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• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; |
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or |
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). |
|
Distribution Per Unit | Distributions Paid/To Be Paid | |||||||||||||||||||||
Quarter Ended | SemGroup | Noncontrolling Interest Common Units | Total Distributions | |||||||||||||||||||
General Partner | Incentive Distributions | Common Units | Subordinated Units | |||||||||||||||||||
December 31, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | ||||||||
March 31, 2013 | $ | 0.4300 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | ||||||||
June 30, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | ||||||||
September 30, 2013 | $ | 0.4500 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | ||||||||
December 31, 2013 | $ | 0.4650 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | ||||||||
March 31, 2014 | $ | 0.4950 | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 | ||||||||
June 30, 2014 | $ | 0.5350 | * | $ | 334 | $ | 888 | $ | 3,646 | $ | 4,488 | $ | 7,362 | $ | 16,718 |
(Unaudited) | |||||||
June 30, 2014 | December 31, 2013 | ||||||
Cash | $ | 3,353 | $ | 15,459 | |||
Other current assets | 669,012 | 306,128 | |||||
Property, plant and equipment, net | 336,377 | 311,616 | |||||
Equity method investment | 271,187 | 224,095 | |||||
Goodwill | 46,059 | 28,322 | |||||
Other noncurrent assets, net | 22,549 | 11,627 | |||||
Total assets | $ | 1,348,537 | $ | 897,247 | |||
Current liabilities | $ | 247,677 | $ | 293,031 | |||
Long-term debt | 847,568 | 245,088 | |||||
Partners’ capital attributable to SemGroup | 180,116 | 120,610 | |||||
Partners’ capital attributable to noncontrolling interests | 73,176 | 159,961 | |||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | — | 78,557 | |||||
Total liabilities and equity | $ | 1,348,537 | $ | 897,247 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 290,432 | $ | 161,422 | $ | 581,355 | $ | 332,654 | |||||||
Cost of products sold | $ | 255,745 | $ | 140,506 | $ | 510,282 | $ | 288,957 | |||||||
Operating, general and administrative expenses | $ | 23,007 | $ | 9,061 | $ | 41,508 | $ | 18,040 | |||||||
Depreciation and amortization expense | $ | 6,267 | $ | 3,690 | $ | 16,801 | $ | 7,197 | |||||||
Earnings from equity method investment | $ | 12,291 | $ | 3,451 | $ | 23,371 | $ | 6,904 | |||||||
Net income | $ | 15,130 | $ | 9,134 | $ | 31,289 | $ | 21,128 | |||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | 4,082 | $ | — | $ | 7,758 | $ | — | |||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 11,048 | $ | 9,134 | $ | 23,531 | $ | 21,128 |
|
June 30, 2014 | December 31, 2013 | ||||||
White Cliffs | $ | 271,187 | $ | 224,095 | |||
NGL Energy Partners, LP | 214,522 | 208,848 | |||||
Glass Mountain Pipeline, LLC | 147,666 | 132,181 | |||||
Total equity method investments | $ | 633,375 | $ | 565,124 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
White Cliffs | $ | 12,291 | $ | 10,661 | $ | 23,371 | $ | 21,100 | |||||||
NGL Energy Energy Partners, LP* | 4,968 | 4,200 | 8,559 | 11,116 | |||||||||||
Glass Mountain Pipeline, LLC | 1,928 | — | 2,219 | (10 | ) | ||||||||||
Total earnings from equity method investments | $ | 19,187 | $ | 14,861 | $ | 34,149 | $ | 32,206 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
White Cliffs | $ | 14,467 | $ | 12,889 | $ | 28,052 | $ | 26,681 | |||||||
NGL Energy Partners, LP | 5,671 | 4,426 | 11,012 | 8,698 | |||||||||||
Glass Mountain Pipeline LLC | 2,937 | — | 2,937 | — | |||||||||||
Total cash distributions received from equity method investments | $ | 23,075 | $ | 17,315 | $ | 42,001 | $ | 35,379 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 34,533 | $ | 30,112 | $ | 67,807 | $ | 60,785 | |||||||
Operating, general and administrative expenses | $ | 5,539 | $ | 4,113 | $ | 12,307 | $ | 9,292 | |||||||
Depreciation and amortization expense | $ | 4,537 | $ | 4,715 | $ | 8,930 | $ | 9,430 | |||||||
Net income | $ | 24,457 | $ | 21,284 | $ | 46,570 | $ | 42,063 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 3,975,935 | $ | 1,617,613 | $ | 6,719,380 | $ | 2,955,821 | |||||||
Cost of sales | $ | 3,764,744 | $ | 1,481,890 | $ | 6,340,773 | $ | 2,686,435 | |||||||
Operating, general and administrative expenses | $ | 110,923 | $ | 74,632 | $ | 201,676 | $ | 139,325 | |||||||
Depreciation and amortization expense | $ | 37,475 | $ | 27,518 | $ | 72,969 | $ | 46,265 | |||||||
Net income | $ | 43,146 | $ | 22,341 | $ | 67,198 | $ | 62,818 |
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||
Revenue | $ | 8,891 | $ | 12,744 | |||
Operating, general and administrative expenses | $ | 1,158 | $ | 2,008 | |||
Depreciation and amortization expense | $ | 3,770 | $ | 6,118 | |||
Net income | $ | 3,962 | $ | 4,615 |
|
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 292,156 | $ | — | $ | 39,954 | $ | 83,162 | $ | 3,981 | $ | 62,971 | $ | — | $ | 482,224 | |||||||||||||||
Intersegment | — | — | — | 9,792 | — | — | (9,792 | ) | — | ||||||||||||||||||||||
Total revenues | 292,156 | — | 39,954 | 92,954 | 3,981 | 62,971 | (9,792 | ) | 482,224 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 255,745 | — | 71 | 68,231 | 265 | 54,007 | (9,792 | ) | 368,527 | ||||||||||||||||||||||
Operating | 17,689 | — | 28,836 | 8,012 | 1,940 | 2,947 | — | 59,424 | |||||||||||||||||||||||
General and administrative | 6,438 | (52 | ) | 3,574 | 2,240 | 1,529 | 3,112 | 5,009 | 21,850 | ||||||||||||||||||||||
Depreciation and amortization | 7,276 | — | 3,079 | 7,279 | 2,555 | 1,456 | 417 | 22,062 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (27 | ) | — | (915 | ) | 20,100 | (3,634 | ) | — | 3,791 | 19,315 | ||||||||||||||||||||
Total expenses | 287,121 | (52 | ) | 34,645 | 105,862 | 2,655 | 61,522 | (575 | ) | 491,178 | |||||||||||||||||||||
Earnings from equity method investments | 14,219 | 4,968 | — | — | — | — | — | 19,187 | |||||||||||||||||||||||
Operating income (loss) | 19,254 | 5,020 | 5,309 | (12,908 | ) | 1,326 | 1,449 | (9,217 | ) | 10,233 | |||||||||||||||||||||
Other expenses (income), net | 5,178 | (1,277 | ) | 3,750 | 2,013 | 83 | (56 | ) | 19,798 | 29,489 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,076 | $ | 6,297 | $ | 1,559 | $ | (14,921 | ) | $ | 1,243 | $ | 1,505 | $ | (29,015 | ) | $ | (19,256 | ) | ||||||||||||
Total assets at June 30, 2014 (excluding intersegment receivables) | $ | 1,543,964 | $ | 214,522 | $ | 316,240 | $ | 597,905 | $ | 171,490 | $ | 113,830 | $ | 64,493 | $ | 3,022,444 |
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 161,422 | $ | — | $ | 66,459 | $ | 41,908 | $ | 2,623 | $ | 51,832 | $ | — | $ | 324,244 | |||||||||||||||
Intersegment | — | — | — | 5,018 | — | — | (5,018 | ) | — | ||||||||||||||||||||||
Total revenues | 161,422 | — | 66,459 | 46,926 | 2,623 | 51,832 | (5,018 | ) | 324,244 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 140,506 | — | 1 | 33,567 | — | 43,653 | (5,018 | ) | 212,709 | ||||||||||||||||||||||
Operating | 5,691 | — | 55,508 | 4,289 | 1,848 | 2,346 | — | 69,682 | |||||||||||||||||||||||
General and administrative | 3,568 | 160 | 3,342 | 1,598 | 1,486 | 2,443 | 4,301 | 16,898 | |||||||||||||||||||||||
Depreciation and amortization | 3,690 | — | 2,638 | 2,233 | 2,313 | 1,458 | 482 | 12,814 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (25 | ) | — | — | (4 | ) | — | (347 | ) | — | (376 | ) | |||||||||||||||||||
Total expenses | 153,430 | 160 | 61,489 | 41,683 | 5,647 | 49,553 | (235 | ) | 311,727 | ||||||||||||||||||||||
Earnings from equity method investments | 10,661 | 4,200 | — | — | — | — | — | 14,861 | |||||||||||||||||||||||
Operating income (loss) | 18,653 | 4,040 | 4,970 | 5,243 | (3,024 | ) | 2,279 | (4,783 | ) | 27,378 | |||||||||||||||||||||
Other expenses (income), net | 4,120 | (1,193 | ) | 4,748 | 676 | 357 | 153 | 1,752 | 10,613 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,533 | $ | 5,233 | $ | 222 | $ | 4,567 | $ | (3,381 | ) | $ | 2,126 | $ | (6,535 | ) | $ | 16,765 |
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 584,670 | $ | — | $ | 79,237 | $ | 173,848 | $ | 8,771 | $ | 134,581 | $ | — | $ | 981,107 | |||||||||||||||
Intersegment | — | — | — | 19,684 | — | — | (19,684 | ) | — | ||||||||||||||||||||||
Total revenues | 584,670 | — | 79,237 | 193,532 | 8,771 | 134,581 | (19,684 | ) | 981,107 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 510,282 | — | 138 | 146,813 | 615 | 115,476 | (19,684 | ) | 753,640 | ||||||||||||||||||||||
Operating | 32,828 | — | 52,502 | 15,456 | 4,020 | 5,396 | — | 110,202 | |||||||||||||||||||||||
General and administrative | 10,380 | 61 | 7,554 | 4,212 | 2,951 | 5,863 | 9,565 | 40,586 | |||||||||||||||||||||||
