The completion of this transaction represents a significant milestone in SemGroup’s long-term strategic plan, which also includes:
- Near-term construction at Cushing, OK;
- Increasing capacity at its gas processing facilities in northern Oklahoma to take advantage of active drilling in the Mississippian lime formation; and
- Our previously announced plan to form our own Master Limited Partnership which is intended to provide a more tax-efficient entity that will be well positioned to create additional value for our stockholders through organic growth projects and acquisitions.
Mr. Szydlowski concluded, “We believe SemGroup has the right mix of assets and the financial strength to participate in growth opportunities in the oil and natural gas production markets. We remain enthusiastic about SemGroup’s prospects and are confident that our strategic initiatives will create substantial value for stockholders.”
Based in Tulsa, Oklahoma, SemGroup® Corporation (NYSE: SEMG) is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.About NGL Energy Partners LP NGL Energy Partners LP is a Delaware limited partnership formed in September 2010 through the merger of Hicksgas and NGL Supply. The Partnership owns and operates a vertically integrated energy business with three operating segments: midstream, wholesale supply and marketing and retail propane. For further information visit the Partnership's website at www.nglenergypartners.com. SemGroup® is registered trademark of SemGroup Corporation. Forward-Looking Statements Certain matters contained in this Press Release 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.