|
|
|
|
|
|
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; |
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or |
• | Step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). |
|
Total Quarterly Distributions Per Unit Target Amount | Marginal Percentage Interest in Distributions | |||||||||||||||||||
Unitholders | General Partner | Incentive Distribution Rights | ||||||||||||||||||
Minimum Quarterly Distributions | $ | 0.362500 | 98.0 | % | 2.0 | % | — | |||||||||||||
First Target Distribution | above | $ | 0.362500 | up to | $ | 0.416875 | 98.0 | % | 2.0 | % | — | |||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85.0 | % | 2.0 | % | 13.0 | % | ||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.543750 | 75.0 | % | 2.0 | % | 23.0 | % | ||||||||
Thereafter | above | $ | 0.543750 | 50.0 | % | 2.0 | % | 48.0 | % |
Record Date | Payment Date | Distribution Per Unit | Distributions Paid/To Be Paid | ||||||||||||||||||||||
Quarter Ended | SemGroup | Noncontrolling Interest Common Units | Total Distributions | ||||||||||||||||||||||
General Partner | Incentive Distributions | Common Units | Subordinated Units | ||||||||||||||||||||||
December 31, 2011 | * | February 3, 2012 | February 13, 2012 | $ | 0.0670 | * | $ | 23 | $ | — | $ | 93 | $ | 561 | $ | 470 | $ | 1,147 | |||||||
March 31, 2012 | May 7, 2012 | May 15, 2012 | $ | 0.3725 | $ | 128 | $ | — | $ | 517 | $ | 3,125 | $ | 2,607 | $ | 6,377 | |||||||||
December 31, 2012 | February 4, 2013 | February 14, 2013 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | |||||||||
March 31, 2013 | ** | May 6, 2013 | May 15, 2013 | $ | 0.4300 | ** | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 |
(unaudited) | |||||||
March 31, 2013 | December 31, 2012 | ||||||
Cash | $ | 2,369 | $ | 108 | |||
Other current assets | 257,415 | 250,509 | |||||
Property, plant and equipment, net | 295,384 | 291,530 | |||||
Equity method investment | 54,459 | — | |||||
Other noncurrent assets, net | 3,992 | 2,579 | |||||
Total assets | $ | 613,619 | $ | 544,726 | |||
Current liabilities | $ | 234,266 | $ | 231,843 | |||
Long-term debt | 152,556 | 4,562 | |||||
Partners’ capital attributable to SemGroup | 128,631 | 179,187 | |||||
Partners’ capital attributable to noncontrolling interests | 98,166 | 129,134 | |||||
Total liabilities and partners’ capital | $ | 613,619 | $ | 544,726 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 171,232 | $ | 179,715 | |||
Cost of products sold | $ | 148,451 | $ | 160,508 | |||
Operating, general and administrative expenses | $ | 8,979 | $ | 7,930 | |||
Depreciation and amortization expense | $ | 3,507 | $ | 2,967 | |||
Earnings from equity method investment | $ | 3,453 | $ | — | |||
Net income | $ | 11,994 | $ | 7,758 |
|
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 30,673 | $ | 22,656 | |||
Operating, general and administrative expenses | $ | 5,179 | $ | 3,885 | |||
Depreciation and amortization expense | $ | 4,715 | $ | 4,983 | |||
Net income | $ | 20,779 | $ | 13,788 | |||
Distributions paid to SemGroup | $ | 13,792 | $ | 8,940 |
Three Months Ended December 31, | |||||||
2012 | 2011 | ||||||
Revenue | $ | 1,338,208 | $ | 470,649 | |||
Cost of products sold | $ | 1,204,545 | $ | 439,790 | |||
Operating, general and administrative expenses | $ | 64,693 | $ | 16,816 | |||
Depreciation and amortization expense | $ | 18,747 | $ | 5,402 | |||
Net income | $ | 40,477 | $ | 6,090 |
|
4. | SEGMENTS |
