allocated to common unitholders $ 4,385 $ 11,745 $ 20,600 $ 24,985 $ 21,603
Net income per limited partner unit:
Common unit (basic) $ 0.12 $ 0.32 $ 0.56 $ 0.68 $ 0.60
Common unit (diluted) $ 0.12 $ 0.32 $ 0.56 $ 0.68 $ 0.60
Basic weighted average number of limited partner units outstanding:
Common units 36,838 36,790 36,809 36,823 35,803
Diluted weighted average number of limited partner units outstanding:
Common units 36,915 36,839 36,835 36,873 35,849
Rose Rock Midstream Consolidated Statements of Income (Continued)
32

Rose Rock Midstream Non-GAAP Financial Data Reconciliations
2016 2015 2016 2016 2015
Reconciliation of operating income to Adjusted gross margin:
Operating income $ 22,356 $ 27,260 $ 38,905 $ 61,261 $ 49,866
Add:
Operating expense 19,726 23,678 21,407 41,133 44,477
General and administrative expense 5,428 6,329 4,900 10,328 11,949
Depreciation and amortization expense 8,235 10,608 7,893 16,128 20,751
Less:
Non-cash unrealized gain (loss) on derivatives, net (4,477) 1,415 4,548 71 (1,116)
Adjusted gross margin $ 44,858 $ 48,755 $ 48,012 $ 92,870 $ 89,742
Reconciliation of net income to Adjusted EBITDA:
Net income $ 9,922 $ 17,068 $ 26,468 $ 36,390 $ 31,668
Add:
Cash distributions from equity method investments 24,782 25,560 26,913 51,695 51,625
Inventory valuation adjustment — 48 — — 1,235
Provision for uncollectible accounts receivable — — 38 38 —
Less:
Impact from derivative instruments: —
Total gain (loss) on derivatives, net (7,127) (2,202) 3,354 (3,773) (2,846)
Total realized gain (loss) (cash flow) on derivatives, net 2,650 3,617 1,194 3,844 1,730
Adjusted EBITDA $ 44,852 $ 44,718 $ 49,021 $ 93,873 $ 86,836
33

2016 2015 2016 2016 2015
Reconciliation of net cash provided by operating activities to
Adjusted EBITDA:
Net cash provided by operating activities $ 14,080 $ 26,941 $ 14,530 $ 28,610 $ 19,871
Less:
Changes in operating assets and liabilities, net (11,462) (386) (16,811) (28,273) (36,894)
Add:
Interest expense, excluding amortization of debt issuance costs 11,606 9,515 11,606 23,212 16,994
Distributions from equity method investments in excess of equity in
earnings 7,704 7,876 6,074 13,778 13,077
Adjusted EBITDA $ 44,852 $ 44,718 $ 49,021 $ 93,873 $ 86,836
34

Rose Rock Midstream Distributable Cash Flow
2016 2015 2016 2016 2015
Reconciliation of net income to distributable cash flow:
Net income $ 9,922 $ 17,068 $ 26,468 $ 36,390 $ 31,668
Add:
EBITDA 30,591 37,873 46,798 77,389 70,622
Add:
Less:
Adjusted EBITDA $ 44,852 $ 44,718 $ 49,021 $ 93,873 $ 86,836
Less:
Cash interest expense 11,582 9,764 11,587 23,169 17,218
Maintenance capital expenditures 5,793 4,855 2,148 7,941 5,782
Distributable cash flow $ 27,477 $ 30,099 $ 35,286 $ 62,763 $ 63,836
Distribution declared $ 30,257 $ 29,483 $ 30,251 $ 60,508 $ 57,862
Distribution coverage ratio 0.9 x 1.0 x 1.2 x 1.04 x 1.10 x
35

Transportation Segment
2016 2015 2016 2016 2015
Add:
Less:
Net income $ 12,057 $ 10,845 $ 19,469 $ 31,526 $ 26,595
Add:
Interest expense 193 101 264 457 257
Less:
Adjusted EBITDA $ 27,839 $ 27,839 $ 31,771 $ 59,610 $ 57,719
36

