The document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It discusses Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit, which are not GAAP measures. It also notes that SemGroup does not provide guidance for net income due to non-cash items that cannot be accurately forecasted. The document contains statements regarding SemGroup's prospects, plans, expectations and outlook that are considered forward-looking under securities laws, and are subject to risks and uncertainties.
The document discusses SemGroup's non-GAAP financial measures of Adjusted EBITDA, Cash Available for Dividends (CAFD) and Total Segment Profit. It explains that Adjusted EBITDA removes certain selected items from net income to improve comparability between periods and includes a list of the types of items generally excluded. CAFD is based on Adjusted EBITDA less certain cash payments to analyze performance after obligations. Total Segment Profit represents revenue less costs and expenses, adjusted for certain items, and is how management assesses segment performance. The measures are used by management and may be presented to investors but have limitations as analytical tools.
Sem cams investor presentation master september 2018 finalSemGroupCorporation
The document discusses SemGroup's non-GAAP financial measures and provides forward-looking statements. It includes the following key points:
- SemGroup uses measures like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit to evaluate performance, which are not substitutes for GAAP measures.
- Adjusted EBITDA excludes selected non-cash and other items to improve comparability between periods.
- Cash Available for Dividends is based on Adjusted EBITDA less certain cash expenses and capital expenditures.
- Total Segment Profit assesses performance at the segment level and excludes certain items.
- The document cautions that non-GAAP measures have limitations
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items affecting comparability between periods. It cautions that non-GAAP measures should not be considered in isolation or as substitutes for GAAP measures. The document also notes that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
This document summarizes SemGroup's second quarter 2018 earnings conference call. It discusses non-GAAP financial measures used by SemGroup like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit. It provides definitions of these terms and notes that they are not substitutes for GAAP measures but are used by management to evaluate performance. The document also contains forward-looking statements about SemGroup's prospects, plans, and financial performance that are based on current expectations and assumptions which involve risks and uncertainties.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- The company declared a quarterly dividend of $0.4725 per share, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Several growth projects across the Gulf Coast, Mid-Continent and Canada regions are expected to drive financial growth through 2020 and beyond.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- A quarterly dividend of $0.4725 per share was declared, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Execution continued on strategic projects in the Gulf Coast, Mid-Continent and Canada expected to drive growth in 2019 and beyond.
Sem group earnings presentation 4q & full year 2018 finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call February 27, 2019
The document discusses SemGroup's non-GAAP financial measures including Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit which are used to evaluate performance but are not substitutes for GAAP measures. It provides definitions and adjustments for each measure. The document also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters which are subject to known and unknown risks that could cause actual results to differ.
Sem group earnings presentation 4q & full year-2018_finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call
In 3 sentences:
SemGroup reported adjusted EBITDA of $394 million for full-year 2018, an increase from $328 million in 2017. For 2019, SemGroup expects adjusted EBITDA between $420-465 million. SemGroup also provided 2019 capital expenditure guidance of $307 million, with $150 million allocated for growth projects in the U.S. and $230 million for the SemCAMS Midstream joint venture in Canada.
The document discusses SemGroup's non-GAAP financial measures of Adjusted EBITDA, Cash Available for Dividends (CAFD) and Total Segment Profit. It explains that Adjusted EBITDA removes certain selected items from net income to improve comparability between periods and includes a list of the types of items generally excluded. CAFD is based on Adjusted EBITDA less certain cash payments to analyze performance after obligations. Total Segment Profit represents revenue less costs and expenses, adjusted for certain items, and is how management assesses segment performance. The measures are used by management and may be presented to investors but have limitations as analytical tools.
Sem cams investor presentation master september 2018 finalSemGroupCorporation
The document discusses SemGroup's non-GAAP financial measures and provides forward-looking statements. It includes the following key points:
- SemGroup uses measures like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit to evaluate performance, which are not substitutes for GAAP measures.
- Adjusted EBITDA excludes selected non-cash and other items to improve comparability between periods.
- Cash Available for Dividends is based on Adjusted EBITDA less certain cash expenses and capital expenditures.
- Total Segment Profit assesses performance at the segment level and excludes certain items.
- The document cautions that non-GAAP measures have limitations
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items affecting comparability between periods. It cautions that non-GAAP measures should not be considered in isolation or as substitutes for GAAP measures. The document also notes that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
This document summarizes SemGroup's second quarter 2018 earnings conference call. It discusses non-GAAP financial measures used by SemGroup like Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit. It provides definitions of these terms and notes that they are not substitutes for GAAP measures but are used by management to evaluate performance. The document also contains forward-looking statements about SemGroup's prospects, plans, and financial performance that are based on current expectations and assumptions which involve risks and uncertainties.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- The company declared a quarterly dividend of $0.4725 per share, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Several growth projects across the Gulf Coast, Mid-Continent and Canada regions are expected to drive financial growth through 2020 and beyond.
The document provides an overview of SemGroup's third quarter 2018 results. Key points include:
- Adjusted EBITDA was $96.4 million for the quarter.
- A quarterly dividend of $0.4725 per share was declared, with dividend coverage of 1.4x.
- Capital expenditures guidance for 2018 was updated to $360 million, up 3% from prior guidance.
- Execution continued on strategic projects in the Gulf Coast, Mid-Continent and Canada expected to drive growth in 2019 and beyond.
Sem group earnings presentation 4q & full year 2018 finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call February 27, 2019
The document discusses SemGroup's non-GAAP financial measures including Adjusted EBITDA, Cash Available for Dividends, and Total Segment Profit which are used to evaluate performance but are not substitutes for GAAP measures. It provides definitions and adjustments for each measure. The document also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters which are subject to known and unknown risks that could cause actual results to differ.
