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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). |
|
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, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | ||||||||
March 31, 2013 | $ | 0.4300 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | ||||||||
June 30, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | ||||||||
September 30, 2013 | $ | 0.4500 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | ||||||||
December 31, 2013 | $ | 0.4650 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | ||||||||
March 31, 2014 | $ | 0.4950 | * | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 |
(Unaudited) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
Cash | $ | 2,823 | $ | 15,459 | |||
Other current assets | 346,817 | 306,128 | |||||
Property, plant and equipment, net | 308,270 | 311,616 | |||||
Equity method investment | 234,742 | 224,095 | |||||
Goodwill | 28,224 | 28,322 | |||||
Other noncurrent assets, net | 10,513 | 11,627 | |||||
Total assets | $ | 931,389 | $ | 897,247 | |||
Current liabilities | $ | 326,835 | $ | 293,031 | |||
Long-term debt | 244,578 | 245,088 | |||||
Partners’ capital attributable to SemGroup | 120,500 | 120,610 | |||||
Partners’ capital attributable to noncontrolling interests | 159,950 | 159,961 | |||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 79,526 | 78,557 | |||||
Total liabilities and equity | $ | 931,389 | $ | 897,247 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 290,923 | $ | 171,232 | |||
Cost of products sold | $ | 254,537 | $ | 148,451 | |||
Operating, general and administrative expenses | $ | 18,501 | $ | 8,979 | |||
Depreciation and amortization expense | $ | 10,534 | $ | 3,507 | |||
Earnings from equity method investment | $ | 11,080 | $ | 3,453 | |||
Net income | $ | 16,159 | $ | 11,994 | |||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | 3,676 | $ | — | |||
Net income attributable to Rose Rock Midstream, L.P. | $ | 12,483 | $ | 11,994 |
|
March 31, 2014 | December 31, 2013 | ||||||
White Cliffs | $ | 234,742 | $ | 224,095 | |||
NGL Energy | 215,225 | 208,848 | |||||
Glass Mountain | 143,571 | 132,181 | |||||
Total equity method investments | $ | 593,538 | $ | 565,124 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
White Cliffs | $ | 11,080 | $ | 10,439 | |||
NGL Energy* | 3,591 | 6,916 | |||||
Glass Mountain | 291 | (10 | ) | ||||
Total earnings from equity method investments | $ | 14,962 | $ | 17,345 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
White Cliffs | $ | 13,585 | $ | 13,792 | |||
NGL Energy | 5,341 | 4,272 | |||||
Glass Mountain | — | — | |||||
Total cash distributions received from equity method investments | $ | 18,926 | $ | 18,064 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 33,274 | $ | 30,673 | |||
Operating, general and administrative expenses | $ | 6,768 | $ | 5,179 | |||
Depreciation and amortization expense | $ | 4,393 | $ | 4,715 | |||
Net income | $ | 22,113 | $ | 20,779 |
Three Months Ended December 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 2,743,445 | $ | 1,338,208 | |||
Cost of sales | $ | 2,576,029 | $ | 1,204,545 | |||
Operating, general and administrative expenses | $ | 90,753 | $ | 64,693 | |||
Depreciation and amortization expense | $ | 35,494 | $ | 18,747 | |||
Net income | $ | 24,052 | $ | 40,477 |
Three Months Ended March 31, 2014 | |||
Revenue | $ | 3,853 | |
Operating, general and administrative expenses | $ | 850 | |
Depreciation and amortization expense | $ | 2,348 | |
Net income | $ | 653 |
|
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 292,514 | $ | — | $ | 39,283 | $ | 90,686 | $ | 4,790 | $ | 71,610 | $ | — | $ | 498,883 | |||||||||||||||
Intersegment | — | — | — | 9,892 | — | — | (9,892 | ) | — | ||||||||||||||||||||||
Total revenues | 292,514 | — | 39,283 | 100,578 | 4,790 | 71,610 | (9,892 | ) | 498,883 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 254,537 | — | 67 | 78,582 | 350 | 61,469 | (9,892 | ) | 385,113 | ||||||||||||||||||||||
Operating | 15,139 | — | 23,666 | 7,444 | 2,080 | 2,449 | — | 50,778 | |||||||||||||||||||||||
General and administrative | 3,942 | 113 | 3,980 | 1,972 | 1,422 | 2,751 | 4,556 | 18,736 | |||||||||||||||||||||||
Depreciation and amortization | 11,482 | — | 2,829 | 4,969 | 2,495 | 1,427 | 435 | 23,637 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (34 | ) | — | — | 4 | — | (28 | ) | — | (58 | ) | ||||||||||||||||||||
Total expenses | 285,066 | 113 | 30,542 | 92,971 | 6,347 | 68,068 | (4,901 | ) | 478,206 | ||||||||||||||||||||||
Earnings from equity method investments | 11,371 | 3,591 | — | — | — | — | — | 14,962 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 8,127 | — | — | — | — | — | 8,127 | |||||||||||||||||||||||
Operating income (loss) | 18,819 | 11,605 | 8,741 | 7,607 | (1,557 | ) | 3,542 | (4,991 | ) | 43,766 | |||||||||||||||||||||
Other expenses (income), net | 4,663 | (1,264 | ) | 4,155 | 1,689 | 251 | (45 | ) | (1,952 | ) | 7,497 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,156 | $ | 12,869 | $ | 4,586 | $ | 5,918 | $ | (1,808 | ) | $ | 3,587 | $ | (3,039 | ) | $ | 36,269 | |||||||||||||
Total assets at March 31, 2014 (excluding intersegment receivables) | $ | 1,116,662 | $ | 215,225 | $ | 294,405 | $ | 594,878 | $ | 168,751 | $ | 109,518 | $ | 61,955 | $ | 2,561,394 |
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 | |||||||||||||||||||||||
Loss (gain) 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 | ) |
|
March 31, 2014 | December 31, 2013 | ||||||