Depreciation and amortization | 18,758 | — | 5,908 | 12,248 | 5,050 | 2,883 | 852 | 45,699 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (61 | ) | — | (915 | ) | 20,104 | (3,634 | ) | (28 | ) | 3,791 | 19,257 | |||||||||||||||||||
Total expenses | 572,187 | 61 | 65,187 | 198,833 | 9,002 | 129,590 | (5,476 | ) | 969,384 | ||||||||||||||||||||||
Earnings from equity method investments | 25,590 | 8,559 | — | — | — | — | — | 34,149 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 8,127 | — | — | — | — | — | 8,127 | |||||||||||||||||||||||
Operating income (loss) | 38,073 | 16,625 | 14,050 | (5,301 | ) | (231 | ) | 4,991 | (14,208 | ) | 53,999 | ||||||||||||||||||||
Other expenses (income), net | 9,841 | (2,541 | ) | 7,905 | 3,702 | 334 | (101 | ) | 17,846 | 36,986 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 28,232 | $ | 19,166 | $ | 6,145 | $ | (9,003 | ) | $ | (565 | ) | $ | 5,092 | $ | (32,054 | ) | $ | 17,013 |
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 332,654 | $ | — | $ | 102,240 | $ | 76,562 | $ | 5,658 | $ | 94,826 | $ | — | $ | 611,940 | |||||||||||||||
Intersegment | — | — | — | 9,103 | — | — | (9,103 | ) | — | ||||||||||||||||||||||
Total revenues | 332,654 | — | 102,240 | 85,665 | 5,658 | 94,826 | (9,103 | ) | 611,940 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 288,957 | — | 184 | 62,738 | — | 82,302 | (9,103 | ) | 425,078 | ||||||||||||||||||||||
Operating | 11,429 | 1 | 82,392 | 8,433 | 3,687 | 4,511 | — | 110,453 | |||||||||||||||||||||||
General and administrative | 7,418 | 316 | 7,487 | 3,189 | 2,606 | 4,665 | 8,254 | 33,935 | |||||||||||||||||||||||
Depreciation and amortization | 7,197 | — | 5,294 | 4,361 | 4,653 | 2,938 | 1,007 | 25,450 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | (6 | ) | — | (513 | ) | — | (538 | ) | |||||||||||||||||||
Total expenses | 314,976 | 323 | 95,357 | 78,715 | 10,946 | 93,903 | 158 | 594,378 | |||||||||||||||||||||||
Earnings from equity method investments | 21,090 | 11,116 | — | — | — | — | — | 32,206 | |||||||||||||||||||||||
Operating income (loss) | 38,768 | 10,793 | 6,883 | 6,950 | (5,288 | ) | 923 | (9,261 | ) | 49,768 | |||||||||||||||||||||
Other expenses (income), net | 7,291 | (2,161 | ) | 9,459 | 1,269 | 1,113 | (318 | ) | 21,822 | 38,475 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 31,477 | $ | 12,954 | $ | (2,576 | ) | $ | 5,681 | $ | (6,401 | ) | $ | 1,241 | $ | (31,083 | ) | $ | 11,293 |
|
June 30, 2014 | December 31, 2013 | ||||||
Crude oil | $ | 27,911 | $ | 30,779 | |||
Asphalt and other | 16,469 | 13,516 | |||||
Total inventories | $ | 44,380 | $ | 44,295 |
|
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 185 | $ | — | $ | 185 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Total assets | 185 | — | 185 | 36 | (36 | ) | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
Warrants | 76,084 | — | 76,084 | 58,134 | — | 58,134 | |||||||||||||||||
Total liabilities | 76,084 | — | 76,084 | 58,230 | (36 | ) | 58,194 | ||||||||||||||||
Net assets (liabilities) at fair value | $ | (75,899 | ) | $ | — | $ | (75,899 | ) | $ | (58,194 | ) | $ | — | $ | (58,194 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Sales | 1,135 | 720 | 1,950 | 1,330 | |||||||
Purchases | 1,005 | 615 | 1,815 | 1,290 |
June 30, 2014 | December 31, 2013 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | 185 | $ | — | $ | — | $ | 60 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Commodity contracts | $ | (1,942 | ) | $ | (233 | ) | $ | (2,749 | ) | $ | (777 | ) |
|
|
June 30, 2014 | December 31, 2013 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | |||
SemGroup corporate revolving credit facility | 65,500 | 70,000 | |||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | |||||
Rose Rock credit facility | 447,500 | 245,000 | |||||
SemMexico credit facility | 4,318 | — | |||||
Capital leases | 107 | 125 | |||||
Total long-term debt | $ | 1,217,425 | $ | 615,125 | |||
less: current portion of long-term debt | 4,357 | 37 | |||||
Noncurrent portion of long-term debt | $ | 1,213,068 | $ | 615,088 |
Year | Percentage | |
2017 | 104.219% | |
2018 | 102.813% | |
2019 | 101.406% | |
2020 and thereafter | 100.000% |
|
(a) | Confirmation order appeal |
(b) | Investigations |
(c) | Claims reconciliation process |
Volume (Barrels) | Value | |||||
Fixed price purchases | 145 | $ | 13,348 | |||
Fixed price sales | 175 | $ | 17,720 | |||
Floating price purchases | 9,329 | $ | 949,093 | |||
Floating price sales | 12,080 | $ | 1,047,077 |
|
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | ||||||||||
Net income (loss) | — | — | — | (4,096 | ) | — | 11,250 | 7,154 | |||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 3,713 | — | 3,713 | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (13,209 | ) | (13,209 | ) | ||||||||||||||||||
Dividends paid | — | (19,628 | ) | — | — | — | — | (19,628 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (57 | ) | — | — | — | (43 | ) | (100 | ) | |||||||||||||||||
Non-cash equity compensation | — | 3,367 | — | — | — | 390 | 3,757 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 1,873 | — | — | — | — | 1,875 | ||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | ||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock | — | 53,370 | — | — | — | (85,173 | ) | (31,803 | ) | ||||||||||||||||||
Balance at June 30, 2014 | $ | 427 | $ | 1,193,441 | $ | (1,332 | ) | $ | (101,668 | ) | $ | 859 | $ | 73,176 | $ | 1,164,903 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax expense of $2,342 | 3,716 | — | 3,716 | ||||||||
Changes related to benefit plans, net of income tax benefit | — | (3 | ) | (3 | ) | ||||||
Balance at June 30, 2014 | $ | (792 | ) | $ | 1,651 | $ | 859 |
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||
June 30, 2013 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||
September 30, 2013 | $ | 0.20 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||
December 31, 2013 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||
March 31, 2014 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||
June 30, 2014 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 | |||||
September 30, 2014 | $ | 0.27 | August 6, 2014 | August 18, 2014 | August 28, 2014 |
|
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Decrease (increase) in restricted cash | $ | (2,193 | ) | $ | 275 | ||
Decrease (increase) in accounts receivable | (13,741 | ) | (12,512 | ) | |||
Decrease (increase) in receivable from affiliates | 37,472 | (2,416 | ) | ||||
Decrease (increase) in inventories | (6,037 | ) | (237 | ) | |||
Decrease (increase) in derivatives and margin deposits | (240 | ) | 972 | ||||
Decrease (increase) in other current assets | (2,631 | ) | 839 | ||||
Decrease (increase) in other assets | 4 | 266 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (14,224 | ) | 7,229 | ||||
Increase (decrease) in payable to affiliates | (39,567 | ) | 2 | ||||
Increase (decrease) in payables to pre-petition creditors | (46 | ) | (424 | ) | |||
Increase (decrease) in other noncurrent liabilities | 1,284 | (3,323 | ) | ||||
$ | (39,919 | ) | $ | (9,329 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 108,456 | $ | 183,617 | $ | 280,894 | $ | 362,331 | |||||||
Purchases | $ | 113,154 | $ | 145,469 | $ | 270,845 | $ | 285,392 | |||||||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 48 | $ | 84 | $ | 96 |
|
June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,825 | $ | — | $ | 71,652 | $ | (3,139 | ) | $ | 75,338 | |||||||||
Restricted cash | 3,856 | — | 3,560 | — | 7,416 | |||||||||||||||
Accounts receivable, net | 632 | 32,181 | 301,416 | — | 334,229 | |||||||||||||||
Proceeds receivable from senior note issuance | — | — | 391,915 | — | 391,915 | |||||||||||||||
Receivable from affiliates | 1,856 | 7,700 | 26,884 | (6,639 | ) | 29,801 | ||||||||||||||
Inventories | — | (540 | ) | 44,920 | — | 44,380 | ||||||||||||||
Other current assets | 12,803 | 736 | 7,226 | — | 20,765 | |||||||||||||||
Total current assets | 25,972 | 40,077 | 847,573 | (9,778 | ) | 903,844 | ||||||||||||||
Property, plant and equipment, net | 3,998 | 429,428 | 778,995 | — | 1,212,421 | |||||||||||||||
Equity method investments | 1,591,000 | 600,077 | 271,187 | (1,828,889 | ) | 633,375 | ||||||||||||||
Goodwill | — | 13,052 | 55,967 | — | 69,019 | |||||||||||||||
Other intangible assets, net | 28 | 156,483 | 13,724 | — | 170,235 | |||||||||||||||
Other noncurrent assets, net | 11,956 | 1,241 | 20,353 | — | 33,550 | |||||||||||||||
Total assets | $ | 1,632,954 | $ | 1,240,358 | $ | 1,987,799 | $ | (1,838,667 | ) | $ | 3,022,444 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 723 | $ | 26,800 | $ | 233,757 | $ | — | $ | 261,280 | ||||||||||
