SEMGROUP CORP, 10-Q filed on 5/8/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2015
Apr. 30, 2015
Common Class A [Member]
Apr. 30, 2015
Class B
Document Type
10-Q 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Mar. 31, 2015 
 
 
Document Fiscal Period Focus
Q1 
 
 
Document Fiscal Year Focus
2015 
 
 
Entity Registrant Name
SemGroup Corp 
 
 
Entity Central Index Key
0001489136 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
43,901,405 
Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 315,525 
$ 40,598 
Restricted cash
6,396 
6,980 
Accounts receivable (net of allowance of $3,488 and $3,260, respectively)
290,353 
351,334 
Receivable from affiliates
15,156 
16,819 
Inventories
67,770 
43,532 
Other current assets
15,770 
20,017 
Total current assets
710,970 
479,280 
Property, plant and equipment (net of accumulated depreciation of $259,980 and $245,629, respectively)
1,303,781 
1,256,825 
Equity method investments
561,463 
577,920 
Goodwill
58,159 
58,326 
Other intangible assets (net of accumulated amortization of $22,859 and $20,545, respectively)
170,362 
173,065 
Other noncurrent assets, net
56,805 
44,386 
Total assets
2,861,540 
2,589,802 
Current liabilities:
 
 
Accounts payable
222,712 
257,177 
Payable to affiliates
16,188 
13,460 
Accrued liabilities
83,473 
92,694 
Payables to pre-petition creditors
3,130 
3,129 
Deferred revenue
20,602 
23,688 
Other current liabilities
3,236 
1,474 
Current portion of long-term debt
47 
40 
Total current liabilities
349,388 
391,662 
Long-term debt
1,027,072 
767,092 
Deferred income taxes
175,562 
161,956 
Other noncurrent liabilities
47,576 
49,655 
Commitments and contingencies (Note 9)
   
   
SemGroup owners’ equity:
 
 
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 44,822 and 44,689 shares, respectively)
439 
436 
Additional paid-in capital
1,266,325 
1,245,877 
Treasury stock, at cost (922 and 862 shares, respectively)
(4,962)
(1,332)
Accumulated deficit
(66,866)
(68,332)
Accumulated other comprehensive loss
(36,201)
(27,141)
Total SemGroup Corporation owners’ equity
1,158,735 
1,149,508 
Noncontrolling interests in consolidated subsidiaries
103,207 
69,929 
Total owners’ equity
1,261,942 
1,219,437 
Total liabilities and owners’ equity
$ 2,861,540 
$ 2,589,802 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts
$ 3,488 
$ 3,260 
Accumulated depreciation
259,980 
245,629 
Accumulated amortization
$ 22,859 
$ 20,545 
Common stock, $0.01 par value
$ 0.01 
$ 0.01 
Common stock shares authorized
100,000 
100,000 
Common stock shares issued
44,822 
44,689 
Treasury stock shares
922 
862 
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:
 
 
Product
$ 220,131 
$ 427,030 
Service
61,877 
48,507 
Other
16,302 
23,346 
Total revenues
298,310 
498,883 
Expenses:
 
 
Costs of products sold, exclusive of depreciation and amortization shown below
192,072 
385,113 
Operating
53,090 
50,778 
General and administrative
32,310 
18,736 
Depreciation and amortization
23,734 
23,637 
Loss (gain) on disposal or impairment of long-lived assets, net
1,058 
(58)
Total expenses
302,264 
478,206 
Earnings from equity method investments
20,559 
14,962 
Gain on issuance of common units by equity method investee
8,127 
Operating income
16,605 
43,766 
Other expenses (income), net:
 
 
Interest expense
14,591 
9,227 
Foreign currency transaction gain
(519)
(683)
Other income, net
(7,985)
(1,047)
Total other expenses, net
6,087 
7,497 
Income from continuing operations before income taxes
10,518 
36,269 
Income tax expense
4,742 
16,526 
Income from continuing operations
5,776 
19,743 
Loss from discontinued operations, net of income taxes
(5)
Net income
5,776 
19,738 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Net income attributable to SemGroup
1,466 
13,588 
Other comprehensive loss, net of income taxes
(9,060)
(2,972)
Comprehensive income (loss)
(3,284)
16,766 
Less: comprehensive income attributable to noncontrolling interests
4,310 
6,150 
Comprehensive income (loss) attributable to SemGroup
$ (7,594)
$ 10,616 
Net income attributable to SemGroup per common share (Note 11):
 
 
Basic
$ 0.03 
$ 0.32 
Diluted
$ 0.03 
$ 0.29 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:
 
 
Net income
$ 5,776 
$ 19,738 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Net unrealized loss related to derivative instruments
2,645 
606 
Depreciation and amortization
23,734 
23,637 
Loss (gain) on disposal or impairment of long-lived assets, net
1,058 
(58)
Earnings from equity method investments
(20,559)
(14,962)
Gain on issuance of common units by equity method investee
(8,127)
Gain on sale of common units of equity method investee
(7,894)
Distributions from equity investments
25,879 
16,421 
Amortization of debt issuance costs
1,066 
785 
Deferred tax expense (benefit)
(682)
10,518 
Non-cash equity compensation
2,777 
2,330 
Excess tax benefit from equity-based awards
(1,650)
Gain on fair value of warrants
(980)
Provision for uncollectible accounts receivable, net of recoveries
383 
(129)
Currency gain
(519)
(683)
Inventory valuation adjustment
1,187 
Changes in operating assets and liabilities (Note 12)
(16,307)
(18,548)
Net cash provided by operating activities
18,544 
28,898 
Cash flows from investing activities:
 
 
Capital expenditures
(84,327)
(56,753)
Proceeds from sale of long-lived assets
117 
695 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
Contributions to equity method investments
(15,182)
(24,251)
Proceeds from sale of common units of equity method investee
29,012 
Distributions in excess of equity in earnings of affiliates
5,201 
2,505 
Net cash used in investing activities
(65,179)
(77,804)
Cash flows from financing activities:
 
 
Debt issuance costs
(601)
(155)
Borrowings on credit facilities
422,000 
186,000 
Principal payments on credit facilities and other obligations
(162,012)
(128,509)
Rose Rock Midstream, L.P. equity issuance
89,119 
Distributions to noncontrolling interests
(8,953)
(6,398)
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
(3,630)
(719)
Dividends paid
(14,846)
(9,382)
Proceeds from issuance of common stock under employee stock purchase plan
313 
88 
Excess tax benefit from equity-based awards
1,650 
Intercompany borrowings (advances), net
Net cash provided by financing activities
321,390 
42,575 
Effect of exchange rate changes on cash and cash equivalents
172 
1,938 
Change in cash and cash equivalents
274,927 
(4,393)
Cash and cash equivalents at beginning of period
40,598 
79,351 
Cash and cash equivalents at end of period
$ 315,525 
$ 74,958 
Overview
OVERVIEW
OVERVIEW
SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms "we," "our," "us," "SemGroup," "the Company" and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries.
Basis of presentation
The accompanying condensed consolidated balance sheet at December 31, 2014, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows.
Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year ending December 31, 2015.
Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014, which are included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC.
Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2014.
Recent accounting pronouncements
In February 2015 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which adds requirements that limited partnerships must meet to qualify as voting interest entities and modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016 and are currently reviewing the impact of adoption on our consolidated financial statements.
On April 7, 2015, the FASB issued Accounting Standards Update ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance shall be applied on a retrospective basis for all periods presented. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material.
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company adopted this guidance in the first quarter of 2015. The impact was not material.
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
Rose Rock Midstream, L.P.
ROSE ROCK MIDSTREAM, L.P.
ROSE ROCK MIDSTREAM, L.P.
We control the operations of our consolidated subsidiary, Rose Rock Midstream, L.P. (NYSE: RRMS) ("Rose Rock"), through our ownership of the general partner interest. As of March 31, 2015, we own the 2% general partner interest and a 55.2% limited partner interest.
On January 1, 2015, certain operational targets were achieved by White Cliffs Pipeline, L.L.C. ("White Cliffs") and all 3,750,000 Class A units held by the Company were converted to common units on a one-for-one basis. The conversion did not impact the total number of the Rose Rock's outstanding units representing limited partner interests.
On February 13, 2015, we contributed the Wattenberg Oil Trunkline ("WOT") and our 50% ownership interest in Glass Mountain Pipeline LLC ("Glass Mountain") to Rose Rock for (i) cash of approximately $251.2 million, (ii) the issuance of 1.75 million common units, and (iii) an increase of the capital account of the general partner and a related issuance of general partner interest, to allow the general partner to maintain its 2% general partner interest.
As the transaction was between entities under common control, Rose Rock recorded the acquired assets and liabilities based on SemGroup's historical cost. The purchase price in excess of historical cost was treated as an equity transaction with SemGroup, which reduced the partners' capital accounts of Rose Rock's general and limited partners on a pro-rata basis.
Additionally, the acquisition of WOT created a change in reporting entity which required Rose Rock's historical results to be recast as if WOT had been part of Rose Rock in prior periods. The historical summarized financial information of Rose Rock has been recast to reflect this change. The impact to prior periods was not significant. Prior period earnings of WOT have been allocated to the general partner. The acquisition of the equity method investment in Glass Mountain did not create a change in reporting entity. As such, prior periods have not been recast to include the historical results of Glass Mountain. There was no impact to SemGroup as these entities are all reported within the Crude segment.
On February 17, 2015, certain targets specified in Rose Rock’s partnership agreement were achieved and all 8,389,709 subordinated units held by the Company were converted to common units. The conversion did not impact the total number of Rose Rock’s outstanding units representing limited partner interests.
Cash distributions
We receive distributions from Rose Rock on our common units, our 2% general partner interest and incentive distribution rights. Rose Rock intends to pay a minimum quarterly distribution of $0.3625 per unit, to the extent it has sufficient available cash, as defined in Rose Rock’s partnership agreement.  
The following table shows the cash distributions paid or declared during 2015 and 2014 (in thousands, except for per unit amounts):
 
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, 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

June 30, 2014
$
0.5350

 
$
334

$
888

$
3,646

$
4,488

$
7,362

$
16,718

September 30, 2014
$
0.5750

 
$
377

$
1,835

$
3,918

$
4,824

$
7,912

$
18,866

December 31, 2014
$
0.6200

 
$
485

$
3,487

$
6,551

$
5,202

$
8,544

$
24,269

March 31, 2015
$
0.6350

*
$
568

$
4,450

$
13,148

$

$
10,213

$
28,379


*Expected distributions related to the quarter ended March 31, 2015, which will be paid on May 15, 2015 to unitholders of record as of May 5, 2015.

Summarized financial information
Certain summarized balance sheet information of Rose Rock is shown below (in thousands):
 
(Unaudited)
 
 
 
March 31,
2015
 
December 31,
2014
Cash
$
13,323

 
$
3,625

Other current assets
261,942

 
271,144

Property, plant and equipment, net
405,283

 
396,066

Equity method investment
425,655

 
269,635

Goodwill
36,116

 
36,116

Other noncurrent assets, net
28,847

 
29,677

Total assets
$
1,171,166

 
$
1,006,263

 
 
 
 
Current liabilities
$
227,607

 
$
265,682

Long-term debt
661,072

 
432,092

Partners’ capital attributable to SemGroup
179,280

 
238,560

Partners’ capital attributable to noncontrolling interests
103,207

 
69,929

Total liabilities and partners' capital
$
1,171,166

 
$
1,006,263


Certain summarized income statement information of Rose Rock for the three months ended March 31, 2015 and 2014 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
134,693

 
$
292,514

Cost of products sold
$
96,237

 
$
254,537

Operating, general and administrative expenses
$
26,571

 
$
18,962

Depreciation and amortization expense
$
10,143

 
$
11,482

Earnings from equity method investment
$
20,864

 
$
11,080

Net income
$
14,600

 
$
16,226

Noncontrolling interests in consolidated subsidiary retained by SemGroup
$

 
$
3,676

Net income attributable to Rose Rock Midstream, L.P.
$
14,600

 
$
12,550

Equity Method Investments
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS

Our equity method investments consist of the following (in thousands):
 
March 31, 2015
 
December 31, 2014
White Cliffs
$
279,753

 
$
269,635

NGL Energy Partners LP
135,808

 
162,246

Glass Mountain
145,902

 
146,039

Total equity method investments
$
561,463

 
$
577,920


    
Our earnings from equity method investments consist of the following (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
White Cliffs
$
19,090

 
$
11,080

NGL Energy Partners LP*
(305
)
 
3,591

Glass Mountain
1,774

 
291

Total earnings from equity method investments
$
20,559

 
$
14,962


* Excluding gain on issuance of common units of $8.1 million for the three months ended March 31, 2014.
Cash distributions received from equity method investments consist of the following (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
White Cliffs
$
24,154

 
$
13,585

NGL Energy Partners LP
5,015

 
5,341

Glass Mountain
1,911

 

Total cash distributions received from equity method investments
$
31,080

 
$
18,926


White Cliffs
Certain unaudited summarized income statement information of White Cliffs for the three months ended March 31, 2015 and 2014 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
54,614

 
$
33,274

Operating, general and administrative expenses
$
8,353

 
$
6,768

Depreciation and amortization expense
$
8,538

 
$
4,393

Net income
$
37,723

 
$
22,113


The equity in earnings of White Cliffs for the three months ended March 31, 2015 and 2014 is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. Such expenses are recorded by White Cliffs and are allocated to our ownership interest. White Cliffs recorded $0.3 million and $0.4 million of such general and administrative expense for the three months ended March 31, 2015 and 2014, respectively.
The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the three months ended March 31, 2015, we contributed $14.9 million to these projects, including a $6.6 million contribution for an expansion project adding approximately 65,000 barrels per day of capacity. Remaining contributions related to the expansion project will be paid in 2015 and are expected to total $30.1 million. The project is expected to be completed in late 2015.
NGL Energy Partners LP
At March 31, 2015, we owned 5,652,568 common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"), which represents approximately 6.4% of the total 88,545,764 limited partner units of NGL Energy outstanding at December 31, 2014, and an 11.78% interest in the general partner of NGL Energy.
At March 31, 2015, the fair market value of our 5,652,568 common unit investment in NGL Energy was $148.3 million, based on a March 31, 2015 closing price of $26.23 per common unit. This does not reflect our 11.78% interest in the general partner of NGL Energy. The fair value of our limited partner investment in NGL Energy is categorized as a Level 1 measurement, as it is based on quoted market prices.
Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2015 and 2014, relates to the earnings of NGL Energy for the three months ended December 31, 2014 and 2013, respectively.
In the first quarter of 2015, NGL announced several transactions in which they issued common units publicly and privately which diluted our limited partnership interest. As we record activity on a one-quarter lag, we expect to record a non-cash gain associated with these issuances in the second quarter of 2015.
In the first quarter of 2015, we sold 999,533 of our NGL Energy common units for $29.0 million, net of related costs of $0.4 million. We recorded a net gain of approximately $7.9 million in "other expense (income)" in our condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2015.
Subsequent to March 31, 2015, we sold an additional 1 million of our NGL Energy common units for $27.3 million, net of related costs of $0.1 million. We expect to record a net gain of approximately $6.6 million related to this sale.
Certain unaudited summarized income statement information of NGL Energy for the three months ended December 31, 2014 and 2013 is shown below (in thousands):
 
Three Months Ended December 31,
 
2014
 
2013
Revenue
$
4,552,146

 
$
2,743,445

Cost of sales
$
4,311,668

 
$
2,576,029

Operating, general and administrative expenses
$
172,064

 
$
90,753

Depreciation and amortization expense
$
50,335

 
$
35,494

Net income (loss)
$
(5,269
)
 
$
24,052

 
Glass Mountain
Certain unaudited summarized income statement information of Glass Mountain for the three months ended March 31, 2015 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
11,121

 
$
3,853

Cost of sales
$
1,982

 
$

Operating, general and administrative expenses
$
1,438

 
$
850

Depreciation and amortization expense
$
4,044

 
$
2,348

Net income
$
3,655

 
$
653

The equity in earnings of Glass Mountain for the three months ended March 31, 2015 reported in our condensed consolidated statement of operations and comprehensive income is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period.
Segments
SEGMENTS
SEGMENTS
Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. Our investment in NGL Energy is included within the SemStream segment. Although "Corporate and Other" does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within "Corporate and Other" in the tables below.
The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative and interest expenses incurred at the corporate level are allocated to the segments, based on our allocation policies in effect at the time.

 
Three Months Ended March 31, 2015
 
Crude

SemStream

SemCAMS

SemGas

SemLogistics

SemMexico

Corporate
and Other

Consolidated
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External
$
141,668

 
$

 
$
29,724

 
$
60,276

 
$
5,152

 
$
61,490

 
$

 
$
298,310

Intersegment

 

 

 
5,981

 

 

 
(5,981
)
 

Total revenues
141,668

 

 
29,724

 
66,257

 
5,152

 
61,490

 
(5,981
)
 
298,310

Expenses:
 
 

 

 

 

 

 

 
 
Costs of products sold, exclusive of depreciation and amortization shown below
105,145

 

 
132

 
41,269

 

 
51,507

 
(5,981
)
 
192,072

Operating
21,162

 

 
18,331

 
8,046

 
2,614

 
2,937

 

 
53,090

General and administrative
5,622

 
3

 
3,376

 
2,063

 
1,677

 
1,942

 
17,627

 
32,310

Depreciation and amortization
10,143

 

 
3,066

 
7,138

 
2,040

 
1,053

 
294

 
23,734

Loss (gain) on disposal or impairment of long-lived assets, net
152

 

 

 
(1
)
 

 
(19
)
 
926

 
1,058

Total expenses
142,224

 
3


24,905


58,515


6,331


57,420


12,866


302,264

Earnings (losses) from equity method investments
20,864

 
(305
)
 

 

 

 

 

 
20,559

Operating income (loss)
20,308

 
(308
)

4,819


7,742


(1,179
)

4,070


(18,847
)

16,605

Other expenses (income), net
10,646

 
(9,216
)
 
3,069

 
2,851

 
1,116

 
69

 
(2,448
)
 
6,087

Income (loss) from continuing operations before income taxes
$
9,662

 
$
8,908

 
$
1,750

 
$
4,891

 
$
(2,295
)
 
$
4,001

 
$
(16,399
)

$
10,518

Total assets at March 31, 2015 (excluding intersegment receivables)
$
1,188,963

 
$
135,808

 
$
275,308

 
$
686,665

 
$
143,778

 
$
98,546

 
$
332,472

 
$
2,861,540



 
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

 
 
 
 
Inventories
Inventories
INVENTORIES
Inventories consist of the following (in thousands):
 
March 31,
2015
 
December 31,
2014
Crude oil
$
55,680

 
$
26,722

Asphalt and other
12,090

 
16,810

Total inventories
$
67,770

 
$
43,532



During the three months ended March 31, 2015, our Crude segment recorded non-cash charges of $1.2 million to write-down crude oil inventory to the lower of cost or market.
Financial Instruments
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS
Fair value of financial instruments
We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of commodity derivative assets and liabilities at March 31, 2015 and December 31, 2014 (in thousands):

 
March 31, 2015
 
December 31, 2014
Derivatives subject to netting arrangements:
Level 1
 
Netting*
 
Total
 
Level 1
 
Netting*
 
Total
Commodity derivatives:
 
 
 
 

 
 
 
 
 

Assets
$
1,763

 
$
(1,763
)
 
$

 
$
3,311

 
$
(1,637
)
 
$
1,674

Liabilities
$
2,733

 
$
(1,763
)
 
$
970

 
$
1,637

 
$
(1,637
)
 
$

*Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange.
"Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange.
"Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts.
"Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above.
Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At March 31, 2015, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales.
There were no financial assets or liabilities recorded at fair value which were classified as Level 2 or Level 3 during the three months ended March 31, 2015 and 2014. As such, no rollforward of Level 3 activity has been presented.
Commodity derivative contracts
Our consolidated results of operations and cash flows are impacted by changes in market prices for petroleum products. This exposure to commodity price risk is managed, in part, by entering into various commodity derivatives.
We seek to manage the price risk associated with our marketing operations by limiting our net open positions through (i) the concurrent purchase and sale of like quantities of petroleum products to create back-to-back transactions that are intended to lock in positive margins based on the timing, location or quality of the petroleum products purchased and delivered or (ii) derivative contracts. Our storage and transportation assets can also be used to mitigate location and time basis risk. All marketing activities are subject to our Comprehensive Risk Management Policy, which establishes limits in order to manage risk and mitigate financial exposure.
Our commodity derivatives can be comprised of swaps, futures contracts and forward contracts of crude oil and natural gas liquids. These are defined as follows:
Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula.
Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity.
Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract.
The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels):
 
Three Months Ended March 31,
 
2015
 
2014
Sales
5,731

 
815

Purchases
5,905

 
810


We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands):
 
March 31, 2015
 
December 31, 2014
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
$

 
$
970

 
$
1,674

 
$


We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. Our margin deposit balances were $3.2 million and $0.8 million at March 31, 2015 and December 31, 2014, respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of March 31, 2015 and December 31, 2014, we would have had net asset positions of $2.2 million and $2.5 million, respectively.
Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Commodity contracts
$
(66
)
 
$
(807
)

Concentrations of risk
During the three months ended March 31, 2015, two customers of our Crude segment accounted for more than 10% of our consolidated revenues at approximately 35%. We purchased approximately $71.2 million of product from two third-party suppliers of our Crude segment, which represented approximately 37% of our costs of products sold.
At March 31, 2015, two third-party customers of our Crude segment accounted for approximately 33% of our consolidated accounts receivable.
Income Taxes
INCOME TAXES
INCOME TAXES

The effective tax rate was comparable between periods at 45% and 46% for the three months ended March 31, 2015 and 2014, respectively. The rate for the three months ended March 31, 2014 is impacted by $3.1 million Canadian withholding tax paid on remittances to the U.S. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 35%, include earnings in foreign jurisdictions taxed at lower rates and a non-controlling interest in Rose Rock for which taxes are not provided. Further, the foreign earnings are taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes.

