Sem group investor presentation november 2017 final

Investor Presentation
Third Quarter 2017 Results
November 2017

Investor Presentation - November 2017
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.
2

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 HFOTCO LLC doing
business as Houston Fuel Oil Terminal Company (“HFOTCO”); our ability to pay the second payment related to our HFOTCO acquisition and the consequences of
our failing to do so; the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements
and performance of our investments and joint ventures; the consequences of any divestitures of non-strategic operating assets or divestitures of interests in some of
our operating assets through partnerships and/or join ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or
derivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum
products; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreements, continuing covenant
agreement, and the indentures governing our notes, including requirements under our credit agreements and continuing covenant agreement to maintain certain
financial ratios; our ability to renew or replace expiring storage, transportation and related contracts; the overall forward markets for crude oil, natural gas and
natural gas liquids; the possibility that the construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; any future
impairment of goodwill resulting from the loss of customers or business; changes in currency exchange rates; weather and other natural phenomena, including
climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of
doing business outside of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or
changes in, laws and regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the
environment; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and
business conditions; as well as other risk factors discussed from time to time in our each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as
of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
We use our Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted
and accessible on our Investor Relations website at ir.semgroupcorp.com.
We are present on Twitter and LinkedIn: SemGroup Twitter and LinkedIn
Forward-Looking Information
3

Ñ Looking ahead to 2018 and beyond our focus remains
• Canada
• Mid-Continent
• Gulf Coast
Ñ Expect to fully pay HFOTCO second payment by end of 1Q 2018
Ñ Focused execution
• Reducing debt
• Increasing return on capital
• Enhancing SemGroup's ability to capitalize on attractive opportunities
Executing on Strategic Plan
4

Over 70% of SemGroup's pro forma revenue is
derived from investment grade counterparties
Over 95% of total LTM gross margin from
fee-based cash flows
(1) LTM December 31, 2016
(2) Counterparty ratings LTM December 31, 2016; excludes SemLogistics and SemMaterials Mexico
Take or Pay Fixed Fee POP/Marketing
700
600
500
400
300
200
100
0
($inmillions)
2014 2015 2016 Pro forma 2017 Investment Grade
Non-Investment Grade
72%
28%51%
38%
11%11%
59%
30%
64%
13%
23%
Company Strengths
5
1) LTM September 30, 2017, pro forma for full year HFOTCO acquisition and Maurepas Pipeline
2) Counterparty ratings LTM September 30, 2017; excludes SemLogistics and SemMaterials Mexico5
Counterparty Strength(2)
Stable Cash Flows(1)
38%
58%
4%
SemGroup derives a significant portion of cash flows from fixed-fee, contracted
arrangements from credit-worthy counterparties

Ñ Crude Oil
• ~1,800 miles of crude oil pipelines
• 10 million barrels of crude oil storage capacity
• More than 240 crude oil trucks and trailers
• Maurepas Pipeline
• STACK Crude Omega Pipeline under construction(1)
Ñ HFOTCO
• 16.8 mmbbls storage terminal, premier deepwater access
• One of the largest providers of residual fuel oil storage
on the U.S. Gulf Coast
• Located in the leading refined products / oil storage
and export marketplace
Ñ Natural Gas
• 8 natural gas processing plants
• STACK SemGas Canton Pipeline under construction(1)
• New 200 mmcf/d Wapiti Gas Plant under construction(2)
• ~1,600 miles of natural gas gathering pipeline
• ~1.3 bcf/d of total processing capacity
Ñ Additional Assets
• 8.7 million barrels, multi-product storage in U.K.
• 14 asphalt terminals in Mexico
• ~12% ownership in GP of NGL Energy Partners
Crude and Gas Assets in Key Growth Areas
6
1) Expected completion year-end 2017
2) Expected completion 2Q 2019
3) Via Bayou Bridge and Ho-Ho, HFOTCO will be connected to St. James and ultimately will be connected to Maurepas
(3)

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
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
8
U.S. Gulf Coast
Ñ Maurepas Pipeline
• 24-inch, 34 mile crude oil pipeline
connected to LOCAP at St. James
and terminating at Norco refinery
• 12-inch, 35 mile intermediates pipeline
between Convent and Norco refineries
• 6-inch, 35 mile intermediates pipeline
between Norco and Convent refineries

