Sem group investor presentation february 2017 final

1. Investor Presentation
Post 4Q & Full Year 2016 Results

2. 2
Non-GAAP Financial Measures
SemGroup’s non-GAAP measure, Adjusted EBITDA, is not a GAAP measure and is not intended to be used in lieu of GAAP presentation of net income (loss),
which is the most closely associated GAAP measure. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for
selected items that SemGroup believes impact the comparability of financial results between reporting periods. In addition to non-cash items, we have selected
items for adjustment to EBITDA which management feels decrease the comparability of our results among periods. These items are identified as those which are
generally outside of the results of day to day operations of the business. These items are not considered non-recurring, infrequent or unusual, but do erode
comparability among periods in which they occur with periods in which they do not occur or occur to a greater or lesser degree. Historically, we have selected
items such as gains on the sale of NGL 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.
This measure may be used periodically by management when discussing our financial results with investors and analysts and is presented as management
believes it provides additional information and metrics relative to the performance of our businesses. This non-GAAP financial measure has important limitations
as an analytical tool because it excludes some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider non-
GAAP measures in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for the limitations of our non-GAAP
measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the non-GAAP measure and the most
comparable GAAP measure and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the
same financial measures that our management uses in evaluating our operating results. Because all companies do not use identical calculations, our
presentations of non-GAAP measures may be different from similarly titled measures of other companies, thereby diminishing their utility.
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
Forward-looking Information
Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections
provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance,
our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcome
of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are
subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in
these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the failure to realize the anticipated benefits of the
transaction, consummated on September 30, 2016, pursuant to which we acquired all of the outstanding common units of our subsidiary, Rose Rock Midstream,
L.P., not already owned by us; our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected
dividends or to fund our other liquidity needs; any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and
store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional capital on terms that are favorable to us; our
ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations and equity; the loss of,
or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements and performance of our
investments and joint ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or derivative transactions; the
impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum products; competition from
other midstream energy companies; our ability to comply with the covenants contained in our credit agreement and the indentures governing our senior notes,
including requirements under our credit agreement to maintain certain financial ratios; our ability to renew or replace expiring storage, transportation and related
contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisition of new assets may not
result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other natural phenomena, including climate conditions;
a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of doing business outside
of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or changes in, laws and
regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the environment; the
possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and business conditions;
as well as other risk factors discussed from time to time in our each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation which reflect management's opinions only as of
the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
We use our Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted
and accessible on our Investor Relations website at ir.semgroupcorp.com.
We are present on Twitter and LinkedIn, follow us at the links below:
SemGroup Twitter and LinkedIn

4. 4
Creating Long-Term Shareholder Value
Strong foundation to execute on strategic growth and create shareholder value
¬ Simplified corporate structure, enhanced credit profile, prefunded capital needs for 2017
¬ Targeting annual dividend growth of approximately 8% over the next several years
¬ Incremental secure cash flow from Maurepas Pipeline expected late 2Q of 2017
¬ High-return organic growth underway around existing footprints in Montney and STACK
¬ Unannounced projects to take advantage of operational leverage to stronger market

5. 5
89% of total LTM gross margin from fixed fee based cash flows Nearly 70% of SemGroup's revenue is derived from
investment grade counterparties
Stable Cash Flows(1)
Counterparty Strength(2)
SemGroup derives a significant portion of its margin from fixed fee contracted arrangements
with strong counterparties; SemGroup is well-positioned to drive future growth
(1) LTM December 31, 2016
(2) Counterparty ratings LTM December 31, 2016; excludes SemLogistics and SemMaterials Mexico
Company Strengths
Take or Pay Fixed Fee POP/Marketing
600
500
400
300
200
100
0
($inmillions)
2014 2015 2016 Investment Grade
Non-Investment Grade
68%
32%51%
38%
11%11%
59%
30%
64%
13%
23%

6. 6
Crude and Gas Assets in Key Growth Areas
(1) Expected completion late 2Q 2017
(2) Expected completion mid-2019
¬ Crude Oil
– ~1,800 miles of crude oil pipelines
– 10 million barrels of crude oil storage capacity
– More than 225 crude oil trucks and trailers
– Maurepas Pipeline under construction(1)
– Locations: Bakken, Granite Wash,
Eagle Ford, Utica Basin, Gulf Coast, DJ/
Niobrara Basin, Mississippi Lime
¬ Natural Gas
– 8 natural gas processing plants
– New 200 mmcf/d Wapiti Plant under construction(2)
– ~1,600 miles of natural gas gathering pipeline
– ~1.3 bcf/d of total processing capacity
– Locations: WCSB, Montney / Duvernay
(Wapiti Field), Mississippi Lime
¬ Additional Assets
– 8.7 million barrels, multi-product storage in U.K.
– 15 asphalt terminals in Mexico
– ~12% ownership in GP of NGL Energy Partners

