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• | Crude Transportation, which operates crude oil pipelines and truck transportation businesses in the United States. Crude Transportation’s assets include: |
• | a crude oil gathering and transportation pipeline system in Kansas and northern Oklahoma that is connected to several third-party pipelines and refineries; |
• | the Wattenberg Oil Trunkline ("WOT"), a crude oil gathering pipeline system that transports crude oil from production facilities in the DJ Basin to the pipeline owned by White Cliffs Pipeline, L.L.C. ("White Cliffs"); |
• | a crude oil trucking fleet of over 225 transport trucks and 235 trailers; |
• | Maurepas Pipeline, a project underway to build three pipelines to service refineries in the Gulf Coast region, which is expected to be completed in late second quarter 2017; |
• | a 51% ownership interest in White Cliffs, which owns crude oil pipelines that transport crude oil from Platteville, Colorado to Cushing, Oklahoma (the "White Cliffs Pipeline"); and |
• | a 50% ownership interest in Glass Mountain Pipeline, LLC ("Glass Mountain"), which owns a crude oil pipeline in western and north central Oklahoma (the "Glass Mountain Pipeline"). |
• | Crude Facilities, which operates crude oil storage and terminal businesses in Cushing, Oklahoma and a crude oil truck unloading facility in Platteville, Colorado that connects to the origination point of the White Cliffs Pipeline. |
• | Crude Supply and Logistics, which operates a crude oil marketing business utilizing our Crude Transportation and Crude Facilities assets for marketing purposes. |
• | SemGas, which provides natural gas gathering and processing services in the United States. SemGas operates gathering pipelines in Oklahoma and Texas and processing plants in northern Oklahoma and Texas. |
• | SemCAMS, which provides natural gas gathering and processing services in Alberta, Canada. SemCAMS owns working interests in, and operates, a network of natural gas gathering and transportation pipelines and natural gas processing plants. |
• | SemLogistics, which provides refined product and crude oil storage services in the United Kingdom. |
• | SemMexico, which purchases, produces, stores, and distributes liquid asphalt cement products in Mexico. |
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Pipelines and related facilities | 10 – 31 years |
Storage and terminal facilities | 10 – 25 years |
Natural gas gathering and processing facilities | 10 – 31 years |
Trucking equipment and other | 3 – 7 years |
Office property and equipment | 3 – 31 years |
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Distribution Per Unit | Distributions 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 | ||||||||
June 30, 2015 | $ | 0.6500 | $ | 590 | $ | 4,979 | $ | 13,458 | $ | — | $ | 10,456 | $ | 29,483 | ||||||||
September 30, 2015 | $ | 0.6600 | $ | 604 | $ | 5,333 | $ | 13,665 | $ | — | $ | 10,619 | $ | 30,221 | ||||||||
December 31, 2015 | $ | 0.6600 | $ | 604 | $ | 5,333 | $ | 13,665 | $ | — | $ | 10,622 | $ | 30,224 | ||||||||
March 31, 2016 | $ | 0.6600 | $ | 605 | $ | 5,338 | $ | 13,665 | $ | — | $ | 10,643 | $ | 30,251 | ||||||||
June 30, 2016 | $ | 0.6600 | $ | 605 | $ | 5,339 | $ | 13,665 | $ | — | $ | 10,648 | $ | 30,257 |
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December 31, | |||||||
2016 | 2015 | ||||||
White Cliffs | $ | 281,734 | $ | 297,109 | |||
NGL Energy | 18,933 | 112,787 | |||||
Glass Mountain | 133,622 | 141,182 | |||||
Total equity method investments | $ | 434,289 | $ | 551,078 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
White Cliffs | $ | 69,007 | $ | 70,238 | $ | 57,378 | |||||
NGL Energy(1) | 2,188 | 5,031 | 2,343 | ||||||||
Glass Mountain | 2,562 | 6,117 | 4,478 | ||||||||
Total earnings from equity method investments | $ | 73,757 | $ | 81,386 | $ | 64,199 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
White Cliffs | $ | 88,839 | $ | 86,845 | $ | 66,768 | |||||
NGL Energy | 4,873 | 19,074 | 23,404 | ||||||||
Glass Mountain | 10,456 | 13,623 | 6,823 | ||||||||
Total cash distributions received from equity method investments | $ | 104,168 | $ | 119,542 | $ | 96,995 |
December 31, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 34,721 | $ | 54,091 | |||
Property, plant and equipment, net | 508,043 | 509,068 | |||||
Goodwill | 17,000 | 17,000 | |||||
Other intangible assets, net | 8,509 | 11,974 | |||||
Total assets | $ | 568,273 | $ | 592,133 | |||
Current liabilities | $ | 15,812 | $ | 9,491 | |||
Members’ equity | 552,461 | 582,642 | |||||
Total liabilities and members’ equity | $ | 568,273 | $ | 592,133 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 212,359 | $ | 206,395 | $ | 160,369 | |||||
Cost of products sold | $ | 3,223 | $ | 2,914 | $ | 3,635 | |||||
Operating, general and administrative expenses | $ | 35,672 | $ | 30,370 | $ | 19,431 | |||||
Depreciation and amortization expense | $ | 35,439 | $ | 34,105 | $ | 23,257 | |||||
Net income | $ | 138,032 | $ | 139,000 | $ | 114,045 |
(Unaudited) September 30, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 1,250,299 | $ | 1,276,919 | |||
Property plant and equipment, net | 1,755,416 | 1,845,112 | |||||
Goodwill | 1,467,955 | 1,658,237 | |||||
Intangible and other assets, net | 1,600,248 | 1,820,788 | |||||
Total assets | $ | 6,073,918 | $ | 6,601,056 | |||
Current liabilities | $ | 798,853 | $ | 857,639 | |||
Long-term debt | 3,063,008 | 3,077,604 | |||||
Other noncurrent liabilities | 256,743 | 127,639 | |||||
Equity | 1,955,314 | 2,538,174 | |||||
Total liabilities and equity | $ | 6,073,918 | $ | 6,601,056 |
(Unaudited) Twelve Months Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 10,777,954 | $ | 14,504,581 | $ | 15,748,520 | |||||
Costs of products sold | $ | 10,005,830 | $ | 13,573,066 | $ | 15,054,291 | |||||
Operating, general and administrative expenses | $ | 523,902 | $ | 576,805 | $ | 436,959 | |||||
Depreciation and amortization expense | $ | 211,841 | $ | 221,067 | $ | 162,443 | |||||
Net income (loss) | $ | (39,895 | ) | $ | 71,225 | $ | 15,059 |
December 31, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 6,136 | $ | 7,856 | |||
Property, plant and equipment, net | 193,179 | 205,920 | |||||
Total assets | $ | 199,315 | $ | 213,776 | |||
Current liabilities | $ | 1,286 | $ | 1,036 | |||
Other liabilities | 13 | 28 | |||||
Members’ equity | 198,016 | 212,712 | |||||
Total liabilities and members’ equity | $ | 199,315 | $ | 213,776 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 29,502 | $ | 38,526 | $ | 30,398 | |||||
Cost of Sales | $ | 463 | $ | 3,392 | $ | 757 | |||||
Operating, general and administrative expenses | $ | 7,570 | $ | 6,643 | $ | 6,419 | |||||
Depreciation and amortization expense | $ | 15,914 | $ | 15,828 | $ | 13,872 | |||||
Net income | $ | 5,548 | $ | 12,657 | $ | 9,344 |
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• | 124 trucks, 122 trailers and miscellaneous equipment; and |
• | a long-term transportation agreement with Chesapeake Energy Marketing, Inc. |
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Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Crude Transportation | |||||||||||
External | $ | 64,853 | $ | 81,991 | $ | 84,718 | |||||
Intersegment | 26,878 | 15,021 | 10,840 | ||||||||
Crude Facilities | |||||||||||
External | 45,956 | 45,936 | 44,007 | ||||||||
Intersegment | 10,674 | — | — | ||||||||
Crude Supply and Logistics | |||||||||||
External | 716,570 | 716,784 | 1,169,372 | ||||||||
SemGas | |||||||||||
External | 208,042 | 231,569 | 342,286 | ||||||||
Intersegment | 10,928 | 20,605 | 37,897 | ||||||||
SemCAMS | |||||||||||
External | 133,216 | 136,197 | 176,724 | ||||||||
SemLogistics | |||||||||||
External | 24,725 | 24,351 | 12,650 | ||||||||
SemMexico | |||||||||||
External | 138,802 | 211,291 | 290,869 | ||||||||
Corporate and Other | |||||||||||
External | — | 6,975 | 1,953 | ||||||||
Intersegment | (48,480 | ) | (35,626 | ) | (48,737 | ) | |||||
Total Revenues | $ | 1,332,164 | $ | 1,455,094 | $ | 2,122,579 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Earnings from equity method investments: | |||||||||||
Crude Transportation | $ | 71,569 | $ | 76,355 | $ | 61,856 | |||||
Corporate and Other (1) | 2,147 | 11,416 | 31,363 | ||||||||
Total earnings from equity method investments | $ | 73,716 | $ | 87,771 | $ | 93,219 | |||||
(1) Including gain (loss) on issuance of common units by equity method investee. | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Depreciation and amortization: | |||||||||||
Crude Transportation | $ | 24,483 | $ | 35,500 | $ | 33,679 | |||||
Crude Facilities | 7,781 | 5,829 | 5,365 | ||||||||
Crude Supply and Logistics | 185 | 159 | 549 | ||||||||
SemGas | 36,170 | 31,803 | 26,353 | ||||||||
SemCAMS | 16,867 | 12,940 | 14,295 | ||||||||
SemLogistics | 7,676 | 8,543 | 10,005 | ||||||||
SemMexico | 3,752 | 4,076 | 6,031 | ||||||||
Corporate and Other | 1,890 | 2,032 | 2,120 | ||||||||
Total depreciation and amortization | $ | 98,804 | $ | 100,882 | $ | 98,397 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income tax expense (benefit): | |||||||||||
SemCAMS | $ | 3,667 | $ | 4,847 | $ | 3,135 | |||||
SemLogistics | (724 | ) | (2,195 | ) | (2,231 | ) | |||||
SemMexico | 1,684 | 2,611 | 4,053 | ||||||||
Corporate and other | 6,641 | 28,267 | 41,556 | ||||||||
Total income tax expense | $ | 11,268 | $ | 33,530 | $ | 46,513 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Segment profit (1): | |||||||||||
Crude Transportation | $ | 83,942 | $ | 81,028 | $ | 76,705 | |||||
Crude Facilities | 42,517 | 33,757 | 32,286 | ||||||||
Crude Supply and Logistics | 20,420 | 30,088 | 24,021 | ||||||||
SemGas | 44,142 | 61,669 | 41,715 | ||||||||
SemCAMS | 38,901 | 36,013 | 45,326 | ||||||||
SemLogistics | 11,175 | 7,249 | 25 | ||||||||
SemMexico | 10,072 | 15,614 | 16,139 | ||||||||
Corporate and Other | (29,786 | ) | (33,369 | ) | (12,561 | ) | |||||
Total segment profit | $ | 221,383 | $ | 232,049 | $ | 223,656 | |||||
(1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Reconciliation of segment profit to net income: | |||||||||||
Total segment profit | $ | 221,383 | $ | 232,049 | $ | 223,656 | |||||
Less: | |||||||||||
Net unrealized loss (gain) related to derivative instruments | 989 | 2,014 | (1,734 | ) | |||||||
Depreciation and amortization | 98,804 | 100,882 | 98,397 | ||||||||
Interest expense | 62,650 | 69,675 | 49,044 | ||||||||
Foreign currency transaction loss (gain) | 4,759 | (1,067 | ) | (86 | ) | ||||||
Loss (gain) on sale or impairment of equity method investment | 30,644 | (14,517 | ) | (34,212 | ) | ||||||
Other expense (income), net | (994 | ) | (1,284 | ) | 13,676 | ||||||
Income tax expense | 11,268 | 33,530 | 46,513 | ||||||||
Loss from discontinued operations | 1 | 4 | 1 | ||||||||
Net income | $ | 13,262 | $ | 42,812 | $ | 52,057 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Additions to long-lived assets, including acquisitions and contributions to equity method investments: | |||||||||||
Crude Transportation | $ | 230,139 | $ | 219,227 | $ | 160,471 | |||||
Crude Facilities | 6,439 | 30,118 | 8,207 | ||||||||
Crude Supply and Logistics | 3,664 | 2,564 | 11,662 | ||||||||
SemGas | 21,913 | 110,908 | 153,088 | ||||||||
SemCAMS | 34,506 | 142,368 | 35,286 | ||||||||
SemLogistics | 16,402 | 12,289 | 2,974 | ||||||||
SemMexico | 8,690 | 7,051 | 9,690 | ||||||||
Corporate and Other | 2,928 | 1,919 | 1,906 | ||||||||
Total additions to long-lived assets | $ | 324,681 | $ | 526,444 | $ | 383,284 | |||||
December 31, | |||||||||||
2016 | 2015 | ||||||||||
Total assets (excluding intersegment receivables): | |||||||||||
Crude Transportation | $ | 1,042,327 | $ | 877,017 | |||||||
Crude Facilities | 156,907 | 155,186 | |||||||||
Crude Supply and Logistics | 484,475 | 328,419 | |||||||||
SemGas | 683,952 | 719,789 | |||||||||
SemCAMS | 379,785 | 331,749 | |||||||||
SemLogistics | 135,387 | 155,794 | |||||||||
SemMexico | 75,440 | 89,608 | |||||||||
Corporate and Other | 116,699 | 196,347 | |||||||||
Total | $ | 3,074,972 | $ | 2,853,909 | |||||||
December 31, | |||||||||||
2016 | 2015 | ||||||||||
Equity investments: | |||||||||||
Crude Transportation | $ | 415,356 | $ | 438,291 | |||||||
Corporate and Other | 18,933 | 112,787 | |||||||||
Total equity investments | $ | 434,289 | $ | 551,078 |
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December 31, | |||||||
2016 | 2015 | ||||||
Crude oil | $ | 89,683 | $ | 59,121 | |||
Asphalt and other | 9,551 | 11,118 | |||||
Total inventories | $ | 99,234 | $ | 70,239 |
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OTHER ASSETS |
December 31, | |||||||
2016 | 2015 | ||||||
Prepaid expenses | $ | 6,801 | $ | 6,252 | |||
Deferred tax asset | 2,244 | 2,321 | |||||
Other | 9,585 | 10,846 | |||||
Total other current assets | $ | 18,630 | $ | 19,419 |
December 31, | |||||||
2016 | 2015 | ||||||
Capitalized loan fees | $ | 10,242 | $ | 6,947 | |||
Deferred tax asset | 43,431 | 34,848 | |||||
Other | 3,856 | 3,579 | |||||