Payable to affiliates | 41 | 71 | 27,583 | (4,984 | ) | 22,711 | ||||||||||||||
Accrued liabilities | 9,745 | 13,931 | 46,670 | 4 | 70,350 | |||||||||||||||
Payables to pre-petition creditors | 3,128 | — | 8 | — | 3,136 | |||||||||||||||
Deferred revenue | — | — | 22,238 | (1 | ) | 22,237 | ||||||||||||||
Warrant liability | 76,084 | — | — | — | 76,084 | |||||||||||||||
Other current liabilities | 415 | 708 | 1,110 | (1,658 | ) | 575 | ||||||||||||||
Current portion of long-term debt | — | — | 4,357 | — | 4,357 | |||||||||||||||
Total current liabilities | 90,136 | 41,510 | 335,723 | (6,639 | ) | 460,730 | ||||||||||||||
Long-term debt | 365,500 | — | 847,568 | — | 1,213,068 | |||||||||||||||
Deferred income taxes | 85,583 | — | 54,488 | — | 140,071 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 43,664 | — | 43,672 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,091,727 | 1,198,848 | 633,180 | (1,832,028 | ) | 1,091,727 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 73,176 | — | 73,176 | |||||||||||||||
Total owners’ equity | 1,091,727 | 1,198,848 | 706,356 | (1,832,028 | ) | 1,164,903 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,632,954 | $ | 1,240,358 | $ | 1,987,799 | $ | (1,838,667 | ) | $ | 3,022,444 |
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | |||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | |||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | |||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | ||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | |||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | |||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | ||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | |||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | ||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | |||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | |||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | |||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | ||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | ||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | |||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | |||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | |||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | |||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | |||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | ||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | |||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | |||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 |
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 82,212 | $ | 330,549 | $ | (9,775 | ) | $ | 402,986 | |||||||||
Service | — | 11,317 | 42,133 | — | 53,450 | |||||||||||||||
Other | — | — | 25,788 | — | 25,788 | |||||||||||||||
Total revenues | — | 93,529 | 398,470 | (9,775 | ) | 482,224 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 67,306 | 310,996 | (9,775 | ) | 368,527 | ||||||||||||||
Operating | — | 8,411 | 51,013 | — | 59,424 | |||||||||||||||
General and administrative | 4,985 | 2,678 | 14,187 | — | 21,850 | |||||||||||||||
Depreciation and amortization | 417 | 8,123 | 13,522 | — | 22,062 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,695 | (41,325 | ) | — | 19,315 | ||||||||||||||
Total expenses | 11,347 | 141,213 | 348,393 | (9,775 | ) | 491,178 | ||||||||||||||
Earnings from equity method investments | 10,493 | 57,955 | 8,209 | (57,470 | ) | 19,187 | ||||||||||||||
Operating income (loss) | (854 | ) | 10,271 | 58,286 | (57,470 | ) | 10,233 | |||||||||||||
Other expenses, net: | ||||||||||||||||||||
Interest expense | 3,093 | 4,619 | 3,480 | (832 | ) | 10,360 | ||||||||||||||
Foreign currency transaction loss | — | — | 167 | — | 167 | |||||||||||||||
Other expense, net | 18,099 | — | 32 | 831 | 18,962 | |||||||||||||||
Total other expenses, net | 21,192 | 4,619 | 3,679 | (1 | ) | 29,489 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (22,046 | ) | 5,652 | 54,607 | (57,469 | ) | (19,256 | ) | ||||||||||||
Income tax benefit | (4,437 | ) | — | (2,235 | ) | — | (6,672 | ) | ||||||||||||
Income (loss) from continuing operations | (17,609 | ) | 5,652 | 56,842 | (57,469 | ) | (12,584 | ) | ||||||||||||
Net income (loss) | (17,609 | ) | 5,652 | 56,842 | (57,469 | ) | (12,584 | ) | ||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,025 | — | 5,025 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (17,609 | ) | $ | 5,652 | $ | 51,817 | $ | (57,469 | ) | $ | (17,609 | ) | |||||||
Net income (loss) | $ | (17,609 | ) | $ | 5,652 | $ | 56,842 | $ | (57,469 | ) | $ | (12,584 | ) | |||||||
Other comprehensive income (loss), net of income taxes | (1,680 | ) | — | 8,365 | — | 6,685 | ||||||||||||||
Comprehensive income (loss) | (19,289 | ) | 5,652 | 65,207 | (57,469 | ) | (5,899 | ) | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,025 | — | 5,025 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (19,289 | ) | $ | 5,652 | $ | 60,182 | $ | (57,469 | ) | $ | (10,924 | ) |
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 45,623 | $ | 200,649 | $ | (5,019 | ) | $ | 241,253 | |||||||||
Service | — | 223 | 31,455 | — | 31,678 | |||||||||||||||
Other | — | — | 51,313 | — | 51,313 | |||||||||||||||
Total revenues | — | 45,846 | 283,417 | (5,019 | ) | 324,244 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 32,682 | 185,046 | (5,019 | ) | 212,709 | ||||||||||||||
Operating | — | 4,001 | 65,681 | — | 69,682 | |||||||||||||||
General and administrative | 4,210 | 2,069 | 10,619 | — | 16,898 | |||||||||||||||
Depreciation and amortization | 482 | 2,082 | 10,250 | — | 12,814 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (5 | ) | (371 | ) | — | (376 | ) | ||||||||||||
Total expenses | 4,692 | 40,829 | 271,225 | (5,019 | ) | 311,727 | ||||||||||||||
Earnings from equity method investments | 20,358 | 19,796 | 10,661 | (35,954 | ) | 14,861 | ||||||||||||||
Operating income | 15,666 | 24,813 | 22,853 | (35,954 | ) | 27,378 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (901 | ) | 1,024 | 4,372 | — | 4,495 | ||||||||||||||
Foreign currency transaction gain | — | — | (349 | ) | — | (349 | ) | |||||||||||||
Other expense, net | 5,009 | — | 1,458 | — | 6,467 | |||||||||||||||
Total other expenses, net | 4,108 | 1,024 | 5,481 | — | 10,613 | |||||||||||||||
Income from continuing operations before income taxes | 11,558 | 23,789 | 17,372 | (35,954 | ) | 16,765 | ||||||||||||||
Income tax expense | 7,989 | — | 1,299 | — | 9,288 | |||||||||||||||
Income from continuing operations | 3,569 | 23,789 | 16,073 | (35,954 | ) | 7,477 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 36 | (1 | ) | — | 35 | ||||||||||||||
Net income | 3,569 | 23,825 | 16,072 | (35,954 | ) | 7,512 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 3,943 | — | 3,943 | |||||||||||||||
Net income attributable to SemGroup | $ | 3,569 | $ | 23,825 | $ | 12,129 | $ | (35,954 | ) | $ | 3,569 | |||||||||
Net income | $ | 3,569 | $ | 23,825 | $ | 16,072 | $ | (35,954 | ) | $ | 7,512 | |||||||||
Other comprehensive income (loss), net of income taxes | 936 | — | (6,290 | ) | — | (5,354 | ) | |||||||||||||
Comprehensive income | 4,505 | 23,825 | 9,782 | (35,954 | ) | 2,158 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 3,943 | — | 3,943 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 4,505 | $ | 23,825 | $ | 5,839 | $ | (35,954 | ) | $ | (1,785 | ) |
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 180,337 | $ | 669,346 | $ | (19,667 | ) | $ | 830,016 | |||||||||
Service | — | 14,127 | 87,830 | — | 101,957 | |||||||||||||||
Other | — | — | 49,134 | — | 49,134 | |||||||||||||||
Total revenues | — | 194,464 | 806,310 | (19,667 | ) | 981,107 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 144,840 | 628,467 | (19,667 | ) | 753,640 | ||||||||||||||
Operating | — | 15,761 | 94,441 | — | 110,202 | |||||||||||||||
General and administrative | 9,518 | 4,968 | 26,100 | — | 40,586 | |||||||||||||||
Depreciation and amortization | 852 | 13,887 | 30,960 | — | 45,699 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,705 | (41,393 | ) | — | 19,257 | ||||||||||||||
Total expenses | 16,315 | 234,161 | 738,575 | (19,667 | ) | 969,384 | ||||||||||||||
Earnings from equity method investments | 31,319 | 74,582 | 15,613 | (87,365 | ) | 34,149 | ||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | — | — | 8,127 | |||||||||||||||
Operating income | 23,131 | 34,885 | 83,348 | (87,365 | ) | 53,999 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 5,583 | 8,698 | 6,955 | (1,649 | ) | 19,587 | ||||||||||||||
Foreign currency transaction gain | — | — | (516 | ) | — | (516 | ) | |||||||||||||
Other expense (income), net | 16,301 | — | (35 | ) | 1,649 | 17,915 | ||||||||||||||