Sem group earnings presentation 4q & full year-2018_finalSemGroupCorporation
Fourth Quarter and Full-Year 2018 Results Earnings Conference Call
In 3 sentences:
SemGroup reported adjusted EBITDA of $394 million for full-year 2018, an increase from $328 million in 2017. For 2019, SemGroup expects adjusted EBITDA between $420-465 million. SemGroup also provided 2019 capital expenditure guidance of $307 million, with $150 million allocated for growth projects in the U.S. and $230 million for the SemCAMS Midstream joint venture in Canada.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items for comparability between periods. It also notes the limitations of non-GAAP measures and cautions readers. The document discloses risks to forward-looking statements and provides an overview of SemGroup's midstream assets in key regions.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It summarizes SemGroup's 2017 results as a year of transition with the addition of stable refinery-facing assets and geographic diversification. It outlines 2018 as a year of executing the operating budget and strategic plan by streamlining operations and focusing on three high quality areas: Canada, Mid-Continent and Gulf Coast. The document also provides definitions of SemGroup's non-GAAP measures of Adjusted EBITDA and Total Segment Profit, which exclude certain items to improve comparability between reporting periods, and cautions that non-GAAP measures should not be considered in isolation.
The document discusses SemGroup's use of non-GAAP financial measures like Adjusted EBITDA and Total Segment Profit to evaluate financial performance. It defines these measures and explains how they are calculated and why management finds them useful, while also noting their limitations. It also contains forward-looking statements about SemGroup's prospects, financial performance, growth plans and risks.
SemGroup reported fourth quarter and full-year 2017 results. Key highlights include $111 million in Adjusted EBITDA for Q4 and $328 million for the full year. SemGroup also executed several strategic transactions including a $350 million preferred equity raise, selling its interest in Glass Mountain Pipeline for $300 million, and estimated proceeds of $140 million from selling SemMaterials Mexico and SemLogistics assets. SemGroup provided 2018 Adjusted EBITDA guidance of $385-$415 million and capital expenditures guidance of $40 million for maintenance spending.
This document summarizes SemGroup's first quarter 2018 earnings conference call. It discusses SemGroup's non-GAAP financial measures of Adjusted EBITDA and Total Segment Profit, which exclude certain items to make performance more comparable between periods. The document also warns that non-GAAP measures have limitations and should not be considered in isolation as substitutes for GAAP measures. Additionally, the document contains forward-looking statements regarding SemGroup's 2018 operating budget, capital expenditures plan, and recent capital raising activities totaling around $800 million.
- SemGroup reported a 40% increase in Adjusted EBITDA for the third quarter compared to the second quarter due to the Maurepas Pipeline becoming fully operational and the acquisition of HFOTCO commencing in mid-July.
- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
- SemGroup reported a 40% increase in Adjusted EBITDA for the third quarter compared to the second quarter due to the Maurepas Pipeline becoming fully operational and the acquisition of HFOTCO commencing in mid-July.
- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
- MPG reported financial results for the first quarter of 2016 with overall strong performance. Net sales were $739.5 million compared to $765.2 million in the prior year period. Adjusted EBITDA increased to $137.7 million from $132.6 million driven by operational improvements despite negative foreign exchange impacts.
- Adjusted EPS increased 31% to $0.55 per share due to higher adjusted EBITDA, lower interest costs, and a reduced tax rate.
- New business awards in Q1 2016 increased approximately 15% year-over-year and MPG expects $400 million in new awards for 2016.
- MPG reiterated its full year 2016 guidance for net sales
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
Third quarter 2016 earnings presentation by MPG:
- Net sales of $676 million were down 9% from Q3 2015 due to macroeconomic headwinds and planned attrition of non-core businesses. Adjusted EBITDA was $114 million.
- Year-to-date net sales were $2.14 billion, down 7% from 2015, and adjusted EBITDA was $386 million. Results were impacted by foreign exchange rates, metals prices and volume declines in commercial and industrial markets.
- The company is tracking to the lower end of its full-year guidance and expects continued strong margins and cash flow despite market challenges.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
- MPG reported fourth quarter 2016 net sales of $647 million, down 12% from fourth quarter 2015, due to planned attrition of non-core wheel bearing business and lower light vehicle production in North America.
- Adjusted EBITDA for the quarter was $107 million, a 13% decrease from the previous year, driven by lower sales volumes partially offset by cost reductions.
- For the full year, MPG achieved $493 million in Adjusted EBITDA on $2.791 billion in net sales, reflecting strong cost control despite market headwinds.
- MPG reported financial results for the second quarter of 2016 with net sales of $728 million, down from $800 million in the second quarter of 2015 due to macroeconomic headwinds including foreign currency exchange rates and lower metals prices. Adjusted EBITDA was $135 million.
- For the full year 2016, MPG expects net sales between $3.1-3.2 billion, down from previous guidance due to continued macroeconomic pressures. However, the company is on pace to achieve its goal of $1.8 billion in new business awards by the end of 2016 which will drive future growth.
- MPG continues to focus on growing its powertrain business and investing in new technologies to
First Quarter 2016 Results
- SemGroup reported adjusted EBITDA of $77.7 million for the first quarter of 2016, down slightly from $79.3 million in the fourth quarter of 2015.
- Rose Rock Midstream reported adjusted EBITDA of $49.0 million for the first quarter of 2016, up from $46.6 million in the fourth quarter of 2015.
- SemGroup maintained its 2016 adjusted EBITDA guidance of $270-320 million and Rose Rock Midstream maintained its 2016 adjusted EBITDA guidance of $165-185 million.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
MPG provided guidance for 2016 that is unchanged from previous estimates:
- Net sales are expected to be approximately $3.1 billion.
- Adjusted EBITDA margin is anticipated to be around 18%.
- Adjusted free cash flow yield is projected to be over 10% of net sales.
This document provides highlights from Aimia's Q1 2017 results, including forward-looking statements about certain financial metrics for 2017. Such statements involve assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. It also contains non-GAAP financial measures and reconciliations to GAAP measures. The document cautions that the assumptions used to make forward-looking statements about 2017 may prove incorrect or inaccurate.
SemGroup reported adjusted EBITDA of $60.7 million for the first quarter of 2017, down from $66.2 million in the fourth quarter of 2016. The Crude Facilities segment was down nearly $5 million due to the absence of a take-or-pay adjustment in the prior quarter. SemGroup reaffirmed its 2017 adjusted EBITDA guidance range of $270-310 million and expects its annualized fourth quarter 2017 adjusted EBITDA run rate to be between $325-340 million. Key growth projects including the Maurepas Pipeline and SemGas Canton Pipeline are on track for completion by the end of 2017.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It discusses how SemGroup uses Adjusted EBITDA and Total Segment Profit to evaluate performance in addition to GAAP measures. It also notes that SemGroup's forward-looking statements are based on current expectations and are subject to risks and uncertainties. The document warns that actual results could differ materially from expectations.
