Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Jan. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | SemGroup Corporation | ||
Entity Central Index Key | 1489136 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $3,333,280,930 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 43,825,556 | ||
Class B | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $40,598 | $79,351 |
Restricted cash | 6,980 | 5,119 |
Accounts receivable (net of allowance of $3,260 and $3,661 at December 31, 2014 and 2013, respectively) | 351,334 | 323,965 |
Receivable from affiliates | 16,819 | 67,273 |
Inventories | 43,532 | 44,295 |
Other current assets | 20,017 | 14,011 |
Total current assets | 479,280 | 534,014 |
Property, plant and equipment (net of accumulated depreciation of $245,629 and $188,720 at December 31, 2014 and 2013, respectively) | 1,256,825 | 1,105,728 |
Equity method investments | 577,920 | 565,124 |
Goodwill | 58,326 | 62,021 |
Other intangible assets (net of accumulated amortization of $20,545 and $12,655 at December 31, 2014 and 2013, respectively) | 173,065 | 174,838 |
Other noncurrent assets, net | 44,386 | 28,889 |
Total assets | 2,589,802 | 2,470,614 |
Current liabilities: | ||
Accounts payable | 257,177 | 254,467 |
Payable to affiliates | 13,460 | 62,279 |
Accrued liabilities | 92,694 | 83,429 |
Payables to pre-petition creditors | 3,129 | 3,177 |
Warrant liability | 0 | 58,134 |
Deferred revenue | 23,688 | 25,538 |
Other current liabilities | 1,474 | 12,153 |
Current portion of long-term debt | 40 | 37 |
Total current liabilities | 391,662 | 499,214 |
Long-term debt | 767,092 | 615,088 |
Deferred income taxes | 161,956 | 100,945 |
Other noncurrent liabilities | 49,655 | 41,504 |
Commitments and contingencies (Note 17) | ||
SemGroup Corporation owners’ equity: | ||
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 44,689 and 42,898 shares, respectively) | 436 | 425 |
Additional paid-in capital | 1,245,877 | 1,154,516 |
Treasury stock, at cost (862 and 437 shares, respectively) | -1,332 | -613 |
Accumulated deficit | -68,332 | -97,572 |
Accumulated other comprehensive loss | -27,141 | -2,854 |
Total SemGroup Corporation owners’ equity | 1,149,508 | 1,053,902 |
Noncontrolling interests in consolidated subsidiaries | 69,929 | 159,961 |
Total owners’ equity | 1,219,437 | 1,213,863 |
Total liabilities and owners’ equity | $2,589,802 | $2,470,614 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $3,260 | $3,661 |
Accumulated depreciation | 245,629 | 188,720 |
Accumulated amortization on other intangible assets | $20,545 | $12,655 |
Par value per share | $0.01 | $0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 44,689 | 42,898 |
Treasury Stock, Shares | 862 | 437 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Product | $1,780,314 | $1,145,104 | $953,738 |
Service | 233,239 | 140,198 | 117,721 |
Other | 109,026 | 141,714 | 166,038 |
Total revenues | 2,122,579 | 1,427,016 | 1,237,497 |
Expenses: | |||
Costs of products sold, exclusive of depreciation and amortization shown below | 1,623,358 | 1,020,100 | 874,885 |
Operating | 246,613 | 223,585 | 224,700 |
General and administrative | 87,845 | 78,597 | 71,918 |
Depreciation and amortization | 98,397 | 66,409 | 48,210 |
Loss (gain) on disposal or impairment of long-lived assets, net | -32,592 | 239 | 3,531 |
Total expenses | 2,088,805 | 1,388,452 | 1,216,182 |
Earnings from equity method investments | 64,199 | 52,477 | 36,036 |
Gain on issuance of common units by equity method investee | 29,020 | 26,873 | 0 |
Operating income (loss) | 126,993 | 117,914 | 57,351 |
Other expenses (income): | |||
Interest expense | 49,044 | 25,142 | 8,902 |
Foreign currency transaction loss (gain) | -86 | -1,633 | 298 |
Other expense (income), net | -20,536 | 45,906 | 21,271 |
Total other expenses, net | 28,422 | 69,415 | 30,471 |
Income from continuing operations before income taxes | 98,571 | 48,499 | 26,880 |
Income tax expense (benefit) | 46,513 | -17,254 | -2,078 |
Income from continuing operations | 52,058 | 65,753 | 28,958 |
Income (loss) from discontinued operations, net of income taxes | -1 | 59 | 2,939 |
Net income | 52,057 | 65,812 | 31,897 |
Less: net income attributable to noncontrolling interests | 22,817 | 17,710 | 9,797 |
Net income (loss) attributable to SemGroup | 29,240 | 48,102 | 22,100 |
Other comprehensive income (loss): | |||
Currency translation adjustments | -20,551 | -6,363 | 12,635 |
Other, net of income tax | -3,736 | 4,808 | -59 |
Total other comprehensive income (loss) | -24,287 | -1,555 | 12,576 |
Comprehensive income (loss) | 27,770 | 64,257 | 44,473 |
Less: comprehensive income attributable to noncontrolling interests | 22,817 | 17,710 | 9,797 |
Comprehensive income (loss) attributable to SemGroup | $4,953 | $46,547 | $34,676 |
Net income per common share (Note 19): | |||
Basic | $0.69 | $1.14 | $0.53 |
Diluted | $0.68 | $1.13 | $0.52 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Owners' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2011 | $978,665 | $418 | $1,032,365 | $0 | ($167,812) | ($13,875) | $127,569 |
Net income (loss) | 31,897 | 0 | 0 | 0 | 22,100 | 0 | 9,797 |
Other comprehensive income (loss), net of income taxes | 12,576 | 0 | 0 | 0 | 0 | 12,576 | 0 |
Distributions to noncontrolling interests | -8,502 | 0 | 0 | 0 | 0 | 0 | -8,502 |
Non-cash equity compensation | 6,503 | 0 | 6,195 | 0 | 0 | 0 | 308 |
Warrants exercised | 631 | 0 | 631 | 0 | 0 | 0 | 0 |
Issuance of common stock under compensation plans | 0 | 2 | -2 | 0 | 0 | 0 | 0 |
Repurchase of common stock | -242 | 0 | 0 | -242 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 | 38 | 0 | -38 |
Ending Balance at Dec. 31, 2012 | 1,021,528 | 420 | 1,039,189 | -242 | -145,674 | -1,299 | 129,134 |
Net income (loss) | 65,812 | 0 | 0 | 0 | 48,102 | 0 | 17,710 |
Other comprehensive income (loss), net of income taxes | -1,555 | 0 | 0 | 0 | 0 | -1,555 | 0 |
Distributions to noncontrolling interests | -17,647 | 0 | 0 | 0 | 0 | 0 | -17,647 |
Non-cash equity compensation | 7,330 | 0 | 6,524 | 0 | 0 | 0 | 806 |
Warrants exercised | 21,379 | 4 | 21,375 | 0 | 0 | 0 | 0 |
Issuance of common stock under compensation plans | 0 | 1 | -1 | 0 | 0 | 0 | 0 |
Repurchase of common stock | -371 | 0 | 0 | -371 | 0 | 0 | 0 |
Net proceeds from issuance of Rose Rock Midstream, L.P. common units | 210,226 | 0 | 0 | 0 | 0 | 0 | 210,226 |
Transfer of SemCrude Pipeline interest to Rose Rock | -67,291 | 0 | 112,929 | 0 | 0 | 0 | -180,220 |
Dividends paid | -25,429 | 0 | -25,429 | 0 | 0 | 0 | 0 |
Unvested dividend equivalent rights | -119 | 0 | -71 | 0 | 0 | 0 | -48 |
Ending Balance at Dec. 31, 2013 | 1,213,863 | 425 | 1,154,516 | -613 | -97,572 | -2,854 | 159,961 |
Net income (loss) | 52,057 | 0 | 0 | 0 | 29,240 | 0 | 22,817 |
Other comprehensive income (loss), net of income taxes | -24,287 | 0 | 0 | 0 | 0 | -24,287 | 0 |
Distributions to noncontrolling interests | -28,494 | 0 | 0 | 0 | 0 | 0 | -28,494 |
Non-cash equity compensation | 8,262 | 0 | 7,319 | 0 | 0 | 0 | 943 |
Warrants exercised | 73,017 | 9 | 73,008 | 0 | 0 | 0 | 0 |
Issuance of common stock under compensation plans | 2,172 | 2 | 2,170 | 0 | 0 | 0 | 0 |
Repurchase of common stock | -719 | 0 | 0 | -719 | 0 | 0 | 0 |
Transfer of SemCrude Pipeline interest to Rose Rock | -31,930 | 0 | 53,243 | 0 | 0 | 0 | -85,173 |
Dividends paid | -44,206 | 0 | -44,206 | 0 | 0 | 0 | 0 |
Unvested dividend equivalent rights | -298 | 0 | -173 | 0 | 0 | 0 | -125 |
Ending Balance at Dec. 31, 2014 | $1,219,437 | $436 | $1,245,877 | ($1,332) | ($68,332) | ($27,141) | $69,929 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $52,057 | $65,812 | $31,897 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net unrealized (gain) loss related to derivative instruments | -1,734 | -974 | 1,196 |
Depreciation and amortization | 98,397 | 66,409 | 48,646 |
Loss (gain) on disposal or impairment of long-lived assets, net | -32,592 | 216 | 6,621 |
Equity earnings from investments | -64,199 | -52,477 | -36,036 |
Gain on issuance of common units by equity method investee | -29,020 | -26,873 | 0 |
Gain on sale of common units of equity method investee | -34,211 | 0 | 0 |
Distributions from equity investments | 85,261 | 63,651 | 36,440 |
Amortization and write down of debt issuance costs | 3,632 | 2,732 | 2,425 |
Deferred tax expense (benefit) | 36,148 | -36,274 | -11,818 |
Non-cash compensation expense | 8,386 | 7,330 | 6,503 |
Excess tax benefit from equity-based awards | -1,650 | 0 | 0 |
(Gain) loss on fair value of warrants | 13,423 | 46,433 | 21,310 |
Provision for uncollectible accounts receivable, net of recoveries | 360 | -372 | -315 |
Inventory valuation adjustment | 5,667 | 0 | 0 |
Currency (gain) loss | -86 | -1,633 | 298 |
Changes in operating assets and liabilities (Note 23) | -23,365 | 39,861 | -14,283 |
Net cash provided by operating activities | 181,658 | 173,409 | 79,642 |
Cash flows from investing activities: | |||
Capital expenditures | -270,506 | -215,609 | -119,319 |
Proceeds from sale of long-lived assets | 4,445 | 1,279 | 2,641 |
Investments in non-consolidated subsidiaries | -71,131 | -173,868 | -78,253 |
Payments to acquire businesses | -44,508 | -362,456 | 0 |
Proceeds from sale of common units of equity method investee | 79,741 | 0 | 0 |
Proceeds from sale of non-consolidated affiliate | 0 | 0 | 3,500 |
Proceeds from the sale of SemStream assets | 0 | 0 | 12,250 |
Distributions from equity method investments in excess of equity in earnings | 11,734 | 12,246 | 17,290 |
Net cash provided by (used in) investing activities | -290,225 | -738,408 | -161,891 |
Cash flows from financing activities: | |||
Debt issuance costs | -8,686 | -14,936 | -707 |
Borrowings on debt and other obligations | 1,254,244 | 1,268,474 | 318,000 |
Principal payments on debt and other obligations | -1,102,272 | -859,412 | -222,066 |
Distributions to noncontrolling interests | -28,494 | -17,647 | -8,502 |
Proceeds from warrant exercises | 1,451 | 225 | 0 |
Repurchase of common stock | -719 | -371 | -242 |
Dividends paid | -44,206 | -25,429 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 340 | 0 | 0 |
Excess tax benefit from equity-based awards | 1,650 | 0 | 0 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 210,226 | 0 |
Net cash provided by (used in) financing activities | 73,308 | 561,130 | 86,483 |
Effect of exchange rate changes on cash and cash equivalents | -3,494 | 3,191 | -610 |
Change in cash and cash equivalents | -38,753 | -678 | 3,624 |
Change in cash and cash equivalents included in discontinued operations | 0 | 0 | 2,792 |
Change in cash and cash equivalents from continuing operations | -38,753 | -678 | 6,416 |
Cash and cash equivalents at beginning of period | 79,351 | 80,029 | 73,613 |
Cash and cash equivalents at end of period | $40,598 | $79,351 | $80,029 |
Overview
Overview | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Overview | OVERVIEW | |
SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma that provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. | ||
The accompanying consolidated financial statements include the activities of SemGroup Corporation and its subsidiaries. The terms “we,” “our,” “us,” “the Company” and similar language used in these notes to consolidated financial statements refer to SemGroup Corporation and its subsidiaries. | ||
At December 31, 2014, our reportable segments include the following: | ||
• | Crude conducts crude oil transportation, storage, terminalling, gathering and marketing operations in the United States. Crude’s assets include: | |
• | the 2% general partner interest and a 56.8% limited partner interest in Rose Rock Midstream, L.P. ("Rose Rock"), which owns an approximate 570-mile crude oil pipeline network in Kansas and Oklahoma, a crude oil gathering, storage and marketing business in the Bakken Shale in North Dakota and Montana, a crude oil storage facility in Cushing, Oklahoma with a capacity of 7.6 million barrels and a crude oil trucking fleet of over 255 transport trucks and 275 trailers; | |
• | a 51% ownership interest (through our interest in Rose Rock) in White Cliffs Pipeline, L.L.C. ("White Cliffs"), which owns a 527-mile pipeline, consisting of two 12-inch common carrier, crude oil pipelines, that transports crude oil from Platteville, Colorado to Cushing, Oklahoma (the "White Cliffs Pipeline"); and | |
• | a 50% ownership interest in Glass Mountain Pipeline LLC ("Glass Mountain"), which owns a 210-mile crude oil pipeline in western and north central Oklahoma ("the Glass Mountain Pipeline"). | |
• | SemStream, which owns 6,652,101 common units representing 7.5% of the total limited partner interests, as of September 30, 2014, in NGL Energy Partners LP ("NGL Energy") (NYSE: NGL), which owns and operates wholesale and retail propane storage and distribution assets, crude oil logistics and water treatment services in the United States, and a 11.78% interest in the general partner of NGL Energy. We report the results of our investment in NGL Energy under the equity method on a one-quarter lag (Note 5). | |
• | SemCAMS, which provides natural gas gathering and processing services in Alberta, Canada. SemCAMS owns working interests in, and operates, four natural gas processing plants with a combined operating capacity of 695 million cubic feet per day. | |
• | SemGas, which provides natural gas gathering and processing services in the United States. SemGas owns and operates gathering systems and four processing plants in Oklahoma, Texas and Kansas with 388 million cubic feet per day of capacity. | |
• | SemLogistics, which provides refined product and crude oil storage services in the United Kingdom. SemLogistics owns a facility in Wales that has multi-product storage capacity of approximately 8.7 million barrels. | |
• | SemMexico, which purchases, produces, stores, and distributes liquid asphalt cement products in Mexico. SemMexico operates an in-country network of fourteen asphalt cement terminals and modification facilities, one toll manufacturing facility and one portable rail unloading facility. |
Consolidation_And_Basis_Of_Pre
Consolidation And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation and Basis of Presentation | CONSOLIDATION AND BASIS OF PRESENTATION |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. | |
Consolidated subsidiaries | |
Our consolidated financial statements include the accounts of our controlled subsidiaries, including Rose Rock. All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the consolidated financial statements. | |
Proportionally consolidated assets | |
Our SemCAMS segment owns undivided interests in certain natural gas gathering and processing assets, for which we record only our proportionate share of the assets on the consolidated balance sheets. The net book value of the property, plant and equipment recorded by us associated with these undivided interests is approximately $209.8 million at December 31, 2014. We serve as operator of these facilities and incur the costs of operating the facilities (recorded as operating expenses in the consolidated statements of operations) and charge the other owners for their proportionate share of the costs (recorded as other revenue in the consolidated statements of operations). | |
Equity method investments | |
We own a 51% interest in White Cliffs. The other owners have substantive rights to participate in the management of White Cliffs. Because of this, we account for it under the equity method. In 2014 and 2013, we sold our interest in SemCrude Pipeline, which holds the 51% interest in White Cliffs, to our consolidated subsidiary Rose Rock. We will continue to account for our interest under the equity method. No gain was recorded on the transaction as it was between entities under common control. | |
We own general partner and limited partner interests in NGL Energy which we account for under the equity method. | |
We own a 50% interest in Glass Mountain which we account for under the equity method. | |
Discontinued operations | |
During 2012, we completed the disposition of SemStream's residential propane supply business in Arizona, which is accounted for as a discontinued operation (Note 8). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Signifcant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
USE OF ESTIMATES—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. Our significant estimates include, but are not limited to: (1) allowances for doubtful accounts receivable; (2) estimated useful lives of assets, which impact depreciation; (3) estimated fair values of long-lived assets used in impairment tests; (4) fair values of derivative instruments; (5) valuation allowances for deferred tax assets; and (6) accrual and disclosure of contingent losses. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. | ||
CASH AND CASH EQUIVALENTS—Cash includes currency on hand and demand and time deposits with banks or other financial institutions. Cash equivalents include highly liquid investments with maturities of three months or less at the date of purchase. Balances at financial institutions may exceed federally insured limits. | ||
RESTRICTED CASH—At December 31, 2014, we had not yet completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. Of the restricted cash balance of $7.0 million at December 31, 2014, approximately $3.8 million is restricted for this purpose. See payables to pre-petition creditors below. | ||
ACCOUNTS RECEIVABLE—Accounts receivable are reported net of the allowance for doubtful accounts. Our assessment of the allowance for doubtful accounts is based on several factors, including the overall creditworthiness of our customers, existing economic conditions, and the amount and age of past due accounts. We enter into netting arrangements with certain counterparties to help mitigate credit risk. Receivables subject to netting are presented as gross receivables (with the related accounts payable also presented gross) until such time as the balances are settled. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are written off against the allowance for doubtful accounts only after all collection attempts have been exhausted. | ||
INVENTORIES—Inventories primarily consist of natural gas and natural gas liquids, crude oil, and asphalt. Inventories are valued at the lower of cost or market, with cost generally determined using the weighted-average method. The cost of inventory includes applicable transportation costs. | ||
We enter into exchanges with third parties whereby we acquire products that differ in location, grade, or delivery date from products we have available for sale. These exchanges are valued at cost, and although a transportation, location or product differential may be recorded, generally no gain or loss is recognized. | ||
PROPERTY, PLANT AND EQUIPMENT—Property, plant and equipment is recorded at cost. We capitalize costs that extend or increase the future economic benefits of property, plant and equipment, and expense maintenance costs that do not. When assets are disposed of, their cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is recorded as a gain or loss on disposal or impairment of long-lived assets in the consolidated statements of operations. | ||
Our SemCAMS segment operates plants which periodically undergo planned major maintenance activities, typically occurring every four to five years. Planned major maintenance projects that do not increase the overall life or capacity of the related assets are recorded in operating expense as incurred, whereas major maintenance activity costs that materially increase the life or capacity of the underlying assets are capitalized. When maintenance expenses are recoverable from the producers who use the plants, they are recorded as revenue, and typically include a 10% overhead fee. | ||
Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: | ||
Pipelines and related facilities | 10 – 31 years | |
Storage and terminal facilities | 10 – 25 years | |
Natural gas gathering and processing facilities | 10 – 31 years | |
Trucking equipment and other | 3 – 7 years | |
Office property and equipment | 3 – 31 years | |
Construction in process is reclassified to the fixed asset categories above and depreciation commences once the asset has been placed in-service. | ||
LINEFILL—Pipelines and storage facilities generally require a minimum volume of product in the system to enable the system to operate. Such product, known as linefill, is generally not available to be withdrawn from the system. Linefill owned by us in facilities operated by us is recorded at historical cost, is included in property, plant and equipment in the consolidated balance sheets, and is not depreciated. We also own linefill in third-party facilities, which is included in inventory on the consolidated balance sheets. | ||
IMPAIRMENT OF LONG-LIVED ASSETS—We test long-lived asset groups for impairment when events or circumstances indicate that the net book value of the asset group may not be recoverable. We test an asset group for impairment by estimating the undiscounted cash flows expected to result from its use and eventual disposition. If the estimated undiscounted cash flows are lower than the net book value of the asset group, we then estimate the fair value of the asset group and record a reduction to the net book value of the assets and a corresponding impairment loss. | ||
GOODWILL—We test goodwill for impairment on an annual basis, or more often if circumstances warrant, by estimating the fair value of the asset group to which the goodwill relates and comparing this fair value to the net book value of the asset group. If fair value is less than net book value, we estimate the implied fair value of goodwill, reduce the book value of the goodwill to the implied fair value, and record a corresponding impairment loss. Our policy is to test goodwill for impairment on October 1 of each year. | ||
INTANGIBLE ASSETS—Intangible assets are stated at cost, net of accumulated amortization, which is recorded on a straight-line or accelerated basis over the life of the asset. We review amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If such a review should indicate that the carrying amount of amortizable intangible assets is not recoverable, we reduce the carrying amount of such assets to fair value. | ||
EQUITY METHOD INVESTMENTS—We account for an investment under the equity method when we have significant influence over, but not control of, the significant operating decisions of the investee. Under the equity method, we record in the consolidated statements of operations our share of the earnings or losses of the investee, with a corresponding adjustment to the investment balance on our consolidated balance sheet. When we receive a distribution from an equity method investee, we record a corresponding reduction to the investment balance. When an equity method investee issues additional ownership interests which dilute our ownership interest, we recognize a gain or loss in our consolidated statements of operations. | ||
For equity method investments for which we do not expect financial information to be consistently available on a timely basis to apply the equity method currently, our policy is to apply the equity method consistently on a one-quarter lag. | ||
DEBT ISSUANCE COSTS—Costs incurred in connection with the issuance of long-term debt are reported as other noncurrent assets and are amortized to interest expense using the straight-line method over the term of the related debt. Use of the straight-line method of amortization does not differ materially from the “effective interest” method. | ||
COMMODITY DERIVATIVE INSTRUMENTS—We generally record the fair value of commodity derivative instruments on the consolidated balance sheets and the change in fair value as an increase or decrease to product revenue. | ||
As shown in Note 14, the fair value of commodity derivatives at December 31, 2014 and 2013 are recorded to other current assets or other current liabilities on the consolidated balance sheets. Related margin deposits are recorded to other current assets or other current liabilities on the consolidated balance sheets. Margin deposits are not generally netted against derivative assets or liabilities. | ||
The fair value of a derivative contract is determined based on the nature of the transaction and the market in which the transaction was executed. Quoted market prices, when available, are used to value derivative transactions. In situations where quoted market prices are not readily available, we estimate the fair value using other valuation techniques that reflect the best information available under the circumstances. Fair value measurements of derivative assets include consideration of counterparty credit risk. Fair value measurements of derivative liabilities include consideration of our creditworthiness. | ||
We have elected “normal purchase” and “normal sale” treatment for certain commitments to purchase or sell petroleum products at future dates. This election is only available when a transaction that would ordinarily meet the definition of a derivative but instead is expected to result in physical delivery of product over a reasonable period in the normal course of business and is not expected to be net settled. Agreements accounted for under this election are not recorded at fair value; instead, the transaction is recorded when the product is delivered. | ||
PAYABLES TO PRE-PETITION CREDITORS—At December 31, 2014, we had not yet completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. We recorded a liability of $3.1 million at December 31, 2014 associated with these obligations and a liability of $0.7 million which is associated with discontinued operations and is reported within other current liabilities. Cash is held in accounts restricted for this purpose which is included in Restricted Cash on the balance sheet. All pre-petition claims payable from these accounts have been settled and we expect to disburse the cash as soon as the accounts have been reconciled. | ||
CONTINGENT LOSSES—We record a liability for a contingent loss when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We record attorneys’ fees incurred in connection with a contingent loss at the time the fees are incurred. We do not record liabilities for attorneys’ fees that are expected to be incurred in the future. | ||
ASSET RETIREMENT OBLIGATIONS—Asset retirement obligations include legal or contractual obligations associated with the retirement of long-lived assets, such as requirements to incur costs to dispose of equipment or to remediate the environmental impacts of the normal operation of the assets. We record liabilities for asset retirement obligations when a known obligation exists under current law or contract and when a reasonable estimate of the value of the liability can be made. | ||
DISCONTINUED OPERATIONS—We classify a component of our business as a discontinued operation when we commit to a plan to sell the component and believe it is probable that a sale will be completed within one year. A component that is disposed of in a manner other than by sale is classified as discontinued when the component is actually disposed. Investments accounted for under the equity method, or the cost method, do not qualify for treatment as discontinued operations. A component that is disposed of may not qualify for treatment as a discontinued operation if we have significant continuing involvement in the operations of the component after the disposal. | ||
Once a component meets the requirements to be classified as a discontinued operation, previous financial statements are retrospectively adjusted to reflect the component as a discontinued operation for all periods presented. Income and losses of discontinued operations (excluding corporate general and administrative expense allocations) are combined into one line on the consolidated statements of operations. The cash flows from discontinued operations are not separately identified in the consolidated statements of cash flows. | ||
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. | ||
REVENUE RECOGNITION—Sales of product, as well as gathering and marketing revenues, are recognized at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. Terminal and storage revenues are recognized at the time the service is performed. Revenue for the transportation of product is recognized upon delivery of the product to its destination. Certain revenue transactions are reported on a net basis, including derivative instruments considered held for trading purposes and certain buy/sell transactions (see “Purchases and Sales of Inventory with the Same Counterparty”). Other revenue primarily represents operating cost recovery from working interest owners in certain processing plants and is recorded when earned in accordance with the terms of related agreements. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). | ||
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. | ||
COSTS OF PRODUCTS SOLD—Costs of products sold consists of the cost to purchase the product, the cost to transport the product to the point of sale, and the cost to store the product until it is sold. | ||
PURCHASES AND SALES OF INVENTORY WITH THE SAME COUNTERPARTY—We routinely enter into transactions to purchase inventory from, and sell inventory to, the same counterparty. Such transactions that are entered into in contemplation of one another are recorded on a net basis. | ||
CURRENCY TRANSLATION—The consolidated financial statements are presented in U.S. dollars. Our segments operate in four countries, and each segment has identified a “functional currency,” which is the primary currency in the environment in which the segment operates. The functional currencies include the U.S. dollar, the Canadian dollar, the British pound sterling, and the Mexican peso. | ||
At the end of each reporting period, the assets and liabilities of each segment are translated from its functional currency to U.S. dollars using the exchange rate at the end of the month. The monthly results of operations of each segment are generally translated from its functional currency to U.S. dollars using the average exchange rate during the month. Changes in exchange rates result in currency translation gains and losses, which are recorded within other comprehensive income (loss). | ||
Certain segments also enter into transactions in currencies other than their functional currencies. At the end of each reporting period, each segment re-measures the related receivables, payables, and cash to its functional currency using the exchange rate at the end of the period. Changes in exchange rates between the time the transactions were entered into and the end of the reporting period result in currency transaction gains or losses, which are recorded in the consolidated statements of operations. | ||
INCOME TAXES—Deferred income taxes are accounted for under the liability method, which takes into account the differences between the basis of the assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. We record valuation allowances on deferred tax assets when, in the opinion of management, it is more likely than not that the asset will not be recovered. | ||
We monitor uncertain tax positions and we recognize tax benefits only when management believes the relevant tax positions would more likely than not be sustained upon examination. We record any interest and any penalties related to income taxes within income tax expense in the consolidated statements of operations. | ||
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. | ||
RECLASSIFICATIONS—Certain reclassifications have been made to conform prior year balances to the current year presentation. | ||
PENSION BENEFITS—Pension cost and obligations are actuarially determined and are affected by assumptions including expected return on plan assets, discount rates, compensation increases, and employee turnover rates. We evaluate our assumptions periodically and make adjustments to these assumptions and the recorded liability as necessary. Actuarial gains or losses are amortized on a straight-line basis over the expected remaining service life of employees in the pension plan. | ||
EQUITY-BASED COMPENSATION—We grant certain of our employees equity-based compensation awards which vest contingent on continued service of the recipient and, in some cases, on their achievement of specific performance targets. We record compensation expense for these outstanding awards over applicable service or performance periods based on their grant date fair value with a corresponding increase to additional paid-in capital. The expense to be recorded over the life of the awards is discounted for expected forfeitures during the vesting period. | ||
NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES—Noncontrolling interests represents third-party limited partner unitholders' interests in 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. | ||
COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)—Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Our comprehensive income (loss) consists of currency translation adjustments, changes in the funded status of pension benefit plans and changes in the fair value of interest rate swaps. | ||
On March 4, 2013, the FASB issued 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. |
Rose_Rock_Midstream_LP
Rose Rock Midstream, L.P. | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||
Rose Rock Midstream, L.P. | ROSE ROCK MIDSTREAM, L.P. | ||||||||||||||||||||||
At December 31, 2014, we owned the 2% general partner interest and a 56.8% limited partner interest that included 6,814,709 common units, 8,389,709 subordinated units and 3,750,000 Class A units of Rose Rock. We also own certain incentive distribution rights, which are described below. We control the operations of Rose Rock through our ownership of the general partner interest, and we continue to consolidate Rose Rock. The outside ownership interests in Rose Rock are reflected in “noncontrolling interests in consolidated subsidiaries” on our consolidated balance sheets. The portion of the net income of Rose Rock that is attributable to outside owners is reflected within “net income attributable to noncontrolling interests” in our consolidated statements of operations and comprehensive income. | |||||||||||||||||||||||
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. Rose Rock’s partnership agreement requires Rose Rock to distribute all of its available cash each quarter in the following manner: | |||||||||||||||||||||||
Total Quarterly Distributions | Marginal Percentage | ||||||||||||||||||||||
Per Unit Target Amount | Interest in Distributions | ||||||||||||||||||||||
Unitholders | General | Incentive | |||||||||||||||||||||
Partner | Distribution | ||||||||||||||||||||||
Rights | |||||||||||||||||||||||
Minimum Quarterly Distributions | $ | 0.3625 | 98 | % | 2 | % | — | ||||||||||||||||
First Target Distribution | above | $ | 0.3625 | up to | $ | 0.416875 | 98 | % | 2 | % | — | ||||||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85 | % | 2 | % | 13 | % | |||||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.54375 | 75 | % | 2 | % | 23 | % | |||||||||||
Thereafter | above | $ | 0.54375 | 50 | % | 2 | % | 48 | % | ||||||||||||||
The following table shows the distributions paid related to the earnings for each of the following periods (in thousands, except for per unit amounts): | |||||||||||||||||||||||
Distribution | Distributions Paid | ||||||||||||||||||||||
Quarter Ended | Per Unit | SemGroup | Noncontrolling | Total | |||||||||||||||||||
Interest | Distributions | ||||||||||||||||||||||
General | Incentive | Common | Subordinated | Common Units | |||||||||||||||||||
Partner | Distributions | Units | Units | ||||||||||||||||||||
December 31, 2011 | $ | 0.067 | * | $ | 23 | $ | — | $ | 93 | $ | 561 | $ | 470 | $ | 1,147 | ||||||||
March 31, 2012 | $ | 0.3725 | $ | 128 | $ | — | $ | 517 | $ | 3,125 | $ | 2,607 | $ | 6,377 | |||||||||
June 30, 2012 | $ | 0.3825 | $ | 131 | $ | — | $ | 532 | $ | 3,209 | $ | 2,678 | $ | 6,550 | |||||||||
September 30, 2012 | $ | 0.3925 | $ | 134 | $ | — | $ | 545 | $ | 3,294 | $ | 2,748 | $ | 6,721 | |||||||||
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 | |||||||||
December 31, 2013 | $ | 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 | |||||||||
31-Dec-14 | $ | 0.62 | ** | $ | 485 | $ | 3,487 | $ | 6,551 | $ | 5,202 | $ | 8,544 | $ | 24,269 | ||||||||
*Minimum quarterly distribution for quarter ended December 31, 2011 was prorated for the period beginning immediately after the closing of Rose Rock’s IPO, December 14, 2011 through December 31, 2011. | |||||||||||||||||||||||
** The distribution to common unitholders related to earnings for the quarter ended December 31, 2014 was payable on February 13, 2015 to holders of record at February 3, 2015. As such, the Class A units, which converted to common units on January 1, 2015, were eligible for the distribution which is reflected in the amount paid to common unitholders. | |||||||||||||||||||||||
Certain summarized balance sheet information of Rose Rock is shown below (in thousands): | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Cash | $ | 3,666 | $ | 15,459 | |||||||||||||||||||
Other current assets | 270,224 | 306,128 | |||||||||||||||||||||
Property, plant and equipment, net | 335,910 | 311,616 | |||||||||||||||||||||
Equity method investment | 269,635 | 224,095 | |||||||||||||||||||||
Goodwill | 36,116 | 28,322 | |||||||||||||||||||||
Other noncurrent assets | 29,677 | 11,627 | |||||||||||||||||||||
Total assets | $ | 945,228 | $ | 897,247 | |||||||||||||||||||
Current liabilities | $ | 263,680 | $ | 293,031 | |||||||||||||||||||
Long-term debt | 432,092 | 245,088 | |||||||||||||||||||||
Partners’ capital attributable to SemGroup | 179,527 | 120,610 | |||||||||||||||||||||
Partners’ capital attributable to noncontrolling interests | 69,929 | 159,961 | |||||||||||||||||||||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | — | 78,557 | |||||||||||||||||||||
Total liabilities and partners’ capital | $ | 945,228 | $ | 897,247 | |||||||||||||||||||
Certain summarized income statement information of Rose Rock for the years ended December 31, 2014, 2013, and 2012 is shown below (in thousands): | |||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||
Revenue | $ | 1,290,644 | $ | 766,526 | $ | 620,417 | |||||||||||||||||
Costs of products sold | $ | 1,131,362 | $ | 663,759 | $ | 546,966 | |||||||||||||||||
Operating, general and administrative expenses | $ | 97,575 | $ | 51,082 | $ | 35,385 | |||||||||||||||||
Depreciation and amortization expense | $ | 36,072 | $ | 23,165 | $ | 12,131 | |||||||||||||||||
Earnings from equity method investment | $ | 57,378 | $ | 17,571 | $ | — | |||||||||||||||||
Net income | $ | 62,577 | $ | 38,005 | $ | 23,954 | |||||||||||||||||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | $ | 7,758 | $ | 1,256 | $ | — | |||||||||||||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 54,819 | $ | 36,749 | $ | 23,954 | |||||||||||||||||
Drop-down Transactions with Rose Rock | |||||||||||||||||||||||
2014 drop-down transaction | |||||||||||||||||||||||
On June 23, 2014, we contributed the remaining 33% interest in SemCrude Pipeline, L.L.C. ("SCPL") to Rose Rock in exchange 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. | |||||||||||||||||||||||
The Class A units were 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. The Class A units converted to common units in January 2015. | |||||||||||||||||||||||
As this transaction was between parties under common control, Rose Rock recorded its interest in SCPL at SemGroup's historical value and as such no gain on the sale was recognized by SemGroup. Proceeds in excess of the historical value were accounted for as a dividend from Rose Rock to SemGroup and resulted in a $85.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $53.2 million (net of tax impact of $31.9 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. SemGroup used the proceeds from these transactions to pay amounts owed under its revolving credit facility. | |||||||||||||||||||||||
SemGroup incurred approximately $0.9 million of expense associated with this transaction, including $0.4 million of costs incurred by Rose Rock. | |||||||||||||||||||||||
2013 drop-down transactions | |||||||||||||||||||||||
On January 11, 2013, we contributed a 33% interest in SCPL to Rose Rock in exchange for (i) cash of approximately $189.5 million, (ii) the issuance of 1.5 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 of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. | |||||||||||||||||||||||
In connection with this transaction, Rose Rock issued and sold 2.0 million common units to third-party purchasers in a private placement for aggregate consideration of approximately $59.3 million. In addition, Rose Rock made a borrowing of $133.5 million under its revolving credit facility. The proceeds from the private placement and the borrowing were used by Rose Rock to fund the cash consideration in the transaction with us and to pay certain related transaction costs and expenses. | |||||||||||||||||||||||
On December 16, 2013, we contributed an additional 33% interest in SCPL to Rose Rock in exchange for (i) cash of approximately $173.1 million, (ii) the issuance of 1.5 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 of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. The cash consideration was funded through a borrowing under Rose Rock's credit facility. | |||||||||||||||||||||||
As these transactions were between parties under common control, Rose Rock recorded its interest in SCPL at SemGroup's historical value and as such no gain was recognized by SemGroup. Proceeds in excess of the historical value were accounted for as a dividend from Rose Rock to SemGroup and resulted in a $180.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $112.9 million (net of tax impact of $67.3 million). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders. SemGroup used the proceeds from these transactions to pay amounts owed under its revolving credit facility. | |||||||||||||||||||||||
SemGroup incurred approximately $2.2 million of expense associated with these transactions, including expenses of Rose Rock. Rose Rock incurred $1.6 million of equity issuance costs which were offset against proceeds, $1.6 million of costs related to the January 2013 borrowing which were deferred, and $0.9 million of acquisition related costs which were expensed. | |||||||||||||||||||||||
Rose Rock equity issuance | |||||||||||||||||||||||
In August 2013, Rose Rock sold 4.75 million common limited partner units to third-party purchasers for $152.5 million, net of underwriting discounts and commissions. Proceeds were used to repay borrowings on the Rose Rock credit facility. | |||||||||||||||||||||||
Rose Rock subsequent events | |||||||||||||||||||||||
On January 1, 2015, certain operational targets were achieved by White Cliffs and all 3,750,000 Class A units held by the Company were converted to common units on a one-for-one basis. The conversion did not impact the total number of the Rose Rock's outstanding units representing limited partner interests. | |||||||||||||||||||||||
On February 13, 2015, we contributed the Wattenberg Oil Trunkline and Glass Mountain Holding, LLC, which holds our 50% interest in Glass Mountain, to Rose Rock in exchange for (i) cash of approximately $251.2 million, (ii) the issuance of 1.75 million common units and (iii) an increase of the capital account of the general partner of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. The cash consideration was funded through a borrowing under Rose Rock's credit facility and the issuance and sale of 2.3 million common units in an underwritten public offering for net proceeds of $89.1 million. As the acquisition was between parties under common control, Rose Rock will record its interest in acquired assets and liabilities at SemGroup's historical value and SemGroup will not recognize a gain on the transaction. Proceeds in excess of the historical value will be accounted for as a dividend from Rose Rock to SemGroup. | |||||||||||||||||||||||
On February 17, 2015, certain targets specified in Rose Rock’s partnership agreement were achieved and all 8,389,709 subordinated units held by the Company were converted to common units. The conversion did not impact the total number of Rose Rock’s outstanding units representing limited partner interests. |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Equity Method Investments | EQUITY METHOD INVESTMENTS | |||||||||||
Our equity method investments consist of the following (in thousands): | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
White Cliffs | $ | 269,635 | $ | 224,095 | ||||||||
NGL Energy | 162,246 | 208,848 | ||||||||||
Glass Mountain | 146,039 | 132,181 | ||||||||||
Total equity method investments | $ | 577,920 | $ | 565,124 | ||||||||
Our earnings from equity method investments consist of the following (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
White Cliffs | $ | 57,378 | $ | 45,459 | $ | 36,439 | ||||||
NGL Energy* | 2,343 | 7,123 | (403 | ) | ||||||||
Glass Mountain | 4,478 | (105 | ) | — | ||||||||
Total earnings from equity method investments | $ | 64,199 | $ | 52,477 | $ | 36,036 | ||||||
* Excluding gains on issuance of common units of $29.0 million and $26.9 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
Cash distributions received from equity method investments consist of the following (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
White Cliffs | $ | 66,768 | $ | 57,576 | $ | 44,514 | ||||||
NGL Energy | 23,404 | 18,321 | 9,217 | |||||||||
Glass Mountain | 6,823 | — | — | |||||||||
Total cash distributions received from equity method investments | $ | 96,995 | $ | 75,897 | $ | 53,731 | ||||||
White Cliffs | ||||||||||||
Certain summarized balance sheet information of White Cliffs is shown below (in thousands): | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Current assets | $ | 35,623 | $ | 98,457 | ||||||||
Property, plant and equipment, net | 471,179 | 312,831 | ||||||||||
Goodwill | 17,000 | 17,000 | ||||||||||
Other intangible assets, net | 16,043 | 20,802 | ||||||||||
Total assets | $ | 539,845 | $ | 449,090 | ||||||||
Current liabilities | $ | 11,108 | $ | 9,648 | ||||||||
Members’ equity | 528,737 | 439,442 | ||||||||||
Total liabilities and members’ equity | $ | 539,845 | $ | 449,090 | ||||||||
Certain summarized income statement information of White Cliffs for the years ended December 31, 2014, 2013 and 2012 is shown below (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Revenue | $ | 160,369 | $ | 133,310 | $ | 108,125 | ||||||
Operating, general and administrative expenses | $ | 23,067 | $ | 23,825 | $ | 14,821 | ||||||
Depreciation and amortization expense | $ | 23,257 | $ | 18,668 | $ | 19,963 | ||||||
Net income | $ | 114,045 | $ | 90,817 | $ | 73,341 | ||||||
The equity in earnings of White Cliffs for the years ended December 31, 2014, 2013 and 2012 reported in our consolidated statements of operations is less than 51% of the net income of White Cliffs for the same period. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other members are not obligated to share. Such expenses are recorded by White Cliffs, and are allocated to our membership interests. White Cliffs recorded $1.6 million, $1.8 million and $2.0 million of such general and administrative expense for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The members of White Cliffs are required to fund capital contribution requirements for White Cliffs related to an expansion project adding approximately 65,000 barrels per day of capacity. We expect to contribute $40.0 million for this project. The project is expected to be complete in late 2015. | ||||||||||||
In August 2014, White Cliffs completed an expansion project adding a parallel 12" pipeline from Platteville, Colorado to Cushing, Oklahoma. For the years ended December 31, 2014, 2013 and 2012, we contributed $53.3 million, $95.5 million and $2.3 million, respectively, for project funding. This expansion increased White Cliffs’ capacity to about 150,000 barrels per day and became fully operational in the third quarter of 2014. | ||||||||||||
Our membership interest in White Cliffs is significant as defined by Securities and Exchange Commission’s Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, we have included the audited financial statements of White Cliffs as of December 31, 2014 and 2013 and for each of the three years in the period ended December 31, 2014 as an exhibit to this Form 10-K. | ||||||||||||
NGL Energy | ||||||||||||
At December 31, 2014, we owned 6,652,101 common units representing limited partner interests in NGL Energy, which represents approximately 7.5% of the limited partner units of NGL Energy outstanding at September 30, 2014, and an 11.78% interest in the general partner of NGL Energy. | ||||||||||||
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 no longer have significant influence over NGL Energy Holdings, LLC or NGL Energy. However, in accordance with ASC 323-30-S99-1, we have continued to account for these investments under the equity method as our ownership is above the 3 to 5 percent interest which is generally considered to be more than minor. | ||||||||||||
At December 31, 2014, the fair market value of our 6,652,101 common unit investment in NGL Energy was $186.2 million, based on a December 31, 2014 closing price of $27.99 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 consolidated statements of operations and comprehensive income for the years ended December 31, 2014, 2013 and 2012 relates to the earnings of NGL Energy for the twelve months ended September 30, 2014, 2013 and 2012 respectively. | ||||||||||||