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 171,232 | $ | — | $ | 35,781 | $ | 34,654 | $ | 3,035 | $ | 42,994 | $ | — | $ | 287,696 | |||||||||||||||
Intersegment | — | — | — | 4,085 | — | — | (4,085 | ) | — | ||||||||||||||||||||||
Total revenues | 171,232 | — | 35,781 | 38,739 | 3,035 | 42,994 | (4,085 | ) | 287,696 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 148,451 | — | 183 | 29,171 | — | 38,649 | (4,085 | ) | 212,369 | ||||||||||||||||||||||
Operating | 5,738 | 1 | 26,884 | 4,144 | 1,839 | 2,165 | — | 40,771 | |||||||||||||||||||||||
General and administrative | 3,850 | 156 | 4,145 | 1,591 | 1,120 | 2,222 | 3,953 | 17,037 | |||||||||||||||||||||||
Depreciation and amortization | 3,507 | — | 2,656 | 2,128 | 2,340 | 1,480 | 525 | 12,636 | |||||||||||||||||||||||
(Gain) loss on disposal of long-lived assets, net | — | 6 | — | (2 | ) | — | (166 | ) | — | (162 | ) | ||||||||||||||||||||
Total expenses | 161,546 | 163 | 33,868 | 37,032 | 5,299 | 44,350 | 393 | 282,651 | |||||||||||||||||||||||
Earnings from equity method investments | 10,429 | 6,916 | — | — | — | — | — | 17,345 | |||||||||||||||||||||||
Operating income (loss) | 20,115 | 6,753 | 1,913 | 1,707 | (2,264 | ) | (1,356 | ) | (4,478 | ) | 22,390 | ||||||||||||||||||||
Other expenses (income), net | 3,171 | (968 | ) | 4,711 | 593 | 756 | (471 | ) | 20,070 | 27,862 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 16,944 | $ | 7,721 | $ | (2,798 | ) | $ | 1,114 | $ | (3,020 | ) | $ | (885 | ) | $ | (24,548 | ) | $ | (5,472 | ) | ||||||||||
Total assets at March 31, 2013 (excluding intersegment receivables) | $ | 820,561 | $ | 177,043 | $ | 301,034 | $ | 137,637 | $ | 161,933 | $ | 100,675 | $ | 110,325 | $ | 1,809,208 |
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 179,715 | $ | 6 | $ | 35,165 | $ | 30,710 | $ | 3,784 | $ | 62,651 | $ | — | $ | 312,031 | |||||||||||||||
Intersegment | — | — | — | 2,730 | — | — | (2,730 | ) | — | ||||||||||||||||||||||
Total revenues | 179,715 | 6 | 35,165 | 33,440 | 3,784 | 62,651 | (2,730 | ) | 312,031 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 160,508 | 34 | 119 | 26,549 | — | 57,041 | (2,730 | ) | 241,521 | ||||||||||||||||||||||
Operating | 5,454 | (6 | ) | 26,236 | 2,853 | 1,454 | 2,000 | — | 37,991 | ||||||||||||||||||||||
General and administrative | 2,718 | 51 | 4,418 | 1,843 | 1,811 | 2,688 | 6,301 | 19,830 | |||||||||||||||||||||||
Depreciation and amortization | 2,967 | — | 2,573 | 1,630 | 2,318 | 1,561 | 676 | 11,725 | |||||||||||||||||||||||
Total expenses | 171,647 | 79 | 33,346 | 32,875 | 5,583 | 63,290 | 4,247 | 311,067 | |||||||||||||||||||||||
Earnings from equity method investments | 6,571 | 927 | — | — | — | — | — | 7,498 | |||||||||||||||||||||||
Operating income (loss) | 14,639 | 854 | 1,819 | 565 | (1,799 | ) | (639 | ) | (6,977 | ) | 8,462 | ||||||||||||||||||||
Other expenses (income), net | (237 | ) | 38 | 5,203 | 532 | 1,279 | (110 | ) | 911 | 7,616 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,876 | $ | 816 | $ | (3,384 | ) | $ | 33 | $ | (3,078 | ) | $ | (529 | ) | $ | (7,888 | ) | $ | 846 |
|
March 31, 2013 | December 31, 2012 | ||||||
Crude oil | $ | 24,202 | $ | 24,840 | |||
Asphalt and other | 13,618 | 9,593 | |||||
Total Inventories | $ | 37,820 | $ | 34,433 |
|
March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 96 | $ | (96 | ) | $ | — | $ | 22 | $ | (22 | ) | $ | — | |||||||||
Total assets | 96 | (96 | ) | — | 22 | (22 | ) | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 662 | $ | (96 | ) | $ | 566 | $ | 1,056 | $ | (22 | ) | $ | 1,034 | |||||||||