Total other expenses, net | 21,884 | 8,698 | 6,404 | — | 36,986 | |||||||||||||||
Income from continuing operations before income taxes | 1,247 | 26,187 | 76,944 | (87,365 | ) | 17,013 | ||||||||||||||
Income tax expense | 5,343 | — | 4,511 | — | 9,854 | |||||||||||||||
Income (loss) from continuing operations | (4,096 | ) | 26,187 | 72,433 | (87,365 | ) | 7,159 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net income (loss) | (4,096 | ) | 26,187 | 72,428 | (87,365 | ) | 7,154 | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 11,250 | — | 11,250 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (4,096 | ) | $ | 26,187 | $ | 61,178 | $ | (87,365 | ) | $ | (4,096 | ) | |||||||
Net income (loss) | $ | (4,096 | ) | $ | 26,187 | $ | 72,428 | $ | (87,365 | ) | $ | 7,154 | ||||||||
Other comprehensive income (loss), net of income taxes | (2,426 | ) | — | 6,139 | — | 3,713 | ||||||||||||||
Comprehensive income (loss) | (6,522 | ) | 26,187 | 78,567 | (87,365 | ) | 10,867 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 11,250 | — | 11,250 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (6,522 | ) | $ | 26,187 | $ | 67,317 | $ | (87,365 | ) | $ | (383 | ) |
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 83,257 | $ | 402,713 | $ | (9,088 | ) | $ | 476,882 | |||||||||
Service | — | 471 | 58,864 | — | 59,335 | |||||||||||||||
Other | — | — | 75,723 | — | 75,723 | |||||||||||||||
Total revenues | — | 83,728 | 537,300 | (9,088 | ) | 611,940 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 61,156 | 373,010 | (9,088 | ) | 425,078 | ||||||||||||||
Operating | — | 7,972 | 102,481 | — | 110,453 | |||||||||||||||
General and administrative | 8,128 | 4,105 | 21,702 | — | 33,935 | |||||||||||||||
Depreciation and amortization | 1,007 | 4,060 | 20,383 | — | 25,450 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 3 | (541 | ) | — | (538 | ) | |||||||||||||
Total expenses | 9,135 | 77,296 | 517,035 | (9,088 | ) | 594,378 | ||||||||||||||
Earnings from equity method investments | 37,245 | 38,343 | 21,100 | (64,482 | ) | 32,206 | ||||||||||||||
Operating income | 28,110 | 44,775 | 41,365 | (64,482 | ) | 49,768 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (2,917 | ) | 1,827 | 7,981 | — | 6,891 | ||||||||||||||
Foreign currency transaction loss | — | — | (516 | ) | — | (516 | ) | |||||||||||||
Other expense, net | 29,443 | 158 | 2,499 | — | 32,100 | |||||||||||||||
Total other expenses, net | 26,526 | 1,985 | 9,964 | — | 38,475 | |||||||||||||||
Income from continuing operations before income taxes | 1,584 | 42,790 | 31,401 | (64,482 | ) | 11,293 | ||||||||||||||
Income tax (benefit) expense | (45,429 | ) | — | 711 | — | (44,718 | ) | |||||||||||||
Income from continuing operations | 47,013 | 42,790 | 30,690 | (64,482 | ) | 56,011 | ||||||||||||||
Income from discontinued operations, net of income taxes | — | 66 | 1 | — | 67 | |||||||||||||||
Net income | 47,013 | 42,856 | 30,691 | (64,482 | ) | 56,078 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 9,065 | — | 9,065 | |||||||||||||||
Net income attributable to SemGroup | $ | 47,013 | $ | 42,856 | $ | 21,626 | $ | (64,482 | ) | $ | 47,013 | |||||||||
Net income | $ | 47,013 | $ | 42,856 | $ | 30,691 | $ | (64,482 | ) | $ | 56,078 | |||||||||
Other comprehensive income (loss), net of income taxes | 2,352 | — | (12,764 | ) | — | (10,412 | ) | |||||||||||||
Comprehensive income | 49,365 | 42,856 | 17,927 | (64,482 | ) | 45,666 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 9,065 | — | 9,065 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 49,365 | $ | 42,856 | $ | 8,862 | $ | (64,482 | ) | $ | 36,601 |
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 5,730 | $ | 28,836 | $ | 32,701 | $ | (11,718 | ) | $ | 55,549 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (734 | ) | (88,459 | ) | (38,475 | ) | — | (127,668 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 2,361 | 1,659 | — | 4,020 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | ||||||||||||||
Investments in non-consolidated subsidiaries | — | (16,203 | ) | (51,774 | ) | — | (67,977 | ) | ||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,254 | 719 | 4,681 | (1,254 | ) | 5,400 | ||||||||||||||
Net cash used in investing activities | 114,932 | (102,096 | ) | (127,903 | ) | (115,666 | ) | (230,733 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (62 | ) | — | (155 | ) | ||||||||||||
Borrowings on credit facilities | 233,500 | — | 300,330 | — | 533,830 | |||||||||||||||
Principal payments on credit facilities and other obligations | (238,000 | ) | — | (93,518 | ) | — | (331,518 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (13,209 | ) | — | (13,209 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (19,628 | ) | — | — | — | (19,628 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 88 | — | — | — | 88 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (93,180 | ) | 73,260 | (105,883 | ) | 125,803 | — | |||||||||||||
Net cash provided by (used in) financing activities | (116,382 | ) | 73,260 | 87,658 | 125,803 | 170,339 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 832 | — | 832 | |||||||||||||||
Change in cash and cash equivalents | 4,280 | — | (6,712 | ) | (1,581 | ) | (4,013 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 6,825 | $ | — | $ | 71,652 | $ | (3,139 | ) | $ | 75,338 |
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 14,394 | $ | (1,839 | ) | $ | 39,478 | $ | 3,403 | $ | 55,436 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (442 | ) | (36,531 | ) | (22,904 | ) | — | (59,877 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3 | 541 | — | 544 | |||||||||||||||
Investments in non-consolidated subsidiaries | — | (21,290 | ) | (60,321 | ) | — | (81,611 | ) | ||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 5,582 | — | 5,582 | |||||||||||||||
Net cash provided by (used in) investing activities | 189,058 | (57,818 | ) | (77,102 | ) | (189,500 | ) | (135,362 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (8,651 | ) | — | (1,612 | ) | — | (10,263 | ) | ||||||||||||
Borrowings on credit facilities | 394,500 | — | 255,474 | — | 649,974 | |||||||||||||||
Principal payments on credit facilities and other obligations | (296,000 | ) | — | (89,012 | ) | — | (385,012 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 57,751 | — | 57,751 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (7,496 | ) | — | (7,496 | ) | |||||||||||||
Proceeds from warrant exercises | 224 | — | — | — | 224 | |||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Dividends paid | (7,939 | ) | — | — | — | (7,939 | ) | |||||||||||||
Intercompany borrowing (advances), net | (69,606 | ) | 59,657 | (174,866 | ) | 184,815 | — | |||||||||||||
Net cash provided by financing activities | 12,157 | 59,657 | 40,239 | 184,815 | 296,868 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,795 | — | 1,795 | |||||||||||||||
Change in cash and cash equivalents | 215,609 | — | 4,410 | (1,282 | ) | 218,737 | ||||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 234,732 | $ | — | $ | 68,254 | $ | (4,220 | ) | $ | 298,766 |
|
• | On June 24, 2014, our consolidated subsidiary, Rose Rock, acquired crude oil trucking assets from a subsidiary of Chesapeake Energy Corporation ("Chesapeake") (NYSE: CHK) for $44.0 million in cash. Highlights of the transaction include: |
◦ | 124 trucks, 122 trailers and miscellaneous equipment; and |
◦ | a long-term transportation agreement with Chesapeake Energy Marketing, Inc. |
Property, plant and equipment | $ | 21,700 | |
Customer contract intangible | 4,459 | ||
Goodwill | 17,835 | ||
Total assets acquired | $ | 43,994 |
Balance at December 31, 2013 | $ | 62,021 | |
Acquisition | 17,835 | ||
Mid-America Midstream Gas Services, LLC purchase price allocation adjustment | (10,787 | ) | |
Barcas Field Services, LLC purchase price allocation adjustment | (98 | ) | |
Currency translation adjustments | 48 | ||
Balance at June 30, 2014 | $ | 69,019 |
• | On August 1, 2013, we acquired the equity interest of Mid-America Midstream Gas Services, L.L.C., a wholly owned subsidiary of Chesapeake, which is the owner of gas gathering and processing assets in the Mississippi Lime play for approximately $313.5 million in cash. In June 2014, the independent appraisal of the fair value of these assets was finalized. Based on this appraisal, we recorded a non-cash adjustment to the purchase price allocation which decreased goodwill and customer contract intangible by $10.8 million and $2.3 million, respectively, with a corresponding increase to property, plant and equipment. In addition, we recorded $0.5 million of incremental payments for property, plant and equipment, which related to the period prior to close of the transaction. |