White Cliffs Pipeline Contract & Rate Structure
9
1) Average remaining contract life as of 09/30/2017
2) Weighted average rate ($/bbl)
3) FERC Filing No. 4.6.0
Committed Take or Pay Volumes
Origination
Volumes
(bpd)
Rate ($/bbl)
Wtd. Avg.
Remaining
Contract Life(1)
Platteville, CO 72,000 $5.20 ~ 2.3 years
Healy, KS 5,000 $2.09 ~ 3.8 years
77,000 $5.00(2)
~ 2.4 years
Uncommitted Volumes
Volumes (bpd) Incentive Rate ($/bbl)
0 – 2,999 $3.00
3,000 and up $1.75
Uncommitted Volumes(3)
Volumes (bpd) Incentive Rate ($/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 – 59,999 $3.25
60,000 and up $3.00
Temporary Rate Structure
Effective December 1, 2017
FERC Filing No. 4.7.0, effective December 1, 2017, puts in place a
temporary rate of $1.75 bbl for all uncommitted barrels above
3,000 bpd. This temporary reduction in rates is to incentivize
shippers to ship additional volumes on the system during current
market conditions, and can be removed at any time reverting back
to the current rate structure.
Current Rate Structure

Ñ Cushing Storage
• 7.6 million barrels of storage
• 2017 average storage rate of $0.33 per month
• 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
• More than 720,000 barrels of storage capacity
Ñ Crude Oil Trucking Fleet
• Fleet of ~240 crude oil transport trucks
• Servicing the Bakken, DJ/Niobrara, Eagle Ford,
Granite Wash & Mississippi Lime
Crude Business Overview
10
1) Announced sale of Glass Mountain Pipeline on November 9, 2017, expected to close by year-end 2017
2) Includes 255,000 bbls under construction
3) Expected completion year-end 2017, see slide 25 for additional project information
Oklahoma/Kansas Assets
Field Services
Ñ Glass Mountain Pipeline – 50% ownership(1)
• 215-mile pipeline
• 140,000 bpd current capacity
• Two laterals – Granite Wash and Mississippi Lime join and
terminate in Cushing
• 1.8(2)
million barrels of storage capacity
• STACK Crude pipeline extension - under construction(3)
Ñ Isabel Pipeline
• 48 mile, 8-inch crude oil pipeline from Isabel Junction, KS
to Alva, OK
• Connects Kansas barrels to Glass Mountain Pipeline

Supply and Logistics Volumes
250
200
150
100
50
0
(ThousandBarrelsperDay)
1Q 2Q 3Q 4Q 1Q 2Q 3Q
209.8 198.5 206.7 197.7
241.1 232.6 241.7
2016 2017
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
n Third-party contracted(1)
n Operational / Marketing n Uncontracted
1) Weighted average term of storage contracts
2) Volumes on 100% owned pipelines, excludes Maurepas Pipeline
3) Reflects 100% throughput on joint venture pipelines
Crude Key Performance Metrics
Pipelines Field Services
Transportation Volumes
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q
102.4 111.3 104.6 96.4 88.0 89.9 92.1
93.8
196.2
86.3
197.6
97.1
201.7
99.6
196.0
91.2
179.2
92.1
182.0
98.2
190.3
White Cliffs Pipeline Glass Mountain Pipeline
Joint Venture Transportation Volumes
250
200
150
100
50
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q
142.3 124.9 114.9 115.0 111.1 107.3 105.2
58.9
201.2
52.5
177.4
52.5
167.4
58.3
173.3
72.5
183.6
81.5
188.8
82.7
187.9
Facilities - Cushing Storage
7.6 million Barrels Capacity
11
2016 20172016 2017
(2)
(3)

Unique Position on the Houston Ship Channel
1) Fifth ship dock is currently under construction, expected completion mid-2018
2) HFOTCO owns two pipelines
13
Ñ Land
• 300 acres of waterfront land on the Houston Ship Channel
• 12 acres of undeveloped land at Moore Road Junction, hub
for multiple pipelines
Ñ Storage tanks
• 144 tanks ranging in size from 10 to 400 mbbls
• 16.8 mmbbls of storage capacity
• Additional 1.45 mmbbls currently under construction
(expected completion mid-2018)
Ñ Ship & Barge Docks
• Five ship docks which can receive up to Suez-max vessels
with 45-foot draft(1)
• Seven barge docks (accommodating 23 barge
simultaneously)
Ñ Pipelines, Truck & Rail
• Three crude oil pipelines to four refineries(2)
• 72 rail spots
• 14 trucks spots

Strong Connectivity to the Houston Refinery Complex
14
Ñ Connects directly or indirectly to crude pipelines serving the Eagle Ford, Permian, Bakken, Midcontinent and Canada

