Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
Common Class A [Member] | Class B | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Registrant Name | 'SemGroup Corp | ' | ' |
Entity Central Index Key | '0001489136 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 43,491,466 | 0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $67,049 | $79,351 |
Restricted cash | 7,254 | 5,119 |
Accounts receivable (net of allowance of $3,220 and $3,661, respectively) | 414,109 | 323,965 |
Receivable from affiliates | 38,179 | 67,273 |
Inventories | 62,783 | 44,295 |
Other current assets | 19,757 | 14,011 |
Total current assets | 609,131 | 534,014 |
Property, plant and equipment (net of accumulated depreciation of $229,607 and $188,720, respectively) | 1,239,356 | 1,105,728 |
Equity method investments | 609,807 | 565,124 |
Goodwill | 58,837 | 62,021 |
Other intangible assets (net of accumulated amortization of $22,510 and $12,655, respectively) | 179,165 | 174,838 |
Other noncurrent assets, net | 38,849 | 28,889 |
Total assets | 2,735,145 | 2,470,614 |
Current liabilities: | ' | ' |
Accounts payable | 336,162 | 254,467 |
Payable to affiliates | 30,498 | 62,279 |
Accrued liabilities | 96,328 | 83,429 |
Payables to pre-petition creditors | 3,135 | 3,177 |
Warrant liability | 81,238 | 58,134 |
Deferred revenue | 20,959 | 25,538 |
Other current liabilities | 3,500 | 12,153 |
Current portion of long-term debt | 40 | 37 |
Total current liabilities | 571,860 | 499,214 |
Long-term debt | 793,058 | 615,088 |
Deferred income taxes | 153,513 | 100,945 |
Other noncurrent liabilities | 45,504 | 41,504 |
Commitments and contingencies (Note 9) | ' | ' |
SemGroup ownersb equity: | ' | ' |
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 43,136 and 42,898 shares, respectively) | 427 | 425 |
Additional paid-in capital | 1,184,982 | 1,154,516 |
Treasury stock, at cost (486 and 437 shares, respectively) | -1,332 | -613 |
Accumulated deficit | -76,406 | -97,572 |
Accumulated other comprehensive loss | -9,472 | -2,854 |
Total SemGroup Corporation ownersb equity | 1,098,199 | 1,053,902 |
Noncontrolling interests in consolidated subsidiaries | 73,011 | 159,961 |
Total ownersb equity | 1,171,210 | 1,213,863 |
Total liabilities and ownersb equity | $2,735,145 | $2,470,614 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $3,220 | $3,661 |
Accumulated depreciation | 229,607 | 188,720 |
Accumulated amortization | $22,510 | $12,655 |
Common stock, $0.01 par value | $0.01 | $0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 43,136 | 42,898 |
Treasury stock shares | 486 | 437 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Product | $495,436 | $288,452 | $1,325,452 | $765,334 |
Service | 65,219 | 36,402 | 167,176 | 95,737 |
Other | 33,580 | 32,894 | 82,714 | 108,617 |
Total revenues | 594,235 | 357,748 | 1,575,342 | 969,688 |
Expenses: | ' | ' | ' | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 458,063 | 255,554 | 1,211,703 | 680,632 |
Operating | 69,377 | 52,360 | 179,579 | 162,813 |
General and administrative | 23,296 | 20,952 | 63,882 | 54,887 |
Depreciation and amortization | 25,200 | 16,113 | 70,899 | 41,563 |
Loss (gain) on disposal of long-lived assets, net | 1,376 | 408 | 20,633 | -130 |
Total expenses | 577,312 | 345,387 | 1,546,696 | 939,765 |
Earnings from equity method investments | 14,223 | 7,483 | 48,372 | 39,689 |
Gain on issuance of common units by equity method investee | 18,772 | 0 | 26,899 | 0 |
Operating income | 49,918 | 19,844 | 103,917 | 69,612 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | 14,807 | 9,080 | 34,394 | 15,971 |
Foreign currency transaction loss (gain) | 128 | -457 | -388 | -973 |
Other expense (income), net | -21,303 | 4,671 | -3,388 | 36,771 |
Total other expense (income), net | -6,368 | 13,294 | 30,618 | 51,769 |
Income from continuing operations before income taxes | 56,286 | 6,550 | 73,299 | 17,843 |
Income tax expense (benefit) | 24,090 | 3,413 | 33,944 | -41,305 |
Income from continuing operations | 32,196 | 3,137 | 39,355 | 59,148 |
Income (loss) from discontinued operations, net of income taxes | 0 | -2 | -5 | 65 |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Net income (loss) attributable to SemGroup | 25,262 | -1,919 | 21,166 | 44,784 |
Other comprehensive income (loss), net of income taxes | -10,331 | 6,105 | -6,618 | -4,307 |
Comprehensive income | 21,865 | 9,240 | 32,732 | 54,906 |
Less: comprehensive income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Comprehensive income attributable to SemGroup | $14,931 | $4,186 | $14,548 | $40,477 |
Net income (loss) per common share (Note 11): | ' | ' | ' | ' |
Basic | $0.59 | ($0.05) | $0.50 | $1.06 |
Diluted | $0.59 | ($0.05) | $0.49 | $1.05 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $39,350 | $59,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net unrealized gain related to derivative instruments | -656 | -1,759 |
Depreciation and amortization | 70,899 | 41,563 |
Loss (gain) on disposal of long-lived assets, net | 20,633 | -107 |
Earnings from equity method investments | -48,372 | -39,689 |
Gain on issuance of common units by equity method investee | -26,899 | 0 |
Gain on sale of common units of equity method investee | -26,748 | 0 |
Distributions from equity investments | 61,757 | 39,714 |
Amortization of debt issuance costs | 2,580 | 1,943 |
Deferred tax expense (benefit) | 25,193 | -49,448 |
Non-cash equity compensation | 6,480 | 5,311 |
Excess tax benefit from equity-based awards | -1,650 | 0 |
Loss on fair value of warrants | 23,499 | 37,028 |
Provision for uncollectible accounts receivable, net of recoveries | 153 | -357 |
Currency gain | -388 | -973 |
Changes in operating assets and liabilities (Note 12) | -39,931 | 4,080 |
Net cash provided by operating activities | 105,900 | 96,519 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -194,227 | -131,650 |
Proceeds from sale of long-lived assets | 4,083 | 1,048 |
Contributions to equity method investments | -70,730 | -143,463 |
Payments to acquire businesses | -44,508 | -356,201 |
Proceeds from sale of common units of equity method investee | 59,744 | 0 |
Distributions in excess of equity in earnings of affiliates | 6,565 | 13,091 |
Net cash used in investing activities | -239,073 | -617,175 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | -8,670 | -11,865 |
Borrowings on credit facilities and issuance of senior unsecured notes | 1,074,244 | 928,474 |
Principal payments on credit facilities and other obligations | -896,261 | -594,403 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 210,226 |
Distributions to noncontrolling interests | -20,571 | -11,458 |
Proceeds from warrant exercises | 86 | 225 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | -719 | -371 |
Dividends paid | -31,149 | -16,387 |
Proceeds from issuance of common stock under employee stock purchase plan | 340 | 0 |
Excess tax benefit from equity-based awards | 1,650 | 0 |
Intercompany borrowings (advances), net | 0 | 0 |
Net cash provided by financing activities | 118,950 | 504,441 |
Effect of exchange rate changes on cash and cash equivalents | 1,921 | 904 |
Change in cash and cash equivalents | -12,302 | -15,311 |
Cash and cash equivalents at beginning of period | 79,351 | 80,029 |
Cash and cash equivalents at end of period | $67,049 | $64,718 |
Overview
Overview | 9 Months Ended | |
Sep. 30, 2014 | ||
Overview [Abstract] | ' | |
OVERVIEW | ' | |
OVERVIEW | ||
SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms "we," "our," "us," "SemGroup," "the Company" and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries. | ||
Basis of presentation | ||
The accompanying condensed consolidated balance sheet at December 31, 2013, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. | ||
Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2014, are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. | ||
Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013, which are included in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC. | ||
Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Recent accounting pronouncements | ||
In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or of an Investment in a Foreign Entity - a consensus of the FASB Emerging Issues Task Force," which indicates that the entire amount of a cumulative translation adjustment ("CTA") related to an entity's investment in a foreign entity should be released when there has been a: | ||
• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; | |
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or | |
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2013, and interim periods within those years. The Company adopted this guidance in the first quarter of 2014. The impact was not material. | ||
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which requires an unrecognized tax benefit to be classified as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain circumstances. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2013, and interim periods within those years. The Company adopted this guidance in the first quarter of 2014. The impact was not material. | ||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company will adopt this guidance in the first quarter of 2015. The impact is not expected to be material. | ||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | ||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Rose_Rock_Midstream_LP
Rose Rock Midstream, L.P. | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||||||||||||||||||||
ROSE ROCK MIDSTREAM, L.P. | ' | ||||||||||||||||||||||
ROSE ROCK MIDSTREAM, L.P. | |||||||||||||||||||||||
We control the operations of our consolidated subsidiary, Rose Rock Midstream, L.P. ("Rose Rock"), through our ownership of the general partner interest. As of September 30, 2014, we own the 2% general partner interest and a 56.8% limited partner interest made up of 6.8 million common units, 8.4 million subordinated units and 3.75 million Class A units. | |||||||||||||||||||||||
On June 23, 2014, we contributed the remaining 33% interest in SemCrude Pipeline, L.L.C. ("SCPL") to Rose Rock for (i) cash of approximately $114.4 million, (ii) the issuance of 2.425 million common units, (iii) the issuance of 1.25 million Class A units, and (iv) an increase of the capital account of the general partner and a related issuance of general partner interest, to allow the general partner to maintain its 2% general partner interest. Subsequent to this transaction, Rose Rock owns 100% of SCPL, which owns a 51% membership interest in White Cliffs Pipeline, L.L.C. ("White Cliffs"). | |||||||||||||||||||||||
The Class A units are not entitled to receive any distribution of available cash (other than upon liquidation) prior to the first day of the month immediately following the first month for which the average daily throughput volumes on the White Cliffs Pipeline for such month are 125,000 barrels per day or greater. Upon such date, the Class A units will automatically convert into common units. | |||||||||||||||||||||||
As the transaction was between entities under common control, Rose Rock recorded its investment in SCPL based on SemGroup's historical cost. The purchase price in excess of historical cost was treated as an equity transaction with SemGroup, which reduced the partners' capital accounts of Rose Rock's general and limited partners on a pro-rata basis. | |||||||||||||||||||||||
We receive distributions from Rose Rock on our common and subordinated units, our 2% general partner interest and incentive distribution rights. Rose Rock intends to pay a minimum quarterly distribution of $0.3625 per unit, to the extent it has sufficient available cash, as defined in Rose Rock’s partnership agreement. | |||||||||||||||||||||||
The following table shows the cash distributions paid or declared during 2014 and 2013 (in thousands, except for per unit amounts): | |||||||||||||||||||||||
Distribution | Distributions Paid/To Be Paid | ||||||||||||||||||||||
Quarter Ended | Per Unit | SemGroup | Noncontrolling | Total | |||||||||||||||||||
Interest | Distributions | ||||||||||||||||||||||
General | Incentive | Common | Subordinated | Common Units | |||||||||||||||||||
Partner | Distributions | Units | Units | ||||||||||||||||||||
December 31, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | |||||||||
March 31, 2013 | $ | 0.43 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | |||||||||
June 30, 2013 | $ | 0.44 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | |||||||||
September 30, 2013 | $ | 0.45 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | |||||||||
31-Dec-13 | $ | 0.465 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | |||||||||
31-Mar-14 | $ | 0.495 | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 | |||||||||
30-Jun-14 | $ | 0.535 | $ | 334 | $ | 888 | $ | 3,646 | $ | 4,488 | $ | 7,362 | $ | 16,718 | |||||||||
30-Sep-14 | $ | 0.575 | * | $ | 377 | $ | 1,835 | $ | 3,918 | $ | 4,824 | $ | 7,912 | $ | 18,866 | ||||||||
*Expected distributions related to the quarter ended September 30, 2014, which will be paid on November 14, 2014 to unitholders of record as of November 4, 2014. | |||||||||||||||||||||||
Certain summarized balance sheet information of Rose Rock is shown below (in thousands): | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Cash | $ | 8,582 | $ | 15,459 | |||||||||||||||||||
Other current assets | 381,072 | 306,128 | |||||||||||||||||||||
Property, plant and equipment, net | 332,902 | 311,616 | |||||||||||||||||||||
Equity method investment | 273,201 | 224,095 | |||||||||||||||||||||
Goodwill | 36,116 | 28,322 | |||||||||||||||||||||
Other noncurrent assets, net | 33,438 | 11,627 | |||||||||||||||||||||
Total assets | $ | 1,065,311 | $ | 897,247 | |||||||||||||||||||
Current liabilities | $ | 338,923 | $ | 293,031 | |||||||||||||||||||
Long-term debt | 473,058 | 245,088 | |||||||||||||||||||||
Partners’ capital attributable to SemGroup | 180,319 | 120,610 | |||||||||||||||||||||
Partners’ capital attributable to noncontrolling interests | 73,011 | 159,961 | |||||||||||||||||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | — | 78,557 | |||||||||||||||||||||
Total liabilities and equity | $ | 1,065,311 | $ | 897,247 | |||||||||||||||||||
Certain summarized income statement information of Rose Rock for the three months and nine months ended September 30, 2014 and 2013 is shown below (in thousands): | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Revenue | $ | 374,945 | $ | 181,831 | $ | 956,300 | $ | 514,485 | |||||||||||||||
Cost of products sold | $ | 333,646 | $ | 157,550 | $ | 843,928 | $ | 446,507 | |||||||||||||||
Operating, general and administrative expenses | $ | 25,903 | $ | 12,394 | $ | 67,412 | $ | 30,434 | |||||||||||||||
Depreciation and amortization expense | $ | 7,418 | $ | 4,130 | $ | 24,219 | $ | 11,327 | |||||||||||||||
Earnings from equity method investment | $ | 16,289 | $ | 3,527 | $ | 39,660 | $ | 10,431 | |||||||||||||||
Net income | $ | 16,493 | $ | 9,411 | $ | 47,782 | $ | 30,539 | |||||||||||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | — | $ | — | $ | 7,758 | $ | — | |||||||||||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 16,493 | $ | 9,411 | $ | 40,024 | $ | 30,539 | |||||||||||||||
Equity_Method_Investments
Equity Method Investments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
EQUITY METHOD INVESTMENTS | ' | |||||||||||||||
Our investments in affiliates over which we have significant influence, but for which we do not control the operating decisions of the investee, are accounted for under the equity method. Under the equity method, we do not report the individual assets and liabilities of our investees on our condensed consolidated balance sheets. Instead, our ownership interest is reflected in one line as a noncurrent asset on our condensed consolidated balance sheets. Our equity method investments consist of the following (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
White Cliffs | $ | 273,201 | $ | 224,095 | ||||||||||||
NGL Energy Partners LP | 189,366 | 208,848 | ||||||||||||||
Glass Mountain Pipeline, LLC | 147,240 | 132,181 | ||||||||||||||
Total equity method investments | $ | 609,807 | $ | 565,124 | ||||||||||||
Under the equity method, we do not report the individual revenues and expenses of our investees in our condensed consolidated statements of operations and comprehensive income. Instead, our interest in the earnings of our investees is reflected in one line item on our condensed consolidated statements of operations and comprehensive income. Our earnings from equity method investments consist of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
White Cliffs | $ | 16,289 | $ | 10,786 | $ | 39,660 | $ | 31,886 | ||||||||
NGL Energy Partners LP* | (4,482 | ) | (3,288 | ) | 4,077 | 7,828 | ||||||||||
Glass Mountain Pipeline, LLC | 2,416 | (15 | ) | 4,635 | (25 | ) | ||||||||||
Total earnings from equity method investments | $ | 14,223 | $ | 7,483 | $ | 48,372 | $ | 39,689 | ||||||||
* Excluding gain on issuance of common units of $18.8 million and $26.9 million for the three months and nine months ended September 30, 2014, respectively. | ||||||||||||||||
Cash distributions received from equity method investments consist of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
White Cliffs | $ | 17,029 | $ | 12,755 | $ | 45,081 | $ | 39,436 | ||||||||
NGL Energy Partners LP | 6,450 | 4,671 | 17,462 | 13,369 | ||||||||||||
Glass Mountain Pipeline, LLC | 2,842 | — | 5,779 | — | ||||||||||||
Total cash distributions received from equity method investments | $ | 26,321 | $ | 17,426 | $ | 68,322 | $ | 52,805 | ||||||||
White Cliffs | ||||||||||||||||
We account for our 51% ownership of White Cliffs under the equity method, as the other owners have substantive rights to participate in its management. | ||||||||||||||||
In August 2014, White Cliffs completed an expansion project adding a 12" pipeline from Platteville, Colorado to Cushing, Oklahoma. For the three months and nine months ended September 30, 2014, we contributed $2.3 million and $53.3 million to White Cliffs, respectively. This expansion increased White Cliffs’ capacity to about 150,000 barrels per day and became fully operational in the third quarter of 2014. | ||||||||||||||||
Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2014 and 2013 is shown below (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 42,211 | $ | 31,453 | $ | 110,018 | $ | 92,238 | ||||||||
Operating, general and administrative expenses | $ | 4,055 | $ | 5,141 | $ | 16,362 | $ | 14,433 | ||||||||
Depreciation and amortization expense | $ | 5,807 | $ | 4,720 | $ | 14,737 | $ | 14,150 | ||||||||
Net income | $ | 32,349 | $ | 21,579 | $ | 78,919 | $ | 63,642 | ||||||||
The equity in earnings of White Cliffs for the three months and nine months ended September 30, 2014 and 2013 is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. Such expenses are recorded by White Cliffs and are allocated to our ownership interest. White Cliffs recorded $0.4 million and $0.5 million of such general and administrative expense for the three months ended September 30, 2014 and 2013, respectively, and $1.2 million and $1.2 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
NGL Energy Partners LP | ||||||||||||||||
At September 30, 2014, we owned 7,652,568 common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"), which represents approximately 8.8% of the total 87,347,267 limited partner units of NGL Energy outstanding at June 30, 2014, and an 11.78% interest in the general partner of NGL Energy. | ||||||||||||||||
At September 30, 2014, the fair market value of our 7,652,568 common unit investment in NGL Energy was $301.3 million, based on a September 30, 2014 closing price of $39.37 per common unit. This does not reflect our 11.78% interest in the general partner of NGL Energy. The fair value of our limited partner investment in NGL Energy is categorized as a Level 1 measurement, as it is based on quoted market prices. | ||||||||||||||||
Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our condensed consolidated statements of operations and comprehensive income for the three months and nine months ended September 30, 2014 and 2013, relates to the earnings of NGL Energy for the three months and nine months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
Our limited partnership interest was diluted as a result of the issuance of NGL common units in a private placement in connection with the completion of an acquisition and the issuance of common units in an underwritten public offering. Accordingly, we recorded non-cash gains of $18.8 million and $26.9 million for the three months and nine months ended September 30, 2014, respectively, which are included in "Gain on issuance of common units by equity method investee" in our condensed consolidated statement of operations and comprehensive income. | ||||||||||||||||
In the third quarter of 2014, we sold 1,480,841 of our NGL Energy common units for $59.7 million, net of related costs of $2.8 million. We recorded a net gain of approximately $26.7 million in the third quarter of 2014 in Other expense (income) in our condensed consolidated statement of operations and comprehensive income. | ||||||||||||||||
On October 27, 2014, we agreed to terminate our right to appoint two representatives to the Board of Directors of NGL Energy Holdings LLC, the general partner of NGL Energy, and our current representatives resigned. We expect to subsequently cease accounting for our investment in NGL Energy under the equity method. | ||||||||||||||||
Certain unaudited summarized income statement information of NGL Energy for the three months and nine months ended June 30, 2014 and 2013 is shown below (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 3,648,614 | $ | 1,385,957 | $ | 10,367,994 | $ | 4,341,778 | ||||||||
Cost of sales | $ | 3,534,053 | $ | 1,303,076 | $ | 9,874,826 | $ | 3,989,511 | ||||||||
Operating, general and administrative expenses | $ | 95,741 | $ | 67,499 | $ | 297,417 | $ | 206,824 | ||||||||
Depreciation and amortization expense | $ | 39,375 | $ | 22,724 | $ | 112,344 | $ | 68,989 | ||||||||
Net income (loss) | $ | (39,910 | ) | $ | (17,508 | ) | $ | 27,288 | $ | 45,310 | ||||||
Glass Mountain Pipeline, LLC | ||||||||||||||||
We hold a 50% interest in Glass Mountain Pipeline, LLC ("GMP" or "Glass Mountain") which began operations of its pipeline ("the Glass Mountain Pipeline") in the first quarter of 2014. The owner of the remaining 50%, a subsidiary of NGL Energy, is a related party (Note 13). We account for our investment in GMP using the equity method. As of September 30, 2014, we have invested $147.7 million in GMP including our capital contributions, amounts paid to increase our ownership percentage and capitalized interest. We invested $16.2 million in GMP for the nine months ended September 30, 2014. | ||||||||||||||||
The equity in earnings of GMP for the three months and nine months ended September 30, 2014 reported in our condensed consolidated statement of operations and comprehensive income is less than 50% of the net income of GMP for the same period due to amortization of capitalized interest for the period. | ||||||||||||||||
Certain unaudited summarized income statement information of GMP for the three months and nine months ended September 30, 2014 is shown below (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | |||||||||||||||
Revenue | $ | 8,708 | $ | 21,452 | ||||||||||||
Operating, general and administrative expenses | $ | 23 | $ | 2,031 | ||||||||||||
Depreciation and amortization expense | $ | 3,745 | $ | 9,863 | ||||||||||||
Net income | $ | 4,939 | $ | 9,554 | ||||||||||||
Segments
Segments | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
SEGMENTS | ' | |||||||||||||||||||||||||||||||
SEGMENTS | ||||||||||||||||||||||||||||||||
Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated, other than White Cliffs and Glass Mountain, which have been included within the Crude segment. Our investment in NGL Energy is included within the SemStream segment. Although "Corporate and Other" does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within "Corporate and Other" in the tables below. | ||||||||||||||||||||||||||||||||
The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative and interest expenses incurred at the corporate level are allocated to the segments, based on our allocation policies in effect at the time. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 376,856 | $ | — | $ | 53,800 | $ | 87,103 | $ | 1,299 | $ | 75,177 | $ | — | $ | 594,235 | ||||||||||||||||
Intersegment | — | — | — | 9,726 | — | — | (9,726 | ) | — | |||||||||||||||||||||||
Total revenues | 376,856 | — | 53,800 | 96,829 | 1,299 | 75,177 | (9,726 | ) | 594,235 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 333,646 | — | 97 | 68,722 | — | 65,324 | (9,726 | ) | 458,063 | |||||||||||||||||||||||
Operating | 22,057 | — | 33,537 | 8,965 | 2,148 | 2,670 | — | 69,377 | ||||||||||||||||||||||||
General and administrative | 4,696 | 30 | 3,836 | 2,312 | 1,595 | 2,928 | 7,899 | 23,296 | ||||||||||||||||||||||||
Depreciation and amortization | 8,395 | — | 5,113 | 7,064 | 2,543 | 1,655 | 430 | 25,200 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 291 | — | (35 | ) | (12 | ) | 1,139 | (7 | ) | — | 1,376 | |||||||||||||||||||||
Total expenses | 369,085 | 30 | 42,548 | 87,051 | 7,425 | 72,570 | (1,397 | ) | 577,312 | |||||||||||||||||||||||
Earnings (losses) from equity method investments | 18,705 | (4,482 | ) | — | — | — | — | — | 14,223 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 18,772 | — | — | — | — | — | 18,772 | ||||||||||||||||||||||||
Operating income (loss) | 26,476 | 14,260 | 11,252 | 9,778 | (6,126 | ) | 2,607 | (8,329 | ) | 49,918 | ||||||||||||||||||||||
Other expenses (income), net | 10,526 | (28,041 | ) | 3,920 | 2,330 | 969 | 31 | 3,897 | (6,368 | ) | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 15,950 | $ | 42,301 | $ | 7,332 | $ | 7,448 | $ | (7,095 | ) | $ | 2,576 | $ | (12,226 | ) | $ | 56,286 | ||||||||||||||
Total assets at September 30, 2014 (excluding intersegment receivables) | $ | 1,273,444 | $ | 189,366 | $ | 314,427 | $ | 625,824 | $ | 159,066 | $ | 108,457 | $ | 64,561 | $ | 2,735,145 | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 181,831 | $ | — | $ | 48,979 | $ | 59,220 | $ | 2,169 | $ | 65,549 | $ | — | $ | 357,748 | ||||||||||||||||
Intersegment | — | — | — | 6,575 | — | — | (6,575 | ) | — | |||||||||||||||||||||||
Total revenues | 181,831 | — | 48,979 | 65,795 | 2,169 | 65,549 | (6,575 | ) | 357,748 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 157,550 | — | 106 | 48,403 | — | 56,070 | (6,575 | ) | 255,554 | |||||||||||||||||||||||
Operating | 9,098 | — | 33,980 | 5,436 | 1,616 | 2,230 | — | 52,360 | ||||||||||||||||||||||||
General and administrative | 3,360 | 114 | 3,446 | 1,923 | 1,679 | 2,510 | 7,920 | 20,952 | ||||||||||||||||||||||||
Depreciation and amortization | 4,130 | — | 2,631 | 4,992 | 2,334 | 1,529 | 497 | 16,113 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | — | — | 679 | — | (271 | ) | — | 408 | |||||||||||||||||||||||
Total expenses | 174,138 | 114 | 40,163 | 61,433 | 5,629 | 62,068 | 1,842 | 345,387 | ||||||||||||||||||||||||
Earnings (losses) from equity method investments | 10,771 | (3,288 | ) | — | — | — | — | — | 7,483 | |||||||||||||||||||||||
Operating income (loss) | 18,464 | (3,402 | ) | 8,816 | 4,362 | (3,460 | ) | 3,481 | (8,417 | ) | 19,844 | |||||||||||||||||||||
Other expenses (income), net | 3,634 | (1,238 | ) | 4,720 | 880 | (217 | ) | (21 | ) | 5,536 | 13,294 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,830 | $ | (2,164 | ) | $ | 4,096 | $ | 3,482 | $ | (3,243 | ) | $ | 3,502 | $ | (13,953 | ) | $ | 6,550 | |||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 961,526 | $ | — | $ | 133,037 | $ | 260,951 | $ | 10,070 | $ | 209,758 | $ | — | $ | 1,575,342 | ||||||||||||||||
Intersegment | — | — | — | 29,410 | — | — | (29,410 | ) | — | |||||||||||||||||||||||
Total revenues | 961,526 | — | 133,037 | 290,361 | 10,070 | 209,758 | (29,410 | ) | 1,575,342 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 843,928 | — | 235 | 215,535 | 615 | 180,800 | (29,410 | ) | 1,211,703 | |||||||||||||||||||||||
Operating | 54,885 | — | 86,039 | 24,421 | 6,168 | 8,066 | — | 179,579 | ||||||||||||||||||||||||
General and administrative | 15,076 | 91 | 11,390 | 6,524 | 4,546 | 8,791 | 17,464 | 63,882 | ||||||||||||||||||||||||
Depreciation and amortization | 27,153 | — | 11,021 | 19,312 | 7,593 | 4,538 | 1,282 | 70,899 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 230 | — | (950 | ) | 20,092 | (2,495 | ) | (35 | ) | 3,791 | 20,633 | |||||||||||||||||||||