Total other noncurrent assets, net | $ | 57,529 | $ | 45,374 |
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PROPERTY, PLANT AND EQUIPMENT |
December 31, | |||||||
2016 | 2015 | ||||||
Land | $ | 90,337 | $ | 89,815 | |||
Pipelines and related facilities | 398,053 | 338,789 | |||||
Storage and terminal facilities | 279,506 | 283,608 | |||||
Natural gas gathering and processing facilities | 874,704 | 810,358 | |||||
Linefill | 25,804 | 26,900 | |||||
Trucking equipment and other | 45,417 | 43,157 | |||||
Office property and equipment | 61,146 | 45,818 | |||||
Construction-in-progress | 380,740 | 248,145 | |||||
Property, plant and equipment, gross | 2,155,707 | 1,886,590 | |||||
Accumulated depreciation | (393,635 | ) | (319,769 | ) | |||
Property, plant and equipment, net | $ | 1,762,072 | $ | 1,566,821 |
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December 31, | |||||||
2016 | 2015 | ||||||
Crude Transportation | $ | 26,628 | $ | 26,628 | |||
SemGas | — | 13,052 | |||||
SemMexico | 7,602 | 8,352 | |||||
Total Goodwill | $ | 34,230 | $ | 48,032 |
Balance, December 31, 2013 | $ | 62,021 | |
Crude oil trucking asset acquisition (Note 6) | 7,892 | ||
Mid-America Midstream Gas Services ("MMGS") purchase price allocation adjustment | (10,787 | ) | |
Barcas purchase price allocation adjustment | (98 | ) | |
Currency translation adjustments | (702 | ) | |
Balance, December 31, 2014 | 58,326 | ||
Crude oil trucking impairment loss | (9,488 | ) | |
Currency translation adjustments | (806 | ) | |
Balance, December 31, 2015 | 48,032 | ||
SemGas impairment loss | (13,052 | ) | |
Currency translation adjustments | (750 | ) | |
Balance, December 31, 2016 | $ | 34,230 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer Relationships | $ | 187,114 | $ | (36,601 | ) | $ | 150,513 | $ | 188,304 | $ | (26,975 | ) | $ | 161,329 | |||||||||
Trade Names | 421 | (366 | ) | 55 | 493 | (378 | ) | 115 | |||||||||||||||
Unpatented Technology | 2,461 | (2,051 | ) | 410 | 2,941 | (2,162 | ) | 779 | |||||||||||||||
Total other intangible assets | $ | 189,996 | $ | (39,018 | ) | $ | 150,978 | $ | 191,738 | $ | (29,515 | ) | $ | 162,223 |
Balance, December 31, 2013 | $ | 174,838 | |
Amortization | (15,875 | ) | |
Crude oil trucking asset acquisition (Note 6) | 17,010 | ||
MMGS purchase price allocation adjustment | (2,313 | ) | |
Barcas purchase price allocation adjustment | (50 | ) | |
Currency translation adjustments | (545 | ) | |
Balance, December 31, 2014 | 173,065 | ||
Amortization | (10,334 | ) | |
Currency translation adjustments | (508 | ) | |
Balance, December 31, 2015 | 162,223 | ||
Amortization | (10,928 | ) | |
Currency translation adjustments | (317 | ) | |
Balance, December 31, 2016 | $ | 150,978 |
For the year ending: | |||
December 31, 2017 | $ | 11,011 | |
December 31, 2018 | 10,918 | ||
December 31, 2019 | 10,316 | ||
December 31, 2020 | 9,649 | ||
December 31, 2021 | 9,483 | ||
Thereafter | 99,601 | ||
Total estimated amortization expense | $ | 150,978 |
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December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting(1) | Total | Level 1 | Netting(1) | Total | |||||||||||||||||
Commodity derivatives: | |||||||||||||||||||||||
Assets | $ | 68 | $ | (68 | ) | $ | — | $ | 131 | $ | (131 | ) | $ | — | |||||||||
Liabilities | $ | 1,396 | $ | (68 | ) | $ | 1,328 | $ | 470 | $ | (131 | ) | $ | 339 |
(1) | Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Sales | 33,694 | 23,228 | 6,773 | |||||
Purchases | 33,819 | 22,946 | 6,477 |
December 31, 2016 | December 31, 2015 | |||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||
$ | — | $ | 1,328 | $ | — | $ | 339 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Realized and unrealized gain (loss) | $ | (4,485 | ) | $ | 8,146 | $ | 19,305 |
Canada | United Kingdom | Mexico | Total | ||||||||||||
Cash and cash equivalents | $ | 44,180 | $ | 5,234 | $ | 9,858 | $ | 59,272 | |||||||
Other current assets | 42,390 | 2,055 | 26,214 | 70,659 | |||||||||||
Noncurrent assets | 300,399 | 128,098 | 39,368 | 467,865 | |||||||||||
Total assets | $ | 386,969 | $ | 135,387 | $ | 75,440 | $ | 597,796 | |||||||
Current liabilities | $ | 33,228 | $ | 4,630 | $ | 16,088 | $ | 53,946 | |||||||
Noncurrent liabilities | 57,907 | 12,368 | 1,034 | 71,309 | |||||||||||
Total liabilities | 91,135 | 16,998 | 17,122 | 125,255 | |||||||||||
Net assets | $ | 295,834 | $ | 118,389 | $ | 58,318 | $ | 472,541 |
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Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
U.S. | $ | (766 | ) | $ | 46,728 | $ | 39,231 | ||||
Foreign | 25,297 | 29,618 | 59,340 | ||||||||
Consolidated | $ | 24,531 | $ | 76,346 | $ | 98,571 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current income tax provision: | |||||||||||
Foreign | $ | 2,821 | $ | 4,301 | $ | 10,430 | |||||
U.S. federal | — | — | (195 | ) | |||||||
U.S. state | — | 32 | 132 | ||||||||
2,821 | 4,333 | 10,367 | |||||||||
Deferred income tax provision (benefit): | |||||||||||
Foreign | 4,071 | 4,747 | 2,024 | ||||||||
U.S. federal | 5,142 | 21,865 | 30,074 | ||||||||
U.S. state | (766 | ) | 2,585 | 4,048 | |||||||
8,447 | 29,197 | 36,146 | |||||||||
Provision (benefit) for income taxes | $ | 11,268 | $ | 33,530 | $ | 46,513 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income from continuing operations before income taxes | $ | 24,531 | $ | 76,346 | $ | 98,571 | |||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||
Provision at statutory rate | 8,586 | 26,721 | 34,500 | ||||||||
State income taxes—net of federal benefit | (498 | ) | 1,701 | 3,197 | |||||||
Effect of rates other than statutory | (1,966 | ) | (2,306 | ) | (1,925 | ) | |||||
Effect of U.S. taxation on foreign branches | 8,854 | 10,366 | 20,769 | ||||||||
Foreign tax adjustment, prior years | — | 7 | (3,669 | ) | |||||||
Warrants | — | — | 4,698 | ||||||||
Noncontrolling interest | (3,908 | ) | (4,373 | ) | (7,986 | ) | |||||
Foreign tax credit and offset to branch deferreds | (6,026 | ) | (1,740 | ) | 6,851 | ||||||
Impact of valuation allowance on deferred tax assets | 6,026 | 1,740 | (7,331 | ) | |||||||
Foreign net gain on subsidiary dissolution and debt waivers | — | — | (13,620 | ) | |||||||
Foreign withholding taxes | 18 | 6 | 5,054 | ||||||||
Other, net | 182 | 1,408 | 5,975 | ||||||||
Provision (benefit) for income taxes | $ | 11,268 | $ | 33,530 | $ | 46,513 |
December 31, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Net operating loss and other credit carryforwards | $ | 58,129 | $ | 55,100 | |||
Compensation and benefits | 9,411 | 8,178 | |||||
Inventories | 231 | 213 | |||||
Intangible assets | 34,573 | 35,152 | |||||
Pension plan | 4,811 | 4,643 | |||||
Allowance for doubtful accounts | 971 | 1,552 | |||||
Deferred revenue | 4,451 | 4,619 | |||||
Equity investment in partnerships | 54,686 | — | |||||
Foreign tax credit and offset to branch deferreds | 110,052 | 104,026 | |||||
Other | 46,601 | 41,318 | |||||
less: valuation allowance | (110,243 | ) | (104,509 | ) | |||
Net deferred tax assets | 213,673 | 150,292 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | (4,709 | ) | (4,638 | ) | |||
Prepaid expenses | (136 | ) | (142 | ) | |||
Property, plant and equipment | (223,325 | ) | (219,247 | ) | |||
Equity investment in partnerships | — | (85,385 | ) | ||||
Other | (4,411 | ) | (4,107 | ) | |||
Total deferred tax liabilities | (232,581 | ) | (313,519 | ) | |||
Net deferred tax liabilities | $ | (18,908 | ) | $ | (163,227 | ) |
|
December 31, 2016 | December 31, 2015 | ||||||
7.50% senior unsecured notes due 2021 | $ | 300,000 | $ | 300,000 | |||
Unamortized debt issuance costs on 2021 notes | (3,708 | ) | (4,540 | ) | |||
7.50% senior unsecured notes due 2021, net | 296,292 | 295,460 | |||||
5.625% senior unsecured notes due 2022 | 400,000 | 400,000 | |||||
Unamortized debt issuance costs on 2022 notes | (5,909 | ) | (6,975 | ) | |||
5.625% senior unsecured notes due 2022, net | 394,091 | 393,025 | |||||
5.625% senior unsecured notes due 2023 | 350,000 | 350,000 | |||||
Unamortized discount on 2023 notes | (4,894 | ) | (5,455 | ) | |||
Unamortized debt issuance costs on 2023 notes | (4,596 | ) | (5,266 | ) | |||
5.625% senior unsecured notes due 2023, net | 340,510 | 339,279 | |||||
SemGroup corporate revolving credit facility | 20,000 | 30,000 | |||||
SemMexico revolving credit facility | — | — | |||||
Capital leases | 51 | 83 | |||||
Total long-term debt, net | 1,050,944 | 1,057,847 | |||||
Less: current portion of long-term debt | 26 | 31 | |||||
Noncurrent portion of long-term debt, net | $ | 1,050,918 | $ | 1,057,816 |
2021 Notes | ||
From and after June 15, 2016 | 105.625% | |
From and after June 15, 2017 | 103.750% | |
From and after June 15, 2018 | 101.875% | |
From and after June 15, 2019 | 100.000% |
2022 Notes | ||
Not redeemable before July 15, 2017 | ||
From and after July 15, 2017 | 104.219% | |
From and after July 15, 2018 | 102.813% | |
From and after July 15, 2019 | 101.406% | |
From and after July 15, 2020 | 100.000% |
2023 Notes | ||
Not redeemable before May 15, 2019 | ||
From and after May 15, 2019 | 102.813% | |
From and after May 15, 2020 | 101.406% | |
From and after May 15, 2021 | 100.000% |
Notes | SemGroup Facility | SemMexico Facility | Capital Leases | Total | |||||||||||||||
For the year ended: | |||||||||||||||||||
December 31, 2017 | $ | — | $ | — | $ | — | $ | 26 | $ | 26 | |||||||||
December 31, 2018 | — | — | — | 25 | 25 | ||||||||||||||
December 31, 2019 | — | — | — | — | — | ||||||||||||||
December 31, 2020 | — | — | — | — | — | ||||||||||||||
December 31, 2021 | 300,000 | 20,000 | — | — | 320,000 | ||||||||||||||
Thereafter | 750,000 | — | — | — | 750,000 | ||||||||||||||
Total | $ | 1,050,000 | $ | 20,000 | $ | — | $ | 51 | $ | 1,070,051 |
|
Balance, December 31, 2013 | $ | 41,185 | |
Accretion | 4,807 | ||
Payments made | (514 | ) | |
Currency translation adjustments | (3,524 | ) | |
Balance, December 31, 2014 | 41,954 | ||
Accretion | 4,748 | ||
Payments made | (511 | ) | |
Revaluation | (26,000 | ) | |
Currency translation adjustments | (4,245 | ) | |
Balance, December 31, 2015 | 15,946 | ||
Accretion | 2,292 | ||
Payments made | (159 | ) | |
Currency translation adjustments | 469 | ||
Balance, December 31, 2016 | $ | 18,548 |
For year ending: | |||
December 31, 2017 | $ | 4,516 | |
December 31, 2018 | 4,218 | ||
December 31, 2019 | 3,871 | ||
December 31, 2020 | 3,517 | ||
December 31, 2021 | 3,545 | ||
Thereafter | 10,018 | ||
Total future minimum lease payments | $ | 29,685 |
Volume (barrels) | Value | |||||
Fixed price purchases | 2,359 | $ | 120,064 | |||
Fixed price sales | 8,670 | $ | 453,647 | |||
Floating price purchases | 3,577 | $ | 179,237 | |||
Floating price sales | 13,573 | $ | 738,245 |
For year ending: | |||
December 31, 2017 | $ | 11,938 | |
December 31, 2018 | 10,060 | ||
December 31, 2019 | 9,121 | ||
December 31, 2020 | 8,451 | ||
December 31, 2021 | 6,841 | ||
Thereafter | 9,099 | ||
Total expected future payments | $ | 55,510 |
|
Class A | Class B | ||||
Shares accounted for at December 31, 2013 | 42,504,656 | 28,235 | |||
Conversion of Class B shares | 28,235 | (28,235 | ) | ||
Issuance of shares under employee and director compensation programs(1) | 169,933 | — | |||
Shares issued under employee stock purchase plan | 6,999 | — | |||
Shares issued upon exercise of warrants | 904,231 | — | |||
Shares accounted for at December 31, 2014 | 43,614,054 | — | |||
Issuance of shares under employee and director compensation programs(1) | 184,803 | — | |||
Shares issued under employee stock purchase plan | 24,882 | — | |||
Shares accounted for at December 31, 2015 | 43,823,739 | — | |||
Issuance of common shares in public offering | 8,625,000 | — | |||
Shares issued for Merger | 13,140,020 | — | |||
Issuance of shares under employee and director compensation programs(1) | 170,772 | — | |||
Shares issued under employee stock purchase plan | 46,836 | — | |||
Shares accounted for at December 31, 2016(2) | 65,806,367 | — |
Quarter Ending | Dividend Per Share | Date of Record | Date Paid | |||||
March 31, 2014 | $ | 0.22 | March 10, 2014 | March 20, 2014 | ||||
June 30, 2014 | $ | 0.24 | May 19, 2014 | May 29, 2014 | ||||
September 30, 2014 | $ | 0.27 | August 18, 2014 | August 28, 2014 | ||||
December 31, 2014 | $ | 0.30 | November 17, 2014 | November 28, 2014 | ||||
March 31, 2015 | $ | 0.34 | March 9, 2015 | March 20, 2015 | ||||
June 30, 2015 | $ | 0.38 | May 18, 2015 | May 29, 2015 | ||||
September 30, 2015 | $ | 0.42 | August 17, 2015 | August 25, 2015 | ||||
December 31, 2015 | $ | 0.45 | November 16, 2015 | November 24, 2015 | ||||
March 31, 2016 | $ | 0.45 | March 7, 2016 | March 17, 2016 | ||||
June 30, 2016 | $ | 0.45 | May 16, 2016 | May 26, 2016 | ||||
September 30, 2016 | $ | 0.45 | August 15, 2016 | August 25, 2016 | ||||
December 31, 2016 | $ | 0.45 | November 18, 2016 | November 28, 2016 | ||||
March 31, 2017 | $ | 0.45 | March 7, 2017 | March 17, 2017 |
|
Unvested Shares | Average Grant Date Fair Value | Aggregate Fair Value of Shares (in thousands) | ||||||||
