Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | SemGroup Corporation | ||
Entity Central Index Key | 1,489,136 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,466,750,226 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 43,932,174 | ||
Class B | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 58,096 | $ 40,598 |
Restricted cash | 32 | 6,980 |
Accounts receivable (net of allowance of $3,019 and $3,260, respectively) | 326,713 | 351,334 |
Receivable from affiliates | 5,914 | 16,819 |
Inventories | 70,239 | 43,532 |
Other current assets | 19,387 | 20,017 |
Total current assets | 480,381 | 479,280 |
Property, plant and equipment (net of accumulated depreciation of $319,769 and $245,629, respectively) | 1,566,821 | 1,256,825 |
Equity method investments | 551,078 | 577,920 |
Goodwill | 48,032 | 58,326 |
Other intangible assets (net of accumulated amortization of $29,515 and $20,545, respectively) | 162,223 | 173,065 |
Other noncurrent assets, net | 62,155 | 44,386 |
Total assets | 2,870,690 | 2,589,802 |
Current liabilities: | ||
Accounts payable | 273,666 | 257,177 |
Payable to affiliates | 5,033 | 13,460 |
Accrued liabilities | 85,047 | 92,694 |
Payables to pre-petition creditors | 0 | 3,129 |
Deferred revenue | 11,349 | 23,688 |
Other current liabilities | 1,901 | 1,474 |
Current portion of long-term debt | 31 | 40 |
Total current liabilities | 377,027 | 391,662 |
Long-term debt | 1,074,597 | 767,092 |
Deferred income taxes | 200,953 | 161,956 |
Other noncurrent liabilities | $ 21,757 | $ 49,655 |
Commitments and contingencies (Note 16) | ||
SemGroup Corporation owners’ equity: | ||
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 44,863 and 44,689 shares, respectively) | $ 439 | $ 436 |
Additional paid-in capital | 1,217,255 | 1,245,877 |
Treasury stock, at cost (931 and 862 shares, respectively) | (5,593) | (1,332) |
Accumulated deficit | (38,012) | (68,332) |
Accumulated other comprehensive loss | (58,562) | (27,141) |
Total SemGroup Corporation owners’ equity | 1,115,527 | 1,149,508 |
Noncontrolling interests in consolidated subsidiaries | 80,829 | 69,929 |
Total owners’ equity | 1,196,356 | 1,219,437 |
Total liabilities and owners’ equity | $ 2,870,690 | $ 2,589,802 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 3,019 | $ 3,260 |
Accumulated depreciation | 319,769 | 245,629 |
Accumulated amortization on other intangible assets | $ 29,515 | $ 20,545 |
Par value per share | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 44,863 | 44,689 |
Treasury Stock, Shares | 931 | 862 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Product | $ 1,118,886 | $ 1,780,314 | $ 1,145,104 |
Service | 259,542 | 233,239 | 140,198 |
Other | 76,666 | 109,026 | 141,714 |
Total revenues | 1,455,094 | 2,122,579 | 1,427,016 |
Expenses: | |||
Costs of products sold, exclusive of depreciation and amortization shown below | 979,549 | 1,623,358 | 1,020,100 |
Operating | 224,443 | 246,613 | 223,585 |
General and administrative | 97,366 | 87,845 | 78,597 |
Depreciation and amortization | 100,882 | 98,397 | 66,409 |
Loss (gain) on disposal or impairment, net | 11,472 | 32,592 | (239) |
Total expenses | 1,413,712 | 2,088,805 | 1,388,452 |
Earnings from equity method investments | 81,386 | 64,199 | 52,477 |
Gain on issuance of common units by equity method investee | 6,385 | 29,020 | 26,873 |
Operating income (loss) | 129,153 | 126,993 | 117,914 |
Other expenses (income): | |||
Interest expense | 69,675 | 49,044 | 25,142 |
Foreign currency transaction loss (gain) | (1,067) | (86) | (1,633) |
Other expense (income), net | (15,801) | (20,536) | 45,906 |
Total other expenses, net | 52,807 | 28,422 | 69,415 |
Income from continuing operations before income taxes | 76,346 | 98,571 | 48,499 |
Income tax expense (benefit) | 33,530 | 46,513 | (17,254) |
Income from continuing operations | 42,816 | 52,058 | 65,753 |
Income (loss) from discontinued operations, net of income taxes | (4) | (1) | 59 |
Net income | 42,812 | 52,057 | 65,812 |
Less: net income attributable to noncontrolling interests | 12,492 | 22,817 | 17,710 |
Net income (loss) attributable to SemGroup | 30,320 | 29,240 | 48,102 |
Other comprehensive income (loss): | |||
Currency translation adjustments | (32,142) | (20,551) | (6,363) |
Other, net of income tax | 721 | (3,736) | 4,808 |
Total other comprehensive income (loss) | (31,421) | (24,287) | (1,555) |
Comprehensive income (loss) | 11,391 | 27,770 | 64,257 |
Less: comprehensive income attributable to noncontrolling interests | 12,492 | 22,817 | 17,710 |
Comprehensive income (loss) attributable to SemGroup | $ (1,101) | $ 4,953 | $ 46,547 |
Net income attributable to SemGroup per common share (Note 18): | |||
Basic | $ 0.69 | $ 0.69 | $ 1.14 |
Diluted | $ 0.69 | $ 0.68 | $ 1.13 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Owners' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2012 | $ 1,021,528 | $ 420 | $ 1,039,189 | $ (242) | $ (145,674) | $ (1,299) | $ 129,134 |
Net income (loss) | 65,812 | 0 | 0 | 0 | 48,102 | 0 | 17,710 |
Other comprehensive income (loss), net of income taxes | (1,555) | 0 | 0 | 0 | 0 | (1,555) | 0 |
Distributions to noncontrolling interests | (17,647) | 0 | 0 | 0 | 0 | 0 | (17,647) |
Non-cash equity compensation | 7,330 | 0 | 6,524 | 0 | 0 | 0 | 806 |
Warrants exercised | 21,379 | 4 | 21,375 | 0 | 0 | 0 | 0 |
Issuance of common stock under compensation plans | 0 | 1 | (1) | 0 | 0 | 0 | 0 |
Repurchase of common stock | (371) | 0 | 0 | (371) | 0 | 0 | 0 |
Net proceeds from issuance of Rose Rock Midstream, L.P. common units | 210,226 | 0 | 0 | 0 | 0 | 0 | 210,226 |
Transfer to subsidiary in common control transaction | (67,291) | 0 | 112,929 | 0 | 0 | 0 | (180,220) |
Dividends paid | (25,429) | 0 | (25,429) | 0 | 0 | 0 | 0 |
Unvested dividend equivalent rights | (119) | 0 | (71) | 0 | 0 | 0 | (48) |
Ending Balance at Dec. 31, 2013 | 1,213,863 | 425 | 1,154,516 | (613) | (97,572) | (2,854) | 159,961 |
Net income (loss) | 52,057 | 0 | 0 | 0 | 29,240 | 0 | 22,817 |
Other comprehensive income (loss), net of income taxes | (24,287) | 0 | 0 | 0 | 0 | (24,287) | 0 |
Distributions to noncontrolling interests | (28,494) | 0 | 0 | 0 | 0 | 0 | (28,494) |
Non-cash equity compensation | 8,262 | 0 | 7,319 | 0 | 0 | 0 | 943 |
Warrants exercised | 73,017 | 9 | 73,008 | 0 | 0 | 0 | 0 |
Issuance of common stock under compensation plans | 2,172 | 2 | 2,170 | 0 | 0 | 0 | 0 |
Repurchase of common stock | (719) | 0 | 0 | (719) | 0 | 0 | 0 |
Transfer to subsidiary in common control transaction | (31,930) | 0 | 53,243 | 0 | 0 | 0 | (85,173) |
Dividends paid | (44,206) | 0 | (44,206) | 0 | 0 | 0 | 0 |
Unvested dividend equivalent rights | (298) | 0 | (173) | 0 | 0 | 0 | (125) |
Ending Balance at Dec. 31, 2014 | 1,219,437 | 436 | 1,245,877 | (1,332) | (68,332) | (27,141) | 69,929 |
Net income (loss) | 42,812 | 0 | 0 | 0 | 30,320 | 0 | 12,492 |
Other comprehensive income (loss), net of income taxes | (31,421) | 0 | 0 | 0 | 0 | (31,421) | 0 |
Distributions to noncontrolling interests | (40,410) | 0 | 0 | 0 | 0 | 0 | (40,410) |
Non-cash equity compensation | 10,405 | 0 | 9,051 | 0 | 0 | 0 | 1,354 |
Issuance of common stock under compensation plans | 1,515 | 3 | 1,512 | 0 | 0 | 0 | 0 |
Repurchase of common stock | (4,261) | 0 | 0 | (4,261) | 0 | 0 | 0 |
Net proceeds from issuance of Rose Rock Midstream, L.P. common units | 89,119 | 0 | 0 | 0 | 0 | 0 | 89,119 |
Transfer to subsidiary in common control transaction | (20,772) | 0 | 30,680 | 0 | 0 | 0 | (51,452) |
Dividends paid | (69,514) | 0 | (69,514) | 0 | 0 | 0 | 0 |
Unvested dividend equivalent rights | (554) | 0 | (351) | 0 | 0 | 0 | (203) |
Ending Balance at Dec. 31, 2015 | $ 1,196,356 | $ 439 | $ 1,217,255 | $ (5,593) | $ (38,012) | $ (58,562) | $ 80,829 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 42,812 | $ 52,057 | $ 65,812 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net unrealized (gain) loss related to derivative instruments | 2,014 | (1,734) | (974) |
Depreciation and amortization | 100,882 | 98,397 | 66,409 |
Loss (gain) on disposal or impairment, net | 11,472 | 32,592 | (216) |
Equity earnings from investments | (81,386) | (64,199) | (52,477) |
Gain on issuance of common units by equity method investee | (6,385) | (29,020) | (26,873) |
Gain on sale of common units of equity method investee | (14,517) | (34,211) | 0 |
Distributions from equity investments | 95,429 | 85,261 | 63,651 |
Amortization and write down of debt issuance costs | 5,102 | 3,632 | 2,732 |
Deferred tax expense (benefit) | 29,197 | 36,148 | (36,274) |
Non-cash compensation expense | 10,617 | 8,386 | 7,330 |
Excess tax benefit from equity-based awards | 0 | (1,650) | 0 |
(Gain) loss on fair value of warrants | 0 | 13,423 | 46,433 |
Provision for uncollectible accounts receivable, net of recoveries | 208 | 360 | (372) |
Inventory valuation adjustment | 2,590 | 5,667 | 0 |
Currency (gain) loss | (1,067) | (86) | (1,633) |
Changes in operating assets and liabilities (Note 22) | (15,206) | (23,365) | 39,861 |
Net cash provided by operating activities | 181,762 | 181,658 | 173,409 |
Cash flows from investing activities: | |||
Capital expenditures | (479,530) | (270,506) | (215,609) |
Proceeds from sale of long-lived assets | 3,688 | 4,445 | 1,279 |
Investments in non-consolidated subsidiaries | (46,730) | (71,131) | (173,868) |
Payments to acquire businesses | 0 | (44,508) | (362,456) |
Proceeds from sale of common units of equity method investee | 56,318 | 79,741 | 0 |
Distributions from equity method investments in excess of equity in earnings | 24,113 | 11,734 | 12,246 |
Net cash provided by (used in) investing activities | (442,141) | (290,225) | (738,408) |
Cash flows from financing activities: | |||
Debt issuance costs | (6,289) | (8,686) | (14,936) |
Borrowings on debt and other obligations | 867,208 | 1,254,244 | 1,268,474 |
Principal payments on debt and other obligations | (560,049) | (1,102,272) | (859,412) |
Distributions to noncontrolling interests | (40,410) | (28,494) | (17,647) |
Proceeds from warrant exercises | 0 | 1,451 | 225 |
Repurchase of common stock | (4,261) | (719) | (371) |
Dividends paid | (69,514) | (44,206) | (25,429) |
Proceeds from issuance of common stock under employee stock purchase plan | 1,223 | 340 | 0 |
Excess tax benefit from equity-based awards | 0 | 1,650 | 0 |
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 89,119 | 0 | 210,226 |
Net cash provided by (used in) financing activities | 277,027 | 73,308 | 561,130 |
Effect of exchange rate changes on cash and cash equivalents | 850 | (3,494) | 3,191 |
Change in cash and cash equivalents | 17,498 | (38,753) | (678) |
Cash and cash equivalents at beginning of period | 40,598 | 79,351 | 80,029 |
Cash and cash equivalents at end of period | $ 58,096 | $ 40,598 | $ 79,351 |
Overview
Overview | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | OVERVIEW SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma that provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. The accompanying consolidated financial statements include the activities of SemGroup Corporation and its subsidiaries. The terms “we,” “our,” “us,” “the Company” and similar language used in these notes to consolidated financial statements refer to SemGroup Corporation and its subsidiaries. At December 31, 2015, our reportable segments include the following: • Crude Transportation operates crude oil pipelines and truck transportation businesses in the United States. Crude Transportation’s assets include: • a 570 -mile crude oil gathering and transportation pipeline system with over 650,000 barrels of associated storage capacity in Kansas and northern Oklahoma that is connected to several third-party pipelines and refineries and our storage terminal in Cushing; • the Wattenberg Oil Trunkline ("WOT"), a 75 -mile, 12 -inch diameter crude oil gathering pipeline system that transports crude oil from production facilities in the DJ Basin to the pipeline owned by White Cliffs Pipeline, L.L.C. ("White Cliffs"). The WOT has a capacity of approximately 85,000 barrels per day as well as 360,000 barrels of operational storage; • a 16 -mile crude oil pipeline that connects our Platteville, Colorado crude oil terminal to the Tampa, Colorado crude oil market; • a crude oil trucking fleet of over 270 transport trucks and 270 trailers; • Maurepas Pipeline, a project underway to build three pipelines to service refineries in the Gulf Coast region, which is expected to be completed in the fourth quarter of 2016; • a 51% ownership interest in White Cliffs, which owns a 527 -mile pipeline, consisting of two 12 -inch common carrier, crude oil pipelines, that transports crude oil from Platteville, Colorado to Cushing, Oklahoma (the "White Cliffs Pipeline"); and • a 50% ownership interest in Glass Mountain Pipeline, LLC ("Glass Mountain"), which owns a 210 -mile crude oil pipeline in western and north central Oklahoma ("the Glass Mountain Pipeline"). • Crude Facilities operates crude oil storage and terminal businesses in the United States. Crude Facilities assets include: • approximately 7.6 million barrels of crude oil storage capacity in Cushing, Oklahoma, of which 6.5 million barrels are leased to customers and 1.1 million barrels are used for crude oil operations and marketing activities; and • a thirty -lane crude oil truck unloading facility with 350,000 barrels of associated storage capacity in Platteville, Colorado which connects to the origination point of the White Cliffs Pipeline. • Crude Supply and Logistics operates a crude oil marketing business which utilizes our Crude Transportation and Crude Facilities assets for marketing purposes. Additionally, Crude Supply and Logistics' assets include: • approximately 61,800 barrels of crude oil storage capacity in Trenton and Stanley, North Dakota. • SemGas, which provides natural gas gathering and processing services in the United States. SemGas owns and operates gathering systems and four processing plants with 595 million cubic feet per day of capacity. • SemCAMS, which provides natural gas gathering and processing services in Alberta, Canada. SemCAMS owns working interests in, and operates, four natural gas processing plants with a combined operating capacity of 695 million cubic feet per day. • SemLogistics, which provides refined product and crude oil storage services in the United Kingdom. SemLogistics owns a facility in Wales that has multi-product storage capacity of approximately 8.7 million barrels. • SemMexico, which purchases, produces, stores, and distributes liquid asphalt cement products in Mexico. SemMexico operates an in-country network of eleven asphalt cement terminals and modification facilities and two marine terminals. • SemStream, which owns 4,652,568 common units representing 4.4% of the total limited partner interests, as of September 30, 2015, in NGL Energy Partners LP ("NGL Energy") (NYSE: NGL) and an 11.78% interest in the general partner of NGL Energy. We report the results of our investment in NGL Energy under the equity method on a one-quarter lag (Note 5). |
Consolidation And Basis Of Pres