7. 7
Crude Business Overview
DJ Basin
White Cliffs Pipeline – 51% ownership
¬ DJ Basin to Cushing, OK
¬ Two 527-mile, 12-inch pipelines
¬ 150,000 bpd current capacity
¬ Currently ships two crude types
– DJ Basin crude/condensate
– Kansas common
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
Platteville Truck Unloading Facility
¬ 30-lane truck unloading facility
¬ Origin of White Cliffs Pipeline
¬ 350,000 barrels of storage capacity

8. 8
(1) Average remaining contract life as of 12/31/2016
(2) Weighted average rate ($/bbl)
(3) FERC Filing No. 4.4.0
(4) Shipper receives credit for the committed volumes towards their uncommitted volume incentive rate
White Cliffs Pipeline Contract & Rate Structure
Shipper Example - 1 Month51,000 bpd shipped during the month, 10,000 of those barrels are committed volumes
Below is an example the shipper’s tariff structure
Total Volumes
(bpd)
Rate ($/bbl)
Committed
Volumes
10,000 $5.20
Uncommitted
Volumes
41,000 $3.25(4)
51,000 $3.63(2)
All Uncommitted Volumes Shipped At Lowest Applicable Incentive Rate
Committed Take or Pay Volumes
Origination
Volumes
(bpd)
Rate ($/bbl)
Wtd. Avg.
Remaining
Contract Life(1)
Platteville, CO 72,000 $5.20 ~ 3.0 years
Healy, KS 5,000 $2.09 ~ 4.6 years
77,000 $5.00(2)
~ 3.1 years
Uncommitted Volumes(3)
Volumes (bpd) Incentive Rate ($/bbl)
0 – 9,999 $4.90
10,000 – 19,999 $4.65
20,000 – 29,999 $4.40
30,000 – 39,999 $4.15
40,000 – 49,999 $3.90
50,000 and up $3.25

9. 9
Crude Business Overview
Cushing Storage
¬ 7.6 million barrels of storage
¬ 83% under long-term fixed fee contracts with first
expiration 2018
¬ 2017 average storage rate of $0.33 per month
¬ Connectivity to all major inbound/outbound pipelines
Kansas/Oklahoma System
¬ 460-mile gathering and transportation pipeline system
¬ Connects to third-party pipelines, Kansas and
Oklahoma refineries and Cushing terminal
¬ More than 650,000 barrels of storage capacity
Oklahoma/Kansas Assets
Field Services
Crude Oil Trucking Fleet
¬ Fleet of ~225 crude oil transport trucks
¬ Servicing the Bakken, DJ/Niobrara, Eagle Ford,
Granite Wash, Mississippi Lime & Utica plays
Glass Mountain Pipeline – 50% ownership
¬ 215-mile pipeline
¬ 140,000 bpd current capacity
¬ Two laterals – Granite Wash and Mississippi Lime join
and terminate in Cushing
¬ 1.5 million barrels of storage capacity
¬ Recently announced STACK extension (slide11 for more details)
Isabel Pipeline
¬ 48 mile, 8-inch crude oil pipeline from Isabel Junction, KS
to Alva, OK
¬ Connects Kansas barrels to Glass Mountain Pipeline

10. 10
8
6
4
2
0
2016 2017 2018 2019
6.3 6.3 5.8
1.6
1.3 1.3
1.3
1.3
0.5
4.7
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
125.6
151.0 157.2
191.2 209.8 198.5 206.7 197.7
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
111.1 119.1 109.4 109.6 102.4 111.3 104.6 96.4
76.8
187.9
93.2
212.3
91.6
201.0
91.5
201.1
93.8
196.2
86.3
197.6
97.1
201.7
99.6
196.0
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
139.2 121.3 120.7 130.3 142.3 124.9 114.9 115.0
64.9
204.1
71.8
193.1
61.5
182.2
59.9
190.2
58.9
201.2
52.5
177.4
52.5
167.4
58.3
173.3
2015 2016
Crude Key Performance Metrics
(1) Weighted average term of storage contracts
(2) Prior period volumes recast to include intersegment volumes for comparability
(3) Volumes on 100% owned pipelines
(4) Reflects 100% throughput on Joint Venture pipelines
Transportation Volumes
(Thousand Barrels per Day)
Supply and Logistics Volumes(2)
(Thousand Barrels per Day)
Facilities - Cushing Storage
7.6 million Barrels Capacity
Joint Venture Transportation Volumes
(Thousand Barrels per Day)(4)
n Third-party contracted(1)
n Operational / Marketing n Uncontracted
n White Cliffs Pipeline n Glass Mountain Pipeline
2015 2016
2015 2016
n Pipelines(3)
n Field Services