Outstanding at December 31, 2013 | 530,603 | $ | 36.80 | |||||||
Awards granted - 2014 | 207,786 | $ | 77.14 | |||||||
Awards vested - 2014 | (169,340 | ) | $ | 33.07 | $ | 5,600 | ||||
Awards forfeited - 2014 | (119,130 | ) | $ | 42.16 | ||||||
Outstanding at December 31, 2014 | 449,919 | $ | 70.69 | |||||||
Awards granted - 2015 | 151,789 | $ | 77.93 | |||||||
Awards vested - 2015 | (181,906 | ) | $ | 35.18 | $ | 6,399 | ||||
Awards forfeited - 2015 | (8,494 | ) | $ | 42.05 | ||||||
Outstanding at December 31, 2015 | 411,308 | $ | 75.25 | |||||||
Awards granted - 2016 | 702,309 | $ | 19.18 | |||||||
Awards vested - 2016 | (168,096 | ) | $ | 20.38 | $ | 3,426 | ||||
Awards forfeited - 2016 | (34,255 | ) | $ | 42.42 | ||||||
Outstanding at December 31, 2016 | 911,266 | $ | 31.09 |
2016 | 2015 | 2014 | |||
Volatility | 51.9% | 26.8% | 29.3% | ||
Risk-free interest rate | 0.98% | 1.06% | 0.66% |
Unvested Units | Average Grant Date Fair Value | Aggregate Fair Value of Units (in thousands) | ||||||||
Outstanding at December 31, 2013 | 82,948 | $ | 28.59 | |||||||
Awards granted - 2014 | 46,536 | $ | 41.35 | |||||||
Awards vested - 2014 | (5,712 | ) | $ | 35.87 | $ | 205 | ||||
Awards forfeited - 2014 | (21,432 | ) | $ | 29.82 | ||||||
Outstanding at December 31, 2014 | 102,340 | $ | 33.79 | |||||||
Awards granted - 2015 | 36,527 | $ | 39.03 | |||||||
Awards vested - 2015 | (38,366 | ) | $ | 27.54 | $ | 1,057 | ||||
Awards forfeited - 2015 | (310 | ) | $ | 42.80 | ||||||
Outstanding at December 31, 2015 | 100,191 | $ | 38.70 | |||||||
Awards granted - 2016 | 117,204 | $ | 9.62 | |||||||
Awards vested - 2016 | (57,458 | ) | $ | 11.58 | $ | 665 | ||||
Awards forfeited - 2016 | (1,846 | ) | $ | 26.55 | ||||||
Awards converted to SemGroup awards | (158,091 | ) | $ | 19.57 | ||||||
Outstanding at December 31, 2016 | — | $ | — |
|
December 31, | |||||||
2016 | 2015 | ||||||
Projected benefit obligation | $ | 25,675 | $ | 23,865 | |||
Fair value of plan assets | 22,961 | 22,204 | |||||
Funded status: | $ | (2,714 | ) | $ | (1,661 | ) |
|
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance, December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax benefit of $11,102 | (20,551 | ) | — | (20,551 | ) | ||||||
Changes related to benefit plans, net of income tax benefit of $1,245 | — | (3,736 | ) | (3,736 | ) | ||||||
Balance, December 31, 2014 | (25,059 | ) | (2,082 | ) | (27,141 | ) | |||||
Currency translation adjustment, net of income tax benefit of $19,593 | (32,142 | ) | — | (32,142 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $240 | — | 721 | 721 | ||||||||
Balance, December 31, 2015 | (57,201 | ) | (1,361 | ) | (58,562 | ) | |||||
Currency translation adjustment, net of income tax benefit of $8,672 | (14,224 | ) | — | (14,224 | ) | ||||||
Changes related to benefit plans, net of income tax benefit of $417 | — | (1,128 | ) | (1,128 | ) | ||||||
Balance, December 31, 2016 | $ | (71,425 | ) | $ | (2,489 | ) | $ | (73,914 | ) |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Decrease (increase) in restricted cash | $ | (1 | ) | $ | 6,764 | $ | (2,045 | ) | |||
Decrease (increase) in accounts receivable | (90,810 | ) | 9,051 | (32,602 | ) | ||||||
Decrease (increase) in receivable from affiliates | (19,541 | ) | 10,905 | 50,454 | |||||||
Decrease (increase) in inventories | (30,686 | ) | (31,043 | ) | (6,243 | ) | |||||
Decrease (increase) in margin deposits | (711 | ) | (2,109 | ) | 28 | ||||||
Decrease (increase) in other current assets | 356 | (413 | ) | (614 | ) | ||||||
Decrease (increase) in other assets | (297 | ) | 4,015 | 2 | |||||||
Increase (decrease) in accounts payable and accrued liabilities | 94,687 | 2,513 | 11,461 | ||||||||
Increase (decrease) in payable to affiliates | 21,475 | (8,427 | ) | (48,819 | ) | ||||||
Increase (decrease) in payables to pre-petition creditors | — | (3,837 | ) | (54 | ) | ||||||
Increase (decrease) in other noncurrent liabilities | 2,573 | (2,625 | ) | 5,067 | |||||||
$ | (22,955 | ) | $ | (15,206 | ) | $ | (23,365 | ) |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 314,851 | $ | 287,377 | $ | 327,764 | $ | 402,172 | $ | 1,332,164 | |||||||||
Loss on disposal or impairment, net | 13,307 | 1,685 | 1,018 | 38 | 16,048 | ||||||||||||||
Other operating costs and expenses | 292,250 | 277,379 | 316,644 | 381,969 | 1,268,242 | ||||||||||||||
Total expenses | 305,557 | 279,064 | 317,662 | 382,007 | 1,284,290 | ||||||||||||||
Earnings from equity method investments | 23,071 | 17,078 | 15,845 | 17,763 | 73,757 | ||||||||||||||
Loss on issuance of common units by equity method investee | (41 | ) | — | — | — | (41 | ) | ||||||||||||
Operating income | 32,324 | 25,391 | 25,947 | 37,928 | 121,590 | ||||||||||||||
Other expenses, net | 58,622 | 9,944 | 18,684 | 9,809 | 97,059 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (26,298 | ) | 15,447 | 7,263 | 28,119 | 24,531 | |||||||||||||
Income tax expense (benefit) | (21,407 | ) | 4,658 | 11,898 | 16,119 | 11,268 | |||||||||||||
Income (loss) from continuing operations | (4,891 | ) | 10,789 | (4,635 | ) | 12,000 | 13,263 | ||||||||||||
Income (loss) from discontinued operations, net of income taxes | (2 | ) | (2 | ) | 3 | — | (1 | ) | |||||||||||
Net income (loss) | (4,893 | ) | 10,787 | (4,632 | ) | 12,000 | 13,262 | ||||||||||||
Less: net income attributable to noncontrolling interests | 9,020 | 1,922 | 225 | — | 11,167 | ||||||||||||||
Net income (loss) attributable to SemGroup | $ | (13,913 | ) | $ | 8,865 | $ | (4,857 | ) | $ | 12,000 | $ | 2,095 | |||||||
Earnings (loss) per share—basic | $ | (0.32 | ) | $ | 0.20 | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 | |||||||
Earnings (loss) per share—diluted | $ | (0.32 | ) | $ | 0.19 | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 298,310 | $ | 377,226 | $ | 397,065 | $ | 382,493 | $ | 1,455,094 | |||||||||
Loss (gain) on disposal or impairment, net | 1,058 | 1,372 | (951 | ) | 9,993 | 11,472 | |||||||||||||
Other operating costs and expenses | 301,206 | 352,549 | 376,973 | 371,512 | 1,402,240 | ||||||||||||||
Total expenses | 302,264 | 353,921 | 376,022 | 381,505 | 1,413,712 | ||||||||||||||
Earnings from equity method investments | 20,559 | 23,903 | 16,237 | 20,687 | 81,386 | ||||||||||||||
Gain on issuance of common units by equity method investee | — | 5,897 | 136 | 352 | 6,385 | ||||||||||||||
Operating income | 16,605 | 53,105 | 37,416 | 22,027 | 129,153 | ||||||||||||||
Other expenses, net | 6,087 | 9,809 | 17,829 | 19,082 | 52,807 | ||||||||||||||
Income from continuing operations before income taxes | 10,518 | 43,296 | 19,587 | 2,945 | 76,346 | ||||||||||||||
Income tax expense | 4,742 | 14,861 | 10,006 | 3,921 | 33,530 | ||||||||||||||
Income (loss) from continuing operations | 5,776 | 28,435 | 9,581 | (976 | ) | 42,816 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | (2 | ) | (1 | ) | (1 | ) | (4 | ) | ||||||||||
Net income (loss) | 5,776 | 28,433 | 9,580 | (977 | ) | 42,812 | |||||||||||||
Less: net income (loss) attributable to noncontrolling interests | 4,310 | 5,136 | 4,707 | (1,661 | ) | 12,492 | |||||||||||||
Net income attributable to SemGroup | $ | 1,466 | $ | 23,297 | $ | 4,873 | $ | 684 | $ | 30,320 | |||||||||
Earnings per share—basic | $ | 0.03 | $ | 0.53 | $ | 0.11 | $ | 0.02 | $ | 0.69 | |||||||||
Earnings per share—diluted | $ | 0.03 | $ | 0.53 | $ | 0.11 | $ | 0.02 | $ | 0.69 |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
NGL Energy | |||||||||||
Revenues | $ | 61,639 | $ | 157,732 | $ | 456,987 | |||||
Purchases | $ | 57,739 | $ | 138,095 | $ | 437,015 | |||||
Reimbursements from NGL Energy for services | $ | — | $ | 56 | $ | 168 | |||||
White Cliffs | |||||||||||
Crude oil revenues | $ | 4,973 | $ | — | $ | — | |||||
Storage revenues | $ | 4,350 | $ | 4,300 | $ | 2,888 | |||||
Transportation fees | $ | 10,797 | $ | 5,253 | $ | 3,972 | |||||
Management fees | $ | 494 | $ | 471 | $ | 449 | |||||
Crude oil purchases | $ | 4,758 | $ | — | $ | — | |||||
Glass Mountain | |||||||||||
Transportation fees | $ | 7,479 | $ | 2,997 | $ | 845 | |||||
Management fees | $ | 793 | $ | 770 | $ | 727 | |||||
Crude oil purchases | $ | 385 | $ | 2,087 | $ | — |
|
December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,002 | $ | — | $ | 59,796 | $ | (4,582 | ) | $ | 74,216 | |||||||||
Accounts receivable | — | 361,160 | 57,179 | — | 418,339 | |||||||||||||||
Receivable from affiliates | 27 | 25,244 | 184 | — | 25,455 | |||||||||||||||
Inventories | — | 89,638 | 9,596 | — | 99,234 | |||||||||||||||
Other current assets | 8,986 | 5,760 | 3,887 | (3 | ) | 18,630 | ||||||||||||||
Total current assets | 28,015 | 481,802 | 130,642 | (4,585 | ) | 635,874 | ||||||||||||||
Property, plant and equipment | 5,621 | 970,079 | 786,372 | — | 1,762,072 | |||||||||||||||
Equity method investments | 2,454,118 | 940,696 | — | (2,960,525 | ) | 434,289 | ||||||||||||||
Goodwill | — | 26,628 | 7,602 | — | 34,230 | |||||||||||||||
Other intangible assets | 15 | 149,669 | 1,294 | — | 150,978 | |||||||||||||||
Other noncurrent assets, net | 54,155 | 2,080 | 1,294 | — | 57,529 | |||||||||||||||
Total assets | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 674 | $ | 348,297 | $ | 18,336 | $ | — | $ | 367,307 | ||||||||||
Payable to affiliates | — | 26,508 | — | — | 26,508 | |||||||||||||||
Accrued liabilities | 25,078 | 23,423 | 32,603 | — | 81,104 | |||||||||||||||
Other current liabilities | 889 | 5,108 | 7,439 | — | 13,436 | |||||||||||||||
Total current liabilities | 26,641 | 403,336 | 58,378 | — | 488,355 | |||||||||||||||
Long-term debt | 1,050,893 | 6,142 | 16,500 | (22,617 | ) | 1,050,918 | ||||||||||||||
Deferred income taxes | 16,119 | — | 48,382 | — | 64,501 | |||||||||||||||
Other noncurrent liabilities | 2,306 | — | 22,927 | — | 25,233 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,445,965 | 2,161,476 | 781,017 | (2,942,493 | ) | 1,445,965 | ||||||||||||||
Total owners’ equity | 1,445,965 | 2,161,476 | 781,017 | (2,942,493 | ) | 1,445,965 | ||||||||||||||
Total liabilities and owners’ equity | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 |
December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,559 | $ | 9,058 | $ | 46,043 | $ | (1,564 | ) | $ | 58,096 | |||||||||
Accounts receivable | 640 | 260,621 | 65,452 | — | 326,713 | |||||||||||||||
Receivable from affiliates | 1,616 | 7,063 | 5,430 | (8,195 | ) | 5,914 | ||||||||||||||
Inventories | — | 59,073 | 11,166 | — | 70,239 | |||||||||||||||
Other current assets | 8,477 | 5,243 | 5,699 | — | 19,419 | |||||||||||||||
Total current assets | 15,292 | 341,058 | 133,790 | (9,759 | ) | 480,381 | ||||||||||||||
Property, plant and equipment | 4,335 | 978,224 | 584,262 | — | 1,566,821 | |||||||||||||||
Equity method investments | 1,546,853 | 770,742 | — | (1,766,517 | ) | 551,078 | ||||||||||||||
Goodwill | — | 39,680 | 8,352 | — | 48,032 | |||||||||||||||
Other intangible assets | 20 | 159,750 | 2,453 | — | 162,223 | |||||||||||||||
Other noncurrent assets, net | 39,358 | 4,775 | 1,241 | — | 45,374 | |||||||||||||||
Total assets | $ | 1,605,858 | $ | 2,294,229 | $ | 730,098 | $ | (1,776,276 | ) | $ | 2,853,909 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 734 | $ | 254,785 | $ | 18,147 | $ | — | $ | 273,666 | ||||||||||
Payable to affiliates | 78 | 13,151 | — | (8,196 | ) | 5,033 | ||||||||||||||
Accrued liabilities | 5,551 | 33,199 | 46,293 | 4 | 85,047 | |||||||||||||||
Other current liabilities | 569 | 4,246 | 8,466 | — | 13,281 | |||||||||||||||
Total current liabilities | 6,932 | 305,381 | 72,906 | (8,192 | ) | 377,027 | ||||||||||||||
Long-term debt | 325,460 | 739,696 | 16,500 | (23,840 | ) | 1,057,816 | ||||||||||||||
Deferred income taxes | 155,411 | — | 45,542 | — | 200,953 | |||||||||||||||
Other noncurrent liabilities | 2,528 | — | 19,229 | — | 21,757 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,115,527 | 1,168,323 | 575,921 | (1,744,244 | ) | 1,115,527 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | 80,829 | — | — | 80,829 | |||||||||||||||
Total owners’ equity | 1,115,527 | 1,249,152 | 575,921 | (1,744,244 | ) | 1,196,356 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,605,858 | $ | 2,294,229 | $ | 730,098 | $ | (1,776,276 | ) | $ | 2,853,909 |
Year Ended December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 872,961 | $ | 136,448 | $ | — | $ | 1,009,409 | ||||||||||
Service | — | 162,460 | 102,570 | — | 265,030 | |||||||||||||||
Other | — | — | 57,725 | — | 57,725 | |||||||||||||||
Total revenues | — | 1,035,421 | 296,743 | — | 1,332,164 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 761,971 | 111,460 | — | 873,431 | |||||||||||||||
Operating | — | 115,431 | 96,668 | — | 212,099 | |||||||||||||||
General and administrative | 22,349 | 31,196 | 30,363 | — | 83,908 | |||||||||||||||
Depreciation and amortization | 1,647 | 68,669 | 28,488 | — | 98,804 | |||||||||||||||
Loss (gain) on disposal or impairment, net | — | 16,115 | (67 | ) | — | 16,048 | ||||||||||||||
Total expenses | 23,996 | 993,382 | 266,912 | — | 1,284,290 | |||||||||||||||
