Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | SemGroup Corp | |
Entity Central Index Key | 1,489,136 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 43,932,265 | |
Class B | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 145,993 | $ 40,598 |
Restricted cash | 0 | 6,980 |
Accounts receivable (net of allowance of $2,275 and $3,260, respectively) | 333,157 | 351,334 |
Receivable from affiliates | 7,833 | 16,819 |
Inventories | 63,857 | 43,532 |
Other current assets | 20,401 | 20,017 |
Total current assets | 571,241 | 479,280 |
Property, plant and equipment (net of accumulated depreciation of $300,630 and $245,629, respectively) | 1,474,947 | 1,256,825 |
Equity method investments | 547,448 | 577,920 |
Goodwill | 57,592 | 58,326 |
Other intangible assets (net of accumulated amortization of $27,064 and $20,545, respectively) | 164,840 | 173,065 |
Other noncurrent assets, net | 61,500 | 44,386 |
Total assets | 2,877,568 | 2,589,802 |
Current liabilities: | ||
Accounts payable | 263,625 | 257,177 |
Payable to affiliates | 11,150 | 13,460 |
Accrued liabilities | 90,584 | 92,694 |
Payables to pre-petition creditors | 0 | 3,129 |
Deferred revenue | 11,403 | 23,688 |
Other current liabilities | 1,371 | 1,474 |
Current portion of long-term debt | 37 | 40 |
Total current liabilities | 378,170 | 391,662 |
Long-term debt | 1,044,468 | 767,092 |
Deferred income taxes | 198,297 | 161,956 |
Other noncurrent liabilities | $ 22,471 | $ 49,655 |
Commitments and contingencies (Note 9) | ||
SemGroup owners’ equity: | ||
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 44,847 and 44,689 shares, respectively) | $ 439 | $ 436 |
Additional paid-in capital | 1,236,061 | 1,245,877 |
Treasury stock, at cost (930 and 862 shares, respectively) | (5,591) | (1,332) |
Accumulated deficit | (38,696) | (68,332) |
Accumulated other comprehensive loss | (50,891) | (27,141) |
Total SemGroup Corporation owners’ equity | 1,141,322 | 1,149,508 |
Noncontrolling interests in consolidated subsidiaries | 92,840 | 69,929 |
Total owners’ equity | 1,234,162 | 1,219,437 |
Total liabilities and owners’ equity | $ 2,877,568 | $ 2,589,802 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,275 | $ 3,260 |
Accumulated depreciation | 300,630 | 245,629 |
Accumulated amortization | $ 27,064 | $ 20,545 |
Common stock, $0.01 par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 44,847 | 44,689 |
Treasury stock shares | 930 | 862 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Product | $ 313,351 | $ 495,436 | $ 822,218 | $ 1,325,452 |
Service | 64,091 | 65,219 | 192,572 | 167,176 |
Other | 19,623 | 33,580 | 57,811 | 82,714 |
Total revenues | 397,065 | 594,235 | 1,072,601 | 1,575,342 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 274,639 | 458,063 | 710,869 | 1,211,703 |
Operating | 53,267 | 69,377 | 167,157 | 179,579 |
General and administrative | 23,045 | 23,296 | 78,272 | 63,882 |
Depreciation and amortization | 26,022 | 25,200 | 74,430 | 70,899 |
Loss (gain) on disposal or impairment of long-lived assets, net | (951) | 1,376 | 1,479 | 20,633 |
Total expenses | 376,022 | 577,312 | 1,032,207 | 1,546,696 |
Earnings from equity method investments | 16,237 | 14,223 | 60,699 | 48,372 |
Gain on issuance of common units by equity method investee | 136 | 18,772 | 6,033 | 26,899 |
Operating income | 37,416 | 49,918 | 107,126 | 103,917 |
Other expenses (income), net: | ||||
Interest expense | 19,170 | 14,807 | 50,583 | 34,394 |
Foreign currency transaction loss (gain) | (385) | 128 | (1,199) | (388) |
Other income, net | (956) | (21,303) | (15,659) | (3,388) |
Total other expense (income), net | 17,829 | (6,368) | 33,725 | 30,618 |
Income from continuing operations before income taxes | 19,587 | 56,286 | 73,401 | 73,299 |
Income tax expense | 10,006 | 24,090 | 29,609 | 33,944 |
Income from continuing operations | 9,581 | 32,196 | 43,792 | 39,355 |
Loss from discontinued operations, net of income taxes | (1) | 0 | (3) | (5) |
Net income | 9,580 | 32,196 | 43,789 | 39,350 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Net income attributable to SemGroup | 4,873 | 25,262 | 29,636 | 21,166 |
Other comprehensive loss, net of income taxes | (20,210) | (10,331) | (23,750) | (6,618) |
Comprehensive income (loss) | (10,630) | 21,865 | 20,039 | 32,732 |
Less: comprehensive income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Comprehensive income (loss) attributable to SemGroup | $ (15,337) | $ 14,931 | $ 5,886 | $ 14,548 |
Net income attributable to SemGroup per common share (Note 11): | ||||
Basic | $ 0.11 | $ 0.59 | $ 0.68 | $ 0.50 |
Diluted | $ 0.11 | $ 0.59 | $ 0.67 | $ 0.49 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 43,789 | $ 39,350 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net unrealized gain related to derivative instruments | (3,316) | (656) |
Depreciation and amortization | 74,430 | 70,899 |
Loss on disposal or impairment of long-lived assets, net | 1,479 | 20,633 |
Earnings from equity method investments | (60,699) | (48,372) |
Gain on issuance of common units by equity method investee | (6,033) | (26,899) |
Gain on sale of common units of equity method investee | (14,517) | (26,748) |
Distributions from equity investments | 69,898 | 61,757 |
Amortization of debt issuance costs | 3,707 | 2,580 |
Deferred tax expense | 23,469 | 25,193 |
Non-cash equity compensation | 7,760 | 6,480 |
Excess tax benefit from equity-based awards | 0 | (1,650) |
Loss on fair value of warrants | 0 | 23,499 |
Provision for uncollectible accounts receivable, net of recoveries | (608) | 153 |
Currency gain | (1,199) | (388) |
Inventory valuation adjustment | 1,235 | 0 |
Changes in operating assets and liabilities (Note 12) | (2,346) | (39,931) |
Net cash provided by operating activities | 137,049 | 105,900 |
Cash flows from investing activities: | ||
Capital expenditures | (352,816) | (194,227) |
Proceeds from sale of long-lived assets | 2,537 | 4,083 |
Contributions to equity method investments | (34,059) | (70,730) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 44,508 |
Proceeds from sale of common units of equity method investee | 56,318 | 59,744 |
Distributions in excess of equity in earnings of affiliates | 19,564 | 6,565 |
Net cash used in investing activities | (308,456) | (239,073) |
Cash flows from financing activities: | ||
Debt issuance costs | (6,289) | (8,670) |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 802,208 | 1,074,244 |
Principal payments on credit facilities and other obligations | (525,037) | (896,261) |
Rose Rock Midstream, L.P. equity issuance | 89,119 | 0 |
Distributions to noncontrolling interests | (29,780) | (20,571) |
Proceeds from Warrant Exercises | 0 | 86 |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (4,259) | (719) |
Dividends paid | (49,836) | (31,149) |
Proceeds from issuance of common stock under employee stock purchase plan | 909 | 340 |
Excess tax benefit from equity-based awards | 0 | 1,650 |
Net cash provided by financing activities | 277,035 | 118,950 |
Effect of exchange rate changes on cash and cash equivalents | (233) | 1,921 |
Change in cash and cash equivalents | 105,395 | (12,302) |
Cash and cash equivalents at beginning of period | 40,598 | 79,351 |
Cash and cash equivalents at end of period | $ 145,993 | $ 67,049 |
Overview
Overview | 9 Months Ended |
Sep. 30, 2015 | |
Overview [Abstract] | |
OVERVIEW | OVERVIEW SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms "we," "our," "us," "SemGroup," "the Company" and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries. Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2014 , which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 , which are included in our Annual Report on Form 10-K for the year ended December 31, 2014 , filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2014 . Recent accounting pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than the lower of cost or market. The standard will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance shall be applied prospectively and early adoption is permitted. The Company will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance shall be applied on a retrospective basis for all periods presented. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which adds requirements that limited partnerships must meet to qualify as voting interest entities and modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States ("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 permits 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). In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. 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. We will adopt this guidance in the first quarter of 2018. 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 adopted this guidance in the first quarter of 2015. The impact was not material. |
Rose Rock Midstream, L.P.
Rose Rock Midstream, L.P. | 9 Months Ended |
Sep. 30, 2015 | |
Investments in and Advances to Affiliates [Line Items] | |
ROSE ROCK MIDSTREAM, L.P. | ROSE ROCK MIDSTREAM, L.P. We control the operations of our consolidated subsidiary, Rose Rock Midstream, L.P. (NYSE: RRMS) ("Rose Rock"), through our ownership of the general partner interest. As of September 30, 2015 , we own the 2% general partner interest and a 55.2% limited partner interest. On January 1, 2015, certain operational targets were achieved by White Cliffs Pipeline, L.L.C. ("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 Rose Rock's outstanding units representing limited partner interests. On February 13, 2015, we contributed the Wattenberg Oil Trunkline ("WOT") and our 50% ownership interest in Glass Mountain Pipeline, LLC ("Glass Mountain") to Rose Rock 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 and a related issuance of general partner interest, to allow the general partner to maintain its 2% general partner interest. As the transaction was between entities under common control, Rose Rock recorded the acquired assets and liabilities based on SemGroup's historical cost. The purchase price in excess of historical cost was treated as an equity transaction with SemGroup, which reduced the partners' capital accounts of Rose Rock's general and limited partners on a pro-rata basis. Additionally, the acquisition of WOT created a change in reporting entity which required Rose Rock's historical results to be recast as if WOT had been part of Rose Rock in prior periods. The historical summarized financial information of Rose Rock has been recast to reflect this change. The impact to prior periods was not significant. Prior period earnings of WOT have been allocated to the general partner. The acquisition of the equity method investment in Glass Mountain did not create a change in reporting entity. As such, prior periods have not been recast to include the historical results of Glass Mountain. There was no impact to SemGroup as these entities are all reported within the Crude segment. 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. Cash distributions We receive distributions from Rose Rock on our common units, our 2% general partner interest and incentive distribution rights. Rose Rock intends to pay a minimum quarterly distribution of $0.3625 per unit, to the extent it has sufficient available cash, as defined in Rose Rock’s partnership agreement. The following table shows the cash distributions paid or declared during 2015 and 2014 (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid/To Be Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2013 $ 0.4650 $ 257 $ 244 $ 2,041 $ 3,901 $ 6,398 $ 12,841 March 31, 2014 $ 0.4950 $ 278 $ 488 $ 2,173 $ 4,153 $ 6,811 $ 13,903 June 30, 2014 $ 0.5350 $ 334 $ 888 $ 3,646 $ 4,488 $ 7,362 $ 16,718 September 30, 2014 $ 0.5750 $ 377 $ 1,835 $ 3,918 $ 4,824 $ 7,912 $ 18,866 December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 * $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 *Expected distributions related to the quarter ended September 30, 2015 , which will be paid on November 13, 2015 to unitholders of record as of November 3, 2015 . Summarized financial information Certain summarized balance sheet information of Rose Rock is shown below (in thousands): (Unaudited) September 30, December 31, Cash $ 44,011 $ 3,625 Other current assets 304,634 271,144 Property, plant and equipment, net 425,820 396,066 Equity method investment 430,168 269,635 Goodwill 36,116 36,116 Other noncurrent assets, net 32,746 29,677 Total assets $ 1,273,495 $ 1,006,263 Current liabilities $ 270,452 $ 265,682 Long-term debt 744,468 432,092 Partners’ capital attributable to SemGroup 165,735 238,560 Partners’ capital attributable to noncontrolling interests 92,840 69,929 Total liabilities and partners' capital $ 1,273,495 $ 1,006,263 Certain summarized income statement information of Rose Rock for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 241,086 $ 376,856 $ 599,082 $ 961,526 Cost of products sold $ 195,244 $ 333,646 $ 464,614 $ 843,928 Operating, general and administrative expenses $ 23,420 $ 26,574 $ 79,976 $ 69,165 Depreciation and amortization expense $ 10,634 $ 8,395 $ 31,385 $ 27,153 Earnings from equity method investment $ 17,115 $ 16,289 $ 55,662 $ 39,660 Net income $ 16,421 $ 16,520 $ 48,089 $ 47,834 Noncontrolling interests in consolidated subsidiary retained by SemGroup $ — $ — $ — $ 7,758 Net income attributable to Rose Rock Midstream, L.P. $ 16,421 $ 16,520 $ 48,089 $ 40,076 |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Our equity method investments consist of the following (in thousands): September 30, 2015 December 31, 2014 White Cliffs $ 287,090 $ 269,635 NGL Energy Partners LP 117,280 162,246 Glass Mountain 143,078 146,039 Total equity method investments $ 547,448 $ 577,920 Our earnings from equity method investments consist of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 White Cliffs $ 16,047 $ 16,289 $ 50,682 $ 39,660 NGL Energy Partners LP* (878 ) (4,482 ) 5,037 4,077 Glass Mountain 1,068 2,416 4,980 4,635 Total earnings from equity method investments $ 16,237 $ 14,223 $ 60,699 $ 48,372 * Excluding gain on issuance of common units of $0.1 million and $18.8 million for the three months ended September 30, 2015 and 2014 and $6.0 million and $26.9 million for the nine months ended September 30, 2015 and 2014 Cash distributions received from equity method investments consist of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 White Cliffs $ 20,631 $ 17,029 $ 65,336 $ 45,081 NGL Energy Partners LP 4,752 6,450 14,235 17,462 Glass Mountain 2,971 2,842 9,891 5,779 Total cash distributions received from equity method investments $ 28,354 $ 26,321 $ 89,462 $ 68,322 White Cliffs Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 49,027 $ 42,211 $ 152,150 $ 110,018 Operating, general and administrative expenses $ 8,446 $ 4,055 $ 25,844 $ 16,362 Depreciation and amortization expense $ 8,746 $ 5,807 $ 25,871 $ 14,737 Net income $ 31,835 $ 32,349 $ 100,428 $ 78,919 The equity in earnings of White Cliffs for the three months and nine months ended September 30, 2015 and 2014 is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. Such expenses are recorded by White Cliffs and are allocated to our ownership interest. White Cliffs recorded $0.4 million and $0.4 million of such general and administrative expense for the three months ended September 30, 2015 and 2014 , respectively. White Cliffs recorded $1.1 million and $1.2 million of such general and administrative expense for the nine months ended September 30, 2015 and 2014 , respectively. The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the nine months ended September 30, 2015 , we contributed $31.0 million to these projects, including $22.7 million of contributions for an expansion project adding approximately 65,000 barrels per day of capacity. Remaining contributions related to the expansion project will be paid in 2015 and 2016 and are expected to total $14.0 million . The project is expected to be completed during the first half of 2016. NGL Energy Partners LP At September 30, 2015 , we owned 4,652,568 common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"), which represents approximately 4.5% of the total 104,181,253 limited partner units of NGL Energy outstanding at June 30, 2015, and an 11.78% interest in the general partner of NGL Energy. At September 30, 2015 , the fair market value of our 4,652,568 common unit investment in NGL Energy was $92.9 million , based on a September 30, 2015 closing price of $19.97 per common unit. This does not reflect our 11.78% interest in the general partner of NGL Energy. The fair value of our limited partner investment in NGL Energy is categorized as a Level 1 measurement, as it is based on quoted market prices. Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our condensed consolidated statements of operations and comprehensive income (loss) for the three months and nine months ended September 30, 2015 and 2014 , relates to the earnings of NGL Energy for the three months and nine months ended June 30, 2015 and 2014, respectively. During the three and nine months ended June 30, 2015, NGL issued common units which diluted our limited partnership interest. As we record activity on a one-quarter lag, we recognized non-cash gains of $0.1 million and $6.0 million , respectively, associated with these issuances for the three and nine months ended September 30, 2015 . During the nine months ended September 30, 2015 , we sold 1,999,533 of our NGL Energy common units for $56.3 million , net of related costs of $0.5 million . We recorded net gains related to these sales of $14.5 million in "other expense (income)" in our condensed consolidated statement of operations and comprehensive income (loss) for the nine months ended September 30, 2015 . Certain unaudited summarized income statement information of NGL Energy for the three months and nine months ended June 30, 2015 and 2014 is shown below (in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Revenue $ 3,538,469 $ 3,648,614 $ 11,311,386 $ 10,367,994 Cost of sales $ 3,322,551 $ 3,534,053 $ 10,567,240 $ 9,874,826 Operating, general and administrative expenses $ 170,816 $ 95,741 $ 494,673 $ 297,417 Depreciation and amortization expense $ 59,831 $ 39,375 $ 164,306 $ 112,344 Net income (loss) $ (38,526 ) $ (39,910 ) $ 47,147 $ 27,288 Glass Mountain Certain unaudited summarized income statement information of Glass Mountain for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 8,348 $ 8,708 $ 29,257 $ 21,452 Cost of sales $ 253 $ — $ 2,235 $ — Operating, general and administrative expenses $ 1,950 $ 23 $ 4,861 $ 2,031 Depreciation and amortization expense $ 3,903 $ 3,745 $ 11,879 $ 9,863 Net income $ 2,242 $ 4,939 $ 10,278 $ 9,554 The equity in earnings of Glass Mountain for the three months and nine months ended September 30, 2015 reported in our condensed consolidated statement of operations and comprehensive income (loss) is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period. For the nine months ended September 30, 2015 , we contributed $2.0 million to Glass Mountain related to capital projects. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. Our investment in NGL Energy is included within the SemStream segment. Although "Corporate and Other" does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within "Corporate and Other" in the tables below. The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative and interest expenses incurred at the corporate level are allocated to the segments, based on our allocation policies in effect at the time. Three Months Ended September 30, 2015 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 241,086 $ — $ 33,152 $ 60,908 $ 5,659 $ 56,260 $ — $ 397,065 Intersegment — — — 4,162 — — (4,162 ) — Total revenues 241,086 — 33,152 65,070 5,659 56,260 (4,162 ) 397,065 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 195,244 — 27 36,915 — 46,615 (4,162 ) 274,639 Operating 19,329 — 21,062 8,475 1,955 2,447 (1 ) 53,267 General and administrative 7,733 7 3,600 2,376 1,757 2,823 4,749 23,045 Depreciation and amortization 10,634 — 3,198 8,601 2,173 993 423 26,022 Loss (gain) on disposal or impairment of long-lived assets, net (603 ) — (917 ) 445 — 124 — (951 ) Total expenses 232,337 7 26,970 56,812 5,885 53,002 1,009 376,022 Earnings (loss) from equity method investments 17,115 (878 ) — — — — — 16,237 Gain on issuance of common units by equity method investee — 136 — — — — — 136 Operating income (loss) 25,864 (749 ) 6,182 8,258 (226 ) 3,258 (5,171 ) 37,416 Other expenses (income), net 16,030 (1,352 ) 1,702 3,504 1,021 143 (3,219 ) 17,829 Income (loss) from continuing operations before income taxes $ 9,834 $ 603 $ 4,480 $ 4,754 $ (1,247 ) $ 3,115 $ (1,952 ) $ 19,587 Total assets at September 30, 2015 (excluding intersegment receivables) $ 1,377,143 $ 117,280 $ 586,944 $ 722,615 $ 157,087 $ 98,029 $ (181,530 ) $ 2,877,568 Three Months Ended September 30, 2014 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 376,856 $ — $ 53,800 $ 87,103 $ 1,299 $ 75,177 $ — $ 594,235 Intersegment — — — 9,726 — — (9,726 ) — Total revenues 376,856 — 53,800 96,829 1,299 75,177 (9,726 ) 594,235 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 333,646 — 97 68,722 — 65,324 (9,726 ) 458,063 Operating 22,057 — 33,537 8,965 2,148 2,670 — 69,377 General and administrative 4,696 30 3,836 2,312 1,595 2,928 7,899 23,296 Depreciation and amortization 8,395 — 5,113 7,064 2,543 1,655 430 25,200 Loss (gain) on disposal of long-lived assets, net 291 — (35 ) (12 ) 1,139 (7 ) — 1,376 Total expenses 369,085 30 42,548 87,051 7,425 72,570 (1,397 ) 577,312 Earnings (loss) from equity method investments 18,705 (4,482 ) — — — — — 14,223 Gain on issuance of common units by equity method investee — 18,772 — — — — — 18,772 Operating income (loss) 26,476 14,260 11,252 9,778 (6,126 ) 2,607 (8,329 ) 49,918 Other expenses (income), net 10,526 (28,041 ) 3,920 2,330 969 31 3,897 (6,368 ) Income (loss) from continuing operations before income taxes $ 15,950 $ 42,301 $ 7,332 $ 7,448 $ (7,095 ) $ 2,576 $ (12,226 ) $ 56,286 Nine Months Ended September 30, 2015 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 606,057 $ — $ 98,791 $ 181,454 $ 17,090 $ 169,209 $ — $ 1,072,601 Intersegment — — — 16,594 — — (16,594 ) — Total revenues 606,057 — 98,791 198,048 17,090 169,209 (16,594 ) 1,072,601 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 473,522 — 235 114,344 — 139,362 (16,594 ) 710,869 Operating 64,446 — 63,058 25,320 6,610 7,724 (1 ) 167,157 General and administrative 19,687 22 11,169 7,080 5,680 7,588 27,046 78,272 Depreciation and amortization 31,385 — 9,451 23,098 6,367 3,083 1,046 74,430 Loss (gain) on disposal of long-lived assets, net (530 ) — (917 ) 1,894 — 105 927 1,479 Total expenses 588,510 22 82,996 171,736 18,657 157,862 12,424 1,032,207 Earnings from equity method investments 55,662 5,037 — — — — — 60,699 Gain on issuance of common units by equity method investee — 6,033 — — — — — 6,033 Operating income (loss) 73,209 11,048 15,795 26,312 (1,567 ) 11,347 (29,018 ) 107,126 Other expenses (income), net 39,759 (18,527 ) 8,034 9,624 1,705 268 (7,138 ) 33,725 Income (loss) from continuing operations before income taxes $ 33,450 $ 29,575 $ 7,761 $ 16,688 $ (3,272 ) $ 11,079 $ (21,880 ) $ 73,401 Nine Months Ended September 30, 2014 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 961,526 $ — $ 133,037 $ 260,951 $ 10,070 $ 209,758 $ — $ 1,575,342 Intersegment — — — 29,410 — — (29,410 ) — Total revenues 961,526 — 133,037 290,361 10,070 209,758 (29,410 ) 1,575,342 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 843,928 — 235 215,535 615 180,800 (29,410 ) 1,211,703 Operating 54,885 — 86,039 24,421 6,168 8,066 — 179,579 General and administrative 15,076 91 11,390 6,524 4,546 8,791 17,464 63,882 Depreciation and amortization 27,153 — 11,021 19,312 7,593 4,538 1,282 70,899 Loss (gain) on disposal of long-lived assets, net 230 — (950 ) 20,092 (2,495 ) (35 ) 3,791 20,633 Total expenses 941,272 91 107,735 285,884 16,427 202,160 (6,873 ) 1,546,696 Earnings from equity method investments 44,295 4,077 — — — — — 48,372 Gain on issuance of common units by equity method investee — 26,899 — — — — — 26,899 Operating income (loss) 64,549 30,885 25,302 4,477 (6,357 ) 7,598 (22,537 ) 103,917 Other expenses (income), net 20,367 (30,582 ) 11,825 6,032 1,303 (70 ) 21,743 30,618 Income (loss) from continuing operations before income taxes $ 44,182 $ 61,467 $ 13,477 $ (1,555 ) $ (7,660 ) $ 7,668 $ (44,280 ) $ 73,299 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following (in thousands): September 30, December 31, Crude oil $ 49,048 $ 26,722 Asphalt and other 14,809 16,810 Total inventories $ 63,857 $ 43,532 During the nine months ended ended September 30, 2015 , our Crude segment recorded non-cash charges of $1.2 million to write-down crude oil inventory to the lower of cost or market. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Fair value of financial instruments We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of commodity derivative assets and liabilities at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Derivatives subject to netting arrangements: Level 1 Netting* Total Level 1 Netting* Total Commodity derivatives: Assets $ 5,355 $ (364 ) $ 4,991 $ 3,311 $ (1,637 ) $ 1,674 Liabilities $ 364 $ (364 ) $ — $ 1,637 $ (1,637 ) $ — *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. "Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. "Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2015 , all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. There were no financial assets or liabilities recorded at fair value which were classified as Level 2 or Level 3 during the three months and nine months ended September 30, 2015 and 2014 . As such, no rollforward of Level 3 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, natural gas and natural gas liquids. These are defined as follows: Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Sales 5,735 1,525 19,187 3,475 Purchases 5,775 1,313 19,188 3,128 We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): September 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Commodity contracts $ 4,991 $ — $ 1,674 $ — We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. Our margin accounts were in a net liability position as of September 30, 2015 of $2.3 million . At December 31, 2014 , our margin deposit balance was $0.8 million . These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of September 30, 2015 and December 31, 2014 , we would have had net asset positions of $2.6 million and $2.5 million , respectively. Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Commodity contracts $ 6,036 $ 4,047 $ 3,768 $ 1,298 Concentrations of risk During the three months ended September 30, 2015 , two customers of our Crude segment accounted for more than 10% of our consolidated revenues at approximately 43% . We purchased approximately $40.3 million of product from one third-party supplier of our Crude segment, which represented approximately 15% of our costs of products sold. During the nine months ended September 30, 2015 , two customers of our Crude segment accounted for more than 10% of our consolidated revenues at approximately 38% . We purchased approximately $93.2 million of product from one third-party supplier of our Crude segment, which represented approximately 13% of our costs of products sold. At September 30, 2015 , one third-party customer of our Crude segment accounted for approximately 37% of our consolidated accounts receivable. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rate was 51% and 43% for the three months ended September 30, 2015 and 2014, respectively, and 40% and 46% for the nine months ended September 30, 2015 and 2014, respectively. The rate for the nine months ended September 30, 2014 is impacted by disallowance of a foreign loss on cross jurisdictional intercompany debt waivers which had no net impact to U.S. taxes, by the net favorable resolution of Canadian income tax audits for periods through December 2009 and $3.1 million Canadian withholding tax paid on remittances to the U.S. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 35%, include earnings in foreign jurisdictions taxed at lower rates and a non-controlling interest in Rose Rock for which taxes are not provided. Further, the foreign earnings are taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes. We have a valuation allowance on a small portion of our state net operating loss carryovers with shorter carryover periods and our foreign tax credit carryover. 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. 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. We have determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in all jurisdictions. In foreign jurisdictions, all tax years within the relevant statute of limitations for periods prior to the emergence from bankruptcy remain open for examination. Currently, there are no examinations in progress for our federal or state jurisdictions. No foreign jurisdictions are currently under audit. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our long-term debt consisted of the following (in thousands): September 30, December 31, SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 SemGroup corporate revolving credit facility — 35,000 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Rose Rock 5.625% senior unsecured notes due 2023 344,410 — Rose Rock revolving credit facility — 32,000 SemMexico revolving credit facility — — Capital leases 95 132 Total long-term debt $ 1,044,505 $ 767,132 Less: current portion of long-term debt 37 40 Noncurrent portion of long-term debt $ 1,044,468 $ 767,092 SemGroup senior unsecured notes due 2021 For the three months ended September 30, 2015 and 2014 , we incurred $5.8 million and $5.8 million , respectively, of interest expense related to $300 million of 7.50% senior unsecured notes due 2021 (the "SemGroup Notes") including the amortization of debt issuance costs. For the nine months ended September 30, 2015 and 2014 , we incurred $17.5 million and $17.5 million , respectively, of interest expense related to the SemGroup Notes including amortization of debt issuance costs. SemGroup corporate revolving credit facility At September 30, 2015 , we had no outstanding cash borrowings on our $500 million revolving credit facility. At September 30, 2015 , we had outstanding letters of credit under the facility of $4.5 million , for which the rate in effect was 2.0% . We incurred interest expense related to the SemGroup revolving credit facility of $0.8 million and $1.2 million for the three months ended September 30, 2015 and 2014 , respectively, including amortization of debt issuance costs. We incurred interest expense related to the SemGroup revolving credit facility of $2.8 million and $4.9 million for the nine months ended September 30, 2015 and 2014 , respectively, including amortization of debt issuance costs. Rose Rock senior unsecured notes due 2022 At September 30, 2015 , Rose Rock had outstanding $400 million of 5.625% senior unsecured notes due 2022 (the "Rose Rock 2022 Notes"). For the three months ended September 30, 2015 and 2014 , we incurred $5.9 million and $5.8 million , respectively, of interest expense related to the Rose Rock 2022 Notes including amortization of debt issuance costs. For the nine months ended September 30, 2015 and 2014 , we incurred $17.6 million and $5.8 million , respectively, of interest expense related to the Rose Rock 2022 Notes including amortization of debt issuance costs. Rose Rock senior unsecured notes due 2023 On May 14, 2015, Rose Rock and its wholly-owned subsidiary, Rose Rock Finance Corporation ("Finance Corp."), as co-issuer, sold $350 million of 5.625% senior unsecured notes due 2023 (the “Rose Rock 2023 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 2023 Notes are guaranteed by all of Rose Rock's existing subsidiaries other than Finance Corp. Such guarantees of the Rose Rock 2023 Notes are full and unconditional and constitute the joint and several obligations of the subsidiary guarantors. The Rose Rock 2023 notes were sold at 98.345% of par, a discount of $5.8 million . The discount is reported as a reduction to the face value of the Rose Rock 2023 Notes on our condensed consolidated balance sheets and is being amortized over the life of the Rose Rock 2023 Notes using the interest method. At September 30, 2015 , the unamortized discount was $5.6 million . The net proceeds from the offering of $337.7 million , after the discount and $6.5 million of 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 2023 Notes are governed by an indenture among Rose Rock, its subsidiary guarantors, Finance Corp. and Wilmington Trust, National Association, as trustee (the “Indenture”). The 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 subsidiaries under the Indenture. The Indenture includes customary events of default. A default would permit the trustee or holders of at least 25% in aggregate principal amount of the Rose Rock 2023 Notes then outstanding to declare all amounts owing under the Rose Rock 2023 Notes to be due and payable. The Rose Rock 2023 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 notes under the Indenture from time to time, subject to the terms of the Indenture. Except as described below, the Rose Rock 2023 Notes are not redeemable at Rose Rock's option prior to May 15, 2019. From and after May 15, 2019, Rose Rock may redeem the Rose Rock 2023 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 May 15 of each of the years indicated below: Year Percentage 2019 102.813% 2020 101.406% 2021 and thereafter 100.000% Prior to May 15, 2018, 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 2023 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 May 15, 2019, Rose Rock may also redeem all or part of the Rose Rock 2023 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 May 15, 2019 redemption price from the table above plus all required interest payments due through May 15, 2019, computed using a discount rate based on a published United States Treasury Rate plus 50 basis points, over the principal value of such Rose Rock 2023 Note. In the event of a change of control, Rose Rock is required to offer to repurchase the Rose Rock 2023 Notes at an amount equal to 101% of the principal plus accrued and unpaid interest. The Rose Rock 2023 Notes are also subject to a Registration Rights Agreement which requires Rose Rock to file a registration statement with the SEC and to use commercially reasonable efforts to consummate such exchange offer within one year of the settlement date of the Rose Rock 2023 Notes so that holders of the Rose Rock 2023 Notes can exchange the Rose Rock 2023 Notes and related guarantees for registered notes (the "Exchange Notes") and guarantees that have substantially identical terms as the Rose Rock 2023 Notes and related guarantees. The guarantees of the Exchange Notes will be full and unconditional and will constitute the joint and several obligations of the subsidiary guarantors. Failure to meet the terms of the Registration Rights Agreement will require Rose Rock to pay incremental interest of 0.25% per annum, increased by an additional 0.25% per annum for each 90-day period for which registration default continues (up to a maximum of 1.0% per annum). Interest on the Rose Rock Notes is payable in arrears on May 15th and November 15th to holders of record on May 1st and November 1st each year until maturity. For the three months and nine months ended September 30, 2015 , we incurred $5.2 million and $7.9 million , respectively, of interest expense related to the Rose Rock 2023 Notes including amortization of debt issuance costs. Rose Rock revolving credit facility At September 30, 2015 , Rose Rock had no outstanding cash borrowings under the $585 million Rose Rock revolving credit facility. At September 30, 2015 , Rose Rock had $38.9 million in outstanding letters of credit, and the rate in effect was 2.50% . Rose Rock had $25.9 million of Secured Bilateral Letters of Credit outstanding at September 30, 2015 . The interest rate in effect was 1.75% . secured bilateral letters of credit are external to the facility and do not reduce availability for borrowing on the revolving credit facility. We incurred $1.4 million and $2.0 million of interest expense related to this facility during the three months ended September 30, 2015 and 2014 , respectively, including letters of credit and amortization of debt issuance costs. We incurred $5.6 million and $6.9 million of interest expense related to this facility during the nine months ended September 30, 2015 and 2014 , respectively, including letters of credit and amortization of debt issuance costs. SemMexico revolving credit facility SemMexico had a $44 million Mexican pesos (U.S. $2.6 million at the September 30, 2015 exchange rate) revolving credit facility, which matured in May 2015. At the time of the maturity, there were no outstanding borrowings. SemMexico had a $56 million Mexican pesos (U.S. $3.3 million at the September 30, 2015 exchange rate) revolving credit facility, which matured in July 2015. At the time of the maturity, there were no outstanding borrowings. On May 22, 2015, SemMexico entered into a $100 million Mexican pesos (U.S. $5.8 million at the September 30, 2015 exchange rate) revolving credit facility, which matures in May 2018. There were no outstanding borrowings on the facility at September 30, 2015 . Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50% . At September 30, 2015 , SemMexico had an outstanding letter of credit of $292.8 million Mexican pesos (U.S. $17.1 million at the September 30, 2015 exchange rate). The interest rate in effect was 0.25% . Capitalized interest During the nine months ended September 30, 2015 and 2014 , we capitalized interest of $1.0 million and $1.0 million , respectively. Fair value We estimate the fair value of the SemGroup Notes, the Rose Rock 2022 Notes and the Rose Rock 2023 Notes to be $298 million , $352 million and $310 million , respectively, at September 30, 2015 , based on unadjusted, transacted market prices, which are categorized as Level 1 measurements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
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; Jorge A Porras vs. Rose Rock Midstream Field Services, LLC; Nancy Garcia vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro a/n/f of Sergio Veyro, Jr. vs. Rose Rock Midstream Field Services, LLC; Veronica Veyro as Rep of Estate of Sergio Veyro Sr., Deceased vs. Rose Rock Midstream Field Services, LLC; Veronica Kimberly Veyro vs. Rose Rock Midstream Field Services, LLC; Roberto Rivera-Castilla vs. Rose Rock Midstream Field Services, LLC; Mary Alice Medellin vs. Rose Rock Midstream Field Services, LLC; Mary Medellin as Rep of Estate of Juan Medellin, Jr. vs. Rose Rock Midstream Field Services, LLC; Mary Medellin on behalf of those entitled to recover for the Wrongful Death of Juan Medellin, Jr. vs. Rose Rock Midstream Field Services, LLC; Elizabeth Rolon vs. Rose Rock Midstream Field Services, LLC; Juan Francisco Medellin, III vs. Rose Rock Midstream Field Services, LLC and David Rodriguez and Maribel Rodriguez vs. Rose Rock Midstream Field Services, LLC and Jesus T. Riojas. In August 2015, Rose Rock Midstream, L.P. and SemGroup Corporation were added as Defendants. We are currently working with counsel for the interested parties to investigate the accident, and no determination of liability has been made. Mediation including all parties is scheduled for the first week of November 2015. Trial on all these cases is currently scheduled to begin on February 9, 2016. 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, LP, 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 from time to time certain operational tasks as requested by Blueknight in order that Blueknight could operate its Oklahoma pipeline system and its Cushing, Oklahoma terminal. Under the subsequent amendments to the agreement certain of these services were phased out, and Blueknight began to perform all services necessary for operation of its Cushing terminal without SemCrude’s assistance. In a letter dated August 18, 2011, Blueknight claimed that SemCrude owed Blueknight approximately 141,000 barrels of crude oil, and that SemCrude came to possess this oil as a result of a breach of the agreement and other tortious conduct. We responded to Blueknight’s letter denying their charges and requesting documentation from Blueknight of its claim for missing barrels. 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. The parties completed discovery in the District Court, where substantial documentation was exchanged and deposition testimony was taken. After the parties attended mediation, a confidential settlement was executed on September 11, 2015. In exchange for mutual releases, a dismissal with prejudice of all claims and counter-claims, and without any party admitting fault or liability whatsoever, SemGroup agreed to pay Blueknight $12.3 million in cash. The dismissal with prejudice of all claims and counter-claims was filed in the Tulsa County District Court case on September 22, 2015, and the suit is now closed. 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 one of the remaining five sites. Groundwater beneath two sites is being monitored until contaminants achieve regulatory threshold for closure and will not require active remediation. Two sites are in the process of completing assessment and characterization and will be remediated if necessary. 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. During the second quarter of 2015, we completed a reevaluation of our asset retirement obligations and recorded reductions to the liability and offsetting asset of $26.0 million . The reduction was largely due to a change in the estimated timing of the retirement of the facilities. At September 30, 2015 , we have an asset retirement obligation liability of $16.0 million , which is included within other noncurrent liabilities on our condensed consolidated balance sheets. This amount was calculated using the $121.6 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation. The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations. Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. Purchase and sale commitments We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2015 , such commitments included the following (in thousands): Volume (Barrels) Value Fixed price purchases 2,635 $ 116,683 Fixed price sales 3,485 $ 156,359 Floating price purchases 17,683 $ 797,546 Floating price sales 22,268 $ 915,732 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 through June 2023. At September 30, 2015 , no amounts were due under the contract. The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2015 $ 2,705 December 31, 2016 11,804 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 Thereafter 24,392 Total expected future payments $ 70,020 SemGas further has a take or pay contractual obligation related to pipeline transportation through October 2015. The amount of future obligation is approximately $0.4 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. Rose Rock has a take-or-pay obligation with our equity method investee, White Cliffs, for approximately 5,000 barrels per day of space on White Cliffs' pipeline subject to completion of an expansion project related to Rose Rock's Platteville facilities. The agreement became effective in October 2015 and has a term of 5 years. Annual payments to White Cliffs under the agreement are expected to be $9.4 million . See Note 3 for capital contribution requirements related to the White Cliffs expansion. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Unaudited condensed consolidated statement of changes in owners’ equity The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2014 to September 30, 2015 (in thousands): Common Stock Additional Paid-in Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Noncontrolling Interests Total Owners’ Equity Balance at December 31, 2014 $ 436 $ 1,245,877 $ (1,332 ) $ (68,332 ) $ (27,141 ) $ 69,929 $ 1,219,437 Net income — — — 29,636 — 14,153 43,789 Other comprehensive loss, net of income taxes — — — — (23,750 ) — (23,750 ) Distributions to noncontrolling interests — — — — — (29,780 ) (29,780 ) Dividends paid — (49,836 ) — — — — (49,836 ) Unvested dividend equivalent rights — (246 ) — — — (142 ) (388 ) Non-cash equity compensation — 6,589 — — — 1,013 7,602 Issuance of common stock under compensation plans 3 1,513 — — — — 1,516 Repurchase of common stock — — (4,259 ) — — — (4,259 ) Rose Rock Midstream, L.P. equity issuance — — — — — 89,119 89,119 Transfer of WOT and Glass Mountain to Rose Rock — 32,164 — — — (51,452 ) (19,288 ) Balance at September 30, 2015 $ 439 $ 1,236,061 $ (5,591 ) $ (38,696 ) $ (50,891 ) $ 92,840 $ 1,234,162 Accumulated other comprehensive loss The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2014 to September 30, 2015 (in thousands): Currency Translation Employee Benefit Plans Total Balance at December 31, 2014 $ (25,059 ) $ (2,082 ) $ (27,141 ) Currency translation adjustment, net of income tax benefit of $14,902 (23,774 ) — (23,774 ) Changes related to benefit plans, net of income tax expense of $8 — 24 24 Balance at September 30, 2015 $ (48,833 ) $ (2,058 ) $ (50,891 ) There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months and nine months ended September 30, 2015 . Common stock During the nine months ended September 30, 2015 , we issued 24,882 shares under the Employee Stock Purchase Plan and 183,549 shares related to our equity based compensation awards. Of these vested shares related to compensation awards, recipients sold back to the Company 62,233 shares to satisfy tax withholding obligations which are being recognized at cost as treasury stock on the condensed consolidated balance sheet. Equity-based compensation At September 30, 2015 , there were approximately 412,000 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheet, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 170,000 additional shares could vest. The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At September 30, 2015 , the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $487 thousand . During the nine months ended September 30, 2015 , we granted 151,588 restricted stock awards with a weighted average grant date fair value of $88.23 per award. Dividends The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date Declared Date of Record Date Paid March 31, 2014 $ 0.22 February 25, 2014 March 10, 2014 March 20, 2014 June 30, 2014 $ 0.24 May 8, 2014 May 19, 2014 May 29, 2014 September 30, 2014 $ 0.27 August 6, 2014 August 18, 2014 August 28, 2014 December 31, 2014 $ 0.30 November 6, 2014 November 17, 2014 November 28, 2014 March 31, 2015 $ 0.34 February 26, 2015 March 9, 2015 March 20, 2015 June 30, 2015 $ 0.38 May 6, 2015 May 18, 2015 May 29, 2015 September 30, 2015 $ 0.42 August 4, 2015 August 17, 2015 August 25, 2015 December 31, 2015 $ 0.45 November 3, 2015 November 16, 2015 November 24, 2015 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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 per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings 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 three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,581 $ (1 ) $ 9,580 $ 32,196 $ — $ 32,196 less: Income attributable to noncontrolling interests 4,707 — 4,707 6,934 — 6,934 Income (loss) attributable to SemGroup $ 4,874 $ (1 ) $ 4,873 $ 25,262 $ — $ 25,262 Weighted average common stock outstanding 43,808 43,808 43,808 42,708 42,708 42,708 Basic earnings per share $ 0.11 $ — $ 0.11 $ 0.59 $ — $ 0.59 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 43,792 $ (3 ) $ 43,789 $ 39,355 $ (5 ) $ 39,350 less: Income attributable to noncontrolling interests 14,153 — 14,153 18,184 — 18,184 Income (loss) attributable to SemGroup $ 29,639 $ (3 ) $ 29,636 $ 21,171 $ (5 ) $ 21,166 Weighted average common stock outstanding 43,775 43,775 43,775 42,674 42,674 42,674 Basic earnings per share $ 0.68 $ — $ 0.68 $ 0.50 $ — $ 0.50 The following summarizes the calculation of diluted earnings per share for the three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,581 $ (1 ) $ 9,580 $ 32,196 $ — $ 32,196 less: Income attributable to noncontrolling interests 4,707 — 4,707 6,934 — 6,934 Income (loss) attributable to SemGroup $ 4,874 $ (1 ) $ 4,873 $ 25,262 $ — $ 25,262 Weighted average common stock outstanding 43,808 43,808 43,808 42,708 42,708 42,708 Effect of dilutive securities 163 163 163 305 305 305 Diluted weighted average common stock outstanding 43,971 43,971 43,971 43,013 43,013 43,013 Diluted earnings per share $ 0.11 $ — $ 0.11 $ 0.59 $ — $ 0.59 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 43,792 $ (3 ) $ 43,789 $ 39,355 $ (5 ) $ 39,350 less: Income attributable to noncontrolling interests 14,153 — 14,153 18,184 — 18,184 Income (loss) attributable to SemGroup $ 29,639 $ (3 ) $ 29,636 $ 21,171 $ (5 ) $ 21,166 Weighted average common stock outstanding 43,775 43,775 43,775 42,674 42,674 42,674 Effect of dilutive securities 194 194 194 302 302 302 Diluted weighted average common stock outstanding 43,969 43,969 43,969 42,976 42,976 42,976 Diluted earnings per share $ 0.67 $ — $ 0.67 $ 0.49 $ — $ 0.49 All outstanding warrants expired on November 30, 2014 and therefore have no dilutive effect for the three months and nine months ended September 30, 2015. During the three months and nine months ended September 30, 2014, we recorded expenses of $5.5 million and $23.5 million , respectively, related to the change in fair value of the warrants. Because the mark to market valuation of the warrants resulted in losses, the warrants would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2015 2014 Decrease (increase) in restricted cash $ 6,798 $ (2,188 ) Decrease (increase) in accounts receivable 8,179 (95,642 ) Decrease (increase) in receivable from affiliates 8,986 29,094 Decrease (increase) in inventories (23,256 ) (18,676 ) Decrease (increase) in derivatives and margin deposits 3,159 (2,200 ) Decrease (increase) in other current assets (1,807 ) (1,690 ) Decrease (increase) in other assets 1,818 (221 ) Increase (decrease) in accounts payable and accrued liabilities 1,259 81,835 Increase (decrease) in payable to affiliates (2,310 ) (31,781 ) Increase (decrease) in payables to pre-petition creditors (3,836 ) (47 ) Increase (decrease) in other noncurrent liabilities (1,336 ) 1,585 $ (2,346 ) $ (39,931 ) Other supplemental disclosures In the first quarter of 2015, we recorded a $51.5 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $32.2 million (net of tax impact of $19.3 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 related to Rose Rock's purchase of WOT and a 50% interest in Glass Mountain from SemGroup (Note 2). In the second quarter of 2015, our SemCAMS segment completed the reevaluation of its asset retirement liability which resulted in reductions of $26.0 million to both the liability and offsetting asset. This non-cash adjustment is not reflected in our cash flows for the nine months ended September 30, 2015 . In the second quarter of 2014, we recorded a $85.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $53.4 million (net of tax impact of $31.8 million ). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's purchase of the remaining 33% interest in SemCrude Pipeline, L.L.C. from SemGroup. We paid cash interest of $40.5 million and $21.6 million for the nine months ended September 30, 2015 and 2014 , respectively. We paid cash for income taxes (net of refunds received) of $6.3 million and $17.9 million for the nine months ended September 30, 2015 and 2014 , respectively. We incurred liabilities for construction work in process that had not been paid of $7.3 million and $13.4 million as of September 30, 2015 and 2014 , respectively. Such amounts are not included in capital expenditures on the consolidated statements of cash flows. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS NGL Energy As described in Note 3, we own interests in NGL Energy, which we account for under the equity method. During the three months and nine months ended September 30, 2015 and 2014 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 19,540 $ 103,684 $ 139,456 $ 384,578 Purchases $ 15,994 $ 86,400 $ 126,255 $ 357,245 Reimbursements from NGL Energy for services $ — $ 42 $ 56 $ 126 Transactions with NGL Energy and its subsidiaries primarily relate to marketing, leased storage and transportation services of crude oil, including buy/sell transactions. In accordance with ASC 845-10-15, these transactions were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income (loss) because the purchases of inventory and subsequent sales of the inventory were with the same counterparty. White Cliffs As described in Note 3, we account for our ownership interest in White Cliffs under the equity method. During the three months ended September 30, 2015 and 2014 , we generated storage revenue from White Cliffs of approximately $1.1 million and $0.7 million , respectively. During the nine months ended September 30, 2015 and 2014 , we generated storage revenue from White Cliffs of approximately $3.2 million and $2.2 million , respectively. We incurred $0.8 million and $1.0 million of cost for the three months ended September 30, 2015 and 2014 , respectively, related to transportation fees for shipments on White Cliffs. We incurred $2.6 million and $2.7 million of cost for the nine months ended September 30, 2015 and 2014 , respectively, related to transportation fees for shipments on White Cliffs. We received $0.1 million and $0.1 million in management fees from White Cliffs for the three months ended September 30, 2015 and 2014 , respectively. We received $0.3 million and $0.3 million in management fees from White Cliffs for the nine months ended September 30, 2015 and 2014 , respectively. Glass Mountain We incurred $0.5 million and $0.3 million of cost for the three months ended September 30, 2015 and 2014 , respectively, related to transportation fees for shipments on the Glass Mountain Pipeline. We incurred $1.7 million and $0.4 million of cost for the nine months ended September 30, 2015 and 2014 , respectively, related to transportation fees for shipments on the Glass Mountain Pipeline. We received $0.2 million and $0.2 million in fees from Glass Mountain for the three months ended September 30, 2015 and 2014 , respectively, related to support and administrative services associated with pipeline operations. We received $0.6 million and $0.6 million in fees from Glass Mountain for the nine months ended September 30, 2015 and 2014 , respectively, related to support and administrative services associated with pipeline operations. We made purchases of crude oil of $1.5 million from Glass Mountain during the nine months ended September 30, 2015 . Legal services The law firm of Conner & Winters, LLP, of which Mark D. Berman is a partner, performs legal services for us. Mr. Berman is the spouse of Candice L. Cheeseman, General Counsel and Secretary. Mr. Berman does not perform any legal services for us. SemGroup paid $0.3 million and $0.4 million in legal fees and related expenses to this law firm during the three months ended September 30, 2015 and 2014 , respectively (of which $9.1 thousand was paid by White Cliffs during the three months ended September 30, 2014 ). SemGroup paid $1.1 million and $1.0 million in legal fees and related expenses to this law firm during the nine months ended September 30, 2015 and 2014 , respectively (of which $3.4 thousand and $90.1 thousand was paid by White Cliffs during the nine months ended September 30, 2015 and 2014 , respectively). |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Statements (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Consolidating Guarantor Financial Statements [Abstract] | |
Condensed Consolidating Guarantor Financial Statements [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS Our SemGroup Notes are guaranteed by certain of our subsidiaries as follows: SemGas, 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 and Mid-America Midstream Gas Services, L.L.C. (collectively, the "Guarantors"). Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). Such guarantees of the SemGroup Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. In February 2015, we contributed our interests in Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock (Note 2). As a result of this transaction, Wattenberg Holding, LLC and Glass Mountain Holding, LLC no longer guarantee our SemGroup Notes. In June 2015, SemCanada, L.P. and SemCanada II, L.P. were released as Guarantors and no longer guarantee our SemGroup Notes. Prior period comparative information has been recast to reflect Wattenberg Holding, LLC, Glass Mountain Holding, LLC, SemCanada, L.P. and SemCanada II, L.P. as non-guarantors. Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of September 30, 2015 and December 31, 2014 and for the three months and nine months ended September 30, 2015 and 2014 are presented on an equity method basis in the tables below (in thousands). Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent's net intercompany balance, including note receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. The Parent's investing activities with subsidiaries, such as the drop down of WOT and Glass Mountain to Rose Rock in the first quarter of 2015, have been reflected as cash flows from investing activities. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. These balances are eliminated through consolidating adjustments below. Condensed Consolidating Guarantor Balance Sheets September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 40,950 $ — $ 108,628 $ (3,585 ) $ 145,993 Accounts receivable, net 706 26,789 305,662 — 333,157 Receivable from affiliates 921 1,318 8,050 (2,456 ) 7,833 Inventories — 963 62,894 — 63,857 Other current assets 9,564 550 10,287 — 20,401 Total current assets 52,141 29,620 495,521 (6,041 ) 571,241 Property, plant and equipment, net 4,728 527,799 942,420 — 1,474,947 Equity method investments 1,514,132 417,621 430,168 (1,814,473 ) 547,448 Goodwill — 13,052 44,540 — 57,592 Other intangible assets, net 22 146,233 18,585 — 164,840 Other noncurrent assets, net 40,240 3,168 18,092 — 61,500 Total assets $ 1,611,263 $ 1,137,493 $ 1,949,326 $ (1,820,514 ) $ 2,877,568 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 574 $ 15,267 $ 247,784 $ — $ 263,625 Payable to affiliates 211 10 13,386 (2,457 ) 11,150 Accrued liabilities 14,453 12,495 63,639 (3 ) 90,584 Deferred revenue — — 11,403 — 11,403 Other current liabilities 461 — 910 — 1,371 Current portion of long-term debt — — 37 — 37 Total current liabilities 15,699 27,772 337,159 (2,460 ) 378,170 Long-term debt 300,000 7,520 760,968 (24,020 ) 1,044,468 Deferred income taxes 151,785 — 46,512 — 198,297 Other noncurrent liabilities 2,457 — 20,014 — 22,471 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,141,322 1,102,201 691,833 (1,794,034 ) 1,141,322 Noncontrolling interests in consolidated subsidiaries — — 92,840 — 92,840 Total owners’ equity 1,141,322 1,102,201 784,673 (1,794,034 ) 1,234,162 Total liabilities and owners’ equity $ 1,611,263 $ 1,137,493 $ 1,949,326 $ (1,820,514 ) $ 2,877,568 December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,254 $ — $ 35,445 $ (4,101 ) $ 40,598 Restricted cash 3,856 — 3,124 — 6,980 Accounts receivable, net 9,669 32,056 309,609 — 351,334 Receivable from affiliates 2,512 6,624 15,659 (7,976 ) 16,819 Inventories — 248 43,284 — 43,532 Other current assets 10,498 575 8,944 — 20,017 Total current assets 35,789 39,503 416,065 (12,077 ) 479,280 Property, plant and equipment, net 4,112 452,352 800,361 — 1,256,825 Equity method investments 1,551,825 348,115 415,673 (1,737,693 ) 577,920 Goodwill — 13,052 45,274 — 58,326 Other intangible assets, net 26 152,383 20,656 — 173,065 Other noncurrent assets, net 24,555 958 18,873 — 44,386 Total assets $ 1,616,307 $ 1,006,363 $ 1,716,902 $ (1,749,770 ) $ 2,589,802 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 649 $ 22,097 $ 234,431 $ — $ 257,177 Payable to affiliates 21 7 21,406 (7,974 ) 13,460 Accrued liabilities 11,993 17,575 63,126 — 92,694 Payables to pre-petition creditors 3,129 — — — 3,129 Deferred revenue — — 23,688 — 23,688 Other current liabilities 224 707 543 — 1,474 Current portion of long-term debt — — 40 — 40 Total current liabilities 16,016 40,386 343,234 (7,974 ) 391,662 Long-term debt 335,000 — 490,946 (58,854 ) 767,092 Deferred income taxes 112,897 — 49,059 — 161,956 Other noncurrent liabilities 2,886 — 46,769 — 49,655 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,149,508 965,977 716,965 (1,682,942 ) 1,149,508 Noncontrolling interests in consolidated subsidiaries — — 69,929 — 69,929 Total owners’ equity 1,149,508 965,977 786,894 (1,682,942 ) 1,219,437 Total liabilities and owners’ equity $ 1,616,307 $ 1,006,363 $ 1,716,902 $ (1,749,770 ) $ 2,589,802 Condensed Consolidating Guarantor Statements of Operations Three Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 49,129 $ 268,384 $ (4,162 ) $ 313,351 Service — 15,141 48,950 — 64,091 Other — — 19,623 — 19,623 Total revenues — 64,270 336,957 (4,162 ) 397,065 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 36,345 242,456 (4,162 ) 274,639 Operating — 8,507 44,760 — 53,267 General and administrative 4,730 2,376 15,939 — 23,045 Depreciation and amortization 423 8,462 17,137 — 26,022 Loss (gain) on disposal or impairment of long-lived assets, net — 35 (986 ) — (951 ) Total expenses 5,153 55,725 319,306 (4,162 ) 376,022 Earnings from equity method investments 15,416 13,936 17,116 (30,231 ) 16,237 Gain on issuance of common units by equity method investee 136 — — — 136 Operating income 10,399 22,481 34,767 (30,231 ) 37,416 Other expenses (income), net: Interest expense 185 7,215 11,998 (228 ) 19,170 Foreign currency transaction gain — — (385 ) — (385 ) Other income, net (246 ) — (938 ) 228 (956 ) Total other expense (income), net (61 ) 7,215 10,675 — 17,829 Income from continuing operations before income taxes 10,460 15,266 24,092 (30,231 ) 19,587 Income tax expense 5,587 — 4,419 — 10,006 Income from continuing operations 4,873 15,266 19,673 (30,231 ) 9,581 Loss from discontinued operations, net of income taxes — — (1 ) — (1 ) Net income 4,873 15,266 19,672 (30,231 ) 9,580 Less: net income attributable to noncontrolling interests — — 4,707 — 4,707 Net income attributable to SemGroup $ 4,873 $ 15,266 $ 14,965 $ (30,231 ) $ 4,873 Net income $ 4,873 $ 15,266 $ 19,672 $ (30,231 ) $ 9,580 Other comprehensive income (loss), net of income taxes 7,055 251 (27,516 ) — (20,210 ) Comprehensive income (loss) 11,928 15,517 (7,844 ) (30,231 ) (10,630 ) Less: comprehensive income attributable to noncontrolling interests — — 4,707 — 4,707 Comprehensive income (loss) attributable to SemGroup $ 11,928 $ 15,517 $ (12,551 ) $ (30,231 ) $ (15,337 ) Three Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 83,442 $ 421,704 $ (9,710 ) $ 495,436 Service — 12,320 52,899 — 65,219 Other — — 33,580 — 33,580 Total revenues — 95,762 508,183 (9,710 ) 594,235 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 67,929 399,844 (9,710 ) 458,063 Operating — 9,031 60,346 — 69,377 General and administrative 7,862 2,323 13,111 — 23,296 Depreciation and amortization 430 6,893 17,877 — 25,200 Loss (gain) on disposal or impairment of long-lived assets, net — (7 ) 1,383 — 1,376 Total expenses 8,292 86,169 492,561 (9,710 ) 577,312 Earnings from equity method investments 15,778 5,879 18,705 (26,139 ) 14,223 Gain on issuance of common units by equity method investee 18,772 — — — 18,772 Operating income 26,258 15,472 34,327 (26,139 ) 49,918 Other expenses (income), net: Interest expense 1,658 2,330 11,650 (831 ) 14,807 Foreign currency transaction loss — — 128 — 128 Other income, net (22,030 ) — (104 ) 831 (21,303 ) Total other expense (income), net (20,372 ) 2,330 11,674 — (6,368 ) Income from continuing operations before income taxes 46,630 13,142 22,653 (26,139 ) 56,286 Income tax expense 21,368 — 2,722 — 24,090 Net income 25,262 13,142 19,931 (26,139 ) 32,196 Less: net income attributable to noncontrolling interests — — 6,934 — 6,934 Net income attributable to SemGroup $ 25,262 $ 13,142 $ 12,997 $ (26,139 ) $ 25,262 Net income $ 25,262 $ 13,142 $ 19,931 $ (26,139 ) $ 32,196 Other comprehensive income (loss), net of income taxes 3,377 — (13,708 ) — (10,331 ) Comprehensive income 28,639 13,142 6,223 (26,139 ) 21,865 Less: comprehensive income attributable to noncontrolling interests — — 6,934 — 6,934 Comprehensive income (loss) attributable to SemGroup $ 28,639 $ 13,142 $ (711 ) $ (26,139 ) $ 14,931 Nine Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 150,475 $ 688,322 $ (16,579 ) $ 822,218 Service — 45,343 147,229 — 192,572 Other — — 57,811 — 57,811 Total revenues — 195,818 893,362 (16,579 ) 1,072,601 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 112,645 614,803 (16,579 ) 710,869 Operating — 25,443 141,714 — 167,157 General and administrative 26,958 7,082 44,232 — 78,272 Depreciation and amortization 1,046 22,750 50,634 — 74,430 Loss on disposal of long-lived assets, net — 142 1,337 — 1,479 Total expenses 28,004 168,062 852,720 (16,579 ) 1,032,207 Earnings from equity method investments 58,804 41,512 55,663 (95,280 ) 60,699 Gain on issuance of common units by equity method investee 6,033 — — — 6,033 Operating income 36,833 69,268 96,305 (95,280 ) 107,126 Other expenses (income), net: Interest expense 2,388 18,866 31,056 (1,727 ) 50,583 Foreign currency transaction gain (5 ) — (1,194 ) — (1,199 ) Other income, net (16,333 ) — (1,053 ) 1,727 (15,659 ) Total other expense (income), net (13,950 ) 18,866 28,809 — 33,725 Income from continuing operations before income taxes 50,783 50,402 67,496 (95,280 ) 73,401 Income tax expense 21,147 — 8,462 — 29,609 Income from continuing operations 29,636 50,402 59,034 (95,280 ) 43,792 Loss from discontinued operations, net of income taxes — (1 ) (2 ) — (3 ) Net income 29,636 50,401 59,032 (95,280 ) 43,789 Less: net income attributable to noncontrolling interests — — 14,153 — 14,153 Net income attributable to SemGroup $ 29,636 $ 50,401 $ 44,879 $ (95,280 ) $ 29,636 Net income $ 29,636 $ 50,401 $ 59,032 $ (95,280 ) $ 43,789 Other comprehensive income (loss), net of income taxes 13,355 251 (37,356 ) — (23,750 ) Comprehensive income 42,991 50,652 21,676 (95,280 ) 20,039 Less: comprehensive income attributable to noncontrolling interests — — 14,153 — 14,153 Comprehensive income attributable to SemGroup $ 42,991 $ 50,652 $ 7,523 $ (95,280 ) $ 5,886 Nine Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 263,779 $ 1,091,050 $ (29,377 ) $ 1,325,452 Service — 23,132 144,044 — 167,176 Other — — 82,714 — 82,714 Total revenues — 286,911 1,317,808 (29,377 ) 1,575,342 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 212,769 1,028,311 (29,377 ) 1,211,703 Operating — 24,127 155,452 — 179,579 General and administrative 17,380 6,624 39,878 — 63,882 Depreciation and amortization 1,282 18,823 50,794 — 70,899 Loss (gain) on disposal of long-lived assets, net 5,945 54,698 (40,010 ) — 20,633 Total expenses 24,607 317,041 1,234,425 (29,377 ) 1,546,696 Earnings from equity method investments 47,097 65,658 36,537 (100,920 ) 48,372 Gain on issuance of common units by equity method investee 26,899 — — — 26,899 Operating income 49,389 35,528 119,920 (100,920 ) 103,917 Other expenses (income), net: Interest expense 7,241 6,727 22,906 (2,480 ) 34,394 Foreign currency transaction gain — — (388 ) — (388 ) Other income, net (5,729 ) — (139 ) 2,480 (3,388 ) Total other expenses, net 1,512 6,727 22,379 — 30,618 Income from continuing operations before income taxes 47,877 28,801 97,541 (100,920 ) 73,299 Income tax expense 26,711 — 7,233 — 33,944 Income from continuing operations 21,166 28,801 90,308 (100,920 ) 39,355 Loss from discontinued operations, net of income taxes — — (5 ) — (5 ) Net income 21,166 28,801 90,303 (100,920 ) 39,350 Less: net income attributable to noncontrolling interests — — 18,184 — 18,184 Net income attributable to SemGroup $ 21,166 $ 28,801 $ 72,119 $ (100,920 ) $ 21,166 Net income 21,166 28,801 90,303 (100,920 ) 39,350 Other comprehensive income (loss), net of income taxes 951 — (7,569 ) — (6,618 ) Comprehensive income 22,117 28,801 82,734 (100,920 ) 32,732 Less: comprehensive income attributable to noncontrolling interests — — 18,184 — 18,184 Comprehensive income attributable to SemGroup $ 22,117 $ 28,801 $ 64,550 $ (100,920 ) $ 14,548 Condensed Consolidating Guarantor Statements of Cash Flows Nine Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 38,781 $ 29,040 $ 103,172 $ (33,944 ) $ 137,049 Cash flows from investing activities: Capital expenditures (1,658 ) (94,172 ) (256,986 ) — (352,816 ) Proceeds from sale of long-lived assets — 34 2,503 — 2,537 Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Contributions to equity method investments — — (34,059 ) — (34,059 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Distributions in excess of equity in earnings of affiliates 18,981 — 19,564 (18,981 ) 19,564 Net cash provided by (used in) investing activities 324,822 (94,138 ) (268,978 ) (270,162 ) (308,456 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities 126,000 — 676,208 — 802,208 Principal payments on credit facilities and other obligations (161,000 ) — (364,037 ) — (525,037 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (29,780 ) — (29,780 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,259 ) — — — (4,259 ) Dividends paid (49,836 ) — — — (49,836 ) Proceeds from issuance of common stock under employee stock purchase plan 909 — — — 909 Intercompany borrowings (advances), net (243,120 ) 65,098 (126,600 ) 304,622 — Net cash provided by (used in) financing activities (331,907 ) 65,098 239,222 304,622 277,035 Effect of exchange rate changes on cash and cash equivalents — — (233 ) — (233 ) Change in cash and cash equivalents 31,696 — 73,183 516 105,395 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 40,950 $ — $ 108,628 $ (3,585 ) $ 145,993 Nine Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 21,740 $ 45,890 $ 59,549 $ (21,279 ) $ 105,900 Cash flows from investing activities: Capital expenditures (1,302 ) (127,861 ) (65,064 ) — (194,227 ) Proceeds from sale of long-lived assets — 2,368 1,715 — 4,083 Contributions to equity method investments — (16,203 ) (54,527 ) — (70,730 ) Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. 