We have a valuation allowance on a small portion of our state net operating loss carryovers with shorter carryover periods and our foreign tax credit carryover. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies.

We have determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in all jurisdictions. In foreign jurisdictions, all tax years within the relevant statute of limitations for periods prior to the emergence from bankruptcy remain open for examination. Currently, there are no examinations in progress for our federal jurisdiction. There is one examination in progress for our state jurisdictions. We do not anticipate that this audit will have a significant impact on the results of operations or financial position. No foreign jurisdictions are currently under audit.
Long-Term Debt
Long-Term Debt
LONG-TERM DEBT
Our long-term debt consisted of the following (in thousands):
 
March 31,
2015
 
December 31,
2014
SemGroup 7.50% senior unsecured notes
$
300,000

 
$
300,000

SemGroup corporate revolving credit facility
66,000

 
35,000

Rose Rock 5.625% senior unsecured notes
400,000

 
400,000

Rose Rock revolving credit facility
261,000

 
32,000

SemMexico revolving credit facility

 

Capital leases
119

 
132

Total long-term debt
$
1,027,119

 
$
767,132

less: current portion of long-term debt
47

 
40

Noncurrent portion of long-term debt
$
1,027,072

 
$
767,092


SemGroup senior unsecured notes
For the three months ended March 31, 2015 and 2014, we incurred $5.8 million and $5.8 million, respectively, of interest expense related to $300 million of 7.5% senior unsecured notes due 2021 (the "Notes") including the amortization of debt issuance costs.
SemGroup corporate revolving credit facility
At March 31, 2015, we had $66.0 million outstanding cash borrowings on our $500 million revolving credit facility which incurred interest at the alternate base rate ("ABR") of 4.25%.
At March 31, 2015, we had outstanding letters of credit under the facility of $3.8 million, for which the rate in effect was 2.0%.
We recorded interest expense related to the SemGroup revolving credit facility of $1.0 million and $1.8 million for the three months ended March 31, 2015 and 2014, respectively, including amortization of debt issuance costs.
Rose Rock senior unsecured notes
At March 31, 2015, Rose Rock had outstanding $400 million of 5.625% senior unsecured notes due 2022 (the "Rose Rock Notes"). For the three months ended March 31, 2015, we incurred $5.8 million of interest expense related to the Rose Rock Notes including amortization of debt issuance costs.
Rose Rock revolving credit facility
At March 31, 2015, Rose Rock had $261.0 million outstanding cash borrowings under the $585 million Rose Rock revolving credit facility, of which $36.0 million incurred interest at the ABR of 4.75% and $225.0 million incurred interest at the Eurodollar rate of 2.68%.
At March 31, 2015, Rose Rock had $17.3 million in outstanding letters of credit, and the rate in effect was 2.50%.
Rose Rock had $9.1 million of Secured Bilateral Letters of Credit outstanding at March 31, 2015. The interest rate in effect was 1.75%. Secured Bilateral Letters of Credit are external to the facility and do not reduce availability for borrowing on the revolving credit facility.
We recorded $2.3 million and $2.3 million of interest expense related to this facility during the three months ended March 31, 2015 and 2014, respectively, including letters of credit and amortization of debt issuance costs.
SemMexico revolving credit facility
At March 31, 2015, SemMexico had no outstanding borrowings on its 44 million Mexican pesos (U.S. $2.9 million at the March 31, 2015 exchange rate) revolving credit facility, which matures in May 2015. Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50%.
At March 31, 2015, SemMexico had no outstanding borrowings on its 56 million Mexican pesos (U.S. $3.7 million at the March 31, 2015 exchange rate) revolving credit facility, which matures in July 2015. Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50%.
At March 31, 2015, SemMexico had an outstanding letter of credit of 292.8 million Mexican pesos (U.S. $19.2 million at the March 31, 2015 exchange rate) and a $3.0 million U.S. dollar letter of credit. Fees on outstanding letters of credit range from a rate of 0.40% to 0.70%.
Capitalized interest
During the three months ended March 31, 2015 and 2014, we capitalized interest from our credit facilities of $0.3 million and $0.7 million, respectively.
Fair value
We estimate the fair value of the Notes to be $315 million and the fair value of the Rose Rock Notes to be $394 million at March 31, 2015, based on unadjusted, transacted market prices, which is categorized as a Level 1 measurement. We estimate that the fair value of our other long-term debt was not materially different than the recorded values at March 31, 2015. It is our belief that neither the market interest rates nor our credit profile have changed significantly enough to have had a material impact on the fair value of our other debt outstanding at March 31, 2015. This estimate is categorized as a Level 2 measurement.
Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Bankruptcy matters
On July 22, 2008 (the "Petition Date"), SemGroup, L.P. and certain subsidiaries filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Also on July 22, 2008, SemGroup, L.P.'s Canadian subsidiaries filed for creditor protection in Canada. Later during 2008, certain other U.S. subsidiaries filed petitions for reorganization. While in bankruptcy, SemGroup, L.P. filed a plan of reorganization with the court, which was confirmed on October 28, 2009 (the "Plan of Reorganization"). The Plan of Reorganization determined, among other things, how pre-Petition Date obligations would be settled, the equity structure of the reorganized company upon emergence and the financing arrangements upon emergence. SemGroup Corporation emerged from bankruptcy protection on November 30, 2009 (the "Emergence Date").
Claims reconciliation process
A large number of parties made claims against us for obligations alleged to have been incurred prior to our predecessor's bankruptcy filing. We have resolved or settled all of these outstanding claims and have made all required distributions. The Plan of Reorganization has therefore been fully administered.On November 7, 2014, SemGroup Corporation and the other reorganized debtors moved for a final decree from the bankruptcy court closing the debtors’ bankruptcy cases. The United States Bankruptcy Court for the District of Delaware granted the request and entered its Order Granting Motion of Remaining Debtors for Entry of Final Decree on December 18, 2014. Accordingly, the bankruptcy cases for SemCrude, L.P., Eaglwing, L.P., SemCanada II, L.P., SemCanada L.P., SemGas, L.P., SemGroup, L.P., SemMaterials, L.P., and SemStream, L.P. have been closed. As part of its decree, the Court retained jurisdiction over certain on-going adversary proceedings, but the debtors have estimated and paid the claims associated with these remaining adversaries, leaving the non-debtor parties to the adversaries to resolve their remaining claims amongst themselves.On January 2, 2015, Bettina M. Whyte, the duly appointed Trustee of the SemGroup Litigation Trust (the “Litigation Trustee”), filed a notice of appeal of the Bankruptcy Court’s December 18, 2014 order closing the aforementioned bankruptcy cases. However, the Bankruptcy Court’s order of final decree was effective upon entry, and the appeal does not stay the effect of the order. The Litigation Trustee’s appeal to the United States District Court for the District of Delaware is currently pending and will be opposed by SemGroup Corporation and the other remaining reorganized debtors.
Dimmit County, TX claims
An employee of Rose Rock Midstream Field Services, LLC was involved in a tractor trailer accident on January 15, 2015 in Dimmit County, Texas.  A second accident followed resulting in six fatalities and multiple injuries. At this time, the following lawsuits have been filed in either the District Court of Zavala County, Texas or the District Court of Dimmit County, Texas: Olga D. Rubio and Carlos Rubio, Individually and on Behalf of All Statutory Wrongful Death Beneficiaries of Carlos Rubio, Jr., Deceased vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; David Rodriguez and Maribel Rodriguez vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; David Rodriguez and Maribel Rodrigues, Plaintiffs and Alejandra Abigail Ortega, Individually and as next friend of K.A.P., a minor, and as Representative of the Estate of Eduardo Pena, and Julian Pena and Nelva G. Suifuentes Pena Intervenors vs. Rose Rock Midstream Field Services, LLC, Jesus Riojas, and Roberto Rivera; Derek Muhlenbruch vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; and Agustin Lara, Sr., Individually, and Elsa Zamarripa, Individually and As Representative of the Estate of Justin Lara, Deceased vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; Jorge A Porras vs. Rose Rock Midstream Field Services, LLC; Nancy Garcia vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro a/n/f of Sergio Veyro, Jr. vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro as Rep of Estate of Sergio Veyro Sr., deceased vs. Rose Rock Midstream Field Services, LLC; Veronica Kimberly Veyro vs. Rose Rock Midstream Field Services, LLC; Roberto Rivera-Castilla vs. Rose Rock Midstream Field Services, LLC; Mary Alice Medellin vs. Rose Rock Midstream Field Services, LLC; Mary Medellin as Rep of Estate of Juan Medellin, Jr. vs. Rose Rock Midstream Field Services, LLC; Mary Medellin on behalf of those entitled to recover for the Wrongful Death of Juan Medellin, Jr. vs. Rose Rock Midstream Field Services, LLC; Elizabeth Rolon vs. Rose Rock Midstream Field Services, LLC and Juan Francisco Medellin, III vs. Rose Rock Midstream Field Services, LLC.   We are currently working with counsel for the interested parties to investigate the accident, and no determination of liability has been made.  We will continue to defend our position and believe that any liability that may arise from this incident will be covered by our insurance; however, we cannot predict the outcome.
Blueknight claim
Blueknight Energy Partners, L.P. ("Blueknight"), which was formerly a subsidiary of SemGroup, together with other entities related to Blueknight, entered into a Shared Services Agreement on April 7, 2009, with SemCrude, L.P., now known as Rose Rock Midstream Crude, L.P. ("SemCrude") and SemManagement, L.L.C. (which are currently subsidiaries of SemGroup). The services provided by SemCrude to Blueknight under this agreement included assisting Blueknight with movement of crude oil belonging to Blueknight’s customers and with the operation of Blueknight’s Oklahoma pipeline system and its Cushing, Oklahoma terminal. Under the subsequent amendments to the agreements beginning in May 2010, certain of these services were phased out, and Blueknight began to perform all services necessary for the movement of its crude oil and the operation of its Cushing terminal without SemCrude’s assistance.
In a letter dated August 18, 2011, Blueknight claimed that SemCrude owes Blueknight approximately 141,000 barrels of crude oil. We responded to Blueknight’s letter denying their charges and requesting documentation from Blueknight of its claim. On February 14, 2012, after months of interaction between the parties through which Blueknight was requested to substantiate its claim, Blueknight filed suit against SemCrude and other related companies in the District Court of Oklahoma County, Oklahoma. On May 1, 2012, the case was transferred to Tulsa County, Oklahoma. On July 2, 2012, the Tulsa County District Court appointed a Special Master to review terminal operations accounting records and determine whether 141,000 barrels of crude oil owned by Blueknight is missing after three months of operations in April through June, 2010. On June 11, 2013, the Special Master’s Report was filed with the District Court finding a shortage in Blueknight’s Cushing terminal and Oklahoma pipeline system of 148,000 barrels. However, after a review of all records created during that three month time period, the Special Master was unable to determine how the shortage might have occurred and was unable to determine the ownership of the potential shortage.
We are currently seeking discovery in the District Court of documentation and testimony on the potential cause and the impact, if any, of the shortage found by the Special Master. We will continue to defend our position; however, we cannot predict the outcome.
Environmental
We may from time to time experience leaks of petroleum products from our facilities and, as a result of which, we may incur remediation obligations or property damage claims. In addition, we are subject to numerous environmental regulations. Failure to comply with these regulations could result in the assessment of fines or penalties by regulatory authorities.
The Kansas Department of Health and Environment ("the KDHE") initiated discussions during our bankruptcy proceeding regarding six of our sites in Kansas (five owned by Crude and one owned by SemGas) that KDHE believes, based on their historical use, may have soil or groundwater contamination in excess of state standards. KDHE sought our agreement to undertake assessments of these sites to determine whether they are contaminated. We reached an agreement with KDHE on this matter and entered into a Consent Agreement and Final Order with KDHE to conduct environmental assessments on the sites and to pay KDHE’s costs associated with their oversight of this matter. We have conducted Phase II investigations at all sites. Four of the sites have limited amounts of soil contamination that will be excavated and/or remediated on site. Four of the sites appeared to have ground water contamination requiring further delineation and/or ongoing monitoring. Work plans have been submitted to, and approved by, the KDHE. One site was closed and we anticipate closure in 2015 for three of the remaining five sites. We do not anticipate any penalties or fines for these historical sites.
Other matters
We are party to various other claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions and complaints, after consideration of amounts accrued, insurance coverage and other arrangements, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our consolidated liabilities may change materially as circumstances develop.
Asset retirement obligations
We will be required to incur significant removal and restoration costs when we retire our natural gas gathering and processing facilities in Canada. We have recorded an asset retirement obligation liability of $40.2 million at March 31, 2015, which is included within other noncurrent liabilities on our condensed consolidated balance sheets. This amount was calculated using the $87.6 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation.
The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations.
Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable.
Purchase and sale commitments
We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At March 31, 2015, such commitments included the following (in thousands):
 
Volume
(Barrels)
 
Value
Fixed price purchases
13,145

 
$
1,064,246

Fixed price sales
14,125

 
$
1,127,864

Floating price purchases
7,149

 
$
333,777

Floating price sales
14,538

 
$
508,968


Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days).
Our SemGas segment has a take or pay contractual obligation related to the fractionation of natural gas liquids through June 2023. At March 31, 2015, no amounts were due under the contract. The approximate amount of future obligation is as follows (in thousands):
For year ending:
 
December 31, 2015
$
7,817

December 31, 2016
11,804

December 31, 2017
11,938

December 31, 2018
10,060

December 31, 2019
9,121

Thereafter
24,392

Total expected future payments
$
75,132


SemGas further has a take or pay contractual obligation related to pipeline transportation through October 2015. The amount of future obligation is approximately $2.6 million. SemGas also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of SemGas’ revenues were generated from such contracts.
See Note 3 for capital contribution requirements related to the White Cliffs expansion.
Equity
EQUITY
EQUITY
Unaudited condensed consolidated statement of changes in owners’ equity
The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2014 to March 31, 2015 (in thousands):
 
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Owners’
Equity
Balance at December 31, 2014
$
436

$
1,245,877

$
(1,332
)
$
(68,332
)
$
(27,141
)
$
69,929

$
1,219,437

Net income



1,466


4,310

5,776

Other comprehensive loss, net of income taxes




(9,060
)

(9,060
)
Distributions to noncontrolling interests





(8,953
)
(8,953
)
Dividends paid

(14,846
)




(14,846
)
Unvested dividend equivalent rights

(66
)



(44
)
(110
)
Non-cash equity compensation

2,434




298

2,732

Issuance of common stock under compensation plans
3

762





765

Repurchase of common stock


(3,630
)



(3,630
)
Rose Rock Midstream, L.P. equity issuance





89,119

89,119

Transfer of WOT and Glass Mountain to Rose Rock

32,164




(51,452
)
(19,288
)
Balance at March 31, 2015
$
439

$
1,266,325

$
(4,962
)
$
(66,866
)
$
(36,201
)
$
103,207

$
1,261,942


Accumulated other comprehensive loss
The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2014 to March 31, 2015 (in thousands):
 
Currency
Translation
 
Employee
Benefit
Plans
 
Total
Balance at December 31, 2014
$
(25,059
)
 
$
(2,082
)
 
$
(27,141
)
Currency translation adjustment, net of income tax benefit of $5,684
(9,068
)
 

 
(9,068
)
Changes related to benefit plans, net of income tax expense of $3

 
8

 
8

Balance at March 31, 2015
$
(34,127
)
 
$
(2,074
)
 
$
(36,201
)

There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months ended March 31, 2015.
Common stock
During the three months ended March 31, 2015, we issued 9,145 shares under the Employee Stock Purchase Plan and 157,005 shares related to our equity based compensation awards. Of these vested shares related to compensation awards, recipients sold back to the Company 54,783 shares to satisfy tax withholding obligations which are being recognized at cost as treasury stock on the condensed consolidated balance sheet.
Equity-based compensation
At March 31, 2015, there were approximately 428,000 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheet, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 172,000 additional shares could vest.
The holders of certain restricted stock awards are entitled to equivalent dividends ("UDs") to be settled in cash upon vesting of the related restricted stock awards. At March 31, 2015, the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $307 thousand.
During the three months ended March 31, 2015, we granted 139,286 restricted stock awards with a weighted average grant date fair value of $89.38 per award.
Dividends
The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated:

Quarter Ending
 
Dividend Per Share
 
Date Declared
 
Date of Record
 
Date Paid
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
September 30, 2014
 
$
0.27

 
August 6, 2014
 
August 18, 2014
 
August 28, 2014
December 31, 2014
 
$
0.30

 
November 6, 2014
 
November 17, 2014
 
November 28, 2014
March 31, 2015
 
$
0.34

 
February 26, 2015
 
March 9, 2015
 
March 20, 2015
June 30, 2015
 
$
0.38

 
May 6, 2015
 
May 18, 2015
 
May 29, 2015
Earnings Per Share
EARNINGS PER SHARE
EARNINGS PER SHARE

Earnings per share is calculated based on income from continuing and discontinued operations less any income attributable to noncontrolling interests. Income attributable to noncontrolling interests represents third-party limited partner unitholders' interests in the earnings of our consolidated subsidiary, Rose Rock.  Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings.
Basic earnings per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of warrants and unvested equity compensation awards.
The following summarizes the calculation of basic earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except per share amounts):
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Continuing
Operations
 