Facilities Segment
(in thousands, unaudited)
Three Months Ended Six Months Ended
2016 2015 2016 2016 2015
Add:
Gain on disposal or impairment, net — — — — (34)
Net income $ 7,450 $ 6,557 $ 7,703 $ 15,153 $ 13,590
Add:
Adjusted EBITDA $ 9,371 $ 7,963 $ 9,587 $ 18,958 $ 16,365
37

Supply and Logistics Segment
2016 2015 2016 2016 2015
Add:
Operating expense 689 155 838 1,527 348
General and administrative expense 503 233 566 1,069 396
Depreciation and amortization expense 40 40 40 80 79
Loss (gain) on disposal or impairment, net — — 227 227 (3)
Less:
Net income $ 5,370 $ 12,241 $ 13,461 $ 18,831 $ 14,753
Add:
Interest expense 182 112 140 322 211
Loss (gain) on disposal or impairment, net — — 227 227 (3)
Less:
Impact from derivative instruments:
Total gain (loss) on derivatives, net (7,127) (2,202) 3,354 (3,773) (2,846)
Total realized gain (loss) (cash flow) on derivatives, net 2,650 3,617 1,194 3,844 1,730
Adjusted EBITDA $ 10,069 $ 11,026 $ 9,320 $ 19,389 $ 17,391
38

Corporate and Other Segment
2016 2015 2016 2016 2015
Operating loss $ (2,896) $ (2,596) $ (2,132) $ (5,028) $ (5,540)
Add:
Operating expense (1) (2) — (1) 5
Adjusted gross margin $ — $ — $ — $ — $ —
Net loss $ (14,955) $ (12,575) $ (14,165) $ (29,120) $ (23,270)
Add:
Adjusted EBITDA $ (2,427) $ (2,110) $ (1,657) $ (4,084) $ (4,639)
39

Rose Rock Midstream 2016 Adjusted EBITDA and DCF 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 (2) 102.0
Non-Cash and Other Adjustments $ 26.5
(1) Guidance does not reflect any pro forma impacts for the proposed merger
(2) Distributions from equity method investment includes the cash distributions from White Cliffs and Glass Mountain
attributable to Rose Rock
40

(in thousands, unaudited) Year Ended
December 31, 2015
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemCAMS SemLogistics SemMexico SemGas
Corporate
and other Consolidated
Net income (loss) $ 44,771 $ 27,928 $ 27,567 $ 7,879 $ (1,624) $ 8,725 $ 16,704 $ (90,425) $ 41,525
Add: Interest expense (income) 778 — 462 10,742 1,746 46 13,162 42,739 69,675
Add: Income tax expense (benefit) — — — 4,847 (2,195) 2,611 — 29,554 34,817
Add: Depreciation and amortization expense 35,500 5,829 159 12,940 8,543 4,076 31,803 2,032 100,882
EBITDA 81,049 33,757 28,188 36,408 6,470 15,458 61,669 (16,100) 246,899
Other Items Impacting Comparability 35,600 — 4,491 773 1,399 1,193 2,777 12,150 58,383
Adjusted EBITDA $ 116,649 $ 33,757 $ 32,679 $ 37,181 $ 7,869 $ 16,651 $ 64,446 $ (3,950) $ 305,282
Loss (gain) on disposal of long-lived assets, net $ 9,621 $ — $ (3) $ (917) $ — $ 85 $ 1,832 $ 854 $ 11,472
Loss from discontinued operations, net of income taxes — — — — — — — 4 4
Foreign currency transaction (gain) loss — — — 103 799 605 — (2,574) (1,067)
Remove NGL equity earnings including gain on issuance of common units — — — — — — — (11,416) (11,416)
Remove gain on sale of NGL units — — — — — — — (14,517) (14,517)
NGL cash distribution — — — — — — — 19,074 19,074
Employee severance expense 75 — 4 — — — — 11 90
Unrealized loss (gain) on derivative activities — — 1,900 — — — — 114 2,014
M&A transaction related costs — — — — — — — 10,000 10,000
equity earnings 25,307 — — — — — — — 25,307
Inventory valuation adjustment including equity method investees 597 — 2,590 — — — — — 3,187
Bankruptcy related expenses — — — — — — — 224 224
Legal settlement — — — — — — — 3,394 3,394
Non-cash equity compensation — — — 1,587 600 503 945 6,982 10,617
Other Items Impacting Comparability $ 35,600 $ — $ 4,491 $ 773 $ 1,399 $ 1,193 $ 2,777 $ 12,150 $ 58,383
SemGroup Reconciliation of Net Income to Adjusted EBITDA
41