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA and provides context around its use. It notes that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's expectations for future financial performance and growth opportunities.
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA. It explains that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also notes that SemGroup does not provide guidance for net income due to non-cash items that cannot be accurately forecasted. Additionally, the document contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, capital expenditures, and other matters.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It defines Adjusted EBITDA and Total Segment Profit as non-GAAP measures used by management to evaluate performance that exclude certain items for comparability between periods. It also notes the limitations of non-GAAP measures and cautions readers. The document discloses risks to forward-looking statements and provides an overview of SemGroup's midstream assets in key regions.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It summarizes SemGroup's 2017 results as a year of transition with the addition of stable refinery-facing assets and geographic diversification. It outlines 2018 as a year of executing the operating budget and strategic plan by streamlining operations and focusing on three high quality areas: Canada, Mid-Continent and Gulf Coast. The document also provides definitions of SemGroup's non-GAAP measures of Adjusted EBITDA and Total Segment Profit, which exclude certain items to improve comparability between reporting periods, and cautions that non-GAAP measures should not be considered in isolation.
The document discusses SemGroup's use of non-GAAP financial measures like Adjusted EBITDA and Total Segment Profit to evaluate financial performance. It defines these measures and explains how they are calculated and why management finds them useful, while also noting their limitations. It also contains forward-looking statements about SemGroup's prospects, financial performance, growth plans and risks.
SemGroup reported fourth quarter and full-year 2017 results. Key highlights include $111 million in Adjusted EBITDA for Q4 and $328 million for the full year. SemGroup also executed several strategic transactions including a $350 million preferred equity raise, selling its interest in Glass Mountain Pipeline for $300 million, and estimated proceeds of $140 million from selling SemMaterials Mexico and SemLogistics assets. SemGroup provided 2018 Adjusted EBITDA guidance of $385-$415 million and capital expenditures guidance of $40 million for maintenance spending.
This document summarizes SemGroup's first quarter 2018 earnings conference call. It discusses SemGroup's non-GAAP financial measures of Adjusted EBITDA and Total Segment Profit, which exclude certain items to make performance more comparable between periods. The document also warns that non-GAAP measures have limitations and should not be considered in isolation as substitutes for GAAP measures. Additionally, the document contains forward-looking statements regarding SemGroup's 2018 operating budget, capital expenditures plan, and recent capital raising activities totaling around $800 million.
- SemGroup reported a 40% increase in Adjusted EBITDA for the third quarter compared to the second quarter due to the Maurepas Pipeline becoming fully operational and the acquisition of HFOTCO commencing in mid-July.
- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
- SemGroup reported a 40% increase in Adjusted EBITDA for the third quarter compared to the second quarter due to the Maurepas Pipeline becoming fully operational and the acquisition of HFOTCO commencing in mid-July.
- SemGroup's strategic focus is on growing EBITDA through increased secure cash flows from core geographic regions like Canada, the Mid-Continent region, and the Gulf Coast.
- SemGroup is making progress on raising the $600 million needed for the second payment for the HFOTCO acquisition, with plans to fully pay by the end of the first quarter of 2018 to capture an early payment discount, including through the sale of its interest in the Glass Mountain Pipeline for $
- MPG reported financial results for the first quarter of 2016 with overall strong performance. Net sales were $739.5 million compared to $765.2 million in the prior year period. Adjusted EBITDA increased to $137.7 million from $132.6 million driven by operational improvements despite negative foreign exchange impacts.
- Adjusted EPS increased 31% to $0.55 per share due to higher adjusted EBITDA, lower interest costs, and a reduced tax rate.
- New business awards in Q1 2016 increased approximately 15% year-over-year and MPG expects $400 million in new awards for 2016.
- MPG reiterated its full year 2016 guidance for net sales
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
Third quarter 2016 earnings presentation by MPG:
- Net sales of $676 million were down 9% from Q3 2015 due to macroeconomic headwinds and planned attrition of non-core businesses. Adjusted EBITDA was $114 million.
- Year-to-date net sales were $2.14 billion, down 7% from 2015, and adjusted EBITDA was $386 million. Results were impacted by foreign exchange rates, metals prices and volume declines in commercial and industrial markets.
- The company is tracking to the lower end of its full-year guidance and expects continued strong margins and cash flow despite market challenges.
MPG provides a presentation on its financial results and business prospects. It discusses forward-looking statements and risks that could impact financial estimates. It also defines several non-GAAP financial measures it uses to evaluate performance, such as Combined Net Sales, Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted EPS. MPG describes its business as a powerful cash flow engine with strong margins and market positions in powertrain applications. It sees opportunities for long-term growth through its leadership in advanced metal processes.
- MPG reported fourth quarter 2016 net sales of $647 million, down 12% from fourth quarter 2015, due to planned attrition of non-core wheel bearing business and lower light vehicle production in North America.
- Adjusted EBITDA for the quarter was $107 million, a 13% decrease from the previous year, driven by lower sales volumes partially offset by cost reductions.
- For the full year, MPG achieved $493 million in Adjusted EBITDA on $2.791 billion in net sales, reflecting strong cost control despite market headwinds.
- MPG reported financial results for the second quarter of 2016 with net sales of $728 million, down from $800 million in the second quarter of 2015 due to macroeconomic headwinds including foreign currency exchange rates and lower metals prices. Adjusted EBITDA was $135 million.
- For the full year 2016, MPG expects net sales between $3.1-3.2 billion, down from previous guidance due to continued macroeconomic pressures. However, the company is on pace to achieve its goal of $1.8 billion in new business awards by the end of 2016 which will drive future growth.
- MPG continues to focus on growing its powertrain business and investing in new technologies to
First Quarter 2016 Results
- SemGroup reported adjusted EBITDA of $77.7 million for the first quarter of 2016, down slightly from $79.3 million in the fourth quarter of 2015.
- Rose Rock Midstream reported adjusted EBITDA of $49.0 million for the first quarter of 2016, up from $46.6 million in the fourth quarter of 2015.
- SemGroup maintained its 2016 adjusted EBITDA guidance of $270-320 million and Rose Rock Midstream maintained its 2016 adjusted EBITDA guidance of $165-185 million.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
MPG provided guidance for 2016 that is unchanged from previous estimates:
- Net sales are expected to be approximately $3.1 billion.