11. 11
Glass Mountain Pipeline STACK Extension
215-mile-long pipeline delivers crude oil from the Mississippi Lime and Granite Wash plays to the Cushing storage hub
¬ SemGroup and NGL Energy Partners LP
jointly own Glass Mountain Pipeline
¬ 44-mile pipeline extension of Glass Mountain
Pipeline to STACK resource play to Cushing
storage complex
¬ Backed by a long-term, fee-based
transportation agreement with a large
investment-grade producer
– includes committed area of dedication
¬ Provides cost-effective, reliable transportation
to Cushing and access to Mid-Continent and
Gulf Coast refineries
¬ Total project cost ~ $30 million(1)
¬ Project completion estimated 4Q 2017
(1) Reflects SemGroup's 50% of capital contributions to the joint venture

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

13. 13
Maurepas Pipeline Area Map

14. 14
SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d)
¬ Located in liquids rich oil plays
¬ Four processing facilities - 595 mmcf/d of current capacity
– ~1,000 miles of gathering lines
SemGas Natural Gas Business
Capacity Processing Volumes
600
500
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
369.0 384.2 368.0 336.1 325.9 290.6 284.4 284.2
2015 2016

15. 15
SemCAMS Natural Gas Business
SemCAMS Areas of OperationAverage Throughput Volume (mmcf/d)
¬ 600 miles of transport and gathering lines
¬ Strong incumbent position to serve industry’s growing
infrastructure needs
¬ Finalized an agreement during 4Q 2016 in which SemCAMS
made a one-time incentive payment of ~$4.5 million to
producers to continue production of gas flowing into our K3
plant; agreement is subject to a partial clawback provision
through 2018
600
500
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
302.5 288.8 254.6 267.4 270.4
157.0
253.5 253.7
91.9
394.4
96.6
385.4
93.4
348.0
106.0
373.4
114.3
384.7
147.1
304.1 135.0
388.5
143.1
396.8
Capacity n K3 Plant n KA Plant
(1) Lower volumes related to an unplanned shutdown at our K3 plant during June 2016
2015 2016
(1)

16. 16
Wapiti Sour Gas Plant in the Liquids-Rich Montney Play
¬ New 200 mmcf/d sour gas processing
Wapiti plant will be integrated with our
existing infrastructure to optimize and
leverage current operations on the Wapiti
Pipeline System and K3 plant located in the
Kaybob region
¬ Supported by a 120 mmcf/d, 15 year
contract with NuVista
¬ Total project cost ~ USD $225 - $250 million
¬ Plant completion estimated mid-2019

17. 17
2016 - Year End Review & Results
2016 Key Highlights
¬ Maurepas Pipeline obtained all necessary permits & achieved significant construction progress
¬ Announced SemCAMS Wapiti 200 mmcf/d Sour Gas Processing Plant
¬ Announced Crude Pipeline extension into the STACK play
¬ SemGroup and Rose Rock Midstream merged to create a simplified corporate structure
¬ SemGroup Equity Offering - $228 million net proceeds
SemGroup Corporation
(in millions, unaudited) 2016 Actuals 2016 Guidance(1)
Adjusted EBITDA $282.8 $270 - $320
CapEx(2)
$306.6 $350
(1) Updated 2016 guidance provided on November 7, 2016
(2) All capital expenditures exclude capitalized interest throughout presentation
Maurepas Pipeline
construction

18. 18
¬ Maurepas Pipeline - expected completion late 2Q 2017
¬ Isabel Pipeline - completed 1Q 2016
¬ Wapiti Pipeline expansion - completed 3Q 2016
¬ SemCAMS plant projects - completed 2016
¬ Northern Oklahoma gathering projects - completed 2016
SemGroup 2016 Capital Projects Review
Maurepas Pipeline
construction
Maurepas Pipeline
Crude
Natural Gas
Other Growth Projects
Maintenance
2016 Capital Expenditures - $307 million
$187
61%
$24
8%
$39
13%
$5
2%
$52
17%
$5
1%

19. 19
Fourth Quarter & Full Year 2016 Results
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
(2) Prior quarter amounts above have been restated from the amounts originally reported to correct for an immaterial error identified by
management in the fourth quarter related to an under capitalization of interest on certain capital projects - see slide 26 for additional
information
Segment Adjusted EBITDA Year Ended
(in millions, unaudited) 4Q 2016 3Q 2016 2016 2015
Crude - Transportation $ 26.1 $ 27.8 $ 113.0 $ 116.6
Crude - Facilities 13.9 9.7 42.5 33.7
Crude - Supply and Logistics (1.9) 3.1 20.6 32.7
SemGas 16.9 16.3 58.2 64.4
SemCAMS 7.3 13.2 40.2 37.2
SemLogistics 3.3 3.4 11.7 7.9
SemMaterials Mexico 3.7 2.9 11.8 16.7
Corporate and Other (3.1) (5.1) (15.2) (3.9)
SemGroup $ 66.2 $ 71.3 $ 282.8 $ 305.3
Year Ended
As Reported (in millions, excluding EPS, unaudited) 4Q 2016 3Q 2016 2016 2015
Net income (loss) attributable to SemGroup $ 12.0 $ (4.9)
(2)
$ 2.1 $ 30.3
Net income (loss) per share - diluted $ 0.18 $ (0.09)
(2)
$ 0.04 $ 0.69
EBITDA(1) $ 61.4 $ 50.7 $ 186.0 $ 246.9
Selected Non-Cash Items and Other Items Impacting Comparability(1) $ 4.8 $ 20.6 $ 96.8 $ 58.4
Adjusted EBITDA(1) $ 66.2 $ 71.3 $ 282.8 $ 305.3
Dividend per Share $ 0.45 $ 0.45 $ 1.80 $ 1.59

20. 20
Leverage & Liquidity
(in millions, unaudited)
December 31,
2016
$1 billion revolver - 2021 $20.0
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 debt $1,070.0
Compliance leverage ratio(1)
3.1x
Target leverage <4.5x
Liquidity:
Cash and cash equivalents(2)
$64.4
Revolver availability(3)
938.6
Total liquidity $1,003.0
(1) Calculated per revolving credit agreement definitions, which includes material project adjustments; maximum total leverage covenant of 5.5x
(2) Cash excludes SemMaterials Mexico
(3) Revolver availability is reduced for outstanding letters of credit

21. 21
Guidance Assumptions
¬ Average Commodity Price Assumptions(2)
– Crude Oil: $54/barrel
– Natural Gas: $3.40/mmbtu
– Natural Gas Liquids: $0.80/gallon
¬ Foreign Exchange Rate Assumptions
– Canadian Dollar (CAD/USD): $0.74
– British Pound (GBP/USD): $1.25
– Mexican Peso (MXN/USD): $0.05
¬ Cash Taxes
– Approximately $5 million, related to foreign subs
Operational Assumptions
¬ Crude
– Average Cushing storage rate: $0.33/barrel/month
– Maurepas Pipeline: expected completion late 2Q 2017
– Transportation volumes(3)
: 5-10% increase
– White Cliffs Pipeline volumes: 100-110k bpd
– Glass Mountain Pipeline volumes: 75-80k bpd
¬ SemGas
– N. Oklahoma processing volumes: 280-300 mmcf/d
¬ SemCAMS
– Processing volumes: 375-400 mmcf/d
– K3 plant turnaround scheduled 2Q 2017
Adjusted EBITDA of $270 million - $310 million(1)
(in millions)
$400
$300
$200
$100
2014 2015 2016 2017E
$287
$305
$283
SemGroup Corporation 2017 Guidance
(1) Non-GAAP Reconciliations for historical periods are included in the Appendix to this presentation
(2) Average commodity prices as of January 11, 2017
(3)Transportation volumes excludes Maurepas Pipeline and JV assets (White Cliffs Pipeline and Glass Mountain Pipeline)
$270 - $310

22. 22
2017 Capital Expenditures Guidance
2017 Capital Expenditures – $500 million
¬ Key Committed Projects
– Crude Projects
• Maurepas Pipeline ~ completion late 2Q 2017: $180 million
• Cushing 20" Pipeline ~ completion 4Q 2017: $35 million
• STACK Crude Pipeline ~ completion 4Q 2017: $30 million(1)
– Natural Gas Projects
• Wapiti Sour Gas Plant ~ completion mid-2019: $80 million
• KA Plant Projects: $25 million
• N. Oklahoma gathering projects: $20 million
(1) Reflects SemGroup's 50% of capital contributions to the joint venture
Maurepas Pipeline
Crude
Natural Gas
Other Growth Projects
Maintenance
$180
36%
$65
13%
$185
37%
$10
2%
$60
12%

23. APPENDIX

24. 24
Consolidated Balance Sheets
(in thousands, unaudited, condensed) December 31,
2016
December 31,
2015
ASSETS
Current assets $ 635,874 $ 480,381
Property, plant and equipment, net 1,762,072 1,566,821
Goodwill and other intangible assets 185,208 210,255
Equity method investments 434,289 551,078
Other noncurrent assets, net 57,529 45,374
Total assets $ 3,074,972 $ 2,853,909
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 26 $ 31
Other current liabilities 488,329 376,996
Total current liabilities 488,355 377,027
Long-term debt, excluding current portion 1,050,918 1,057,816
Other noncurrent liabilities 89,734 222,710
Total liabilities 1,629,007 1,657,553
Total owners' equity 1,445,965 1,196,356
Total liabilities and owners' equity $ 3,074,972 $ 2,853,909