Total expenses | 941,272 | 91 | 107,735 | 285,884 | 16,427 | 202,160 | (6,873 | ) | 1,546,696 | |||||||||||||||||||||||
Earnings from equity method investments | 44,295 | 4,077 | — | — | — | — | — | 48,372 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 26,899 | — | — | — | — | — | 26,899 | ||||||||||||||||||||||||
Operating income (loss) | 64,549 | 30,885 | 25,302 | 4,477 | (6,357 | ) | 7,598 | (22,537 | ) | 103,917 | ||||||||||||||||||||||
Other expenses (income), net | 20,367 | (30,582 | ) | 11,825 | 6,032 | 1,303 | (70 | ) | 21,743 | 30,618 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 44,182 | $ | 61,467 | $ | 13,477 | $ | (1,555 | ) | $ | (7,660 | ) | $ | 7,668 | $ | (44,280 | ) | $ | 73,299 | |||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 514,485 | $ | — | $ | 151,219 | $ | 135,782 | $ | 7,827 | $ | 160,375 | $ | — | $ | 969,688 | ||||||||||||||||
Intersegment | — | — | — | 15,678 | — | — | (15,678 | ) | — | |||||||||||||||||||||||
Total revenues | 514,485 | — | 151,219 | 151,460 | 7,827 | 160,375 | (15,678 | ) | 969,688 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 446,507 | — | 290 | 111,141 | — | 138,372 | (15,678 | ) | 680,632 | |||||||||||||||||||||||
Operating | 20,527 | 1 | 116,372 | 13,869 | 5,303 | 6,741 | — | 162,813 | ||||||||||||||||||||||||
General and administrative | 10,778 | 430 | 10,933 | 5,112 | 4,285 | 7,175 | 16,174 | 54,887 | ||||||||||||||||||||||||
Depreciation and amortization | 11,327 | — | 7,925 | 9,353 | 6,987 | 4,467 | 1,504 | 41,563 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | 673 | — | (784 | ) | — | (130 | ) | |||||||||||||||||||||
Total expenses | 489,114 | 437 | 135,520 | 140,148 | 16,575 | 155,971 | 2,000 | 939,765 | ||||||||||||||||||||||||
Earnings from equity method investments | 31,861 | 7,828 | — | — | — | — | — | 39,689 | ||||||||||||||||||||||||
Operating income (loss) | 57,232 | 7,391 | 15,699 | 11,312 | (8,748 | ) | 4,404 | (17,678 | ) | 69,612 | ||||||||||||||||||||||
Other expenses (income), net | 10,925 | (3,399 | ) | 14,179 | 2,149 | 896 | (339 | ) | 27,358 | 51,769 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 46,307 | $ | 10,790 | $ | 1,520 | $ | 9,163 | $ | (9,644 | ) | $ | 4,743 | $ | (45,036 | ) | $ | 17,843 | ||||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Crude oil | $ | 48,987 | $ | 30,779 | ||||
Asphalt and other | 13,796 | 13,516 | ||||||
Total inventories | $ | 62,783 | $ | 44,295 | ||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Financial Instruments And Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
Fair value of financial instruments | ||||||||||||||||||||||||
We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of commodity derivative assets and liabilities at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||
Assets | $ | 621 | $ | (24 | ) | $ | 597 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Liabilities | $ | 24 | $ | (24 | ) | $ | — | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
*Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. | ||||||||||||||||||||||||
"Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. The valuation of our common stock warrants (Note 10) which are traded on the New York Stock Exchange are also classified as Level 1. | ||||||||||||||||||||||||
"Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. | ||||||||||||||||||||||||
"Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. | ||||||||||||||||||||||||
Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2014, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. | ||||||||||||||||||||||||
There were no financial assets or liabilities classified as Level 2 or Level 3 during the three months and nine months ended September 30, 2014 and 2013, as such no rollforward of activity has been presented. | ||||||||||||||||||||||||
Commodity derivative contracts | ||||||||||||||||||||||||
Our consolidated results of operations and cash flows are impacted by changes in market prices for petroleum products. This exposure to commodity price risk is managed, in part, by entering into various commodity derivatives. | ||||||||||||||||||||||||
We seek to manage the price risk associated with our marketing operations by limiting our net open positions through (i) the concurrent purchase and sale of like quantities of petroleum products to create back-to-back transactions that are intended to lock in positive margins based on the timing, location or quality of the petroleum products purchased and delivered or (ii) derivative contracts. Our storage and transportation assets can also be used to mitigate location and time basis risk. All marketing activities are subject to our Comprehensive Risk Management Policy, which establishes limits in order to manage risk and mitigate financial exposure. | ||||||||||||||||||||||||
Our commodity derivatives can be comprised of swaps, futures contracts and forward contracts of crude oil and natural gas liquids. These are defined as follows: | ||||||||||||||||||||||||
Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. | ||||||||||||||||||||||||
Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. | ||||||||||||||||||||||||
Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. | ||||||||||||||||||||||||
The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Sales | 1,525 | 695 | 3,475 | 2,025 | ||||||||||||||||||||
Purchases | 1,313 | 805 | 3,128 | 2,095 | ||||||||||||||||||||
We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Commodity contracts | $ | 597 | $ | — | $ | — | $ | 60 | ||||||||||||||||
We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. Our margin deposit balances were $3.0 million and $0.8 million at September 30, 2014 and December 31, 2013, respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of September 30, 2014 and December 31, 2013, we would have had net asset positions of $3.6 million and $0.8 million, respectively. | ||||||||||||||||||||||||
Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Commodity contracts | $ | 4,047 | $ | (1,652 | ) | $ | 1,298 | $ | (2,430 | ) | ||||||||||||||
Warrants | ||||||||||||||||||||||||
In addition to the commodity derivatives above, we have $81.2 million and $58.1 million of derivative liabilities related to common stock warrants at September 30, 2014 and December 31, 2013, which are not subject to netting arrangements. The warrants were issued upon emergence from bankruptcy and are recorded at fair value as current liabilities on the condensed consolidated balance sheets, with changes in the fair value recorded to other expense (income). The warrants expire on November 30, 2014. See Note 10 for additional information. | ||||||||||||||||||||||||
Concentrations of risk | ||||||||||||||||||||||||
During the three months ended September 30, 2014, one customer of our Crude segment accounted for more than 10% of our consolidated revenue at approximately 38%. We purchased approximately $121 million of product from one third-party supplier of our Crude segment, which represented approximately 26% of our costs of products sold. | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, one customer of our Crude segment accounted for more than 10% of our consolidated revenue at approximately 36%. We purchased approximately $310 million of product from one third-party supplier of our Crude segment, which represented approximately 26% of our costs of products sold. | ||||||||||||||||||||||||
At September 30, 2014, one third-party customer of our Crude segment accounted for approximately 26% of our consolidated accounts receivable. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate was 43% and 52% for the three months ended September 30, 2014 and 2013, respectively, and 46% and (231)% for the nine months ended September 30, 2014 and 2013, respectively. The rate for the three months ended September 30, 2014 is impacted by the disallowance of an intercompany foreign gain on subsidiary dissolution. The rate for the nine months ended September 30, 2014 is impacted by disallowance of a foreign loss on cross jurisdictional intercompany debt waivers which had no net impact to U.S. taxes, by the net favorable resolution of Canadian income tax audits for periods through December 2009 and by $3.1 million Canadian withholding tax paid on remittances to the U.S. The rate for the nine months ended September 30, 2013 is impacted by a discrete tax benefit of $50.9 million for the partial release of our valuation allowance which was recorded for the three months ended March 31, 2013. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 35%, include earnings in foreign jurisdictions taxed at lower rates, a noncontrolling interest in Rose Rock for which taxes are not provided, warrant expense which is not deductible for tax purposes, and the impact of the valuation allowance or release recorded against our deferred tax assets. Further, the foreign earnings are taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes. Deferred tax liabilities, with the exception of those related to certain long-lived assets, have been considered as a source of future taxable income in establishing the amount of the valuation allowance. These combined factors, and the magnitude of permanent items impacting the tax rate relative to income from continuing operations before income taxes, result in rates that are not comparable between the periods. | |
Due to our emergence from bankruptcy and overall restructuring, we recorded a full valuation allowance on all U.S. federal and state deferred tax assets in all periods prior to March 31, 2013. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies. | |
The nine months ended September 30, 2013 includes a discrete tax benefit of $50.9 million for the partial release of our valuation allowance which was recorded for the three months ended March 31, 2013. Gain recognition, for tax purposes, on the contribution of a 33% interest in SCPL to Rose Rock had a material impact to the available positive and objectively verifiable evidence for that quarter and, combined with other factors, resulted in the change in our assessment of recoverability of the deferred tax assets. Under ASC 740, "Income Taxes", such evidence was not considered in the valuation allowance at December 31, 2012, due to fundamentals of the transaction which remained subject to market influence until closed. We did not release the valuation allowance attributable to a small portion of our state net operating loss carryovers which have shorter carryover periods. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. | |
We have determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in all jurisdictions. In foreign jurisdictions, all tax years within the relevant statute of limitations for periods prior to the emergence from bankruptcy remain open for examination. Currently, there are no examinations in progress for our federal, state or foreign jurisdictions. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
LONG-TERM DEBT | ||||||||
Our long-term debt consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | ||||
SemGroup corporate revolving credit facility | 20,000 | 70,000 | ||||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | ||||||
Rose Rock revolving credit facility | 73,000 | 245,000 | ||||||
SemMexico revolving credit facility | — | — | ||||||
Capital leases | 98 | 125 | ||||||
Total long-term debt | $ | 793,098 | $ | 615,125 | ||||
less: current portion of long-term debt | 40 | 37 | ||||||
Noncurrent portion of long-term debt | $ | 793,058 | $ | 615,088 | ||||
SemGroup senior unsecured notes | ||||||||
For the three months and nine months ended September 30, 2014, we incurred $5.8 million and $17.5 million, respectively, of interest expense related to the 7.5% senior unsecured notes (the "Notes") including the amortization of debt issuance costs. For the three months and nine months ended September 30, 2013, we incurred $6.0 million and $7.1 million, respectively, of interest expense related to the Notes including amortization of debt issuance costs. At September 30, 2014, we had $5.6 million of unamortized debt issuance costs related to the Notes included in other noncurrent assets on our condensed consolidated balance sheet. | ||||||||
At September 30, 2014, we were in compliance with the terms of the Notes. | ||||||||
SemGroup corporate revolving credit facility | ||||||||
Our revolving credit facility has a capacity of $500 million. This capacity may be used either for cash borrowings or letters of credit, although the maximum letter of credit capacity is $250 million. At September 30, 2014, we had $20.0 million outstanding cash borrowings on this facility and outstanding letters of credit of $3.9 million. | ||||||||
At September 30, 2014, the interest rate in effect was 4.25% on $10.0 million of alternate base rate ("ABR") borrowings and 2.23% on $10.0 million of Eurodollar rate borrowings. At September 30, 2014, the rate in effect on letters of credit was 2.0%. In addition, a fronting fee of 0.25% is charged on outstanding letters of credit. | ||||||||
At September 30, 2014, $5.3 million in capitalized loan fees, net of accumulated amortization, was recorded in other noncurrent assets, which is being amortized over the life of the facility. | ||||||||
We recorded interest expense related to the SemGroup revolving credit facility of $1.2 million and $2.3 million for the three months ended September 30, 2014 and 2013, respectively, including amortization of debt issuance costs. We recorded interest expense related to the SemGroup revolving credit facility of $4.9 million and $5.0 million for the nine months ended September 30, 2014 and 2013, respectively, including amortization of debt issuance costs. | ||||||||
At September 30, 2014, we were in compliance with the terms of the credit agreement. | ||||||||
The credit agreement is guaranteed by all of our material domestic subsidiaries (except for Rose Rock Midstream, L.P. and its general partner and subsidiaries) and secured by a lien on substantially all of our property and assets, subject to customary exceptions. | ||||||||
Rose Rock senior unsecured notes | ||||||||
On July 2, 2014, Rose Rock and its wholly-owned subsidiary, Rose Rock Finance Corporation ("Finance Corp."), as co-issuer, sold $400 million of 5.625% senior unsecured notes due 2022 (the "Rose Rock Notes") to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States pursuant to Regulation S of the Securities Act. The Rose Rock Notes are guaranteed by all of Rose Rock's existing subsidiaries other than Finance Corp. | ||||||||
The net proceeds from the offering of $391.9 million, after underwriters' fees and offering expenses, were used to repay amounts borrowed under Rose Rock's revolving credit facility and for general partnership purposes. | ||||||||
The Rose Rock Notes are governed by an indenture between Rose Rock, its subsidiary guarantors, Finance Corp. and Wilmington Trust, National Association, as trustee (the "Rose Rock Indenture"). The Rose Rock Indenture includes customary covenants, including limitations on Rose Rock's ability to incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; merge, consolidate, sell or otherwise dispose of all or substantially all of its assets; and designate its subsidiaries as unrestricted under the Rose Rock Indenture. | ||||||||
The Rose Rock Indenture includes customary events of default. A default would permit the trustee or holders of at least 25% in aggregate principal amounts of the Rose Rock Notes then outstanding to declare all amounts owing under the Rose Rock Notes to be due and payable. | ||||||||
The Rose Rock Notes are effectively subordinated in right of payment to any of Rose Rock's, and the subsidiary guarantors', existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. | ||||||||
Rose Rock may issue additional Rose Rock Notes under the Rose Rock Indenture from time to time, subject to the terms of the Rose Rock Indenture. | ||||||||
Except as described below, the Rose Rock Notes are not redeemable at Rose Rock's option prior to July 15, 2017. From and after July 15, 2017, Rose Rock may redeem the Rose Rock Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 of each of the years indicated below: | ||||||||
Year | Percentage | |||||||
2017 | 104.22% | |||||||
2018 | 102.81% | |||||||
2019 | 101.41% | |||||||
2020 and thereafter | 100.00% | |||||||
Prior to July 15, 2017, Rose Rock may, at its option, on one or more occasions, redeem up to 35% of the sum of the original aggregate principal amount of the Rose Rock Notes at a redemption price equal to 105.625% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of one or more equity offerings of Rose Rock, or the parent of Rose Rock to the extent such net proceeds are contributed to Rose Rock, subject to certain conditions. | ||||||||
Prior to July 15, 2017, Rose Rock may also redeem all or part of the Rose Rock Notes at a price equal to the principal plus a premium equal to the greater of 1% of the principal or the excess of the present value of the July 15, 2017 redemption price from the table above plus all required interest payments due through July 15, 2017, computed using a discount rate based on a published United States Treasury Rate plus 50 basis points, over the principal value of such Note. | ||||||||
In the event of a change of control, Rose Rock is required to offer to repurchase the Rose Rock Notes at an amount equal to 101% of the principal plus accrued and unpaid interest. | ||||||||
In accordance with a Registration Rights Agreement, in September 2014 Rose Rock filed a registration statement with the SEC, which was declared effective by the SEC on September 23, 2014, enabling holders of the Rose Rock Notes to exchange the Rose Rock Notes and related guarantees for registered notes (the "Exchange Notes") and guarantees that have substantially identical terms as the Rose Rock Notes and related guarantees. The exchange offer expired on October 22, 2014. All of the Notes were exchanged. The guarantees of the Exchange Notes are full and unconditional and constitute the joint and several obligations of Rose Rock and its subsidiary guarantors. | ||||||||
Interest on the Rose Rock Notes is payable in arrears on January 15th and July 15th to holders of record on January 1st and July 1st each year until maturity. For the three months and nine months ended September 30, 2014, we incurred $5.8 million of interest expense related to the Rose Rock Notes including amortization of debt issuance costs. At September 30, 2014, we had $8.3 million of unamortized debt issuance costs related to the Rose Rock Notes included in other noncurrent assets on our consolidated balance sheet. | ||||||||
At September 30, 2014, we were in compliance with the terms of the Rose Rock Indenture. | ||||||||
Rose Rock revolving credit facility | ||||||||
Our Rose Rock credit facility has a capacity of $585 million including a $150 million sub-limit for letters of credit. At September 30, 2014, there was $73.0 million outstanding cash borrowings under the Rose Rock revolving credit facility, of which $18.0 million incurred interest at the ABR plus an applicable margin and $55.0 million incurred interest at the Eurodollar rate plus an applicable margin. At September 30, 2014, the interest rate in effect was 4.75% on ABR borrowings and 2.74% on Eurodollar rate borrowings. | ||||||||
At September 30, 2014, Rose Rock had $86.2 million in outstanding letters of credit, and the rate in effect was 2.50%. In addition, a fronting fee of 0.25% is charged on outstanding letters of credit. | ||||||||
Rose Rock had $73.6 million of Secured Bilateral Letters of Credit outstanding at September 30, 2014. The interest rate in effect was 1.75%. Secured Bilateral Letters of Credit are external to the facility and do not reduce availability for borrowing on the revolving credit facility. | ||||||||
We recorded $2.0 million and $1.9 million of interest expense related to this facility during the three months ended September 30, 2014 and 2013, respectively, including amortization of debt issuance costs. We recorded $6.9 million and $6.1 million of interest expense related to this facility during the nine months ended September 30, 2014 and 2013, respectively, including amortization of debt issuance costs. | ||||||||
At September 30, 2014, $4.1 million in capitalized loan fees, net of accumulated amortization, was recorded in other noncurrent assets, which is being amortized over the life of the facility. | ||||||||
At September 30, 2014, we were in compliance with the terms of the credit agreement. | ||||||||
SemMexico revolving credit facility | ||||||||
At September 30, 2014, SemMexico had no outstanding borrowings on its 44 million Mexican pesos (U.S. $3.3 million at the September 30, 2014 exchange rate) revolving credit facility, which matures in May 2015. Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50%. | ||||||||
At September 30, 2014, SemMexico had an outstanding letter of credit of 292.8 million Mexican pesos (U.S. $21.7 million at the September 30, 2014 exchange rate) and a $3.0 million U.S. dollar letter of credit. Fees on outstanding letters of credit range from a rate of 0.45% to 0.70%. | ||||||||
At September 30, 2014, we were in compliance with the terms of these facilities. | ||||||||
Capitalized interest | ||||||||
During the nine months ended September 30, 2014 and 2013, we capitalized interest from our credit facilities of $1.0 million and $2.9 million, respectively. | ||||||||
Fair value | ||||||||
We estimate the fair value of the Notes to be $321 million and the fair value of the Rose Rock Notes to be $397 million at September 30, 2014, based on unadjusted, transacted market prices, which is categorized as a Level 1 measurement. We estimate that the fair value of our other long-term debt was not materially different than the recorded values at September 30, 2014. It is our belief that neither the market interest rates nor our credit profile have changed significantly enough to have had a material impact on the fair value of our other debt outstanding at September 30, 2014. This estimate is categorized as a Level 3 measurement. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Bankruptcy matters | |||||||
On July 22, 2008 (the "Petition Date"), SemGroup, L.P. and certain subsidiaries filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Also on July 22, 2008, SemGroup, L.P.'s Canadian subsidiaries filed for creditor protection in Canada. Later during 2008, certain other U.S. subsidiaries filed petitions for reorganization. While in bankruptcy, SemGroup, L.P. filed a plan of reorganization with the court, which was confirmed on October 28, 2009 (the "Plan of Reorganization"). The Plan of Reorganization determined, among other things, how pre-Petition Date obligations would be settled, the equity structure of the reorganized company upon emergence, and the financing arrangements upon emergence. SemGroup Corporation emerged from bankruptcy protection on November 30, 2009 (the "Emergence Date"). | |||||||
(a) | Investigations | ||||||
Around the time of our predecessor's bankruptcy filings, several governmental agencies launched investigations regarding the circumstances of the filings. The mandate and scope of these investigations were very broad and the investigations are ongoing. | |||||||
Bankruptcy examiner. On October 14, 2008, the bankruptcy court appointed an examiner to (i) investigate the circumstances surrounding our predecessor's trading strategy prior to bankruptcy filings; (ii) investigate the circumstances surrounding certain insider transactions and the formation of SemGroup Energy Partners L.P. (a former subsidiary); (iii) investigate the circumstances surrounding the potential improper use of borrowed funds and funds generated from operations and the liquidation of assets to satisfy margin calls related to our predecessor's trading strategy and that of certain entities owned or controlled by former officers and directors of the general partner of SemGroup, L.P.; (iv) determine whether any directors, officers or employees of the general partner of SemGroup, L.P. participated in fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of our affairs; and (v) determine whether the SemGroup debtor estates have causes of action against current or former officers, directors, or employees of the general partner of SemGroup, L.P. arising from such participation. The examiner’s report was filed with the bankruptcy court on April 15, 2009. | |||||||
Certain current and prior employees of the general partner of SemGroup, L.P. are referenced in the examiner’s report and the report’s conclusions may suggest possible civil or criminal liability on their part. To the extent such claims exist, they are property of a litigation trust that was established for the benefit of pre-petition creditors pursuant to the Plan of Reorganization, and are not property of the reorganized SemGroup Corporation. This litigation trust is pursuing claims against certain former officers, at its own expense. We may incur expenses, which are not expected to be material, related to information and document requests of the litigation trust related to such claims. Any indemnification obligations to such officers by SemGroup, L.P. were discharged under the Plan of Reorganization. | |||||||
CFTC. On June 19, 2008, we received a request for voluntary production from the Commodity Futures Trading Commission ("CFTC"). Subsequent to the bankruptcy filings, the CFTC sent other requests for voluntary production. The CFTC has also served subpoenas upon us requiring us to produce various documents and for the depositions of our representatives. We continue to comply with the CFTC’s requests. We are unaware of any currently pending formal charges against us by the CFTC. | |||||||
(b) | Claims reconciliation process | ||||||
A large number of parties have made claims against us for obligations alleged to have been incurred prior to our predecessor's bankruptcy filing. On September 15, 2010, the bankruptcy court entered an order estimating the contingent, unliquidated and disputed claims and authorizing distributions to holders of allowed claims. Pursuant to that order we have begun making distributions to the claimants. We continue to attempt to settle unresolved claims. | |||||||
Pursuant to the Plan of Reorganization, we committed to settle authorized and allowed bankruptcy claims by paying a specified amount of cash, issuing a specified number of warrants, and issuing a specified number of shares of SemGroup Corporation common stock. We do not believe the resolution of the remaining outstanding claims will exceed the total amount of consideration established under the Plan of Reorganization for all claimants; instead, the resolution of the remaining claims in some cases will impact the relative share of the established pool of common stock and warrants that certain claimants receive. | |||||||
However, under certain circumstances we could be required to pay additional funds to settle the specified group of claims to be settled with cash. Pursuant to the Plan of Reorganization, a specified amount of restricted cash was set aside at the Emergence Date, which we expect to be sufficient to settle this group of claims. Since the Emergence Date, we have made significant progress in resolving these claims, and we continue to believe that the cash set aside at the Emergence Date will be sufficient to settle these claims. However, we have not yet reached a resolution of all of these claims, and if the total settlement amount of all of these claims exceeds the specified amount, we will be required to pay additional funds to satisfy the total settlement amount for this specified group of claims. If this were to become probable of occurring, we would be required to record a liability and a corresponding expense. | |||||||
Blueknight claim | |||||||
Blueknight Energy Partners, L.P. ("Blueknight"), which was formerly a subsidiary of SemGroup, together with other entities related to Blueknight, entered into a Shared Services Agreement on April 7, 2009, with SemCrude, L.P., now known as Rose Rock Midstream Crude, L.P. ("SemCrude") and SemManagement, L.L.C. (which are currently subsidiaries of SemGroup). The services provided by SemCrude to Blueknight under this agreement included assisting Blueknight with movement of crude oil belonging to Blueknight’s customers and with the operation of Blueknight’s Oklahoma pipeline system and its Cushing, Oklahoma terminal. Under the subsequent amendments to the agreements beginning in May 2010, certain of these services were phased out, and Blueknight began to perform all services necessary for the movement of its crude oil and the operation of its Cushing terminal without SemCrude’s assistance. | |||||||