Earnings from equity method investments | 56,815 | 81,366 | — | (64,424 | ) | 73,757 | ||||||||||||||
Loss on issuance of common units by equity method investee | (41 | ) | — | — | — | (41 | ) | |||||||||||||
Operating income | 32,778 | 123,405 | 29,831 | (64,424 | ) | 121,590 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (4,002 | ) | 72,277 | (4,819 | ) | (806 | ) | 62,650 | ||||||||||||
Foreign currency transaction loss | — | — | 4,759 | — | 4,759 | |||||||||||||||
Loss on sale or impairment of equity method investment, net | 30,644 | — | — | — | 30,644 | |||||||||||||||
Other expense (income), net | (339 | ) | 63 | (1,524 | ) | 806 | (994 | ) | ||||||||||||
Total other expenses (income), net | 26,303 | 72,340 | (1,584 | ) | — | 97,059 | ||||||||||||||
Income from continuing operations before income taxes | 6,475 | 51,065 | 31,415 | (64,424 | ) | 24,531 | ||||||||||||||
Income tax expense | 4,380 | — | 6,888 | — | 11,268 | |||||||||||||||
Income from continuing operations | 2,095 | 51,065 | 24,527 | (64,424 | ) | 13,263 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 2,095 | 51,065 | 24,526 | (64,424 | ) | 13,262 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | |||||||||||||||
Net income attributable to SemGroup | $ | 2,095 | $ | 39,898 | $ | 24,526 | $ | (64,424 | ) | $ | 2,095 | |||||||||
Net income | $ | 2,095 | $ | 51,065 | $ | 24,526 | $ | (64,424 | ) | $ | 13,262 | |||||||||
Other comprehensive income (loss), net of income taxes | 7,360 | 1,223 | (23,935 | ) | — | (15,352 | ) | |||||||||||||
Comprehensive income (loss) | 9,455 | 52,288 | 591 | (64,424 | ) | (2,090 | ) | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 9,455 | $ | 41,121 | $ | 591 | $ | (64,424 | ) | $ | (13,257 | ) |
Year Ended December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 900,303 | $ | 218,583 | $ | — | $ | 1,118,886 | ||||||||||
Service | — | 188,429 | 71,113 | — | 259,542 | |||||||||||||||
Other | — | — | 76,666 | — | 76,666 | |||||||||||||||
Total revenues | — | 1,088,732 | 366,362 | — | 1,455,094 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 808,776 | 170,773 | — | 979,549 | |||||||||||||||
Operating | — | 117,541 | 106,902 | — | 224,443 | |||||||||||||||
General and administrative | 29,914 | 31,021 | 36,431 | — | 97,366 | |||||||||||||||
Depreciation and amortization | 1,522 | 73,393 | 25,967 | — | 100,882 | |||||||||||||||
Loss on disposal or impairment, net | — | 10,399 | 1,073 | — | 11,472 | |||||||||||||||
Total expenses | 31,436 | 1,041,130 | 341,146 | — | 1,413,712 | |||||||||||||||
Earnings from equity method investments | 65,512 | 86,518 | — | (70,644 | ) | 81,386 | ||||||||||||||
Gain on issuance of common units by equity method investee | 6,385 | — | — | — | 6,385 | |||||||||||||||
Operating income | 40,461 | 134,120 | 25,216 | (70,644 | ) | 129,153 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | 2,230 | 69,664 | (262 | ) | (1,957 | ) | 69,675 | |||||||||||||
Foreign currency transaction gain | (5 | ) | — | (1,062 | ) | — | (1,067 | ) | ||||||||||||
Gain on sale of equity method investment | (14,517 | ) | — | — | — | (14,517 | ) | |||||||||||||
Other income, net | (2,048 | ) | (38 | ) | (1,155 | ) | 1,957 | (1,284 | ) | |||||||||||
Total other expenses (income), net | (14,340 | ) | 69,626 | (2,479 | ) | — | 52,807 | |||||||||||||
Income from continuing operations before income taxes | 54,801 | 64,494 | 27,695 | (70,644 | ) | 76,346 | ||||||||||||||
Income tax expense | 24,482 | — | 9,048 | — | 33,530 | |||||||||||||||
Income from continuing operations | 30,319 | 64,494 | 18,647 | (70,644 | ) | 42,816 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (3 | ) | (1 | ) | — | (4 | ) | ||||||||||||
Net income | 30,319 | 64,491 | 18,646 | (70,644 | ) | 42,812 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 12,492 | — | — | 12,492 | |||||||||||||||
Net income attributable to SemGroup | $ | 30,319 | $ | 51,999 | $ | 18,646 | $ | (70,644 | ) | $ | 30,320 | |||||||||
Net income | $ | 30,319 | $ | 64,491 | $ | 18,646 | $ | (70,644 | ) | $ | 42,812 | |||||||||
Other comprehensive income (loss), net of income taxes | 17,420 | 430 | (49,271 | ) | — | (31,421 | ) | |||||||||||||
Comprehensive income (loss) | 47,739 | 64,921 | (30,625 | ) | (70,644 | ) | 11,391 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 12,492 | — | — | 12,492 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 47,739 | $ | 52,429 | $ | (30,625 | ) | $ | (70,644 | ) | $ | (1,101 | ) |
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 1,486,227 | $ | 294,087 | $ | — | $ | 1,780,314 | ||||||||||
Service | — | 160,620 | 72,619 | — | 233,239 | |||||||||||||||
Other | — | — | 109,026 | — | 109,026 | |||||||||||||||
Total revenues | — | 1,646,847 | 475,732 | — | 2,122,579 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 1,377,661 | 245,697 | — | 1,623,358 | |||||||||||||||
Operating | — | 112,063 | 134,550 | — | 246,613 | |||||||||||||||
General and administrative | 22,394 | 29,579 | 35,872 | — | 87,845 | |||||||||||||||
Depreciation and amortization | 1,678 | 65,749 | 30,970 | — | 98,397 | |||||||||||||||
Loss (gain) on disposal or impairment, net | 5,945 | 55,017 | (28,370 | ) | — | 32,592 | ||||||||||||||
Total expenses | 30,017 | 1,640,069 | 418,719 | — | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 48,760 | 98,760 | — | (83,321 | ) | 64,199 | ||||||||||||||
Gain on issuance of common units by equity method investee | 29,020 | — | — | — | 29,020 | |||||||||||||||
Operating income | 47,763 | 105,538 | 57,013 | (83,321 | ) | 126,993 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 8,423 | 39,642 | 4,284 | (3,305 | ) | 49,044 | ||||||||||||||
Foreign currency transaction gain | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Gain on sale of equity method investment | (34,211 | ) | — | — | — | (34,211 | ) | |||||||||||||
Other expense (income), net | 10,119 | 479 | (228 | ) | 3,305 | 13,675 | ||||||||||||||
Total other expenses (income), net | (15,669 | ) | 40,121 | 3,970 | — | 28,422 | ||||||||||||||
Income from continuing operations before income taxes | 63,432 | 65,417 | 53,043 | (83,321 | ) | 98,571 | ||||||||||||||
Income tax expense | 34,192 | — | 12,321 | — | 46,513 | |||||||||||||||
Income from continuing operations | 29,240 | 65,417 | 40,722 | (83,321 | ) | 52,058 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 29,240 | 65,417 | 40,721 | (83,321 | ) | 52,057 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 22,817 | — | — | 22,817 | |||||||||||||||
Net income attributable to SemGroup | $ | 29,240 | $ | 42,600 | $ | 40,721 | $ | (83,321 | ) | $ | 29,240 | |||||||||
Net income | $ | 29,240 | $ | 65,417 | $ | 40,721 | $ | (83,321 | ) | $ | 52,057 | |||||||||
Other comprehensive income (loss), net of income taxes | 5,159 | — | (29,446 | ) | — | (24,287 | ) | |||||||||||||
Comprehensive income | 34,399 | 65,417 | 11,275 | (83,321 | ) | 27,770 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 22,817 | — | — | 22,817 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 34,399 | $ | 42,600 | $ | 11,275 | $ | (83,321 | ) | $ | 4,953 |
Year Ended December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 84,460 | $ | 79,054 | $ | 65,282 | $ | (58,822 | ) | $ | 169,974 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (2,928 | ) | (56,102 | ) | (253,426 | ) | — | (312,456 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 53 | 98 | — | 151 | |||||||||||||||
Contributions to equity method investments | — | (4,188 | ) | — | — | (4,188 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 60,483 | — | — | — | 60,483 | |||||||||||||||
Distributions from equity method investees in excess of equity in earnings | — | 27,726 | — | — | 27,726 | |||||||||||||||
Net cash provided by (used in) investing activities | 57,555 | (32,511 | ) | (253,328 | ) | — | (228,284 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (7,728 | ) | — | — | — | (7,728 | ) | |||||||||||||
Borrowings on credit facilities | 382,500 | — | — | — | 382,500 | |||||||||||||||
Principal payments on credit facilities and other obligations | (396,859 | ) | (31 | ) | — | — | (396,890 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (32,133 | ) | — | — | (32,133 | ) | |||||||||||||
Proceeds from issuance of common shares, net of offering costs | 223,025 | — | — | — | 223,025 | |||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (965 | ) | — | — | — | (965 | ) | |||||||||||||
Dividends paid | (92,910 | ) | — | — | — | (92,910 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,010 | — | — | — | 1,010 | |||||||||||||||
Intercompany borrowings (advances), net | (235,645 | ) | (23,437 | ) | 203,278 | 55,804 | — | |||||||||||||
Net cash provided by (used in) financing activities | (127,572 | ) | (55,601 | ) | 203,278 | 55,804 | 75,909 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,479 | ) | — | (1,479 | ) | |||||||||||||
Change in cash and cash equivalents | 14,443 | (9,058 | ) | 13,753 | (3,018 | ) | 16,120 | |||||||||||||
Cash and cash equivalents at beginning of period | 4,559 | 9,058 | 46,043 | (1,564 | ) | 58,096 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 19,002 | $ | — | $ | 59,796 | $ | (4,582 | ) | $ | 74,216 |
Year Ended December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 37,259 | $ | 122,838 | $ | 58,845 | $ | (37,180 | ) | $ | 181,762 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,740 | ) | (197,074 | ) | (280,716 | ) | — | (479,530 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 257 | 3,431 | — | 3,688 | |||||||||||||||
Contributions to equity method investments | — | (46,730 | ) | — | — | (46,730 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 56,318 | — | — | — | 56,318 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 251,181 | — | — | (251,181 | ) | — | ||||||||||||||
Distributions from equity method investments in excess of equity in earnings | 35,340 | 24,113 | — | (35,340 | ) | 24,113 | ||||||||||||||
Net cash provided by (used in) investing activities | 341,099 | (219,434 | ) | (277,285 | ) | (286,521 | ) | (442,141 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (601 | ) | (5,688 | ) | — | — | (6,289 | ) | ||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 181,000 | 686,208 | — | — | 867,208 | |||||||||||||||
Principal payments on debt and other obligations | (186,000 | ) | (374,049 | ) | — | — | (560,049 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | 89,119 | — | — | 89,119 | |||||||||||||||
Distributions to noncontrolling interests | — | (40,410 | ) | — | — | (40,410 | ) | |||||||||||||
Repurchase of common stock | (4,261 | ) | — | — | — | (4,261 | ) | |||||||||||||
Dividends paid | (69,514 | ) | — | — | — | (69,514 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,223 | — | — | — | 1,223 | |||||||||||||||
Intercompany borrowings (advances), net | (304,900 | ) | (253,150 | ) | 231,812 | 326,238 | — | |||||||||||||
Net cash provided by (used in) financing activities | (383,053 | ) | 102,030 | 231,812 | 326,238 | 277,027 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 850 | — | 850 | |||||||||||||||
Change in cash and cash equivalents | (4,695 | ) | 5,434 | 14,222 | 2,537 | 17,498 | ||||||||||||||
Cash and cash equivalents at beginning of period | 9,254 | 3,624 | 31,821 | (4,101 | ) | 40,598 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 4,559 | $ | 9,058 | $ | 46,043 | $ | (1,564 | ) | $ | 58,096 |
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 27,393 | $ | 151,834 | $ | 23,281 | $ | (20,850 | ) | $ | 181,658 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,672 | ) | (216,711 | ) | (52,123 | ) | — | (270,506 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3,442 | 1,003 | — | 4,445 | |||||||||||||||
Contributions to equity method investments | — | (71,131 | ) | — | — | (71,131 | ) | |||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 114,412 | — | — | (114,412 | ) | — | ||||||||||||||
Payments to acquire businesses | — | (44,508 | ) | — | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 79,741 | — | — | — | 79,741 | |||||||||||||||
Distributions from equity method investments in excess of equity in earnings | 1,843 | 11,734 | — | (1,843 | ) | 11,734 | ||||||||||||||
Net cash provided by (used in) investing activities | 194,324 | (317,174 | ) | (51,120 | ) | (116,255 | ) | (290,225 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | (8,593 | ) | — | — | (8,686 | ) | ||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 405,500 | 844,415 | 4,329 | — | 1,254,244 | |||||||||||||||
Principal payments on credit facilities and other obligations | (440,500 | ) | (657,454 | ) | (4,318 | ) | — | (1,102,272 | ) | |||||||||||
Distributions to noncontrolling interests | — | (28,494 | ) | — | — | (28,494 | ) | |||||||||||||
Proceeds from warrant exercises | 1,451 | — | — | — | 1,451 | |||||||||||||||