Warrants | 58,653 | — | 58,653 | 32,858 | — | 32,858 | |||||||||||||||||
Total liabilities | 59,315 | (96 | ) | 59,219 | 33,914 | (22 | ) | 33,892 | |||||||||||||||
Net assets (liabilities) at fair value | $ | (59,219 | ) | $ | — | $ | (59,219 | ) | $ | (33,892 | ) | $ | — | $ | (33,892 | ) |
Three Months Ended March 31, | |||||
2013 | 2012 | ||||
Sales | 610 | 383 | |||
Purchases | 675 | 451 |
March 31, 2013 | December 31, 2012 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 566 | $ | — | $ | 1,034 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Commodity contracts | $ | (544 | ) | $ | (1,125 | ) |
|
|
March 31, 2013 | December 31, 2012 | ||||||
SemGroup corporate revolving credit facility | $ | 23,500 | $ | 201,500 | |||
Rose Rock credit facility | 152,500 | 4,500 | |||||
SemMexico credit facility | 4,542 | — | |||||
Capital leases | 81 | 86 | |||||
Total long-term debt | $ | 180,623 | $ | 206,086 | |||
less: current portion of long-term debt | 4,567 | 24 | |||||
Noncurrent portion of long-term debt | $ | 176,056 | $ | 206,062 |
|
(a) | Confirmation order appeal |
(b) | Investigations |
(c) | Claims reconciliation process |
Volume (Barrels) | Value | |||||
Fixed price purchases | 16 | $ | 1,432 | |||
Fixed price sales | 91 | $ | 8,792 | |||
Floating price purchases | 20,067 | $ | 1,941,213 | |||
Floating price sales | 20,938 | $ | 2,026,195 |
|
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 420 | $ | 1,039,189 | $ | (242 | ) | $ | (145,674 | ) | $ | (1,299 | ) | $ | 129,134 | $ | 1,021,528 | ||||||||||
Net income | — | — | — | 43,423 | — | 5,143 | 48,566 | ||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | (5,058 | ) | — | (5,058 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (3,624 | ) | (3,624 | ) | ||||||||||||||||||
Rose Rock Midstream, L.P. equity issuance | — | — | — | — | — | 57,886 | 57,886 | ||||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock* | — | 56,800 | — | — | — | (90,516 | ) | (33,716 | ) | ||||||||||||||||||
Non-cash equity compensation | — | 1,040 | — | — | — | 143 | 1,183 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||
Repurchase of common stock | — | — | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||||
Balance at March 31, 2013 | $ | 421 | $ | 1,097,028 | $ | (613 | ) | $ | (102,251 | ) | $ | (6,357 | ) | $ | 98,166 | $ | 1,086,394 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance, December 31, 2012 | $ | 1,855 | $ | (3,154 | ) | $ | (1,299 | ) | |||
Currency translation adjustment | (5,104 | ) | — | (5,104 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $16 | — | 46 | 46 | ||||||||
Balance, March 31, 2013 | $ | (3,249 | ) | $ | (3,108 | ) | $ | (6,357 | ) |
Shares issued on Emergence Date | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims | 225,393 | ||
Remaining shares required to be issued in settlement of pre-petition claims | 292,107 | ||
Issuance of shares under employee and director compensation programs(*) | 667,930 | ||
Shares issued upon exercise of warrants | 15,742 | ||
Total shares | 42,083,668 | ||
Par value per share | $ | 0.01 | |
Common stock on March 31, 2013 balance sheet (in thousands) | $ | 421 |
Warrants issued on Emergence Date | 1,634,210 | ||
Warrants subsequently issued in settlement of pre-petition claims | 237,242 | ||
Remaining warrants to be issued in settlement of pre-petition claims | 307,495 | ||
Warrants exercised (*) | (45,348 | ) | |
Total warrants at March 31, 2013 | 2,133,599 | ||
