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Fourth Quarter Adjusted EBITDA Increased 33% Over Previous Quarter;
2013 Adjusted EBITDA Guidance $165 to $175 Million;2013 Capex Guidance $400 Million
TULSA, Okla., Feb. 28, 2013 (GLOBE NEWSWIRE) -- SemGroup
® Corporation (NYSE:SEMG) (SemGroup) today announced its financial results for the three months and year ended December 31, 2012.
"SemGroup delivered exceptional performance during 2012, wrapping up a multi-quarter trend with continued strong results in the fourth quarter. We continue to invest significantly in organic growth projects, which are all currently on schedule and on budget," said Norm Szydlowski, president and chief executive officer of SemGroup. "These positive results exceeded our projections and affirmed the strength of our strategic plan and asset base. Looking forward to 2013, we are well positioned for another exciting year. Our solid business model, strong balance sheet and attractive fee-based growth projects should provide significant benefit and attractive results for our shareholders."
Fourth Quarter Highlights
White Cliffs Pipeline ® volumes increased 6% from third quarter 2012;
SemCAMS' Adjusted EBITDA increased 41%, primarily due to capital recovery fees;
Cash distributions increased 99% from NGL Energy Partners LP with full distributions received on LP units; and
SemGas margins increased due to higher volumes and prices.
SemGroup's adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) was $43.7 million for the fourth quarter 2012, compared to $32.9 million for the third quarter 2012 and $31.8 million for the fourth quarter 2011, an increase of 33% and 37%, respectively. Adjusted EBITDA, which is a non-GAAP measure, is reconciled to net income below.
SemGroup reported revenues for fourth quarter 2012 of $315.8 million with net income attributable to SemGroup of $21.1 million, or $0.50 per diluted share, compared to revenues of $277.9 million with a net loss attributable to SemGroup of $2.8 million, or a loss of $0.07 per diluted share, for the third quarter 2012. For the fourth quarter 2011, revenues totaled $330.2 million with net income of $0.3 million, or $0.01 per diluted share.