• | On September 1, 2013, our consolidated subsidiary, Rose Rock, acquired the assets of Barcas Field Services, LLC, which owned and operated a crude oil trucking fleet, for $49.0 million in cash. During the three months ended March 31, 2014, we recorded a non-cash adjustment to the purchase price allocation which decreased goodwill and other intangible assets and increased property, plant and equipment by $0.1 million. |
• | On August 6, 2013, we completed the acquisition of approximately 5.36% of the general partner of NGL Energy, which increased our ownership of NGL Energy's general partner to 11.78%. |
|
|
• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; |
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or |
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). |
|
|
Distribution Per Unit | Distributions Paid/To Be Paid | |||||||||||||||||||||
Quarter Ended | SemGroup | Noncontrolling Interest Common Units | Total Distributions | |||||||||||||||||||
General Partner | Incentive Distributions | Common Units | Subordinated Units | |||||||||||||||||||
December 31, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | ||||||||
March 31, 2013 | $ | 0.4300 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | ||||||||
June 30, 2013 | $ | 0.4400 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | ||||||||
September 30, 2013 | $ | 0.4500 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | ||||||||
December 31, 2013 | $ | 0.4650 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | ||||||||
March 31, 2014 | $ | 0.4950 | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 | ||||||||
June 30, 2014 | $ | 0.5350 | * | $ | 334 | $ | 888 | $ | 3,646 | $ | 4,488 | $ | 7,362 | $ | 16,718 |
(Unaudited) | |||||||
June 30, 2014 | December 31, 2013 | ||||||
Cash | $ | 3,353 | $ | 15,459 | |||
Other current assets | 669,012 | 306,128 | |||||
Property, plant and equipment, net | 336,377 | 311,616 | |||||
Equity method investment | 271,187 | 224,095 | |||||
Goodwill | 46,059 | 28,322 | |||||
Other noncurrent assets, net | 22,549 | 11,627 | |||||
Total assets | $ | 1,348,537 | $ | 897,247 | |||
Current liabilities | $ | 247,677 | $ | 293,031 | |||
Long-term debt | 847,568 | 245,088 | |||||
Partners’ capital attributable to SemGroup | 180,116 | 120,610 | |||||
Partners’ capital attributable to noncontrolling interests | 73,176 | 159,961 | |||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | — | 78,557 | |||||
Total liabilities and equity | $ | 1,348,537 | $ | 897,247 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 290,432 | $ | 161,422 | $ | 581,355 | $ | 332,654 | |||||||
Cost of products sold | $ | 255,745 | $ | 140,506 | $ | 510,282 | $ | 288,957 | |||||||
Operating, general and administrative expenses | $ | 23,007 | $ | 9,061 | $ | 41,508 | $ | 18,040 | |||||||
Depreciation and amortization expense | $ | 6,267 | $ | 3,690 | $ | 16,801 | $ | 7,197 | |||||||
Earnings from equity method investment | $ | 12,291 | $ | 3,451 | $ | 23,371 | $ | 6,904 | |||||||
Net income | $ | 15,130 | $ | 9,134 | $ | 31,289 | $ | 21,128 | |||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | 4,082 | $ | — | $ | 7,758 | $ | — | |||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 11,048 | $ | 9,134 | $ | 23,531 | $ | 21,128 |
|
June 30, 2014 | December 31, 2013 | ||||||
White Cliffs | $ | 271,187 | $ | 224,095 | |||
NGL Energy Partners, LP | 214,522 | 208,848 | |||||
Glass Mountain Pipeline, LLC | 147,666 | 132,181 | |||||
Total equity method investments | $ | 633,375 | $ | 565,124 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
White Cliffs | $ | 12,291 | $ | 10,661 | $ | 23,371 | $ | 21,100 | |||||||
NGL Energy Energy Partners, LP* | 4,968 | 4,200 | 8,559 | 11,116 | |||||||||||
Glass Mountain Pipeline, LLC | 1,928 | — | 2,219 | (10 | ) | ||||||||||
Total earnings from equity method investments | $ | 19,187 | $ | 14,861 | $ | 34,149 | $ | 32,206 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
White Cliffs | $ | 14,467 | $ | 12,889 | $ | 28,052 | $ | 26,681 | |||||||
NGL Energy Partners, LP | 5,671 | 4,426 | 11,012 | 8,698 | |||||||||||
Glass Mountain Pipeline LLC | 2,937 | — | 2,937 | — | |||||||||||
Total cash distributions received from equity method investments | $ | 23,075 | $ | 17,315 | $ | 42,001 | $ | 35,379 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 34,533 | $ | 30,112 | $ | 67,807 | $ | 60,785 | |||||||
Operating, general and administrative expenses | $ | 5,539 | $ | 4,113 | $ | 12,307 | $ | 9,292 | |||||||
Depreciation and amortization expense | $ | 4,537 | $ | 4,715 | $ | 8,930 | $ | 9,430 | |||||||
Net income | $ | 24,457 | $ | 21,284 | $ | 46,570 | $ | 42,063 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 3,975,935 | $ | 1,617,613 | $ | 6,719,380 | $ | 2,955,821 | |||||||
Cost of sales | $ | 3,764,744 | $ | 1,481,890 | $ | 6,340,773 | $ | 2,686,435 | |||||||
Operating, general and administrative expenses | $ | 110,923 | $ | 74,632 | $ | 201,676 | $ | 139,325 | |||||||
Depreciation and amortization expense | $ | 37,475 | $ | 27,518 | $ | 72,969 | $ | 46,265 | |||||||
Net income | $ | 43,146 | $ | 22,341 | $ | 67,198 | $ | 62,818 |
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||
Revenue | $ | 8,891 | $ | 12,744 | |||
Operating, general and administrative expenses | $ | 1,158 | $ | 2,008 | |||
Depreciation and amortization expense | $ | 3,770 | $ | 6,118 | |||
Net income | $ | 3,962 | $ | 4,615 |
|
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 292,156 | $ | — | $ | 39,954 | $ | 83,162 | $ | 3,981 | $ | 62,971 | $ | — | $ | 482,224 | |||||||||||||||
Intersegment | — | — | — | 9,792 | — | — | (9,792 | ) | — | ||||||||||||||||||||||
Total revenues | 292,156 | — | 39,954 | 92,954 | 3,981 | 62,971 | (9,792 | ) | 482,224 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 255,745 | — | 71 | 68,231 | 265 | 54,007 | (9,792 | ) | 368,527 | ||||||||||||||||||||||
Operating | 17,689 | — | 28,836 | 8,012 | 1,940 | 2,947 | — | 59,424 | |||||||||||||||||||||||
General and administrative | 6,438 | (52 | ) | 3,574 | 2,240 | 1,529 | 3,112 | 5,009 | 21,850 | ||||||||||||||||||||||
Depreciation and amortization | 7,276 | — | 3,079 | 7,279 | 2,555 | 1,456 | 417 | 22,062 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (27 | ) | — | (915 | ) | 20,100 | (3,634 | ) | — | 3,791 | 19,315 | ||||||||||||||||||||
Total expenses | 287,121 | (52 | ) | 34,645 | 105,862 | 2,655 | 61,522 | (575 | ) | 491,178 | |||||||||||||||||||||
Earnings from equity method investments | 14,219 | 4,968 | — | — | — | — | — | 19,187 | |||||||||||||||||||||||
Operating income (loss) | 19,254 | 5,020 | 5,309 | (12,908 | ) | 1,326 | 1,449 | (9,217 | ) | 10,233 | |||||||||||||||||||||
Other expenses (income), net | 5,178 | (1,277 | ) | 3,750 | 2,013 | 83 | (56 | ) | 19,798 | 29,489 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,076 | $ | 6,297 | $ | 1,559 | $ | (14,921 | ) | $ | 1,243 | $ | 1,505 | $ | (29,015 | ) | $ | (19,256 | ) | ||||||||||||
Total assets at June 30, 2014 (excluding intersegment receivables) | $ | 1,543,964 | $ | 214,522 | $ | 316,240 | $ | 597,905 | $ | 171,490 | $ | 113,830 | $ | 64,493 | $ | 3,022,444 |
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 161,422 | $ | — | $ | 66,459 | $ | 41,908 | $ | 2,623 | $ | 51,832 | $ | — | $ | 324,244 | |||||||||||||||
Intersegment | — | — | — | 5,018 | — | — | (5,018 | ) | — | ||||||||||||||||||||||
Total revenues | 161,422 | — | 66,459 | 46,926 | 2,623 | 51,832 | (5,018 | ) | 324,244 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 140,506 | — | 1 | 33,567 | — | 43,653 | (5,018 | ) | 212,709 | ||||||||||||||||||||||
Operating | 5,691 | — | 55,508 | 4,289 | 1,848 | 2,346 | — | 69,682 | |||||||||||||||||||||||
General and administrative | 3,568 | 160 | 3,342 | 1,598 | 1,486 | 2,443 | 4,301 | 16,898 | |||||||||||||||||||||||
Depreciation and amortization | 3,690 | — | 2,638 | 2,233 | 2,313 | 1,458 | 482 | 12,814 | |||||||||||||||||||||||
Gain on disposal of long-lived assets, net | (25 | ) | — | — | (4 | ) | — | (347 | ) | — | (376 | ) | |||||||||||||||||||
Total expenses | 153,430 | 160 | 61,489 | 41,683 | 5,647 | 49,553 | (235 | ) | 311,727 | ||||||||||||||||||||||
Earnings from equity method investments | 10,661 | 4,200 | — | — | — | — | — | 14,861 | |||||||||||||||||||||||
Operating income (loss) | 18,653 | 4,040 | 4,970 | 5,243 | (3,024 | ) | 2,279 | (4,783 | ) | 27,378 | |||||||||||||||||||||
Other expenses (income), net | 4,120 | (1,193 | ) | 4,748 | 676 | 357 | 153 | 1,752 | 10,613 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,533 | $ | 5,233 | $ | 222 | $ | 4,567 | $ | (3,381 | ) | $ | 2,126 | $ | (6,535 | ) | $ | 16,765 |