Certain unaudited summarized balance sheet information of NGL Energy is shown below (in thousands): | ||||||||||||
(unaudited) | (unaudited) | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Current assets | $ | 2,585,053 | $ | 1,013,859 | ||||||||
Property plant and equipment, net | 1,433,313 | 631,663 | ||||||||||
Goodwill | 1,170,490 | 840,287 | ||||||||||
Intangible and other assets, net | 1,362,823 | 540,684 | ||||||||||
Total assets | $ | 6,551,679 | $ | 3,026,493 | ||||||||
Current liabilities | $ | 1,759,980 | $ | 800,658 | ||||||||
Long-term debt | 2,437,351 | 906,066 | ||||||||||
Other noncurrent liabilities | 39,518 | 2,673 | ||||||||||
Equity | 2,314,830 | 1,317,096 | ||||||||||
Total liabilities and equity | $ | 6,551,679 | $ | 3,026,493 | ||||||||
Certain unaudited summarized income statement information of NGL Energy for the twelve months ended September 30, 2014 and 2013 is shown below (in thousands): | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
Twelve Months Ended | Twelve Months | Twelve Months | ||||||||||
September 30, | Ended | Ended | ||||||||||
2014 | September 30, | September 30, | ||||||||||
2013 | 2012 | |||||||||||
Revenue | $ | 15,748,520 | $ | 5,935,715 | $ | 2,371,524 | ||||||
Costs of products sold | $ | 15,054,291 | $ | 5,478,361 | $ | 2,182,263 | ||||||
Operating, general and administrative expenses | $ | 440,609 | $ | 276,905 | $ | 125,889 | ||||||
Depreciation and amortization expense | $ | 162,443 | $ | 94,050 | $ | 34,621 | ||||||
Net income | $ | 11,409 | $ | 44,378 | $ | 5,405 | ||||||
Our limited partnership interest was diluted in connection with NGL Energy equity offerings and equity issued as consideration for acquisitions in 2014 and 2013. Accordingly, we recorded non-cash gains of $29.0 million and $26.9 million for the years ended December 31, 2014 and 2013, respectively, related to these transactions, which are included in "gain on issuance of common units by equity method investee" in our consolidated statements of operations and comprehensive income. | ||||||||||||
During the year ended December 31, 2014, we sold 2,481,308 of our NGL Energy common units for $88.8 million, net of related costs of $3.1 million. We recorded a net gain of approximately $34.2 million in "other expense (income), net" in our consolidated statement of operations and comprehensive income. | ||||||||||||
Subsequent to December 31, 2014, we sold 999,533 of our NGL Energy common units for $29.0 million, net of related costs of $0.4 million. We realized a net gain of approximately $7.5 million as a result of these transactions. | ||||||||||||
Our ownership interest in NGL Energy is significant as defined by Securities and Exchange Commission’s Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, we will amend this Form 10-K to include the audited financial statements of NGL Energy as of March 31, 2015 and 2014 and for each of the three years in the period ended March 31, 2015 as an exhibit, when available. | ||||||||||||
Glass Mountain | ||||||||||||
We hold a 50% interest in Glass Mountain which we account for under the equity method. Glass Mountain began operations in the first quarter of 2014. We invested $16.2 million and $57.8 million in Glass Mountain for the years ended December 31, 2014 and 2013, respectively, including our capital contributions, amounts paid to acquire additional ownership interests, and capitalized interest. | ||||||||||||
The excess of the recorded amount of our investment over the book value of our share of the underlying net assets represents equity method goodwill and capitalized interest of $31.0 million and $4.1 million, respectively, at December 31, 2014. Capitalized interest is amortized as a reduction of earnings from equity method investments. | ||||||||||||
The equity in earnings of Glass Mountain for the year ended December 31, 2014 reported in our consolidated statement of operations and comprehensive income is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period. | ||||||||||||
Certain summarized balance sheet information of Glass Mountain is shown below (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | ||||||||||||
Current assets | $ | 8,810 | ||||||||||
Property, plant and equipment, net | 215,876 | |||||||||||
Total assets | $ | 224,686 | ||||||||||
Current liabilities | $ | 2,643 | ||||||||||
Other Liabilities | 42 | |||||||||||
Members’ equity | 222,001 | |||||||||||
Total liabilities and members’ equity | $ | 224,686 | ||||||||||
Certain unaudited summarized income statement information of Glass Mountain for the year ended December 31, 2014 is shown below (in thousands): | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
Revenue | $ | 30,398 | ||||||||||
Operating, general and administrative expenses | $ | 7,176 | ||||||||||
Depreciation and amortization expense | $ | 13,872 | ||||||||||
Net income | $ | 9,344 | ||||||||||
Our ownership interest in Glass Mountain is not significant as defined by Securities and Exchange Commission's Regulation S-X Rule 1-02(w). Accordingly, no audited financial statements of Glass Mountain pursuant to Regulation S-X 3-09 have been included as an exhibit to this Form 10-K. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Acquisitions [Abstract] | ||||
Business Combination Disclosure [Text Block] | ACQUISITIONS | |||
Crude oil trucking assets | ||||
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 December 31, 2014 have been included in our Crude segment in our consolidated statements of operations and comprehensive income and balance sheet as of December 31, 2014. During the year ended December 31, 2014, our consolidated statements of operation 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. | ||||
Fair values of the acquired assets were determined based on the cost, income and market approach methodologies. The trucks and equipment acquired were valued based on the cost approach, which considers the replacement cost of the assets adjusted for depreciation and physical deterioration, and the market approach, which considers the value of transactions for comparable assets. The value of the customer contract was determined based on the income approach using the excess earnings method over the remaining life of the contract and assuming a 95% probability of renewal. | ||||
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 finalized purchase price allocation 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 the acquired business as a platform for growth and the acquired assembled workforce. | ||||
Mid-America Midstream Gas Services, L.L.C. | ||||
On August 1, 2013, our SemGas segment acquired the equity interest of Mid-America Midstream Gas Services, L.L.C. ("MMGS"), a wholly owned subsidiary of Chesapeake, which is the owner of gas gathering and processing assets in the Mississippi Lime play for approximately $314.0 million in cash. We incurred approximately $3.6 million in transaction related general and administrative expenses. The transaction was funded through the combination of a portion of the net proceeds from the sale of $300 million of 7.50% senior unsecured notes (Note 16) and a borrowing under the revolving credit facility under SemGroup's corporate credit agreement. Highlights of the acquisition include the following: | ||||
• | 200 miles of gathering pipeline; | |||
• | Rose Valley I plant - A 200 mmcf/d (million cubic feet per day) cryogenic processing plant, placed in operation in the first quarter of 2014; | |||
• | Rose Valley II plant - A 200 mmcf/d cryogenic processing plant, expected to be in operation in mid-2015; | |||
• | Approximately 540,000 net acre dedication in the core of the Mississippi Lime play, supported by a joint venture between Chesapeake and Sinopec International Petroleum Exploration and Production Corporation ("Sinopec"); and | |||
• | A 20-year, 100% fee based, gas gathering and processing agreement with certain affiliates of Chesapeake and Sinopec. | |||
Fair values of the acquired assets were determined based on the cost, income and market approach methodologies. The property, plant and equipment acquired were valued based on the cost approach, which considers the replacement cost of the assets adjusted for depreciation and physical deterioration, and the market approach, which considers the value of transactions for comparable assets. The value of the customer contract was determined based on the income approach using the excess earnings method over the remaining life of the contract and assuming no renewal. | ||||
We have recorded the fair value of the assets acquired as follows (in thousands): | ||||
Property, plant and equipment | $ | 136,949 | ||
Customer contract intangible | 164,000 | |||
Goodwill | 13,052 | |||
Total assets acquired | $ | 314,001 | ||
Based on the final purchase price allocation, the amounts above were adjusted from those reported at December 31, 2013 by a non-cash adjustment 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. | ||||
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 operational efficiencies between the acquired entity and the Company's existing assets in the area and the opportunity to use the acquired business as a platform for growth. | ||||
Barcas Field Services, LLC | ||||
On September 1, 2013, our consolidated subsidiary, Rose Rock, completed the acquisition of the assets of Barcas Field Services, LLC ("Barcas") for $49.0 million in cash. Highlights of the acquisition include the following: | ||||
• | 114 trucks, 120 trailers and miscellaneous equipment; and | |||
• | a long-term take-or-pay customer transportation agreement. | |||
Fair values of the acquired assets were determined based on the cost, income and market approach methodologies. The trucks and equipment acquired were valued based on the cost approach which considers the replacement cost of the assets adjusted for depreciation and physical deterioration. The value of the customer contract was determined based on the income approach using the excess earnings method over the remaining life of the contract and assuming a 50% probability of renewal. The market approach which considers the value of comparable transactions was used to value the acquired land. | ||||
We have recorded the following acquisition date fair values for the assets acquired (in thousands): | ||||
Property, plant and equipment | $ | 13,865 | ||
Customer contract intangible | 6,880 | |||
Goodwill | 28,234 | |||
Total assets acquired | $ | 48,979 | ||
Based on the final purchase price allocation, the amounts above differ from those reported at December 31, 2013 by a non-cash adjustment which decreased goodwill and other intangible assets and increased property, plant and equipment by $0.1 million. | ||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired. Goodwill primarily represents cost savings due to the ability to transport using the acquired trucks rather than third-party trucks, the ability to bring more volume from the field into our pipelines, the opportunity to use the acquired business as a platform for growth and the acquired assembled workforce. | ||||
NGL Energy | ||||
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%. | ||||
Glass Mountain | ||||
In September 2012, we acquired an additional 25% ownership interest in Glass Mountain, bringing our total ownership percentage in Glass Mountain to 50%. See Note 5 for additional information related to our equity method investment in Glass Mountain. |
Disposals_of_LongLived_Assets
Disposals of Long-Lived Assets | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disposals And Impairments Of Long-Lived Assets [Abstract] | ||||||
Disposals of Long-Lived Assets | DISPOSALS OR IMPAIRMENTS OF LONG-LIVED ASSETS | |||||
Year Ended December 31, 2014 | ||||||
On June 1, 2014, our SemGas segment sold certain natural gas gathering assets in Eastern Oklahoma resulting in a $20.1 million pre-tax 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 or impairment of long-lived assets, net" in the consolidated statement of operations and comprehensive income. The operations of the gas gathering assets were not material to SemGroup. | ||||||
During the year ended December 31, 2014, we recorded an impairment charge of $11.9 million related to leaseholds of unproved oil and gas properties located in Kansas. These assets were written off when due to the downturn in crude oil prices and the remaining life of the leaseholds, it became apparent that these properties would not be developed. These assets were held by a subsidiary included in Corporate and Other in our segment disclosures (Note 9). | ||||||
Year Ended December 31, 2013 | ||||||
There were no significant gains (losses) recorded during the year ended December 31, 2013 related to the disposal of long-lived assets. | ||||||
Year Ended December 31, 2012 | ||||||
Gains (losses) recorded during the year ended December 31, 2012 related to the disposal of long-lived assets including the following (in thousands): | ||||||
Event | Segment | Pre-Tax Gain | ||||
White Cliffs settlement (a) | Crude | $ | 3,500 | |||
Sale of SemStream residential division assets and liabilities (b) | SemStream | $ | 3,090 | |||
(a) | We sold a portion of our ownership interest in White Cliffs during September 2010. At the time, we recorded a loss of $6.8 million on disposal of that asset. In September 2012, we reached a settlement in a dispute concerning the selling price of that ownership interest and reduced the loss by $3.5 million. This $3.5 million gain is reported in "gain on disposal or impairment of long-lived assets, net" in the consolidated statements of operations and comprehensive income. | |||||
(b) | On September 12, 2012, we entered into a definitive agreement to sell the assets and liabilities of SemStream’s Arizona residential business which was subject to regulatory approval by the Arizona Corporation Commission (the "ACC"). In early December 2012, the ACC granted SemStream regulatory approval to proceed with the sale. The sale closed on December 31, 2012 and resulted in a gain of $3.1 million on a cash sales price of $12.3 million. The $3.1 million gain is reported in "income (loss) from discontinued operations, net of income taxes" in the consolidated statements of operations and comprehensive income. Property, plant, and equipment with a carrying value of $9.4 million represented the majority of assets included in the sale. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||||||||||
On December 31, 2012, we completed the sale of SemStream's Arizona residential business which was classified as a discontinued operation. The sale resulted in a gain of $3.1 million. There continues to be an insignificant amount of activity related to ongoing bankruptcy matters which is reflected in the results below and is related to operations discontinued during bankruptcy. | ||||||||||||
Certain summarized information on the results of discontinued operations is shown below (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
External revenue | $ | — | $ | — | $ | 13,518 | ||||||
Gain on disposal of long-lived assets, net | $ | — | $ | — | $ | 3,090 | ||||||
Income (loss) from discontinued operations before income taxes | $ | (1 | ) | $ | 59 | $ | 2,935 | |||||
Income tax benefit | — | — | (4 | ) | ||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (1 | ) | $ | 59 | $ | 2,939 | |||||
Segments
Segments | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||
Segments | SEGMENTS | |||||||||||||||||||||||||||||||
As described in Note 1, 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 Rose Rock and Glass Mountain, which have been included within the Crude segment and were aggregated based on similarity of operations, customer base and other considerations. Our equity investment 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 were allocated to the segments, based on our allocation policies in effect at the time. | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 1,300,050 | $ | — | $ | 176,724 | $ | 342,286 | $ | 12,650 | $ | 290,869 | $ | — | $ | 2,122,579 | ||||||||||||||||
Intersegment | — | — | — | 37,897 | — | — | (37,897 | ) | — | |||||||||||||||||||||||
Total revenues | 1,300,050 | — | 176,724 | 380,183 | 12,650 | 290,869 | (37,897 | ) | 2,122,579 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 1,131,362 | — | 344 | 276,852 | 615 | 252,082 | (37,897 | ) | 1,623,358 | |||||||||||||||||||||||
Operating | 80,793 | — | 114,587 | 32,296 | 8,361 | 10,576 | — | 246,613 | ||||||||||||||||||||||||
General and administrative | 20,351 | 83 | 17,417 | 9,228 | 6,139 | 12,125 | 22,502 | 87,845 | ||||||||||||||||||||||||
Depreciation and amortization | 40,035 | — | 14,295 | 26,353 | 10,005 | 6,031 | 1,678 | 98,397 | ||||||||||||||||||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 319 | — | (950 | ) | 20,092 | (2,490 | ) | (53 | ) | 15,674 | 32,592 | |||||||||||||||||||||
Total expenses | 1,272,860 | 83 | 145,693 | 364,821 | 22,630 | 280,761 | 1,957 | 2,088,805 | ||||||||||||||||||||||||
Earnings from equity method investments | 61,856 | 2,343 | — | — | — | — | — | 64,199 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 29,020 | — | — | — | — | — | 29,020 | ||||||||||||||||||||||||
Operating income (loss) | 89,046 | 31,280 | 31,031 | 15,362 | (9,980 | ) | 10,108 | (39,854 | ) | 126,993 | ||||||||||||||||||||||
Other expenses (income), net | ||||||||||||||||||||||||||||||||
Interest expense (income) | 31,072 | (5,140 | ) | 13,558 | 8,570 | 1,528 | 166 | (710 | ) | 49,044 | ||||||||||||||||||||||
Other expense (income), net | 479 | (34,212 | ) | 20 | — | 796 | (11 | ) | 12,306 | (20,622 | ) | |||||||||||||||||||||
Total other expenses (income) | 31,551 | (39,352 | ) | 13,578 | 8,570 | 2,324 | 155 | 11,596 | 28,422 | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 57,495 | $ | 70,632 | $ | 17,453 | $ | 6,792 | $ | (12,304 | ) | $ | 9,953 | $ | (51,450 | ) | $ | 98,571 | ||||||||||||||
Additions to long-lived assets | $ | 127,335 | $ | — | $ | 35,286 | $ | 166,207 | $ | 2,974 | $ | 9,690 | $ | 1,672 | $ | 343,164 | ||||||||||||||||
Total assets at December 31, 2014 (excluding intersegment receivables) | $ | 1,158,639 | $ | 162,246 | $ | 279,191 | $ | 662,223 | $ | 150,498 | $ | 107,225 | $ | 69,780 | $ | 2,589,802 | ||||||||||||||||
Equity investments at December 31, 2014 | $ | 415,674 | $ | 162,246 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 577,920 | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 767,202 | $ | — | $ | 198,450 | $ | 207,134 | $ | 11,671 | $ | 242,559 | $ | — | $ | 1,427,016 | ||||||||||||||||
Intersegment | — | — | — | 23,985 | — | — | (23,985 | ) | — | |||||||||||||||||||||||
Total revenues | 767,202 | — | 198,450 | 231,119 | 11,671 | 242,559 | (23,985 | ) | 1,427,016 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 663,759 | — | 305 | 169,800 | 380 | 209,841 | (23,985 | ) | 1,020,100 | |||||||||||||||||||||||
Operating | 36,242 | 1 | 150,319 | 20,200 | 7,444 | 9,379 | — | 223,585 | ||||||||||||||||||||||||
General and administrative | 16,766 | 600 | 14,940 | 7,971 | 5,854 | 10,700 | 21,766 | 78,597 | ||||||||||||||||||||||||
Depreciation and amortization | 23,708 | — | 10,766 | 14,517 | 9,426 | 5,991 | 2,001 | 66,409 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (56 | ) | 6 | — | 665 | — | (854 | ) | — | (239 | ) | |||||||||||||||||||||
Total expenses | 740,419 | 607 | 176,330 | 213,153 | 23,104 | 235,057 | (218 | ) | 1,388,452 | |||||||||||||||||||||||
Earnings from equity method investments | 45,354 | 7,123 | — | — | — | — | — | 52,477 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 26,873 | — | — | — | — | — | 26,873 | ||||||||||||||||||||||||
Operating income (loss) | 72,137 | 33,389 | 22,120 | 17,966 | (11,433 | ) | 7,502 | (23,767 | ) | 117,914 | ||||||||||||||||||||||
Other expenses (income), net | ||||||||||||||||||||||||||||||||
Interest expense (income) | 14,923 | (4,810 | ) | 18,928 | 3,268 | 1,435 | 188 | (8,790 | ) | 25,142 | ||||||||||||||||||||||
Other expense (income), net | (14 | ) | 128 | (20 | ) | (3 | ) | (400 | ) | (652 | ) | 45,234 | 44,273 | |||||||||||||||||||
Total other expenses (income) | 14,909 | (4,682 | ) | 18,908 | 3,265 | 1,035 | (464 | ) | 36,444 | 69,415 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 57,228 | $ | 38,071 | $ | 3,212 | $ | 14,701 | $ | (12,468 | ) | $ | 7,966 | $ | (60,211 | ) | $ | 48,499 | ||||||||||||||
Additions to long-lived assets | $ | 66,995 | $ | — | $ | 56,122 | $ | 97,021 | $ | 2,071 | $ | 6,375 | $ | 734 | $ | 229,318 | ||||||||||||||||
Total assets at December 31, 2013 (excluding intersegment receivables) | $ | 1,070,484 | $ | 208,847 | $ | 306,001 | $ | 552,095 | $ | 168,835 | $ | 104,154 | $ | 60,198 | $ | 2,470,614 | ||||||||||||||||
Equity investments at December 31, 2013 | $ | 356,276 | $ | 208,848 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 565,124 | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 620,797 | $ | 7 | $ | 223,219 | $ | 117,264 | $ | 12,341 | $ | 263,870 | $ | (1 | ) | $ | 1,237,497 | |||||||||||||||
Intersegment | — | — | — | 10,606 | — | — | (10,606 | ) | — | |||||||||||||||||||||||
Total revenues | 620,797 | 7 | 223,219 | 127,870 | 12,341 | 263,870 | (10,607 | ) | 1,237,497 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 546,966 | 33 | 768 | 100,677 | 196 | 236,851 | (10,606 | ) | 874,885 | |||||||||||||||||||||||
Operating | 24,143 | (37 | ) | 174,284 | 12,712 | 5,921 | 7,677 | — | 224,700 | |||||||||||||||||||||||
General and administrative | 13,321 | 930 | 14,020 | 6,195 | 5,652 | 9,433 | 22,367 | 71,918 | ||||||||||||||||||||||||
Depreciation and amortization | 12,131 | — | 10,589 | 7,043 | 9,780 | 6,171 | 2,496 | 48,210 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (3,501 | ) | 214 | — | 46 | — | (290 | ) | — | (3,531 | ) | |||||||||||||||||||||
Total expenses | 593,060 | 1,140 | 199,661 | 126,673 | 21,549 | 259,842 | 14,257 | 1,216,182 | ||||||||||||||||||||||||
Earnings from equity method investments | 36,439 | (403 | ) | — | — | — | — | — | 36,036 | |||||||||||||||||||||||
Operating income (loss) | 64,176 | (1,536 | ) | 23,558 | 1,197 | (9,208 | ) | 4,028 | (24,864 | ) | 57,351 | |||||||||||||||||||||
Other expenses (income): | ||||||||||||||||||||||||||||||||
Interest expense (income) | (409 | ) | (3,449 | ) | 18,727 | 1,461 | 2,486 | 314 | (10,228 | ) | 8,902 | |||||||||||||||||||||
Other expense (income), net | 31 | (21 | ) | 14 | — | (420 | ) | (38 | ) | 22,003 | 21,569 | |||||||||||||||||||||
Total other expenses | (378 | ) | (3,470 | ) | 18,741 | 1,461 | 2,066 | 276 | 11,775 | 30,471 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 64,554 | $ | 1,934 | $ | 4,817 | $ | (264 | ) | $ | (11,274 | ) | $ | 3,752 | $ | (36,639 | ) | $ | 26,880 | |||||||||||||
Additions to long-lived assets | $ | 41,364 | $ | — | $ | 13,340 | $ | 47,140 | $ | 1,188 | $ | 3,396 | $ | 14,827 | $ | 121,255 | ||||||||||||||||
Income tax expense (benefit) relates to the following segments (in thousands): | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||
SemCAMS | $ | 3,135 | $ | 6,348 | $ | 720 | ||||||||||||||||||||||||||
SemLogistics | (2,231 | ) | (5,699 | ) | (7,736 | ) | ||||||||||||||||||||||||||
SemMexico | 4,053 | 2,589 | 2,285 | |||||||||||||||||||||||||||||
Corporate and other | 41,556 | (20,492 | ) | 2,653 | ||||||||||||||||||||||||||||
Total | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||||||||||||||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories consist of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude oil | $ | 26,722 | $ | 30,779 | ||||
Asphalt and other | 16,810 | 13,516 | ||||||
Total inventories | $ | 43,532 | $ | 44,295 | ||||
During the year ended December 31, 2014, our Crude segment recorded non-cash charges of $5.7 million to write-down crude oil inventory to the lower of cost or market. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Assets [Abstract] | |||||||||
Other Assets | |||||||||
OTHER ASSETS | |||||||||
Other current assets consist of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 5,989 | $ | 5,696 | |||||
Deferred tax asset | 5,897 | 7,325 | |||||||
Other | 8,131 | 990 | |||||||
Total other current assets | $ | 20,017 | $ | 14,011 | |||||
Other noncurrent assets consist of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Debt issuance costs, net | $ | 22,203 | * | $ | 17,149 | * | |||
Deferred tax asset | 13,933 | 2,832 | |||||||
Other | 8,250 | 8,908 | |||||||
Total other noncurrent assets, net | $ | 44,386 | $ | 28,889 | |||||
* See Note 16 for discussion of debt issuance costs. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | ||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consists of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 81,886 | $ | 72,484 | ||||
Pipelines and related facilities | 283,347 | 312,730 | ||||||
Storage and terminal facilities | 284,300 | 281,819 | ||||||
Natural gas gathering and processing facilities | 606,553 | 347,962 | ||||||
Linefill | 26,050 | 14,701 | ||||||
Trucking equipment and other | 40,392 | 31,978 | ||||||
Office property and equipment | 37,120 | 33,701 | ||||||
Construction-in-progress | 142,806 | 199,073 | ||||||
Property, plant and equipment, gross | 1,502,454 | 1,294,448 | ||||||
Accumulated depreciation | (245,629 | ) | (188,720 | ) | ||||
Property, plant and equipment, net | $ | 1,256,825 | $ | 1,105,728 | ||||
We recorded depreciation expense of $82.5 million, $60.4 million and $46.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
We include within the cost of property, plant and equipment interest costs incurred while an asset is being constructed. We capitalized $1.5 million and $4.3 million of interest costs during the years ended December 31, 2014 and 2013, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill And Other Intangible Assets [Abstract] | ||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||
Goodwill | ||||||||
Goodwill relates to the following segments (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude | $ | 36,116 | $ | 28,322 | ||||
SemGas | 13,052 | 23,839 | ||||||
SemMexico | 9,158 | 9,860 | ||||||
Total Goodwill | $ | 58,326 | $ | 62,021 | ||||
In addition to the amounts in the table above, approximately $71.4 million of our investment in NGL Energy and $31.0 million of our investment in Glass Mountain represents equity method goodwill. Equity method goodwill is not amortized and is tested for impairment with the equity method investment in accordance with ASC 323. | ||||||||
We assess our goodwill for impairment at least annually as of October 1. Our goodwill impairment analysis performed as of October 1, 2014, did not result in an impairment charge nor did our analysis reflect any reporting units at risk, and subsequent to that date, no event has occurred indicating that the implied fair value of each of our reporting units (including its inherent goodwill) is less than the carrying value of its net assets. | ||||||||
Changes in goodwill balances during the period from December 31, 2011 to December 31, 2014 are shown below (in thousands): | ||||||||
Balance, December 31, 2011 | $ | 9,453 | ||||||
Currency translation adjustments | 431 | |||||||
Balance, December 31, 2012 | 9,884 | |||||||
Barcas acquisition (Note 6) | 28,322 | |||||||
MMGS acquisition (Note 6) | 23,839 | |||||||
Currency translation adjustments | (24 | ) | ||||||
Balance, December 31, 2013 | 62,021 | |||||||
Crude oil trucking asset acquisition (Note 6) | 7,892 | |||||||
MMGS purchase price allocation adjustment (Note 6) | (10,787 | ) | ||||||
Barcas purchase price allocation adjustment (Note 6) | (98 | ) | ||||||
Currency translation adjustments | (702 | ) | ||||||
Balance, December 31, 2014 | $ | 58,326 | ||||||
For U.S. federal income tax purposes, goodwill is amortized on a straight-line basis over 15 years. | ||||||||
Other intangible assets | ||||||||
Other intangible assets relate to the following segments (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude | $ | 16,640 | $ | 5,775 | ||||
SemGas | 152,383 | 163,144 | ||||||
SemMexico | 4,016 | 5,888 | ||||||
Corporate and other | 26 | 31 | ||||||
Total other intangible assets | $ | 173,065 | $ | 174,838 | ||||
Changes in other intangible asset balances are shown below (in thousands): | ||||||||
Balance, December 31, 2011 | $ | 8,950 | ||||||
Amortization | (2,017 | ) | ||||||
Currency translation adjustments | 652 | |||||||
Balance, December 31, 2012 | 7,585 | |||||||
Amortization | (6,018 | ) | ||||||
Barcas acquisition (Note 6) | 6,930 | |||||||
MMGS acquisition (Note 6) | 166,332 | |||||||
Currency translation adjustments | 9 | |||||||
Balance, December 31, 2013 | 174,838 | |||||||
Amortization | (15,875 | ) | ||||||
Crude oil trucking asset acquisition (Note 6) | 17,010 | |||||||
MMGS purchase price allocation adjustment (Note 6) | (2,313 | ) | ||||||
Barcas purchase price allocation adjustment (Note 6) | (50 | ) | ||||||
Currency translation adjustments | (545 | ) | ||||||
Balance, December 31, 2014 | $ | 173,065 | ||||||
Our other intangible assets consist primarily of customer relationships at our Crude, SemGas and SemMexico segments and unpatented technology of our SemMexico segment, which represented $171.6 million and $1.3 million, respectively, of the balance at December 31, 2014. These assets may be subject to impairments in the future if we are unable to maintain the relationships with the customers to which the assets relate. | ||||||||
For the year ended December 31, 2014, we recorded a $17.0 million customer contract intangible asset related to the crude oil trucking asset acquisition. The intangible is being amortized in proportion with the expected revenues associated with the contract over 20 years. | ||||||||
We estimate that future amortization of other intangible assets will be as follows (in thousands): | ||||||||
For year ending: | ||||||||
31-Dec-15 | $ | 10,334 | ||||||
31-Dec-16 | 10,928 | |||||||
31-Dec-17 | 11,011 | |||||||
31-Dec-18 | 10,918 | |||||||
31-Dec-19 | 10,317 | |||||||
Thereafter | 119,557 | |||||||
Total estimated amortization expense | $ | 173,065 | ||||||
Financial_Instruments_and_Conc
Financial Instruments and Concentrations of Risk | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Financial Instruments and Concentrations of Risk | FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF RISK | |||||||||||||||||||||||
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 December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||
Assets | $ | 3,311 | $ | (1,637 | ) | $ | 1,674 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Liabilities | $ | 1,637 | $ | (1,637 | ) | $ | — | $ | 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 which were traded on the New York Stock Exchange was also classified as Level 1. | ||||||||||||||||||||||||
“Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar commodity derivative contracts. Assets and liabilities classified as Level 2 include over-the-counter ("OTC") traded forwards contracts and swaps. | ||||||||||||||||||||||||
“Level 3” measurements are obtained using information from a pricing service and 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. | ||||||||||||||||||||||||
There were no financial assets or liabilities classified as Level 2 or Level 3 during the years ended December 31, 2014, 2013 and 2012, 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 derivative instruments entered into (in thousands of barrels): | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Sales | 6,773 | 2,595 | 1,743 | |||||||||||||||||||||
Purchases | 6,477 | 2,575 | 1,636 | |||||||||||||||||||||
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 consolidated balance sheets in "other current assets" and "other current liabilities" in the following amounts (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||||||||||
$ | 1,674 | $ | — | $ | — | $ | 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 $0.8 million and $0.8 million at December 31, 2014 and 2013, respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin account balances been netted against our net commodity derivative instrument (contract) positions as of December 31, 2014 and 2013, we would have had net asset positions of $2.5 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): | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
$ | 19,305 | $ | (1,593 | ) | $ | 149 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
In addition to the commodity derivatives above, we had $58.1 million of derivative liabilities related to common stock warrants at December 31, 2013, which are not subject to netting arrangements. The warrants were issued upon emergence from bankruptcy and were recorded at fair value on the consolidated balance sheets with changes in the fair value recorded to "other expense (income), net" in our consolidated statements of operations and comprehensive income. For the years ended December 31, 2014, 2013, and 2012, we recorded expense related to the change in fair value of $13.4 million, $46.4 million and $21.3 million, respectively. The warrants expired on November 30, 2014. See Note 18 for additional information. | ||||||||||||||||||||||||
Concentrations of risk | ||||||||||||||||||||||||
During the year ended December 31, 2014, one customer of our Crude segment accounted for more than 10% of our consolidated revenue at approximately 36%. We purchased approximately $469 million of product from one third-party supplier of our Crude segment, which represented approximately 29% of our costs of products sold. At December 31, 2014, two customers of our Crude segment accounted for approximately 34% of our consolidated accounts receivable. | ||||||||||||||||||||||||
Assets and liabilities of subsidiaries outside the United States | ||||||||||||||||||||||||
The following table summarizes the assets and liabilities (excluding affiliate balances) at December 31, 2014 of our subsidiaries outside the United States (in thousands): | ||||||||||||||||||||||||
Canada | United | Mexico | Total | |||||||||||||||||||||
Kingdom | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,710 | $ | 957 | $ | 13,253 | $ | 31,920 | ||||||||||||||||
Other current assets | 58,271 | 1,854 | 49,145 | 109,270 | ||||||||||||||||||||
Noncurrent assets | 215,386 | 147,687 | 44,827 | 407,900 | ||||||||||||||||||||
Total assets | $ | 291,367 | $ | 150,498 | $ | 107,225 | $ | 549,090 | ||||||||||||||||
Current liabilities | $ | 37,713 | $ | 1,442 | $ | 32,527 | $ | 71,682 | ||||||||||||||||
Noncurrent liabilities | 75,977 | 18,619 | 1,232 | 95,828 | ||||||||||||||||||||
Total liabilities | 113,690 | 20,061 | 33,759 | 167,510 | ||||||||||||||||||||
Net assets | $ | 177,677 | $ | 130,437 | $ | 73,466 | $ | 381,580 | ||||||||||||||||
Employees | ||||||||||||||||||||||||
At December 31, 2014, we had approximately 1,080 employees, including approximately 540 employees outside the U.S. Approximately 130 of the employees in Canada and Mexico are represented by labor unions and are subject to collective bargaining agreements governing their employment with us. Of these employees, approximately 70 are subject to collective bargaining agreements that renew annually and 60 have collective bargaining agreements that expire in January 2016. We have never had a labor related work stoppage and believe our employee relations are good. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
Income tax expense (benefit) | ||||||||||||
Our consolidated income from continuing operations before income taxes was generated in the following jurisdictions (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
U.S. | $ | 39,231 | $ | 40,002 | $ | 21,498 | ||||||
Foreign | 59,340 | 8,497 | 5,382 | |||||||||
Consolidated | $ | 98,571 | $ | 48,499 | $ | 26,880 | ||||||
The following table summarizes income tax provision (benefit) from continuing operations by jurisdiction (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Current income tax provision: | ||||||||||||
Foreign | $ | 10,430 | $ | 15,546 | $ | 9,662 | ||||||
U.S. federal | (195 | ) | 2,067 | — | ||||||||
U.S. state | 132 | 1,435 | 74 | |||||||||
10,367 | 19,048 | 9,736 | ||||||||||
Deferred income tax provision (benefit): | ||||||||||||
Foreign | 2,024 | (10,222 | ) | (12,070 | ) | |||||||
U.S. federal | 30,074 | (23,756 | ) | 222 | ||||||||
U.S. state | 4,048 | (2,324 | ) | 34 | ||||||||
36,146 | (36,302 | ) | (11,814 | ) | ||||||||
Provision (benefit) for income taxes | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||
The following table reconciles income tax provision at the U.S. federal statutory rate to the consolidated provision (benefit) for income taxes (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Income from continuing operations before income taxes | $ | 98,571 | $ | 48,499 | $ | 26,880 | ||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Provision at statutory rate | 34,500 | 16,975 | 9,408 | |||||||||
State income taxes—net of federal benefit | 3,197 | (577 | ) | 71 | ||||||||
Effect of rates other than statutory | (1,925 | ) | (1,041 | ) | (829 | ) | ||||||
Effect of U.S. taxation on foreign branches | 20,769 | 2,974 | 1,883 | |||||||||
Foreign tax adjustment, prior years | (3,669 | ) | 4,533 | — | ||||||||
Warrants | 4,698 | 24,625 | — | |||||||||
Noncontrolling interest | (7,986 | ) | (6,096 | ) | (3,429 | ) | ||||||
Foreign tax credit and offset to branch deferreds | 6,851 | (2,876 | ) | (12,360 | ) | |||||||
Impact of valuation allowance on deferred tax assets | (7,331 | ) | (53,218 | ) | 6,233 | |||||||
Foreign net gain on subsidiary dissolution and debt waivers | (13,620 | ) | — | — | ||||||||
Foreign withholding taxes | 5,054 | — | — | |||||||||
Other, net | 5,975 | (2,553 | ) | (3,055 | ) | |||||||
Provision (benefit) for income taxes | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||
For the years ended December 31, 2014, 2013, and 2012, , the foreign subsidiaries are disregarded entities for U.S. federal income tax purposes. The foreign earnings are taxed in foreign jurisdictions as well as in the U.S. Foreign tax credits, subject to limitations, are available to reduce U.S. taxes. The rate for 2014 is impacted by disallowance of a foreign loss on cross jurisdictional intercompany debt waivers which had no net impact to U.S. taxes and by the disallowance of an intercompany foreign gain on subsidiary dissolution. We have recorded foreign tax benefit in 2014 primarily related to the closure of a tax audit by Canada Revenue Agency with respect to 2009. Canadian withholding taxes of $5.1 million were incurred on the settlement of certain historical cross border intercompany balances during the year. | ||||||||||||
Deferred tax positions | ||||||||||||
Deferred income taxes reflect the effects of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes. Significant components of deferred tax assets and liabilities are as follows at December 31, 2014 and 2013 (in thousands): | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss and other credit carryforwards | $ | 38,835 | $ | 9,498 | ||||||||
Compensation and benefits | 10,736 | 7,991 | ||||||||||
Inventories | 280 | 118 | ||||||||||
Intangible assets | 43,977 | 44,444 | ||||||||||
Pension plan | 3,733 | 2,849 | ||||||||||
Allowance for doubtful accounts | 1,860 | 2,140 | ||||||||||
Deferred revenue | 7,622 | 5,910 | ||||||||||
Foreign tax credit and offset to branch deferreds | 102,286 | 95,435 | ||||||||||
Other | 17,786 | 8,243 | ||||||||||
less: valuation allowance | (102,769 | ) | (95,438 | ) | ||||||||
Net deferred tax assets | 124,346 | 81,190 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (5,770 | ) | (6,927 | ) | ||||||||
Prepaid expenses | (163 | ) | (153 | ) | ||||||||
Property, plant and equipment | (178,505 | ) | (113,030 | ) | ||||||||
Equity investment in partnerships | (78,813 | ) | (49,720 | ) | ||||||||
Other | (2,549 | ) | (1,471 | ) | ||||||||
Total deferred tax liabilities | (265,800 | ) | (171,301 | ) | ||||||||
Net deferred tax liabilities | $ | (141,454 | ) | $ | (90,111 | ) | ||||||
At December 31, 2014, we had a cumulative U.S. federal net operating loss of approximately $82.2 million that can be carried forward to apply against taxable income generated in future years. This carry forward begins to expire in 2031. We had cumulative U.S. state net operating losses of approximately $67.2 million available for carryforward, which begin to expire in 2016. We had a foreign net operating loss of $23.9 million available for indefinite carryforward. We had foreign tax credits of approximately $55.0 million available for carry forward, which begin to expire in 2020. | ||||||||||||
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. | ||||||||||||
In 2013, we recorded a discrete tax benefit for the partial release of our valuation allowance. Gain recognition, for tax purposes, on the contribution of a one-third interest in SCPL to Rose Rock had a material impact to the available positive and objectively verifiable evidence and combined with other factors, resulted in the change in our assessment of recoverability of the deferred tax assets. 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. | ||||||||||||
The valuation allowance increased by $7.3 million during 2014. The change related to a net increase of $6.8 million for Foreign tax credits and offset to branch deferreds and an increase of $0.5 million to offset certain state net operating losses with shorter carryover periods. | ||||||||||||
We have analyzed filing positions in all of the federal, state and foreign jurisdictions where we are required to file income tax returns and 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 U.S. jurisdictions under general operation of the statute of limitations, including special provisions with regard to net operating loss carryovers. In foreign jurisdictions, all tax periods prior to the emergence from bankruptcy are closed. The statute of limitations has not been waived with respect to any foreign jurisdictions post emergence and tax periods are open for examination in accordance with the general statutes of each foreign jurisdiction. The Canada Revenue Agency audit of 2009 was closed during the year. Currently, there are no examinations in progress for our federal, state or foreign jurisdictions. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT | |||||||||||||||||||||||||||
Our long-term debt consisted of the following (in thousands): | ||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | ||||||||||||||||||||||||
SemGroup corporate revolving credit facility | 35,000 | 70,000 | ||||||||||||||||||||||||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | ||||||||||||||||||||||||||
Rose Rock credit facility | 32,000 | 245,000 | ||||||||||||||||||||||||||
SemMexico credit facility | — | — | ||||||||||||||||||||||||||
Capital leases | 132 | 125 | ||||||||||||||||||||||||||
Total long-term debt | 767,132 | 615,125 | ||||||||||||||||||||||||||
less: current portion of long-term debt | 40 | 37 | ||||||||||||||||||||||||||
Noncurrent portion of long-term debt | $ | 767,092 | $ | 615,088 | ||||||||||||||||||||||||
SemGroup senior unsecured notes | ||||||||||||||||||||||||||||
On June 14, 2013, we completed an offering of $300 million of 7.50% senior unsecured notes due 2021 (the “Notes”). The Notes are guaranteed by certain of our subsidiaries: 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"). The guarantees of the Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. | ||||||||||||||||||||||||||||
The net proceeds from the offering were $294.0 million, after underwriters' fees. We used the net proceeds from the offering to (i) fund a portion of our acquisition on August 1, 2013, of all the outstanding equity interests in Mid-America Midstream Gas Services, L.L.C., a subsidiary of Chesapeake Energy Corporation, and (ii) during the second quarter of 2013, repay amounts borrowed under our revolving credit facility. | ||||||||||||||||||||||||||||
The Notes are governed by an indenture, as supplemented, between the Company and its subsidiary Guarantors and Wilmington Trust, N.A., as trustee (the “Indenture”). The Indenture includes customary covenants, including limitations on our 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; enter into sale and lease-back transactions; merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; and designate our subsidiaries as unrestricted under the Indenture. | ||||||||||||||||||||||||||||
The Indenture includes customary events of default, including events of default relating to non-payment of principal and other amounts owing from time to time, failure to provide required reports, failure to comply with agreements in the indenture, cross payment-defaults to any material indebtedness, bankruptcy and insolvency events, certain unsatisfied judgments, and invalidation or cessation of the subsidiary guarantee of a significant subsidiary. A default would permit holders to declare the Notes and accrued interest due and payable. | ||||||||||||||||||||||||||||
The Notes are effectively subordinated in right of payment to any of our, and the Guarantors', existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness and are structurally subordinated to the obligations of any subsidiary that is not a guarantor of the Notes. | ||||||||||||||||||||||||||||
The Company may issue additional Notes under the Indenture from time to time, subject to the terms of the Indenture. | ||||||||||||||||||||||||||||
Except as described below, the Notes are not redeemable at the Company's option prior to June 15, 2016. From and after June 15, 2016, the Company may redeem the 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 June 15 of each of the years indicated below: | ||||||||||||||||||||||||||||
Year | Percentage | |||||||||||||||||||||||||||
2016 | 105.62% | |||||||||||||||||||||||||||
2017 | 103.75% | |||||||||||||||||||||||||||
2018 | 101.88% | |||||||||||||||||||||||||||
2019 and thereafter | 100.00% | |||||||||||||||||||||||||||
Prior to June 15, 2016, the Company may, at its option, on one or more occasions, redeem up to 35% of the sum of the original aggregate principal amount of the Notes at a redemption price equal to 107.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of one or more equity offerings of the Company, subject to certain conditions. | ||||||||||||||||||||||||||||
Prior to June 15, 2016, the Company may also redeem all or part of the 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 June 15, 2016 redemption price from the table above plus all required interest payments due through June 15, 2016, 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, the Company is required to offer to repurchase the Notes at an amount equal to 101% of the principal plus accrued and unpaid interest. | ||||||||||||||||||||||||||||
Interest on the Notes is payable in arrears on June 15th and December 15th to holders of record on June 1st and December 1st each year until maturity. For the year ended December 31, 2014 and 2013, we incurred $23.3 million and $12.7 million, respectively, of interest expense related to the Notes including the amortization of debt issuance costs. At December 31, 2014, we had $5.4 million of unamortized debt issuance costs related to the Notes included in other noncurrent assets on our consolidated balance sheet. | ||||||||||||||||||||||||||||
At December 31, 2014, we were in compliance with the terms of the Notes. | ||||||||||||||||||||||||||||
SemGroup corporate credit agreement | ||||||||||||||||||||||||||||
Our revolving credit facility has a capacity of $500 million at December 31, 2014. This capacity may be used either for cash borrowings or letters of credit, although the maximum letter of credit capacity is $250 million. The credit agreement allows for the increase of the revolving commitments under the credit agreement by an aggregate amount of $300 million subject to the satisfaction of certain conditions. The agreement matures on December 11, 2018. Earlier principal payments may be required if we enter into certain transactions to sell assets or obtain new borrowings. We have the right to make additional principal payments without incurring any penalties for early repayment. | ||||||||||||||||||||||||||||
Interest on revolving credit cash borrowings is charged at either a Eurodollar rate or an alternate base rate ("ABR"), at our election, plus, in each case an applicable margin. The applicable margin will range from 2.0% to 3.25% in the case of a Eurodollar loan, and from 1.0% to 2.25% in the case of an ABR loan, in each case, based on a leverage ratio specified in the agreement. | ||||||||||||||||||||||||||||
At December 31, 2014, there were $35.0 million of outstanding revolving cash borrowings of which $15.0 million incurred interest at the ABR and $20.0 million incurred interest at the Eurodollar rate. The interest rate in effect at December 31, 2014 on alternate base rate borrowings was 4.25%. The interest rate in effect at December 31, 2014 on Eurodollar rate borrowings was 2.23%. | ||||||||||||||||||||||||||||
Fees are charged on any outstanding letters of credit at a rate that ranges from 2.0% to 3.25%, depending on a leverage ratio specified in the credit agreement. At December 31, 2014, we had $3.8 million of outstanding letters of credit for which the rate in effect was 2.0%. In addition, a fronting fee of 0.25% is charged on outstanding letters of credit. | ||||||||||||||||||||||||||||
A commitment fee that ranges from 0.375% to 0.5%, depending on a leverage ratio defined in the credit agreement, is charged on any unused capacity on the revolving credit facility. In addition, we are charged an annual administrative fee of $0.1 million. | ||||||||||||||||||||||||||||
