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SemGroup Corporation Reports Fourth Quarter And Full Year 2012 Results

Full Year 2012 Highlights

  • White Cliffs Pipeline volumes increased 65%;
  • Rose Rock Midstream transportation and marketing volumes increased 53% and 63%, respectively; and
  • Increased Cushing storage capacity by 39%.

Adjusted EBITDA for the year ended December 31, 2012, totaled $135.0 million, up 17% from $115.5 million for the year ended December 31, 2011. For the year ended December 31, 2012, SemGroup reported revenues of $1.2 billion with a net income attributable to SemGroup of $22.1 million, or $0.52 per diluted share, compared to revenues of $1.5 billion with a net income attributable to SemGroup of $2.4 million, or a net loss of $0.06 per diluted share, for the year ended December 31, 2011.

2013 Adjusted EBITDA and Capex Guidance

SemGroup anticipates 2013 consolidated Adjusted EBITDA of $165 million to $175 million, an increase of approximately 25% over 2012 results of $135.0 million. The company also expects to deploy $400 million in capital investments in 2013, with more than 90% allocated to growth projects.

Recent Developments

  • On December 31, 2012, SemGroup closed on the sale of SemStream Arizona Propane assets to J.P. Energy Partners, L.P.;
  • On January 9, 2013, SemGroup announced plans to pay a quarterly cash dividend to common shareholders beginning in the second quarter of 2013; and
  • On January 11, 2013, SemGroup's Master Limited Partnership, Rose Rock Midstream, acquired a 33.3% interest in SemCrude Pipeline, L.L.C., which owns 51% of White Cliffs Pipeline L.L.C., for $273.9 million.

Earnings Conference Call

SemGroup will host a joint conference call with Rose Rock Midstream, L.P. (NYSE:RRMS) for investors tomorrow, March 1, 2013, at 11 a.m. EST. The call can be accessed live over the telephone by dialing 877.359.3652, or for international callers, 720.545.0014. The pass code for the call is 88748209. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto SemGroup's Investor Relations website at ir.semgroupcorp.com. A replay of the webcast will also be available for a year following the call at ir.semgroupcorp.com on the Calendar of Events-Past Events page. The fourth quarter and full year 2012 earnings slide deck will be posted under Presentations.

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