- Adjusted EBITDA margin is anticipated to be around 18%.
- Adjusted free cash flow yield is projected to be over 10% of net sales.
This document provides highlights from Aimia's Q1 2017 results, including forward-looking statements about certain financial metrics for 2017. Such statements involve assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. It also contains non-GAAP financial measures and reconciliations to GAAP measures. The document cautions that the assumptions used to make forward-looking statements about 2017 may prove incorrect or inaccurate.
SemGroup reported adjusted EBITDA of $60.7 million for the first quarter of 2017, down from $66.2 million in the fourth quarter of 2016. The Crude Facilities segment was down nearly $5 million due to the absence of a take-or-pay adjustment in the prior quarter. SemGroup reaffirmed its 2017 adjusted EBITDA guidance range of $270-310 million and expects its annualized fourth quarter 2017 adjusted EBITDA run rate to be between $325-340 million. Key growth projects including the Maurepas Pipeline and SemGas Canton Pipeline are on track for completion by the end of 2017.
This document provides an overview of SemGroup's non-GAAP financial measures and forward-looking statements. It discusses how SemGroup uses Adjusted EBITDA and Total Segment Profit to evaluate performance in addition to GAAP measures. It also notes that SemGroup's forward-looking statements are based on current expectations and are subject to risks and uncertainties. The document warns that actual results could differ materially from expectations.
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA and provides context around its use. It notes that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's expectations for future financial performance and growth opportunities.
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA. It explains that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also notes that SemGroup does not provide guidance for net income due to non-cash items that cannot be accurately forecasted. Additionally, the document contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, capital expenditures, and other matters.
The document provides an overview of SemGroup's non-GAAP financial measure of Adjusted EBITDA. It explains that Adjusted EBITDA excludes certain non-cash and selected items in order to increase comparability between reporting periods and is used by management for internal analysis. However, readers should be aware that variations in operating results are also caused by numerous other factors not adjusted for. The document also contains forward-looking statements regarding SemGroup's strategic focus and expectations.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
Sem group announces hfotco acquisition final presentationSemGroupCorporation
SemGroup acquired Houston Fuel Oil Terminal Company (HFOTCO) for $1.5 billion initially, with a second $600 million payment due by end of 2018. HFOTCO owns 330 acres and 16.8 million barrels of storage on the Houston Ship Channel with connections to major pipelines and refineries. The acquisition enhances SemGroup's scale and diversification with take-or-pay contracts from investment-grade customers. Growth projects are expected to increase HFOTCO's adjusted EBITDA to $180-190 million by 2019.
This document provides a non-GAAP financial measure called Adjusted EBITDA used by SemGroup. It explains that Adjusted EBITDA excludes selected non-cash and other items to increase comparability between reporting periods and is used by management and discussed with investors. However, it has limitations as an analytical tool since it excludes some items affecting the most directly comparable GAAP measure. The document also provides forward-looking statements about SemGroup's prospects, financial performance, growth plans, and managing risks in a lower commodity price environment. It highlights SemGroup's strengths including stable cash flows from contracts and investment-grade counterparties.
SEMG and RRMS Report 4Q and Full Year ReslutsKiley Roberson
The document provides financial results and guidance for SemGroup Corporation and its subsidiary Rose Rock Midstream for the fourth quarter and full year 2015. Some key points:
- SemGroup adjusted EBITDA increased 6% in 2015 compared to 2014. Rose Rock adjusted EBITDA increased nearly 40%.
- 2016 adjusted EBITDA guidance provided for SemGroup of $270-320 million and for Rose Rock of $165-185 million.
- Capital expenditures of $522 million in 2015 were outlined, and 2016 capital expenditures guidance of $455 million was given.
First Quarter 2016 Results
- SemGroup reported adjusted EBITDA of $77.7 million for the first quarter of 2016, down slightly from $79.3 million in the fourth quarter of 2015.
- Rose Rock Midstream reported adjusted EBITDA of $49.0 million for the first quarter of 2016, up from $46.6 million in the fourth quarter of 2015.
- SemGroup maintained its 2016 adjusted EBITDA guidance of $270-320 million and Rose Rock Midstream maintained its 2016 adjusted EBITDA guidance of $165-185 million.
This document provides an investor presentation for SemGroup's second quarter 2017 results. It discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA, noting that it excludes certain items to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters. Finally, it outlines SemGroup's strategy of transforming into a diversified energy infrastructure company through acquisitions in the Gulf Coast, STACK play, and Duvernay/Montney regions to generate stable cash flows under contracts with investment-grade counterparties.
This document provides an investor presentation for SemGroup's second quarter 2017 results. It discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA, noting that it excludes certain items to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters. Finally, it outlines SemGroup's strategy of transforming into a diversified energy infrastructure company through acquisitions in the Gulf Coast, STACK play, and Duvernay/Montney regions to generate stable cash flows under contracts with investment-grade counterparties.
The document discusses SemGroup's second quarter 2017 results and HFOTCO acquisition. Key points include:
- SemGroup completed its acquisition of HFOTCO in July 2017 for initial consideration of $1.5 billion including cash, debt assumption, and shares issued. A second $600 million cash payment is due by end of 2018.
- Base business performed as expected in Q2 2017. Several new pipeline projects were completed or are under construction to expand infrastructure.
- SemGroup is focused on funding the second HFOTCO payment through options like asset sales, partnerships, or equity offerings. Integration of HFOTCO is proceeding as planned.
- SemGroup reported adjusted EBITDA of $60.7 million for the first quarter of 2017, down from $66.2 million in the fourth quarter of 2016.
- The Crude Facilities segment was down nearly $5 million due to the absence of a fourth quarter 2016 take-or-pay adjustment.
- SemGroup reaffirmed its 2017 adjusted EBITDA guidance range of $270-310 million and expects an annualized fourth quarter 2017 adjusted EBITDA run rate of $325-340 million.
This document is Metaldyne Performance Group's first quarter 2015 earnings presentation which includes the following key points:
- It provides disclaimers about forward-looking statements and non-GAAP financial measures included in the presentation.