At December 31, 2014, we had unamortized capitalized loan fees of $5.0 million net of accumulated amortization, which was recorded in other noncurrent assets and is being amortized over the life of the agreement. | ||||||||||||||||||||||||||||
We recorded interest expense related to the revolving credit facility of $6.3 million, $7.7 million and $6.9 million for the years ended December 31, 2014, 2013 and 2012, respectively, including amortization of capitalized loan fees. | ||||||||||||||||||||||||||||
The credit agreement includes customary affirmative and negative covenants, including limitations on the creation of new indebtedness, liens, sale and lease-back transactions, new investments, making fundamental changes including mergers and consolidations, making of dividends and other distributions, making material changes in our business, modifying certain documents and maintenance of a consolidated leverage ratio and an interest coverage ratio. In addition, the credit agreement prohibits any commodity transactions that are not permitted by our comprehensive risk management policy. | ||||||||||||||||||||||||||||
The credit agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the credit agreement from time to time, including in respect of letter of credit disbursement obligations, inaccuracy of representations and warranties in any material respect when made or when deemed made, violation of covenants, cross payment-defaults to any material indebtedness, cross acceleration to any material indebtedness, bankruptcy and insolvency events, the occurrence of a change of control, certain unsatisfied judgments, certain ERISA events, certain environmental matters and certain assertions of or actual invalidity of certain loan documents. A default under the credit agreement would permit the participating banks to terminate commitments, require immediate repayment of any outstanding loans with interest and any unpaid accrued fees, and require the cash collateralization of outstanding letter of credit obligations. | ||||||||||||||||||||||||||||
The terms of our current credit facility restrict, to some extent, the payment of cash dividends on our common stock. The credit agreement is guaranteed by all of our material domestic subsidiaries (except for Rose Rock and its general partner and subsidiaries) and secured by a lien on substantially all of our property and assets, subject to customary exceptions. | ||||||||||||||||||||||||||||
At December 31, 2014, we were in compliance with the terms of the credit agreement. | ||||||||||||||||||||||||||||
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 year ended December 31, 2014, we incurred $11.7 million of interest expense related to the Rose Rock Notes including amortization of debt issuance costs. At December 31, 2014, we had $8.0 million of unamortized debt issuance costs related to the Notes included in other noncurrent assets on our consolidated balance sheet. | ||||||||||||||||||||||||||||
At December 31, 2014, we were in compliance with the terms of the Rose Rock Indenture. | ||||||||||||||||||||||||||||
Rose Rock credit facility | ||||||||||||||||||||||||||||
Our Rose Rock senior secured revolving credit facility agreement provides for a revolving credit facility of $585 million and includes a $150 million sub-limit for letters of credit. The credit agreement was amended to extend the agreement to September 20, 2018 and permit the increase of the facility by not more than $200 million, subject to certain conditions. The agreement allows Rose Rock to incur unsecured or subordinated debt without limitation, subject to certain conditions, and provides alternative financial performance covenants at Rose Rock's election after the issuance of $200 million or more unsecured or subordinated debt, in aggregate. Subsequent to the issuance of the Rose Rock Notes, Rose Rock elected to adhere to the alternative financial performance covenants. | ||||||||||||||||||||||||||||
At Rose Rock’s option, amounts borrowed under the credit agreement will bear interest at either the Eurodollar rate or an ABR, plus, in each case, an applicable margin. The applicable margin will range from 1.75% to 3.00% in the case of a Eurodollar rate loan, and from 0.75% to 2.00% in the case of an ABR loan, in each case, based on a leverage ratio specified in the credit agreement. At December 31, 2014, we had outstanding cash borrowings of $32.0 million, of which $20.0 million incurred interest at the Eurodollar rate plus an applicable margin and $12.0 million incurred interest at the ABR plus an applicable margin. The interest rates at December 31, 2014 were 2.74% for Eurodollar borrowings and 4.75% for ABR borrowings. | ||||||||||||||||||||||||||||
Fees are charged on any outstanding letters of credit at a rate that ranges from 1.75% to 3.00%, depending on a leverage ratio specified in the credit agreement. At December 31, 2014, there were $17.5 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. | ||||||||||||||||||||||||||||
A commitment fee that ranges from 0.375% to 0.50%, depending on a leverage ratio specified in the credit agreement, is charged on any unused capacity of the revolving credit facility. In addition, we are charged an annual administrative fee of $0.1 million. The credit facility also allows for the use of Secured Bilateral Letters of Credit, which are issued external to the credit facility and do not reduce revolver availability. At December 31, 2014, we had $67.6 million of Bilateral Letters of Credit outstanding and the interest rate in effect was 1.75%. | ||||||||||||||||||||||||||||
At December 31, 2014, we had $3.8 million in capitalized loan fees, net of accumulated amortization, which is recorded in other noncurrent assets and is being amortized over the life of the agreement. | ||||||||||||||||||||||||||||
We recorded interest expense related to this facility of $9.0 million, $8.7 million and $1.9 million for the years ended December 31, 2014, 2013 and 2012, respectively, including amortization of debt issuance costs and interest on bilateral letters of credit. | ||||||||||||||||||||||||||||
The credit agreement includes customary representations and warranties and affirmative and negative covenants. The covenants in the agreement include limitations on creation of new indebtedness and liens, entry into sale and lease-back transactions, investments, and fundamental changes including mergers and consolidations, dividends and other distributions, material changes in Rose Rock’s business and modifying certain documents. In addition, the agreement prohibits any commodity transactions that are not permitted by Rose Rock’s comprehensive risk management policy. | ||||||||||||||||||||||||||||
The agreement, subsequent to Rose Rock's election to adhere to the alternative financial performance covenants requires Rose Rock to maintain a minimum ratio of consolidated EBITDA to consolidated cash interest expense at the end of any fiscal quarter, for the immediately preceding four quarter period, of 2.50 to 1.00 and a maximum ratio of consolidated net debt to consolidated EBITDA at the end of any fiscal quarter, for the immediately preceding four quarter period, of 5.50 to 1.00, and a maximum ratio of senior secured debt to consolidated EBITDA of 3.50 to 1.00. | ||||||||||||||||||||||||||||
The credit agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the agreement from time to time, including in respect of letter of credit disbursement obligations, inaccuracy of representations and warranties in any material respect when made or when deemed made, violation of covenants, cross payment-defaults of Rose Rock and its restricted subsidiaries to any material indebtedness, cross acceleration to any material indebtedness, bankruptcy and insolvency events, the occurrence of a change of control, certain unsatisfied judgments, certain ERISA events, certain environmental matters and certain assertions of or actual invalidity of certain loan documents. A default under the Rose Rock credit agreement would permit the participating banks to terminate commitments, require immediate repayment of any outstanding loans with interest and any unpaid accrued fees, and require the cash collateralization of outstanding letter of credit obligations. | ||||||||||||||||||||||||||||
The credit agreement restricts Rose Rock’s ability to make certain types of payments relating to its units, including the declaration or payment of cash distributions; provided that Rose Rock may make quarterly distributions of available cash so long as no default under the agreement then exists or would result therefrom. The agreement is guaranteed by all of Rose Rock’s material domestic subsidiaries and secured by a lien on substantially all of the property and assets of Rose Rock and the guarantors, subject to customary exceptions. | ||||||||||||||||||||||||||||
At December 31, 2014, we were in compliance with the terms of the credit agreement. | ||||||||||||||||||||||||||||
SemMexico facilities | ||||||||||||||||||||||||||||
At December 31, 2014, SemMexico had no outstanding borrowings on its 44 million Mexican pesos (U.S. $3.0 million at the December 31, 2014 exchange rate) credit facility, which matures in May 2015. Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.5%. | ||||||||||||||||||||||||||||
At December 31, 2014, SemMexico had no outstanding borrowings on its 56 million Mexican pesos (U.S. $3.8 million at the December 31, 2014 exchange rate) credit facility, which matures in July 2015. Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.5%. | ||||||||||||||||||||||||||||
At December 31, 2014, SemMexico had outstanding letters of credit of 292.8 million Mexican pesos (U.S. $19.8 million) and a $3.0 million USD letter of credit. Fees charged on outstanding letters of credit generally range from 0.4% to 0.7%. | ||||||||||||||||||||||||||||
SemMexico recorded interest expense of $0.2 million, $0.2 million and $0.4 million during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
At December 31, 2014, we were in compliance with the terms of these facilities. | ||||||||||||||||||||||||||||
Scheduled principal payments | ||||||||||||||||||||||||||||
The following table summarizes the scheduled principal payments as of December 31, 2014 (in thousands). As described above, our debt agreements require accelerated principal payments under certain circumstances. As a result, principal payments may occur earlier than shown in the table below. | ||||||||||||||||||||||||||||
Senior Unsecured Notes | Rose Rock Notes | SemGroup | Rose Rock | SemMexico | Capital | Total | ||||||||||||||||||||||
Facility | Facility | Facility | Leases | |||||||||||||||||||||||||
For the year ended: | ||||||||||||||||||||||||||||
31-Dec-15 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 40 | $ | 40 | ||||||||||||||
31-Dec-16 | — | — | — | — | — | 40 | 40 | |||||||||||||||||||||
31-Dec-17 | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||
31-Dec-18 | — | — | 35,000 | 32,000 | — | 26 | 67,026 | |||||||||||||||||||||
31-Dec-19 | — | — | — | — | — | — | — | |||||||||||||||||||||
Thereafter | 300,000 | 400,000 | — | — | — | — | 700,000 | |||||||||||||||||||||
Total | $ | 300,000 | $ | 400,000 | $ | 35,000 | $ | 32,000 | $ | — | $ | 132 | $ | 767,132 | ||||||||||||||
Fair value | ||||||||||||||||||||||||||||
We estimate the fair value of the Notes to be $299 million and the fair value of the Rose Rock Notes to be $368 million at December 31, 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 December 31, 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 December 31, 2014. This estimate is categorized as a Level 2 measurement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 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"). | |||||||
Claims reconciliation process | |||||||
A large number of parties made claims against us for obligations alleged to have been incurred prior to our predecessor's bankruptcy filing. We have resolved or settled all of these outstanding claims and have made all required distributions. The Plan of Reorganization has therefore been fully administered. | |||||||
On November 7, 2014, SemGroup Corporation and the other reorganized debtors moved for a final decree from the bankruptcy court closing the debtors’ bankruptcy cases. The United States Bankruptcy Court for the District of Delaware granted the request and entered its Order Granting Motion of Remaining Debtors for Entry of Final Decree on December 18, 2014. Accordingly, the bankruptcy cases for SemCrude, L.P., Eaglwing, L.P., SemCanada II, L.P., SemCanada L.P., SemGas, L.P., SemGroup, L.P., SemMaterials, L.P., and SemStream, L.P. have been closed. As part of its decree, the Court retained jurisdiction over certain on-going adversary proceedings, but the debtors have estimated and paid the claims associated with these remaining adversaries, leaving the non-debtor parties to the adversaries to resolve their remaining claims amongst themselves. | |||||||
On January 2, 2015, Bettina M. Whyte, the duly appointed Trustee of the SemGroup Litigation Trust (the “Litigation Trustee”), filed a notice of appeal of the Bankruptcy Court’s December 18, 2014 order closing the aforementioned bankruptcy cases. However, the Bankruptcy Court’s order of final decree was effective upon entry, and the appeal does not stay the effect of the order. The Litigation Trustee’s appeal to the United States District Court for the District of Delaware is currently pending and will be opposed by SemGroup Corporation and the other remaining reorganized debtors. | |||||||
Dimmit County, TX claims | |||||||
An employee of Rose Rock Midstream Field Services, LLC was involved in a tractor trailer accident on January 15, 2015 in Dimmit County, Texas. A second accident followed resulting in six fatalities and multiple injuries. At this time, the following lawsuits have been filed in either the District Court of Zavala County, Texas or the District Court of Dimmit County, Texas, Olga D. Rubio and Carlos Rubio, Individually and on Behalf of All Statutory Wrongful Death Beneficiaries of Carlos Rubio, Jr., Deceased vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; David Rodriguez and Maribel Rodriguez vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; David Rodriguez and Maribel Rodrigues, Plaintiffs and Alejandra Abigail Ortega, Individually and as next friend of K.A.P., a minor, and as Representative of the Estate of Eduardo Pena, and Julian Pena and Nelva G. Suifuentes Pena Intervenors vs. Rose Rock Midstream Field Services, LLC, Jesus Riojas, and Roberto Rivera; Derek Muhlenbruch vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas; and Agustin Lara, Sr., Individually, and Elsa Zamarripa, Individually and As Representative of the Estate of Justin Lara, Deceased vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas. It is anticipated that additional lawsuits will be brought on behalf of the other deceased and injured parties. We are currently working with counsel for the interested parties to investigate the accident, and no determination of liability has been made. We will continue to defend our position and believe that any liability that may arise from this incident will be covered by our insurance; however, we cannot predict the outcome. | |||||||
Blueknight claim | |||||||
Blueknight Energy Partners, L.P. ("Blueknight"), which was formerly a subsidiary of SemGroup, together with other entities related to Blueknight, entered into a Shared Services Agreement on April 7, 2009, with SemCrude, L.P., now known as Rose Rock Midstream Crude, L.P. ("SemCrude") and SemManagement, L.L.C. (which are currently subsidiaries of SemGroup). The services provided by SemCrude to Blueknight under this agreement included assisting Blueknight with movement of crude oil belonging to Blueknight’s customers and with the operation of Blueknight’s Oklahoma pipeline system and its Cushing, Oklahoma terminal. Under the subsequent amendments to the agreements beginning in May 2010, certain of these services were phased out, and Blueknight began to perform all services necessary for the movement of its crude oil and the operation of its Cushing terminal without SemCrude’s assistance. | |||||||
In a letter dated August 18, 2011, Blueknight claimed that SemCrude owes Blueknight approximately 141,000 barrels of crude oil. We responded to Blueknight’s letter denying their charges and requesting documentation from Blueknight of its claim. On February 14, 2012, after months of interaction between the parties through which Blueknight was requested to substantiate its claim, Blueknight filed suit against SemCrude and other related companies in the District Court of Oklahoma County, Oklahoma. On May 1, 2012, the case was transferred to Tulsa County, Oklahoma. On July 2, 2012, the Tulsa County District Court appointed a Special Master to review terminal operations accounting records and determine whether 141,000 barrels of crude oil owned by Blueknight is missing after three months of operations in April through June, 2010. On June 11, 2013, the Special Master’s Report was filed with the District Court finding a shortage in Blueknight’s Cushing terminal and Oklahoma pipeline system of 148,000 barrels. However, after a review of all records created during that three month time period, the Special Master was unable to determine how the shortage might have occurred and was unable to determine the ownership of the potential shortage. | |||||||
We are currently seeking discovery in the District Court of documentation and testimony on the potential cause and the impact, if any, of the shortage found by the Special Master. We believe Blueknight’s causes of action to be without merit and 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 a liability associated with these obligations, which is reported within other noncurrent liabilities on the consolidated balance sheets. The following table summarizes the changes in this liability from December 31, 2011 through December 31, 2014 (in thousands): | |||||||
Balance, December 31, 2011 | $ | 35,886 | |||||
Accretion | 4,554 | ||||||
Payments made | (1,169 | ) | |||||
Currency translation adjustments | 834 | ||||||
Balance, December 31, 2012 | 40,105 | ||||||
Accretion | 4,752 | ||||||
Payments made | (808 | ) | |||||
Currency translation adjustments | (2,864 | ) | |||||
Balance, December 31, 2013 | 41,185 | ||||||
Accretion | 4,807 | ||||||
Payments made | (514 | ) | |||||
Currency translation adjustments | (3,524 | ) | |||||
Balance, December 31, 2014 | $ | 41,954 | |||||
The December 31, 2014 liability was calculated using the $93.4 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. The $93.4 million estimated cost represents only our proportionate share of the obligations associated with these facilities. An additional $37.7 million of estimated costs are attributable to third-party owners’ proportionate share of the obligations. If an owner fails to perform on its obligations, the other owners (including SemGroup) could be obligated to bear that party’s share of the remediation costs. | |||||||
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. | |||||||
Operating leases | |||||||
We have entered into operating lease agreements for office space, office equipment, land and trucks. Future minimum payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year at December 31, 2014 are as follows (in thousands): | |||||||
For year ending: | |||||||
31-Dec-15 | $ | 9,464 | |||||
31-Dec-16 | 9,181 | ||||||
31-Dec-17 | 6,737 | ||||||
31-Dec-18 | 2,997 | ||||||
31-Dec-19 | 1,826 | ||||||
Thereafter | 6,967 | ||||||
Total future minimum lease payments | $ | 37,172 | |||||
We recorded lease and rental expenses of $16.2 million, $11.4 million and $8.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||
Purchase and sale commitments | |||||||
We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for these commitments as normal purchases and sales, and therefore we do not record assets or liabilities related to these agreements until the product is purchased or sold. At December 31, 2014, such commitments included the following (in thousands): | |||||||
Volume | Value | ||||||
(barrels) | |||||||
Fixed price purchases | 13,648 | $ | 1,141,694 | ||||
Fixed price sales | 13,612 | $ | 1,152,966 | ||||
Floating price purchases | 7,187 | $ | 373,539 | ||||
Floating price sales | 10,719 | $ | 445,655 | ||||
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 December 31, 2014, approximately $25.8 thousand was due under the contract. The approximate amount of future obligation is as follows (in thousands): | |||||||
For year ending: | |||||||
31-Dec-15 | $ | 10,199 | |||||
31-Dec-16 | 11,804 | ||||||
31-Dec-17 | 11,938 | ||||||
31-Dec-18 | 10,060 | ||||||
31-Dec-19 | 9,121 | ||||||
Thereafter | 24,391 | ||||||
Total expected future payments | $ | 77,513 | |||||
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 $2.6 million. SemGas also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of SemGas’ revenues were generated from such contracts. | |||||||
Capital contribution requirements | |||||||
See Note 5 for commitments related to the White Cliffs expansion project. |
Equity
Equity | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Equity | EQUITY | ||||||
Common stock | |||||||
Upon emergence from bankruptcy, we issued 40,882,496 shares of common stock. The Plan of Reorganization specified that we were to issue an additional 517,500 shares of common stock in settlement of pre-petition claims. As of December 31, 2014, we have issued all of the shares of this stock. The par value of common stock reflected on the consolidated balance sheet at December 31, 2014 is summarized below: | |||||||
Shares issued on Emergence Date | 40,882,496 | ||||||
Shares subsequently issued in settlement of pre-petition claims | 517,500 | ||||||
Issuance of shares under employee and director compensation programs* | 861,503 | ||||||
Shares issued under employee stock purchase plan | 6,999 | ||||||
Shares issued upon exercise of warrants** | 1,345,556 | ||||||
Total shares*** | 43,614,054 | ||||||
Par value per share | $ | 0.01 | |||||
Par value of common stock at December 31, 2014 (in thousands) | $ | 436 | |||||
* These shares include 169,340 shares which vested during the year ended December 31, 2014. Of these vested shares, 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 consolidated balance sheet. | |||||||
** These shares include 904,231 shares issued during the year ended December 31, 2014. | |||||||
*** In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2014. The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets. | |||||||
The common stock includes Class A and Class B stock. Class A stock is eligible to be listed on an exchange, whereas Class B stock is not. Any share of Class B stock may be converted to Class A at the election of the holder. Both classes of stock have full voting rights. Both classes of stock have a par value of $0.01 per share. On June 17, 2014, all Class B stock was converted to Class A. The total common stock outstanding at December 31, 2013 includes 28,235 shares of Class B stock. The total number of shares authorized for issuance is 90,000,000 shares of Class A stock and 10,000,000 shares of Class B stock. | |||||||
Warrants | |||||||
Upon emergence from bankruptcy protection, 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 December 31, 2014, we have issued all of the warrants. The warrants expired on November 30, 2014. | |||||||
Each warrant entitled the holder to purchase one share of common stock for $25 at any time before the November 30, 2014 expiration date. Upon exercise, a holder could elect a cashless exercise, whereby the number of shares to be issued to the holder was reduced, in lieu of a cash payment. For the year ended December 31, 2014, 1,271,983 warrants were exercised and 904,231 shares of common stock were issued. | |||||||
Dividends | |||||||
We began paying a quarterly cash dividend in the second quarter of 2013. The following table sets forth the quarterly dividends per share declared and 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 | ||
31-Mar-15 | $ | 0.34 | February 26, 2015 | March 9, 2015 | March 20, 2015 | ||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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 per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 52,058 | $ | (1 | ) | $ | 52,057 | |||||
less: Income attributable to noncontrolling interest | 22,817 | — | 22,817 | |||||||||
Income attributable to SemGroup | $ | 29,241 | $ | (1 | ) | $ | 29,240 | |||||
Weighted average common stock outstanding | 42,665 | 42,665 | 42,665 | |||||||||
Basic earnings per share | $ | 0.69 | $ | 0 | $ | 0.69 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 65,753 | $ | 59 | $ | 65,812 | ||||||
less: Income attributable to noncontrolling interest | 17,710 | — | 17,710 | |||||||||
Income attributable to SemGroup | $ | 48,043 | $ | 59 | $ | 48,102 | ||||||
Weighted average common stock outstanding | 42,339 | 42,339 | 42,339 | |||||||||
Basic earnings per share | $ | 1.13 | $ | 0 | $ | 1.14 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 28,958 | $ | 2,939 | $ | 31,897 | ||||||
less: Income attributable to noncontrolling interest | 9,797 | — | 9,797 | |||||||||
Income attributable to SemGroup | $ | 19,161 | $ | 2,939 | $ | 22,100 | ||||||
Weighted average common stock outstanding | 41,939 | 41,939 | 41,939 | |||||||||
Basic earnings per share | $ | 0.46 | $ | 0.07 | $ | 0.53 | ||||||
The following summarizes the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 52,058 | $ | (1 | ) | $ | 52,057 | |||||
less: Income attributable to noncontrolling interest | 22,817 | — | 22,817 | |||||||||
Income attributable to SemGroup | $ | 29,241 | $ | (1 | ) | $ | 29,240 | |||||
Weighted average common stock outstanding | 42,665 | 42,665 | 42,665 | |||||||||
Effect of dilutive securities | 302 | 302 | 302 | |||||||||
Diluted weighted average common stock outstanding | 42,967 | 42,967 | 42,967 | |||||||||
Diluted earnings per share | $ | 0.68 | $ | 0 | $ | 0.68 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 65,753 | $ | 59 | $ | 65,812 | ||||||
less: Income attributable to noncontrolling interest | 17,710 | — | 17,710 | |||||||||
Income attributable to SemGroup | $ | 48,043 | $ | 59 | $ | 48,102 | ||||||
Weighted average common stock outstanding | 42,339 | 42,339 | 42,339 | |||||||||
Effect of dilutive securities | 307 | 307 | 307 | |||||||||
Diluted weighted average common stock outstanding | 42,646 | 42,646 | 42,646 | |||||||||
Diluted earnings per share | $ | 1.13 | $ | 0 | $ | 1.13 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 28,958 | $ | 2,939 | $ | 31,897 | ||||||
less: Income attributable to noncontrolling interest | 9,797 | — | 9,797 | |||||||||
Income attributable to SemGroup | $ | 19,161 | $ | 2,939 | $ | 22,100 | ||||||
Weighted average common stock outstanding | 41,939 | 41,939 | 41,939 | |||||||||
Effect of dilutive securities | 315 | 315 | 315 | |||||||||
Diluted weighted average common stock outstanding | 42,254 | 42,254 | 42,254 | |||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.07 | $ | 0.52 | ||||||
All outstanding warrants expired on November 30, 2014 and therefore have no dilutive effect for the year ended December 31, 2014. For the years ended December 31, 2013 and 2012, we recorded a loss on the change in the fair value of the warrants; because of this, the warrants did not cause any dilution for that period. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||
Equity-Based Compensation | EQUITY-BASED COMPENSATION | ||||||||||
SemGroup Corporation equity awards | |||||||||||
We have reserved a total of 2,781,635 shares of common stock for issuance pursuant to employee and director compensation programs. These awards give the recipients the right to receive shares of common stock, once specified service, performance or market related vesting conditions are met. The awards typically have one year vesting period for non-management directors and three years for employees. The awards may be subject to accelerated vesting in the event of involuntary terminations. We record expense for these awards (and corresponding increases to additional paid-in capital) based on the grant date fair value of the awards over the vesting period. We use authorized but unissued shares to satisfy our equity-based payment obligations. Although these awards are to be settled in shares, we may elect to give participants the option of settling a portion of the awards in cash, to meet statutory minimum tax withholding requirements. The activity related to these awards during the period from December 31, 2011 to December 31, 2014 is summarized below: | |||||||||||
Unvested | Average | Aggregate Fair Value of Shares (in thousands) | |||||||||
Shares | Grant Date | ||||||||||
Fair Value | |||||||||||
Outstanding at December 31, 2011 | 410,506 | $ | 26.59 | ||||||||
Awards granted - 2012 | 246,432 | $ | 27.81 | ||||||||
Awards vested - 2012 | (162,986 | ) | $ | 25.2 | $ | 4,107 | |||||
Awards forfeited - 2012 | (43,400 | ) | $ | 27.74 | |||||||
Outstanding at December 31, 2012 | 450,552 | $ | 26.87 | ||||||||
Awards granted - 2013 | 201,451 | $ | 52.78 | ||||||||
Awards vested - 2013 | (107,988 | ) | $ | 25.71 | $ | 2,776 | |||||
Awards forfeited - 2013 | (13,412 | ) | $ | 32.36 | |||||||
Outstanding at December 31, 2013 | 530,603 | $ | 36.8 | ||||||||
Awards granted - 2014 | 207,786 | $ | 77.14 | ||||||||
Awards vested - 2014 | (169,340 | ) | $ | 33.07 | $ | 5,600 | |||||
Awards forfeited - 2014 | (119,130 | ) | $ | 42.16 | |||||||
Outstanding at December 31, 2014 | 449,919 | $ | 70.69 | ||||||||
For certain of the awards granted in 2014, 2013 and 2012, the number of shares that will vest is contingent upon our achievement of certain specified targets. Awards with performance conditions are valued based on the grant date closing price on the New York Stock Exchange assuming that 100% of the awards will vest. Awards with market conditions are valued using Monte Carlo simulations. The following table sets forth the assumptions used in the valuations of these awards granted in 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | ||||||||||
Volatility | 29.30% | 28.90% | |||||||||
Risk-free interest rate | 0.66% | 0.35% | |||||||||
Volatility assumptions related to 2014 awards containing a market condition were based on historical volatility using a simple average calculation of volatility over a period equal to the vesting period of the awards. We do not expect future volatility over the term of the awards to be significantly different from historical volatility. Volatility assumptions related to 2013 awards containing a market condition were comprised of 50% historical volatility and 50% implied volatility. We intend to use only historical volatility going forward. The change in assumption basis from 2014 to 2013 did not have a significant impact. The 2012 awards with a market condition were not material and were valued based on the grant date fair value and an estimate of the expected achievement of the market condition. | |||||||||||
If we meet the specified maximum targets, approximately 54 thousand, 49 thousand and 25 thousand additional shares could vest related to the 2014, 2013 and 2012 awards, respectively. | |||||||||||
During the month of January 2015, 102,103 awards vested. Of these vested awards, 36,564 shares were withheld to satisfy minimum tax withholding requirements. | |||||||||||
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. The dividends will be settled in common shares based on the market price of our Class A shares as of the close of business on the vesting date. The UDs are subject to the same forfeiture and acceleration conditions as the associated restricted stock awards. For the year ended December 31, 2014, 593 units were issued upon the vesting of these restricted units. For the year ended December 31, 2013, no units were issued upon the vesting of these restricted units. At December 31, 2014, the value of the UDs related to unvested restricted stock awards was approximately $155 thousand. This is equivalent to 2,263 Class A shares based on the year end close of business market price of our Class A shares of $68.39 per share. Dividends related to the 2013 and 2014 restricted stock awards will be settled in cash upon vesting. At December 31, 2014, the value of UDs to be settled in cash related to unvested restricted stock awards was approximately $244 thousand. | |||||||||||
In January 2015, the 2012 restricted stock awards vested and 1,793 UD shares were issued. | |||||||||||
Compensation costs expensed for the years ended December 31, 2014, 2013 and 2012 were $7.3 million, $6.5 million and $6.2 million, respectively. As of December 31, 2014, there was $14.2 million of total unrecognized compensation cost related to our non-vested awards, which is expected to be recognized over a weighted-average period of 18 months. | |||||||||||
Employee stock purchase plan | |||||||||||
Our employee stock purchase plan ("ESPP") allows eligible employees to contribute up to 10% of their base earnings toward the semi annual purchase of our common stock, subject to an annual maximum dollar amount. The purchase price is 85% of the closing price on the last business day of the offering period. We have reserved a total of 1,000,000 shares of common stock for issuance under the ESPP. During the year ended December 31, 2014, we issued 6,999 shares under our ESPP. | |||||||||||
Rose Rock Midstream L.P. equity-based compensation | |||||||||||
Certain of our employees who support Rose Rock participate in Rose Rock's equity-based compensation program. Awards under this program generally represent awards of restricted common units representing limited partner interests of Rose Rock. Generally, the awards vest three years after the date of grant for employees and one year after the date of grant for non-management directors, contingent upon the continued service of the recipients and may be subject to accelerated vesting in the event of involuntary terminations. Awards are valued based on the grant date closing price listed on the New York Stock Exchange. Compensation expense is recognized over the vesting period and is discounted for estimated forfeitures. Vesting of these awards dilutes our ownership interest and requires additional equity contributions to Rose Rock to maintain our 2% general partner interest. The activity related to these awards is summarized below: | |||||||||||
Unvested Units | Average Grant Date Fair Value | Aggregate Fair Value of Units (in thousands) | |||||||||
Outstanding at December 31, 2011 | — | $ | — | ||||||||
Awards granted - 2012 | 46,069 | $ | 21.97 | ||||||||
Awards vested - 2012 | — | $ | — | $ | — | ||||||
Awards forfeited - 2012 | (2,109 | ) | $ | 20.6 | |||||||
Outstanding at December 31, 2012 | 43,960 | $ | 21.91 | ||||||||
Awards granted - 2013 | 49,104 | $ | 34.41 | ||||||||
Awards vested - 2013 | (9,333 | ) | $ | 27.25 | $ | 254 | |||||
Awards forfeited - 2013 | (783 | ) | $ | 34.4 | |||||||
Outstanding at December 31, 2013 | 82,948 | $ | 28.59 | ||||||||
Awards granted - 2014 | 46,536 | $ | 41.35 | ||||||||
Awards vested - 2014 | (5,712 | ) | $ | 35.87 | $ | 205 | |||||
Awards forfeited - 2014 | (21,432 | ) | $ | 29.82 | |||||||
Outstanding at December 31, 2014 | 102,340 | $ | 33.79 | ||||||||
During the month of January 2015, 25,745 of these awards vested. Of these vested awards, 10,537 units were withheld to satisfy minimum tax requirements. | |||||||||||
Compensation cost expensed for the years ended December 31, 2014, 2013 and 2012 was $0.9 million, $0.8 million and $0.3 million, respectively, and represents an increase in noncontrolling interests in consolidated subsidiaries. As of December 31, 2014, there was $1.8 million of total unrecognized compensation cost related to the non-vested awards, which is expected to be recognized over a weighted-average period of 19 months. | |||||||||||
The holders of certain of these restricted unit awards granted prior to 2013 are entitled to equivalent distributions (“Unvested Unit Distributions” or “UUD’s”) to be received upon vesting of the restricted unit awards. The distributions will be settled in common units based on the market price of Rose Rock's limited partner common units as of the close of business on the vesting date. The UUD’s are subject to the same forfeiture and acceleration conditions as the associated restricted units. For the year ended December 31, 2014, no UUDs were issued upon the vesting of these restricted units. For the year ended December 31, 2013, 406 UUDs were issued upon the vesting of these restricted units. At December 31, 2014, the value of the UUD’s was approximately $129 thousand. This is equivalent to approximately 2,835 common units based on the year end close of business market price of Rose Rock's common units of $45.45 per unit. During the month of January 2015, 3,335 units were issued upon the vesting of restricted units noted above. Distributions related to the restricted unit awards granted subsequent to 2012 will be settled in cash upon vesting. At December 31, 2014, the value of these UUDs related to cash settled unvested restricted units was approximately $177 thousand. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||||||||||||||
Defined contribution plans | ||||||||||||||||||||
We sponsor defined contribution retirement plans in which the majority of employees are eligible to participate. Our contributions to the defined contribution plans were $1.9 million, $1.1 million, and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Pension plans | ||||||||||||||||||||
We sponsor a defined benefit pension plan and a supplemental defined benefit pension plan (collectively, the “Pension Plans”) for certain employees of the SemCAMS segment hired before June 30, 2001. The following table shows the projected benefit obligations and plan assets of the Pension Plans (in thousands): | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 24,036 | $ | 28,357 | ||||||||||||||||
Service cost | 477 | 577 | ||||||||||||||||||
Interest cost | 1,080 | 1,047 | ||||||||||||||||||
Actuarial (gains) losses | 6,228 | (3,022 | ) | |||||||||||||||||
Benefits paid | (521 | ) | (968 | ) | ||||||||||||||||
Currency translation adjustment | (2,034 | ) | (1,955 | ) | ||||||||||||||||
Projected benefit obligation at end of year | 29,266 | 24,036 | ||||||||||||||||||
Change in fair value of plan assets: | ||||||||||||||||||||
Fair value of plan assets at beginning of year | 25,582 | 22,727 | ||||||||||||||||||
Employer contributions | 601 | 1,144 | ||||||||||||||||||
Actual return on plan assets | 2,915 | 4,397 | ||||||||||||||||||
Benefits paid | (521 | ) | (968 | ) | ||||||||||||||||
Currency translation adjustment | (2,209 | ) | (1,718 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 26,368 | 25,582 | ||||||||||||||||||
Funded status: | $ | (2,898 | ) | $ | 1,546 | |||||||||||||||
Accumulated benefit obligation at end of year | $ | 26,544 | $ | 22,687 | ||||||||||||||||
The following table sets forth the assumptions used to determine the projected benefit obligation of the Pension Plans for the periods indicated: | ||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||
Discount rate | 3.8 | % | 4.7 | % | ||||||||||||||||
Compensation increase rate | 4.5 | % | 3.5 | % | ||||||||||||||||
We recorded other noncurrent liabilities of $2.9 million at December 31, 2014, and other noncurrent assets of $1.5 million at December 31, 2013, to reflect the funded status of the Pension Plans. We recorded changes in the funded status of the Pension Plans to other comprehensive income (loss), net of income taxes. These amounts were a loss of $3.7 million for the year ended December 31, 2014, a gain of $4.8 million for the year ended December 31, 2013 and a loss of $0.4 million for the year ended December 31, 2012. | ||||||||||||||||||||
The following table summarizes the components of the net periodic benefit cost related to the Pension Plans (in thousands): | ||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||
Service cost | $ | 477 | $ | 577 | $ | 596 | ||||||||||||||
Interest cost | 1,080 | 1,047 | 1,134 | |||||||||||||||||
Expected return on plan assets | (1,469 | ) | (1,298 | ) | (1,263 | ) | ||||||||||||||
Settlement loss | — | — | (55 | ) | ||||||||||||||||
Other | (7 | ) | 186 | 118 | ||||||||||||||||
Net periodic benefit cost | $ | 81 | $ | 512 | $ | 530 | ||||||||||||||
The following table sets forth the assumptions used to determine net periodic benefit cost related to the Pension Plans for the periods indicated: | ||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||
Discount rate | 4.7 | % | 3.9 | % | 4.25 | % | ||||||||||||||
Expected long-term rate of return on plan assets | 6 | % | 6 | % | 6 | % | ||||||||||||||
Compensation increase rate | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||
The expected return on plan assets is determined annually based upon a review of the historical returns experienced for each of the various classes of assets held within the plan, combined with the general economic industry outlook. | ||||||||||||||||||||
We estimate that benefit payments from the Pension Plans will be as follows for the years 2015 – 2024 (in thousands): | ||||||||||||||||||||
Year | Estimated | |||||||||||||||||||
Benefit Payments | ||||||||||||||||||||
2015 | $ | 4,800 | ||||||||||||||||||
2016 | $ | 2,809 | ||||||||||||||||||
2017 | $ | 2,046 | ||||||||||||||||||
2018 | $ | 987 | ||||||||||||||||||
2019 | $ | 1,114 | ||||||||||||||||||
2020 - 2024 | $ | 12,178 | ||||||||||||||||||
We estimate that we will make contributions of $0.6 million to the Pension Plans during the year ended December 31, 2015. | ||||||||||||||||||||
Substantially all of the plan’s assets are invested in pooled funds that hold highly-liquid securities. The value of each share of a pooled fund is calculated based on the quoted market prices of the assets held by the fund. The following table shows the value of each category of plan assets at December 31, 2014 and 2013 and the target investment allocation under our investment policy at December 31, 2014: | ||||||||||||||||||||
Asset Value at | Asset Value at | Actual | Normal | Minimum | Maximum | |||||||||||||||
December 31, | December 31, | Allocation at | Allocation | Allocation | Allocation | |||||||||||||||
2014 | 2013 | December 31, | Per | Per | Per | |||||||||||||||
(in thousands) | (in thousands) | 2014 | Investment | Investment | Investment | |||||||||||||||
Policy | Policy | Policy | ||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 171 | 0 | % | — | % | 0 | % | 10 | % | ||||||||
Pooled funds—fixed income | 8,938 | 8,381 | 33.9 | % | 40 | % | 32.5 | % | 47.5 | % | ||||||||||
Pooled funds—Canadian equities | 8,828 | 8,324 | 33.5 | % | 30 | % | 22.5 | % | 37.5 | % | ||||||||||
Pooled funds—non-Canadian equities | 8,602 | 8,706 | 32.6 | % | 30 | % | 22.5 | % | 37.5 | % | ||||||||||
Total | $ | 26,368 | $ | 25,582 | ||||||||||||||||
Our investment policy for plan assets permits investments in a wide variety of assets, including certain types of derivatives. Our policy prohibits investments of plan assets in certain types of assets, including commodities, mineral rights and collectibles. Our investment policy requires us to maintain an investment allocation within the ranges shown in the table above, and also contains more specific requirements that are designed to achieve an appropriate level of diversification. | ||||||||||||||||||||
The following information discloses the fair values of our Pension Plan assets, by asset category, for the periods indicated (in thousands): | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Quoted Price in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Quoted Price in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 171 | $ | — | $ | — | ||||||||
Fixed income mutual funds (a) | — | 8,938 | — | — | 8,381 | — | ||||||||||||||
Equity mutual funds (a) | — | 17,430 | — | — | 17,030 | — | ||||||||||||||
Total | $ | — | $ | 26,368 | $ | — | $ | 171 | $ | 25,411 | $ | — | ||||||||
(a) Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. | ||||||||||||||||||||
Retiree medical plan | ||||||||||||||||||||
We sponsor an unfunded, post-employment health benefit plan (the “Health Plan”) for certain employees of the SemCAMS segment. The projected benefit obligation related to the Health Plan was $1.7 million at December 31, 2014 and $1.6 million at December 31, 2013, and is reported within other noncurrent liabilities on the consolidated balance sheets. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
The following table presents changes in the components of accumulated other comprehensive income (loss) (in thousands): | ||||||||||||||||
Currency | Employee | Interest | Total | |||||||||||||
Translation | Benefit | Rate Swaps | ||||||||||||||
Plans | ||||||||||||||||
Balance, December 31, 2011 | $ | (10,780 | ) | $ | (2,811 | ) | $ | (284 | ) | $ | (13,875 | ) | ||||
Currency translation adjustment, net of income tax expense of $1,168 | 12,635 | — | — | 12,635 | ||||||||||||
Settlement of interest rate swaps | — | — | 284 | 284 | ||||||||||||
Changes related to benefit plans, net of income tax benefit of $117 | — | (343 | ) | — | (343 | ) | ||||||||||
Balance, December 31, 2012 | 1,855 | (3,154 | ) | — | (1,299 | ) | ||||||||||
Currency translation adjustment, net of income tax benefit of $3,993 | (6,363 | ) | — | — | (6,363 | ) | ||||||||||
Changes related to benefit plans, net of income tax expense of $1,603 | — | 4,808 | — | 4,808 | ||||||||||||
Balance, December 31, 2013 | (4,508 | ) | 1,654 | — | (2,854 | ) | ||||||||||
Currency translation adjustment, net of income tax benefit of $11,102 | (20,551 | ) | — | — | (20,551 | ) | ||||||||||
Changes related to benefit plans, net of income tax benefit of $1,245 | — | (3,736 | ) | — | (3,736 | ) | ||||||||||
Balance, December 31, 2014 | $ | (25,059 | ) | $ | (2,082 | ) | $ | — | $ | (27,141 | ) | |||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Operating assets and liabilities | ||||||||||||
The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Decrease (increase) in restricted cash | $ | (2,045 | ) | $ | 29,467 | $ | 4,907 | |||||
Decrease (increase) in accounts receivable | (32,602 | ) | 11,172 | (129,102 | ) | |||||||
Decrease (increase) in receivable from affiliates | 50,454 | (61,095 | ) | 230 | ||||||||
Decrease (increase) in inventories | (6,243 | ) | (11,352 | ) | (936 | ) | ||||||
Decrease (increase) in derivatives and margin deposits | 28 | 1,012 | (1,245 | ) | ||||||||
Decrease (increase) in other current assets | (614 | ) | 9,361 | 4,197 | ||||||||
Decrease (increase) in other assets | 2 | 137 | 2,467 | |||||||||
Increase (decrease) in accounts payable and accrued liabilities | 11,461 | 31,030 | 114,776 | |||||||||
Increase (decrease) in payable to affiliates | (48,819 | ) | 62,279 | (6,871 | ) | |||||||
Increase (decrease) in payables to pre-petition creditors | (54 | ) | (29,609 | ) | (5,206 | ) | ||||||
Increase (decrease) in other noncurrent liabilities | 5,067 | (2,541 | ) | 2,500 | ||||||||
$ | (23,365 | ) | $ | 39,861 | $ | (14,283 | ) | |||||
Non-cash transactions | ||||||||||||
During the years ended December 31, 2014 and 2013, we recorded reductions of $85.2 million and $180.2 million, respectively, to noncontrolling interests in consolidated subsidiaries and offsetting increases to additional paid-in capital of $53.2 million and $112.9 million, respectively, (net of tax impacts of $31.9 million and $67.3 million, respectively). These non-cash entries represent the portion of proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's purchases of interests in SCPL (Note 4). | ||||||||||||
During the years ended December 31, 2014 and 2013, we issued 904,231 and 425,618 shares of Class A common stock, respectively, related to the exercise of warrants. These issuances resulted in the non-cash reclassifications for the years ended December 31, 2014 and 2013 of $73.0 million and $21.4 million, respectively, from other noncurrent liabilities to common stock and additional paid-in capital. Cash proceeds of $1.5 million and $0.2 million were received in connection with the warrant exercises for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
Other supplemental disclosures | ||||||||||||
We paid cash for interest totaling $36.7 million, $23.9 million and $8.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
We paid cash for income taxes (net of refunds received) in the amount of $23.5 million, $13.9 million and $11.4 million during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
We accrued $7.0 million, $10.1 million and $1.6 million at December 31, 2014, 2013 and 2012, respectively, for purchases of property, plant and equipment. | ||||||||||||
We sold common units of NGL Energy for proceeds of $88.8 million during the year ended December 31, 2014 (Note 5). At December 31, 2014, only $79.7 million of proceeds from the sales had been received and the remaining amount is a non-cash accrual at December 31, 2014. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||
Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2014 is shown below (in thousands, except per share amounts): | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 498,883 | $ | 482,224 | $ | 594,235 | $ | 547,237 | $ | 2,122,579 | ||||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | (58 | ) | 19,315 | 1,376 | 11,959 | 32,592 | ||||||||||||||
Other operating costs and expenses | 478,264 | 471,863 | 575,936 | 530,150 | 2,056,213 | |||||||||||||||
Total expenses | 478,206 | 491,178 | 577,312 | 542,109 | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 14,962 | 19,187 | 14,223 | 15,827 | 64,199 | |||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | 18,772 | 2,121 | 29,020 | |||||||||||||||