Discontinued
Operations
 
Net
 
Continuing
Operations
 
Discontinued
Operations
 
Net
Income (loss)
$
5,776

 
$

 
$
5,776

 
$
19,743

 
$
(5
)
 
$
19,738

less: Income attributable to noncontrolling interests
4,310

 

 
4,310

 
6,150

 

 
6,150

Income attributable to SemGroup
$
1,466

 
$

 
$
1,466

 
$
13,593

 
$
(5
)
 
$
13,588

Weighted average common stock outstanding
43,717

 
43,717

 
43,717

 
42,631

 
42,631

 
42,631

Basic earnings per share
$
0.03

 
$

 
$
0.03

 
$
0.32

 
$

 
$
0.32


The following summarizes the calculation of diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except per share amounts):

 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Continuing
Operations
 
Discontinued
Operations
 
Net
 
Continuing
Operations
 
Discontinued
Operations
 
Net
Income (loss)
$
5,776

 
$

 
$
5,776

 
$
19,743

 
$
(5
)
 
$
19,738

less: Income attributable to noncontrolling interests
4,310

 

 
4,310

 
6,150

 

 
6,150

less: Income resulting from the change in fair value of warrants

 

 

 
980

 

 
980

Numerator
$
1,466

 
$

 
$
1,466

 
$
12,613

 
$
(5
)
 
$
12,608

Weighted average common stock outstanding
43,717

 
43,717

 
43,717

 
42,631

 
42,631

 
42,631

Effect of warrants outstanding

 

 

 
825

 
825

 
825

Effect of dilutive securities
223

 
223

 
223

 
305

 
305

 
305

Denominator
43,940

 
43,940

 
43,940

 
43,761

 
43,761

 
43,761

Diluted earnings per share
$
0.03

 
$

 
$
0.03

 
$
0.29

 
$

 
$
0.29


All outstanding warrants expired on November 30, 2014 and therefore have no dilutive effect for the three months ended March 31, 2015.
Supplemental Cash Flow Information
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION
The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands):

 
Three Months Ended March 31,
 
2015
 
2014
Decrease (increase) in restricted cash
$
342

 
$
(2,585
)
Decrease (increase) in accounts receivable
56,863

 
(58,879
)
Decrease (increase) in receivable from affiliates
1,663

 
14,992

Decrease (increase) in inventories
(25,857
)
 
3,715

Decrease (increase) in derivatives and margin deposits
(2,356
)
 
(546
)
Decrease (increase) in other current assets
2,280

 
1,636

Decrease (increase) in other assets
(628
)
 
(33
)
Increase (decrease) in accounts payable and accrued liabilities
(51,435
)
 
49,754

Increase (decrease) in payable to affiliates
2,728

 
(24,075
)
Increase (decrease) in payables to pre-petition creditors
(2
)
 
(2
)
Increase (decrease) in other noncurrent liabilities
95

 
(2,525
)
 
$
(16,307
)
 
$
(18,548
)
  

Other supplemental disclosures
In the first quarter of 2015, we recorded a $51.5 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $32.2 million (net of tax impact of $19.3 million). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's purchase of WOT and a 50% interest in Glass Mountain from SemGroup (Note 2).
We paid cash interest of $15.0 million and $3.6 million for the three months ended March 31, 2015 and 2014, respectively.
We paid cash for income taxes (net of refunds received) of $3.3 million and $12.2 million for the three months ended March 31, 2015 and 2014, respectively.
We incurred liabilities for construction work in process that had not been paid of $16.6 million and $10.0 million as of March 31, 2015 and 2014, respectively. Such amounts are not included in capital expenditures on the consolidated statements of cash flows.
Related Party Transactions
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
NGL Energy Partners LP and subsidiaries (Gavilon, LLC and High Sierra Crude Oil and Marketing, LLC)
As described in Note 3, we own interests in NGL Energy, which we account for under the equity method.
During the three months ended March 31, 2015 and 2014, we generated the following transactions with NGL Energy and its subsidiaries (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenues
$
45,469

 
$
172,438

Purchases
$
35,234

 
$
157,691

Reimbursements from NGL Energy for services
$
42

 
$
42


Transactions with NGL Energy and its subsidiaries primarily relate to marketing, leased storage and transportation services of crude oil, including buy/sell transactions. In accordance with ASC 845-10-15, these transactions were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income because the purchases of inventory and subsequent sales of the inventory were with the same counterparty.
White Cliffs
As described in Note 3, we account for our ownership interest in White Cliffs under the equity method. During the three months ended March 31, 2015 and 2014, we generated storage revenue from White Cliffs of approximately $1.0 million and $0.8 million, respectively. We incurred $0.7 million and $0.9 million of cost for the three months ended March 31, 2015, respectively, related to transportation fees for shipments on White Cliffs.
Glass Mountain
We incurred $0.5 million of cost for the three months ended March 31, 2015 related to transportation fees for shipments on the Glass Mountain Pipeline. We received $0.2 million and $0.1 million in fees from Glass Mountain for the three months ended March 31, 2015 and 2014, respectively, related to support and administrative services associated with pipeline operations. We made purchases of crude oil of $1.5 million from Glass Mountain during the three months ended March 31, 2015.
Legal services
The law firm of Conner & Winters, LLP, of which Mark D. Berman is a partner, performs legal services for us. Mr. Berman is the spouse of Candice L. Cheeseman, General Counsel and Secretary. Mr. Berman does not perform any legal services for us. SemGroup paid $0.3 million and $0.3 million in legal fees and related expenses to this law firm during the three months ended March 31, 2015 and 2014, respectively (of which $3.3 thousand and $54.0 thousand was paid by White Cliffs during the three months ended March 31, 2015 and 2014, respectively).
Condensed Consolidating Guarantor Financial Statements (Notes)
Condensed Consolidating Guarantor Financial Statements [Text Block]
CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

Our Notes are guaranteed by certain of our subsidiaries as follows: SemGas, L.P., SemCanada, L.P., SemCanada II, L.P., SemMaterials, L.P., SemGroup Europe Holding, L.L.C., SemOperating G.P., L.L.C., SemMexico, L.L.C., SemDevelopment, L.L.C., Rose Rock Midstream Holdings, LLC and Mid-America Midstream Gas Services, L.L.C. (collectively, the "Guarantors").
Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). Such guarantees of the Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act.
In February 2015, we contributed our interests in Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock (Note 2). As a result of this transaction, Wattenberg Holding, LLC and Glass Mountain Holding, LLC no longer guarantee our Notes. Prior year comparative information has been recast to reflect Wattenberg Holding, LLC and Glass Mountain Holding, LLC as non-guarantors.
Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 are presented on an equity method basis in the tables below (in thousands).
Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent's net intercompany balance, including note receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. The Parent's investing activities with subsidiaries, such as the drop down of WOT and Glass Mountain to Rose Rock in the first quarter of 2015, have been reflected as cash flows from investing activities. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. These balances are eliminated through consolidating adjustments below.
Condensed Consolidating Guarantor Balance Sheets
 
 
March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
252,412

 
$

 
$
66,021

 
$
(2,908
)
 
$
315,525

Restricted cash
 
3,832

 

 
2,564

 

 
6,396

Accounts receivable, net
 
741

 
31,732

 
257,880

 

 
290,353

Receivable from affiliates
 
959

 
3,339

 
13,969

 
(3,111
)
 
15,156

Inventories
 

 
254

 
67,516

 

 
67,770

Other current assets
 
7,359

 
82

 
8,329

 

 
15,770

Total current assets
 
265,303

 
35,407


416,279


(6,019
)

710,970

Property, plant and equipment, net
 
4,589

 
480,959

 
818,233

 

 
1,303,781

Equity method investments
 
1,366,535

 
563,003

 
425,655

 
(1,793,730
)
 
561,463

Goodwill
 

 
13,052

 
45,107

 

 
58,159

Other intangible assets, net
 
24

 
150,333

 
20,005

 

 
170,362

Other noncurrent assets, net
 
37,443

 
1,617

 
17,745

 

 
56,805

Total assets
 
$
1,673,894

 
$
1,244,371


$
1,743,024


$
(1,799,749
)

$
2,861,540

LIABILITIES AND OWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
203

 
$
17,796

 
$
204,713

 
$

 
$
222,712

Payable to affiliates
 
17

 
2

 
19,279

 
(3,110
)
 
16,188

Accrued liabilities
 
10,774

 
13,330

 
59,369

 

 
83,473

Payables to pre-petition creditors
 
3,130

 

 

 

 
3,130

Deferred revenue
 

 

 
20,602

 

 
20,602

Other current liabilities
 
1,249

 
704

 
1,283

 

 
3,236

Current portion of long-term debt
 

 

 
47

 

 
47

Total current liabilities
 
15,373

 
31,832

 
305,293

 
(3,110
)
 
349,388

Long-term debt
 
366,000

 

 
716,647

 
(55,575
)
 
1,027,072

Deferred income taxes
 
130,818

 

 
44,744

 

 
175,562

Other noncurrent liabilities
 
2,968

 

 
44,608

 

 
47,576

Commitments and contingencies
 


 


 


 


 


Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
 
1,158,735

 
1,212,539

 
528,525

 
(1,741,064
)
 
1,158,735

Noncontrolling interests in consolidated subsidiaries
 

 

 
103,207

 

 
103,207

Total owners’ equity
 
1,158,735

 
1,212,539


631,732


(1,741,064
)

1,261,942

Total liabilities and owners’ equity
 
$
1,673,894


$
1,244,371

 
$
1,743,024

 
$
(1,799,749
)
 
$
2,861,540


 
 
December 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,254

 
$

 
$
35,445

 
$
(4,101
)
 
$
40,598

Restricted cash
 
3,856

 

 
3,124

 

 
6,980

Accounts receivable, net
 
9,669

 
32,056

 
309,609

 

 
351,334

Receivable from affiliates
 
2,512

 
6,624

 
15,659

 
(7,976
)
 
16,819

Inventories
 

 
248

 
43,284

 

 
43,532

Other current assets
 
10,498

 
575

 
8,944

 

 
20,017

Total current assets
 
35,789

 
39,503


416,065


(12,077
)

479,280

Property, plant and equipment, net
 
4,112

 
452,352

 
800,361

 

 
1,256,825

Equity method investments
 
1,551,825

 
546,833

 
415,673

 
(1,936,411
)
 
577,920

Goodwill
 

 
13,052

 
45,274

 

 
58,326

Other intangible assets, net
 
26

 
152,383

 
20,656

 

 
173,065

Other noncurrent assets, net
 
24,555

 
958

 
18,873

 

 
44,386

Total assets
 
$
1,616,307

 
$
1,205,081


$
1,716,902


$
(1,948,488
)

$
2,589,802

LIABILITIES AND OWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
649

 
$
22,097

 
$
234,431

 
$

 
$
257,177

Payable to affiliates
 
21

 
7

 
21,406

 
(7,974
)
 
13,460

Accrued liabilities
 
11,993

 
17,575

 
63,126

 

 
92,694

Payables to pre-petition creditors
 
3,129

 

 

 

 
3,129

Deferred revenue
 

 

 
23,688

 

 
23,688

Other current liabilities
 
224

 
707

 
543

 

 
1,474

Current portion of long-term debt
 

 

 
40

 

 
40

Total current liabilities
 
16,016

 
40,386

 
343,234

 
(7,974
)
 
391,662

Long-term debt
 
335,000

 

 
490,946

 
(58,854
)
 
767,092

Deferred income taxes
 
112,897

 

 
49,059

 

 
161,956

Other noncurrent liabilities
 
2,886

 

 
46,769

 

 
49,655

Commitments and contingencies
 


 


 


 


 


Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
 
1,149,508

 
1,164,695

 
716,965

 
(1,881,660
)
 
1,149,508

Noncontrolling interests in consolidated subsidiaries
 

 

 
69,929

 

 
69,929

Total owners’ equity
 
1,149,508

 
1,164,695


786,894


(1,881,660
)

1,219,437

Total liabilities and owners’ equity
 
$
1,616,307

 
$
1,205,081


$
1,716,902


$
(1,948,488
)

$
2,589,802



Condensed Consolidating Guarantor Statements of Operations

 
 
Three Months Ended March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
Product
 
$

 
$
51,053

 
$
175,052

 
$
(5,974
)
 
$
220,131

Service
 

 
14,459

 
47,418

 

 
61,877

Other
 

 

 
16,302

 

 
16,302

Total revenues
 

 
65,512


238,772


(5,974
)

298,310

Expenses:
 
 
 
 
 
 
 
 
 

Costs of products sold, exclusive of depreciation and amortization shown below
 

 
40,668

 
157,378

 
(5,974
)
 
192,072

Operating
 

 
8,114

 
44,976

 

 
53,090

General and administrative
 
17,602

 
2,064

 
12,644

 

 
32,310

Depreciation and amortization
 
294

 
7,033

 
16,407

 

 
23,734

Loss (gain) on disposal or impairment of long-lived assets, net
 

 
(1
)
 
1,059

 

 
1,058

Total expenses
 
17,896

 
57,878


232,464


(5,974
)
 
302,264

Earnings from equity method investments
 
14,805

 
16,316

 
20,864

 
(31,426
)
 
20,559

Operating income (loss)
 
(3,091
)

23,950


27,172


(31,426
)

16,605

Other expenses (income), net:
 
 
 
 
 
 
 
 
 

Interest expense
 
1,422

 
5,491

 
8,444

 
(766
)
 
14,591

Foreign currency transaction gain
 

 

 
(519
)
 

 
(519
)
Other income, net
 
(8,686
)
 

 
(65
)
 
766

 
(7,985
)
Total other expenses (income), net
 
(7,264
)
 
5,491


7,860




6,087

Income before income taxes
 
4,173

 
18,459


19,312


(31,426
)

10,518

Income tax expense
 
2,707

 

 
2,035

 

 
4,742

Net income
 
1,466

 
18,459


17,277


(31,426
)

5,776

Less: net income attributable to noncontrolling interests
 

 

 
4,310

 

 
4,310

Net income attributable to SemGroup
 
$
1,466

 
$
18,459


$
12,967


$
(31,426
)

$
1,466

Net income
 
$
1,466

 
$
18,459


$
17,277


$
(31,426
)

$
5,776

Other comprehensive income (loss), net of income taxes
 
8,646

 

 
(17,706
)
 

 
(9,060
)
Comprehensive income (loss)
 
10,112

 
18,459


(429
)

(31,426
)

(3,284
)
Less: comprehensive income attributable to noncontrolling interests
 

 

 
4,310

 

 
4,310

Comprehensive income (loss) attributable to SemGroup
 
$
10,112

 
$
18,459


$
(4,739
)

$
(31,426
)

$
(7,594
)
 
 
Three Months Ended March 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
Product
 
$

 
$
98,125

 
$
338,797

 
$
(9,892
)
 
$
427,030

Service
 

 
1,219

 
47,288

 

 
48,507

Other
 

 

 
23,346

 

 
23,346

Total revenues
 

 
99,344


409,431


(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
 

 
7,055

 
43,723

 

 
50,778

General and administrative
 
4,533

 
2,051

 
12,152

 

 
18,736

Depreciation and amortization
 
435

 
4,816

 
18,386

 

 
23,637

Loss (gain) on disposal of long-lived assets, net
 

 
10

 
(68
)
 

 
(58
)
Total expenses
 
4,968

 
91,466


391,664


(9,892
)

478,206

Earnings from equity method investments
 
20,902

 
16,336

 
7,695

 
(29,971
)
 
14,962

Gain on issuance of common units by equity method investee
 
8,127

 

 

 

 
8,127

Operating income
 
24,061

 
24,214


25,462


(29,971
)

43,766

Other expenses (income), net:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
2,490

 
2,384

 
5,170

 
(817
)
 
9,227

Foreign currency transaction gain
 

 

 
(683
)
 

 
(683
)
Other income, net
 
(1,797
)
 

 
(67
)
 
817

 
(1,047
)
Total other expenses, net
 
693

 
2,384


4,420




7,497

Income from continuing operations before income taxes
 
23,368

 
21,830


21,042


(29,971
)

36,269

Income tax expense
 
9,780

 

 
6,746

 

 
16,526

Income from continuing operations
 
13,588

 
21,830


14,296


(29,971
)

19,743

Loss from discontinued operations, net of income taxes
 

 

 
(5
)
 

 
(5
)
Net income
 
13,588

 
21,830


14,291


(29,971
)

19,738

Less: net income attributable to noncontrolling interests
 

 

 
6,150

 

 
6,150

Net income attributable to SemGroup
 
$
13,588

 
$
21,830


$
8,141


$
(29,971
)

$
13,588

Net income
 
$
13,588

 
$
21,830


$
14,291


$
(29,971
)

$
19,738

Other comprehensive loss, net of income taxes
 
(746
)
 

 
(2,226
)
 

 
(2,972
)
Comprehensive income
 
12,842

 
21,830


12,065


(29,971
)

16,766

Less: comprehensive income attributable to noncontrolling interests
 

 

 
6,150

 

 
6,150

Comprehensive income attributable to SemGroup
 
$
12,842

 
$
21,830


$
5,915


$
(29,971
)

$
10,616

 
 
 

 
 
 

Condensed Consolidating Guarantor Statements of Cash Flows
 
 
Three Months Ended March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Net cash provided by operating activities
 
$
5,224

 
$
4,610

 
$
15,719

 
$
(7,009
)
 
$
18,544

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 

Capital expenditures
 
(769
)
 
(34,152
)
 
(49,406
)
 

 
(84,327
)
Proceeds from sale of long-lived assets
 

 
12

 
105

 

 
117

Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
251,181

 

 

 
(251,181
)
 

Contributions to equity method investments
 

 

 
(15,182
)
 

 
(15,182
)
Proceeds from sale of common units of equity method investee
 
29,012

 

 

 

 
29,012

Distributions in excess of equity in earnings of affiliates
 
5,435

 

 
5,201

 
(5,435
)
 
5,201

Net cash provided by (used in) investing activities
 
284,859


(34,140
)

(59,282
)

(256,616
)
 
(65,179
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 

Debt issuance costs
 
(601
)
 

 

 

 
(601
)
Borrowings on credit facilities
 
110,000

 

 
312,000

 

 
422,000

Principal payments on credit facilities and other obligations
 
(79,000
)
 

 
(83,012
)
 

 
(162,012
)
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs
 

 

 
89,119

 

 
89,119

Distributions to noncontrolling interests
 

 

 
(8,953
)
 

 
(8,953
)
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
 
(3,630
)
 

 

 

 
(3,630
)
Dividends paid
 
(14,846
)
 

 

 

 
(14,846
)
Proceeds from issuance of common stock under employee stock purchase plan
 
313

 

 

 

 
313

Intercompany borrowings (advances), net
 
(59,161
)
 
29,530

 
(235,187
)
 
264,818

 

Net cash provided by (used in) financing activities
 
(46,925
)
 
29,530


73,967


264,818

 
321,390

Effect of exchange rate changes on cash and cash equivalents
 

 

 
172

 

 
172

Change in cash and cash equivalents
 
243,158

 


30,576


1,193

 
274,927

Cash and cash equivalents at beginning of period
 
9,254

 

 
35,445

 
(4,101
)
 
40,598

Cash and cash equivalents at end of period
 
$
252,412

 
$


$
66,021


$
(2,908
)
 
$
315,525


 
 
Three Months Ended March 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Net cash provided by operating activities
 