Fair value per warrant at March 31, 2013 | $ | 27.49 | |
Warrant value included within other noncurrent liabilities on March 31, 2013 consolidated balance sheet | $ | 58,652,637 |
|
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Decrease (increase) in restricted cash | $ | 25 | $ | 3,058 | |||
Decrease (increase) in accounts receivable | (5,014 | ) | (87,837 | ) | |||
Decrease (increase) in receivable from affiliates | 1,070 | 1,178 | |||||
Decrease (increase) in inventories | (3,153 | ) | 2,451 | ||||
Decrease (increase) in derivatives and margin deposits | 764 | 316 | |||||
Decrease (increase) in other current assets | 4,333 | 7,664 | |||||
Decrease (increase) in other assets | 14 | 979 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (2,756 | ) | 59,887 | ||||
Increase (decrease) in payable to affiliates | — | (6,650 | ) | ||||
Increase (decrease) in payables to pre-petition creditors | (16 | ) | (4,112 | ) | |||
Increase (decrease) in other noncurrent liabilities | (578 | ) | 2,140 | ||||
$ | (5,311 | ) | $ | (20,926 | ) |
|
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenues | $ | 15,865 | $ | 14,112 | |||
Purchases | $ | — | $ | 17,887 | |||
Reimbursements from NGL Energy for transition services | $ | 90 | $ | 367 |
|
• | 200 miles of gathering pipeline; |
• | Rose Valley I plant - A 200 mmcfd (million cubic feet per day) cryogenic processing plant, expected to be in operation in in the first quarter of 2014; |
• | Rose Valley II plant - A 200 mmcfd cryogenic processing plant, expected to be in operation in in the first quarter of 2016; |
• | Approximately 540,000 net acre dedication in the core of the Mississippi Lime play, supported by a recently announced joint venture between Chesapeake and Sinopec International Petroleum Exploration and Production Corporation; and |
• | A 20-year, 100% fee based, gas gathering and processing agreement by Chesapeake. |
|
• | Sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; |
• | Loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or |
• | Step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). |
|
|
Total Quarterly Distributions Per Unit Target Amount | Marginal Percentage Interest in Distributions | |||||||||||||||||||
Unitholders | General Partner | Incentive Distribution Rights | ||||||||||||||||||
Minimum Quarterly Distributions | $ | 0.362500 | 98.0 | % | 2.0 | % | — | |||||||||||||
First Target Distribution | above | $ | 0.362500 | up to | $ | 0.416875 | 98.0 | % | 2.0 | % | — | |||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85.0 | % | 2.0 | % | 13.0 | % | ||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.543750 | 75.0 | % | 2.0 | % | 23.0 | % | ||||||||
Thereafter | above | $ | 0.543750 | 50.0 | % | 2.0 | % | 48.0 | % |
Record Date | Payment Date | Distribution Per Unit | Distributions Paid/To Be Paid | ||||||||||||||||||||||
Quarter Ended | SemGroup | Noncontrolling Interest Common Units | Total Distributions | ||||||||||||||||||||||
General Partner | Incentive Distributions | Common Units | Subordinated Units | ||||||||||||||||||||||
December 31, 2011 | * | February 3, 2012 | February 13, 2012 | $ | 0.0670 | * | $ | 23 | $ | — | $ | 93 | $ | 561 | $ | 470 | $ | 1,147 | |||||||
March 31, 2012 | May 7, 2012 | May 15, 2012 | $ | 0.3725 | $ | 128 | $ | — | $ | 517 | $ | 3,125 | $ | 2,607 | $ | 6,377 | |||||||||
December 31, 2012 | February 4, 2013 | February 14, 2013 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | |||||||||