HFOTCO Customer Base
Diversified, Long-Term and Primarily Investment Grade
Customers
15
• Top 10 customers comprise ~61% of rental
revenues
• No customer accounts for more than 10% of rental
revenues
• Average customer tenure of ~15 years
• 48% of customers have been with HFOTCO for
over 18 years
• 75% of the contracted capacity is with diversified
investment grade counterparties
• Non-rated / non-IG customers include several
large global private companies
Key Customers
Ñ Approximately 90% of HFOTCO’s revenue(1)
is generated by take-or-pay storage contracts
Ñ The remaining 10% based on predictable streams related to ancillary services that derive from basic storage functions (heating, throughput fees, etc.)
1) LTM September 30, 2017

SemGas Areas of Operation
Ñ Located in liquids rich oil plays
Ñ Four processing facilities - 595 mmcf/d of current capacity
• ~1,000 miles of gathering lines
Ñ STACK Canton Pipeline - under construction(1)
17
SemGas Natural Gas Business
N. Oklahoma Avg Processed Volume
1) Expected completion year-end 2017, see slide 26 for additional project information
Capacity Processing Volumes
600
500
400
300
200
100
0
(mmcf/d)
1Q 2Q 3Q 4Q 1Q 2Q 3Q
325.9 290.6 284.4 284.2 273.6 262.8 250.4
2016 2017

Ñ 600 miles of transport and gathering lines
Ñ Strong incumbent position to serve industry’s
growing infrastructure needs
Ñ Wapiti Sour Gas Plant - under construction(3)
18
SemCAMS Areas of Operations
SemCAMS Natural Gas Business
Average Throughput Volume
1) Lower volumes related to an unplanned shutdown at our K3 plant during June 2016
2) Scheduled plant turnaround at K3
3) Expected completion 2Q 2019, see slide 27 for additional project information
K3 Plant KA Plant Capacity
600
500
400
300
200
100
0
(mmcf/d)
1Q 2Q 3Q 4Q 1Q 2Q 3Q
270.4
157.0
253.5 253.7 260.7
171.1
267.3
114.3
384.7
147.1
304.1 135.0
388.5
143.1
396.8
146.9
407.6
172.2
343.3
140.9
408.2
(1)
2016 2017
(2)

Ñ Crude Transportation - increased ~$7 million primarily due to Maurepas Pipeline completion
Ñ HFOTCO contribution, following mid-July close, performed as expected
Ñ SemGas - decreased primarily due to the absence of a $2.5 million one-time contractual true-up in 2Q
Ñ SemCAMS - decreased nearly $4 million due to the absence of take-or-pay true-ups recorded in 2Q
Third Quarter 2017 Results
Segment Adjusted EBITDA 3Q 2017 2Q 2017
Crude - Transportation $32.0 $25.2
Crude - Facilities 8.5 8.9
Crude - Supply and Logistics (2.3) (3.5)
HFOTCO 25.4 —
SemGas 13.2 17.0
SemCAMS 12.2 15.9
SemLogistics 2.7 3.1
SemMaterials Mexico 2.3 1.9
Corporate and Other (3.3) (3.1)
$90.7 $65.4
As Reported (in millions, excluding EPS, unaudited) 3Q 2017 2Q 2017
Net income (loss) attributable to SemGroup $(19.1) $9.6
Net income (loss) per share - diluted $(0.25) $0.15
EBITDA(1)
$26.5 $52.3
Selected Non-Cash Items and Other Items Impacting Comparability(1)
$64.2 $13.1
Adjusted EBITDA(1)
$90.7 $65.4
Dividend per Share $0.45 $0.45
20
1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation

2017 FY Adjusted EBITDA $315 million - $330 million(1) Crude
• Average Cushing storage rate: $0.33/barrel/month
• Maurepas Pipeline: completed
• Transportation volumes(2)
: flat year over year
• White Cliffs Pipeline volumes: 100-110k bpd
• Glass Mountain Pipeline volumes: 75-80k bpd
SemGas
• N. Oklahoma processing volumes: 260-280 mmcf/d
SemCAMS
• Processing volumes: 400-420 mmcf/d
• K3 plant turnaround - completed 2Q 2017
HFOTCO
• Contributing ~$55 million of Adjusted EBITDA to
SemGroup during 2017 based on the timing of the
transaction close and related closing adjustments
• Full-year 2017 Adjusted EBITDA ~$115 million, as
forecasted(4)
Cash Taxes
• Approximately $5 million, related to foreign subs
Updated 2017 Adjusted EBITDA Guidance
21
1) Updated Adjusted EBITDA guidance range due to the timing of contributions from HFOTCO and Maurepas Pipeline, as well as
weaker than expected Crude margins
2) Transportation volumes excludes Maurepas Pipeline and JV assets (White Cliffs and Glass Mountain Pipeline)
3) Details on slide 5
4) June 6, 2017, HFOTCO acquisition announcement presentation
$120
$80
$40
$0
(inmillions)
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17e
$77.7
$67.6 $71.3
$66.2
$60.7
$65.4
$90.7
Take-or-Pay Gross Margin Increased to 58%(3)