Crude oil | $ | 25,765 | $ | 30,779 | |||
Asphalt and other | 13,057 | 13,516 | |||||
Total inventories | $ | 38,822 | $ | 44,295 |
|
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Total assets | — | — | — | 36 | (36 | ) | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 666 | $ | — | $ | 666 | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
Warrants | 57,155 | — | 57,155 | 58,134 | — | 58,134 | |||||||||||||||||
Total liabilities | 57,821 | — | 57,821 | 58,230 | (36 | ) | 58,194 | ||||||||||||||||
Net assets (liabilities) at fair value | $ | (57,821 | ) | $ | — | $ | (57,821 | ) | $ | (58,194 | ) | $ | — | $ | (58,194 | ) |
Three Months Ended March 31, | |||||
2014 | 2013 | ||||
Sales | 815 | 610 | |||
Purchases | 810 | 675 |
March 31, 2014 | December 31, 2013 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 666 | $ | — | $ | 60 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Commodity contracts | $ | (807 | ) | $ | (544 | ) |
|
|
March 31, 2014 | December 31, 2013 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | |||
SemGroup corporate revolving credit facility | 128,000 | 70,000 | |||||
Rose Rock credit facility | 244,500 | 245,000 | |||||
Capital leases | 116 | 125 | |||||
Total long-term debt | $ | 672,616 | $ | 615,125 | |||
less: current portion of long-term debt | 38 | 37 | |||||
Noncurrent portion of long-term debt | $ | 672,578 | $ | 615,088 |
|
(a) | Confirmation order appeal |
(b) | Investigations |
(c) | Claims reconciliation process |
Volume (Barrels) | Value | |||||
Fixed price purchases | 100 | $ | 9,027 | |||
Fixed price sales | 115 | $ | 11,525 | |||
Floating price purchases | 11,593 | $ | 1,123,992 | |||
Floating price sales | 13,901 | $ | 1,218,407 |
|
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | ||||||||||
Net income | — | — | — | 13,588 | — | 6,150 | 19,738 | ||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (2,972 | ) | — | (2,972 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (6,398 | ) | (6,398 | ) | ||||||||||||||||||
Dividends paid | — | (9,382 | ) | — | — | — | — | (9,382 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (37 | ) | — | — | — | (23 | ) | (60 | ) | |||||||||||||||||
Non-cash equity compensation | — | 2,070 | — | — | — | 260 | 2,330 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 1,857 | — | — | — | — | 1,859 | ||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 427 | $ | 1,149,024 | $ | (1,332 | ) | $ | (83,984 | ) | $ | (5,826 | ) | $ | 159,950 | $ | 1,218,259 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax benefit of $1,850 | (2,970 | ) | — | (2,970 | ) | ||||||
Changes related to benefit plans, net of income tax benefit | — | (2 | ) | (2 | ) | ||||||
Balance at March 31, 2014 | $ | (7,478 | ) | $ | 1,652 | $ | (5,826 | ) |
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||
June 30, 2013 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||
September 30, 2013 | $ | 0.20 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||
December 31, 2013 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||
March 31, 2014 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||
June 30, 2014 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 |
|
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Decrease (increase) in restricted cash | $ | (2,585 | ) | $ | 25 | ||
Decrease (increase) in accounts receivable | (58,879 | ) | (5,014 | ) | |||
Decrease (increase) in receivable from affiliates | 14,992 | 1,070 | |||||
Decrease (increase) in inventories | 3,715 | (3,153 | ) | ||||
Decrease (increase) in derivatives and margin deposits | (546 | ) | 764 | ||||
Decrease (increase) in other current assets | 1,636 | 4,333 | |||||
Decrease (increase) in other assets | (33 | ) | 14 | ||||
Increase (decrease) in accounts payable and accrued liabilities | 49,754 | (2,756 | ) | ||||
Increase (decrease) in payable to affiliates | (24,075 | ) | — | ||||
Increase (decrease) in payables to pre-petition creditors | (2 | ) | (16 | ) | |||
Increase (decrease) in other noncurrent liabilities | (2,525 | ) | (578 | ) | |||
$ | (18,548 | ) | $ | (5,311 | ) |
|
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 172,438 | $ | 178,714 | |||
Purchases | $ | 157,691 | $ | 139,924 | |||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 90 |
|
14. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS |
March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,491 | $ | — | $ | 72,440 | $ | (1,973 | ) | $ | 74,958 | |||||||||
Restricted cash | 3,855 | — | 3,817 | — | 7,672 | |||||||||||||||
Accounts receivable, net | 640 | 23,152 | 357,357 | — | 381,149 | |||||||||||||||
Receivable from affiliates | 762 | 15,096 | 40,995 | (4,572 | ) | 52,281 | ||||||||||||||
Inventories | — | (682 | ) | 39,504 | — | 38,822 | ||||||||||||||
Other current assets | 8,072 | 56 | 3,698 | — | 11,826 | |||||||||||||||
Total current assets | 17,820 | 37,622 | 517,811 | (6,545 | ) | 566,708 | ||||||||||||||
Property, plant and equipment, net | 3,921 | 403,988 | 729,631 | — | 1,137,540 | |||||||||||||||
Equity method investments | 1,575,400 | 561,556 | 169,000 | (1,712,418 | ) | 593,538 | ||||||||||||||
Goodwill | — | 23,839 | 38,084 | — | 61,923 | |||||||||||||||
Other intangible assets, net | 29 | 161,361 | 10,411 | — | 171,801 | |||||||||||||||
Other noncurrent assets, net | 16,682 | 1,339 | 11,863 | — | 29,884 | |||||||||||||||
Total assets | $ | 1,613,852 | $ | 1,189,705 | $ | 1,476,800 | $ | (1,718,963 | ) | $ | 2,561,394 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 244 | $ | 30,690 | $ | 292,586 | $ | — | $ | 323,520 | ||||||||||