114,412 — — (114,412 ) — Payments to acquire businesses — (514 ) (43,994 ) — (44,508 ) Proceeds from sale of common units of equity method investee 59,744 — — — 59,744 Distributions in excess of equity in earnings of affiliates 1,051 1,145 5,420 (1,051 ) 6,565 Net cash provided by (used in) investing activities 173,905 (141,065 ) (156,450 ) (115,463 ) (239,073 ) Cash flows from financing activities: Debt issuance costs (93 ) — (8,577 ) — (8,670 ) Borrowings on credit facilities 286,500 — 787,744 — 1,074,244 Principal payments on credit facilities and other obligations (336,500 ) — (559,761 ) — (896,261 ) Distributions to noncontrolling interests — — (20,571 ) — (20,571 ) Proceeds from warrant exercises 86 — — — 86 Repurchase of common stock for payment of statutory taxes due on equity-based compensation (719 ) — — — (719 ) Dividends paid (31,149 ) — — — (31,149 ) Proceeds from issuance of common stock under employee stock purchase plan 340 — — — 340 Excess tax benefit from equity-based awards 1,650 — — — 1,650 Intercompany borrowing (advances), net (112,609 ) 95,175 (117,408 ) 134,842 — Net cash provided by (used in) financing activities (192,494 ) 95,175 81,427 134,842 118,950 Effect of exchange rate changes on cash and cash equivalents — — 1,921 — 1,921 Change in cash and cash equivalents 3,151 — (13,553 ) (1,900 ) (12,302 ) Cash and cash equivalents at beginning of period 2,545 — 78,342 (1,536 ) 79,351 Cash and cash equivalents at end of period $ 5,696 $ — $ 64,789 $ (3,436 ) $ 67,049 |
Overview (Policies)
Overview (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Overview [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2014 , which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2015 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 , which are included in our Annual Report on Form 10-K for the year ended December 31, 2014 , filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2014 . |
Recent accounting pronouncements | Recent accounting pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than the lower of cost or market. The standard will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance shall be applied prospectively and early adoption is permitted. The Company will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance shall be applied on a retrospective basis for all periods presented. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which adds requirements that limited partnerships must meet to qualify as voting interest entities and modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities. It also eliminates the presumption that a general partner should consolidate a limited partnership. This guidance is effective for public companies for fiscal years beginning after December 15, 2015. The Company will adopt this guidance in the first quarter of 2016. The impact is not expected to be material. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States ("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 permits 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). In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. 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. We will adopt this guidance in the first quarter of 2018. 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 adopted this guidance in the first quarter of 2015. The impact was not material. |
Financial Instruments (Policies
Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | "Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. "Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. "Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2015 , all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. |
Rose Rock Midstream, L.P. (Tabl
Rose Rock Midstream, L.P. (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments in and Advances to Affiliates [Line Items] | |
Distributions Paid and Declared | The following table shows the cash distributions paid or declared during 2015 and 2014 (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid/To Be Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2013 $ 0.4650 $ 257 $ 244 $ 2,041 $ 3,901 $ 6,398 $ 12,841 March 31, 2014 $ 0.4950 $ 278 $ 488 $ 2,173 $ 4,153 $ 6,811 $ 13,903 June 30, 2014 $ 0.5350 $ 334 $ 888 $ 3,646 $ 4,488 $ 7,362 $ 16,718 September 30, 2014 $ 0.5750 $ 377 $ 1,835 $ 3,918 $ 4,824 $ 7,912 $ 18,866 December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 * $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 *Expected distributions related to the quarter ended September 30, 2015 , which will be paid on November 13, 2015 to unitholders of record as of November 3, 2015 . |
Rose Rock Midstream L P [Member] | |
Investments in and Advances to Affiliates [Line Items] | |
Summarized Balance Sheet Information | Certain summarized balance sheet information of Rose Rock is shown below (in thousands): (Unaudited) September 30, December 31, Cash $ 44,011 $ 3,625 Other current assets 304,634 271,144 Property, plant and equipment, net 425,820 396,066 Equity method investment 430,168 269,635 Goodwill 36,116 36,116 Other noncurrent assets, net 32,746 29,677 Total assets $ 1,273,495 $ 1,006,263 Current liabilities $ 270,452 $ 265,682 Long-term debt 744,468 432,092 Partners’ capital attributable to SemGroup 165,735 238,560 Partners’ capital attributable to noncontrolling interests 92,840 69,929 Total liabilities and partners' capital $ 1,273,495 $ 1,006,263 |
Summarized Income Statement Information | Certain summarized income statement information of Rose Rock for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 241,086 $ 376,856 $ 599,082 $ 961,526 Cost of products sold $ 195,244 $ 333,646 $ 464,614 $ 843,928 Operating, general and administrative expenses $ 23,420 $ 26,574 $ 79,976 $ 69,165 Depreciation and amortization expense $ 10,634 $ 8,395 $ 31,385 $ 27,153 Earnings from equity method investment $ 17,115 $ 16,289 $ 55,662 $ 39,660 Net income $ 16,421 $ 16,520 $ 48,089 $ 47,834 Noncontrolling interests in consolidated subsidiary retained by SemGroup $ — $ — $ — $ 7,758 Net income attributable to Rose Rock Midstream, L.P. $ 16,421 $ 16,520 $ 48,089 $ 40,076 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Our equity method investments consist of the following (in thousands): September 30, 2015 December 31, 2014 White Cliffs $ 287,090 $ 269,635 NGL Energy Partners LP 117,280 162,246 Glass Mountain 143,078 146,039 Total equity method investments $ 547,448 $ 577,920 |
Earnings from equity method investments [Table Text Block] | Our earnings from equity method investments consist of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 White Cliffs $ 16,047 $ 16,289 $ 50,682 $ 39,660 NGL Energy Partners LP* (878 ) (4,482 ) 5,037 4,077 Glass Mountain 1,068 2,416 4,980 4,635 Total earnings from equity method investments $ 16,237 $ 14,223 $ 60,699 $ 48,372 * Excluding gain on issuance of common units of $0.1 million and $18.8 million for the three months ended September 30, 2015 and 2014 and $6.0 million and $26.9 million for the nine months ended September 30, 2015 and 2014 |
Cash distributions received from equity method investments [Table Text Block] | Cash distributions received from equity method investments consist of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 White Cliffs $ 20,631 $ 17,029 $ 65,336 $ 45,081 NGL Energy Partners LP 4,752 6,450 14,235 17,462 Glass Mountain 2,971 2,842 9,891 5,779 Total cash distributions received from equity method investments $ 28,354 $ 26,321 $ 89,462 $ 68,322 |
White Cliffs Pipeline, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 49,027 $ 42,211 $ 152,150 $ 110,018 Operating, general and administrative expenses $ 8,446 $ 4,055 $ 25,844 $ 16,362 Depreciation and amortization expense $ 8,746 $ 5,807 $ 25,871 $ 14,737 Net income $ 31,835 $ 32,349 $ 100,428 $ 78,919 |
NGL Energy Partners LP [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of NGL Energy for the three months and nine months ended June 30, 2015 and 2014 is shown below (in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Revenue $ 3,538,469 $ 3,648,614 $ 11,311,386 $ 10,367,994 Cost of sales $ 3,322,551 $ 3,534,053 $ 10,567,240 $ 9,874,826 Operating, general and administrative expenses $ 170,816 $ 95,741 $ 494,673 $ 297,417 Depreciation and amortization expense $ 59,831 $ 39,375 $ 164,306 $ 112,344 Net income (loss) $ (38,526 ) $ (39,910 ) $ 47,147 $ 27,288 |
Glass Mountain Pipeline LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of Glass Mountain for the three months and nine months ended September 30, 2015 and 2014 is shown below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 8,348 $ 8,708 $ 29,257 $ 21,452 Cost of sales $ 253 $ — $ 2,235 $ — Operating, general and administrative expenses $ 1,950 $ 23 $ 4,861 $ 2,031 Depreciation and amortization expense $ 3,903 $ 3,745 $ 11,879 $ 9,863 Net income $ 2,242 $ 4,939 $ 10,278 $ 9,554 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Three Months Ended September 30, 2015 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 241,086 $ — $ 33,152 $ 60,908 $ 5,659 $ 56,260 $ — $ 397,065 Intersegment — — — 4,162 — — (4,162 ) — Total revenues 241,086 — 33,152 65,070 5,659 56,260 (4,162 ) 397,065 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 195,244 — 27 36,915 — 46,615 (4,162 ) 274,639 Operating 19,329 — 21,062 8,475 1,955 2,447 (1 ) 53,267 General and administrative 7,733 7 3,600 2,376 1,757 2,823 4,749 23,045 Depreciation and amortization 10,634 — 3,198 8,601 2,173 993 423 26,022 Loss (gain) on disposal or impairment of long-lived assets, net (603 ) — (917 ) 445 — 124 — (951 ) Total expenses 232,337 7 26,970 56,812 5,885 53,002 1,009 376,022 Earnings (loss) from equity method investments 17,115 (878 ) — — — — — 16,237 Gain on issuance of common units by equity method investee — 136 — — — — — 136 Operating income (loss) 25,864 (749 ) 6,182 8,258 (226 ) 3,258 (5,171 ) 37,416 Other expenses (income), net 16,030 (1,352 ) 1,702 3,504 1,021 143 (3,219 ) 17,829 Income (loss) from continuing operations before income taxes $ 9,834 $ 603 $ 4,480 $ 4,754 $ (1,247 ) $ 3,115 $ (1,952 ) $ 19,587 Total assets at September 30, 2015 (excluding intersegment receivables) $ 1,377,143 $ 117,280 $ 586,944 $ 722,615 $ 157,087 $ 98,029 $ (181,530 ) $ 2,877,568 Three Months Ended September 30, 2014 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 376,856 $ — $ 53,800 $ 87,103 $ 1,299 $ 75,177 $ — $ 594,235 Intersegment — — — 9,726 — — (9,726 ) — Total revenues 376,856 — 53,800 96,829 1,299 75,177 (9,726 ) 594,235 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 333,646 — 97 68,722 — 65,324 (9,726 ) 458,063 Operating 22,057 — 33,537 8,965 2,148 2,670 — 69,377 General and administrative 4,696 30 3,836 2,312 1,595 2,928 7,899 23,296 Depreciation and amortization 8,395 — 5,113 7,064 2,543 1,655 430 25,200 Loss (gain) on disposal of long-lived assets, net 291 — (35 ) (12 ) 1,139 (7 ) — 1,376 Total expenses 369,085 30 42,548 87,051 7,425 72,570 (1,397 ) 577,312 Earnings (loss) from equity method investments 18,705 (4,482 ) — — — — — 14,223 Gain on issuance of common units by equity method investee — 18,772 — — — — — 18,772 Operating income (loss) 26,476 14,260 11,252 9,778 (6,126 ) 2,607 (8,329 ) 49,918 Other expenses (income), net 10,526 (28,041 ) 3,920 2,330 969 31 3,897 (6,368 ) Income (loss) from continuing operations before income taxes $ 15,950 $ 42,301 $ 7,332 $ 7,448 $ (7,095 ) $ 2,576 $ (12,226 ) $ 56,286 Nine Months Ended September 30, 2015 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 606,057 $ — $ 98,791 $ 181,454 $ 17,090 $ 169,209 $ — $ 1,072,601 Intersegment — — — 16,594 — — (16,594 ) — Total revenues 606,057 — 98,791 198,048 17,090 169,209 (16,594 ) 1,072,601 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 473,522 — 235 114,344 — 139,362 (16,594 ) 710,869 Operating 64,446 — 63,058 25,320 6,610 7,724 (1 ) 167,157 General and administrative 19,687 22 11,169 7,080 5,680 7,588 27,046 78,272 Depreciation and amortization 31,385 — 9,451 23,098 6,367 3,083 1,046 74,430 Loss (gain) on disposal of long-lived assets, net (530 ) — (917 ) 1,894 — 105 927 1,479 Total expenses 588,510 22 82,996 171,736 18,657 157,862 12,424 1,032,207 Earnings from equity method investments 55,662 5,037 — — — — — 60,699 Gain on issuance of common units by equity method investee — 6,033 — — — — — 6,033 Operating income (loss) 73,209 11,048 15,795 26,312 (1,567 ) 11,347 (29,018 ) 107,126 Other expenses (income), net 39,759 (18,527 ) 8,034 9,624 1,705 268 (7,138 ) 33,725 Income (loss) from continuing operations before income taxes $ 33,450 $ 29,575 $ 7,761 $ 16,688 $ (3,272 ) $ 11,079 $ (21,880 ) $ 73,401 Nine Months Ended September 30, 2014 Crude SemStream SemCAMS SemGas SemLogistics SemMexico Corporate and Other Consolidated (dollars in thousands) Revenues: External $ 961,526 $ — $ 133,037 $ 260,951 $ 10,070 $ 209,758 $ — $ 1,575,342 Intersegment — — — 29,410 — — (29,410 ) — Total revenues 961,526 — 133,037 290,361 10,070 209,758 (29,410 ) 1,575,342 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 843,928 — 235 215,535 615 180,800 (29,410 ) 1,211,703 Operating 54,885 — 86,039 24,421 6,168 8,066 — 179,579 General and administrative 15,076 91 11,390 6,524 4,546 8,791 17,464 63,882 Depreciation and amortization 27,153 — 11,021 19,312 7,593 4,538 1,282 70,899 Loss (gain) on disposal of long-lived assets, net 230 — (950 ) 20,092 (2,495 ) (35 ) 3,791 20,633 Total expenses 941,272 91 107,735 285,884 16,427 202,160 (6,873 ) 1,546,696 Earnings from equity method investments 44,295 4,077 — — — — — 48,372 Gain on issuance of common units by equity method investee — 26,899 — — — — — 26,899 Operating income (loss) 64,549 30,885 25,302 4,477 (6,357 ) 7,598 (22,537 ) 103,917 Other expenses (income), net 20,367 (30,582 ) 11,825 6,032 1,303 (70 ) 21,743 30,618 Income (loss) from continuing operations before income taxes $ 44,182 $ 61,467 $ 13,477 $ (1,555 ) $ (7,660 ) $ 7,668 $ (44,280 ) $ 73,299 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Inventories consist of the following (in thousands): September 30, December 31, Crude oil $ 49,048 $ 26,722 Asphalt and other 14,809 16,810 Total inventories $ 63,857 $ 43,532 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Fair Value of Financial Assets and Liabilities | The tables below summarize the balances of commodity derivative assets and liabilities at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Derivatives subject to netting arrangements: Level 1 Netting* Total Level 1 Netting* Total Commodity derivatives: Assets $ 5,355 $ (364 ) $ 4,991 $ 3,311 $ (1,637 ) $ 1,674 Liabilities $ 364 $ (364 ) $ — $ 1,637 $ (1,637 ) $ — *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Schedule of Notional Quantities for Commodity Derivative Instruments | The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Sales 5,735 1,525 19,187 3,475 Purchases 5,775 1,313 19,188 3,128 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): September 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Commodity contracts $ 4,991 $ — $ 1,674 $ — |
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Commodity contracts $ 6,036 $ 4,047 $ 3,768 $ 1,298 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Summary of Long-Term Debt | Our long-term debt consisted of the following (in thousands): September 30, December 31, SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 SemGroup corporate revolving credit facility — 35,000 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Rose Rock 5.625% senior unsecured notes due 2023 344,410 — Rose Rock revolving credit facility — 32,000 SemMexico revolving credit facility — — Capital leases 95 132 Total long-term debt $ 1,044,505 $ 767,132 Less: current portion of long-term debt 37 40 Noncurrent portion of long-term debt $ 1,044,468 $ 767,092 |
Debt Instrument, Redemption [Line Items] | |
Debt Instrument Redemption [Table Text Block] | Year Percentage 2019 102.813% 2020 101.406% 2021 and thereafter 100.000% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Purchase Commitment [Line Items] | |
Summary Of Purchase And Sale Commitments | We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2015 , such commitments included the following (in thousands): Volume (Barrels) Value Fixed price purchases 2,635 $ 116,683 Fixed price sales 3,485 $ 156,359 Floating price purchases 17,683 $ 797,546 Floating price sales 22,268 $ 915,732 |
Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2015 $ 2,705 December 31, 2016 11,804 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 Thereafter 24,392 Total expected future payments $ 70,020 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Changes In Condensed Consolidated Owners' Equity | The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2014 to September 30, 2015 (in thousands): Common Stock Additional Paid-in Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Noncontrolling Interests Total Owners’ Equity Balance at December 31, 2014 $ 436 $ 1,245,877 $ (1,332 ) $ (68,332 ) $ (27,141 ) $ 69,929 $ 1,219,437 Net income — — — 29,636 — 14,153 43,789 Other comprehensive loss, net of income taxes — — — — (23,750 ) — (23,750 ) Distributions to noncontrolling interests — — — — — (29,780 ) (29,780 ) Dividends paid — (49,836 ) — — — — (49,836 ) Unvested dividend equivalent rights — (246 ) — — — (142 ) (388 ) Non-cash equity compensation — 6,589 — — — 1,013 7,602 Issuance of common stock under compensation plans 3 1,513 — — — — 1,516 Repurchase of common stock — — (4,259 ) — — — (4,259 ) Rose Rock Midstream, L.P. equity issuance — — — — — 89,119 89,119 Transfer of WOT and Glass Mountain to Rose Rock — 32,164 — — — (51,452 ) (19,288 ) Balance at September 30, 2015 $ 439 $ 1,236,061 $ (5,591 ) $ (38,696 ) $ (50,891 ) $ 92,840 $ 1,234,162 |
Components of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2014 to September 30, 2015 (in thousands): Currency Translation Employee Benefit Plans Total Balance at December 31, 2014 $ (25,059 ) $ (2,082 ) $ (27,141 ) Currency translation adjustment, net of income tax benefit of $14,902 (23,774 ) — (23,774 ) Changes related to benefit plans, net of income tax expense of $8 — 24 24 Balance at September 30, 2015 $ (48,833 ) $ (2,058 ) $ (50,891 ) |
Dividends Declared [Table Text Block] | The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date Declared Date of Record Date Paid March 31, 2014 $ 0.22 February 25, 2014 March 10, 2014 March 20, 2014 June 30, 2014 $ 0.24 May 8, 2014 May 19, 2014 May 29, 2014 September 30, 2014 $ 0.27 August 6, 2014 August 18, 2014 August 28, 2014 December 31, 2014 $ 0.30 November 6, 2014 November 17, 2014 November 28, 2014 March 31, 2015 $ 0.34 February 26, 2015 March 9, 2015 March 20, 2015 June 30, 2015 $ 0.38 May 6, 2015 May 18, 2015 May 29, 2015 September 30, 2015 $ 0.42 August 4, 2015 August 17, 2015 August 25, 2015 December 31, 2015 $ 0.45 November 3, 2015 November 16, 2015 November 24, 2015 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | The following summarizes the calculation of basic earnings per share for the three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,581 $ (1 ) $ 9,580 $ 32,196 $ — $ 32,196 less: Income attributable to noncontrolling interests 4,707 — 4,707 6,934 — 6,934 Income (loss) attributable to SemGroup $ 4,874 $ (1 ) $ 4,873 $ 25,262 $ — $ 25,262 Weighted average common stock outstanding 43,808 43,808 43,808 42,708 42,708 42,708 Basic earnings per share $ 0.11 $ — $ 0.11 $ 0.59 $ — $ 0.59 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 43,792 $ (3 ) $ 43,789 $ 39,355 $ (5 ) $ 39,350 less: Income attributable to noncontrolling interests 14,153 — 14,153 18,184 — 18,184 Income (loss) attributable to SemGroup $ 29,639 $ (3 ) $ 29,636 $ 21,171 $ (5 ) $ 21,166 Weighted average common stock outstanding 43,775 43,775 43,775 42,674 42,674 42,674 Basic earnings per share $ 0.68 $ — $ 0.68 $ 0.50 $ — $ 0.50 The following summarizes the calculation of diluted earnings per share for the three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,581 $ (1 ) $ 9,580 $ 32,196 $ — $ 32,196 less: Income attributable to noncontrolling interests 4,707 — 4,707 6,934 — 6,934 Income (loss) attributable to SemGroup $ 4,874 $ (1 ) $ 4,873 $ 25,262 $ — $ 25,262 Weighted average common stock outstanding 43,808 43,808 43,808 42,708 42,708 42,708 Effect of dilutive securities 163 163 163 305 305 305 Diluted weighted average common stock outstanding 43,971 43,971 43,971 43,013 43,013 43,013 Diluted earnings per share $ 0.11 $ — $ 0.11 $ 0.59 $ — $ 0.59 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 43,792 $ (3 ) $ 43,789 $ 39,355 $ (5 ) $ 39,350 less: Income attributable to noncontrolling interests 14,153 — 14,153 18,184 — 18,184 Income (loss) attributable to SemGroup $ 29,639 $ (3 ) $ 29,636 $ 21,171 $ (5 ) $ 21,166 Weighted average common stock outstanding 43,775 43,775 43,775 42,674 42,674 42,674 Effect of dilutive securities 194 194 194 302 302 302 Diluted weighted average common stock outstanding 43,969 43,969 43,969 42,976 42,976 42,976 Diluted earnings per share $ 0.67 $ — $ 0.67 $ 0.49 $ — $ 0.49 |