$
1,079

 
$
12,398

 
$
21,308

 
$
(5,887
)
 
$
28,898

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(242
)
 
(39,476
)
 
(17,035
)
 

 
(56,753
)
Proceeds from sale of long-lived assets
 

 
11

 
684

 

 
695

Contributions to equity method investments
 

 

 
(24,251
)
 

 
(24,251
)
Distributions in excess of equity in earnings of affiliates
 

 

 
2,505

 

 
2,505

Net cash used in investing activities
 
(242
)
 
(39,465
)

(38,097
)


 
(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 borrowing (advances), net
 
(48,435
)
 
27,067

 
15,722

 
5,646

 

Net cash provided by financing activities
 
1,109

 
27,067


8,753


5,646

 
42,575

Effect of exchange rate changes on cash and cash equivalents
 

 

 
1,938

 

 
1,938

Change in cash and cash equivalents
 
1,946

 


(6,098
)

(241
)
 
(4,393
)
Cash and cash equivalents at beginning of period
 
2,545

 

 
78,342

 
(1,536
)
 
79,351

Cash and cash equivalents at end of period
 
$
4,491

 
$


$
72,244


$
(1,777
)
 
$
74,958

Overview (Policies)
Basis of presentation
The accompanying condensed consolidated balance sheet at December 31, 2014, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows.
Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results to be expected for the full year ending December 31, 2015.
Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014, which are included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC.
Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2014.
Recent accounting pronouncements
In February 2015 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which adds requirements that limited partnerships must meet to qualify as voting interest entities and modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016 and are currently reviewing the impact of adoption on our consolidated financial statements.
On April 7, 2015, the FASB issued Accounting Standards Update ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance shall be applied on a retrospective basis for all periods presented. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material.
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company adopted this guidance in the first quarter of 2015. The impact was not material.
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
Financial Instruments (Policies)
Fair Value of Financial Instruments, Policy [Policy Text Block]
"Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange.
"Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts.
"Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above.
Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At March 31, 2015, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales.
Rose Rock Midstream, L.P. (Tables)
The following table shows the cash distributions paid or declared during 2015 and 2014 (in thousands, except for per unit amounts):
 
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, 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

June 30, 2014
$
0.5350

 
$
334

$
888

$
3,646

$
4,488

$
7,362

$
16,718

September 30, 2014
$
0.5750

 
$
377

$
1,835

$
3,918

$
4,824

$
7,912

$
18,866

December 31, 2014
$
0.6200

 
$
485

$
3,487

$
6,551

$
5,202

$
8,544

$
24,269

March 31, 2015
$
0.6350

*
$
568

$
4,450

$
13,148

$

$
10,213

$
28,379


*Expected distributions related to the quarter ended March 31, 2015, which will be paid on May 15, 2015 to unitholders of record as of May 5, 2015.
Certain summarized balance sheet information of Rose Rock is shown below (in thousands):
 
(Unaudited)
 
 
 
March 31,
2015
 
December 31,
2014
Cash
$
13,323

 
$
3,625

Other current assets
261,942

 
271,144

Property, plant and equipment, net
405,283

 
396,066

Equity method investment
425,655

 
269,635

Goodwill
36,116

 
36,116

Other noncurrent assets, net
28,847

 
29,677

Total assets
$
1,171,166

 
$
1,006,263

 
 
 
 
Current liabilities
$
227,607

 
$
265,682

Long-term debt
661,072

 
432,092

Partners’ capital attributable to SemGroup
179,280

 
238,560

Partners’ capital attributable to noncontrolling interests
103,207

 
69,929

Total liabilities and partners' capital
$
1,171,166

 
$
1,006,263

Certain summarized income statement information of Rose Rock for the three months ended March 31, 2015 and 2014 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
134,693

 
$
292,514

Cost of products sold
$
96,237

 
$
254,537

Operating, general and administrative expenses
$
26,571

 
$
18,962

Depreciation and amortization expense
$
10,143

 
$
11,482

Earnings from equity method investment
$
20,864

 
$
11,080

Net income
$
14,600

 
$
16,226

Noncontrolling interests in consolidated subsidiary retained by SemGroup
$

 
$
3,676

Net income attributable to Rose Rock Midstream, L.P.
$
14,600

 
$
12,550

Equity Method Investments (Tables)
Our equity method investments consist of the following (in thousands):
 
March 31, 2015
 
December 31, 2014
White Cliffs
$
279,753

 
$
269,635

NGL Energy Partners LP
135,808

 
162,246

Glass Mountain
145,902

 
146,039

Total equity method investments
$
561,463

 
$
577,920

Our earnings from equity method investments consist of the following (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
White Cliffs
$
19,090

 
$
11,080

NGL Energy Partners LP*
(305
)
 
3,591

Glass Mountain
1,774

 
291

Total earnings from equity method investments
$
20,559

 
$
14,962


* Excluding gain on issuance of common units of $8.1 million for the three months ended
Cash distributions received from equity method investments consist of the following (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
White Cliffs
$
24,154

 
$
13,585

NGL Energy Partners LP
5,015

 
5,341

Glass Mountain
1,911

 

Total cash distributions received from equity method investments
$
31,080

 
$
18,926

Certain unaudited summarized income statement information of White Cliffs for the three months ended March 31, 2015 and 2014 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
54,614

 
$
33,274

Operating, general and administrative expenses
$
8,353

 
$
6,768

Depreciation and amortization expense
$
8,538

 
$
4,393

Net income
$
37,723

 
$
22,113

Certain unaudited summarized income statement information of NGL Energy for the three months ended December 31, 2014 and 2013 is shown below (in thousands):
 
Three Months Ended December 31,
 
2014
 
2013
Revenue
$
4,552,146

 
$
2,743,445

Cost of sales
$
4,311,668

 
$
2,576,029

Operating, general and administrative expenses
$
172,064

 
$
90,753

Depreciation and amortization expense
$
50,335

 
$
35,494

Net income (loss)
$
(5,269
)
 
$
24,052

Certain unaudited summarized income statement information of Glass Mountain for the three months ended March 31, 2015 is shown below (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenue
$
11,121

 
$
3,853

Cost of sales
$
1,982

 
$

Operating, general and administrative expenses
$
1,438

 
$
850

Depreciation and amortization expense
$
4,044

 
$
2,348

Net income
$
3,655

 
$
653

The equity in earnings of Glass Mountain for the three months ended March 31, 2015 reported in our condensed consolidated statement of operations and comprehensive income is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period.
Segments (Tables)
Schedule of Segment Reporting Information
 
Three Months Ended March 31, 2015
 
Crude

SemStream

SemCAMS

SemGas

SemLogistics

SemMexico

Corporate
and Other

Consolidated
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
External
$
141,668

 
$

 
$
29,724

 
$
60,276

 
$
5,152

 
$
61,490

 
$

 
$
298,310

Intersegment

 

 

 
5,981

 

 

 
(5,981
)
 

Total revenues
141,668

 

 
29,724

 
66,257

 
5,152

 
61,490

 
(5,981
)
 
298,310

Expenses:
 
 

 

 

 

 

 

 
 
Costs of products sold, exclusive of depreciation and amortization shown below
105,145

 

 
132

 
41,269

 

 
51,507

 
(5,981
)
 
192,072

Operating
21,162

 

 
18,331

 
8,046

 
2,614

 
2,937

 

 
53,090

General and administrative
5,622

 
3

 
3,376

 
2,063

 
1,677

 
1,942

 
17,627

 
32,310

Depreciation and amortization
10,143

 

 
3,066

 
7,138

 
2,040

 
1,053

 
294

 
23,734

Loss (gain) on disposal or impairment of long-lived assets, net
152

 

 

 
(1
)
 

 
(19
)
 
926

 
1,058

Total expenses
142,224

 
3


24,905


58,515


6,331


57,420


12,866


302,264

Earnings (losses) from equity method investments
20,864

 
(305
)
 

 

 

 

 

 
20,559

Operating income (loss)
20,308

 
(308
)

4,819


7,742


(1,179
)

4,070


(18,847
)

16,605

Other expenses (income), net
10,646

 
(9,216
)
 
3,069

 
2,851

 
1,116

 
69

 
(2,448
)
 
6,087

Income (loss) from continuing operations before income taxes
$
9,662

 
$
8,908

 
$
1,750

 
$
4,891

 
$
(2,295
)
 
$
4,001

 
$
(16,399
)

$
10,518

Total assets at March 31, 2015 (excluding intersegment receivables)
$
1,188,963

 
$
135,808

 
$
275,308

 
$
686,665

 
$
143,778

 
$
98,546

 
$
332,472

 
$
2,861,540



 
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

 
 
 
 
Inventories (Tables)
Components Of Inventories
Inventories consist of the following (in thousands):
 
March 31,
2015
 
December 31,
2014
Crude oil
$
55,680

 
$
26,722

Asphalt and other
12,090

 
16,810

Total inventories
$
67,770

 
$
43,532

Financial Instruments (Tables)
The tables below summarize the balances of commodity derivative assets and liabilities at March 31, 2015 and December 31, 2014 (in thousands):

 
March 31, 2015
 
December 31, 2014
Derivatives subject to netting arrangements:
Level 1
 
Netting*
 
Total
 
Level 1
 
Netting*
 
Total
Commodity derivatives:
 
 
 
 

 
 
 
 
 

Assets
$
1,763

 
$
(1,763
)
 
$

 
$
3,311

 
$
(1,637
)
 
$
1,674

Liabilities
$
2,733

 
$
(1,763
)
 
$
970

 
$
1,637

 
$
(1,637
)
 
$

*Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange.
The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels):
 
Three Months Ended March 31,
 
2015
 
2014
Sales
5,731

 
815

Purchases
5,905

 
810

We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands):
 
March 31, 2015
 
December 31, 2014
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
$

 
$
970

 
$
1,674

 
$

Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Commodity contracts
$
(66
)
 
$
(807
)
Long-Term Debt (Tables)
Summary of Long-Term Debt
Our long-term debt consisted of the following (in thousands):
 
March 31,
2015
 
December 31,
2014
SemGroup 7.50% senior unsecured notes
$
300,000

 
$
300,000

SemGroup corporate revolving credit facility
66,000

 
35,000

Rose Rock 5.625% senior unsecured notes
400,000

 
400,000

Rose Rock revolving credit facility
261,000

 
32,000

SemMexico revolving credit facility

 

Capital leases
119

 
132

Total long-term debt
$
1,027,119

 
$
767,132

less: current portion of long-term debt
47

 
40

Noncurrent portion of long-term debt
$
1,027,072

 
$
767,092

Commitments and Contingencies (Tables)
We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At March 31, 2015, such commitments included the following (in thousands):
 
Volume
(Barrels)
 
Value
Fixed price purchases
13,145

 
$
1,064,246

Fixed price sales
14,125

 
$
1,127,864

Floating price purchases
7,149

 
$
333,777

Floating price sales
14,538

 
$
508,968

At March 31, 2015, no amounts were due under the contract. The approximate amount of future obligation is as follows (in thousands):
For year ending:
 
December 31, 2015
$
7,817

December 31, 2016
11,804

December 31, 2017
11,938

December 31, 2018
10,060

December 31, 2019
9,121

Thereafter
24,392

Total expected future payments
$
75,132

Equity (Tables)
The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2014 to March 31, 2015 (in thousands):
 
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Owners’
Equity
Balance at December 31, 2014
$
436

$
1,245,877

$
(1,332
)
$
(68,332
)
$
(27,141
)
$
69,929

$
1,219,437

Net income



1,466


4,310

5,776

Other comprehensive loss, net of income taxes




(9,060
)

(9,060
)
Distributions to noncontrolling interests





(8,953
)
(8,953
)
Dividends paid

(14,846
)




(14,846
)
Unvested dividend equivalent rights

(66
)



(44
)
(110
)
Non-cash equity compensation

2,434




298

2,732

Issuance of common stock under compensation plans
3

762





765

Repurchase of common stock


(3,630
)



(3,630
)
Rose Rock Midstream, L.P. equity issuance





89,119

89,119

Transfer of WOT and Glass Mountain to Rose Rock

32,164




(51,452
)
(19,288
)
Balance at March 31, 2015
$
439

$
1,266,325

$
(4,962
)
$
(66,866
)
$
(36,201
)
$
103,207

$
1,261,942


The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2014 to March 31, 2015 (in thousands):
 
Currency
Translation
 
Employee
Benefit
Plans
 
Total
Balance at December 31, 2014
$
(25,059
)
 
$
(2,082
)
 
$
(27,141
)
Currency translation adjustment, net of income tax benefit of $5,684
(9,068
)
 

 
(9,068
)
Changes related to benefit plans, net of income tax expense of $3

 
8

 
8

Balance at March 31, 2015
$
(34,127
)
 
$
(2,074
)
 
$
(36,201
)
The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated:

Quarter Ending
 
Dividend Per Share
 
Date Declared
 
Date of Record
 
Date Paid
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
September 30, 2014
 
$
0.27

 
August 6, 2014
 
August 18, 2014
 
August 28, 2014
December 31, 2014
 
$
0.30

 
November 6, 2014
 
November 17, 2014
 
November 28, 2014
March 31, 2015
 
$
0.34

 
February 26, 2015
 
March 9, 2015
 
March 20, 2015
June 30, 2015
 
$
0.38

 
May 6, 2015
 
May 18, 2015
 
May 29, 2015
Earnings Per Share (Tables)
Basic and diluted earnings per share
The following summarizes the calculation of basic earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except per share amounts):
 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Continuing
Operations
 
Discontinued
Operations
 
Net
 
Continuing
Operations
 
Discontinued
Operations
 
Net
Income (loss)
$
5,776

 
$

 
$
5,776

 
$
19,743

 
$
(5
)
 
$
19,738

less: Income attributable to noncontrolling interests
4,310

 

 
4,310

 
6,150

 

 
6,150

Income attributable to SemGroup
$
1,466

 
$

 
$
1,466

 
$
13,593

 
$
(5
)
 
$
13,588

Weighted average common stock outstanding
43,717

 
43,717

 
43,717

 
42,631

 
42,631

 
42,631

Basic earnings per share
$
0.03

 
$

 
$
0.03

 
$
0.32

 
$

 
$
0.32


The following summarizes the calculation of diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except per share amounts):

 
Three Months Ended March 31, 2015
 
Three Months Ended March 31, 2014
 
Continuing
Operations
 
Discontinued
Operations
 
Net
 
Continuing
Operations
 
Discontinued
Operations
 
Net
Income (loss)
$
5,776

 
$

 
$
5,776

 
$
19,743

 
$
(5
)
 
$
19,738

less: Income attributable to noncontrolling interests
4,310

 

 
4,310

 
6,150

 

 
6,150

less: Income resulting from the change in fair value of warrants

 

 

 
980

 

 
980

Numerator
$
1,466

 
$

 
$
1,466

 
$
12,613

 
$
(5
)
 
$
12,608

Weighted average common stock outstanding
43,717

 
43,717

 
43,717

 
42,631

 
42,631

 
42,631

Effect of warrants outstanding

 

 

 
825

 
825

 
825

Effect of dilutive securities
223

 
223

 
223

 
305

 
305

 
305

Denominator
43,940

 
43,940

 
43,940

 
43,761

 
43,761

 
43,761

Diluted earnings per share
$
0.03

 
$

 
$
0.03

 
$
0.29

 
$

 
$
0.29


Supplemental Cash Flow Information (Tables)
Schedule of Changes in Operating Assets and Liabilities
The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands):

 
Three Months Ended March 31,
 
2015
 
2014
Decrease (increase) in restricted cash
$
342

 
$
(2,585
)
Decrease (increase) in accounts receivable
56,863

 
(58,879
)
Decrease (increase) in receivable from affiliates
1,663

 
14,992

Decrease (increase) in inventories
(25,857
)
 
3,715

Decrease (increase) in derivatives and margin deposits
(2,356
)
 
(546
)
Decrease (increase) in other current assets
2,280

 
1,636

Decrease (increase) in other assets
(628
)
 
(33
)
Increase (decrease) in accounts payable and accrued liabilities
(51,435
)
 
49,754

Increase (decrease) in payable to affiliates
2,728

 
(24,075
)
Increase (decrease) in payables to pre-petition creditors
(2
)
 
(2
)
Increase (decrease) in other noncurrent liabilities
95

 
(2,525
)
 
$
(16,307
)
 
$
(18,548
)
Related Party Transactions (Tables)
Related Party Transactions
During the three months ended March 31, 2015 and 2014, we generated the following transactions with NGL Energy and its subsidiaries (in thousands):
 
Three Months Ended March 31,
 
2015
 
2014
Revenues
$
45,469

 
$
172,438

Purchases
$
35,234

 
$
157,691

Reimbursements from NGL Energy for services
$
42

 
$
42

Condensed Consolidating Guarantor Financial Statements (Tables)
Condensed Consolidating Guarantor Balance Sheets
 
 
March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
252,412

 
$

 
$
66,021

 
$
(2,908
)
 
$
315,525

Restricted cash
 
3,832

 

 
2,564

 

 
6,396

Accounts receivable, net
 
741

 
31,732

 
257,880

 

 
290,353

Receivable from affiliates
 
959

 
3,339

 
13,969

 
(3,111
)
 
15,156

Inventories
 

 
254

 
67,516

 

 
67,770

Other current assets
 
7,359

 
82

 
8,329

 

 
15,770

Total current assets
 
265,303

 
35,407


416,279


(6,019
)

710,970

Property, plant and equipment, net
 
4,589

 
480,959

 
818,233

 

 
1,303,781

Equity method investments
 
1,366,535

 
563,003

 
425,655

 
(1,793,730
)
 
561,463

Goodwill
 

 
13,052

 
45,107

 

 
58,159

Other intangible assets, net
 
24

 
150,333

 
20,005

 

 
170,362

Other noncurrent assets, net
 
37,443

 
1,617

 
17,745

 

 
56,805

Total assets
 
$
1,673,894

 
$
1,244,371


$
1,743,024


$
(1,799,749
)

$
2,861,540

LIABILITIES AND OWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
203

 
$
17,796

 
$
204,713

 
$

 
$
222,712

Payable to affiliates
 
17

 
2

 
19,279

 
(3,110
)
 
16,188

Accrued liabilities
 
10,774

 
13,330

 
59,369

 

 
83,473

Payables to pre-petition creditors
 
3,130

 

 

 

 
3,130

Deferred revenue
 

 

 
20,602

 

 
20,602

Other current liabilities
 
1,249

 
704

 
1,283

 

 
3,236

Current portion of long-term debt
 

 

 
47

 

 
47

Total current liabilities
 
15,373

 
31,832

 
305,293

 
(3,110
)
 
349,388

Long-term debt
 
366,000

 

 
716,647

 
(55,575
)
 
1,027,072

Deferred income taxes
 
130,818

 

 
44,744

 

 
175,562

Other noncurrent liabilities
 
2,968

 

 
44,608

 

 
47,576

Commitments and contingencies
 


 


 


 


 


Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
 
1,158,735

 
1,212,539

 
528,525

 
(1,741,064
)
 
1,158,735

Noncontrolling interests in consolidated subsidiaries
 

 

 
103,207

 

 
103,207

Total owners’ equity
 
1,158,735

 
1,212,539


631,732


(1,741,064
)

1,261,942

Total liabilities and owners’ equity
 
$
1,673,894


$
1,244,371

 
$
1,743,024

 
$
(1,799,749
)
 
$
2,861,540


 
 
December 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,254

 
$

 
$
35,445

 
$
(4,101
)
 
$
40,598

Restricted cash
 
3,856

 