22
Maurepas Pipeline
Crude
HFOTCO
Natural Gas
Other Growth Projects
Maintenance
$180
31%
$65
11%
$75
13%
$185
32%
$20
3%
$50
9%10%
Key Committed Projects
Crude Projects
• Maurepas Pipeline ~ completed: $180 million
• Cushing 20" Pipeline ~ completion 4Q 2017: $35 million
• STACK Crude Omega Pipeline ~ completion year-end 2017: $30 million(1)
Natural Gas Projects
• Wapiti Sour Gas Plant ~ completion 2Q 2019: $80 million
• KA Plant projects: $25 million
• N. Oklahoma gathering projects: $20 million
• STACK SemGas Canton Pipeline ~ completion year-end 2017: $60 million
HFOTCO(2)
• Ship Dock #5: $35 million ~ completion mid-2018
• 1.45 mmbbls crude storage: $20 million ~ completion mid-2018
Maintenance
• Reduced by $10 million due to timing
2017 Capital Expenditure Guidance
$575 million Capex Spend on Strategic Projects
Note: 2017 Capex Guidance has not been adjusted to reflect the anticipated sale of GMPL, expected to close by year-end 2017
1) Reflects SemGroup's 50% of capital contributions to the joint venture
2) Reflects SemGroup's 2017 spend post-close of acquisition

Ñ Maurepas Pipeline ~ $500 million(1)
• 24” crude pipeline operational and cash flowing late July
• 6” and 12” product pipelines operational and cash flowing in mid-September
Ñ STACK Crude Omega Pipeline ~ $30 million(2)
• Expected completion year-end 2017
• Included in Glass Mountain Pipeline sale
Ñ STACK SemGas Canton Pipeline ~ $60 million(1)
• Expected completion year-end 2017
• Positive discussions continue with producers
Ñ Wapiti Gas Plant ~ $225-250 million(1)
• Expected completion 2Q 2019
• Positive discussions continue with producers
Ñ HFOTCO Projects ~ $120 million(3)
• Ship Dock #5 and 1.45 mmbbls crude oil storage
• Backstopped by long-term contract with credit-worthy counterparty
• Expected completion mid-2018
Key Projects Update
23
1) Expected total project spend
2) Expected total project spend; reflects SemGroup's 50% of capital contributions to the joint venture
3) Expected SemGroup project spend on HFOTCO projects; excludes ~$65 million spent prior to close
Projects remain on budget...several coming online during 2018

24
Maurepas Pipeline Area Map
Maurepas Pipeline Project Completed July 2017

(1) Reflects SemGroup's 50% of capital contributions to the joint venture
Omega Pipeline
Ñ 44-mile pipeline extension of Glass Mountain
Pipeline to STACK resource play to Cushing
storage complex
Ñ Backed by a long-term, fee-based
transportation agreement with a large
investment-grade producer includes
committed area of dedication
Ñ Provides cost-effective, reliable
transportation to Cushing and access to Mid-
Continent and Gulf Coast refineries
Ñ Total project cost ~ $30 million(1)
Ñ Project completion year-end 2017
• Included in Glass Mountain Pipeline sale
STACK Crude Omega Pipeline
25 1) Reflects SemGroup's 50% of capital contributions to the joint venture
Provides significant operational synergies by connecting to Glass Mountain Pipeline

STACK SemGas Canton Pipeline
Canton Pipeline
Ñ 24-inch diameter natural gas pipeline, ~50 miles long
Ñ Originates from SemGroup’s Rose Valley gas
processing facility in Woods County and extends to
north central Blaine County
Ñ Backed by a long-term, firm commitment from an
investment-grade counterparty
Ñ Additional long-term gathering and processing
contract with dedicated acreage
Ñ Initial capacity of 200 mmcf/d, and could be expanded
up to 400 mmcf/d by adding compression, to serve
other producers in the area
Ñ Project completion year-end 2017
Ñ Total project cost ~ $60 million
26
Provides significant operational synergies with our existing assets