Supplemental Cash Flow Inform31
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Changes in Operating Assets and Liabilities | The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands): Nine Months Ended September 30, 2015 2014 Decrease (increase) in restricted cash $ 6,798 $ (2,188 ) Decrease (increase) in accounts receivable 8,179 (95,642 ) Decrease (increase) in receivable from affiliates 8,986 29,094 Decrease (increase) in inventories (23,256 ) (18,676 ) Decrease (increase) in derivatives and margin deposits 3,159 (2,200 ) Decrease (increase) in other current assets (1,807 ) (1,690 ) Decrease (increase) in other assets 1,818 (221 ) Increase (decrease) in accounts payable and accrued liabilities 1,259 81,835 Increase (decrease) in payable to affiliates (2,310 ) (31,781 ) Increase (decrease) in payables to pre-petition creditors (3,836 ) (47 ) Increase (decrease) in other noncurrent liabilities (1,336 ) 1,585 $ (2,346 ) $ (39,931 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three months and nine months ended September 30, 2015 and 2014 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 19,540 $ 103,684 $ 139,456 $ 384,578 Purchases $ 15,994 $ 86,400 $ 126,255 $ 357,245 Reimbursements from NGL Energy for services $ — $ 42 $ 56 $ 126 |
Condensed Consolidating Guara33
Condensed Consolidating Guarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Consolidating Guarantor Financial Statements [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 40,950 $ — $ 108,628 $ (3,585 ) $ 145,993 Accounts receivable, net 706 26,789 305,662 — 333,157 Receivable from affiliates 921 1,318 8,050 (2,456 ) 7,833 Inventories — 963 62,894 — 63,857 Other current assets 9,564 550 10,287 — 20,401 Total current assets 52,141 29,620 495,521 (6,041 ) 571,241 Property, plant and equipment, net 4,728 527,799 942,420 — 1,474,947 Equity method investments 1,514,132 417,621 430,168 (1,814,473 ) 547,448 Goodwill — 13,052 44,540 — 57,592 Other intangible assets, net 22 146,233 18,585 — 164,840 Other noncurrent assets, net 40,240 3,168 18,092 — 61,500 Total assets $ 1,611,263 $ 1,137,493 $ 1,949,326 $ (1,820,514 ) $ 2,877,568 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 574 $ 15,267 $ 247,784 $ — $ 263,625 Payable to affiliates 211 10 13,386 (2,457 ) 11,150 Accrued liabilities 14,453 12,495 63,639 (3 ) 90,584 Deferred revenue — — 11,403 — 11,403 Other current liabilities 461 — 910 — 1,371 Current portion of long-term debt — — 37 — 37 Total current liabilities 15,699 27,772 337,159 (2,460 ) 378,170 Long-term debt 300,000 7,520 760,968 (24,020 ) 1,044,468 Deferred income taxes 151,785 — 46,512 — 198,297 Other noncurrent liabilities 2,457 — 20,014 — 22,471 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,141,322 1,102,201 691,833 (1,794,034 ) 1,141,322 Noncontrolling interests in consolidated subsidiaries — — 92,840 — 92,840 Total owners’ equity 1,141,322 1,102,201 784,673 (1,794,034 ) 1,234,162 Total liabilities and owners’ equity $ 1,611,263 $ 1,137,493 $ 1,949,326 $ (1,820,514 ) $ 2,877,568 December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,254 $ — $ 35,445 $ (4,101 ) $ 40,598 Restricted cash 3,856 — 3,124 — 6,980 Accounts receivable, net 9,669 32,056 309,609 — 351,334 Receivable from affiliates 2,512 6,624 15,659 (7,976 ) 16,819 Inventories — 248 43,284 — 43,532 Other current assets 10,498 575 8,944 — 20,017 Total current assets 35,789 39,503 416,065 (12,077 ) 479,280 Property, plant and equipment, net 4,112 452,352 800,361 — 1,256,825 Equity method investments 1,551,825 348,115 415,673 (1,737,693 ) 577,920 Goodwill — 13,052 45,274 — 58,326 Other intangible assets, net 26 152,383 20,656 — 173,065 Other noncurrent assets, net 24,555 958 18,873 — 44,386 Total assets $ 1,616,307 $ 1,006,363 $ 1,716,902 $ (1,749,770 ) $ 2,589,802 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 649 $ 22,097 $ 234,431 $ — $ 257,177 Payable to affiliates 21 7 21,406 (7,974 ) 13,460 Accrued liabilities 11,993 17,575 63,126 — 92,694 Payables to pre-petition creditors 3,129 — — — 3,129 Deferred revenue — — 23,688 — 23,688 Other current liabilities 224 707 543 — 1,474 Current portion of long-term debt — — 40 — 40 Total current liabilities 16,016 40,386 343,234 (7,974 ) 391,662 Long-term debt 335,000 — 490,946 (58,854 ) 767,092 Deferred income taxes 112,897 — 49,059 — 161,956 Other noncurrent liabilities 2,886 — 46,769 — 49,655 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,149,508 965,977 716,965 (1,682,942 ) 1,149,508 Noncontrolling interests in consolidated subsidiaries — — 69,929 — 69,929 Total owners’ equity 1,149,508 965,977 786,894 (1,682,942 ) 1,219,437 Total liabilities and owners’ equity $ 1,616,307 $ 1,006,363 $ 1,716,902 $ (1,749,770 ) $ 2,589,802 |
Schedule of Condensed Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations Three Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 49,129 $ 268,384 $ (4,162 ) $ 313,351 Service — 15,141 48,950 — 64,091 Other — — 19,623 — 19,623 Total revenues — 64,270 336,957 (4,162 ) 397,065 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 36,345 242,456 (4,162 ) 274,639 Operating — 8,507 44,760 — 53,267 General and administrative 4,730 2,376 15,939 — 23,045 Depreciation and amortization 423 8,462 17,137 — 26,022 Loss (gain) on disposal or impairment of long-lived assets, net — 35 (986 ) — (951 ) Total expenses 5,153 55,725 319,306 (4,162 ) 376,022 Earnings from equity method investments 15,416 13,936 17,116 (30,231 ) 16,237 Gain on issuance of common units by equity method investee 136 — — — 136 Operating income 10,399 22,481 34,767 (30,231 ) 37,416 Other expenses (income), net: Interest expense 185 7,215 11,998 (228 ) 19,170 Foreign currency transaction gain — — (385 ) — (385 ) Other income, net (246 ) — (938 ) 228 (956 ) Total other expense (income), net (61 ) 7,215 10,675 — 17,829 Income from continuing operations before income taxes 10,460 15,266 24,092 (30,231 ) 19,587 Income tax expense 5,587 — 4,419 — 10,006 Income from continuing operations 4,873 15,266 19,673 (30,231 ) 9,581 Loss from discontinued operations, net of income taxes — — (1 ) — (1 ) Net income 4,873 15,266 19,672 (30,231 ) 9,580 Less: net income attributable to noncontrolling interests — — 4,707 — 4,707 Net income attributable to SemGroup $ 4,873 $ 15,266 $ 14,965 $ (30,231 ) $ 4,873 Net income $ 4,873 $ 15,266 $ 19,672 $ (30,231 ) $ 9,580 Other comprehensive income (loss), net of income taxes 7,055 251 (27,516 ) — (20,210 ) Comprehensive income (loss) 11,928 15,517 (7,844 ) (30,231 ) (10,630 ) Less: comprehensive income attributable to noncontrolling interests — — 4,707 — 4,707 Comprehensive income (loss) attributable to SemGroup $ 11,928 $ 15,517 $ (12,551 ) $ (30,231 ) $ (15,337 ) Three Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 83,442 $ 421,704 $ (9,710 ) $ 495,436 Service — 12,320 52,899 — 65,219 Other — — 33,580 — 33,580 Total revenues — 95,762 508,183 (9,710 ) 594,235 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 67,929 399,844 (9,710 ) 458,063 Operating — 9,031 60,346 — 69,377 General and administrative 7,862 2,323 13,111 — 23,296 Depreciation and amortization 430 6,893 17,877 — 25,200 Loss (gain) on disposal or impairment of long-lived assets, net — (7 ) 1,383 — 1,376 Total expenses 8,292 86,169 492,561 (9,710 ) 577,312 Earnings from equity method investments 15,778 5,879 18,705 (26,139 ) 14,223 Gain on issuance of common units by equity method investee 18,772 — — — 18,772 Operating income 26,258 15,472 34,327 (26,139 ) 49,918 Other expenses (income), net: Interest expense 1,658 2,330 11,650 (831 ) 14,807 Foreign currency transaction loss — — 128 — 128 Other income, net (22,030 ) — (104 ) 831 (21,303 ) Total other expense (income), net (20,372 ) 2,330 11,674 — (6,368 ) Income from continuing operations before income taxes 46,630 13,142 22,653 (26,139 ) 56,286 Income tax expense 21,368 — 2,722 — 24,090 Net income 25,262 13,142 19,931 (26,139 ) 32,196 Less: net income attributable to noncontrolling interests — — 6,934 — 6,934 Net income attributable to SemGroup $ 25,262 $ 13,142 $ 12,997 $ (26,139 ) $ 25,262 Net income $ 25,262 $ 13,142 $ 19,931 $ (26,139 ) $ 32,196 Other comprehensive income (loss), net of income taxes 3,377 — (13,708 ) — (10,331 ) Comprehensive income 28,639 13,142 6,223 (26,139 ) 21,865 Less: comprehensive income attributable to noncontrolling interests — — 6,934 — 6,934 Comprehensive income (loss) attributable to SemGroup $ 28,639 $ 13,142 $ (711 ) $ (26,139 ) $ 14,931 Nine Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 150,475 $ 688,322 $ (16,579 ) $ 822,218 Service — 45,343 147,229 — 192,572 Other — — 57,811 — 57,811 Total revenues — 195,818 893,362 (16,579 ) 1,072,601 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 112,645 614,803 (16,579 ) 710,869 Operating — 25,443 141,714 — 167,157 General and administrative 26,958 7,082 44,232 — 78,272 Depreciation and amortization 1,046 22,750 50,634 — 74,430 Loss on disposal of long-lived assets, net — 142 1,337 — 1,479 Total expenses 28,004 168,062 852,720 (16,579 ) 1,032,207 Earnings from equity method investments 58,804 41,512 55,663 (95,280 ) 60,699 Gain on issuance of common units by equity method investee 6,033 — — — 6,033 Operating income 36,833 69,268 96,305 (95,280 ) 107,126 Other expenses (income), net: Interest expense 2,388 18,866 31,056 (1,727 ) 50,583 Foreign currency transaction gain (5 ) — (1,194 ) — (1,199 ) Other income, net (16,333 ) — (1,053 ) 1,727 (15,659 ) Total other expense (income), net (13,950 ) 18,866 28,809 — 33,725 Income from continuing operations before income taxes 50,783 50,402 67,496 (95,280 ) 73,401 Income tax expense 21,147 — 8,462 — 29,609 Income from continuing operations 29,636 50,402 59,034 (95,280 ) 43,792 Loss from discontinued operations, net of income taxes — (1 ) (2 ) — (3 ) Net income 29,636 50,401 59,032 (95,280 ) 43,789 Less: net income attributable to noncontrolling interests — — 14,153 — 14,153 Net income attributable to SemGroup $ 29,636 $ 50,401 $ 44,879 $ (95,280 ) $ 29,636 Net income $ 29,636 $ 50,401 $ 59,032 $ (95,280 ) $ 43,789 Other comprehensive income (loss), net of income taxes 13,355 251 (37,356 ) — (23,750 ) Comprehensive income 42,991 50,652 21,676 (95,280 ) 20,039 Less: comprehensive income attributable to noncontrolling interests — — 14,153 — 14,153 Comprehensive income attributable to SemGroup $ 42,991 $ 50,652 $ 7,523 $ (95,280 ) $ 5,886 Nine Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 263,779 $ 1,091,050 $ (29,377 ) $ 1,325,452 Service — 23,132 144,044 — 167,176 Other — — 82,714 — 82,714 Total revenues — 286,911 1,317,808 (29,377 ) 1,575,342 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 212,769 1,028,311 (29,377 ) 1,211,703 Operating — 24,127 155,452 — 179,579 General and administrative 17,380 6,624 39,878 — 63,882 Depreciation and amortization 1,282 18,823 50,794 — 70,899 Loss (gain) on disposal of long-lived assets, net 5,945 54,698 (40,010 ) — 20,633 Total expenses 24,607 317,041 1,234,425 (29,377 ) 1,546,696 Earnings from equity method investments 47,097 65,658 36,537 (100,920 ) 48,372 Gain on issuance of common units by equity method investee 26,899 — — — 26,899 Operating income 49,389 35,528 119,920 (100,920 ) 103,917 Other expenses (income), net: Interest expense 7,241 6,727 22,906 (2,480 ) 34,394 Foreign currency transaction gain — — (388 ) — (388 ) Other income, net (5,729 ) — (139 ) 2,480 (3,388 ) Total other expenses, net 1,512 6,727 22,379 — 30,618 Income from continuing operations before income taxes 47,877 28,801 97,541 (100,920 ) 73,299 Income tax expense 26,711 — 7,233 — 33,944 Income from continuing operations 21,166 28,801 90,308 (100,920 ) 39,355 Loss from discontinued operations, net of income taxes — — (5 ) — (5 ) Net income 21,166 28,801 90,303 (100,920 ) 39,350 Less: net income attributable to noncontrolling interests — — 18,184 — 18,184 Net income attributable to SemGroup $ 21,166 $ 28,801 $ 72,119 $ (100,920 ) $ 21,166 Net income 21,166 28,801 90,303 (100,920 ) 39,350 Other comprehensive income (loss), net of income taxes 951 — (7,569 ) — (6,618 ) Comprehensive income 22,117 28,801 82,734 (100,920 ) 32,732 Less: comprehensive income attributable to noncontrolling interests — — 18,184 — 18,184 Comprehensive income attributable to SemGroup $ 22,117 $ 28,801 $ 64,550 $ (100,920 ) $ 14,548 |
Schedule of Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Cash Flows Nine Months Ended September 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 38,781 $ 29,040 $ 103,172 $ (33,944 ) $ 137,049 Cash flows from investing activities: Capital expenditures (1,658 ) (94,172 ) (256,986 ) — (352,816 ) Proceeds from sale of long-lived assets — 34 2,503 — 2,537 Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Contributions to equity method investments — — (34,059 ) — (34,059 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Distributions in excess of equity in earnings of affiliates 18,981 — 19,564 (18,981 ) 19,564 Net cash provided by (used in) investing activities 324,822 (94,138 ) (268,978 ) (270,162 ) (308,456 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities 126,000 — 676,208 — 802,208 Principal payments on credit facilities and other obligations (161,000 ) — (364,037 ) — (525,037 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (29,780 ) — (29,780 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,259 ) — — — (4,259 ) Dividends paid (49,836 ) — — — (49,836 ) Proceeds from issuance of common stock under employee stock purchase plan 909 — — — 909 Intercompany borrowings (advances), net (243,120 ) 65,098 (126,600 ) 304,622 — Net cash provided by (used in) financing activities (331,907 ) 65,098 239,222 304,622 277,035 Effect of exchange rate changes on cash and cash equivalents — — (233 ) — (233 ) Change in cash and cash equivalents 31,696 — 73,183 516 105,395 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 40,950 $ — $ 108,628 $ (3,585 ) $ 145,993 Nine Months Ended September 30, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 21,740 $ 45,890 $ 59,549 $ (21,279 ) $ 105,900 Cash flows from investing activities: Capital expenditures (1,302 ) (127,861 ) (65,064 ) — (194,227 ) Proceeds from sale of long-lived assets — 2,368 1,715 — 4,083 Contributions to equity method investments — (16,203 ) (54,527 ) — (70,730 ) Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream L.P. 114,412 — — (114,412 ) — Payments to acquire businesses — (514 ) (43,994 ) — (44,508 ) Proceeds from sale of common units of equity method investee 59,744 — — — 59,744 Distributions in excess of equity in earnings of affiliates 1,051 1,145 5,420 (1,051 ) 6,565 Net cash provided by (used in) investing activities 173,905 (141,065 ) (156,450 ) (115,463 ) (239,073 ) Cash flows from financing activities: Debt issuance costs (93 ) — (8,577 ) — (8,670 ) Borrowings on credit facilities 286,500 — 787,744 — 1,074,244 Principal payments on credit facilities and other obligations (336,500 ) — (559,761 ) — (896,261 ) Distributions to noncontrolling interests — — (20,571 ) — (20,571 ) Proceeds from warrant exercises 86 — — — 86 Repurchase of common stock for payment of statutory taxes due on equity-based compensation (719 ) — — — (719 ) Dividends paid (31,149 ) — — — (31,149 ) Proceeds from issuance of common stock under employee stock purchase plan 340 — — — 340 Excess tax benefit from equity-based awards 1,650 — — — 1,650 Intercompany borrowing (advances), net (112,609 ) 95,175 (117,408 ) 134,842 — Net cash provided by (used in) financing activities (192,494 ) 95,175 81,427 134,842 118,950 Effect of exchange rate changes on cash and cash equivalents — — 1,921 — 1,921 Change in cash and cash equivalents 3,151 — (13,553 ) (1,900 ) (12,302 ) Cash and cash equivalents at beginning of period 2,545 — 78,342 (1,536 ) 79,351 Cash and cash equivalents at end of period $ 5,696 $ — $ 64,789 $ (3,436 ) $ 67,049 |
Rose Rock Midstream, L.P. -Dist
Rose Rock Midstream, L.P. -Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Feb. 14, 2014 | Dec. 31, 2015 | |
Distribution of Q4 2013 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.4650 | |||||||||
Total distributions to partners | $ 12,841 | |||||||||
Distribution of Q1 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.4950 | |||||||||
Total distributions to partners | $ 13,903 | |||||||||
Distribution of Q2 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.5350 | |||||||||
Total distributions to partners | $ 16,718 | |||||||||
Distribution of Q3 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.5750 | |||||||||
Total distributions to partners | $ 18,866 | |||||||||
Distribution of Q4 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.6200 | |||||||||
Total distributions to partners | $ 24,269 | |||||||||
Distribution of Q1 2015 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.6350 | |||||||||
Total distributions to partners | $ 28,379 | |||||||||
Distribution of Q2 2015 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution per unit | $ 0.6500 | |||||||||
Total distributions to partners | $ 29,483 | |||||||||
Subsequent Event [Member] | Distribution of Q3 2015 Earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution Made to Limited Partner, Distribution Date | Nov. 13, 2015 | |||||||||
Distribution Made to Limited Partner, Date of Record | Nov. 3, 2015 | |||||||||
Total distributions to partners | $ 30,221 | |||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | [1] | $ 0.6600 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q4 2013 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 257 | |||||||||
Incentive distributions | 244 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q1 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 278 | |||||||||
Incentive distributions | 488 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q2 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 334 | |||||||||
Incentive distributions | 888 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q3 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 377 | |||||||||
Incentive distributions | 1,835 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q4 2014 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 485 | |||||||||
Incentive distributions | 3,487 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q1 2015 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 568 | |||||||||
Incentive distributions | 4,450 | |||||||||
Parent [Member] | General Partner [Member] | Distribution of Q2 2015 earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
General partner distributions | 590 | |||||||||
Incentive distributions | 4,979 | |||||||||
Parent [Member] | General Partner [Member] | Subsequent Event [Member] | Distribution of Q3 2015 Earnings [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Incentive distributions | $ 5,333 | |||||||||
Managing Member or General Partner, Subsequent Distribution Amount | 604 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2013 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 2,041 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2013 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 3,901 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 2,173 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 4,153 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 3,646 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 4,488 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q3 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 3,918 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q3 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 4,824 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 6,551 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 5,202 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 13,148 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 0 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 13,458 | |||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | 0 | |||||||||
Parent [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q3 2015 Earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 13,665 | |||||||||
Parent [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q3 2015 Earnings [Member] | Subordinated Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 0 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q4 2013 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 6,398 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q1 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 6,811 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q2 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 7,362 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q3 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 7,912 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 8,544 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 10,213 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Limited partner distributions | $ 10,456 | |||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q3 2015 Earnings [Member] | Common Units [Member] | ||||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 10,619 | |||||||||
[1] | *Expected distributions related to the quarter ended September 30, 2015, which will be paid on November 13, 2015 to unitholders of record as of November 3, 2015. |
Rose Rock Midstream, L.P. - Sum
Rose Rock Midstream, L.P. - Summarized balance sheet information (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summarized Balance Sheet Information | ||
Other current assets | $ 20,401 | $ 20,017 |