Repurchase of common stock | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (44,206 | ) | — | — | — | (44,206 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340 | — | — | — | 340 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (138,431 | ) | 3,654 | 237 | 134,540 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (215,008 | ) | 153,528 | 248 | 134,540 | 73,308 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,494 | ) | — | (3,494 | ) | |||||||||||||
Change in cash and cash equivalents | 6,709 | (11,812 | ) | (31,085 | ) | (2,565 | ) | (38,753 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 2,545 | 15,436 | 62,906 | (1,536 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 9,254 | $ | 3,624 | $ | 31,821 | $ | (4,101 | ) | $ | 40,598 |
|
|
Pipelines and related facilities | 10 – 31 years |
Storage and terminal facilities | 10 – 25 years |
Natural gas gathering and processing facilities | 10 – 31 years |
Trucking equipment and other | 3 – 7 years |
Office property and equipment | 3 – 31 years |
|
Pipelines and related facilities | 10 – 31 years |
Storage and terminal facilities | 10 – 25 years |
Natural gas gathering and processing facilities | 10 – 31 years |
Trucking equipment and other | 3 – 7 years |
Office property and equipment | 3 – 31 years |
December 31, | |||||||
2016 | 2015 | ||||||
Land | $ | 90,337 | $ | 89,815 | |||
Pipelines and related facilities | 398,053 | 338,789 | |||||
Storage and terminal facilities | 279,506 | 283,608 | |||||
Natural gas gathering and processing facilities | 874,704 | 810,358 | |||||
Linefill | 25,804 | 26,900 | |||||
Trucking equipment and other | 45,417 | 43,157 | |||||
Office property and equipment | 61,146 | 45,818 | |||||
Construction-in-progress | 380,740 | 248,145 | |||||
Property, plant and equipment, gross | 2,155,707 | 1,886,590 | |||||
Accumulated depreciation | (393,635 | ) | (319,769 | ) | |||
Property, plant and equipment, net | $ | 1,762,072 | $ | 1,566,821 |
|
Distribution Per Unit | Distributions 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 | ||||||||
June 30, 2015 | $ | 0.6500 | $ | 590 | $ | 4,979 | $ | 13,458 | $ | — | $ | 10,456 | $ | 29,483 | ||||||||
September 30, 2015 | $ | 0.6600 | $ | 604 | $ | 5,333 | $ | 13,665 | $ | — | $ | 10,619 | $ | 30,221 | ||||||||
December 31, 2015 | $ | 0.6600 | $ | 604 | $ | 5,333 | $ | 13,665 | $ | — | $ | 10,622 | $ | 30,224 | ||||||||
March 31, 2016 | $ | 0.6600 | $ | 605 | $ | 5,338 | $ | 13,665 | $ | — | $ | 10,643 | $ | 30,251 | ||||||||
June 30, 2016 | $ | 0.6600 | $ | 605 | $ | 5,339 | $ | 13,665 | $ | — | $ | 10,648 | $ | 30,257 |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
White Cliffs | $ | 88,839 | $ | 86,845 | $ | 66,768 | |||||
NGL Energy | 4,873 | 19,074 | 23,404 | ||||||||
Glass Mountain | 10,456 | 13,623 | 6,823 | ||||||||
Total cash distributions received from equity method investments | $ | 104,168 | $ | 119,542 | $ | 96,995 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
White Cliffs | $ | 69,007 | $ | 70,238 | $ | 57,378 | |||||
NGL Energy(1) | 2,188 | 5,031 | 2,343 | ||||||||
Glass Mountain | 2,562 | 6,117 | 4,478 | ||||||||
Total earnings from equity method investments | $ | 73,757 | $ | 81,386 | $ | 64,199 |
December 31, | |||||||
2016 | 2015 | ||||||
White Cliffs | $ | 281,734 | $ | 297,109 | |||
NGL Energy | 18,933 | 112,787 | |||||
Glass Mountain | 133,622 | 141,182 | |||||
Total equity method investments | $ | 434,289 | $ | 551,078 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 29,502 | $ | 38,526 | $ | 30,398 | |||||
Cost of Sales | $ | 463 | $ | 3,392 | $ | 757 | |||||
Operating, general and administrative expenses | $ | 7,570 | $ | 6,643 | $ | 6,419 | |||||
Depreciation and amortization expense | $ | 15,914 | $ | 15,828 | $ | 13,872 | |||||
Net income | $ | 5,548 | $ | 12,657 | $ | 9,344 |
December 31, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 6,136 | $ | 7,856 | |||
Property, plant and equipment, net | 193,179 | 205,920 | |||||
Total assets | $ | 199,315 | $ | 213,776 | |||
Current liabilities | $ | 1,286 | $ | 1,036 | |||
Other liabilities | 13 | 28 | |||||
Members’ equity | 198,016 | 212,712 | |||||
Total liabilities and members’ equity | $ | 199,315 | $ | 213,776 |
(Unaudited) September 30, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 1,250,299 | $ | 1,276,919 | |||
Property plant and equipment, net | 1,755,416 | 1,845,112 | |||||
Goodwill | 1,467,955 | 1,658,237 | |||||
Intangible and other assets, net | 1,600,248 | 1,820,788 | |||||
Total assets | $ | 6,073,918 | $ | 6,601,056 | |||
Current liabilities | $ | 798,853 | $ | 857,639 | |||
Long-term debt | 3,063,008 | 3,077,604 | |||||
Other noncurrent liabilities | 256,743 | 127,639 | |||||
Equity | 1,955,314 | 2,538,174 | |||||
Total liabilities and equity | $ | 6,073,918 | $ | 6,601,056 |
(Unaudited) Twelve Months Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 10,777,954 | $ | 14,504,581 | $ | 15,748,520 | |||||
Costs of products sold | $ | 10,005,830 | $ | 13,573,066 | $ | 15,054,291 | |||||
Operating, general and administrative expenses | $ | 523,902 | $ | 576,805 | $ | 436,959 | |||||
Depreciation and amortization expense | $ | 211,841 | $ | 221,067 | $ | 162,443 | |||||
Net income (loss) | $ | (39,895 | ) | $ | 71,225 | $ | 15,059 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenue | $ | 212,359 | $ | 206,395 | $ | 160,369 | |||||
Cost of products sold | $ | 3,223 | $ | 2,914 | $ | 3,635 | |||||
Operating, general and administrative expenses | $ | 35,672 | $ | 30,370 | $ | 19,431 | |||||
Depreciation and amortization expense | $ | 35,439 | $ | 34,105 | $ | 23,257 | |||||
Net income | $ | 138,032 | $ | 139,000 | $ | 114,045 |
December 31, | |||||||
2016 | 2015 | ||||||
Current assets | $ | 34,721 | $ | 54,091 | |||
Property, plant and equipment, net | 508,043 | 509,068 | |||||
Goodwill | 17,000 | 17,000 | |||||
Other intangible assets, net | 8,509 | 11,974 | |||||
Total assets | $ | 568,273 | $ | 592,133 | |||
Current liabilities | $ | 15,812 | $ | 9,491 | |||
Members’ equity | 552,461 | 582,642 | |||||
Total liabilities and members’ equity | $ | 568,273 | $ | 592,133 |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Crude Transportation | |||||||||||
External | $ | 64,853 | $ | 81,991 | $ | 84,718 | |||||
Intersegment | 26,878 | 15,021 | 10,840 | ||||||||
Crude Facilities | |||||||||||
External | 45,956 | 45,936 | 44,007 | ||||||||
Intersegment | 10,674 | — | — | ||||||||
Crude Supply and Logistics | |||||||||||
External | 716,570 | 716,784 | 1,169,372 | ||||||||
SemGas | |||||||||||
External | 208,042 | 231,569 | 342,286 | ||||||||
Intersegment | 10,928 | 20,605 | 37,897 | ||||||||
SemCAMS | |||||||||||
External | 133,216 | 136,197 | 176,724 | ||||||||
SemLogistics | |||||||||||
External | 24,725 | 24,351 | 12,650 | ||||||||
SemMexico | |||||||||||
External | 138,802 | 211,291 | 290,869 | ||||||||
Corporate and Other | |||||||||||
External | — | 6,975 | 1,953 | ||||||||
Intersegment | (48,480 | ) | (35,626 | ) | (48,737 | ) | |||||
Total Revenues | $ | 1,332,164 | $ | 1,455,094 | $ | 2,122,579 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Earnings from equity method investments: | |||||||||||
Crude Transportation | $ | 71,569 | $ | 76,355 | $ | 61,856 | |||||
Corporate and Other (1) | 2,147 | 11,416 | 31,363 | ||||||||
Total earnings from equity method investments | $ | 73,716 | $ | 87,771 | $ | 93,219 | |||||
(1) Including gain (loss) on issuance of common units by equity method investee. | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Depreciation and amortization: | |||||||||||
Crude Transportation | $ | 24,483 | $ | 35,500 | $ | 33,679 | |||||
Crude Facilities | 7,781 | 5,829 | 5,365 | ||||||||
Crude Supply and Logistics | 185 | 159 | 549 | ||||||||
SemGas | 36,170 | 31,803 | 26,353 | ||||||||
SemCAMS | 16,867 | 12,940 | 14,295 | ||||||||
SemLogistics | 7,676 | 8,543 | 10,005 | ||||||||
SemMexico | 3,752 | 4,076 | 6,031 | ||||||||
Corporate and Other | 1,890 | 2,032 | 2,120 | ||||||||
Total depreciation and amortization | $ | 98,804 | $ | 100,882 | $ | 98,397 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income tax expense (benefit): | |||||||||||
SemCAMS | $ | 3,667 | $ | 4,847 | $ | 3,135 | |||||
SemLogistics | (724 | ) | (2,195 | ) | (2,231 | ) | |||||
SemMexico | 1,684 | 2,611 | 4,053 | ||||||||
Corporate and other | 6,641 | 28,267 | 41,556 | ||||||||
Total income tax expense | $ | 11,268 | $ | 33,530 | $ | 46,513 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Segment profit (1): | |||||||||||
Crude Transportation | $ | 83,942 | $ | 81,028 | $ | 76,705 | |||||
Crude Facilities | 42,517 | 33,757 | 32,286 | ||||||||
Crude Supply and Logistics | 20,420 | 30,088 | 24,021 | ||||||||
SemGas | 44,142 | 61,669 | 41,715 | ||||||||
SemCAMS | 38,901 | 36,013 | 45,326 | ||||||||
SemLogistics | 11,175 | 7,249 | 25 | ||||||||
SemMexico | 10,072 | 15,614 | 16,139 | ||||||||
Corporate and Other | (29,786 | ) | (33,369 | ) | (12,561 | ) | |||||
Total segment profit | $ | 221,383 | $ | 232,049 | $ | 223,656 | |||||
(1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Reconciliation of segment profit to net income: | |||||||||||
Total segment profit | $ | 221,383 | $ | 232,049 | $ | 223,656 | |||||
Less: | |||||||||||
Net unrealized loss (gain) related to derivative instruments | 989 | 2,014 | (1,734 | ) | |||||||
Depreciation and amortization | 98,804 | 100,882 | 98,397 | ||||||||
Interest expense | 62,650 | 69,675 | 49,044 | ||||||||
Foreign currency transaction loss (gain) | 4,759 | (1,067 | ) | (86 | ) | ||||||
Loss (gain) on sale or impairment of equity method investment | 30,644 | (14,517 | ) | (34,212 | ) | ||||||
Other expense (income), net | (994 | ) | (1,284 | ) | 13,676 | ||||||
Income tax expense | 11,268 | 33,530 | 46,513 | ||||||||
Loss from discontinued operations | 1 | 4 | 1 | ||||||||
Net income | $ | 13,262 | $ | 42,812 | $ | 52,057 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Additions to long-lived assets, including acquisitions and contributions to equity method investments: | |||||||||||
Crude Transportation | $ | 230,139 | $ | 219,227 | $ | 160,471 | |||||
Crude Facilities | 6,439 | 30,118 | 8,207 | ||||||||
Crude Supply and Logistics | 3,664 | 2,564 | 11,662 | ||||||||
SemGas | 21,913 | 110,908 | 153,088 | ||||||||
SemCAMS | 34,506 | 142,368 | 35,286 | ||||||||
SemLogistics | 16,402 | 12,289 | 2,974 | ||||||||
SemMexico | 8,690 | 7,051 | 9,690 | ||||||||
Corporate and Other | 2,928 | 1,919 | 1,906 | ||||||||
Total additions to long-lived assets | $ | 324,681 | $ | 526,444 | $ | 383,284 | |||||
December 31, | |||||||||||
2016 | 2015 | ||||||||||
Total assets (excluding intersegment receivables): | |||||||||||
Crude Transportation | $ | 1,042,327 | $ | 877,017 | |||||||
Crude Facilities | 156,907 | 155,186 | |||||||||
Crude Supply and Logistics | 484,475 | 328,419 | |||||||||
SemGas | 683,952 | 719,789 | |||||||||
SemCAMS | 379,785 | 331,749 | |||||||||
SemLogistics | 135,387 | 155,794 | |||||||||
SemMexico | 75,440 | 89,608 | |||||||||
Corporate and Other | 116,699 | 196,347 | |||||||||
Total | $ | 3,074,972 | $ | 2,853,909 | |||||||
December 31, | |||||||||||
2016 | 2015 | ||||||||||
Equity investments: | |||||||||||
Crude Transportation | $ | 415,356 | $ | 438,291 | |||||||
Corporate and Other | 18,933 | 112,787 | |||||||||
Total equity investments | $ | 434,289 | $ | 551,078 |
|
December 31, | |||||||
2016 | 2015 | ||||||
Crude oil | $ | 89,683 | $ | 59,121 | |||
Asphalt and other | 9,551 | 11,118 | |||||
Total inventories | $ | 99,234 | $ | 70,239 |
|
December 31, | |||||||
2016 | 2015 | ||||||
Prepaid expenses | $ | 6,801 | $ | 6,252 | |||
Deferred tax asset | 2,244 | 2,321 | |||||
Other | 9,585 | 10,846 | |||||
Total other current assets | $ | 18,630 | $ | 19,419 |
December 31, | |||||||
2016 | 2015 | ||||||
Capitalized loan fees | $ | 10,242 | $ | 6,947 | |||
Deferred tax asset | 43,431 | 34,848 | |||||
Other | 3,856 | 3,579 | |||||
Total other noncurrent assets, net | $ | 57,529 | $ | 45,374 |
|
Pipelines and related facilities | 10 – 31 years |
Storage and terminal facilities | 10 – 25 years |
Natural gas gathering and processing facilities | 10 – 31 years |
Trucking equipment and other | 3 – 7 years |
Office property and equipment | 3 – 31 years |
December 31, | |||||||
2016 | 2015 | ||||||
Land | $ | 90,337 | $ | 89,815 | |||
Pipelines and related facilities | 398,053 | 338,789 | |||||
Storage and terminal facilities | 279,506 | 283,608 | |||||
Natural gas gathering and processing facilities | 874,704 | 810,358 | |||||
Linefill | 25,804 | 26,900 | |||||
Trucking equipment and other | 45,417 | 43,157 | |||||
Office property and equipment | 61,146 | 45,818 | |||||
Construction-in-progress | 380,740 | 248,145 | |||||
Property, plant and equipment, gross | 2,155,707 | 1,886,590 | |||||
Accumulated depreciation | (393,635 | ) | (319,769 | ) | |||
Property, plant and equipment, net | $ | 1,762,072 | $ | 1,566,821 |
|
Balance, December 31, 2013 | $ | 62,021 | |
Crude oil trucking asset acquisition (Note 6) | 7,892 | ||
Mid-America Midstream Gas Services ("MMGS") purchase price allocation adjustment | (10,787 | ) | |
Barcas purchase price allocation adjustment | (98 | ) | |
Currency translation adjustments | (702 | ) | |