 
3,124

 

 
6,980

Accounts receivable, net
 
9,669

 
32,056

 
309,609

 

 
351,334

Receivable from affiliates
 
2,512

 
6,624

 
15,659

 
(7,976
)
 
16,819

Inventories
 

 
248

 
43,284

 

 
43,532

Other current assets
 
10,498

 
575

 
8,944

 

 
20,017

Total current assets
 
35,789

 
39,503


416,065


(12,077
)

479,280

Property, plant and equipment, net
 
4,112

 
452,352

 
800,361

 

 
1,256,825

Equity method investments
 
1,551,825

 
546,833

 
415,673

 
(1,936,411
)
 
577,920

Goodwill
 

 
13,052

 
45,274

 

 
58,326

Other intangible assets, net
 
26

 
152,383

 
20,656

 

 
173,065

Other noncurrent assets, net
 
24,555

 
958

 
18,873

 

 
44,386

Total assets
 
$
1,616,307

 
$
1,205,081


$
1,716,902


$
(1,948,488
)

$
2,589,802

LIABILITIES AND OWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
649

 
$
22,097

 
$
234,431

 
$

 
$
257,177

Payable to affiliates
 
21

 
7

 
21,406

 
(7,974
)
 
13,460

Accrued liabilities
 
11,993

 
17,575

 
63,126

 

 
92,694

Payables to pre-petition creditors
 
3,129

 

 

 

 
3,129

Deferred revenue
 

 

 
23,688

 

 
23,688

Other current liabilities
 
224

 
707

 
543

 

 
1,474

Current portion of long-term debt
 

 

 
40

 

 
40

Total current liabilities
 
16,016

 
40,386

 
343,234

 
(7,974
)
 
391,662

Long-term debt
 
335,000

 

 
490,946

 
(58,854
)
 
767,092

Deferred income taxes
 
112,897

 

 
49,059

 

 
161,956

Other noncurrent liabilities
 
2,886

 

 
46,769

 

 
49,655

Commitments and contingencies
 


 


 


 


 


Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
 
1,149,508

 
1,164,695

 
716,965

 
(1,881,660
)
 
1,149,508

Noncontrolling interests in consolidated subsidiaries
 

 

 
69,929

 

 
69,929

Total owners’ equity
 
1,149,508

 
1,164,695


786,894


(1,881,660
)

1,219,437

Total liabilities and owners’ equity
 
$
1,616,307

 
$
1,205,081


$
1,716,902


$
(1,948,488
)

$
2,589,802

Condensed Consolidating Guarantor Statements of Operations

 
 
Three Months Ended March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
Product
 
$

 
$
51,053

 
$
175,052

 
$
(5,974
)
 
$
220,131

Service
 

 
14,459

 
47,418

 

 
61,877

Other
 

 

 
16,302

 

 
16,302

Total revenues
 

 
65,512


238,772


(5,974
)

298,310

Expenses:
 
 
 
 
 
 
 
 
 

Costs of products sold, exclusive of depreciation and amortization shown below
 

 
40,668

 
157,378

 
(5,974
)
 
192,072

Operating
 

 
8,114

 
44,976

 

 
53,090

General and administrative
 
17,602

 
2,064

 
12,644

 

 
32,310

Depreciation and amortization
 
294

 
7,033

 
16,407

 

 
23,734

Loss (gain) on disposal or impairment of long-lived assets, net
 

 
(1
)
 
1,059

 

 
1,058

Total expenses
 
17,896

 
57,878


232,464


(5,974
)
 
302,264

Earnings from equity method investments
 
14,805

 
16,316

 
20,864

 
(31,426
)
 
20,559

Operating income (loss)
 
(3,091
)

23,950


27,172


(31,426
)

16,605

Other expenses (income), net:
 
 
 
 
 
 
 
 
 

Interest expense
 
1,422

 
5,491

 
8,444

 
(766
)
 
14,591

Foreign currency transaction gain
 

 

 
(519
)
 

 
(519
)
Other income, net
 
(8,686
)
 

 
(65
)
 
766

 
(7,985
)
Total other expenses (income), net
 
(7,264
)
 
5,491


7,860




6,087

Income before income taxes
 
4,173

 
18,459


19,312


(31,426
)

10,518

Income tax expense
 
2,707

 

 
2,035

 

 
4,742

Net income
 
1,466

 
18,459


17,277


(31,426
)

5,776

Less: net income attributable to noncontrolling interests
 

 

 
4,310

 

 
4,310

Net income attributable to SemGroup
 
$
1,466

 
$
18,459


$
12,967


$
(31,426
)

$
1,466

Net income
 
$
1,466

 
$
18,459


$
17,277


$
(31,426
)

$
5,776

Other comprehensive income (loss), net of income taxes
 
8,646

 

 
(17,706
)
 

 
(9,060
)
Comprehensive income (loss)
 
10,112

 
18,459


(429
)

(31,426
)

(3,284
)
Less: comprehensive income attributable to noncontrolling interests
 

 

 
4,310

 

 
4,310

Comprehensive income (loss) attributable to SemGroup
 
$
10,112

 
$
18,459


$
(4,739
)

$
(31,426
)

$
(7,594
)
 
 
Three Months Ended March 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
Product
 
$

 
$
98,125

 
$
338,797

 
$
(9,892
)
 
$
427,030

Service
 

 
1,219

 
47,288

 

 
48,507

Other
 

 

 
23,346

 

 
23,346

Total revenues
 

 
99,344


409,431


(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
 

 
7,055

 
43,723

 

 
50,778

General and administrative
 
4,533

 
2,051

 
12,152

 

 
18,736

Depreciation and amortization
 
435

 
4,816

 
18,386

 

 
23,637

Loss (gain) on disposal of long-lived assets, net
 

 
10

 
(68
)
 

 
(58
)
Total expenses
 
4,968

 
91,466


391,664


(9,892
)

478,206

Earnings from equity method investments
 
20,902

 
16,336

 
7,695

 
(29,971
)
 
14,962

Gain on issuance of common units by equity method investee
 
8,127

 

 

 

 
8,127

Operating income
 
24,061

 
24,214


25,462


(29,971
)

43,766

Other expenses (income), net:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
2,490

 
2,384

 
5,170

 
(817
)
 
9,227

Foreign currency transaction gain
 

 

 
(683
)
 

 
(683
)
Other income, net
 
(1,797
)
 

 
(67
)
 
817

 
(1,047
)
Total other expenses, net
 
693

 
2,384


4,420




7,497

Income from continuing operations before income taxes
 
23,368

 
21,830


21,042


(29,971
)

36,269

Income tax expense
 
9,780

 

 
6,746

 

 
16,526

Income from continuing operations
 
13,588

 
21,830


14,296


(29,971
)

19,743

Loss from discontinued operations, net of income taxes
 

 

 
(5
)
 

 
(5
)
Net income
 
13,588

 
21,830


14,291


(29,971
)

19,738

Less: net income attributable to noncontrolling interests
 

 

 
6,150

 

 
6,150

Net income attributable to SemGroup
 
$
13,588

 
$
21,830


$
8,141


$
(29,971
)

$
13,588

Net income
 
$
13,588

 
$
21,830


$
14,291


$
(29,971
)

$
19,738

Other comprehensive loss, net of income taxes
 
(746
)
 

 
(2,226
)
 

 
(2,972
)
Comprehensive income
 
12,842

 
21,830


12,065


(29,971
)

16,766

Less: comprehensive income attributable to noncontrolling interests
 

 

 
6,150

 

 
6,150

Comprehensive income attributable to SemGroup
 
$
12,842

 
$
21,830


$
5,915


$
(29,971
)

$
10,616

 
 
 

 
 
 
Condensed Consolidating Guarantor Statements of Cash Flows
 
 
Three Months Ended March 31, 2015
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Net cash provided by operating activities
 
$
5,224

 
$
4,610

 
$
15,719

 
$
(7,009
)
 
$
18,544

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 

Capital expenditures
 
(769
)
 
(34,152
)
 
(49,406
)
 

 
(84,327
)
Proceeds from sale of long-lived assets
 

 
12

 
105

 

 
117

Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
251,181

 

 

 
(251,181
)
 

Contributions to equity method investments
 

 

 
(15,182
)
 

 
(15,182
)
Proceeds from sale of common units of equity method investee
 
29,012

 

 

 

 
29,012

Distributions in excess of equity in earnings of affiliates
 
5,435

 

 
5,201

 
(5,435
)
 
5,201

Net cash provided by (used in) investing activities
 
284,859


(34,140
)

(59,282
)

(256,616
)
 
(65,179
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 

Debt issuance costs
 
(601
)
 

 

 

 
(601
)
Borrowings on credit facilities
 
110,000

 

 
312,000

 

 
422,000

Principal payments on credit facilities and other obligations
 
(79,000
)
 

 
(83,012
)
 

 
(162,012
)
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs
 

 

 
89,119

 

 
89,119

Distributions to noncontrolling interests
 

 

 
(8,953
)
 

 
(8,953
)
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
 
(3,630
)
 

 

 

 
(3,630
)
Dividends paid
 
(14,846
)
 

 

 

 
(14,846
)
Proceeds from issuance of common stock under employee stock purchase plan
 
313

 

 

 

 
313

Intercompany borrowings (advances), net
 
(59,161
)
 
29,530

 
(235,187
)
 
264,818

 

Net cash provided by (used in) financing activities
 
(46,925
)
 
29,530


73,967


264,818

 
321,390

Effect of exchange rate changes on cash and cash equivalents
 

 

 
172

 

 
172

Change in cash and cash equivalents
 
243,158

 


30,576


1,193

 
274,927

Cash and cash equivalents at beginning of period
 
9,254

 

 
35,445

 
(4,101
)
 
40,598

Cash and cash equivalents at end of period
 
$
252,412

 
$


$
66,021


$
(2,908
)
 
$
315,525


 
 
Three Months Ended March 31, 2014
 
 
Parent
 
Guarantors
 
Non-guarantors
 
Consolidating Adjustments
 
Consolidated
Net cash provided by operating activities
 
$
1,079

 
$
12,398

 
$
21,308

 
$
(5,887
)
 
$
28,898

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(242
)
 
(39,476
)
 
(17,035
)
 

 
(56,753
)
Proceeds from sale of long-lived assets
 

 
11

 
684

 

 
695

Contributions to equity method investments
 

 

 
(24,251
)
 

 
(24,251
)
Distributions in excess of equity in earnings of affiliates
 

 

 
2,505

 

 
2,505

Net cash used in investing activities
 
(242
)
 
(39,465
)

(38,097
)


 
(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 borrowing (advances), net
 
(48,435
)
 
27,067

 
15,722

 
5,646

 

Net cash provided by financing activities
 
1,109

 
27,067


8,753


5,646

 
42,575

Effect of exchange rate changes on cash and cash equivalents
 

 

 
1,938

 

 
1,938

Change in cash and cash equivalents
 
1,946

 


(6,098
)

(241
)
 
(4,393
)
Cash and cash equivalents at beginning of period
 
2,545

 

 
78,342

 
(1,536
)
 
79,351

Cash and cash equivalents at end of period
 
$
4,491

 
$


$
72,244


$
(1,777
)
 
$
74,958

Rose Rock Midstream, L.P. -Distributions (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 0 Months Ended
Feb. 14, 2014
Distribution of Q4 2013 earnings [Member]
May 15, 2014
Distribution of Q1 2014 earnings [Member]
Aug. 14, 2014
Distribution of Q2 2014 earnings [Member]
Nov. 14, 2014
Distribution of Q3 2014 earnings [Member]
Feb. 13, 2015
Distribution of Q4 2014 earnings [Member]
Mar. 31, 2015
Subsequent Event [Member]
Distribution of Q3 2014 earnings [Member]
May 15, 2015
Subsequent Event [Member]
Distribution of Q1 2015 earnings [Member]
Feb. 14, 2014
Parent [Member]
General Partner [Member]
Distribution of Q4 2013 earnings [Member]
May 15, 2014
Parent [Member]
General Partner [Member]
Distribution of Q1 2014 earnings [Member]
Aug. 14, 2014
Parent [Member]
General Partner [Member]
Distribution of Q2 2014 earnings [Member]
Nov. 14, 2014
Parent [Member]
General Partner [Member]
Distribution of Q3 2014 earnings [Member]
Feb. 13, 2015
Parent [Member]
General Partner [Member]
Distribution of Q4 2014 earnings [Member]
May 15, 2015
Parent [Member]
General Partner [Member]
Subsequent Event [Member]
Distribution of Q1 2015 earnings [Member]
Feb. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q4 2013 earnings [Member]
Common Units [Member]
Feb. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q4 2013 earnings [Member]
Subordinated Units [Member]
May 15, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q1 2014 earnings [Member]
Common Units [Member]
May 15, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q1 2014 earnings [Member]
Subordinated Units [Member]
Aug. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q2 2014 earnings [Member]
Common Units [Member]
Aug. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q2 2014 earnings [Member]
Subordinated Units [Member]
Nov. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q3 2014 earnings [Member]
Common Units [Member]
Nov. 14, 2014
Parent [Member]
Limited Partner [Member]
Distribution of Q3 2014 earnings [Member]
Subordinated Units [Member]
Feb. 13, 2015
Parent [Member]
Limited Partner [Member]
Distribution of Q4 2014 earnings [Member]
Common Units [Member]
Feb. 13, 2015
Parent [Member]
Limited Partner [Member]
Distribution of Q4 2014 earnings [Member]
Subordinated Units [Member]
May 15, 2015
Parent [Member]
Limited Partner [Member]
Subsequent Event [Member]
Distribution of Q1 2015 earnings [Member]
Common Units [Member]
May 15, 2015
Parent [Member]
Limited Partner [Member]
Subsequent Event [Member]
Distribution of Q1 2015 earnings [Member]
Subordinated Units [Member]
Feb. 14, 2014
Noncontrolling Interest [Member]
Limited Partner [Member]
Distribution of Q4 2013 earnings [Member]
Common Units [Member]
May 15, 2014
Noncontrolling Interest [Member]
Limited Partner [Member]
Distribution of Q1 2014 earnings [Member]
Common Units [Member]
Aug. 14, 2014
Noncontrolling Interest [Member]
Limited Partner [Member]
Distribution of Q2 2014 earnings [Member]
Common Units [Member]
Nov. 14, 2014
Noncontrolling Interest [Member]
Limited Partner [Member]
Distribution of Q3 2014 earnings [Member]
Common Units [Member]
Feb. 13, 2015
Noncontrolling Interest [Member]
Limited Partner [Member]
Distribution of Q4 2014 earnings [Member]
Common Units [Member]
May 15, 2015
Noncontrolling Interest [Member]
Limited Partner [Member]
Subsequent Event [Member]
Distribution of Q1 2015 earnings [Member]
Common Units [Member]
Incentive Distributions Made to Managing Members or General Partners by Distribution [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution per unit
$ 0.4650 
$ 0.4950 
$ 0.5350 
$ 0.5750 
$ 0.6200 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Made to Limited Partner, Distribution Date
 
 
 
 
 
May 15, 2015 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Made to Limited Partner, Date of Record
 
 
 
 
 
May 05, 2015 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General partner distributions
 
 
 
 
 
 
 
$ 257 
$ 278 
$ 334 
$ 377 
$ 485 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incentive distributions
 
 
 
 
 
 
 
244 
488 
888 
1,835 
3,487 
4,450 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partner distributions
 
 
 
 
 
 
 
 
 
 
 
 
 
2,041 
3,901 
2,173 
4,153 
3,646 
4,488 
3,918 
4,824 
6,551 
5,202 
 
 
6,398 
6,811 
7,362 
7,912 
8,544 
 
Total distributions to partners
12,841 
13,903 
16,718 
18,866 
24,269 
 
28,379 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Made to Limited Partner, Cash Distributions Declared
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13,148 
 
 
 
 
 
10,213 
Distribution Made to Limited Partner, Distributions Declared, Per Unit
 
 
 
 
 
 
$ 0.6350 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Managing Member or General Partner, Subsequent Distribution Amount
 
 
 
 
 
 
 
 
 
 
 
 
$ 568 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rose Rock Midstream, L.P. - Summarized balance sheet information (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Summarized Balance Sheet Information
 
 
Other current assets
$ 15,770 
$ 20,017 
Property, plant and equipment, net
1,303,781 
1,256,825 
Equity method investment
561,463 
577,920 
Goodwill
58,159 
58,326 
Other noncurrent assets, net
56,805 
44,386 
Total assets
2,861,540 
2,589,802 
Current liabilities
349,388 
391,662 
Long-term debt
1,027,072 
767,092 
Total liabilities and owners’ equity
2,861,540 
2,589,802 
Rose Rock Midstream, L.P. [Member]
 
 
Summarized Balance Sheet Information
 
 
Cash
13,323 
3,625 
Other current assets
261,942 
271,144 
Property, plant and equipment, net
405,283 
396,066 
Equity method investment
425,655 
269,635 
Goodwill
36,116 
36,116 
Other noncurrent assets, net
28,847 
29,677 
Total assets
1,171,166 
1,006,263 
Current liabilities
227,607 
265,682 
Long-term debt
661,072 
432,092 
Partners’ capital attributable to SemGroup
179,280 
238,560 
Partners’ capital attributable to noncontrolling interests
103,207 
69,929 
Total liabilities and owners’ equity
$ 1,171,166 
$ 1,006,263 
Rose Rock Midstream, L.P. - Summarized income statement information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Summarized Income Statement Information
 
 
Revenue
$ 298,310 
$ 498,883 
Cost of products sold
192,072 
385,113 
Depreciation and amortization
23,734 
23,637 
Earnings from equity method investments
20,559 
14,962 
Net income
5,776 
19,738 
Noncontrolling interests in consolidated subsidiary retained by SemGroup
4,310 
6,150 
Net income attributable to Rose Rock Midstream, L.P.
1,466 
13,588 
Rose Rock Midstream, L.P. [Member]
 
 
Summarized Income Statement Information
 
 
Revenue
134,693 
292,514 
Cost of products sold
96,237 
254,537 
Operating, general and administrative expenses
26,571 
18,962 
Depreciation and amortization
10,143 
11,482 
Earnings from equity method investments
20,864 
11,080 
Net income
14,600 
16,226 
Noncontrolling interests in consolidated subsidiary retained by SemGroup
 
3,676 
Net income attributable to Rose Rock Midstream, L.P.
$ 14,600 
$ 12,550 
Rose Rock Midstream, L.P. (Details Textual) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 3 Months Ended 0 Months Ended
Mar. 31, 2015
Glass Mountain Pipeline LLC [Member]
Jan. 2, 2015
Rose Rock Midstream, L.P. [Member]
Class A [Member]
Feb. 17, 2015
Rose Rock Midstream, L.P. [Member]
Subordinated Units [Member]
Mar. 31, 2015
Limited Partner [Member]
Rose Rock Midstream, L.P. [Member]
Mar. 31, 2015
General Partner [Member]
Rose Rock Midstream, L.P. [Member]
Mar. 31, 2015
First Target Distribution [Member]
Minimum [Member]
Feb. 13, 2015
Rose Rock Midstream L P [Member]
Contribution of WOT and 50% interest in Glass Mountain [Member]
Feb. 13, 2015
Rose Rock Midstream L P [Member]
Contribution of WOT and 50% interest in Glass Mountain [Member]
Common Units [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
 
 
 
 
 
 
 
 
General partner ownership interest
 
 
 
 
2.00% 
 
 
 
Limited partners' capital account, units converted to common
 
3,750,000 
8,389,709 
 
 
 
 
 