Payable to affiliates | 171 | 28 | 42,576 | (4,572 | ) | 38,203 | ||||||||||||||
Accrued liabilities | 10,311 | 14,874 | 44,513 | (5 | ) | 69,693 | ||||||||||||||
Payables to pre-petition creditors | 3,128 | — | 51 | — | 3,179 | |||||||||||||||
Deferred revenue | — | — | 23,204 | — | 23,204 | |||||||||||||||
Warrant liability | 57,155 | — | — | — | 57,155 | |||||||||||||||
Other current liabilities | 877 | 710 | 4,155 | — | 5,742 | |||||||||||||||
Current portion of long-term debt | — | — | 38 | — | 38 | |||||||||||||||
Total current liabilities | 71,886 | 46,302 | 407,123 | (4,577 | ) | 520,734 | ||||||||||||||
Long-term debt | 428,000 | — | 244,578 | — | 672,578 | |||||||||||||||
Deferred income taxes | 55,649 | — | 53,112 | — | 108,761 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,054 | — | 41,062 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,058,309 | 1,143,403 | 570,983 | (1,714,386 | ) | 1,058,309 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,950 | — | 159,950 | |||||||||||||||
Total owners’ equity | 1,058,309 | 1,143,403 | 730,933 | (1,714,386 | ) | 1,218,259 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,613,852 | $ | 1,189,705 | $ | 1,476,800 | $ | (1,718,963 | ) | $ | 2,561,394 |
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | |||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | |||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | |||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | ||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | |||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | |||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | ||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | |||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | ||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | |||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | |||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | |||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | ||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | ||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | |||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | |||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | |||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | |||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | |||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | ||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | |||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | |||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 98,125 | $ | 338,797 | $ | (9,892 | ) | $ | 427,030 | |||||||||
Service | — | 2,810 | 45,697 | — | 48,507 | |||||||||||||||
Other | — | — | 23,346 | — | 23,346 | |||||||||||||||
Total revenues | — | 100,935 | 407,840 | (9,892 | ) | 498,883 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 77,534 | 317,471 | (9,892 | ) | 385,113 | ||||||||||||||
Operating | — | 7,350 | 43,428 | — | 50,778 | |||||||||||||||
General and administrative | 4,533 | 2,291 | 11,912 | — | 18,736 | |||||||||||||||
Depreciation and amortization | 435 | 5,764 | 17,438 | — | 23,637 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 10 | (68 | ) | — | (58 | ) | |||||||||||||
Total expenses | 4,968 | 92,949 | 390,181 | (9,892 | ) | 478,206 | ||||||||||||||
Earnings from equity method investments | 20,902 | 16,627 | 7,404 | (29,971 | ) | 14,962 | ||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | — | — | 8,127 | |||||||||||||||
Operating income | 24,061 | 24,613 | 25,063 | (29,971 | ) | 43,766 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 2,490 | 4,079 | 3,475 | (817 | ) | 9,227 | ||||||||||||||
Foreign currency transaction gain | — | — | (683 | ) | — | (683 | ) | |||||||||||||
Other expense (income), net | (1,797 | ) | — | (67 | ) | 817 | (1,047 | ) | ||||||||||||
Total other expenses, net | 693 | 4,079 | 2,725 | — | 7,497 | |||||||||||||||
Income from continuing operations before income taxes | 23,368 | 20,534 | 22,338 | (29,971 | ) | 36,269 | ||||||||||||||
Income tax expense | 9,780 | — | 6,746 | — | 16,526 | |||||||||||||||
Income from continuing operations | 13,588 | 20,534 | 15,592 | (29,971 | ) | 19,743 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net income | 13,588 | 20,534 | 15,587 | (29,971 | ) | 19,738 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 6,150 | — | 6,150 | |||||||||||||||
Net income attributable to SemGroup | $ | 13,588 | $ | 20,534 | $ | 9,437 | $ | (29,971 | ) | $ | 13,588 | |||||||||
Net income | $ | 13,588 | $ | 20,534 | $ | 15,587 | $ | (29,971 | ) | $ | 19,738 | |||||||||
Other comprehensive loss, net of income taxes | (746 | ) | — | (2,226 | ) | — | (2,972 | ) | ||||||||||||
Comprehensive income | 12,842 | 20,534 | 13,361 | (29,971 | ) | 16,766 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 6,150 | — | 6,150 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 12,842 | $ | 20,534 | $ | 7,211 | $ | (29,971 | ) | $ | 10,616 |
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 37,634 | $ | 202,064 | $ | (4,069 | ) | $ | 235,629 | |||||||||
Service | — | 248 | 27,409 | — | 27,657 | |||||||||||||||
Other | — | — | 24,410 | — | 24,410 | |||||||||||||||
Total revenues | — | 37,882 | 253,883 | (4,069 | ) | 287,696 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 28,474 | 187,964 | (4,069 | ) | 212,369 | ||||||||||||||
Operating | — | 3,971 | 36,800 | — | 40,771 | |||||||||||||||