25. 25
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Revenues $ 402,172 $ 382,493 $ 327,764 $ 1,332,164 $ 1,455,094
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below 281,139 268,680 218,503 873,431 979,549
Operating 54,564 57,286 52,636 212,099 224,443
General and administrative 21,490 19,094 20,583 83,908 97,366
Depreciation and amortization 24,776 26,452 24,922 98,804 100,882
Loss on disposal or impairment, net 38 9,993 1,018 16,048 11,472
Total expenses 382,007 381,505 317,662 1,284,290 1,413,712
Earnings from equity method investments 17,763 20,687 15,845 73,757 81,386
Gain (loss) on issuance of common units by equity method investee — 352 — (41) 6,385
Operating income 37,928 22,027 25,947 121,590 129,153
Other expenses, net 9,809 19,082 18,684 97,059 52,807
Income from continuing operations before income taxes 28,119 2,945 7,263 24,531 76,346
Income tax expense 16,119 3,921 11,898 11,268 33,530
Income (loss) from continuing operations 12,000 (976) (4,635) 13,263 42,816
Income (loss) from discontinued operations, net of income taxes — (1) 3 (1) (4)
Net income (loss) 12,000 (977) (4,632) 13,262 42,812
Less: net income (loss) attributable to noncontrolling interests — (1,661) 225 11,167 12,492
Net income (loss) attributable to SemGroup Corporation 12,000 684 (4,857) 2,095 30,320
Net income (loss) attributable to SemGroup Corporation 12,000 684 (4,857) 2,095 30,320
Other comprehensive loss, net of income taxes (10,783) (7,671) (7,051) (15,352) (31,421)
Comprehensive income (loss) attributable to SemGroup Corporation $ 1,217 $ (6,987) $ (11,908) $ (13,257) $ (1,101)
Net income (loss) per common share:
Basic $ 0.18 $ 0.02 $ (0.09) $ 0.04 $ 0.69
Diluted $ 0.18 $ 0.02 $ (0.09) $ 0.04 $ 0.69
Weighted average shares (thousands):
Basic 65,754 43,824 52,642 51,889 43,787
Diluted 66,326 43,971 52,642 52,281 43,970

26. 26
2016 Quarterly Financial Data
Note: Prior quarter amounts above have been restated from the amounts originally reported to correct for an immaterial error identified by management in the fourth
quarter related to an under capitalization of interest on certain capital projects. Previously reported interest expense, included in "other expense, net" above, has
been decreased by $1.4 million, $0.9 million and $2.5 million for the quarters ended March 31, June 30 and September 30, 2016, respectively, with a corresponding
increase to net income. Earnings per basic share was increased by $0.03, $0.02 and $0.05 per share for the quarters ended March 31, June 30 and September 30,
2016, respectively. Capitalized interest recorded for the fourth quarter of 2016 includes an immaterial out of period adjustment of $6.3 million related to under
capitalization of interest in the prior year.
(in thousands, except per share data, unaudited)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues $ 314,851 $ 287,377 $ 327,764 $ 402,172 $ 1,332,164
Loss on disposal or impairment, net 13,307 1,685 1,018 38 16,048
Other operating costs and expenses 292,250 277,379 316,644 381,969 1,268,242
Total expenses 305,557 279,064 317,662 382,007 1,284,290
Earnings from equity method investments 23,071 17,078 15,845 17,763 73,757
Loss on issuance of common units by equity method investee (41) — — — (41)
Operating income 32,324 25,391 25,947 37,928 121,590
Other expenses, net 58,622 9,944 18,684 9,809 97,059
Income (loss) from continuing operations before income taxes (26,298) 15,447 7,263 28,119 24,531
Income tax expense (benefit) (21,407) 4,658 11,898 16,119 11,268
Income (loss) from continuing operations (4,891) 10,789 (4,635) 12,000 13,263
Income (loss) from discontinued operations, net of income taxes (2) (2) 3 — (1)
Net income (loss) (4,893) 10,787 (4,632) 12,000 13,262
Less: net income attributable to noncontrolling interests 9,020 1,922 225 — 11,167
Net income (loss) attributable to SemGroup $ (13,913) $ 8,865 $ (4,857) $ 12,000 $ 2,095
Earnings (loss) per share—basic $ (0.32) $ 0.20 $ (0.09) $ 0.18 $ 0.04
Earnings (loss) per share—diluted $ (0.32) $ 0.19 $ (0.09) $ 0.18 $ 0.04