Limited partner ownership interest
 
 
 
55.20% 
 
 
 
 
Equity method investment, ownership percentage
50.00% 
 
 
 
 
 
 
 
Cash paid by subsidiary for acquisition in common control transaction
 
 
 
 
 
 
$ 251.2 
 
Units received as consideration in WOT and Glass Mountain transaction
 
 
 
 
 
 
 
1.75 
Partners' minimum quarterly distribution per unit
 
 
 
 
 
0.3625 
 
 
Equity Method Investments - Investment balances (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
Equity method investments
$ 561,463 
$ 577,920 
White Cliffs Pipeline, L.L.C. [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Equity method investments
279,753 
269,635 
NGL Energy Partners LP [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Equity method investments
135,808 
162,246 
Glass Mountain Pipeline LLC [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Equity method investments
$ 145,902 
$ 146,039 
Equity Method Investments - Equity earnings, by investment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
Earnings from equity method investments
$ 20,559 
$ 14,962 
White Cliffs Pipeline, L.L.C. [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Earnings from equity method investments
19,090 
11,080 
NGL Energy Partners LP [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Earnings from equity method investments
(305)
3,591 1
Glass Mountain Pipeline LLC [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Earnings from equity method investments
$ 1,774 
$ 291 
Equity Method Investments - Distributions received, by investment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
Cash distributions received from equity method investments
$ 31,080 
$ 18,926 
White Cliffs Pipeline, L.L.C. [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Cash distributions received from equity method investments
24,154 
13,585 
NGL Energy Partners LP [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Cash distributions received from equity method investments
5,015 
5,341 
Glass Mountain Pipeline LLC [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Cash distributions received from equity method investments
$ 1,911 
$ 0 
Equity Method Investments - Summarized financial information - White Cliffs (Details) (White Cliffs Pipeline, L.L.C. [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
White Cliffs Pipeline, L.L.C. [Member]
 
 
Summarized income statement information
 
 
Equity Method Investment, Summarized Financial Information, Revenue
$ 54,614 
$ 33,274 
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses
8,353 
6,768 
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense
8,538 
4,393 
Equity Method Investment, Summarized Financial Information, Net Income (Loss)
$ 37,723 
$ 22,113 
Equity Method Investments - Summarized financial information - NGL Energy (Details) (NGL Energy Partners LP [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
NGL Energy Partners LP [Member]
 
 
Summarized income statement information
 
 
Equity Method Investment, Summarized Financial Information, Revenue
$ 4,552,146 
$ 2,743,445 
Equity Method Investment, Summarized Financial Information, Cost of Sales
4,311,668 
2,576,029 
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses
172,064 
90,753 
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense
50,335 
35,494 
Equity Method Investment, Summarized Financial Information, Net Income (Loss)
$ (5,269)
$ 24,052 
Equity Method Investments - Summarized financial information - Glass Mountain (Details) (Glass Mountain Pipeline LLC [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Glass Mountain Pipeline LLC [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Equity Method Investment, Summarized Financial Information, Revenue
$ 11,121 
$ 3,853 
Equity Method Investment, Summarized Financial Information, Cost of Sales
1,982 
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses
1,438 
850 
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense
4,044 
2,348 
Equity Method Investment, Summarized Financial Information, Net Income (Loss)
$ 3,655 
$ 653 
Equity Method Investments (Details Textual) (USD $)
3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
White Cliffs Pipeline, L.L.C. [Member]
Mar. 31, 2014
White Cliffs Pipeline, L.L.C. [Member]
Dec. 31, 2014
NGL Energy Partners LP [Member]
Mar. 31, 2015
NGL Energy Partners LP [Member]
Mar. 31, 2015
NGL Energy Partners LP [Member]
Limited Partner Interests [Member]
Mar. 31, 2015
NGL Energy Partners LP [Member]
General Partner [Member]
Mar. 31, 2015
White Cliffs Pipeline, L.L.C. [Member]
Mar. 31, 2015
Glass Mountain Pipeline LLC [Member]
Mar. 31, 2015
Pipeline expansion [Member]
White Cliffs Pipeline, L.L.C. [Member]
bbl
Jun. 30, 2015
Subsequent Event [Member]
NGL Energy Partners LP [Member]
Mar. 31, 2015
Other Expense [Member]
NGL Energy Partners LP [Member]
Jun. 30, 2015
Other Expense [Member]
Subsequent Event [Member]
NGL Energy Partners LP [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partner ownership interest
 
 
 
 
 
 
6.40% 
 
 
 
 
 
 
 
Project funding contributions
 
 
 
 
 
 
 
 
$ 14,900,000 
 
$ 6,600,000 
 
 
 
General and administrative
32,310,000 
18,736,000 
300,000 
400,000 
 
 
 
 
 
 
 
 
 
 
Incremental capacity expected to be added
 
 
 
 
 
 
 
 
 
 
65,000 
 
 
 
Expected capital contributions, year one
 
 
 
 
 
 
 
 
 
 
30,100,000 
 
 
 
Common units
 
 
 
 
 
5,652,568 
 
 
 
 
 
 
 
 
Percentage of limited partner ownership interest
 
 
 
 
 
 
 
 
51.00% 
50.00% 
 
 
 
 
Common units representing limited partner interests
 
 
 
 
88,545,764 
 
 
 
 
 
 
 
 
 
General partner ownership interest
 
 
 
 
 
 
 
11.78% 
 
 
 
 
 
 
Fair market value of common units
 
 
 
 
 
148,300,000 
 
 
 
 
 
 
 
 
Closing price per common unit
 
 
 
 
 
$ 26.23 
 
 
 
 
 
 
 
 
Units of equity investee divested
 
 
 
 
 
999,533 
 
 
 
 
 
1,000,000 
 
 
Net proceeds from sale of common units of equity method investee
29,012,000 
 
 
 
29,000,000 
 
 
 
 
 
27,300,000 
 
 
Transaction related costs
 
 
 
 
 
 
 
 
 
 
 
 
400,000 
100,000 
Gain on sale of common units of equity method investee
$ 7,894,000 
$ 0 
 
 
 
 
 
 
 
 
 
 
$ 7,900,000 
$ 6,600,000 
Segments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
Revenue
$ 298,310 
$ 498,883 
 
Costs of products sold, exclusive of depreciation and amortization shown below
192,072 
385,113 
 
Operating
53,090 
50,778 
 
General and administrative
32,310 
18,736 
 
Depreciation and amortization
23,734 
23,637 
 
Loss (gain) on disposal of long-lived assets, net
1,058 
(58)
 
Total expenses
302,264 
478,206 
 
Earnings from equity method investments
20,559 
14,962 
 
Gain on issuance of common units by equity method investee
8,127 
 
Operating income
16,605 
43,766 
 
Other expenses (income), net
6,087 
7,497 
 
Income (loss) from continuing operations before income taxes
10,518 
36,269 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
2,861,540 
 
2,589,802 
Crude [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
141,668 
292,514 
 
Costs of products sold, exclusive of depreciation and amortization shown below
105,145 
254,537 
 
Operating
21,162 
15,139 
 
General and administrative
5,622 
3,942 
 
Depreciation and amortization
10,143 
11,482 
 
Loss (gain) on disposal of long-lived assets, net
152 
(34)
 
Total expenses
142,224 
285,066 
 
Earnings from equity method investments
20,864 
11,371 
 
Gain on issuance of common units by equity method investee
 
 
Operating income
20,308 
18,819 
 
Other expenses (income), net
10,646 
4,663 
 
Income (loss) from continuing operations before income taxes
9,662 
14,156 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
1,188,963 
 
 
SemStream [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Costs of products sold, exclusive of depreciation and amortization shown below
 
Operating
 
 
General and administrative
113 
 
Depreciation and amortization
 
Loss (gain) on disposal of long-lived assets, net
 
Total expenses
113 
 
Earnings from equity method investments
(305)
3,591 
 
Gain on issuance of common units by equity method investee
 
8,127 
 
Operating income
(308)
11,605 
 
Other expenses (income), net
(9,216)
(1,264)
 
Income (loss) from continuing operations before income taxes
8,908 
12,869 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
135,808 
 
 
SemCAMS [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
29,724 
39,283 
 
Costs of products sold, exclusive of depreciation and amortization shown below
132 
67 
 
Operating
18,331 
23,666 
 
General and administrative
3,376 
3,980 
 
Depreciation and amortization
3,066 
2,829 
 
Loss (gain) on disposal of long-lived assets, net
 
Total expenses
24,905 
30,542 
 
Earnings from equity method investments
 
Gain on issuance of common units by equity method investee
 
 
Operating income
4,819 
8,741 
 
Other expenses (income), net
3,069 
4,155 
 
Income (loss) from continuing operations before income taxes
1,750 
4,586 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
275,308 
 
 
SemGas [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
66,257 
100,578 
 
Costs of products sold, exclusive of depreciation and amortization shown below
41,269 
78,582 
 
Operating
8,046 
7,444 
 
General and administrative
2,063 
1,972 
 
Depreciation and amortization
7,138 
4,969 
 
Loss (gain) on disposal of long-lived assets, net
(1)
 
Total expenses
58,515 
92,971 
 
Earnings from equity method investments
 
Gain on issuance of common units by equity method investee
 
 
Operating income
7,742 
7,607 
 
Other expenses (income), net
2,851 
1,689 
 
Income (loss) from continuing operations before income taxes
4,891 
5,918 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
686,665 
 
 
SemLogistics [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
5,152 
4,790 
 
Costs of products sold, exclusive of depreciation and amortization shown below
350 
 
Operating
2,614 
2,080 
 
General and administrative
1,677 
1,422 
 
Depreciation and amortization
2,040 
2,495 
 
Loss (gain) on disposal of long-lived assets, net
 
Total expenses
6,331 
6,347 
 
Earnings from equity method investments
 
Gain on issuance of common units by equity method investee
 
 
Operating income
(1,179)
(1,557)
 
Other expenses (income), net
1,116 
251 
 
Income (loss) from continuing operations before income taxes
(2,295)
(1,808)
 
Total assets at March 31, 2015 (excluding intersegment receivables)
143,778 
 
 
SemMexico [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
61,490 
71,610 
 
Costs of products sold, exclusive of depreciation and amortization shown below
51,507 
61,469 
 
Operating
2,937 
2,449 
 
General and administrative
1,942 
2,751 
 
Depreciation and amortization
1,053 
1,427 
 
Loss (gain) on disposal of long-lived assets, net
(19)
(28)
 
Total expenses
57,420 
68,068 
 
Earnings from equity method investments
 
Gain on issuance of common units by equity method investee
 
 
Operating income
4,070 
3,542 
 
Other expenses (income), net
69 
(45)
 
Income (loss) from continuing operations before income taxes
4,001 
3,587 
 
Total assets at March 31, 2015 (excluding intersegment receivables)
98,546 
 
 
Corporate and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
(5,981)
(9,892)
 
Costs of products sold, exclusive of depreciation and amortization shown below
(5,981)
(9,892)
 
Operating
 
 
General and administrative
17,627 
4,556 
 
Depreciation and amortization
294 
435 
 
Loss (gain) on disposal of long-lived assets, net
926 
 
Total expenses
12,866 
(4,901)
 
Earnings from equity method investments
 
Gain on issuance of common units by equity method investee
 
 
Operating income
(18,847)
(4,991)
 
Other expenses (income), net
(2,448)
(1,952)
 
Income (loss) from continuing operations before income taxes
(16,399)
(3,039)
 
Total assets at March 31, 2015 (excluding intersegment receivables)
332,472 
 
 
Operating Segments [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
298,310 
498,883 
 
Operating Segments [Member] |
Crude [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
141,668 
292,514 
 
Operating Segments [Member] |
SemStream [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Operating Segments [Member] |
SemCAMS [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
29,724 
39,283 
 
Operating Segments [Member] |
SemGas [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
60,276 
90,686 
 
Operating Segments [Member] |
SemLogistics [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
5,152 
4,790 
 
Operating Segments [Member] |
SemMexico [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
61,490 
71,610 
 
Operating Segments [Member] |
Corporate and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
Crude [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
SemStream [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
SemCAMS [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
SemGas [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
5,981 
9,892 
 
Intersegment Eliminations [Member] |
SemLogistics [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
SemMexico [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
 
Intersegment Eliminations [Member] |
Corporate and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
$ (5,981)
$ (9,892)
 
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Inventory valuation adjustment
$ 1,187 
$ 0 
 
Components of Inventories
 
 
 
Crude oil
55,680 
 
26,722 
Asphalt and other
12,090 
 
16,810 
Total Inventories
67,770 
 
43,532 
Crude [Member] |
Crude Oil [Member]
 
 
 
Inventory valuation adjustment
$ 1,200 
 
 
Financial Instruments - Fair value of financial assets and liabilties (Details) (Commodity Derivatives [Member], Level 1 [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Commodity Derivatives [Member] |
Level 1 [Member]
 
 
Fair Value of Financial Assets and Liabilities
 
 
Derivative Asset, Fair Value, Gross Asset
$ 1,763 
$ 3,311 
Derivative Asset, Fair Value, Gross Liability
(1,763)1
(1,637)1
Derivative Asset, Fair Value, Amount Not Offset Against Collateral
 
1,674 
Derivative Liability, Fair Value, Gross Liability
2,733 
1,637 
Derivative Liability, Fair Value, Gross Asset
(1,763)1
(1,637)1
Derivative Liability, Fair Value, Amount Not Offset Against Collateral
$ 970 
 
Financial Instruments - Level 2 and 3 (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Schedule of Changes in Fair Value of Financial Assets (Liabilities) Classified as Level 3
 
 
Level 2 and level 3 fair value transactions
$ 0 
$ 0 
Financial Instruments - Notional amounts (Details)
3 Months Ended
Mar. 31, 2015
bbl
Mar. 31, 2014
bbl
Sales [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount, Volume
5,731,000 
815,000 
Purchases [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Nonmonetary Notional Amount, Volume
5,905,000 
810,000 
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) (Commodity Contract [Member], Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset
$ 0 
$ 1,674 
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability
$ 970 
$ 0 
Financial Instruments - Realized and unrealized gains and losses (Details) (Commodity Contract [Member], Sales [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Commodity Contract [Member] |
Sales [Member]
 
 
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives
 
 
Realized and unrealized gains (losses) from commodity derivatives
$ (66)
$ (807)
Financial Instruments (Details Textual) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2015
Commodity Contract [Member]
Dec. 31, 2014
Commodity Contract [Member]
Mar. 31, 2015
Customer Concentration Risk [Member]
Sales Revenue, Goods, Net [Member]
Mar. 31, 2015
Customer Concentration Risk [Member]
Cost of Goods, Total [Member]
Mar. 31, 2015
Customer Concentration Risk [Member]
Accounts Receivable [Member]
Mar. 31, 2015
Customer Concentration Risk [Member]
Crude [Member]
Sales Revenue, Goods, Net [Member]
Customer
Mar. 31, 2015
Customer Concentration Risk [Member]
Crude [Member]
Cost of Goods, Total [Member]
Customer
Mar. 31, 2015
Customer Concentration Risk [Member]
Crude [Member]
Accounts Receivable [Member]
Customer
Offsetting Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
Margin Deposit Assets
$ 3.2 
$ 0.8 
 
 
 
 
 
 
 
 
Derivative Asset, Fair Value, Amount Offset Against Collateral
 
 
2.2 
2.5 
 
 
 
 
 
 
Number of Customers
 
 
 
 
 
 
 
 
Concentration Risk, Percentage
 
 
 
 
35.00% 
37.00% 
33.00% 
 
 
 
Purchases of product
 
 
 
 
 
 
 
 
$ 71.2 
 
Number of Suppliers
 
 
 
 
 
 
 
 
 
Income Taxes (Details Textual) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Taxes (Textual) [Abstract]
 
 
U.S. federal statutory rate
35.00% 
 
Effective Income Tax Rate, Continuing Operations
45.00% 
46.00% 
Foreign Tax Authority [Member]
 
 
Income Taxes (Textual) [Abstract]
 
 
Income Taxes Paid
$ 3.1 
 
Long-Term Debt (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Capital leases
$ 119,000 
$ 132,000 
Total long-term debt
1,027,119,000 
767,132,000 
less: current portion of long-term debt
47,000 
40,000 
Long-term debt
1,027,072,000 
767,092,000 
Corporate [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
300,000,000 
300,000,000 
SemMexico [Member]
 
 
Debt Instrument [Line Items]
 
 
Borrowings
Revolving Credit Facility [Member] |
Corporate [Member]
 
 
Debt Instrument [Line Items]
 
 
Borrowings
66,000,000 
35,000,000 
Rose Rock Midstream L P [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
400,000,000 
400,000,000 
Long-term debt
661,072,000 
432,092,000 
Rose Rock Midstream L P [Member] |
Revolving Credit Facility [Member]
 
 
Debt Instrument [Line Items]
 
 
Borrowings
$ 261,000,000 
$ 32,000,000 
Long-Term Debt (Details Textual)
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2015
USD ($)
Mar. 31, 2014
USD ($)
Mar. 31, 2015
Corporate [Member]
USD ($)
Dec. 31, 2014
Corporate [Member]
USD ($)
Mar. 31, 2015
Corporate [Member]
Senior Notes [Member]
USD ($)
Mar. 31, 2014
Corporate [Member]
Senior Notes [Member]
USD ($)
Mar. 31, 2015
Corporate [Member]
Letter of Credit [Member]
USD ($)
Mar. 31, 2015
Corporate [Member]
Revolving Credit Facility [Member]
USD ($)
Mar. 31, 2014
Corporate [Member]
Revolving Credit Facility [Member]
USD ($)
Dec. 31, 2014
Corporate [Member]
Revolving Credit Facility [Member]
USD ($)
Mar. 31, 2015
Corporate [Member]
Revolving Credit Facility [Member]
Alternate Base Rate Borrowings [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
USD ($)
Dec. 31, 2014
SemMexico [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
44 million MXP credit facility [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
44 million MXP credit facility [Member]
MXN ($)
Mar. 31, 2015
SemMexico [Member]
USD denominated letter of credit [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
Letter of Credit [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
Letter of Credit [Member]
MXN ($)
Mar. 31, 2015
SemMexico [Member]
Letter of Credit [Member]
Minimum [Member]
Mar. 31, 2015
SemMexico [Member]
Letter of Credit [Member]
Maximum [Member]
Mar. 31, 2015
SemMexico [Member]
56 million MXP credit facility [Member]
USD ($)
Mar. 31, 2015
SemMexico [Member]
56 million MXP credit facility [Member]
MXN ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
USD ($)
Dec. 31, 2014
Rose Rock Midstream L P [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Senior Notes [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Bilateral Letter of Credit [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Letter of Credit [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
USD ($)
Mar. 31, 2014
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
USD ($)
Dec. 31, 2014
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
Eurodollar Rate Borrowings [Member]
USD ($)
Mar. 31, 2015
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
Alternate Base Rate Borrowings [Member]
USD ($)
Mar. 31, 2015
Base Rate [Member]
Corporate [Member]
Revolving Credit Facility [Member]
Mar. 31, 2015
Base Rate [Member]
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
Mar. 31, 2015
Eurodollar [Member]
Rose Rock Midstream L P [Member]
Revolving Credit Facility [Member]
Mar. 31, 2015
Mexican bank prime rate [Member]
SemMexico [Member]
44 million MXP credit facility [Member]
Mar. 31, 2015
Mexican bank prime rate [Member]
SemMexico [Member]
56 million MXP credit facility [Member]
Mar. 31, 2015
Level 1 [Member]
Corporate [Member]
Senior Notes [Member]
USD ($)
Mar. 31, 2015
Level 1 [Member]
Rose Rock Midstream L P [Member]
Senior Notes [Member]
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, Debt
 