General and administrative | 3,918 | 2,036 | 11,083 | — | 17,037 | |||||||||||||||
Depreciation and amortization | 525 | 1,978 | 10,133 | — | 12,636 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 8 | (170 | ) | — | (162 | ) | |||||||||||||
Total expenses | 4,443 | 36,467 | 245,810 | (4,069 | ) | 282,651 | ||||||||||||||
Earnings from equity method investments | 16,866 | 18,547 | 10,439 | (28,507 | ) | 17,345 | ||||||||||||||
Operating income | 12,423 | 19,962 | 18,512 | (28,507 | ) | 22,390 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | (2,016 | ) | 803 | 7,412 | (3,803 | ) | 2,396 | |||||||||||||
Foreign currency transaction loss | — | — | (167 | ) | — | (167 | ) | |||||||||||||
Other expense (income), net | 24,434 | 158 | (2,762 | ) | 3,803 | 25,633 | ||||||||||||||
Total other expenses (income), net | 22,418 | 961 | 4,483 | — | 27,862 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (9,995 | ) | 19,001 | 14,029 | (28,507 | ) | (5,472 | ) | ||||||||||||
Income tax benefit | (53,418 | ) | — | (588 | ) | — | (54,006 | ) | ||||||||||||
Income from continuing operations | 43,423 | 19,001 | 14,617 | (28,507 | ) | 48,534 | ||||||||||||||
Income from discontinued operations, net of income taxes | — | 30 | 2 | — | 32 | |||||||||||||||
Net income | 43,423 | 19,031 | 14,619 | (28,507 | ) | 48,566 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,143 | — | 5,143 | |||||||||||||||
Net income attributable to SemGroup | $ | 43,423 | $ | 19,031 | $ | 9,476 | $ | (28,507 | ) | $ | 43,423 | |||||||||
Net income | $ | 43,423 | $ | 19,031 | $ | 14,619 | $ | (28,507 | ) | $ | 48,566 | |||||||||
Other comprehensive income (loss), net of income taxes | 1,416 | — | (6,474 | ) | — | (5,058 | ) | |||||||||||||
Comprehensive income | 44,839 | 19,031 | 8,145 | (28,507 | ) | 43,508 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,143 | — | 5,143 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 44,839 | $ | 19,031 | $ | 3,002 | $ | (28,507 | ) | $ | 38,365 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 1,079 | $ | 10,532 | $ | 23,174 | $ | (5,887 | ) | $ | 28,898 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (242 | ) | (42,272 | ) | (14,239 | ) | — | (56,753 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 11 | 684 | — | 695 | |||||||||||||||
Investments in non-consolidated subsidiaries | — | (11,099 | ) | (13,152 | ) | — | (24,251 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 2,505 | — | 2,505 | |||||||||||||||
Net cash provided by (used in) investing activities | (242 | ) | (53,360 | ) | (24,202 | ) | — | (77,804 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (62 | ) | — | (155 | ) | ||||||||||||
Borrowings on credit facilities | 140,000 | — | 46,000 | — | 186,000 | |||||||||||||||
Principal payments on credit facilities and other obligations | (82,000 | ) | — | (46,509 | ) | — | (128,509 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (6,398 | ) | — | (6,398 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (9,382 | ) | — | — | — | (9,382 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 88 | — | — | — | 88 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (48,435 | ) | 42,828 | 135 | 5,472 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,109 | 42,828 | (6,834 | ) | 5,472 | 42,575 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,938 | — | 1,938 | |||||||||||||||
Change in cash and cash equivalents | 1,946 | — | (5,924 | ) | (415 | ) | (4,393 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 4,491 | $ | — | $ | 72,440 | $ | (1,973 | ) | $ | 74,958 |
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,488 | $ | 6,877 | $ | 21,028 | $ | (5,090 | ) | $ | 27,303 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (279 | ) | (11,163 | ) | (10,464 | ) | — | (21,906 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | (5 | ) | 172 | — | 167 | ||||||||||||||
Investments in non-consolidated subsidiaries | — | (13,376 | ) | (23,049 | ) | — | (36,425 | ) | ||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 1,114 | — | 1,114 | |||||||||||||||
Net cash provided by (used in) investing activities | 189,221 | (24,544 | ) | (32,227 | ) | (189,500 | ) | (57,050 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | — | — | (1,612 | ) | — | (1,612 | ) | |||||||||||||
Borrowings on credit facilities | 33,500 | — | 195,974 | — | 229,474 | |||||||||||||||
Principal payments on credit facilities and other obligations | (211,500 | ) | — | (43,506 | ) | — | (255,006 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 57,886 | — | 57,886 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (3,624 | ) | — | (3,624 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Intercompany borrowing (advances), net | (21,090 | ) | 17,667 | (186,402 | ) | 189,825 | — | |||||||||||||
Net cash provided by (used in) financing activities | (199,461 | ) | 17,667 | 18,716 | 189,825 | 26,747 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 323 | — | 323 | |||||||||||||||
Change in cash and cash equivalents | (5,752 | ) | — | 7,840 | (4,765 | ) | (2,677 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 13,371 | $ | — | $ | 71,684 | $ | (7,703 | ) | $ | 77,352 |
|
• | On August 1, 2013, we acquired the equity interest of Mid-America Midstream Gas Services, L.L.C., a wholly owned subsidiary of Chesapeake Energy Corporation (NYSE: CHK), which is the owner of gas gathering and processing assets in the Mississippi Lime play for approximately $313.5 million in cash. |