March 31, 2013 | ** | May 6, 2013 | May 15, 2013 | $ | 0.4300 | ** | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 |
(unaudited) | |||||||
March 31, 2013 | December 31, 2012 | ||||||
Cash | $ | 2,369 | $ | 108 | |||
Other current assets | 257,415 | 250,509 | |||||
Property, plant and equipment, net | 295,384 | 291,530 | |||||
Equity method investment | 54,459 | — | |||||
Other noncurrent assets, net | 3,992 | 2,579 | |||||
Total assets | $ | 613,619 | $ | 544,726 | |||
Current liabilities | $ | 234,266 | $ | 231,843 | |||
Long-term debt | 152,556 | 4,562 | |||||
Partners’ capital attributable to SemGroup | 128,631 | 179,187 | |||||
Partners’ capital attributable to noncontrolling interests | 98,166 | 129,134 | |||||
Total liabilities and partners’ capital | $ | 613,619 | $ | 544,726 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 171,232 | $ | 179,715 | |||
Cost of products sold | $ | 148,451 | $ | 160,508 | |||
Operating, general and administrative expenses | $ | 8,979 | $ | 7,930 | |||
Depreciation and amortization expense | $ | 3,507 | $ | 2,967 | |||
Earnings from equity method investment | $ | 3,453 | $ | — | |||
Net income | $ | 11,994 | $ | 7,758 |
|
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 30,673 | $ | 22,656 | |||
Operating, general and administrative expenses | $ | 5,179 | $ | 3,885 | |||
Depreciation and amortization expense | $ | 4,715 | $ | 4,983 | |||
Net income | $ | 20,779 | $ | 13,788 | |||
Distributions paid to SemGroup | $ | 13,792 | $ | 8,940 |
Three Months Ended December 31, | |||||||
2012 | 2011 | ||||||
Revenue | $ | 1,338,208 | $ | 470,649 | |||
Cost of products sold | $ | 1,204,545 | $ | 439,790 | |||
Operating, general and administrative expenses | $ | 64,693 | $ | 16,816 | |||
Depreciation and amortization expense | $ | 18,747 | $ | 5,402 | |||
Net income | $ | 40,477 | $ | 6,090 |
|
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 171,232 | $ | — | $ | 35,781 | $ | 34,654 | $ | 3,035 | $ | 42,994 | $ | — | $ | 287,696 | |||||||||||||||
Intersegment | — | — | — | 4,085 | — | — | (4,085 | ) | — | ||||||||||||||||||||||
Total revenues | 171,232 | — | 35,781 | 38,739 | 3,035 | 42,994 | (4,085 | ) | 287,696 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 148,451 | — | 183 | 29,171 | — | 38,649 | (4,085 | ) | 212,369 | ||||||||||||||||||||||
Operating | 5,738 | 1 | 26,884 | 4,144 | 1,839 | 2,165 | — | 40,771 | |||||||||||||||||||||||
General and administrative | 3,850 | 156 | 4,145 | 1,591 | 1,120 | 2,222 | 3,953 | 17,037 | |||||||||||||||||||||||
Depreciation and amortization | 3,507 | — | 2,656 | 2,128 | 2,340 | 1,480 | 525 | 12,636 | |||||||||||||||||||||||
(Gain) loss on disposal of long-lived assets, net | — | 6 | — | (2 | ) | — | (166 | ) | — | (162 | ) | ||||||||||||||||||||
Total expenses | 161,546 | 163 | 33,868 | 37,032 | 5,299 | 44,350 | 393 | 282,651 | |||||||||||||||||||||||
Earnings from equity method investments | 10,429 | 6,916 | — | — | — | — | — | 17,345 | |||||||||||||||||||||||
Operating income (loss) | 20,115 | 6,753 | 1,913 | 1,707 | (2,264 | ) | (1,356 | ) | (4,478 | ) | 22,390 | ||||||||||||||||||||
Other expenses (income), net | 3,171 | (968 | ) | 4,711 | 593 | 756 | (471 | ) | 20,070 | 27,862 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 16,944 | $ | 7,721 | $ | (2,798 | ) | $ | 1,114 | $ | (3,020 | ) | $ | (885 | ) | $ | (24,548 | ) | $ | (5,472 | ) | ||||||||||
Total assets at March 31, 2013 (excluding intersegment receivables) | $ | 820,561 | $ | 177,043 | $ | 301,034 | $ | 137,637 | $ | 161,933 | $ | 100,675 | $ | 110,325 | $ | 1,809,208 |