Ñ New 200 mmcf/d sour gas processing Wapiti
plant will be integrated with our existing
infrastructure to optimize & leverage current
operations on the Wapiti Pipeline System
and K3 plant located in the Kaybob region
Ñ Producer development activity driven by
condensate demand
Ñ Supported by a 120 mmcf/d, 15 year
contract with NuVista
Ñ Total project cost ~ USD $225 - $250 million
Ñ Plant completion estimated 2Q 2019
Wapiti Sour Gas Plant in the Liquids-Rich Montney Play
27

HFOTCO Strategically Located Asset
28
Ñ HFOTCO is strategically situated on the Houston Ship Channel in close proximity to both supply sources (residual fuel oil from
refineries and domestic crude oil production) and demand sources (area refineries and waterborne export)
Houston Fuel Oil Terminal Co.
Area Refineries
24” Crude Oil Pipeline (Owned by HFOTCO)
16” Crude Oil Pipeline (Owned by 3rd
Party)
24” to Speed (Owned by HFOTCO)
24” Valero Pipeline
Proposed Pipeline
Pipeline Interconnections

Ñ Consolidated
• Consolidated net leverage 5.7x
• Consolidated available liquidity ~ $736 million
Ñ SEMG Standalone
• SEMG covenant net leverage 4.4x
• SEMG available liquidity ~ $682 million
• CFR Ratings: B2 / B+ (stable)
In September, SEMG issued $300 million of senior unsecured notes to term out the revolver balance
Ñ HFOTCO Standalone
• HFOTCO covenant net leverage 6.9x
• HFOTCO available liquidity ~ $54 million
• CFR Ratings: Ba3 / BB- (stable)
Leverage and Liquidity
29
Targeting consolidated leverage of 5.0x or lower

Leverage and Liquidity
(in millions, unaudited) 9/30/2017
SemGroup (B2 / B+)(1)
Revolving Credit Facility - $1.0 Billion due 2021 $ 332
5.625% Senior unsecured notes due 2022 400
Total SEMG Debt $ 1,707
HFOTCO (Ba3 / BB-)(1)
Revolving Credit Facility - $75 Million due 2019 25
Term Loan due 2021 534
Hurricane Ike Bonds due 2050 225
Total HFOTCO Debt $ 784
Leverage Metrics
SEMG Covenant Net Leverage Ratio (max 5.5x)(2)
4.4x
HFOTCO Covenant Net Leverage Ratio (max 7.5x)(3)
6.9x
Consolidated Net Leverage Ratio(4)
5.7x
Consolidated Available Liquidity(5)
$ 736
1) Corporate Family Rating
2) Calculated per SEMG revolving credit agreement definitions which includes material project adjustments and HFOTCO distributions
3) Calculated per HFOTCO revolving credit agreement definition
4) Calculated as consolidated net debt to consolidated covenant EBITDA which includes material project adjustments
5) Available liquidity excludes SemMaterials Mexico cash and is reduced for outstanding letters of credit
30

Consolidated Balance Sheets
(in thousands, unaudited, condensed) September 30,
2017
December 31,
2016
ASSETS
Current assets $ 698,894 $ 635,874
Property, plant and equipment, net 3,394,035 1,762,072
Goodwill and other intangible assets 675,789 185,208
Equity method investments 433,805 434,289
Other noncurrent assets, net 162,402 57,529
Total assets $ 5,364,925 $ 3,074,972
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 5,529 $ 26
Other current liabilities 559,986 488,329
Total current liabilities 565,515 488,355
Long-term debt, excluding current portion 3,009,429 1,050,918
Other noncurrent liabilities 96,090 89,734
Total liabilities 3,671,034 1,629,007
Total owners' equity 1,693,891 1,445,965
Total liabilities and owners' equity $ 5,364,925 $ 3,074,972
32

Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Nine Months Ended
September 30, June 30, September 30,
2017 2016 2017 2017 2016
Revenues $ 545,922 $ 327,764 $ 473,089 $ 1,475,111 $ 929,992
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below 398,252 218,503 340,107 1,087,357 592,292
Operating 62,666 52,636 73,346 188,095 157,537
General and administrative 35,210 20,583 26,752 83,606 62,419
Depreciation and amortization 50,135 24,922 25,602 100,336 74,028
Loss (gain) on disposal or impairment, net 41,625 1,018 (234) 43,801 16,010
Total expenses 587,888 317,662 465,573 1,503,195 902,286
Earnings from equity method investments 17,367 15,845 17,753 52,211 55,994
Loss on issuance of common units by equity method investee — — — — (41)
Operating income (loss) (24,599) 25,947 25,269 24,127 83,659
Other expenses, net 31,753 18,684 12,033 77,425 87,250
Income (loss) from continuing operations before income taxes (56,352) 7,263 13,236 (53,298) (3,591)
Income tax expense (benefit) (37,249) 11,898 3,625 (33,529) (4,851)
Income (loss) from continuing operations (19,103) (4,635) 9,611 (19,769) 1,260
Loss from discontinued operations, net of income taxes — — — — (1)
Net income (loss) (19,103) (4,635) 9,611 (19,769) 1,259
Less: net income attributable to noncontrolling interests — 225 — — 11,167
Net income (loss) attributable to SemGroup Corporation (19,103) (4,860) 9,611 (19,769) (9,908)
Net income (loss) attributable to SemGroup Corporation (19,103) (4,860) 9,611 (19,769) (9,908)
Other comprehensive income (loss), net of income taxes 9,230 (7,051) 8,952 24,215 (4,569)
Comprehensive income (loss) attributable to SemGroup Corporation $ (9,873) $ (11,911) $ 18,563 $ 4,446 $ (14,477)
Net income (loss) per common share:
Basic $ (0.25) $ (0.09) $ 0.15 $ (0.29) $ (0.21)
Diluted $ (0.25) $ (0.09) $ 0.15 $ (0.29) $ (0.21)
Weighted average shares (thousands):
Basic 75,974 52,642 65,749 69,149 47,269
Diluted 75,974 52,642 66,277 69,149 47,269
33

Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Nine Months Ended
Reconciliation of net income to Adjusted EBITDA: 2017 2016 2017 2017 2016
Net income (loss) $ (19,103) $ (4,635) $ 9,611 $ (19,769) $ 1,259
Add: Interest expense 32,711 18,517 13,477 60,055 54,105
Add: Income tax expense (benefit) (37,249) 11,898 3,625 (33,529) (4,851)
Add: Depreciation and amortization expense 50,135 24,922 25,602 100,336 74,028
EBITDA 26,494 50,702 52,315 107,093 124,541
Selected Non-Cash Items and
Other Items Impacting Comparability 64,239 20,588 13,095 109,717 92,044
Adjusted EBITDA $ 90,733 $ 71,290 $ 65,410 $ 216,810 $ 216,585
Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 41,625 $ 1,018 $ (234) $ 43,801 $ 16,010
Foreign currency transaction loss (gain) (747) 659 (1,011) (1,758) 3,671
Remove NGL equity losses (earnings) including loss on issuance of
common units 5 38 (6) (4) (2,153)
Remove loss on sale or impairment of NGL units — — — — 30,644
NGL cash distribution — — — — 4,873
M&A transaction related costs 14,886 3,269 5,453 20,339 3,269
Pension plan curtailment gain (3,097) — — (3,097) —
Employee severance and relocation expense 104 534 312 974 1,629
Unrealized loss (gain) on derivative activities 1,833 6,167 (928) 932 6,096
Depreciation and amortization included within equity earnings 6,673 7,283 6,698 20,083 20,960
Non-cash equity compensation 2,957 1,620 2,803 8,517 7,046
Loss on early extinguishment of debt — — 8 19,930 —
Selected Non-Cash items and
Other Items Impacting Comparability $ 64,239 $ 20,588 $ 13,095 $ 109,717 $ 92,044
34 Note: 3Q 2017 cash expense: ~ $30 million interest, ~ $13 million maintenance capex, ~ $0.2 million income tax

Non-GAAP Financial Data Reconciliations
2017 2016 2017 2017 2016
Net income (loss) $ (24,191) $ 13,052 $ 13,520 $ 1,571 $ 44,141
Add: Interest expense (income) (1,804) 154 (1,470) (4,579) 611
EBITDA (14,825) 19,515 18,548 20,587 63,095
Adjusted EBITDA $ 32,009 $ 27,849 $ 25,231 $ 82,892 $ 86,989
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 40,161 $ 1,018 $ (15) $ 42,107 $ 2,799
Employee severance and relocation expense — 33 — 115 135
Depreciation and amortization included within
equity earnings 6,673 7,283 6,698 20,083 20,960
Crude - Transportation Segment
35