• | On September 1, 2013, our consolidated subsidiary, Rose Rock, acquired the assets of Barcas Field Services, LLC, which owned and operated a crude oil trucking fleet, for $49.0 million in cash. During the three months ended March 31, 2014, we recorded a non-cash adjustment to the purchase price allocation which decreased goodwill and other intangible assets and increased property, plant and equipment by $0.1 million. |
• | On August 6, 2013, we completed the acquisition of approximately 5.36% of the general partner of NGL Energy, which increased our ownership of NGL Energy's general partner to 11.78%. |
|
• | 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). |
|
|
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, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | ||||||||
March 31, 2013 | $ | 0.4300 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | ||||||||
June 30, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | ||||||||
September 30, 2013 | $ | 0.4500 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | ||||||||
December 31, 2013 | $ | 0.4650 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | ||||||||
March 31, 2014 | $ | 0.4950 | * | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 |
(Unaudited) | |||||||
March 31, 2014 | December 31, 2013 | ||||||
Cash | $ | 2,823 | $ | 15,459 | |||
Other current assets | 346,817 | 306,128 | |||||
Property, plant and equipment, net | 308,270 | 311,616 | |||||
Equity method investment | 234,742 | 224,095 | |||||
Goodwill | 28,224 | 28,322 | |||||
Other noncurrent assets, net | 10,513 | 11,627 | |||||
Total assets | $ | 931,389 | $ | 897,247 | |||
Current liabilities | $ | 326,835 | $ | 293,031 | |||
Long-term debt | 244,578 | 245,088 | |||||
Partners’ capital attributable to SemGroup | 120,500 | 120,610 | |||||
Partners’ capital attributable to noncontrolling interests | 159,950 | 159,961 | |||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 79,526 | 78,557 | |||||
Total liabilities and equity | $ | 931,389 | $ | 897,247 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 290,923 | $ | 171,232 | |||
Cost of products sold | $ | 254,537 | $ | 148,451 | |||
Operating, general and administrative expenses | $ | 18,501 | $ | 8,979 | |||
Depreciation and amortization expense | $ | 10,534 | $ | 3,507 | |||
Earnings from equity method investment | $ | 11,080 | $ | 3,453 | |||
Net income | $ | 16,159 | $ | 11,994 | |||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | 3,676 | $ | — | |||
Net income attributable to Rose Rock Midstream, L.P. | $ | 12,483 | $ | 11,994 |
|
March 31, 2014 | December 31, 2013 | ||||||
White Cliffs | $ | 234,742 | $ | 224,095 | |||
NGL Energy | 215,225 | 208,848 | |||||
Glass Mountain | 143,571 | 132,181 | |||||
Total equity method investments | $ | 593,538 | $ | 565,124 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
White Cliffs | $ | 11,080 | $ | 10,439 | |||
NGL Energy* | 3,591 | 6,916 | |||||
Glass Mountain | 291 | (10 | ) | ||||
Total earnings from equity method investments | $ | 14,962 | $ | 17,345 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
White Cliffs | $ | 13,585 | $ | 13,792 | |||
NGL Energy | 5,341 | 4,272 | |||||
Glass Mountain | — | — | |||||
Total cash distributions received from equity method investments | $ | 18,926 | $ | 18,064 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 33,274 | $ | 30,673 | |||
Operating, general and administrative expenses | $ | 6,768 | $ | 5,179 | |||
Depreciation and amortization expense | $ | 4,393 | $ | 4,715 | |||
Net income | $ | 22,113 | $ | 20,779 |
Three Months Ended December 31, | |||||||
2013 | 2012 | ||||||
Revenue | $ | 2,743,445 | $ | 1,338,208 | |||
Cost of sales | $ | 2,576,029 | $ | 1,204,545 | |||
Operating, general and administrative expenses | $ | 90,753 | $ | 64,693 | |||
Depreciation and amortization expense | $ | 35,494 | $ | 18,747 | |||
Net income | $ | 24,052 | $ | 40,477 |
Three Months Ended March 31, 2014 | |||
Revenue | $ | 3,853 | |
Operating, general and administrative expenses | $ | 850 | |
Depreciation and amortization expense | $ | 2,348 | |
Net income | $ | 653 |
|
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 292,514 | $ | — | $ | 39,283 | $ | 90,686 | $ | 4,790 | $ | 71,610 | $ | — | $ | 498,883 | |||||||||||||||
Intersegment | — | — | — | 9,892 | — | — | (9,892 | ) | — | ||||||||||||||||||||||
Total revenues | 292,514 | — | 39,283 | 100,578 | 4,790 | 71,610 | (9,892 | ) | 498,883 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 254,537 | — | 67 | 78,582 | 350 | 61,469 | (9,892 | ) | 385,113 | ||||||||||||||||||||||
Operating | 15,139 | — | 23,666 | 7,444 | 2,080 | 2,449 | — | 50,778 | |||||||||||||||||||||||
General and administrative | 3,942 | 113 | 3,980 | 1,972 | 1,422 | 2,751 | 4,556 | 18,736 | |||||||||||||||||||||||
Depreciation and amortization | 11,482 | — | 2,829 | 4,969 | 2,495 | 1,427 | 435 | 23,637 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (34 | ) | — | — | 4 | — | (28 | ) | — | (58 | ) | ||||||||||||||||||||
Total expenses | 285,066 | 113 | 30,542 | 92,971 | 6,347 | 68,068 | (4,901 | ) | 478,206 | ||||||||||||||||||||||
Earnings from equity method investments | 11,371 | 3,591 | — | — | — | — | — | 14,962 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 8,127 | — | — | — | — | — | 8,127 | |||||||||||||||||||||||
Operating income (loss) | 18,819 | 11,605 | 8,741 | 7,607 | (1,557 | ) | 3,542 | (4,991 | ) | 43,766 | |||||||||||||||||||||
Other expenses (income), net | 4,663 | (1,264 | ) | 4,155 | 1,689 | 251 | (45 | ) | (1,952 | ) | 7,497 | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,156 | $ | 12,869 | $ | 4,586 | $ | 5,918 | $ | (1,808 | ) | $ | 3,587 | $ | (3,039 | ) | $ | 36,269 | |||||||||||||