Balance, December 31, 2014 | 58,326 | ||
Crude oil trucking impairment loss | (9,488 | ) | |
Currency translation adjustments | (806 | ) | |
Balance, December 31, 2015 | 48,032 | ||
SemGas impairment loss | (13,052 | ) | |
Currency translation adjustments | (750 | ) | |
Balance, December 31, 2016 | $ | 34,230 |
December 31, | |||||||
2016 | 2015 | ||||||
Crude Transportation | $ | 26,628 | $ | 26,628 | |||
SemGas | — | 13,052 | |||||
SemMexico | 7,602 | 8,352 | |||||
Total Goodwill | $ | 34,230 | $ | 48,032 |
Balance, December 31, 2013 | $ | 174,838 | |
Amortization | (15,875 | ) | |
Crude oil trucking asset acquisition (Note 6) | 17,010 | ||
MMGS purchase price allocation adjustment | (2,313 | ) | |
Barcas purchase price allocation adjustment | (50 | ) | |
Currency translation adjustments | (545 | ) | |
Balance, December 31, 2014 | 173,065 | ||
Amortization | (10,334 | ) | |
Currency translation adjustments | (508 | ) | |
Balance, December 31, 2015 | 162,223 | ||
Amortization | (10,928 | ) | |
Currency translation adjustments | (317 | ) | |
Balance, December 31, 2016 | $ | 150,978 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer Relationships | $ | 187,114 | $ | (36,601 | ) | $ | 150,513 | $ | 188,304 | $ | (26,975 | ) | $ | 161,329 | |||||||||
Trade Names | 421 | (366 | ) | 55 | 493 | (378 | ) | 115 | |||||||||||||||
Unpatented Technology | 2,461 | (2,051 | ) | 410 | 2,941 | (2,162 | ) | 779 | |||||||||||||||
Total other intangible assets | $ | 189,996 | $ | (39,018 | ) | $ | 150,978 | $ | 191,738 | $ | (29,515 | ) | $ | 162,223 |
For the year ending: | |||
December 31, 2017 | $ | 11,011 | |
December 31, 2018 | 10,918 | ||
December 31, 2019 | 10,316 | ||
December 31, 2020 | 9,649 | ||
December 31, 2021 | 9,483 | ||
Thereafter | 99,601 | ||
Total estimated amortization expense | $ | 150,978 |
|
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting(1) | Total | Level 1 | Netting(1) | Total | |||||||||||||||||
Commodity derivatives: | |||||||||||||||||||||||
Assets | $ | 68 | $ | (68 | ) | $ | — | $ | 131 | $ | (131 | ) | $ | — | |||||||||
Liabilities | $ | 1,396 | $ | (68 | ) | $ | 1,328 | $ | 470 | $ | (131 | ) | $ | 339 |
(1) | Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Year Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Sales | 33,694 | 23,228 | 6,773 | |||||
Purchases | 33,819 | 22,946 | 6,477 |
December 31, 2016 | December 31, 2015 | |||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||
$ | — | $ | 1,328 | $ | — | $ | 339 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Realized and unrealized gain (loss) | $ | (4,485 | ) | $ | 8,146 | $ | 19,305 |
Canada | United Kingdom | Mexico | Total | ||||||||||||
Cash and cash equivalents | $ | 44,180 | $ | 5,234 | $ | 9,858 | $ | 59,272 | |||||||
Other current assets | 42,390 | 2,055 | 26,214 | 70,659 | |||||||||||
Noncurrent assets | 300,399 | 128,098 | 39,368 | 467,865 | |||||||||||
Total assets | $ | 386,969 | $ | 135,387 | $ | 75,440 | $ | 597,796 | |||||||
Current liabilities | $ | 33,228 | $ | 4,630 | $ | 16,088 | $ | 53,946 | |||||||
Noncurrent liabilities | 57,907 | 12,368 | 1,034 | 71,309 | |||||||||||
Total liabilities | 91,135 | 16,998 | 17,122 | 125,255 | |||||||||||
Net assets | $ | 295,834 | $ | 118,389 | $ | 58,318 | $ | 472,541 |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
U.S. | $ | (766 | ) | $ | 46,728 | $ | 39,231 | ||||
Foreign | 25,297 | 29,618 | 59,340 | ||||||||
Consolidated | $ | 24,531 | $ | 76,346 | $ | 98,571 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current income tax provision: | |||||||||||
Foreign | $ | 2,821 | $ | 4,301 | $ | 10,430 | |||||
U.S. federal | — | — | (195 | ) | |||||||
U.S. state | — | 32 | 132 | ||||||||
2,821 | 4,333 | 10,367 | |||||||||
Deferred income tax provision (benefit): | |||||||||||
Foreign | 4,071 | 4,747 | 2,024 | ||||||||
U.S. federal | 5,142 | 21,865 | 30,074 | ||||||||
U.S. state | (766 | ) | 2,585 | 4,048 | |||||||
8,447 | 29,197 | 36,146 | |||||||||
Provision (benefit) for income taxes | $ | 11,268 | $ | 33,530 | $ | 46,513 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income from continuing operations before income taxes | $ | 24,531 | $ | 76,346 | $ | 98,571 | |||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||
Provision at statutory rate | 8,586 | 26,721 | 34,500 | ||||||||
State income taxes—net of federal benefit | (498 | ) | 1,701 | 3,197 | |||||||
Effect of rates other than statutory | (1,966 | ) | (2,306 | ) | (1,925 | ) | |||||
Effect of U.S. taxation on foreign branches | 8,854 | 10,366 | 20,769 | ||||||||
Foreign tax adjustment, prior years | — | 7 | (3,669 | ) | |||||||
Warrants | — | — | 4,698 | ||||||||
Noncontrolling interest | (3,908 | ) | (4,373 | ) | (7,986 | ) | |||||
Foreign tax credit and offset to branch deferreds | (6,026 | ) | (1,740 | ) | 6,851 | ||||||
Impact of valuation allowance on deferred tax assets | 6,026 | 1,740 | (7,331 | ) | |||||||
Foreign net gain on subsidiary dissolution and debt waivers | — | — | (13,620 | ) | |||||||
Foreign withholding taxes | 18 | 6 | 5,054 | ||||||||
Other, net | 182 | 1,408 | 5,975 | ||||||||
Provision (benefit) for income taxes | $ | 11,268 | $ | 33,530 | $ | 46,513 |
December 31, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Net operating loss and other credit carryforwards | $ | 58,129 | $ | 55,100 | |||
Compensation and benefits | 9,411 | 8,178 | |||||
Inventories | 231 | 213 | |||||
Intangible assets | 34,573 | 35,152 | |||||
Pension plan | 4,811 | 4,643 | |||||
Allowance for doubtful accounts | 971 | 1,552 | |||||
Deferred revenue | 4,451 | 4,619 | |||||
Equity investment in partnerships | 54,686 | — | |||||
Foreign tax credit and offset to branch deferreds | 110,052 | 104,026 | |||||
Other | 46,601 | 41,318 | |||||
less: valuation allowance | (110,243 | ) | (104,509 | ) | |||
Net deferred tax assets | 213,673 | 150,292 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | (4,709 | ) | (4,638 | ) | |||
Prepaid expenses | (136 | ) | (142 | ) | |||
Property, plant and equipment | (223,325 | ) | (219,247 | ) | |||
Equity investment in partnerships | — | (85,385 | ) | ||||
Other | (4,411 | ) | (4,107 | ) | |||
Total deferred tax liabilities | (232,581 | ) | (313,519 | ) | |||
Net deferred tax liabilities | $ | (18,908 | ) | $ | (163,227 | ) |
|
December 31, 2016 | December 31, 2015 | ||||||
7.50% senior unsecured notes due 2021 | $ | 300,000 | $ | 300,000 | |||
Unamortized debt issuance costs on 2021 notes | (3,708 | ) | (4,540 | ) | |||
7.50% senior unsecured notes due 2021, net | 296,292 | 295,460 | |||||
5.625% senior unsecured notes due 2022 | 400,000 | 400,000 | |||||
Unamortized debt issuance costs on 2022 notes | (5,909 | ) | (6,975 | ) | |||
5.625% senior unsecured notes due 2022, net | 394,091 | 393,025 | |||||
5.625% senior unsecured notes due 2023 | 350,000 | 350,000 | |||||
Unamortized discount on 2023 notes | (4,894 | ) | (5,455 | ) | |||
Unamortized debt issuance costs on 2023 notes | (4,596 | ) | (5,266 | ) | |||
5.625% senior unsecured notes due 2023, net | 340,510 | 339,279 | |||||
SemGroup corporate revolving credit facility | 20,000 | 30,000 | |||||
SemMexico revolving credit facility | — | — | |||||
Capital leases | 51 | 83 | |||||
Total long-term debt, net | 1,050,944 | 1,057,847 | |||||
Less: current portion of long-term debt | 26 | 31 | |||||
Noncurrent portion of long-term debt, net | $ | 1,050,918 | $ | 1,057,816 |
2021 Notes | ||
From and after June 15, 2016 | 105.625% | |
From and after June 15, 2017 | 103.750% | |
From and after June 15, 2018 | 101.875% | |
From and after June 15, 2019 | 100.000% |
2022 Notes | ||
Not redeemable before July 15, 2017 | ||
From and after July 15, 2017 | 104.219% | |
From and after July 15, 2018 | 102.813% | |
From and after July 15, 2019 | 101.406% | |
From and after July 15, 2020 | 100.000% |
2023 Notes | ||
Not redeemable before May 15, 2019 | ||
From and after May 15, 2019 | 102.813% | |
From and after May 15, 2020 | 101.406% | |
From and after May 15, 2021 | 100.000% |
Notes | SemGroup Facility | SemMexico Facility | Capital Leases | Total | |||||||||||||||
For the year ended: | |||||||||||||||||||
December 31, 2017 | $ | — | $ | — | $ | — | $ | 26 | $ | 26 | |||||||||
December 31, 2018 | — | — | — | 25 | 25 | ||||||||||||||
December 31, 2019 | — | — | — | — | — | ||||||||||||||
December 31, 2020 | — | — | — | — | — | ||||||||||||||
December 31, 2021 | 300,000 | 20,000 | — | — | 320,000 | ||||||||||||||
Thereafter | 750,000 | — | — | — | 750,000 | ||||||||||||||
Total | $ | 1,050,000 | $ | 20,000 | $ | — | $ | 51 | $ | 1,070,051 |
|
Volume (barrels) | Value | |||||
Fixed price purchases | 2,359 | $ | 120,064 | |||
Fixed price sales | 8,670 | $ | 453,647 | |||
Floating price purchases | 3,577 | $ | 179,237 | |||
Floating price sales | 13,573 | $ | 738,245 |
Balance, December 31, 2013 | $ | 41,185 | |
Accretion | 4,807 | ||
Payments made | (514 | ) | |
Currency translation adjustments | (3,524 | ) | |
Balance, December 31, 2014 | 41,954 | ||
Accretion | 4,748 | ||
Payments made | (511 | ) | |
Revaluation | (26,000 | ) | |
Currency translation adjustments | (4,245 | ) | |
Balance, December 31, 2015 | 15,946 | ||
Accretion | 2,292 | ||
Payments made | (159 | ) | |
Currency translation adjustments | 469 | ||
Balance, December 31, 2016 | $ | 18,548 |
For year ending: | |||
December 31, 2017 | $ | 4,516 | |
December 31, 2018 | 4,218 | ||
December 31, 2019 | 3,871 | ||
December 31, 2020 | 3,517 | ||
December 31, 2021 | 3,545 | ||
Thereafter | 10,018 | ||
Total future minimum lease payments | $ | 29,685 |
Volume (barrels) | Value | |||||
Fixed price purchases | 2,359 | $ | 120,064 | |||
Fixed price sales | 8,670 | $ | 453,647 | |||
Floating price purchases | 3,577 | $ | 179,237 | |||
Floating price sales | 13,573 | $ | 738,245 |
For year ending: | |||
December 31, 2017 | $ | 11,938 | |
December 31, 2018 | 10,060 | ||
December 31, 2019 | 9,121 | ||
December 31, 2020 | 8,451 | ||
December 31, 2021 | 6,841 | ||
Thereafter | 9,099 | ||
Total expected future payments | $ | 55,510 |
|
Class A | Class B | ||||
Shares accounted for at December 31, 2013 | 42,504,656 | 28,235 | |||
Conversion of Class B shares | 28,235 | (28,235 | ) | ||
Issuance of shares under employee and director compensation programs(1) | 169,933 | — | |||
Shares issued under employee stock purchase plan | 6,999 | — | |||
Shares issued upon exercise of warrants | 904,231 | — | |||
Shares accounted for at December 31, 2014 | 43,614,054 | — | |||
Issuance of shares under employee and director compensation programs(1) | 184,803 | — | |||
Shares issued under employee stock purchase plan | 24,882 | — | |||
Shares accounted for at December 31, 2015 | 43,823,739 | — | |||
Issuance of common shares in public offering | 8,625,000 | — | |||
Shares issued for Merger | 13,140,020 | — | |||
Issuance of shares under employee and director compensation programs(1) | 170,772 | — | |||
Shares issued under employee stock purchase plan | 46,836 | — | |||
Shares accounted for at December 31, 2016(2) | 65,806,367 | — |
Quarter Ending | Dividend Per Share | Date of Record | Date Paid | |||||
March 31, 2014 | $ | 0.22 | March 10, 2014 | March 20, 2014 | ||||
June 30, 2014 | $ | 0.24 | May 19, 2014 | May 29, 2014 | ||||
September 30, 2014 | $ | 0.27 | August 18, 2014 | August 28, 2014 | ||||
December 31, 2014 | $ | 0.30 | November 17, 2014 | November 28, 2014 | ||||
March 31, 2015 | $ | 0.34 | March 9, 2015 | March 20, 2015 | ||||
June 30, 2015 | $ | 0.38 | May 18, 2015 | May 29, 2015 | ||||
September 30, 2015 | $ | 0.42 | August 17, 2015 | August 25, 2015 | ||||
December 31, 2015 | $ | 0.45 | November 16, 2015 | November 24, 2015 | ||||
March 31, 2016 | $ | 0.45 | March 7, 2016 | March 17, 2016 | ||||
June 30, 2016 | $ | 0.45 | May 16, 2016 | May 26, 2016 | ||||
September 30, 2016 | $ | 0.45 | August 15, 2016 | August 25, 2016 | ||||
December 31, 2016 | $ | 0.45 | November 18, 2016 | November 28, 2016 | ||||
March 31, 2017 | $ | 0.45 | March 7, 2017 | March 17, 2017 |
|
Unvested Shares | Average Grant Date Fair Value | Aggregate Fair Value of Shares (in thousands) | ||||||||
Outstanding at December 31, 2013 | 530,603 | $ | 36.80 | |||||||
Awards granted - 2014 | 207,786 | $ | 77.14 | |||||||
Awards vested - 2014 | (169,340 | ) | $ | 33.07 | $ | 5,600 | ||||
Awards forfeited - 2014 | (119,130 | ) | $ | 42.16 | ||||||
Outstanding at December 31, 2014 | 449,919 | $ | 70.69 | |||||||
Awards granted - 2015 | 151,789 | $ | 77.93 | |||||||
Awards vested - 2015 | (181,906 | ) | $ | 35.18 | $ | 6,399 | ||||
Awards forfeited - 2015 | (8,494 | ) | $ | 42.05 | ||||||
Outstanding at December 31, 2015 | 411,308 | $ | 75.25 | |||||||
Awards granted - 2016 | 702,309 | $ | 19.18 | |||||||
Awards vested - 2016 | (168,096 | ) | $ | 20.38 | $ | 3,426 | ||||
Awards forfeited - 2016 | (34,255 | ) | $ | 42.42 | ||||||
Outstanding at December 31, 2016 | 911,266 | $ | 31.09 |
2016 | 2015 | 2014 | |||
Volatility | 51.9% | 26.8% | 29.3% | ||
Risk-free interest rate | 0.98% | 1.06% | 0.66% |