In a letter dated August 18, 2011, Blueknight claimed that SemCrude owes Blueknight approximately 141,000 barrels of crude oil. We responded to Blueknight’s letter denying their charges and requesting documentation from Blueknight of its claim. On February 14, 2012, after months of interaction between the parties through which Blueknight was requested to substantiate its claim, Blueknight filed suit against SemCrude and other related companies in the District Court of Oklahoma County, Oklahoma. On May 1, 2012, the case was transferred to Tulsa County, Oklahoma. On July 2, 2012, the Tulsa County District Court appointed a Special Master to review terminal operations accounting records and determine whether 141,000 barrels of crude oil owned by Blueknight is missing after three months of operations in April through June, 2010. On June 11, 2013, the Special Master’s Report was filed with the District Court finding a shortage in Blueknight’s Cushing terminal and Oklahoma pipeline system of 148,000 barrels. However, after a review of all records created during that three month time period, the Special Master was unable to determine how the shortage might have occurred and was unable to determine the ownership of the potential shortage. | |||||||
We are currently seeking discovery in the District Court of documentation and testimony on the potential cause and the impact, if any, of the shortage found by the Special Master. We will continue to defend our position; however, we cannot predict the outcome. | |||||||
Environmental | |||||||
We may from time to time experience leaks of petroleum products from our facilities and, as a result of which, we may incur remediation obligations or property damage claims. In addition, we are subject to numerous environmental regulations. Failure to comply with these regulations could result in the assessment of fines or penalties by regulatory authorities. | |||||||
The Kansas Department of Health and Environment ("the KDHE") initiated discussions during our bankruptcy proceeding regarding six of our sites in Kansas (five owned by Crude and one owned by SemGas) that KDHE believes, based on their historical use, may have soil or groundwater contamination in excess of state standards. KDHE sought our agreement to undertake assessments of these sites to determine whether they are contaminated. We reached an agreement with KDHE on this matter and entered into a Consent Agreement and Final Order with KDHE to conduct environmental assessments on the sites and to pay KDHE’s costs associated with their oversight of this matter. We have conducted Phase II investigations at all sites. Four of the sites have limited amounts of soil contamination that will be excavated and/or remediated on site. Four of the sites appeared to have ground water contamination requiring further delineation and/or ongoing monitoring. Work plans have been submitted to, and approved by, the KDHE. One site was closed and we anticipate closure in 2015 for three of the remaining five sites. We do not anticipate any penalties or fines for these historical sites. | |||||||
Other matters | |||||||
We are party to various other claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions and complaints, after consideration of amounts accrued, insurance coverage and other arrangements, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our consolidated liabilities may change materially as circumstances develop. | |||||||
Asset retirement obligations | |||||||
We will be required to incur significant removal and restoration costs when we retire our natural gas gathering and processing facilities in Canada. We have recorded an asset retirement obligation liability of $42.8 million at September 30, 2014, which is included within other noncurrent liabilities on our condensed consolidated balance sheets. This amount was calculated using the $97.0 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation. | |||||||
The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations. | |||||||
Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. | |||||||
Purchase and sale commitments | |||||||
We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2014, such commitments included the following (in thousands): | |||||||
Volume | Value | ||||||
(Barrels) | |||||||
Fixed price purchases | 270 | $ | 23,754 | ||||
Fixed price sales | 266 | $ | 25,699 | ||||
Floating price purchases | 23,225 | $ | 2,024,134 | ||||
Floating price sales | 29,590 | $ | 2,316,144 | ||||
Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days). | |||||||
Our SemGas segment has a take or pay contractual obligation related to the fractionation of natural gas liquids. This obligation continues through June 2023, subsequent to the extension of the agreement in the second quarter of 2013. At September 30, 2014, approximately $25.8 thousand was due under the contract and the amount of future obligation is approximately $79.6 million. SemGas further has a take or pay contractual obligation related to pipeline transportation. This obligation began in April 2014 and continues through October 2015. The amount of future obligation is approximately $2.8 million. SemGas also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of SemGas’ revenues were generated from such contracts. |
Equity
Equity | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||
EQUITY | ' | |||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||
Unaudited condensed consolidated statement of changes in owners’ equity | ||||||||||||||||||||||||||||
The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2013 to September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Common | Additional | Treasury | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||||
Stock | Paid-in | Stock | Deficit | Other | Interests | Owners’ | ||||||||||||||||||||||
Capital | Comprehensive | Equity | ||||||||||||||||||||||||||
Loss | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | |||||||||||
Net income | — | — | — | 21,166 | — | 18,184 | 39,350 | |||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | — | — | — | (6,618 | ) | — | (6,618 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (20,571 | ) | (20,571 | ) | |||||||||||||||||||
Dividends paid | — | (31,149 | ) | — | — | — | — | (31,149 | ) | |||||||||||||||||||
Unvested dividend equivalent rights | — | (118 | ) | — | — | — | (95 | ) | (213 | ) | ||||||||||||||||||
Non-cash equity compensation | — | 5,713 | — | — | — | 705 | 6,418 | |||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 2,170 | — | — | — | — | 2,172 | |||||||||||||||||||||
Warrants exercised | — | 480 | — | — | — | — | 480 | |||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | |||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock | — | 53,370 | — | — | — | (85,173 | ) | (31,803 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 427 | $ | 1,184,982 | $ | (1,332 | ) | $ | (76,406 | ) | $ | (9,472 | ) | $ | 73,011 | $ | 1,171,210 | |||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income (loss) from December 31, 2013 to September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Currency | Employee | Total | ||||||||||||||||||||||||||
Translation | Benefit | |||||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | ||||||||||||||||||||
Currency translation adjustment, net of income tax benefit of $4,152 | (6,614 | ) | — | (6,614 | ) | |||||||||||||||||||||||
Changes related to benefit plans, net of income tax benefit | — | (4 | ) | (4 | ) | |||||||||||||||||||||||
Balance at September 30, 2014 | $ | (11,122 | ) | $ | 1,650 | $ | (9,472 | ) | ||||||||||||||||||||
There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, we issued 6,999 shares under the Employee Stock Purchase Plan and 169,933 shares related to our equity based compensation awards. Of these vested shares related to compensation awards, recipients sold back to the Company 11,120 shares to satisfy tax withholding obligations which are being recognized at cost as treasury stock on the condensed consolidated balance sheet. | ||||||||||||||||||||||||||||
Equity-based compensation | ||||||||||||||||||||||||||||
At September 30, 2014, there were approximately 473,000 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheet, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 137,000 additional shares could vest. | ||||||||||||||||||||||||||||
The holders of certain restricted stock awards granted prior to 2013 are entitled to equivalent dividends ("UDs") to be received upon vesting of the restricted stock awards. At September 30, 2014, the value of the UDs to be settled in stock related to unvested restricted stock awards was approximately $131 thousand. This is equivalent to 1,577 Class A shares based on the quarter end close of business market price of our Class A shares of $83.27 per share. Dividends related to the restricted stock awards issued subsequent to 2012 will be settled in cash upon vesting. At September 30, 2014, the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $190 thousand. | ||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, we granted 207,786 restricted stock awards with a weighted average grant date fair value of $77.14 per award. | ||||||||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||
Upon emergence from bankruptcy, we issued 1,634,210 warrants. The Plan of Reorganization specified that we were to issue an additional 544,737 warrants in settlement of the pre-petition claims. As of September 30, 2014, we have issued 245,521 of the warrants. The remaining 299,216 were issued on October 31, 2014. At September 30, 2014, we had 1,353,927 warrants outstanding including warrants required to be issued in settlement of pre-petition claims. At September 30, 2014, the fair value of these warrants included in the condensed consolidated balance sheet was $81.2 million based on the September 30, 2014 closing price of $60.00 per warrant. The warrants are traded on the New York Stock Exchange under the ticker symbol SEMGWS. We classify the warrant fair value as a Level 1 measurement. During the nine months ended September 30, 2014, there were 6,851 warrants exercised for which 5,765 shares were issued. The warrants expire on November 30, 2014. | ||||||||||||||||||||||||||||
Subsequent to September 30, 2014, 1,209,990 warrants were exercised for which 838,231 shares were issued. | ||||||||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||
The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: | ||||||||||||||||||||||||||||
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||||||||||||||||||||
30-Jun-13 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||||||||||||||||||||
30-Sep-13 | $ | 0.2 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||||||||||||||||||||
31-Dec-13 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||||||||||||||||||||
31-Mar-14 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||||||||||||||||||||
30-Jun-14 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 | |||||||||||||||||||||||
30-Sep-14 | $ | 0.27 | August 6, 2014 | August 18, 2014 | August 28, 2014 | |||||||||||||||||||||||
31-Dec-14 | $ | 0.3 | November 6, 2014 | November 17, 2014 | November 28, 2014 | |||||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||||
Earnings per share is calculated based on income from continuing and discontinued operations less any income attributable to noncontrolling interests. Income attributable to noncontrolling interests represents third-party limited partner unitholders' interests in the earnings of our consolidated subsidiary, Rose Rock. Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings. | ||||||||||||||||||||||||
Basic earnings (loss) per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings (loss) per share includes the dilutive effect of warrants and unvested equity compensation awards. | ||||||||||||||||||||||||
The following summarizes the calculation of basic earnings (loss) per share for the three months and nine months ended September 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 32,196 | $ | — | $ | 32,196 | $ | 3,137 | $ | (2 | ) | $ | 3,135 | |||||||||||
less: Income attributable to noncontrolling interests | 6,934 | — | 6,934 | 5,054 | — | 5,054 | ||||||||||||||||||
Numerator | $ | 25,262 | $ | — | $ | 25,262 | $ | (1,917 | ) | $ | (2 | ) | $ | (1,919 | ) | |||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,308 | 1,308 | 1,128 | 1,128 | 1,128 | ||||||||||||||||||
Denominator | 42,708 | 42,708 | 42,708 | 42,528 | 42,528 | 42,528 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.59 | $ | — | $ | 0.59 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 39,355 | $ | (5 | ) | $ | 39,350 | $ | 59,148 | $ | 65 | $ | 59,213 | |||||||||||
less: Income attributable to noncontrolling interests | 18,184 | — | 18,184 | 14,429 | — | 14,429 | ||||||||||||||||||
Numerator | $ | 21,171 | $ | (5 | ) | $ | 21,166 | $ | 44,719 | $ | 65 | $ | 44,784 | |||||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,274 | 1,274 | 1,274 | 874 | 874 | 874 | ||||||||||||||||||
Denominator | 42,674 | 42,674 | 42,674 | 42,274 | 42,274 | 42,274 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.5 | $ | — | $ | 0.5 | $ | 1.06 | $ | — | $ | 1.06 | ||||||||||||
The following summarizes the calculation of diluted earnings (loss) per share for the three months and nine months ended September 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 32,196 | $ | — | $ | 32,196 | $ | 3,137 | $ | (2 | ) | $ | 3,135 | |||||||||||
less: Income attributable to noncontrolling interests | 6,934 | — | 6,934 | 5,054 | — | 5,054 | ||||||||||||||||||
Numerator | $ | 25,262 | $ | — | $ | 25,262 | $ | (1,917 | ) | $ | (2 | ) | $ | (1,919 | ) | |||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,308 | 1,308 | 1,128 | 1,128 | 1,128 | ||||||||||||||||||
Effect of dilutive securities | 305 | 305 | 305 | — | — | — | ||||||||||||||||||
Denominator | 43,013 | 43,013 | 43,013 | 42,528 | 42,528 | 42,528 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.59 | $ | — | $ | 0.59 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 39,355 | $ | (5 | ) | $ | 39,350 | $ | 59,148 | $ | 65 | $ | 59,213 | |||||||||||
less: Income attributable to noncontrolling interests | 18,184 | — | 18,184 | 14,429 | — | 14,429 | ||||||||||||||||||
Numerator | $ | 21,171 | $ | (5 | ) | $ | 21,166 | $ | 44,719 | $ | 65 | $ | 44,784 | |||||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,274 | 1,274 | 1,274 | 874 | 874 | 874 | ||||||||||||||||||
Effect of dilutive securities | 302 | 302 | 302 | 270 | 270 | 270 | ||||||||||||||||||
Denominator | 42,976 | 42,976 | 42,976 | 42,544 | 42,544 | 42,544 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.49 | $ | — | $ | 0.49 | $ | 1.05 | $ | — | $ | 1.05 | ||||||||||||
During the three months and nine months ended September 30, 2014, we recorded expenses of $5.5 million and $23.5 million, respectively, related to the change in fair value of the warrants. During the three months and nine months ended September 30, 2013, we recorded expenses of $4.8 million and $37.0 million, respectively, related to the change in fair value of the warrants. Because the mark to market valuation of the warrants resulted in losses, the warrants would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Decrease (increase) in restricted cash | $ | (2,188 | ) | $ | 451 | |||
Decrease (increase) in accounts receivable | (95,642 | ) | (30,977 | ) | ||||
Decrease (increase) in receivable from affiliates | 29,094 | (6,861 | ) | |||||
Decrease (increase) in inventories | (18,676 | ) | (13,983 | ) | ||||
Decrease (increase) in derivatives and margin deposits | (2,200 | ) | 1,972 | |||||
Decrease (increase) in other current assets | (1,690 | ) | 2,269 | |||||
Decrease (increase) in other assets | (221 | ) | 258 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 81,835 | 50,614 | ||||||
Increase (decrease) in payable to affiliates | (31,781 | ) | 2,102 | |||||
Increase (decrease) in payables to pre-petition creditors | (47 | ) | (416 | ) | ||||
Increase (decrease) in other noncurrent liabilities | 1,585 | (1,349 | ) | |||||
$ | (39,931 | ) | $ | 4,080 | ||||
Other supplemental disclosures | ||||||||
In the second quarter of 2014, we recorded a $85.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $53.4 million (net of tax impact of $31.8 million). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's purchase of the remaining 33% interest in SemCrude Pipeline, L.L.C. from SemGroup. | ||||||||
In the first quarter of 2013, we recorded a $90.5 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $56.8 million (net of tax impact of $33.7 million). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's purchase of a 33% interest in SemCrude Pipeline, L.L.C. from SemGroup. | ||||||||
We paid cash interest of $21.6 million and $7.3 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
We paid cash for income taxes (net of refunds received) of $17.9 million and $6.6 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
We incurred liabilities for construction work in process that had not been paid of $13.4 million and $16.4 million as of September 30, 2014 and 2013, respectively. Such amounts are not included in capital expenditures on the consolidated statements of cash flows. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
NGL Energy Partners LP and subsidiaries (Gavilon, LLC and High Sierra Crude Oil and Marketing, LLC) | ||||||||||||||||
As described in Note 3, we own interests in NGL Energy, which we account for under the equity method. | ||||||||||||||||
During the three months and nine months ended September 30, 2014 and 2013, we generated the following transactions with NGL Energy and its subsidiaries (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 103,684 | $ | 188,582 | $ | 384,578 | $ | 550,913 | ||||||||
Purchases | $ | 86,400 | $ | 172,513 | $ | 357,245 | $ | 457,905 | ||||||||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 60 | $ | 126 | $ | 156 | ||||||||
Transactions with NGL Energy and its subsidiaries primarily relate to marketing, leased storage and transportation services of crude oil, including buy/sell transactions. In accordance with ASC 845-10-15, these transactions were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income because the purchases of inventory and subsequent sales of the inventory were with the same counterparty. For comparability, prior year amounts above have been recast to include transactions with Gavilon, LLC, which was not affiliated with NGL Energy until December 2013. | ||||||||||||||||
White Cliffs | ||||||||||||||||
As described in Note 3, we account for our ownership interest in White Cliffs under the equity method. During the three months ended September 30, 2014 and 2013, we generated storage revenue from White Cliffs of approximately $0.7 million and $0.8 million, respectively. During the nine months ended September 30, 2014 and 2013, we generated storage revenue from White Cliffs of approximately $2.2 million and $2.1 million, respectively. We incurred $1.0 million and $2.7 million of cost for the three and nine months ended September 30, 2014, respectively, related to transportation fees for shipments on White Cliffs. | ||||||||||||||||
Glass Mountain | ||||||||||||||||
We incurred $0.3 million and $0.4 million of cost for the three months and nine months ended September 30, 2014 related to transportation fees for shipments on the Glass Mountain Pipeline. We received $0.2 million and $0.6 million in fees from Glass Mountain for the three and nine months ended September 30, 2014, respectively, related to support and administrative services associated with pipeline operations. | ||||||||||||||||
Legal services | ||||||||||||||||
The law firm of Conner & Winters, LLP, of which Mark D. Berman is a partner, performs legal services for us. Mr. Berman is the spouse of Candice L. Cheeseman, General Counsel and Secretary. Mr. Berman does not perform any legal services for us. SemGroup paid $0.4 million and $0.6 million in legal fees and related expenses to this law firm during the three months ended September 30, 2014 and 2013, respectively (of which $9.1 thousand and $68.0 thousand was paid by White Cliffs during the three months ended September 30, 2014 and 2013, respectively). SemGroup paid $1.0 million and $1.6 million in legal fees and related expenses to this law firm during the nine months ended September 30, 2014 and 2013, respectively (of which $90.1 thousand and $79.6 thousand was paid by White Cliffs during the nine months ended September 30, 2014 and 2013, respectively). |
Condensed_Consolidating_Guaran
Condensed Consolidating Guarantor Financial Statements (Notes) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||||||||
Our Notes are guaranteed by certain of our subsidiaries as follows: SemGas, L.P., SemCanada, L.P., SemCanada II, L.P., SemMaterials, L.P., SemGroup Europe Holding, L.L.C., SemOperating G.P., L.L.C., SemMexico, L.L.C., SemDevelopment, L.L.C., Rose Rock Midstream Holdings, LLC, Wattenberg Holding, LLC, Glass Mountain Holding, LLC and Mid-America Midstream Gas Services, L.L.C. (collectively, the "Guarantors"). | |||||||||||||||||||||
Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). Such guarantees of the Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. | |||||||||||||||||||||
Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013 are presented on an equity method basis in the tables below (in thousands). | |||||||||||||||||||||
Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent's net intercompany balance, including note receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. The Parent's investing activities with subsidiaries, such as the drop down of a 33% interest in SemCrude Pipeline, L.L.C. to Rose Rock in the first quarter of 2013, have been reflected as cash flows from investing activities. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. These balances are eliminated through consolidating adjustments below. | |||||||||||||||||||||
Condensed Consolidating Guarantor Balance Sheets | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,696 | $ | — | $ | 64,811 | $ | (3,458 | ) | $ | 67,049 | ||||||||||
Restricted cash | 3,856 | — | 3,398 | — | 7,254 | ||||||||||||||||
Accounts receivable, net | 662 | 32,742 | 380,705 | — | 414,109 | ||||||||||||||||
Receivable from affiliates | 1,245 | 5,665 | 35,888 | (4,619 | ) | 38,179 | |||||||||||||||
Inventories | — | 183 | 62,600 | — | 62,783 | ||||||||||||||||
Other current assets | 9,585 | 515 | 9,657 | — | 19,757 | ||||||||||||||||
Total current assets | 21,044 | 39,105 | 557,059 | (8,077 | ) | 609,131 | |||||||||||||||
Property, plant and equipment, net | 4,138 | 471,734 | 763,484 | — | 1,239,356 | ||||||||||||||||
Equity method investments | 1,582,519 | 666,601 | 273,201 | (1,912,514 | ) | 609,807 | |||||||||||||||
Goodwill | — | 13,052 | 45,785 | — | 58,837 | ||||||||||||||||
Other intangible assets, net | 27 | 154,433 | 24,705 | — | 179,165 | ||||||||||||||||
Other noncurrent assets, net | 18,135 | 1,208 | 19,506 | — | 38,849 | ||||||||||||||||
Total assets | $ | 1,625,863 | $ | 1,346,133 | $ | 1,683,740 | $ | (1,920,591 | ) | $ | 2,735,145 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 286 | $ | 28,300 | $ | 307,576 | $ | — | $ | 336,162 | |||||||||||
Payable to affiliates | 14 | 41 | 35,062 | (4,619 | ) | 30,498 | |||||||||||||||
Accrued liabilities | 15,602 | 22,360 | 58,366 | — | 96,328 | ||||||||||||||||
Payables to pre-petition creditors | 3,129 | (1 | ) | 7 | — | 3,135 | |||||||||||||||
Deferred revenue | — | — | 20,959 | — | 20,959 | ||||||||||||||||
Warrant liability | 81,238 | — | — | — | 81,238 | ||||||||||||||||
Other current liabilities | 548 | 708 | 2,244 | — | 3,500 | ||||||||||||||||
Current portion of long-term debt | — | — | 40 | — | 40 | ||||||||||||||||
Total current liabilities | 100,817 | 51,408 | 424,254 | (4,619 | ) | 571,860 | |||||||||||||||
Long-term debt | 320,000 | — | 473,058 | — | 793,058 | ||||||||||||||||
Deferred income taxes | 104,040 | — | 49,473 | — | 153,513 | ||||||||||||||||
Other noncurrent liabilities | 2,807 | — | 42,697 | — | 45,504 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,098,199 | 1,294,725 | 621,247 | (1,915,972 | ) | 1,098,199 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 73,011 | — | 73,011 | ||||||||||||||||
Total owners’ equity | 1,098,199 | 1,294,725 | 694,258 | (1,915,972 | ) | 1,171,210 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,625,863 | $ | 1,346,133 | $ | 1,683,740 | $ | (1,920,591 | ) | $ | 2,735,145 | ||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | ||||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | ||||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | ||||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | |||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | ||||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | ||||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | |||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | ||||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | |||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | ||||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | ||||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | ||||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | |||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | |||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | ||||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | ||||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | ||||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | ||||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | ||||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | ||||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | |||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | ||||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | ||||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | ||||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | ||||||||||
Condensed Consolidating Guarantor Statements of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 83,442 | $ | 421,704 | $ | (9,710 | ) | $ | 495,436 | ||||||||||
Service | — | 14,231 | 50,988 | — | 65,219 | ||||||||||||||||
Other | — | — | 33,580 | — | 33,580 | ||||||||||||||||
Total revenues | — | 97,673 | 506,272 | (9,710 | ) | 594,235 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 67,929 | 399,844 | (9,710 | ) | 458,063 | |||||||||||||||
Operating | — | 9,467 | 59,910 | — | 69,377 | ||||||||||||||||
General and administrative | 7,862 | 2,737 | 12,697 | — | 23,296 | ||||||||||||||||
Depreciation and amortization | 430 | 7,870 | 16,900 | — | 25,200 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | (7 | ) | 1,383 | — | 1,376 | |||||||||||||||
Total expenses | 8,292 | 87,996 | 490,734 | (9,710 | ) | 577,312 | |||||||||||||||
Earnings from equity method investments | 15,778 | 15,866 | 16,289 | (33,710 | ) | 14,223 | |||||||||||||||
Gain on issuance of common units by equity method investee | 18,772 | — | — | — | 18,772 | ||||||||||||||||
Operating income | 26,258 | 25,543 | 31,827 | (33,710 | ) | 49,918 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 1,658 | 5,081 | 8,899 | (831 | ) | 14,807 | |||||||||||||||
Foreign currency transaction loss | — | — | 128 | — | 128 | ||||||||||||||||
Other income, net | (22,030 | ) | — | (104 | ) | 831 | (21,303 | ) | |||||||||||||
Total other expenses (income), net | (20,372 | ) | 5,081 | 8,923 | — | (6,368 | ) | ||||||||||||||
Income from continuing operations before income taxes | 46,630 | 20,462 | 22,904 | (33,710 | ) | 56,286 | |||||||||||||||
Income tax expense | 21,368 | — | 2,722 | — | 24,090 | ||||||||||||||||
Income from continuing operations | 25,262 | 20,462 | 20,182 | (33,710 | ) | 32,196 | |||||||||||||||
Net income | 25,262 | 20,462 | 20,182 | (33,710 | ) | 32,196 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 6,934 | — | 6,934 | ||||||||||||||||
Net income attributable to SemGroup | $ | 25,262 | $ | 20,462 | $ | 13,248 | $ | (33,710 | ) | $ | 25,262 | ||||||||||
Net income | $ | 25,262 | $ | 20,462 | $ | 20,182 | $ | (33,710 | ) | $ | 32,196 | ||||||||||
Other comprehensive income (loss), net of income taxes | 3,377 | — | (13,708 | ) | — | (10,331 | ) | ||||||||||||||