Operating income | 43,766 | 10,233 | 49,918 | 23,076 | 126,993 | |||||||||||||||
Other expenses (income), net | 7,497 | 29,489 | (6,368 | ) | (2,196 | ) | 28,422 | |||||||||||||
Income (loss) from continuing operations before income taxes | 36,269 | (19,256 | ) | 56,286 | 25,272 | 98,571 | ||||||||||||||
Income tax expense (benefit) | 16,526 | (6,672 | ) | 24,090 | 12,569 | 46,513 | ||||||||||||||
Income (loss) from continuing operations | 19,743 | (12,584 | ) | 32,196 | 12,703 | 52,058 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (5 | ) | — | — | 4 | (1 | ) | |||||||||||||
Net income (loss) | 19,738 | (12,584 | ) | 32,196 | 12,707 | 52,057 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 6,150 | 5,025 | 6,934 | 4,633 | 22,817 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | 13,588 | $ | (17,609 | ) | $ | 25,262 | $ | 8,074 | $ | 29,240 | |||||||||
Earnings (loss) per share—basic | $ | 0.32 | $ | (0.41 | ) | $ | 0.59 | $ | 0.19 | $ | 0.69 | |||||||||
Earnings (loss) per share—diluted | $ | 0.29 | $ | (0.41 | ) | $ | 0.59 | $ | 0.18 | $ | 0.68 | |||||||||
Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2013 is shown below (in thousands, except per share amounts): | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 287,696 | $ | 324,244 | $ | 357,748 | $ | 457,328 | $ | 1,427,016 | ||||||||||
Loss (gain) on disposal of long-lived assets, net | (162 | ) | (376 | ) | 408 | (109 | ) | (239 | ) | |||||||||||
Other operating costs and expenses | 282,813 | 312,103 | 344,979 | 448,796 | 1,388,691 | |||||||||||||||
Total expenses | 282,651 | 311,727 | 345,387 | 448,687 | 1,388,452 | |||||||||||||||
Earnings from equity method investments | 17,345 | 14,861 | 7,483 | 12,788 | 52,477 | |||||||||||||||
Gain on issuance of common units by equity method investee | — | — | — | 26,873 | 26,873 | |||||||||||||||
Operating income | 22,390 | 27,378 | 19,844 | 48,302 | 117,914 | |||||||||||||||
Other expenses, net | 27,862 | 10,613 | 13,294 | 17,646 | 69,415 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (5,472 | ) | 16,765 | 6,550 | 30,656 | 48,499 | ||||||||||||||
Income tax expense (benefit) | (54,006 | ) | 9,288 | 3,413 | 24,051 | (17,254 | ) | |||||||||||||
Income from continuing operations | 48,534 | 7,477 | 3,137 | 6,605 | 65,753 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 32 | 35 | (2 | ) | (6 | ) | 59 | |||||||||||||
Net income | 48,566 | 7,512 | 3,135 | 6,599 | 65,812 | |||||||||||||||
Less: net income attributable to noncontrolling interests | 5,143 | 3,943 | 5,054 | 3,319 | 17,710 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | 43,423 | $ | 3,569 | $ | (1,919 | ) | $ | 3,280 | $ | 48,102 | |||||||||
Earnings (loss) per share—basic | $ | 1.03 | $ | 0.08 | $ | (0.05 | ) | $ | 0.08 | $ | 1.14 | |||||||||
Earnings (loss) per share—diluted | $ | 1.03 | $ | 0.08 | $ | (0.05 | ) | $ | 0.08 | $ | 1.13 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 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 5, we own interests in NGL Energy, which we account for under the equity method. | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we generated the following transactions with NGL Energy and its subsidiaries (in thousands): | ||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Revenues | $ | 456,987 | $ | 796,440 | $ | 421,311 | ||||||
Purchases | $ | 437,015 | $ | 669,450 | $ | 336,612 | ||||||
Reimbursements from NGL Energy for services | $ | 168 | $ | 198 | $ | 575 | ||||||
White Cliffs | ||||||||||||
We generated approximately $2.9 million, $2.9 million and $2.5 million of revenue from services we provided to White Cliffs during the years ended December 31, 2014, 2013 and 2012, respectively. We incurred $3.9 million of cost for the year ended December 31, 2014 related to transportation fees for shipments on White Cliffs. | ||||||||||||
Glass Mountain | ||||||||||||
We incurred $0.8 million of cost for the year ended December 31, 2014 related to transportation fees for shipments on the Glass Mountain Pipeline. We received $0.7 million in fees from Glass Mountain for the year ended December 31, 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 $1.3 million, $1.9 million and $1.7 million in legal fees and related expenses to this law firm during the years ended December 31, 2014, 2013 and 2012, respectively (of which $0.1 million, $0.2 million and $0.1 million was paid by White Cliffs, respectively). |
Condensed_Consolidating_Guaran
Condensed Consolidating Guarantor Financial Statements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS | ||||||||||||||||||||
We have outstanding $300 million of 7.50% senior unsecured notes due 2021 (the “Notes”). The 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"). | |||||||||||||||||||||
The guarantees of the Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). 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. | |||||||||||||||||||||
Condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 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. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. Dispositions of the Parent's investments in subsidiaries have been treated as investing activities in the cash flow statement, consistent with the presentation of investments in subsidiaries as equity method investments. These balances are eliminated through consolidating adjustments below. | |||||||||||||||||||||
Condensed Consolidating Guarantor Balance Sheets | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 9,254 | $ | — | $ | 35,486 | $ | (4,142 | ) | $ | 40,598 | ||||||||||
Restricted cash | 3,856 | — | 3,124 | — | 6,980 | ||||||||||||||||
Accounts receivable | 9,669 | 32,932 | 308,733 | — | 351,334 | ||||||||||||||||
Receivable from affiliates | 2,512 | 6,628 | 15,655 | (7,976 | ) | 16,819 | |||||||||||||||
Inventories | — | 248 | 43,284 | — | 43,532 | ||||||||||||||||
Other current assets | 10,498 | 615 | 8,904 | — | 20,017 | ||||||||||||||||
Total current assets | 35,789 | 40,423 | 415,186 | (12,118 | ) | 479,280 | |||||||||||||||
Property, plant and equipment | 4,112 | 512,508 | 740,205 | — | 1,256,825 | ||||||||||||||||
Equity method investments | 1,551,825 | 692,872 | 269,634 | (1,936,411 | ) | 577,920 | |||||||||||||||
Goodwill | — | 13,052 | 45,274 | — | 58,326 | ||||||||||||||||
Other intangible assets | 26 | 152,383 | 20,656 | — | 173,065 | ||||||||||||||||
Other noncurrent assets, net | 24,555 | 958 | 18,873 | — | 44,386 | ||||||||||||||||
Total assets | $ | 1,616,307 | $ | 1,412,196 | $ | 1,509,828 | $ | (1,948,529 | ) | $ | 2,589,802 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 649 | $ | 22,477 | $ | 234,051 | $ | — | $ | 257,177 | |||||||||||
Payable to affiliates | 21 | 52 | 21,363 | (7,976 | ) | 13,460 | |||||||||||||||
Accrued liabilities | 11,989 | 19,154 | 61,549 | 2 | 92,694 | ||||||||||||||||
Payables to pre-petition creditors | 3,129 | — | — | — | 3,129 | ||||||||||||||||
Deferred revenue | — | — | 23,688 | — | 23,688 | ||||||||||||||||
Other current liabilities | 224 | 707 | 543 | — | 1,474 | ||||||||||||||||
Current portion of long-term debt | — | — | 40 | — | 40 | ||||||||||||||||
Total current liabilities | 16,012 | 42,390 | 341,234 | (7,974 | ) | 391,662 | |||||||||||||||
Long-term debt | 335,000 | — | 490,946 | (58,854 | ) | 767,092 | |||||||||||||||
Deferred income taxes | 112,897 | — | 49,059 | — | 161,956 | ||||||||||||||||
Other noncurrent liabilities | 2,886 | — | 46,769 | — | 49,655 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,149,512 | 1,369,806 | 511,891 | (1,881,701 | ) | 1,149,508 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 69,929 | — | 69,929 | ||||||||||||||||
Total owners’ equity | 1,149,512 | 1,369,806 | 581,820 | (1,881,701 | ) | 1,219,437 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,616,307 | $ | 1,412,196 | $ | 1,509,828 | $ | (1,948,529 | ) | $ | 2,589,802 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
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 | 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 | 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 | 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 | ||||||||||||||||
Other current liabilities | 61,875 | 715 | 7,697 | — | 70,287 | ||||||||||||||||
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 | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 338,621 | $ | 1,479,543 | $ | (37,850 | ) | $ | 1,780,314 | ||||||||||
Service | — | 44,592 | 188,647 | — | 233,239 | ||||||||||||||||
Other | — | — | 109,026 | — | 109,026 | ||||||||||||||||
Total revenues | — | 383,213 | 1,777,216 | (37,850 | ) | 2,122,579 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 273,309 | 1,387,899 | (37,850 | ) | 1,623,358 | |||||||||||||||
Operating | — | 33,591 | 213,022 | — | 246,613 | ||||||||||||||||
General and administrative | 22,394 | 10,796 | 54,655 | — | 87,845 | ||||||||||||||||
Depreciation and amortization | 1,678 | 29,677 | 67,042 | — | 98,397 | ||||||||||||||||
Loss (gain) loss on disposal or impairment of long-lived assets, net | 5,945 | 54,698 | (28,051 | ) | — | 32,592 | |||||||||||||||
Total expenses | 30,017 | 402,071 | 1,694,567 | (37,850 | ) | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 48,760 | 102,866 | 49,620 | (137,047 | ) | 64,199 | |||||||||||||||
Gain on issuance of common units by equity method investee | 29,020 | — | — | — | 29,020 | ||||||||||||||||
Operating income | 47,763 | 84,008 | 132,269 | (137,047 | ) | 126,993 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 8,423 | 19,186 | 24,740 | (3,305 | ) | 49,044 | |||||||||||||||
Foreign currency transaction gain | — | — | (86 | ) | — | (86 | ) | ||||||||||||||
Other expense (income), net | (24,092 | ) | 500 | (246 | ) | 3,302 | (20,536 | ) | |||||||||||||
Total other expenses (income), net | (15,669 | ) | 19,686 | 24,408 | (3 | ) | 28,422 | ||||||||||||||
Income from continuing operations before income taxes | 63,432 | 64,322 | 107,861 | (137,044 | ) | 98,571 | |||||||||||||||
Income tax expense | 34,192 | — | 12,321 | — | 46,513 | ||||||||||||||||
Income from continuing operations | 29,240 | 64,322 | 95,540 | (137,044 | ) | 52,058 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Net income | 29,240 | 64,322 | 95,539 | (137,044 | ) | 52,057 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 22,817 | — | 22,817 | ||||||||||||||||
Net income attributable to SemGroup | $ | 29,240 | $ | 64,322 | $ | 72,722 | $ | (137,044 | ) | $ | 29,240 | ||||||||||
Net income | $ | 29,240 | $ | 64,322 | $ | 95,539 | $ | (137,044 | ) | $ | 52,057 | ||||||||||
Other comprehensive income (loss), net of income taxes | 5,159 | — | (29,446 | ) | — | (24,287 | ) | ||||||||||||||
Comprehensive income | 34,399 | 64,322 | 66,093 | (137,044 | ) | 27,770 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 22,817 | — | 22,817 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 34,399 | $ | 64,322 | $ | 43,276 | $ | (137,044 | ) | $ | 4,953 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 224,072 | $ | 944,984 | $ | (23,952 | ) | $ | 1,145,104 | ||||||||||
Service | — | 3,868 | 136,330 | — | 140,198 | ||||||||||||||||
Other | — | — | 141,714 | — | 141,714 | ||||||||||||||||
Total revenues | — | 227,940 | 1,223,028 | (23,952 | ) | 1,427,016 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 166,735 | 877,317 | (23,952 | ) | 1,020,100 | |||||||||||||||
Operating | — | 19,541 | 204,044 | — | 223,585 | ||||||||||||||||
General and administrative | 21,560 | 9,437 | 47,600 | — | 78,597 | ||||||||||||||||
Depreciation and amortization | 2,001 | 14,452 | 49,956 | — | 66,409 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 668 | (907 | ) | — | (239 | ) | ||||||||||||||
Total expenses | 23,561 | 210,833 | 1,178,010 | (23,952 | ) | 1,388,452 | |||||||||||||||
Earnings from equity method investments | 67,965 | 54,995 | 44,203 | (114,686 | ) | 52,477 | |||||||||||||||
Gain on issuance of common units by equity method investee | 26,873 | — | — | — | 26,873 | ||||||||||||||||
Operating income | 71,277 | 72,102 | 89,221 | (114,686 | ) | 117,914 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 4,826 | 9,781 | 15,947 | (5,412 | ) | 25,142 | |||||||||||||||
Foreign currency transaction gain | — | — | (1,633 | ) | — | (1,633 | ) | ||||||||||||||
Other expense (income), net | 40,928 | — | (434 | ) | 5,412 | 45,906 | |||||||||||||||
Total other expenses, net | 45,754 | 9,781 | 13,880 | — | 69,415 | ||||||||||||||||
Income from continuing operations before income taxes | 25,523 | 62,321 | 75,341 | (114,686 | ) | 48,499 | |||||||||||||||
Income tax expense (benefit) | (22,579 | ) | — | 5,325 | — | (17,254 | ) | ||||||||||||||
Income from continuing operations | 48,102 | 62,321 | 70,016 | (114,686 | ) | 65,753 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 65 | (6 | ) | — | 59 | |||||||||||||||
Net income | 48,102 | 62,386 | 70,010 | (114,686 | ) | 65,812 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 17,710 | — | 17,710 | ||||||||||||||||
Net income attributable to SemGroup | $ | 48,102 | $ | 62,386 | $ | 52,300 | $ | (114,686 | ) | $ | 48,102 | ||||||||||
Net income | $ | 48,102 | $ | 62,386 | $ | 70,010 | $ | (114,686 | ) | $ | 65,812 | ||||||||||
Other comprehensive loss, net of income taxes | (1,517 | ) | — | (38 | ) | — | (1,555 | ) | |||||||||||||
Comprehensive income | 46,585 | 62,386 | 69,972 | (114,686 | ) | 64,257 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 17,710 | — | 17,710 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 46,585 | $ | 62,386 | $ | 52,262 | $ | (114,686 | ) | $ | 46,547 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 123,424 | $ | 840,892 | $ | (10,578 | ) | $ | 953,738 | ||||||||||
Service | — | 1,198 | 116,523 | — | 117,721 | ||||||||||||||||
Other | — | 387 | 165,651 | — | 166,038 | ||||||||||||||||
Total revenues | — | 125,009 | 1,123,066 | (10,578 | ) | 1,237,497 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 98,224 | 787,239 | (10,578 | ) | 874,885 | |||||||||||||||
Operating | — | 12,719 | 211,981 | — | 224,700 | ||||||||||||||||
General and administrative | 22,105 | 8,360 | 41,453 | — | 71,918 | ||||||||||||||||
Depreciation and amortization | 2,496 | 6,448 | 39,266 | — | 48,210 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 276 | (3,807 | ) | — | (3,531 | ) | ||||||||||||||
Total expenses | 24,601 | 126,027 | 1,076,132 | (10,578 | ) | 1,216,182 | |||||||||||||||
Earnings from equity method investments | 66,671 | 85,330 | 36,439 | (152,404 | ) | 36,036 | |||||||||||||||
Operating income | 42,070 | 84,312 | 83,373 | (152,404 | ) | 57,351 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 3,942 | (240 | ) | 11,056 | (5,856 | ) | 8,902 | ||||||||||||||
Foreign currency transaction loss | — | — | 298 | — | 298 | ||||||||||||||||
Other expense (income), net | 15,698 | (21 | ) | (262 | ) | 5,856 | 21,271 | ||||||||||||||
Total other expenses (income), net | 19,640 | (261 | ) | 11,092 | — | 30,471 | |||||||||||||||
Income from continuing operations before income taxes | 22,430 | 84,573 | 72,281 | (152,404 | ) | 26,880 | |||||||||||||||
Income tax (benefit) expense | 334 | — | (2,412 | ) | — | (2,078 | ) | ||||||||||||||
Income from continuing operations | 22,096 | 84,573 | 74,693 | (152,404 | ) | 28,958 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 4 | (17 | ) | 2,952 | — | 2,939 | |||||||||||||||
Net income | 22,100 | 84,556 | 77,645 | (152,404 | ) | 31,897 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 9,797 | — | 9,797 | ||||||||||||||||
Net income attributable to SemGroup | $ | 22,100 | $ | 84,556 | $ | 67,848 | $ | (152,404 | ) | $ | 22,100 | ||||||||||
Net income | $ | 22,100 | $ | 84,556 | $ | 77,645 | $ | (152,404 | ) | $ | 31,897 | ||||||||||
Other comprehensive income, net of income taxes | 917 | — | 11,659 | — | 12,576 | ||||||||||||||||
Comprehensive income | 23,017 | 84,556 | 89,304 | (152,404 | ) | 44,473 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 9,797 | — | 9,797 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 23,017 | $ | 84,556 | $ | 79,507 | $ | (152,404 | ) | $ | 34,676 | ||||||||||
Condensed Consolidating Guarantor Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 27,393 | $ | 56,178 | $ | 188,376 | $ | (90,289 | ) | $ | 181,658 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,672 | ) | (180,361 | ) | (88,473 | ) | — | (270,506 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 2,368 | 2,077 | — | 4,445 | ||||||||||||||||
Contributions to equity method investments | — | (16,201 | ) | (54,930 | ) | — | (71,131 | ) | |||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 79,741 | — | — | — | 79,741 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,843 | 2,344 | 9,390 | (1,843 | ) | 11,734 | |||||||||||||||
Net cash provided by (used in) investing activities | 194,324 | (192,364 | ) | (175,930 | ) | (116,255 | ) | (290,225 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (8,593 | ) | — | (8,686 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 405,500 | — | 848,744 | — | 1,254,244 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (440,500 | ) | — | (661,772 | ) | — | (1,102,272 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (28,494 | ) | — | (28,494 | ) | ||||||||||||||
Proceeds from warrant exercises | 1,451 | — | — | — | 1,451 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | ||||||||||||||
Dividends paid | (44,206 | ) | — | — | — | (44,206 | ) | ||||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340 | — | — | — | 340 | ||||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | ||||||||||||||||
Intercompany borrowings (advances), net | (138,431 | ) | 136,186 | (201,715 | ) | 203,960 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (215,008 | ) | 136,186 | (51,830 | ) | 203,960 | 73,308 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,494 | ) | — | (3,494 | ) | ||||||||||||||
Change in cash and cash equivalents | 6,709 | — | (42,878 | ) | (2,584 | ) | (38,753 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,254 | $ | — | $ | 35,486 | $ | (4,142 | ) | $ | 40,598 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 20,130 | $ | 24,642 | $ | 148,872 | $ | (20,235 | ) | $ | 173,409 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (734 | ) | (123,246 | ) | (91,629 | ) | — | (215,609 | ) | ||||||||||||
Proceeds from sale of long-lived assets | 23 | 19 | 1,237 | — | 1,279 | ||||||||||||||||
Contributions to equity method investments | (18,775 | ) | (57,850 | ) | (97,243 | ) | — | (173,868 | ) | ||||||||||||
Payments to acquire businesses | — | (313,487 | ) | (48,969 | ) | — | (362,456 | ) | |||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 362,600 | — | — | (362,600 | ) | — | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 12,246 | — | 12,246 | ||||||||||||||||
Net cash provided by (used in) investing activities | 343,114 | (494,564 | ) | (224,358 | ) | (362,600 | ) | (738,408 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (10,866 | ) | — | (4,070 | ) | — | (14,936 | ) | |||||||||||||
Borrowings on debt | 706,000 | — | 562,474 | — | 1,268,474 | ||||||||||||||||
Principal payments on debt and other obligations | (537,500 | ) | — | (321,912 | ) | — | (859,412 | ) | |||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | (17,647 | ) | — | (17,647 | ) | ||||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | ||||||||||||||||
Repurchase of common stock | (371 | ) | — | — | — | (371 | ) | ||||||||||||||
Dividends paid | (25,429 | ) | — | — | — | (25,429 | ) | ||||||||||||||
Intercompany borrowings (advances), net | (511,881 | ) | 469,922 | (342,256 | ) | 384,215 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (379,822 | ) | 469,922 | 86,815 | 384,215 | 561,130 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3,191 | — | 3,191 | ||||||||||||||||
Change in cash and cash equivalents | (16,578 | ) | — | 14,520 | 1,380 | (678 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,535 | ) | $ | 6,236 | $ | 93,534 | $ | (15,593 | ) | $ | 79,642 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,977 | ) | (59,317 | ) | (58,025 | ) | — | (119,319 | ) | ||||||||||||
Proceeds from sale of long-lived assets | 19 | (202 | ) | 2,824 | — | 2,641 | |||||||||||||||
Contributions to equity method investments | (1,740 | ) | (74,434 | ) | (2,079 | ) | — | (78,253 | ) | ||||||||||||
Proceeds from the sale of non-consolidated affiliate | — | — | 3,500 | — | 3,500 | ||||||||||||||||
Proceeds from the sale of SemStream assets | 12,250 | — | — | — | 12,250 | ||||||||||||||||
Distributions in excess of equity in earnings of affiliates | 9,218 | — | 8,072 | — | 17,290 | ||||||||||||||||
Net cash provided by (used in) investing activities | 17,770 | (133,953 | ) | (45,708 | ) | — | (161,891 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (455 | ) | — | (252 | ) | — | (707 | ) | |||||||||||||
Borrowings on credit facilities | 318,000 | — | — | — | 318,000 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (194,000 | ) | — | (28,066 | ) | — | (222,066 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (8,502 | ) | — | (8,502 | ) | ||||||||||||||
Repurchase of common stock | (242 | ) | — | — | — | (242 | ) | ||||||||||||||
Intercompany borrowings (advances), net | (117,526 | ) | 127,717 | (25,608 | ) | 15,417 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 5,777 | 127,717 | (62,428 | ) | 15,417 | 86,483 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (610 | ) | — | (610 | ) | ||||||||||||||
Change in cash and cash equivalents | 19,012 | — | (15,212 | ) | (176 | ) | 3,624 | ||||||||||||||
Change in cash and cash equivalents included in discontinued operations | — | — | 2,792 | — | 2,792 | ||||||||||||||||
Change in cash and cash equivalents from continuing operations | 19,012 | — | (12,420 | ) | (176 | ) | 6,416 | ||||||||||||||
Cash and cash equivalents at beginning of period | 111 | — | 76,264 | (2,762 | ) | 73,613 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 19,123 | $ | — | $ | 63,844 | $ | (2,938 | ) | $ | 80,029 | ||||||||||
Recovered_Sheet1
Consolidation and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Consolidation and Basis of Presentation [Abstract] | |
Consolidation, Policy [Policy Text Block] | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. |
Consolidated subsidiaries | |
Our consolidated financial statements include the accounts of our controlled subsidiaries, including Rose Rock. All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the consolidated financial statements. | |
Proportionally consolidated assets | |
Our SemCAMS segment owns undivided interests in certain natural gas gathering and processing assets, for which we record only our proportionate share of the assets on the consolidated balance sheets. The net book value of the property, plant and equipment recorded by us associated with these undivided interests is approximately $209.8 million at December 31, 2014. We serve as operator of these facilities and incur the costs of operating the facilities (recorded as operating expenses in the consolidated statements of operations) and charge the other owners for their proportionate share of the costs (recorded as other revenue in the consolidated statements of operations). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Use of Estimates | USE OF ESTIMATES—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. Our significant estimates include, but are not limited to: (1) allowances for doubtful accounts receivable; (2) estimated useful lives of assets, which impact depreciation; (3) estimated fair values of long-lived assets used in impairment tests; (4) fair values of derivative instruments; (5) valuation allowances for deferred tax assets; and (6) accrual and disclosure of contingent losses. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. | |
Cash And Cash Equivalents | CASH AND CASH EQUIVALENTS—Cash includes currency on hand and demand and time deposits with banks or other financial institutions. Cash equivalents include highly liquid investments with maturities of three months or less at the date of purchase. Balances at financial institutions may exceed federally insured limits. | |
Restricted Cash | RESTRICTED CASH—At December 31, 2014, we had not yet completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. Of the restricted cash balance of $7.0 million at December 31, 2014, approximately $3.8 million is restricted for this purpose. See payables to pre-petition creditors below. | |
Accounts Receivable | ACCOUNTS RECEIVABLE—Accounts receivable are reported net of the allowance for doubtful accounts. Our assessment of the allowance for doubtful accounts is based on several factors, including the overall creditworthiness of our customers, existing economic conditions, and the amount and age of past due accounts. We enter into netting arrangements with certain counterparties to help mitigate credit risk. Receivables subject to netting are presented as gross receivables (with the related accounts payable also presented gross) until such time as the balances are settled. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are written off against the allowance for doubtful accounts only after all collection attempts have been exhausted. | |
Inventories | INVENTORIES—Inventories primarily consist of natural gas and natural gas liquids, crude oil, and asphalt. Inventories are valued at the lower of cost or market, with cost generally determined using the weighted-average method. The cost of inventory includes applicable transportation costs. | |
We enter into exchanges with third parties whereby we acquire products that differ in location, grade, or delivery date from products we have available for sale. These exchanges are valued at cost, and although a transportation, location or product differential may be recorded, generally no gain or loss is recognized. | ||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT—Property, plant and equipment is recorded at cost. We capitalize costs that extend or increase the future economic benefits of property, plant and equipment, and expense maintenance costs that do not. When assets are disposed of, their cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is recorded as a gain or loss on disposal or impairment of long-lived assets in the consolidated statements of operations. | |
Our SemCAMS segment operates plants which periodically undergo planned major maintenance activities, typically occurring every four to five years. Planned major maintenance projects that do not increase the overall life or capacity of the related assets are recorded in operating expense as incurred, whereas major maintenance activity costs that materially increase the life or capacity of the underlying assets are capitalized. When maintenance expenses are recoverable from the producers who use the plants, they are recorded as revenue, and typically include a 10% overhead fee. | ||
Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: | ||
Pipelines and related facilities | 10 – 31 years | |
Storage and terminal facilities | 10 – 25 years | |
Natural gas gathering and processing facilities | 10 – 31 years | |
Trucking equipment and other | 3 – 7 years | |
Office property and equipment | 3 – 31 years | |
Construction in process is reclassified to the fixed asset categories above and depreciation commences once the asset has been placed in-service. | ||
Linefill | LINEFILL—Pipelines and storage facilities generally require a minimum volume of product in the system to enable the system to operate. Such product, known as linefill, is generally not available to be withdrawn from the system. Linefill owned by us in facilities operated by us is recorded at historical cost, is included in property, plant and equipment in the consolidated balance sheets, and is not depreciated. We also own linefill in third-party facilities, which is included in inventory on the consolidated balance sheets. | |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS—We test long-lived asset groups for impairment when events or circumstances indicate that the net book value of the asset group may not be recoverable. We test an asset group for impairment by estimating the undiscounted cash flows expected to result from its use and eventual disposition. If the estimated undiscounted cash flows are lower than the net book value of the asset group, we then estimate the fair value of the asset group and record a reduction to the net book value of the assets and a corresponding impairment loss. | |
Goodwill | GOODWILL—We test goodwill for impairment on an annual basis, or more often if circumstances warrant, by estimating the fair value of the asset group to which the goodwill relates and comparing this fair value to the net book value of the asset group. If fair value is less than net book value, we estimate the implied fair value of goodwill, reduce the book value of the goodwill to the implied fair value, and record a corresponding impairment loss. Our policy is to test goodwill for impairment on October 1 of each year. | |
Intangible Assets | INTANGIBLE ASSETS—Intangible assets are stated at cost, net of accumulated amortization, which is recorded on a straight-line or accelerated basis over the life of the asset. We review amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If such a review should indicate that the carrying amount of amortizable intangible assets is not recoverable, we reduce the carrying amount of such assets to fair value. | |
Equity Method Investments | EQUITY METHOD INVESTMENTS—We account for an investment under the equity method when we have significant influence over, but not control of, the significant operating decisions of the investee. Under the equity method, we record in the consolidated statements of operations our share of the earnings or losses of the investee, with a corresponding adjustment to the investment balance on our consolidated balance sheet. When we receive a distribution from an equity method investee, we record a corresponding reduction to the investment balance. When an equity method investee issues additional ownership interests which dilute our ownership interest, we recognize a gain or loss in our consolidated statements of operations. | |
For equity method investments for which we do not expect financial information to be consistently available on a timely basis to apply the equity method currently, our policy is to apply the equity method consistently on a one-quarter lag. | ||
Debt Issuance Costs | DEBT ISSUANCE COSTS—Costs incurred in connection with the issuance of long-term debt are reported as other noncurrent assets and are amortized to interest expense using the straight-line method over the term of the related debt. Use of the straight-line method of amortization does not differ materially from the “effective interest” method. | |
Commodity Derivative Instruments | COMMODITY DERIVATIVE INSTRUMENTS—We generally record the fair value of commodity derivative instruments on the consolidated balance sheets and the change in fair value as an increase or decrease to product revenue. | |
As shown in Note 14, the fair value of commodity derivatives at December 31, 2014 and 2013 are recorded to other current assets or other current liabilities on the consolidated balance sheets. Related margin deposits are recorded to other current assets or other current liabilities on the consolidated balance sheets. Margin deposits are not generally netted against derivative assets or liabilities. | ||
The fair value of a derivative contract is determined based on the nature of the transaction and the market in which the transaction was executed. Quoted market prices, when available, are used to value derivative transactions. In situations where quoted market prices are not readily available, we estimate the fair value using other valuation techniques that reflect the best information available under the circumstances. Fair value measurements of derivative assets include consideration of counterparty credit risk. Fair value measurements of derivative liabilities include consideration of our creditworthiness. | ||
We have elected “normal purchase” and “normal sale” treatment for certain commitments to purchase or sell petroleum products at future dates. This election is only available when a transaction that would ordinarily meet the definition of a derivative but instead is expected to result in physical delivery of product over a reasonable period in the normal course of business and is not expected to be net settled. Agreements accounted for under this election are not recorded at fair value; instead, the transaction is recorded when the product is delivered. | ||
Payables to Pre-Petition Creditors | PAYABLES TO PRE-PETITION CREDITORS—At December 31, 2014, we had not yet completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. We recorded a liability of $3.1 million at December 31, 2014 associated with these obligations and a liability of $0.7 million which is associated with discontinued operations and is reported within other current liabilities. Cash is held in accounts restricted for this purpose which is included in Restricted Cash on the balance sheet. All pre-petition claims payable from these accounts have been settled and we expect to disburse the cash as soon as the accounts have been reconciled. | |
Contingent Losses | CONTINGENT LOSSES—We record a liability for a contingent loss when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We record attorneys’ fees incurred in connection with a contingent loss at the time the fees are incurred. We do not record liabilities for attorneys’ fees that are expected to be incurred in the future. | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS—Asset retirement obligations include legal or contractual obligations associated with the retirement of long-lived assets, such as requirements to incur costs to dispose of equipment or to remediate the environmental impacts of the normal operation of the assets. We record liabilities for asset retirement obligations when a known obligation exists under current law or contract and when a reasonable estimate of the value of the liability can be made. | |
Discontinued Operations | DISCONTINUED OPERATIONS—We classify a component of our business as a discontinued operation when we commit to a plan to sell the component and believe it is probable that a sale will be completed within one year. A component that is disposed of in a manner other than by sale is classified as discontinued when the component is actually disposed. Investments accounted for under the equity method, or the cost method, do not qualify for treatment as discontinued operations. A component that is disposed of may not qualify for treatment as a discontinued operation if we have significant continuing involvement in the operations of the component after the disposal. | |
Once a component meets the requirements to be classified as a discontinued operation, previous financial statements are retrospectively adjusted to reflect the component as a discontinued operation for all periods presented. Income and losses of discontinued operations (excluding corporate general and administrative expense allocations) are combined into one line on the consolidated statements of operations. The cash flows from discontinued operations are not separately identified in the consolidated statements of cash flows. | ||
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. | ||
Revenue Recognition | REVENUE RECOGNITION—Sales of product, as well as gathering and marketing revenues, are recognized at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. Terminal and storage revenues are recognized at the time the service is performed. Revenue for the transportation of product is recognized upon delivery of the product to its destination. Certain revenue transactions are reported on a net basis, including derivative instruments considered held for trading purposes and certain buy/sell transactions (see “Purchases and Sales of Inventory with the Same Counterparty”). Other revenue primarily represents operating cost recovery from working interest owners in certain processing plants and is recorded when earned in accordance with the terms of related agreements. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). | |
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. | ||
Costs of Products Sold | COSTS OF PRODUCTS SOLD—Costs of products sold consists of the cost to purchase the product, the cost to transport the product to the point of sale, and the cost to store the product until it is sold. | |
Purchases and Sales of Inventory With the Same Counterparty | PURCHASES AND SALES OF INVENTORY WITH THE SAME COUNTERPARTY—We routinely enter into transactions to purchase inventory from, and sell inventory to, the same counterparty. Such transactions that are entered into in contemplation of one another are recorded on a net basis. | |
Currency Translation | CURRENCY TRANSLATION—The consolidated financial statements are presented in U.S. dollars. Our segments operate in four countries, and each segment has identified a “functional currency,” which is the primary currency in the environment in which the segment operates. The functional currencies include the U.S. dollar, the Canadian dollar, the British pound sterling, and the Mexican peso. | |
At the end of each reporting period, the assets and liabilities of each segment are translated from its functional currency to U.S. dollars using the exchange rate at the end of the month. The monthly results of operations of each segment are generally translated from its functional currency to U.S. dollars using the average exchange rate during the month. Changes in exchange rates result in currency translation gains and losses, which are recorded within other comprehensive income (loss). | ||
Certain segments also enter into transactions in currencies other than their functional currencies. At the end of each reporting period, each segment re-measures the related receivables, payables, and cash to its functional currency using the exchange rate at the end of the period. Changes in exchange rates between the time the transactions were entered into and the end of the reporting period result in currency transaction gains or losses, which are recorded in the consolidated statements of operations. | ||
Income Taxes | INCOME TAXES—Deferred income taxes are accounted for under the liability method, which takes into account the differences between the basis of the assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. We record valuation allowances on deferred tax assets when, in the opinion of management, it is more likely than not that the asset will not be recovered. | |
We monitor uncertain tax positions and we recognize tax benefits only when management believes the relevant tax positions would more likely than not be sustained upon examination. We record any interest and any penalties related to income taxes within income tax expense in the consolidated statements of operations. | ||
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. | ||
Reclassifications | RECLASSIFICATIONS—Certain reclassifications have been made to conform prior year balances to the current year presentation. | |
Pension Benefits | PENSION BENEFITS—Pension cost and obligations are actuarially determined and are affected by assumptions including expected return on plan assets, discount rates, compensation increases, and employee turnover rates. We evaluate our assumptions periodically and make adjustments to these assumptions and the recorded liability as necessary. Actuarial gains or losses are amortized on a straight-line basis over the expected remaining service life of employees in the pension plan. | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION—We grant certain of our employees equity-based compensation awards which vest contingent on continued service of the recipient and, in some cases, on their achievement of specific performance targets. We record compensation expense for these outstanding awards over applicable service or performance periods based on their grant date fair value with a corresponding increase to additional paid-in capital. The expense to be recorded over the life of the awards is discounted for expected forfeitures during the vesting period. | |
Noncontrolling interests in consolidated subsidiaries | NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES—Noncontrolling interests represents third-party limited partner unitholders' interests in 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. | |
Comprehensive Income | COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)—Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Our comprehensive income (loss) consists of currency translation adjustments, changes in the funded status of pension benefit plans and changes in the fair value of interest rate swaps. | |
On March 4, 2013, the FASB issued 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: | |
Pipelines and related facilities | 10 – 31 years | |
Storage and terminal facilities | 10 – 25 years | |
Natural gas gathering and processing facilities | 10 – 31 years | |
Trucking equipment and other | 3 – 7 years | |
Office property and equipment | 3 – 31 years |
Rose_Rock_Midstream_LP_Tables
Rose Rock Midstream, L.P. (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||
Quarterly Target Distributions | Rose Rock’s partnership agreement requires Rose Rock to distribute all of its available cash each quarter in the following manner: | ||||||||||||||||||||||
Total Quarterly Distributions | Marginal Percentage | ||||||||||||||||||||||
Per Unit Target Amount | Interest in Distributions | ||||||||||||||||||||||
Unitholders | General | Incentive | |||||||||||||||||||||
Partner | Distribution | ||||||||||||||||||||||
Rights | |||||||||||||||||||||||
Minimum Quarterly Distributions | $ | 0.3625 | 98 | % | 2 | % | — | ||||||||||||||||
First Target Distribution | above | $ | 0.3625 | up to | $ | 0.416875 | 98 | % | 2 | % | — | ||||||||||||
Second Target Distribution | above | $ | 0.416875 | up to | $ | 0.453125 | 85 | % | 2 | % | 13 | % | |||||||||||
Third Target Distribution | above | $ | 0.453125 | up to | $ | 0.54375 | 75 | % | 2 | % | 23 | % | |||||||||||
Thereafter | above | $ | 0.54375 | 50 | % | 2 | % | 48 | % | ||||||||||||||
Distributions Paid | The following table shows the distributions paid related to the earnings for each of the following periods (in thousands, except for per unit amounts): | ||||||||||||||||||||||
Distribution | Distributions Paid | ||||||||||||||||||||||
Quarter Ended | Per Unit | SemGroup | Noncontrolling | Total | |||||||||||||||||||
Interest | Distributions | ||||||||||||||||||||||
General | Incentive | Common | Subordinated | Common Units | |||||||||||||||||||
Partner | Distributions | Units | Units | ||||||||||||||||||||
December 31, 2011 | $ | 0.067 | * | $ | 23 | $ | — | $ | 93 | $ | 561 | $ | 470 | $ | 1,147 | ||||||||
March 31, 2012 | $ | 0.3725 | $ | 128 | $ | — | $ | 517 | $ | 3,125 | $ | 2,607 | $ | 6,377 | |||||||||
June 30, 2012 | $ | 0.3825 | $ | 131 | $ | — | $ | 532 | $ | 3,209 | $ | 2,678 | $ | 6,550 | |||||||||
September 30, 2012 | $ | 0.3925 | $ | 134 | $ | — | $ | 545 | $ | 3,294 | $ | 2,748 | $ | 6,721 | |||||||||
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 | |||||||||
December 31, 2013 | $ | 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 | |||||||||
31-Dec-14 | $ | 0.62 | ** | $ | 485 | $ | 3,487 | $ | 6,551 | $ | 5,202 | $ | 8,544 | $ | 24,269 | ||||||||
*Minimum quarterly distribution for quarter ended December 31, 2011 was prorated for the period beginning immediately after the closing of Rose Rock’s IPO, December 14, 2011 through December 31, 2011. | |||||||||||||||||||||||
** The distribution to common unitholders related to earnings for the quarter ended December 31, 2014 was payable on February 13, 2015 to holders of record at February 3, 2015. As such, the Class A units, which converted to common units on January 1, 2015, were eligible for the distribution which is reflected in the amount paid to common unitholders. | |||||||||||||||||||||||
Summarized Balance Sheet Information | Certain summarized balance sheet information of Rose Rock is shown below (in thousands): | ||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Cash | $ | 3,666 | $ | 15,459 | |||||||||||||||||||
Other current assets | 270,224 | 306,128 | |||||||||||||||||||||
Property, plant and equipment, net | 335,910 | 311,616 | |||||||||||||||||||||
Equity method investment | 269,635 | 224,095 | |||||||||||||||||||||
Goodwill | 36,116 | 28,322 | |||||||||||||||||||||
Other noncurrent assets | 29,677 | 11,627 | |||||||||||||||||||||
Total assets | $ | 945,228 | $ | 897,247 | |||||||||||||||||||
Current liabilities | $ | 263,680 | $ | 293,031 | |||||||||||||||||||
Long-term debt | 432,092 | 245,088 | |||||||||||||||||||||
Partners’ capital attributable to SemGroup | 179,527 | 120,610 | |||||||||||||||||||||
Partners’ capital attributable to noncontrolling interests | 69,929 | 159,961 | |||||||||||||||||||||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | — | 78,557 | |||||||||||||||||||||
Total liabilities and partners’ capital | $ | 945,228 | $ | 897,247 | |||||||||||||||||||
Summarized Income Statement Information | Certain summarized income statement information of Rose Rock for the years ended December 31, 2014, 2013, and 2012 is shown below (in thousands): | ||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||
Revenue | $ | 1,290,644 | $ | 766,526 | $ | 620,417 | |||||||||||||||||
Costs of products sold | $ | 1,131,362 | $ | 663,759 | $ | 546,966 | |||||||||||||||||
Operating, general and administrative expenses | $ | 97,575 | $ | 51,082 | $ | 35,385 | |||||||||||||||||
Depreciation and amortization expense | $ | 36,072 | $ | 23,165 | $ | 12,131 | |||||||||||||||||
Earnings from equity method investment | $ | 57,378 | $ | 17,571 | $ | — | |||||||||||||||||
Net income | $ | 62,577 | $ | 38,005 | $ | 23,954 | |||||||||||||||||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | $ | 7,758 | $ | 1,256 | $ | — | |||||||||||||||||
Net income attributable to Rose Rock Midstream, L.P. | $ | 54,819 | $ | 36,749 | $ | 23,954 | |||||||||||||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments [Table Text Block] | Our equity method investments consist of the following (in thousands): | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
White Cliffs | $ | 269,635 | $ | 224,095 | ||||||||
NGL Energy | 162,246 | 208,848 | ||||||||||
Glass Mountain | 146,039 | 132,181 | ||||||||||
Total equity method investments | $ | 577,920 | $ | 565,124 | ||||||||
Cash distributions received from equity method investments [Table Text Block] | Cash distributions received from equity method investments consist of the following (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
White Cliffs | $ | 66,768 | $ | 57,576 | $ | 44,514 | ||||||
NGL Energy | 23,404 | 18,321 | 9,217 | |||||||||
Glass Mountain | 6,823 | — | — | |||||||||
Total cash distributions received from equity method investments | $ | 96,995 | $ | 75,897 | $ | 53,731 | ||||||
Earnings from Equity Method Investments [Table Text Block] | Our earnings from equity method investments consist of the following (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
White Cliffs | $ | 57,378 | $ | 45,459 | $ | 36,439 | ||||||
NGL Energy* | 2,343 | 7,123 | (403 | ) | ||||||||
Glass Mountain | 4,478 | (105 | ) | — | ||||||||
Total earnings from equity method investments | $ | 64,199 | $ | 52,477 | $ | 36,036 | ||||||
* Excluding gains on issuance of common units of $29.0 million and $26.9 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
White Cliffs Pipeline, LLC [Member] | ||||||||||||
Schedule of Balance Sheet Information on Equity Method Investments | Certain summarized balance sheet information of White Cliffs is shown below (in thousands): | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Current assets | $ | 35,623 | $ | 98,457 | ||||||||
Property, plant and equipment, net | 471,179 | 312,831 | ||||||||||
Goodwill | 17,000 | 17,000 | ||||||||||
Other intangible assets, net | 16,043 | 20,802 | ||||||||||
Total assets | $ | 539,845 | $ | 449,090 | ||||||||
Current liabilities | $ | 11,108 | $ | 9,648 | ||||||||
Members’ equity | 528,737 | 439,442 | ||||||||||
Total liabilities and members’ equity | $ | 539,845 | $ | 449,090 | ||||||||
Schedule of Income Statement Information on Equity Method Investments | Certain summarized income statement information of White Cliffs for the years ended December 31, 2014, 2013 and 2012 is shown below (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Revenue | $ | 160,369 | $ | 133,310 | $ | 108,125 | ||||||
Operating, general and administrative expenses | $ | 23,067 | $ | 23,825 | $ | 14,821 | ||||||
Depreciation and amortization expense | $ | 23,257 | $ | 18,668 | $ | 19,963 | ||||||
Net income | $ | 114,045 | $ | 90,817 | $ | 73,341 | ||||||
Ngl Energy Partners Lp [Member] | ||||||||||||
Schedule of Balance Sheet Information on Equity Method Investments | Certain unaudited summarized balance sheet information of NGL Energy is shown below (in thousands): | |||||||||||
(unaudited) | (unaudited) | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | |||||||||||
Current assets | $ | 2,585,053 | $ | 1,013,859 | ||||||||
Property plant and equipment, net | 1,433,313 | 631,663 | ||||||||||
Goodwill | 1,170,490 | 840,287 | ||||||||||
Intangible and other assets, net | 1,362,823 | 540,684 | ||||||||||
Total assets | $ | 6,551,679 | $ | 3,026,493 | ||||||||
Current liabilities | $ | 1,759,980 | $ | 800,658 | ||||||||
Long-term debt | 2,437,351 | 906,066 | ||||||||||
Other noncurrent liabilities | 39,518 | 2,673 | ||||||||||
Equity | 2,314,830 | 1,317,096 | ||||||||||