Unvested Units | Average Grant Date Fair Value | Aggregate Fair Value of Units (in thousands) | ||||||||
Outstanding at December 31, 2013 | 82,948 | $ | 28.59 | |||||||
Awards granted - 2014 | 46,536 | $ | 41.35 | |||||||
Awards vested - 2014 | (5,712 | ) | $ | 35.87 | $ | 205 | ||||
Awards forfeited - 2014 | (21,432 | ) | $ | 29.82 | ||||||
Outstanding at December 31, 2014 | 102,340 | $ | 33.79 | |||||||
Awards granted - 2015 | 36,527 | $ | 39.03 | |||||||
Awards vested - 2015 | (38,366 | ) | $ | 27.54 | $ | 1,057 | ||||
Awards forfeited - 2015 | (310 | ) | $ | 42.80 | ||||||
Outstanding at December 31, 2015 | 100,191 | $ | 38.70 | |||||||
Awards granted - 2016 | 117,204 | $ | 9.62 | |||||||
Awards vested - 2016 | (57,458 | ) | $ | 11.58 | $ | 665 | ||||
Awards forfeited - 2016 | (1,846 | ) | $ | 26.55 | ||||||
Awards converted to SemGroup awards | (158,091 | ) | $ | 19.57 | ||||||
Outstanding at December 31, 2016 | — | $ | — |
|
December 31, | |||||||
2016 | 2015 | ||||||
Projected benefit obligation | $ | 25,675 | $ | 23,865 | |||
Fair value of plan assets | 22,961 | 22,204 | |||||
Funded status: | $ | (2,714 | ) | $ | (1,661 | ) |
|
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance, December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | |||
Currency translation adjustment, net of income tax benefit of $11,102 | (20,551 | ) | — | (20,551 | ) | ||||||
Changes related to benefit plans, net of income tax benefit of $1,245 | — | (3,736 | ) | (3,736 | ) | ||||||
Balance, December 31, 2014 | (25,059 | ) | (2,082 | ) | (27,141 | ) | |||||
Currency translation adjustment, net of income tax benefit of $19,593 | (32,142 | ) | — | (32,142 | ) | ||||||
Changes related to benefit plans, net of income tax expense of $240 | — | 721 | 721 | ||||||||
Balance, December 31, 2015 | (57,201 | ) | (1,361 | ) | (58,562 | ) | |||||
Currency translation adjustment, net of income tax benefit of $8,672 | (14,224 | ) | — | (14,224 | ) | ||||||
Changes related to benefit plans, net of income tax benefit of $417 | — | (1,128 | ) | (1,128 | ) | ||||||
Balance, December 31, 2016 | $ | (71,425 | ) | $ | (2,489 | ) | $ | (73,914 | ) |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Decrease (increase) in restricted cash | $ | (1 | ) | $ | 6,764 | $ | (2,045 | ) | |||
Decrease (increase) in accounts receivable | (90,810 | ) | 9,051 | (32,602 | ) | ||||||
Decrease (increase) in receivable from affiliates | (19,541 | ) | 10,905 | 50,454 | |||||||
Decrease (increase) in inventories | (30,686 | ) | (31,043 | ) | (6,243 | ) | |||||
Decrease (increase) in margin deposits | (711 | ) | (2,109 | ) | 28 | ||||||
Decrease (increase) in other current assets | 356 | (413 | ) | (614 | ) | ||||||
Decrease (increase) in other assets | (297 | ) | 4,015 | 2 | |||||||
Increase (decrease) in accounts payable and accrued liabilities | 94,687 | 2,513 | 11,461 | ||||||||
Increase (decrease) in payable to affiliates | 21,475 | (8,427 | ) | (48,819 | ) | ||||||
Increase (decrease) in payables to pre-petition creditors | — | (3,837 | ) | (54 | ) | ||||||
Increase (decrease) in other noncurrent liabilities | 2,573 | (2,625 | ) | 5,067 | |||||||
$ | (22,955 | ) | $ | (15,206 | ) | $ | (23,365 | ) |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 314,851 | $ | 287,377 | $ | 327,764 | $ | 402,172 | $ | 1,332,164 | |||||||||
Loss on disposal or impairment, net | 13,307 | 1,685 | 1,018 | 38 | 16,048 | ||||||||||||||
Other operating costs and expenses | 292,250 | 277,379 | 316,644 | 381,969 | 1,268,242 | ||||||||||||||
Total expenses | 305,557 | 279,064 | 317,662 | 382,007 | 1,284,290 | ||||||||||||||
Earnings from equity method investments | 23,071 | 17,078 | 15,845 | 17,763 | 73,757 | ||||||||||||||
Loss on issuance of common units by equity method investee | (41 | ) | — | — | — | (41 | ) | ||||||||||||
Operating income | 32,324 | 25,391 | 25,947 | 37,928 | 121,590 | ||||||||||||||
Other expenses, net | 58,622 | 9,944 | 18,684 | 9,809 | 97,059 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (26,298 | ) | 15,447 | 7,263 | 28,119 | 24,531 | |||||||||||||
Income tax expense (benefit) | (21,407 | ) | 4,658 | 11,898 | 16,119 | 11,268 | |||||||||||||
Income (loss) from continuing operations | (4,891 | ) | 10,789 | (4,635 | ) | 12,000 | 13,263 | ||||||||||||
Income (loss) from discontinued operations, net of income taxes | (2 | ) | (2 | ) | 3 | — | (1 | ) | |||||||||||
Net income (loss) | (4,893 | ) | 10,787 | (4,632 | ) | 12,000 | 13,262 | ||||||||||||
Less: net income attributable to noncontrolling interests | 9,020 | 1,922 | 225 | — | 11,167 | ||||||||||||||
Net income (loss) attributable to SemGroup | $ | (13,913 | ) | $ | 8,865 | $ | (4,857 | ) | $ | 12,000 | $ | 2,095 | |||||||
Earnings (loss) per share—basic | $ | (0.32 | ) | $ | 0.20 | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 | |||||||
Earnings (loss) per share—diluted | $ | (0.32 | ) | $ | 0.19 | $ | (0.09 | ) | $ | 0.18 | $ | 0.04 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Total revenues | $ | 298,310 | $ | 377,226 | $ | 397,065 | $ | 382,493 | $ | 1,455,094 | |||||||||
Loss (gain) on disposal or impairment, net | 1,058 | 1,372 | (951 | ) | 9,993 | 11,472 | |||||||||||||
Other operating costs and expenses | 301,206 | 352,549 | 376,973 | 371,512 | 1,402,240 | ||||||||||||||
Total expenses | 302,264 | 353,921 | 376,022 | 381,505 | 1,413,712 | ||||||||||||||
Earnings from equity method investments | 20,559 | 23,903 | 16,237 | 20,687 | 81,386 | ||||||||||||||
Gain on issuance of common units by equity method investee | — | 5,897 | 136 | 352 | 6,385 | ||||||||||||||
Operating income | 16,605 | 53,105 | 37,416 | 22,027 | 129,153 | ||||||||||||||
Other expenses, net | 6,087 | 9,809 | 17,829 | 19,082 | 52,807 | ||||||||||||||
Income from continuing operations before income taxes | 10,518 | 43,296 | 19,587 | 2,945 | 76,346 | ||||||||||||||
Income tax expense | 4,742 | 14,861 | 10,006 | 3,921 | 33,530 | ||||||||||||||
Income (loss) from continuing operations | 5,776 | 28,435 | 9,581 | (976 | ) | 42,816 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | (2 | ) | (1 | ) | (1 | ) | (4 | ) | ||||||||||
Net income (loss) | 5,776 | 28,433 | 9,580 | (977 | ) | 42,812 | |||||||||||||
Less: net income (loss) attributable to noncontrolling interests | 4,310 | 5,136 | 4,707 | (1,661 | ) | 12,492 | |||||||||||||
Net income attributable to SemGroup | $ | 1,466 | $ | 23,297 | $ | 4,873 | $ | 684 | $ | 30,320 | |||||||||
Earnings per share—basic | $ | 0.03 | $ | 0.53 | $ | 0.11 | $ | 0.02 | $ | 0.69 | |||||||||
Earnings per share—diluted | $ | 0.03 | $ | 0.53 | $ | 0.11 | $ | 0.02 | $ | 0.69 |
|
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
NGL Energy | |||||||||||
Revenues | $ | 61,639 | $ | 157,732 | $ | 456,987 | |||||
Purchases | $ | 57,739 | $ | 138,095 | $ | 437,015 | |||||
Reimbursements from NGL Energy for services | $ | — | $ | 56 | $ | 168 | |||||
White Cliffs | |||||||||||
Crude oil revenues | $ | 4,973 | $ | — | $ | — | |||||
Storage revenues | $ | 4,350 | $ | 4,300 | $ | 2,888 | |||||
Transportation fees | $ | 10,797 | $ | 5,253 | $ | 3,972 | |||||
Management fees | $ | 494 | $ | 471 | $ | 449 | |||||
Crude oil purchases | $ | 4,758 | $ | — | $ | — | |||||
Glass Mountain | |||||||||||
Transportation fees | $ | 7,479 | $ | 2,997 | $ | 845 | |||||
Management fees | $ | 793 | $ | 770 | $ | 727 | |||||
Crude oil purchases | $ | 385 | $ | 2,087 | $ | — |
|
December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,002 | $ | — | $ | 59,796 | $ | (4,582 | ) | $ | 74,216 | |||||||||
Accounts receivable | — | 361,160 | 57,179 | — | 418,339 | |||||||||||||||
Receivable from affiliates | 27 | 25,244 | 184 | — | 25,455 | |||||||||||||||
Inventories | — | 89,638 | 9,596 | — | 99,234 | |||||||||||||||
Other current assets | 8,986 | 5,760 | 3,887 | (3 | ) | 18,630 | ||||||||||||||
Total current assets | 28,015 | 481,802 | 130,642 | (4,585 | ) | 635,874 | ||||||||||||||
Property, plant and equipment | 5,621 | 970,079 | 786,372 | — | 1,762,072 | |||||||||||||||
Equity method investments | 2,454,118 | 940,696 | — | (2,960,525 | ) | 434,289 | ||||||||||||||
Goodwill | — | 26,628 | 7,602 | — | 34,230 | |||||||||||||||
Other intangible assets | 15 | 149,669 | 1,294 | — | 150,978 | |||||||||||||||
Other noncurrent assets, net | 54,155 | 2,080 | 1,294 | — | 57,529 | |||||||||||||||
Total assets | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 674 | $ | 348,297 | $ | 18,336 | $ | — | $ | 367,307 | ||||||||||
Payable to affiliates | — | 26,508 | — | — | 26,508 | |||||||||||||||
Accrued liabilities | 25,078 | 23,423 | 32,603 | — | 81,104 | |||||||||||||||
Other current liabilities | 889 | 5,108 | 7,439 | — | 13,436 | |||||||||||||||
Total current liabilities | 26,641 | 403,336 | 58,378 | — | 488,355 | |||||||||||||||
Long-term debt | 1,050,893 | 6,142 | 16,500 | (22,617 | ) | 1,050,918 | ||||||||||||||
Deferred income taxes | 16,119 | — | 48,382 | — | 64,501 | |||||||||||||||
Other noncurrent liabilities | 2,306 | — | 22,927 | — | 25,233 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,445,965 | 2,161,476 | 781,017 | (2,942,493 | ) | 1,445,965 | ||||||||||||||
Total owners’ equity | 1,445,965 | 2,161,476 | 781,017 | (2,942,493 | ) | 1,445,965 | ||||||||||||||
Total liabilities and owners’ equity | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 |
December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,559 | $ | 9,058 | $ | 46,043 | $ | (1,564 | ) | $ | 58,096 | |||||||||
Accounts receivable | 640 | 260,621 | 65,452 | — | 326,713 | |||||||||||||||
Receivable from affiliates | 1,616 | 7,063 | 5,430 | (8,195 | ) | 5,914 | ||||||||||||||
Inventories | — | 59,073 | 11,166 | — | 70,239 | |||||||||||||||
Other current assets | 8,477 | 5,243 | 5,699 | — | 19,419 | |||||||||||||||
Total current assets | 15,292 | 341,058 | 133,790 | (9,759 | ) | 480,381 | ||||||||||||||
Property, plant and equipment | 4,335 | 978,224 | 584,262 | — | 1,566,821 | |||||||||||||||
Equity method investments | 1,546,853 | 770,742 | — | (1,766,517 | ) | 551,078 | ||||||||||||||
Goodwill | — | 39,680 | 8,352 | — | 48,032 | |||||||||||||||
Other intangible assets | 20 | 159,750 | 2,453 | — | 162,223 | |||||||||||||||
Other noncurrent assets, net | 39,358 | 4,775 | 1,241 | — | 45,374 | |||||||||||||||
Total assets | $ | 1,605,858 | $ | 2,294,229 | $ | 730,098 | $ | (1,776,276 | ) | $ | 2,853,909 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 734 | $ | 254,785 | $ | 18,147 | $ | — | $ | 273,666 | ||||||||||
Payable to affiliates | 78 | 13,151 | — | (8,196 | ) | 5,033 | ||||||||||||||
Accrued liabilities | 5,551 | 33,199 | 46,293 | 4 | 85,047 | |||||||||||||||
Other current liabilities | 569 | 4,246 | 8,466 | — | 13,281 | |||||||||||||||
Total current liabilities | 6,932 | 305,381 | 72,906 | (8,192 | ) | 377,027 | ||||||||||||||
Long-term debt | 325,460 | 739,696 | 16,500 | (23,840 | ) | 1,057,816 | ||||||||||||||
Deferred income taxes | 155,411 | — | 45,542 | — | 200,953 | |||||||||||||||
Other noncurrent liabilities | 2,528 | — | 19,229 | — | 21,757 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,115,527 | 1,168,323 | 575,921 | (1,744,244 | ) | 1,115,527 | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | 80,829 | — | — | 80,829 | |||||||||||||||
Total owners’ equity | 1,115,527 | 1,249,152 | 575,921 | (1,744,244 | ) | 1,196,356 | ||||||||||||||
Total liabilities and owners’ equity | $ | 1,605,858 | $ | 2,294,229 | $ | 730,098 | $ | (1,776,276 | ) | $ | 2,853,909 |
Year Ended December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 872,961 | $ | 136,448 | $ | — | $ | 1,009,409 | ||||||||||
Service | — | 162,460 | 102,570 | — | 265,030 | |||||||||||||||
Other | — | — | 57,725 | — | 57,725 | |||||||||||||||
Total revenues | — | 1,035,421 | 296,743 | — | 1,332,164 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 761,971 | 111,460 | — | 873,431 | |||||||||||||||
Operating | — | 115,431 | 96,668 | — | 212,099 | |||||||||||||||
General and administrative | 22,349 | 31,196 | 30,363 | — | 83,908 | |||||||||||||||
Depreciation and amortization | 1,647 | 68,669 | 28,488 | — | 98,804 | |||||||||||||||
Loss (gain) on disposal or impairment, net | — | 16,115 | (67 | ) | — | 16,048 | ||||||||||||||
Total expenses | 23,996 | 993,382 | 266,912 | — | 1,284,290 | |||||||||||||||
Earnings from equity method investments | 56,815 | 81,366 | — | (64,424 | ) | 73,757 | ||||||||||||||
Loss on issuance of common units by equity method investee | (41 | ) | — | — | — | (41 | ) | |||||||||||||
Operating income | 32,778 | 123,405 | 29,831 | (64,424 | ) | 121,590 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | (4,002 | ) | 72,277 | (4,819 | ) | (806 | ) | 62,650 | ||||||||||||
Foreign currency transaction loss | — | — | 4,759 | — | 4,759 | |||||||||||||||
Loss on sale or impairment of equity method investment, net | 30,644 | — | — | — | 30,644 | |||||||||||||||
Other expense (income), net | (339 | ) | 63 | (1,524 | ) | 806 | (994 | ) | ||||||||||||
Total other expenses (income), net | 26,303 | 72,340 | (1,584 | ) | — | 97,059 | ||||||||||||||