Comprehensive income | 28,639 | 20,462 | 6,474 | (33,710 | ) | 21,865 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 6,934 | — | 6,934 | ||||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 28,639 | $ | 20,462 | $ | (460 | ) | $ | (33,710 | ) | $ | 14,931 | |||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 63,623 | $ | 231,404 | $ | (6,575 | ) | $ | 288,452 | ||||||||||
Service | — | 1,174 | 35,228 | — | 36,402 | ||||||||||||||||
Other | — | — | 32,894 | — | 32,894 | ||||||||||||||||
Total revenues | — | 64,797 | 299,526 | (6,575 | ) | 357,748 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 47,657 | 214,472 | (6,575 | ) | 255,554 | |||||||||||||||
Operating | — | 5,069 | 47,291 | — | 52,360 | ||||||||||||||||
General and administrative | 7,855 | 2,242 | 10,855 | — | 20,952 | ||||||||||||||||
Depreciation and amortization | 497 | 4,838 | 10,778 | — | 16,113 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 679 | (271 | ) | — | 408 | |||||||||||||||
Total expenses | 8,352 | 60,485 | 283,125 | (6,575 | ) | 345,387 | |||||||||||||||
Earnings from equity method investments | 15,497 | 24,667 | 10,787 | (43,468 | ) | 7,483 | |||||||||||||||
Operating income | 7,145 | 28,979 | 27,188 | (43,468 | ) | 19,844 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 4,029 | 1,314 | 5,136 | (1,399 | ) | 9,080 | |||||||||||||||
Foreign currency transaction gain | — | — | (457 | ) | — | (457 | ) | ||||||||||||||
Other expense (income), net | 3,383 | 1 | (112 | ) | 1,399 | 4,671 | |||||||||||||||
Total other expenses, net | 7,412 | 1,315 | 4,567 | — | 13,294 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | (267 | ) | 27,664 | 22,621 | (43,468 | ) | 6,550 | ||||||||||||||
Income tax expense (benefit) | 4,960 | — | (1,547 | ) | — | 3,413 | |||||||||||||||
Income (loss) from continuing operations | (5,227 | ) | 27,664 | 24,168 | (43,468 | ) | 3,137 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Net income (loss) | (5,227 | ) | 27,664 | 24,166 | (43,468 | ) | 3,135 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | ||||||||||||||||
Net income (loss) attributable to SemGroup | $ | (5,227 | ) | $ | 27,664 | $ | 19,112 | $ | (43,468 | ) | $ | (1,919 | ) | ||||||||
Net income (loss) | $ | (5,227 | ) | $ | 27,664 | $ | 24,166 | $ | (43,468 | ) | $ | 3,135 | |||||||||
Other comprehensive income (loss), net of income taxes | (2,162 | ) | — | 8,267 | — | 6,105 | |||||||||||||||
Comprehensive income (loss) | (7,389 | ) | 27,664 | 32,433 | (43,468 | ) | 9,240 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | ||||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (7,389 | ) | $ | 27,664 | $ | 27,379 | $ | (43,468 | ) | $ | 4,186 | |||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 263,779 | $ | 1,091,050 | $ | (29,377 | ) | $ | 1,325,452 | ||||||||||
Service | — | 28,358 | 138,818 | — | 167,176 | ||||||||||||||||
Other | — | — | 82,714 | — | 82,714 | ||||||||||||||||
Total revenues | — | 292,137 | 1,312,582 | (29,377 | ) | 1,575,342 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 212,769 | 1,028,311 | (29,377 | ) | 1,211,703 | |||||||||||||||
Operating | — | 25,228 | 154,351 | — | 179,579 | ||||||||||||||||
General and administrative | 17,380 | 7,705 | 38,797 | — | 63,882 | ||||||||||||||||
Depreciation and amortization | 1,282 | 21,757 | 47,860 | — | 70,899 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,698 | (40,010 | ) | — | 20,633 | |||||||||||||||
Total expenses | 24,607 | 322,157 | 1,229,309 | (29,377 | ) | 1,546,696 | |||||||||||||||
Earnings from equity method investments | 47,097 | 90,448 | 31,902 | (121,075 | ) | 48,372 | |||||||||||||||
Gain on issuance of common units by equity method investee | 26,899 | — | — | — | 26,899 | ||||||||||||||||
Operating income | 49,389 | 60,428 | 115,175 | (121,075 | ) | 103,917 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 7,241 | 13,779 | 15,854 | (2,480 | ) | 34,394 | |||||||||||||||
Foreign currency transaction gain | — | — | (388 | ) | — | (388 | ) | ||||||||||||||
Other income, net | (5,729 | ) | — | (139 | ) | 2,480 | (3,388 | ) | |||||||||||||
Total other expenses, net | 1,512 | 13,779 | 15,327 | — | 30,618 | ||||||||||||||||
Income from continuing operations before income taxes | 47,877 | 46,649 | 99,848 | (121,075 | ) | 73,299 | |||||||||||||||
Income tax expense | 26,711 | — | 7,233 | — | 33,944 | ||||||||||||||||
Income from continuing operations | 21,166 | 46,649 | 92,615 | (121,075 | ) | 39,355 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | ||||||||||||||
Net income | 21,166 | 46,649 | 92,610 | (121,075 | ) | 39,350 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 18,184 | — | 18,184 | ||||||||||||||||
Net income attributable to SemGroup | $ | 21,166 | $ | 46,649 | $ | 74,426 | $ | (121,075 | ) | $ | 21,166 | ||||||||||
Net income | $ | 21,166 | $ | 46,649 | $ | 92,610 | $ | (121,075 | ) | $ | 39,350 | ||||||||||
Other comprehensive income (loss), net of income taxes | 951 | — | (7,569 | ) | — | (6,618 | ) | ||||||||||||||
Comprehensive income | 22,117 | 46,649 | 85,041 | (121,075 | ) | 32,732 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 18,184 | — | 18,184 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 22,117 | $ | 46,649 | $ | 66,857 | $ | (121,075 | ) | $ | 14,548 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 146,880 | $ | 634,117 | $ | (15,663 | ) | $ | 765,334 | ||||||||||
Service | — | 1,646 | 94,091 | — | 95,737 | ||||||||||||||||
Other | — | — | 108,617 | — | 108,617 | ||||||||||||||||
Total revenues | — | 148,526 | 836,825 | (15,663 | ) | 969,688 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 108,814 | 587,481 | (15,663 | ) | 680,632 | |||||||||||||||
Operating | — | 13,041 | 149,772 | — | 162,813 | ||||||||||||||||
General and administrative | 15,983 | 6,347 | 32,557 | — | 54,887 | ||||||||||||||||
Depreciation and amortization | 1,504 | 8,898 | 31,161 | — | 41,563 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 682 | (812 | ) | — | (130 | ) | ||||||||||||||
Total expenses | 17,487 | 137,782 | 800,159 | (15,663 | ) | 939,765 | |||||||||||||||
Earnings from equity method investments | 52,432 | 63,011 | 31,886 | (107,640 | ) | 39,689 | |||||||||||||||
Operating income | 34,945 | 73,755 | 68,552 | (107,640 | ) | 69,612 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 1,112 | 3,141 | 15,845 | (4,127 | ) | 15,971 | |||||||||||||||
Foreign currency transaction gain | — | — | (973 | ) | — | (973 | ) | ||||||||||||||
Other expense (income), net | 32,826 | 159 | (341 | ) | 4,127 | 36,771 | |||||||||||||||
Total other expenses, net | 33,938 | 3,300 | 14,531 | — | 51,769 | ||||||||||||||||
Income from continuing operations before income taxes | 1,007 | 70,455 | 54,021 | (107,640 | ) | 17,843 | |||||||||||||||
Income tax (benefit) | (40,469 | ) | — | (836 | ) | — | (41,305 | ) | |||||||||||||
Income from continuing operations | 41,476 | 70,455 | 54,857 | (107,640 | ) | 59,148 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 66 | (1 | ) | — | 65 | |||||||||||||||
Net income | 41,476 | 70,521 | 54,856 | (107,640 | ) | 59,213 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | ||||||||||||||||
Net income attributable to SemGroup | $ | 41,476 | $ | 70,521 | $ | 40,427 | $ | (107,640 | ) | $ | 44,784 | ||||||||||
Net income | $ | 41,476 | $ | 70,521 | $ | 54,856 | $ | (107,640 | ) | $ | 59,213 | ||||||||||
Other comprehensive income (loss), net of income taxes | 190 | — | (4,497 | ) | — | (4,307 | ) | ||||||||||||||
Comprehensive income | 41,666 | 70,521 | 50,359 | (107,640 | ) | 54,906 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 41,666 | $ | 70,521 | $ | 35,930 | $ | (107,640 | ) | $ | 40,477 | ||||||||||
Condensed Consolidating Guarantor Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 21,740 | $ | 45,890 | $ | 59,549 | $ | (21,279 | ) | $ | 105,900 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,302 | ) | (127,861 | ) | (65,064 | ) | — | (194,227 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 2,368 | 1,715 | — | 4,083 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | |||||||||||||||
Contributions to equity method investments | — | (16,203 | ) | (54,527 | ) | — | (70,730 | ) | |||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 59,744 | — | — | — | 59,744 | ||||||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,051 | 1,145 | 5,420 | (1,051 | ) | 6,565 | |||||||||||||||
Net cash provided by (used in) investing activities | 173,905 | (141,065 | ) | (156,450 | ) | (115,463 | ) | (239,073 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (8,577 | ) | — | (8,670 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 286,500 | — | 787,744 | — | 1,074,244 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (336,500 | ) | — | (559,761 | ) | — | (896,261 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (20,571 | ) | — | (20,571 | ) | ||||||||||||||
Proceeds from warrant exercises | 86 | — | — | — | 86 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | ||||||||||||||
Dividends paid | (31,149 | ) | — | — | — | (31,149 | ) | ||||||||||||||
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 | (112,609 | ) | 95,175 | (117,408 | ) | 134,842 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (192,494 | ) | 95,175 | 81,427 | 134,842 | 118,950 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,921 | — | 1,921 | ||||||||||||||||
Change in cash and cash equivalents | 3,151 | — | (13,553 | ) | (1,900 | ) | (12,302 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,696 | $ | — | $ | 64,811 | $ | (3,458 | ) | $ | 67,049 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 19,717 | $ | 16,424 | $ | 74,197 | $ | (13,819 | ) | $ | 96,519 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (622 | ) | (65,845 | ) | (65,183 | ) | — | (131,650 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 3 | 1,045 | — | 1,048 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | |||||||||||||||
Contributions to equity method investments | (18,775 | ) | (28,031 | ) | (96,657 | ) | — | (143,463 | ) | ||||||||||||
Payments to acquire businesses | — | (306,232 | ) | (49,969 | ) | — | (356,201 | ) | |||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,541 | — | 7,550 | — | 13,091 | ||||||||||||||||
Net cash provided by (used in) investing activities | 175,644 | (400,105 | ) | (203,214 | ) | (189,500 | ) | (617,175 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (9,037 | ) | — | (2,828 | ) | — | (11,865 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 575,000 | — | 353,474 | — | 928,474 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (321,500 | ) | — | (272,903 | ) | — | (594,403 | ) | |||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | (11,458 | ) | — | (11,458 | ) | ||||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | ||||||||||||||
Dividends paid | (16,387 | ) | — | — | — | (16,387 | ) | ||||||||||||||
Intercompany borrowing (advances), net | (432,703 | ) | 383,681 | (154,107 | ) | 203,129 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (204,773 | ) | 383,681 | 122,404 | 203,129 | 504,441 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 904 | — | 904 | ||||||||||||||||
Change in cash and cash equivalents | (9,412 | ) | — | (5,709 | ) | (190 | ) | (15,311 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 | ||||||||||
Acquisition
Acquisition | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Acquisitions [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
ACQUISITIONS | ||||
During the nine months ended September 30, 2014, we completed the following acquisitions: | ||||
• | On June 24, 2014, our consolidated subsidiary, Rose Rock, acquired crude oil trucking assets from a subsidiary of Chesapeake Energy Corporation ("Chesapeake") (NYSE: CHK) for $44.0 million in cash. Highlights of the transaction include: | |||
◦ | 124 trucks, 122 trailers and miscellaneous equipment; and | |||
◦ | a long-term transportation agreement with Chesapeake Energy Marketing, Inc. | |||
The results of operations of these assets from June 24, 2014 through September 30, 2014 have been included in our Crude segment in our condensed consolidated statements of operations and comprehensive income and balance sheet as of September 30, 2014. During the three months and nine months ended September 30, 2014, our condensed consolidated statements of operations and comprehensive income did not include material amounts of revenue or operating income related to these assets. The proforma impact to comparative prior year periods, had the acquisition occurred at the beginning of the comparative prior year period, is not significant. | ||||
We obtained a preliminary independent appraisal of the fair value of the assets acquired from Chesapeake. The estimates of fair value reflected as of September 30, 2014, are subject to change and such changes could be material. We currently expect to complete the valuation process prior to filing our Form 10-K for the year ending December 31, 2014. | ||||
We have recorded the fair value of the assets acquired as follows (in thousands): | ||||
Property, plant and equipment | $ | 19,092 | ||
Customer contract intangible | 17,010 | |||
Goodwill | 7,892 | |||
Total assets acquired | $ | 43,994 | ||
The above valuation based on the preliminary independent appraisal resulted in adjustments to previously reported estimates. Our preliminary estimate of the value of the acquired property, plant and equipment was reduced by $2.6 million and our estimate of the value of the intangible asset was increased by $12.6 million which resulted in a decrease in the value of the associated goodwill of $10.0 million. | ||||
Goodwill represents the excess of the estimated consideration paid for the acquired business over the fair value of the individual assets acquired. Goodwill primarily represents the value of synergies between the acquired entity and the Company, the opportunity to use the acquired business as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||
Changes to our goodwill during the nine months ended September 30, 2014 are as follows (in thousands): | ||||
Balance at December 31, 2013 | $ | 62,021 | ||
Acquisition | 7,892 | |||
Mid-America Midstream Gas Services, LLC purchase price allocation adjustment | (10,787 | ) | ||
Barcas Field Services, LLC purchase price allocation adjustment | (98 | ) | ||
Currency translation adjustments | (191 | ) | ||
Balance at September 30, 2014 | $ | 58,837 | ||
During the year ended December 31, 2013, we completed the following acquisitions: | ||||
• | On August 1, 2013, we acquired the equity interest of Mid-America Midstream Gas Services, L.L.C., a wholly owned subsidiary of Chesapeake, which is the owner of gas gathering and processing assets in the Mississippi Lime play for approximately $313.5 million in cash. In June 2014, the independent appraisal of the fair value of these assets was finalized. Based on this appraisal, we recorded a non-cash adjustment to the purchase price allocation which decreased goodwill and customer contract intangible by $10.8 million and $2.3 million, respectively, with a corresponding increase to property, plant and equipment. In addition, we recorded $0.5 million of incremental payments for property, plant and equipment, which related to the period prior to close of the transaction. | |||
• | On September 1, 2013, our consolidated subsidiary, Rose Rock, acquired the assets of Barcas Field Services, LLC, which owned and operated a crude oil trucking fleet, for $49.0 million in cash. During the three months ended March 31, 2014, we recorded a non-cash adjustment to the purchase price allocation which decreased goodwill and other intangible assets and increased property, plant and equipment by $0.1 million. | |||
• | On August 6, 2013, we completed the acquisition of approximately 5.36% of the general partner of NGL Energy, which increased our ownership of NGL Energy's general partner to 11.78%. |
Disposal_of_longlived_assets
Disposal of long-lived assets | 9 Months Ended |
Sep. 30, 2014 | |
Disposal of long-lived assets [Line Items] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
DISPOSAL OF LONG-LIVED ASSETS | |
On June 1, 2014, our SemGas segment sold certain natural gas gathering assets in Eastern Oklahoma resulting in a $20.1 million loss on a cash sales price of $2.4 million. The assets sold were made up of property, plant and equipment with a net book value of $22.5 million. The loss on the sale was reported in loss (gain) on disposal of long-lived assets, net in the condensed consolidated statement of operations and comprehensive income. The operations of the gas gathering assets were not material to SemGroup. |
Overview_Policies
Overview (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Overview [Abstract] | ' | |
Basis of presentation | ' | |
Basis of presentation | ||
The accompanying condensed consolidated balance sheet at December 31, 2013, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. | ||
Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2014, are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. | ||
Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013, which are included in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC. | ||
Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Recent accounting pronouncements | ' | |
Recent accounting pronouncements | ||
In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment Upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or of an Investment in a Foreign Entity - a consensus of the FASB Emerging Issues Task Force," which indicates that the entire amount of a cumulative translation adjustment ("CTA") related to an entity's investment in a foreign entity should be released when there has been a: | ||
• | sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity; | |
• | loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated); or | |
• | step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). | |
The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2013, and interim periods within those years. The Company adopted this guidance in the first quarter of 2014. The impact was not material. | ||
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which requires an unrecognized tax benefit to be classified as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain circumstances. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2013, and interim periods within those years. The Company adopted this guidance in the first quarter of 2014. The impact was not material. | ||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company will adopt this guidance in the first quarter of 2015. The impact is not expected to be material. | ||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | ||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Financial_Instruments_Policies
Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Financial Instruments And Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. The valuation of our common stock warrants (Note 10) which are traded on the New York Stock Exchange are also classified as Level 1. | |
"Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. | |
"Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. | |
Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2014, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. |
Rose_Rock_Midstream_LP_Tables
Rose Rock Midstream, L.P. (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||||||||||||||||||||
Distributions Paid and Declared | ' | ||||||||||||||||||||||
The following table shows the cash distributions paid or declared during 2014 and 2013 (in thousands, except for per unit amounts): | |||||||||||||||||||||||
Distribution | Distributions Paid/To Be Paid | ||||||||||||||||||||||
Quarter Ended | Per Unit | SemGroup | Noncontrolling | Total | |||||||||||||||||||
Interest | Distributions | ||||||||||||||||||||||
General | Incentive | Common | Subordinated | Common Units | |||||||||||||||||||
Partner | Distributions | Units | Units | ||||||||||||||||||||
December 31, 2012 | $ | 0.4025 | $ | 167 | $ | — | $ | 1,163 | $ | 3,377 | $ | 3,624 | $ | 8,331 | |||||||||
March 31, 2013 | $ | 0.43 | $ | 179 | $ | 41 | $ | 1,242 | $ | 3,607 | $ | 3,872 | $ | 8,941 | |||||||||
June 30, 2013 | $ | 0.44 | $ | 183 | $ | 72 | $ | 1,271 | $ | 3,692 | $ | 3,962 | $ | 9,180 | |||||||||
September 30, 2013 | $ | 0.45 | $ | 232 | $ | 127 | $ | 1,301 | $ | 3,775 | $ | 6,189 | $ | 11,624 | |||||||||
31-Dec-13 | $ | 0.465 | $ | 257 | $ | 244 | $ | 2,041 | $ | 3,901 | $ | 6,398 | $ | 12,841 | |||||||||
31-Mar-14 | $ | 0.495 | $ | 278 | $ | 488 | $ | 2,173 | $ | 4,153 | $ | 6,811 | $ | 13,903 | |||||||||
30-Jun-14 | $ | 0.535 | $ | 334 | $ | 888 | $ | 3,646 | $ | 4,488 | $ | 7,362 | $ | 16,718 | |||||||||
30-Sep-14 | $ | 0.575 | * | $ | 377 | $ | 1,835 | $ | 3,918 | $ | 4,824 | $ | 7,912 | $ | 18,866 | ||||||||
*Expected distributions related to the quarter ended September 30, 2014, which will be paid on November 14, 2014 to unitholders of record as of November 4, 2014. | |||||||||||||||||||||||
Summarized Balance Sheet Information | ' | ||||||||||||||||||||||
Certain summarized balance sheet information of Rose Rock is shown below (in thousands): | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Cash | $ | 8,582 | $ | 15,459 | |||||||||||||||||||
Other current assets | 381,072 | 306,128 | |||||||||||||||||||||
Property, plant and equipment, net | 332,902 | 311,616 | |||||||||||||||||||||
Equity method investment | 273,201 | 224,095 | |||||||||||||||||||||
Goodwill | 36,116 | 28,322 | |||||||||||||||||||||
Other noncurrent assets, net | 33,438 | 11,627 | |||||||||||||||||||||
Total assets | $ | 1,065,311 | $ | 897,247 | |||||||||||||||||||
Current liabilities | $ | 338,923 | $ | 293,031 | |||||||||||||||||||
Long-term debt | 473,058 | 245,088 | |||||||||||||||||||||
Partners’ capital attributable to SemGroup | 180,319 | 120,610 | |||||||||||||||||||||
Partners’ capital attributable to noncontrolling interests | 73,011 | 159,961 | |||||||||||||||||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | — | 78,557 | |||||||||||||||||||||
Total liabilities and equity | $ | 1,065,311 | $ | 897,247 | |||||||||||||||||||
Summarized Income Statement Information | ' | ||||||||||||||||||||||
Certain summarized income statement information of Rose Rock for the three months and nine months ended September 30, 2014 and 2013 is shown below (in thousands): | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Revenue | $ | 374,945 | $ | 181,831 | $ | 956,300 | $ | 514,485 | |||||||||||||||
Cost of products sold | $ | 333,646 | $ | 157,550 | $ | 843,928 | $ | 446,507 | |||||||||||||||
Operating, general and administrative expenses | $ | 25,903 | $ | 12,394 | $ | 67,412 | $ | 30,434 | |||||||||||||||
Depreciation and amortization expense | $ | 7,418 | $ | 4,130 | $ | 24,219 | $ | 11,327 | |||||||||||||||
Earnings from equity method investment | $ | 16,289 | $ | 3,527 | $ | 39,660 | $ | 10,431 | |||||||||||||||
Net income | $ | 16,493 | $ | 9,411 | $ | 47,782 | $ | 30,539 | |||||||||||||||
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $ | — | $ | — | $ | 7,758 | $ | — | |||||||||||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 16,493 | $ | 9,411 | $ | 40,024 | $ | 30,539 | |||||||||||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Schedule of equity method investments [Table Text Block] | ' | |||||||||||||||
Our equity method investments consist of the following (in thousands): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
White Cliffs | $ | 273,201 | $ | 224,095 | ||||||||||||
NGL Energy Partners LP | 189,366 | 208,848 | ||||||||||||||
Glass Mountain Pipeline, LLC | 147,240 | 132,181 | ||||||||||||||
Total equity method investments | $ | 609,807 | $ | 565,124 | ||||||||||||
Earnings from equity method investments [Table Text Block] | ' | |||||||||||||||
Our earnings from equity method investments consist of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
White Cliffs | $ | 16,289 | $ | 10,786 | $ | 39,660 | $ | 31,886 | ||||||||
NGL Energy Partners LP* | (4,482 | ) | (3,288 | ) | 4,077 | 7,828 | ||||||||||
Glass Mountain Pipeline, LLC | 2,416 | (15 | ) | 4,635 | (25 | ) | ||||||||||
Total earnings from equity method investments | $ | 14,223 | $ | 7,483 | $ | 48,372 | $ | 39,689 | ||||||||
* Excluding gain on issuance of common units of $18.8 million and $26.9 million for the three months and nine months ended September 30, 2014, respectively. | ||||||||||||||||
Cash distributions received from equity method investments [Table Text Block] | ' | |||||||||||||||
Cash distributions received from equity method investments consist of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
White Cliffs | $ | 17,029 | $ | 12,755 | $ | 45,081 | $ | 39,436 | ||||||||
NGL Energy Partners LP | 6,450 | 4,671 | 17,462 | 13,369 | ||||||||||||
Glass Mountain Pipeline, LLC | 2,842 | — | 5,779 | — | ||||||||||||
Total cash distributions received from equity method investments | $ | 26,321 | $ | 17,426 | $ | 68,322 | $ | 52,805 | ||||||||
White Cliffs Pipeline, L.L.C. [Member] | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Schedule of equity method investments [Table Text Block] | ' | |||||||||||||||
Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2014 and 2013 is shown below (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 42,211 | $ | 31,453 | $ | 110,018 | $ | 92,238 | ||||||||
Operating, general and administrative expenses | $ | 4,055 | $ | 5,141 | $ | 16,362 | $ | 14,433 | ||||||||
Depreciation and amortization expense | $ | 5,807 | $ | 4,720 | $ | 14,737 | $ | 14,150 | ||||||||
Net income | $ | 32,349 | $ | 21,579 | $ | 78,919 | $ | 63,642 | ||||||||
NGL Energy Partners LP [Member] | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Schedule of equity method investments [Table Text Block] | ' | |||||||||||||||
Certain unaudited summarized income statement information of NGL Energy for the three months and nine months ended June 30, 2014 and 2013 is shown below (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 3,648,614 | $ | 1,385,957 | $ | 10,367,994 | $ | 4,341,778 | ||||||||
Cost of sales | $ | 3,534,053 | $ | 1,303,076 | $ | 9,874,826 | $ | 3,989,511 | ||||||||
Operating, general and administrative expenses | $ | 95,741 | $ | 67,499 | $ | 297,417 | $ | 206,824 | ||||||||
Depreciation and amortization expense | $ | 39,375 | $ | 22,724 | $ | 112,344 | $ | 68,989 | ||||||||
Net income (loss) | $ | (39,910 | ) | $ | (17,508 | ) | $ | 27,288 | $ | 45,310 | ||||||
Glass Mountain Pipeline LLC [Member] | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Schedule of equity method investments [Table Text Block] | ' | |||||||||||||||
Certain unaudited summarized income statement information of GMP for the three months and nine months ended September 30, 2014 is shown below (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | |||||||||||||||
Revenue | $ | 8,708 | $ | 21,452 | ||||||||||||
Operating, general and administrative expenses | $ | 23 | $ | 2,031 | ||||||||||||
Depreciation and amortization expense | $ | 3,745 | $ | 9,863 | ||||||||||||
Net income | $ | 4,939 | $ | 9,554 | ||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 376,856 | $ | — | $ | 53,800 | $ | 87,103 | $ | 1,299 | $ | 75,177 | $ | — | $ | 594,235 | ||||||||||||||||
Intersegment | — | — | — | 9,726 | — | — | (9,726 | ) | — | |||||||||||||||||||||||
Total revenues | 376,856 | — | 53,800 | 96,829 | 1,299 | 75,177 | (9,726 | ) | 594,235 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 333,646 | — | 97 | 68,722 | — | 65,324 | (9,726 | ) | 458,063 | |||||||||||||||||||||||
Operating | 22,057 | — | 33,537 | 8,965 | 2,148 | 2,670 | — | 69,377 | ||||||||||||||||||||||||
General and administrative | 4,696 | 30 | 3,836 | 2,312 | 1,595 | 2,928 | 7,899 | 23,296 | ||||||||||||||||||||||||
Depreciation and amortization | 8,395 | — | 5,113 | 7,064 | 2,543 | 1,655 | 430 | 25,200 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 291 | — | (35 | ) | (12 | ) | 1,139 | (7 | ) | — | 1,376 | |||||||||||||||||||||
Total expenses | 369,085 | 30 | 42,548 | 87,051 | 7,425 | 72,570 | (1,397 | ) | 577,312 | |||||||||||||||||||||||
Earnings (losses) from equity method investments | 18,705 | (4,482 | ) | — | — | — | — | — | 14,223 | |||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 18,772 | — | — | — | — | — | 18,772 | ||||||||||||||||||||||||
Operating income (loss) | 26,476 | 14,260 | 11,252 | 9,778 | (6,126 | ) | 2,607 | (8,329 | ) | 49,918 | ||||||||||||||||||||||
Other expenses (income), net | 10,526 | (28,041 | ) | 3,920 | 2,330 | 969 | 31 | 3,897 | (6,368 | ) | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 15,950 | $ | 42,301 | $ | 7,332 | $ | 7,448 | $ | (7,095 | ) | $ | 2,576 | $ | (12,226 | ) | $ | 56,286 | ||||||||||||||