- It introduces several non-GAAP financial metrics used by management to evaluate performance including combined net sales, combined gross profit, adjusted EBITDA, adjusted free cash flow, and combined capital expenditures.
- These non-GAAP measures are presented to provide useful supplemental information when comparing the company's performance before and after an acquisition.
- MPG reported Q4 2015 net sales of $735 million, down 4% from Q4 2014 primarily due to foreign currency and metals market impacts. Adjusted EBITDA was $123 million.
- For full year 2015, MPG reported record net sales of $3.047 billion, up 12% from 2014. Adjusted EBITDA increased 12% to $538 million.
- MPG awarded a record $727 million in new business in 2015 and expects continued growth driven by new program launches and expansion in Asia and Europe.
- MPG reported Q4 2015 net sales of $735 million, down 4% from Q4 2014 primarily due to foreign currency and metals market impacts. Adjusted EBITDA was $123 million, down slightly from Q4 2014.
- For full year 2015, MPG reported record net sales of $3.047 billion, up 12% from 2014. Adjusted EBITDA increased 12% to $538 million.
- MPG awarded $727 million in new business in 2015, accelerating its growth trajectory. Management expects continued growth driven by new program launches and expansion in Asia and Europe.
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2. 2
Non-GAAP Financial Measures
SemGroup’s non-GAAP measures, Adjusted EBITDA, Cash Available for Dividends (CAFD) and Total Segment Profit, are not GAAP measures and are not
intended to be used in lieu of GAAP presentation of their most closely associated GAAP measures, net income (loss) for Adjusted EBITDA and CAFD and
operating income for Total Segment Profit.
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.
CAFD is based on Adjusted EBITDA, as defined above, and reduced for cash income taxes, cash interest expense, preferred stock cash dividends and
maintenance capital expenditures, as adjusted for selected items which management feels decrease the comparability of results among periods. CAFD is a
performance measure utilized by management to analyze our performance after the payment of cash taxes, servicing debt obligations and making sustaining
capital expenditures.
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.
3. 3
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”); 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
4. 4
MID-CONTINENT
• 1,700 miles crude pipelines
• 8.8 million barrels crude oil
storage capacity
• 200 crude oil trucks/trailers
• 1,000 miles gas gathering
pipelines
• 4 gas processing plants
(600 mmcf/d total)
• 680,000 dedicated gas
gathering acres from key
producers
• 330 acres on Houston Ship Channel
• 18.2 million barrels product storage
• Connectivity to Gulf Coast refining complex
• Deepwater marine access
• Rail and truck loading and unloading
• Maurepas Pipeline serving refineries
Strategic position in North America’s largest
energy complex
GULF COAST t
CANADA
Unique platform in liquids-rich Montney and Duvernay
• 4 natural gas processing plants
• 600 miles natural gas gathering pipelines
• 200 mmcf/d Wapiti Gas Plant under construction
• Smoke Lake Plant announced
• 1 bcf/d total processing capacityDJ Basin, STACK, Cushing
and Northeast OK
Diversified Operations Across Midstream Value Chain
5. 5
Over 70% of SemGroup's pro forma revenue is
derived from investment grade counterparties
97% of total LTM gross margin from
fee-based cash flows
Investment Grade
Non-Investment Grade
72%
28%
Company Strengths
1) LTM June 30, 2018, pro forma for full-year HFOTCO acquisition and Maurepas Pipeline
2) Counterparty ratings LTM June 30, 2018; excludes divested assets, SemLogistics and SemMaterials Mexico
Counterparty Strength(2)
Stable Cash Flows
SemGroup derives a significant portion of cash flows from fixed-fee, contracted
arrangements from credit-worthy counterparties
Take-or-Pay Fixed Fee POP/Marketing
2014 2015 2016 2017 2018
23% 30%
38%
49%
57%
64%
59%
51%
46%
40%
13% 11% 11%
5% 3%
(1)
6. 6
Financial Growth Aligned with Stable Fee-Based Assets
NOTE: Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
1) Take-or-pay % of gross margin: LTM June 30, 2018, pro forma for full-year HFOTCO acquisition and Maurepas Pipeline
(1)
7. 7
Ñ Secure Cash Flows Drive Earnings
• 2Q Adjusted EBITDA $99 million, up 6% over prior quarter, on higher crude and gas volumes
in the Mid-Continent
• On target with full-year 2018 guidance of $385 to $415 million
• Dividend Coverage of 1.4x
Ñ Balance Sheet Focus and Prudent CAPEX Spending
• $800 million raised to date in capital plan; additional capital raise remains a high priority
• Refinanced HFOTCO term loan, lowered interest rate and extended maturity
• Year-to-date capex spend: $217 million, full-year 2018 guidance of $350 million
Ñ Project Execution and Asset Utilization in Key Regions
• Gulf Coast: Completed new ship dock and 1.45 mmbbls crude storage tanks
• Mid-Continent: Optimizing White Cliffs Pipeline with NGL conversion; and capturing growing
STACK and Mississippi Lime liquid-rich gas
• Canada: Wapiti Plant expected online in early 2019; Smoke Lake Plant expected completion
2H 2019
Continued Execution of Strategic Transformation
Note: Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
Focused on Strengthening Balance Sheet and Completing High-Return Projects
9. 9
1Q 2Q 3Q 4Q 1Q 2Q
414
349
414 452 441
382
Ñ 600 miles of transport and gathering pipelines
Ñ Strong incumbent position to serve industry’s
growing infrastructure needs
Ñ Wapiti Sour Gas Plant - under construction(4)
Ñ Smoke Lake Gas Plant - announced December 2017(5)