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 179,715 | $ | 6 | $ | 35,165 | $ | 30,710 | $ | 3,784 | $ | 62,651 | $ | — | $ | 312,031 | |||||||||||||||
Intersegment | — | — | — | 2,730 | — | — | (2,730 | ) | — | ||||||||||||||||||||||
Total revenues | 179,715 | 6 | 35,165 | 33,440 | 3,784 | 62,651 | (2,730 | ) | 312,031 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 160,508 | 34 | 119 | 26,549 | — | 57,041 | (2,730 | ) | 241,521 | ||||||||||||||||||||||
Operating | 5,454 | (6 | ) | 26,236 | 2,853 | 1,454 | 2,000 | — | 37,991 | ||||||||||||||||||||||
General and administrative | 2,718 | 51 | 4,418 | 1,843 | 1,811 | 2,688 | 6,301 | 19,830 | |||||||||||||||||||||||
Depreciation and amortization | 2,967 | — | 2,573 | 1,630 | 2,318 | 1,561 | 676 | 11,725 | |||||||||||||||||||||||
Total expenses | 171,647 | 79 | 33,346 | 32,875 | 5,583 | 63,290 | 4,247 | 311,067 | |||||||||||||||||||||||
Earnings from equity method investments | 6,571 | 927 | — | — | — | — | — | 7,498 | |||||||||||||||||||||||
Operating income (loss) | 14,639 | 854 | 1,819 | 565 | (1,799 | ) | (639 | ) | (6,977 | ) | 8,462 | ||||||||||||||||||||
Other expenses (income), net | (237 | ) | 38 | 5,203 | 532 | 1,279 | (110 | ) | 911 | 7,616 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,876 | $ | 816 | $ | (3,384 | ) | $ | 33 | $ | (3,078 | ) | $ | (529 | ) | $ | (7,888 | ) | $ | 846 |
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March 31, 2013 | December 31, 2012 | ||||||
Crude oil | $ | 24,202 | $ | 24,840 | |||
Asphalt and other | 13,618 | 9,593 | |||||
Total Inventories | $ | 37,820 | $ | 34,433 |
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March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 96 | $ | (96 | ) | $ | — | $ | 22 | $ | (22 | ) | $ | — | |||||||||
Total assets | 96 | (96 | ) | — | 22 | (22 | ) | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 662 | $ | (96 | ) | $ | 566 | $ | 1,056 | $ | (22 | ) | $ | 1,034 | |||||||||
Warrants | 58,653 | — | 58,653 | 32,858 | — | 32,858 | |||||||||||||||||
Total liabilities | 59,315 | (96 | ) | 59,219 | 33,914 | (22 | ) | 33,892 | |||||||||||||||
Net assets (liabilities) at fair value | $ | (59,219 | ) | $ | — | $ | (59,219 | ) | $ | (33,892 | ) | $ | — | $ | (33,892 | ) |
Three Months Ended March 31, | |||||
2013 | 2012 | ||||
Sales | 610 | 383 | |||
Purchases | 675 | 451 |
March 31, 2013 | December 31, 2012 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 566 | $ | — | $ | 1,034 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Commodity contracts | $ | (544 | ) | $ | (1,125 | ) |
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March 31, 2013 | December 31, 2012 | ||||||
SemGroup corporate revolving credit facility | $ | 23,500 | $ | 201,500 | |||
Rose Rock credit facility | 152,500 | 4,500 | |||||
SemMexico credit facility | 4,542 | — | |||||
Capital leases | 81 | 86 | |||||
Total long-term debt | $ | 180,623 | $ | 206,086 | |||
less: current portion of long-term debt | 4,567 | 24 | |||||
Noncurrent portion of long-term debt | $ | 176,056 | $ | 206,062 |
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Volume (Barrels) | Value | |||||
Fixed price purchases | 16 | $ | 1,432 | |||
Fixed price sales | 91 | $ | 8,792 | |||
Floating price purchases | 20,067 | $ | 1,941,213 | |||
Floating price sales | 20,938 | $ | 2,026,195 |
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Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 420 | $ | 1,039,189 | $ | (242 | ) | $ | (145,674 | ) | $ | (1,299 | ) | $ | 129,134 | $ | 1,021,528 | ||||||||||
Net income | — | — | — | 43,423 | — | 5,143 | 48,566 | ||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | (5,058 | ) | — | (5,058 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (3,624 | ) | (3,624 | ) | ||||||||||||||||||
Rose Rock Midstream, L.P. equity issuance | — | — | — | — | — | 57,886 | 57,886 | ||||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock* | — | 56,800 | — | — | — | (90,516 | ) | (33,716 | ) | ||||||||||||||||||
Non-cash equity compensation | — | 1,040 | — | — | — | 143 | 1,183 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||
Repurchase of common stock | — | — | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||||
Balance at March 31, 2013 | $ | 421 | $ | 1,097,028 | $ | (613 | ) | $ | (102,251 | ) | $ | (6,357 | ) | $ | 98,166 | $ | 1,086,394 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance, December 31, 2012 | $ | 1,855 | $ | (3,154 | ) | $ | (1,299 | ) | |||
Currency translation adjustment | (5,104 | ) | — | (5,104 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $16 | — | 46 | 46 | ||||||||
Balance, March 31, 2013 | $ | (3,249 | ) | $ | (3,108 | ) | $ | (6,357 | ) |
Shares issued on Emergence Date | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims | 225,393 | ||
Remaining shares required to be issued in settlement of pre-petition claims | 292,107 | ||
Issuance of shares under employee and director compensation programs(*) | 667,930 | ||
Shares issued upon exercise of warrants | 15,742 | ||
Total shares | 42,083,668 | ||
Par value per share | $ | 0.01 | |
Common stock on March 31, 2013 balance sheet (in thousands) | $ | 421 |
Warrants issued on Emergence Date | 1,634,210 | ||
Warrants subsequently issued in settlement of pre-petition claims | 237,242 | ||
Remaining warrants to be issued in settlement of pre-petition claims | 307,495 | ||
Warrants exercised (*) | (45,348 | ) | |
Total warrants at March 31, 2013 | 2,133,599 | ||
Fair value per warrant at March 31, 2013 | $ | 27.49 | |
Warrant value included within other noncurrent liabilities on March 31, 2013 consolidated balance sheet | $ | 58,652,637 |
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Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Decrease (increase) in restricted cash | $ | 25 | $ | 3,058 | |||
Decrease (increase) in accounts receivable | (5,014 | ) | (87,837 | ) | |||
Decrease (increase) in receivable from affiliates | 1,070 | 1,178 | |||||
Decrease (increase) in inventories | (3,153 | ) | 2,451 | ||||
Decrease (increase) in derivatives and margin deposits | 764 | 316 | |||||
Decrease (increase) in other current assets | 4,333 | 7,664 | |||||
Decrease (increase) in other assets | 14 | 979 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (2,756 | ) | 59,887 | ||||
Increase (decrease) in payable to affiliates | — | (6,650 | ) | ||||
Increase (decrease) in payables to pre-petition creditors | (16 | ) | (4,112 | ) | |||
Increase (decrease) in other noncurrent liabilities | (578 | ) | 2,140 | ||||
$ | (5,311 | ) | $ | (20,926 | ) |
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Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Revenues | $ | 15,865 | $ | 14,112 | |||
Purchases | $ | — | $ | 17,887 | |||
Reimbursements from NGL Energy for transition services | $ | 90 | $ | 367 |
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