Total assets at September 30, 2014 (excluding intersegment receivables) | $ | 1,273,444 | $ | 189,366 | $ | 314,427 | $ | 625,824 | $ | 159,066 | $ | 108,457 | $ | 64,561 | $ | 2,735,145 | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 181,831 | $ | — | $ | 48,979 | $ | 59,220 | $ | 2,169 | $ | 65,549 | $ | — | $ | 357,748 | ||||||||||||||||
Intersegment | — | — | — | 6,575 | — | — | (6,575 | ) | — | |||||||||||||||||||||||
Total revenues | 181,831 | — | 48,979 | 65,795 | 2,169 | 65,549 | (6,575 | ) | 357,748 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 157,550 | — | 106 | 48,403 | — | 56,070 | (6,575 | ) | 255,554 | |||||||||||||||||||||||
Operating | 9,098 | — | 33,980 | 5,436 | 1,616 | 2,230 | — | 52,360 | ||||||||||||||||||||||||
General and administrative | 3,360 | 114 | 3,446 | 1,923 | 1,679 | 2,510 | 7,920 | 20,952 | ||||||||||||||||||||||||
Depreciation and amortization | 4,130 | — | 2,631 | 4,992 | 2,334 | 1,529 | 497 | 16,113 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | — | — | 679 | — | (271 | ) | — | 408 | |||||||||||||||||||||||
Total expenses | 174,138 | 114 | 40,163 | 61,433 | 5,629 | 62,068 | 1,842 | 345,387 | ||||||||||||||||||||||||
Earnings (losses) from equity method investments | 10,771 | (3,288 | ) | — | — | — | — | — | 7,483 | |||||||||||||||||||||||
Operating income (loss) | 18,464 | (3,402 | ) | 8,816 | 4,362 | (3,460 | ) | 3,481 | (8,417 | ) | 19,844 | |||||||||||||||||||||
Other expenses (income), net | 3,634 | (1,238 | ) | 4,720 | 880 | (217 | ) | (21 | ) | 5,536 | 13,294 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 14,830 | $ | (2,164 | ) | $ | 4,096 | $ | 3,482 | $ | (3,243 | ) | $ | 3,502 | $ | (13,953 | ) | $ | 6,550 | |||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 961,526 | $ | — | $ | 133,037 | $ | 260,951 | $ | 10,070 | $ | 209,758 | $ | — | $ | 1,575,342 | ||||||||||||||||
Intersegment | — | — | — | 29,410 | — | — | (29,410 | ) | — | |||||||||||||||||||||||
Total revenues | 961,526 | — | 133,037 | 290,361 | 10,070 | 209,758 | (29,410 | ) | 1,575,342 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 843,928 | — | 235 | 215,535 | 615 | 180,800 | (29,410 | ) | 1,211,703 | |||||||||||||||||||||||
Operating | 54,885 | — | 86,039 | 24,421 | 6,168 | 8,066 | — | 179,579 | ||||||||||||||||||||||||
General and administrative | 15,076 | 91 | 11,390 | 6,524 | 4,546 | 8,791 | 17,464 | 63,882 | ||||||||||||||||||||||||
Depreciation and amortization | 27,153 | — | 11,021 | 19,312 | 7,593 | 4,538 | 1,282 | 70,899 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 230 | — | (950 | ) | 20,092 | (2,495 | ) | (35 | ) | 3,791 | 20,633 | |||||||||||||||||||||
Total expenses | 941,272 | 91 | 107,735 | 285,884 | 16,427 | 202,160 | (6,873 | ) | 1,546,696 | |||||||||||||||||||||||
Earnings from equity method investments | 44,295 | 4,077 | — | — | — | — | — | 48,372 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 26,899 | — | — | — | — | — | 26,899 | ||||||||||||||||||||||||
Operating income (loss) | 64,549 | 30,885 | 25,302 | 4,477 | (6,357 | ) | 7,598 | (22,537 | ) | 103,917 | ||||||||||||||||||||||
Other expenses (income), net | 20,367 | (30,582 | ) | 11,825 | 6,032 | 1,303 | (70 | ) | 21,743 | 30,618 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 44,182 | $ | 61,467 | $ | 13,477 | $ | (1,555 | ) | $ | (7,660 | ) | $ | 7,668 | $ | (44,280 | ) | $ | 73,299 | |||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 514,485 | $ | — | $ | 151,219 | $ | 135,782 | $ | 7,827 | $ | 160,375 | $ | — | $ | 969,688 | ||||||||||||||||
Intersegment | — | — | — | 15,678 | — | — | (15,678 | ) | — | |||||||||||||||||||||||
Total revenues | 514,485 | — | 151,219 | 151,460 | 7,827 | 160,375 | (15,678 | ) | 969,688 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 446,507 | — | 290 | 111,141 | — | 138,372 | (15,678 | ) | 680,632 | |||||||||||||||||||||||
Operating | 20,527 | 1 | 116,372 | 13,869 | 5,303 | 6,741 | — | 162,813 | ||||||||||||||||||||||||
General and administrative | 10,778 | 430 | 10,933 | 5,112 | 4,285 | 7,175 | 16,174 | 54,887 | ||||||||||||||||||||||||
Depreciation and amortization | 11,327 | — | 7,925 | 9,353 | 6,987 | 4,467 | 1,504 | 41,563 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (25 | ) | 6 | — | 673 | — | (784 | ) | — | (130 | ) | |||||||||||||||||||||
Total expenses | 489,114 | 437 | 135,520 | 140,148 | 16,575 | 155,971 | 2,000 | 939,765 | ||||||||||||||||||||||||
Earnings from equity method investments | 31,861 | 7,828 | — | — | — | — | — | 39,689 | ||||||||||||||||||||||||
Operating income (loss) | 57,232 | 7,391 | 15,699 | 11,312 | (8,748 | ) | 4,404 | (17,678 | ) | 69,612 | ||||||||||||||||||||||
Other expenses (income), net | 10,925 | (3,399 | ) | 14,179 | 2,149 | 896 | (339 | ) | 27,358 | 51,769 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 46,307 | $ | 10,790 | $ | 1,520 | $ | 9,163 | $ | (9,644 | ) | $ | 4,743 | $ | (45,036 | ) | $ | 17,843 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Crude oil | $ | 48,987 | $ | 30,779 | ||||
Asphalt and other | 13,796 | 13,516 | ||||||
Total inventories | $ | 62,783 | $ | 44,295 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Financial Instruments And Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | |||||||||||||||||||||||
The tables below summarize the balances of commodity derivative assets and liabilities at September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||
Assets | $ | 621 | $ | (24 | ) | $ | 597 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Liabilities | $ | 24 | $ | (24 | ) | $ | — | $ | 96 | $ | (36 | ) | $ | 60 | ||||||||||
*Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. | ||||||||||||||||||||||||
Schedule of Notional Quantities for Commodity Derivative Instruments | ' | |||||||||||||||||||||||
The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Sales | 1,525 | 695 | 3,475 | 2,025 | ||||||||||||||||||||
Purchases | 1,313 | 805 | 3,128 | 2,095 | ||||||||||||||||||||
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ' | |||||||||||||||||||||||
Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Commodity contracts | $ | 4,047 | $ | (1,652 | ) | $ | 1,298 | $ | (2,430 | ) | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||
We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Commodity contracts | $ | 597 | $ | — | $ | — | $ | 60 | ||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Instrument [Line Items] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Our long-term debt consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | ||||
SemGroup corporate revolving credit facility | 20,000 | 70,000 | ||||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | ||||||
Rose Rock revolving credit facility | 73,000 | 245,000 | ||||||
SemMexico revolving credit facility | — | — | ||||||
Capital leases | 98 | 125 | ||||||
Total long-term debt | $ | 793,098 | $ | 615,125 | ||||
less: current portion of long-term debt | 40 | 37 | ||||||
Noncurrent portion of long-term debt | $ | 793,058 | $ | 615,088 | ||||
Debt Instrument, Redemption [Line Items] | ' | |||||||
Early Redemption Premium Percentages [Table Text Block] | ' | |||||||
From and after July 15, 2017, Rose Rock may redeem the Rose Rock Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 of each of the years indicated below: | ||||||||
Year | Percentage | |||||||
2017 | 104.22% | |||||||
2018 | 102.81% | |||||||
2019 | 101.41% | |||||||
2020 and thereafter | 100.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Summary Of Purchase And Sale Commitments | ' | ||||||
We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2014, such commitments included the following (in thousands): | |||||||
Volume | Value | ||||||
(Barrels) | |||||||
Fixed price purchases | 270 | $ | 23,754 | ||||
Fixed price sales | 266 | $ | 25,699 | ||||
Floating price purchases | 23,225 | $ | 2,024,134 | ||||
Floating price sales | 29,590 | $ | 2,316,144 | ||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||
Changes In Condensed Consolidated Owners' Equity | ' | |||||||||||||||||||||||||||
The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2013 to September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Common | Additional | Treasury | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||||
Stock | Paid-in | Stock | Deficit | Other | Interests | Owners’ | ||||||||||||||||||||||
Capital | Comprehensive | Equity | ||||||||||||||||||||||||||
Loss | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 425 | $ | 1,154,516 | $ | (613 | ) | $ | (97,572 | ) | $ | (2,854 | ) | $ | 159,961 | $ | 1,213,863 | |||||||||||
Net income | — | — | — | 21,166 | — | 18,184 | 39,350 | |||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | — | — | — | (6,618 | ) | — | (6,618 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (20,571 | ) | (20,571 | ) | |||||||||||||||||||
Dividends paid | — | (31,149 | ) | — | — | — | — | (31,149 | ) | |||||||||||||||||||
Unvested dividend equivalent rights | — | (118 | ) | — | — | — | (95 | ) | (213 | ) | ||||||||||||||||||
Non-cash equity compensation | — | 5,713 | — | — | — | 705 | 6,418 | |||||||||||||||||||||
Issuance of common stock under compensation plans | 2 | 2,170 | — | — | — | — | 2,172 | |||||||||||||||||||||
Warrants exercised | — | 480 | — | — | — | — | 480 | |||||||||||||||||||||
Repurchase of common stock | — | — | (719 | ) | — | — | — | (719 | ) | |||||||||||||||||||
Transfer of SemCrude Pipeline interest to Rose Rock | — | 53,370 | — | — | — | (85,173 | ) | (31,803 | ) | |||||||||||||||||||
Balance at September 30, 2014 | $ | 427 | $ | 1,184,982 | $ | (1,332 | ) | $ | (76,406 | ) | $ | (9,472 | ) | $ | 73,011 | $ | 1,171,210 | |||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income (loss) from December 31, 2013 to September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Currency | Employee | Total | ||||||||||||||||||||||||||
Translation | Benefit | |||||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (4,508 | ) | $ | 1,654 | $ | (2,854 | ) | ||||||||||||||||||||
Currency translation adjustment, net of income tax benefit of $4,152 | (6,614 | ) | — | (6,614 | ) | |||||||||||||||||||||||
Changes related to benefit plans, net of income tax benefit | — | (4 | ) | (4 | ) | |||||||||||||||||||||||
Balance at September 30, 2014 | $ | (11,122 | ) | $ | 1,650 | $ | (9,472 | ) | ||||||||||||||||||||
Dividends Declared [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: | ||||||||||||||||||||||||||||
Quarter Ending | Dividend Per Share | Date Declared | Date of Record | Date Paid | ||||||||||||||||||||||||
30-Jun-13 | $ | 0.19 | May 8, 2013 | May 20, 2013 | May 30, 2013 | |||||||||||||||||||||||
30-Sep-13 | $ | 0.2 | August 8, 2013 | August 19, 2013 | August 30, 2013 | |||||||||||||||||||||||
31-Dec-13 | $ | 0.21 | November 11, 2013 | November 22, 2013 | December 3, 2013 | |||||||||||||||||||||||
31-Mar-14 | $ | 0.22 | February 25, 2014 | March 10, 2014 | March 20, 2014 | |||||||||||||||||||||||
30-Jun-14 | $ | 0.24 | May 8, 2014 | May 19, 2014 | May 29, 2014 | |||||||||||||||||||||||
30-Sep-14 | $ | 0.27 | August 6, 2014 | August 18, 2014 | August 28, 2014 | |||||||||||||||||||||||
31-Dec-14 | $ | 0.3 | November 6, 2014 | November 17, 2014 | November 28, 2014 | |||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
Basic and diluted earnings per share | ' | |||||||||||||||||||||||
The following summarizes the calculation of basic earnings (loss) per share for the three months and nine months ended September 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 32,196 | $ | — | $ | 32,196 | $ | 3,137 | $ | (2 | ) | $ | 3,135 | |||||||||||
less: Income attributable to noncontrolling interests | 6,934 | — | 6,934 | 5,054 | — | 5,054 | ||||||||||||||||||
Numerator | $ | 25,262 | $ | — | $ | 25,262 | $ | (1,917 | ) | $ | (2 | ) | $ | (1,919 | ) | |||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,308 | 1,308 | 1,128 | 1,128 | 1,128 | ||||||||||||||||||
Denominator | 42,708 | 42,708 | 42,708 | 42,528 | 42,528 | 42,528 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.59 | $ | — | $ | 0.59 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 39,355 | $ | (5 | ) | $ | 39,350 | $ | 59,148 | $ | 65 | $ | 59,213 | |||||||||||
less: Income attributable to noncontrolling interests | 18,184 | — | 18,184 | 14,429 | — | 14,429 | ||||||||||||||||||
Numerator | $ | 21,171 | $ | (5 | ) | $ | 21,166 | $ | 44,719 | $ | 65 | $ | 44,784 | |||||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,274 | 1,274 | 1,274 | 874 | 874 | 874 | ||||||||||||||||||
Denominator | 42,674 | 42,674 | 42,674 | 42,274 | 42,274 | 42,274 | ||||||||||||||||||
Basic earnings (loss) per share | $ | 0.5 | $ | — | $ | 0.5 | $ | 1.06 | $ | — | $ | 1.06 | ||||||||||||
The following summarizes the calculation of diluted earnings (loss) per share for the three months and nine months ended September 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 32,196 | $ | — | $ | 32,196 | $ | 3,137 | $ | (2 | ) | $ | 3,135 | |||||||||||
less: Income attributable to noncontrolling interests | 6,934 | — | 6,934 | 5,054 | — | 5,054 | ||||||||||||||||||
Numerator | $ | 25,262 | $ | — | $ | 25,262 | $ | (1,917 | ) | $ | (2 | ) | $ | (1,919 | ) | |||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,308 | 1,308 | 1,128 | 1,128 | 1,128 | ||||||||||||||||||
Effect of dilutive securities | 305 | 305 | 305 | — | — | — | ||||||||||||||||||
Denominator | 43,013 | 43,013 | 43,013 | 42,528 | 42,528 | 42,528 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.59 | $ | — | $ | 0.59 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Continuing | Discontinued | Net | Continuing | Discontinued | Net | |||||||||||||||||||
Operations | Operations | Operations | Operations | |||||||||||||||||||||
Income (loss) | $ | 39,355 | $ | (5 | ) | $ | 39,350 | $ | 59,148 | $ | 65 | $ | 59,213 | |||||||||||
less: Income attributable to noncontrolling interests | 18,184 | — | 18,184 | 14,429 | — | 14,429 | ||||||||||||||||||
Numerator | $ | 21,171 | $ | (5 | ) | $ | 21,166 | $ | 44,719 | $ | 65 | $ | 44,784 | |||||||||||
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | 41,400 | ||||||||||||||||||
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,274 | 1,274 | 1,274 | 874 | 874 | 874 | ||||||||||||||||||
Effect of dilutive securities | 302 | 302 | 302 | 270 | 270 | 270 | ||||||||||||||||||
Denominator | 42,976 | 42,976 | 42,976 | 42,544 | 42,544 | 42,544 | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.49 | $ | — | $ | 0.49 | $ | 1.05 | $ | — | $ | 1.05 | ||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Changes in Operating Assets and Liabilities | ' | |||||||
The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Decrease (increase) in restricted cash | $ | (2,188 | ) | $ | 451 | |||
Decrease (increase) in accounts receivable | (95,642 | ) | (30,977 | ) | ||||
Decrease (increase) in receivable from affiliates | 29,094 | (6,861 | ) | |||||
Decrease (increase) in inventories | (18,676 | ) | (13,983 | ) | ||||
Decrease (increase) in derivatives and margin deposits | (2,200 | ) | 1,972 | |||||
Decrease (increase) in other current assets | (1,690 | ) | 2,269 | |||||
Decrease (increase) in other assets | (221 | ) | 258 | |||||
Increase (decrease) in accounts payable and accrued liabilities | 81,835 | 50,614 | ||||||
Increase (decrease) in payable to affiliates | (31,781 | ) | 2,102 | |||||
Increase (decrease) in payables to pre-petition creditors | (47 | ) | (416 | ) | ||||
Increase (decrease) in other noncurrent liabilities | 1,585 | (1,349 | ) | |||||
$ | (39,931 | ) | $ | 4,080 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
During the three months and nine months ended September 30, 2014 and 2013, we generated the following transactions with NGL Energy and its subsidiaries (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 103,684 | $ | 188,582 | $ | 384,578 | $ | 550,913 | ||||||||
Purchases | $ | 86,400 | $ | 172,513 | $ | 357,245 | $ | 457,905 | ||||||||
Reimbursements from NGL Energy for transition services | $ | 42 | $ | 60 | $ | 126 | $ | 156 | ||||||||
Condensed_Consolidating_Guaran1
Condensed Consolidating Guarantor Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
Condensed Consolidating Guarantor Balance Sheets | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 5,696 | $ | — | $ | 64,811 | $ | (3,458 | ) | $ | 67,049 | ||||||||||
Restricted cash | 3,856 | — | 3,398 | — | 7,254 | ||||||||||||||||
Accounts receivable, net | 662 | 32,742 | 380,705 | — | 414,109 | ||||||||||||||||
Receivable from affiliates | 1,245 | 5,665 | 35,888 | (4,619 | ) | 38,179 | |||||||||||||||
Inventories | — | 183 | 62,600 | — | 62,783 | ||||||||||||||||
Other current assets | 9,585 | 515 | 9,657 | — | 19,757 | ||||||||||||||||
Total current assets | 21,044 | 39,105 | 557,059 | (8,077 | ) | 609,131 | |||||||||||||||
Property, plant and equipment, net | 4,138 | 471,734 | 763,484 | — | 1,239,356 | ||||||||||||||||
Equity method investments | 1,582,519 | 666,601 | 273,201 | (1,912,514 | ) | 609,807 | |||||||||||||||
Goodwill | — | 13,052 | 45,785 | — | 58,837 | ||||||||||||||||
Other intangible assets, net | 27 | 154,433 | 24,705 | — | 179,165 | ||||||||||||||||
Other noncurrent assets, net | 18,135 | 1,208 | 19,506 | — | 38,849 | ||||||||||||||||
Total assets | $ | 1,625,863 | $ | 1,346,133 | $ | 1,683,740 | $ | (1,920,591 | ) | $ | 2,735,145 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 286 | $ | 28,300 | $ | 307,576 | $ | — | $ | 336,162 | |||||||||||
Payable to affiliates | 14 | 41 | 35,062 | (4,619 | ) | 30,498 | |||||||||||||||
Accrued liabilities | 15,602 | 22,360 | 58,366 | — | 96,328 | ||||||||||||||||
Payables to pre-petition creditors | 3,129 | (1 | ) | 7 | — | 3,135 | |||||||||||||||
Deferred revenue | — | — | 20,959 | — | 20,959 | ||||||||||||||||
Warrant liability | 81,238 | — | — | — | 81,238 | ||||||||||||||||
Other current liabilities | 548 | 708 | 2,244 | — | 3,500 | ||||||||||||||||
Current portion of long-term debt | — | — | 40 | — | 40 | ||||||||||||||||
Total current liabilities | 100,817 | 51,408 | 424,254 | (4,619 | ) | 571,860 | |||||||||||||||
Long-term debt | 320,000 | — | 473,058 | — | 793,058 | ||||||||||||||||
Deferred income taxes | 104,040 | — | 49,473 | — | 153,513 | ||||||||||||||||
Other noncurrent liabilities | 2,807 | — | 42,697 | — | 45,504 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,098,199 | 1,294,725 | 621,247 | (1,915,972 | ) | 1,098,199 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 73,011 | — | 73,011 | ||||||||||||||||
Total owners’ equity | 1,098,199 | 1,294,725 | 694,258 | (1,915,972 | ) | 1,171,210 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,625,863 | $ | 1,346,133 | $ | 1,683,740 | $ | (1,920,591 | ) | $ | 2,735,145 | ||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | ||||||||||
Restricted cash | 3,851 | — | 1,268 | — | 5,119 | ||||||||||||||||
Accounts receivable, net | 649 | 14,642 | 308,674 | — | 323,965 | ||||||||||||||||
Receivable from affiliates | 1,519 | 14,063 | 56,040 | (4,349 | ) | 67,273 | |||||||||||||||
Inventories | — | 1,046 | 43,249 | — | 44,295 | ||||||||||||||||
Other current assets | 8,712 | 193 | 5,106 | — | 14,011 | ||||||||||||||||
Total current assets | 17,276 | 29,944 | 492,701 | (5,907 | ) | 534,014 | |||||||||||||||
Property, plant and equipment, net | 4,114 | 366,067 | 735,547 | — | 1,105,728 | ||||||||||||||||
Equity method investments | 1,511,922 | 461,056 | 159,321 | (1,567,175 | ) | 565,124 | |||||||||||||||
Goodwill | — | 23,839 | 38,182 | — | 62,021 | ||||||||||||||||
Other intangible assets, net | 31 | 163,144 | 11,663 | — | 174,838 | ||||||||||||||||
Other noncurrent assets, net | 15,263 | 1,302 | 12,324 | — | 28,889 | ||||||||||||||||
Total assets | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,172 | $ | 24,234 | $ | 229,061 | $ | — | $ | 254,467 | |||||||||||
Payable to affiliates | 17 | 115 | 67,062 | (4,915 | ) | 62,279 | |||||||||||||||
Accrued liabilities | 10,072 | 17,341 | 56,011 | 5 | 83,429 | ||||||||||||||||
Payables to pre-petition creditors | 3,124 | — | 53 | — | 3,177 | ||||||||||||||||
Deferred revenue | — | — | 25,538 | — | 25,538 | ||||||||||||||||
Warrant liability | 58,134 | — | — | — | 58,134 | ||||||||||||||||
Other current liabilities | 3,741 | 715 | 7,697 | — | 12,153 | ||||||||||||||||
Current portion of long-term debt | — | — | 37 | — | 37 | ||||||||||||||||
Total current liabilities | 76,260 | 42,405 | 385,459 | (4,910 | ) | 499,214 | |||||||||||||||
Long-term debt | 370,000 | — | 245,088 | — | 615,088 | ||||||||||||||||
Deferred income taxes | 48,436 | — | 52,509 | — | 100,945 | ||||||||||||||||
Other noncurrent liabilities | 8 | — | 41,496 | — | 41,504 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,053,902 | 1,002,947 | 565,225 | (1,568,172 | ) | 1,053,902 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 159,961 | — | 159,961 | ||||||||||||||||
Total owners’ equity | 1,053,902 | 1,002,947 | 725,186 | (1,568,172 | ) | 1,213,863 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,548,606 | $ | 1,045,352 | $ | 1,449,738 | $ | (1,573,082 | ) | $ | 2,470,614 | ||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Condensed Consolidating Guarantor Statements of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 83,442 | $ | 421,704 | $ | (9,710 | ) | $ | 495,436 | ||||||||||
Service | — | 14,231 | 50,988 | — | 65,219 | ||||||||||||||||
Other | — | — | 33,580 | — | 33,580 | ||||||||||||||||
Total revenues | — | 97,673 | 506,272 | (9,710 | ) | 594,235 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 67,929 | 399,844 | (9,710 | ) | 458,063 | |||||||||||||||
Operating | — | 9,467 | 59,910 | — | 69,377 | ||||||||||||||||
General and administrative | 7,862 | 2,737 | 12,697 | — | 23,296 | ||||||||||||||||
Depreciation and amortization | 430 | 7,870 | 16,900 | — | 25,200 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | (7 | ) | 1,383 | — | 1,376 | |||||||||||||||
Total expenses | 8,292 | 87,996 | 490,734 | (9,710 | ) | 577,312 | |||||||||||||||
Earnings from equity method investments | 15,778 | 15,866 | 16,289 | (33,710 | ) | 14,223 | |||||||||||||||
Gain on issuance of common units by equity method investee | 18,772 | — | — | — | 18,772 | ||||||||||||||||
Operating income | 26,258 | 25,543 | 31,827 | (33,710 | ) | 49,918 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 1,658 | 5,081 | 8,899 | (831 | ) | 14,807 | |||||||||||||||
Foreign currency transaction loss | — | — | 128 | — | 128 | ||||||||||||||||
Other income, net | (22,030 | ) | — | (104 | ) | 831 | (21,303 | ) | |||||||||||||
Total other expenses (income), net | (20,372 | ) | 5,081 | 8,923 | — | (6,368 | ) | ||||||||||||||
Income from continuing operations before income taxes | 46,630 | 20,462 | 22,904 | (33,710 | ) | 56,286 | |||||||||||||||
Income tax expense | 21,368 | — | 2,722 | — | 24,090 | ||||||||||||||||
Income from continuing operations | 25,262 | 20,462 | 20,182 | (33,710 | ) | 32,196 | |||||||||||||||
Net income | 25,262 | 20,462 | 20,182 | (33,710 | ) | 32,196 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 6,934 | — | 6,934 | ||||||||||||||||
Net income attributable to SemGroup | $ | 25,262 | $ | 20,462 | $ | 13,248 | $ | (33,710 | ) | $ | 25,262 | ||||||||||
Net income | $ | 25,262 | $ | 20,462 | $ | 20,182 | $ | (33,710 | ) | $ | 32,196 | ||||||||||
Other comprehensive income (loss), net of income taxes | 3,377 | — | (13,708 | ) | — | (10,331 | ) | ||||||||||||||
Comprehensive income | 28,639 | 20,462 | 6,474 | (33,710 | ) | 21,865 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 6,934 | — | 6,934 | ||||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | 28,639 | $ | 20,462 | $ | (460 | ) | $ | (33,710 | ) | $ | 14,931 | |||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 63,623 | $ | 231,404 | $ | (6,575 | ) | $ | 288,452 | ||||||||||
Service | — | 1,174 | 35,228 | — | 36,402 | ||||||||||||||||
Other | — | — | 32,894 | — | 32,894 | ||||||||||||||||
Total revenues | — | 64,797 | 299,526 | (6,575 | ) | 357,748 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 47,657 | 214,472 | (6,575 | ) | 255,554 | |||||||||||||||
Operating | — | 5,069 | 47,291 | — | 52,360 | ||||||||||||||||
General and administrative | 7,855 | 2,242 | 10,855 | — | 20,952 | ||||||||||||||||
Depreciation and amortization | 497 | 4,838 | 10,778 | — | 16,113 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 679 | (271 | ) | — | 408 | |||||||||||||||
Total expenses | 8,352 | 60,485 | 283,125 | (6,575 | ) | 345,387 | |||||||||||||||
Earnings from equity method investments | 15,497 | 24,667 | 10,787 | (43,468 | ) | 7,483 | |||||||||||||||
Operating income | 7,145 | 28,979 | 27,188 | (43,468 | ) | 19,844 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 4,029 | 1,314 | 5,136 | (1,399 | ) | 9,080 | |||||||||||||||
Foreign currency transaction gain | — | — | (457 | ) | — | (457 | ) | ||||||||||||||
Other expense (income), net | 3,383 | 1 | (112 | ) | 1,399 | 4,671 | |||||||||||||||
Total other expenses, net | 7,412 | 1,315 | 4,567 | — | 13,294 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | (267 | ) | 27,664 | 22,621 | (43,468 | ) | 6,550 | ||||||||||||||
Income tax expense (benefit) | 4,960 | — | (1,547 | ) | — | 3,413 | |||||||||||||||
Income (loss) from continuing operations | (5,227 | ) | 27,664 | 24,168 | (43,468 | ) | 3,137 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (2 | ) | — | (2 | ) | ||||||||||||||
Net income (loss) | (5,227 | ) | 27,664 | 24,166 | (43,468 | ) | 3,135 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | ||||||||||||||||
Net income (loss) attributable to SemGroup | $ | (5,227 | ) | $ | 27,664 | $ | 19,112 | $ | (43,468 | ) | $ | (1,919 | ) | ||||||||
Net income (loss) | $ | (5,227 | ) | $ | 27,664 | $ | 24,166 | $ | (43,468 | ) | $ | 3,135 | |||||||||
Other comprehensive income (loss), net of income taxes | (2,162 | ) | — | 8,267 | — | 6,105 | |||||||||||||||
Comprehensive income (loss) | (7,389 | ) | 27,664 | 32,433 | (43,468 | ) | 9,240 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 5,054 | — | 5,054 | ||||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (7,389 | ) | $ | 27,664 | $ | 27,379 | $ | (43,468 | ) | $ | 4,186 | |||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 263,779 | $ | 1,091,050 | $ | (29,377 | ) | $ | 1,325,452 | ||||||||||
Service | — | 28,358 | 138,818 | — | 167,176 | ||||||||||||||||
Other | — | — | 82,714 | — | 82,714 | ||||||||||||||||
Total revenues | — | 292,137 | 1,312,582 | (29,377 | ) | 1,575,342 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 212,769 | 1,028,311 | (29,377 | ) | 1,211,703 | |||||||||||||||
Operating | — | 25,228 | 154,351 | — | 179,579 | ||||||||||||||||
General and administrative | 17,380 | 7,705 | 38,797 | — | 63,882 | ||||||||||||||||
Depreciation and amortization | 1,282 | 21,757 | 47,860 | — | 70,899 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | 5,945 | 54,698 | (40,010 | ) | — | 20,633 | |||||||||||||||
Total expenses | 24,607 | 322,157 | 1,229,309 | (29,377 | ) | 1,546,696 | |||||||||||||||
Earnings from equity method investments | 47,097 | 90,448 | 31,902 | (121,075 | ) | 48,372 | |||||||||||||||
Gain on issuance of common units by equity method investee | 26,899 | — | — | — | 26,899 | ||||||||||||||||
Operating income | 49,389 | 60,428 | 115,175 | (121,075 | ) | 103,917 | |||||||||||||||
Other expenses (income), net: | |||||||||||||||||||||
Interest expense | 7,241 | 13,779 | 15,854 | (2,480 | ) | 34,394 | |||||||||||||||
Foreign currency transaction gain | — | — | (388 | ) | — | (388 | ) | ||||||||||||||
Other income, net | (5,729 | ) | — | (139 | ) | 2,480 | (3,388 | ) | |||||||||||||
Total other expenses, net | 1,512 | 13,779 | 15,327 | — | 30,618 | ||||||||||||||||
Income from continuing operations before income taxes | 47,877 | 46,649 | 99,848 | (121,075 | ) | 73,299 | |||||||||||||||
Income tax expense | 26,711 | — | 7,233 | — | 33,944 | ||||||||||||||||
Income from continuing operations | 21,166 | 46,649 | 92,615 | (121,075 | ) | 39,355 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (5 | ) | — | (5 | ) | ||||||||||||||
Net income | 21,166 | 46,649 | 92,610 | (121,075 | ) | 39,350 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 18,184 | — | 18,184 | ||||||||||||||||
Net income attributable to SemGroup | $ | 21,166 | $ | 46,649 | $ | 74,426 | $ | (121,075 | ) | $ | 21,166 | ||||||||||
Net income | $ | 21,166 | $ | 46,649 | $ | 92,610 | $ | (121,075 | ) | $ | 39,350 | ||||||||||
Other comprehensive income (loss), net of income taxes | 951 | — | (7,569 | ) | — | (6,618 | ) | ||||||||||||||
Comprehensive income | 22,117 | 46,649 | 85,041 | (121,075 | ) | 32,732 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 18,184 | — | 18,184 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 22,117 | $ | 46,649 | $ | 66,857 | $ | (121,075 | ) | $ | 14,548 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 146,880 | $ | 634,117 | $ | (15,663 | ) | $ | 765,334 | ||||||||||