SemCAMS Areas of Operations
SemCAMS Natural Gas Business
Average Throughput Volume(1)
(mmcf/d)
1) SemCAMS volumes include total processed volumes - K3, KA and West Fox Creek facilities
2) Scheduled plant turnaround at K3
3) Scheduled plant turnaround at KA
4) Expected completion early 2019
5) Expected completion 4Q 2019
(2)
2017 2018
(3)
10. 10
Canada: SemCAMS - New Gas Plants
Producer activity driven by condensate demand
Ñ 200 mmcf/d sour gas processing plant
Ñ Supported by 120 mmcf/d, 15-year contract
Ñ Project cost ~ USD $225 - $250 million
Ñ 6x EBITDA multiple
Ñ Plant completion ~ early 2019
Wapiti Plant - Montney
Smoke Lake Plant - Duvernay
Ñ 60 mmcf/d sweet & sour gas processing plant
Ñ Supported by 15-year contract, 90% of capacity
contracted
Ñ Project cost ~ USD $50 million
Ñ 6x EBITDA multiple
Ñ Plant completion ~ 4Q 2019
Excess sour gas processing-key competitive advantage
10
12. 12
SemGas Areas of Operation
Ñ Located in liquids rich oil plays
Ñ Four processing facilities ~600 mmcf/d of current capacity
• ~1,000 miles of gathering pipelines
Ñ STACK Canton Pipeline - delivers STACK volumes to
Rose Valley plant
SemGas Natural Gas Business
Northern OK Avg Processing Volumes(1)
(mmcf/d)
1) SemGas volumes include total processed volumes - Oklahoma and Texas plants
1Q 2Q 3Q 4Q 1Q 2Q
287 277 265 252
305
367
2017 2018
14. 14
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
• May 2018, announced repurposing one of the
pipelines to NGL service(1)
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
1) See slide 16 for additional project detail
15. 15
Ñ Cushing Storage
• 7.6 million barrels of storage
• Connectivity to all major inbound/outbound pipelines
Ñ Kansas/Oklahoma System
• 450-mile gathering and transportation pipeline system
• Connects to third-party pipelines, Kansas and
Oklahoma refineries and Cushing terminal
• 560,000 barrels of storage capacity
Ñ Isabel Pipeline
• 48 mile, 8-inch crude oil pipeline from Isabel Junction,
KS to Alva, OK
Crude Business Overview
Oklahoma/Kansas Assets Field Services
Ñ Crude Oil Trucking Fleet
• Fleet of ~200 crude oil transport trucks and trailers
• Servicing the Bakken, DJ/Niobrara, Eagle Ford,
STACK, Granite Wash & Mississippi Lime
Crude Operational Summary 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
Crude Transportation
Transportation Volumes (mbbl/d) 179 182 190 193 182 188
White Cliffs Pipeline Volumes (mbbl/d) 111 107 105 92 107 135
Crude Facilities
Average Cushing Terminal Utilization 100% 94% 94% 100% 98% 97%
16. 16
Mid-Continent: DJ Basin NGL Take-Away Solution
Long-Term Contract with DCP Midstream
Project de-risks White Cliffs Pipeline & positions upside value
White Cliffs Pipeline NGL Conversion
Ñ Diversify one 12” pipeline to NGL service
Ñ Supported by 50,000 bpd, 10-year contract with DCP
Ñ Transport NGLs from DJ Basin to Mt Belvieu
Ñ Capacity of 90k bpd, expandable to 120k bpd
Ñ SEMG capex spend of ~$30 to 33 million
Ñ < 4x EBITDA multiple, on contracted cash flows
Ñ Project Completion ~ 4Q 2019
16
18. 18
Unique Position on the Houston Ship Channel
1) HFOTCO owns two pipelines
2) HFOTCO acquisition closed July 17, 2017
18
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
• 155 tanks ranging in size from 10 to 400 mbbls
• 18.2 mmbbls of storage capacity
Ñ Ship & Barge Docks
• Five ship docks which can receive up to Suez-max vessels
with 45-foot draft
• Seven barge docks (accommodating 23 barge
simultaneously)
Ñ Pipelines, Truck & Rail
• Three crude oil pipelines to four refineries(1)
• 72 rail spots
• 14 trucks spots
HFOTCO Operational Summary 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
Average Terminal Utilization(2)
n/a n/a 98% 98% 97% 97%
19. 19
Strategic Gulf Coast Position Drives Growth
Ñ 1.45 million barrels of new crude storage
Ñ Ship Dock #5
Ñ Backstopped by investment-grade refiner, 10-year contract
Ñ Strong connectivity to Gulf Coast refining complex
Ñ Multi-modal inbound and outbound capabilities
Ñ Project cost ~$185 million; ~$120 million funded
by SemGroup
Ñ 7x EBITDA multiple
Ñ Project Completed June 2018
Houston Fuel Oil Terminal
Multiple future growth projects largely driven by exports
19
20. 20
Strong Connectivity to the Houston Refinery Complex
20
Ñ Connects directly or indirectly to crude pipelines serving the Eagle Ford, Permian, Bakken, Midcontinent and Canada
21. 21
Ñ HFOTCO terminal currently services nearly 30 active customers
Ñ Current storage demand exceeds available tankage
Ñ Average customer tenure ~15 years, illustrating operational flexibility and customer service
Ñ HFOTCO terminal currently consists of 18.2 million barrels of storage
Ñ Strategically located asset on the Houston Ship Channel with connectivity to the largest U.S. energy hub
Nearly 90% of revenues generated by take-or-pay contracts
HFOTCO Terminal and Customers
18.2 million barrels of capacity (1)
1) Based on LTM June 30, 2018 throughput
Diversification Focus
Ñ Nearly 2 million barrels of heated storage has been converted to crude oil since 2014
Ñ Excluding crude, approximately 50%(1)
of product throughput derived from non-fuel oil products, such as
VGO, asphalt, carbon black and clean products
Customer Base
23. 23
Maurepas Pipeline
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
U.S. Gulf Coast
25. 25
Execution as promised:
• Funded final HFOTCO payment
• Completed sale of SemLogistics and SemMexico
• Announced White Cliffs Pipeline NGL re-purposing
• Completed new ship dock and crude tanks at HFOTCO
• Refinanced HFOTCO term loan, lowered interest rate and extended maturity
• Wapiti and Smoke Lake Plant projects on track
• Making progress on de-levering plans