Consolidation And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation and Basis of Presentation | CONSOLIDATION AND BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Consolidated subsidiaries Our consolidated financial statements include the accounts of our controlled subsidiaries, including Rose Rock Midstream, L.P. ("Rose Rock"). All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the consolidated financial statements. 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. Proportionally consolidated assets Our SemCAMS segment owns undivided interests in certain natural gas gathering and processing assets, for which we record only our proportionate share of the assets on the consolidated balance sheets. The net book value of the property, plant and equipment recorded by us associated with these undivided interests is approximately $273.0 million at December 31, 2015 . We serve as operator of these facilities and incur the costs of operating the facilities (recorded as operating expenses in the consolidated statements of operations) and charge the other owners for their proportionate share of the costs (recorded as other revenue in the consolidated statements of operations). Equity method investments We own a 51% interest in White Cliffs. The other owners have substantive rights to participate in the management of White Cliffs. Because of this, we account for it under the equity method. In 2014 and 2013, we sold our interest in SemCrude Pipeline, which holds the 51% interest in White Cliffs, to our consolidated subsidiary, Rose Rock. No gain was recorded on these transactions as they were between entities under common control. We own a 50% interest in Glass Mountain which we account for under the equity method. In 2015, we sold our interest in Glass Mountain Holding, LLC, which holds the 50% interest in Glass Mountain, to our consolidated subsidiary Rose Rock. No gain was recorded on the transaction as it was between entities under common control. We own general partner and limited partner interests in NGL Energy which we account for under the equity method. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Signifcant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Our significant estimates include, but are not limited to: (1) allowances for doubtful accounts receivable; (2) estimated useful lives of assets, which impact depreciation; (3) estimated fair values used in impairment tests; (4) fair values of derivative instruments; (5) valuation allowances for deferred tax assets; and (6) accrual and disclosure of contingent losses. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. CASH AND CASH EQUIVALENTS —Cash includes currency on hand and demand and time deposits with banks or other financial institutions. Cash equivalents include highly liquid investments with maturities of three months or less at the date of purchase. Balances at financial institutions may exceed federally insured limits. RESTRICTED CASH —During the year ended December 31, 2015 , we completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. Of the restricted cash balance of $7.0 million at December 31, 2014 , approximately $3.8 million was restricted for this purpose. See "Payables to Pre-petition Creditors" below. ACCOUNTS RECEIVABLE —Accounts receivable are reported net of the allowance for doubtful accounts. Our assessment of the allowance for doubtful accounts is based on several factors, including the overall creditworthiness of our customers, existing economic conditions, and the amount and age of past due accounts. We enter into netting arrangements with certain counterparties to help mitigate credit risk. Receivables subject to netting are presented as gross receivables (with the related accounts payable also presented gross) until such time as the balances are settled. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are written off against the allowance for doubtful accounts only after all collection attempts have been exhausted. INVENTORIES —Inventories primarily consist of crude oil and asphalt. Inventories are valued at the lower of cost or market, with cost generally determined using the weighted-average method. The cost of inventory includes applicable transportation costs. We enter into exchanges with third parties whereby we acquire products that differ in location, grade, or delivery date from products we have available for sale. These exchanges are valued at cost, and although a transportation, location or product differential may be recorded, generally no gain or loss is recognized. 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. PROPERTY, PLANT AND EQUIPMENT —Property, plant and equipment is recorded at cost. We capitalize costs that extend or increase the future economic benefits of property, plant and equipment, and expense maintenance costs that do not. When assets are disposed of, their cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is recorded as a gain or loss on disposal or impairment in the consolidated statements of operations. Our SemCAMS segment operates plants which periodically undergo planned major maintenance activities, typically occurring every four to five years. Planned major maintenance projects that do not increase the overall life or capacity of the related assets are recorded in operating expense as incurred, whereas major maintenance activity costs that materially increase the life or capacity of the underlying assets are capitalized. When maintenance expenses are recoverable from the producers who use the plants, they are recorded as revenue, and typically include a 10% overhead fee. Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: Pipelines and related facilities 10 – 31 years Storage and terminal facilities 10 – 25 years Natural gas gathering and processing facilities 10 – 31 years Trucking equipment and other 3 – 7 years Office property and equipment 3 – 31 years Construction in process is reclassified to the fixed asset categories above and depreciation commences once the asset has been placed in-service. LINEFILL —Pipelines and storage facilities generally require a minimum volume of product in the system to enable the system to operate. Such product, known as linefill, is generally not available to be withdrawn from the system. Linefill owned by us in facilities operated by us is recorded at historical cost, is included in property, plant and equipment in the consolidated balance sheets, and is not depreciated. We also own linefill in third-party facilities, which is included in inventory on the consolidated balance sheets. IMPAIRMENT OF LONG-LIVED ASSETS —We test long-lived asset groups for impairment when events or circumstances indicate that the net book value of the asset group may not be recoverable. We test an asset group for impairment by estimating the undiscounted cash flows expected to result from its use and eventual disposition. If the estimated undiscounted cash flows are lower than the net book value of the asset group, we then estimate the fair value of the asset group and record a reduction to the net book value of the assets and a corresponding impairment loss. GOODWILL —We test goodwill for impairment on an annual basis, or more often if circumstances warrant, by estimating the fair value of the reporting unit to which the goodwill relates and comparing this fair value to the net book value of the reporting unit. If fair value is less than net book value, we estimate the implied fair value of goodwill, reduce the book value of the goodwill to the implied fair value, and record a corresponding impairment loss. Our policy is to test goodwill for impairment on October 1 of each year. INTANGIBLE ASSETS —Intangible assets are stated at cost, net of accumulated amortization, which is recorded on a straight-line or accelerated basis over the life of the asset. We review amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If such a review should indicate that the carrying amount of amortizable intangible assets is not recoverable, we reduce the carrying amount of such assets to fair value. EQUITY METHOD INVESTMENTS —We account for an investment under the equity method when we have significant influence over, but not control of, the significant operating decisions of the investee. Under the equity method, we record in the consolidated statements of operations our share of the earnings or losses of the investee, with a corresponding adjustment to the investment balance on our consolidated balance sheet. When we receive a distribution from an equity method investee, we record a corresponding reduction to the investment balance. When an equity method investee issues additional ownership interests which dilute our ownership interest, we recognize a gain or loss in our consolidated statements of operations. We assess our equity method investments for impairment when circumstances indicate that the carrying value may not be recoverable and record an impairment when a decline in value is considered to be other than temporary. For equity method investments for which we do not expect financial information to be consistently available on a timely basis to apply the equity method currently, our policy is to apply the equity method consistently on a one-quarter lag. DEBT ISSUANCE COSTS— Costs incurred in connection with the issuance of long-term debt are reported as other noncurrent assets and are amortized to interest expense using the straight-line method over the term of the related debt. Use of the straight-line method of amortization does not differ materially from the “effective interest” method. 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. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting,” which amended the SEC paragraphs of ASC Subtopic 835-30 to include the language from the SEC Staff Announcement indicating that the SEC would not object to presenting deferred debt issuance costs related to line-of-credit agreements as assets and subsequently amortizing the deferred debt issuance costs ratably over the term of the agreement. The standards 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. COMMODITY DERIVATIVE INSTRUMENTS —We generally record the fair value of commodity derivative instruments on the consolidated balance sheets and the change in fair value as an increase or decrease to product revenue. As shown in Note 13, the fair value of commodity derivatives at December 31, 2015 and 2014 are recorded to other current assets or other current liabilities on the consolidated balance sheets. Related margin deposits are recorded to other current assets or other current liabilities on the consolidated balance sheets. Margin deposits are not generally netted against derivative assets or liabilities. The fair value of a derivative contract is determined based on the nature of the transaction and the market in which the transaction was executed. Quoted market prices, when available, are used to value derivative transactions. In situations where quoted market prices are not readily available, we estimate the fair value using other valuation techniques that reflect the best information available under the circumstances. Fair value measurements of derivative assets include consideration of counterparty credit risk. Fair value measurements of derivative liabilities include consideration of our creditworthiness. We have elected “normal purchase” and “normal sale” treatment for certain commitments to purchase or sell petroleum products at future dates. This election is only available when a transaction that would ordinarily meet the definition of a derivative but instead is expected to result in physical delivery of product over a reasonable period in the normal course of business and is not expected to be net settled. Agreements accounted for under this election are not recorded at fair value; instead, the transaction is recorded when the product is delivered. PAYABLES TO PRE-PETITION CREDITORS —During the year ended December 31, 2015 , we completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. At December 31, 2014 , we recorded a liability of $3.1 million associated with these obligations and a liability of $0.7 million which is associated with discontinued operations and is reported within other current liabilities. Cash was held in accounts restricted for this purpose which was included in Restricted Cash on the balance sheet. CONTINGENT LOSSES —We record a liability for a contingent loss when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We record attorneys’ fees incurred in connection with a contingent loss at the time the fees are incurred. We do not record liabilities for attorneys’ fees that are expected to be incurred in the future. ASSET RETIREMENT OBLIGATIONS —Asset retirement obligations include legal or contractual obligations associated with the retirement of long-lived assets, such as requirements to incur costs to dispose of equipment or to remediate the environmental impacts of the normal operation of the assets. We record liabilities for asset retirement obligations when a known obligation exists under current law or contract and when a reasonable estimate of the value of the liability can be made. REVENUE RECOGNITION —Sales of product, as well as gathering and marketing revenues, are recognized at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. Terminal and storage revenues are recognized at the time the service is performed. Revenue for the transportation of product is recognized upon delivery of the product to its destination. Certain revenue transactions are reported on a net basis, including certain buy/sell transactions (see “Purchases and Sales of Inventory with the Same Counterparty”). Other revenue primarily represents operating cost recovery from working interest owners in certain processing plants and is recorded when earned in accordance with the terms of related agreements. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under 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. COSTS OF PRODUCTS SOLD —Costs of products sold consists of the cost to purchase the product, the cost to transport the product to the point of sale, and the cost to store the product until it is sold. PURCHASES AND SALES OF INVENTORY WITH THE SAME COUNTERPARTY —We routinely enter into transactions to purchase inventory from, and sell inventory to, the same counterparty. Such transactions that are entered into in contemplation of one another are recorded on a net basis. CURRENCY TRANSLATION —The consolidated financial statements are presented in U.S. dollars. Our segments operate in four countries, and each segment has identified a “functional currency,” which is the primary currency in the environment in which the segment operates. The functional currencies include the U.S. dollar, the Canadian dollar, the British pound sterling, and the Mexican peso. At the end of each reporting period, the assets and liabilities of each segment are translated from its functional currency to U.S. dollars using the exchange rate at the end of the month. The monthly results of operations of each segment are generally translated from its functional currency to U.S. dollars using the average exchange rate during the month. Changes in exchange rates result in currency translation gains and losses, which are recorded within other comprehensive income (loss). Certain segments also enter into transactions in currencies other than their functional currencies. At the end of each reporting period, each segment re-measures the related receivables, payables, and cash to its functional currency using the exchange rate at the end of the period. Changes in exchange rates between the time the transactions were entered into and the end of the reporting period result in currency transaction gains or losses, which are recorded in the consolidated statements of operations. INCOME TAXES —Deferred income taxes are accounted for under the liability method, which takes into account the differences between the basis of the assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. We record valuation allowances on deferred tax assets when, in the opinion of management, it is more likely than not that the asset will not be recovered. We monitor uncertain tax positions and we recognize tax benefits only when management believes the relevant tax positions would more likely than not be sustained upon examination. We record any interest and any penalties related to income taxes within income tax expense in the consolidated statements of operations. In November 2015, the FASB issues ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which requires all deferred tax assets and liabilities to be classified as noncurrent in the statement of financial position. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new guidance may be applied prospectively or retrospectively and early adoption is permitted. The Company has not determined which method we will apply when we adopt the standard. The Company intends to adopt this guidance in the first quarter of 2017. The impact is not expected to be material. RECLASSIFICATIONS —Certain reclassifications have been made to conform prior year balances to the current year presentation. PENSION BENEFITS —Pension cost and obligations are actuarially determined and are affected by assumptions including expected return on plan assets, discount rates, compensation increases, and employee turnover rates. We evaluate our assumptions periodically and make adjustments to these assumptions and the recorded liability as necessary. Actuarial gains or losses are amortized on a straight-line basis over the expected remaining service life of employees in the pension plan. EQUITY-BASED COMPENSATION —We grant certain of our employees and non-managerial directors equity-based compensation awards which vest contingent on continued service of the recipient and, in some cases, on their achievement of specific performance targets or market conditions. We record compensation expense for these outstanding awards over applicable service or performance periods based on their grant date fair value with a corresponding increase to additional paid-in capital. The expense to be recorded over the life of the awards is discounted for expected forfeitures during the vesting period. NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES —Noncontrolling interests represents third-party limited partner unitholders' interests in our consolidated subsidiary, Rose Rock. Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings. COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) —Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Our comprehensive income (loss) includes currency translation adjustments and changes in the funded status of pension benefit plans. |
Rose Rock Midstream, L.P.