Total liabilities and equity | $ | 6,551,679 | $ | 3,026,493 | ||||||||
Schedule of Income Statement Information on Equity Method Investments | Certain unaudited summarized income statement information of NGL Energy for the twelve months ended September 30, 2014 and 2013 is shown below (in thousands): | |||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
Twelve Months Ended | Twelve Months | Twelve Months | ||||||||||
September 30, | Ended | Ended | ||||||||||
2014 | September 30, | September 30, | ||||||||||
2013 | 2012 | |||||||||||
Revenue | $ | 15,748,520 | $ | 5,935,715 | $ | 2,371,524 | ||||||
Costs of products sold | $ | 15,054,291 | $ | 5,478,361 | $ | 2,182,263 | ||||||
Operating, general and administrative expenses | $ | 440,609 | $ | 276,905 | $ | 125,889 | ||||||
Depreciation and amortization expense | $ | 162,443 | $ | 94,050 | $ | 34,621 | ||||||
Net income | $ | 11,409 | $ | 44,378 | $ | 5,405 | ||||||
Glass Mountain Pipeline LLC [Member] | ||||||||||||
Schedule of Balance Sheet Information on Equity Method Investments | Certain summarized balance sheet information of Glass Mountain is shown below (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | ||||||||||||
Current assets | $ | 8,810 | ||||||||||
Property, plant and equipment, net | 215,876 | |||||||||||
Total assets | $ | 224,686 | ||||||||||
Current liabilities | $ | 2,643 | ||||||||||
Other Liabilities | 42 | |||||||||||
Members’ equity | 222,001 | |||||||||||
Total liabilities and members’ equity | $ | 224,686 | ||||||||||
Schedule of Income Statement Information on Equity Method Investments | Certain unaudited summarized income statement information of Glass Mountain for the year ended December 31, 2014 is shown below (in thousands): | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Revenue | $ | 30,398 | ||||||||||
Operating, general and administrative expenses | $ | 7,176 | ||||||||||
Depreciation and amortization expense | $ | 13,872 | ||||||||||
Net income | $ | 9,344 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Chesapeake crude oil trucking assets [Member] | ||||
Business Acquisition [Line Items] | ||||
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 | ||
Mid-America Midstream Gas Services, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
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 | $ | 136,949 | ||
Customer contract intangible | 164,000 | |||
Goodwill | 13,052 | |||
Total assets acquired | $ | 314,001 | ||
Barcas Field Services, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | We have recorded the following acquisition date fair values for the assets acquired (in thousands): | |||
Property, plant and equipment | $ | 13,865 | ||
Customer contract intangible | 6,880 | |||
Goodwill | 28,234 | |||
Total assets acquired | $ | 48,979 | ||
Disposals_of_LongLived_Assets_
Disposals of Long-Lived Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disposals And Impairments Of Long-Lived Assets [Abstract] | ||||||
Gains (Losses) Related to Disposal or Impairment of Long-Lived Assets | Gains (losses) recorded during the year ended December 31, 2012 related to the disposal of long-lived assets including the following (in thousands): | |||||
Event | Segment | Pre-Tax Gain | ||||
White Cliffs settlement (a) | Crude | $ | 3,500 | |||
Sale of SemStream residential division assets and liabilities (b) | SemStream | $ | 3,090 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Summarized Information on Results of Discontinued Operations | Certain summarized information on the results of discontinued operations is shown below (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
External revenue | $ | — | $ | — | $ | 13,518 | ||||||
Gain on disposal of long-lived assets, net | $ | — | $ | — | $ | 3,090 | ||||||
Income (loss) from discontinued operations before income taxes | $ | (1 | ) | $ | 59 | $ | 2,935 | |||||
Income tax benefit | — | — | (4 | ) | ||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (1 | ) | $ | 59 | $ | 2,939 | |||||
Segments_Tables
Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 1,300,050 | $ | — | $ | 176,724 | $ | 342,286 | $ | 12,650 | $ | 290,869 | $ | — | $ | 2,122,579 | ||||||||||||||||
Intersegment | — | — | — | 37,897 | — | — | (37,897 | ) | — | |||||||||||||||||||||||
Total revenues | 1,300,050 | — | 176,724 | 380,183 | 12,650 | 290,869 | (37,897 | ) | 2,122,579 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 1,131,362 | — | 344 | 276,852 | 615 | 252,082 | (37,897 | ) | 1,623,358 | |||||||||||||||||||||||
Operating | 80,793 | — | 114,587 | 32,296 | 8,361 | 10,576 | — | 246,613 | ||||||||||||||||||||||||
General and administrative | 20,351 | 83 | 17,417 | 9,228 | 6,139 | 12,125 | 22,502 | 87,845 | ||||||||||||||||||||||||
Depreciation and amortization | 40,035 | — | 14,295 | 26,353 | 10,005 | 6,031 | 1,678 | 98,397 | ||||||||||||||||||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 319 | — | (950 | ) | 20,092 | (2,490 | ) | (53 | ) | 15,674 | 32,592 | |||||||||||||||||||||
Total expenses | 1,272,860 | 83 | 145,693 | 364,821 | 22,630 | 280,761 | 1,957 | 2,088,805 | ||||||||||||||||||||||||
Earnings from equity method investments | 61,856 | 2,343 | — | — | — | — | — | 64,199 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 29,020 | — | — | — | — | — | 29,020 | ||||||||||||||||||||||||
Operating income (loss) | 89,046 | 31,280 | 31,031 | 15,362 | (9,980 | ) | 10,108 | (39,854 | ) | 126,993 | ||||||||||||||||||||||
Other expenses (income), net | ||||||||||||||||||||||||||||||||
Interest expense (income) | 31,072 | (5,140 | ) | 13,558 | 8,570 | 1,528 | 166 | (710 | ) | 49,044 | ||||||||||||||||||||||
Other expense (income), net | 479 | (34,212 | ) | 20 | — | 796 | (11 | ) | 12,306 | (20,622 | ) | |||||||||||||||||||||
Total other expenses (income) | 31,551 | (39,352 | ) | 13,578 | 8,570 | 2,324 | 155 | 11,596 | 28,422 | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 57,495 | $ | 70,632 | $ | 17,453 | $ | 6,792 | $ | (12,304 | ) | $ | 9,953 | $ | (51,450 | ) | $ | 98,571 | ||||||||||||||
Additions to long-lived assets | $ | 127,335 | $ | — | $ | 35,286 | $ | 166,207 | $ | 2,974 | $ | 9,690 | $ | 1,672 | $ | 343,164 | ||||||||||||||||
Total assets at December 31, 2014 (excluding intersegment receivables) | $ | 1,158,639 | $ | 162,246 | $ | 279,191 | $ | 662,223 | $ | 150,498 | $ | 107,225 | $ | 69,780 | $ | 2,589,802 | ||||||||||||||||
Equity investments at December 31, 2014 | $ | 415,674 | $ | 162,246 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 577,920 | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 767,202 | $ | — | $ | 198,450 | $ | 207,134 | $ | 11,671 | $ | 242,559 | $ | — | $ | 1,427,016 | ||||||||||||||||
Intersegment | — | — | — | 23,985 | — | — | (23,985 | ) | — | |||||||||||||||||||||||
Total revenues | 767,202 | — | 198,450 | 231,119 | 11,671 | 242,559 | (23,985 | ) | 1,427,016 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 663,759 | — | 305 | 169,800 | 380 | 209,841 | (23,985 | ) | 1,020,100 | |||||||||||||||||||||||
Operating | 36,242 | 1 | 150,319 | 20,200 | 7,444 | 9,379 | — | 223,585 | ||||||||||||||||||||||||
General and administrative | 16,766 | 600 | 14,940 | 7,971 | 5,854 | 10,700 | 21,766 | 78,597 | ||||||||||||||||||||||||
Depreciation and amortization | 23,708 | — | 10,766 | 14,517 | 9,426 | 5,991 | 2,001 | 66,409 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (56 | ) | 6 | — | 665 | — | (854 | ) | — | (239 | ) | |||||||||||||||||||||
Total expenses | 740,419 | 607 | 176,330 | 213,153 | 23,104 | 235,057 | (218 | ) | 1,388,452 | |||||||||||||||||||||||
Earnings from equity method investments | 45,354 | 7,123 | — | — | — | — | — | 52,477 | ||||||||||||||||||||||||
Gain on issuance of common units by equity method investee | — | 26,873 | — | — | — | — | — | 26,873 | ||||||||||||||||||||||||
Operating income (loss) | 72,137 | 33,389 | 22,120 | 17,966 | (11,433 | ) | 7,502 | (23,767 | ) | 117,914 | ||||||||||||||||||||||
Other expenses (income), net | ||||||||||||||||||||||||||||||||
Interest expense (income) | 14,923 | (4,810 | ) | 18,928 | 3,268 | 1,435 | 188 | (8,790 | ) | 25,142 | ||||||||||||||||||||||
Other expense (income), net | (14 | ) | 128 | (20 | ) | (3 | ) | (400 | ) | (652 | ) | 45,234 | 44,273 | |||||||||||||||||||
Total other expenses (income) | 14,909 | (4,682 | ) | 18,908 | 3,265 | 1,035 | (464 | ) | 36,444 | 69,415 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 57,228 | $ | 38,071 | $ | 3,212 | $ | 14,701 | $ | (12,468 | ) | $ | 7,966 | $ | (60,211 | ) | $ | 48,499 | ||||||||||||||
Additions to long-lived assets | $ | 66,995 | $ | — | $ | 56,122 | $ | 97,021 | $ | 2,071 | $ | 6,375 | $ | 734 | $ | 229,318 | ||||||||||||||||
Total assets at December 31, 2013 (excluding intersegment receivables) | $ | 1,070,484 | $ | 208,847 | $ | 306,001 | $ | 552,095 | $ | 168,835 | $ | 104,154 | $ | 60,198 | $ | 2,470,614 | ||||||||||||||||
Equity investments at December 31, 2013 | $ | 356,276 | $ | 208,848 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 565,124 | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Crude | SemStream | SemCAMS | SemGas | SemLogistics | SemMexico | Corporate | Consolidated | |||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
External | $ | 620,797 | $ | 7 | $ | 223,219 | $ | 117,264 | $ | 12,341 | $ | 263,870 | $ | (1 | ) | $ | 1,237,497 | |||||||||||||||
Intersegment | — | — | — | 10,606 | — | — | (10,606 | ) | — | |||||||||||||||||||||||
Total revenues | 620,797 | 7 | 223,219 | 127,870 | 12,341 | 263,870 | (10,607 | ) | 1,237,497 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 546,966 | 33 | 768 | 100,677 | 196 | 236,851 | (10,606 | ) | 874,885 | |||||||||||||||||||||||
Operating | 24,143 | (37 | ) | 174,284 | 12,712 | 5,921 | 7,677 | — | 224,700 | |||||||||||||||||||||||
General and administrative | 13,321 | 930 | 14,020 | 6,195 | 5,652 | 9,433 | 22,367 | 71,918 | ||||||||||||||||||||||||
Depreciation and amortization | 12,131 | — | 10,589 | 7,043 | 9,780 | 6,171 | 2,496 | 48,210 | ||||||||||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | (3,501 | ) | 214 | — | 46 | — | (290 | ) | — | (3,531 | ) | |||||||||||||||||||||
Total expenses | 593,060 | 1,140 | 199,661 | 126,673 | 21,549 | 259,842 | 14,257 | 1,216,182 | ||||||||||||||||||||||||
Earnings from equity method investments | 36,439 | (403 | ) | — | — | — | — | — | 36,036 | |||||||||||||||||||||||
Operating income (loss) | 64,176 | (1,536 | ) | 23,558 | 1,197 | (9,208 | ) | 4,028 | (24,864 | ) | 57,351 | |||||||||||||||||||||
Other expenses (income): | ||||||||||||||||||||||||||||||||
Interest expense (income) | (409 | ) | (3,449 | ) | 18,727 | 1,461 | 2,486 | 314 | (10,228 | ) | 8,902 | |||||||||||||||||||||
Other expense (income), net | 31 | (21 | ) | 14 | — | (420 | ) | (38 | ) | 22,003 | 21,569 | |||||||||||||||||||||
Total other expenses | (378 | ) | (3,470 | ) | 18,741 | 1,461 | 2,066 | 276 | 11,775 | 30,471 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 64,554 | $ | 1,934 | $ | 4,817 | $ | (264 | ) | $ | (11,274 | ) | $ | 3,752 | $ | (36,639 | ) | $ | 26,880 | |||||||||||||
Additions to long-lived assets | $ | 41,364 | $ | — | $ | 13,340 | $ | 47,140 | $ | 1,188 | $ | 3,396 | $ | 14,827 | $ | 121,255 | ||||||||||||||||
Schedule of Segment Reporting Information by Segment Income Tax Expense (Benefit) | Income tax expense (benefit) relates to the following segments (in thousands): | |||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||
SemCAMS | $ | 3,135 | $ | 6,348 | $ | 720 | ||||||||||||||||||||||||||
SemLogistics | (2,231 | ) | (5,699 | ) | (7,736 | ) | ||||||||||||||||||||||||||
SemMexico | 4,053 | 2,589 | 2,285 | |||||||||||||||||||||||||||||
Corporate and other | 41,556 | (20,492 | ) | 2,653 | ||||||||||||||||||||||||||||
Total | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components Of Inventories | Inventories consist of the following (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude oil | $ | 26,722 | $ | 30,779 | ||||
Asphalt and other | 16,810 | 13,516 | ||||||
Total inventories | $ | 43,532 | $ | 44,295 | ||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Assets [Abstract] | |||||||||
Other current assets | Other current assets consist of the following (in thousands): | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 5,989 | $ | 5,696 | |||||
Deferred tax asset | 5,897 | 7,325 | |||||||
Other | 8,131 | 990 | |||||||
Total other current assets | $ | 20,017 | $ | 14,011 | |||||
Other noncurrent assets | Other noncurrent assets consist of the following (in thousands): | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Debt issuance costs, net | $ | 22,203 | * | $ | 17,149 | * | |||
Deferred tax asset | 13,933 | 2,832 | |||||||
Other | 8,250 | 8,908 | |||||||
Total other noncurrent assets, net | $ | 44,386 | $ | 28,889 | |||||
* See Note 16 for discussion of debt issuance costs. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule Of Property, Plant And Equipment | Property, plant and equipment consists of the following (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 81,886 | $ | 72,484 | ||||
Pipelines and related facilities | 283,347 | 312,730 | ||||||
Storage and terminal facilities | 284,300 | 281,819 | ||||||
Natural gas gathering and processing facilities | 606,553 | 347,962 | ||||||
Linefill | 26,050 | 14,701 | ||||||
Trucking equipment and other | 40,392 | 31,978 | ||||||
Office property and equipment | 37,120 | 33,701 | ||||||
Construction-in-progress | 142,806 | 199,073 | ||||||
Property, plant and equipment, gross | 1,502,454 | 1,294,448 | ||||||
Accumulated depreciation | (245,629 | ) | (188,720 | ) | ||||
Property, plant and equipment, net | $ | 1,256,825 | $ | 1,105,728 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill And Other Intangible Assets [Abstract] | ||||||||
Goodwill by Segment | Goodwill relates to the following segments (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude | $ | 36,116 | $ | 28,322 | ||||
SemGas | 13,052 | 23,839 | ||||||
SemMexico | 9,158 | 9,860 | ||||||
Total Goodwill | $ | 58,326 | $ | 62,021 | ||||
Reconciliation of Goodwill | Changes in goodwill balances during the period from December 31, 2011 to December 31, 2014 are shown below (in thousands): | |||||||
Balance, December 31, 2011 | $ | 9,453 | ||||||
Currency translation adjustments | 431 | |||||||
Balance, December 31, 2012 | 9,884 | |||||||
Barcas acquisition (Note 6) | 28,322 | |||||||
MMGS acquisition (Note 6) | 23,839 | |||||||
Currency translation adjustments | (24 | ) | ||||||
Balance, December 31, 2013 | 62,021 | |||||||
Crude oil trucking asset acquisition (Note 6) | 7,892 | |||||||
MMGS purchase price allocation adjustment (Note 6) | (10,787 | ) | ||||||
Barcas purchase price allocation adjustment (Note 6) | (98 | ) | ||||||
Currency translation adjustments | (702 | ) | ||||||
Balance, December 31, 2014 | $ | 58,326 | ||||||
Other Intangible Assets by Segment | Other intangible assets relate to the following segments (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Crude | $ | 16,640 | $ | 5,775 | ||||
SemGas | 152,383 | 163,144 | ||||||
SemMexico | 4,016 | 5,888 | ||||||
Corporate and other | 26 | 31 | ||||||
Total other intangible assets | $ | 173,065 | $ | 174,838 | ||||
Reconciliation of Other Intangible Assets | Changes in other intangible asset balances are shown below (in thousands): | |||||||
Balance, December 31, 2011 | $ | 8,950 | ||||||
Amortization | (2,017 | ) | ||||||
Currency translation adjustments | 652 | |||||||
Balance, December 31, 2012 | 7,585 | |||||||
Amortization | (6,018 | ) | ||||||
Barcas acquisition (Note 6) | 6,930 | |||||||
MMGS acquisition (Note 6) | 166,332 | |||||||
Currency translation adjustments | 9 | |||||||
Balance, December 31, 2013 | 174,838 | |||||||
Amortization | (15,875 | ) | ||||||
Crude oil trucking asset acquisition (Note 6) | 17,010 | |||||||
MMGS purchase price allocation adjustment (Note 6) | (2,313 | ) | ||||||
Barcas purchase price allocation adjustment (Note 6) | (50 | ) | ||||||
Currency translation adjustments | (545 | ) | ||||||
Balance, December 31, 2014 | $ | 173,065 | ||||||
Future Amortization of Other Intangible Assets | We estimate that future amortization of other intangible assets will be as follows (in thousands): | |||||||
For year ending: | ||||||||
31-Dec-15 | $ | 10,334 | ||||||
31-Dec-16 | 10,928 | |||||||
31-Dec-17 | 11,011 | |||||||
31-Dec-18 | 10,918 | |||||||
31-Dec-19 | 10,317 | |||||||
Thereafter | 119,557 | |||||||
Total estimated amortization expense | $ | 173,065 | ||||||
Financial_Instruments_and_Conc1
Financial Instruments and Concentrations of Risk (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | The tables below summarize the balances of commodity derivative assets and liabilities at December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Derivatives subject to netting arrangements: | Level 1 | Netting* | Total | Level 1 | Netting* | Total | ||||||||||||||||||
Commodity derivatives: | ||||||||||||||||||||||||
Assets | $ | 3,311 | $ | (1,637 | ) | $ | 1,674 | $ | 36 | $ | (36 | ) | $ | — | ||||||||||
Liabilities | $ | 1,637 | $ | (1,637 | ) | $ | — | $ | 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 derivative instruments entered into (in thousands of barrels): | |||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Sales | 6,773 | 2,595 | 1,743 | |||||||||||||||||||||
Purchases | 6,477 | 2,575 | 1,636 | |||||||||||||||||||||
Schedule of Derivatives Not Designated as Hedging Instruments Fair Value on Condensed Consolidated Balance Sheets | We have recorded the fair value of our commodity derivative instruments on our consolidated balance sheets in "other current assets" and "other current liabilities" in the following amounts (in thousands): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | |||||||||||||||||||||
$ | 1,674 | $ | — | $ | — | $ | 60 | |||||||||||||||||
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): | |||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
$ | 19,305 | $ | (1,593 | ) | $ | 149 | ||||||||||||||||||
Schedule of Foreign Assets and Liabilities | The following table summarizes the assets and liabilities (excluding affiliate balances) at December 31, 2014 of our subsidiaries outside the United States (in thousands): | |||||||||||||||||||||||
Canada | United | Mexico | Total | |||||||||||||||||||||
Kingdom | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 17,710 | $ | 957 | $ | 13,253 | $ | 31,920 | ||||||||||||||||
Other current assets | 58,271 | 1,854 | 49,145 | 109,270 | ||||||||||||||||||||
Noncurrent assets | 215,386 | 147,687 | 44,827 | 407,900 | ||||||||||||||||||||
Total assets | $ | 291,367 | $ | 150,498 | $ | 107,225 | $ | 549,090 | ||||||||||||||||
Current liabilities | $ | 37,713 | $ | 1,442 | $ | 32,527 | $ | 71,682 | ||||||||||||||||
Noncurrent liabilities | 75,977 | 18,619 | 1,232 | 95,828 | ||||||||||||||||||||
Total liabilities | 113,690 | 20,061 | 33,759 | 167,510 | ||||||||||||||||||||
Net assets | $ | 177,677 | $ | 130,437 | $ | 73,466 | $ | 381,580 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Consolidated Income (Loss) From Continuing Operations | Our consolidated income from continuing operations before income taxes was generated in the following jurisdictions (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
U.S. | $ | 39,231 | $ | 40,002 | $ | 21,498 | ||||||
Foreign | 59,340 | 8,497 | 5,382 | |||||||||
Consolidated | $ | 98,571 | $ | 48,499 | $ | 26,880 | ||||||
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax provision (benefit) from continuing operations by jurisdiction (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Current income tax provision: | ||||||||||||
Foreign | $ | 10,430 | $ | 15,546 | $ | 9,662 | ||||||
U.S. federal | (195 | ) | 2,067 | — | ||||||||
U.S. state | 132 | 1,435 | 74 | |||||||||
10,367 | 19,048 | 9,736 | ||||||||||
Deferred income tax provision (benefit): | ||||||||||||
Foreign | 2,024 | (10,222 | ) | (12,070 | ) | |||||||
U.S. federal | 30,074 | (23,756 | ) | 222 | ||||||||
U.S. state | 4,048 | (2,324 | ) | 34 | ||||||||
36,146 | (36,302 | ) | (11,814 | ) | ||||||||
Provision (benefit) for income taxes | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||
Reconciliation of Income Tax Provision (Benefit) | The following table reconciles income tax provision at the U.S. federal statutory rate to the consolidated provision (benefit) for income taxes (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Income from continuing operations before income taxes | $ | 98,571 | $ | 48,499 | $ | 26,880 | ||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Provision at statutory rate | 34,500 | 16,975 | 9,408 | |||||||||
State income taxes—net of federal benefit | 3,197 | (577 | ) | 71 | ||||||||
Effect of rates other than statutory | (1,925 | ) | (1,041 | ) | (829 | ) | ||||||
Effect of U.S. taxation on foreign branches | 20,769 | 2,974 | 1,883 | |||||||||
Foreign tax adjustment, prior years | (3,669 | ) | 4,533 | — | ||||||||
Warrants | 4,698 | 24,625 | — | |||||||||
Noncontrolling interest | (7,986 | ) | (6,096 | ) | (3,429 | ) | ||||||
Foreign tax credit and offset to branch deferreds | 6,851 | (2,876 | ) | (12,360 | ) | |||||||
Impact of valuation allowance on deferred tax assets | (7,331 | ) | (53,218 | ) | 6,233 | |||||||
Foreign net gain on subsidiary dissolution and debt waivers | (13,620 | ) | — | — | ||||||||
Foreign withholding taxes | 5,054 | — | — | |||||||||
Other, net | 5,975 | (2,553 | ) | (3,055 | ) | |||||||
Provision (benefit) for income taxes | $ | 46,513 | $ | (17,254 | ) | $ | (2,078 | ) | ||||
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows at December 31, 2014 and 2013 (in thousands): | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss and other credit carryforwards | $ | 38,835 | $ | 9,498 | ||||||||
Compensation and benefits | 10,736 | 7,991 | ||||||||||
Inventories | 280 | 118 | ||||||||||
Intangible assets | 43,977 | 44,444 | ||||||||||
Pension plan | 3,733 | 2,849 | ||||||||||
Allowance for doubtful accounts | 1,860 | 2,140 | ||||||||||
Deferred revenue | 7,622 | 5,910 | ||||||||||
Foreign tax credit and offset to branch deferreds | 102,286 | 95,435 | ||||||||||
Other | 17,786 | 8,243 | ||||||||||
less: valuation allowance | (102,769 | ) | (95,438 | ) | ||||||||
Net deferred tax assets | 124,346 | 81,190 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | (5,770 | ) | (6,927 | ) | ||||||||
Prepaid expenses | (163 | ) | (153 | ) | ||||||||
Property, plant and equipment | (178,505 | ) | (113,030 | ) | ||||||||
Equity investment in partnerships | (78,813 | ) | (49,720 | ) | ||||||||
Other | (2,549 | ) | (1,471 | ) | ||||||||
Total deferred tax liabilities | (265,800 | ) | (171,301 | ) | ||||||||
Net deferred tax liabilities | $ | (141,454 | ) | $ | (90,111 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Summary of Long-Term Debt | Our long-term debt consisted of the following (in thousands): | |||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
SemGroup 7.50% senior unsecured notes | $ | 300,000 | $ | 300,000 | ||||||||||||||||||||||||
SemGroup corporate revolving credit facility | 35,000 | 70,000 | ||||||||||||||||||||||||||
Rose Rock 5.625% senior unsecured notes | 400,000 | — | ||||||||||||||||||||||||||
Rose Rock credit facility | 32,000 | 245,000 | ||||||||||||||||||||||||||
SemMexico credit facility | — | — | ||||||||||||||||||||||||||
Capital leases | 132 | 125 | ||||||||||||||||||||||||||
Total long-term debt | 767,132 | 615,125 | ||||||||||||||||||||||||||
less: current portion of long-term debt | 40 | 37 | ||||||||||||||||||||||||||
Noncurrent portion of long-term debt | $ | 767,092 | $ | 615,088 | ||||||||||||||||||||||||
Scheduled Principal Payments of Debt | The following table summarizes the scheduled principal payments as of December 31, 2014 (in thousands). As described above, our debt agreements require accelerated principal payments under certain circumstances. As a result, principal payments may occur earlier than shown in the table below. | |||||||||||||||||||||||||||
Senior Unsecured Notes | Rose Rock Notes | SemGroup | Rose Rock | SemMexico | Capital | Total | ||||||||||||||||||||||
Facility | Facility | Facility | Leases | |||||||||||||||||||||||||
For the year ended: | ||||||||||||||||||||||||||||
31-Dec-15 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 40 | $ | 40 | ||||||||||||||
31-Dec-16 | — | — | — | — | — | 40 | 40 | |||||||||||||||||||||
31-Dec-17 | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||
31-Dec-18 | — | — | 35,000 | 32,000 | — | 26 | 67,026 | |||||||||||||||||||||
31-Dec-19 | — | — | — | — | — | — | — | |||||||||||||||||||||
Thereafter | 300,000 | 400,000 | — | — | — | — | 700,000 | |||||||||||||||||||||
Total | $ | 300,000 | $ | 400,000 | $ | 35,000 | $ | 32,000 | $ | — | $ | 132 | $ | 767,132 | ||||||||||||||
Senior Notes [Member] | Corporate Segment [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Early Redemption Premium Percentages [Table Text Block] | From and after June 15, 2016, the Company may redeem the 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 June 15 of each of the years indicated below: | |||||||||||||||||||||||||||
Year | Percentage | |||||||||||||||||||||||||||
2016 | 105.62% | |||||||||||||||||||||||||||
2017 | 103.75% | |||||||||||||||||||||||||||
2018 | 101.88% | |||||||||||||||||||||||||||
2019 and thereafter | 100.00% | |||||||||||||||||||||||||||
Rose Rock Midstream L P [Member] | Senior Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [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) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands): | ||||||
For year ending: | |||||||
31-Dec-15 | $ | 10,199 | |||||
31-Dec-16 | 11,804 | ||||||
31-Dec-17 | 11,938 | ||||||
31-Dec-18 | 10,060 | ||||||
31-Dec-19 | 9,121 | ||||||
Thereafter | 24,391 | ||||||
Total expected future payments | $ | 77,513 | |||||
Summary of Changes in Asset Retirement Obligations | The following table summarizes the changes in this liability from December 31, 2011 through December 31, 2014 (in thousands): | ||||||
Balance, December 31, 2011 | $ | 35,886 | |||||
Accretion | 4,554 | ||||||
Payments made | (1,169 | ) | |||||
Currency translation adjustments | 834 | ||||||
Balance, December 31, 2012 | 40,105 | ||||||
Accretion | 4,752 | ||||||
Payments made | (808 | ) | |||||
Currency translation adjustments | (2,864 | ) | |||||
Balance, December 31, 2013 | 41,185 | ||||||
Accretion | 4,807 | ||||||
Payments made | (514 | ) | |||||
Currency translation adjustments | (3,524 | ) | |||||
Balance, December 31, 2014 | $ | 41,954 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year at December 31, 2014 are as follows (in thousands): | ||||||
For year ending: | |||||||
31-Dec-15 | $ | 9,464 | |||||
31-Dec-16 | 9,181 | ||||||
31-Dec-17 | 6,737 | ||||||
31-Dec-18 | 2,997 | ||||||
31-Dec-19 | 1,826 | ||||||
Thereafter | 6,967 | ||||||
Total future minimum lease payments | $ | 37,172 | |||||
Summary of Purchase and Sale Commitments [Table Text Block] | At December 31, 2014, such commitments included the following (in thousands): | ||||||
Volume | Value | ||||||
(barrels) | |||||||
Fixed price purchases | 13,648 | $ | 1,141,694 | ||||
Fixed price sales | 13,612 | $ | 1,152,966 | ||||
Floating price purchases | 7,187 | $ | 373,539 | ||||
Floating price sales | 10,719 | $ | 445,655 | ||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Schedule of common stock reflected on the consolidated balance sheet | The par value of common stock reflected on the consolidated balance sheet at December 31, 2014 is summarized below: | ||||||
Shares issued on Emergence Date | 40,882,496 | ||||||
Shares subsequently issued in settlement of pre-petition claims | 517,500 | ||||||
Issuance of shares under employee and director compensation programs* | 861,503 | ||||||
Shares issued under employee stock purchase plan | 6,999 | ||||||
Shares issued upon exercise of warrants** | 1,345,556 | ||||||
Total shares*** | 43,614,054 | ||||||
Par value per share | $ | 0.01 | |||||
Par value of common stock at December 31, 2014 (in thousands) | $ | 436 | |||||
* These shares include 169,340 shares which vested during the year ended December 31, 2014. Of these vested shares, 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 consolidated balance sheet. | |||||||
** These shares include 904,231 shares issued during the year ended December 31, 2014. | |||||||
Dividends Declared [Table Text Block] | The following table sets forth the quarterly dividends per share declared and 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 | ||
31-Mar-15 | $ | 0.34 | February 26, 2015 | March 9, 2015 | March 20, 2015 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | The following summarizes the calculation of basic earnings per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 52,058 | $ | (1 | ) | $ | 52,057 | |||||
less: Income attributable to noncontrolling interest | 22,817 | — | 22,817 | |||||||||
Income attributable to SemGroup | $ | 29,241 | $ | (1 | ) | $ | 29,240 | |||||
Weighted average common stock outstanding | 42,665 | 42,665 | 42,665 | |||||||||
Basic earnings per share | $ | 0.69 | $ | 0 | $ | 0.69 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 65,753 | $ | 59 | $ | 65,812 | ||||||
less: Income attributable to noncontrolling interest | 17,710 | — | 17,710 | |||||||||
Income attributable to SemGroup | $ | 48,043 | $ | 59 | $ | 48,102 | ||||||
Weighted average common stock outstanding | 42,339 | 42,339 | 42,339 | |||||||||
Basic earnings per share | $ | 1.13 | $ | 0 | $ | 1.14 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 28,958 | $ | 2,939 | $ | 31,897 | ||||||
less: Income attributable to noncontrolling interest | 9,797 | — | 9,797 | |||||||||
Income attributable to SemGroup | $ | 19,161 | $ | 2,939 | $ | 22,100 | ||||||
Weighted average common stock outstanding | 41,939 | 41,939 | 41,939 | |||||||||
Basic earnings per share | $ | 0.46 | $ | 0.07 | $ | 0.53 | ||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The following summarizes the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 52,058 | $ | (1 | ) | $ | 52,057 | |||||
less: Income attributable to noncontrolling interest | 22,817 | — | 22,817 | |||||||||
Income attributable to SemGroup | $ | 29,241 | $ | (1 | ) | $ | 29,240 | |||||
Weighted average common stock outstanding | 42,665 | 42,665 | 42,665 | |||||||||
Effect of dilutive securities | 302 | 302 | 302 | |||||||||
Diluted weighted average common stock outstanding | 42,967 | 42,967 | 42,967 | |||||||||
Diluted earnings per share | $ | 0.68 | $ | 0 | $ | 0.68 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 65,753 | $ | 59 | $ | 65,812 | ||||||
less: Income attributable to noncontrolling interest | 17,710 | — | 17,710 | |||||||||
Income attributable to SemGroup | $ | 48,043 | $ | 59 | $ | 48,102 | ||||||
Weighted average common stock outstanding | 42,339 | 42,339 | 42,339 | |||||||||
Effect of dilutive securities | 307 | 307 | 307 | |||||||||
Diluted weighted average common stock outstanding | 42,646 | 42,646 | 42,646 | |||||||||
Diluted earnings per share | $ | 1.13 | $ | 0 | $ | 1.13 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Continuing | Discontinued | Net | ||||||||||
Operations | Operations | |||||||||||
Income | $ | 28,958 | $ | 2,939 | $ | 31,897 | ||||||
less: Income attributable to noncontrolling interest | 9,797 | — | 9,797 | |||||||||
Income attributable to SemGroup | $ | 19,161 | $ | 2,939 | $ | 22,100 | ||||||
Weighted average common stock outstanding | 41,939 | 41,939 | 41,939 | |||||||||
Effect of dilutive securities | 315 | 315 | 315 | |||||||||
Diluted weighted average common stock outstanding | 42,254 | 42,254 | 42,254 | |||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.07 | $ | 0.52 | ||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of unvested share activity | The activity related to these awards during the period from December 31, 2011 to December 31, 2014 is summarized below: | ||||||||||
Unvested | Average | Aggregate Fair Value of Shares (in thousands) | |||||||||
Shares | Grant Date | ||||||||||
Fair Value | |||||||||||
Outstanding at December 31, 2011 | 410,506 | $ | 26.59 | ||||||||
Awards granted - 2012 | 246,432 | $ | 27.81 | ||||||||
Awards vested - 2012 | (162,986 | ) | $ | 25.2 | $ | 4,107 | |||||
Awards forfeited - 2012 | (43,400 | ) | $ | 27.74 | |||||||
Outstanding at December 31, 2012 | 450,552 | $ | 26.87 | ||||||||
Awards granted - 2013 | 201,451 | $ | 52.78 | ||||||||
Awards vested - 2013 | (107,988 | ) | $ | 25.71 | $ | 2,776 | |||||
Awards forfeited - 2013 | (13,412 | ) | $ | 32.36 | |||||||
Outstanding at December 31, 2013 | 530,603 | $ | 36.8 | ||||||||
Awards granted - 2014 | 207,786 | $ | 77.14 | ||||||||
Awards vested - 2014 | (169,340 | ) | $ | 33.07 | $ | 5,600 | |||||
Awards forfeited - 2014 | (119,130 | ) | $ | 42.16 | |||||||
Outstanding at December 31, 2014 | 449,919 | $ | 70.69 | ||||||||
Schedule of Share-based Payment Award Valuation Assumptions [Table Text Block] | The following table sets forth the assumptions used in the valuations of these awards granted in 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | ||||||||||
Volatility | 29.30% | 28.90% | |||||||||
Risk-free interest rate | 0.66% | 0.35% | |||||||||
Rose Rock equity incentive plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of unvested share activity | The activity related to these awards is summarized below: | ||||||||||
Unvested Units | Average Grant Date Fair Value | Aggregate Fair Value of Units (in thousands) | |||||||||
Outstanding at December 31, 2011 | — | $ | — | ||||||||
Awards granted - 2012 | 46,069 | $ | 21.97 | ||||||||
Awards vested - 2012 | — | $ | — | $ | — | ||||||
Awards forfeited - 2012 | (2,109 | ) | $ | 20.6 | |||||||
Outstanding at December 31, 2012 | 43,960 | $ | 21.91 | ||||||||
Awards granted - 2013 | 49,104 | $ | 34.41 | ||||||||
Awards vested - 2013 | (9,333 | ) | $ | 27.25 | $ | 254 | |||||
Awards forfeited - 2013 | (783 | ) | $ | 34.4 | |||||||
Outstanding at December 31, 2013 | 82,948 | $ | 28.59 | ||||||||
Awards granted - 2014 | 46,536 | $ | 41.35 | ||||||||
Awards vested - 2014 | (5,712 | ) | $ | 35.87 | $ | 205 | |||||
Awards forfeited - 2014 | (21,432 | ) | $ | 29.82 | |||||||
Outstanding at December 31, 2014 | 102,340 | $ | 33.79 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Weighted Average Discount Rate [Line Items] | ||||||||||||||||||||
Projected benefit obligations and plan assets of the pension plans | The following table shows the projected benefit obligations and plan assets of the Pension Plans (in thousands): | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 24,036 | $ | 28,357 | ||||||||||||||||
Service cost | 477 | 577 | ||||||||||||||||||
Interest cost | 1,080 | 1,047 | ||||||||||||||||||
Actuarial (gains) losses | 6,228 | (3,022 | ) | |||||||||||||||||
Benefits paid | (521 | ) | (968 | ) | ||||||||||||||||
Currency translation adjustment | (2,034 | ) | (1,955 | ) | ||||||||||||||||
Projected benefit obligation at end of year | 29,266 | 24,036 | ||||||||||||||||||
Change in fair value of plan assets: | ||||||||||||||||||||
Fair value of plan assets at beginning of year | 25,582 | 22,727 | ||||||||||||||||||
Employer contributions | 601 | 1,144 | ||||||||||||||||||
Actual return on plan assets | 2,915 | 4,397 | ||||||||||||||||||
Benefits paid | (521 | ) | (968 | ) | ||||||||||||||||
Currency translation adjustment | (2,209 | ) | (1,718 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 26,368 | 25,582 | ||||||||||||||||||
Funded status: | $ | (2,898 | ) | $ | 1,546 | |||||||||||||||
Accumulated benefit obligation at end of year | $ | 26,544 | $ | 22,687 | ||||||||||||||||
Components of the net periodic benefit cost related to the pension plans | The following table summarizes the components of the net periodic benefit cost related to the Pension Plans (in thousands): | |||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||
Service cost | $ | 477 | $ | 577 | $ | 596 | ||||||||||||||
Interest cost | 1,080 | 1,047 | 1,134 | |||||||||||||||||
Expected return on plan assets | (1,469 | ) | (1,298 | ) | (1,263 | ) | ||||||||||||||
Settlement loss | — | — | (55 | ) | ||||||||||||||||
Other | (7 | ) | 186 | 118 | ||||||||||||||||
Net periodic benefit cost | $ | 81 | $ | 512 | $ | 530 | ||||||||||||||
Estimate of benefit payments from the pension plans | We estimate that benefit payments from the Pension Plans will be as follows for the years 2015 – 2024 (in thousands): | |||||||||||||||||||
Year | Estimated | |||||||||||||||||||
Benefit Payments | ||||||||||||||||||||
2015 | $ | 4,800 | ||||||||||||||||||
2016 | $ | 2,809 | ||||||||||||||||||
2017 | $ | 2,046 | ||||||||||||||||||
2018 | $ | 987 | ||||||||||||||||||
2019 | $ | 1,114 | ||||||||||||||||||
2020 - 2024 | $ | 12,178 | ||||||||||||||||||
Target allocation of plan assets | The following table shows the value of each category of plan assets at December 31, 2014 and 2013 and the target investment allocation under our investment policy at December 31, 2014: | |||||||||||||||||||
Asset Value at | Asset Value at | Actual | Normal | Minimum | Maximum | |||||||||||||||
December 31, | December 31, | Allocation at | Allocation | Allocation | Allocation | |||||||||||||||
2014 | 2013 | December 31, | Per | Per | Per | |||||||||||||||
(in thousands) | (in thousands) | 2014 | Investment | Investment | Investment | |||||||||||||||
Policy | Policy | Policy | ||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 171 | 0 | % | — | % | 0 | % | 10 | % | ||||||||
Pooled funds—fixed income | 8,938 | 8,381 | 33.9 | % | 40 | % | 32.5 | % | 47.5 | % | ||||||||||
Pooled funds—Canadian equities | 8,828 | 8,324 | 33.5 | % | 30 | % | 22.5 | % | 37.5 | % | ||||||||||
Pooled funds—non-Canadian equities | 8,602 | 8,706 | 32.6 | % | 30 | % | 22.5 | % | 37.5 | % | ||||||||||
Total | $ | 26,368 | $ | 25,582 | ||||||||||||||||
Fair values of defined benefit plan assets [Table Text Block] | The following information discloses the fair values of our Pension Plan assets, by asset category, for the periods indicated (in thousands): | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Quoted Price in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Quoted Price in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 171 | $ | — | $ | — | ||||||||
Fixed income mutual funds (a) | — | 8,938 | — | — | 8,381 | — | ||||||||||||||
Equity mutual funds (a) | — | 17,430 | — | — | 17,030 | — | ||||||||||||||
Total | $ | — | $ | 26,368 | $ | — | $ | 171 | $ | 25,411 | $ | — | ||||||||
(a) Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. | ||||||||||||||||||||
Projected benefit obligation assumptions [Member] | ||||||||||||||||||||
Weighted Average Discount Rate [Line Items] | ||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following table sets forth the assumptions used to determine the projected benefit obligation of the Pension Plans for the periods indicated: | |||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||
Discount rate | 3.8 | % | 4.7 | % | ||||||||||||||||
Compensation increase rate | 4.5 | % | 3.5 | % | ||||||||||||||||
Net periodic benefit cost assumptions [Member] | ||||||||||||||||||||
Weighted Average Discount Rate [Line Items] | ||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following table sets forth the assumptions used to determine net periodic benefit cost related to the Pension Plans for the periods indicated: | |||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||
Discount rate | 4.7 | % | 3.9 | % | 4.25 | % | ||||||||||||||
Expected long-term rate of return on plan assets | 6 | % | 6 | % | 6 | % | ||||||||||||||
Compensation increase rate | 3.5 | % | 3.5 | % | 3.5 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Components of accumulated other comprehensive income (loss) | The following table presents changes in the components of accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||
Currency | Employee | Interest | Total | |||||||||||||
Translation | Benefit | Rate Swaps | ||||||||||||||
Plans | ||||||||||||||||
Balance, December 31, 2011 | $ | (10,780 | ) | $ | (2,811 | ) | $ | (284 | ) | $ | (13,875 | ) | ||||
Currency translation adjustment, net of income tax expense of $1,168 | 12,635 | — | — | 12,635 | ||||||||||||
Settlement of interest rate swaps | — | — | 284 | 284 | ||||||||||||
Changes related to benefit plans, net of income tax benefit of $117 | — | (343 | ) | — | (343 | ) | ||||||||||
Balance, December 31, 2012 | 1,855 | (3,154 | ) | — | (1,299 | ) | ||||||||||
Currency translation adjustment, net of income tax benefit of $3,993 | (6,363 | ) | — | — | (6,363 | ) | ||||||||||
Changes related to benefit plans, net of income tax expense of $1,603 | — | 4,808 | — | 4,808 | ||||||||||||
Balance, December 31, 2013 | (4,508 | ) | 1,654 | — | (2,854 | ) | ||||||||||
Currency translation adjustment, net of income tax benefit of $11,102 | (20,551 | ) | — | — | (20,551 | ) | ||||||||||
Changes related to benefit plans, net of income tax benefit of $1,245 | — | (3,736 | ) | — | (3,736 | ) | ||||||||||
Balance, December 31, 2014 | $ | (25,059 | ) | $ | (2,082 | ) | $ | — | $ | (27,141 | ) | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Decrease (increase) in restricted cash | $ | (2,045 | ) | $ | 29,467 | $ | 4,907 | |||||
Decrease (increase) in accounts receivable | (32,602 | ) | 11,172 | (129,102 | ) | |||||||
Decrease (increase) in receivable from affiliates | 50,454 | (61,095 | ) | 230 | ||||||||
Decrease (increase) in inventories | (6,243 | ) | (11,352 | ) | (936 | ) | ||||||
Decrease (increase) in derivatives and margin deposits | 28 | 1,012 | (1,245 | ) | ||||||||
Decrease (increase) in other current assets | (614 | ) | 9,361 | 4,197 | ||||||||
Decrease (increase) in other assets | 2 | 137 | 2,467 | |||||||||
Increase (decrease) in accounts payable and accrued liabilities | 11,461 | 31,030 | 114,776 | |||||||||
Increase (decrease) in payable to affiliates | (48,819 | ) | 62,279 | (6,871 | ) | |||||||
Increase (decrease) in payables to pre-petition creditors | (54 | ) | (29,609 | ) | (5,206 | ) | ||||||
Increase (decrease) in other noncurrent liabilities | 5,067 | (2,541 | ) | 2,500 | ||||||||
$ | (23,365 | ) | $ | 39,861 | $ | (14,283 | ) | |||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Summarized Information on the Consolidated Results of Operations | Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2014 is shown below (in thousands, except per share amounts): | |||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 498,883 | $ | 482,224 | $ | 594,235 | $ | 547,237 | $ | 2,122,579 | ||||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | (58 | ) | 19,315 | 1,376 | 11,959 | 32,592 | ||||||||||||||
Other operating costs and expenses | 478,264 | 471,863 | 575,936 | 530,150 | 2,056,213 | |||||||||||||||
Total expenses | 478,206 | 491,178 | 577,312 | 542,109 | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 14,962 | 19,187 | 14,223 | 15,827 | 64,199 | |||||||||||||||
Gain on issuance of common units by equity method investee | 8,127 | — | 18,772 | 2,121 | 29,020 | |||||||||||||||
Operating income | 43,766 | 10,233 | 49,918 | 23,076 | 126,993 | |||||||||||||||
Other expenses (income), net | 7,497 | 29,489 | (6,368 | ) | (2,196 | ) | 28,422 | |||||||||||||
Income (loss) from continuing operations before income taxes | 36,269 | (19,256 | ) | 56,286 | 25,272 | 98,571 | ||||||||||||||
Income tax expense (benefit) | 16,526 | (6,672 | ) | 24,090 | 12,569 | 46,513 | ||||||||||||||
Income (loss) from continuing operations | 19,743 | (12,584 | ) | 32,196 | 12,703 | 52,058 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (5 | ) | — | — | 4 | (1 | ) | |||||||||||||
Net income (loss) | 19,738 | (12,584 | ) | 32,196 | 12,707 | 52,057 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 6,150 | 5,025 | 6,934 | 4,633 | 22,817 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | 13,588 | $ | (17,609 | ) | $ | 25,262 | $ | 8,074 | $ | 29,240 | |||||||||
Earnings (loss) per share—basic | $ | 0.32 | $ | (0.41 | ) | $ | 0.59 | $ | 0.19 | $ | 0.69 | |||||||||
Earnings (loss) per share—diluted | $ | 0.29 | $ | (0.41 | ) | $ | 0.59 | $ | 0.18 | $ | 0.68 | |||||||||
Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2013 is shown below (in thousands, except per share amounts): | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 287,696 | $ | 324,244 | $ | 357,748 | $ | 457,328 | $ | 1,427,016 | ||||||||||
Loss (gain) on disposal of long-lived assets, net | (162 | ) | (376 | ) | 408 | (109 | ) | (239 | ) | |||||||||||
Other operating costs and expenses | 282,813 | 312,103 | 344,979 | 448,796 | 1,388,691 | |||||||||||||||
Total expenses | 282,651 | 311,727 | 345,387 | 448,687 | 1,388,452 | |||||||||||||||
Earnings from equity method investments | 17,345 | 14,861 | 7,483 | 12,788 | 52,477 | |||||||||||||||
Gain on issuance of common units by equity method investee | — | — | — | 26,873 | 26,873 | |||||||||||||||
Operating income | 22,390 | 27,378 | 19,844 | 48,302 | 117,914 | |||||||||||||||
Other expenses, net | 27,862 | 10,613 | 13,294 | 17,646 | 69,415 | |||||||||||||||
Income (loss) from continuing operations before income taxes | (5,472 | ) | 16,765 | 6,550 | 30,656 | 48,499 | ||||||||||||||
Income tax expense (benefit) | (54,006 | ) | 9,288 | 3,413 | 24,051 | (17,254 | ) | |||||||||||||
Income from continuing operations | 48,534 | 7,477 | 3,137 | 6,605 | 65,753 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 32 | 35 | (2 | ) | (6 | ) | 59 | |||||||||||||
Net income | 48,566 | 7,512 | 3,135 | 6,599 | 65,812 | |||||||||||||||
Less: net income attributable to noncontrolling interests | 5,143 | 3,943 | 5,054 | 3,319 | 17,710 | |||||||||||||||
Net income (loss) attributable to SemGroup | $ | 43,423 | $ | 3,569 | $ | (1,919 | ) | $ | 3,280 | $ | 48,102 | |||||||||
Earnings (loss) per share—basic | $ | 1.03 | $ | 0.08 | $ | (0.05 | ) | $ | 0.08 | $ | 1.14 | |||||||||
Earnings (loss) per share—diluted | $ | 1.03 | $ | 0.08 | $ | (0.05 | ) | $ | 0.08 | $ | 1.13 | |||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | During the years ended December 31, 2014, 2013 and 2012, we generated the following transactions with NGL Energy and its subsidiaries (in thousands): | |||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||
Revenues | $ | 456,987 | $ | 796,440 | $ | 421,311 | ||||||
Purchases | $ | 437,015 | $ | 669,450 | $ | 336,612 | ||||||
Reimbursements from NGL Energy for services | $ | 168 | $ | 198 | $ | 575 | ||||||
Condensed_Consolidating_Guaran1
Condensed Consolidating Guarantor Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 9,254 | $ | — | $ | 35,486 | $ | (4,142 | ) | $ | 40,598 | ||||||||||
Restricted cash | 3,856 | — | 3,124 | — | 6,980 | ||||||||||||||||
Accounts receivable | 9,669 | 32,932 | 308,733 | — | 351,334 | ||||||||||||||||
Receivable from affiliates | 2,512 | 6,628 | 15,655 | (7,976 | ) | 16,819 | |||||||||||||||
Inventories | — | 248 | 43,284 | — | 43,532 | ||||||||||||||||
Other current assets | 10,498 | 615 | 8,904 | — | 20,017 | ||||||||||||||||
Total current assets | 35,789 | 40,423 | 415,186 | (12,118 | ) | 479,280 | |||||||||||||||
Property, plant and equipment | 4,112 | 512,508 | 740,205 | — | 1,256,825 | ||||||||||||||||
Equity method investments | 1,551,825 | 692,872 | 269,634 | (1,936,411 | ) | 577,920 | |||||||||||||||
Goodwill | — | 13,052 | 45,274 | — | 58,326 | ||||||||||||||||
Other intangible assets | 26 | 152,383 | 20,656 | — | 173,065 | ||||||||||||||||
Other noncurrent assets, net | 24,555 | 958 | 18,873 | — | 44,386 | ||||||||||||||||
Total assets | $ | 1,616,307 | $ | 1,412,196 | $ | 1,509,828 | $ | (1,948,529 | ) | $ | 2,589,802 | ||||||||||
LIABILITIES AND OWNERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 649 | $ | 22,477 | $ | 234,051 | $ | — | $ | 257,177 | |||||||||||
Payable to affiliates | 21 | 52 | 21,363 | (7,976 | ) | 13,460 | |||||||||||||||
Accrued liabilities | 11,989 | 19,154 | 61,549 | 2 | 92,694 | ||||||||||||||||
Payables to pre-petition creditors | 3,129 | — | — | — | 3,129 | ||||||||||||||||
Deferred revenue | — | — | 23,688 | — | 23,688 | ||||||||||||||||
Other current liabilities | 224 | 707 | 543 | — | 1,474 | ||||||||||||||||
Current portion of long-term debt | — | — | 40 | — | 40 | ||||||||||||||||
Total current liabilities | 16,012 | 42,390 | 341,234 | (7,974 | ) | 391,662 | |||||||||||||||
Long-term debt | 335,000 | — | 490,946 | (58,854 | ) | 767,092 | |||||||||||||||
Deferred income taxes | 112,897 | — | 49,059 | — | 161,956 | ||||||||||||||||
Other noncurrent liabilities | 2,886 | — | 46,769 | — | 49,655 | ||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,149,512 | 1,369,806 | 511,891 | (1,881,701 | ) | 1,149,508 | |||||||||||||||
Noncontrolling interests in consolidated subsidiaries | — | — | 69,929 | — | 69,929 | ||||||||||||||||
Total owners’ equity | 1,149,512 | 1,369,806 | 581,820 | (1,881,701 | ) | 1,219,437 | |||||||||||||||
Total liabilities and owners’ equity | $ | 1,616,307 | $ | 1,412,196 | $ | 1,509,828 | $ | (1,948,529 | ) | $ | 2,589,802 | ||||||||||
31-Dec-13 | |||||||||||||||||||||
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 | 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 | 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 | 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 | ||||||||||||||||
Other current liabilities | 61,875 | 715 | 7,697 | — | 70,287 | ||||||||||||||||
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 Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 338,621 | $ | 1,479,543 | $ | (37,850 | ) | $ | 1,780,314 | ||||||||||
Service | — | 44,592 | 188,647 | — | 233,239 | ||||||||||||||||
Other | — | — | 109,026 | — | 109,026 | ||||||||||||||||
Total revenues | — | 383,213 | 1,777,216 | (37,850 | ) | 2,122,579 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 273,309 | 1,387,899 | (37,850 | ) | 1,623,358 | |||||||||||||||
Operating | — | 33,591 | 213,022 | — | 246,613 | ||||||||||||||||