Service | — | 1,646 | 94,091 | — | 95,737 | ||||||||||||||||
Other | — | — | 108,617 | — | 108,617 | ||||||||||||||||
Total revenues | — | 148,526 | 836,825 | (15,663 | ) | 969,688 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 108,814 | 587,481 | (15,663 | ) | 680,632 | |||||||||||||||
Operating | — | 13,041 | 149,772 | — | 162,813 | ||||||||||||||||
General and administrative | 15,983 | 6,347 | 32,557 | — | 54,887 | ||||||||||||||||
Depreciation and amortization | 1,504 | 8,898 | 31,161 | — | 41,563 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 682 | (812 | ) | — | (130 | ) | ||||||||||||||
Total expenses | 17,487 | 137,782 | 800,159 | (15,663 | ) | 939,765 | |||||||||||||||
Earnings from equity method investments | 52,432 | 63,011 | 31,886 | (107,640 | ) | 39,689 | |||||||||||||||
Operating income | 34,945 | 73,755 | 68,552 | (107,640 | ) | 69,612 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 1,112 | 3,141 | 15,845 | (4,127 | ) | 15,971 | |||||||||||||||
Foreign currency transaction gain | — | — | (973 | ) | — | (973 | ) | ||||||||||||||
Other expense (income), net | 32,826 | 159 | (341 | ) | 4,127 | 36,771 | |||||||||||||||
Total other expenses, net | 33,938 | 3,300 | 14,531 | — | 51,769 | ||||||||||||||||
Income from continuing operations before income taxes | 1,007 | 70,455 | 54,021 | (107,640 | ) | 17,843 | |||||||||||||||
Income tax (benefit) | (40,469 | ) | — | (836 | ) | — | (41,305 | ) | |||||||||||||
Income from continuing operations | 41,476 | 70,455 | 54,857 | (107,640 | ) | 59,148 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 66 | (1 | ) | — | 65 | |||||||||||||||
Net income | 41,476 | 70,521 | 54,856 | (107,640 | ) | 59,213 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | ||||||||||||||||
Net income attributable to SemGroup | $ | 41,476 | $ | 70,521 | $ | 40,427 | $ | (107,640 | ) | $ | 44,784 | ||||||||||
Net income | $ | 41,476 | $ | 70,521 | $ | 54,856 | $ | (107,640 | ) | $ | 59,213 | ||||||||||
Other comprehensive income (loss), net of income taxes | 190 | — | (4,497 | ) | — | (4,307 | ) | ||||||||||||||
Comprehensive income | 41,666 | 70,521 | 50,359 | (107,640 | ) | 54,906 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 14,429 | — | 14,429 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 41,666 | $ | 70,521 | $ | 35,930 | $ | (107,640 | ) | $ | 40,477 | ||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Condensed Consolidating Guarantor Statements of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 21,740 | $ | 45,890 | $ | 59,549 | $ | (21,279 | ) | $ | 105,900 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,302 | ) | (127,861 | ) | (65,064 | ) | — | (194,227 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 2,368 | 1,715 | — | 4,083 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | |||||||||||||||
Contributions to equity method investments | — | (16,203 | ) | (54,527 | ) | — | (70,730 | ) | |||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 59,744 | — | — | — | 59,744 | ||||||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,051 | 1,145 | 5,420 | (1,051 | ) | 6,565 | |||||||||||||||
Net cash provided by (used in) investing activities | 173,905 | (141,065 | ) | (156,450 | ) | (115,463 | ) | (239,073 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (8,577 | ) | — | (8,670 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 286,500 | — | 787,744 | — | 1,074,244 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (336,500 | ) | — | (559,761 | ) | — | (896,261 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (20,571 | ) | — | (20,571 | ) | ||||||||||||||
Proceeds from warrant exercises | 86 | — | — | — | 86 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | ||||||||||||||
Dividends paid | (31,149 | ) | — | — | — | (31,149 | ) | ||||||||||||||
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 | (112,609 | ) | 95,175 | (117,408 | ) | 134,842 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (192,494 | ) | 95,175 | 81,427 | 134,842 | 118,950 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,921 | — | 1,921 | ||||||||||||||||
Change in cash and cash equivalents | 3,151 | — | (13,553 | ) | (1,900 | ) | (12,302 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,696 | $ | — | $ | 64,811 | $ | (3,458 | ) | $ | 67,049 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 19,717 | $ | 16,424 | $ | 74,197 | $ | (13,819 | ) | $ | 96,519 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (622 | ) | (65,845 | ) | (65,183 | ) | — | (131,650 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 3 | 1,045 | — | 1,048 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 189,500 | — | — | (189,500 | ) | — | |||||||||||||||
Contributions to equity method investments | (18,775 | ) | (28,031 | ) | (96,657 | ) | — | (143,463 | ) | ||||||||||||
Payments to acquire businesses | — | (306,232 | ) | (49,969 | ) | — | (356,201 | ) | |||||||||||||
Distributions in excess of equity in earnings of affiliates | 5,541 | — | 7,550 | — | 13,091 | ||||||||||||||||
Net cash provided by (used in) investing activities | 175,644 | (400,105 | ) | (203,214 | ) | (189,500 | ) | (617,175 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (9,037 | ) | — | (2,828 | ) | — | (11,865 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 575,000 | — | 353,474 | — | 928,474 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (321,500 | ) | — | (272,903 | ) | — | (594,403 | ) | |||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | (11,458 | ) | — | (11,458 | ) | ||||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (371 | ) | — | — | — | (371 | ) | ||||||||||||||
Dividends paid | (16,387 | ) | — | — | — | (16,387 | ) | ||||||||||||||
Intercompany borrowing (advances), net | (432,703 | ) | 383,681 | (154,107 | ) | 203,129 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (204,773 | ) | 383,681 | 122,404 | 203,129 | 504,441 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 904 | — | 904 | ||||||||||||||||
Change in cash and cash equivalents | (9,412 | ) | — | (5,709 | ) | (190 | ) | (15,311 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,711 | $ | — | $ | 58,135 | $ | (3,128 | ) | $ | 64,718 | ||||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
We have recorded the fair value of the assets acquired as follows (in thousands): | ||||
Property, plant and equipment | $ | 19,092 | ||
Customer contract intangible | 17,010 | |||
Goodwill | 7,892 | |||
Total assets acquired | $ | 43,994 | ||
Schedule of Goodwill [Table Text Block] | ' | |||
Changes to our goodwill during the nine months ended September 30, 2014 are as follows (in thousands): | ||||
Balance at December 31, 2013 | $ | 62,021 | ||
Acquisition | 7,892 | |||
Mid-America Midstream Gas Services, LLC purchase price allocation adjustment | (10,787 | ) | ||
Barcas Field Services, LLC purchase price allocation adjustment | (98 | ) | ||
Currency translation adjustments | (191 | ) | ||
Balance at September 30, 2014 | $ | 58,837 | ||
Rose_Rock_Midstream_LP_Distrib
Rose Rock Midstream, L.P. -Distributions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 14, 2013 | 15-May-13 | Aug. 14, 2013 | Nov. 14, 2013 | Feb. 14, 2014 | 15-May-14 | Aug. 14, 2014 | Nov. 14, 2014 | Dec. 31, 2014 | Feb. 14, 2013 | 15-May-13 | Aug. 14, 2013 | Nov. 14, 2013 | Feb. 14, 2014 | 15-May-14 | Aug. 14, 2014 | Nov. 14, 2014 | Feb. 14, 2013 | Feb. 14, 2013 | 15-May-13 | 15-May-13 | Aug. 14, 2013 | Aug. 14, 2013 | Nov. 14, 2013 | Nov. 14, 2013 | Feb. 14, 2014 | Feb. 14, 2014 | 15-May-14 | 15-May-14 | Aug. 14, 2014 | Aug. 14, 2014 | Nov. 14, 2014 | Nov. 14, 2014 | Feb. 14, 2013 | 15-May-13 | Aug. 14, 2013 | Nov. 14, 2013 | Feb. 14, 2014 | 15-May-14 | Aug. 14, 2014 | Nov. 14, 2014 | |
Distribution of Q4 2012 earnings [Member] | Distribution of Q1 2013 earnings [Member] | Distribution of Q2 2013 earnings [Member] | Distribution of Q3 2013 earnings [Member] | Distribution of Q4 2013 earnings [Member] | Distribution of Q1 2014 earnings [Member] | Distribution of Q2 2014 earnings [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||
Distribution of Q3 2014 earnings [Member] | Distribution of Q3 2014 earnings [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | |||||||||
Distribution of Q4 2012 earnings [Member] | Distribution of Q1 2013 earnings [Member] | Distribution of Q2 2013 earnings [Member] | Distribution of Q3 2013 earnings [Member] | Distribution of Q4 2013 earnings [Member] | Distribution of Q1 2014 earnings [Member] | Distribution of Q2 2014 earnings [Member] | Subsequent Event [Member] | Distribution of Q4 2012 earnings [Member] | Distribution of Q4 2012 earnings [Member] | Distribution of Q1 2013 earnings [Member] | Distribution of Q1 2013 earnings [Member] | Distribution of Q2 2013 earnings [Member] | Distribution of Q2 2013 earnings [Member] | Distribution of Q3 2013 earnings [Member] | Distribution of Q3 2013 earnings [Member] | Distribution of Q4 2013 earnings [Member] | Distribution of Q4 2013 earnings [Member] | Distribution of Q1 2014 earnings [Member] | Distribution of Q1 2014 earnings [Member] | Distribution of Q2 2014 earnings [Member] | Distribution of Q2 2014 earnings [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Distribution of Q4 2012 earnings [Member] | Distribution of Q1 2013 earnings [Member] | Distribution of Q2 2013 earnings [Member] | Distribution of Q3 2013 earnings [Member] | Distribution of Q4 2013 earnings [Member] | Distribution of Q1 2014 earnings [Member] | Distribution of Q2 2014 earnings [Member] | Subsequent Event [Member] | |||||||||||
Distribution of Q3 2014 earnings [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | Subordinated Units [Member] | Distribution of Q3 2014 earnings [Member] | Distribution of Q3 2014 earnings [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Distribution of Q3 2014 earnings [Member] | ||||||||||||||||||
Common Units [Member] | Subordinated Units [Member] | Common Units [Member] | ||||||||||||||||||||||||||||||||||||||||
Incentive Distributions Made to Managing Members or General Partners by Distribution [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution per unit | $0.40 | $0.43 | $0.44 | $0.45 | $0.47 | $0.50 | $0.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution Made to Limited Partner, Distribution Date | ' | ' | ' | ' | ' | ' | ' | ' | 14-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution Made to Limited Partner, Date of Record | ' | ' | ' | ' | ' | ' | ' | ' | 4-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
General partner distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | $167 | $179 | $183 | $232 | $257 | $278 | $334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Incentive distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 41 | 72 | 127 | 244 | 488 | 888 | 1,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Limited partner distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,163 | 3,377 | 1,242 | 3,607 | 1,271 | 3,692 | 1,301 | 3,775 | 2,041 | 3,901 | 2,173 | 4,153 | 3,646 | 4,488 | ' | ' | 3,624 | 3,872 | 3,962 | 6,189 | 6,398 | 6,811 | 7,362 | ' | |
Total distributions to partners | 8,331 | 8,941 | 9,180 | 11,624 | 12,841 | 13,903 | 16,718 | 18,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distribution Made to Limited Partner, Cash Distributions Declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,918 | 4,824 | ' | ' | ' | ' | ' | ' | ' | 7,912 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | ' | ' | ' | ' | ' | ' | ' | $0.57 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Managing Member or General Partner, Subsequent Distribution Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | *Expected distributions related to the quarter ended SeptemberB 30, 2014, which will be paid on November 14, 2014 to unitholders of record as of NovemberB 4, 2014. |
Rose_Rock_Midstream_LP_Summari
Rose Rock Midstream, L.P. - Summarized balance sheet information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summarized Balance Sheet Information | ' | ' |
Other current assets | $19,757 | $14,011 |
Property, plant and equipment, net | 1,239,356 | 1,105,728 |
Equity method investment | 609,807 | 565,124 |
Goodwill | 58,837 | 62,021 |
Other noncurrent assets, net | 38,849 | 28,889 |
Total assets | 2,735,145 | 2,470,614 |
Current liabilities | 571,860 | 499,214 |
Long-term debt | 793,058 | 615,088 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 73,011 | 159,961 |
Total liabilities and ownersb equity | 2,735,145 | 2,470,614 |
Rose Rock Midstream, L.P. [Member] | ' | ' |
Summarized Balance Sheet Information | ' | ' |
Cash | 8,582 | 15,459 |
Other current assets | 381,072 | 306,128 |
Property, plant and equipment, net | 332,902 | 311,616 |
Equity method investment | 273,201 | 224,095 |
Goodwill | 36,116 | 28,322 |
Other noncurrent assets, net | 33,438 | 11,627 |
Total assets | 1,065,311 | 897,247 |
Current liabilities | 338,923 | 293,031 |
Long-term debt | 473,058 | 245,088 |
Partnersb capital attributable to SemGroup | 180,319 | 120,610 |
Partnersb capital attributable to noncontrolling interests | 73,011 | 159,961 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 0 | 78,557 |
Total liabilities and ownersb equity | $1,065,311 | $897,247 |
Rose_Rock_Midstream_LP_Summari1
Rose Rock Midstream, L.P. - Summarized income statement information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summarized Income Statement Information | ' | ' | ' | ' |
Revenue | $594,235 | $357,748 | $1,575,342 | $969,688 |
Cost of products sold | 458,063 | 255,554 | 1,211,703 | 680,632 |
Depreciation and amortization | 25,200 | 16,113 | 70,899 | 41,563 |
Earnings from equity method investments | 14,223 | 7,483 | 48,372 | 39,689 |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Net income attributable to Rose Rock Midstream, L.P. | 25,262 | -1,919 | 21,166 | 44,784 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 6,934 | 5,054 | 18,184 | 14,429 |
Rose Rock Midstream, L.P. [Member] | ' | ' | ' | ' |
Summarized Income Statement Information | ' | ' | ' | ' |
Revenue | 374,945 | 181,831 | 956,300 | 514,485 |
Cost of products sold | 333,646 | 157,550 | 843,928 | 446,507 |
Operating, general and administrative expenses | 25,903 | 12,394 | 67,412 | 30,434 |
Depreciation and amortization | 7,418 | 4,130 | 24,219 | 11,327 |
Earnings from equity method investments | 16,289 | 3,527 | 39,660 | 10,431 |
Net income | 16,493 | 9,411 | 47,782 | 30,539 |
Net income attributable to Rose Rock Midstream, L.P. | 16,493 | 9,411 | 40,024 | 30,539 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | $0 | $0 | $7,758 | $0 |
Rose_Rock_Midstream_LP_Details
Rose Rock Midstream, L.P. (Details Textual) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 23, 2014 | Jun. 23, 2014 | Jun. 23, 2014 | Jun. 23, 2014 | Sep. 30, 2014 |
White Cliffs Pipeline, L.L.C. [Member] | Semcrude Pipeline [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Midstream, L.P. [Member] | Limited Partner [Member] | General Partner [Member] | First Target Distribution [Member] | Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Crude [Member] | |||
bbl | White Cliffs Pipeline, L.L.C. [Member] | Common Units [Member] | Class A [Member] | Subordinated Units [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Midstream, L.P. [Member] | Minimum [Member] | Semcrude Pipeline [Member] | Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Limited Partner [Member] | |||
Semcrude Pipeline [Member] | Common Units [Member] | Class A [Member] | Rose Rock Midstream, L.P. [Member] | ||||||||||||
Semcrude Pipeline [Member] | |||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partner ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Limited partner ownership interest | ' | ' | ' | ' | ' | ' | ' | 56.80% | ' | ' | ' | ' | ' | ' | 100.00% |
Common units representing limited partner interests | ' | ' | ' | ' | 6,800,000 | 3,750,000 | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | 51.00% | 51.00% | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' |
Proceeds from sale of common units of equity method investee | $59,744 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114,400 | ' | ' | ' |
Units received as consideration in SCPL transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.425 | '1.25 | ' |
Average daily throughput threshold in barrels for conversion of Class A units | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' minimum quarterly distribution per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3625 | ' | ' | ' | ' | ' |
Equity_Method_Investments_Inve
Equity Method Investments - Investment balances (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investments | $609,807 | $565,124 |
White Cliffs Pipeline, L.L.C. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investments | 273,201 | 224,095 |
NGL Energy Partners LP [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investments | 189,366 | 208,848 |
Glass Mountain Pipeline LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investments | $147,240 | $132,181 |
Equity_Method_Investments_Equi
Equity Method Investments - Equity earnings, by investment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Earnings from equity method investments | $14,223 | $7,483 | $48,372 | $39,689 | ||
White Cliffs Pipeline, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Earnings from equity method investments | 16,289 | 10,786 | 39,660 | 31,886 | ||
NGL Energy Partners LP [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Earnings from equity method investments | -4,482 | [1] | -3,288 | 4,077 | [1] | 7,828 |
Glass Mountain Pipeline LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Earnings from equity method investments | $2,416 | ($15) | $4,635 | ($25) | ||
[1] | * Excluding gain on issuance of common units of $18.8 million and $26.9 million for the three months and nine months ended SeptemberB 30, 2014, respectively. |
Equity_Method_Investments_Dist
Equity Method Investments - Distributions received, by investment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash distributions received from equity method investments | $26,321 | $17,426 | $68,322 | $52,805 |
White Cliffs Pipeline, L.L.C. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash distributions received from equity method investments | 17,029 | 12,755 | 45,081 | 39,436 |
NGL Energy Partners LP [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash distributions received from equity method investments | 6,450 | 4,671 | 17,462 | 13,369 |
Glass Mountain Pipeline LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash distributions received from equity method investments | $2,842 | $0 | $5,779 | $0 |
Equity_Method_Investments_Summ
Equity Method Investments - Summarized financial information - White Cliffs (Details) (White Cliffs Pipeline, L.L.C. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
White Cliffs Pipeline, L.L.C. [Member] | ' | ' | ' | ' |
Summarized income statement information | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $42,211 | $31,453 | $110,018 | $92,238 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 4,055 | 5,141 | 16,362 | 14,433 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 5,807 | 4,720 | 14,737 | 14,150 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $32,349 | $21,579 | $78,919 | $63,642 |
Equity_Method_Investments_Summ1
Equity Method Investments - Summarized financial information - NGL Energy (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on issuance of common units by equity method investee | $18,772 | $0 | $26,899 | $0 | ' | ' | ' | ' |
Summarized income statement information | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | ' | ' | ' | ' | 3,648,614 | 1,385,957 | 10,367,994 | 4,341,778 |
Equity Method Investment, Summarized Financial Information, Cost of Goods Sold | ' | ' | ' | ' | 3,534,053 | 1,303,076 | 9,874,826 | 3,989,511 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | ' | ' | ' | ' | 95,741 | 67,499 | 297,417 | 206,824 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | ' | ' | ' | ' | 39,375 | 22,724 | 112,344 | 68,989 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | ' | ' | ' | ' | ($39,910) | ($17,508) | $27,288 | $45,310 |
Equity_Method_Investments_Summ2
Equity Method Investments - Summarized financial information - Glass Mountain (Details) (Glass Mountain Pipeline LLC [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Glass Mountain Pipeline LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $8,708 | $21,452 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 23 | 2,031 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 3,745 | 9,863 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $4,939 | $9,554 |
Equity_Method_Investments_Deta
Equity Method Investments (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 29 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
White Cliffs Pipeline, L.L.C. [Member] | White Cliffs Pipeline, L.L.C. [Member] | White Cliffs Pipeline, L.L.C. [Member] | White Cliffs Pipeline, L.L.C. [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | White Cliffs Pipeline, L.L.C. [Member] | Glass Mountain Pipeline LLC [Member] | Glass Mountain Pipeline LLC [Member] | Pipeline expansion [Member] | Pipeline expansion [Member] | Gain on issuance of common units by equity method investee [Member] | Gain on issuance of common units by equity method investee [Member] | Other Expense [Member] | NGL Energy Partners LP [Member] | |||||
NGL Energy Holdings LLC [Member] | Limited Partner Interests [Member] | General Partner [Member] | White Cliffs Pipeline, L.L.C. [Member] | White Cliffs Pipeline, L.L.C. [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | Glass Mountain Pipeline LLC [Member] | ||||||||||||||
bbl | Width | |||||||||||||||||||||
bbl | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on issuance of common units by equity method investee | $18,772,000 | $0 | $26,899,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,800,000 | $26,906,000 | ' | ' |
Limited partner ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Width of pipeline in inches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' |
Project funding contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | 147,700,000 | 2,300,000 | 53,300,000 | ' | ' | ' | ' |
Pipeline capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 150,000 | ' | ' | ' | ' |
General and administrative | 23,296,000 | 20,952,000 | 63,882,000 | 54,887,000 | 400,000 | 500,000 | 1,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,652,568 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partner ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | 50.00% |
Common units representing limited partner interests | ' | ' | ' | ' | ' | ' | ' | ' | 87,347,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partner ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price per common unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units of equity investee divested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,480,841 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common units of equity method investee | ' | ' | 59,744,000 | 0 | ' | ' | ' | ' | ' | 59,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' |
Gain on sale of common units of equity method investee | ' | ' | $26,748,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,700,000 | ' |
Number of seats on the Board of Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $594,235 | $357,748 | $1,575,342 | $969,688 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 458,063 | 255,554 | 1,211,703 | 680,632 | ' |
Operating | 69,377 | 52,360 | 179,579 | 162,813 | ' |
General and administrative | 23,296 | 20,952 | 63,882 | 54,887 | ' |
Depreciation and amortization | 25,200 | 16,113 | 70,899 | 41,563 | ' |
Loss (gain) on disposal of long-lived assets, net | 1,376 | 408 | 20,633 | -130 | ' |
Total expenses | 577,312 | 345,387 | 1,546,696 | 939,765 | ' |
Earnings from equity method investments | 14,223 | 7,483 | 48,372 | 39,689 | ' |
Gain on issuance of common units by equity method investee | 18,772 | 0 | 26,899 | 0 | ' |
Operating income | 49,918 | 19,844 | 103,917 | 69,612 | ' |
Other expenses (income), net | -6,368 | 13,294 | 30,618 | 51,769 | ' |
Income (loss) from continuing operations before income taxes | 56,286 | 6,550 | 73,299 | 17,843 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 2,735,145 | ' | 2,735,145 | ' | 2,470,614 |
Crude [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 376,856 | 181,831 | 961,526 | 514,485 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 333,646 | 157,550 | 843,928 | 446,507 | ' |
Operating | 22,057 | 9,098 | 54,885 | 20,527 | ' |
General and administrative | 4,696 | 3,360 | 15,076 | 10,778 | ' |
Depreciation and amortization | 8,395 | 4,130 | 27,153 | 11,327 | ' |
Loss (gain) on disposal of long-lived assets, net | 291 | ' | 230 | -25 | ' |
Total expenses | 369,085 | 174,138 | 941,272 | 489,114 | ' |
Earnings from equity method investments | 18,705 | 10,771 | 44,295 | 31,861 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | 26,476 | 18,464 | 64,549 | 57,232 | ' |
Other expenses (income), net | 10,526 | 3,634 | 20,367 | 10,925 | ' |
Income (loss) from continuing operations before income taxes | 15,950 | 14,830 | 44,182 | 46,307 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 1,273,444 | ' | 1,273,444 | ' | ' |
SemStream [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | ' | ' | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 0 | ' | ' |
Operating | 0 | ' | 0 | 1 | ' |
General and administrative | 30 | 114 | 91 | 430 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 0 | 6 | ' |
Total expenses | 30 | 114 | 91 | 437 | ' |
Earnings from equity method investments | -4,482 | -3,288 | 4,077 | 7,828 | ' |
Gain on issuance of common units by equity method investee | 18,772 | ' | 26,899 | ' | ' |
Operating income | 14,260 | -3,402 | 30,885 | 7,391 | ' |
Other expenses (income), net | -28,041 | -1,238 | -30,582 | -3,399 | ' |
Income (loss) from continuing operations before income taxes | 42,301 | -2,164 | 61,467 | 10,790 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 189,366 | ' | 189,366 | ' | ' |
SemCAMS [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 53,800 | 48,979 | 133,037 | 151,219 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 97 | 106 | 235 | 290 | ' |
Operating | 33,537 | 33,980 | 86,039 | 116,372 | ' |
General and administrative | 3,836 | 3,446 | 11,390 | 10,933 | ' |
Depreciation and amortization | 5,113 | 2,631 | 11,021 | 7,925 | ' |
Loss (gain) on disposal of long-lived assets, net | -35 | 0 | -950 | 0 | ' |
Total expenses | 42,548 | 40,163 | 107,735 | 135,520 | ' |
Earnings from equity method investments | 0 | 0 | 0 | 0 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | 11,252 | 8,816 | 25,302 | 15,699 | ' |
Other expenses (income), net | 3,920 | 4,720 | 11,825 | 14,179 | ' |
Income (loss) from continuing operations before income taxes | 7,332 | 4,096 | 13,477 | 1,520 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 314,427 | ' | 314,427 | ' | ' |
SemGas [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 96,829 | 65,795 | 290,361 | 151,460 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 68,722 | 48,403 | 215,535 | 111,141 | ' |
Operating | 8,965 | 5,436 | 24,421 | 13,869 | ' |
General and administrative | 2,312 | 1,923 | 6,524 | 5,112 | ' |
Depreciation and amortization | 7,064 | 4,992 | 19,312 | 9,353 | ' |
Loss (gain) on disposal of long-lived assets, net | -12 | 679 | 20,092 | 673 | ' |
Total expenses | 87,051 | 61,433 | 285,884 | 140,148 | ' |
Earnings from equity method investments | 0 | 0 | 0 | 0 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | 9,778 | 4,362 | 4,477 | 11,312 | ' |
Other expenses (income), net | 2,330 | 880 | 6,032 | 2,149 | ' |
Income (loss) from continuing operations before income taxes | 7,448 | 3,482 | -1,555 | 9,163 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 625,824 | ' | 625,824 | ' | ' |
SemLogistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 1,299 | 2,169 | 10,070 | 7,827 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | ' | 615 | ' | ' |
Operating | 2,148 | 1,616 | 6,168 | 5,303 | ' |
General and administrative | 1,595 | 1,679 | 4,546 | 4,285 | ' |
Depreciation and amortization | 2,543 | 2,334 | 7,593 | 6,987 | ' |
Loss (gain) on disposal of long-lived assets, net | 1,139 | 0 | -2,495 | 0 | ' |
Total expenses | 7,425 | 5,629 | 16,427 | 16,575 | ' |
Earnings from equity method investments | 0 | 0 | 0 | 0 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | -6,126 | -3,460 | -6,357 | -8,748 | ' |