2017 2016 2017 2017 2016
Net income $ 6,270 $ 7,697 $ 6,690 $ 19,844 $ 22,852
Add: Interest expense 169 — 165 468 —
EBITDA 8,497 9,679 8,877 26,336 28,637
Other Items Impacting Comparability — 2 — 54 6
Adjusted EBITDA $ 8,497 $ 9,681 $ 8,877 $ 26,390 $ 28,643
Employee severance expense $ — $ 2 $ — $ 54 $ 6
Other Items Impacting Comparability $ — $ 2 $ — $ 54 $ 6
Crude - Facilities Segment
36

2017 2016 2017 2017 2016
Net income (loss) $ (4,617) $ (3,248) $ (2,941) $ (11,519) $ 15,583
Add: Interest expense 313 186 327 897 508
Add: Depreciation and amortization expense 103 46 78 243 126
EBITDA (4,201) (3,016) (2,536) (10,379) 16,217
Other Items Impacting Comparability 1,833 6,167 (928) 1,075 6,323
Adjusted EBITDA $ (2,368) $ 3,151 $ (3,464) $ (9,304) $ 22,540
Loss on disposal or impairment, net $ — $ — $ — $ — $ 227
Employee severance expense — — — 143 —
Unrealized loss (gain) on derivative activities 1,833 6,167 (928) 932 6,096
Other Items Impacting Comparability $ 1,833 $ 6,167 $ (928) $ 1,075 $ 6,323
Crude - Supply and Logistics Segment
37

2017 2016 2017 2017 2016
Net loss $ (5,293) $ — $ — $ (5,293) $ —
Add: Interest expense 11,603 — — 11,603 —
Add: Income tax expense 166 — — 166 —
Add: Depreciation and amortization expense 19,300 — — 19,300 —
EBITDA 25,776 — — 25,776 —
Other Items Impacting Comparability (328) — — (328) —
Adjusted EBITDA $ 25,448 $ — $ — $ 25,448 $ —
Loss on disposal or impairment, net $ 1,486 $ — $ — $ 1,486 $ —
M&A transaction related costs 1,283 — — 1,283 —
Pension plan curtailment gain (3,097) — — (3,097) —
Other Items Impacting Comparability $ (328) $ — $ — $ (328) $ —
HFOTCO
38

2017 2016 2017 2017 2016
Net income (loss) $ 540 $ 3,750 $ 4,459 $ 8,672 $ (10,049)
EBITDA 12,919 16,196 16,654 45,322 27,508
Other Items Impacting Comparability 248 125 347 913 13,772
Adjusted EBITDA $ 13,167 $ 16,321 $ 17,001 $ 46,235 $ 41,280
Loss on disposal or impairment, net $ — $ — $ — $ 21 $ 13,051
Employee severance expense 5 — 45 50 13
Non-cash equity compensation 243 125 302 842 708
Other Items Impacting Comparability $ 248 $ 125 $ 347 $ 913 $ 13,772
SemGas Segment
39

2017 2016 2017 2017 2016
Net income $ 4,057 $ 5,080 $ 6,652 $ 14,215 $ 10,681
Add: Income tax expense 1,270 1,573 2,267 4,961 2,989
EBITDA 11,883 13,067 15,464 38,935 31,966
Other Items Impacting Comparability 344 124 429 1,705 888
Adjusted EBITDA $ 12,227 $ 13,191 $ 15,893 $ 40,640 $ 32,854
Loss (gain) on disposal or impairment, net $ (22) $ — $ — $ 423 $ —
Foreign currency transaction loss (gain) (25) — (12) (29) 5
Employee severance expense 16 1 1 17 1
Non-cash equity compensation 375 123 440 1,294 882
Other Items Impacting Comparability $ 344 $ 124 $ 429 $ 1,705 $ 888
SemCAMS Segment
40

2017 2016 2017 2017 2016
Net income (loss) $ 835 $ 948 $ 1,040 $ 3,160 $ (745)
Add: Interest expense 622 456 561 1,705 1,185
Add: Income tax expense (benefit) (96) (601) 372 657 (815)
EBITDA 3,328 2,683 3,874 11,205 5,448
Other Items Impacting Comparability (612) 686 (772) (1,448) 2,935
Adjusted EBITDA $ 2,716 $ 3,369 $ 3,102 $ 9,757 $ 8,383
Foreign currency transaction (gain) loss $ (741) $ 647 $ (914) $ (1,914) $ 2,548
Other Items Impacting Comparability $ (612) $ 686 $ (772) $ (1,448) $ 2,935
SemLogistics Segment
41