27. 27
Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
Reconciliation of net income to Adjusted EBITDA: 2016 2015 2016 2016 2015
Net income (loss) $ 12,000 $ (977) $ (4,632) $ 13,262 $ 42,812
Add: Interest expense(1) 8,545 19,092 18,517 62,650 69,675
Add: Income tax expense 16,119 3,921 11,898 11,268 33,530
Add: Depreciation and amortization expense 24,776 26,452 24,922 98,804 100,882
EBITDA 61,440 48,488 50,705 185,984 246,899
Selected Non-Cash Items and
Other Items Impacting Comparability 4,765 30,837 20,588 96,811 58,383
Adjusted EBITDA $ 66,205 $ 79,325 $ 71,293 $ 282,795 $ 305,282
Selected Non-Cash Items and
Other Items Impacting Comparability
Loss on disposal or impairment, net $ 38 $ 9,993 $ 1,018 $ 16,048 $ 11,472
Loss from discontinued operations, net of income taxes — 1 — 1 4
Foreign currency transaction (gain) loss 1,088 132 659 4,759 (1,067)
Remove NGL equity losses (earnings) including loss (gain) on issuance of common units 6 (346) 38 (2,147) (11,416)
Remove loss (gain) on sale or impairment of NGL units — — — 30,644 (14,517)
NGL cash distribution — 4,839 — 4,873 19,074
M&A transaction related costs — — 3,269 3,269 10,000
Inventory valuation adjustments including equity method investees — 1,810 — — 3,187
Employee severance and relocation expense 499 48 534 2,128 90
Unrealized loss (gain) on derivative activities (5,107) 5,330 6,167 989 2,014
Depreciation and amortization included within equity earnings 5,071 6,173 7,283 26,031 25,307
Bankruptcy related expenses — — — — 224
Legal settlement expense — — — — 3,394
Non-cash equity compensation 3,170 2,857 1,620 10,216 10,617
Selected Non-Cash items and
Other Items Impacting Comparability $ 4,765 $ 30,837 $ 20,588 $ 96,811 $ 58,383
(1) Capitalized interest recorded for 4Q 2016 includes an immaterial out of period adjustment of $6.3 million related to the prior year
Note: 4Q 2016 cash expense: ~ $17 million interest, ~ $11 million maintenance capex, ~ $1 million income tax

28. 28
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income $ 15,810 $ 6,057 $ 13,052 $ 59,951 $ 44,771
Add: Interest expense (income) (1,098) 254 154 (487) 778
Add: Depreciation and amortization expense 6,140 8,822 6,309 24,483 35,500
EBITDA 20,852 15,133 19,515 83,947 81,049
Selected Non-Cash Items and
Other Items Impacting Comparability 5,206 16,137 8,334 29,100 35,600
Adjusted EBITDA $ 26,058 $ 31,270 $ 27,849 $ 113,047 $ 116,649
Selected Non-Cash Items and Other Items Impacting Comparability
Loss on disposal or impairment, net $ 38 $ 9,461 $ 1,018 $ 2,837 $ 9,621
Inventory valuation adjustments including equity method investees — 455 — — 597
Employee severance and relocation expense 97 48 33 232 75
Depreciation and amortization included within
equity earnings 5,071 6,173 7,283 26,031 25,307
Selected Non-Cash items and
Other Items Impacting Comparability $ 5,206 $ 16,137 $ 8,334 $ 29,100 $ 35,600
Crude - Transportation Segment

29. 29
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income $ 11,756 $ 6,705 $ 7,697 $ 34,608 $ 27,928
Add: Interest expense 128 — — 128 —
Add: Depreciation and amortization expense 1,996 1,603 1,982 7,781 5,829
EBITDA 13,880 8,308 9,679 42,517 33,757
Selected Non-Cash Items and
Other Items Impacting Comparability — — 2 6 —
Adjusted EBITDA $ 13,880 $ 8,308 $ 9,681 $ 42,523 $ 33,757
Selected Non-Cash Items and Other Items Impacting Comparability
Employee severance expense $ — $ — $ 2 $ 6 $ —
Selected Non-Cash items and
Other Items Impacting Comparability $ — $ — $ 2 $ 6 $ —
Crude - Facilities Segment

30. 30
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income (loss) $ 2,853 $ 2,598 $ (3,248) $ 18,436 $ 27,567
Add: Interest expense 302 132 186 810 462
Add: Depreciation and amortization expense 59 40 46 185 159
EBITDA 3,214 2,770 (3,016) 19,431 28,188
Selected Non-Cash Items and
Other Items Impacting Comparability (5,107) 6,685 6,167 1,216 4,491
Adjusted EBITDA $ (1,893) $ 9,455 $ 3,151 $ 20,647 $ 32,679
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ — $ — $ — $ 227 $ (3)
Employee severance expense — — — — 4
Unrealized loss (gain) on derivative activities (5,107) 5,330 6,167 989 1,900
Inventory valuation adjustments — 1,355 — — 2,590
Selected Non-Cash items and
Other Items Impacting Comparability $ (5,107) $ 6,685 $ 6,167 $ 1,216 $ 4,491
Crude - Supply and Logistics Segment

31. 31
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income (loss) $ 4,385 $ 16 $ 3,750 $ (5,664) $ 16,704
Add: Interest expense 3,283 3,538 3,367 13,636 13,162
Add: Depreciation and amortization expense 8,966 8,705 9,079 36,170 31,803
EBITDA 16,634 12,259 16,196 44,142 61,669
Selected Non-Cash Items and
Other Items Impacting Comparability 266 238 125 14,038 2,777
Adjusted EBITDA $ 16,900 $ 12,497 $ 16,321 $ 58,180 $ 64,446
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ — $ (62) $ — $ 13,051 $ 1,832
Employee severance expense — — — 13 —
Non-cash equity compensation 266 300 125 974 945
Selected Non-Cash items and
Other Items Impacting Comparability $ 266 $ 238 $ 125 $ 14,038 $ 2,777
SemGas Segment