Other expenses (income), net | 969 | -217 | 1,303 | 896 | ' |
Income (loss) from continuing operations before income taxes | -7,095 | -3,243 | -7,660 | -9,644 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 159,066 | ' | 159,066 | ' | ' |
SemMexico [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 75,177 | 65,549 | 209,758 | 160,375 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | 65,324 | 56,070 | 180,800 | 138,372 | ' |
Operating | 2,670 | 2,230 | 8,066 | 6,741 | ' |
General and administrative | 2,928 | 2,510 | 8,791 | 7,175 | ' |
Depreciation and amortization | 1,655 | 1,529 | 4,538 | 4,467 | ' |
Loss (gain) on disposal of long-lived assets, net | -7 | -271 | -35 | -784 | ' |
Total expenses | 72,570 | 62,068 | 202,160 | 155,971 | ' |
Earnings from equity method investments | 0 | 0 | 0 | 0 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | 2,607 | 3,481 | 7,598 | 4,404 | ' |
Other expenses (income), net | 31 | -21 | -70 | -339 | ' |
Income (loss) from continuing operations before income taxes | 2,576 | 3,502 | 7,668 | 4,743 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 108,457 | ' | 108,457 | ' | ' |
Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | -9,726 | -6,575 | -29,410 | -15,678 | ' |
Costs of products sold, exclusive of depreciation and amortization shown below | -9,726 | -6,575 | -29,410 | -15,678 | ' |
Operating | ' | 0 | 0 | 0 | ' |
General and administrative | 7,899 | 7,920 | 17,464 | 16,174 | ' |
Depreciation and amortization | 430 | 497 | 1,282 | 1,504 | ' |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 3,791 | 0 | ' |
Total expenses | -1,397 | 1,842 | -6,873 | 2,000 | ' |
Earnings from equity method investments | 0 | 0 | 0 | 0 | ' |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' | ' |
Operating income | -8,329 | -8,417 | -22,537 | -17,678 | ' |
Other expenses (income), net | 3,897 | 5,536 | 21,743 | 27,358 | ' |
Income (loss) from continuing operations before income taxes | -12,226 | -13,953 | -44,280 | -45,036 | ' |
Total assets at September 30, 2014 (excluding intersegment receivables) | 64,561 | ' | 64,561 | ' | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 594,235 | 357,748 | 1,575,342 | 969,688 | ' |
Operating Segments [Member] | Crude [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 376,856 | 181,831 | 961,526 | 514,485 | ' |
Operating Segments [Member] | SemStream [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | ' | ' |
Operating Segments [Member] | SemCAMS [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 53,800 | 48,979 | 133,037 | 151,219 | ' |
Operating Segments [Member] | SemGas [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 87,103 | 59,220 | 260,951 | 135,782 | ' |
Operating Segments [Member] | SemLogistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 1,299 | 2,169 | 10,070 | 7,827 | ' |
Operating Segments [Member] | SemMexico [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 75,177 | 65,549 | 209,758 | 160,375 | ' |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | ' | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | Crude [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | SemStream [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | SemCAMS [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | SemGas [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 9,726 | 6,575 | 29,410 | 15,678 | ' |
Intersegment Eliminations [Member] | SemLogistics [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | SemMexico [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | ($9,726) | ($6,575) | ($29,410) | ($15,678) | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories | ' | ' |
Crude oil | $48,987 | $30,779 |
Asphalt and other | 13,796 | 13,516 |
Total Inventories | $62,783 | $44,295 |
Financial_Instruments_Fair_val
Financial Instruments - Fair value of financial assets and liabilties (Details) (Commodity Derivatives [Member], Level 1 [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Commodity Derivatives [Member] | Level 1 [Member] | ' | ' | ||
Fair Value of Financial Assets and Liabilities | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $621 | $36 | ||
Derivative Asset, Fair Value, Gross Liability | -24 | [1] | -36 | [1] |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 597 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 24 | 96 | ||
Derivative Liability, Fair Value, Gross Asset | -24 | [1] | -36 | [1] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $0 | $60 | ||
[1] | *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Financial_Instruments_Level_2_
Financial Instruments - Level 2 and 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Changes in Fair Value of Financial Assets (Liabilities) Classified as Level 3 | ' | ' | ' | ' |
Level 2 and level 3 fair value transactions | $0 | $0 | $0 | $0 |
Financial_Instruments_Notional
Financial Instruments - Notional amounts (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
bbl | bbl | bbl | bbl | |
Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | 1,525,000 | 695,000 | 3,475,000 | 2,025,000 |
Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | 1,313,000 | 805,000 | 3,128,000 | 2,095,000 |
Financial_Instruments_Fair_val1
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) (Commodity Contract [Member], Not Designated as Hedging Instrument [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset | $597 | $0 |
Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability | $0 | $60 |
Financial_Instruments_Realized
Financial Instruments - Realized and unrealized gains and losses (Details) (Commodity Contract [Member], Sales [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commodity Contract [Member] | Sales [Member] | ' | ' | ' | ' |
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ' | ' | ' | ' |
Realized and unrealized gains (losses) from commodity derivatives | $4,047 | ($1,652) | $1,298 | ($2,430) |
Financial_Instruments_Details_
Financial Instruments (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Commodity Contract [Member] | Commodity Contract [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Level 1 [Member] | Level 1 [Member] | ||
Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Cost of Goods, Total [Member] | Cost of Goods, Total [Member] | Accounts Receivable [Member] | Crude [Member] | Crude [Member] | Crude [Member] | Crude [Member] | Crude [Member] | Warrant [Member] | Warrant [Member] | |||||
Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Cost of Goods, Total [Member] | Cost of Goods, Total [Member] | Accounts Receivable [Member] | ||||||||||||
Customer | Customer | Customer | Customer | Customer | ||||||||||||
Offsetting Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin Deposit Assets | $3 | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | ' | 3.6 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Not Subject to Master Netting Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.2 | 58.1 |
Number of Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | 1 | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | 38.00% | 36.00% | 26.00% | 26.00% | 26.00% | ' | ' | ' | ' | ' | ' | ' |
Purchases of product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $121 | $310 | ' | ' | ' |
Number of Suppliers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Jan. 11, 2013 |
Semcrude Pipeline [Member] | Semcrude Pipeline [Member] | Foreign Tax Authority [Member] | Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | |||||
Semcrude Pipeline [Member] | ||||||||
Income Taxes (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. federal statutory rate | ' | ' | 35.00% | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ($50.90) | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 43.00% | 52.00% | 46.00% | -231.00% | ' | ' | ' | ' |
Income Taxes Paid | ' | ' | ' | ' | ' | ' | $3.10 | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | 33.00% | 33.00% | ' | 33.00% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Jul. 02, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Capital leases | $98,000 | ' | $125,000 |
Total long-term debt | 793,098,000 | ' | 615,125,000 |
less: current portion of long-term debt | 40,000 | ' | 37,000 |
Long-term debt | 793,058,000 | ' | 615,088,000 |
Corporate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 300,000,000 | ' | 300,000,000 |
SemMexico [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings | 0 | ' | 0 |
Revolving Credit Facility [Member] | Corporate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings | 20,000,000 | ' | 70,000,000 |
Revolving Credit Facility [Member] | SemMexico [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings | 0 | ' | ' |
Rose Rock Midstream L P [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 400,000,000 | 400,000,000 | 0 |
Long-term debt | 473,058,000 | ' | 245,088,000 |
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings | $73,000,000 | ' | $245,000,000 |
LongTerm_Debt_Longterm_debt_Ea
Long-Term Debt Long-term debt - Early redemption premium percentages (Details) (Rose Rock Midstream L P [Member], Senior Notes [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Instrument, Redemption, Period One [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 104.22% |
Debt Instrument, Redemption, Period Two [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 102.81% |
Debt Instrument, Redemption, Period Three [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 101.41% |
Debt Instrument, Redemption, Period Four [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 100.00% |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 02, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Base Rate [Member] | Base Rate [Member] | Eurodollar [Member] | Eurodollar [Member] | Mexican bank prime rate [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | Level 1 [Member] | Redemption prior to June 15, 2016 [Member] | Redemption prior to June 15, 2016 [Member] | Redemption prior to June 15, 2016 [Member] | |
USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | USD ($) | USD ($) | USD denominated letter of credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Bilateral Letter of Credit [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Corporate [Member] | Rose Rock Midstream L P [Member] | Corporate [Member] | Rose Rock Midstream L P [Member] | SemMexico [Member] | Corporate [Member] | Corporate [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Corporate [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Eurodollar Rate Borrowings [Member] | Alternate Base Rate Borrowings [Member] | USD ($) | USD ($) | MXN | Minimum [Member] | Maximum [Member] | USD ($) | MXN | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Letter of Credit [Member] | Eurodollar Rate Borrowings [Member] | Alternate Base Rate Borrowings [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | sale of stock [Member] | Change of control [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense recorded | ' | ' | ' | ' | $5,800,000 | $6,000,000 | $17,500,000 | $7,100,000 | ' | $1,200,000 | $2,300,000 | $4,900,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,800,000 | $5,800,000 | ' | ' | $2,000,000 | $1,900,000 | $6,900,000 | $6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 7.50% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.63% | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | 5,300,000 | 8,300,000 | 4,100,000 | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 44,000,000 | ' | ' | ' | ' | ' | ' | ' | 585,000,000 | ' | 585,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Redemable Prior to July15, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | 20,000,000 | ' | 70,000,000 | 10,000,000 | 10,000,000 | 0 | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | 73,000,000 | ' | 245,000,000 | ' | 55,000,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 21,700,000 | 292,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,600,000 | 86,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate in effect | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | 0.70% | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 4.75% | 2.23% | 2.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of line of credit facility fronting fee | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Redemption Price on Senior Notes Redeemed Prior to July 15, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 105.63% | 101.00% |
Basis point adjustment to discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | 1,000,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $321,000,000 | $397,000,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Purchase and sales commitments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | bbl |
Fixed Price Sales [Member] | ' |
Summary Of Purchase And Sale Commitments | ' |
Sale commitments, Volume (barrels) | 266,000 |
Sale commitments, Value | $25,699 |
Floating Price Sales [Member] | ' |
Summary Of Purchase And Sale Commitments | ' |
Sale commitments, Volume (barrels) | 29,590,000 |
Sale commitments, Value | 2,316,144 |
Fixed Price Purchases [Member] | ' |
Summary Of Purchase And Sale Commitments | ' |
Purchase commitments, Volume (barrels) | 270,000 |
Purchase commitments, Value | 23,754 |
Floating Price Purchases [Member] | ' |
Summary Of Purchase And Sale Commitments | ' |
Purchase commitments, Volume (barrels) | 23,225,000 |
Purchase commitments, Value | $2,024,134 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 11, 2013 | Aug. 18, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
sites | Crude [Member] | SemGas [Member] | Minimum [Member] | Maximum [Member] | SemCAMS [Member] | Sem Crude [Member] | Sem Crude [Member] | SemGas [Member] | SemGas [Member] | SemGas [Member] | ||
sites | sites | bbl | bbl | Fractionization capacity | Pipeline transportation capacity [Member] | Commitments [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency claims, number of barrels of crude oil claimed to be owed | ' | ' | ' | ' | ' | ' | ' | ' | 141,000 | ' | ' | ' |
Barrels of crude oil determined to be missing | ' | ' | ' | ' | ' | ' | ' | 148,000 | ' | ' | ' | ' |
Site contingency number of sites checked | 6 | ' | 5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites appearing to have soil contamination | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites appearing to have water contamination as per phase two investigations | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites closed | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sites for which closure is anticipated in 2015 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Site contingency, number of sites remaining open | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligation liability | ' | ' | ' | ' | ' | ' | $42,800,000 | ' | ' | ' | ' | ' |
Estimated cost to retire facilities | ' | ' | ' | ' | ' | ' | 97,000,000 | ' | ' | ' | ' | ' |
Notice required to cancel purchase agreements, days | ' | ' | ' | ' | '30 days | '120 days | ' | ' | ' | ' | ' | ' |
Due under the contract | 96,328,000 | 83,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,800 |
Future obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $79,600,000 | $2,800,000 | ' |
Equity_Equity_rollforward_Deta
Equity - Equity rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | $1,213,863 | ' |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Other comprehensive income (loss), net of income taxes | -10,331 | 6,105 | -6,618 | -4,307 |
Distributions to noncontrolling interests | ' | ' | -20,571 | ' |
Dividends paid | ' | ' | -31,149 | ' |
Unvested dividend equivalent rights | ' | ' | -213 | ' |
Non-cash equity compensation | ' | ' | 6,418 | ' |
Issuance of common stock under compensation plans | ' | ' | 2,172 | ' |
Warrants exercised | ' | ' | 480 | ' |
Repurchase of common stock | ' | ' | -719 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | -31,803 | ' |
Balance at September 30, 2014 | 1,171,210 | ' | 1,171,210 | ' |
Common Stock [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 425 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | 0 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | ' |
Unvested dividend equivalent rights | ' | ' | 0 | ' |
Non-cash equity compensation | ' | ' | 0 | ' |
Issuance of common stock under compensation plans | ' | ' | 2 | ' |
Warrants exercised | ' | ' | 0 | ' |
Repurchase of common stock | ' | ' | 0 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | 0 | ' |
Balance at September 30, 2014 | 427 | ' | 427 | ' |
Additional Paid-In Capital [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 1,154,516 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | 0 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Dividends paid | ' | ' | -31,149 | ' |
Unvested dividend equivalent rights | ' | ' | -118 | ' |
Non-cash equity compensation | ' | ' | 5,713 | ' |
Issuance of common stock under compensation plans | ' | ' | 2,170 | ' |
Warrants exercised | ' | ' | 480 | ' |
Repurchase of common stock | ' | ' | 0 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | 53,370 | 56,800 |
Balance at September 30, 2014 | 1,184,982 | ' | 1,184,982 | ' |
Treasury Stock [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | -613 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | 0 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | ' |
Unvested dividend equivalent rights | ' | ' | 0 | ' |
Non-cash equity compensation | ' | ' | 0 | ' |
Issuance of common stock under compensation plans | ' | ' | 0 | ' |
Warrants exercised | ' | ' | 0 | ' |
Repurchase of common stock | ' | ' | -719 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | 0 | ' |
Balance at September 30, 2014 | -1,332 | ' | -1,332 | ' |
Accumulated Deficit [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | -97,572 | ' |
Net income | ' | ' | 21,166 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | 0 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | ' |
Unvested dividend equivalent rights | ' | ' | 0 | ' |
Non-cash equity compensation | ' | ' | 0 | ' |
Issuance of common stock under compensation plans | ' | ' | 0 | ' |
Warrants exercised | ' | ' | 0 | ' |
Repurchase of common stock | ' | ' | 0 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | 0 | ' |
Balance at September 30, 2014 | -76,406 | ' | -76,406 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | -2,854 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | -6,618 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Dividends paid | ' | ' | 0 | ' |
Unvested dividend equivalent rights | ' | ' | 0 | ' |
Non-cash equity compensation | ' | ' | 0 | ' |
Issuance of common stock under compensation plans | ' | ' | 0 | ' |
Warrants exercised | ' | ' | 0 | ' |
Repurchase of common stock | ' | ' | 0 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | 0 | ' |
Balance at September 30, 2014 | -9,472 | ' | -9,472 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
SemGroup ownersb equity: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 159,961 | ' |
Net income | ' | ' | 18,184 | ' |
Other comprehensive income (loss), net of income taxes | ' | ' | 0 | ' |
Distributions to noncontrolling interests | ' | ' | -20,571 | ' |
Dividends paid | ' | ' | 0 | ' |
Unvested dividend equivalent rights | ' | ' | -95 | ' |
Non-cash equity compensation | ' | ' | 705 | ' |
Issuance of common stock under compensation plans | ' | ' | 0 | ' |
Warrants exercised | ' | ' | 0 | ' |
Repurchase of common stock | ' | ' | 0 | ' |
Transfer of SemCrude Pipeline interest to Rose Rock | ' | ' | -85,173 | -90,500 |
Balance at September 30, 2014 | $73,011 | ' | $73,011 | ' |
Equity_Accumulated_other_compr
Equity - Accumulated other comprehensive income (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Components of Accumulated Other Comprehensive Loss | ' |
Balance at December 31, 2013 | ($2,854) |
Currency translation adjustment, net of income tax benefit of $4,152 | -6,614 |
Changes related to benefit plans, net of income tax benefit | -4 |
Balance at September 30, 2014 | -9,472 |
Currency Translation [Member] | ' |
Components of Accumulated Other Comprehensive Loss | ' |
Balance at December 31, 2013 | -4,508 |
Currency translation adjustment, net of income tax benefit of $4,152 | -6,614 |
Changes related to benefit plans, net of income tax benefit | 0 |
Balance at September 30, 2014 | -11,122 |
Employee Benefit Plans [Member] | ' |
Components of Accumulated Other Comprehensive Loss | ' |
Balance at December 31, 2013 | 1,654 |
Currency translation adjustment, net of income tax benefit of $4,152 | 0 |
Changes related to benefit plans, net of income tax benefit | -4 |
Balance at September 30, 2014 | $1,650 |
Equity_Equity_Dividends_Detail
Equity Equity - Dividends (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
Aug. 29, 2014 | 19-May-14 | Mar. 10, 2014 | Nov. 22, 2013 | Aug. 19, 2013 | 30-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 28, 2014 | |
Second quarter 2013 dividend [Member] | Third quarter 2013 dividend [Member] | Fourth quarter 2013 dividend [Member] | First quarter 2014 dividend [Member] | Second quarter 2014 dividend [Member] [Member] | Third quarter 2014 dividend [Member] | Fourth quarter 2014 dividend [Member] | Subsequent Event [Member] | |||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Per Share, Paid | $0.27 | $0.24 | $0.22 | $0.21 | $0.20 | $0.19 | ' | ' | ' | ' | ' | ' | ' | ' |
Date Declared | ' | ' | ' | ' | ' | ' | 8-May-13 | 8-Aug-13 | 11-Nov-13 | 25-Feb-14 | 8-May-14 | 6-Aug-14 | 6-Nov-14 | ' |
Date of Record | ' | ' | ' | ' | ' | ' | 20-May-13 | 19-Aug-13 | 22-Nov-13 | 10-Mar-14 | 19-May-14 | 18-Aug-14 | 17-Nov-14 | ' |
Dividend Per Share, Declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 |
Date Paid | 28-Aug-14 | 29-May-14 | 20-Mar-14 | 3-Dec-13 | 30-Aug-13 | 30-May-13 | ' | ' | ' | ' | ' | ' | ' | 28-Nov-14 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Warrants Issued On Emergence Date [Member] | Warrants Subsequently Issued In Settlement Of Pre-Petition Claims [Member] | Warrants Exercised [Member] | Common Class A [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Stock Compensation Plan [Member] | Equity settled UUD [Member] | Cash settled UUD [Member] | |||
Warrants Exercised [Member] | |||||||||||
EQUITY (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan shares issued during period | 6,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested common stock | ' | ' | ' | ' | ' | ' | ' | ' | 169,933 | ' | ' |
Shares of vested stock awards sold back to satisfy tax obligations | 11,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding unvested equity compensation awards | 473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional equity compensation awards that could vest if certain targets are achieved | 137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested Dividend Equivalent Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $131 | $190 |
Number of Class A shares equal to unvested dividend rights | 1,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | $83.27 | ' | ' | ' | ' | ' |
Equity compensation awards granted during the period | 207,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of equity awards granted during the period | $77.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | 1,353,927 | ' | 1,634,210 | 245,521 | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, To Be Issued | ' | ' | ' | 544,737 | ' | ' | ' | ' | ' | ' | ' |
Warrant liability | 81,238 | 58,134 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of warrants | $60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense, related to change in benefit plans | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $4,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant, number exercised | 6,851 | ' | ' | ' | ' | ' | 1,209,990 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 5,765 | ' | ' | 838,231 | ' | ' | ' |
Earnings_Per_Share_Basic_Detai
Earnings Per Share - Basic (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic earnings per share | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | $0 | ($2) | ($5) | $65 |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Numerator | 25,262 | -1,919 | 21,166 | 44,784 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Denominator, Net, Basic | 42,708 | 42,528 | 42,674 | 42,274 |
Basic earnings (loss) per share, Net | $0.59 | ($0.05) | $0.50 | $1.06 |
Continuing Operations [Member] | ' | ' | ' | ' |
Basic earnings per share | ' | ' | ' | ' |
Income (loss) | 32,196 | 3,137 | 39,355 | 59,148 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Numerator | 25,262 | -1,917 | 21,171 | 44,719 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Denominator, Net, Basic | 42,708 | 42,528 | 42,674 | 42,274 |
Basic earnings per share, Continuing Operations | $0.59 | ($0.05) | $0.50 | $1.06 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Basic earnings per share | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | 0 | -2 | -5 | 65 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $0 | ($2) | ($5) | $65 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Denominator, Net, Basic | 42,708 | 42,528 | 42,674 | 42,274 |
Basic earnings per share, Discontinued Operations | $0 | $0 | $0 | $0 |
Earnings_Per_Share_Diluted_Det
Earnings Per Share - Diluted (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Diluted earnings per share | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | $0 | ($2) | ($5) | $65 |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Numerator | 25,262 | -1,919 | 21,166 | 44,784 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Effect of dilutive securities | 305 | 0 | 302 | 270 |
Denominator, Net, Diluted | 43,013 | 42,528 | 42,976 | 42,544 |
Diluted earnings (loss) per share, Net | $0.59 | ($0.05) | $0.49 | $1.05 |
Continuing Operations [Member] | ' | ' | ' | ' |
Diluted earnings per share | ' | ' | ' | ' |
Income (loss) | 32,196 | 3,137 | 39,355 | 59,148 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Numerator | 25,262 | -1,917 | 21,171 | 44,719 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Effect of dilutive securities | 305 | 0 | 302 | 270 |
Denominator, Net, Diluted | 43,013 | 42,528 | 42,976 | 42,544 |
Diluted earnings per share, Continuing Operations | $0.59 | ($0.05) | $0.49 | $1.05 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Diluted earnings per share | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | 0 | -2 | -5 | 65 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $0 | ($2) | ($5) | $65 |
Common stock issued and to be issued pursuant to Plan of Reorganization | 41,400 | 41,400 | 41,400 | 41,400 |
Weighted average common stock outstanding issued under compensation plans and warrant exercises | 1,308 | 1,128 | 1,274 | 874 |
Effect of dilutive securities | 305 | 0 | 302 | 270 |
Denominator, Net, Diluted | 43,013 | 42,528 | 42,976 | 42,544 |
Diluted earnings per share, Discontinued Operations | $0 | $0 | $0 | $0 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Expense on the change in the fair value of the warrants | $5.50 | $4.80 | $23.50 | $37 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Operating assets and liabilities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Components of operating assets and liabilities | ' | ' |
Decrease (increase) in restricted cash | ($2,188) | $451 |
Decrease (increase) in accounts receivable | -95,642 | -30,977 |
Decrease (increase) in receivable from affiliates | 29,094 | -6,861 |
Decrease (increase) in inventories | -18,676 | -13,983 |
Decrease (increase) in derivatives and margin deposits | -2,200 | 1,972 |
Decrease (increase) in other current assets | -1,690 | 2,269 |
Decrease (increase) in other assets | -221 | 258 |
Increase (decrease) in accounts payable and accrued liabilities | 81,835 | 50,614 |
Increase (decrease) in payable to affiliates | -31,781 | 2,102 |
Increase (decrease) in payables to pre-petition creditors | -47 | -416 |
Increase (decrease) in other noncurrent liabilities | 1,585 | -1,349 |
Total changes in operating assets and liabilities | ($39,931) | $4,080 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Details Textual) (USD $) | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2013 | |
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Semcrude Pipeline [Member] | Semcrude Pipeline [Member] | |||
Sale of interest in equity investment to related party | $31,803,000 | ' | $85,173,000 | $90,500,000 | ($53,370,000) | ($56,800,000) | ' | ' |
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | 31,800,000 | 33,700,000 | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | 33.00% | 33.00% |