Property, plant and equipment, net | 1,474,947 | 1,256,825 |
Equity method investment | 547,448 | 577,920 |
Goodwill | 57,592 | 58,326 |
Other noncurrent assets, net | 61,500 | 44,386 |
Total assets | 2,877,568 | 2,589,802 |
Current liabilities | 378,170 | 391,662 |
Long-term debt | 1,044,468 | 767,092 |
Total liabilities and owners’ equity | 2,877,568 | 2,589,802 |
Rose Rock Midstream, L.P. [Member] | ||
Summarized Balance Sheet Information | ||
Cash | 44,011 | 3,625 |
Other current assets | 304,634 | 271,144 |
Property, plant and equipment, net | 425,820 | 396,066 |
Equity method investment | 430,168 | 269,635 |
Goodwill | 36,116 | 36,116 |
Other noncurrent assets, net | 32,746 | 29,677 |
Total assets | 1,273,495 | 1,006,263 |
Current liabilities | 270,452 | 265,682 |
Long-term debt | 744,468 | 432,092 |
Partners’ capital attributable to SemGroup | 165,735 | 238,560 |
Partners’ capital attributable to noncontrolling interests | 92,840 | 69,929 |
Total liabilities and owners’ equity | $ 1,273,495 | $ 1,006,263 |
Rose Rock Midstream, L.P. - S36
Rose Rock Midstream, L.P. - Summarized income statement information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summarized Income Statement Information | ||||
Revenue | $ 397,065 | $ 594,235 | $ 1,072,601 | $ 1,575,342 |
Cost of products sold | 274,639 | 458,063 | 710,869 | 1,211,703 |
Depreciation and amortization | 26,022 | 25,200 | 74,430 | 70,899 |
Earnings from equity method investments | 16,237 | 14,223 | 60,699 | 48,372 |
Net income | 9,580 | 32,196 | 43,789 | 39,350 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 4,707 | 6,934 | 14,153 | 18,184 |
Net income attributable to Rose Rock Midstream, L.P. | 4,873 | 25,262 | 29,636 | 21,166 |
Rose Rock Midstream, L.P. [Member] | ||||
Summarized Income Statement Information | ||||
Revenue | 241,086 | 376,856 | 599,082 | 961,526 |
Cost of products sold | 195,244 | 333,646 | 464,614 | 843,928 |
Operating, general and administrative expenses | 23,420 | 26,574 | 79,976 | 69,165 |
Depreciation and amortization | 10,634 | 8,395 | 31,385 | 27,153 |
Earnings from equity method investments | 17,115 | 16,289 | 55,662 | 39,660 |
Net income | 16,421 | 16,520 | 48,089 | 47,834 |
Noncontrolling interests in consolidated subsidiary retained by SemGroup | 0 | 0 | 0 | 7,758 |
Net income attributable to Rose Rock Midstream, L.P. | $ 16,421 | $ 16,520 | $ 48,089 | $ 40,076 |
Rose Rock Midstream, L.P. (Deta
Rose Rock Midstream, L.P. (Details Textual) $ in Millions | Feb. 17, 2015shares | Feb. 13, 2015USD ($) | Jan. 02, 2015shares | Sep. 30, 2015$ / Unit |
Glass Mountain Pipeline LLC [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Rose Rock Midstream, L.P. [Member] | Class A [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Limited partners' capital account, units converted to common | 3,750,000 | |||
Rose Rock Midstream, L.P. [Member] | Subordinated Units [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Limited partners' capital account, units converted to common | 8,389,709 | |||
Limited Partner [Member] | Rose Rock Midstream, L.P. [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Limited partner ownership interest | 55.20% | |||
General Partner [Member] | Rose Rock Midstream, L.P. [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
General partner ownership interest | 2.00% | |||
First Target Distribution [Member] | Minimum [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Partners' minimum quarterly distribution per unit | $ / Unit | 0.3625 | |||
Rose Rock Midstream, L.P. [Member] | Contribution of WOT and 50% interest in Glass Mountain [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Cash paid by subsidiary for acquisition in common control transaction | $ | $ 251.2 | |||
Rose Rock Midstream, L.P. [Member] | Contribution of WOT and 50% interest in Glass Mountain [Member] | Common Units [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Units received as consideration in WOT and Glass Mountain transaction | 1.75 |
Equity Method Investments - Inv
Equity Method Investments - Investment balances (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 547,448 | $ 577,920 |
White Cliffs Pipeline, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 287,090 | 269,635 |
NGL Energy Partners LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 117,280 | 162,246 |
Glass Mountain Pipeline LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 143,078 | $ 146,039 |
Equity Method Investments - Equ
Equity Method Investments - Equity earnings, by investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 16,237 | $ 14,223 | $ 60,699 | $ 48,372 | |
White Cliffs Pipeline, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | 16,047 | 16,289 | 50,682 | 39,660 | |
NGL Energy Partners LP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | [1] | (878) | (4,482) | 5,037 | 4,077 |
Glass Mountain Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 1,068 | $ 2,416 | $ 4,980 | $ 4,635 | |
[1] | * Excluding gain on issuance of common units of $0.1 million and $18.8 million for the three months ended September 30, 2015 and 2014 and $6.0 million and $26.9 million for the nine months ended September 30, 2015 and 2014 |
Equity Method Investments - Dis
Equity Method Investments - Distributions received, by investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | $ 28,354 | $ 26,321 | $ 89,462 | $ 68,322 |
White Cliffs Pipeline, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | 20,631 | 17,029 | 65,336 | 45,081 |
NGL Energy Partners LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | 4,752 | 6,450 | 14,235 | 17,462 |
Glass Mountain Pipeline LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | $ 2,971 | $ 2,842 | $ 9,891 | $ 5,779 |
Equity Method Investments - Sum
Equity Method Investments - Summarized financial information - White Cliffs (Details) - White Cliffs Pipeline, L.L.C. [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 49,027 | $ 42,211 | $ 152,150 | $ 110,018 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 8,446 | 4,055 | 25,844 | 16,362 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 8,746 | 5,807 | 25,871 | 14,737 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 31,835 | $ 32,349 | $ 100,428 | $ 78,919 |
Equity Method Investments - S42
Equity Method Investments - Summarized financial information - NGL Energy (Details) - NGL Energy Partners LP [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 3,538,469 | $ 3,648,614 | $ 11,311,386 | $ 10,367,994 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 3,322,551 | 3,534,053 | 10,567,240 | 9,874,826 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 170,816 | 95,741 | 494,673 | 297,417 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 59,831 | 39,375 | 164,306 | 112,344 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ (38,526) | $ (39,910) | $ 47,147 | $ 27,288 |
Equity Method Investments - S43
Equity Method Investments - Summarized financial information - Glass Mountain (Details) - Glass Mountain Pipeline LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 8,348 | $ 8,708 | $ 29,257 | $ 21,452 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 253 | 0 | 2,235 | 0 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 1,950 | 23 | 4,861 | 2,031 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 3,903 | 3,745 | 11,879 | 9,863 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 2,242 | $ 4,939 | $ 10,278 | $ 9,554 |
Equity Method Investments (Deta
Equity Method Investments (Details Textual) $ / shares in Units, bbl in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Jun. 30, 2014 | Sep. 30, 2015USD ($)bbl$ / sharesshares | Sep. 30, 2014USD ($) | Jun. 30, 2015shares | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on issuance of common units by equity method investee | $ 136 | $ 18,772 | $ 6,033 | $ 26,899 | ||
General and administrative | 23,045 | 23,296 | 78,272 | 63,882 | ||
Net proceeds from sale of common units of equity method investee | 56,318 | 59,744 | ||||
Gain on sale of common units of equity method investee | 14,517 | 26,748 | ||||
White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General and administrative | 400 | 400 | 1,100 | 1,200 | ||
NGL Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common units representing limited partner interests | shares | 104,181,253 | |||||
NGL Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on issuance of common units by equity method investee | $ 100 | $ 18,800 | $ 6,000 | $ 26,900 | ||
Common units | shares | 4,652,568 | 4,652,568 | ||||
Closing price per common unit | $ / shares | $ 19.97 | $ 19.97 | ||||
Units of equity investee divested | shares | 1,999,533 | |||||
Net proceeds from sale of common units of equity method investee | $ 56,300 | |||||
NGL Energy Partners LP [Member] | Limited Partner Interests [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Limited partner ownership interest | 4.50% | |||||
NGL Energy Partners LP [Member] | General Partner [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General partner ownership interest | 11.78% | |||||
White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project funding contributions | $ 31,000 | |||||
Percentage of limited partner ownership interest | 51.00% | 51.00% | ||||
Glass Mountain Pipeline LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project funding contributions | $ 2,000 | |||||
Percentage of limited partner ownership interest | 50.00% | 50.00% | ||||
Pipeline expansion [Member] | White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project funding contributions | $ 22,700 | |||||
Incremental capacity expected to be added | bbl | 65 | |||||
Expected capital contributions, year one | $ 14,000 | |||||
Other Expense [Member] | NGL Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Transaction related costs | 500 | |||||
Gain on sale of common units of equity method investee | 14,500 | |||||
Fair Value, Inputs, Level 1 [Member] | NGL Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Fair market value of common units | $ 92,900 | $ 92,900 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 397,065 | $ 594,235 | $ 1,072,601 | $ 1,575,342 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 274,639 | 458,063 | 710,869 | 1,211,703 | |
Operating | 53,267 | 69,377 | 167,157 | 179,579 | |
General and administrative | 23,045 | 23,296 | 78,272 | 63,882 | |
Depreciation and amortization | 26,022 | 25,200 | 74,430 | 70,899 | |
Loss (gain) on disposal of long-lived assets, net | (951) | 1,376 | 1,479 | 20,633 | |
Total expenses | 376,022 | 577,312 | 1,032,207 | 1,546,696 | |
Earnings from equity method investments | 16,237 | 14,223 | 60,699 | 48,372 | |
Gain on issuance of common units by equity method investee | 136 | 18,772 | 6,033 | 26,899 | |
Operating income | 37,416 | 49,918 | 107,126 | 103,917 | |
Other expenses (income), net | 17,829 | (6,368) | 33,725 | 30,618 | |
Income (loss) from continuing operations before income taxes | 19,587 | 56,286 | 73,401 | 73,299 | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 2,877,568 | 2,877,568 | $ 2,589,802 | ||
Crude [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 241,086 | 376,856 | 606,057 | 961,526 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 195,244 | 333,646 | 473,522 | 843,928 | |
Operating | 19,329 | 22,057 | 64,446 | 54,885 | |
General and administrative | 7,733 | 4,696 | 19,687 | 15,076 | |
Depreciation and amortization | 10,634 | 8,395 | 31,385 | 27,153 | |
Loss (gain) on disposal of long-lived assets, net | (603) | 291 | (530) | 230 | |
Total expenses | 232,337 | 369,085 | 588,510 | 941,272 | |
Earnings from equity method investments | 17,115 | 18,705 | 55,662 | 44,295 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | ||
Operating income | 25,864 | 26,476 | 73,209 | 64,549 | |
Other expenses (income), net | 16,030 | 10,526 | 39,759 | 20,367 | |
Income (loss) from continuing operations before income taxes | 9,834 | 15,950 | 33,450 | 44,182 | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 1,377,143 | 1,377,143 | |||
SemStream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 0 | 0 | |
Operating | 0 | 0 | 0 | 0 | |
General and administrative | 7 | 30 | 22 | 91 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 0 | 0 | |
Total expenses | 7 | 30 | 22 | 91 | |
Earnings from equity method investments | (878) | (4,482) | 5,037 | 4,077 | |
Gain on issuance of common units by equity method investee | 136 | 18,772 | 6,033 | 26,899 | |
Operating income | (749) | 14,260 | 11,048 | 30,885 | |
Other expenses (income), net | (1,352) | (28,041) | (18,527) | (30,582) | |
Income (loss) from continuing operations before income taxes | 603 | 42,301 | 29,575 | 61,467 | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 117,280 | 117,280 | |||
SemCAMS [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 33,152 | 53,800 | 98,791 | 133,037 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 27 | 97 | 235 | 235 | |
Operating | 21,062 | 33,537 | 63,058 | 86,039 | |
General and administrative | 3,600 | 3,836 | 11,169 | 11,390 | |
Depreciation and amortization | 3,198 | 5,113 | 9,451 | 11,021 | |
Loss (gain) on disposal of long-lived assets, net | (917) | (35) | (917) | (950) | |
Total expenses | 26,970 | 42,548 | 82,996 | 107,735 | |
Earnings from equity method investments | 0 | 0 | 0 | 0 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 | |
Operating income | 6,182 | 11,252 | 15,795 | 25,302 | |
Other expenses (income), net | 1,702 | 3,920 | 8,034 | 11,825 | |
Income (loss) from continuing operations before income taxes | 4,480 | 7,332 | 7,761 | 13,477 | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 586,944 | 586,944 | |||
SemGas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 65,070 | 96,829 | 198,048 | 290,361 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 36,915 | 68,722 | 114,344 | 215,535 | |
Operating | 8,475 | 8,965 | 25,320 | 24,421 | |
General and administrative | 2,376 | 2,312 | 7,080 | 6,524 | |
Depreciation and amortization | 8,601 | 7,064 | 23,098 | 19,312 | |
Loss (gain) on disposal of long-lived assets, net | 445 | (12) | 1,894 | 20,092 | |
Total expenses | 56,812 | 87,051 | 171,736 | 285,884 | |
Earnings from equity method investments | 0 | 0 | 0 | 0 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 | |
Operating income | 8,258 | 9,778 | 26,312 | 4,477 | |
Other expenses (income), net | 3,504 | 2,330 | 9,624 | 6,032 | |
Income (loss) from continuing operations before income taxes | 4,754 | 7,448 | 16,688 | (1,555) | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 722,615 | 722,615 | |||
SemLogistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 5,659 | 1,299 | 17,090 | 10,070 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 615 | ||
Operating | 1,955 | 2,148 | 6,610 | 6,168 | |
General and administrative | 1,757 | 1,595 | 5,680 | 4,546 | |
Depreciation and amortization | 2,173 | 2,543 | 6,367 | 7,593 | |
Loss (gain) on disposal of long-lived assets, net | 0 | 1,139 | 0 | (2,495) | |
Total expenses | 5,885 | 7,425 | 18,657 | 16,427 | |
Earnings from equity method investments | 0 | 0 | 0 | 0 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 | |
Operating income | (226) | (6,126) | (1,567) | (6,357) | |
Other expenses (income), net | 1,021 | 969 | 1,705 | 1,303 | |
Income (loss) from continuing operations before income taxes | (1,247) | (7,095) | (3,272) | (7,660) | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 157,087 | 157,087 | |||
SemMexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 56,260 | 75,177 | 169,209 | 209,758 | |
Costs of products sold, exclusive of depreciation and amortization shown below | 46,615 | 65,324 | 139,362 | 180,800 | |
Operating | 2,447 | 2,670 | 7,724 | 8,066 | |
General and administrative | 2,823 | 2,928 | 7,588 | 8,791 | |
Depreciation and amortization | 993 | 1,655 | 3,083 | 4,538 | |
Loss (gain) on disposal of long-lived assets, net | 124 | (7) | 105 | (35) | |
Total expenses | 53,002 | 72,570 | 157,862 | 202,160 | |
Earnings from equity method investments | 0 | 0 | 0 | 0 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 | |
Operating income | 3,258 | 2,607 | 11,347 | 7,598 | |
Other expenses (income), net | 143 | 31 | 268 | (70) | |
Income (loss) from continuing operations before income taxes | 3,115 | 2,576 | 11,079 | 7,668 | |
Total assets at September 30, 2015 (excluding intersegment receivables) | 98,029 | 98,029 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (4,162) | (9,726) | (16,594) | (29,410) | |
Costs of products sold, exclusive of depreciation and amortization shown below | (4,162) | (9,726) | (16,594) | (29,410) | |
Operating | (1) | 0 | (1) | 0 | |
General and administrative | 4,749 | 7,899 | 27,046 | 17,464 | |
Depreciation and amortization | 423 | 430 | 1,046 | 1,282 | |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 927 | 3,791 | |
Total expenses | 1,009 | (1,397) | 12,424 | (6,873) | |
Earnings from equity method investments | 0 | 0 | 0 | 0 | |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 | |
Operating income | (5,171) | (8,329) | (29,018) | (22,537) | |
Other expenses (income), net | (3,219) | 3,897 | (7,138) | 21,743 | |
Income (loss) from continuing operations before income taxes | (1,952) | (12,226) | (21,880) | (44,280) | |
Total assets at September 30, 2015 (excluding intersegment receivables) | (181,530) | (181,530) | |||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 397,065 | 594,235 | 1,072,601 | 1,575,342 | |
Operating Segments [Member] | Crude [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 241,086 | 376,856 | 606,057 | 961,526 | |
Operating Segments [Member] | SemStream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | SemCAMS [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 33,152 | 53,800 | 98,791 | 133,037 | |
Operating Segments [Member] | SemGas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 60,908 | 87,103 | 181,454 | 260,951 | |
Operating Segments [Member] | SemLogistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 5,659 | 1,299 | 17,090 | 10,070 | |
Operating Segments [Member] | SemMexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 56,260 | 75,177 | 169,209 | 209,758 | |
Operating Segments [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Crude [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | SemStream [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | SemCAMS [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | SemGas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,162 | 9,726 | 16,594 | 29,410 | |
Intersegment Eliminations [Member] | SemLogistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | SemMexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ (4,162) | $ (9,726) | $ (16,594) | $ (29,410) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Inventory valuation adjustment | $ 1,235 | $ 0 | |
Components of Inventories | |||
Crude oil | 49,048 | $ 26,722 | |
Asphalt and other | 14,809 | 16,810 | |
Total Inventories | 63,857 | $ 43,532 | |
Crude [Member] | Crude Oil [Member] | |||
Inventory valuation adjustment | $ 1,200 |
Financial Instruments - Fair va
Financial Instruments - Fair value of financial assets and liabilties (Details) - Commodity Derivatives [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value of Financial Assets and Liabilities | |||
Derivative Asset, Fair Value, Gross Asset | $ 5,355 | $ 3,311 | |
Derivative Asset, Fair Value, Gross Liability | [1] | (364) | (1,637) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 4,991 | 1,674 | |
Derivative Liability, Fair Value, Gross Liability | 364 | 1,637 | |
Derivative Liability, Fair Value, Gross Asset | [1] | (364) | (1,637) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 0 | |
[1] | *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Financial Instruments - Level 2
Financial Instruments - Level 2 and 3 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Changes in Fair Value of Financial Assets (Liabilities) Classified as Level 3 | ||||
Level 2 and level 3 fair value transactions | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments - Notiona
Financial Instruments - Notional amounts (Details) - bbl bbl in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 5,735 | 1,525 | 19,187 | 3,475 |
Purchases [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 5,775 | 1,313 | 19,188 | 3,128 |
Financial Instruments - Fair 50
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 4,991 | $ 1,674 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Financial Instruments - Realize
Financial Instruments - Realized and unrealized gains and losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commodity Contract [Member] | Sales [Member] | ||||
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ||||
Realized and unrealized gains (losses) from commodity derivatives | $ 6,036 | $ 4,047 | $ 3,768 | $ 1,298 |
Financial Instruments (Details
Financial Instruments (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($)Customer | Sep. 30, 2015USD ($)Customer | Dec. 31, 2014USD ($) | |
Offsetting Assets [Line Items] | |||
Margin Deposit Assets | $ | $ (2.3) | $ (2.3) | $ 0.8 |
Commodity Contract [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ | $ 2.6 | $ 2.6 | $ 2.5 |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 43.00% | 38.00% | |
Customer Concentration Risk [Member] | Cost of Goods, Total [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 13.00% | |
Number of Suppliers | 1 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 37.00% | ||
Customer Concentration Risk [Member] | Crude [Member] | Sales Revenue, Goods, Net [Member] | |||
Offsetting Assets [Line Items] | |||
Number of Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Crude [Member] | Cost of Goods, Total [Member] | |||
Offsetting Assets [Line Items] | |||
Purchases of product | $ | $ 40.3 | $ 93.2 | |
Number of Suppliers | 1 | ||
Customer Concentration Risk [Member] | Crude [Member] | Accounts Receivable [Member] | |||
Offsetting Assets [Line Items] | |||
Number of Customers | 1 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes (Textual) [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 51.00% | 43.00% | 40.00% | 46.00% |
Foreign Tax Authority [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Income Taxes Paid | $ 3.1 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Capital leases | $ 95 | $ 132 |
Total long-term debt | 1,044,505 | 767,132 |
less: current portion of long-term debt | 37 | 40 |
Long-term debt | 1,044,468 | 767,092 |
Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 300,000 | 300,000 |
SemMexico [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 0 |