32. 32
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income $ 931 $ 3,646 $ 5,080 $ 11,612 $ 7,879
Add: Interest expense 937 2,243 2,175 6,749 10,742
Add: Income tax expense 678 1,319 1,573 3,667 4,847
Add: Depreciation and amortization expense 4,383 3,489 4,239 16,867 12,940
EBITDA 6,929 10,697 13,067 38,895 36,408
Selected Non-Cash Items and
Other Items Impacting Comparability 369 397 124 1,257 773
Adjusted EBITDA $ 7,298 $ 11,094 $ 13,191 $ 40,152 $ 37,181
Selected Non-Cash Items and Other Items Impacting Comparability
Gain on disposal or impairment, net $ — $ — $ — $ — $ (917)
Foreign currency transaction (gain) loss — (1) — 5 103
Employee severance — — 1 1 —
Non-cash equity compensation 369 398 123 1,251 1,587
Selected Non-Cash items and
Other Items Impacting Comparability $ 369 $ 397 $ 124 $ 1,257 $ 773
SemCAMS Segment

33. 33
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income (loss) $ (155) $ 1,276 $ 948 $ (900) $ (1,624)
Add: Interest expense 407 405 456 1,592 1,746
Add: Income tax expense (benefit) 91 (1,823) (601) (724) (2,195)
Add: Depreciation and amortization expense 1,853 2,176 1,880 7,676 8,543
EBITDA 2,196 2,034 2,683 7,644 6,470
Selected Non-Cash Items and
Other Items Impacting Comparability 1,148 598 686 4,083 1,399
Adjusted EBITDA $ 3,344 $ 2,632 $ 3,369 $ 11,727 $ 7,869
Selected Non-Cash Items and Other Items Impacting Comparability
Foreign currency transaction loss $ 1,006 $ 425 $ 647 $ 3,554 $ 799
Non-cash equity compensation 142 173 39 529 600
Selected Non-Cash items and
Other Items Impacting Comparability $ 1,148 $ 598 $ 686 $ 4,083 $ 1,399
SemLogistics Segment

34. 34
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net income $ 2,068 $ 42 $ 1,491 $ 5,442 $ 8,725
Add: Interest expense — — 43 43 46
Add: Income tax expense 534 215 349 1,684 2,611
Add: Depreciation and amortization expense 930 993 932 3,752 4,076
EBITDA 3,532 1,250 2,815 10,921 15,458
Selected Non-Cash Items and
Other Items Impacting Comparability 199 234 72 885 1,193
Adjusted EBITDA $ 3,731 $ 1,484 $ 2,887 $ 11,806 $ 16,651
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal of long-lived assets, net $ — $ (20) $ — $ (67) $ 85
Foreign currency transaction loss 59 111 30 498 605
Non-cash equity compensation 140 143 42 454 503
Selected Non-Cash items and
Other Items Impacting Comparability $ 199 $ 234 $ 72 $ 885 $ 1,193
SemMaterials México Segment

35. 35
Non-GAAP Financial Data Reconciliations
(in thousands, unaudited) Three Months Ended Year Ended
December 31, September 30, December 31,
2016 2015 2016 2016 2015
Net loss $ (25,648) $ (21,317) $ (33,402) $ (110,223) $ (89,138)
Add: Interest expense 4,586 12,520 12,136 40,179 42,739
Add: Income tax expense 14,816 4,210 10,577 6,641 28,267
Add: Depreciation and amortization expense 449 624 455 1,890 2,032
EBITDA (5,797) (3,963) (10,234) (61,513) (16,100)
Selected Non-Cash Items and
Other Items Impacting Comparability 2,684 6,548 5,078 46,226 12,154
Adjusted EBITDA $ (3,113) $ 2,585 $ (5,156) $ (15,287) $ (3,946)
Selected Non-Cash Items and Other Items Impacting Comparability
Loss on disposal or impairment, net $ — $ 614 $ — $ — $ 854
Loss from discontinued operations, net of income taxes — 1 — 1 4
Foreign currency transaction (gain) loss 23 (403) (18) 702 (2,574)
Remove NGL equity losses (earnings) including gain (loss) on issuance
of common units 6 (346) 38 (2,147) (11,416)
Remove loss (gain) on impairment or sale of NGL units — — — 30,644 (14,517)
NGL cash distribution — 4,839 — 4,873 19,074
M&A transaction related costs — — 3,269 3,269 10,000
Employee severance and relocation expense 402 — 498 1,876 15
Unrealized loss on derivative activities — — — — 114
Bankruptcy related expenses — — — — 224
Legal settlement expense — — — — 3,394
Non-cash equity compensation 2,253 1,843 1,291 7,008 6,982
Selected Non-Cash items and
Other Items Impacting Comparability $ 2,684 $ 6,548 $ 5,078 $ 46,226 $ 12,154
Corporate & Other Segment