Interest Paid | 21,600,000 | 7,300,000 | ' | ' | ' | ' | ' | ' |
Income Taxes Paid, Net | 17,900,000 | 6,600,000 | ' | ' | ' | ' | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $13,400,000 | $16,400,000 | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Tra
Related Party Transactions - Transactions with NGL Energy (Details) (NGL Energy [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
NGL Energy [Member] | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Revenues | $103,684 | $188,582 | $384,578 | $550,913 |
Related Party Transaction, Purchases from Related Party | 86,400 | 172,513 | 357,245 | 457,905 |
Reimbursements from NGL Energy for transition services | $42 | $60 | $126 | $156 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Glass Mountain Pipeline LLC [Member] | ' | ' | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $300,000 | ' | $400,000 | ' |
Related Party Transaction Reimbursements from Transactions With Related Party | 200,000 | ' | 600,000 | ' |
White Cliffs Pipeline, L.L.C. [Member] | ' | ' | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' |
Revenues | 700,000 | 800,000 | 2,200,000 | 2,100,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | ' | 2,700,000 | ' |
Law Firm [Member] | ' | ' | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' |
Legal fees | 400,000 | 600,000 | 1,000,000 | 1,600,000 |
White Cliffs Pipeline, L.L.C. [Member] | Law Firm [Member] | ' | ' | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' |
Legal fees | $9,100 | $68,000 | $90,100 | $79,600 |
Condensed_Consolidating_Guaran2
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $67,049,000 | $79,351,000 | $64,718,000 | $80,029,000 |
Restricted cash | 7,254,000 | 5,119,000 | ' | ' |
Accounts receivable, net | 414,109,000 | 323,965,000 | ' | ' |
Receivable from affiliates | 38,179,000 | 67,273,000 | ' | ' |
Inventories | 62,783,000 | 44,295,000 | ' | ' |
Other current assets | 19,757,000 | 14,011,000 | ' | ' |
Total current assets | 609,131,000 | 534,014,000 | ' | ' |
Property, plant and equipment, net | 1,239,356,000 | 1,105,728,000 | ' | ' |
Equity method investments | 609,807,000 | 565,124,000 | ' | ' |
Goodwill | 58,837,000 | 62,021,000 | ' | ' |
Other intangible assets, net | 179,165,000 | 174,838,000 | ' | ' |
Other noncurrent assets, net | 38,849,000 | 28,889,000 | ' | ' |
Total assets | 2,735,145,000 | 2,470,614,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 336,162,000 | 254,467,000 | ' | ' |
Payable to affiliates | 30,498,000 | 62,279,000 | ' | ' |
Accrued liabilities | 96,328,000 | 83,429,000 | ' | ' |
Payables to pre-petition creditors | 3,135,000 | 3,177,000 | ' | ' |
Deferred revenue | 20,959,000 | 25,538,000 | ' | ' |
Warrant liability | 81,238,000 | 58,134,000 | ' | ' |
Other current liabilities | 3,500,000 | 12,153,000 | ' | ' |
Current portion of long-term debt | 40,000 | 37,000 | ' | ' |
Total current liabilities | 571,860,000 | 499,214,000 | ' | ' |
Long-term debt | 793,058,000 | 615,088,000 | ' | ' |
Deferred income taxes | 153,513,000 | 100,945,000 | ' | ' |
Other noncurrent liabilities | 45,504,000 | 41,504,000 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Ownersb equity excluding noncontrolling interests in consolidated subsidiaries | 1,098,199,000 | 1,053,902,000 | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 73,011,000 | 159,961,000 | ' | ' |
Total ownersb equity | 1,171,210,000 | 1,213,863,000 | ' | ' |
Total liabilities and ownersb equity | 2,735,145,000 | 2,470,614,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 5,696,000 | 2,545,000 | 9,711,000 | 19,123,000 |
Restricted cash | 3,856,000 | 3,851,000 | ' | ' |
Accounts receivable, net | 662,000 | 649,000 | ' | ' |
Receivable from affiliates | 1,245,000 | 1,519,000 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 9,585,000 | 8,712,000 | ' | ' |
Total current assets | 21,044,000 | 17,276,000 | ' | ' |
Property, plant and equipment, net | 4,138,000 | 4,114,000 | ' | ' |
Equity method investments | 1,582,519,000 | 1,511,922,000 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 27,000 | 31,000 | ' | ' |
Other noncurrent assets, net | 18,135,000 | 15,263,000 | ' | ' |
Total assets | 1,625,863,000 | 1,548,606,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 286,000 | 1,172,000 | ' | ' |
Payable to affiliates | 14,000 | 17,000 | ' | ' |
Accrued liabilities | 15,602,000 | 10,072,000 | ' | ' |
Payables to pre-petition creditors | 3,129,000 | 3,124,000 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Warrant liability | 81,238,000 | 58,134,000 | ' | ' |
Other current liabilities | 548,000 | 3,741,000 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | 100,817,000 | 76,260,000 | ' | ' |
Long-term debt | 320,000,000 | 370,000,000 | ' | ' |
Deferred income taxes | 104,040,000 | 48,436,000 | ' | ' |
Other noncurrent liabilities | 2,807,000 | 8,000 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Ownersb equity excluding noncontrolling interests in consolidated subsidiaries | 1,098,199,000 | 1,053,902,000 | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ' | ' |
Total ownersb equity | 1,098,199,000 | 1,053,902,000 | ' | ' |
Total liabilities and ownersb equity | 1,625,863,000 | 1,548,606,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 32,742,000 | 14,642,000 | ' | ' |
Receivable from affiliates | 5,665,000 | 14,063,000 | ' | ' |
Inventories | 183,000 | 1,046,000 | ' | ' |
Other current assets | 515,000 | 193,000 | ' | ' |
Total current assets | 39,105,000 | 29,944,000 | ' | ' |
Property, plant and equipment, net | 471,734,000 | 366,067,000 | ' | ' |
Equity method investments | 666,601,000 | 461,056,000 | ' | ' |
Goodwill | 13,052,000 | 23,839,000 | ' | ' |
Other intangible assets, net | 154,433,000 | 163,144,000 | ' | ' |
Other noncurrent assets, net | 1,208,000 | 1,302,000 | ' | ' |
Total assets | 1,346,133,000 | 1,045,352,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 28,300,000 | 24,234,000 | ' | ' |
Payable to affiliates | 41,000 | 115,000 | ' | ' |
Accrued liabilities | 22,360,000 | 17,341,000 | ' | ' |
Payables to pre-petition creditors | -1,000 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Warrant liability | 0 | 0 | ' | ' |
Other current liabilities | 708,000 | 715,000 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | 51,408,000 | 42,405,000 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Ownersb equity excluding noncontrolling interests in consolidated subsidiaries | 1,294,725,000 | 1,002,947,000 | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ' | ' |
Total ownersb equity | 1,294,725,000 | 1,002,947,000 | ' | ' |
Total liabilities and ownersb equity | 1,346,133,000 | 1,045,352,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 64,811,000 | 78,364,000 | 58,135,000 | 63,844,000 |
Restricted cash | 3,398,000 | 1,268,000 | ' | ' |
Accounts receivable, net | 380,705,000 | 308,674,000 | ' | ' |
Receivable from affiliates | 35,888,000 | 56,040,000 | ' | ' |
Inventories | 62,600,000 | 43,249,000 | ' | ' |
Other current assets | 9,657,000 | 5,106,000 | ' | ' |
Total current assets | 557,059,000 | 492,701,000 | ' | ' |
Property, plant and equipment, net | 763,484,000 | 735,547,000 | ' | ' |
Equity method investments | 273,201,000 | 159,321,000 | ' | ' |
Goodwill | 45,785,000 | 38,182,000 | ' | ' |
Other intangible assets, net | 24,705,000 | 11,663,000 | ' | ' |
Other noncurrent assets, net | 19,506,000 | 12,324,000 | ' | ' |
Total assets | 1,683,740,000 | 1,449,738,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 307,576,000 | 229,061,000 | ' | ' |
Payable to affiliates | 35,062,000 | 67,062,000 | ' | ' |
Accrued liabilities | 58,366,000 | 56,011,000 | ' | ' |
Payables to pre-petition creditors | 7,000 | 53,000 | ' | ' |
Deferred revenue | 20,959,000 | 25,538,000 | ' | ' |
Warrant liability | 0 | 0 | ' | ' |
Other current liabilities | 2,244,000 | 7,697,000 | ' | ' |
Current portion of long-term debt | 40,000 | 37,000 | ' | ' |
Total current liabilities | 424,254,000 | 385,459,000 | ' | ' |
Long-term debt | 473,058,000 | 245,088,000 | ' | ' |
Deferred income taxes | 49,473,000 | 52,509,000 | ' | ' |
Other noncurrent liabilities | 42,697,000 | 41,496,000 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Ownersb equity excluding noncontrolling interests in consolidated subsidiaries | 621,247,000 | 565,225,000 | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 73,011,000 | 159,961,000 | ' | ' |
Total ownersb equity | 694,258,000 | 725,186,000 | ' | ' |
Total liabilities and ownersb equity | 1,683,740,000 | 1,449,738,000 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | -3,458,000 | -1,558,000 | -3,128,000 | -2,938,000 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Receivable from affiliates | -4,619,000 | -4,349,000 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -8,077,000 | -5,907,000 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Equity method investments | -1,912,514,000 | -1,567,175,000 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets, net | 0 | 0 | ' | ' |
Total assets | -1,920,591,000 | -1,573,082,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Payable to affiliates | -4,619,000 | -4,915,000 | ' | ' |
Accrued liabilities | 0 | 5,000 | ' | ' |
Payables to pre-petition creditors | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Warrant liability | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | -4,619,000 | -4,910,000 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Ownersb equity excluding noncontrolling interests in consolidated subsidiaries | -1,915,972,000 | -1,568,172,000 | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ' | ' |
Total ownersb equity | -1,915,972,000 | -1,568,172,000 | ' | ' |
Total liabilities and ownersb equity | ($1,920,591,000) | ($1,573,082,000) | ' | ' |
Condensed_Consolidating_Guaran3
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Product | $495,436 | $288,452 | $1,325,452 | $765,334 |
Service | 65,219 | 36,402 | 167,176 | 95,737 |
Other | 33,580 | 32,894 | 82,714 | 108,617 |
Revenue | 594,235 | 357,748 | 1,575,342 | 969,688 |
Expenses: | ' | ' | ' | ' |
Cost of products sold | 458,063 | 255,554 | 1,211,703 | 680,632 |
Operating | 69,377 | 52,360 | 179,579 | 162,813 |
General and administrative | 23,296 | 20,952 | 63,882 | 54,887 |
Depreciation and amortization | 25,200 | 16,113 | 70,899 | 41,563 |
Loss (gain) on disposal of long-lived assets, net | 1,376 | 408 | 20,633 | -130 |
Total expenses | 577,312 | 345,387 | 1,546,696 | 939,765 |
Earnings from equity method investments | 14,223 | 7,483 | 48,372 | 39,689 |
Gain on issuance of common units by equity method investee | 18,772 | 0 | 26,899 | 0 |
Operating income | 49,918 | 19,844 | 103,917 | 69,612 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | 14,807 | 9,080 | 34,394 | 15,971 |
Foreign currency transaction loss (gain) | 128 | -457 | -388 | -973 |
Other income, net | -21,303 | 4,671 | -3,388 | 36,771 |
Total other expense (income), net | -6,368 | 13,294 | 30,618 | 51,769 |
Income (loss) from continuing operations before income taxes | 56,286 | 6,550 | 73,299 | 17,843 |
Income tax expense (benefit) | 24,090 | 3,413 | 33,944 | -41,305 |
Income from continuing operations | 32,196 | 3,137 | 39,355 | 59,148 |
Loss from discontinued operations, net of income taxes | 0 | -2 | -5 | 65 |
Net income | 32,196 | 3,135 | 39,350 | 59,213 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Net income (loss) attributable to SemGroup | 25,262 | -1,919 | 21,166 | 44,784 |
Other comprehensive income (loss), net of income taxes | -10,331 | 6,105 | -6,618 | -4,307 |
Comprehensive income | 21,865 | 9,240 | 32,732 | 54,906 |
Less: comprehensive income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Comprehensive income attributable to SemGroup | 14,931 | 4,186 | 14,548 | 40,477 |
Parent Company [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Product | 0 | 0 | 0 | 0 |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | 0 | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' |
Cost of products sold | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 7,862 | 7,855 | 17,380 | 15,983 |
Depreciation and amortization | 430 | 497 | 1,282 | 1,504 |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 5,945 | 0 |
Total expenses | 8,292 | 8,352 | 24,607 | 17,487 |
Earnings from equity method investments | 15,778 | 15,497 | 47,097 | 52,432 |
Gain on issuance of common units by equity method investee | 18,772 | ' | 26,899 | ' |
Operating income | 26,258 | 7,145 | 49,389 | 34,945 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | 1,658 | 4,029 | 7,241 | 1,112 |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other income, net | -22,030 | 3,383 | -5,729 | 32,826 |
Total other expense (income), net | -20,372 | 7,412 | 1,512 | 33,938 |
Income (loss) from continuing operations before income taxes | 46,630 | -267 | 47,877 | 1,007 |
Income tax expense (benefit) | 21,368 | 4,960 | 26,711 | -40,469 |
Income from continuing operations | 25,262 | -5,227 | 21,166 | 41,476 |
Loss from discontinued operations, net of income taxes | ' | 0 | 0 | 0 |
Net income | 25,262 | -5,227 | 21,166 | 41,476 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 25,262 | -5,227 | 21,166 | 41,476 |
Other comprehensive income (loss), net of income taxes | 3,377 | -2,162 | 951 | 190 |
Comprehensive income | 28,639 | -7,389 | 22,117 | 41,666 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SemGroup | 28,639 | -7,389 | 22,117 | 41,666 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Product | 83,442 | 63,623 | 263,779 | 146,880 |
Service | 14,231 | 1,174 | 28,358 | 1,646 |
Other | 0 | 0 | 0 | 0 |
Revenue | 97,673 | 64,797 | 292,137 | 148,526 |
Expenses: | ' | ' | ' | ' |
Cost of products sold | 67,929 | 47,657 | 212,769 | 108,814 |
Operating | 9,467 | 5,069 | 25,228 | 13,041 |
General and administrative | 2,737 | 2,242 | 7,705 | 6,347 |
Depreciation and amortization | 7,870 | 4,838 | 21,757 | 8,898 |
Loss (gain) on disposal of long-lived assets, net | -7 | 679 | 54,698 | 682 |
Total expenses | 87,996 | 60,485 | 322,157 | 137,782 |
Earnings from equity method investments | 15,866 | 24,667 | 90,448 | 63,011 |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' |
Operating income | 25,543 | 28,979 | 60,428 | 73,755 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | 5,081 | 1,314 | 13,779 | 3,141 |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other income, net | 0 | 1 | 0 | 159 |
Total other expense (income), net | 5,081 | 1,315 | 13,779 | 3,300 |
Income (loss) from continuing operations before income taxes | 20,462 | 27,664 | 46,649 | 70,455 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income from continuing operations | 20,462 | 27,664 | 46,649 | 70,455 |
Loss from discontinued operations, net of income taxes | ' | 0 | 0 | 66 |
Net income | 20,462 | 27,664 | 46,649 | 70,521 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 20,462 | 27,664 | 46,649 | 70,521 |
Other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income | 20,462 | 27,664 | 46,649 | 70,521 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SemGroup | 20,462 | 27,664 | 46,649 | 70,521 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Product | 421,704 | 231,404 | 1,091,050 | 634,117 |
Service | 50,988 | 35,228 | 138,818 | 94,091 |
Other | 33,580 | 32,894 | 82,714 | 108,617 |
Revenue | 506,272 | 299,526 | 1,312,582 | 836,825 |
Expenses: | ' | ' | ' | ' |
Cost of products sold | 399,844 | 214,472 | 1,028,311 | 587,481 |
Operating | 59,910 | 47,291 | 154,351 | 149,772 |
General and administrative | 12,697 | 10,855 | 38,797 | 32,557 |
Depreciation and amortization | 16,900 | 10,778 | 47,860 | 31,161 |
Loss (gain) on disposal of long-lived assets, net | 1,383 | -271 | -40,010 | -812 |
Total expenses | 490,734 | 283,125 | 1,229,309 | 800,159 |
Earnings from equity method investments | 16,289 | 10,787 | 31,902 | 31,886 |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' |
Operating income | 31,827 | 27,188 | 115,175 | 68,552 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | 8,899 | 5,136 | 15,854 | 15,845 |
Foreign currency transaction loss (gain) | 128 | -457 | -388 | -973 |
Other income, net | -104 | -112 | -139 | -341 |
Total other expense (income), net | 8,923 | 4,567 | 15,327 | 14,531 |
Income (loss) from continuing operations before income taxes | 22,904 | 22,621 | 99,848 | 54,021 |
Income tax expense (benefit) | 2,722 | -1,547 | 7,233 | -836 |
Income from continuing operations | 20,182 | 24,168 | 92,615 | 54,857 |
Loss from discontinued operations, net of income taxes | ' | -2 | -5 | -1 |
Net income | 20,182 | 24,166 | 92,610 | 54,856 |
Less: net income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Net income (loss) attributable to SemGroup | 13,248 | 19,112 | 74,426 | 40,427 |
Other comprehensive income (loss), net of income taxes | -13,708 | 8,267 | -7,569 | -4,497 |
Comprehensive income | 6,474 | 32,433 | 85,041 | 50,359 |
Less: comprehensive income attributable to noncontrolling interests | 6,934 | 5,054 | 18,184 | 14,429 |
Comprehensive income attributable to SemGroup | -460 | 27,379 | 66,857 | 35,930 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Product | -9,710 | -6,575 | -29,377 | -15,663 |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | -9,710 | -6,575 | -29,377 | -15,663 |
Expenses: | ' | ' | ' | ' |
Cost of products sold | -9,710 | -6,575 | -29,377 | -15,663 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 0 | 0 |
Total expenses | -9,710 | -6,575 | -29,377 | -15,663 |
Earnings from equity method investments | -33,710 | -43,468 | -121,075 | -107,640 |
Gain on issuance of common units by equity method investee | 0 | ' | 0 | ' |
Operating income | -33,710 | -43,468 | -121,075 | -107,640 |
Other expenses (income), net: | ' | ' | ' | ' |
Interest expense | -831 | -1,399 | -2,480 | -4,127 |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other income, net | 831 | 1,399 | 2,480 | 4,127 |
Total other expense (income), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | -33,710 | -43,468 | -121,075 | -107,640 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income from continuing operations | -33,710 | -43,468 | -121,075 | -107,640 |
Loss from discontinued operations, net of income taxes | ' | 0 | 0 | 0 |
Net income | -33,710 | -43,468 | -121,075 | -107,640 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | -33,710 | -43,468 | -121,075 | -107,640 |
Other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income | -33,710 | -43,468 | -121,075 | -107,640 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SemGroup | ($33,710) | ($43,468) | ($121,075) | ($107,640) |
Condensed_Consolidating_Guaran4
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $105,900 | $96,519 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -194,227 | -131,650 |
Proceeds from sale of long-lived assets | 4,083 | 1,048 |
Contributions to equity method investments | -70,730 | -143,463 |
Payments to acquire businesses | -44,508 | -356,201 |
Proceeds from sale of common units of equity method investee | 59,744 | 0 |
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 6,565 | 13,091 |
Net cash used in investing activities | -239,073 | -617,175 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | -8,670 | -11,865 |
Borrowings on credit facilities and issuance of senior unsecured notes | 1,074,244 | 928,474 |
Principal payments on credit facilities and other obligations | -896,261 | -594,403 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 210,226 |
Distributions to noncontrolling interests | -20,571 | -11,458 |
Proceeds from warrant exercises | 86 | 225 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | -719 | -371 |
Dividends paid | -31,149 | -16,387 |
Proceeds from issuance of common stock under employee stock purchase plan | 340 | 0 |
Excess tax benefit from equity-based awards | 1,650 | 0 |
Intercompany borrowings (advances), net | 0 | 0 |
Net cash provided by (used in) financing activities | 118,950 | 504,441 |
Effect of exchange rate changes on cash and cash equivalents | 1,921 | 904 |
Change in cash and cash equivalents | -12,302 | -15,311 |
Cash and cash equivalents at beginning of period | 79,351 | 80,029 |
Cash and cash equivalents at end of period | 67,049 | 64,718 |
Parent Company [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 21,740 | 19,717 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,302 | -622 |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | -18,775 |
Payments to acquire businesses | 0 | 0 |
Proceeds from sale of common units of equity method investee | 59,744 | ' |
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | 189,500 |
Distributions in excess of equity in earnings of affiliates | 1,051 | 5,541 |
Net cash used in investing activities | 173,905 | 175,644 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | -93 | -9,037 |
Borrowings on credit facilities and issuance of senior unsecured notes | 286,500 | 575,000 |
Principal payments on credit facilities and other obligations | -336,500 | -321,500 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | ' | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from warrant exercises | 86 | 225 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | -719 | -371 |
Dividends paid | -31,149 | -16,387 |
Proceeds from issuance of common stock under employee stock purchase plan | 340 | ' |
Excess tax benefit from equity-based awards | 1,650 | ' |
Intercompany borrowings (advances), net | -112,609 | -432,703 |
Net cash provided by (used in) financing activities | -192,494 | -204,773 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 3,151 | -9,412 |
Cash and cash equivalents at beginning of period | 2,545 | 19,123 |
Cash and cash equivalents at end of period | 5,696 | 9,711 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 45,890 | 16,424 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -127,861 | -65,845 |
Proceeds from sale of long-lived assets | 2,368 | 3 |
Contributions to equity method investments | -16,203 | -28,031 |
Payments to acquire businesses | -514 | -306,232 |
Proceeds from sale of common units of equity method investee | 0 | ' |
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 1,145 | 0 |
Net cash used in investing activities | -141,065 | -400,105 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | 0 | 0 |
Borrowings on credit facilities and issuance of senior unsecured notes | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | ' | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from warrant exercises | 0 | 0 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | ' |
Excess tax benefit from equity-based awards | 0 | ' |
Intercompany borrowings (advances), net | 95,175 | 383,681 |
Net cash provided by (used in) financing activities | 95,175 | 383,681 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 59,549 | 74,197 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -65,064 | -65,183 |
Proceeds from sale of long-lived assets | 1,715 | 1,045 |
Contributions to equity method investments | -54,527 | -96,657 |
Payments to acquire businesses | -43,994 | -49,969 |
Proceeds from sale of common units of equity method investee | 0 | ' |
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 5,420 | 7,550 |
Net cash used in investing activities | -156,450 | -203,214 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | -8,577 | -2,828 |
Borrowings on credit facilities and issuance of senior unsecured notes | 787,744 | 353,474 |
Principal payments on credit facilities and other obligations | -559,761 | -272,903 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | ' | 210,226 |
Distributions to noncontrolling interests | -20,571 | -11,458 |
Proceeds from warrant exercises | 0 | 0 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | ' |
Excess tax benefit from equity-based awards | 0 | ' |
Intercompany borrowings (advances), net | -117,408 | -154,107 |
Net cash provided by (used in) financing activities | 81,427 | 122,404 |
Effect of exchange rate changes on cash and cash equivalents | 1,921 | 904 |
Change in cash and cash equivalents | -13,553 | -5,709 |
Cash and cash equivalents at beginning of period | 78,364 | 63,844 |
Cash and cash equivalents at end of period | 64,811 | 58,135 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -21,279 | -13,819 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Payments to acquire businesses | 0 | 0 |
Proceeds from sale of common units of equity method investee | 0 | ' |
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | -114,412 | -189,500 |
Distributions in excess of equity in earnings of affiliates | -1,051 | 0 |
Net cash used in investing activities | -115,463 | -189,500 |
Cash flows from financing activities: | ' | ' |
Debt issuance costs | 0 | 0 |
Borrowings on credit facilities and issuance of senior unsecured notes | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | ' | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from warrant exercises | 0 | 0 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | ' |
Excess tax benefit from equity-based awards | 0 | ' |
Intercompany borrowings (advances), net | 134,842 | 203,129 |
Net cash provided by (used in) financing activities | 134,842 | 203,129 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | -1,900 | -190 |
Cash and cash equivalents at beginning of period | -1,558 | -2,938 |
Cash and cash equivalents at end of period | ($3,458) | ($3,128) |
Condensed_Consolidating_Guaran5
Condensed Consolidating Guarantor Financial Statements (Details Textual) | Sep. 30, 2014 | Mar. 31, 2013 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' |
Semcrude Pipeline [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Equity method investment, ownership percentage | 33.00% | 33.00% |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $58,837 | $62,021 |
Crude [Member] | Chesapeake crude oil trucking assets [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Property, plant and equipment | 19,092 | ' |
Customer contract intangible | 17,010 | ' |
Goodwill | 7,892 | ' |
Total assets acquired | $43,994 | ' |
Acquisitions_Goodwill_rollforw
Acquisitions - Goodwill rollforward (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 |
Balance at December 31, 2013 | ' | $62,021 |
Currency translation adjustments | ' | -191 |
Balance at September 30, 2014 | ' | 58,837 |
Crude [Member] | ' | ' |
Acquisition | ' | 7,892 |
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | ' | ' |
Goodwill, Purchase Accounting Adjustments | -10,787 | -10,787 |
Barcas Field Services, LLC [Member] | Crude [Member] | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ($98) |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||
Jun. 25, 2014 | Sep. 30, 2014 | Jun. 23, 2014 | Sep. 02, 2013 | Sep. 30, 2014 | Aug. 03, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Aug. 06, 2013 | |
Crude [Member] | Crude [Member] | Crude [Member] | Crude [Member] | Crude [Member] | SemGas [Member] | SemGas [Member] | SemGas [Member] | SemStream [Member] | SemStream [Member] | |
Chesapeake crude oil trucking assets [Member] | Chesapeake crude oil trucking assets [Member] | Chesapeake crude oil trucking assets [Member] | Barcas Field Services, LLC [Member] | Barcas Field Services, LLC [Member] | Mid-America Midstream Gas Services, LLC [Member] | Mid-America Midstream Gas Services, LLC [Member] | Mid-America Midstream Gas Services, LLC [Member] | General Partner [Member] | General Partner [Member] | |
Trailers | NGL Energy Partners LP [Member] | NGL Energy Partners LP [Member] | ||||||||
Trucks | Additional interest acquired [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire businesses | $44,000,000 | ' | ' | $49,000,000 | ' | $313,500,000 | ' | ' | ' | ' |
Trucks purchased | ' | ' | 124 | ' | ' | ' | ' | ' | ' | ' |
Trailers purchased | ' | ' | 122 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | ' | -2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | ' | 12,600,000 | ' | ' | ' | ' | -2,300,000 | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | -10,000,000 | ' | ' | -98,000 | ' | -10,787,000 | -10,787,000 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Additional Consideration Transfered | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 11.78% | 5.36% |
Disposal_of_longlived_assets_D
Disposal of long-lived assets (Details) (SemGas [Member], Eastern Oklahoma gas gathering assets [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jun. 02, 2014 | Jun. 01, 2014 |
SemGas [Member] | Eastern Oklahoma gas gathering assets [Member] | ' | ' |
Disposal of long-lived assets [Line Items] | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ($20.10) | ' |
Proceeds from Sale of Property, Plant, and Equipment | 2.4 | ' |
Disposal Group, Including Discontinued Operation, Assets of Disposal Group | ' | $22.50 |