Total assets at March 31, 2014 (excluding intersegment receivables) | $ | 1,116,662 | $ | 215,225 | $ | 294,405 | $ | 594,878 | $ | 168,751 | $ | 109,518 | $ | 61,955 | $ | 2,561,394 |
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 | |||||||||||||||||||||||
Loss (gain) 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 | ) |
|
March 31, 2014 | December 31, 2013 | ||||||
Crude oil | $ | 25,765 | $ | 30,779 | |||
Asphalt and other | 13,057 | 13,516 | |||||
Total inventories | $ | 38,822 | $ | 44,295 |
|
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Total assets | — | — | — | 36 | (36 | ) | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | 666 | $ | — | $ | 666 | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
Warrants | 57,155 | — | 57,155 | 58,134 | — | 58,134 | |||||||||||||||||
Total liabilities | 57,821 | — | 57,821 | 58,230 | (36 | ) | 58,194 | ||||||||||||||||
Net assets (liabilities) at fair value | $ | (57,821 | ) | $ | — | $ | (57,821 | ) | $ | (58,194 | ) | $ | — | $ | (58,194 | ) |
Three Months Ended March 31, | |||||
2014 | 2013 | ||||
Sales | 815 | 610 | |||
Purchases | 810 | 675 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Commodity contracts | $ | (807 | ) | $ | (544 | ) |
March 31, 2014 | December 31, 2013 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 666 | $ | — | $ | 60 |
|
March 31, 2014 | December 31, 2013 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | |||
SemGroup corporate revolving credit facility | 128,000 | 70,000 | |||||
Rose Rock credit facility | 244,500 | 245,000 | |||||
Capital leases | 116 | 125 | |||||
Total long-term debt | $ | 672,616 | $ | 615,125 | |||
less: current portion of long-term debt | 38 | 37 | |||||
Noncurrent portion of long-term debt | $ | 672,578 | $ | 615,088 |
|
Volume (Barrels) | Value | |||||
Fixed price purchases | 100 | $ | 9,027 | |||
Fixed price sales | 115 | $ | 11,525 | |||
Floating price purchases | 11,593 | $ | 1,123,992 | |||
Floating price sales | 13,901 | $ | 1,218,407 |
|
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||
June 30, 2013 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||
September 30, 2013 | $ | 0.20 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||
December 31, 2013 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||
March 31, 2014 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||
June 30, 2014 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 |
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | ||||||||||
Net income | — | — | — | 13,588 | — | 6,150 | 19,738 | ||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (2,972 | ) | — | (2,972 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (6,398 | ) | (6,398 | ) | ||||||||||||||||||
Dividends paid | — | (9,382 | ) | — | — | — | — | (9,382 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (37 | ) | — | — | — | (23 | ) | (60 | ) | |||||||||||||||||
Non-cash equity compensation | — | 2,070 | — | — | — | 260 | 2,330 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 1,857 | — | — | — | — | 1,859 | ||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 427 | $ | 1,149,024 | $ | (1,332 | ) | $ | (83,984 | ) | $ | (5,826 | ) | $ | 159,950 | $ | 1,218,259 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax benefit of $1,850 | (2,970 | ) | — | (2,970 | ) | ||||||
Changes related to benefit plans, net of income tax benefit | — | (2 | ) | (2 | ) | ||||||
Balance at March 31, 2014 | $ | (7,478 | ) | $ | 1,652 | $ | (5,826 | ) |
|
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Decrease (increase) in restricted cash | $ | (2,585 | ) | $ | 25 | ||
Decrease (increase) in accounts receivable | (58,879 | ) | (5,014 | ) | |||
Decrease (increase) in receivable from affiliates | 14,992 | 1,070 | |||||
Decrease (increase) in inventories | 3,715 | (3,153 | ) | ||||
Decrease (increase) in derivatives and margin deposits | (546 | ) | 764 | ||||
Decrease (increase) in other current assets | 1,636 | 4,333 | |||||
Decrease (increase) in other assets | (33 | ) | 14 | ||||
Increase (decrease) in accounts payable and accrued liabilities | 49,754 | (2,756 | ) | ||||
Increase (decrease) in payable to affiliates | (24,075 | ) | — | ||||
Increase (decrease) in payables to pre-petition creditors | (2 | ) | (16 | ) | |||
Increase (decrease) in other noncurrent liabilities | (2,525 | ) | (578 | ) | |||
$ | (18,548 | ) | $ | (5,311 | ) |
|
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 172,438 | $ | 178,714 | |||
Purchases | $ | 157,691 | $ | 139,924 | |||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 90 |
|
March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,491 | $ | — | $ | 72,440 | $ | (1,973 | ) | $ | 74,958 | |||||||||
Restricted cash | 3,855 | — | 3,817 | — | 7,672 | |||||||||||||||
Accounts receivable, net | 640 | 23,152 | 357,357 | — | 381,149 | |||||||||||||||
Receivable from affiliates | 762 | 15,096 | 40,995 | (4,572 | ) | 52,281 | ||||||||||||||
Inventories | — | (682 | ) | 39,504 | — | 38,822 | ||||||||||||||
Other current assets | 8,072 | 56 | 3,698 | — | 11,826 | |||||||||||||||
Total current assets | 17,820 | 37,622 | 517,811 | (6,545 | ) | 566,708 | ||||||||||||||
Property, plant and equipment, net | 3,921 | 403,988 | 729,631 | — | 1,137,540 | |||||||||||||||
Equity method investments | 1,575,400 | 561,556 | 169,000 | (1,712,418 | ) | 593,538 | ||||||||||||||
Goodwill | — | 23,839 | 38,084 | — | 61,923 | |||||||||||||||
