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TULSA, Okla., Jan. 9, 2013 (GLOBE NEWSWIRE) -- SemGroup Corporation (NYSE:SEMG) (SemGroup) today announced that it expects to pay a quarterly cash dividend to common shareholders beginning in the second quarter of 2013. The dividend is targeted to represent a pass-through of the majority of the cash distributions received by SemGroup from its interests in Rose Rock Midstream, L.P. (NYSE:RRMS) and NGL Energy Partners LP (NYSE:NGL).
The dividend is expected to be based on the previous quarter's distributions received from SemGroup's interests in these master limited partnerships (MLPs). Accordingly, the initial dividend, to be declared and paid in the second quarter of 2013, is anticipated to be based on the distributions received by SemGroup from Rose Rock Midstream and NGL Energy Partners in the first quarter of the year.
"In the past three years, since becoming a public company, we undertook a number of initiatives to improve the stability of our cash flows and to position the company to benefit from the significant growth potential in the midstream oil and gas sector. Our intention to initiate a cash dividend reflects our confidence in our future cash flows. It is another important step in our commitment to deliver value to shareholders," said Norm Szydlowski, president and chief executive officer of SemGroup. "As we receive additional cash distributions from our MLP investments, we anticipate increasing the SemGroup dividend," Szydlowski added.
Based in Tulsa, OK, 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.
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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.