 
 
 
$ 5,800,000 
$ 5,800,000 
 
$ 1,000,000 
$ 1,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 5,800,000 
 
 
$ 2,300,000 
$ 2,300,000 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
7.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.625% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum borrowing capacity
 
 
 
 
 
 
 
500,000,000 
 
 
 
 
 
2,900,000 
44,000,000 
 
 
 
 
 
3,700,000 
56,000,000 
 
 
 
 
 
585,000,000 
 
 
 
 
 
 
 
 
 
 
 
Borrowings outstanding
 
 
 
 
 
 
 
66,000,000 
 
35,000,000 
66,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
261,000,000 
 
32,000,000 
225,000,000 
36,000,000 
 
 
 
 
 
 
 
Letters of credit outstanding
 
 
 
 
 
 
3,800,000 
 
 
 
 
 
 
 
 
3,000,000 
19,200,000 
292,800,000 
 
 
 
 
 
 
 
9,100,000 
17,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate in effect
 
 
 
 
 
 
2.00% 
 
 
 
 
 
 
 
 
 
 
 
0.40% 
0.70% 
 
 
 
 
 
1.75% 
2.50% 
 
 
 
 
 
4.25% 
4.75% 
2.68% 
 
 
 
 
Senior Notes
 
 
300,000,000 
300,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
400,000,000 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.50% 
1.50% 
 
 
Interest Costs Capitalized
300,000 
700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 315,000,000 
$ 394,000,000 
Commitments and Contingencies - Purchase and sales commitments (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
bbl
Fixed Price Sales [Member]
 
Summary Of Purchase And Sale Commitments
 
Sale commitments, Volume (barrels)
14,125,000 
Sale commitments, Value
$ 1,127,864 
Floating Price Sales [Member]
 
Summary Of Purchase And Sale Commitments
 
Sale commitments, Volume (barrels)
14,538,000 
Sale commitments, Value
508,968 
Fixed Price Purchases [Member]
 
Summary Of Purchase And Sale Commitments
 
Purchase commitments, Volume (barrels)
13,145,000 
Purchase commitments, Value
1,064,246 
Floating Price Purchases [Member]
 
Summary Of Purchase And Sale Commitments
 
Purchase commitments, Volume (barrels)
7,149,000 
Purchase commitments, Value
$ 333,777 
Commitments and Contingencies (Details Textual) (USD $)
3 Months Ended 3 Months Ended
Mar. 31, 2015
sites
Dec. 31, 2014
Mar. 31, 2015
Crude [Member]
sites
Mar. 31, 2015
SemGas [Member]
sites
Mar. 31, 2015
Minimum [Member]
Mar. 31, 2015
Maximum [Member]
Mar. 31, 2015
SemCAMS [Member]
Jun. 11, 2013
Sem Crude [Member]
bbl
Aug. 18, 2011
Sem Crude [Member]
bbl
Mar. 31, 2015
SemGas [Member]
Pipeline transportation capacity [Member]
Mar. 31, 2015
SemGas [Member]
Commitments [Member]
Commitments and Contingencies (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Loss contingency claims, number of barrels of crude oil claimed to be owed
 
 
 
 
 
 
 
 
141,000 
 
 
Barrels of crude oil determined to be missing
 
 
 
 
 
 
 
148,000 
 
 
 
Site contingency number of sites checked
 
 
 
 
 
 
 
 
Number of sites appearing to have soil contamination
 
 
 
 
 
 
 
 
 
 
Number of sites appearing to have water contamination as per phase two investigations
 
 
 
 
 
 
 
 
 
 
Number of sites closed
 
 
 
 
 
 
 
 
 
 
Sites for which closure is anticipated in 2015
 
 
 
 
 
 
 
 
 
 
Site contingency, number of sites remaining open
 
 
 
 
 
 
 
 
 
 
Asset retirement obligation liability
 
 
 
 
 
 
$ 40,200,000 
 
 
 
 
Estimated cost to retire facilities
 
 
 
 
 
 
87,600,000 
 
 
 
 
Notice required to cancel purchase agreements, days
 
 
 
 
30 days 
120 days 
 
 
 
 
 
Due under the contract
83,473,000 
92,694,000 
 
 
 
 
 
 
 
 
Future obligations
 
 
 
 
 
 
 
 
 
$ 2,600,000 
 
Commitments and Contingencies Commitments and Contingencies - Take or Pay (Details) (Fractionation capacity [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Fractionation capacity [Member]
 
Long-term Purchase Commitment [Line Items]
 
Purchase Obligation, Due in Next Twelve Months
$ 7,817 
Purchase Obligation, Due in Second Year
11,804 
Purchase Obligation, Due in Third Year
11,938 
Purchase Obligation, Due in Fourth Year
10,060 
Purchase Obligation, Due in Fifth Year
9,121 
Purchase Obligation, Due after Fifth Year
24,392 
Purchase Obligation
$ 75,132 
Equity - Equity rollforward (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
$ 1,219,437 
 
Net income
5,776 
19,738 
Other comprehensive loss, net of income taxes
(9,060)
(2,972)
Distributions to noncontrolling interests
(8,953)
 
Dividends paid
(14,846)
 
Unvested dividend equivalent rights
(110)
 
Non-cash equity compensation
2,732 
 
Issuance of common stock under compensation plans
765 
 
Repurchase of common stock
(3,630)
 
Rose Rock Midstream, L.P. equity issuance
89,119 
 
Transfer of WOT and Glass Mountain to Rose Rock
(19,288)
 
Balance at March 31, 2015
1,261,942 
 
Common Stock [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
436 
 
Net income
 
Other comprehensive loss, net of income taxes
 
Distributions to noncontrolling interests
 
Dividends paid
 
Unvested dividend equivalent rights
 
Non-cash equity compensation
 
Issuance of common stock under compensation plans
 
Repurchase of common stock
 
Rose Rock Midstream, L.P. equity issuance
 
Transfer of WOT and Glass Mountain to Rose Rock
 
Balance at March 31, 2015
439 
 
Additional Paid-In Capital [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
1,245,877 
 
Net income
 
Other comprehensive loss, net of income taxes
 
Distributions to noncontrolling interests
 
Dividends paid
(14,846)
 
Unvested dividend equivalent rights
(66)
 
Non-cash equity compensation
2,434 
 
Issuance of common stock under compensation plans
762 
 
Repurchase of common stock
 
Rose Rock Midstream, L.P. equity issuance
 
Transfer of WOT and Glass Mountain to Rose Rock
32,164 
 
Balance at March 31, 2015
1,266,325 
 
Treasury Stock [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
(1,332)
 
Net income
 
Other comprehensive loss, net of income taxes
 
Distributions to noncontrolling interests
 
Dividends paid
 
Unvested dividend equivalent rights
 
Non-cash equity compensation
 
Issuance of common stock under compensation plans
 
Repurchase of common stock
(3,630)
 
Rose Rock Midstream, L.P. equity issuance
 
Transfer of WOT and Glass Mountain to Rose Rock
 
Balance at March 31, 2015
(4,962)
 
Accumulated Deficit [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
(68,332)
 
Net income
1,466 
 
Other comprehensive loss, net of income taxes
 
Distributions to noncontrolling interests
 
Dividends paid
 
Unvested dividend equivalent rights
 
Non-cash equity compensation
 
Issuance of common stock under compensation plans
 
Repurchase of common stock
 
Rose Rock Midstream, L.P. equity issuance
 
Transfer of WOT and Glass Mountain to Rose Rock
 
Balance at March 31, 2015
(66,866)
 
Accumulated Other Comprehensive Income (Loss) [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
(27,141)
 
Net income
 
Other comprehensive loss, net of income taxes
(9,060)
 
Distributions to noncontrolling interests
 
Dividends paid
 
Unvested dividend equivalent rights
 
Non-cash equity compensation
 
Issuance of common stock under compensation plans
 
Repurchase of common stock
 
Rose Rock Midstream, L.P. equity issuance
 
Transfer of WOT and Glass Mountain to Rose Rock
 
Balance at March 31, 2015
(36,201)
 
Noncontrolling Interest [Member]
 
 
SemGroup owners’ equity:
 
 
Balance at December 31, 2014
69,929 
 
Net income
4,310 
 
Other comprehensive loss, net of income taxes
 
Distributions to noncontrolling interests
(8,953)
 
Unvested dividend equivalent rights
(44)
 
Non-cash equity compensation
298 
 
Issuance of common stock under compensation plans
 
Repurchase of common stock
 
Rose Rock Midstream, L.P. equity issuance
89,119 
 
Transfer of WOT and Glass Mountain to Rose Rock
(51,452)
 
Balance at March 31, 2015
$ 103,207 
 
Equity - Accumulated other comprehensive income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Components of Accumulated Other Comprehensive Loss
 
Balance at December 31, 2014
$ (27,141)
Currency translation adjustment, net of income tax benefit of $5,684
(9,068)
Changes related to benefit plans, net of income tax expense of $3
Balance at March 31, 2015
(36,201)
Currency Translation [Member]
 
Components of Accumulated Other Comprehensive Loss
 
Balance at December 31, 2014
(25,059)
Currency translation adjustment, net of income tax benefit of $5,684
(9,068)
Changes related to benefit plans, net of income tax expense of $3
Balance at March 31, 2015
(34,127)
Employee Benefit Plans [Member]
 
Components of Accumulated Other Comprehensive Loss
 
Balance at December 31, 2014
(2,082)
Currency translation adjustment, net of income tax benefit of $5,684
Changes related to benefit plans, net of income tax expense of $3
Balance at March 31, 2015
$ (2,074)
Equity - Dividends (Details)
0 Months Ended 1 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended
Mar. 20, 2015
Nov. 28, 2014
Aug. 29, 2014
May 19, 2014
Mar. 10, 2014
Mar. 31, 2015
First quarter 2014 dividend [Member]
Mar. 31, 2015
Second quarter 2014 dividend [Member] [Member]
Mar. 31, 2015
Third quarter 2014 dividend [Member]
Mar. 31, 2015
Fourth quarter 2014 dividend [Member]
Mar. 31, 2015
First quarter 2015 dividend [Member]
May 27, 2015
Subsequent Event [Member]
Mar. 31, 2015
Subsequent Event [Member]
Second quarter 2015 dividend [Member]
Dividends Payable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Per Share, Paid
$ 0.34 
$ 0.30 
$ 0.27 
$ 0.24 
$ 0.22 
 
 
 
 
 
 
 
Date Declared
 
 
 
 
 
Feb. 25, 2014 
May 08, 2014 
Aug. 06, 2014 
Nov. 06, 2014 
Feb. 26, 2015 
 
May 06, 2015 
Date of Record
 
 
 
 
 
Mar. 10, 2014 
May 19, 2014 
Aug. 18, 2014 
Nov. 17, 2014 
Mar. 09, 2015 
 
May 18, 2015 
Dividend Per Share, Declared
 
 
 
 
 
 
 
 
 
 
$ 0.38 
 
Date Paid
Mar. 20, 2015 
Nov. 28, 2014 
Aug. 28, 2014 
May 29, 2014 
Mar. 20, 2014 
 
 
 
 
 
May 29, 2015 
 
Equity (Details Textual) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
EQUITY (Textual) [Abstract]
 
Employee Stock Purchase Plan shares issued during period
9,145 
Shares of vested stock awards sold back to satisfy tax obligations
54,783 
Outstanding unvested equity compensation awards
428,000 
Additional equity compensation awards that could vest if certain targets are achieved
172,000 
Equity compensation awards granted during the period
139,286 
Weighted average grant date fair value of equity awards granted during the period
$ 89.38 
Income tax expense, related to change in benefit plans
$ 3 
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax
(5,684)
Stock Compensation Plan [Member]
 
EQUITY (Textual) [Abstract]
 
Vested common stock
157,005 
Cash settled UUD [Member]
 
EQUITY (Textual) [Abstract]
 
Unvested Dividend Equivalent Value
$ 307 
Earnings Per Share - Basic (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Basic earnings per share
 
 
Loss from discontinued operations, net of income taxes
$ 0 
$ (5)
Net income
5,776 
19,738 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Numerator
1,466 
13,588 
Weighted average common stock outstanding
43,717 
42,631 
Basic earnings (loss) per share, Net
$ 0.03 
$ 0.32 
Continuing Operations [Member]
 
 
Basic earnings per share
 
 
Income (loss)
5,776 
19,743 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Numerator
1,466 
13,593 
Weighted average common stock outstanding
43,717 
42,631 
Basic earnings per share, Continuing Operations
$ 0.03 
$ 0.32 
Discontinued Operations [Member]
 
 
Basic earnings per share
 
 
Loss from discontinued operations, net of income taxes
(5)
Less: net income attributable to noncontrolling interests
Numerator
$ 0 
$ (5)
Weighted average common stock outstanding
43,717 
42,631 
Basic earnings per share, Discontinued Operations
$ 0.00 
$ 0.00 
Earnings Per Share - Diluted (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Diluted earnings per share
 
 
Loss from discontinued operations, net of income taxes
$ 0 
$ (5)
Net income
5,776 
19,738 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Less: Income resulting from the change in the fair value of warrants
980 
Numerator
1,466 
12,608 
Effect of warrants outstanding
825 
Weighted average common stock outstanding
43,717 
42,631 
Effect of dilutive securities
223 
305 
Denominator, Net, Diluted
43,940 
43,761 
Diluted earnings (loss) per share, Net
$ 0.03 
$ 0.29 
Continuing Operations [Member]
 
 
Diluted earnings per share
 
 
Income (loss)
5,776 
19,743 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Less: Income resulting from the change in the fair value of warrants
980 
Numerator
1,466 
12,613 
Effect of warrants outstanding
825 
Weighted average common stock outstanding
43,717 
42,631 
Effect of dilutive securities
223 
305 
Denominator, Net, Diluted
43,940 
43,761 
Diluted earnings per share, Continuing Operations
$ 0.03 
$ 0.29 
Discontinued Operations [Member]
 
 
Diluted earnings per share
 
 
Loss from discontinued operations, net of income taxes
(5)
Less: net income attributable to noncontrolling interests
Less: Income resulting from the change in the fair value of warrants
Numerator
$ 0 
$ (5)
Effect of warrants outstanding
825 
Weighted average common stock outstanding
43,717 
42,631 
Effect of dilutive securities
223 
305 
Denominator, Net, Diluted
43,940 
43,761 
Diluted earnings per share, Discontinued Operations
$ 0.00 
$ 0.00 
Supplemental Cash Flow Information - Operating assets and liabilities (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Components of operating assets and liabilities
 
 
Decrease (increase) in restricted cash
$ 342 
$ (2,585)
Decrease (increase) in accounts receivable
56,863 
(58,879)
Decrease (increase) in receivable from affiliates
1,663 
14,992 
Decrease (increase) in inventories
(25,857)
3,715 
Decrease (increase) in derivatives and margin deposits
(2,356)
(546)
Decrease (increase) in other current assets
2,280 
1,636 
Decrease (increase) in other assets
(628)
(33)
Increase (decrease) in accounts payable and accrued liabilities
(51,435)
49,754 
Increase (decrease) in payable to affiliates
2,728 
(24,075)
Increase (decrease) in payables to pre-petition creditors
(2)
(2)
Increase (decrease) in other noncurrent liabilities
95 
(2,525)
Total changes in operating assets and liabilities
$ (16,307)
$ (18,548)
Supplemental Cash Flow Information (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Transfer of WOT and Glass Mountain to Rose Rock
$ (19,288,000)
 
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary
19,300,000 
 
Interest Paid
15,000,000 
3,600,000 
Income Taxes Paid, Net
3,300,000 
12,200,000 
Capital Expenditures Incurred but Not yet Paid
16,600,000 
10,000,000 
Noncontrolling Interest [Member]
 
 
Transfer of WOT and Glass Mountain to Rose Rock
(51,452,000)
 
Additional Paid-in Capital [Member]
 
 
Transfer of WOT and Glass Mountain to Rose Rock
$ 32,164,000 
 
Glass Mountain Pipeline LLC [Member]
 
 
Equity method investment, ownership percentage
50.00% 
 
Related Party Transactions - Transactions with NGL Energy (Details) (NGL Energy [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
NGL Energy [Member]
 
 
Related Party Transaction
 
 
Revenues
$ 45,469 
$ 172,438 
Related Party Transaction, Purchases from Related Party
35,234 
157,691 
Related Party Transaction Reimbursements from Transactions With Related Party
$ 42 
$ 42 
Related Party Transactions (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Glass Mountain Pipeline LLC [Member]
 
 
Related Party Transactions (Textual) [Abstract]
 
 
Related Party Transaction, Expenses from Transactions with Related Party
$ 500,000 
 
Related Party Transaction Reimbursements from Transactions With Related Party
200,000 
100,000 
White Cliffs Pipeline, L.L.C. [Member]
 
 
Related Party Transactions (Textual) [Abstract]
 
 
Revenues
1,000,000 
800,000 
Related Party Transaction, Expenses from Transactions with Related Party
700,000 
900,000 
Law Firm [Member]
 
 
Related Party Transactions (Textual) [Abstract]
 
 
Legal fees
300,000 
300,000 
White Cliffs Pipeline, L.L.C. [Member] |
Law Firm [Member]
 
 
Related Party Transactions (Textual) [Abstract]
 
 
Legal fees
$ 3,300 
$ 54,000 
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2013
Current assets:
 
 
 
 
Cash and cash equivalents
$ 315,525,000 
$ 40,598,000 
$ 74,958,000 
$ 79,351,000 
Restricted cash
6,396,000 
6,980,000 
 
 
Accounts receivable, net
290,353,000 
351,334,000 
 
 
Receivable from affiliates
15,156,000 
16,819,000 
 
 
Inventories
67,770,000 
43,532,000 
 
 
Other current assets
15,770,000 
20,017,000 
 
 
Total current assets
710,970,000 
479,280,000 
 
 
Property, plant and equipment, net
1,303,781,000 
1,256,825,000 
 
 
Equity method investments
561,463,000 
577,920,000 
 
 
Goodwill
58,159,000 
58,326,000 
 
 
Other intangible assets, net
170,362,000 
173,065,000 
 
 
Other noncurrent assets, net
56,805,000 
44,386,000 
 
 
Total assets
2,861,540,000 
2,589,802,000 
 
 
Current liabilities:
 
 
 
 
Accounts payable
222,712,000 
257,177,000 
 
 
Payable to affiliates
16,188,000 
13,460,000 
 
 
Accrued liabilities
83,473,000 
92,694,000 
 
 
Payables to pre-petition creditors
3,130,000 
3,129,000 
 
 
Deferred revenue
20,602,000 
23,688,000 
 
 
Other current liabilities
3,236,000 
1,474,000 
 
 
Current portion of long-term debt
47,000 
40,000 
 
 
Total current liabilities
349,388,000 
391,662,000 
 
 
Long-term debt
1,027,072,000 
767,092,000 
 
 
Deferred income taxes
175,562,000 
161,956,000 
 
 
Other noncurrent liabilities
47,576,000 
49,655,000 
 
 
Commitments and contingencies
   
   
 
 
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
1,158,735,000 
1,149,508,000 
 
 
Noncontrolling interests in consolidated subsidiaries
103,207,000 
69,929,000 
 
 
Total owners’ equity
1,261,942,000 
1,219,437,000 
 
 
Total liabilities and owners’ equity
2,861,540,000 
2,589,802,000 
 
 
Parent Company [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
252,412,000 
9,254,000 
4,491,000 
2,545,000 
Restricted cash
3,832,000 
3,856,000 
 