Rose Rock Midstream, L.P. | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Rose Rock Midstream, L.P. | ROSE ROCK MIDSTREAM, L.P. At December 31, 2015 , we owned the 2% general partner interest and a 55.1% limited partner interest made up of 20,704,418 common units of Rose Rock. We also own certain incentive distribution rights, which are described below. We control the operations of Rose Rock through our ownership of the general partner interest and consolidate Rose Rock. Rose Rock owns and operates all of our domestic crude oil assets with the exception of the Maurepas Pipeline. The outside ownership interests in Rose Rock are reflected in “noncontrolling interests in consolidated subsidiaries” on our consolidated balance sheets. The portion of the net income of Rose Rock that is attributable to outside owners is reflected within “net income attributable to noncontrolling interests” in our consolidated statements of operations and comprehensive income. Rose Rock intends to pay a minimum quarterly distribution of $0.3625 per unit to the extent it has sufficient available cash, as defined in Rose Rock’s partnership agreement. Rose Rock’s partnership agreement requires Rose Rock to distribute all of its available cash each quarter in the following manner: Total Quarterly Distributions Per Unit Target Amount Marginal Percentage Interest in Distributions Unitholders General Partner Incentive Distribution Rights Minimum Quarterly Distributions $ 0.362500 98.0 % 2.0 % — First Target Distribution above $ 0.362500 up to $ 0.416875 98.0 % 2.0 % — Second Target Distribution above $ 0.416875 up to $ 0.453125 85.0 % 2.0 % 13.0 % Third Target Distribution above $ 0.453125 up to $ 0.543750 75.0 % 2.0 % 23.0 % Thereafter above $ 0.543750 50.0 % 2.0 % 48.0 % The following table shows the distributions paid related to the earnings for each of the following periods (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2012 $ 0.4025 $ 167 $ — $ 1,163 $ 3,377 $ 3,624 $ 8,331 March 31, 2013 $ 0.4300 $ 179 $ 41 $ 1,242 $ 3,607 $ 3,872 $ 8,941 June 30, 2013 $ 0.4400 $ 183 $ 72 $ 1,271 $ 3,692 $ 3,962 $ 9,180 September 30, 2013 $ 0.4500 $ 232 $ 127 $ 1,301 $ 3,775 $ 6,189 $ 11,624 December 31, 2013 $ 0.4650 $ 257 $ 244 $ 2,041 $ 3,901 $ 6,398 $ 12,841 March 31, 2014 $ 0.4950 $ 278 $ 488 $ 2,173 $ 4,153 $ 6,811 $ 13,903 June 30, 2014 $ 0.5350 $ 334 $ 888 $ 3,646 $ 4,488 $ 7,362 $ 16,718 September 30, 2014 $ 0.5750 $ 377 $ 1,835 $ 3,918 $ 4,824 $ 7,912 $ 18,866 December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 December 31, 2015 $ 0.6600 (1) $ 604 $ 5,333 $ 13,665 $ — $ 10,622 $ 30,224 (1) The distribution to common unitholders related to earnings for the quarter ended December 31, 2015 was payable on February 12, 2016 to holders of record at February 2, 2016. Certain summarized balance sheet information of Rose Rock is shown below (in thousands): December 31, 2015 2014 Cash $ 9,059 $ 3,625 Other current assets 310,555 271,144 Property, plant and equipment, net 441,596 396,066 Equity method investment 438,291 269,635 Goodwill 26,628 36,116 Other noncurrent assets 31,702 29,677 Total assets $ 1,257,831 $ 1,006,263 Current liabilities $ 283,029 $ 265,682 Long-term debt 744,597 432,092 Partners’ capital attributable to SemGroup 149,376 238,560 Partners’ capital attributable to noncontrolling interests 80,829 69,929 Total liabilities and partners’ capital $ 1,257,831 $ 1,006,263 Certain summarized income statement information of Rose Rock for the years ended December 31, 2015 , 2014 , and 2013 is shown below (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 844,711 $ 1,298,097 $ 767,202 Costs of products sold $ 671,769 $ 1,131,362 $ 663,759 Operating, general and administrative expenses $ 114,476 $ 99,894 $ 51,624 Depreciation and amortization expense $ 41,998 $ 40,035 $ 23,708 Earnings from equity method investment $ 76,355 $ 57,378 $ 17,571 Net income $ 49,673 $ 62,925 $ 37,515 Noncontrolling interest in consolidated subsidiaries retained by SemGroup $ — $ 7,758 $ 1,256 Net income attributable to Rose Rock Midstream, L.P. $ 49,673 $ 55,167 $ 36,259 Drop-down Transactions with Rose Rock 2015 drop-down transaction On February 13, 2015, we contributed WOT and Glass Mountain Holding, LLC, which holds our 50% interest in Glass Mountain, to Rose Rock in exchange for (i) cash of approximately $251.2 million , (ii) the issuance of 1.75 million common units and (iii) an increase of the capital account of the general partner of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. The cash consideration was funded through a borrowing under Rose Rock's credit facility and the issuance and sale of 2.3 million common units in an underwritten public offering for net proceeds of $89.1 million . SemGroup used the proceeds from these transactions to pay amounts owed under its revolving credit facility. As the acquisition was between parties under common control, Rose Rock recorded its interest in acquired assets and liabilities at SemGroup's historical value and SemGroup did not recognize a gain on the transaction. Proceeds in excess of the historical value were accounted for as a dividend from Rose Rock to SemGroup and resulted in a $51.5 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $30.7 million (net of tax impact of $20.8 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. 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. Earnings of WOT prior to the acquisition 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 from the Rose Rock recast as these entities are all reported within the Crude Transportation segment. 2014 drop-down transaction On June 23, 2014, we contributed the remaining 33% interest in SemCrude Pipeline, L.L.C. ("SCPL") to Rose Rock in exchange for (i) cash of approximately $114.4 million , (ii) the issuance of 2.425 million common units, (iii) the issuance of 1.25 million Class A units, and (iv) an increase of the capital account of the general partner and a related issuance of general partner interest, to allow the general partner to maintain its 2% general partner interest. Subsequent to this transaction, Rose Rock owns 100% of SCPL, which owns a 51% membership interest in White Cliffs. SemGroup used the proceeds from these transactions to pay amounts owed under its revolving credit facility. The Class A units were not entitled to receive any distribution of available cash (other than upon liquidation) prior to the first day of the month immediately following the first month for which the average daily throughput volumes on the White Cliffs Pipeline for such month are 125,000 barrels per day or greater. The Class A units converted to common units in January 2015. As this transaction was between parties under common control, Rose Rock recorded its interest in SCPL at SemGroup's historical value and as such no gain on the sale was recognized by SemGroup. Proceeds in excess of the historical value were accounted for as a dividend from Rose Rock to SemGroup and resulted in an $85.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $53.2 million (net of tax impact of $31.9 million ). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders. SemGroup incurred approximately $0.9 million of expense associated with this transaction, including $0.4 million of costs incurred by Rose Rock. 2013 drop-down transactions On January 11, 2013, we contributed a 33% interest in SCPL to Rose Rock in exchange for (i) cash of approximately $189.5 million , (ii) the issuance of 1.5 million common units, (iii) the issuance of 1.25 million Class A units and (iv) an increase of the capital account of the general partner of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. In connection with this transaction, Rose Rock issued and sold 2.0 million common units to third-party purchasers in a private placement for aggregate consideration of approximately $59.3 million . In addition, Rose Rock made a borrowing of $133.5 million under its revolving credit facility. The proceeds from the private placement and the borrowing were used by Rose Rock to fund the cash consideration in the transaction with us and to pay certain related transaction costs and expenses. On December 16, 2013, we contributed an additional 33% interest in SCPL to Rose Rock in exchange for (i) cash of approximately $173.1 million , (ii) the issuance of 1.5 million common units, (iii) the issuance of 1.25 million Class A units, and (iv) an increase of the capital account of the general partner of Rose Rock and a related issuance of general partner interest, to allow the general partner of Rose Rock to maintain its 2% general partner interest. The cash consideration was funded through a borrowing under Rose Rock's credit facility. As these transactions were between parties under common control, Rose Rock recorded its interest in SCPL at SemGroup's historical value and as such no gain was recognized by SemGroup. Proceeds in excess of the historical value were accounted for as a dividend from Rose Rock to SemGroup and resulted in a $180.2 million reduction to noncontrolling interests in consolidated subsidiaries and an offsetting increase to additional paid-in capital of $112.9 million (net of tax impact of $67.3 million ). This non-cash entry represents the portion of the proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders. SemGroup incurred approximately $2.2 million of expense associated with these transactions, including expenses of Rose Rock. Rose Rock incurred $1.6 million of equity issuance costs which were offset against proceeds, $1.6 million of costs related to the January 2013 borrowing which were deferred, and $0.9 million of acquisition related costs which were expensed. SemGroup used the proceeds from these transactions to pay amounts owed under its revolving credit facility. Rose Rock equity issuance In August 2013, Rose Rock sold 4.75 million common limited partner units to third-party purchasers for $152.5 million , net of underwriting discounts and commissions. Proceeds were used to repay borrowings on the Rose Rock credit facility. Rose Rock conversion of subordinated and Class A units On January 1, 2015, certain operational targets were achieved by White Cliffs and all 3,750,000 Class A units held by the Company were converted to common units on a one-for-one basis. The conversion did not impact the total number of Rose Rock's outstanding units representing limited partner interests. On February 17, 2015, certain targets specified in Rose Rock’s partnership agreement were achieved and all 8,389,709 subordinated units held by the Company were converted to common units. The conversion did not impact the total number of Rose Rock’s outstanding units representing limited partner interests. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS Our equity method investments consist of the following (in thousands): December 31, 2015 2014 White Cliffs $ 297,109 $ 269,635 NGL Energy 112,787 162,246 Glass Mountain 141,182 146,039 Total equity method investments $ 551,078 $ 577,920 Our earnings from equity method investments consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 White Cliffs $ 70,238 $ 57,378 $ 45,459 NGL Energy (1) 5,031 2,343 7,123 Glass Mountain 6,117 4,478 (105 ) Total earnings from equity method investments $ 81,386 $ 64,199 $ 52,477 (1) Excluding gains on issuance of common units of $6.4 million , $29.0 million and $26.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Cash distributions received from equity method investments consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 White Cliffs $ 86,845 $ 66,768 $ 57,576 NGL Energy 19,074 23,404 18,321 Glass Mountain 13,623 6,823 — Total cash distributions received from equity method investments $ 119,542 $ 96,995 $ 75,897 White Cliffs Certain summarized balance sheet information of White Cliffs is shown below (in thousands): December 31, 2015 2014 Current assets $ 54,091 $ 35,623 Property, plant and equipment, net 509,068 471,179 Goodwill 17,000 17,000 Other intangible assets, net 11,974 16,043 Total assets $ 592,133 $ 539,845 Current liabilities $ 9,491 $ 11,108 Members’ equity 582,642 528,737 Total liabilities and members’ equity $ 592,133 $ 539,845 Certain summarized income statement information of White Cliffs for the years ended December 31, 2015 , 2014 and 2013 is shown below (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 206,395 $ 160,369 $ 133,310 Operating, general and administrative expenses $ 33,284 $ 23,067 $ 23,825 Depreciation and amortization expense $ 34,105 $ 23,257 $ 18,668 Net income $ 139,000 $ 114,045 $ 90,817 The equity in earnings of White Cliffs for the years ended December 31, 2015 , 2014 and 2013 reported in our consolidated statements of operations is less than 51% of the net income of White Cliffs for the same period. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other members are not obligated to share. Such expenses are recorded by White Cliffs, and are allocated to our membership interests. White Cliffs recorded $1.3 million , $1.6 million and $1.8 million of such general and administrative expense for the years ended December 31, 2015 , 2014 and 2013 , respectively. The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the year ended December 31, 2015 , we contributed $42.8 million to these projects, including $34.5 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 2016 and are expected to total approximately $2.3 million . The project is expected to be completed during the first half of 2016. In August 2014, White Cliffs completed an expansion project adding a parallel 12 " pipeline from Platteville, Colorado to Cushing, Oklahoma. For the years ended December 31, 2014 and 2013, we contributed $53.3 million and $95.5 million , respectively, for project funding. This expansion increased White Cliffs’ capacity to about 150,000 barrels per day and became fully operational in the third quarter of 2014. Our membership interest in White Cliffs is significant as defined by Securities and Exchange Commission’s Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, we have included the audited financial statements of White Cliffs as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 as an exhibit to this Form 10-K. NGL Energy At December 31, 2015 , we owned 4,652,568 common units representing limited partner interests in NGL Energy, which represents approximately 4.4% of the limited partner units of NGL Energy outstanding at September 30, 2015, and an 11.78% interest in the general partner of NGL Energy. On October 27, 2014, we agreed to terminate our right to appoint two representatives to the Board of Directors of NGL Energy Holdings LLC, the general partner of NGL Energy, and our current representatives resigned. We no longer have significant influence over NGL Energy Holdings, LLC or NGL Energy. However, in accordance with ASC 323-30-S99-1, we have continued to account for these investments under the equity method as our ownership is within the 3 to 5 percent interest which is generally considered to be more than minor. At December 31, 2015 , the fair market value of our 4,652,568 common unit investment in NGL Energy was $51.4 million , based on a December 31, 2015 closing price of $11.04 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. During the 4th quarter of 2015 the market price of NGL Energy common units fell below our carrying value per unit. In accordance with ASC 320-10-S99 “Investments - Debt and Equity Securities” we have assessed whether such decline in value is other than temporary. The evidence management considered in such assessment included the nature and volatility of such decline, as well as the latest public financial guidance, condition, and results of NGL Energy. Based on the rapid and recent nature of such decline, and our assessment of the financial condition and near-term prospects of NGL Energy, we have concluded that the decline in the value of our investment is not other than temporary. We have the ability and intent to hold the shares for a period of time sufficient to allow for a recovery in the market value. However, we will continue to closely monitor future events and developments related to NGL Energy that would impact our conclusions about the recoverability of the investment, and if future facts and circumstances indicate that the decline in value of our investment is other than temporary, a significant impairment may be recorded. Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our consolidated statements of operations and comprehensive income for the years ended December 31, 2015 , 2014 and 2013 relates to the earnings of NGL Energy for the twelve months ended September 30, 2015 , 2014 and 2013 respectively. Certain unaudited summarized balance sheet information of NGL Energy is shown below (in thousands): (Unaudited) September 30, 2015 2014 Current assets $ 1,276,919 $ 2,585,053 Property plant and equipment, net 1,845,112 1,433,313 Goodwill 1,490,928 1,170,490 Intangible and other assets, net 1,836,878 1,362,823 Total assets $ 6,449,837 $ 6,551,679 Current liabilities $ 852,170 $ 1,759,980 Long-term debt 3,093,694 2,437,351 Other noncurrent liabilities 17,679 39,518 Equity 2,486,294 2,314,830 Total liabilities and equity $ 6,449,837 $ 6,551,679 Certain unaudited summarized income statement information of NGL Energy for the twelve months ended September 30, 2015, 2014 and 2013 is shown below (in thousands): (Unaudited) Twelve Months Ended September 30, 2015 2014 2013 Revenue $ 14,504,581 $ 15,748,520 $ 5,935,715 Costs of products sold $ 13,573,066 $ 15,054,291 $ 5,478,361 Operating, general and administrative expenses $ 625,035 $ 440,609 $ 276,905 Depreciation and amortization expense $ 221,067 $ 162,443 $ 94,050 Net income $ 22,995 $ 11,409 $ 44,378 During the years ended December 31, 2015, 2014 and 2013, our limited partnership interest was diluted in connection with NGL Energy common unit issuances. Accordingly, we recorded non-cash gains of $6.4 million , $29.0 million and $26.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, related to these transactions, which are included in "gain on issuance of common units by equity method investee" in our consolidated statements of operations and comprehensive income. During the year ended December 31, 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 a net gain of $14.5 million in "other expense (income), net" in our consolidated statement of operations and comprehensive income. During the year ended December 31, 2014, we sold 2,481,308 of our NGL Energy common units for $88.8 million , net of related costs of $3.1 million . We recorded a net gain of $34.2 million in "other expense (income), net" in our consolidated statement of operations and comprehensive income. Our ownership interest in NGL Energy is significant as defined by Securities and Exchange Commission’s Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, we will amend this Form 10-K to include the audited financial statements of NGL Energy as of March 31, 2016 and 2015 and for each of the three years in the period ended March 31, 2016 as an exhibit, when available. Glass Mountain We hold a 50% interest in Glass Mountain which we account for under the equity method. Glass Mountain began operations in the first quarter of 2014. The excess of the recorded amount of our investment over the book value of our share of the underlying net assets represents equity method goodwill and capitalized interest of $31.0 million and $4.0 million , respectively, at December 31, 2015 . Capitalized interest is amortized as a reduction of earnings from equity method investments. The equity in earnings of Glass Mountain for the years ended December 31, 2015 and 2014 reported in our consolidated statement of operations and comprehensive income is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period. Certain summarized balance sheet information of Glass Mountain is shown below (in thousands): December 31, 2015 2014 Current assets $ 7,856 $ 8,810 Property, plant and equipment, net 205,920 215,876 Total assets $ 213,776 $ 224,686 Current liabilities $ 1,036 $ 2,643 Other liabilities 28 42 Members’ equity 212,712 222,001 Total liabilities and members’ equity $ 213,776 $ 224,686 Certain summarized income statement information of Glass Mountain for the year ended December 31, 2015 and 2014 is shown below (in thousands): Year Ended December 31, 2015 2014 Revenue $ 38,526 $ 30,398 Cost of Sales $ 3,392 $ 757 Operating, general and administrative expenses $ 6,643 $ 6,419 Depreciation and amortization expense $ 15,828 $ 13,872 Net income $ 12,657 $ 9,344 We invested $2.7 million , $16.2 million and $57.8 million in Glass Mountain for the years ended December 31, 2015 , 2014 and 2013 , respectively. Our ownership interest in Glass Mountain is not significant as defined by Securities and Exchange Commission's Regulation S-X Rule 1-02(w). Accordingly, no audited financial statements of Glass Mountain pursuant to Regulation S-X 3-09 have been included as an exhibit to this Form 10-K. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS During the year ended December 31, 2014, we completed the following acquisition: Crude oil trucking assets On June 24, 2014, our Crude Transportation segment acquired crude oil trucking assets from a subsidiary of Chesapeake Energy Corporation ("Chesapeake") (NYSE: CHK) for $44.0 million in cash. Highlights of the transaction include: • 124 trucks, 122 trailers and miscellaneous equipment; and • a long-term transportation agreement with Chesapeake Energy Marketing, Inc. During the year ended December 31, 2013, we completed the following acquisitions: Mid-America Midstream Gas Services, L.L.C. On August 1, 2013, our SemGas segment acquired the equity interest of Mid-America Midstream Gas Services, L.L.C. ("MMGS"), a wholly owned subsidiary of Chesapeake, which is the owner of gas gathering and processing assets in the Mississippi Lime play for approximately $314.0 million in cash. We incurred approximately $3.6 million in transaction related general and administrative expenses. The transaction was funded through the combination of a portion of the net proceeds from the sale of $300 million of 7.50% senior unsecured notes (Note 15) and a borrowing under the revolving credit facility under SemGroup's corporate credit agreement. Highlights of the acquisition include the following: • 200 miles of gathering pipeline; • Rose Valley I plant - A 200 mmcf/d (million cubic feet per day) cryogenic processing plant, placed in operation in the first quarter of 2014; • Rose Valley II plant - A 200 mmcf/d cryogenic processing plant placed in operation in mid-2015; • Approximately 540,000 net acre dedication in the core of the Mississippi Lime play, supported by a joint venture between Chesapeake and Sinopec International Petroleum Exploration and Production Corporation ("Sinopec"); and • A 20 -year, 100% fee based, gas gathering and processing agreement with certain affiliates of Chesapeake and Sinopec. Barcas Field Services, LLC On September 1, 2013, our Crude Transportation segment completed the acquisition of the assets of Barcas Field Services, LLC ("Barcas") for $49.0 million in cash. Highlights of the acquisition include the following: • 114 trucks, 120 trailers and miscellaneous equipment; and • a long-term take-or-pay customer transportation agreement, which has expired. NGL Energy On August 6, 2013, we completed the acquisition of approximately 5.36% of the general partner of NGL Energy, which increased our ownership of NGL Energy's general partner to 11.78% . |
Disposals of Long-Lived Assets
Disposals of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disposals And Impairments Of Long-Lived Assets [Abstract] | |
Disposals of Long-Lived Assets | DISPOSALS OR IMPAIRMENTS OF LONG-LIVED ASSETS Year Ended December 31, 2015 During the year ended December 31, 2015, our SemGas segment sold certain non-core Kansas based gas gathering and compression assets for approximately $1.0 million , resulting in a pre-tax loss of approximately $1.7 million which is reported in "loss (gain) on disposal or impairment, net" in the consolidated statement of operations and comprehensive income. See Note 12 for discussion of the goodwill impairment recorded by our Crude Transportation segment. Year Ended December 31, 2014 On June 1, 2014, our SemGas segment sold certain natural gas gathering assets in Eastern Oklahoma resulting in a $20.1 million pre-tax loss on a cash sales price of $2.4 million . The assets sold were made up of property, plant and equipment with a net book value of $22.5 million . The loss on the sale was reported in "loss (gain) on disposal or impairment, net" in the consolidated statement of operations and comprehensive income. The operations of the gas gathering assets were not material to SemGroup. During the year ended December 31, 2014, we recorded an impairment charge of $11.9 million related to leaseholds of unproved oil and gas properties located in Kansas. These assets were written off when due to the downturn in crude oil prices and the remaining life of the leaseholds, it became apparent that these properties would not be developed. These assets were held by a subsidiary included in Corporate and Other in our segment disclosures (Note 8). Year Ended December 31, 2013 There were no significant gains (losses) recorded during the year ended December 31, 2013 related to the disposal or impairment of long-lived assets. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | SEGMENTS As described in Note 1, our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. Our equity 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. During the year ended December 31, 2015, management made the decision to disaggregate certain activities and functions within the domestic crude oil business to provide additional granularity, both internally and externally, to our operating results. As such, the prior period results of the former Crude segment have been recast to reflect the resulting reportable segments: Crude Transportation, Crude Facilities and Crude Supply and Logistics. Certain amounts formerly included in the Crude segment have been included in Corporate and Other in the current presentation. No other segments were impacted. The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative and interest expenses incurred at the corporate level were allocated to the segments, based on our allocation policies in effect at the time. Year Ended December 31, 2015 2014 2013 Revenues: Crude Transportation External $ 81,991 $ 84,718 $ 34,917 Intersegment 15,021 10,840 225 Crude Facilities External 45,936 44,007 46,697 Crude Supply and Logistics External 716,784 1,169,372 685,588 SemGas External 231,569 342,286 207,134 Intersegment 20,605 37,897 23,985 SemCAMS External 136,197 176,724 198,450 SemLogistics External 24,351 12,650 11,671 SemMexico External 211,291 290,869 242,559 Corporate and Other External 6,975 1,953 — Intersegment (35,626 ) (48,737 ) (24,210 ) Total Revenues $ 1,455,094 $ 2,122,579 $ 1,427,016 Year Ended December 31, 2015 2014 2013 Earnings from equity method investments: Crude Transportation $ 76,355 $ 61,856 $ 45,354 SemStream (1) 11,416 31,363 33,996 Total earnings from equity method investments $ 87,771 $ 93,219 $ 79,350 (1) including gain on issuance of common units by equity method investee Year Ended December 31, 2015 2014 2013 Depreciation and amortization: Crude Transportation $ 35,500 $ 33,679 $ 17,814 Crude Facilities 5,829 5,365 4,833 Crude Supply and Logistics 159 549 673 SemGas 31,803 26,353 14,517 SemCAMS 12,940 14,295 10,766 SemLogistics 8,543 10,005 9,426 SemMexico 4,076 6,031 5,991 Corporate and Other 2,032 2,120 2,389 Total depreciation and amortization $ 100,882 $ 98,397 $ 66,409 Year Ended December 31, 2015 2014 2013 Income tax expense (benefit): SemCAMS $ 4,847 $ 3,135 $ 6,348 SemLogistics (2,195 ) (2,231 ) (5,699 ) SemMexico 2,611 4,053 2,589 Corporate and other 28,267 41,556 (20,492 ) Total income tax expense (benefit) $ 33,530 $ 46,513 $ (17,254 ) Year Ended December 31, 2015 2014 2013 Segment profit (1) : Crude Transportation $ 81,028 $ 76,705 $ 51,100 Crude Facilities 33,757 32,286 37,083 Crude Supply and Logistics 30,088 24,021 15,010 SemGas 61,669 41,715 32,483 SemCAMS 36,013 45,326 32,886 SemStream 11,391 31,280 33,389 SemLogistics 7,249 25 (2,007 ) SemMexico 15,614 16,139 13,493 Corporate and Other (44,760 ) (43,841 ) (30,088 ) Total segment profit $ 232,049 $ 223,656 $ 183,349 (1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses. Year Ended December 31, 2015 2014 2013 Reconciliation of segment profit to net income: Total segment profit $ 232,049 $ 223,656 $ 183,349 Less: Net unrealized loss (gain) related to derivative instruments 2,014 (1,734 ) (974 ) Depreciation and amortization 100,882 98,397 66,409 Interest expense 69,675 49,044 25,142 Foreign currency transaction gain (1,067 ) (86 ) (1,633 ) Other expense (income), net (15,801 ) (20,536 ) 45,906 Income tax expense (benefit) 33,530 46,513 (17,254 ) Loss (income) from discontinued operations 4 1 (59 ) Net income $ 42,812 $ 52,057 $ 65,812 Year Ended December 31, 2015 2014 2013 Additions to long-lived assets, including acquisitions and contributions to equity method investments: Crude Transportation $ 219,227 $ 160,471 $ 244,777 Crude Facilities 30,118 8,207 11,783 Crude Supply and Logistics 2,564 11,662 1,868 SemGas 110,908 153,088 410,508 SemCAMS 142,368 35,286 56,122 SemLogistics 12,289 2,974 2,071 SemMexico 7,051 9,690 6,375 SemStream — — 18,775 Corporate and Other 1,919 1,906 1,211 Total additions to long-lived assets $ 526,444 $ 383,284 $ 753,490 December 31, 2015 2014 Total assets (excluding intersegment receivables): Crude Transportation $ 877,017 $ 746,723 Crude Facilities 155,186 116,784 Crude Supply and Logistics 328,419 271,444 SemGas 719,789 662,223 SemCAMS 331,749 279,191 SemLogistics 155,794 150,498 SemMexico 89,608 107,225 SemStream 112,787 162,246 Corporate and Other 100,947 93,468 Total $ 2,871,296 $ 2,589,802 December 31, 2015 2014 Equity investments: Crude Transportation $ 438,291 $ 415,674 SemStream 112,787 162,246 Total equity investments $ 551,078 $ 577,920 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following (in thousands): December 31, 2015 2014 Crude oil $ 59,121 $ 26,722 Asphalt and other 11,118 16,810 Total inventories $ 70,239 $ 43,532 During the years ended December 31, 2015 and 2014, our Crude Supply and Logistics segment recorded non-cash charges of $2.6 million and $5.7 million to write-down crude oil inventory to the lower of cost or market. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS Other current assets consist of the following (in thousands): December 31, 2015 2014 Prepaid expenses $ 6,252 $ 5,989 Deferred tax asset 2,321 5,897 Other 10,814 8,131 Total other current assets $ 19,387 $ 20,017 Other noncurrent assets consist of the following (in thousands): December 31, 2015 2014 Debt issuance costs, net (1) $ 23,728 $ 22,203 Deferred tax asset 34,848 13,933 Other 3,579 8,250 Total other noncurrent assets, net $ 62,155 $ 44,386 (1) See Note 15 for discussion of debt issuance costs. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): December 31, 2015 2014 Land $ 89,815 $ 81,886 Pipelines and related facilities 338,789 283,347 Storage and terminal facilities 283,608 284,300 Natural gas gathering and processing facilities 810,358 606,553 Linefill 26,900 26,050 Trucking equipment and other 43,157 40,392 Office property and equipment 45,818 37,120 Construction-in-progress 248,145 142,806 Property, plant and equipment, gross 1,886,590 1,502,454 Accumulated depreciation (319,769 ) (245,629 ) Property, plant and equipment, net $ 1,566,821 $ 1,256,825 We recorded depreciation expense of $90.5 million , $82.5 million and $60.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. We include within the cost of property, plant and equipment interest costs incurred while an asset is being constructed. We capitalized $1.0 million , $1.5 million and $4.3 million of interest costs during the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill relates to the following segments (in thousands): December 31, 2015 2014 Crude Transportation $ 26,628 $ 36,116 SemGas 13,052 13,052 SemMexico 8,352 9,158 Total Goodwill $ 48,032 $ 58,326 In addition to the amounts in the table above, approximately $46.4 million of our investment in NGL Energy and $31.0 million of our investment in Glass Mountain represents equity method goodwill. Equity method goodwill is not amortized and is tested for impairment with the equity method investment in accordance with ASC 323. We assess our goodwill for impairment at least annually as of October 1. No impairments were indicated as of October 1, 2015. However, as a result of the continued decline in oil prices and lower forecast volumes from declining drilling activity, along with lower than expected results during the fourth quarter of 2015, we performed an interim goodwill impairment analysis as of December 31, 2015 which resulted in an impairment charge of $9.5 million related to our crude oil trucking operation which was identified as the reporting unit for purposes of the impairment test. We used an income approach, supplemented by a market approach to calculate the fair value of the reporting unit. Under the income approach, we utilized a discounted cash flow model to determine the fair value of our crude oil trucking operations. Significant judgments and assumptions included the discount rate, anticipated revenue and volume growth rates, estimated operating expenses and capital expenditures, which were based on our operating and capital budgets as well as our strategic plans. A significant underlying assumption is that crude oil prices will eventually improve and production volumes will begin to increase. If crude oil production does not increase in the future or the production takes longer than anticipated to return, this would negatively affect our key assumptions and potentially lead to additional impairments in the future. We considered the market approach by comparing the revenue and earnings multiples implied by our income approach to those of comparable companies for reasonableness. Changes in goodwill balances during the period from December 31, 2012 to December 31, 2015 are shown below (in thousands): Balance, December 31, 2012 $ 9,884 Barcas acquisition (Note 6) 28,322 MMGS acquisition (Note 6) 23,839 Currency translation adjustments (24 ) Balance, December 31, 2013 62,021 Crude oil trucking asset acquisition (Note 6) 7,892 MMGS purchase price allocation adjustment (10,787 ) Barcas purchase price allocation adjustment (98 ) Currency translation adjustments (702 ) Balance, December 31, 2014 58,326 Impairment loss (9,488 ) Currency translation adjustments (806 ) Balance, December 31, 2015 $ 48,032 For U.S. federal income tax purposes, goodwill is amortized on a straight-line basis over 15 years . Other intangible assets The gross carrying amount and accumulated amortization of intangible assets are shown below (in thousands): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Customer Relationships $ 188,304 $ (26,975 ) $ 161,329 $ 189,583 $ (17,963 ) $ 171,620 Trade Names 493 (378 ) 115 570 (379 ) 191 Unpatented Technology 2,941 (2,162 ) 779 3,457 (2,203 ) 1,254 Total other intangible assets $ 191,738 $ (29,515 ) $ 162,223 $ 193,610 $ (20,545 ) $ 173,065 Changes in other intangible asset balances during the period from December 31, 2012 to December 31, 2015 are shown below (in thousands): Balance, December 31, 2012 $ 7,585 Amortization (6,018 ) Barcas acquisition 6,930 MMGS acquisition 166,332 Currency translation adjustments 9 Balance, December 31, 2013 174,838 Amortization (15,875 ) Crude oil trucking asset acquisition 17,010 MMGS purchase price allocation adjustment (2,313 ) Barcas purchase price allocation adjustment (50 ) Currency translation adjustments (545 ) Balance, December 31, 2014 173,065 Amortization (10,334 ) Currency translation adjustments (508 ) Balance, December 31, 2015 $ 162,223 Our other intangible assets consist primarily of customer relationships at our Crude Transportation, SemGas and SemMexico segments. These assets may be subject to impairments in the future if we are unable to maintain the relationships with the customers to which the assets relate. We estimate that future amortization of other intangible assets will be as follows (in thousands): For year ending: December 31, 2016 $ 10,928 December 31, 2017 11,011 December 31, 2018 10,918 December 31, 2019 10,316 December 31, 2020 9,649 Thereafter 109,401 Total estimated amortization expense $ 162,223 |
Financial Instruments and Conce
Financial Instruments and Concentrations of Risk | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Concentrations of Risk | FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF RISK Fair value of financial instruments We record certain financial assets and liabilities at fair value at each balance sheet date. The table below summarizes the balances of commodity derivative assets and liabilities at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Derivatives subject to netting arrangements: Level 1 Netting (1) Total Level 1 Netting (1) Total Commodity derivatives: Assets $ 131 $ (131 ) $ — $ 3,311 $ (1,637 ) $ 1,674 Liabilities $ 470 $ (131 ) $ 339 $ 1,637 $ (1,637 ) $ — (1) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. “Level 1” measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. The valuation of our common stock warrants which were traded on the New York Stock Exchange was also classified as Level 1. “Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar commodity derivative contracts. Assets and liabilities classified as Level 2 include over-the-counter ("OTC") traded forwards contracts and swaps. “Level 3” measurements are obtained using information from a pricing service and internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market, and therefore are not included in Level 2 above. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value levels. There were no financial assets or liabilities classified as Level 2 or Level 3 during the years ended December 31, 2015 , 2014 and 2013 , 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 and natural gas liquids. These are defined as follows: Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. The following table sets forth the notional quantities for derivative instruments entered into (in thousands of barrels): Year Ended December 31, 2015 2014 2013 Sales 23,228 6,773 2,595 Purchases 22,946 6,477 2,575 We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our consolidated balance sheets in "other current assets" and "other current liabilities" in the following amounts (in thousands): December 31, 2015 December 31, 2014 Other Current Assets Other Current Liabilities Other Current Assets Other Current Liabilities $ — $ 339 $ 1,674 $ — We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. Our margin deposit balances were $2.9 million and $0.8 million at December 31, 2015 and 2014 , respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin account balances been netted against our net commodity derivative instrument (contract) positions as of December 31, 2015 and 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): Year Ended December 31, 2015 2014 2013 Realized and unrealized gain (loss) $ 8,146 $ 19,305 $ (1,593 ) Warrants In addition to the commodity derivatives above, we had $58.1 million of derivative liabilities related to common stock warrants at December 31, 2013, which were not subject to netting arrangements. The warrants were issued upon emergence from bankruptcy and were recorded at fair value on the consolidated balance sheets with changes in the fair value recorded to "other expense (income), net" in our consolidated statements of operations and comprehensive income. For the years ended December 31, 2014, and 2013 , we recorded expense related to the change in fair value of $13.4 million and $46.4 million , respectively. The warrants expired on November 30, 2014. See Note 17 for additional information. Concentrations of risk During the year ended December 31, 2015 , two customers primarily of our Crude Supply and Logistics segment accounted for more than 10% of our consolidated revenue with revenues of $457.3 million and $146.2 million . We purchased approximately $232.6 million of product from two third-party suppliers of our Crude Supply and Logistics segment, which represented approximately 24% of our costs of products sold. At December 31, 2015 , one customer, primarily of our Crude Supply and Logistics segment, accounted for approximately 39% of our consolidated accounts receivable. Our SemGas segment has a significant concentration of producers which account for a large portion of our SemGas segment's volumes. During the year ended December 31, 2015, three producers accounted for approximately 92% of our total processed volumes. During the year ended December 31, 2015, three producers accounted for 93% of our total gathered volumes. Additionally, all of the processing and gathering volumes from these customers are produced in the Northern Oklahoma region. Our SemCAMS processing plants require a minimum rate of sulfur tonnage to operate, and to comply with the regulatory requirements for air emissions. We have several large producers that provide significant sour gas to our plants. If these producers shut in their sour gas production due to current commodity prices, it could result in regulatory non-compliance, as well as operating and financial impacts to SemCAMS. Assets and liabilities of subsidiaries outside the United States The following table summarizes the assets and liabilities (excluding affiliate balances) at December 31, 2015 of our subsidiaries outside the United States (in thousands): Canada United Kingdom Mexico Total Cash and cash equivalents $ 20,729 $ 8,014 $ 17,338 $ 46,081 Other current assets 47,267 3,413 31,616 82,296 Noncurrent assets 273,967 144,367 40,654 458,988 Total assets $ 341,963 $ 155,794 $ 89,608 $ 587,365 Current liabilities $ 40,541 $ 5,660 $ 15,868 $ 62,069 Noncurrent liabilities 47,971 15,633 1,167 64,771 Total liabilities 88,512 21,293 17,035 126,840 Net assets $ 253,451 $ 134,501 $ 72,573 $ 460,525 Employees At December 31, 2015 , we had approximately 1,160 employees, including approximately 555 employees outside the U.S. Approximately 130 of the employees in Canada and Mexico are represented by labor unions and are subject to collective bargaining agreements governing their employment with us. Of that number, approximately 68 employees have collective bargaining agreements that renew annually and 60 have collective bargaining agreements that expired in January 2016 and are currently being renegotiated. We have never had a labor related work stoppage and believe our employee relations are good. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense (benefit) Our consolidated income from continuing operations before income taxes was generated in the following jurisdictions (in thousands): Year Ended December 31, 2015 2014 2013 U.S. $ 46,728 $ 39,231 $ 40,002 Foreign 29,618 59,340 8,497 Consolidated $ 76,346 $ 98,571 $ 48,499 The following table summarizes income tax provision (benefit) from continuing operations by jurisdiction (in thousands): Year Ended December 31, 2015 2014 2013 Current income tax provision: Foreign $ 4,301 $ 10,430 $ 15,546 U.S. federal — (195 ) 2,067 U.S. state 32 132 1,435 4,333 10,367 19,048 Deferred income tax provision (benefit): Foreign 4,747 2,024 (10,222 ) U.S. federal 21,865 30,074 (23,756 ) U.S. state 2,585 4,048 (2,324 ) 29,197 36,146 (36,302 ) Provision (benefit) for income taxes $ 33,530 $ 46,513 $ (17,254 ) The following table reconciles income tax provision at the U.S. federal statutory rate to the consolidated provision (benefit) for income taxes (in thousands): Year Ended December 31, 2015 2014 2013 Income from continuing operations before income taxes $ 76,346 $ 98,571 $ 48,499 U.S. federal statutory rate 35 % 35 % 35 % Provision at statutory rate 26,721 34,500 16,975 State income taxes—net of federal benefit 1,701 3,197 (577 ) Effect of rates other than statutory (2,306 ) (1,925 ) (1,041 ) Effect of U.S. taxation on foreign branches 10,366 20,769 2,974 Foreign tax adjustment, prior years 7 (3,669 ) 4,533 Warrants — 4,698 24,625 Noncontrolling interest (4,373 ) (7,986 ) (6,096 ) Foreign tax credit and offset to branch deferreds (1,740 ) 6,851 (2,876 ) Impact of valuation allowance on deferred tax assets 1,740 (7,331 ) (53,218 ) Foreign net gain on subsidiary dissolution and debt waivers — (13,620 ) — Foreign withholding taxes 6 5,054 — Other, net 1,408 5,975 (2,553 ) Provision (benefit) for income taxes $ 33,530 $ 46,513 $ (17,254 ) For the years ended December 31, 2015 , 2014 and 2013 , the foreign subsidiaries are disregarded entities for U.S. federal income tax purposes. The foreign earnings are taxed in foreign jurisdictions as well as in the U.S. Foreign tax credits, subject to limitations, are available to reduce U.S. taxes. Deferred tax positions Deferred income taxes reflect the effects of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes. Significant components of deferred tax assets and liabilities are as follows at December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss and other credit carryforwards $ 55,100 $ 38,835 Compensation and benefits 8,178 10,736 Inventories 213 280 Intangible assets 35,152 43,977 Pension plan 4,643 3,733 Allowance for doubtful accounts 1,552 1,860 Deferred revenue 4,619 7,622 Foreign tax credit and offset to branch deferreds 104,026 102,286 Other 41,318 17,786 less: valuation allowance (104,509 ) (102,769 ) Net deferred tax assets 150,292 124,346 Deferred tax liabilities: Intangible assets (4,638 ) (5,770 ) Prepaid expenses (142 ) (163 ) Property, plant and equipment (219,247 ) (178,505 ) Equity investment in partnerships (85,385 ) (78,813 ) Other (4,107 ) (2,549 ) Total deferred tax liabilities (313,519 ) (265,800 ) Net deferred tax liabilities $ (163,227 ) $ (141,454 ) At December 31, 2015 , we had a cumulative U.S. federal net operating loss of approximately $127.9 million that can be carried forward to apply against taxable income generated in future years. This carry forward begins to expire in 2031. We had cumulative U.S. state net operating losses of approximately $90.4 million available for carryforward, which begin to expire in 2016. We had a foreign net operating loss of $23.6 million available for indefinite carryforward. We had foreign tax credits of approximately $59.3 million available for carry forward, which begin to expire in 2020. Due to our emergence from bankruptcy and overall restructuring, we recorded a full valuation allowance on all U.S. federal and state deferred tax assets in all periods prior to March 31, 2013. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies. In 2013, we recorded a discrete tax benefit for the partial release of our valuation allowance. Gain recognition, for tax purposes, on the contribution of a one-third interest in SCPL to Rose Rock had a material impact to the available positive and objectively verifiable evidence and combined with other factors, resulted in the change in our assessment of recoverability of the deferred tax assets. We did not release the valuation allowance attributable to a small portion of our state net operating loss carryovers which have shorter carryover periods. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. The valuation allowance increased by $1.7 million during 2015. The change related to a net increase of $1.7 million for foreign tax credits and offset to branch deferreds. We have analyzed filing positions in all of the federal, state and foreign jurisdictions where we are required to file income tax returns and determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in U.S. jurisdictions under general operation of the statute of limitations, including special provisions with regard to net operating loss carryovers. In foreign jurisdictions, all tax periods prior to the emergence from bankruptcy are closed. The statute of limitations has not been waived with respect to any foreign jurisdictions post emergence and tax periods are open for examination in accordance with the general statutes of each foreign jurisdiction. Currently, there are no examinations in progress for our federal, state or foreign jurisdictions. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our long-term debt consisted of the following (in thousands): December 31, 2015 2014 SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 SemGroup corporate revolving credit facility 30,000 35,000 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Rose Rock 5.625% senior unsecured notes due 2023, net of discount 344,545 — Rose Rock credit facility — 32,000 SemMexico credit facility — — Capital leases 83 132 Total long-term debt 1,074,628 767,132 less: current portion of long-term debt 31 40 Noncurrent portion of long-term debt $ 1,074,597 $ 767,092 SemGroup senior unsecured notes due 2021 At December 31, 2015, we had outstanding $300 million of 7.50% senior unsecured notes due 2021 (the “SemGroup Notes”). The SemGroup Notes are guaranteed by certain of our subsidiaries: 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"). The guarantees of the SemGroup Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. The SemGroup Notes are governed by an indenture, as supplemented, between the Company and its subsidiary Guarantors and Wilmington Trust, N.A., as trustee (the “Indenture”). The Indenture includes customary covenants, including limitations on our ability to incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; enter into sale and lease-back transactions; merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; and designate our subsidiaries as unrestricted under the Indenture. The Indenture includes customary events of default, including events of default relating to non-payment of principal and other amounts owing from time to time, failure to provide required reports, failure to comply with agreements in the indenture, cross payment-defaults to any material indebtedness, bankruptcy and insolvency events, certain unsatisfied judgments, and invalidation or cessation of the subsidiary guarantee of a significant subsidiary. A default would permit holders to declare the SemGroup Notes and accrued interest due and payable. The SemGroup Notes are effectively subordinated in right of payment to any of our, and the Guarantors', existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness and are structurally subordinated to the obligations of any subsidiary that is not a guarantor of the SemGroup Notes. The Company may issue additional SemGroup Notes under the Indenture from time to time, subject to the terms of the Indenture. Except as described below, the SemGroup Notes are not redeemable at the Company's option prior to June 15, 2016. From and after June 15, 2016, the Company may redeem the SemGroup Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on June 15 of each of the years indicated below: SemGroup 2021 senior unsecured notes 2016 105.625% 2017 103.750% 2018 101.875% 2019 and thereafter 100.000% Prior to June 15, 2016, the Company may, at its option, on one or more occasions, redeem up to 35% of the sum of the original aggregate principal amount of the SemGroup Notes at a redemption price equal to 107.5% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of one or more equity offerings of the Company, subject to certain conditions. Prior to June 15, 2016, the Company may also redeem all or part of the SemGroup Notes at a price equal to the principal plus a premium equal to the greater of 1% of the principal or the excess of the present value of the June 15, 2016 redemption price from the table above plus all required interest payments due through June 15, 2016, computed using a discount rate based on a published United States Treasury Rate plus 50 basis points, over the principal value of such Note. In the event of a change of control, the Company is required to offer to repurchase the SemGroup Notes at an amount equal to 101% of the principal plus accrued and unpaid interest. Interest on the SemGroup Notes is payable in arrears on June 15th and December 15th to holders of record on June 1st and December 1st each year until maturity. For the years ended December 31, 2015 , 2014 and 2013 , we incurred $23.3 million , $23.3 million and $12.7 million , respectively, of interest expense related to the SemGroup Notes including the amortization of debt issuance costs. At December 31, 2015 , we had $4.5 million of unamortized debt issuance costs related to the SemGroup Notes included in other noncurrent assets on our consolidated balance sheet. At December 31, 2015 , we were in compliance with the terms of the SemGroup Notes. SemGroup corporate credit agreement Our revolving credit facility has a capacity of $500 million at December 31, 2015 . This capacity may be used either for cash borrowings or letters of credit, although the maximum letter of credit capacity is $250 million . The credit agreement allows for the increase of the revolving commitments under the credit agreement by an aggregate amount of $300 million subject to the satisfaction of certain conditions. The agreement matures on December 11, 2018. Earlier principal payments may be required if we enter into certain transactions to sell assets or obtain new borrowings. We have the right to make additional principal payments without incurring any penalties for early repayment. Interest on revolving credit cash borrowings is charged at either a Eurodollar rate or an alternate base rate ("ABR"), at our election, plus, in each case an applicable margin. The applicable margin will range from 2.0% to 3.25% in the case of a Eurodollar loan, and from 1.0% to 2.25% in the case of an ABR loan, in each case, based on a leverage ratio specified in the agreement. At December 31, 2015 , there were $30.0 million of outstanding borrowings which incurred interest at the ABR. The interest rate in effect at December 31, 2015 on alternate base rate borrowings was 4.50% . Fees are charged on any outstanding letters of credit at a rate that ranges from 2.0% to 3.25% , depending on a leverage ratio specified in the credit agreement. At December 31, 2015 , we had $4.7 million of outstanding letters of credit for which the rate in effect was 2.0% . In addition, a fronting fee of 0.25% is charged on outstanding letters of credit. A commitment fee that ranges from 0.375% to 0.5% , depending on a leverage ratio defined in the credit agreement, is charged on any unused capacity on the revolving credit facility. In addition, we are charged an annual administrative fee of $0.1 million . At December 31, 2015 , we had unamortized capitalized loan fees of $4.2 million net of accumulated amortization, which was recorded in other noncurrent assets and is being amortized over the life of the agreement. We recorded interest expense related to the revolving credit facility of $3.8 million , $6.3 million and $7.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, including amortization of capitalized loan fees. The credit agreement includes customary affirmative and negative covenants, including limitations on the creation of new indebtedness, liens, sale and lease-back transactions, new investments, making fundamental changes including mergers and consolidations, making of dividends and other distributions, making material changes in our business, modifying certain documents and maintenance of a consolidated leverage ratio and an interest coverage ratio. In addition, the credit agreement prohibits any commodity transactions that are not permitted by our comprehensive risk management policy. The terms of our current credit facility restrict, to some extent, the payment of cash dividends on our common stock. The credit agreement is guaranteed by all of our material domestic subsidiaries (except for Rose Rock and its general partner and subsidiaries) and secured by a lien on substantially all of our property and assets, subject to customary exceptions. At December 31, 2015 , we were in compliance with the terms of the credit agreement. Rose Rock senior unsecured notes due 2022 and 2023 At December 31, 2015 , Rose Rock had outstanding $400 million of 5.625% senior unsecured notes due 2022 (the “Rose Rock 2022 Notes”) and $350 million of 5.625% senior unsecured notes due 2023 (the "Rose Rock 2023 Notes") (collectively, the "Rose Rock Notes"). Rose Rock and its wholly-owned subsidiary, Rose Rock Finance Corporation ("Finance Corp."), are co-issuers of the Rose Rock Notes. The Rose Rock 2023 Notes were sold at 98.345% of par, a discount of $5.8 million , on May 14, 2015. The discount is reported as a reduction to the face value of the Rose Rock 2023 Notes on our consolidated balance sheets and is being amortized over the life of the Rose Rock 2023 Notes using the interest method. At December 31, 2015 , the unamortized discount was $5.5 million . The net proceeds from the offering of the Rose Rock 2023 Notes 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. Interest on the Rose Rock 2022 Notes is payable in arrears on January 15th and July 15th to holders of record on January 1st and July 1st each year until maturity. For the years ended December 31, 2015 and 2014, we recorded interest expense of $23.5 million and $11.7 million , respectively, including amortization of debt issuance costs on the Rose Rock 2022 Notes. Interest on the Rose Rock 2023 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 year ended December 31, 2015 , we recorded interest expense of $13.2 million , including amortization of debt issuance costs and amortization of discount on the Rose Rock 2023 Notes. At December 31, 2015 , we had $12.2 million of debt issuance costs, net of accumulated amortization, related to the Rose Rock Notes included in other noncurrent assets on our consolidated balance sheet. The Rose Rock Notes are governed by indentures between Rose Rock, its subsidiary guarantors, Finance Corp. and Wilmington Trust, National Association, as trustee (the “Rose Rock Indenture”). The Rose Rock Indentures include customary covenants, including limitations on Rose Rock's ability to incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; merge, consolidate, sell or otherwise dispose of all or substantially all of its assets; and designate its subsidiaries as unrestricted under the Rose Rock Indentures. The Rose Rock Indentures include customary events of default. A default would permit the trustee or holders of at least 25% in aggregate principal amounts of the Rose Rock Notes then outstanding to declare all amounts owing under the Rose