Transforming
Portfolio
Executing
Opportunities
Delivering
Shareholder
Value
25
Driving Shareholder Value
Clear Path to Long-Term Growth
26. 26 Note: Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
($ in millions, except per share)
Net Income (loss) $(33.0) $(2.7) $(35.7)
Adjusted EBITDA 93.4 99.0 192.4
Cash Available for Dividends 51.3 50.6 101.9
Common Dividend declared per share $0.4725 $0.4725
Dividend Coverage Ratio 1.4x 1.4x 1.4x
Consolidated Leverage Ratio 4.1x 5.6x
Ñ Key Highlights
• Net loss improved quarter over quarter primarily due to lower income tax and interest expense
pertaining to non-recurring items recognized during the first quarter
• Adjusted EBITDA increased 6% over the prior quarter due to stronger crude volumes and margins, as
well as the absence of a one-time insurance claim write-off recognized during the first quarter
• Declared common stock dividend of $0.4725 per share, dividend coverage of 1.4x
• Elected non-cash, payment-in-kind (PIK) preferred stock dividend
• Targeting consolidated leverage of 5.0x or lower by year-end 2019
Second Quarter 2018 Results
2Q181Q18 YTD
27. 27
($ in millions)
Crude Transportation $34.3 $37.9 $72.2
Crude Facilities 9.3 9.7 19.0
Crude Supply and Logistics (6.6) (2.0) (8.6)
HFOTCO 31.0 34.8 65.8
SemGas 14.3 15.4 29.7
SemCAMS 22.1 21.4 43.5
Corporate/Other 11.0 (0.1) 10.9
Total Segment Profit $115.4 $117.1 $232.5
Segment Profit
Ñ Second Quarter vs First Quarter 2018
• Crude Transportation increased $3.6 million driven by higher White Cliffs Pipeline volumes
• Crude Facilities was relatively flat as storage and throughput volumes remained consistent
• Crude Supply and Logistics improved due to location differentials
• HFOTCO increased due to the absence of a $4 million write-off of an insurance claim during 1Q
• SemGas increased primarily due to higher STACK volumes
• SemCAMS results were flat; volumes decreased due to planned KA plant turnaround
• Corporate/Other down due to the absence of divested assets, SemLogistics and SemMexico
2Q181Q18 YTD
28. 28
Leverage and Liquidity
($ in millions, unaudited)
6/30/2018
SemGroup (B2 / B+)
Revolving Credit Facility - $1.0 Billion due 2021 $ 375
5.625% Senior unsecured notes due 2022 400
5.625% Senior unsecured notes due 2023 350
6.375% Senior unsecured notes due 2025 325
7.250% Senior unsecured notes due 2026 300
Total SEMG Debt $ 1,750
HFOTCO (Ba3 / BB-)
Term Loan due 2025 600
Hurricane Ike Bonds due 2050 225
Total HFOTCO Debt $ 825
SemGroup Net Leverage Ratio (max 5.5x)(1)
4.6x
Consolidated Net Leverage Ratio(2)
5.6x
Consolidated Available Liquidity(3)
$ 652
Ñ HFOTCO Term Loan Refinancing
• $600 million
• LIBOR + 2.75%, reduction of 75 bps
• Maturity extended to 2025
• Covenant-lite
• Proceeds fully paid and canceled revolver
Ñ Preferred Equity Offering - 1Q18
• Offering size - $350 million
• Dividend - 7%
• Conversion Price - $33.00 per share
Ñ Targeting consolidated leverage of 5.0x
or lower by year-end 2019
Ñ No significant debt maturities until 2021
1) SemGroup's net leverage ratio calculated per the senior secured credit facility definitions, which includes a pro-rata portion of projected
future annual EBITDA from material projects
2) Calculated as consolidated net debt to LTM consolidated leverage EBITDA, see additional information on slide 39
3) Available liquidity is reduced for outstanding letters of credit
30. 30
($inmillions)
2016 2017 2018E
$283
$328
$385 - $415
2016 - 2018 CAGR of ~20%
2018 Adjusted EBITDA Guidance
($ 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
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
Ñ SemCAMS - KA plant turnaround in 2Q18
Ñ Assume no U.S. cash taxes
31. 31
Key Projects Driving Financial Growth 2018, 2019 and beyond
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
White Cliffs Pipeline, 12" NGL Pipeline Conversion: $32mm(2)
< 4x EBITDA multiple
Maintenance Growth
Total Capital Expenditures
($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%
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
2) Represents SemGroup's 51% expected spend; total project spend of $60-66 million, minimal capital in 2018
12%
32. 32
Consolidated Balance Sheets
(in thousands, unaudited, condensed) June 30,
2018
December 31,
2017
ASSETS
Current assets $ 695,864 $ 902,899
Property, plant and equipment, net 3,415,505 3,315,131
Goodwill and other intangible assets 639,142 655,945
Equity method investments 276,120 285,281
Other noncurrent assets, net 145,044 132,600
Noncurrent assets held for sale — 84,961
Total assets $ 5,171,675 $ 5,376,817
LIABILITIES, PREFERRED STOCK AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 6,000 $ 5,525
Other current liabilities 608,196 761,036
Total current liabilities 614,196 766,561
Long-term debt, excluding current portion 2,534,894 2,853,095
Other noncurrent liabilities 90,937 85,080
Noncurrent liabilities held for sale — 13,716
Total liabilities 3,240,027 3,718,452
Preferred stock 347,130 —
Owners' equity 1,584,518 1,658,365
Total liabilities, preferred stock and owners' equity $ 5,171,675 $ 5,376,817
33. 33
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited, condensed) 2018 2017
Q1 Q2 YTD Q1 Q2 Q3 Q4 FY2017
Revenues $ 661,609 $ 595,794 $ 1,257,403 $ 456,100 $ 473,089 $ 545,922 $ 606,806 $ 2,081,917
Expenses:
Costs of products sold, exclusive of depreciation and
amortization shown below 496,132 412,089 908,221 348,998 340,107 398,252 427,534 1,514,891
Operating 69,791 90,245 160,036 52,083 73,346 62,666 66,669 254,764
General and administrative 26,477 22,886 49,363 21,712 26,819 38,389 26,859 113,779
Depreciation and amortization 50,536 51,755 102,291 24,599 25,602 50,135 58,085 158,421