Other intangible assets, net | 29 | 161,361 | 10,411 | — | 171,801 | |||||||||||||||
Other noncurrent assets, net | 16,682 | 1,339 | 11,863 | — | 29,884 | |||||||||||||||
Total assets | $ | 1,613,852 | $ | 1,189,705 | $ | 1,476,800 | $ | (1,718,963 | ) | $ | 2,561,394 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 244 | $ | 30,690 | $ | 292,586 | $ | — | $ | 323,520 | ||||||||||
Payable to affiliates | 171 | 28 | 42,576 | (4,572 | ) | 38,203 | ||||||||||||||
Accrued liabilities | 10,311 | 14,874 | 44,513 | (5 | ) | 69,693 | ||||||||||||||
Payables to pre-petition creditors | 3,128 | — | 51 | — | 3,179 | |||||||||||||||
Deferred revenue | — | — | 23,204 | — | 23,204 | |||||||||||||||
Warrant liability | 57,155 | — | — | — | 57,155 | |||||||||||||||
Other current liabilities | 877 | 710 | 4,155 | — | 5,742 | |||||||||||||||
Current portion of long-term debt | — | — | 38 | — | 38 | |||||||||||||||
Total current liabilities | 71,886 | 46,302 | 407,123 | (4,577 | ) | 520,734 | ||||||||||||||
Long-term debt | 428,000 | — | 244,578 | — | 672,578 | |||||||||||||||
Deferred income taxes | 55,649 | — | 53,112 | — | 108,761 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,054 | — | 41,062 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,058,309 | 1,143,403 | 570,983 | (1,714,386 | ) | 1,058,309 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,950 | — | 159,950 | |||||||||||||||
Total owners’ equity | 1,058,309 | 1,143,403 | 730,933 | (1,714,386 | ) | 1,218,259 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,613,852 | $ | 1,189,705 | $ | 1,476,800 | $ | (1,718,963 | ) | $ | 2,561,394 |
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | |||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | |||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | |||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | ||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | |||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | |||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | ||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | |||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | ||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | |||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | |||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | |||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | ||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | ||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | |||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | |||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | |||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | |||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | |||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | ||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | |||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | |||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 98,125 | $ | 338,797 | $ | (9,892 | ) | $ | 427,030 | |||||||||
Service | — | 2,810 | 45,697 | — | 48,507 | |||||||||||||||
Other | — | — | 23,346 | — | 23,346 | |||||||||||||||
Total revenues | — | 100,935 | 407,840 | (9,892 | ) | 498,883 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 77,534 | 317,471 | (9,892 | ) | 385,113 | ||||||||||||||
Operating | — | 7,350 | 43,428 | — | 50,778 | |||||||||||||||
General and administrative | 4,533 | 2,291 | 11,912 | — | 18,736 | |||||||||||||||
Depreciation and amortization | 435 | 5,764 | 17,438 | — | 23,637 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 10 | (68 | ) | — | (58 | ) | |||||||||||||
Total expenses | 4,968 | 92,949 | 390,181 | (9,892 | ) | 478,206 | ||||||||||||||
Earnings from equity method investments | 20,902 | 16,627 | 7,404 | (29,971 | ) | 14,962 | ||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | — | — | 8,127 | |||||||||||||||
Operating income | 24,061 | 24,613 | 25,063 | (29,971 | ) | 43,766 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 2,490 | 4,079 | 3,475 | (817 | ) | 9,227 | ||||||||||||||
Foreign currency transaction gain | — | — | (683 | ) | — | (683 | ) | |||||||||||||
Other expense (income), net | (1,797 | ) | — | (67 | ) | 817 | (1,047 | ) | ||||||||||||
Total other expenses, net | 693 | 4,079 | 2,725 | — | 7,497 | |||||||||||||||
Income from continuing operations before income taxes | 23,368 | 20,534 | 22,338 | (29,971 | ) | 36,269 | ||||||||||||||
Income tax expense | 9,780 | — | 6,746 | — | 16,526 | |||||||||||||||
Income from continuing operations | 13,588 | 20,534 | 15,592 | (29,971 | ) | 19,743 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net income | 13,588 | 20,534 | 15,587 | (29,971 | ) | 19,738 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 6,150 | — | 6,150 | |||||||||||||||
Net income attributable to SemGroup | $ | 13,588 | $ | 20,534 | $ | 9,437 | $ | (29,971 | ) | $ | 13,588 | |||||||||
Net income | $ | 13,588 | $ | 20,534 | $ | 15,587 | $ | (29,971 | ) | $ | 19,738 | |||||||||
Other comprehensive loss, net of income taxes | (746 | ) | — | (2,226 | ) | — | (2,972 | ) | ||||||||||||
Comprehensive income | 12,842 | 20,534 | 13,361 | (29,971 | ) | 16,766 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 6,150 | — | 6,150 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 12,842 | $ | 20,534 | $ | 7,211 | $ | (29,971 | ) | $ | 10,616 |
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 37,634 | $ | 202,064 | $ | (4,069 | ) | $ | 235,629 | |||||||||
Service | — | 248 | 27,409 | — | 27,657 | |||||||||||||||