2017 2016 2017 2017 2016
Net income $ 716 $ 1,491 $ 633 $ 1,755 $ 3,374
Add: Interest expense 53 43 — 53 43
Add: Income tax expense 360 349 525 1,102 1,150
Add: Depreciation and amortization expense 1,070 932 1,022 3,029 2,822
EBITDA 2,199 2,815 2,180 5,939 7,389
Other Items Impacting Comparability 125 72 (281) 235 686
Adjusted EBITDA $ 2,324 $ 2,887 $ 1,899 $ 6,174 $ 8,075
Gain on disposal of long-lived assets, net $ — $ — $ (211) $ (228) $ (67)
Foreign currency transaction (gain) loss 20 30 (84) 188 439
Other Items Impacting Comparability $ 125 $ 72 $ (281) $ 235 $ 686
SemMaterials México Segment
42

2017 2016 2017 2017 2016
Net income (loss) $ 2,580 $ (33,405) $ (20,442) $ (52,174) $ (84,578)
Add: Income tax expense (benefit) (38,949) 10,577 461 (40,415) (8,175)
Add: Depreciation and amortization expense 626 455 548 1,665 1,441
EBITDA (19,082) (10,237) (10,746) (56,628) (55,719)
Adjusted EBITDA $ (3,287) $ (5,159) $ (3,129) $ (11,422) $ (12,179)
Gain on disposal or impairment, net $ — $ — $ (8) $ (8) $ —
Foreign currency transaction (gain) loss (1) (18) (1) (3) 679
Remove NGL equity losses (earnings) including loss on issuance of
common units 5 38 (6) (4) (2,153)
Remove loss on impairment or sale of NGL units — — — — 30,644
NGL cash distribution — — — — 4,873
M&A transaction related costs 13,603 3,269 5,453 19,056 3,269
Employee severance and relocation expense 83 498 266 595 1,474
Non-cash equity compensation 2,105 1,291 1,905 5,640 4,755
Loss on early extinguishment of debt — — 8 19,930 —
Corporate & Other Segment
43

(in thousands, unaudited) 2016 2017
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Net income (loss) $ (4,893) $ 10,787 $ (4,635) $ 12,003 $ (10,277) $ 9,611 $ (19,103)
Add: Interest expense 17,577 18,011 18,517 8,545 13,867 13,477 32,711
Add: Income tax expense (benefit) (21,407) 4,658 11,898 16,119 95 3,625 (37,249)
Add: Depreciation and amortization expense 24,051 25,055 24,922 24,776 24,599 25,602 50,135
EBITDA 15,328 58,511 50,702 61,443 28,284 52,315 26,494
Other Items Impacting Comparability 62,339 9,119 20,588 4,765 32,383 13,095 64,239
Adjusted EBITDA $ 77,667 $ 67,630 $ 71,290 $ 66,208 $ 60,667 $ 65,410 $ 90,733
Loss (gain) on disposal or impairment, net $ 13,307 $ 1,685 $ 1,018 $ 38 $ 2,410 $ (234) $ 41,625
Loss from discontinued operations, net of income taxes 1 — — — — — —
Foreign currency transaction (gain) loss 1,469 1,543 659 1,088 — (1,011) (747)
Remove NGL equity gain (losses) including gain on issuance of common units (2,191) — 38 6 (3) (6) 5
Remove gain (loss) on sale or impairment of NGL units 39,764 (9,120) — — — — —
NGL cash distribution 4,873 — — — — — —
Pension curtailment gain — — — — — — (3,097)
Employee severance and relocation expense 259 836 534 499 558 312 104
Unrealized loss (gain) on derivative activities (4,548) 4,477 6,167 (5,107) 27 (928) 1,833
M&A transaction related costs — — 3,269 — — 5,453 14,886
Depreciation and amortization included within
equity earnings 6,539 7,138 7,283 5,071 6,712 6,698 6,673
Non-cash equity compensation 2,866 2,560 1,620 3,170 2,757 2,803 2,957
Loss on early extinguishment of debt — — — — 19,922 8 —
Other Items Impacting Comparability $ 62,339 $ 9,119 $ 20,588 $ 4,765 $ 32,383 $ 13,095 $ 64,239
Reconciliation of Net Income to Adjusted EBITDA
44

Sem group investor presentation november 2017 final

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