Revolving Credit Facility [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 35,000 |
Rose Rock Midstream L P [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 744,468 | 432,092 |
Rose Rock Midstream L P [Member] | Rose Rock Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 400,000 | 400,000 |
Rose Rock Midstream L P [Member] | Rose Rock Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 344,410 | 0 |
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 0 | $ 32,000 |
Long-Term Debt Long-term debt -
Long-Term Debt Long-term debt - Early redemption premium percentages (Details) - Rose Rock Midstream L P [Member] - Senior Notes [Member] - Rose Rock Notes due 2023 [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.813% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.406% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) | May. 14, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015MXN | Jul. 30, 2015USD ($) | Jul. 30, 2015MXN | May. 31, 2015USD ($) | May. 31, 2015MXN | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||
Interest Costs Capitalized | $ 1,000,000 | $ 1,000,000 | |||||||||
Corporate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||||
Corporate [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Expense, Debt | $ 5,800,000 | $ 5,800,000 | $ 17,500,000 | 17,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | 7.50% | ||||||||
Corporate [Member] | Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 4,500,000 | $ 4,500,000 | |||||||||
Interest rate in effect | 2.00% | 2.00% | 2.00% | ||||||||
Corporate [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Expense, Debt | $ 800,000 | 1,200,000 | $ 2,800,000 | 4,900,000 | |||||||
Maximum borrowing capacity | 500,000,000 | 500,000,000 | |||||||||
Borrowings outstanding | 0 | 0 | 35,000,000 | ||||||||
SemMexico [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings outstanding | 0 | 0 | 0 | ||||||||
SemMexico [Member] | 44 million MXP credit facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 2,600,000 | 2,600,000 | MXN 44,000,000 | ||||||||
Borrowings outstanding | $ 0 | ||||||||||
SemMexico [Member] | Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 17,100,000 | $ 17,100,000 | MXN 292,800,000 | ||||||||
Interest rate in effect | 0.25% | 0.25% | 0.25% | ||||||||
SemMexico [Member] | 56 million MXP credit facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 3,300,000 | $ 3,300,000 | MXN 56,000,000 | ||||||||
Borrowings outstanding | $ 0 | ||||||||||
SemMexico [Member] | 100 million MXP facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 5,800,000 | 5,800,000 | MXN 100,000,000 | ||||||||
Borrowings outstanding | 0 | 0 | |||||||||
Rose Rock Midstream, L.P. [Member] | Bilateral Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 25,900,000 | $ 25,900,000 | |||||||||
Interest rate in effect | 1.75% | 1.75% | 1.75% | ||||||||
Rose Rock Midstream, L.P. [Member] | Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 38,900,000 | $ 38,900,000 | |||||||||
Interest rate in effect | 2.50% | 2.50% | 2.50% | ||||||||
Rose Rock Midstream, L.P. [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Expense, Debt | $ 1,400,000 | 2,000,000 | $ 5,600,000 | 6,900,000 | |||||||
Maximum borrowing capacity | 585,000,000 | 585,000,000 | |||||||||
Borrowings outstanding | 0 | 0 | 32,000,000 | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Expense, Debt | $ 5,900,000 | $ 5,800,000 | $ 17,600,000 | $ 5,800,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 344,410,000 | $ 344,410,000 | $ 0 | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes redemable prior to May 15, 2018, Percentage | 35.00% | 35.00% | 35.00% | ||||||||
Interest rate increase | 0.25% | 0.25% | 0.25% | ||||||||
Interest Expense, Debt | $ 5,200,000 | $ 7,900,000 | |||||||||
Long-term Debt, Gross | $ 350,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | ||||||||
Debt Instrument, Discount, Percentage | 98.345% | ||||||||||
Debt Instrument, Unamortized Discount | $ 5,800,000 | $ 5,600,000 | $ 5,600,000 | ||||||||
Proceeds from Issuance of Debt | 337,700,000 | ||||||||||
Debt Issuance Cost | $ 6,500,000 | ||||||||||
Percentage of aggregate holders which can declare all amounts due in the event of default | 25.00% | 25.00% | 25.00% | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Minimum [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate increase | 0.25% | 0.25% | 0.25% | ||||||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Maximum [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate increase | 1.00% | 1.00% | 1.00% | ||||||||
Mexican bank prime rate [Member] | SemMexico [Member] | 100 million MXP facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||
Fair Value, Inputs, Level 1 [Member] | Corporate [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | $ 298,000,000 | $ 298,000,000 | |||||||||
Fair Value, Inputs, Level 1 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | 352,000,000 | 352,000,000 | |||||||||
Fair Value, Inputs, Level 1 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | $ 310,000,000 | $ 310,000,000 | |||||||||
Prior to May 15, 2018 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 105.625% | ||||||||||
Prior to May 15, 2019 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument redemption premium | 1.00% | ||||||||||
Basis point adjustment to discount rate | 50 | 50 | 50 | ||||||||
In the event of a change of control [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% |
Commitments and Contingencies -
Commitments and Contingencies - Purchase and sales commitments (Details) bbl in Thousands, $ in Thousands | Sep. 30, 2015USD ($)bbl |
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 3,485 |
Sale commitments, Value | $ 156,359 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 22,268 |
Sale commitments, Value | $ 915,732 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 2,635 |
Purchase commitments, Value | $ 116,683 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 17,683 |
Purchase commitments, Value | $ 797,546 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Take or Pay (Details) - Fractionation capacity [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $ 2,705 |
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 | 24,392 |
Purchase Obligation | $ 70,020 |
Commitments and Contingencies59
Commitments and Contingencies (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)bblsites | Dec. 31, 2014USD ($) | Jun. 11, 2013bbl | Aug. 18, 2011bbl | |
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 6 | ||||
Number of sites appearing to have soil contamination | 4 | ||||
Number of sites appearing to have water contamination as per phase two investigations | 4 | ||||
Number of sites closed | 1 | ||||
Sites for which closure is anticipated in 2015 | 1 | ||||
Site contingency, number of sites remaining open | 5 | ||||
Sites being monitored for ground water contamination | 2 | ||||
Sites completing assessment | 2 | ||||
Due under the contract | $ | $ 90,584,000 | $ 92,694,000 | |||
Crude [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 5 | ||||
SemGas [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Site contingency number of sites checked | 1 | ||||
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 | ||||
Pipeline transportation capacity [Member] | Rose Rock Midstream L P [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | bbl | 5,000 | ||||
Term of unconditional purchase obligation | 5 years | ||||
Unrecorded unconditional purchase obligation, annual amount | $ | $ 9,400,000 | ||||
SemCAMS [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Asset Retirement Obligation, Revision of Estimate | $ | $ (26,000,000) | ||||
Asset retirement obligation liability | $ | 16,000,000 | ||||
Estimated cost to retire facilities | $ | 121,600,000 | ||||
Sem Crude [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Loss contingency claims, number of barrels of crude oil claimed to be owed | bbl | 141,000 | ||||
Barrels of crude oil determined to be missing | bbl | 148,000 | ||||
SemGas [Member] | Pipeline transportation capacity [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Future obligations | $ | 400,000 | ||||
SemGas [Member] | Commitments [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Due under the contract | $ | 0 | ||||
BKEP Matter [Member] | |||||
Commitments and Contingencies (Textual) [Abstract] | |||||
Payments for Legal Settlements | $ | $ 12,300,000 |
Equity - Equity rollforward (De
Equity - Equity rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | $ 1,219,437 | $ 1,219,437 | ||||
Net income | $ 9,580 | $ 32,196 | 43,789 | $ 39,350 | ||
Other comprehensive loss, net of income taxes | (20,210) | $ (10,331) | (23,750) | $ (6,618) | ||
Distributions to noncontrolling interests | (29,780) | |||||
Dividends paid | (49,836) | |||||
Unvested dividend equivalent rights | (388) | |||||
Non-cash equity compensation | 7,602 | |||||
Issuance of common stock under compensation plans | 1,516 | |||||
Repurchase of common stock | (4,259) | |||||
Rose Rock Midstream, L.P. equity issuance | 89,119 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | (19,288) | |||||
Balance at September 30, 2015 | 1,234,162 | 1,234,162 | ||||
Common Stock [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | 436 | 436 | ||||
Net income | 0 | |||||
Other comprehensive loss, net of income taxes | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Dividends paid | 0 | |||||
Unvested dividend equivalent rights | 0 | |||||
Non-cash equity compensation | 0 | |||||
Issuance of common stock under compensation plans | 3 | |||||
Repurchase of common stock | 0 | |||||
Rose Rock Midstream, L.P. equity issuance | 0 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | 0 | |||||
Balance at September 30, 2015 | 439 | 439 | ||||
Additional Paid-In Capital [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | 1,245,877 | 1,245,877 | ||||
Net income | 0 | |||||
Other comprehensive loss, net of income taxes | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Dividends paid | (49,836) | |||||
Unvested dividend equivalent rights | (246) | |||||
Non-cash equity compensation | 6,589 | |||||
Issuance of common stock under compensation plans | 1,513 | |||||
Repurchase of common stock | 0 | |||||
Rose Rock Midstream, L.P. equity issuance | 0 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | 32,164 | $ 53,370 | 32,164 | |||
Balance at September 30, 2015 | 1,236,061 | 1,236,061 | ||||
Treasury Stock [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | (1,332) | (1,332) | ||||
Net income | 0 | |||||
Other comprehensive loss, net of income taxes | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Dividends paid | 0 | |||||
Unvested dividend equivalent rights | 0 | |||||
Non-cash equity compensation | 0 | |||||
Issuance of common stock under compensation plans | 0 | |||||
Repurchase of common stock | (4,259) | |||||
Rose Rock Midstream, L.P. equity issuance | 0 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | 0 | |||||
Balance at September 30, 2015 | (5,591) | (5,591) | ||||
Accumulated Deficit [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | (68,332) | (68,332) | ||||
Net income | 29,636 | |||||
Other comprehensive loss, net of income taxes | 0 | |||||
Distributions to noncontrolling interests | 0 | |||||
Dividends paid | 0 | |||||
Unvested dividend equivalent rights | 0 | |||||
Non-cash equity compensation | 0 | |||||
Issuance of common stock under compensation plans | 0 | |||||
Repurchase of common stock | 0 | |||||
Rose Rock Midstream, L.P. equity issuance | 0 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | 0 | |||||
Balance at September 30, 2015 | (38,696) | (38,696) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | (27,141) | (27,141) | ||||
Net income | 0 | |||||
Other comprehensive loss, net of income taxes | (23,750) | |||||
Distributions to noncontrolling interests | 0 | |||||
Dividends paid | 0 | |||||
Unvested dividend equivalent rights | 0 | |||||
Non-cash equity compensation | 0 | |||||
Issuance of common stock under compensation plans | 0 | |||||
Repurchase of common stock | 0 | |||||
Rose Rock Midstream, L.P. equity issuance | 0 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | 0 | |||||
Balance at September 30, 2015 | (50,891) | (50,891) | ||||
Noncontrolling Interest [Member] | ||||||
SemGroup owners’ equity: | ||||||
Balance at December 31, 2014 | 69,929 | 69,929 | ||||
Net income | 14,153 | |||||
Other comprehensive loss, net of income taxes | 0 | |||||
Distributions to noncontrolling interests | (29,780) | |||||
Unvested dividend equivalent rights | (142) | |||||
Non-cash equity compensation | 1,013 | |||||
Issuance of common stock under compensation plans | 0 | |||||
Repurchase of common stock | 0 | |||||
Rose Rock Midstream, L.P. equity issuance | 89,119 | |||||
Transfer of WOT and Glass Mountain to Rose Rock | $ (51,452) | $ (85,173) | (51,452) | |||
Balance at September 30, 2015 | $ 92,840 | $ 92,840 |
Equity - Accumulated other comp
Equity - Accumulated other comprehensive income (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2014 | $ (27,141) |
Currency translation adjustment, net of income tax benefit of $14,902 | (23,774) |
Changes related to benefit plans, net of income tax expense of $8 | 24 |
Balance at September 30, 2015 | (50,891) |
Currency Translation [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2014 | (25,059) |
Currency translation adjustment, net of income tax benefit of $14,902 | (23,774) |
Changes related to benefit plans, net of income tax expense of $8 | 0 |
Balance at September 30, 2015 | (48,833) |
Employee Benefit Plans [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2014 | (2,082) |
Currency translation adjustment, net of income tax benefit of $14,902 | 0 |
Changes related to benefit plans, net of income tax expense of $8 | 24 |
Balance at September 30, 2015 | $ (2,058) |
Equity - Dividends (Details)
Equity - Dividends (Details) - $ / shares | Nov. 24, 2015 | Aug. 25, 2015 | May. 27, 2015 | Mar. 20, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | Mar. 10, 2014 | May. 19, 2014 | Dec. 31, 2015 | Sep. 30, 2015 |
Dividends Payable [Line Items] | ||||||||||
Dividend Per Share, Paid | $ 0.42 | $ 0.38 | $ 0.34 | $ 0.30 | $ 0.27 | $ 0.22 | $ 0.24 | |||
Date Paid | Aug. 25, 2015 | May 29, 2015 | Mar. 20, 2015 | Nov. 28, 2014 | Aug. 28, 2014 | Mar. 20, 2014 | May 29, 2014 | |||
First quarter 2014 dividend [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Feb. 25, 2014 | |||||||||
Date of Record | Mar. 10, 2014 | |||||||||
Second quarter 2014 dividend [Member] [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | May 8, 2014 | |||||||||
Date of Record | May 19, 2014 | |||||||||
Third quarter 2014 dividend [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Aug. 6, 2014 | |||||||||
Date of Record | Aug. 18, 2014 | |||||||||
Fourth quarter 2014 dividend [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Nov. 6, 2014 | |||||||||
Date of Record | Nov. 17, 2014 | |||||||||
First quarter 2015 dividend [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Feb. 26, 2015 | |||||||||
Date of Record | Mar. 9, 2015 | |||||||||
Second quarter 2015 dividend [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | May 6, 2015 | |||||||||
Date of Record | May 18, 2015 | |||||||||
Third quarter 2015 dividend [Member] [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Aug. 4, 2015 | |||||||||
Date of Record | Aug. 17, 2015 | |||||||||
Subsequent Event [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend Per Share, Declared | $ 0.45 | |||||||||
Date Paid | Nov. 24, 2015 | |||||||||
Subsequent Event [Member] | Third quarter 2015 dividend [Member] [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Date Declared | Nov. 3, 2015 | |||||||||
Date of Record | Nov. 16, 2015 |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
EQUITY (Textual) [Abstract] | |
Employee Stock Purchase Plan shares issued during period | 24,882 |
Shares of vested stock awards sold back to satisfy tax obligations | 62,233 |
Outstanding unvested equity compensation awards | 412,000 |
Additional equity compensation awards that could vest if certain targets are achieved | 170,000 |
Equity compensation awards granted during the period | 151,588 |
Weighted average grant date fair value of equity awards granted during the period | $ / shares | $ 88.23 |
Income tax expense, related to change in benefit plans | $ | $ 8 |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ | $ (14,902) |
Stock Compensation Plan [Member] | |
EQUITY (Textual) [Abstract] | |
Vested common stock | 183,549 |
Cash settled UUD [Member] | |
EQUITY (Textual) [Abstract] | |
Unvested Dividend Equivalent Value | $ | $ 487 |
Earnings Per Share - Basic (De
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic earnings per share | ||||
Income (loss) | $ 9,581 | $ 32,196 | $ 43,792 | $ 39,355 |
Loss from discontinued operations, net of income taxes | (1) | 0 | (3) | (5) |
Net income | 9,580 | 32,196 | 43,789 | 39,350 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Numerator | $ 4,873 | $ 25,262 | $ 29,636 | $ 21,166 |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Basic earnings (loss) per share, Net | $ 0.11 | $ 0.59 | $ 0.68 | $ 0.50 |
Continuing Operations [Member] | ||||
Basic earnings per share | ||||
Income (loss) | $ 9,581 | $ 32,196 | $ 43,792 | $ 39,355 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Numerator | $ 4,874 | $ 25,262 | $ 29,639 | $ 21,171 |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Basic earnings per share, Continuing Operations | $ 0.11 | $ 0.59 | $ 0.68 | $ 0.50 |
Discontinued Operations [Member] | ||||
Basic earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ (1) | $ 0 | $ (3) | $ (5) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ (1) | $ 0 | $ (3) | $ (5) |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Basic earnings per share, Discontinued Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Diluted earnings per share | ||||
Income (loss) | $ 9,581 | $ 32,196 | $ 43,792 | $ 39,355 |
Loss from discontinued operations, net of income taxes | (1) | 0 | (3) | (5) |
Net income | 9,580 | 32,196 | 43,789 | 39,350 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Numerator | $ 4,873 | $ 25,262 | $ 29,636 | $ 21,166 |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Effect of dilutive securities | 163 | 305 | 194 | 302 |
Denominator, Net, Diluted | 43,971 | 43,013 | 43,969 | 42,976 |
Diluted earnings (loss) per share, Net | $ 0.11 | $ 0.59 | $ 0.67 | $ 0.49 |
Continuing Operations [Member] | ||||
Diluted earnings per share | ||||
Income (loss) | $ 9,581 | $ 32,196 | $ 43,792 | $ 39,355 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Numerator | $ 4,874 | $ 25,262 | $ 29,639 | $ 21,171 |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Effect of dilutive securities | 163 | 305 | 194 | 302 |
Denominator, Net, Diluted | 43,971 | 43,013 | 43,969 | 42,976 |
Diluted earnings per share, Continuing Operations | $ 0.11 | $ 0.59 | $ 0.67 | $ 0.49 |
Discontinued Operations [Member] | ||||
Diluted earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ (1) | $ 0 | $ (3) | $ (5) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ (1) | $ 0 | $ (3) | $ (5) |
Weighted average common stock outstanding | 43,808 | 42,708 | 43,775 | 42,674 |
Effect of dilutive securities | 163 | 305 | 194 | 302 |
Denominator, Net, Diluted | 43,971 | 43,013 | 43,969 | 42,976 |
Diluted earnings per share, Discontinued Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Loss on fair value of warrants | $ 5,500 | $ 0 | $ 23,499 |
Supplemental Cash Flow Inform67
Supplemental Cash Flow Information - Operating assets and liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Components of operating assets and liabilities | ||
Decrease (increase) in restricted cash | $ 6,798 | $ (2,188) |
Decrease (increase) in accounts receivable | 8,179 | (95,642) |
Decrease (increase) in receivable from affiliates | 8,986 | 29,094 |
Decrease (increase) in inventories | (23,256) | (18,676) |
Decrease (increase) in derivatives and margin deposits | 3,159 | (2,200) |
Decrease (increase) in other current assets | (1,807) | (1,690) |
Decrease (increase) in other assets | 1,818 | (221) |
Increase (decrease) in accounts payable and accrued liabilities | 1,259 | 81,835 |
Increase (decrease) in payable to affiliates | (2,310) | (31,781) |
Increase (decrease) in payables to pre-petition creditors | (3,836) | (47) |
Increase (decrease) in other noncurrent liabilities | (1,336) | 1,585 |
Total changes in operating assets and liabilities | $ (2,346) | $ (39,931) |
Supplemental Cash Flow Inform68
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Transfer of WOT and Glass Mountain to Rose Rock | $ (19,288) | ||||
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | $ 19,300 | $ 31,800 | |||
Interest Paid | 40,500 | $ 21,600 | |||
Income Taxes Paid, Net | 6,300 | 17,900 | |||
Capital Expenditures Incurred but Not yet Paid | 7,300 | $ 13,400 | |||
Noncontrolling Interest [Member] | |||||
Transfer of WOT and Glass Mountain to Rose Rock | (51,452) | (85,173) | (51,452) | ||
Additional Paid-in Capital [Member] | |||||
Transfer of WOT and Glass Mountain to Rose Rock | $ 32,164 | $ 53,370 | $ 32,164 | ||
Glass Mountain Pipeline LLC [Member] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
SemCAMS [Member] | |||||
Asset Retirement Obligation, Revision of Estimate | $ (26,000) | ||||
Acquisition of remaining 33% interest in SemCrude Pipeline [Member] | Semcrude Pipeline [Member] | Rose Rock Midstream L P [Member] | |||||
Equity method investment, ownership percentage | 33.00% |
Related Party Transactions - Tr
Related Party Transactions - Transactions with NGL Energy (Details) - NGL Energy [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction | ||||
Revenues | $ 19,540 | $ 103,684 | $ 139,456 | $ 384,578 |
Related Party Transaction, Purchases from Related Party | 15,994 | 86,400 | 126,255 | 357,245 |
Related Party Transaction Reimbursements from Transactions With Related Party | $ 0 | $ 42 | $ 56 | $ 126 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Glass Mountain Pipeline LLC [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 500,000 | $ 300,000 | $ 1,700,000 | $ 400,000 |
Related Party Transaction Reimbursements from Transactions With Related Party | 200,000 | 200,000 | 600,000 | 600,000 |
Related Party Transaction, Purchases from Related Party | 1,500,000 | |||
White Cliffs Pipeline, L.L.C. [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Revenues | 1,100,000 | 700,000 | 3,200,000 | 2,200,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 800,000 | 1,000,000 | 2,600,000 | 2,700,000 |