General and administrative | 22,394 | 10,796 | 54,655 | — | 87,845 | ||||||||||||||||
Depreciation and amortization | 1,678 | 29,677 | 67,042 | — | 98,397 | ||||||||||||||||
Loss (gain) loss on disposal or impairment of long-lived assets, net | 5,945 | 54,698 | (28,051 | ) | — | 32,592 | |||||||||||||||
Total expenses | 30,017 | 402,071 | 1,694,567 | (37,850 | ) | 2,088,805 | |||||||||||||||
Earnings from equity method investments | 48,760 | 102,866 | 49,620 | (137,047 | ) | 64,199 | |||||||||||||||
Gain on issuance of common units by equity method investee | 29,020 | — | — | — | 29,020 | ||||||||||||||||
Operating income | 47,763 | 84,008 | 132,269 | (137,047 | ) | 126,993 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 8,423 | 19,186 | 24,740 | (3,305 | ) | 49,044 | |||||||||||||||
Foreign currency transaction gain | — | — | (86 | ) | — | (86 | ) | ||||||||||||||
Other expense (income), net | (24,092 | ) | 500 | (246 | ) | 3,302 | (20,536 | ) | |||||||||||||
Total other expenses (income), net | (15,669 | ) | 19,686 | 24,408 | (3 | ) | 28,422 | ||||||||||||||
Income from continuing operations before income taxes | 63,432 | 64,322 | 107,861 | (137,044 | ) | 98,571 | |||||||||||||||
Income tax expense | 34,192 | — | 12,321 | — | 46,513 | ||||||||||||||||
Income from continuing operations | 29,240 | 64,322 | 95,540 | (137,044 | ) | 52,058 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Net income | 29,240 | 64,322 | 95,539 | (137,044 | ) | 52,057 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 22,817 | — | 22,817 | ||||||||||||||||
Net income attributable to SemGroup | $ | 29,240 | $ | 64,322 | $ | 72,722 | $ | (137,044 | ) | $ | 29,240 | ||||||||||
Net income | $ | 29,240 | $ | 64,322 | $ | 95,539 | $ | (137,044 | ) | $ | 52,057 | ||||||||||
Other comprehensive income (loss), net of income taxes | 5,159 | — | (29,446 | ) | — | (24,287 | ) | ||||||||||||||
Comprehensive income | 34,399 | 64,322 | 66,093 | (137,044 | ) | 27,770 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 22,817 | — | 22,817 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 34,399 | $ | 64,322 | $ | 43,276 | $ | (137,044 | ) | $ | 4,953 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 224,072 | $ | 944,984 | $ | (23,952 | ) | $ | 1,145,104 | ||||||||||
Service | — | 3,868 | 136,330 | — | 140,198 | ||||||||||||||||
Other | — | — | 141,714 | — | 141,714 | ||||||||||||||||
Total revenues | — | 227,940 | 1,223,028 | (23,952 | ) | 1,427,016 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 166,735 | 877,317 | (23,952 | ) | 1,020,100 | |||||||||||||||
Operating | — | 19,541 | 204,044 | — | 223,585 | ||||||||||||||||
General and administrative | 21,560 | 9,437 | 47,600 | — | 78,597 | ||||||||||||||||
Depreciation and amortization | 2,001 | 14,452 | 49,956 | — | 66,409 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 668 | (907 | ) | — | (239 | ) | ||||||||||||||
Total expenses | 23,561 | 210,833 | 1,178,010 | (23,952 | ) | 1,388,452 | |||||||||||||||
Earnings from equity method investments | 67,965 | 54,995 | 44,203 | (114,686 | ) | 52,477 | |||||||||||||||
Gain on issuance of common units by equity method investee | 26,873 | — | — | — | 26,873 | ||||||||||||||||
Operating income | 71,277 | 72,102 | 89,221 | (114,686 | ) | 117,914 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 4,826 | 9,781 | 15,947 | (5,412 | ) | 25,142 | |||||||||||||||
Foreign currency transaction gain | — | — | (1,633 | ) | — | (1,633 | ) | ||||||||||||||
Other expense (income), net | 40,928 | — | (434 | ) | 5,412 | 45,906 | |||||||||||||||
Total other expenses, net | 45,754 | 9,781 | 13,880 | — | 69,415 | ||||||||||||||||
Income from continuing operations before income taxes | 25,523 | 62,321 | 75,341 | (114,686 | ) | 48,499 | |||||||||||||||
Income tax expense (benefit) | (22,579 | ) | — | 5,325 | — | (17,254 | ) | ||||||||||||||
Income from continuing operations | 48,102 | 62,321 | 70,016 | (114,686 | ) | 65,753 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 65 | (6 | ) | — | 59 | |||||||||||||||
Net income | 48,102 | 62,386 | 70,010 | (114,686 | ) | 65,812 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 17,710 | — | 17,710 | ||||||||||||||||
Net income attributable to SemGroup | $ | 48,102 | $ | 62,386 | $ | 52,300 | $ | (114,686 | ) | $ | 48,102 | ||||||||||
Net income | $ | 48,102 | $ | 62,386 | $ | 70,010 | $ | (114,686 | ) | $ | 65,812 | ||||||||||
Other comprehensive loss, net of income taxes | (1,517 | ) | — | (38 | ) | — | (1,555 | ) | |||||||||||||
Comprehensive income | 46,585 | 62,386 | 69,972 | (114,686 | ) | 64,257 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 17,710 | — | 17,710 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 46,585 | $ | 62,386 | $ | 52,262 | $ | (114,686 | ) | $ | 46,547 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Product | $ | — | $ | 123,424 | $ | 840,892 | $ | (10,578 | ) | $ | 953,738 | ||||||||||
Service | — | 1,198 | 116,523 | — | 117,721 | ||||||||||||||||
Other | — | 387 | 165,651 | — | 166,038 | ||||||||||||||||
Total revenues | — | 125,009 | 1,123,066 | (10,578 | ) | 1,237,497 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 98,224 | 787,239 | (10,578 | ) | 874,885 | |||||||||||||||
Operating | — | 12,719 | 211,981 | — | 224,700 | ||||||||||||||||
General and administrative | 22,105 | 8,360 | 41,453 | — | 71,918 | ||||||||||||||||
Depreciation and amortization | 2,496 | 6,448 | 39,266 | — | 48,210 | ||||||||||||||||
Loss (gain) on disposal of long-lived assets, net | — | 276 | (3,807 | ) | — | (3,531 | ) | ||||||||||||||
Total expenses | 24,601 | 126,027 | 1,076,132 | (10,578 | ) | 1,216,182 | |||||||||||||||
Earnings from equity method investments | 66,671 | 85,330 | 36,439 | (152,404 | ) | 36,036 | |||||||||||||||
Operating income | 42,070 | 84,312 | 83,373 | (152,404 | ) | 57,351 | |||||||||||||||
Other expenses (income): | |||||||||||||||||||||
Interest expense | 3,942 | (240 | ) | 11,056 | (5,856 | ) | 8,902 | ||||||||||||||
Foreign currency transaction loss | — | — | 298 | — | 298 | ||||||||||||||||
Other expense (income), net | 15,698 | (21 | ) | (262 | ) | 5,856 | 21,271 | ||||||||||||||
Total other expenses (income), net | 19,640 | (261 | ) | 11,092 | — | 30,471 | |||||||||||||||
Income from continuing operations before income taxes | 22,430 | 84,573 | 72,281 | (152,404 | ) | 26,880 | |||||||||||||||
Income tax (benefit) expense | 334 | — | (2,412 | ) | — | (2,078 | ) | ||||||||||||||
Income from continuing operations | 22,096 | 84,573 | 74,693 | (152,404 | ) | 28,958 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 4 | (17 | ) | 2,952 | — | 2,939 | |||||||||||||||
Net income | 22,100 | 84,556 | 77,645 | (152,404 | ) | 31,897 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 9,797 | — | 9,797 | ||||||||||||||||
Net income attributable to SemGroup | $ | 22,100 | $ | 84,556 | $ | 67,848 | $ | (152,404 | ) | $ | 22,100 | ||||||||||
Net income | $ | 22,100 | $ | 84,556 | $ | 77,645 | $ | (152,404 | ) | $ | 31,897 | ||||||||||
Other comprehensive income, net of income taxes | 917 | — | 11,659 | — | 12,576 | ||||||||||||||||
Comprehensive income | 23,017 | 84,556 | 89,304 | (152,404 | ) | 44,473 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 9,797 | — | 9,797 | ||||||||||||||||
Comprehensive income attributable to SemGroup | $ | 23,017 | $ | 84,556 | $ | 79,507 | $ | (152,404 | ) | $ | 34,676 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 27,393 | $ | 56,178 | $ | 188,376 | $ | (90,289 | ) | $ | 181,658 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,672 | ) | (180,361 | ) | (88,473 | ) | — | (270,506 | ) | ||||||||||||
Proceeds from sale of long-lived assets | — | 2,368 | 2,077 | — | 4,445 | ||||||||||||||||
Contributions to equity method investments | — | (16,201 | ) | (54,930 | ) | — | (71,131 | ) | |||||||||||||
Payments to acquire businesses | — | (514 | ) | (43,994 | ) | — | (44,508 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 79,741 | — | — | — | 79,741 | ||||||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. | 114,412 | — | — | (114,412 | ) | — | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | 1,843 | 2,344 | 9,390 | (1,843 | ) | 11,734 | |||||||||||||||
Net cash provided by (used in) investing activities | 194,324 | (192,364 | ) | (175,930 | ) | (116,255 | ) | (290,225 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (93 | ) | — | (8,593 | ) | — | (8,686 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior unsecured notes | 405,500 | — | 848,744 | — | 1,254,244 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (440,500 | ) | — | (661,772 | ) | — | (1,102,272 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (28,494 | ) | — | (28,494 | ) | ||||||||||||||
Proceeds from warrant exercises | 1,451 | — | — | — | 1,451 | ||||||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (719 | ) | — | — | — | (719 | ) | ||||||||||||||
Dividends paid | (44,206 | ) | — | — | — | (44,206 | ) | ||||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340 | — | — | — | 340 | ||||||||||||||||
Excess tax benefit from equity-based awards | 1,650 | — | — | — | 1,650 | ||||||||||||||||
Intercompany borrowings (advances), net | (138,431 | ) | 136,186 | (201,715 | ) | 203,960 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (215,008 | ) | 136,186 | (51,830 | ) | 203,960 | 73,308 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,494 | ) | — | (3,494 | ) | ||||||||||||||
Change in cash and cash equivalents | 6,709 | — | (42,878 | ) | (2,584 | ) | (38,753 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 2,545 | — | 78,364 | (1,558 | ) | 79,351 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 9,254 | $ | — | $ | 35,486 | $ | (4,142 | ) | $ | 40,598 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 20,130 | $ | 24,642 | $ | 148,872 | $ | (20,235 | ) | $ | 173,409 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (734 | ) | (123,246 | ) | (91,629 | ) | — | (215,609 | ) | ||||||||||||
Proceeds from sale of long-lived assets | 23 | 19 | 1,237 | — | 1,279 | ||||||||||||||||
Contributions to equity method investments | (18,775 | ) | (57,850 | ) | (97,243 | ) | — | (173,868 | ) | ||||||||||||
Payments to acquire businesses | — | (313,487 | ) | (48,969 | ) | — | (362,456 | ) | |||||||||||||
Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. | 362,600 | — | — | (362,600 | ) | — | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | — | — | 12,246 | — | 12,246 | ||||||||||||||||
Net cash provided by (used in) investing activities | 343,114 | (494,564 | ) | (224,358 | ) | (362,600 | ) | (738,408 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (10,866 | ) | — | (4,070 | ) | — | (14,936 | ) | |||||||||||||
Borrowings on debt | 706,000 | — | 562,474 | — | 1,268,474 | ||||||||||||||||
Principal payments on debt and other obligations | (537,500 | ) | — | (321,912 | ) | — | (859,412 | ) | |||||||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | — | — | 210,226 | — | 210,226 | ||||||||||||||||
Distributions to noncontrolling interests | — | — | (17,647 | ) | — | (17,647 | ) | ||||||||||||||
Proceeds from warrant exercises | 225 | — | — | — | 225 | ||||||||||||||||
Repurchase of common stock | (371 | ) | — | — | — | (371 | ) | ||||||||||||||
Dividends paid | (25,429 | ) | — | — | — | (25,429 | ) | ||||||||||||||
Intercompany borrowings (advances), net | (511,881 | ) | 469,922 | (342,256 | ) | 384,215 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (379,822 | ) | 469,922 | 86,815 | 384,215 | 561,130 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3,191 | — | 3,191 | ||||||||||||||||
Change in cash and cash equivalents | (16,578 | ) | — | 14,520 | 1,380 | (678 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 19,123 | — | 63,844 | (2,938 | ) | 80,029 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 2,545 | $ | — | $ | 78,364 | $ | (1,558 | ) | $ | 79,351 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,535 | ) | $ | 6,236 | $ | 93,534 | $ | (15,593 | ) | $ | 79,642 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | (1,977 | ) | (59,317 | ) | (58,025 | ) | — | (119,319 | ) | ||||||||||||
Proceeds from sale of long-lived assets | 19 | (202 | ) | 2,824 | — | 2,641 | |||||||||||||||
Contributions to equity method investments | (1,740 | ) | (74,434 | ) | (2,079 | ) | — | (78,253 | ) | ||||||||||||
Proceeds from the sale of non-consolidated affiliate | — | — | 3,500 | — | 3,500 | ||||||||||||||||
Proceeds from the sale of SemStream assets | 12,250 | — | — | — | 12,250 | ||||||||||||||||
Distributions in excess of equity in earnings of affiliates | 9,218 | — | 8,072 | — | 17,290 | ||||||||||||||||
Net cash provided by (used in) investing activities | 17,770 | (133,953 | ) | (45,708 | ) | — | (161,891 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt issuance costs | (455 | ) | — | (252 | ) | — | (707 | ) | |||||||||||||
Borrowings on credit facilities | 318,000 | — | — | — | 318,000 | ||||||||||||||||
Principal payments on credit facilities and other obligations | (194,000 | ) | — | (28,066 | ) | — | (222,066 | ) | |||||||||||||
Distributions to noncontrolling interests | — | — | (8,502 | ) | — | (8,502 | ) | ||||||||||||||
Repurchase of common stock | (242 | ) | — | — | — | (242 | ) | ||||||||||||||
Intercompany borrowings (advances), net | (117,526 | ) | 127,717 | (25,608 | ) | 15,417 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 5,777 | 127,717 | (62,428 | ) | 15,417 | 86,483 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (610 | ) | — | (610 | ) | ||||||||||||||
Change in cash and cash equivalents | 19,012 | — | (15,212 | ) | (176 | ) | 3,624 | ||||||||||||||
Change in cash and cash equivalents included in discontinued operations | — | — | 2,792 | — | 2,792 | ||||||||||||||||
Change in cash and cash equivalents from continuing operations | 19,012 | — | (12,420 | ) | (176 | ) | 6,416 | ||||||||||||||
Cash and cash equivalents at beginning of period | 111 | — | 76,264 | (2,762 | ) | 73,613 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 19,123 | $ | — | $ | 63,844 | $ | (2,938 | ) | $ | 80,029 | ||||||||||
Overview_Details
Overview (Details) | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2014 | |
Rose Rock Midstream L P [Member] | ||
Schedule Of Overview [Line Items] | ||
General partner ownership interest | 2.00% | |
Crude [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | 570 | |
Oil storage capacity, barrels | 7,600,000 | |
Trucks | 255 | |
Trailers | 275 | |
SemCAMS [Member] | ||
Schedule Of Overview [Line Items] | ||
Gas processing plants | 4 | |
Gas plant operating capacity | 695 | |
SemGas [Member] | ||
Schedule Of Overview [Line Items] | ||
Gas processing plants | 4 | |
Gas plant operating capacity | 388 | |
SemLogistics [Member] | ||
Schedule Of Overview [Line Items] | ||
Oil storage capacity, barrels | 8,700,000 | |
SemMexico [Member] | ||
Schedule Of Overview [Line Items] | ||
Number of plants | 1 | |
Number of rail unloading facilities | 1 | |
Asphalt cement terminals and modification facilities | 14 | |
General Partner [Member] | Rose Rock Midstream L P [Member] | ||
Schedule Of Overview [Line Items] | ||
General partner ownership interest | 2.00% | |
General Partner [Member] | Crude [Member] | Rose Rock Midstream L P [Member] | ||
Schedule Of Overview [Line Items] | ||
General partner ownership interest | 2.00% | |
Limited Partner [Member] | Crude [Member] | Rose Rock Midstream L P [Member] | ||
Schedule Of Overview [Line Items] | ||
Limited partner ownership interest | 56.80% | |
White Cliffs Pipeline, LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
Width of Pipeline | 12 | |
White Cliffs Pipeline, LLC [Member] | Crude [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | 527 | |
Equity method investment, ownership percentage | 51.00% | |
pipelines | 2 | |
Width of Pipeline | 12 | |
Glass Mountain Pipeline LLC [Member] | Crude [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | 210 | |
Equity method investment, ownership percentage | 50.00% | |
Ngl Energy Partners Lp [Member] | General Partner [Member] | SemStream [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 11.78% | |
Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Partnership Interest [Member] | Ngl Energy Partners Lp [Member] | Limited Partner [Member] | SemStream [Member] | ||
Schedule Of Overview [Line Items] | ||
Investments in and Advances to Affiliates, Balance, Shares | 6,652,101 | |
Equity method investment, ownership percentage | 7.50% |
Consolidation_And_Basis_Of_Pre1
Consolidation And Basis Of Presentation (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidation And Basis Of Presentation [Line Items] | ||
Property, plant and equipment | $1,256,825,000 | $1,105,728,000 |
SemCAMS [Member] | Proportionally Consolidated Assets [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Property, plant and equipment | 209,800,000 | |
White Cliffs Pipeline, LLC [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
White Cliffs Pipeline, LLC [Member] | Semcrude Pipeline [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
White Cliffs Pipeline, LLC [Member] | Crude [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
Glass Mountain Pipeline LLC [Member] | Crude [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Semcrude Pipeline [Member] | Common control transaction [Member] | Rose Rock Midstream L P [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Gain (loss) sale of interest in SemCrude Pipeline, L.L.C. to subsidiary | $0 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Pipelines and related facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Pipelines and related facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Storage and terminal facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Storage and terminal facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 25 years |
Natural gas gathering and processing facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Natural gas gathering and processing facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Trucking equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 3 years |
Trucking equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 7 years |
Office and Other Property and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 3 years |
Office and Other Property and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ||
Payables to pre-petition creditors | 3,129 | $3,177 |
Restricted cash | 6,980 | 5,119 |
Number of countries in which segments operate | 4 | |
Restricted Cash For Settlement Purposes [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | 3,800 | |
SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Percentage mark-up on pass-through of recoverable maintenance costs | 10.00% | |
Minimum [Member] | SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maintenance period | 4 years | |
Maximum [Member] | SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maintenance period | 5 years | |
Other Current Liabilities [Member] | Discontinued Operations [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Payables to pre-petition creditors | 700 |
Rose_Rock_Midstream_LP_Details
Rose Rock Midstream, L.P. (Details 1) (Rose Rock Midstream L P [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum Quarterly Distributions [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 98.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 0.00% |
Minimum Quarterly Distributions [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.3625 |
First Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 98.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 0.00% |
First Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.3625 |
First Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.416875 |
Second Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 85.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 13.00% |
Second Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.416875 |
Second Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.453125 |
Third Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 75.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 23.00% |
Third Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.453125 |
Third Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.54375 |
Thereafter [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 50.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 48.00% |
Thereafter [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.54375 |
Rose_Rock_Midstream_LP_Details1
Rose Rock Midstream, L.P. (Details 2) (Rose Rock Midstream L P [Member], USD $) | 0 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 13, 2012 | 15-May-12 | Aug. 14, 2012 | Nov. 14, 2012 | 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. 13, 2015 | ||
Distribution of Q4 2011 earnings (pro-rated) [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.07 | [1] | |||||||||||||
Total distributions | $1,147 | ||||||||||||||
Distribution of Q1 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.37 | ||||||||||||||
Total distributions | 6,377 | ||||||||||||||
Distribution of Q2 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.38 | ||||||||||||||
Total distributions | 6,550 | ||||||||||||||
Distribution of Q3 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.39 | ||||||||||||||
Total distributions | 6,721 | ||||||||||||||
Distribution of Q4 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.40 | ||||||||||||||
Total distributions | 8,331 | ||||||||||||||
Distribution of Q1 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.43 | ||||||||||||||
Total distributions | 8,941 | ||||||||||||||
Distribution of Q2 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.44 | ||||||||||||||
Total distributions | 9,180 | ||||||||||||||
Distribution of Q3 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.45 | ||||||||||||||
Total distributions | 11,624 | ||||||||||||||
Distribution of Q4 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.47 | ||||||||||||||
Total distributions | 12,841 | ||||||||||||||
Distribution of Q1 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.50 | ||||||||||||||
Total distributions | 13,903 | ||||||||||||||
Distribution of Q2 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.54 | ||||||||||||||
Total distributions | 16,718 | ||||||||||||||
Distribution of Q3 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.57 | ||||||||||||||
Total distributions | 18,866 | ||||||||||||||
Subsequent Event [Member] | Distribution of Q4 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Distribution per unit | $0.62 | [2] | |||||||||||||
Total distributions | 24,269 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2011 earnings (pro-rated) [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 470 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 2,607 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 2,678 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 2,748 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,624 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,872 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,962 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 6,189 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 6,398 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 6,811 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 7,362 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 7,912 | ||||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Subsequent Event [Member] | Distribution of Q4 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 8,544 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2011 earnings (pro-rated) [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 93 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2011 earnings (pro-rated) [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 561 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 517 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2012 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,125 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 532 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2012 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,209 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 545 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2012 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,294 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 1,163 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,377 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 1,242 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,607 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 1,271 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,692 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 1,301 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,775 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 2,041 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,901 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 2,173 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 4,153 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,646 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 4,488 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 3,918 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 4,824 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2014 earnings [Member] | Common Unit [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 6,551 | ||||||||||||||
Limited Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2014 earnings [Member] | Subordinated Units [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
Limited partner distributions | 5,202 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2011 earnings (pro-rated) [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 23 | ||||||||||||||
Incentive distributions | 0 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 128 | ||||||||||||||
Incentive distributions | 0 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 131 | ||||||||||||||
Incentive distributions | 0 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 134 | ||||||||||||||
Incentive distributions | 0 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 167 | ||||||||||||||
Incentive distributions | 0 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 179 | ||||||||||||||
Incentive distributions | 41 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 183 | ||||||||||||||
Incentive distributions | 72 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 232 | ||||||||||||||
Incentive distributions | 127 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 257 | ||||||||||||||
Incentive distributions | 244 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 278 | ||||||||||||||
Incentive distributions | 488 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 334 | ||||||||||||||
Incentive distributions | 888 | ||||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 377 | ||||||||||||||
Incentive distributions | 1,835 | ||||||||||||||
General Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2014 earnings [Member] | |||||||||||||||
Distributions Paid | |||||||||||||||
General partner distributions | 485 | ||||||||||||||
Incentive distributions | $3,487 | ||||||||||||||
[1] | *Minimum quarterly distribution for quarter ended December 31, 2011 was prorated for the period beginning immediately after the closing of Rose Rock’s IPO, December 14, 2011 through December 31, 2011. | ||||||||||||||
[2] | ** The distribution to common unitholders related to earnings for the quarter ended December 31, 2014 was payable on February 13, 2015 to holders of record at February 3, 2015. As such, the Class A units, which converted to common units on January 1, 2015, were eligible for the distribution which is reflected in the amount paid to common unitholders. |
Rose_Rock_Midstream_LP_Details2
Rose Rock Midstream, L.P. (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Summarized Balance Sheet Information | ||||
Other current assets | $20,017 | $14,011 | ||
Property, plant and equipment | 1,256,825 | 1,105,728 | ||
Equity method investments | 577,920 | 565,124 | ||
Goodwill | 58,326 | 62,021 | 9,884 | 9,453 |
Other noncurrent assets | 44,386 | 28,889 | ||
Total assets | 2,589,802 | 2,470,614 | ||
Current liabilities | 391,662 | 499,214 | ||
Long-term debt | 767,092 | 615,088 | ||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | 69,929 | 159,961 | ||
Total liabilities and owners’ equity | 2,589,802 | 2,470,614 | ||
Rose Rock Midstream L P [Member] | ||||
Summarized Balance Sheet Information | ||||
Cash | 3,666 | 15,459 | ||
Other current assets | 270,224 | 306,128 | ||
Property, plant and equipment | 335,910 | 311,616 | ||
Equity method investments | 269,635 | 224,095 | ||
Goodwill | 36,116 | 28,322 | ||
Other noncurrent assets | 29,677 | 11,627 | ||
Total assets | 945,228 | 897,247 | ||
Current liabilities | 263,680 | 293,031 | ||
Long-term debt | 432,092 | 245,088 | ||
Partners’ capital attributable to SemGroup | 179,527 | 120,610 | ||
Limited Partners' Capital Account | 69,929 | |||
Partners’ capital attributable to noncontrolling interests | 159,961 | |||
Noncontrolling interest in consolidated subsidiaries retained by SemGroup | 0 | 78,557 | ||
Total liabilities and owners’ equity | $945,228 | $897,247 |
Rose_Rock_Midstream_LP_Details3
Rose Rock Midstream, L.P. (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized Income Statement Information | |||||||||||
Revenue | $547,237 | $594,235 | $482,224 | $498,883 | $457,328 | $357,748 | $324,244 | $287,696 | $2,122,579 | $1,427,016 | $1,237,497 |
Costs of products sold | 1,623,358 | 1,020,100 | 874,885 | ||||||||
Depreciation and amortization expense | 98,397 | 66,409 | 48,210 | ||||||||
Earnings from equity method investments | 15,827 | 14,223 | 19,187 | 14,962 | 12,788 | 7,483 | 14,861 | 17,345 | 64,199 | 52,477 | 36,036 |
Net income (loss) | 12,707 | 32,196 | -12,584 | 19,738 | 6,599 | 3,135 | 7,512 | 48,566 | 52,057 | 65,812 | 31,897 |
Less: net income attributable to noncontrolling interests | 4,633 | 6,934 | 5,025 | 6,150 | 3,319 | 5,054 | 3,943 | 5,143 | 22,817 | 17,710 | 9,797 |
Net Income (Loss) Attributable to Parent | 8,074 | 25,262 | -17,609 | 13,588 | 3,280 | -1,919 | 3,569 | 43,423 | 29,240 | 48,102 | 22,100 |
Rose Rock Midstream L P [Member] | |||||||||||
Summarized Income Statement Information | |||||||||||
Revenue | 1,290,644 | 766,526 | 620,417 | ||||||||
Costs of products sold | 1,131,362 | 663,759 | 546,966 | ||||||||
Operating, general and administrative expenses | 97,575 | 51,082 | 35,385 | ||||||||
Depreciation and amortization expense | 36,072 | 23,165 | 12,131 | ||||||||
Earnings from equity method investments | 57,378 | 17,571 | 0 | ||||||||
Net income (loss) | 62,577 | 38,005 | 23,954 | ||||||||
Less: net income attributable to noncontrolling interests | 7,758 | 1,256 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | $54,819 | $36,749 | $23,954 |
Rose_Rock_Midstream_LP_Details4
Rose Rock Midstream, L.P. (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 11, 2013 | Aug. 30, 2013 | Aug. 31, 2013 | Jun. 23, 2014 | Dec. 16, 2013 | Feb. 17, 2015 | Jan. 02, 2015 | Feb. 13, 2015 | |
Proceeds from Sale of Equity Method Investments | $79,741,000 | $0 | $0 | ||||||||
Sale of interest in equity investment to related party | -31,930,000 | -67,291,000 | |||||||||
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | 31,930,000 | 67,291,000 | |||||||||
Rose Rock Midstream L P [Member] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Proceeds from lines of credit | 133,500,000 | ||||||||||
Semcrude Pipeline [Member] | |||||||||||
Gain on sale of interests in SemCrude Pipeline | 0 | 0 | |||||||||
Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units representing limited partner interests | 6,814,709 | ||||||||||
Limited Partners' Capital Account, Units Issued | 4,750,000 | ||||||||||
Subordinated Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units representing limited partner interests | 8,389,709 | ||||||||||
Class A [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units representing limited partner interests | 3,750,000 | ||||||||||
Private Placement [Member] | Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units sold in public offering | 2,000,000 | ||||||||||
Proceeds from issuance of common stock | 59,300,000 | ||||||||||
Glass Mountain Pipeline Llc [Member] | Partnership Interest [Member] | |||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||
White Cliffs Pipeline, LLC [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
Average daily throughput threshold in barrels for conversion of Class A units | 125,000 | ||||||||||
White Cliffs Pipeline, LLC [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
General Partner [Member] | Rose Rock Midstream L P [Member] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Proceeds from Issuance of Common Limited Partners Units | 152,500,000 | ||||||||||
Noncontrolling Interest [Member] | |||||||||||
Sale of interest in equity investment to related party | -85,173,000 | -180,220,000 | |||||||||
Additional Paid-in Capital [Member] | |||||||||||
Sale of interest in equity investment to related party | 53,243,000 | 112,929,000 | |||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 2,425,000 | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,250,000 | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | 114,400,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,500,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,250,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | 189,500,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,500,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,250,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | 173,100,000 | ||||||||||
SemCrude Pipeline Acquisition Transactions [Member] | |||||||||||
Transaction costs expensed | 900,000 | 2,200,000 | |||||||||
SemCrude Pipeline Acquisition Transactions [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Transaction costs expensed | 400,000 | 900,000 | |||||||||
Equity issuance costs paid from proceeds | 1,600,000 | ||||||||||
SemCrude Pipeline Acquisition Transactions [Member] | Revolving Credit Facility [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Deferred borrowing costs | 1,600,000 | ||||||||||
Minimum [Member] | First Target Distribution [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Partners' minimum quarterly distribution per unit | 0.3625 | ||||||||||
Crude [Member] | Glass Mountain Pipeline Llc [Member] | |||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||
Crude [Member] | White Cliffs Pipeline, LLC [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
Crude [Member] | General Partner [Member] | Rose Rock Midstream L P [Member] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Crude [Member] | Limited Partner [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partner ownership interest | 56.80% | ||||||||||
Crude [Member] | Limited Partner [Member] | Semcrude Pipeline [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partner ownership interest | 100.00% | ||||||||||
Subsequent Event [Member] | Subordinated Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partners' capital account, units converted to common | 8,389,709 | ||||||||||
Subsequent Event [Member] | Class A [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partners' capital account, units converted to common | 3,750,000 | ||||||||||
Subsequent Event [Member] | Wattenberg Oil Trunkline and Glass Mountain Pipeline [Member] | Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units sold in public offering | 2,300,000 | ||||||||||
Proceeds from issuance of common stock | 89,100,000 | ||||||||||
Subsequent Event [Member] | Wattenberg Oil Trunkline and Glass Mountain Pipeline [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | $251,200,000 | ||||||||||
Subsequent Event [Member] | Wattenberg Oil Trunkline and Glass Mountain Pipeline [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 1,750,000 |
Equity_Method_Investments_Inve
Equity Method Investments (Investment Summary) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method investments | $577,920 | $565,124 | $577,920 | $565,124 | |||||||||
Earnings from equity method investments | 15,827 | 14,223 | 19,187 | 14,962 | 12,788 | 7,483 | 14,861 | 17,345 | 64,199 | 52,477 | 36,036 | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 96,995 | 75,897 | 53,731 | ||||||||||
White Cliffs Pipeline, LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method investments | 269,635 | 224,095 | 269,635 | 224,095 | |||||||||
Earnings from equity method investments | 57,378 | 45,459 | 36,439 | ||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 66,768 | 57,576 | 44,514 | ||||||||||
Ngl Energy Partners Lp [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method investments | 162,246 | 208,848 | 162,246 | 208,848 | |||||||||
Earnings from equity method investments | 2,343 | [1] | 7,123 | [1] | -403 | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 23,404 | 18,321 | 9,217 | ||||||||||
Glass Mountain Pipeline LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method investments | 146,039 | 132,181 | 146,039 | 132,181 | |||||||||
Earnings from equity method investments | 4,478 | -105 | 0 | ||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | $6,823 | $0 | $0 | ||||||||||
[1] | * Excluding gains on issuance of common units of $29.0 million and $26.9 million for the years ended December 31, 2014 and 2013, respectively. |
Equity_Method_Invesments_Summa
Equity Method Invesments (Summarized Balance Sheet Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
White Cliffs Pipeline, LLC [Member] | ||
Current assets | $35,623 | $98,457 |
Property, plant and equipment, net | 471,179 | 312,831 |
Goodwill | 17,000 | 17,000 |
Other intangible assets, net | 16,043 | 20,802 |
Total assets | 539,845 | 449,090 |
Current liabilities | 11,108 | 9,648 |
Members’ equity | 528,737 | 439,442 |
Total liabilities and members’ equity | 539,845 | 449,090 |
Glass Mountain Pipeline LLC [Member] | ||
Current assets | 8,810 | |
Property, plant and equipment, net | 215,876 | |
Total assets | 224,686 | |
Current liabilities | 2,643 | |
Other liabilities | 42 | |
Members’ equity | 222,001 | |
Total liabilities and members’ equity | 224,686 | |
Ngl Energy Partners Lp [Member] | ||
Current assets | 2,585,053 | 1,013,859 |
Property, plant and equipment, net | 1,433,313 | 631,663 |
Goodwill | 1,170,490 | 840,287 |
Other intangible assets, net | 1,362,823 | 540,684 |
Total assets | 6,551,679 | 3,026,493 |
Current liabilities | 1,759,980 | 800,658 |
Long-term debt | 2,437,351 | 906,066 |
Other noncurrent liabilities | 39,518 | 2,673 |
Members’ equity | 2,314,830 | 1,317,096 |
Total liabilities and members’ equity | $6,551,679 | $3,026,493 |
Equity_Method_Investments_Summ
Equity Method Investments (Summarized Income Statement Information) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
White Cliffs Pipeline, LLC [Member] | ||||||
Summarized income statement information | ||||||
Revenue | $160,369 | $133,310 | $108,125 | |||
Operating, general and administrative expenses | 23,067 | 23,825 | 14,821 | |||
Depreciation and amortization expense | 23,257 | 18,668 | 19,963 | |||
Net income | 114,045 | 90,817 | 73,341 | |||
Glass Mountain Pipeline LLC [Member] | ||||||
Summarized income statement information | ||||||
Revenue | 30,398 | |||||
Operating, general and administrative expenses | 7,176 | |||||
Depreciation and amortization expense | 13,872 | |||||
Net income | 9,344 | |||||
Ngl Energy Partners Lp [Member] | ||||||
Summarized income statement information | ||||||
Revenue | 15,748,520 | 5,935,715 | 2,371,524 | |||
Costs of products sold | 15,054,291 | 5,478,361 | 2,182,263 | |||
Operating, general and administrative expenses | 440,609 | 276,905 | 125,889 | |||
Depreciation and amortization expense | 162,443 | 94,050 | 34,621 | |||
Net income | $11,409 | $44,378 | $5,405 |
Equity_Method_Investments_Deta
Equity Method Investments (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Oct. 27, 2014 | |
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Gain on issuance of common units by equity method investee | $2,121,000 | $18,772,000 | $0 | $8,127,000 | $26,873,000 | $0 | $0 | $0 | $29,020,000 | $26,873,000 | $0 | ||
General and administrative expenses | 87,845,000 | 78,597,000 | 71,918,000 | ||||||||||
Share price | $68.39 | $68.39 | |||||||||||
Proceeds from Sale of Equity Method Investments | 79,741,000 | 0 | 0 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 34,211,000 | 0 | 0 | ||||||||||
White Cliffs Pipeline, LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
General and administrative expenses | 1,600,000 | 1,800,000 | 2,000,000 | ||||||||||
SemStream [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Gain on issuance of common units by equity method investee | 29,020,000 | 26,873,000 | |||||||||||
General and administrative expenses | 83,000 | 600,000 | 930,000 | ||||||||||
White Cliffs Pipeline, LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Percentage of ownership interest | 51.00% | 51.00% | |||||||||||
Width of Pipeline | 12 | ||||||||||||
Ngl Energy Partners Lp [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Gain on issuance of common units by equity method investee | 29,000,000 | 26,900,000 | |||||||||||
Share price | $27.99 | $27.99 | |||||||||||
Units of equity investee divested | 2,481,308 | ||||||||||||
Proceeds from Sale of Equity Method Investments | 88,800,000 | ||||||||||||
Proceeds from Sale of Equity Method Investments | 79,700,000 | ||||||||||||
Ngl Energy Partners Lp [Member] | NGL Energy Holdings LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Number of Seats on the Board of Directors | 2 | ||||||||||||
Ngl Energy Partners Lp [Member] | Subsequent Event [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Units of equity investee divested | 999,533 | ||||||||||||
Proceeds from Sale of Equity Method Investments | 29,000,000 | ||||||||||||
Transaction related costs | 400,000 | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 7,500,000 | ||||||||||||
Glass Mountain Pipeline LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Partners' Capital Account, Contributions | 16,200,000 | 57,800,000 | |||||||||||
Equity Method Goodwill | 31,000,000 | 31,000,000 | |||||||||||
Accumulated Capitalized Interest Costs | 4,100,000 | 4,100,000 | |||||||||||
Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Percentage of ownership interest | 50.00% | 50.00% | |||||||||||
Limited Partner [Member] | Partnership Interest [Member] | Ngl Energy Partners Lp [Member] | SemStream [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Percentage of ownership interest | 7.50% | ||||||||||||
Investments in and Advances to Affiliates, Balance, Shares | 6,652,101 | 6,652,101 | |||||||||||
General Partner [Member] | Ngl Energy Partners Lp [Member] | SemStream [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Percentage of ownership interest | 11.78% | 11.78% | |||||||||||
Pipeline expansion [Member] | White Cliffs Pipeline, LLC [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Incremental capacity expected to be added | 65,000 | ||||||||||||
Expected capital contributions, year one | 40,000,000 | ||||||||||||
Pipeline capacity | 150,000 | 150,000 | |||||||||||
Partners' Capital Account, Contributions | 53,300,000 | 95,500,000 | 2,300,000 | ||||||||||
Other Nonoperating Income (Expense) [Member] | Ngl Energy Partners Lp [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Transaction related costs | 3,100,000 | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 34,200,000 | ||||||||||||
Fair Value, Inputs, Level 1 [Member] | Ngl Energy Partners Lp [Member] | |||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | |||||||||||||
Equity Method Investment, Quoted Market Value | $186,200,000 | $186,200,000 |
Acquisitions_Acquisitions_Deta
Acquisitions Acquisitions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 24, 2014 | Jun. 23, 2014 |
In Thousands, unless otherwise specified | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $58,326 | $62,021 | $9,884 | $9,453 | ||
Crude [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 36,116 | 28,322 | ||||
Crude [Member] | Chesapeake crude oil trucking assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment acquired | 19,092 | |||||
Customer contract intangible asset acquired | 17,000 | 17,010 | ||||
Goodwill | 7,892 | |||||
Total assets acquired | $43,994 |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2013 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | $58,326 | $62,021 | $9,884 | $9,453 | |
SemGas [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | 13,052 | 23,839 | |||
SemGas [Member] | Mid-America Midstream Gas Services, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Property, plant, and equipment acquired | 136,949 | ||||
Customer contract intangible asset acquired | 164,000 | ||||
Goodwill acquired | 13,052 | ||||
Total assets acquired | $314,001 |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 02, 2013 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | $58,326 | $62,021 | $9,884 | $9,453 | |
Crude [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | 36,116 | 28,322 | |||
Crude [Member] | Barcas Field Services, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Property, plant, and equipment acquired | 13,865 | ||||
Customer contract intangible asset acquired | 6,880 | ||||
Goodwill acquired | 28,234 | ||||
Total assets acquired | $48,979 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Jun. 25, 2014 | Dec. 31, 2014 | Sep. 02, 2013 | Aug. 01, 2013 | Jun. 30, 2014 | Sep. 28, 2012 | Jun. 23, 2014 | Sep. 01, 2013 | Aug. 06, 2013 | |
Trucks | |||||||||
Trailers | |||||||||
Business Acquisition [Line Items] | |||||||||
Senior notes | $300,000,000 | ||||||||
Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Additional interest acquired [Member] | Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage | 25.00% | ||||||||
Senior Notes [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Debt instrument, interest rate stated percentage | 7.50% | ||||||||
Crude [Member] | Chesapeake crude oil trucking assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | -2,600,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 12,600,000 | ||||||||
Goodwill, Purchase Accounting Adjustments | -10,000,000 | ||||||||
Payments to acquire businesses | 44,000,000 | ||||||||
Trucks purchased | 124 | ||||||||
Trailers purchased | 122 | ||||||||
Estimated probability of contract renewal | 95.00% | ||||||||
Crude [Member] | Barcas Field Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Purchase Accounting Adjustments | -98,000 | ||||||||
Payments to acquire businesses | 48,969,000 | ||||||||
Trucks purchased | 114 | ||||||||
Trailers purchased | 120 | ||||||||
Estimated probability of contract renewal | 50.00% | ||||||||
Crude [Member] | Glass Mountain Pipeline LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
SemGas [Member] | Mid-America Midstream Gas Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | -2,300,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 500,000 | ||||||||
Goodwill, Purchase Accounting Adjustments | -10,787,000 | -10,800,000 | |||||||
Payments to acquire businesses | 314,001,000 | ||||||||
Transaction costs expensed | $3,600,000 | ||||||||
Length of gathering pipeline acquired | 200 | ||||||||
Net acre dedication acquired | 540,000 | ||||||||
SemGas [Member] | Rose Valley I plant [Member] | Mid-America Midstream Gas Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Processing capacity | 200 | ||||||||
SemGas [Member] | Rose Valley II plant [Member] | Mid-America Midstream Gas Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Processing capacity | 200 | ||||||||
SemGas [Member] | Gathering and processing agreement [Member] | Mid-America Midstream Gas Services, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contract tenor | 20 years | ||||||||
Percentage of contract which is fee based | 100.00% | ||||||||
SemStream [Member] | General Partner [Member] | Ngl Energy Partners Lp [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage | 11.78% | ||||||||
SemStream [Member] | General Partner [Member] | Additional interest acquired [Member] | Ngl Energy Partners Lp [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity method investment, ownership percentage | 5.36% |
Disposals_of_LongLived_Assets_1
Disposals of Long-Lived Assets (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2010 | Dec. 31, 2012 |
Crude [Member] | White Cliffs Pipeline, LLC [Member] | ||
Gain (loss) on deconsolidation, pre-tax | ($6,800) | |
SemStream [Member] | SemStream Arizona Residential Propane Business [Member] | ||
Gain (loss) on disposal of discontinued operation, pre-tax | 3,090 | |
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Crude [Member] | White Cliffs Pipeline, LLC [Member] | ||
Gain (loss) on deconsolidation, pre-tax | 3,500 | |
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | SemStream [Member] | SemStream Arizona Residential Propane Business [Member] | ||
Gain (loss) on disposal of discontinued operation, pre-tax | $3,090 |
Disposals_of_LongLived_Assets_2
Disposals of Long-Lived Assets (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Jun. 02, 2014 | Jun. 01, 2014 | |
Cash proceeds from divestiture | $0 | $0 | $12,250,000 | |||
Corporate and other [Member] | ||||||
Impairment of Leasehold | 11,900,000 | |||||
Crude [Member] | White Cliffs Pipeline, LLC [Member] | ||||||
Gain (loss) on deconsolidation, pre-tax | -6,800,000 | |||||
Eastern Oklahoma gas gathering assets [Member] | SemGas [Member] | ||||||
Proceeds from sale of property, plant and equipment | 2,400,000 | |||||