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 584,670 | $ | — | $ | 79,237 | $ | 173,848 | $ | 8,771 | $ | 134,581 | $ | — | $ | 981,107 | |||||||||||||||
Intersegment | — | — | — | 19,684 | — | — | (19,684 | ) | — | ||||||||||||||||||||||
Total revenues | 584,670 | — | 79,237 | 193,532 | 8,771 | 134,581 | (19,684 | ) | 981,107 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 510,282 | — | 138 | 146,813 | 615 | 115,476 | (19,684 | ) | 753,640 | ||||||||||||||||||||||
Operating | 32,828 | — | 52,502 | 15,456 | 4,020 | 5,396 | — | 110,202 | |||||||||||||||||||||||
General and administrative | 10,380 | 61 | 7,554 | 4,212 | 2,951 | 5,863 | 9,565 | 40,586 | |||||||||||||||||||||||
Depreciation and amortization | 18,758 | — | 5,908 | 12,248 | 5,050 | 2,883 | 852 | 45,699 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (61 | ) | — | (915 | ) | 20,104 | (3,634 | ) | (28 | ) | 3,791 | 19,257 | |||||||||||||||||||
Total expenses | 572,187 | 61 | 65,187 | 198,833 | 9,002 | 129,590 | (5,476 | ) | 969,384 | ||||||||||||||||||||||
Earnings from equity method investments | 25,590 | 8,559 | — | — | — | — | — | 34,149 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 8,127 | — | — | — | — | — | 8,127 | |||||||||||||||||||||||
Operating income (loss) | 38,073 | 16,625 | 14,050 | (5,301 | ) | (231 | ) | 4,991 | (14,208 | ) | 53,999 | ||||||||||||||||||||
Other expenses (income), net | 9,841 | (2,541 | ) | 7,905 | 3,702 | 334 | (101 | ) | 17,846 | 36,986 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 28,232 | $ | 19,166 | $ | 6,145 | $ | (9,003 | ) | $ | (565 | ) | $ | 5,092 | $ | (32,054 | ) | $ | 17,013 |
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate and Other | Consolidated | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
External | $ | 332,654 | $ | — | $ | 102,240 | $ | 76,562 | $ | 5,658 | $ | 94,826 | $ | — | $ | 611,940 | |||||||||||||||
Intersegment | — | — | — | 9,103 | — | — | (9,103 | ) | — | ||||||||||||||||||||||
Total revenues | 332,654 | — | 102,240 | 85,665 | 5,658 | 94,826 | (9,103 | ) | 611,940 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 288,957 | — | 184 | 62,738 | — | 82,302 | (9,103 | ) | 425,078 | ||||||||||||||||||||||
Operating | 11,429 | 1 | 82,392 | 8,433 | 3,687 | 4,511 | — | 110,453 | |||||||||||||||||||||||
General and administrative | 7,418 | 316 | 7,487 | 3,189 | 2,606 | 4,665 | 8,254 | 33,935 | |||||||||||||||||||||||
Depreciation and amortization | 7,197 | — | 5,294 | 4,361 | 4,653 | 2,938 | 1,007 | 25,450 | |||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | (6 | ) | — | (513 | ) | — | (538 | ) | |||||||||||||||||||
Total expenses | 314,976 | 323 | 95,357 | 78,715 | 10,946 | 93,903 | 158 | 594,378 | |||||||||||||||||||||||
Earnings from equity method investments | 21,090 | 11,116 | — | — | — | — | — | 32,206 | |||||||||||||||||||||||
Operating income (loss) | 38,768 | 10,793 | 6,883 | 6,950 | (5,288 | ) | 923 | (9,261 | ) | 49,768 | |||||||||||||||||||||
Other expenses (income), net | 7,291 | (2,161 | ) | 9,459 | 1,269 | 1,113 | (318 | ) | 21,822 | 38,475 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 31,477 | $ | 12,954 | $ | (2,576 | ) | $ | 5,681 | $ | (6,401 | ) | $ | 1,241 | $ | (31,083 | ) | $ | 11,293 |
|
June 30, 2014 | December 31, 2013 | ||||||
Crude oil | $ | 27,911 | $ | 30,779 | |||
Asphalt and other | 16,469 | 13,516 | |||||
Total inventories | $ | 44,380 | $ | 44,295 |
|
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity derivatives | $ | 185 | $ | — | $ | 185 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Total assets | 185 | — | 185 | 36 | (36 | ) | — | ||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
Warrants | 76,084 | — | 76,084 | 58,134 | — | 58,134 | |||||||||||||||||
Total liabilities | 76,084 | — | 76,084 | 58,230 | (36 | ) | 58,194 | ||||||||||||||||
Net assets (liabilities) at fair value | $ | (75,899 | ) | $ | — | $ | (75,899 | ) | $ | (58,194 | ) | $ | — | $ | (58,194 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Sales | 1,135 | 720 | 1,950 | 1,330 | |||||||
Purchases | 1,005 | 615 | 1,815 | 1,290 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Commodity contracts | $ | (1,942 | ) | $ | (233 | ) | $ | (2,749 | ) | $ | (777 | ) |
June 30, 2014 | December 31, 2013 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | 185 | $ | — | $ | — | $ | 60 |
|
Year | Percentage | |
2017 | 104.219% | |
2018 | 102.813% | |
2019 | 101.406% | |
2020 and thereafter | 100.000% |
June 30, 2014 | December 31, 2013 | ||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | |||
SemGroup corporate revolving credit facility | 65,500 | 70,000 | |||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | |||||
Rose Rock credit facility | 447,500 | 245,000 | |||||
SemMexico credit facility | 4,318 | — | |||||
Capital leases | 107 | 125 | |||||
Total long-term debt | $ | 1,217,425 | $ | 615,125 | |||
less: current portion of long-term debt | 4,357 | 37 | |||||
Noncurrent portion of long-term debt | $ | 1,213,068 | $ | 615,088 |
|
Volume (Barrels) | Value | |||||
Fixed price purchases | 145 | $ | 13,348 | |||
Fixed price sales | 175 | $ | 17,720 | |||
Floating price purchases | 9,329 | $ | 949,093 | |||
Floating price sales | 12,080 | $ | 1,047,077 |
|
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||
June 30, 2013 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||
September 30, 2013 | $ | 0.20 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||
December 31, 2013 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||
March 31, 2014 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||
June 30, 2014 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 | |||||
September 30, 2014 | $ | 0.27 | August 6, 2014 | August 18, 2014 | August 28, 2014 |
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Owners’ Equity | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | ||||||||||
Net income (loss) | — | — | — | (4,096 | ) | — | 11,250 | 7,154 | |||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 3,713 | — | 3,713 | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (13,209 | ) | (13,209 | ) | ||||||||||||||||||
Dividends paid | — | (19,628 | ) | — | — | — | — | (19,628 | ) | ||||||||||||||||||
Unvested dividend equivalent rights | — | (57 | ) | — | — | — | (43 | ) | (100 | ) | |||||||||||||||||
Non-cash equity compensation | — | 3,367 | — | — | — | 390 | 3,757 | ||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 1,873 | — | — | — | — | 1,875 | ||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | ||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock | — | 53,370 | — | — | — | (85,173 | ) | (31,803 | ) | ||||||||||||||||||
Balance at June 30, 2014 | $ | 427 | $ | 1,193,441 | $ | (1,332 | ) | $ | (101,668 | ) | $ | 859 | $ | 73,176 | $ | 1,164,903 |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax expense of $2,342 | 3,716 | — | 3,716 | ||||||||
Changes related to benefit plans, net of income tax benefit | — | (3 | ) | (3 | ) | ||||||
Balance at June 30, 2014 | $ | (792 | ) | $ | 1,651 | $ | 859 |
|
Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
Decrease (increase) in restricted cash | $ | (2,193 | ) | $ | 275 | ||
Decrease (increase) in accounts receivable | (13,741 | ) | (12,512 | ) | |||
Decrease (increase) in receivable from affiliates | 37,472 | (2,416 | ) | ||||
Decrease (increase) in inventories | (6,037 | ) | (237 | ) | |||
Decrease (increase) in derivatives and margin deposits | (240 | ) | 972 | ||||
Decrease (increase) in other current assets | (2,631 | ) | 839 | ||||
Decrease (increase) in other assets | 4 | 266 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (14,224 | ) | 7,229 | ||||
Increase (decrease) in payable to affiliates | (39,567 | ) | 2 | ||||
Increase (decrease) in payables to pre-petition creditors | (46 | ) | (424 | ) | |||
Increase (decrease) in other noncurrent liabilities | 1,284 | (3,323 | ) | ||||
$ | (39,919 | ) | $ | (9,329 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 108,456 | $ | 183,617 | $ | 280,894 | $ | 362,331 | |||||||
Purchases | $ | 113,154 | $ | 145,469 | $ | 270,845 | $ | 285,392 | |||||||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 48 | $ | 84 | $ | 96 |
|
June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,825 | $ | — | $ | 71,652 | $ | (3,139 | ) | $ | 75,338 | |||||||||
Restricted cash | 3,856 | — | 3,560 | — | 7,416 | |||||||||||||||
Accounts receivable, net | 632 | 32,181 | 301,416 | — | 334,229 | |||||||||||||||
Proceeds receivable from senior note issuance | — | — | 391,915 | — | 391,915 | |||||||||||||||
Receivable from affiliates | 1,856 | 7,700 | 26,884 | (6,639 | ) | 29,801 | ||||||||||||||
Inventories | — | (540 | ) | 44,920 | — | 44,380 | ||||||||||||||