December 31, 2014
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemCAMS SemLogistics SemMexico SemGas
Corporate
and other Consolidated
Net income (loss) $ 31,301 $ 26,921 $ 24,610 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (47,713) $ 52,057
Add: Interest expense (income) 11,727 — 502 13,558 1,528 166 8,570 12,993 49,044
Add: Income tax expense (benefit) — — — 3,135 (2,231) 4,053 — 41,556 46,513
Add: Depreciation and amortization expense 33,679 5,365 549 14,295 10,005 6,031 26,353 2,120 98,397
EBITDA 76,707 32,286 25,661 45,306 (770) 16,150 41,715 8,956 246,011
Other Items Impacting Comparability 21,582 (34) 4,004 590 (1,083) 621 21,053 (5,303) 41,430
Adjusted EBITDA $ 98,289 $ 32,252 $ 29,665 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ 3,653 $ 287,441
Loss (gain) on disposal of long-lived assets, net $ 467 $ (34) $ (42) $ (950) $ (2,490) $ (53) $ 20,092 $ 15,602 $ 32,592
Loss (income) from discontinued operations, net of income taxes — — — — (1) — — 2 1
Foreign currency transaction (gain) loss — — — 42 821 279 — (1,228) (86)
Remove 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 — — — — — — 150 1,160 1,310
Charitable contributions — — — — — — — 3,379 3,379
Non-cash equity compensation — — — 2,012 587 395 770 4,622 8,386
Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ 590 $ (1,083) $ 621 $ 21,053 $ (5,303) $ 41,430
SemGroup Reconciliation of Net Income to Adjusted EBITDA
42

December 31,
2015 2014
Net income $ 49,673 $ 62,925
Add:
Interest expense 43,188 21,279
Depreciation and amortization expense 41,998 40,035
Distributions from equity method investment 100,468 66,768
Inventory valuation adjustment 2,590 5,667
Non-cash equity compensation 1,354 943
Loss on disposal of long-lived assets, net 10,257 319
Provision for uncollectible accounts receivable 257 —
Less:
Earnings from equity method investment 76,355 57,378
White Cliffs cash distributions attributable to noncontrolling interests — 11,008
Impact from derivative instruments:
Total gain on derivatives, net 8,145 17,351
Total realized gain (cash outflow) on derivatives, net (10,045) (15,730)
Non-cash unrealized gain (loss) on derivatives, net (1,900) 1,621
Adjusted EBITDA $ 175,330 $ 127,929
Rose Rock Reconciliation of Net Income to Adjusted EBITDA
43

Rose Rock Reconciliation of Net Cash Provided by Operating Activities to
Adjusted EBITDA
December 31,
2015 2014
Net cash provided by operating activities $ 82,851 $ 111,093
Less:
Changes in operating assets and liabilities, net (28,044) 1,296
White Cliffs cash distributions attributable to noncontrolling interests — 11,008
Add:
Interest expense, excluding amortization of debt issuance costs 40,322 19,750
Distributions in excess of equity earnings of affiliates 24,113 9,390
Adjusted EBITDA $ 175,330 $ 127,929
44

Sem group earnings presentation q2 2016 final

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