Disposal group, including discontinued operation, property, plant and equipment | 22,500,000 | |||||
Residential Division [Member] | SemStream [Member] | ||||||
Disposal group, including discontinued operation, property, plant and equipment | 9,400,000 | |||||
Gain (loss) on disposal of discontinued operation, pre-tax | 3,090,000 | |||||
Cash proceeds from divestiture | 12,300,000 | |||||
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Crude [Member] | White Cliffs Pipeline, LLC [Member] | ||||||
Gain (loss) on deconsolidation, pre-tax | 3,500,000 | |||||
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Eastern Oklahoma gas gathering assets [Member] | SemGas [Member] | ||||||
Gain (loss) on disposal | -20,100,000 | |||||
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Residential Division [Member] | SemStream [Member] | ||||||
Gain (loss) on disposal of discontinued operation, pre-tax | $3,090,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) from discontinued operations, net of income taxes | $4 | $0 | $0 | ($5) | ($6) | ($2) | $35 | $32 | ($1) | $59 | $2,939 |
Discontinued Operations [Member] | |||||||||||
External revenue | 0 | 0 | 13,518 | ||||||||
Gain (loss) on disposal of discontinued operation, pre-tax | 0 | 0 | 3,090 | ||||||||
Income (loss) from discontinued operations before income taxes | -1 | 59 | 2,935 | ||||||||
Income tax expense | 0 | 0 | -4 | ||||||||
Income (loss) from discontinued operations, net of income taxes | -1 | 59 | 2,939 | ||||||||
SemStream [Member] | SemStream Arizona Residential Propane Business [Member] | |||||||||||
Gain (loss) on disposal of discontinued operation, pre-tax | $3,090 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information | |||||||||||
Revenue | $547,237 | $594,235 | $482,224 | $498,883 | $457,328 | $357,748 | $324,244 | $287,696 | $2,122,579 | $1,427,016 | $1,237,497 |
Costs of products sold, exclusive of depreciation and amortization shown below | 1,623,358 | 1,020,100 | 874,885 | ||||||||
Operating | 246,613 | 223,585 | 224,700 | ||||||||
General and administrative | 87,845 | 78,597 | 71,918 | ||||||||
Depreciation and amortization | 98,397 | 66,409 | 48,210 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 11,959 | 1,376 | 19,315 | -58 | -109 | 408 | -376 | -162 | 32,592 | -239 | -3,531 |
Total expenses | 542,109 | 577,312 | 491,178 | 478,206 | 448,687 | 345,387 | 311,727 | 282,651 | 2,088,805 | 1,388,452 | 1,216,182 |
Earnings from equity method investments | 15,827 | 14,223 | 19,187 | 14,962 | 12,788 | 7,483 | 14,861 | 17,345 | 64,199 | 52,477 | 36,036 |
Gain on issuance of common units by equity method investee | 2,121 | 18,772 | 0 | 8,127 | 26,873 | 0 | 0 | 0 | 29,020 | 26,873 | 0 |
Operating income (loss) | 23,076 | 49,918 | 10,233 | 43,766 | 48,302 | 19,844 | 27,378 | 22,390 | 126,993 | 117,914 | 57,351 |
Interest expense (income) | 49,044 | 25,142 | 8,902 | ||||||||
Other expense (income), net | -20,622 | 44,273 | 21,569 | ||||||||
Total other expenses, net | -2,196 | -6,368 | 29,489 | 7,497 | 17,646 | 13,294 | 10,613 | 27,862 | 28,422 | 69,415 | 30,471 |
Income (loss) from continuing operations before income taxes | 25,272 | 56,286 | -19,256 | 36,269 | 30,656 | 6,550 | 16,765 | -5,472 | 98,571 | 48,499 | 26,880 |
Additions to long-lived assets | 343,164 | 229,318 | 121,255 | ||||||||
Total assets | 2,589,802 | 2,470,614 | 2,589,802 | 2,470,614 | |||||||
Equity method investments | 577,920 | 565,124 | 577,920 | 565,124 | |||||||
SemStream [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 7 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 33 | ||||||||
Operating | 0 | 1 | -37 | ||||||||
General and administrative | 83 | 600 | 930 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 0 | 6 | 214 | ||||||||
Total expenses | 83 | 607 | 1,140 | ||||||||
Earnings from equity method investments | 2,343 | 7,123 | -403 | ||||||||
Gain on issuance of common units by equity method investee | 29,020 | 26,873 | |||||||||
Operating income (loss) | 31,280 | 33,389 | -1,536 | ||||||||
Interest expense (income) | -5,140 | -4,810 | -3,449 | ||||||||
Other expense (income), net | -34,212 | 128 | -21 | ||||||||
Total other expenses, net | -39,352 | -4,682 | -3,470 | ||||||||
Income (loss) from continuing operations before income taxes | 70,632 | 38,071 | 1,934 | ||||||||
Additions to long-lived assets | 0 | 0 | 0 | ||||||||
Total assets | 162,246 | 208,847 | 162,246 | 208,847 | |||||||
Equity method investments | 162,246 | 208,848 | 162,246 | 208,848 | |||||||
SemCAMS [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 176,724 | 198,450 | 223,219 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 344 | 305 | 768 | ||||||||
Operating | 114,587 | 150,319 | 174,284 | ||||||||
General and administrative | 17,417 | 14,940 | 14,020 | ||||||||
Depreciation and amortization | 14,295 | 10,766 | 10,589 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | -950 | 0 | 0 | ||||||||
Total expenses | 145,693 | 176,330 | 199,661 | ||||||||
Earnings from equity method investments | 0 | 0 | 0 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | 31,031 | 22,120 | 23,558 | ||||||||
Interest expense (income) | 13,558 | 18,928 | 18,727 | ||||||||
Other expense (income), net | 20 | -20 | 14 | ||||||||
Total other expenses, net | 13,578 | 18,908 | 18,741 | ||||||||
Income (loss) from continuing operations before income taxes | 17,453 | 3,212 | 4,817 | ||||||||
Additions to long-lived assets | 35,286 | 56,122 | 13,340 | ||||||||
Total assets | 279,191 | 306,001 | 279,191 | 306,001 | |||||||
Equity method investments | 0 | 0 | 0 | 0 | |||||||
SemGas [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 380,183 | 231,119 | 127,870 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 276,852 | 169,800 | 100,677 | ||||||||
Operating | 32,296 | 20,200 | 12,712 | ||||||||
General and administrative | 9,228 | 7,971 | 6,195 | ||||||||
Depreciation and amortization | 26,353 | 14,517 | 7,043 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 20,092 | 665 | 46 | ||||||||
Total expenses | 364,821 | 213,153 | 126,673 | ||||||||
Earnings from equity method investments | 0 | 0 | 0 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | 15,362 | 17,966 | 1,197 | ||||||||
Interest expense (income) | 8,570 | 3,268 | 1,461 | ||||||||
Other expense (income), net | 0 | -3 | 0 | ||||||||
Total other expenses, net | 8,570 | 3,265 | 1,461 | ||||||||
Income (loss) from continuing operations before income taxes | 6,792 | 14,701 | -264 | ||||||||
Additions to long-lived assets | 166,207 | 97,021 | 47,140 | ||||||||
Total assets | 662,223 | 552,095 | 662,223 | 552,095 | |||||||
Equity method investments | 0 | 0 | 0 | 0 | |||||||
SemLogistics [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 12,650 | 11,671 | 12,341 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 615 | 380 | 196 | ||||||||
Operating | 8,361 | 7,444 | 5,921 | ||||||||
General and administrative | 6,139 | 5,854 | 5,652 | ||||||||
Depreciation and amortization | 10,005 | 9,426 | 9,780 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | -2,490 | 0 | 0 | ||||||||
Total expenses | 22,630 | 23,104 | 21,549 | ||||||||
Earnings from equity method investments | 0 | 0 | 0 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | -9,980 | -11,433 | -9,208 | ||||||||
Interest expense (income) | 1,528 | 1,435 | 2,486 | ||||||||
Other expense (income), net | 796 | -400 | -420 | ||||||||
Total other expenses, net | 2,324 | 1,035 | 2,066 | ||||||||
Income (loss) from continuing operations before income taxes | -12,304 | -12,468 | -11,274 | ||||||||
Additions to long-lived assets | 2,974 | 2,071 | 1,188 | ||||||||
Total assets | 150,498 | 168,835 | 150,498 | 168,835 | |||||||
Equity method investments | 0 | 0 | 0 | 0 | |||||||
SemMexico [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 290,869 | 242,559 | 263,870 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 252,082 | 209,841 | 236,851 | ||||||||
Operating | 10,576 | 9,379 | 7,677 | ||||||||
General and administrative | 12,125 | 10,700 | 9,433 | ||||||||
Depreciation and amortization | 6,031 | 5,991 | 6,171 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | -53 | -854 | -290 | ||||||||
Total expenses | 280,761 | 235,057 | 259,842 | ||||||||
Earnings from equity method investments | 0 | 0 | 0 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | 10,108 | 7,502 | 4,028 | ||||||||
Interest expense (income) | 166 | 188 | 314 | ||||||||
Other expense (income), net | -11 | -652 | -38 | ||||||||
Total other expenses, net | 155 | -464 | 276 | ||||||||
Income (loss) from continuing operations before income taxes | 9,953 | 7,966 | 3,752 | ||||||||
Additions to long-lived assets | 9,690 | 6,375 | 3,396 | ||||||||
Total assets | 107,225 | 104,154 | 107,225 | 104,154 | |||||||
Equity method investments | 0 | 0 | 0 | 0 | |||||||
Corporate and other [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | -37,897 | -23,985 | -10,607 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | -37,897 | -23,985 | -10,606 | ||||||||
Operating | 0 | 0 | 0 | ||||||||
General and administrative | 22,502 | 21,766 | 22,367 | ||||||||
Depreciation and amortization | 1,678 | 2,001 | 2,496 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 15,674 | 0 | 0 | ||||||||
Total expenses | 1,957 | -218 | 14,257 | ||||||||
Earnings from equity method investments | 0 | 0 | 0 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | -39,854 | -23,767 | -24,864 | ||||||||
Interest expense (income) | -710 | -8,790 | -10,228 | ||||||||
Other expense (income), net | 12,306 | 45,234 | 22,003 | ||||||||
Total other expenses, net | 11,596 | 36,444 | 11,775 | ||||||||
Income (loss) from continuing operations before income taxes | -51,450 | -60,211 | -36,639 | ||||||||
Additions to long-lived assets | 1,672 | 734 | 14,827 | ||||||||
Total assets | 69,780 | 60,198 | 69,780 | 60,198 | |||||||
Equity method investments | 0 | 0 | 0 | 0 | |||||||
Crude [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,300,050 | 767,202 | 620,797 | ||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 1,131,362 | 663,759 | 546,966 | ||||||||
Operating | 80,793 | 36,242 | 24,143 | ||||||||
General and administrative | 20,351 | 16,766 | 13,321 | ||||||||
Depreciation and amortization | 40,035 | 23,708 | 12,131 | ||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 319 | -56 | -3,501 | ||||||||
Total expenses | 1,272,860 | 740,419 | 593,060 | ||||||||
Earnings from equity method investments | 61,856 | 45,354 | 36,439 | ||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | |||||||||
Operating income (loss) | 89,046 | 72,137 | 64,176 | ||||||||
Interest expense (income) | 31,072 | 14,923 | -409 | ||||||||
Other expense (income), net | 479 | -14 | 31 | ||||||||
Total other expenses, net | 31,551 | 14,909 | -378 | ||||||||
Income (loss) from continuing operations before income taxes | 57,495 | 57,228 | 64,554 | ||||||||
Additions to long-lived assets | 127,335 | 66,995 | 41,364 | ||||||||
Total assets | 1,158,639 | 1,070,484 | 1,158,639 | 1,070,484 | |||||||
Equity method investments | 415,674 | 356,276 | 415,674 | 356,276 | |||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 2,122,579 | 1,427,016 | 1,237,497 | ||||||||
Operating Segments [Member] | SemStream [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 7 | ||||||||
Operating Segments [Member] | SemCAMS [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 176,724 | 198,450 | 223,219 | ||||||||
Operating Segments [Member] | SemGas [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 342,286 | 207,134 | 117,264 | ||||||||
Operating Segments [Member] | SemLogistics [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 12,650 | 11,671 | 12,341 | ||||||||
Operating Segments [Member] | SemMexico [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 290,869 | 242,559 | 263,870 | ||||||||
Operating Segments [Member] | Corporate and other [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | -1 | ||||||||
Operating Segments [Member] | Crude [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,300,050 | 767,202 | 620,797 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | SemStream [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | SemCAMS [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | SemGas [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 37,897 | 23,985 | 10,606 | ||||||||
Intersegment Eliminations [Member] | SemLogistics [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | SemMexico [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Corporate and other [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | -37,897 | -23,985 | -10,606 | ||||||||
Intersegment Eliminations [Member] | Crude [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | $0 | $0 | $0 |
Segments_Details_1
Segments (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Income tax expense (benefit) | $12,569 | $24,090 | ($6,672) | $16,526 | $24,051 | $3,413 | $9,288 | ($54,006) | $46,513 | ($17,254) | ($2,078) |
SemCAMS [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income tax expense (benefit) | 3,135 | 6,348 | 720 | ||||||||
SemLogistics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income tax expense (benefit) | -2,231 | -5,699 | -7,736 | ||||||||
SemMexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income tax expense (benefit) | 4,053 | 2,589 | 2,285 | ||||||||
Corporate and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income tax expense (benefit) | $41,556 | ($20,492) | $2,653 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Crude oil | $26,722 | $30,779 |
Asphalt and other | 16,810 | 13,516 |
Inventories | $43,532 | $44,295 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | |||
Inventory valuation adjustment | $5,667 | $0 | $0 |
Crude [Member] | Crude Oil [Member] | |||
Inventory [Line Items] | |||
Inventory valuation adjustment | $5,700 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Other prepaid expenses | $5,989 | $5,696 |
Deferred tax asset | 5,897 | 7,325 |
Other | 8,131 | 990 |
Total other current assets | $20,017 | $14,011 |
Other_Assets_Details_1
Other Assets (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Other Assets [Abstract] | |||
Debt issuance costs, net | $22,203 | $17,149 | [1] |
Deferred tax asset | 13,933 | 2,832 | |
Other | 8,250 | 8,908 | |
Total other noncurrent assets, net | $44,386 | $28,889 | |
[1] | * See Note 16 for discussion of debt issuance costs. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $1,502,454 | $1,294,448 |
Accumulated depreciation | -245,629 | -188,720 |
Property, plant and equipment, net | 1,256,825 | 1,105,728 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,886 | 72,484 |
Pipelines and related facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 283,347 | 312,730 |
Storage and terminal facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 284,300 | 281,819 |
Natural gas gathering and processing facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 606,553 | 347,962 |
Linefill [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26,050 | 14,701 |
Trucking equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 40,392 | 31,978 |
Office and other property and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,120 | 33,701 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $142,806 | $199,073 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $82.50 | $60.40 | $46.20 |
Capitalized interest costs | $1.50 | $4.30 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 02, 2013 | Aug. 01, 2013 |
In Thousands, unless otherwise specified | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $58,326 | $62,021 | $9,884 | $9,453 | ||
Crude [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 36,116 | 28,322 | ||||
SemGas [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 13,052 | 23,839 | ||||
SemMexico [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 9,158 | 9,860 | ||||
Barcas Field Services, LLC [Member] | Crude [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 28,234 | |||||
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $13,052 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Sep. 02, 2013 | Aug. 01, 2013 | Jun. 23, 2014 |
Goodwill [Line Items] | |||||||
Goodwill, Beginning Balance | $62,021 | $9,884 | $9,453 | ||||
Currency translation adjustments | -702 | -24 | 431 | ||||
Goodwill, Ending Balance | 58,326 | 62,021 | 9,884 | ||||
Crude [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Ending Balance | 36,116 | 28,322 | |||||
SemGas [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Ending Balance | 13,052 | 23,839 | |||||
Barcas Field Services, LLC [Member] | Crude [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Beginning Balance | 28,234 | ||||||
Goodwill, Acquired During Period | 28,322 | ||||||
Goodwill, Purchase Accounting Adjustments | -98 | ||||||
Goodwill, Ending Balance | 28,234 | ||||||
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Beginning Balance | 13,052 | ||||||
Goodwill, Acquired During Period | 23,839 | ||||||
Goodwill, Purchase Accounting Adjustments | -10,787 | -10,800 | |||||
Goodwill, Ending Balance | 13,052 | ||||||
Chesapeake crude oil trucking assets [Member] | Crude [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Beginning Balance | 7,892 | ||||||
Goodwill, Acquired During Period | 7,892 | ||||||
Goodwill, Purchase Accounting Adjustments | -10,000 | ||||||
Goodwill, Ending Balance | $7,892 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, net | $173,065 | $174,838 | $7,585 | $8,950 |
Crude [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, net | 16,640 | 5,775 | ||
SemGas [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, net | 152,383 | 163,144 | ||
SemMexico [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, net | 4,016 | 5,888 | ||
Corporate and other [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, net | $26 | $31 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, beginning balance | $174,838 | $7,585 | $8,950 |
Amortization | -15,875 | -6,018 | -2,017 |
Currency translation adjustments | -545 | 9 | 652 |
Finite-Lived Intangible Assets, Net, ending balance | 173,065 | 174,838 | 7,585 |
Crude [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, ending balance | 16,640 | 5,775 | |
SemGas [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, ending balance | 152,383 | 163,144 | |
Barcas Field Services, LLC [Member] | Crude [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | 6,930 | ||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | -50 | ||
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | 166,332 | ||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | -2,313 | ||
Chesapeake crude oil trucking assets [Member] | Crude [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | $17,010 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Goodwill And Other Intangible Assets [Abstract] | ||||
For year ending, December 31, 2015 | $10,334 | |||
For year ending, December 31, 2016 | 10,928 | |||
For year ending, December 31, 2017 | 11,011 | |||
For year ending, December 31, 2018 | 10,918 | |||
For year ending, December 31, 2019 | 10,317 | |||
Thereafter | 119,557 | |||
Total estimated amortization expense | $173,065 | $174,838 | $7,585 | $8,950 |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 24, 2014 | Jun. 23, 2014 | |
Goodwill [Line Items] | ||||||
Goodwill, Amortization Period for Income Taxes | 15 years | |||||
Finite-lived intangible assets, net | $173,065,000 | $174,838,000 | $7,585,000 | $8,950,000 | ||
NGL Energy [Member] | ||||||
Goodwill [Line Items] | ||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 71,400,000 | |||||
Glass Mountain Pipeline LLC [Member] | ||||||
Goodwill [Line Items] | ||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 31,000,000 | |||||
SemMexico [Member] | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible assets, net | 4,016,000 | 5,888,000 | ||||
Crude [Member] | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible assets, net | 16,640,000 | 5,775,000 | ||||
Customer Relationships [Member] | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible assets, net | 171,600,000 | |||||
Unpatented Technology [Member] | SemMexico [Member] | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible assets, net | 1,300,000 | |||||
Chesapeake crude oil trucking assets [Member] | Crude [Member] | ||||||
Goodwill [Line Items] | ||||||
Customer contract intangible asset acquired | $17,000,000 | $17,010,000 | ||||
Chesapeake crude oil trucking assets [Member] | Customer Contracts [Member] | Crude [Member] | ||||||
Goodwill [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Financial_Instruments_and_Conc2
Financial Instruments and Concentrations of Risk (Details) (Commodity Derivatives [Member], Level 1 [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Commodity Derivatives [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $3,311 | $36 | ||
Derivative Asset, Fair Value, Gross Liability | -1,637 | [1] | -36 | [1] |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1,674 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 1,637 | 96 | ||
Derivative Liability, Fair Value, Gross Asset | -1,637 | [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_and_Conc3
Financial Instruments and Concentrations of Risk (Details 2) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
bbl | bbl | bbl | |
Sales [Member] | |||
Derivative, Nonmonetary Notional Amount, Volume | 6,773,000 | 2,595,000 | 1,743,000 |
Purchases [Member] | |||
Derivative, Nonmonetary Notional Amount, Volume | 6,477,000 | 2,575,000 | 1,636,000 |
Financial_Instruments_and_Conc4
Financial Instruments and Concentrations of Risk (Details 3) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $1,674 | $0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $0 | $60 |
Financial_Instruments_and_Conc5
Financial Instruments and Concentrations of Risk (Details 4) (Commodity Contract [Member], Sales [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commodity Contract [Member] | Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized and unrealized gains (losses) from commodity derivatives | $19,305 | ($1,593) | $149 |
Financial_Instruments_and_Conc6
Financial Instruments and Concentrations of Risk (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | $40,598 | $79,351 | $80,029 | $73,613 |
Other current assets | 20,017 | 14,011 | ||
Total assets | 2,589,802 | 2,470,614 | ||
Current liabilities | 391,662 | 499,214 | ||
Outside Of United States [Member] | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 31,920 | |||
Other current assets | 109,270 | |||
Noncurrent assets | 407,900 | |||
Total assets | 549,090 | |||
Current liabilities | 71,682 | |||
Noncurrent liabilities | 95,828 | |||
Total liabilities | 167,510 | |||
Net assets | 381,580 | |||
CANADA | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 17,710 | |||
Other current assets | 58,271 | |||
Noncurrent assets | 215,386 | |||
Total assets | 291,367 | |||
Current liabilities | 37,713 | |||
Noncurrent liabilities | 75,977 | |||
Total liabilities | 113,690 | |||
Net assets | 177,677 | |||
UNITED KINGDOM | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 957 | |||
Other current assets | 1,854 | |||
Noncurrent assets | 147,687 | |||
Total assets | 150,498 | |||
Current liabilities | 1,442 | |||
Noncurrent liabilities | 18,619 | |||
Total liabilities | 20,061 | |||
Net assets | 130,437 | |||
MEXICO | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 13,253 | |||
Other current assets | 49,145 | |||
Noncurrent assets | 44,827 | |||
Total assets | 107,225 | |||
Current liabilities | 32,527 | |||
Noncurrent liabilities | 1,232 | |||
Total liabilities | 33,759 | |||
Net assets | $73,466 |
Financial_Instruments_and_Conc7
Financial Instruments and Concentrations of Risk (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
employees | |||
Level 2 and level 3 fair value transactions | $0 | $0 | $0 |
Margin deposits | 800,000 | 800,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,500,000 | 800,000 | |
Fair Value Adjustment of Warrants | 13,423,000 | 46,433,000 | 21,310,000 |
Number of employees | 1,080 | ||
Unionized Employees Concentration Risk [Member] | Canada And Mexico [Member] | |||
Number of employees | 130 | ||
Number of employees with contracts expiring in collective bargaining agreements | 70 | ||
Number of employees with contracts renewing collective bargaining agreements | 60 | ||
Sales Revenue, Goods, Net [Member] | Crude [Member] | |||
Number of customers | 1 | ||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Crude [Member] | |||
Percentage of accounts receivables | 36.00% | ||
Cost of Goods, Total [Member] | Crude [Member] | |||
purchases of product | 469,000,000 | ||
Cost of Goods, Total [Member] | Customer Concentration Risk [Member] | Crude [Member] | |||
Number of Suppliers | 1 | ||
Percentage of accounts receivables | 29.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Crude [Member] | |||
Number of customers | 2 | ||
Percentage of accounts receivables | 34.00% | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Warrant liability | $58,100,000 | ||
Outside Of United States [Member] | |||
Number of employees | 540 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $39,231 | $40,002 | $21,498 | ||||||||
Foreign | 59,340 | 8,497 | 5,382 | ||||||||
Income (loss) from continuing operations before income taxes | $25,272 | $56,286 | ($19,256) | $36,269 | $30,656 | $6,550 | $16,765 | ($5,472) | $98,571 | $48,499 | $26,880 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||||||||||
Deferred income tax provision (benefit) | $36,148 | ($36,274) | ($11,818) | ||||||||
Provision (benefit) for income taxes | 12,569 | 24,090 | -6,672 | 16,526 | 24,051 | 3,413 | 9,288 | -54,006 | 46,513 | -17,254 | -2,078 |
Continuing Operations [Member] | |||||||||||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||||||||||
Foreign | 10,430 | 15,546 | 9,662 | ||||||||
U.S. federal | -195 | 2,067 | 0 | ||||||||
U.S. state | 132 | 1,435 | 74 | ||||||||
Current income tax provision (benefit) | 10,367 | 19,048 | 9,736 | ||||||||
Foreign | 2,024 | -10,222 | -12,070 | ||||||||
U.S. federal | 30,074 | -23,756 | 222 | ||||||||
U.S. state | 4,048 | -2,324 | 34 | ||||||||
Deferred income tax provision (benefit) | 36,146 | -36,302 | -11,814 | ||||||||
Provision (benefit) for income taxes | $46,513 | ($17,254) | ($2,078) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Income (loss) from continuing operations before income taxes | $25,272 | $56,286 | ($19,256) | $36,269 | $30,656 | $6,550 | $16,765 | ($5,472) | $98,571 | $48,499 | $26,880 |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Provision at statutory rate | 34,500 | 16,975 | 9,408 | ||||||||
State income taxes—net of federal benefit | 3,197 | -577 | 71 | ||||||||
Effect of rates other than statutory | -1,925 | -1,041 | -829 | ||||||||
Effect of U.S. taxation on foreign branches | 20,769 | 2,974 | 1,883 | ||||||||
Foreign tax adjustment, prior years | -3,669 | 4,533 | 0 | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 4,698 | 24,625 | 0 | ||||||||
Noncontrolling interest | 7,986 | 6,096 | 3,429 | ||||||||
Foreign tax credit and offset to branch deferreds | 6,851 | -2,876 | -12,360 | ||||||||
Impact of valuation allowance on deferred tax assets | -7,331 | -53,218 | 6,233 | ||||||||
Foreign net gain on subsidiary dissolution and intercompany debt waivers | -13,620 | 0 | 0 | ||||||||
Foreign withholding taxes | 5,054 | 0 | 0 | ||||||||
Other, net | 5,975 | -2,553 | -3,055 | ||||||||
Provision (benefit) for income taxes | $12,569 | $24,090 | ($6,672) | $16,526 | $24,051 | $3,413 | $9,288 | ($54,006) | $46,513 | ($17,254) | ($2,078) |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss and other credit carryforwards | $38,835 | $9,498 |
Compensation and benefits | 10,736 | 7,991 |
Inventories | 280 | 118 |
Intangible assets | 43,977 | 44,444 |
Pension plan | 3,733 | 2,849 |
Allowance for doubtful accounts | 1,860 | 2,140 |
Deferred revenue | 7,622 | 5,910 |
Foreign tax credit and offset to branch deferreds | 102,286 | 95,435 |
Other | 17,786 | 8,243 |
less: valuation allowance | -102,769 | -95,438 |
Net deferred tax assets | 124,346 | 81,190 |
Components of Deferred Tax Liabilities [Abstract] | ||
Intangible assets | -5,770 | -6,927 |
Prepaid expenses | -163 | -153 |
Property, plant and equipment | -178,505 | -113,030 |
Equity Investment in partnerships | -78,813 | -49,720 |
Other | -2,549 | -1,471 |
Total deferred tax liabilities | -265,800 | -171,301 |
Net deferred tax assets (liabilities) | ($141,454) | ($90,111) |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Foreign withholding taxes | $5,054,000 | $0 | $0 |
Federal net operating loss | 82,200,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 67,200,000 | ||
U.S. Capital losses | 23,900,000 | ||
Forgein income tax credits | 55,000,000 | ||
Change in valuation allowance | 7,300,000 | ||
Foreign tax credits and offset to branch deferreds [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in valuation allowance | 6,800,000 | ||
State net operating loss carryfowards [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in valuation allowance | $500,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 14, 2013 | Jul. 02, 2014 |
Debt Instrument [Line Items] | ||||
Senior notes | $300,000,000 | |||
Capital leases | 132,000 | 125,000 | ||
Total long-term debt | 767,132,000 | 615,125,000 | ||
less: current portion of long-term debt | 40,000 | 37,000 | ||
Noncurrent portion of long-term debt | 767,092,000 | 615,088,000 | ||
Corporate Segment [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 300,000,000 | 300,000,000 | 300,000,000 | |
Revolving Credit Facility [Member] | Corporate Segment [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings | 35,000,000 | 70,000,000 | ||
Revolving Credit Facility [Member] | SemMexico [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings | 0 | 0 | ||
Total long-term debt | 0 | |||
Rose Rock Midstream L P [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 400,000,000 | 0 | 400,000,000 | |
Noncurrent portion of long-term debt | 432,092,000 | 245,088,000 | ||
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings | $32,000,000 | $245,000,000 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (Corporate Segment [Member], Senior Notes [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 105.63% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 103.75% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 101.88% |
Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 100.00% |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (Rose Rock Midstream L P [Member], Senior Notes [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 104.22% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 102.81% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 101.41% |
Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 100.00% |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | $40 | |
Scheduled principal payments, year two | 40 | |
Scheduled principal payments, year three | 26 | |
Scheduled principal payments, year four | 67,026 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 700,000 | |
Total long-term debt | 767,132 | 615,125 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 0 | |
Scheduled principal payments, year two | 0 | |
Scheduled principal payments, year three | 0 | |
Scheduled principal payments, year four | 0 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 300,000 | |
Total long-term debt | 300,000 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 40 | |
Scheduled principal payments, year two | 40 | |
Scheduled principal payments, year three | 26 | |
Scheduled principal payments, year four | 26 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 0 | |
Total long-term debt | 132 | |
Corporate and other [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 0 | |
Scheduled principal payments, year two | 0 | |
Scheduled principal payments, year three | 0 | |
Scheduled principal payments, year four | 35,000 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 0 | |
Total long-term debt | 35,000 | |
Crude [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 0 | |
Scheduled principal payments, year two | 0 | |
Scheduled principal payments, year three | 0 | |
Scheduled principal payments, year four | 0 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 400,000 | |
Total long-term debt | 400,000 | |
Crude [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 0 | |
Scheduled principal payments, year two | 0 | |
Scheduled principal payments, year three | 0 | |
Scheduled principal payments, year four | 32,000 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 0 | |
Total long-term debt | 32,000 | |
SemMexico [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Scheduled principal payments in the next twelve months | 0 | |
Scheduled principal payments, year two | 0 | |
Scheduled principal payments, year three | 0 | |
Scheduled principal payments, year four | 0 | |
Scheduled principal payments, year five | 0 | |
Scheduled principal payments, thereafter | 0 | |
Total long-term debt | $0 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) | Dec. 31, 2014 | Jul. 02, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | 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] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | Debt issuance [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [Member] | SemMexico [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] | Redemption prior to June 15, 2016 [Member] | Redemption prior to June 15, 2016 [Member] | Redemption prior to June 15, 2016 [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Mexican bank prime rate [Member] | Mexican bank prime rate [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | Other Noncurrent Assets [Member] | |
USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Bilateral Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum net debt to EBITDA ratio [Member] | Maximum senior secured debt to EBITDA ratio [Member] | Minimum EBITDA to interest expense ratio [Member] | Rose Rock Midstream L P [Member] | USD ($) | USD ($) | USD ($) | 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] | Letter of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | USD denominated letter of credit [Member] | Revolving credit facility 2 [Member] | Revolving credit facility 2 [Member] | Senior Notes [Member] | Corporate Segment [Member] | Rose Rock Midstream L P [Member] | Sale of stock [Member] | Change of control [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Corporate Segment [Member] | Corporate Segment [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Corporate Segment [Member] | Corporate Segment [Member] | SemMexico [Member] | SemMexico [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Corporate Segment [Member] | Corporate Segment [Member] | |||
USD ($) | USD ($) | Letter of Credit [Member] | Letter of Credit [Member] | USD ($) | USD ($) | USD ($) | Alternate Base Rate Borrowings [Member] | Letter of Credit [Member] | Eurodollar Rate Borrowings [Member] | Minimum [Member] | Maximum [Member] | Subordinated Debt [Member] | USD ($) | USD ($) | USD ($) | Alternate Base Rate Borrowings [Member] | Eurodollar [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | MXN | USD ($) | Letter of Credit [Member] | Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | MXN | Rose Rock Midstream L P [Member] | Senior Notes [Member] | Senior Notes [Member] | Rose Rock Midstream L P [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | Sale of stock [Member] | Change of control [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] | Line of Credit [Member] | Revolving credit facility 2 [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | |||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MXN | Letter of Credit [Member] | Letter of Credit [Member] | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||
Long Term Debt (Textual) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | $300,000,000 | $400,000,000 | $400,000,000 | $0 | $300,000,000 | $300,000,000 | $300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate stated percentage | 5.63% | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 391,900,000 | 294,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Redemable Prior to June 15, 2016 | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Redemable Prior to July15, 2017 | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early redemption premium | 1.00% | 105.63% | 101.00% | 1.00% | 107.50% | 101.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis point adjustment to discount rate | 50 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense recorded | 11,700,000 | 9,000,000 | 8,700,000 | 1,900,000 | 6,300,000 | 7,700,000 | 6,900,000 | 23,300,000 | 12,700,000 | 200,000 | 200,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Noncurrent, Net | 8,000,000 | 3,800,000 | 5,000,000 | 5,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 585,000,000 | 150,000,000 | 500,000,000 | 250,000,000 | 3,000,000 | 44,000,000 | 3,800,000 | 56,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings outstanding | 32,000,000 | 245,000,000 | 12,000,000 | 20,000,000 | 35,000,000 | 70,000,000 | 15,000,000 | 20,000,000 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding | 67,600,000 | 17,500,000 | 3,800,000 | 19,800,000 | 292,800,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Incremental Increases | 200,000,000 | 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum aggregate issuance to elect alternative financial covenants | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 3.00% | 2.00% | 3.25% | 0.75% | 2.00% | 1.00% | 2.25% | 1.50% | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate in effect | 1.75% | 2.50% | 2.00% | 4.25% | 2.23% | 2.00% | 3.25% | 0.40% | 0.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of line of credit facility fronting fee | 0.25% | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment fee on unused capacity | 0.38% | 0.50% | 0.38% | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Annual Administrative Fee | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Covenant Terms | 5.5 | 3.5 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 4.75% | 2.74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.75% | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Fair Value | $368,000,000 | $299,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning Balance | $41,185 | $40,105 | $35,886 |
Accretion | 4,807 | 4,752 | 4,554 |
Payments made | -514 | -808 | -1,169 |
Currency translation adjustments | -3,524 | -2,864 | 834 |
Ending Balance | $41,954 | $41,185 | $40,105 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Due next twelve months | $9,464 |
Operating Leases, Due in Two Years | 9,181 |
Operating Leases, Due in Three Years | 6,737 |
Operating Leases, Due in Four Years | 2,997 |
Operating Leases, Due in Five Years | 1,826 |
Operating Leases, Thereafter | 6,967 |
Operating Leases, Total future minimum lease payments | $37,172 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | bbl |
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | 13,612,000 |
Sale commitments, Value | $1,152,966 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | 10,719,000 |
Sale commitments, Value | 445,655 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | 13,648,000 |
Purchase commitments, Value | 1,141,694 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | 7,187,000 |
Purchase commitments, Value | $373,539 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details 3) (Fractionation capacity [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fractionation capacity [Member] | |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $10,199 |
Purchase Obligation, Due in Second Year | 11,804 |
Purchase Obligation, Due in Third Year | 11,938 |
Purchase Obligation, Due in Fourth Year | 10,060 |
Purchase Obligation, Due in Fifth Year | 9,121 |
Purchase Obligation, Due after Fifth Year | 24,391 |
Purchase Obligation | $77,513 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 11, 2013 | Aug. 18, 2011 | |
sites | bbl | bbl | |||
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 6 | ||||
Number of sites appearing to have soil contamination | 4 | ||||
Number of sites requiring remediation and 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 | ||||
Estimated cost to retire facilities | $93,400,000 | ||||
Asset retirement obligation additional estimated costs attributable to third-party owners' | 37,700,000 | ||||
Operating leases, rent expense | 16,200,000 | 11,400,000 | 8,400,000 | ||
Accrued liabilities | 92,694,000 | 83,429,000 | |||
SemGas [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 1 | ||||
Crude [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 5 | ||||
Minimum [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Notice required to cancel purchase agreements, days | 30 days | ||||
Maximum [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Notice required to cancel purchase agreements, days | 120 days | ||||
Crude [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 | ||||
Commitments [Member] | SemGas [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Accrued liabilities | 25,800 | ||||
Pipeline transportation capacity [Member] | SemGas [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation | $2,600,000 |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Common Stock | |||
Total shares | 44,689,000 | 42,898,000 | |
Common Stock, Shares, Outstanding | 43,614,054 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 6,999 | ||
Par value per share | $0.01 | $0.01 | |
Common stock on balance sheet | $436 | $425 | |
Shares paid for tax withholding | 11,120 | ||
Shares issued on Emergence Date [Member] | |||
Schedule of Common Stock | |||
Total shares | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims [Member] | |||
Schedule of Common Stock | |||
Total shares | 517,500 | ||
Issuance of shares under employee and director compensation programs [Member] | |||
Schedule of Common Stock | |||
Total shares | 861,503 | [1] | |
Awards vested, shares | 169,340 | ||
Shares issued upon exercise of warrants [Member] | |||
Schedule of Common Stock | |||
Total shares | 1,345,556 | [2] | |
[1] | * These shares include 169,340 shares which vested during the year ended December 31, 2014. Of these vested shares, 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 consolidated balance sheet. | ||
[2] | ** These shares include 904,231 shares issued during the year ended December 31, 2014. |
Equity_Details_1
Equity (Details 1) (Warrants issued on emergence date [Member]) | Dec. 31, 2014 |
Warrants issued on emergence date [Member] | |
Warrants and Rights Note Disclosure [Abstract] | |
Total warrants | 1,634,210 |
Equity_Equity_Details_2
Equity Equity (Details 2) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
Nov. 28, 2014 | Aug. 29, 2014 | 19-May-14 | Mar. 10, 2014 | Nov. 22, 2013 | Aug. 19, 2013 | 30-May-13 | Dec. 31, 2014 | Mar. 20, 2015 | |
Dividends paid | $0.30 | $0.27 | $0.24 | $0.22 | $0.21 | $0.20 | $0.19 | ||
Dividends Payable, Date to be Paid | 28-Nov-14 | 28-Aug-14 | 29-May-14 | 20-Mar-14 | 3-Dec-13 | 30-Aug-13 | 30-May-13 | ||
Second quarter 2013 dividend [Member] | |||||||||
Dividends, date declared | 8-May-13 | ||||||||
Dividends, date of record | 20-May-13 | ||||||||
Third quarter 2013 dividend [Member] | |||||||||
Dividends, date declared | 8-Aug-13 | ||||||||
Dividends, date of record | 19-Aug-13 | ||||||||
Fourth quarter 2013 dividend [Member] | |||||||||
Dividends, date declared | 11-Nov-13 | ||||||||
Dividends, date of record | 22-Nov-13 | ||||||||
First quarter 2014 dividend [Member] | |||||||||
Dividends, date declared | 25-Feb-14 | ||||||||
Dividends, date of record | 10-Mar-14 | ||||||||
Second quarter 2014 dividend [Member] [Member] | |||||||||
Dividends, date declared | 8-May-14 | ||||||||
Dividends, date of record | 19-May-14 | ||||||||
Third quarter 2014 dividend [Member] | |||||||||
Dividends, date declared | 6-Aug-14 | ||||||||
Dividends, date of record | 18-Aug-14 | ||||||||
Fourth quarter 2014 dividend [Member] | |||||||||
Dividends, date declared | 6-Nov-14 | ||||||||
Dividends, date of record | 17-Nov-14 | ||||||||
First quarter 2015 dividend [Member] | |||||||||
Dividends, date declared | 26-Feb-15 | ||||||||
Dividends, date of record | 9-Mar-15 | ||||||||
Subsequent Event [Member] | |||||||||
Dividends Payable, Date to be Paid | 20-Mar-15 | ||||||||
Common Stock, Dividends, Per Share, Declared | $0.34 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Equity [Line Items] | |||
Common stock shares issued | 44,689,000 | 42,898,000 | |
Number of shares to be issued in settlement of pre-petition claims | 517,500 | ||
Common stock shares authorized | 100,000,000 | 100,000,000 | |
Additional warrants issued in settlement of pre-petition claims | 544,737 | ||
Par value per share | 0.01 | 0.01 | |
Price of purchase of one share of common stock against warrant | 25 | ||
Common Stock, Shares, Outstanding | 43,614,054 | ||
Warrants issued on emergence date [Member] | |||
Equity [Line Items] | |||
Warrants issued | 1,634,210 | ||
Class A [Member] | |||
Equity [Line Items] | |||
Common stock shares authorized | 90,000,000 | ||
Class B [Member] | |||
Equity [Line Items] | |||
Common stock shares authorized | 10,000,000 | ||
Par value per share | 0.01 | ||
Common Stock, Shares, Outstanding | 28,235 | ||
Shares issued upon exercise of warrants [Member] | |||
Equity [Line Items] | |||
Stock issued from warrant exercises, shares | 904,231 | 425,618 | |
Common stock shares issued | 1,345,556 | [1] | |
Class of warrant, number exercised | 1,271,983 | ||
Shares issued on Emergence Date [Member] | |||
Equity [Line Items] | |||
Common stock shares issued | 40,882,496 | ||
Shares subsequently issued in settlement of pre-petition claims [Member] | |||
Equity [Line Items] | |||
Common stock shares issued | 517,500 | ||
[1] | ** These shares include 904,231 shares issued during the year ended December 31, 2014. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $52,058 | $65,753 | $28,958 | ||||||||
Basic earnings per share | |||||||||||
Net income (loss) | 12,707 | 32,196 | -12,584 | 19,738 | 6,599 | 3,135 | 7,512 | 48,566 | 52,057 | 65,812 | 31,897 |
Income (loss) from discontinued operations, net of income taxes | 4 | 0 | 0 | -5 | -6 | -2 | 35 | 32 | -1 | 59 | 2,939 |
less: Income attributable to noncontrolling interest | 4,633 | 6,934 | 5,025 | 6,150 | 3,319 | 5,054 | 3,943 | 5,143 | 22,817 | 17,710 | 9,797 |
Net Income (Loss) Available to Common Stockholders, Basic | 29,240 | 48,102 | 22,100 | ||||||||
Weighted average common stock outstanding | 42,665 | 42,339 | 41,939 | ||||||||
Basic earnings (loss) per share, net | $0.19 | $0.59 | ($0.41) | $0.32 | $0.08 | ($0.05) | $0.08 | $1.03 | $0.69 | $1.14 | $0.53 |
Continuing Operations [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 52,058 | 65,753 | 28,958 | ||||||||
Basic earnings per share | |||||||||||
less: Income attributable to noncontrolling interest | 22,817 | 17,710 | 9,797 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 29,241 | 48,043 | 19,161 | ||||||||
Weighted average common stock outstanding | 42,665 | 42,339 | 41,939 | ||||||||
Basic earnings (loss) per share from continuing operations | $0.69 | $1.13 | $0.46 | ||||||||
Discontinued Operations [Member] | |||||||||||
Basic earnings per share | |||||||||||
Income (loss) from discontinued operations, net of income taxes | -1 | 59 | 2,939 | ||||||||
less: Income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | ($1) | $59 | $2,939 | ||||||||
Weighted average common stock outstanding | 42,665 | 42,339 | 41,939 | ||||||||
Basic earnings (loss) per share from discontinued operations | $0 | $0 | $0.07 |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $52,058 | $65,753 | $28,958 | ||||||||
Diluted earnings per share | |||||||||||
Net income (loss) | 12,707 | 32,196 | -12,584 | 19,738 | 6,599 | 3,135 | 7,512 | 48,566 | 52,057 | 65,812 | 31,897 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4 | 0 | 0 | -5 | -6 | -2 | 35 | 32 | -1 | 59 | 2,939 |
Less: net income attributable to noncontrolling interests | 4,633 | 6,934 | 5,025 | 6,150 | 3,319 | 5,054 | 3,943 | 5,143 | 22,817 | 17,710 | 9,797 |
Net Income (Loss) Available to Common Stockholders, Diluted | 29,240 | 48,102 | 22,100 | ||||||||
Weighted Average Number of Shares Issued, Basic | 42,665 | 42,339 | 41,939 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 302 | 307 | 315 | ||||||||
Diluted weighted average common stock outstanding | 42,967 | 42,646 | 42,254 | ||||||||
Earnings Per Share, Diluted | $0.18 | $0.59 | ($0.41) | $0.29 | $0.08 | ($0.05) | $0.08 | $1.03 | $0.68 | $1.13 | $0.52 |
Continuing Operations [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 52,058 | 65,753 | 28,958 | ||||||||
Diluted earnings per share | |||||||||||
Less: net income attributable to noncontrolling interests | 22,817 | 17,710 | 9,797 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | 29,241 | 48,043 | 19,161 | ||||||||
Weighted Average Number of Shares Issued, Basic | 42,665 | 42,339 | 41,939 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 302 | 307 | 315 | ||||||||
Diluted weighted average common stock outstanding | 42,967 | 42,646 | 42,254 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $0.68 | $1.13 | $0.45 | ||||||||
Discontinued Operations [Member] | |||||||||||
Diluted earnings per share | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -1 | 59 | 2,939 | ||||||||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | ($1) | $59 | $2,939 | ||||||||
Weighted Average Number of Shares Issued, Basic | 42,665 | 42,339 | 41,939 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 302 | 307 | 315 | ||||||||