 
Accounts receivable, net
741,000 
9,669,000 
 
 
Receivable from affiliates
959,000 
2,512,000 
 
 
Inventories
 
 
Other current assets
7,359,000 
10,498,000 
 
 
Total current assets
265,303,000 
35,789,000 
 
 
Property, plant and equipment, net
4,589,000 
4,112,000 
 
 
Equity method investments
1,366,535,000 
1,551,825,000 
 
 
Goodwill
 
 
Other intangible assets, net
24,000 
26,000 
 
 
Other noncurrent assets, net
37,443,000 
24,555,000 
 
 
Total assets
1,673,894,000 
1,616,307,000 
 
 
Current liabilities:
 
 
 
 
Accounts payable
203,000 
649,000 
 
 
Payable to affiliates
17,000 
21,000 
 
 
Accrued liabilities
10,774,000 
11,993,000 
 
 
Payables to pre-petition creditors
3,130,000 
3,129,000 
 
 
Deferred revenue
 
 
Other current liabilities
1,249,000 
224,000 
 
 
Current portion of long-term debt
 
 
Total current liabilities
15,373,000 
16,016,000 
 
 
Long-term debt
366,000,000 
335,000,000 
 
 
Deferred income taxes
130,818,000 
112,897,000 
 
 
Other noncurrent liabilities
2,968,000 
2,886,000 
 
 
Commitments and contingencies
   
   
 
 
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
1,158,735,000 
1,149,508,000 
 
 
Noncontrolling interests in consolidated subsidiaries
 
 
Total owners’ equity
1,158,735,000 
1,149,508,000 
 
 
Total liabilities and owners’ equity
1,673,894,000 
1,616,307,000 
 
 
Guarantor Subsidiaries [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
Restricted cash
 
 
Accounts receivable, net
31,732,000 
32,056,000 
 
 
Receivable from affiliates
3,339,000 
6,624,000 
 
 
Inventories
254,000 
248,000 
 
 
Other current assets
82,000 
575,000 
 
 
Total current assets
35,407,000 
39,503,000 
 
 
Property, plant and equipment, net
480,959,000 
452,352,000 
 
 
Equity method investments
563,003,000 
546,833,000 
 
 
Goodwill
13,052,000 
13,052,000 
 
 
Other intangible assets, net
150,333,000 
152,383,000 
 
 
Other noncurrent assets, net
1,617,000 
958,000 
 
 
Total assets
1,244,371,000 
1,205,081,000 
 
 
Current liabilities:
 
 
 
 
Accounts payable
17,796,000 
22,097,000 
 
 
Payable to affiliates
2,000 
7,000 
 
 
Accrued liabilities
13,330,000 
17,575,000 
 
 
Payables to pre-petition creditors
 
 
Deferred revenue
 
 
Other current liabilities
704,000 
707,000 
 
 
Current portion of long-term debt
 
 
Total current liabilities
31,832,000 
40,386,000 
 
 
Long-term debt
 
 
Deferred income taxes
 
 
Other noncurrent liabilities
 
 
Commitments and contingencies
   
   
 
 
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
1,212,539,000 
1,164,695,000 
 
 
Noncontrolling interests in consolidated subsidiaries
 
 
Total owners’ equity
1,212,539,000 
1,164,695,000 
 
 
Total liabilities and owners’ equity
1,244,371,000 
1,205,081,000 
 
 
Non-Guarantor Subsidiaries [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
66,021,000 
35,445,000 
72,244,000 
78,342,000 
Restricted cash
2,564,000 
3,124,000 
 
 
Accounts receivable, net
257,880,000 
309,609,000 
 
 
Receivable from affiliates
13,969,000 
15,659,000 
 
 
Inventories
67,516,000 
43,284,000 
 
 
Other current assets
8,329,000 
8,944,000 
 
 
Total current assets
416,279,000 
416,065,000 
 
 
Property, plant and equipment, net
818,233,000 
800,361,000 
 
 
Equity method investments
425,655,000 
415,673,000 
 
 
Goodwill
45,107,000 
45,274,000 
 
 
Other intangible assets, net
20,005,000 
20,656,000 
 
 
Other noncurrent assets, net
17,745,000 
18,873,000 
 
 
Total assets
1,743,024,000 
1,716,902,000 
 
 
Current liabilities:
 
 
 
 
Accounts payable
204,713,000 
234,431,000 
 
 
Payable to affiliates
19,279,000 
21,406,000 
 
 
Accrued liabilities
59,369,000 
63,126,000 
 
 
Payables to pre-petition creditors
 
 
Deferred revenue
20,602,000 
23,688,000 
 
 
Other current liabilities
1,283,000 
543,000 
 
 
Current portion of long-term debt
47,000 
40,000 
 
 
Total current liabilities
305,293,000 
343,234,000 
 
 
Long-term debt
716,647,000 
490,946,000 
 
 
Deferred income taxes
44,744,000 
49,059,000 
 
 
Other noncurrent liabilities
44,608,000 
46,769,000 
 
 
Commitments and contingencies
   
   
 
 
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
528,525,000 
716,965,000 
 
 
Noncontrolling interests in consolidated subsidiaries
103,207,000 
69,929,000 
 
 
Total owners’ equity
631,732,000 
786,894,000 
 
 
Total liabilities and owners’ equity
1,743,024,000 
1,716,902,000 
 
 
Consolidation, Eliminations [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
(2,908,000)
(4,101,000)
(1,777,000)
(1,536,000)
Restricted cash
 
 
Accounts receivable, net
 
 
Receivable from affiliates
(3,111,000)
(7,976,000)
 
 
Inventories
 
 
Other current assets
 
 
Total current assets
(6,019,000)
(12,077,000)
 
 
Property, plant and equipment, net
 
 
Equity method investments
(1,793,730,000)
(1,936,411,000)
 
 
Goodwill
 
 
Other intangible assets, net
 
 
Other noncurrent assets, net
 
 
Total assets
(1,799,749,000)
(1,948,488,000)
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
 
Payable to affiliates
(3,110,000)
(7,974,000)
 
 
Accrued liabilities
 
 
Payables to pre-petition creditors
 
 
Deferred revenue
 
 
Other current liabilities
 
 
Current portion of long-term debt
 
 
Total current liabilities
(3,110,000)
(7,974,000)
 
 
Long-term debt
(55,575,000)
(58,854,000)
 
 
Deferred income taxes
 
 
Other noncurrent liabilities
 
 
Commitments and contingencies
   
   
 
 
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries
(1,741,064,000)
(1,881,660,000)
 
 
Noncontrolling interests in consolidated subsidiaries
 
 
Total owners’ equity
(1,741,064,000)
(1,881,660,000)
 
 
Total liabilities and owners’ equity
$ (1,799,749,000)
$ (1,948,488,000)
 
 
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:
 
 
Product
$ 220,131 
$ 427,030 
Service
61,877 
48,507 
Other
16,302 
23,346 
Revenue
298,310 
498,883 
Expenses:
 
 
Cost of products sold
192,072 
385,113 
Operating
53,090 
50,778 
General and administrative
32,310 
18,736 
Depreciation and amortization
23,734 
23,637 
Loss (gain) on disposal of long-lived assets, net
1,058 
(58)
Total expenses
302,264 
478,206 
Earnings from equity method investments
20,559 
14,962 
Gain on issuance of common units by equity method investee
8,127 
Operating income
16,605 
43,766 
Other expenses (income), net:
 
 
Interest expense
14,591 
9,227 
Foreign currency transaction gain
(519)
(683)
Other income, net
(7,985)
(1,047)
Total other expenses, net
6,087 
7,497 
Income (loss) from continuing operations before income taxes
10,518 
36,269 
Income tax expense
4,742 
16,526 
Income from continuing operations
5,776 
19,743 
Loss from discontinued operations, net of income taxes
(5)
Net income
5,776 
19,738 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Net income (loss) attributable to SemGroup
1,466 
13,588 
Other comprehensive loss, net of income taxes
(9,060)
(2,972)
Comprehensive income (loss)
(3,284)
16,766 
Less: comprehensive income attributable to noncontrolling interests
4,310 
6,150 
Comprehensive income (loss) attributable to SemGroup
(7,594)
10,616 
Parent Company [Member]
 
 
Revenues:
 
 
Product
Service
Other
Revenue
Expenses:
 
 
Cost of products sold
Operating
General and administrative
17,602 
4,533 
Depreciation and amortization
294 
435 
Loss (gain) on disposal of long-lived assets, net
Total expenses
17,896 
4,968 
Earnings from equity method investments
14,805 
20,902 
Gain on issuance of common units by equity method investee
 
8,127 
Operating income
(3,091)
24,061 
Other expenses (income), net:
 
 
Interest expense
1,422 
2,490 
Foreign currency transaction gain
Other income, net
(8,686)
(1,797)
Total other expenses, net
(7,264)
693 
Income (loss) from continuing operations before income taxes
4,173 
23,368 
Income tax expense
2,707 
9,780 
Income from continuing operations
 
13,588 
Loss from discontinued operations, net of income taxes
 
Net income
1,466 
13,588 
Less: net income attributable to noncontrolling interests
Net income (loss) attributable to SemGroup
1,466 
13,588 
Other comprehensive loss, net of income taxes
8,646 
(746)
Comprehensive income (loss)
10,112 
12,842 
Less: comprehensive income attributable to noncontrolling interests
Comprehensive income (loss) attributable to SemGroup
10,112 
12,842 
Guarantor Subsidiaries [Member]
 
 
Revenues:
 
 
Product
51,053 
98,125 
Service
14,459 
1,219 
Other
Revenue
65,512 
99,344 
Expenses:
 
 
Cost of products sold
40,668 
77,534 
Operating
8,114 
7,055 
General and administrative
2,064 
2,051 
Depreciation and amortization
7,033 
4,816 
Loss (gain) on disposal of long-lived assets, net
(1)
10 
Total expenses
57,878 
91,466 
Earnings from equity method investments
16,316 
16,336 
Gain on issuance of common units by equity method investee
 
Operating income
23,950 
24,214 
Other expenses (income), net:
 
 
Interest expense
5,491 
2,384 
Foreign currency transaction gain
Other income, net
Total other expenses, net
5,491 
2,384 
Income (loss) from continuing operations before income taxes
18,459 
21,830 
Income tax expense
Income from continuing operations
 
21,830 
Loss from discontinued operations, net of income taxes
 
Net income
18,459 
21,830 
Less: net income attributable to noncontrolling interests
Net income (loss) attributable to SemGroup
18,459 
21,830 
Other comprehensive loss, net of income taxes
Comprehensive income (loss)
18,459 
21,830 
Less: comprehensive income attributable to noncontrolling interests
Comprehensive income (loss) attributable to SemGroup
18,459 
21,830 
Non-Guarantor Subsidiaries [Member]
 
 
Revenues:
 
 
Product
175,052 
338,797 
Service
47,418 
47,288 
Other
16,302 
23,346 
Revenue
238,772 
409,431 
Expenses:
 
 
Cost of products sold
157,378 
317,471 
Operating
44,976 
43,723 
General and administrative
12,644 
12,152 
Depreciation and amortization
16,407 
18,386 
Loss (gain) on disposal of long-lived assets, net
1,059 
(68)
Total expenses
232,464 
391,664 
Earnings from equity method investments
20,864 
7,695 
Gain on issuance of common units by equity method investee
 
Operating income
27,172 
25,462 
Other expenses (income), net:
 
 
Interest expense
8,444 
5,170 
Foreign currency transaction gain
(519)
(683)
Other income, net
(65)
(67)
Total other expenses, net
7,860 
4,420 
Income (loss) from continuing operations before income taxes
19,312 
21,042 
Income tax expense
2,035 
6,746 
Income from continuing operations
 
14,296 
Loss from discontinued operations, net of income taxes
 
(5)
Net income
17,277 
14,291 
Less: net income attributable to noncontrolling interests
4,310 
6,150 
Net income (loss) attributable to SemGroup
12,967 
8,141 
Other comprehensive loss, net of income taxes
(17,706)
(2,226)
Comprehensive income (loss)
(429)
12,065 
Less: comprehensive income attributable to noncontrolling interests
4,310 
6,150 
Comprehensive income (loss) attributable to SemGroup
(4,739)
5,915 
Consolidation, Eliminations [Member]
 
 
Revenues:
 
 
Product
(5,974)
(9,892)
Service
Other
Revenue
(5,974)
(9,892)
Expenses:
 
 
Cost of products sold
(5,974)
(9,892)
Operating
General and administrative
Depreciation and amortization
Loss (gain) on disposal of long-lived assets, net
Total expenses
(5,974)
(9,892)
Earnings from equity method investments
(31,426)
(29,971)
Gain on issuance of common units by equity method investee
 
Operating income
(31,426)
(29,971)
Other expenses (income), net:
 
 
Interest expense
(766)
(817)
Foreign currency transaction gain
Other income, net
766 
817 
Total other expenses, net
Income (loss) from continuing operations before income taxes
(31,426)
(29,971)
Income tax expense
Income from continuing operations
 
(29,971)
Loss from discontinued operations, net of income taxes
 
Net income
(31,426)
(29,971)
Less: net income attributable to noncontrolling interests
Net income (loss) attributable to SemGroup
(31,426)
(29,971)
Other comprehensive loss, net of income taxes
Comprehensive income (loss)
(31,426)
(29,971)
Less: comprehensive income attributable to noncontrolling interests
Comprehensive income (loss) attributable to SemGroup
$ (31,426)
$ (29,971)
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
$ 18,544 
$ 28,898 
Cash flows from investing activities:
 
 
Capital expenditures
(84,327)
(56,753)
Proceeds from sale of long-lived assets
117 
695 
Contributions to equity method investments
(15,182)
(24,251)
Proceeds from sale of common units of equity method investee
29,012 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
Distributions in excess of equity in earnings of affiliates
5,201 
2,505 
Net cash used in investing activities
(65,179)
(77,804)
Cash flows from financing activities:
 
 
Debt issuance costs
(601)
(155)
Borrowings on credit facilities
422,000 
186,000 
Principal payments on credit facilities and other obligations
(162,012)
(128,509)
Rose Rock Midstream, L.P. equity issuance
89,119 
Distributions to noncontrolling interests
(8,953)
(6,398)
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
(3,630)
(719)
Dividends paid
(14,846)
(9,382)
Proceeds from issuance of common stock under employee stock purchase plan
313 
88 
Excess tax benefit from equity-based awards
1,650 
Intercompany borrowings (advances), net
Net cash provided by (used in) financing activities
321,390 
42,575 
Effect of exchange rate changes on cash and cash equivalents
172 
1,938 
Change in cash and cash equivalents
274,927 
(4,393)
Cash and cash equivalents at beginning of period
40,598 
79,351 
Cash and cash equivalents at end of period
315,525 
74,958 
Parent Company [Member]
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
5,224 
1,079 
Cash flows from investing activities:
 
 
Capital expenditures
(769)
(242)
Proceeds from sale of long-lived assets
Contributions to equity method investments
Proceeds from sale of common units of equity method investee
29,012 
 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
251,181 
 
Distributions in excess of equity in earnings of affiliates
5,435 
Net cash used in investing activities
284,859 
(242)
Cash flows from financing activities:
 
 
Debt issuance costs
(601)
(93)
Borrowings on credit facilities
110,000 
140,000 
Principal payments on credit facilities and other obligations
(79,000)
(82,000)
Rose Rock Midstream, L.P. equity issuance
 
Distributions to noncontrolling interests
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
(3,630)
(719)
Dividends paid
(14,846)
(9,382)
Proceeds from issuance of common stock under employee stock purchase plan
313 
88 
Excess tax benefit from equity-based awards
 
1,650 
Intercompany borrowings (advances), net
(59,161)
(48,435)
Net cash provided by (used in) financing activities
(46,925)
1,109 
Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents
243,158 
1,946 
Cash and cash equivalents at beginning of period
9,254 
2,545 
Cash and cash equivalents at end of period
252,412 
4,491 
Guarantor Subsidiaries [Member]
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
4,610 
12,398 
Cash flows from investing activities:
 
 
Capital expenditures
(34,152)
(39,476)
Proceeds from sale of long-lived assets
12 
11 
Contributions to equity method investments
Proceeds from sale of common units of equity method investee
 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
Distributions in excess of equity in earnings of affiliates
Net cash used in investing activities
(34,140)
(39,465)
Cash flows from financing activities:
 
 
Debt issuance costs
Borrowings on credit facilities
Principal payments on credit facilities and other obligations
Rose Rock Midstream, L.P. equity issuance
 
Distributions to noncontrolling interests
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
Dividends paid
Proceeds from issuance of common stock under employee stock purchase plan
Excess tax benefit from equity-based awards
 
Intercompany borrowings (advances), net
29,530 
27,067 
Net cash provided by (used in) financing activities
29,530 
27,067 
Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Non-Guarantor Subsidiaries [Member]
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
15,719 
21,308 
Cash flows from investing activities:
 
 
Capital expenditures
(49,406)
(17,035)
Proceeds from sale of long-lived assets
105 
684 
Contributions to equity method investments
(15,182)
(24,251)
Proceeds from sale of common units of equity method investee
 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
 
Distributions in excess of equity in earnings of affiliates
5,201 
2,505 
Net cash used in investing activities
(59,282)
(38,097)
Cash flows from financing activities:
 
 
Debt issuance costs
(62)
Borrowings on credit facilities
312,000 
46,000 
Principal payments on credit facilities and other obligations
(83,012)
(46,509)
Rose Rock Midstream, L.P. equity issuance
89,119 
 
Distributions to noncontrolling interests
(8,953)
(6,398)
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
Dividends paid
Proceeds from issuance of common stock under employee stock purchase plan
Excess tax benefit from equity-based awards
 
Intercompany borrowings (advances), net
(235,187)
15,722 
Net cash provided by (used in) financing activities
73,967 
8,753 
Effect of exchange rate changes on cash and cash equivalents
172 
1,938 
Change in cash and cash equivalents
30,576 
(6,098)
Cash and cash equivalents at beginning of period
35,445 
78,342 
Cash and cash equivalents at end of period
66,021 
72,244 
Consolidation, Eliminations [Member]
 
 
Condensed Cash Flow Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
(7,009)
(5,887)
Cash flows from investing activities:
 
 
Capital expenditures
Proceeds from sale of long-lived assets
Contributions to equity method investments
Proceeds from sale of common units of equity method investee
 
Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P.
(251,181)
 
Distributions in excess of equity in earnings of affiliates
(5,435)
Net cash used in investing activities
(256,616)
Cash flows from financing activities:
 
 
Debt issuance costs
Borrowings on credit facilities
Principal payments on credit facilities and other obligations
Rose Rock Midstream, L.P. equity issuance
 
Distributions to noncontrolling interests
Repurchase of common stock for payment of statutory taxes due on equity-based compensation
Dividends paid
Proceeds from issuance of common stock under employee stock purchase plan
Excess tax benefit from equity-based awards
 
Intercompany borrowings (advances), net
264,818 
5,646 
Net cash provided by (used in) financing activities
264,818 
5,646 
Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents
1,193 
(241)
Cash and cash equivalents at beginning of period
(4,101)
(1,536)
Cash and cash equivalents at end of period
$ (2,908)
$ (1,777)
Condensed Consolidating Guarantor Financial Statements (Details Textual) (Guarantor Subsidiaries [Member])
Mar. 31, 2015
Guarantor Subsidiaries [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Equity method investment, ownership percentage
100.00%