36. 36
(in thousands, unaudited) Three Months Ended
March 31, 2016
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemCAMS SemLogistics SemMexico SemGas
Corporate
and Other Consolidated
Net income (loss) $ 19,295 $ 7,705 $ 13,461 $ 3,276 $ (246) $ 696 $ (13,474) $ (35,606) $ (4,893)
Add: Interest expense 264 — 140 1,706 376 — 3,555 11,536 17,577
Add: Income tax expense (benefit) — — — 965 59 607 — (23,038) (21,407)
Add: Depreciation and amortization expense 5,860 1,882 40 3,951 1,960 941 8,927 490 24,051
EBITDA 25,419 9,587 13,641 9,898 2,149 2,244 (992) (46,618) 15,328
Selected Non-Cash Items and
Other Items Impacting Comparability 6,606 — (4,321) 383 687 370 13,391 45,224 62,340
Adjusted EBITDA $ 32,025 $ 9,587 $ 9,320 $ 10,281 $ 2,836 $ 2,614 $ 12,399 $ (1,394) $ 77,668
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal of long-lived assets, net $ 67 $ — $ 227 $ — $ — $ (39) $ 13,052 $ — $ 13,307
Loss from discontinued operations, net of income taxes — — — — — — — 2 2
Foreign currency transaction loss — — — 6 510 256 — 697 1,469
Remove NGL equity earnings including gain on issuance of common units — — — — — — — (2,191) (2,191)
Remove gain on sale of NGL units — — — — — — — 39,764 39,764
NGL cash distribution — — — — — — — 4,873 4,873
Employee severance and relocation expense — — — — — — — 259 259
Unrealized gain on derivative activities — — (4,548) — — — — — (4,548)
Depreciation and amortization included within
equity earnings 6,539 — — — — — — — 6,539
Non-cash equity compensation — — — 377 177 153 339 1,820 2,866
Selected Non-Cash Items and
Other Items Impacting Comparability $ 6,606 $ — $ (4,321) $ 383 $ 687 $ 370 $ 13,391 $ 45,224 $ 62,340
Reconciliation of Net Income to Adjusted EBITDA

37. 37
(in thousands, unaudited) Three Months Ended
June 30, 2016
Crude -
Transportation
Crude -
Facilities
Crude -
Supply and
Logistics SemCAMS SemLogistics SemMexico SemGas
Corporate
and Other Consolidated
Net income (loss) $ 11,794 $ 7,450 $ 5,370 $ 2,325 $ (1,447) $ 1,187 $ (325) $ (15,567) $ 10,787
Add: Interest expense 193 — 182 1,931 353 — 3,431 11,921 18,011
Add: Income tax expense (benefit) — — — 451 (273) 194 — 4,286 4,658
Add: Depreciation and amortization expense 6,174 1,921 40 4,294 1,983 949 9,198 496 25,055
EBITDA 18,161 9,371 5,592 9,001 616 2,330 12,304 1,136 58,511
Selected Non-Cash Items and
Other Items Impacting Comparability 8,954 4 4,477 381 1,562 244 256 (6,757) 9,121
Adjusted EBITDA $ 27,115 $ 9,375 $ 10,069 $ 9,382 $ 2,178 $ 2,574 $ 12,560 $ (5,621) $ 67,632
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal of long-lived assets, net $ 1,714 $ — $ — $ — $ — $ (28) $ (1) $ — $ 1,685
Loss from discontinued operations, net of income taxes — — — — — — — 2 2
Foreign currency transaction (gain) loss — — — (1) 1,391 153 — — 1,543
Remove NGL equity earnings including gain on issuance of common units — — — — — — — (9,120) (9,120)
Employee severance expense 102 4 — — — — 13 717 836
Unrealized loss on derivative activities — — 4,477 — — — — — 4,477
Depreciation and amortization included within
equity earnings 7,138 — — — — — — — 7,138
Non-cash equity compensation — — — 382 171 119 244 1,644 2,560
Selected Non-Cash Items and
Other Items Impacting Comparability $ 8,954 $ 4 $ 4,477 $ 381 $ 1,562 $ 244 $ 256 $ (6,757) $ 9,121
Reconciliation of Net Income to Adjusted EBITDA

38. 38
(in thousands, unaudited) Year Ended
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
Selected Non-Cash Items and
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
Selected Non-Cash Items and Other Items Impacting Comparability
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
Depreciation and amortization included within
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
Selected Non-Cash Items and
Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ 590 $ (1,083) $ 621 $ 21,053 $ (5,303) $ 41,430
Reconciliation of Net Income to Adjusted EBITDA