Other current assets | 12,803 | 736 | 7,226 | — | 20,765 | |||||||||||||||
Total current assets | 25,972 | 40,077 | 847,573 | (9,778 | ) | 903,844 | ||||||||||||||
Property, plant and equipment, net | 3,998 | 429,428 | 778,995 | — | 1,212,421 | |||||||||||||||
Equity method investments | 1,591,000 | 600,077 | 271,187 | (1,828,889 | ) | 633,375 | ||||||||||||||
Goodwill | — | 13,052 | 55,967 | — | 69,019 | |||||||||||||||
Other intangible assets, net | 28 | 156,483 | 13,724 | — | 170,235 | |||||||||||||||
Other noncurrent assets, net | 11,956 | 1,241 | 20,353 | — | 33,550 | |||||||||||||||
Total assets | $ | 1,632,954 | $ | 1,240,358 | $ | 1,987,799 | $ | (1,838,667 | ) | $ | 3,022,444 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 723 | $ | 26,800 | $ | 233,757 | $ | — | $ | 261,280 | ||||||||||
Payable to affiliates | 41 | 71 | 27,583 | (4,984 | ) | 22,711 | ||||||||||||||
Accrued liabilities | 9,745 | 13,931 | 46,670 | 4 | 70,350 | |||||||||||||||
Payables to pre-petition creditors | 3,128 | — | 8 | — | 3,136 | |||||||||||||||
Deferred revenue | — | — | 22,238 | (1 | ) | 22,237 | ||||||||||||||
Warrant liability | 76,084 | — | — | — | 76,084 | |||||||||||||||
Other current liabilities | 415 | 708 | 1,110 | (1,658 | ) | 575 | ||||||||||||||
Current portion of long-term debt | — | — | 4,357 | — | 4,357 | |||||||||||||||
Total current liabilities | 90,136 | 41,510 | 335,723 | (6,639 | ) | 460,730 | ||||||||||||||
Long-term debt | 365,500 | — | 847,568 | — | 1,213,068 | |||||||||||||||
Deferred income taxes | 85,583 | — | 54,488 | — | 140,071 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 43,664 | — | 43,672 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,091,727 | 1,198,848 | 633,180 | (1,832,028 | ) | 1,091,727 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 73,176 | — | 73,176 | |||||||||||||||
Total owners’ equity | 1,091,727 | 1,198,848 | 706,356 | (1,832,028 | ) | 1,164,903 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,632,954 | $ | 1,240,358 | $ | 1,987,799 | $ | (1,838,667 | ) | $ | 3,022,444 |
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | |||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | |||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | |||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | ||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | |||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | |||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | ||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | |||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | ||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | |||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | |||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | |||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | ||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | ||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | |||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | |||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | |||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | |||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | |||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | ||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | |||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | |||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | |||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 |
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 82,212 | $ | 330,549 | $ | (9,775 | ) | $ | 402,986 | |||||||||
Service | — | 11,317 | 42,133 | — | 53,450 | |||||||||||||||
Other | — | — | 25,788 | — | 25,788 | |||||||||||||||
Total revenues | — | 93,529 | 398,470 | (9,775 | ) | 482,224 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 67,306 | 310,996 | (9,775 | ) | 368,527 | ||||||||||||||
Operating | — | 8,411 | 51,013 | — | 59,424 | |||||||||||||||
General and administrative | 4,985 | 2,678 | 14,187 | — | 21,850 | |||||||||||||||
Depreciation and amortization | 417 | 8,123 | 13,522 | — | 22,062 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,695 | (41,325 | ) | — | 19,315 | ||||||||||||||
Total expenses | 11,347 | 141,213 | 348,393 | (9,775 | ) | 491,178 | ||||||||||||||
Earnings from equity method investments | 10,493 | 57,955 | 8,209 | (57,470 | ) | 19,187 | ||||||||||||||
Operating income (loss) | (854 | ) | 10,271 | 58,286 | (57,470 | ) | 10,233 | |||||||||||||
Other expenses, net: | ||||||||||||||||||||
Interest expense | 3,093 | 4,619 | 3,480 | (832 | ) | 10,360 | ||||||||||||||
Foreign currency transaction loss | — | — | 167 | — | 167 | |||||||||||||||
Other expense, net | 18,099 | — | 32 | 831 | 18,962 | |||||||||||||||
Total other expenses, net | 21,192 | 4,619 | 3,679 | (1 | ) | 29,489 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (22,046 | ) | 5,652 | 54,607 | (57,469 | ) | (19,256 | ) | ||||||||||||
Income tax benefit | (4,437 | ) | — | (2,235 | ) | — | (6,672 | ) | ||||||||||||
Income (loss) from continuing operations | (17,609 | ) | 5,652 | 56,842 | (57,469 | ) | (12,584 | ) | ||||||||||||
Net income (loss) | (17,609 | ) | 5,652 | 56,842 | (57,469 | ) | (12,584 | ) | ||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,025 | — | 5,025 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (17,609 | ) | $ | 5,652 | $ | 51,817 | $ | (57,469 | ) | $ | (17,609 | ) | |||||||
Net income (loss) | $ | (17,609 | ) | $ | 5,652 | $ | 56,842 | $ | (57,469 | ) | $ | (12,584 | ) | |||||||
Other comprehensive income (loss), net of income taxes | (1,680 | ) | — | 8,365 | — | 6,685 | ||||||||||||||
Comprehensive income (loss) | (19,289 | ) | 5,652 | 65,207 | (57,469 | ) | (5,899 | ) | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,025 | — | 5,025 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (19,289 | ) | $ | 5,652 | $ | 60,182 | $ | (57,469 | ) | $ | (10,924 | ) |
Three Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 45,623 | $ | 200,649 | $ | (5,019 | ) | $ | 241,253 | |||||||||
Service | — | 223 | 31,455 | — | 31,678 | |||||||||||||||
Other | — | — | 51,313 | — | 51,313 | |||||||||||||||
Total revenues | — | 45,846 | 283,417 | (5,019 | ) | 324,244 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 32,682 | 185,046 | (5,019 | ) | 212,709 | ||||||||||||||
Operating | — | 4,001 | 65,681 | — | 69,682 | |||||||||||||||
General and administrative | 4,210 | 2,069 | 10,619 | — | 16,898 | |||||||||||||||
Depreciation and amortization | 482 | 2,082 | 10,250 | — | 12,814 | |||||||||||||||
Gain on disposal of long-lived assets, net | — | (5 | ) | (371 | ) | — | (376 | ) | ||||||||||||
Total expenses | 4,692 | 40,829 | 271,225 | (5,019 | ) | 311,727 | ||||||||||||||
Earnings from equity method investments | 20,358 | 19,796 | 10,661 | (35,954 | ) | 14,861 | ||||||||||||||
Operating income | 15,666 | 24,813 | 22,853 | (35,954 | ) | 27,378 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (901 | ) | 1,024 | 4,372 | — | 4,495 | ||||||||||||||
Foreign currency transaction gain | — | — | (349 | ) | — | (349 | ) | |||||||||||||
Other expense, net | 5,009 | — | 1,458 | — | 6,467 | |||||||||||||||
Total other expenses, net | 4,108 | 1,024 | 5,481 | — | 10,613 | |||||||||||||||
Income from continuing operations before income taxes | 11,558 | 23,789 | 17,372 | (35,954 | ) | 16,765 | ||||||||||||||
Income tax expense | 7,989 | — | 1,299 | — | 9,288 | |||||||||||||||
Income from continuing operations | 3,569 | 23,789 | 16,073 | (35,954 | ) | 7,477 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 36 | (1 | ) | — | 35 | ||||||||||||||
Net income | 3,569 | 23,825 | 16,072 | (35,954 | ) | 7,512 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 3,943 | — | 3,943 | |||||||||||||||
Net income attributable to SemGroup | $ | 3,569 | $ | 23,825 | $ | 12,129 | $ | (35,954 | ) | $ | 3,569 | |||||||||
Net income | $ | 3,569 | $ | 23,825 | $ | 16,072 | $ | (35,954 | ) | $ | 7,512 | |||||||||
Other comprehensive income (loss), net of income taxes | 936 | — | (6,290 | ) | — | (5,354 | ) | |||||||||||||
Comprehensive income | 4,505 | 23,825 | 9,782 | (35,954 | ) | 2,158 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 3,943 | — | 3,943 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 4,505 | $ | 23,825 | $ | 5,839 | $ | (35,954 | ) | $ | (1,785 | ) |
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 180,337 | $ | 669,346 | $ | (19,667 | ) | $ | 830,016 | |||||||||
Service | — | 14,127 | 87,830 | — | 101,957 | |||||||||||||||
Other | — | — | 49,134 | — | 49,134 | |||||||||||||||
Total revenues | — | 194,464 | 806,310 | (19,667 | ) | 981,107 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 144,840 | 628,467 | (19,667 | ) | 753,640 | ||||||||||||||
Operating | — | 15,761 | 94,441 | — | 110,202 | |||||||||||||||
