This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SemGroup Corporation Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: SEMG

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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs