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• | 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). |
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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 | |||||||||
June 30, 2012 | August 6, 2012 | August 14, 2012 | $ | 0.3825 | $ | 131 | $ | — | $ | 532 | $ | 3,209 | $ | 2,678 | $ | 6,550 | |||||||||
September 30, 2012 | November 5, 2012 | November 14, 2012 | $ | 0.3925 | $ | 134 | $ | — | $ | 545 | $ | 3,294 | $ | 2,748 | $ | 6,721 | |||||||||
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 | |||||||||
June 30, 2013 | August 5, 2013 | August 14, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | |||||||||
September 30, 2013 | ** | November 5, 2013 | November 14, 2013 | $ | 0.4500 | ** | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 |
(unaudited) | |||||||
September 30, 2013 | December 31, 2012 | ||||||
Cash | $ | 1,914 | $ | 108 | |||
Other current assets | 292,386 | 250,509 | |||||
Property, plant and equipment, net | 313,193 | 291,530 | |||||
Equity method investment | 77,449 | — | |||||
Goodwill | 27,261 | — | |||||
Other noncurrent assets, net | 10,536 | 2,579 | |||||
Total assets | $ | 722,739 | $ | 544,726 | |||
Current liabilities | $ | 254,491 | $ | 231,843 | |||
Long-term debt | 85,043 | 4,562 | |||||
Partners’ capital attributable to SemGroup | 130,845 | 179,187 | |||||
Partners’ capital attributable to noncontrolling interests | 252,360 | 129,134 | |||||
Total liabilities and partners’ capital | $ | 722,739 | $ | 544,726 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 181,831 | $ | 131,554 | $ | 514,485 | $ | 468,687 | |||||||
Cost of products sold | $ | 157,550 | $ | 111,790 | $ | 446,507 | $ | 412,847 | |||||||
Operating, general and administrative expenses | $ | 12,394 | $ | 9,779 | $ | 30,434 | $ | 25,976 | |||||||
Depreciation and amortization expense | $ | 4,130 | $ | 3,066 | $ | 11,327 | $ | 9,032 | |||||||
Earnings from equity method investment | $ | 3,527 | $ | — | $ | 10,431 | $ | — | |||||||
Net income | $ | 9,411 | $ | 6,469 | $ | 30,539 | $ | 19,353 |
|
September 30, 2013 | December 31, 2012 | ||||||
White Cliffs | $ | 228,076 | $ | 138,970 | |||
NGL Energy | 187,632 | 174,398 | |||||
Glass Mountain | 102,441 | 74,434 | |||||
Total equity method investments | $ | 518,149 | $ | 387,802 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
White Cliffs | $ | 10,786 | $ | 10,021 | $ | 31,886 | $ | 25,053 | |||||||
NGL Energy | (3,288 | ) | (6,905 | ) | 7,828 | (2,150 | ) | ||||||||
Glass Mountain | (15 | ) | — | (25 | ) | — | |||||||||
Total earnings from equity method investments | $ | 7,483 | $ | 3,116 | $ | 39,689 | $ | 22,903 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
White Cliffs | $ | 12,755 | $ | 10,794 | $ | 39,436 | $ | 30,561 | |||||||
NGL Energy | 4,671 | 2,090 | 13,369 | 5,063 | |||||||||||
Glass Mountain | — | — | — | — | |||||||||||
Total cash distributions received from equity method investments | $ | 17,426 | $ | 12,884 | $ | 52,805 | $ | 35,624 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 31,453 | $ | 28,522 | $ | 92,238 | $ | 76,910 | |||||||
Operating, general and administrative expenses | $ | 5,141 | $ | 3,857 | $ | 14,433 | $ | 11,382 | |||||||
Depreciation and amortization expense | $ | 4,720 | $ | 4,995 | $ | 14,150 | $ | 14,964 | |||||||
Net income | $ | 21,579 | $ | 19,670 | $ | 63,642 | $ | 50,564 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 1,385,957 | $ | 326,436 | $ | 4,341,778 | $ | 1,236,023 | |||||||
Cost of products sold | $ | 1,303,076 | $ | 298,985 | $ | 3,989,511 | $ | 1,128,581 | |||||||
Operating, general and administrative expenses | $ | 67,499 | $ | 33,298 | $ | 206,824 | $ | 76,015 | |||||||
Depreciation and amortization expense | $ | 22,724 | $ | 9,227 | $ | 68,989 | $ | 21,260 | |||||||
Net income | $ | (17,508 | ) | $ | (24,710 | ) | $ | 45,310 | $ | (4,678 | ) |
|
4. | SEGMENTS |
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 181,831 | $ | — | $ | 48,979 | $ | 59,220 | $ | 2,169 | $ | 65,549 | $ | — | $ | 357,748 | |||||||||||||||
Intersegment | — | — | — | 6,575 | — | — | (6,575 | ) | — | ||||||||||||||||||||||
Total revenues | 181,831 | — | 48,979 | 65,795 | 2,169 | 65,549 | (6,575 | ) | 357,748 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 157,550 | — | 106 | 48,403 | — | 56,070 | (6,575 | ) | 255,554 | ||||||||||||||||||||||
Operating | 9,098 | — | 33,980 | 5,436 | 1,616 | 2,230 | — | 52,360 | |||||||||||||||||||||||
General and administrative | 3,360 | 114 | 3,446 | 1,923 | 1,679 | 2,510 | 7,920 | 20,952 | |||||||||||||||||||||||
Depreciation and amortization | 4,130 | — | 2,631 | 4,992 | 2,334 | 1,529 | 497 | 16,113 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | — | — | 679 | — | (271 | ) | — | 408 | ||||||||||||||||||||||
Total expenses | 174,138 | 114 | 40,163 | 61,433 | 5,629 | 62,068 | 1,842 | 345,387 | |||||||||||||||||||||||
Earnings from equity method investments | 10,771 | (3,288 | ) | — | — | — | — | — | 7,483 | ||||||||||||||||||||||
Operating income (loss) | 18,464 | (3,402 | ) | 8,816 | 4,362 | (3,460 | ) | 3,481 | (8,417 | ) | 19,844 | ||||||||||||||||||||
Other expenses (income), net | 3,634 | (1,238 | ) | 4,720 | 880 | (217 | ) | (21 | ) | 5,536 | 13,294 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,830 | $ | (2,164 | ) | $ | 4,096 | $ | 3,482 | $ | (3,243 | ) | $ | 3,502 | $ | (13,953 | ) | $ | 6,550 | ||||||||||||
Total assets at September 30, 2013 (excluding intersegment receivables) | $ | 1,012,535 | $ | 187,632 | $ | 320,431 | $ | 510,129 | $ | 167,741 | $ | 95,317 | $ | 96,617 | $ | 2,390,402 |
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 131,616 | $ | — | $ | 54,301 | $ | 27,627 | $ | 2,213 | $ | 62,095 | $ | — | $ | 277,852 | |||||||||||||||
Intersegment | — | — | — | 2,251 | — | — | (2,251 | ) | — | ||||||||||||||||||||||
Total revenues | 131,616 | — | 54,301 | 29,878 | 2,213 | 62,095 | (2,251 | ) | 277,852 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 111,790 | — | 309 | 24,068 | 97 | 55,817 | (2,251 | ) | 189,830 | ||||||||||||||||||||||
Operating | 6,042 | 7 | 40,081 | 2,931 | 1,436 | 1,870 | — | 52,367 | |||||||||||||||||||||||
General and administrative | 5,015 | 528 | 3,354 | 1,329 | 990 | 1,501 | 3,963 | 16,680 | |||||||||||||||||||||||
Depreciation and amortization | 3,066 | — | 2,664 | 1,797 | 2,388 | 1,536 | 630 | 12,081 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (3,500 | ) | — | — | (3 | ) | — | (112 | ) | — | (3,615 | ) | |||||||||||||||||||
Total expenses | 122,413 | 535 | 46,408 | 30,122 | 4,911 | 60,612 | 2,342 | 267,343 | |||||||||||||||||||||||
Earnings from equity method investments | 10,021 | (6,905 | ) | — | — | — | — | — | 3,116 | ||||||||||||||||||||||
Operating income (loss) | 19,224 | (7,440 | ) | 7,893 | (244 | ) | (2,698 | ) | 1,483 | (4,593 | ) | 13,625 | |||||||||||||||||||
Other expenses (income), net | (119 | ) | (2,551 | ) | 3,419 | (378 | ) | 337 | (82 | ) | 11,075 | 11,701 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 19,343 | $ | (4,889 | ) | $ | 4,474 | $ | 134 | $ | (3,035 | ) | $ | 1,565 | $ | (15,668 | ) | $ | 1,924 |
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 514,485 | $ | — | $ | 151,219 | $ | 135,782 | $ | 7,827 | $ | 160,375 | $ | — | $ | 969,688 | |||||||||||||||
Intersegment | — | — | — | 15,678 | — | — | (15,678 | ) | — | ||||||||||||||||||||||
Total revenues | 514,485 | — | 151,219 | 151,460 | 7,827 | 160,375 | (15,678 | ) | 969,688 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 446,507 | — | 290 | 111,141 | — | 138,372 | (15,678 | ) | 680,632 | ||||||||||||||||||||||
Operating | 20,527 | 1 | 116,372 | 13,869 | 5,303 | 6,741 | — | 162,813 | |||||||||||||||||||||||
General and administrative | 10,778 | 430 | 10,933 | 5,112 | 4,285 | 7,175 | 16,174 | 54,887 | |||||||||||||||||||||||
Depreciation and amortization | 11,327 | — | 7,925 | 9,353 | 6,987 | 4,467 | 1,504 | 41,563 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | 673 | — | (784 | ) | — | (130 | ) | ||||||||||||||||||||
Total expenses | 489,114 | 437 | 135,520 | 140,148 | 16,575 | 155,971 | 2,000 | 939,765 | |||||||||||||||||||||||
Earnings from equity method investments | 31,861 | 7,828 | — | — | — | — | — | 39,689 | |||||||||||||||||||||||
Operating income (loss) | 57,232 | 7,391 | 15,699 | 11,312 | (8,748 | ) | 4,404 | (17,678 | ) | 69,612 | |||||||||||||||||||||
Other expenses (income), net | 10,925 | (3,399 | ) | 14,179 | 2,149 | 896 | (339 | ) | 27,358 | 51,769 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 46,307 | $ | 10,790 | $ | 1,520 | $ | 9,163 | $ | (9,644 | ) | $ | 4,743 | $ | (45,036 | ) | $ | 17,843 |
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 468,748 | $ | 7 | $ | 169,149 | $ | 81,917 | $ | 8,610 | $ | 193,229 | $ | — | $ | 921,660 | |||||||||||||||
Intersegment | — | — | — | 7,535 | — | — | (7,535 | ) | — | ||||||||||||||||||||||
Total revenues | 468,748 | 7 | 169,149 | 89,452 | 8,610 | 193,229 | (7,535 | ) | 921,660 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 412,847 | 33 | 499 | 70,607 | 196 | 174,636 | (7,535 | ) | 651,283 | ||||||||||||||||||||||
Operating | 17,957 | (18 | ) | 135,165 | 9,092 | 4,521 | 6,033 | — | 172,750 | ||||||||||||||||||||||
General and administrative | 9,796 | 582 | 10,404 | 4,564 | 4,249 | 6,730 | 16,748 | 53,073 | |||||||||||||||||||||||
Depreciation and amortization | 9,032 | — | 7,910 | 5,153 | 7,040 | 4,614 | 1,938 | 35,687 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (3,444 | ) | — | — | (3 | ) | — | (49 | ) | — | (3,496 | ) | |||||||||||||||||||
Total expenses | 446,188 | 597 | 153,978 | 89,413 | 16,006 | 191,964 | 11,151 | 909,297 | |||||||||||||||||||||||
Earnings from equity method investments | 25,053 | (2,150 | ) | — | — | — | — | — | 22,903 | ||||||||||||||||||||||
Operating income (loss) | 47,613 | (2,740 | ) | 15,171 | 39 | (7,396 | ) | 1,265 | (18,686 | ) | 35,266 | ||||||||||||||||||||
Other expenses (income), net | (739 | ) | (2,507 | ) | 13,974 | 924 | 1,805 | 233 | 11,214 | 24,904 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 48,352 | $ | (233 | ) | $ | 1,197 | $ | (885 | ) | $ | (9,201 | ) | $ | 1,032 | $ | (29,900 | ) | $ | 10,362 |
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September 30, 2013 | December 31, 2012 | ||||||
Crude oil | $ | 32,720 | $ | 24,840 | |||
Asphalt and other | 13,889 | 9,593 | |||||
Total inventories | $ | 46,609 | $ | 34,433 |
|
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 857 | $ | (132 | ) | $ | 725 | $ | 22 | $ | (22 | ) | $ | — | |||||||||
Total assets | 857 | (132 | ) | 725 | 22 | (22 | ) | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 132 | $ | (132 | ) | $ | — | $ | 1,056 | $ | (22 | ) | $ | 1,034 | |||||||||
Warrants | 46,350 | — | 46,350 | 32,858 | — | 32,858 | |||||||||||||||||
Total liabilities | 46,482 | (132 | ) | 46,350 | 33,914 | (22 | ) | 33,892 | |||||||||||||||
Net assets (liabilities) at fair value | $ | (45,625 | ) | $ | — | $ | (45,625 | ) | $ | (33,892 | ) | $ | — | $ | (33,892 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Sales | 695 | 470 | 2,025 | 1,153 | |||||||
Purchases | 805 | 380 | 2,095 | 1,066 |
September 30, 2013 | December 31, 2012 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | 725 | $ | — | $ | — | $ | 1,034 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Commodity contracts | $ | (1,652 | ) | $ | (631 | ) | $ | (2,430 | ) | $ | (342 | ) |
|
|
September 30, 2013 | December 31, 2012 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | — | |||
SemGroup corporate revolving credit facility | 155,000 | 201,500 | |||||
Rose Rock credit facility | 85,000 | 4,500 | |||||
SemMexico credit facility | — | — | |||||
Capital leases | 69 | 86 | |||||
Total long-term debt | $ | 540,069 | $ | 206,086 | |||
less: current portion of long-term debt | 26 | 24 | |||||
Noncurrent portion of long-term debt | $ | 540,043 | $ | 206,062 |
Year | Percentage | |
2016 | 105.625% | |
2017 | 103.750% | |
2018 | 101.875% | |
2019 and thereafter | 100.000% |
|
(a) | Confirmation order appeal |
(b) | Investigations |
(c) | Claims reconciliation process |
Volume (Barrels) | Value | |||||
Fixed price purchases | 202 | $ | 20,324 | |||
Fixed price sales | 330 | $ | 34,749 | |||
Floating price purchases | 18,016 | $ | 1,781,247 | |||
Floating price sales | 18,600 | $ | 1,814,662 |
|
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive 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 | — | — | — | 44,784 | — | 14,429 | 59,213 | ||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (4,307 | ) | — | (4,307 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (11,458 | ) | (11,458 | ) | ||||||||||||||||||
Rose Rock Midstream, L.P. equity issuance | — | — | — | — | — | 210,226 | 210,226 | ||||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock* | — | 56,800 | — | — | — | (90,516 | ) | (33,716 | ) | ||||||||||||||||||
Warrants settlements | 4 | 23,754 | — | — | — | — | 23,758 | ||||||||||||||||||||
Dividends paid | — | (16,387 | ) | — | — | — | — | (16,387 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (47 | ) | — | — | — | (33 | ) | (80 | ) | |||||||||||||||||
Non-cash equity compensation | — | 4,733 | — | — | — | 578 | 5,311 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||
Repurchase of common stock | — | — | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 425 | $ | 1,108,041 | $ | (613 | ) | $ | (100,890 | ) | $ | (5,606 | ) | $ | 252,360 | $ | 1,253,717 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2012 | $ | 1,855 | $ | (3,154 | ) | $ | (1,299 | ) | |||
Currency translation adjustment | (4,444 | ) | — | (4,444 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $46 | — | 137 | 137 | ||||||||
Balance at September 30, 2013 | $ | (2,589 | ) | $ | (3,017 | ) | $ | (5,606 | ) |
Shares issued on Emergence Date | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims | 226,016 | ||
Remaining shares required to be issued in settlement of pre-petition claims | 291,484 | ||
Issuance of shares under employee and director compensation programs(*) | 689,320 | ||
Shares issued upon exercise of warrants | 441,325 | ||
Total shares | 42,530,641 | ||
Par value per share | $ | 0.01 | |
Common stock on September 30, 2013 balance sheet (in thousands) | $ | 425 |
Warrants issued on Emergence Date | 1,634,210 | ||
Warrants subsequently issued in settlement of pre-petition claims | 237,897 | ||
Remaining warrants to be issued in settlement of pre-petition claims | 306,840 | ||
Warrants exercised (*) | (818,124 | ) | |
Total warrants at September 30, 2013 | 1,360,823 | ||
Fair value per warrant at September 30, 2013 | $ | 34.06 | |
Warrant value included within other noncurrent liabilities on September 30, 2013 consolidated balance sheet | $ | 46,349,631 |
|
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
Decrease (increase) in restricted cash | $ | 451 | $ | 4,691 | |||
Decrease (increase) in accounts receivable | (30,977 | ) | (116,987 | ) | |||
Decrease (increase) in receivable from affiliates | (6,861 | ) | 622 | ||||
Decrease (increase) in inventories | (13,983 | ) | (1,804 | ) | |||
Decrease (increase) in derivatives and margin deposits | 1,972 | 457 | |||||
Decrease (increase) in other current assets | 2,269 | 8,393 | |||||
Decrease (increase) in other assets | 258 | 2,457 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 50,614 | 97,638 | |||||
Increase (decrease) in payable to affiliates | 2,102 | (5,160 | ) | ||||
Increase (decrease) in payables to pre-petition creditors | (416 | ) | (4,541 | ) | |||
Increase (decrease) in other noncurrent liabilities | (1,349 | ) | 2,942 | ||||
$ | 4,080 | $ | (11,292 | ) |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | $ | 31,043 | $ | 14,395 | $ | 66,367 | $ | 41,945 | |||||||
Purchases | $ | 8,018 | $ | 6,009 | $ | 8,018 | $ | 36,573 | |||||||
Reimbursements from NGL Energy for transition services | $ | 60 | $ | 28 | $ | 156 | $ | 526 |
|
14. | ACQUISITIONS |
• | 200 miles of gathering pipeline; |
• | Rose Valley I plant - A 200 mmcf/d (million cubic feet per day) cryogenic processing plant, expected to be in operation in the first quarter of 2014; |
• | Rose Valley II plant - A 200 mmcf/d cryogenic processing plant, expected to be in operation 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 ("Sinopec"); and |
• | A 20-year, 100% fee based, gas gathering and processing agreement with certain affiliates of Chesapeake and Sinopec. |
Property, plant and equipment | $ | 123,316 | |
Customer contract intangible | 169,244 | ||
Goodwill | 23,587 | ||
Total assets acquired | $ | 316,147 |
• | 114 trucks, 120 trailers and miscellaneous equipment; and |
• | a long-term take-or-pay customer transportation agreement. |
Property, plant and equipment | $ | 16,690 | |
Customer contract intangible | 6,018 | ||
Goodwill | 27,261 | ||
Total assets acquired | $ | 49,969 |
Balance at December 31, 2012 | $ | 9,884 | |
Acquisitions | 50,848 | ||
Currency translation adjustments | (56 | ) | |
Balance at September 30, 2013 | $ | 60,676 |
|
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS |
September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 | |||||||||
Restricted cash | 32,880 | — | 1,302 | — | 34,182 | |||||||||||||||
Accounts receivable | 640 | 11,256 | 356,350 | — | 368,246 | |||||||||||||||
Receivable from affiliates | 752 | 15,189 | 244 | (3,146 | ) | 13,039 | ||||||||||||||
Inventories | — | 1,164 | 45,445 | — | 46,609 | |||||||||||||||
Other current assets | 2,417 | 330 | 12,420 | — | 15,167 | |||||||||||||||
Total current assets | 46,400 | 27,939 | 473,896 | (6,274 | ) | 541,961 | ||||||||||||||
Property, plant and equipment | 4,521 | 318,805 | 733,790 | — | 1,057,116 | |||||||||||||||
Equity method investments | 1,475,019 | 524,300 | 228,076 | (1,709,246 | ) | 518,149 | ||||||||||||||
Goodwill | — | 23,587 | 37,089 | — | 60,676 | |||||||||||||||
Other intangible assets | 32 | 167,834 | 12,031 | — | 179,897 | |||||||||||||||
Other noncurrent assets, net | 19,745 | 1,172 | 11,686 | — | 32,603 | |||||||||||||||
Total assets | $ | 1,545,717 | $ | 1,063,637 | $ | 1,496,568 | $ | (1,715,520 | ) | $ | 2,390,402 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 104 | $ | 44,888 | $ | 258,680 | $ | — | $ | 303,672 | ||||||||||
Payable to affiliates | 14 | 121 | 1,967 | — | 2,102 | |||||||||||||||
Accrued liabilities | 14,715 | 8,026 | 58,773 | (5 | ) | 81,509 | ||||||||||||||
Payables to pre-petition creditors | 32,317 | — | 55 | — | 32,372 | |||||||||||||||
Deferred revenue | — | — | 18,835 | — | 18,835 | |||||||||||||||
Other current liabilities | 97 | 714 | 8,309 | — | 9,120 | |||||||||||||||
Current portion of long-term debt | — | — | 26 | — | 26 | |||||||||||||||
Total current liabilities | 47,247 | 53,749 | 346,645 | (5 | ) | 447,636 | ||||||||||||||
Long-term debt | 455,000 | — | 85,043 | — | 540,043 | |||||||||||||||
Deferred income taxes | 976 | — | 52,612 | — | 53,588 | |||||||||||||||
Other noncurrent liabilities | 46,358 | — | 49,060 | — | 95,418 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 996,136 | 1,009,888 | 710,848 | (1,715,515 | ) | 1,001,357 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 252,360 | — | 252,360 | |||||||||||||||
Total owners’ equity | 996,136 | 1,009,888 | 963,208 | (1,715,515 | ) | 1,253,717 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,545,717 | $ | 1,063,637 | $ | 1,496,568 | $ | (1,715,520 | ) | $ | 2,390,402 |
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,123 | $ | — | $ | 63,844 | $ | (2,938 | ) | $ | 80,029 | |||||||||
Restricted cash | 33,324 | — | 1,354 | — | 34,678 | |||||||||||||||
Accounts receivable | 1,155 | 7,927 | 337,087 | — | 346,169 | |||||||||||||||
Receivable from affiliates | 827 | 7,222 | 109 | (1,980 | ) | 6,178 | ||||||||||||||
Inventories | — | 181 | 34,252 | — | 34,433 | |||||||||||||||
Other current assets | 2,528 | 312 | 15,676 | — | 18,516 | |||||||||||||||
Total current assets | 56,957 | 15,642 | 452,322 | (4,918 | ) | 520,003 | ||||||||||||||
Property, plant and equipment | 5,399 | 122,899 | 686,426 | — | 814,724 | |||||||||||||||
Equity method investments | 1,104,832 | 468,033 | 138,970 | (1,324,033 | ) | 387,802 | ||||||||||||||
Goodwill | — | — | 9,884 | — | 9,884 | |||||||||||||||
Other intangible assets | 36 | — | 7,549 | — | 7,585 | |||||||||||||||
Other noncurrent assets, net | 3,606 | 1,317 | 3,258 | — | 8,181 | |||||||||||||||
Total assets | $ | 1,170,830 | $ | 607,891 | $ | 1,298,409 | $ | (1,328,951 | ) | $ | 1,748,179 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 70 | $ | 12,304 | $ | 241,249 | $ | — | $ | 253,623 | ||||||||||
Accrued liabilities | 8,972 | 4,546 | 50,313 | — | 63,831 | |||||||||||||||
Payables to pre-petition creditors | 32,876 | — | 57 | — | 32,933 | |||||||||||||||
Deferred revenue | — | — | 18,973 | — | 18,973 | |||||||||||||||
Other current liabilities | 134 | 580 | 4,263 | (17 | ) | 4,960 | ||||||||||||||
Current portion of long-term debt | — | — | 24 | — | 24 | |||||||||||||||
Total current liabilities | 42,052 | 17,430 | 314,879 | (17 | ) | 374,344 | ||||||||||||||
Long-term debt | 201,500 | — | 4,562 | — | 206,062 | |||||||||||||||
Deferred income taxes | 2,018 | — | 63,602 | — | 65,620 | |||||||||||||||
Other noncurrent liabilities | 32,866 | — | 47,759 | — | 80,625 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 892,394 | 590,461 | 738,473 | (1,328,934 | ) | 892,394 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 129,134 | — | 129,134 | |||||||||||||||
Total owners’ equity | 892,394 | 590,461 | 867,607 | (1,328,934 | ) | 1,021,528 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,170,830 | $ | 607,891 | $ | 1,298,409 | $ | (1,328,951 | ) | $ | 1,748,179 |
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 63,623 | $ | 231,404 | $ | (6,575 | ) | $ | 288,452 | |||||||||
Service | — | 1,174 | 35,228 | — | 36,402 | |||||||||||||||
Other | — | — | 32,894 | — | 32,894 | |||||||||||||||
Total revenues | — | 64,797 | 299,526 | (6,575 | ) | 357,748 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 47,657 | 214,472 | (6,575 | ) | 255,554 | ||||||||||||||
Operating | — | 5,069 | 47,291 | — | 52,360 | |||||||||||||||
General and administrative | 7,855 | 2,242 | 10,855 | — | 20,952 | |||||||||||||||
Depreciation and amortization | 497 | 4,838 | 10,778 | — | 16,113 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 679 | (271 | ) | — | 408 | ||||||||||||||
Total expenses | 8,352 | 60,485 | 283,125 | (6,575 | ) | 345,387 | ||||||||||||||
Earnings from equity method investments | 15,497 | 24,667 | 10,787 | (43,468 | ) | 7,483 | ||||||||||||||
Operating income | 7,145 | 28,979 | 27,188 | (43,468 | ) | 19,844 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,029 | 1,314 | 5,136 | (1,399 | ) | 9,080 | ||||||||||||||
Foreign currency transaction gain | — | — | (457 | ) | — | (457 | ) | |||||||||||||
Other expense, net | 3,383 | 1 | (112 | ) | 1,399 | 4,671 | ||||||||||||||
Total other expenses, net | 7,412 | 1,315 | 4,567 | — | 13,294 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (267 | ) | 27,664 | 22,621 | (43,468 | ) | 6,550 | |||||||||||||
Income tax expense (benefit) | 4,960 | — | (1,547 | ) | — | 3,413 | ||||||||||||||
Income (loss) from continuing operations | (5,227 | ) | 27,664 | 24,168 | (43,468 | ) | 3,137 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income (loss) | (5,227 | ) | 27,664 | 24,166 | (43,468 | ) | 3,135 | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (5,227 | ) | $ | 27,664 | $ | 19,112 | $ | (43,468 | ) | $ | (1,919 | ) | |||||||
Net income (loss) | $ | (5,227 | ) | $ | 27,664 | $ | 24,166 | $ | (43,468 | ) | $ | 3,135 | ||||||||
Other comprehensive income (loss), net of income taxes | (2,162 | ) | — | 8,267 | — | 6,105 | ||||||||||||||
Comprehensive income (loss) | (7,389 | ) | 27,664 | 32,433 | (43,468 | ) | 9,240 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (7,389 | ) | $ | 27,664 | $ | 27,379 | $ | (43,468 | ) | $ | 4,186 |
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 28,781 | $ | 182,672 | $ | (2,251 | ) | $ | 209,202 | |||||||||
Service | — | 282 | 29,518 | — | 29,800 | |||||||||||||||
Other | — | 62 | 38,788 | — | 38,850 | |||||||||||||||
Total revenues | — | 29,125 | 250,978 | (2,251 | ) | 277,852 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 23,483 | 168,598 | (2,251 | ) | 189,830 | ||||||||||||||
Operating | — | 3,055 | 49,312 | — | 52,367 | |||||||||||||||
General and administrative | 3,840 | 2,793 | 10,047 | — | 16,680 | |||||||||||||||
Depreciation and amortization | 628 | 1,649 | 9,804 | — | 12,081 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (3 | ) | (3,612 | ) | — | (3,615 | ) | ||||||||||||
Total expenses | 4,468 | 30,977 | 234,149 | (2,251 | ) | 267,343 | ||||||||||||||
Earnings from equity method investments | 14,201 | 20,904 | 10,021 | (42,010 | ) | 3,116 | ||||||||||||||
Operating income | 9,733 | 19,052 | 26,850 | (42,010 | ) | 13,625 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,262 | (2,230 | ) | 1,346 | (1,386 | ) | 1,992 | |||||||||||||
Foreign currency transaction loss | — | — | 355 | — | 355 | |||||||||||||||
Other expense (income), net | 8,152 | (50 | ) | (134 | ) | 1,386 | 9,354 | |||||||||||||
Total other expenses, net | 12,414 | (2,280 | ) | 1,567 | — | 11,701 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (2,681 | ) | 21,332 | 25,283 | (42,010 | ) | 1,924 | |||||||||||||
Income tax expense | 96 | — | 1,995 | — | 2,091 | |||||||||||||||
Income (loss) from continuing operations | (2,777 | ) | 21,332 | 23,288 | (42,010 | ) | (167 | ) | ||||||||||||
Loss from discontinued operations, net of income taxes | — | (4 | ) | (261 | ) | — | (265 | ) | ||||||||||||
Net income (loss) | (2,777 | ) | 21,328 | 23,027 | (42,010 | ) | (432 | ) | ||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 2,336 | — | 2,336 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (2,777 | ) | $ | 21,328 | $ | 20,691 | $ | (42,010 | ) | $ | (2,768 | ) | |||||||
Net income (loss) | $ | (2,777 | ) | $ | 21,328 | $ | 23,027 | $ | (42,010 | ) | $ | (432 | ) | |||||||
Other comprehensive loss, net of income taxes | 1,475 | — | 10,597 | — | 12,072 | |||||||||||||||
Comprehensive income (loss) | (1,302 | ) | 21,328 | 33,624 | (42,010 | ) | 11,640 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 2,336 | — | 2,336 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (1,302 | ) | $ | 21,328 | $ | 31,288 | $ | (42,010 | ) | $ | 9,304 |
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 146,880 | $ | 634,117 | $ | (15,663 | ) | $ | 765,334 | |||||||||
Service | — | 1,646 | 94,091 | — | 95,737 | |||||||||||||||
Other | — | — | 108,617 | — | 108,617 | |||||||||||||||
Total revenues | — | 148,526 | 836,825 | (15,663 | ) | 969,688 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 108,814 | 587,481 | (15,663 | ) | 680,632 | ||||||||||||||
Operating | — | 13,041 | 149,772 | — | 162,813 | |||||||||||||||
General and administrative | 15,983 | 6,347 | 32,557 | — | 54,887 | |||||||||||||||
Depreciation and amortization | 1,504 | 8,898 | 31,161 | — | 41,563 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 682 | (812 | ) | — | (130 | ) | |||||||||||||
Total expenses | 17,487 | 137,782 | 800,159 | (15,663 | ) | 939,765 | ||||||||||||||
Earnings from equity method investments | 52,432 | 63,011 | 31,886 | (107,640 | ) | 39,689 | ||||||||||||||
Operating income | 34,945 | 73,755 | 68,552 | (107,640 | ) | 69,612 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 1,112 | 3,141 | 15,845 | (4,127 | ) | 15,971 | ||||||||||||||
Foreign currency transaction gain | — | — | (973 | ) | — | (973 | ) | |||||||||||||
Other expense (income), net | 32,826 | 159 | (341 | ) | 4,127 | 36,771 | ||||||||||||||
Total other expenses, net | 33,938 | 3,300 | 14,531 | — | 51,769 | |||||||||||||||
Income from continuing operations before income taxes | 1,007 | 70,455 | 54,021 | (107,640 | ) | 17,843 | ||||||||||||||
Income tax benefit | (40,469 | ) | — | (836 | ) | — | (41,305 | ) | ||||||||||||
Income from continuing operations | 41,476 | 70,455 | 54,857 | (107,640 | ) | 59,148 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 66 | (1 | ) | — | 65 | ||||||||||||||
Net income | 41,476 | 70,521 | 54,856 | (107,640 | ) | 59,213 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | |||||||||||||||
Net income attributable to SemGroup | $ | 41,476 | $ | 70,521 | $ | 40,427 | $ | (107,640 | ) | $ | 44,784 | |||||||||
Net income | $ | 41,476 | $ | 70,521 | $ | 54,856 | $ | (107,640 | ) | $ | 59,213 | |||||||||
Other comprehensive income (loss), net of income taxes | 190 | — | (4,497 | ) | — | (4,307 | ) | |||||||||||||
Comprehensive income | 41,666 | 70,521 | 50,359 | (107,640 | ) | 54,906 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 41,666 | $ | 70,521 | $ | 35,930 | $ | (107,640 | ) | $ | 40,477 |
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 86,158 | $ | 629,770 | $ | (7,520 | ) | $ | 708,408 | |||||||||
Service | — | 951 | 85,776 | — | 86,727 | |||||||||||||||
Other | — | 69 | 126,456 | — | 126,525 | |||||||||||||||
Total revenues | — | 87,178 | 842,002 | (7,520 | ) | 921,660 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 68,874 | 589,929 | (7,520 | ) | 651,283 | ||||||||||||||
Operating | — | 9,255 | 163,495 | — | 172,750 | |||||||||||||||
General and administrative | 16,528 | 6,109 | 30,436 | — | 53,073 | |||||||||||||||
Depreciation and amortization | 1,938 | 4,707 | 29,042 | — | 35,687 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (3 | ) | (3,493 | ) | — | (3,496 | ) | ||||||||||||
Total expenses | 18,466 | 88,942 | 809,409 | (7,520 | ) | 909,297 | ||||||||||||||
Earnings from equity method investments | 36,721 | 39,992 | 25,053 | (78,863 | ) | 22,903 | ||||||||||||||
Operating income | 18,255 | 38,228 | 57,646 | (78,863 | ) | 35,266 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,064 | (915 | ) | 8,609 | (3,995 | ) | 7,763 | |||||||||||||
Foreign currency transaction loss | — | — | 358 | — | 358 | |||||||||||||||
Other expense (income), net | 12,902 | (19 | ) | (95 | ) | 3,995 | 16,783 | |||||||||||||
Total other expenses (income), net | 16,966 | (934 | ) | 8,872 | — | 24,904 | ||||||||||||||
Income from continuing operations before income taxes | 1,289 | 39,162 | 48,774 | (78,863 | ) | 10,362 | ||||||||||||||
Income tax expense | 286 | — | 699 | — | 985 | |||||||||||||||
Income from continuing operations | 1,003 | 39,162 | 48,075 | (78,863 | ) | 9,377 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 3 | (11 | ) | (448 | ) | — | (456 | ) | ||||||||||||
Net income | 1,006 | 39,151 | 47,627 | (78,863 | ) | 8,921 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 7,915 | — | 7,915 | |||||||||||||||
Net income attributable to SemGroup | $ | 1,006 | $ | 39,151 | $ | 39,712 | $ | (78,863 | ) | $ | 1,006 | |||||||||
Net income | $ | 1,006 | $ | 39,151 | $ | 47,627 | $ | (78,863 | ) | $ | 8,921 | |||||||||
Other comprehensive income, net of income taxes | 984 | — | 13,946 | — | 14,930 | |||||||||||||||
Comprehensive income | 1,990 | 39,151 | 61,573 | (78,863 | ) | 23,851 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 7,915 | — | 7,915 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 1,990 | $ | 39,151 | $ | 53,658 | $ | (78,863 | ) | $ | 15,936 |
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 19,717 | $ | 16,424 | $ | 74,197 | $ | (13,819 | ) | $ | 96,519 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (622 | ) | (65,845 | ) | (65,183 | ) | — | (131,650 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3 | 1,045 | — | 1,048 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Investments in non-consolidated subsidiaries | (18,775 | ) | (28,031 | ) | (96,657 | ) | — | (143,463 | ) | |||||||||||
Payments to acquire businesses | — | (306,232 | ) | (49,969 | ) | — | (356,201 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,541 | — | 7,550 | — | 13,091 | |||||||||||||||
Net cash provided by (used in) investing activities | 175,644 | (400,105 | ) | (203,214 | ) | (189,500 | ) | (617,175 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (9,037 | ) | — | (2,828 | ) | — | (11,865 | ) | ||||||||||||
Borrowings on credit facilities | 575,000 | — | 353,474 | — | 928,474 | |||||||||||||||
Principal payments on credit facilities and other obligations | (321,500 | ) | — | (272,903 | ) | — | (594,403 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (11,458 | ) | — | (11,458 | ) | |||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | |||||||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Dividends paid | (16,387 | ) | — | — | — | (16,387 | ) | |||||||||||||
Intercompany borrowings (advances), net | (432,703 | ) | 383,681 | (154,107 | ) | 203,129 | — | |||||||||||||
Net cash provided by (used in) financing activities | (204,773 | ) | 383,681 | 122,404 | 203,129 | 504,441 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 904 | — | 904 | |||||||||||||||
Change in cash and cash equivalents | (9,412 | ) | — | (5,709 | ) | (190 | ) | (15,311 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 |
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,374 | ) | $ | 11,105 | $ | 58,353 | $ | (13,326 | ) | $ | 51,758 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,621 | ) | (41,706 | ) | (38,796 | ) | — | (82,123 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 12 | 335 | — | 347 | |||||||||||||||
Investments in non-consolidated subsidiaries | (1,740 | ) | (62,464 | ) | 205 | — | (63,999 | ) | ||||||||||||
Proceeds from the sale of non-consolidated affiliate | — | — | 3,500 | — | 3,500 | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,062 | — | 5,507 | — | 10,569 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,701 | (104,158 | ) | (29,249 | ) | — | (131,706 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (455 | ) | — | (239 | ) | — | (694 | ) | ||||||||||||
Borrowings on credit facilities | 184,000 | — | 76,500 | — | 260,500 | |||||||||||||||
Principal payments on credit facilities and other obligations | (76,500 | ) | — | (102,501 | ) | — | (179,001 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (5,754 | ) | — | (5,754 | ) | |||||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (242 | ) | — | — | — | (242 | ) | |||||||||||||
Intercompany borrowing (advances), net | (98,381 | ) | 93,053 | (8,086 | ) | 13,414 | — | |||||||||||||
Net cash provided by (used in) financing activities | 8,422 | 93,053 | (40,080 | ) | 13,414 | 74,809 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (977 | ) | — | (977 | ) | |||||||||||||
Change in cash and cash equivalents | 5,749 | — | (11,953 | ) | 88 | (6,116 | ) | |||||||||||||
Change in cash and cash equivalents included in discontinued operations | — | — | (36 | ) | — | (36 | ) | |||||||||||||
Change in cash and cash equivalents from continuing operations | 5,749 | — | (11,989 | ) | 88 | (6,152 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 111 | — | 76,264 | (2,762 | ) | 73,613 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 5,860 | $ | — | $ | 64,275 | $ | (2,674 | ) | $ | 67,461 |
|
• | 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 | |||||||||
June 30, 2012 | August 6, 2012 | August 14, 2012 | $ | 0.3825 | $ | 131 | $ | — | $ | 532 | $ | 3,209 | $ | 2,678 | $ | 6,550 | |||||||||
September 30, 2012 | November 5, 2012 | November 14, 2012 | $ | 0.3925 | $ | 134 | $ | — | $ | 545 | $ | 3,294 | $ | 2,748 | $ | 6,721 | |||||||||
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 | |||||||||
June 30, 2013 | August 5, 2013 | August 14, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | |||||||||
September 30, 2013 | ** | November 5, 2013 | November 14, 2013 | $ | 0.4500 | ** | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 |
(unaudited) | |||||||
September 30, 2013 | December 31, 2012 | ||||||
Cash | $ | 1,914 | $ | 108 | |||
Other current assets | 292,386 | 250,509 | |||||
Property, plant and equipment, net | 313,193 | 291,530 | |||||
Equity method investment | 77,449 | — | |||||
Goodwill | 27,261 | — | |||||
Other noncurrent assets, net | 10,536 | 2,579 | |||||
Total assets | $ | 722,739 | $ | 544,726 | |||
Current liabilities | $ | 254,491 | $ | 231,843 | |||
Long-term debt | 85,043 | 4,562 | |||||
Partners’ capital attributable to SemGroup | 130,845 | 179,187 | |||||
Partners’ capital attributable to noncontrolling interests | 252,360 | 129,134 | |||||
Total liabilities and partners’ capital | $ | 722,739 | $ | 544,726 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 181,831 | $ | 131,554 | $ | 514,485 | $ | 468,687 | |||||||
Cost of products sold | $ | 157,550 | $ | 111,790 | $ | 446,507 | $ | 412,847 | |||||||
Operating, general and administrative expenses | $ | 12,394 | $ | 9,779 | $ | 30,434 | $ | 25,976 | |||||||
Depreciation and amortization expense | $ | 4,130 | $ | 3,066 | $ | 11,327 | $ | 9,032 | |||||||
Earnings from equity method investment | $ | 3,527 | $ | — | $ | 10,431 | $ | — | |||||||
Net income | $ | 9,411 | $ | 6,469 | $ | 30,539 | $ | 19,353 |
|
September 30, 2013 | December 31, 2012 | ||||||
White Cliffs | $ | 228,076 | $ | 138,970 | |||
NGL Energy | 187,632 | 174,398 | |||||
Glass Mountain | 102,441 | 74,434 | |||||
Total equity method investments | $ | 518,149 | $ | 387,802 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
White Cliffs | $ | 10,786 | $ | 10,021 | $ | 31,886 | $ | 25,053 | |||||||
NGL Energy | (3,288 | ) | (6,905 | ) | 7,828 | (2,150 | ) | ||||||||
Glass Mountain | (15 | ) | — | (25 | ) | — | |||||||||
Total earnings from equity method investments | $ | 7,483 | $ | 3,116 | $ | 39,689 | $ | 22,903 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
White Cliffs | $ | 12,755 | $ | 10,794 | $ | 39,436 | $ | 30,561 | |||||||
NGL Energy | 4,671 | 2,090 | 13,369 | 5,063 | |||||||||||
Glass Mountain | — | — | — | — | |||||||||||
Total cash distributions received from equity method investments | $ | 17,426 | $ | 12,884 | $ | 52,805 | $ | 35,624 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 31,453 | $ | 28,522 | $ | 92,238 | $ | 76,910 | |||||||
Operating, general and administrative expenses | $ | 5,141 | $ | 3,857 | $ | 14,433 | $ | 11,382 | |||||||
Depreciation and amortization expense | $ | 4,720 | $ | 4,995 | $ | 14,150 | $ | 14,964 | |||||||
Net income | $ | 21,579 | $ | 19,670 | $ | 63,642 | $ | 50,564 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 1,385,957 | $ | 326,436 | $ | 4,341,778 | $ | 1,236,023 | |||||||
Cost of products sold | $ | 1,303,076 | $ | 298,985 | $ | 3,989,511 | $ | 1,128,581 | |||||||
Operating, general and administrative expenses | $ | 67,499 | $ | 33,298 | $ | 206,824 | $ | 76,015 | |||||||
Depreciation and amortization expense | $ | 22,724 | $ | 9,227 | $ | 68,989 | $ | 21,260 | |||||||
Net income | $ | (17,508 | ) | $ | (24,710 | ) | $ | 45,310 | $ | (4,678 | ) |
|
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 181,831 | $ | — | $ | 48,979 | $ | 59,220 | $ | 2,169 | $ | 65,549 | $ | — | $ | 357,748 | |||||||||||||||
Intersegment | — | — | — | 6,575 | — | — | (6,575 | ) | — | ||||||||||||||||||||||
Total revenues | 181,831 | — | 48,979 | 65,795 | 2,169 | 65,549 | (6,575 | ) | 357,748 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 157,550 | — | 106 | 48,403 | — | 56,070 | (6,575 | ) | 255,554 | ||||||||||||||||||||||
Operating | 9,098 | — | 33,980 | 5,436 | 1,616 | 2,230 | — | 52,360 | |||||||||||||||||||||||
General and administrative | 3,360 | 114 | 3,446 | 1,923 | 1,679 | 2,510 | 7,920 | 20,952 | |||||||||||||||||||||||
Depreciation and amortization | 4,130 | — | 2,631 | 4,992 | 2,334 | 1,529 | 497 | 16,113 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | — | — | 679 | — | (271 | ) | — | 408 | ||||||||||||||||||||||
Total expenses | 174,138 | 114 | 40,163 | 61,433 | 5,629 | 62,068 | 1,842 | 345,387 | |||||||||||||||||||||||
Earnings from equity method investments | 10,771 | (3,288 | ) | — | — | — | — | — | 7,483 | ||||||||||||||||||||||
Operating income (loss) | 18,464 | (3,402 | ) | 8,816 | 4,362 | (3,460 | ) | 3,481 | (8,417 | ) | 19,844 | ||||||||||||||||||||
Other expenses (income), net | 3,634 | (1,238 | ) | 4,720 | 880 | (217 | ) | (21 | ) | 5,536 | 13,294 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,830 | $ | (2,164 | ) | $ | 4,096 | $ | 3,482 | $ | (3,243 | ) | $ | 3,502 | $ | (13,953 | ) | $ | 6,550 | ||||||||||||
Total assets at September 30, 2013 (excluding intersegment receivables) | $ | 1,012,535 | $ | 187,632 | $ | 320,431 | $ | 510,129 | $ | 167,741 | $ | 95,317 | $ | 96,617 | $ | 2,390,402 |
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 131,616 | $ | — | $ | 54,301 | $ | 27,627 | $ | 2,213 | $ | 62,095 | $ | — | $ | 277,852 | |||||||||||||||
Intersegment | — | — | — | 2,251 | — | — | (2,251 | ) | — | ||||||||||||||||||||||
Total revenues | 131,616 | — | 54,301 | 29,878 | 2,213 | 62,095 | (2,251 | ) | 277,852 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 111,790 | — | 309 | 24,068 | 97 | 55,817 | (2,251 | ) | 189,830 | ||||||||||||||||||||||
Operating | 6,042 | 7 | 40,081 | 2,931 | 1,436 | 1,870 | — | 52,367 | |||||||||||||||||||||||
General and administrative | 5,015 | 528 | 3,354 | 1,329 | 990 | 1,501 | 3,963 | 16,680 | |||||||||||||||||||||||
Depreciation and amortization | 3,066 | — | 2,664 | 1,797 | 2,388 | 1,536 | 630 | 12,081 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (3,500 | ) | — | — | (3 | ) | — | (112 | ) | — | (3,615 | ) | |||||||||||||||||||
Total expenses | 122,413 | 535 | 46,408 | 30,122 | 4,911 | 60,612 | 2,342 | 267,343 | |||||||||||||||||||||||
Earnings from equity method investments | 10,021 | (6,905 | ) | — | — | — | — | — | 3,116 | ||||||||||||||||||||||
Operating income (loss) | 19,224 | (7,440 | ) | 7,893 | (244 | ) | (2,698 | ) | 1,483 | (4,593 | ) | 13,625 | |||||||||||||||||||
Other expenses (income), net | (119 | ) | (2,551 | ) | 3,419 | (378 | ) | 337 | (82 | ) | 11,075 | 11,701 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 19,343 | $ | (4,889 | ) | $ | 4,474 | $ | 134 | $ | (3,035 | ) | $ | 1,565 | $ | (15,668 | ) | $ | 1,924 |
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 514,485 | $ | — | $ | 151,219 | $ | 135,782 | $ | 7,827 | $ | 160,375 | $ | — | $ | 969,688 | |||||||||||||||
Intersegment | — | — | — | 15,678 | — | — | (15,678 | ) | — | ||||||||||||||||||||||
Total revenues | 514,485 | — | 151,219 | 151,460 | 7,827 | 160,375 | (15,678 | ) | 969,688 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 446,507 | — | 290 | 111,141 | — | 138,372 | (15,678 | ) | 680,632 | ||||||||||||||||||||||
Operating | 20,527 | 1 | 116,372 | 13,869 | 5,303 | 6,741 | — | 162,813 | |||||||||||||||||||||||
General and administrative | 10,778 | 430 | 10,933 | 5,112 | 4,285 | 7,175 | 16,174 | 54,887 | |||||||||||||||||||||||
Depreciation and amortization | 11,327 | — | 7,925 | 9,353 | 6,987 | 4,467 | 1,504 | 41,563 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | 673 | — | (784 | ) | — | (130 | ) | ||||||||||||||||||||
Total expenses | 489,114 | 437 | 135,520 | 140,148 | 16,575 | 155,971 | 2,000 | 939,765 | |||||||||||||||||||||||
Earnings from equity method investments | 31,861 | 7,828 | — | — | — | — | — | 39,689 | |||||||||||||||||||||||
Operating income (loss) | 57,232 | 7,391 | 15,699 | 11,312 | (8,748 | ) | 4,404 | (17,678 | ) | 69,612 | |||||||||||||||||||||
Other expenses (income), net | 10,925 | (3,399 | ) | 14,179 | 2,149 | 896 | (339 | ) | 27,358 | 51,769 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 46,307 | $ | 10,790 | $ | 1,520 | $ | 9,163 | $ | (9,644 | ) | $ | 4,743 | $ | (45,036 | ) | $ | 17,843 |
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 468,748 | $ | 7 | $ | 169,149 | $ | 81,917 | $ | 8,610 | $ | 193,229 | $ | — | $ | 921,660 | |||||||||||||||
Intersegment | — | — | — | 7,535 | — | — | (7,535 | ) | — | ||||||||||||||||||||||
Total revenues | 468,748 | 7 | 169,149 | 89,452 | 8,610 | 193,229 | (7,535 | ) | 921,660 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 412,847 | 33 | 499 | 70,607 | 196 | 174,636 | (7,535 | ) | 651,283 | ||||||||||||||||||||||
Operating | 17,957 | (18 | ) | 135,165 | 9,092 | 4,521 | 6,033 | — | 172,750 | ||||||||||||||||||||||
General and administrative | 9,796 | 582 | 10,404 | 4,564 | 4,249 | 6,730 | 16,748 | 53,073 | |||||||||||||||||||||||
Depreciation and amortization | 9,032 | — | 7,910 | 5,153 | 7,040 | 4,614 | 1,938 | 35,687 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (3,444 | ) | — | — | (3 | ) | — | (49 | ) | — | (3,496 | ) | |||||||||||||||||||
Total expenses | 446,188 | 597 | 153,978 | 89,413 | 16,006 | 191,964 | 11,151 | 909,297 | |||||||||||||||||||||||
Earnings from equity method investments | 25,053 | (2,150 | ) | — | — | — | — | — | 22,903 | ||||||||||||||||||||||
Operating income (loss) | 47,613 | (2,740 | ) | 15,171 | 39 | (7,396 | ) | 1,265 | (18,686 | ) | 35,266 | ||||||||||||||||||||
Other expenses (income), net | (739 | ) | (2,507 | ) | 13,974 | 924 | 1,805 | 233 | 11,214 | 24,904 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 48,352 | $ | (233 | ) | $ | 1,197 | $ | (885 | ) | $ | (9,201 | ) | $ | 1,032 | $ | (29,900 | ) | $ | 10,362 |
|
September 30, 2013 | December 31, 2012 | ||||||
Crude oil | $ | 32,720 | $ | 24,840 | |||
Asphalt and other | 13,889 | 9,593 | |||||
Total inventories | $ | 46,609 | $ | 34,433 |
|
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 857 | $ | (132 | ) | $ | 725 | $ | 22 | $ | (22 | ) | $ | — | |||||||||
Total assets | 857 | (132 | ) | 725 | 22 | (22 | ) | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 132 | $ | (132 | ) | $ | — | $ | 1,056 | $ | (22 | ) | $ | 1,034 | |||||||||
Warrants | 46,350 | — | 46,350 | 32,858 | — | 32,858 | |||||||||||||||||
Total liabilities | 46,482 | (132 | ) | 46,350 | 33,914 | (22 | ) | 33,892 | |||||||||||||||
Net assets (liabilities) at fair value | $ | (45,625 | ) | $ | — | $ | (45,625 | ) | $ | (33,892 | ) | $ | — | $ | (33,892 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Sales | 695 | 470 | 2,025 | 1,153 | |||||||
Purchases | 805 | 380 | 2,095 | 1,066 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Commodity contracts | $ | (1,652 | ) | $ | (631 | ) | $ | (2,430 | ) | $ | (342 | ) |
September 30, 2013 | December 31, 2012 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | 725 | $ | — | $ | — | $ | 1,034 |
|
September 30, 2013 | December 31, 2012 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | — | |||
SemGroup corporate revolving credit facility | 155,000 | 201,500 | |||||
Rose Rock credit facility | 85,000 | 4,500 | |||||
SemMexico credit facility | — | — | |||||
Capital leases | 69 | 86 | |||||
Total long-term debt | $ | 540,069 | $ | 206,086 | |||
less: current portion of long-term debt | 26 | 24 | |||||
Noncurrent portion of long-term debt | $ | 540,043 | $ | 206,062 |
Year | Percentage | |
2016 | 105.625% | |
2017 | 103.750% | |
2018 | 101.875% | |
2019 and thereafter | 100.000% |
|
Volume (Barrels) | Value | |||||
Fixed price purchases | 202 | $ | 20,324 | |||
Fixed price sales | 330 | $ | 34,749 | |||
Floating price purchases | 18,016 | $ | 1,781,247 | |||
Floating price sales | 18,600 | $ | 1,814,662 |
|
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive 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 | — | — | — | 44,784 | — | 14,429 | 59,213 | ||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (4,307 | ) | — | (4,307 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (11,458 | ) | (11,458 | ) | ||||||||||||||||||
Rose Rock Midstream, L.P. equity issuance | — | — | — | — | — | 210,226 | 210,226 | ||||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock* | — | 56,800 | — | — | — | (90,516 | ) | (33,716 | ) | ||||||||||||||||||
Warrants settlements | 4 | 23,754 | — | — | — | — | 23,758 | ||||||||||||||||||||
Dividends paid | — | (16,387 | ) | — | — | — | — | (16,387 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (47 | ) | — | — | — | (33 | ) | (80 | ) | |||||||||||||||||
Non-cash equity compensation | — | 4,733 | — | — | — | 578 | 5,311 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||
Repurchase of common stock | — | — | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 425 | $ | 1,108,041 | $ | (613 | ) | $ | (100,890 | ) | $ | (5,606 | ) | $ | 252,360 | $ | 1,253,717 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2012 | $ | 1,855 | $ | (3,154 | ) | $ | (1,299 | ) | |||
Currency translation adjustment | (4,444 | ) | — | (4,444 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $46 | — | 137 | 137 | ||||||||
Balance at September 30, 2013 | $ | (2,589 | ) | $ | (3,017 | ) | $ | (5,606 | ) |
Shares issued on Emergence Date | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims | 226,016 | ||
Remaining shares required to be issued in settlement of pre-petition claims | 291,484 | ||
Issuance of shares under employee and director compensation programs(*) | 689,320 | ||
Shares issued upon exercise of warrants | 441,325 | ||
Total shares | 42,530,641 | ||
Par value per share | $ | 0.01 | |
Common stock on September 30, 2013 balance sheet (in thousands) | $ | 425 |
Warrants issued on Emergence Date | 1,634,210 | ||
Warrants subsequently issued in settlement of pre-petition claims | 237,897 | ||
Remaining warrants to be issued in settlement of pre-petition claims | 306,840 | ||
Warrants exercised (*) | (818,124 | ) | |
Total warrants at September 30, 2013 | 1,360,823 | ||
Fair value per warrant at September 30, 2013 | $ | 34.06 | |
Warrant value included within other noncurrent liabilities on September 30, 2013 consolidated balance sheet | $ | 46,349,631 |
|
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
Decrease (increase) in restricted cash | $ | 451 | $ | 4,691 | |||
Decrease (increase) in accounts receivable | (30,977 | ) | (116,987 | ) | |||
Decrease (increase) in receivable from affiliates | (6,861 | ) | 622 | ||||
Decrease (increase) in inventories | (13,983 | ) | (1,804 | ) | |||
Decrease (increase) in derivatives and margin deposits | 1,972 | 457 | |||||
Decrease (increase) in other current assets | 2,269 | 8,393 | |||||
Decrease (increase) in other assets | 258 | 2,457 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 50,614 | 97,638 | |||||
Increase (decrease) in payable to affiliates | 2,102 | (5,160 | ) | ||||
Increase (decrease) in payables to pre-petition creditors | (416 | ) | (4,541 | ) | |||
Increase (decrease) in other noncurrent liabilities | (1,349 | ) | 2,942 | ||||
$ | 4,080 | $ | (11,292 | ) |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | $ | 31,043 | $ | 14,395 | $ | 66,367 | $ | 41,945 | |||||||
Purchases | $ | 8,018 | $ | 6,009 | $ | 8,018 | $ | 36,573 | |||||||
Reimbursements from NGL Energy for transition services | $ | 60 | $ | 28 | $ | 156 | $ | 526 |
|
Balance at December 31, 2012 | $ | 9,884 | |
Acquisitions | 50,848 | ||
Currency translation adjustments | (56 | ) | |
Balance at September 30, 2013 | $ | 60,676 |
Property, plant and equipment | $ | 123,316 | |
Customer contract intangible | 169,244 | ||
Goodwill | 23,587 | ||
Total assets acquired | $ | 316,147 |
Property, plant and equipment | $ | 16,690 | |
Customer contract intangible | 6,018 | ||
Goodwill | 27,261 | ||
Total assets acquired | $ | 49,969 |
|
September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 | |||||||||
Restricted cash | 32,880 | — | 1,302 | — | 34,182 | |||||||||||||||
Accounts receivable | 640 | 11,256 | 356,350 | — | 368,246 | |||||||||||||||
Receivable from affiliates | 752 | 15,189 | 244 | (3,146 | ) | 13,039 | ||||||||||||||
Inventories | — | 1,164 | 45,445 | — | 46,609 | |||||||||||||||
Other current assets | 2,417 | 330 | 12,420 | — | 15,167 | |||||||||||||||
Total current assets | 46,400 | 27,939 | 473,896 | (6,274 | ) | 541,961 | ||||||||||||||
Property, plant and equipment | 4,521 | 318,805 | 733,790 | — | 1,057,116 | |||||||||||||||
Equity method investments | 1,475,019 | 524,300 | 228,076 | (1,709,246 | ) | 518,149 | ||||||||||||||
Goodwill | — | 23,587 | 37,089 | — | 60,676 | |||||||||||||||
Other intangible assets | 32 | 167,834 | 12,031 | — | 179,897 | |||||||||||||||
Other noncurrent assets, net | 19,745 | 1,172 | 11,686 | — | 32,603 | |||||||||||||||
Total assets | $ | 1,545,717 | $ | 1,063,637 | $ | 1,496,568 | $ | (1,715,520 | ) | $ | 2,390,402 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 104 | $ | 44,888 | $ | 258,680 | $ | — | $ | 303,672 | ||||||||||
Payable to affiliates | 14 | 121 | 1,967 | — | 2,102 | |||||||||||||||
Accrued liabilities | 14,715 | 8,026 | 58,773 | (5 | ) | 81,509 | ||||||||||||||
Payables to pre-petition creditors | 32,317 | — | 55 | — | 32,372 | |||||||||||||||
Deferred revenue | — | — | 18,835 | — | 18,835 | |||||||||||||||
Other current liabilities | 97 | 714 | 8,309 | — | 9,120 | |||||||||||||||
Current portion of long-term debt | — | — | 26 | — | 26 | |||||||||||||||
Total current liabilities | 47,247 | 53,749 | 346,645 | (5 | ) | 447,636 | ||||||||||||||
Long-term debt | 455,000 | — | 85,043 | — | 540,043 | |||||||||||||||
Deferred income taxes | 976 | — | 52,612 | — | 53,588 | |||||||||||||||
Other noncurrent liabilities | 46,358 | — | 49,060 | — | 95,418 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 996,136 | 1,009,888 | 710,848 | (1,715,515 | ) | 1,001,357 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 252,360 | — | 252,360 | |||||||||||||||
Total owners’ equity | 996,136 | 1,009,888 | 963,208 | (1,715,515 | ) | 1,253,717 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,545,717 | $ | 1,063,637 | $ | 1,496,568 | $ | (1,715,520 | ) | $ | 2,390,402 |
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,123 | $ | — | $ | 63,844 | $ | (2,938 | ) | $ | 80,029 | |||||||||
Restricted cash | 33,324 | — | 1,354 | — | 34,678 | |||||||||||||||
Accounts receivable | 1,155 | 7,927 | 337,087 | — | 346,169 | |||||||||||||||
Receivable from affiliates | 827 | 7,222 | 109 | (1,980 | ) | 6,178 | ||||||||||||||
Inventories | — | 181 | 34,252 | — | 34,433 | |||||||||||||||
Other current assets | 2,528 | 312 | 15,676 | — | 18,516 | |||||||||||||||
Total current assets | 56,957 | 15,642 | 452,322 | (4,918 | ) | 520,003 | ||||||||||||||
Property, plant and equipment | 5,399 | 122,899 | 686,426 | — | 814,724 | |||||||||||||||
Equity method investments | 1,104,832 | 468,033 | 138,970 | (1,324,033 | ) | 387,802 | ||||||||||||||
Goodwill | — | — | 9,884 | — | 9,884 | |||||||||||||||
Other intangible assets | 36 | — | 7,549 | — | 7,585 | |||||||||||||||
Other noncurrent assets, net | 3,606 | 1,317 | 3,258 | — | 8,181 | |||||||||||||||
Total assets | $ | 1,170,830 | $ | 607,891 | $ | 1,298,409 | $ | (1,328,951 | ) | $ | 1,748,179 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 70 | $ | 12,304 | $ | 241,249 | $ | — | $ | 253,623 | ||||||||||
Accrued liabilities | 8,972 | 4,546 | 50,313 | — | 63,831 | |||||||||||||||
Payables to pre-petition creditors | 32,876 | — | 57 | — | 32,933 | |||||||||||||||
Deferred revenue | — | — | 18,973 | — | 18,973 | |||||||||||||||
Other current liabilities | 134 | 580 | 4,263 | (17 | ) | 4,960 | ||||||||||||||
Current portion of long-term debt | — | — | 24 | — | 24 | |||||||||||||||
Total current liabilities | 42,052 | 17,430 | 314,879 | (17 | ) | 374,344 | ||||||||||||||
Long-term debt | 201,500 | — | 4,562 | — | 206,062 | |||||||||||||||
Deferred income taxes | 2,018 | — | 63,602 | — | 65,620 | |||||||||||||||
Other noncurrent liabilities | 32,866 | — | 47,759 | — | 80,625 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 892,394 | 590,461 | 738,473 | (1,328,934 | ) | 892,394 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 129,134 | — | 129,134 | |||||||||||||||
Total owners’ equity | 892,394 | 590,461 | 867,607 | (1,328,934 | ) | 1,021,528 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,170,830 | $ | 607,891 | $ | 1,298,409 | $ | (1,328,951 | ) | $ | 1,748,179 |
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 63,623 | $ | 231,404 | $ | (6,575 | ) | $ | 288,452 | |||||||||
Service | — | 1,174 | 35,228 | — | 36,402 | |||||||||||||||
Other | — | — | 32,894 | — | 32,894 | |||||||||||||||
Total revenues | — | 64,797 | 299,526 | (6,575 | ) | 357,748 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 47,657 | 214,472 | (6,575 | ) | 255,554 | ||||||||||||||
Operating | — | 5,069 | 47,291 | — | 52,360 | |||||||||||||||
General and administrative | 7,855 | 2,242 | 10,855 | — | 20,952 | |||||||||||||||
Depreciation and amortization | 497 | 4,838 | 10,778 | — | 16,113 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 679 | (271 | ) | — | 408 | ||||||||||||||
Total expenses | 8,352 | 60,485 | 283,125 | (6,575 | ) | 345,387 | ||||||||||||||
Earnings from equity method investments | 15,497 | 24,667 | 10,787 | (43,468 | ) | 7,483 | ||||||||||||||
Operating income | 7,145 | 28,979 | 27,188 | (43,468 | ) | 19,844 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,029 | 1,314 | 5,136 | (1,399 | ) | 9,080 | ||||||||||||||
Foreign currency transaction gain | — | — | (457 | ) | — | (457 | ) | |||||||||||||
Other expense, net | 3,383 | 1 | (112 | ) | 1,399 | 4,671 | ||||||||||||||
Total other expenses, net | 7,412 | 1,315 | 4,567 | — | 13,294 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (267 | ) | 27,664 | 22,621 | (43,468 | ) | 6,550 | |||||||||||||
Income tax expense (benefit) | 4,960 | — | (1,547 | ) | — | 3,413 | ||||||||||||||
Income (loss) from continuing operations | (5,227 | ) | 27,664 | 24,168 | (43,468 | ) | 3,137 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net income (loss) | (5,227 | ) | 27,664 | 24,166 | (43,468 | ) | 3,135 | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (5,227 | ) | $ | 27,664 | $ | 19,112 | $ | (43,468 | ) | $ | (1,919 | ) | |||||||
Net income (loss) | $ | (5,227 | ) | $ | 27,664 | $ | 24,166 | $ | (43,468 | ) | $ | 3,135 | ||||||||
Other comprehensive income (loss), net of income taxes | (2,162 | ) | — | 8,267 | — | 6,105 | ||||||||||||||
Comprehensive income (loss) | (7,389 | ) | 27,664 | 32,433 | (43,468 | ) | 9,240 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (7,389 | ) | $ | 27,664 | $ | 27,379 | $ | (43,468 | ) | $ | 4,186 |
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 28,781 | $ | 182,672 | $ | (2,251 | ) | $ | 209,202 | |||||||||
Service | — | 282 | 29,518 | — | 29,800 | |||||||||||||||
Other | — | 62 | 38,788 | — | 38,850 | |||||||||||||||
Total revenues | — | 29,125 | 250,978 | (2,251 | ) | 277,852 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 23,483 | 168,598 | (2,251 | ) | 189,830 | ||||||||||||||
Operating | — | 3,055 | 49,312 | — | 52,367 | |||||||||||||||
General and administrative | 3,840 | 2,793 | 10,047 | — | 16,680 | |||||||||||||||
Depreciation and amortization | 628 | 1,649 | 9,804 | — | 12,081 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (3 | ) | (3,612 | ) | — | (3,615 | ) | ||||||||||||
Total expenses | 4,468 | 30,977 | 234,149 | (2,251 | ) | 267,343 | ||||||||||||||
Earnings from equity method investments | 14,201 | 20,904 | 10,021 | (42,010 | ) | 3,116 | ||||||||||||||
Operating income | 9,733 | 19,052 | 26,850 | (42,010 | ) | 13,625 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,262 | (2,230 | ) | 1,346 | (1,386 | ) | 1,992 | |||||||||||||
Foreign currency transaction loss | — | — | 355 | — | 355 | |||||||||||||||
Other expense (income), net | 8,152 | (50 | ) | (134 | ) | 1,386 | 9,354 | |||||||||||||
Total other expenses, net | 12,414 | (2,280 | ) | 1,567 | — | 11,701 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (2,681 | ) | 21,332 | 25,283 | (42,010 | ) | 1,924 | |||||||||||||
Income tax expense | 96 | — | 1,995 | — | 2,091 | |||||||||||||||
Income (loss) from continuing operations | (2,777 | ) | 21,332 | 23,288 | (42,010 | ) | (167 | ) | ||||||||||||
Loss from discontinued operations, net of income taxes | — | (4 | ) | (261 | ) | — | (265 | ) | ||||||||||||
Net income (loss) | (2,777 | ) | 21,328 | 23,027 | (42,010 | ) | (432 | ) | ||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 2,336 | — | 2,336 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (2,777 | ) | $ | 21,328 | $ | 20,691 | $ | (42,010 | ) | $ | (2,768 | ) | |||||||
Net income (loss) | $ | (2,777 | ) | $ | 21,328 | $ | 23,027 | $ | (42,010 | ) | $ | (432 | ) | |||||||
Other comprehensive loss, net of income taxes | 1,475 | — | 10,597 | — | 12,072 | |||||||||||||||
Comprehensive income (loss) | (1,302 | ) | 21,328 | 33,624 | (42,010 | ) | 11,640 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 2,336 | — | 2,336 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (1,302 | ) | $ | 21,328 | $ | 31,288 | $ | (42,010 | ) | $ | 9,304 |
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 146,880 | $ | 634,117 | $ | (15,663 | ) | $ | 765,334 | |||||||||
Service | — | 1,646 | 94,091 | — | 95,737 | |||||||||||||||
Other | — | — | 108,617 | — | 108,617 | |||||||||||||||
Total revenues | — | 148,526 | 836,825 | (15,663 | ) | 969,688 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 108,814 | 587,481 | (15,663 | ) | 680,632 | ||||||||||||||
Operating | — | 13,041 | 149,772 | — | 162,813 | |||||||||||||||
General and administrative | 15,983 | 6,347 | 32,557 | — | 54,887 | |||||||||||||||
Depreciation and amortization | 1,504 | 8,898 | 31,161 | — | 41,563 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 682 | (812 | ) | — | (130 | ) | |||||||||||||
Total expenses | 17,487 | 137,782 | 800,159 | (15,663 | ) | 939,765 | ||||||||||||||
Earnings from equity method investments | 52,432 | 63,011 | 31,886 | (107,640 | ) | 39,689 | ||||||||||||||
Operating income | 34,945 | 73,755 | 68,552 | (107,640 | ) | 69,612 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 1,112 | 3,141 | 15,845 | (4,127 | ) | 15,971 | ||||||||||||||
Foreign currency transaction gain | — | — | (973 | ) | — | (973 | ) | |||||||||||||
Other expense (income), net | 32,826 | 159 | (341 | ) | 4,127 | 36,771 | ||||||||||||||
Total other expenses, net | 33,938 | 3,300 | 14,531 | — | 51,769 | |||||||||||||||
Income from continuing operations before income taxes | 1,007 | 70,455 | 54,021 | (107,640 | ) | 17,843 | ||||||||||||||
Income tax benefit | (40,469 | ) | — | (836 | ) | — | (41,305 | ) | ||||||||||||
Income from continuing operations | 41,476 | 70,455 | 54,857 | (107,640 | ) | 59,148 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 66 | (1 | ) | — | 65 | ||||||||||||||
Net income | 41,476 | 70,521 | 54,856 | (107,640 | ) | 59,213 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | |||||||||||||||
Net income attributable to SemGroup | $ | 41,476 | $ | 70,521 | $ | 40,427 | $ | (107,640 | ) | $ | 44,784 | |||||||||
Net income | $ | 41,476 | $ | 70,521 | $ | 54,856 | $ | (107,640 | ) | $ | 59,213 | |||||||||
Other comprehensive income (loss), net of income taxes | 190 | — | (4,497 | ) | — | (4,307 | ) | |||||||||||||
Comprehensive income | 41,666 | 70,521 | 50,359 | (107,640 | ) | 54,906 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 41,666 | $ | 70,521 | $ | 35,930 | $ | (107,640 | ) | $ | 40,477 |
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 86,158 | $ | 629,770 | $ | (7,520 | ) | $ | 708,408 | |||||||||
Service | — | 951 | 85,776 | — | 86,727 | |||||||||||||||
Other | — | 69 | 126,456 | — | 126,525 | |||||||||||||||
Total revenues | — | 87,178 | 842,002 | (7,520 | ) | 921,660 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 68,874 | 589,929 | (7,520 | ) | 651,283 | ||||||||||||||
Operating | — | 9,255 | 163,495 | — | 172,750 | |||||||||||||||
General and administrative | 16,528 | 6,109 | 30,436 | — | 53,073 | |||||||||||||||
Depreciation and amortization | 1,938 | 4,707 | 29,042 | — | 35,687 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (3 | ) | (3,493 | ) | — | (3,496 | ) | ||||||||||||
Total expenses | 18,466 | 88,942 | 809,409 | (7,520 | ) | 909,297 | ||||||||||||||
Earnings from equity method investments | 36,721 | 39,992 | 25,053 | (78,863 | ) | 22,903 | ||||||||||||||
Operating income | 18,255 | 38,228 | 57,646 | (78,863 | ) | 35,266 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 4,064 | (915 | ) | 8,609 | (3,995 | ) | 7,763 | |||||||||||||
Foreign currency transaction loss | — | — | 358 | — | 358 | |||||||||||||||
Other expense (income), net | 12,902 | (19 | ) | (95 | ) | 3,995 | 16,783 | |||||||||||||
Total other expenses (income), net | 16,966 | (934 | ) | 8,872 | — | 24,904 | ||||||||||||||
Income from continuing operations before income taxes | 1,289 | 39,162 | 48,774 | (78,863 | ) | 10,362 | ||||||||||||||
Income tax expense | 286 | — | 699 | — | 985 | |||||||||||||||
Income from continuing operations | 1,003 | 39,162 | 48,075 | (78,863 | ) | 9,377 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 3 | (11 | ) | (448 | ) | — | (456 | ) | ||||||||||||
Net income | 1,006 | 39,151 | 47,627 | (78,863 | ) | 8,921 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 7,915 | — | 7,915 | |||||||||||||||
Net income attributable to SemGroup | $ | 1,006 | $ | 39,151 | $ | 39,712 | $ | (78,863 | ) | $ | 1,006 | |||||||||
Net income | $ | 1,006 | $ | 39,151 | $ | 47,627 | $ | (78,863 | ) | $ | 8,921 | |||||||||
Other comprehensive income, net of income taxes | 984 | — | 13,946 | — | 14,930 | |||||||||||||||
Comprehensive income | 1,990 | 39,151 | 61,573 | (78,863 | ) | 23,851 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 7,915 | — | 7,915 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 1,990 | $ | 39,151 | $ | 53,658 | $ | (78,863 | ) | $ | 15,936 |
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 19,717 | $ | 16,424 | $ | 74,197 | $ | (13,819 | ) | $ | 96,519 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (622 | ) | (65,845 | ) | (65,183 | ) | — | (131,650 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3 | 1,045 | — | 1,048 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Investments in non-consolidated subsidiaries | (18,775 | ) | (28,031 | ) | (96,657 | ) | — | (143,463 | ) | |||||||||||
Payments to acquire businesses | — | (306,232 | ) | (49,969 | ) | — | (356,201 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,541 | — | 7,550 | — | 13,091 | |||||||||||||||
Net cash provided by (used in) investing activities | 175,644 | (400,105 | ) | (203,214 | ) | (189,500 | ) | (617,175 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (9,037 | ) | — | (2,828 | ) | — | (11,865 | ) | ||||||||||||
Borrowings on credit facilities | 575,000 | — | 353,474 | — | 928,474 | |||||||||||||||
Principal payments on credit facilities and other obligations | (321,500 | ) | — | (272,903 | ) | — | (594,403 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (11,458 | ) | — | (11,458 | ) | |||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | |||||||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Dividends paid | (16,387 | ) | — | — | — | (16,387 | ) | |||||||||||||
Intercompany borrowings (advances), net | (432,703 | ) | 383,681 | (154,107 | ) | 203,129 | — | |||||||||||||
Net cash provided by (used in) financing activities | (204,773 | ) | 383,681 | 122,404 | 203,129 | 504,441 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 904 | — | 904 | |||||||||||||||
Change in cash and cash equivalents | (9,412 | ) | — | (5,709 | ) | (190 | ) | (15,311 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 |
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,374 | ) | $ | 11,105 | $ | 58,353 | $ | (13,326 | ) | $ | 51,758 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,621 | ) | (41,706 | ) | (38,796 | ) | — | (82,123 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 12 | 335 | — | 347 | |||||||||||||||
Investments in non-consolidated subsidiaries | (1,740 | ) | (62,464 | ) | 205 | — | (63,999 | ) | ||||||||||||
Proceeds from the sale of non-consolidated affiliate | — | — | 3,500 | — | 3,500 | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,062 | — | 5,507 | — | 10,569 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,701 | (104,158 | ) | (29,249 | ) | — | (131,706 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (455 | ) | — | (239 | ) | — | (694 | ) | ||||||||||||
Borrowings on credit facilities | 184,000 | — | 76,500 | — | 260,500 | |||||||||||||||
Principal payments on credit facilities and other obligations | (76,500 | ) | — | (102,501 | ) | — | (179,001 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (5,754 | ) | — | (5,754 | ) | |||||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (242 | ) | — | — | — | (242 | ) | |||||||||||||
Intercompany borrowing (advances), net | (98,381 | ) | 93,053 | (8,086 | ) | 13,414 | — | |||||||||||||
Net cash provided by (used in) financing activities | 8,422 | 93,053 | (40,080 | ) | 13,414 | 74,809 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (977 | ) | — | (977 | ) | |||||||||||||
Change in cash and cash equivalents | 5,749 | — | (11,953 | ) | 88 | (6,116 | ) | |||||||||||||
Change in cash and cash equivalents included in discontinued operations | — | — | (36 | ) | — | (36 | ) | |||||||||||||
Change in cash and cash equivalents from continuing operations | 5,749 | — | (11,989 | ) | 88 | (6,152 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 111 | — | 76,264 | (2,762 | ) | 73,613 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 5,860 | $ | — | $ | 64,275 | $ | (2,674 | ) | $ | 67,461 |
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