General and administrative | 9,518 | 4,968 | 26,100 | — | 40,586 | |||||||||||||||
Depreciation and amortization | 852 | 13,887 | 30,960 | — | 45,699 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,705 | (41,393 | ) | — | 19,257 | ||||||||||||||
Total expenses | 16,315 | 234,161 | 738,575 | (19,667 | ) | 969,384 | ||||||||||||||
Earnings from equity method investments | 31,319 | 74,582 | 15,613 | (87,365 | ) | 34,149 | ||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | — | — | 8,127 | |||||||||||||||
Operating income | 23,131 | 34,885 | 83,348 | (87,365 | ) | 53,999 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 5,583 | 8,698 | 6,955 | (1,649 | ) | 19,587 | ||||||||||||||
Foreign currency transaction gain | — | — | (516 | ) | — | (516 | ) | |||||||||||||
Other expense (income), net | 16,301 | — | (35 | ) | 1,649 | 17,915 | ||||||||||||||
Total other expenses, net | 21,884 | 8,698 | 6,404 | — | 36,986 | |||||||||||||||
Income from continuing operations before income taxes | 1,247 | 26,187 | 76,944 | (87,365 | ) | 17,013 | ||||||||||||||
Income tax expense | 5,343 | — | 4,511 | — | 9,854 | |||||||||||||||
Income (loss) from continuing operations | (4,096 | ) | 26,187 | 72,433 | (87,365 | ) | 7,159 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Net income (loss) | (4,096 | ) | 26,187 | 72,428 | (87,365 | ) | 7,154 | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 11,250 | — | 11,250 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | (4,096 | ) | $ | 26,187 | $ | 61,178 | $ | (87,365 | ) | $ | (4,096 | ) | |||||||
Net income (loss) | $ | (4,096 | ) | $ | 26,187 | $ | 72,428 | $ | (87,365 | ) | $ | 7,154 | ||||||||
Other comprehensive income (loss), net of income taxes | (2,426 | ) | — | 6,139 | — | 3,713 | ||||||||||||||
Comprehensive income (loss) | (6,522 | ) | 26,187 | 78,567 | (87,365 | ) | 10,867 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 11,250 | — | 11,250 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (6,522 | ) | $ | 26,187 | $ | 67,317 | $ | (87,365 | ) | $ | (383 | ) |
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 83,257 | $ | 402,713 | $ | (9,088 | ) | $ | 476,882 | |||||||||
Service | — | 471 | 58,864 | — | 59,335 | |||||||||||||||
Other | — | — | 75,723 | — | 75,723 | |||||||||||||||
Total revenues | — | 83,728 | 537,300 | (9,088 | ) | 611,940 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 61,156 | 373,010 | (9,088 | ) | 425,078 | ||||||||||||||
Operating | — | 7,972 | 102,481 | — | 110,453 | |||||||||||||||
General and administrative | 8,128 | 4,105 | 21,702 | — | 33,935 | |||||||||||||||
Depreciation and amortization | 1,007 | 4,060 | 20,383 | — | 25,450 | |||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 3 | (541 | ) | — | (538 | ) | |||||||||||||
Total expenses | 9,135 | 77,296 | 517,035 | (9,088 | ) | 594,378 | ||||||||||||||
Earnings from equity method investments | 37,245 | 38,343 | 21,100 | (64,482 | ) | 32,206 | ||||||||||||||
Operating income | 28,110 | 44,775 | 41,365 | (64,482 | ) | 49,768 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (2,917 | ) | 1,827 | 7,981 | — | 6,891 | ||||||||||||||
Foreign currency transaction loss | — | — | (516 | ) | — | (516 | ) | |||||||||||||
Other expense, net | 29,443 | 158 | 2,499 | — | 32,100 | |||||||||||||||
Total other expenses, net | 26,526 | 1,985 | 9,964 | — | 38,475 | |||||||||||||||
Income from continuing operations before income taxes | 1,584 | 42,790 | 31,401 | (64,482 | ) | 11,293 | ||||||||||||||
Income tax (benefit) expense | (45,429 | ) | — | 711 | — | (44,718 | ) | |||||||||||||
Income from continuing operations | 47,013 | 42,790 | 30,690 | (64,482 | ) | 56,011 | ||||||||||||||
Income from discontinued operations, net of income taxes | — | 66 | 1 | — | 67 | |||||||||||||||
Net income | 47,013 | 42,856 | 30,691 | (64,482 | ) | 56,078 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 9,065 | — | 9,065 | |||||||||||||||
Net income attributable to SemGroup | $ | 47,013 | $ | 42,856 | $ | 21,626 | $ | (64,482 | ) | $ | 47,013 | |||||||||
Net income | $ | 47,013 | $ | 42,856 | $ | 30,691 | $ | (64,482 | ) | $ | 56,078 | |||||||||
Other comprehensive income (loss), net of income taxes | 2,352 | — | (12,764 | ) | — | (10,412 | ) | |||||||||||||
Comprehensive income | 49,365 | 42,856 | 17,927 | (64,482 | ) | 45,666 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 9,065 | — | 9,065 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 49,365 | $ | 42,856 | $ | 8,862 | $ | (64,482 | ) | $ | 36,601 |
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 5,730 | $ | 28,836 | $ | 32,701 | $ | (11,718 | ) | $ | 55,549 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (734 | ) | (88,459 | ) | (38,475 | ) | — | (127,668 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 2,361 | 1,659 | — | 4,020 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | ||||||||||||||
Investments in non-consolidated subsidiaries | — | (16,203 | ) | (51,774 | ) | — | (67,977 | ) | ||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | ||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,254 | 719 | 4,681 | (1,254 | ) | 5,400 | ||||||||||||||
Net cash used in investing activities | 114,932 | (102,096 | ) | (127,903 | ) | (115,666 | ) | (230,733 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (62 | ) | — | (155 | ) | ||||||||||||
Borrowings on credit facilities | 233,500 | — | 300,330 | — | 533,830 | |||||||||||||||
Principal payments on credit facilities and other obligations | (238,000 | ) | — | (93,518 | ) | — | (331,518 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | (13,209 | ) | — | (13,209 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (19,628 | ) | — | — | — | (19,628 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 88 | — | — | — | 88 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (93,180 | ) | 73,260 | (105,883 | ) | 125,803 | — | |||||||||||||
Net cash provided by (used in) financing activities | (116,382 | ) | 73,260 | 87,658 | 125,803 | 170,339 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 832 | — | 832 | |||||||||||||||
Change in cash and cash equivalents | 4,280 | — | (6,712 | ) | (1,581 | ) | (4,013 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 6,825 | $ | — | $ | 71,652 | $ | (3,139 | ) | $ | 75,338 |
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 14,394 | $ | (1,839 | ) | $ | 39,478 | $ | 3,403 | $ | 55,436 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (442 | ) | (36,531 | ) | (22,904 | ) | — | (59,877 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3 | 541 | — | 544 | |||||||||||||||
Investments in non-consolidated subsidiaries | — | (21,290 | ) | (60,321 | ) | — | (81,611 | ) | ||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | ||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 5,582 | — | 5,582 | |||||||||||||||
Net cash provided by (used in) investing activities | 189,058 | (57,818 | ) | (77,102 | ) | (189,500 | ) | (135,362 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (8,651 | ) | — | (1,612 | ) | — | (10,263 | ) | ||||||||||||
Borrowings on credit facilities | 394,500 | — | 255,474 | — | 649,974 | |||||||||||||||
Principal payments on credit facilities and other obligations | (296,000 | ) | — | (89,012 | ) | — | (385,012 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 57,751 | — | 57,751 | |||||||||||||||
Distributions to noncontrolling interests | — | — | (7,496 | ) | — | (7,496 | ) | |||||||||||||
Proceeds from warrant exercises | 224 | — | — | — | 224 | |||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | |||||||||||||
Dividends paid | (7,939 | ) | — | — | — | (7,939 | ) | |||||||||||||
Intercompany borrowing (advances), net | (69,606 | ) | 59,657 | (174,866 | ) | 184,815 | — | |||||||||||||
Net cash provided by financing activities | 12,157 | 59,657 | 40,239 | 184,815 | 296,868 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,795 | — | 1,795 | |||||||||||||||
Change in cash and cash equivalents | 215,609 | — | 4,410 | (1,282 | ) | 218,737 | ||||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 234,732 | $ | — | $ | 68,254 | $ | (4,220 | ) | $ | 298,766 |
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Property, plant and equipment | $ | 21,700 | |
Customer contract intangible | 4,459 | ||
Goodwill | 17,835 | ||
Total assets acquired | $ | 43,994 |
Balance at December 31, 2013 | $ | 62,021 | |
Acquisition | 17,835 | ||
Mid-America Midstream Gas Services, LLC purchase price allocation adjustment | (10,787 | ) | |
Barcas Field Services, LLC purchase price allocation adjustment | (98 | ) | |
Currency translation adjustments | 48 | ||
Balance at June 30, 2014 | $ | 69,019 |
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