Related Party Transaction Reimbursements from Transactions With Related Party | 100,000 | 100,000 | 300,000 | 300,000 |
Law Firm [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Legal fees | $ 300,000 | 400,000 | 1,100,000 | 1,000,000 |
White Cliffs Pipeline, L.L.C. [Member] | Law Firm [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Legal fees | $ 9,100 | $ 3,400 | $ 90,100 |
Condensed Consolidating Guara71
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Payments for Repurchase of Common Stock | $ 4,259 | $ 719 | ||
Payments of Ordinary Dividends, Common Stock | 49,836 | 31,149 | ||
Current assets: | ||||
Cash and cash equivalents | 145,993 | 67,049 | $ 40,598 | $ 79,351 |
Restricted cash | 0 | 6,980 | ||
Accounts receivable, net | 333,157 | 351,334 | ||
Receivable from affiliates | 7,833 | 16,819 | ||
Inventories | 63,857 | 43,532 | ||
Other current assets | 20,401 | 20,017 | ||
Total current assets | 571,241 | 479,280 | ||
Property, plant and equipment, net | 1,474,947 | 1,256,825 | ||
Equity method investments | 547,448 | 577,920 | ||
Goodwill | 57,592 | 58,326 | ||
Other intangible assets, net | 164,840 | 173,065 | ||
Other noncurrent assets, net | 61,500 | 44,386 | ||
Total assets | 2,877,568 | 2,589,802 | ||
Current liabilities: | ||||
Accounts payable | 263,625 | 257,177 | ||
Payable to affiliates | 11,150 | 13,460 | ||
Accrued liabilities | 90,584 | 92,694 | ||
Payables to pre-petition creditors | 0 | 3,129 | ||
Deferred revenue | 11,403 | 23,688 | ||
Other current liabilities | 1,371 | 1,474 | ||
Current portion of long-term debt | 37 | 40 | ||
Total current liabilities | 378,170 | 391,662 | ||
Long-term debt | 1,044,468 | 767,092 | ||
Deferred income taxes | 198,297 | 161,956 | ||
Other noncurrent liabilities | $ 22,471 | $ 49,655 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | $ 1,141,322 | $ 1,149,508 | ||
Noncontrolling interests in consolidated subsidiaries | 92,840 | 69,929 | ||
Total owners’ equity | 1,234,162 | 1,219,437 | ||
Total liabilities and owners’ equity | 2,877,568 | 2,589,802 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Payments for Repurchase of Common Stock | 4,259 | 719 | ||
Payments of Ordinary Dividends, Common Stock | 49,836 | 31,149 | ||
Current assets: | ||||
Cash and cash equivalents | 40,950 | 5,696 | 9,254 | 2,545 |
Restricted cash | 3,856 | |||
Accounts receivable, net | 706 | 9,669 | ||
Receivable from affiliates | 921 | 2,512 | ||
Inventories | 0 | 0 | ||
Other current assets | 9,564 | 10,498 | ||
Total current assets | 52,141 | 35,789 | ||
Property, plant and equipment, net | 4,728 | 4,112 | ||
Equity method investments | 1,514,132 | 1,551,825 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 22 | 26 | ||
Other noncurrent assets, net | 40,240 | 24,555 | ||
Total assets | 1,611,263 | 1,616,307 | ||
Current liabilities: | ||||
Accounts payable | 574 | 649 | ||
Payable to affiliates | 211 | 21 | ||
Accrued liabilities | 14,453 | 11,993 | ||
Payables to pre-petition creditors | 3,129 | |||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 461 | 224 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 15,699 | 16,016 | ||
Long-term debt | 300,000 | 335,000 | ||
Deferred income taxes | 151,785 | 112,897 | ||
Other noncurrent liabilities | $ 2,457 | $ 2,886 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | $ 1,141,322 | $ 1,149,508 | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | 1,141,322 | 1,149,508 | ||
Total liabilities and owners’ equity | 1,611,263 | 1,616,307 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | |||
Accounts receivable, net | 26,789 | 32,056 | ||
Receivable from affiliates | 1,318 | 6,624 | ||
Inventories | 963 | 248 | ||
Other current assets | 550 | 575 | ||
Total current assets | 29,620 | 39,503 | ||
Property, plant and equipment, net | 527,799 | 452,352 | ||
Equity method investments | 417,621 | 348,115 | ||
Goodwill | 13,052 | 13,052 | ||
Other intangible assets, net | 146,233 | 152,383 | ||
Other noncurrent assets, net | 3,168 | 958 | ||
Total assets | 1,137,493 | 1,006,363 | ||
Current liabilities: | ||||
Accounts payable | 15,267 | 22,097 | ||
Payable to affiliates | 10 | 7 | ||
Accrued liabilities | 12,495 | 17,575 | ||
Payables to pre-petition creditors | 0 | |||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 707 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 27,772 | 40,386 | ||
Long-term debt | 7,520 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | $ 0 | $ 0 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | $ 1,102,201 | $ 965,977 | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | 1,102,201 | 965,977 | ||
Total liabilities and owners’ equity | 1,137,493 | 1,006,363 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Current assets: | ||||
Cash and cash equivalents | 108,628 | 64,789 | 35,445 | 78,342 |
Restricted cash | 3,124 | |||
Accounts receivable, net | 305,662 | 309,609 | ||
Receivable from affiliates | 8,050 | 15,659 | ||
Inventories | 62,894 | 43,284 | ||
Other current assets | 10,287 | 8,944 | ||
Total current assets | 495,521 | 416,065 | ||
Property, plant and equipment, net | 942,420 | 800,361 | ||
Equity method investments | 430,168 | 415,673 | ||
Goodwill | 44,540 | 45,274 | ||
Other intangible assets, net | 18,585 | 20,656 | ||
Other noncurrent assets, net | 18,092 | 18,873 | ||
Total assets | 1,949,326 | 1,716,902 | ||
Current liabilities: | ||||
Accounts payable | 247,784 | 234,431 | ||
Payable to affiliates | 13,386 | 21,406 | ||
Accrued liabilities | 63,639 | 63,126 | ||
Payables to pre-petition creditors | 0 | |||
Deferred revenue | 11,403 | 23,688 | ||
Other current liabilities | 910 | 543 | ||
Current portion of long-term debt | 37 | 40 | ||
Total current liabilities | 337,159 | 343,234 | ||
Long-term debt | 760,968 | 490,946 | ||
Deferred income taxes | 46,512 | 49,059 | ||
Other noncurrent liabilities | $ 20,014 | $ 46,769 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | $ 691,833 | $ 716,965 | ||
Noncontrolling interests in consolidated subsidiaries | 92,840 | 69,929 | ||
Total owners’ equity | 784,673 | 786,894 | ||
Total liabilities and owners’ equity | 1,949,326 | 1,716,902 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Current assets: | ||||
Cash and cash equivalents | (3,585) | $ (3,436) | (4,101) | $ (1,536) |
Restricted cash | 0 | |||
Accounts receivable, net | 0 | 0 | ||
Receivable from affiliates | (2,456) | (7,976) | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (6,041) | (12,077) | ||
Property, plant and equipment, net | 0 | 0 | ||
Equity method investments | (1,814,473) | (1,737,693) | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets, net | 0 | 0 | ||
Total assets | (1,820,514) | (1,749,770) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Payable to affiliates | (2,457) | (7,974) | ||
Accrued liabilities | (3) | 0 | ||
Payables to pre-petition creditors | 0 | |||
Deferred revenue | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (2,460) | (7,974) | ||
Long-term debt | (24,020) | (58,854) | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | $ 0 | $ 0 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | $ (1,794,034) | $ (1,682,942) | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | (1,794,034) | (1,682,942) | ||
Total liabilities and owners’ equity | $ (1,820,514) | $ (1,749,770) |
Condensed Consolidating Guara72
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Product | $ 313,351 | $ 495,436 | $ 822,218 | $ 1,325,452 |
Service | 64,091 | 65,219 | 192,572 | 167,176 |
Other | 19,623 | 33,580 | 57,811 | 82,714 |
Revenue | 397,065 | 594,235 | 1,072,601 | 1,575,342 |
Expenses: | ||||
Cost of products sold | 274,639 | 458,063 | 710,869 | 1,211,703 |
Operating | 53,267 | 69,377 | 167,157 | 179,579 |
General and administrative | 23,045 | 23,296 | 78,272 | 63,882 |
Depreciation and amortization | 26,022 | 25,200 | 74,430 | 70,899 |
Loss (gain) on disposal of long-lived assets, net | (951) | 1,376 | 1,479 | 20,633 |
Total expenses | 376,022 | 577,312 | 1,032,207 | 1,546,696 |
Earnings from equity method investments | 16,237 | 14,223 | 60,699 | 48,372 |
Gain on issuance of common units by equity method investee | 136 | 18,772 | 6,033 | 26,899 |
Operating income | 37,416 | 49,918 | 107,126 | 103,917 |
Other expenses (income), net: | ||||
Interest expense | 19,170 | 14,807 | 50,583 | 34,394 |
Foreign currency transaction loss (gain) | (385) | 128 | (1,199) | (388) |
Other income, net | (956) | (21,303) | (15,659) | (3,388) |
Total other expenses, net | 17,829 | (6,368) | 33,725 | 30,618 |
Income (loss) from continuing operations before income taxes | 19,587 | 56,286 | 73,401 | 73,299 |
Income tax expense | 10,006 | 24,090 | 29,609 | 33,944 |
Income (loss) from continuing operations | 9,581 | 32,196 | 43,792 | 39,355 |
Loss from discontinued operations, net of income taxes | (1) | 0 | (3) | (5) |
Net income | 9,580 | 32,196 | 43,789 | 39,350 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Net income (loss) attributable to SemGroup | 4,873 | 25,262 | 29,636 | 21,166 |
Other comprehensive loss, net of income taxes | (20,210) | (10,331) | (23,750) | (6,618) |
Comprehensive income (loss) | (10,630) | 21,865 | 20,039 | 32,732 |
Less: comprehensive income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Comprehensive income (loss) attributable to SemGroup | (15,337) | 14,931 | 5,886 | 14,548 |
Parent Company [Member] | ||||
Revenues: | ||||
Product | 0 | 0 | 0 | 0 |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | 0 | 0 | 0 | 0 |
Expenses: | ||||
Cost of products sold | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 4,730 | 7,862 | 26,958 | 17,380 |
Depreciation and amortization | 423 | 430 | 1,046 | 1,282 |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 0 | 5,945 |
Total expenses | 5,153 | 8,292 | 28,004 | 24,607 |
Earnings from equity method investments | 15,416 | 15,778 | 58,804 | 47,097 |
Gain on issuance of common units by equity method investee | 136 | 18,772 | 6,033 | 26,899 |
Operating income | 10,399 | 26,258 | 36,833 | 49,389 |
Other expenses (income), net: | ||||
Interest expense | 185 | 1,658 | 2,388 | 7,241 |
Foreign currency transaction loss (gain) | 0 | 0 | (5) | 0 |
Other income, net | (246) | (22,030) | (16,333) | (5,729) |
Total other expenses, net | (61) | (20,372) | (13,950) | 1,512 |
Income (loss) from continuing operations before income taxes | 10,460 | 46,630 | 50,783 | 47,877 |
Income tax expense | 5,587 | 21,368 | 21,147 | 26,711 |
Income (loss) from continuing operations | 4,873 | 29,636 | 21,166 | |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | |
Net income | 4,873 | 25,262 | 29,636 | 21,166 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 4,873 | 25,262 | 29,636 | 21,166 |
Other comprehensive loss, net of income taxes | 7,055 | 3,377 | 13,355 | 951 |
Comprehensive income (loss) | 11,928 | 28,639 | 42,991 | 22,117 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | 11,928 | 28,639 | 42,991 | 22,117 |
Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Product | 49,129 | 83,442 | 150,475 | 263,779 |
Service | 15,141 | 12,320 | 45,343 | 23,132 |
Other | 0 | 0 | 0 | 0 |
Revenue | 64,270 | 95,762 | 195,818 | 286,911 |
Expenses: | ||||
Cost of products sold | 36,345 | 67,929 | 112,645 | 212,769 |
Operating | 8,507 | 9,031 | 25,443 | 24,127 |
General and administrative | 2,376 | 2,323 | 7,082 | 6,624 |
Depreciation and amortization | 8,462 | 6,893 | 22,750 | 18,823 |
Loss (gain) on disposal of long-lived assets, net | 35 | (7) | 142 | 54,698 |
Total expenses | 55,725 | 86,169 | 168,062 | 317,041 |
Earnings from equity method investments | 13,936 | 5,879 | 41,512 | 65,658 |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 |
Operating income | 22,481 | 15,472 | 69,268 | 35,528 |
Other expenses (income), net: | ||||
Interest expense | 7,215 | 2,330 | 18,866 | 6,727 |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | 0 |
Total other expenses, net | 7,215 | 2,330 | 18,866 | 6,727 |
Income (loss) from continuing operations before income taxes | 15,266 | 13,142 | 50,402 | 28,801 |
Income tax expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 15,266 | 50,402 | 28,801 | |
Loss from discontinued operations, net of income taxes | 0 | (1) | 0 | |
Net income | 15,266 | 13,142 | 50,401 | 28,801 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 15,266 | 13,142 | 50,401 | 28,801 |
Other comprehensive loss, net of income taxes | 251 | 0 | 251 | 0 |
Comprehensive income (loss) | 15,517 | 13,142 | 50,652 | 28,801 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | 15,517 | 13,142 | 50,652 | 28,801 |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Product | 268,384 | 421,704 | 688,322 | 1,091,050 |
Service | 48,950 | 52,899 | 147,229 | 144,044 |
Other | 19,623 | 33,580 | 57,811 | 82,714 |
Revenue | 336,957 | 508,183 | 893,362 | 1,317,808 |
Expenses: | ||||
Cost of products sold | 242,456 | 399,844 | 614,803 | 1,028,311 |
Operating | 44,760 | 60,346 | 141,714 | 155,452 |
General and administrative | 15,939 | 13,111 | 44,232 | 39,878 |
Depreciation and amortization | 17,137 | 17,877 | 50,634 | 50,794 |
Loss (gain) on disposal of long-lived assets, net | (986) | 1,383 | 1,337 | (40,010) |
Total expenses | 319,306 | 492,561 | 852,720 | 1,234,425 |
Earnings from equity method investments | 17,116 | 18,705 | 55,663 | 36,537 |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 |
Operating income | 34,767 | 34,327 | 96,305 | 119,920 |
Other expenses (income), net: | ||||
Interest expense | 11,998 | 11,650 | 31,056 | 22,906 |
Foreign currency transaction loss (gain) | (385) | 128 | (1,194) | (388) |
Other income, net | (938) | (104) | (1,053) | (139) |
Total other expenses, net | 10,675 | 11,674 | 28,809 | 22,379 |
Income (loss) from continuing operations before income taxes | 24,092 | 22,653 | 67,496 | 97,541 |
Income tax expense | 4,419 | 2,722 | 8,462 | 7,233 |
Income (loss) from continuing operations | 19,673 | 59,034 | 90,308 | |
Loss from discontinued operations, net of income taxes | (1) | (2) | (5) | |
Net income | 19,672 | 19,931 | 59,032 | 90,303 |
Less: net income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Net income (loss) attributable to SemGroup | 14,965 | 12,997 | 44,879 | 72,119 |
Other comprehensive loss, net of income taxes | (27,516) | (13,708) | (37,356) | (7,569) |
Comprehensive income (loss) | (7,844) | 6,223 | 21,676 | 82,734 |
Less: comprehensive income attributable to noncontrolling interests | 4,707 | 6,934 | 14,153 | 18,184 |
Comprehensive income (loss) attributable to SemGroup | (12,551) | (711) | 7,523 | 64,550 |
Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Product | (4,162) | (9,710) | (16,579) | (29,377) |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | (4,162) | (9,710) | (16,579) | (29,377) |
Expenses: | ||||
Cost of products sold | (4,162) | (9,710) | (16,579) | (29,377) |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss (gain) on disposal of long-lived assets, net | 0 | 0 | 0 | 0 |
Total expenses | (4,162) | (9,710) | (16,579) | (29,377) |
Earnings from equity method investments | (30,231) | (26,139) | (95,280) | (100,920) |
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | 0 |
Operating income | (30,231) | (26,139) | (95,280) | (100,920) |
Other expenses (income), net: | ||||
Interest expense | (228) | (831) | (1,727) | (2,480) |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other income, net | 228 | 831 | 1,727 | 2,480 |
Total other expenses, net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | (30,231) | (26,139) | (95,280) | (100,920) |
Income tax expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | (30,231) | (95,280) | (100,920) | |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | |
Net income | (30,231) | (26,139) | (95,280) | (100,920) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | (30,231) | (26,139) | (95,280) | (100,920) |
Other comprehensive loss, net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (30,231) | (26,139) | (95,280) | (100,920) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | $ (30,231) | $ (26,139) | $ (95,280) | $ (100,920) |
Condensed Consolidating Guara73
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 137,049 | $ 105,900 |
Cash flows from investing activities: | ||
Capital expenditures | (352,816) | (194,227) |
Proceeds from sale of long-lived assets | 2,537 | 4,083 |
Contributions to equity method investments | (34,059) | (70,730) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 44,508 |
Proceeds from sale of common units of equity method investee | 56,318 | 59,744 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 19,564 | 6,565 |
Net cash used in investing activities | (308,456) | (239,073) |
Cash flows from financing activities: | ||
Debt issuance costs | (6,289) | (8,670) |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 802,208 | 1,074,244 |
Principal payments on credit facilities and other obligations | (525,037) | (896,261) |
Rose Rock Midstream, L.P. equity issuance | 89,119 | 0 |
Distributions to noncontrolling interests | (29,780) | (20,571) |
Proceeds from Warrant Exercises | 0 | 86 |
Payments for Repurchase of Common Stock | 4,259 | 719 |
Payments of Ordinary Dividends, Common Stock | 49,836 | 31,149 |
Proceeds from issuance of common stock under employee stock purchase plan | 909 | 340 |
Excess tax benefit from equity-based awards | 0 | 1,650 |
Intercompany borrowings (advances), net | 0 | 0 |
Net cash provided by financing activities | 277,035 | 118,950 |
Effect of exchange rate changes on cash and cash equivalents | (233) | 1,921 |
Change in cash and cash equivalents | 105,395 | (12,302) |
Cash and cash equivalents at beginning of period | 40,598 | 79,351 |
Cash and cash equivalents at end of period | 145,993 | 67,049 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 38,781 | 21,740 |
Cash flows from investing activities: | ||
Capital expenditures | (1,658) | (1,302) |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Proceeds from sale of common units of equity method investee | 56,318 | 59,744 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 251,181 | 114,412 |
Distributions in excess of equity in earnings of affiliates | 18,981 | 1,051 |
Net cash used in investing activities | 324,822 | 173,905 |
Cash flows from financing activities: | ||
Debt issuance costs | (601) | (93) |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 126,000 | 286,500 |
Principal payments on credit facilities and other obligations | (161,000) | (336,500) |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from Warrant Exercises | 86 | |
Payments for Repurchase of Common Stock | 4,259 | 719 |
Payments of Ordinary Dividends, Common Stock | 49,836 | 31,149 |
Proceeds from issuance of common stock under employee stock purchase plan | 909 | 340 |
Excess tax benefit from equity-based awards | 1,650 | |
Intercompany borrowings (advances), net | (243,120) | (112,609) |
Net cash provided by financing activities | (331,907) | (192,494) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 31,696 | 3,151 |
Cash and cash equivalents at beginning of period | 9,254 | 2,545 |
Cash and cash equivalents at end of period | 40,950 | 5,696 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 29,040 | 45,890 |
Cash flows from investing activities: | ||
Capital expenditures | (94,172) | (127,861) |
Proceeds from sale of long-lived assets | 34 | 2,368 |
Contributions to equity method investments | 0 | (16,203) |
Payments to Acquire Businesses, Net of Cash Acquired | 514 | |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 0 | 1,145 |
Net cash used in investing activities | (94,138) | (141,065) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | 0 |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from Warrant Exercises | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Excess tax benefit from equity-based awards | 0 | |
Intercompany borrowings (advances), net | 65,098 | 95,175 |
Net cash provided by financing activities | 65,098 | 95,175 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 103,172 | 59,549 |
Cash flows from investing activities: | ||
Capital expenditures | (256,986) | (65,064) |
Proceeds from sale of long-lived assets | 2,503 | 1,715 |
Contributions to equity method investments | (34,059) | (54,527) |
Payments to Acquire Businesses, Net of Cash Acquired | 43,994 | |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | 0 |
Distributions in excess of equity in earnings of affiliates | 19,564 | 5,420 |
Net cash used in investing activities | (268,978) | (156,450) |
Cash flows from financing activities: | ||
Debt issuance costs | (5,688) | (8,577) |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 676,208 | 787,744 |
Principal payments on credit facilities and other obligations | (364,037) | (559,761) |
Rose Rock Midstream, L.P. equity issuance | 89,119 | |
Distributions to noncontrolling interests | (29,780) | (20,571) |
Proceeds from Warrant Exercises | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Excess tax benefit from equity-based awards | 0 | |
Intercompany borrowings (advances), net | (126,600) | (117,408) |
Net cash provided by financing activities | 239,222 | 81,427 |
Effect of exchange rate changes on cash and cash equivalents | (233) | 1,921 |
Change in cash and cash equivalents | 73,183 | (13,553) |
Cash and cash equivalents at beginning of period | 35,445 | 78,342 |
Cash and cash equivalents at end of period | 108,628 | 64,789 |
Consolidation, Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (33,944) | (21,279) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | (251,181) | (114,412) |
Distributions in excess of equity in earnings of affiliates | (18,981) | (1,051) |
Net cash used in investing activities | (270,162) | (115,463) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | 0 |
Borrowings on credit facilities and issuance of senior unsecured notes, net of discount | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from Warrant Exercises | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Excess tax benefit from equity-based awards | 0 | |
Intercompany borrowings (advances), net | 304,622 | 134,842 |
Net cash provided by financing activities | 304,622 | 134,842 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 516 | (1,900) |
Cash and cash equivalents at beginning of period | (4,101) | (1,536) |
Cash and cash equivalents at end of period | $ (3,585) | $ (3,436) |
Condensed Consolidating Guara74
Condensed Consolidating Guarantor Financial Statements (Details Textual) | Sep. 30, 2015 |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Equity method investment, ownership percentage | 100.00% |