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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 |
(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 |
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 |
|
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 |
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 |
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 |
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 |
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 |
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 |
|
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 |
|
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 |
|
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 | ) | $ | — |
Three Months Ended March 31, | |||||
2015 | 2014 | ||||
Sales | 5,731 | 815 | |||
Purchases | 5,905 | 810 |
March 31, 2015 | December 31, 2014 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 970 | $ | 1,674 | $ | — |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Commodity contracts | $ | (66 | ) | $ | (807 | ) |
|
|
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 |
|
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 |
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 |
|
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 |
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 | ) |
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 |
|
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 | ) |
|
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 |
|
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 |
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 |
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 |
|
|
|
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 |
(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 |
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 |
|
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 |
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 |
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 |
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 |
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 |
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 |
|
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 |
|
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 |
|
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 | ) | $ | — |
Three Months Ended March 31, | |||||
2015 | 2014 | ||||
Sales | 5,731 | 815 | |||
Purchases | 5,905 | 810 |
March 31, 2015 | December 31, 2014 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 970 | $ | 1,674 | $ | — |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Commodity contracts | $ | (66 | ) | $ | (807 | ) |
|
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 |
|
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 |
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 |
|
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 |
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 | ) |
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 |
|
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 | ) |
|
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 |
|
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 |
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 |
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 |
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