Income from continuing operations before income taxes | 6,475 | 51,065 | 31,415 | (64,424 | ) | 24,531 | ||||||||||||||
Income tax expense | 4,380 | — | 6,888 | — | 11,268 | |||||||||||||||
Income from continuing operations | 2,095 | 51,065 | 24,527 | (64,424 | ) | 13,263 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 2,095 | 51,065 | 24,526 | (64,424 | ) | 13,262 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | |||||||||||||||
Net income attributable to SemGroup | $ | 2,095 | $ | 39,898 | $ | 24,526 | $ | (64,424 | ) | $ | 2,095 | |||||||||
Net income | $ | 2,095 | $ | 51,065 | $ | 24,526 | $ | (64,424 | ) | $ | 13,262 | |||||||||
Other comprehensive income (loss), net of income taxes | 7,360 | 1,223 | (23,935 | ) | — | (15,352 | ) | |||||||||||||
Comprehensive income (loss) | 9,455 | 52,288 | 591 | (64,424 | ) | (2,090 | ) | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 9,455 | $ | 41,121 | $ | 591 | $ | (64,424 | ) | $ | (13,257 | ) |
Year Ended December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 900,303 | $ | 218,583 | $ | — | $ | 1,118,886 | ||||||||||
Service | — | 188,429 | 71,113 | — | 259,542 | |||||||||||||||
Other | — | — | 76,666 | — | 76,666 | |||||||||||||||
Total revenues | — | 1,088,732 | 366,362 | — | 1,455,094 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 808,776 | 170,773 | — | 979,549 | |||||||||||||||
Operating | — | 117,541 | 106,902 | — | 224,443 | |||||||||||||||
General and administrative | 29,914 | 31,021 | 36,431 | — | 97,366 | |||||||||||||||
Depreciation and amortization | 1,522 | 73,393 | 25,967 | — | 100,882 | |||||||||||||||
Loss on disposal or impairment, net | — | 10,399 | 1,073 | — | 11,472 | |||||||||||||||
Total expenses | 31,436 | 1,041,130 | 341,146 | — | 1,413,712 | |||||||||||||||
Earnings from equity method investments | 65,512 | 86,518 | — | (70,644 | ) | 81,386 | ||||||||||||||
Gain on issuance of common units by equity method investee | 6,385 | — | — | — | 6,385 | |||||||||||||||
Operating income | 40,461 | 134,120 | 25,216 | (70,644 | ) | 129,153 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense (income) | 2,230 | 69,664 | (262 | ) | (1,957 | ) | 69,675 | |||||||||||||
Foreign currency transaction gain | (5 | ) | — | (1,062 | ) | — | (1,067 | ) | ||||||||||||
Gain on sale of equity method investment | (14,517 | ) | — | — | — | (14,517 | ) | |||||||||||||
Other income, net | (2,048 | ) | (38 | ) | (1,155 | ) | 1,957 | (1,284 | ) | |||||||||||
Total other expenses (income), net | (14,340 | ) | 69,626 | (2,479 | ) | — | 52,807 | |||||||||||||
Income from continuing operations before income taxes | 54,801 | 64,494 | 27,695 | (70,644 | ) | 76,346 | ||||||||||||||
Income tax expense | 24,482 | — | 9,048 | — | 33,530 | |||||||||||||||
Income from continuing operations | 30,319 | 64,494 | 18,647 | (70,644 | ) | 42,816 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (3 | ) | (1 | ) | — | (4 | ) | ||||||||||||
Net income | 30,319 | 64,491 | 18,646 | (70,644 | ) | 42,812 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 12,492 | — | — | 12,492 | |||||||||||||||
Net income attributable to SemGroup | $ | 30,319 | $ | 51,999 | $ | 18,646 | $ | (70,644 | ) | $ | 30,320 | |||||||||
Net income | $ | 30,319 | $ | 64,491 | $ | 18,646 | $ | (70,644 | ) | $ | 42,812 | |||||||||
Other comprehensive income (loss), net of income taxes | 17,420 | 430 | (49,271 | ) | — | (31,421 | ) | |||||||||||||
Comprehensive income (loss) | 47,739 | 64,921 | (30,625 | ) | (70,644 | ) | 11,391 | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 12,492 | — | — | 12,492 | |||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 47,739 | $ | 52,429 | $ | (30,625 | ) | $ | (70,644 | ) | $ | (1,101 | ) |
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | — | $ | 1,486,227 | $ | 294,087 | $ | — | $ | 1,780,314 | ||||||||||
Service | — | 160,620 | 72,619 | — | 233,239 | |||||||||||||||
Other | — | — | 109,026 | — | 109,026 | |||||||||||||||
Total revenues | — | 1,646,847 | 475,732 | — | 2,122,579 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 1,377,661 | 245,697 | — | 1,623,358 | |||||||||||||||
Operating | — | 112,063 | 134,550 | — | 246,613 | |||||||||||||||
General and administrative | 22,394 | 29,579 | 35,872 | — | 87,845 | |||||||||||||||
Depreciation and amortization | 1,678 | 65,749 | 30,970 | — | 98,397 | |||||||||||||||
Loss (gain) on disposal or impairment, net | 5,945 | 55,017 | (28,370 | ) | — | 32,592 | ||||||||||||||
Total expenses | 30,017 | 1,640,069 | 418,719 | — | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 48,760 | 98,760 | — | (83,321 | ) | 64,199 | ||||||||||||||
Gain on issuance of common units by equity method investee | 29,020 | — | — | — | 29,020 | |||||||||||||||
Operating income | 47,763 | 105,538 | 57,013 | (83,321 | ) | 126,993 | ||||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 8,423 | 39,642 | 4,284 | (3,305 | ) | 49,044 | ||||||||||||||
Foreign currency transaction gain | — | — | (86 | ) | — | (86 | ) | |||||||||||||
Gain on sale of equity method investment | (34,211 | ) | — | — | — | (34,211 | ) | |||||||||||||
Other expense (income), net | 10,119 | 479 | (228 | ) | 3,305 | 13,675 | ||||||||||||||
Total other expenses (income), net | (15,669 | ) | 40,121 | 3,970 | — | 28,422 | ||||||||||||||
Income from continuing operations before income taxes | 63,432 | 65,417 | 53,043 | (83,321 | ) | 98,571 | ||||||||||||||
Income tax expense | 34,192 | — | 12,321 | — | 46,513 | |||||||||||||||
Income from continuing operations | 29,240 | 65,417 | 40,722 | (83,321 | ) | 52,058 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net income | 29,240 | 65,417 | 40,721 | (83,321 | ) | 52,057 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | 22,817 | — | — | 22,817 | |||||||||||||||
Net income attributable to SemGroup | $ | 29,240 | $ | 42,600 | $ | 40,721 | $ | (83,321 | ) | $ | 29,240 | |||||||||
Net income | $ | 29,240 | $ | 65,417 | $ | 40,721 | $ | (83,321 | ) | $ | 52,057 | |||||||||
Other comprehensive income (loss), net of income taxes | 5,159 | — | (29,446 | ) | — | (24,287 | ) | |||||||||||||
Comprehensive income | 34,399 | 65,417 | 11,275 | (83,321 | ) | 27,770 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 22,817 | — | — | 22,817 | |||||||||||||||
Comprehensive income attributable to SemGroup | $ | 34,399 | $ | 42,600 | $ | 11,275 | $ | (83,321 | ) | $ | 4,953 |
Year Ended December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 84,460 | $ | 79,054 | $ | 65,282 | $ | (58,822 | ) | $ | 169,974 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (2,928 | ) | (56,102 | ) | (253,426 | ) | — | (312,456 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 53 | 98 | — | 151 | |||||||||||||||
Contributions to equity method investments | — | (4,188 | ) | — | — | (4,188 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 60,483 | — | — | — | 60,483 | |||||||||||||||
Distributions from equity method investees in excess of equity in earnings | — | 27,726 | — | — | 27,726 | |||||||||||||||
Net cash provided by (used in) investing activities | 57,555 | (32,511 | ) | (253,328 | ) | — | (228,284 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (7,728 | ) | — | — | — | (7,728 | ) | |||||||||||||
Borrowings on credit facilities | 382,500 | — | — | — | 382,500 | |||||||||||||||
Principal payments on credit facilities and other obligations | (396,859 | ) | (31 | ) | — | — | (396,890 | ) | ||||||||||||
Distributions to noncontrolling interests | — | (32,133 | ) | — | — | (32,133 | ) | |||||||||||||
Proceeds from issuance of common shares, net of offering costs | 223,025 | — | — | — | 223,025 | |||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (965 | ) | — | — | — | (965 | ) | |||||||||||||
Dividends paid | (92,910 | ) | — | — | — | (92,910 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,010 | — | — | — | 1,010 | |||||||||||||||
Intercompany borrowings (advances), net | (235,645 | ) | (23,437 | ) | 203,278 | 55,804 | — | |||||||||||||
Net cash provided by (used in) financing activities | (127,572 | ) | (55,601 | ) | 203,278 | 55,804 | 75,909 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,479 | ) | — | (1,479 | ) | |||||||||||||
Change in cash and cash equivalents | 14,443 | (9,058 | ) | 13,753 | (3,018 | ) | 16,120 | |||||||||||||
Cash and cash equivalents at beginning of period | 4,559 | 9,058 | 46,043 | (1,564 | ) | 58,096 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 19,002 | $ | — | $ | 59,796 | $ | (4,582 | ) | $ | 74,216 |
Year Ended December 31, 2015 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 37,259 | $ | 122,838 | $ | 58,845 | $ | (37,180 | ) | $ | 181,762 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,740 | ) | (197,074 | ) | (280,716 | ) | — | (479,530 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 257 | 3,431 | — | 3,688 | |||||||||||||||
Contributions to equity method investments | — | (46,730 | ) | — | — | (46,730 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 56,318 | — | — | — | 56,318 | |||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 251,181 | — | — | (251,181 | ) | — | ||||||||||||||
Distributions from equity method investments in excess of equity in earnings | 35,340 | 24,113 | — | (35,340 | ) | 24,113 | ||||||||||||||
Net cash provided by (used in) investing activities | 341,099 | (219,434 | ) | (277,285 | ) | (286,521 | ) | (442,141 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (601 | ) | (5,688 | ) | — | — | (6,289 | ) | ||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 181,000 | 686,208 | — | — | 867,208 | |||||||||||||||
Principal payments on debt and other obligations | (186,000 | ) | (374,049 | ) | — | — | (560,049 | ) | ||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | 89,119 | — | — | 89,119 | |||||||||||||||
Distributions to noncontrolling interests | — | (40,410 | ) | — | — | (40,410 | ) | |||||||||||||
Repurchase of common stock | (4,261 | ) | — | — | — | (4,261 | ) | |||||||||||||
Dividends paid | (69,514 | ) | — | — | — | (69,514 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,223 | — | — | — | 1,223 | |||||||||||||||
Intercompany borrowings (advances), net | (304,900 | ) | (253,150 | ) | 231,812 | 326,238 | — | |||||||||||||
Net cash provided by (used in) financing activities | (383,053 | ) | 102,030 | 231,812 | 326,238 | 277,027 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 850 | — | 850 | |||||||||||||||
Change in cash and cash equivalents | (4,695 | ) | 5,434 | 14,222 | 2,537 | 17,498 | ||||||||||||||
Cash and cash equivalents at beginning of period | 9,254 | 3,624 | 31,821 | (4,101 | ) | 40,598 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 4,559 | $ | 9,058 | $ | 46,043 | $ | (1,564 | ) | $ | 58,096 |
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 27,393 | $ | 151,834 | $ | 23,281 | $ | (20,850 | ) | $ | 181,658 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,672 | ) | (216,711 | ) | (52,123 | ) | — | (270,506 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 3,442 | 1,003 | — | 4,445 | |||||||||||||||
Contributions to equity method investments | — | (71,131 | ) | — | — | (71,131 | ) | |||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 114,412 | — | — | (114,412 | ) | — | ||||||||||||||
Payments to acquire businesses | — | (44,508 | ) | — | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 79,741 | — | — | — | 79,741 | |||||||||||||||
Distributions from equity method investments in excess of equity in earnings | 1,843 | 11,734 | — | (1,843 | ) | 11,734 | ||||||||||||||
Net cash provided by (used in) investing activities | 194,324 | (317,174 | ) | (51,120 | ) | (116,255 | ) | (290,225 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (93 | ) | (8,593 | ) | — | — | (8,686 | ) | ||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 405,500 | 844,415 | 4,329 | — | 1,254,244 | |||||||||||||||
Principal payments on credit facilities and other obligations | (440,500 | ) | (657,454 | ) | (4,318 | ) | — | (1,102,272 | ) | |||||||||||
Distributions to noncontrolling interests | — | (28,494 | ) | — | — | (28,494 | ) | |||||||||||||
Proceeds from warrant exercises | 1,451 | — | — | — | 1,451 | |||||||||||||||
Repurchase of common stock | (719 | ) | — | — | — | (719 | ) | |||||||||||||
Dividends paid | (44,206 | ) | — | — | — | (44,206 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340 | — | — | — | 340 | |||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | |||||||||||||||
Intercompany borrowings (advances), net | (138,431 | ) | 3,654 | 237 | 134,540 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (215,008 | ) | 153,528 | 248 | 134,540 | 73,308 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,494 | ) | — | (3,494 | ) | |||||||||||||
Change in cash and cash equivalents | 6,709 | (11,812 | ) | (31,085 | ) | (2,565 | ) | (38,753 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 2,545 | 15,436 | 62,906 | (1,536 | ) | 79,351 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 9,254 | $ | 3,624 | $ | 31,821 | $ | (4,101 | ) | $ | 40,598 |
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