Diluted weighted average common stock outstanding | 42,967 | 42,646 | 42,254 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0 | $0.07 |
EquityBased_Compensation_Detai
Equity-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Outstanding, shares | 530,603 | 450,552 | 410,506 | |
Awards granted, shares | 207,786 | 201,451 | 246,432 | |
Awards vested, shares | -169,340 | -107,988 | -162,986 | |
Awards forfeited, shares | -119,130 | -13,412 | -43,400 | |
Outstanding, shares | 449,919 | 530,603 | 450,552 | |
Awards outstanding, average grant date fair value | $36.80 | $26.87 | $26.59 | |
Awards granted, average grant date fair value per share | $77.14 | $52.78 | $27.81 | |
Awards vested, average grant date fair value per share | $33.07 | $25.71 | $25.20 | |
Awards forfeited, average grant date fair value per share | $42.16 | $32.36 | $27.74 | |
Awards outstanding, average grant date fair value | $70.69 | $36.80 | $26.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $5,600,000 | $2,776,000 | $4,107,000 | |
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Awards vested, shares | -102,103 |
EquityBased_Compensation_Detai1
Equity-Based Compensation (Details 1) (Rose Rock Midstream L P [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rose Rock Midstream L P [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, shares | 82,948 | 43,960 | 0 |
Awards granted, shares | 46,536 | 49,104 | 46,069 |
Awards vested, shares | -5,712 | -9,333 | 0 |
Awards forfeited, shares | -21,432 | -783 | -2,109 |
Outstanding, shares | 102,340 | 82,948 | 43,960 |
Awards outstanding, average grant date fair value | $28.59 | $21.91 | $0 |
Awards granted, average grant date fair value per share | $41.35 | $34.41 | $21.97 |
Awards vested, average grant date fair value per share | $35.87 | $27.25 | $0 |
Awards forfeited, average grant date fair value per share | $29.82 | $34.40 | $20.60 |
Awards outstanding, average grant date fair value | $33.79 | $28.59 | $21.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $205,000 | $254,000 | $0 |
EquityBased_Compensation_Detai2
Equity-Based Compensation (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.30% | 28.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.66% | 0.35% |
EquityBased_Compensation_Detai3
Equity-Based Compensation (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding | 11,120 | |||
Shares issued based on unit distribution rights vested during period | 593 | 0 | ||
Value of unvested dividend rights to be settled in Class A shares | $155,000 | |||
Number of Class A shares equal to unvested dividend rights | 2,263 | |||
Equity-based compensation expense recognized | 7,300,000 | 6,500,000 | 6,200,000 | |
Unrecognized compensation expense for nonvested awards | 14,200,000 | |||
Weighted average vesting period | 18 months | |||
Employee stock purchase plan maximum contribution | 10.00% | |||
Employee stock purchase plan discounted price | 85.00% | |||
Shares authorized for employee stock purchase plan | 1,000,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 6,999 | |||
Share price | $68.39 | |||
Percentage of awards assumed will ultimately vest at grant date | 100.00% | |||
Percentage of volatility assumption based on historical volatility | 50.00% | |||
Percentage of volatility assumption based on implied volatility | 50.00% | |||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance pursuant to employee and director compensation programs | 2,781,635 | |||
Awards vested, shares | 169,340 | 107,988 | 162,986 | |
Cash settled UUD [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Dividend Equivalent Value | 244,000 | |||
2014 stock compensation awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation awards which could vest if certain targets are met | 54,000 | |||
2013 stock compensation awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation awards which could vest if certain targets are met | 49,000 | |||
2012 stock compensation awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation awards which could vest if certain targets are met | 25,000 | |||
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested, shares | 102,103 | |||
Shares issued based on unit distribution rights vested during period | 1,793 | |||
Subsequent Event [Member] | Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding | 36,564 | |||
Rose Rock equity incentive plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense recognized | 900,000 | 800,000 | 300,000 | |
Unrecognized compensation expense for nonvested awards | 1,800,000 | |||
Weighted average vesting period | 19 months | |||
Unvested Unit Distributions Value | 129,000 | |||
Number Of Common Units Equivalent To Unvested Unit Distributions | 2,835 | |||
Rose Rock equity incentive plan [Member] | Cash settled UUD [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested Dividend Equivalent Value | $177,000 | |||
Rose Rock equity incentive plan [Member] | Distribution equivalent [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested, shares | 0 | 406 | ||
Rose Rock equity incentive plan [Member] | Subsequent Event [Member] | Distribution equivalent [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested, shares | 3,335 | |||
Rose Rock Midstream L P [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested, shares | 5,712 | 9,333 | 0 | |
General partner ownership interest | 2.00% | |||
Share price | $45.45 | |||
Rose Rock Midstream L P [Member] | Subsequent Event [Member] | Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested, shares | 25,745 | |||
Shares paid for tax withholding | 10,537 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $24,036 | $28,357 | |
Service cost | 477 | 577 | 596 |
Interest cost | 1,080 | 1,047 | 1,134 |
Actuarial (gains) losses | 6,228 | -3,022 | |
Benefits paid | -521 | -968 | |
Currency translation adjustment | -2,034 | -1,955 | |
Projected benefit obligation at end of year | 29,266 | 24,036 | 28,357 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 25,582 | 22,727 | |
Employer contributions | 601 | 1,144 | |
Actual return on plan assets | 2,915 | 4,397 | |
Benefits paid | -521 | -968 | |
Currency translation adjustment | -2,209 | -1,718 | |
Fair value of plan assets at end of year | 26,368 | 25,582 | 22,727 |
Funded status: | -2,898 | 1,546 | |
Accumulated benefit obligation at end of year | $26,544 | $22,687 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 3.80% | 4.70% |
Benefit obligation rate of compensation increase | 4.50% | 3.50% |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $477 | $577 | $596 |
Interest cost | 1,080 | 1,047 | 1,134 |
Expected return on plan assets | -1,469 | -1,298 | -1,263 |
Settlement loss | 0 | 0 | -55 |
Other | -7 | 186 | 118 |
Net periodic benefit cost | $81 | $512 | $530 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost discount rate | 4.70% | 3.90% | 4.25% |
Net periodic benefit costs long-term rate of return on assets | 6.00% | 6.00% | 6.00% |
Net periodic benefit cost rate of compensation increase | 3.50% | 3.50% | 3.50% |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
Next twelve months | $4,800 |
Year two | 2,809 |
Year three | 2,046 |
Year four | 987 |
Year five | 1,114 |
Years six through ten | $12,178 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value of plan assets | $26,368 | $25,582 | $22,727 |
Cash and cash equivalents [Member] | |||
Fair value of plan assets | 0 | 171 | |
Actual Allocation | 0.00% | ||
Normal Allocation Per Investment Policy | 0.00% | ||
Minimum Allocation Per Investment Policy | 0.00% | ||
Maximum Allocation Per Investment Policy | 10.00% | ||
Pooled Funds-fixed income [Member] | |||
Fair value of plan assets | 8,938 | 8,381 | |
Actual Allocation | 33.90% | ||
Normal Allocation Per Investment Policy | 40.00% | ||
Minimum Allocation Per Investment Policy | 32.50% | ||
Maximum Allocation Per Investment Policy | 47.50% | ||
Pooled Funds-Canadian Equities [Member] | |||
Fair value of plan assets | 8,828 | 8,324 | |
Actual Allocation | 33.50% | ||
Normal Allocation Per Investment Policy | 30.00% | ||
Minimum Allocation Per Investment Policy | 22.50% | ||
Maximum Allocation Per Investment Policy | 37.50% | ||
Pooled Funds-non-Canadian Equities [Member] | |||
Fair value of plan assets | $8,602 | $8,706 | |
Actual Allocation | 32.60% | ||
Normal Allocation Per Investment Policy | 30.00% | ||
Minimum Allocation Per Investment Policy | 22.50% | ||
Maximum Allocation Per Investment Policy | 37.50% |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | $26,368 | $25,582 | $22,727 | ||
Cash and cash equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 171 | |||
Equity mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 8,828 | 8,324 | |||
Recurring [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 171 | |||
Recurring [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 171 | |||
Recurring [Member] | Level 1 [Member] | Fixed income mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | [1] | 0 | [1] | |
Recurring [Member] | Level 1 [Member] | Equity mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | [1] | 0 | [1] | |
Recurring [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 26,368 | 25,411 | |||
Recurring [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 0 | |||
Recurring [Member] | Level 2 [Member] | Fixed income mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 8,938 | [1] | 8,381 | [1] | |
Recurring [Member] | Level 2 [Member] | Equity mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 17,430 | [1] | 17,030 | [1] | |
Recurring [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 0 | |||
Recurring [Member] | Level 3 [Member] | Cash and cash equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | 0 | |||
Recurring [Member] | Level 3 [Member] | Fixed income mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | [1] | 0 | [1] | |
Recurring [Member] | Level 3 [Member] | Equity mutual funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | $0 | [1] | $0 | [1] | |
[1] | (a) Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. |
Employee_Benefit_Plans_Details7
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Postretirement Benefits [Line Items] | |||
Contributions to the defined contribution plans | $1,900,000 | $1,100,000 | $900,000 |
Funded status of the Pension Plans | -2,898,000 | 1,546,000 | |
Funded status of the pension plans to other comprehensive income (loss), net of income taxes | -3,700,000 | 4,800,000 | -400,000 |
Estimated contributions to pension plans | 600,000 | ||
Projected benefit obligation | 29,266,000 | 24,036,000 | 28,357,000 |
Other Noncurrent Liabilities [Member] | |||
Postretirement Benefits [Line Items] | |||
Funded status of the Pension Plans | -2,899,000 | ||
Other Noncurrent Assets [Member] | |||
Postretirement Benefits [Line Items] | |||
Funded status of the Pension Plans | 1,546,000 | ||
Postretirement Health Coverage [Member] | Other Noncurrent Liabilities [Member] | |||
Postretirement Benefits [Line Items] | |||
Projected benefit obligation | $1,700,000 | $1,600,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning Balance | ($2,854) | ($1,299) | ($13,875) |
Currency translation adjustments | -20,551 | -6,363 | 12,635 |
Changes related to interest rate swaps net income tax benefits | 284 | ||
Changes related to benefit plans, net of income tax expense | -3,736 | 4,808 | -343 |
Ending Balance | -27,141 | -2,854 | -1,299 |
Currency Translation [Member] | |||
Beginning Balance | -4,508 | 1,855 | -10,780 |
Currency translation adjustments | -20,551 | -6,363 | 12,635 |
Changes related to interest rate swaps net income tax benefits | 0 | ||
Changes related to benefit plans, net of income tax expense | 0 | 0 | 0 |
Ending Balance | -25,059 | -4,508 | 1,855 |
Employee Benefit Plans [Member] | |||
Beginning Balance | 1,654 | -3,154 | -2,811 |
Currency translation adjustments | 0 | 0 | 0 |
Changes related to interest rate swaps net income tax benefits | 0 | ||
Changes related to benefit plans, net of income tax expense | 3,736 | 4,808 | -343 |
Ending Balance | -2,082 | 1,654 | -3,154 |
Interest Rate Swaps [Member] | |||
Beginning Balance | 0 | 0 | -284 |
Currency translation adjustments | 0 | 0 | 0 |
Changes related to interest rate swaps net income tax benefits | 284 | ||
Changes related to benefit plans, net of income tax expense | 0 | 0 | 0 |
Ending Balance | $0 | $0 | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Changes related to benefit plans, income tax expense (benefit) | ($1,245) | $1,603 | ($117) |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | ($11,102) | ($3,999) | $1,168 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of operating assets and liabilities | |||
Decrease (increase) in restricted cash | ($2,045) | $29,467 | $4,907 |
Decrease (increase) in accounts receivable | -32,602 | 11,172 | -129,102 |
Decrease (increase) in receivable from affiliates | 50,454 | -61,095 | 230 |
Decrease (increase) in inventories | -6,243 | -11,352 | -936 |
Decrease (increase) in derivatives and margin deposits | 28 | 1,012 | -1,245 |
Decrease (increase) in other current assets | -614 | 9,361 | 4,197 |
Increase (decrease) in other noncurrent assets | -2 | -137 | -2,467 |
Increase (decrease) in accounts payable and accrued liabilities | 11,461 | 31,030 | 114,776 |
Increase (decrease) in payable to affiliates | -48,819 | 62,279 | -6,871 |
Increase (decrease) in payables to pre-petition creditors | -54 | -29,609 | -5,206 |
Increase (decrease) in other noncurrent liabilities | 5,067 | -2,541 | 2,500 |
Total changes in operating assets and liabilities | ($23,365) | $39,861 | ($14,283) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | $31,930,000 | $67,291,000 | |
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | 31,930,000 | 67,291,000 | |
Proceeds from warrant exercises | 1,451,000 | 225,000 | 0 |
Interest Paid | 36,700,000 | 23,900,000 | 8,000,000 |
Income taxes (net of refunds received) | 23,500,000 | 13,900,000 | 11,400,000 |
Capital Expenditures Incurred but Not yet Paid | 7,000,000 | 10,100,000 | 1,600,000 |
Proceeds from Sale of Equity Method Investments | 79,741,000 | 0 | 0 |
Noncontrolling Interest [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | 85,173,000 | 180,220,000 | |
Additional Paid-in Capital [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | -53,243,000 | -112,929,000 | |
Shares issued upon exercise of warrants [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Stock issued from warrant exercises, shares | 904,231 | 425,618 | |
Warrant [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase in additional paid in capital due to warrant exercises | 73,000,000 | 21,400,000 | |
Ngl Energy Partners Lp [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Proceeds from Sale of Equity Method Investments | 88,800,000 | ||
Proceeds from Sale of Equity Method Investments | $79,700,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $547,237 | $594,235 | $482,224 | $498,883 | $457,328 | $357,748 | $324,244 | $287,696 | $2,122,579 | $1,427,016 | $1,237,497 |
Loss (gain) on disposal or impairment of long-lived assets, net | 11,959 | 1,376 | 19,315 | -58 | -109 | 408 | -376 | -162 | 32,592 | -239 | -3,531 |
Other operating costs and expenses | 530,150 | 575,936 | 471,863 | 478,264 | 448,796 | 344,979 | 312,103 | 282,813 | 2,056,213 | 1,388,691 | |
Total expenses | 542,109 | 577,312 | 491,178 | 478,206 | 448,687 | 345,387 | 311,727 | 282,651 | 2,088,805 | 1,388,452 | 1,216,182 |
Earnings from equity method investments | 15,827 | 14,223 | 19,187 | 14,962 | 12,788 | 7,483 | 14,861 | 17,345 | 64,199 | 52,477 | 36,036 |
Gain on issuance of common units by equity method investee | 2,121 | 18,772 | 0 | 8,127 | 26,873 | 0 | 0 | 0 | 29,020 | 26,873 | 0 |
Operating income | 23,076 | 49,918 | 10,233 | 43,766 | 48,302 | 19,844 | 27,378 | 22,390 | 126,993 | 117,914 | 57,351 |
Other expenses, net | -2,196 | -6,368 | 29,489 | 7,497 | 17,646 | 13,294 | 10,613 | 27,862 | 28,422 | 69,415 | 30,471 |
Income (loss) from continuing operations before income taxes | 25,272 | 56,286 | -19,256 | 36,269 | 30,656 | 6,550 | 16,765 | -5,472 | 98,571 | 48,499 | 26,880 |
Income tax expense (benefit) | 12,569 | 24,090 | -6,672 | 16,526 | 24,051 | 3,413 | 9,288 | -54,006 | 46,513 | -17,254 | -2,078 |
Income (loss) from continuing operations | 12,703 | 32,196 | -12,584 | 19,743 | 6,605 | 3,137 | 7,477 | 48,534 | 52,058 | 65,753 | 28,958 |
Income (loss) from discontinued operations, net of income taxes | 4 | 0 | 0 | -5 | -6 | -2 | 35 | 32 | -1 | 59 | 2,939 |
Net income (loss) | 12,707 | 32,196 | -12,584 | 19,738 | 6,599 | 3,135 | 7,512 | 48,566 | 52,057 | 65,812 | 31,897 |
Less: net income attributable to noncontrolling interests | 4,633 | 6,934 | 5,025 | 6,150 | 3,319 | 5,054 | 3,943 | 5,143 | 22,817 | 17,710 | 9,797 |
Net income (loss) attributable to SemGroup | $8,074 | $25,262 | ($17,609) | $13,588 | $3,280 | ($1,919) | $3,569 | $43,423 | $29,240 | $48,102 | $22,100 |
Basic earnings (loss) per share, net | $0.19 | $0.59 | ($0.41) | $0.32 | $0.08 | ($0.05) | $0.08 | $1.03 | $0.69 | $1.14 | $0.53 |
Earnings Per Share, Diluted | $0.18 | $0.59 | ($0.41) | $0.29 | $0.08 | ($0.05) | $0.08 | $1.03 | $0.68 | $1.13 | $0.52 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (NGL Energy [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NGL Energy [Member] | |||
Related Party Transaction | |||
Revenues from related party | $456,987 | $796,440 | $421,311 |
Purchases from related party | 437,015 | 669,450 | 336,612 |
Reimbursements from NGL Energy for transition services | $168 | $198 | $575 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Glass Mountain Pipeline LLC [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $800,000 | ||
Related Party Reimbursement of Expense from a Related Party Transaction | 700,000 | ||
White Cliffs Pipeline, LLC [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Revenues from related party | 2,900,000 | 2,900,000 | 2,500,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 0 | ||
Law Firm [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Legal fees | 1,300,000 | 1,900,000 | 1,700,000 |
White Cliffs Pipeline, LLC [Member] | Law Firm [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Legal fees | $100,000 | $200,000 | $100,000 |
Condensed_Consolidating_Guaran2
Condensed Consolidating Guarantor Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash and cash equivalents | $40,598,000 | $79,351,000 | $40,598,000 | $79,351,000 | $80,029,000 | $73,613,000 | ||||||
Restricted cash | 6,980,000 | 5,119,000 | 6,980,000 | 5,119,000 | ||||||||
Accounts Receivable, net | 351,334,000 | 323,965,000 | 351,334,000 | 323,965,000 | ||||||||
Receivable from affiliates | 16,819,000 | 67,273,000 | 16,819,000 | 67,273,000 | ||||||||
Inventories | 43,532,000 | 44,295,000 | 43,532,000 | 44,295,000 | ||||||||
Other current assets | 20,017,000 | 14,011,000 | 20,017,000 | 14,011,000 | ||||||||
Total current assets | 479,280,000 | 534,014,000 | 479,280,000 | 534,014,000 | ||||||||
Property, plant and equipment | 1,256,825,000 | 1,105,728,000 | 1,256,825,000 | 1,105,728,000 | ||||||||
Equity method investments | 577,920,000 | 565,124,000 | 577,920,000 | 565,124,000 | ||||||||
Goodwill | 58,326,000 | 62,021,000 | 58,326,000 | 62,021,000 | 9,884,000 | 9,453,000 | ||||||
Other intangible assets | 173,065,000 | 174,838,000 | 173,065,000 | 174,838,000 | ||||||||
Other noncurrent assets | 44,386,000 | 28,889,000 | 44,386,000 | 28,889,000 | ||||||||
Total assets | 2,589,802,000 | 2,470,614,000 | 2,589,802,000 | 2,470,614,000 | ||||||||
Accounts payable | 257,177,000 | 254,467,000 | 257,177,000 | 254,467,000 | ||||||||
Due to Related Parties, Current | 13,460,000 | 62,279,000 | 13,460,000 | 62,279,000 | ||||||||
Accrued liabilities | 92,694,000 | 83,429,000 | 92,694,000 | 83,429,000 | ||||||||
Payables to pre-petition creditors | 3,129,000 | 3,177,000 | 3,129,000 | 3,177,000 | ||||||||
Deferred revenue | 23,688,000 | 25,538,000 | 23,688,000 | 25,538,000 | ||||||||
Other Liabilities, Current | 1,474,000 | 12,153,000 | 1,474,000 | 12,153,000 | ||||||||
Other Liabilities, Current | 70,287,000 | 70,287,000 | ||||||||||
Current portion of long-term debt | 40,000 | 37,000 | 40,000 | 37,000 | ||||||||
Total current liabilities | 391,662,000 | 499,214,000 | 391,662,000 | 499,214,000 | ||||||||
Long-term debt | 767,092,000 | 615,088,000 | 767,092,000 | 615,088,000 | ||||||||
Deferred income taxes | 161,956,000 | 100,945,000 | 161,956,000 | 100,945,000 | ||||||||
Other noncurrent liabilities | 49,655,000 | 41,504,000 | 49,655,000 | 41,504,000 | ||||||||
Commitments and contingencies | ||||||||||||
Stockholders' Equity Attributable to Parent | 1,149,508,000 | 1,053,902,000 | 1,149,508,000 | 1,053,902,000 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 69,929,000 | 159,961,000 | 69,929,000 | 159,961,000 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,219,437,000 | 1,213,863,000 | 1,219,437,000 | 1,213,863,000 | 1,021,528,000 | 978,665,000 | ||||||
Liabilities and Equity | 2,589,802,000 | 2,470,614,000 | 2,589,802,000 | 2,470,614,000 | ||||||||
Sales Revenue, Goods, Gross | 1,780,314,000 | 1,145,104,000 | 953,738,000 | |||||||||
Sales Revenue, Services, Other | 233,239,000 | 140,198,000 | 117,721,000 | |||||||||
Other Revenue, Net | 109,026,000 | 141,714,000 | 166,038,000 | |||||||||
Revenue | 547,237,000 | 594,235,000 | 482,224,000 | 498,883,000 | 457,328,000 | 357,748,000 | 324,244,000 | 287,696,000 | 2,122,579,000 | 1,427,016,000 | 1,237,497,000 | |
Costs of products sold | 1,623,358,000 | 1,020,100,000 | 874,885,000 | |||||||||
Operating Costs and Expenses | 246,613,000 | 223,585,000 | 224,700,000 | |||||||||
General and administrative | 87,845,000 | 78,597,000 | 71,918,000 | |||||||||
Depreciation and amortization | 98,397,000 | 66,409,000 | 48,210,000 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 11,959,000 | 1,376,000 | 19,315,000 | -58,000 | -109,000 | 408,000 | -376,000 | -162,000 | 32,592,000 | -239,000 | -3,531,000 | |
Costs and Expenses | 542,109,000 | 577,312,000 | 491,178,000 | 478,206,000 | 448,687,000 | 345,387,000 | 311,727,000 | 282,651,000 | 2,088,805,000 | 1,388,452,000 | 1,216,182,000 | |
Earnings from equity method investments | 15,827,000 | 14,223,000 | 19,187,000 | 14,962,000 | 12,788,000 | 7,483,000 | 14,861,000 | 17,345,000 | 64,199,000 | 52,477,000 | 36,036,000 | |
Gain on issuance of common units by equity method investee | 2,121,000 | 18,772,000 | 0 | 8,127,000 | 26,873,000 | 0 | 0 | 0 | 29,020,000 | 26,873,000 | 0 | |
Operating income (loss) | 23,076,000 | 49,918,000 | 10,233,000 | 43,766,000 | 48,302,000 | 19,844,000 | 27,378,000 | 22,390,000 | 126,993,000 | 117,914,000 | 57,351,000 | |
Interest Expense | 49,044,000 | 25,142,000 | 8,902,000 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | -86,000 | -1,633,000 | 298,000 | |||||||||
Other expense (income), net | -20,536,000 | 45,906,000 | 21,271,000 | |||||||||
Other expenses, net | -2,196,000 | -6,368,000 | 29,489,000 | 7,497,000 | 17,646,000 | 13,294,000 | 10,613,000 | 27,862,000 | 28,422,000 | 69,415,000 | 30,471,000 | |
Income (loss) from continuing operations before income taxes | 25,272,000 | 56,286,000 | -19,256,000 | 36,269,000 | 30,656,000 | 6,550,000 | 16,765,000 | -5,472,000 | 98,571,000 | 48,499,000 | 26,880,000 | |
Income tax expense (benefit) | 12,569,000 | 24,090,000 | -6,672,000 | 16,526,000 | 24,051,000 | 3,413,000 | 9,288,000 | -54,006,000 | 46,513,000 | -17,254,000 | -2,078,000 | |
Income (Loss) from Continuing Operations Attributable to Parent | 52,058,000 | 65,753,000 | 28,958,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,000 | 0 | 0 | -5,000 | -6,000 | -2,000 | 35,000 | 32,000 | -1,000 | 59,000 | 2,939,000 | |
Net income (loss) | 12,707,000 | 32,196,000 | -12,584,000 | 19,738,000 | 6,599,000 | 3,135,000 | 7,512,000 | 48,566,000 | 52,057,000 | 65,812,000 | 31,897,000 | |
Less: net income attributable to noncontrolling interests | 4,633,000 | 6,934,000 | 5,025,000 | 6,150,000 | 3,319,000 | 5,054,000 | 3,943,000 | 5,143,000 | 22,817,000 | 17,710,000 | 9,797,000 | |
Net income (loss) attributable to SemGroup | 8,074,000 | 25,262,000 | -17,609,000 | 13,588,000 | 3,280,000 | -1,919,000 | 3,569,000 | 43,423,000 | 29,240,000 | 48,102,000 | 22,100,000 | |
Other Comprehensive Income (Loss), Net of Tax | -24,287,000 | -1,555,000 | 12,576,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 27,770,000 | 64,257,000 | 44,473,000 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 22,817,000 | 17,710,000 | 9,797,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,953,000 | 46,547,000 | 34,676,000 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 181,658,000 | 173,409,000 | 79,642,000 | |||||||||
Capital expenditures | -270,506,000 | -215,609,000 | -119,319,000 | |||||||||
Proceeds from sale of long-lived assets | 4,445,000 | 1,279,000 | 2,641,000 | |||||||||
Investments in non-consolidated subsidiaries | -71,131,000 | -173,868,000 | -78,253,000 | |||||||||
Payments to acquire businesses | -44,508,000 | -362,456,000 | 0 | |||||||||
Proceeds from sale of non-consolidated affiliate | 3,500,000 | |||||||||||
Proceeds from the sale of SemStream assets | 0 | 0 | 12,250,000 | |||||||||
Proceeds from Sale of Equity Method Investments | 79,741,000 | 0 | 0 | |||||||||
Distributions from equity method investments in excess of equity in earnings | 11,734,000 | 12,246,000 | 17,290,000 | |||||||||
Net Cash Provided by (Used in) Investing Activities | -290,225,000 | -738,408,000 | -161,891,000 | |||||||||
Payments of Debt Issuance Costs | -8,686,000 | -14,936,000 | -707,000 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 1,254,244,000 | 1,268,474,000 | 318,000,000 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -1,102,272,000 | -859,412,000 | -222,066,000 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 210,226,000 | 0 | |||||||||
Distributions to noncontrolling interests | -28,494,000 | -17,647,000 | -8,502,000 | |||||||||
Proceeds from warrant exercises | 1,451,000 | 225,000 | 0 | |||||||||
Repurchase of common stock | -719,000 | -371,000 | -242,000 | |||||||||
Dividends paid | -44,206,000 | -25,429,000 | 0 | |||||||||
Intercompany payments and receipts | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 73,308,000 | 561,130,000 | 86,483,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | -3,494,000 | 3,191,000 | -610,000 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | -38,753,000 | -678,000 | 3,624,000 | |||||||||
Change in cash and cash equivalents included in discontinued operations | 0 | 0 | 2,792,000 | |||||||||
Change in cash and cash equivalents from continuing operations | -38,753,000 | -678,000 | 6,416,000 | |||||||||
Proceeds from the sale of equity method investments 2 | 0 | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340,000 | 0 | 0 | |||||||||
Excess tax benefit from equity-based awards | 1,650,000 | 0 | 0 | |||||||||
Parent Company [Member] | ||||||||||||
Cash and cash equivalents | 9,254,000 | 2,545,000 | 9,254,000 | 2,545,000 | 19,123,000 | 111,000 | ||||||
Restricted cash | 3,856,000 | 3,851,000 | 3,856,000 | 3,851,000 | ||||||||
Accounts Receivable, net | 9,669,000 | 649,000 | 9,669,000 | 649,000 | ||||||||
Receivable from affiliates | 2,512,000 | 1,519,000 | 2,512,000 | 1,519,000 | ||||||||
Inventories | 0 | 0 | 0 | 0 | ||||||||
Other current assets | 10,498,000 | 8,712,000 | 10,498,000 | 8,712,000 | ||||||||
Total current assets | 35,789,000 | 17,276,000 | 35,789,000 | 17,276,000 | ||||||||
Property, plant and equipment | 4,112,000 | 4,114,000 | 4,112,000 | 4,114,000 | ||||||||
Equity method investments | 1,551,825,000 | 1,511,922,000 | 1,551,825,000 | 1,511,922,000 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other intangible assets | 26,000 | 31,000 | 26,000 | 31,000 | ||||||||
Other noncurrent assets | 24,555,000 | 15,263,000 | 24,555,000 | 15,263,000 | ||||||||
Total assets | 1,616,307,000 | 1,548,606,000 | 1,616,307,000 | 1,548,606,000 | ||||||||
Accounts payable | 649,000 | 1,172,000 | 649,000 | 1,172,000 | ||||||||
Due to Related Parties, Current | 21,000 | 17,000 | 21,000 | 17,000 | ||||||||
Accrued liabilities | 11,989,000 | 10,072,000 | 11,989,000 | 10,072,000 | ||||||||
Payables to pre-petition creditors | 3,129,000 | 3,124,000 | 3,129,000 | 3,124,000 | ||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 224,000 | 224,000 | ||||||||||
Other Liabilities, Current | 61,875,000 | 61,875,000 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 16,012,000 | 76,260,000 | 16,012,000 | 76,260,000 | ||||||||
Long-term debt | 335,000,000 | 370,000,000 | 335,000,000 | 370,000,000 | ||||||||
Deferred income taxes | 112,897,000 | 48,436,000 | 112,897,000 | 48,436,000 | ||||||||
Other noncurrent liabilities | 2,886,000 | 8,000 | 2,886,000 | 8,000 | ||||||||
Stockholders' Equity Attributable to Parent | 1,149,512,000 | 1,053,902,000 | 1,149,512,000 | 1,053,902,000 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,149,512,000 | 1,053,902,000 | 1,149,512,000 | 1,053,902,000 | ||||||||
Liabilities and Equity | 1,616,307,000 | 1,548,606,000 | 1,616,307,000 | 1,548,606,000 | ||||||||
Sales Revenue, Goods, Gross | 0 | 0 | 0 | |||||||||
Sales Revenue, Services, Other | 0 | 0 | 0 | |||||||||
Other Revenue, Net | 0 | 0 | 0 | |||||||||
Revenue | 0 | 0 | 0 | |||||||||
Costs of products sold | 0 | 0 | 0 | |||||||||
Operating Costs and Expenses | 0 | 0 | 0 | |||||||||
General and administrative | 22,394,000 | 21,560,000 | 22,105,000 | |||||||||
Depreciation and amortization | 1,678,000 | 2,001,000 | 2,496,000 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 5,945,000 | 0 | 0 | |||||||||
Costs and Expenses | 30,017,000 | 23,561,000 | 24,601,000 | |||||||||
Earnings from equity method investments | 48,760,000 | 67,965,000 | 66,671,000 | |||||||||
Gain on issuance of common units by equity method investee | 29,020,000 | 26,873,000 | ||||||||||
Operating income (loss) | 47,763,000 | 71,277,000 | 42,070,000 | |||||||||
Interest Expense | 8,423,000 | 4,826,000 | 3,942,000 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | |||||||||
Other expense (income), net | -24,092,000 | 40,928,000 | 15,698,000 | |||||||||
Other expenses, net | -15,669,000 | 45,754,000 | 19,640,000 | |||||||||
Income (loss) from continuing operations before income taxes | 63,432,000 | 25,523,000 | 22,430,000 | |||||||||
Income tax expense (benefit) | 34,192,000 | -22,579,000 | 334,000 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 29,240,000 | 48,102,000 | 22,096,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 4,000 | |||||||||
Net income (loss) | 29,240,000 | 48,102,000 | 22,100,000 | |||||||||
Net income (loss) attributable to SemGroup | 29,240,000 | 48,102,000 | 22,100,000 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 5,159,000 | -1,517,000 | 917,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 34,399,000 | 46,585,000 | 23,017,000 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 34,399,000 | 46,585,000 | 23,017,000 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 27,393,000 | 20,130,000 | -4,535,000 | |||||||||
Capital expenditures | -1,672,000 | -734,000 | -1,977,000 | |||||||||
Proceeds from sale of long-lived assets | 0 | 23,000 | 19,000 | |||||||||
Investments in non-consolidated subsidiaries | 0 | -18,775,000 | -1,740,000 | |||||||||
Payments to acquire businesses | 0 | 0 | ||||||||||
Proceeds from sale of non-consolidated affiliate | 0 | |||||||||||
Proceeds from the sale of SemStream assets | 12,250,000 | |||||||||||
Proceeds from Sale of Equity Method Investments | 79,741,000 | 362,600,000 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 1,843,000 | 0 | 9,218,000 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 194,324,000 | 343,114,000 | 17,770,000 | |||||||||
Payments of Debt Issuance Costs | -93,000 | -10,866,000 | -455,000 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 405,500,000 | 706,000,000 | 318,000,000 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -440,500,000 | -537,500,000 | -194,000,000 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | |||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 1,451,000 | 225,000 | ||||||||||
Repurchase of common stock | -719,000 | -371,000 | -242,000 | |||||||||
Dividends paid | -44,206,000 | -25,429,000 | ||||||||||
Intercompany payments and receipts | -138,431,000 | -511,881,000 | -117,526,000 | |||||||||
Net Cash Provided by (Used in) Financing Activities | -215,008,000 | -379,822,000 | 5,777,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 6,709,000 | -16,578,000 | 19,012,000 | |||||||||
Change in cash and cash equivalents included in discontinued operations | 0 | |||||||||||
Change in cash and cash equivalents from continuing operations | 19,012,000 | |||||||||||
Proceeds from the sale of equity method investments 2 | 114,412,000 | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 340,000 | |||||||||||
Excess tax benefit from equity-based awards | 1,650,000 | |||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted cash | 0 | 0 | 0 | 0 | ||||||||
Accounts Receivable, net | 32,932,000 | 14,642,000 | 32,932,000 | 14,642,000 | ||||||||
Receivable from affiliates | 6,628,000 | 14,063,000 | 6,628,000 | 14,063,000 | ||||||||
Inventories | 248,000 | 1,046,000 | 248,000 | 1,046,000 | ||||||||
Other current assets | 615,000 | 193,000 | 615,000 | 193,000 | ||||||||
Total current assets | 40,423,000 | 29,944,000 | 40,423,000 | 29,944,000 | ||||||||
Property, plant and equipment | 512,508,000 | 366,067,000 | 512,508,000 | 366,067,000 | ||||||||
Equity method investments | 692,872,000 | 461,056,000 | 692,872,000 | 461,056,000 | ||||||||
Goodwill | 13,052,000 | 23,839,000 | 13,052,000 | 23,839,000 | ||||||||
Other intangible assets | 152,383,000 | 163,144,000 | 152,383,000 | 163,144,000 | ||||||||
Other noncurrent assets | 958,000 | 1,302,000 | 958,000 | 1,302,000 | ||||||||
Total assets | 1,412,196,000 | 1,045,352,000 | 1,412,196,000 | 1,045,352,000 | ||||||||
Accounts payable | 22,477,000 | 24,234,000 | 22,477,000 | 24,234,000 | ||||||||
Due to Related Parties, Current | 52,000 | 115,000 | 52,000 | 115,000 | ||||||||
Accrued liabilities | 19,154,000 | 17,341,000 | 19,154,000 | 17,341,000 | ||||||||
Payables to pre-petition creditors | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 707,000 | 707,000 | ||||||||||
Other Liabilities, Current | 715,000 | 715,000 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 42,390,000 | 42,405,000 | 42,390,000 | 42,405,000 | ||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent liabilities | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | 1,369,806,000 | 1,002,947,000 | 1,369,806,000 | 1,002,947,000 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,369,806,000 | 1,002,947,000 | 1,369,806,000 | 1,002,947,000 | ||||||||
Liabilities and Equity | 1,412,196,000 | 1,045,352,000 | 1,412,196,000 | 1,045,352,000 | ||||||||
Sales Revenue, Goods, Gross | 338,621,000 | 224,072,000 | 123,424,000 | |||||||||
Sales Revenue, Services, Other | 44,592,000 | 3,868,000 | 1,198,000 | |||||||||
Other Revenue, Net | 0 | 0 | 387,000 | |||||||||
Revenue | 383,213,000 | 227,940,000 | 125,009,000 | |||||||||
Costs of products sold | 273,309,000 | 166,735,000 | 98,224,000 | |||||||||
Operating Costs and Expenses | 33,591,000 | 19,541,000 | 12,719,000 | |||||||||
General and administrative | 10,796,000 | 9,437,000 | 8,360,000 | |||||||||
Depreciation and amortization | 29,677,000 | 14,452,000 | 6,448,000 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 54,698,000 | 668,000 | 276,000 | |||||||||
Costs and Expenses | 402,071,000 | 210,833,000 | 126,027,000 | |||||||||
Earnings from equity method investments | 102,866,000 | 54,995,000 | 85,330,000 | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | ||||||||||
Operating income (loss) | 84,008,000 | 72,102,000 | 84,312,000 | |||||||||
Interest Expense | 19,186,000 | 9,781,000 | -240,000 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | |||||||||
Other expense (income), net | 500,000 | 0 | -21,000 | |||||||||
Other expenses, net | 19,686,000 | 9,781,000 | -261,000 | |||||||||
Income (loss) from continuing operations before income taxes | 64,322,000 | 62,321,000 | 84,573,000 | |||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 64,322,000 | 62,321,000 | 84,573,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 65,000 | -17,000 | |||||||||
Net income (loss) | 64,322,000 | 62,386,000 | 84,556,000 | |||||||||
Net income (loss) attributable to SemGroup | 64,322,000 | 62,386,000 | 84,556,000 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 64,322,000 | 62,386,000 | 84,556,000 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 64,322,000 | 62,386,000 | 84,556,000 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 56,178,000 | 24,642,000 | 6,236,000 | |||||||||
Capital expenditures | -180,361,000 | -123,246,000 | -59,317,000 | |||||||||
Proceeds from sale of long-lived assets | 2,368,000 | 19,000 | -202,000 | |||||||||
Investments in non-consolidated subsidiaries | -16,201,000 | -57,850,000 | -74,434,000 | |||||||||
Payments to acquire businesses | -514,000 | -313,487,000 | ||||||||||
Proceeds from sale of non-consolidated affiliate | 0 | |||||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 2,344,000 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Investing Activities | -192,364,000 | -494,564,000 | -133,953,000 | |||||||||
Payments of Debt Issuance Costs | 0 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | |||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | ||||||||||
Intercompany payments and receipts | 136,186,000 | 469,922,000 | 127,717,000 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 136,186,000 | 469,922,000 | 127,717,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |||||||||
Change in cash and cash equivalents included in discontinued operations | 0 | |||||||||||
Change in cash and cash equivalents from continuing operations | 0 | |||||||||||
Proceeds from the sale of equity method investments 2 | 0 | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0 | |||||||||||
Excess tax benefit from equity-based awards | 0 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Cash and cash equivalents | 35,486,000 | 78,364,000 | 35,486,000 | 78,364,000 | 63,844,000 | 76,264,000 | ||||||
Restricted cash | 3,124,000 | 1,268,000 | 3,124,000 | 1,268,000 | ||||||||
Accounts Receivable, net | 308,733,000 | 308,674,000 | 308,733,000 | 308,674,000 | ||||||||
Receivable from affiliates | 15,655,000 | 56,040,000 | 15,655,000 | 56,040,000 | ||||||||
Inventories | 43,284,000 | 43,249,000 | 43,284,000 | 43,249,000 | ||||||||
Other current assets | 8,904,000 | 5,106,000 | 8,904,000 | 5,106,000 | ||||||||
Total current assets | 415,186,000 | 492,701,000 | 415,186,000 | 492,701,000 | ||||||||
Property, plant and equipment | 740,205,000 | 735,547,000 | 740,205,000 | 735,547,000 | ||||||||
Equity method investments | 269,634,000 | 159,321,000 | 269,634,000 | 159,321,000 | ||||||||
Goodwill | 45,274,000 | 38,182,000 | 45,274,000 | 38,182,000 | ||||||||
Other intangible assets | 20,656,000 | 11,663,000 | 20,656,000 | 11,663,000 | ||||||||
Other noncurrent assets | 18,873,000 | 12,324,000 | 18,873,000 | 12,324,000 | ||||||||
Total assets | 1,509,828,000 | 1,449,738,000 | 1,509,828,000 | 1,449,738,000 | ||||||||
Accounts payable | 234,051,000 | 229,061,000 | 234,051,000 | 229,061,000 | ||||||||
Due to Related Parties, Current | 21,363,000 | 67,062,000 | 21,363,000 | 67,062,000 | ||||||||
Accrued liabilities | 61,549,000 | 56,011,000 | 61,549,000 | 56,011,000 | ||||||||
Payables to pre-petition creditors | 0 | 53,000 | 0 | 53,000 | ||||||||
Deferred revenue | 23,688,000 | 25,538,000 | 23,688,000 | 25,538,000 | ||||||||
Other Liabilities, Current | 543,000 | 543,000 | ||||||||||
Other Liabilities, Current | 7,697,000 | 7,697,000 | ||||||||||
Current portion of long-term debt | 40,000 | 37,000 | 40,000 | 37,000 | ||||||||
Total current liabilities | 341,234,000 | 385,459,000 | 341,234,000 | 385,459,000 | ||||||||
Long-term debt | 490,946,000 | 245,088,000 | 490,946,000 | 245,088,000 | ||||||||
Deferred income taxes | 49,059,000 | 52,509,000 | 49,059,000 | 52,509,000 | ||||||||
Other noncurrent liabilities | 46,769,000 | 41,496,000 | 46,769,000 | 41,496,000 | ||||||||
Stockholders' Equity Attributable to Parent | 511,891,000 | 565,225,000 | 511,891,000 | 565,225,000 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 69,929,000 | 159,961,000 | 69,929,000 | 159,961,000 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 581,820,000 | 725,186,000 | 581,820,000 | 725,186,000 | ||||||||
Liabilities and Equity | 1,509,828,000 | 1,449,738,000 | 1,509,828,000 | 1,449,738,000 | ||||||||
Sales Revenue, Goods, Gross | 1,479,543,000 | 944,984,000 | 840,892,000 | |||||||||
Sales Revenue, Services, Other | 188,647,000 | 136,330,000 | 116,523,000 | |||||||||
Other Revenue, Net | 109,026,000 | 141,714,000 | 165,651,000 | |||||||||
Revenue | 1,777,216,000 | 1,223,028,000 | 1,123,066,000 | |||||||||
Costs of products sold | 1,387,899,000 | 877,317,000 | 787,239,000 | |||||||||
Operating Costs and Expenses | 213,022,000 | 204,044,000 | 211,981,000 | |||||||||
General and administrative | 54,655,000 | 47,600,000 | 41,453,000 | |||||||||
Depreciation and amortization | 67,042,000 | 49,956,000 | 39,266,000 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | -28,051,000 | -907,000 | -3,807,000 | |||||||||
Costs and Expenses | 1,694,567,000 | 1,178,010,000 | 1,076,132,000 | |||||||||
Earnings from equity method investments | 49,620,000 | 44,203,000 | 36,439,000 | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | ||||||||||
Operating income (loss) | 132,269,000 | 89,221,000 | 83,373,000 | |||||||||
Interest Expense | 24,740,000 | 15,947,000 | 11,056,000 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | -86,000 | -1,633,000 | 298,000 | |||||||||
Other expense (income), net | -246,000 | -434,000 | -262,000 | |||||||||
Other expenses, net | 24,408,000 | 13,880,000 | 11,092,000 | |||||||||
Income (loss) from continuing operations before income taxes | 107,861,000 | 75,341,000 | 72,281,000 | |||||||||
Income tax expense (benefit) | 12,321,000 | 5,325,000 | -2,412,000 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 95,540,000 | 70,016,000 | 74,693,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -1,000 | -6,000 | 2,952,000 | |||||||||
Net income (loss) | 95,539,000 | 70,010,000 | 77,645,000 | |||||||||
Less: net income attributable to noncontrolling interests | 22,817,000 | 17,710,000 | 9,797,000 | |||||||||
Net income (loss) attributable to SemGroup | 72,722,000 | 52,300,000 | 67,848,000 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | -29,446,000 | -38,000 | 11,659,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 66,093,000 | 69,972,000 | 89,304,000 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 22,817,000 | 17,710,000 | 9,797,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 43,276,000 | 52,262,000 | 79,507,000 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 188,376,000 | 148,872,000 | 93,534,000 | |||||||||
Capital expenditures | -88,473,000 | -91,629,000 | -58,025,000 | |||||||||
Proceeds from sale of long-lived assets | 2,077,000 | 1,237,000 | 2,824,000 | |||||||||
Investments in non-consolidated subsidiaries | -54,930,000 | -97,243,000 | -2,079,000 | |||||||||
Payments to acquire businesses | -43,994,000 | -48,969,000 | ||||||||||
Proceeds from sale of non-consolidated affiliate | 3,500,000 | |||||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 9,390,000 | 12,246,000 | 8,072,000 | |||||||||
Net Cash Provided by (Used in) Investing Activities | -175,930,000 | -224,358,000 | -45,708,000 | |||||||||
Payments of Debt Issuance Costs | -8,593,000 | -4,070,000 | -252,000 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 848,744,000 | 562,474,000 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -661,772,000 | -321,912,000 | -28,066,000 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 210,226,000 | |||||||||||
Distributions to noncontrolling interests | -28,494,000 | -17,647,000 | -8,502,000 | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | ||||||||||
Intercompany payments and receipts | -201,715,000 | -342,256,000 | -25,608,000 | |||||||||
Net Cash Provided by (Used in) Financing Activities | -51,830,000 | 86,815,000 | -62,428,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | -3,494,000 | 3,191,000 | -610,000 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | -42,878,000 | 14,520,000 | -15,212,000 | |||||||||
Change in cash and cash equivalents included in discontinued operations | 2,792,000 | |||||||||||
Change in cash and cash equivalents from continuing operations | -12,420,000 | |||||||||||
Proceeds from the sale of equity method investments 2 | 0 | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0 | |||||||||||
Excess tax benefit from equity-based awards | 0 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Cash and cash equivalents | -4,142,000 | -1,558,000 | -4,142,000 | -1,558,000 | -2,938,000 | -2,762,000 | ||||||
Restricted cash | 0 | 0 | 0 | 0 | ||||||||
Accounts Receivable, net | 0 | 0 | 0 | 0 | ||||||||
Receivable from affiliates | -7,976,000 | -4,349,000 | -7,976,000 | -4,349,000 | ||||||||
Inventories | 0 | 0 | 0 | 0 | ||||||||
Other current assets | 0 | 0 | 0 | 0 | ||||||||
Total current assets | -12,118,000 | -5,907,000 | -12,118,000 | -5,907,000 | ||||||||
Property, plant and equipment | 0 | 0 | 0 | 0 | ||||||||
Equity method investments | -1,936,411,000 | -1,567,175,000 | -1,936,411,000 | -1,567,175,000 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other intangible assets | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent assets | 0 | 0 | 0 | 0 | ||||||||
Total assets | -1,948,529,000 | -1,573,082,000 | -1,948,529,000 | -1,573,082,000 | ||||||||
Accounts payable | 0 | 0 | 0 | 0 | ||||||||
Due to Related Parties, Current | -7,976,000 | -4,915,000 | -7,976,000 | -4,915,000 | ||||||||
Accrued liabilities | 2,000 | 5,000 | 2,000 | 5,000 | ||||||||
Payables to pre-petition creditors | 0 | 0 | 0 | 0 | ||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 0 | 0 | ||||||||||
Other Liabilities, Current | 0 | 0 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | -7,974,000 | -4,910,000 | -7,974,000 | -4,910,000 | ||||||||
Long-term debt | -58,854,000 | 0 | -58,854,000 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent liabilities | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | -1,881,701,000 | -1,568,172,000 | -1,881,701,000 | -1,568,172,000 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,881,701,000 | -1,568,172,000 | -1,881,701,000 | -1,568,172,000 | ||||||||
Liabilities and Equity | -1,948,529,000 | -1,573,082,000 | -1,948,529,000 | -1,573,082,000 | ||||||||
Sales Revenue, Goods, Gross | -37,850,000 | -23,952,000 | -10,578,000 | |||||||||
Sales Revenue, Services, Other | 0 | 0 | 0 | |||||||||
Other Revenue, Net | 0 | 0 | 0 | |||||||||
Revenue | -37,850,000 | -23,952,000 | -10,578,000 | |||||||||
Costs of products sold | -37,850,000 | -23,952,000 | -10,578,000 | |||||||||
Operating Costs and Expenses | 0 | 0 | 0 | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 0 | 0 | 0 | |||||||||
Costs and Expenses | -37,850,000 | -23,952,000 | -10,578,000 | |||||||||
Earnings from equity method investments | -137,047,000 | -114,686,000 | -152,404,000 | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | ||||||||||
Operating income (loss) | -137,047,000 | -114,686,000 | -152,404,000 | |||||||||
Interest Expense | -3,305,000 | -5,412,000 | -5,856,000 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | |||||||||
Other expense (income), net | 3,302,000 | 5,412,000 | 5,856,000 | |||||||||
Other expenses, net | -3,000 | 0 | 0 | |||||||||
Income (loss) from continuing operations before income taxes | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Net income (loss) attributable to SemGroup | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -137,044,000 | -114,686,000 | -152,404,000 | |||||||||
Net Cash Provided by (Used in) Operating Activities | -90,289,000 | -20,235,000 | -15,593,000 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Proceeds from sale of long-lived assets | 0 | 0 | 0 | |||||||||
Investments in non-consolidated subsidiaries | 0 | 0 | 0 | |||||||||
Payments to acquire businesses | 0 | 0 | ||||||||||
Proceeds from sale of non-consolidated affiliate | 0 | |||||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | -362,600,000 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | -1,843,000 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Investing Activities | -116,255,000 | -362,600,000 | 0 | |||||||||
Payments of Debt Issuance Costs | 0 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | |||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | ||||||||||
Intercompany payments and receipts | 203,960,000 | 384,215,000 | 15,417,000 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 203,960,000 | 384,215,000 | 15,417,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | -2,584,000 | 1,380,000 | -176,000 | |||||||||
Change in cash and cash equivalents included in discontinued operations | 0 | |||||||||||
Change in cash and cash equivalents from continuing operations | -176,000 | |||||||||||
Proceeds from the sale of equity method investments 2 | -114,412,000 | |||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0 | |||||||||||
Excess tax benefit from equity-based awards | $0 |
Condensed_Consolidating_Guaran3
Condensed Consolidating Guarantor Financial Statements (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 14, 2013 |
In Thousands, unless otherwise specified | |||
Senior notes | $300,000 | ||
Corporate Segment [Member] | |||
Senior notes | $300,000 | $300,000 | $300,000 |
Senior Notes [Member] | |||
Debt instrument, interest rate stated percentage | 7.50% | ||
Senior Notes [Member] | Corporate Segment [Member] | |||
Debt instrument, interest rate stated percentage | 7.50% |