Loss (gain) on disposal or impairment, net (3,566) 1,824 (1,742) 2,410 (234) 41,625 (30,468) 13,333
Total expenses 639,370 578,799 1,218,169 449,802 465,640 591,067 548,679 2,055,188
Earnings from equity method investments 12,614 14,351 26,965 17,091 17,753 17,367 15,120 67,331
Operating income (loss) 34,853 31,346 66,199 23,389 25,202 (27,778) 73,247 94,060
Other expenses, net 44,805 37,685 82,490 33,571 11,966 28,574 39,487 113,598
Income (loss) from continuing operations before income taxes (9,952) (6,339) (16,291) (10,182) 13,236 (56,352) 33,760 (19,538)
Income tax expense (benefit) 23,083 (3,613) 19,470 95 3,625 (37,249) 31,141 (2,388)
Net income (loss) (33,035) (2,726) (35,761) (10,277) 9,611 (19,103) 2,619 (17,150)
Less: cumulative preferred stock dividends 4,832 6,211 11,043 — — — — —
Net income (loss) attributable to common shareholders $ (37,867) $ (8,937) $ (46,804) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Net income (loss) $ (33,035) $ (2,726) $ (35,761) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Other comprehensive income (loss), net of income taxes 18,171 6,180 24,351 6,033 8,952 9,230 (4,102) 20,113
Comprehensive income (loss) $ (14,864) $ 3,454 $ (11,410) $ (4,244) $ 18,563 $ (9,873) $ (1,483) $ 2,963
Net income (loss) per common share:
Basic $ (0.48) $ (0.11) $ (0.60) $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24)
Diluted $ (0.48) $ (0.11) $ (0.60) $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24)
Weighted average shares (thousands):
Basic 78,198 78,319 78,259 65,692 65,749 75,974 78,189 71,418
Diluted 78,198 78,319 78,259 65,692 66,277 75,974 78,749 71,418
34. 34
Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) 2018 2017
Reconciliation of net income to Adjusted EBITDA: Q1 Q2 YTD Q1 Q2 Q3 Q4 FY2017
Net income (loss) $ (33,035) $ (2,726) $ (35,761) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150)
Add: Interest expense 42,461 35,904 78,365 13,867 13,477 32,711 42,954 103,009
Add: Income tax expense (benefit) 23,083 (3,613) 19,470 95 3,625 (37,249) 31,141 (2,388)
Add: Depreciation and amortization expense 50,536 51,755 102,291 24,599 25,602 50,135 58,085 158,421
EBITDA 83,045 81,320 164,365 28,284 52,315 26,494 134,799 241,892
Selected Non-Cash Items and
Other Items Impacting Comparability 10,326 17,690 28,016 32,383 13,095 64,239 (23,306) 86,411
Adjusted EBITDA $ 93,371 $ 99,010 $ 192,381 $ 60,667 $ 65,410 $ 90,733 $ 111,493 $ 328,303
Selected Non-Cash Items and
Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ (3,566) $ 1,824 $ (1,742) $ 2,410 $ (234) $ 41,625 $ (30,468) $ 13,333
Foreign currency transaction loss (gain) 3,294 2,314 5,608 — (1,011) (747) (2,951) (4,709)
Adjustments to reflect equity earnings on an EBITDA basis 4,883 4,886 9,769 6,709 6,692 6,678 6,811 26,890
M&A transaction related costs 1,156 648 1,804 — 5,453 14,886 1,649 21,988
Pension plan curtailment loss (gain) — — — — — (3,097) 89 (3,008)
Employee severance and relocation expense 137 211 348 558 312 104 720 1,694
Unrealized loss (gain) on derivative activities 2,226 4,409 6,635 27 (928) 1,833 (892) 40
Non-cash equity compensation 2,196 3,398 5,594 2,757 2,803 2,957 1,736 10,253
Loss on early extinguishment of debt — — — 19,922 8 — — 19,930
Selected Non-Cash items and
Other Items Impacting Comparability $ 10,326 $ 17,690 $ 28,016 $ 32,383 $ 13,095 $ 64,239 $ (23,306) $ 86,411
36. 36
Reconciliation of Operating Income to Total Segment Profit
(in thousands, unaudited) 2018 2017
Q1 Q2 YTD Q1 Q2 Q3 Q4 FY2017
Operating income (loss) $ 34,853 $ 31,346 $ 66,199 $ 23,389 $ 25,202 $ (27,778) $ 73,247 $ 94,060
Plus:
Adjustments to reflect equity earnings on an EBITDA basis 4,883 4,886 9,769 6,709 6,692 6,678 6,811 26,890
Unrealized loss (gain) on derivatives 2,226 4,409 6,635 27 (928) 1,833 (892) 40
General and administrative expense 26,477 22,886 49,363 21,712 26,819 38,389 26,859 113,779
Depreciation and amortization 50,536 51,755 102,291 24,599 25,602 50,135 58,085 158,421
Loss (gain) on disposal or impairment, net (3,566) 1,824 (1,742) 2,410 (234) 41,625 (30,468) 13,333
Total Segment Profit $ 115,409 $ 117,106 $ 232,515 $ 78,846 $ 83,153 $ 110,882 $ 133,642 $ 406,523
37. 37
Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) FY2016 FY2015 FY2014
Reconciliation of net income to Adjusted EBITDA:
Net income $ 13,262 $ 42,812 $ 52,057
Add: Interest expense 62,650 69,675 49,044
Add: Income tax expense 11,268 33,530 46,513
Add: Depreciation and amortization expense 98,804 100,882 98,397
EBITDA 185,984 246,899 246,011
Selected Non-Cash Items and
Other Items Impacting Comparability 96,811 58,383 41,430
Adjusted EBITDA $ 282,795 $ 305,282 $ 287,441
Selected Non-Cash Items and
Other Items Impacting Comparability
Loss on disposal or impairment, net $ 16,048 $ 11,472 $ 32,592
Loss from discontinued operations, net of income taxes 1 4 1
Foreign currency transaction loss (gain) 4,759 (1,067) (86)
Adjustments to reflect equity earnings on an EBITDA basis 28,757 32,965 11,033
Remove loss (gain) on sale or impairment of NGL units 30,644 (14,517) (34,211)
M&A transaction related costs 3,269 10,000 —
Inventory valuation adjustments including equity method investees — 3,187 7,781
Employee severance and relocation expense 2,128 90 220
Unrealized loss (gain) on derivative activities 989 2,014 (1,734)
Change in fair value of warrants — — 13,423
Bankruptcy related expenses — 224 1,310
Charitable contributions — — 3,379
Legal settlement expense — 3,394 —
Recovery of receivables written off at emergence — — (664)
Non-cash equity compensation 10,216 10,617 8,386
Selected Non-Cash items and
Other Items Impacting Comparability $ 96,811 $ 58,383 $ 41,430