Other | — | — | 24,410 | — | 24,410 | |||||||||||||||
Total revenues | — | 37,882 | 253,883 | (4,069 | ) | 287,696 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 28,474 | 187,964 | (4,069 | ) | 212,369 | ||||||||||||||
Operating | — | 3,971 | 36,800 | — | 40,771 | |||||||||||||||
General and administrative | 3,918 | 2,036 | 11,083 | — | 17,037 | |||||||||||||||
Depreciation and amortization | 525 | 1,978 | 10,133 | — | 12,636 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 8 | (170 | ) | — | (162 | ) | |||||||||||||
Total expenses | 4,443 | 36,467 | 245,810 | (4,069 | ) | 282,651 | ||||||||||||||
Earnings from equity method investments | 16,866 | 18,547 | 10,439 | (28,507 | ) | 17,345 | ||||||||||||||
Operating income | 12,423 | 19,962 | 18,512 | (28,507 | ) | 22,390 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | (2,016 | ) | 803 | 7,412 | (3,803 | ) | 2,396 | |||||||||||||
Foreign currency transaction loss | — | — | (167 | ) | — | (167 | ) | |||||||||||||
Other expense (income), net | 24,434 | 158 | (2,762 | ) | 3,803 | 25,633 | ||||||||||||||
Total other expenses (income), net | 22,418 | 961 | 4,483 | — | 27,862 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (9,995 | ) | 19,001 | 14,029 | (28,507 | ) | (5,472 | ) | ||||||||||||
Income tax benefit | (53,418 | ) | — | (588 | ) | — | (54,006 | ) | ||||||||||||
Income from continuing operations | 43,423 | 19,001 | 14,617 | (28,507 | ) | 48,534 | ||||||||||||||
Income from discontinued operations, net of income taxes | — | 30 | 2 | — | 32 | |||||||||||||||
Net income | 43,423 | 19,031 | 14,619 | (28,507 | ) | 48,566 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,143 | — | 5,143 | |||||||||||||||
Net income attributable to SemGroup | $ | 43,423 | $ | 19,031 | $ | 9,476 | $ | (28,507 | ) | $ | 43,423 | |||||||||
Net income | $ | 43,423 | $ | 19,031 | $ | 14,619 | $ | (28,507 | ) | $ | 48,566 | |||||||||
Other comprehensive income (loss), net of income taxes | 1,416 | — | (6,474 | ) | — | (5,058 | ) | |||||||||||||
Comprehensive income | 44,839 | 19,031 | 8,145 | (28,507 | ) | 43,508 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,143 | — | 5,143 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 44,839 | $ | 19,031 | $ | 3,002 | $ | (28,507 | ) | $ | 38,365 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 1,079 | $ | 10,532 | $ | 23,174 | $ | (5,887 | ) | $ | 28,898 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (242 | ) | (42,272 | ) | (14,239 | ) | — | (56,753 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 11 | 684 | — | 695 | |||||||||||||||
Investments in non-consolidated subsidiaries | — | (11,099 | ) | (13,152 | ) | — | (24,251 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 2,505 | — | 2,505 | |||||||||||||||
Net cash provided by (used in) investing activities | (242 | ) | (53,360 | ) | (24,202 | ) | — | (77,804 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (62 | ) | — | (155 | ) | ||||||||||||
Borrowings on credit facilities | 140,000 | — | 46,000 | — | 186,000 | |||||||||||||||
Principal payments on credit facilities and other obligations | (82,000 | ) | — | (46,509 | ) | — | (128,509 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (6,398 | ) | — | (6,398 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (9,382 | ) | — | — | — | (9,382 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 88 | — | — | — | 88 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (48,435 | ) | 42,828 | 135 | 5,472 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,109 | 42,828 | (6,834 | ) | 5,472 | 42,575 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,938 | — | 1,938 | |||||||||||||||
Change in cash and cash equivalents | 1,946 | — | (5,924 | ) | (415 | ) | (4,393 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 4,491 | $ | — | $ | 72,440 | $ | (1,973 | ) | $ | 74,958 |
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,488 | $ | 6,877 | $ | 21,028 | $ | (5,090 | ) | $ | 27,303 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (279 | ) | (11,163 | ) | (10,464 | ) | — | (21,906 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | (5 | ) | 172 | — | 167 | ||||||||||||||
Investments in non-consolidated subsidiaries | — | (13,376 | ) | (23,049 | ) | — | (36,425 | ) | ||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 1,114 | — | 1,114 | |||||||||||||||
Net cash provided by (used in) investing activities | 189,221 | (24,544 | ) | (32,227 | ) | (189,500 | ) | (57,050 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | — | — | (1,612 | ) | — | (1,612 | ) | |||||||||||||
Borrowings on credit facilities | 33,500 | — | 195,974 | — | 229,474 | |||||||||||||||
Principal payments on credit facilities and other obligations | (211,500 | ) | — | (43,506 | ) | — | (255,006 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 57,886 | — | 57,886 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (3,624 | ) | — | (3,624 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Intercompany borrowing (advances), net | (21,090 | ) | 17,667 | (186,402 | ) | 189,825 | — | |||||||||||||
Net cash provided by (used in) financing activities | (199,461 | ) | 17,667 | 18,716 | 189,825 | 26,747 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 323 | — | 323 | |||||||||||||||
Change in cash and cash equivalents | (5,752 | ) | — | 7,840 | (4,765 | ) | (2,677 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 13,371 | $ | — | $ | 71,684 | $ | (7,703 | ) | $ | 77,352 |
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