Rock Notes to be due and payable. The Rose Rock Notes are effectively subordinated in right of payment to any of Rose Rock's, and the subsidiary guarantors', existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. Rose Rock may issue additional Rose Rock Notes under the Rose Rock Indentures from time to time, subject to the terms of the Rose Rock Indentures. Except as described below, the Rose Rock 2022 and 2023 Notes are not redeemable at Rose Rock's option prior to July 15, 2017 and May 15, 2019, respectively. From and after July 15, 2017, in the case of the Rose Rock 2022 Notes, or May 15, 2019, in the case of the Rose Rock 2023 Notes, Rose Rock may redeem the Rose Rock Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 for the Rose Rock 2022 Notes or May 15 for the Rose Rock 2023 Notes of each of the years indicated below for the respective Notes: Rose Rock 2022 senior unsecured notes 2017 104.219% 2018 102.813% 2019 101.406% 2020 and thereafter 100.000% Rose Rock 2023 senior unsecured notes 2019 102.813% 2020 101.406% 2021 and thereafter 100.000% Prior to July 15, 2017, in the case of the Rose Rock 2022 Notes, or May 15, 2018, in the case of the Rose Rock 2023 Notes, Rose Rock may, at its option, on one or more occasions, redeem up to 35% of the sum of the original aggregate principal amount of the Rose Rock Notes at a redemption price equal to 105.625% of the aggregate principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of one or more equity offerings of Rose Rock, or the parent of Rose Rock to the extent such net proceeds are contributed to Rose Rock, subject to certain conditions. Prior to July 15, 2017, in the case of the 2022 Notes, or May 15, 2019, in the case of the 2023 Notes, Rose Rock may also redeem all or part of the Rose Rock Notes at a price equal to the principal plus a premium equal to the greater of 1% of the principal or the excess of the present value of the redemption price from the table above plus all required interest payments due through July 15, 2017, with respect to the Rose Rock 2022 Notes, or May 15, 2019, with respect to the Rose Rock 2023 Notes, 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 Note. In the event of a change of control, Rose Rock is required to offer to repurchase the Rose Rock Notes at an amount equal to 101% of the principal plus accrued and unpaid interest. At December 31, 2015 , we were in compliance with the terms of the Rose Rock Indentures. Rose Rock credit facility Our Rose Rock senior secured revolving credit facility agreement provides for a revolving credit facility of $585 million and includes a $150 million sub-limit for letters of credit. The facility can be increased by not more than $200 million , subject to certain conditions. The credit agreement expires on September 20, 2018. At Rose Rock’s option, amounts borrowed under the credit agreement will bear interest at either the Eurodollar rate or an ABR, plus, in each case, an applicable margin. The applicable margin will range from 1.75% to 3.00% in the case of a Eurodollar rate loan, and from 0.75% to 2.00% in the case of an ABR loan, in each case, based on a leverage ratio specified in the credit agreement. At December 31, 2015 , we had no outstanding cash borrowings on this credit facility. Fees are charged on any outstanding letters of credit at a rate that ranges from 1.75% to 3.00% , depending on a leverage ratio specified in the credit agreement. At December 31, 2015 , there were $35.3 million in outstanding letters of credit, and the rate in effect was 2.50% . In addition, a fronting fee of 0.25% is charged on outstanding letters of credit. A commitment fee that ranges from 0.375% to 0.50% , depending on a leverage ratio specified in the credit agreement, is charged on any unused capacity of the revolving credit facility. In addition, we are charged an annual administrative fee of $0.1 million . The credit facility also allows for the use of secured bilateral letters of credit, which are issued external to the credit facility and do not reduce revolver availability. At December 31, 2015 , we had $42.9 million of secured bilateral letters of credit outstanding and the interest rate in effect was 1.75% . At December 31, 2015 , we had $2.8 million in capitalized loan fees, net of accumulated amortization, which is recorded in other noncurrent assets and is being amortized over the life of the agreement. We recorded interest expense related to this facility of $6.9 million , $9.0 million and $8.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, including amortization of debt issuance costs and interest on bilateral letters of credit. The credit agreement includes customary representations and warranties and affirmative and negative covenants. The covenants in the agreement include limitations on creation of new indebtedness and liens, entry into sale and lease-back transactions, investments, and fundamental changes including mergers and consolidations, dividends and other distributions, material changes in Rose Rock’s business and modifying certain documents. In addition, the agreement prohibits any commodity transactions that are not permitted by Rose Rock’s comprehensive risk management policy. The credit agreement restricts Rose Rock’s ability to make certain types of payments relating to its units, including the declaration or payment of cash distributions; provided that Rose Rock may make quarterly distributions of available cash so long as no default under the agreement then exists or would result therefrom. The agreement is guaranteed by all of Rose Rock’s material domestic subsidiaries and secured by a lien on substantially all of the property and assets of Rose Rock and the guarantors, subject to customary exceptions. At December 31, 2015 , we were in compliance with the terms of the credit agreement. SemMexico facilities During the year ended December 31, 2015 , SemMexico's credit facilities expired and, on May 22, 2015, SemMexico entered into a $100 million Mexican pesos (U.S. $5.8 million at the December 31, 2015 exchange rate) revolving credit facility, which matures in May 2018. There were no outstanding borrowings on the facility at December 31, 2015 . Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50% . At December 31, 2015 , SemMexico had outstanding letters of credit of $292.8 million Mexican pesos (U.S. $16.9 million ). Fees charged on outstanding letters of credit were 0.25% . SemMexico recorded interest expense of $0.1 million , $0.2 million and $0.2 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 , we were in compliance with the terms of this facility. Scheduled principal payments The following table summarizes the scheduled principal payments as of December 31, 2015 (in thousands). As described above, our debt agreements require accelerated principal payments under certain circumstances. As a result, principal payments may occur earlier than shown in the table below. SemGroup Notes Rose Rock 2022 Notes Rose Rock 2023 Notes SemGroup Facility Rose Rock Facility SemMexico Facility Capital Leases Total For the year ended: December 31, 2016 $ — $ — $ — $ — $ — $ — $ 31 $ 31 December 31, 2017 — — — — — — 26 26 December 31, 2018 — — — 30,000 — — 26 30,026 December 31, 2019 — — — — — — — — December 31, 2020 — — — — — — — — Thereafter 300,000 400,000 350,000 — — — — 1,050,000 Total $ 300,000 $ 400,000 $ 350,000 $ 30,000 $ — $ — $ 83 $ 1,080,083 Fair value We estimate the fair value of the SemGroup Notes to be $279 million and the fair value of the Rose Rock 2022 Notes and 2023 Notes to be $337 million and $300 million , respectively at December 31, 2015 , based on transacted market prices for identical liabilities near the measurement date, which is categorized as a Level 2 measurement. We estimate that the fair value of our other long-term debt was not materially different than the recorded values at December 31, 2015 . It is our belief that neither the market interest rates nor our credit profile have changed significantly enough to have had a material impact on the fair value of our other debt outstanding at December 31, 2015 . This estimate is categorized as a Level 2 measurement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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. Multiple lawsuits involving claims of wrongful death and personal injury were filed in Zavala County and Dimmit County, Texas. These lawsuits have been consolidated and the trial will be held in the District Court, 293rd Judicial District, Zavala County, Texas. The trial for cause number 15-01-13356-ZCV, Maribel Rodriguez and the Estate of David Rodriguez, et al., vs. Rose Rock Midstream Field Services, LLC, SemGroup Corporation, Rose Rock Midstream, L.P. and SemManagement LLC, et al., was set to begin on February 9, 2016, and has been postponed to April 12, 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. 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 Transportation 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 has been closed. 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. We have recorded a liability associated with these obligations, which is reported within other noncurrent liabilities on the consolidated balance sheets. The following table summarizes the changes in this liability from December 31, 2012 through December 31, 2015 (in thousands): Balance, December 31, 2012 $ 40,105 Accretion 4,752 Payments made (808 ) Currency translation adjustments (2,864 ) Balance, December 31, 2013 41,185 Accretion 4,807 Payments made (514 ) Currency translation adjustments (3,524 ) Balance, December 31, 2014 41,954 Accretion 4,748 Payments made (511 ) Revaluation (26,000 ) Currency translation adjustments (4,245 ) Balance, December 31, 2015 $ 15,946 The December 31, 2015 liability was calculated using the $117.8 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. During the year ended December 31, 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. The $117.8 million estimated cost represents only our proportionate share of the obligations associated with these facilities. An additional $20.0 million of estimated costs are attributable to third-party owners’ proportionate share of the obligations. If an owner fails to perform on its obligations, the other owners (including SemGroup) could be obligated to bear that party’s share of the remediation costs. Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. Operating leases We have entered into operating lease agreements for office space, office equipment, land and vehicles. Future minimum payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year at December 31, 2015 are as follows (in thousands): For year ending: December 31, 2016 $ 9,218 December 31, 2017 7,001 December 31, 2018 3,055 December 31, 2019 1,941 December 31, 2020 157 Thereafter 6,814 Total future minimum lease payments $ 28,186 We recorded lease and rental expenses of $15.5 million , $16.2 million and $11.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Purchase and sale commitments We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for these commitments as normal purchases and sales, and therefore we do not record assets or liabilities related to these agreements until the product is purchased or sold. At December 31, 2015 , such commitments included the following (in thousands): Volume (barrels) Value Fixed price purchases 1,976 $ 71,709 Fixed price sales 2,907 $ 116,329 Floating price purchases 17,361 $ 652,122 Floating price sales 19,691 $ 709,991 Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days). Our SemGas segment has a take or pay contractual obligation related to the fractionation of natural gas liquids. This obligation continues through June 2023. At December 31, 2015 , approximately $110.7 thousand was due under the contract. The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2016 $ 11,804 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 December 31, 2020 8,451 Thereafter 15,941 Total expected future payments $ 67,315 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 throughput commitment with our equity method investee, White Cliffs, for approximately 5,000 barrels per day of space on White Cliffs' pipeline which became effective in October 2015 and has a term of five years. Annual payments to White Cliffs under the agreement are expected to be $9.4 million . Rose Rock has a throughput commitment for 5,000 barrels per day on the Dakota Access Pipeline which becomes effective upon the full service date of the pipeline which is expected in the fourth quarter of 2016. The commitment has a seven year term. Annual payments are expected to be $11.9 million . Capital expenditures We expect to spend $325 million for construction of the Maurepas Pipeline in 2016. See Note 5 for commitments related to the White Cliffs expansion project. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Common stock The par value of common stock reflected on the consolidated balance sheet at December 31, 2015 is summarized below: Class A Class B Shares accounted for at December 31, 2012 41,971,050 28,235 Issuance of shares under employee and director compensation programs (1) 107,988 — Shares issued upon exercise of warrants 425,618 — Shares accounted for at December 31, 2013 42,504,656 28,235 Conversion of Class B shares 28,235 (28,235 ) Issuance of shares under employee and director compensation programs (1) 169,933 — Shares issued under employee stock purchase plan 6,999 — Shares issued upon exercise of warrants 904,231 — Shares accounted for at December 31, 2014 43,614,054 — Issuance of shares under employee and director compensation programs (1) 184,803 — Shares issued under employee stock purchase plan 24,882 — Shares accounted for at December 31, 2015 (2) 43,823,739 — (1) Of these vested shares, recipients sold back to the Company 62,291 , 11,120 and 8,591 shares during the years ended December 31, 2015 , 2014 and 2013, respectively, to satisfy tax withholding obligations. These repurchased shares are being recognized at cost as treasury stock on the consolidated balance sheet. (2) In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2015 . The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets. The common stock includes Class A and Class B stock. Class A stock is eligible to be listed on an exchange, whereas Class B stock is not. Any share of Class B stock may be converted to Class A at the election of the holder. Both classes of stock have full voting rights. Both classes of stock have a par value of $0.01 per share. All Class B stock has been converted to Class A stock. The total number of shares authorized for issuance is 90,000,000 shares of Class A stock and 10,000,000 shares of Class B stock. Warrants Prior to November 30, 2014, we had outstanding common stock warrants which entitled the holder to purchase one share of common stock for $25 . Upon exercise, a holder could elect a cashless exercise, whereby the number of shares to be issued to the holder was reduced, in lieu of a cash payment. Changes in the fair value of warrants were recorded in "other expense (income)" in the consolidated statements of operations and comprehensive income. The warrants expired on November 30, 2014. Dividends We began paying a quarterly cash dividend in the second quarter of 2013. The following table sets forth the quarterly dividends per share declared and paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date Declared Date of Record Date Paid June 30, 2013 $ 0.19 May 8, 2013 May 20, 2013 May 30, 2013 September 30, 2013 $ 0.20 August 8, 2013 August 19, 2013 August 30, 2013 December 31, 2013 $ 0.21 November 11, 2013 November 22, 2013 December 3, 2013 March 31, 2014 $ 0.22 February 25, 2014 March 10, 2014 March 20, 2014 June 30, 2014 $ 0.24 May 8, 2014 May 19, 2014 May 29, 2014 September 30, 2014 $ 0.27 August 6, 2014 August 18, 2014 August 28, 2014 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 March 31, 2016 $ 0.45 February 24, 2016 March 7, 2016 March 17, 2016 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 (loss) per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings (loss) per share includes the dilutive effect of warrants and unvested equity compensation awards. The following summarizes the calculation of basic earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended December 31, 2015 Continuing Operations Discontinued Operations Net Income $ 42,816 $ (4 ) $ 42,812 less: Income attributable to noncontrolling interest 12,492 — 12,492 Income attributable to SemGroup $ 30,324 $ (4 ) $ 30,320 Weighted average common stock outstanding 43,787 43,787 43,787 Basic earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2014 Continuing Operations Discontinued Operations Net Income $ 52,058 $ (1 ) $ 52,057 less: Income attributable to noncontrolling interest 22,817 — 22,817 Income attributable to SemGroup $ 29,241 $ (1 ) $ 29,240 Weighted average common stock outstanding 42,665 42,665 42,665 Basic earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2013 Continuing Operations Discontinued Operations Net Income $ 65,753 $ 59 $ 65,812 less: Income attributable to noncontrolling interest 17,710 — 17,710 Income attributable to SemGroup $ 48,043 $ 59 $ 48,102 Weighted average common stock outstanding 42,339 42,339 42,339 Basic earnings per share $ 1.13 $ 0.00 $ 1.14 The following summarizes the calculation of diluted earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended December 31, 2015 Continuing Operations Discontinued Operations Net Income $ 42,816 $ (4 ) $ 42,812 less: Income attributable to noncontrolling interest 12,492 — 12,492 Income attributable to SemGroup $ 30,324 $ (4 ) $ 30,320 Weighted average common stock outstanding 43,787 43,787 43,787 Effect of dilutive securities 183 183 183 Diluted weighted average common stock outstanding 43,970 43,970 43,970 Diluted earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2014 Continuing Operations Discontinued Operations Net Income $ 52,058 $ (1 ) $ 52,057 less: Income attributable to noncontrolling interest 22,817 — 22,817 Income attributable to SemGroup $ 29,241 $ (1 ) $ 29,240 Weighted average common stock outstanding 42,665 42,665 42,665 Effect of dilutive securities 302 302 302 Diluted weighted average common stock outstanding 42,967 42,967 42,967 Diluted earnings per share $ 0.68 $ 0.00 $ 0.68 Year Ended December 31, 2013 Continuing Operations Discontinued Operations Net Income $ 65,753 $ 59 $ 65,812 less: Income attributable to noncontrolling interest 17,710 — 17,710 Income attributable to SemGroup $ 48,043 $ 59 $ 48,102 Weighted average common stock outstanding 42,339 42,339 42,339 Effect of dilutive securities 307 307 307 Diluted weighted average common stock outstanding 42,646 42,646 42,646 Diluted earnings per share $ 1.13 $ 0.00 $ 1.13 All outstanding warrants expired on November 30, 2014 and therefore have no dilutive effect for the years ended December 31, 2015 and 2014. For the year ended December 31, 2013, we recorded a loss on the change in the fair value of the warrants; because of this, the warrants did not cause any dilution for that period. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION SemGroup Corporation equity awards We have reserved a total of 2,781,635 shares of common stock for issuance pursuant to employee and director compensation programs. These awards give the recipients the right to receive shares of common stock, once specified service, performance or market related vesting conditions are met. The awards typically have one year vesting period for non-management directors and three years for employees. The awards may be subject to accelerated vesting in the event of involuntary terminations. We record expense for these awards (and corresponding increases to additional paid-in capital) based on the grant date fair value of the awards over the vesting period. We use authorized but unissued shares to satisfy our equity-based payment obligations. Although these awards are to be settled in shares, we may elect to give participants the option of surrendering a portion of the awards, to meet statutory minimum tax withholding requirements. The activity related to these awards during the period from December 31, 2012 to December 31, 2015 is summarized below: Unvested Shares Average Grant Date Fair Value Aggregate Fair Value of Shares (in thousands) Outstanding at December 31, 2012 450,552 $ 26.87 Awards granted - 2013 201,451 $ 52.78 Awards vested - 2013 (107,988 ) $ 25.71 $ 2,776 Awards forfeited - 2013 (13,412 ) $ 32.36 Outstanding at December 31, 2013 530,603 $ 36.80 Awards granted - 2014 207,786 $ 77.14 Awards vested - 2014 (169,340 ) $ 33.07 $ 5,600 Awards forfeited - 2014 (119,130 ) $ 42.16 Outstanding at December 31, 2014 449,919 $ 70.69 Awards granted - 2015 151,789 $ 77.93 Awards vested - 2015 (181,906 ) $ 35.18 $ 6,399 Awards forfeited - 2015 (8,494 ) $ 42.05 Outstanding at December 31, 2015 411,308 $ 75.25 Of the awards vested during the years ended December 31, 2015 , 2014 and 2013 , 62,291 , 11,120 and 8,591 shares were withheld to satisfy minimum tax requirements, respectively. For certain of the awards granted in 2015, 2014 and 2013, the number of shares that will vest is contingent upon our achievement of certain specified targets. Awards with performance conditions are valued based on the grant date closing price on the New York Stock Exchange based on the number of awards expected to vest. Awards with market conditions are valued using Monte Carlo simulations. The following table sets forth the assumptions used in the valuations of these awards granted in 2015, 2014 and 2013: 2015 2014 2013 Volatility 26.8% 29.3% 28.9% Risk-free interest rate 1.06% 0.66% 0.35% Volatility assumptions related to 2015 and 2014 awards containing a market condition were based on historical volatility using a simple average calculation of volatility over a period equal to the vesting period of the awards. We do not expect future volatility over the term of the awards to be significantly different from historical volatility. Volatility assumptions related to 2013 awards containing a market condition were comprised of 50% historical volatility and 50% implied volatility. We intend to use only historical volatility going forward. The change in assumption basis from 2014 to 2013 did not have a significant impact. If we meet the specified maximum targets, approximately 72 thousand , 51 thousand and 47 thousand additional shares could vest related to the 2015, 2014 and 2013 awards, respectively. The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the restricted stock awards. The UDs are subject to the same forfeiture and acceleration conditions as the associated restricted stock awards. For awards granted prior to 2013, the dividends were settled in common shares based on the market price of our Class A shares as of the close of business on the vesting date. For the year ended December 31, 2015 , 1,793 shares were issued upon the vesting of these restricted stock awards. For the year ended December 31, 2014 , 593 shares were issued upon the vesting of these restricted stock awards. No shares were issued upon vesting of restricted stock awards for the year ended December 31, 2013. As of December 31, 2015 , all awards granted prior to 2013 have vested. UDs related to restricted stock awards granted after 2013 will be settled in cash upon vesting. At December 31, 2015 , the value of UDs to be settled in cash related to unvested restricted stock awards was approximately $595 thousand . Compensation costs expensed for the years ended December 31, 2015 , 2014 and 2013 were $9.1 million , $7.3 million and $6.5 million , respectively. As of December 31, 2015 , there was $13.0 million of total unrecognized compensation cost related to our non-vested awards, which is expected to be recognized over a weighted-average period of 17 months. Director Retainer During the year ended December 31, 2015 we issued 1,104 shares of common stock to a director in lieu of an annual cash retainer. Employee stock purchase plan Our employee stock purchase plan ("ESPP") allows eligible employees to contribute up to 10% of their base earnings toward the semi-annual purchase of our common stock, subject to an annual maximum dollar amount. The purchase price is 85% of the closing price on the last business day of the offering period. We have reserved a total of 1,000,000 shares of common stock for issuance under the ESPP. During the years ended December 31, 2015 and 2014 , we issued 24,882 and 6,999 shares under our ESPP, respectively. Rose Rock Midstream L.P. equity-based compensation Certain of our employees who support Rose Rock participate in Rose Rock's equity-based compensation program. Awards under this program generally represent awards of restricted common units representing limited partner interests of Rose Rock. Generally, the awards vest three years after the date of grant for employees and one year after the date of grant for non-management directors, contingent upon the continued service of the recipients and may be subject to accelerated vesting in the event of involuntary terminations. Awards are valued based on the grant date closing price listed on the New York Stock Exchange. Compensation expense is recognized over the vesting period and is discounted for estimated forfeitures. Vesting of these awards dilutes our ownership interest. The activity related to these awards is summarized below: Unvested Units Average Grant Date Fair Value Aggregate Fair Value of Units (in thousands) Outstanding at December 31, 2012 43,960 $ 21.91 Awards granted - 2013 49,104 $ 34.41 Awards vested - 2013 (9,333 ) $ 27.25 $ 254 Awards forfeited - 2013 (783 ) $ 34.40 Outstanding at December 31, 2013 82,948 $ 28.59 Awards granted - 2014 46,536 $ 41.35 Awards vested - 2014 (5,712 ) $ 35.87 $ 205 Awards forfeited - 2014 (21,432 ) $ 29.82 Outstanding at December 31, 2014 102,340 $ 33.79 Awards granted - 2015 36,527 $ 39.03 Awards vested - 2015 (38,366 ) $ 27.54 $ 1,057 Awards forfeited - 2015 (310 ) $ 42.80 Outstanding at December 31, 2015 100,191 $ 38.70 Of the awards vested during the year ended December 31, 2015, 12,892 units were withheld to satisfy minimum tax requirements. No units were withheld to satisfy minimum tax requirements for the years ended December 31, 2014 and 2013. Compensation cost expensed for the years ended December 31, 2015 , 2014 and 2013 was $1.4 million , $0.9 million and $0.8 million , respectively, and represents an increase in noncontrolling interests in consolidated subsidiaries. As of December 31, 2015 , there was $1.9 million of total unrecognized compensation cost related to the non-vested awards, which is expected to be recognized over a weighted-average period of 14 months. The holders of certain of these restricted unit awards are entitled to equivalent distributions (“UUDs”) to be received upon vesting of the restricted unit awards. For awards granted prior to 2013, the UUDs were settled in common units based on the market price of our limited partner common units as of the close of business on the vesting date. For the year ended December 31, 2015 , 3,335 UUDs were issued upon the vesting of these restricted units. No UUD units were issued upon vesting of restricted units for the year ended December 31, 2014. For the year ended December 31, 2013, 406 UUDs were issued upon the vesting of these restricted units. As of December 31, 2015 , all awards granted prior to 2013 have vested. UUDs related to the restricted unit awards granted subsequent to 2013 will be settled in cash upon vesting. At December 31, 2015 , the value of these cash settled UUDs related to unvested restricted units was approximately $381 thousand . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined contribution plans We sponsor defined contribution retirement plans in which the majority of employees are eligible to participate. Our contributions to the defined contribution plans were $2.4 million , $1.9 million , and $1.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Pension plans We sponsor a defined benefit pension plan and a supplemental defined benefit pension plan (collectively, the “Pension Plans”) for certain employees of the SemCAMS segment hired before June 30, 2001. These plans are closed to new participants and do not accrue any additional benefits. We recognize the funded status of the Pension Plans, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the Consolidated Balance Sheets. The table below summarizes the balances of the projected benefit obligation and fair value of the plan assets at December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Projected benefit obligation $ 23,865 $ 29,266 Fair value of plan assets 22,204 26,368 Funded status: $ (1,661 ) $ (2,898 ) All of the plan's assets are invested in pooled funds that hold highly-liquid securities and are classified as Level 2 within the fair value hierarchy. We recorded other noncurrent liabilities of $1.7 million and $2.9 million at December 31, 2015 and 2014 , respectively, to reflect the funded status of the Pension Plans. We record changes in the funded status of the Pension Plans to other comprehensive income (loss), net of income taxes. These amounts were a gain of $0.7 million , a loss of $3.7 million and a gain of $4.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Retiree medical plan We sponsor an unfunded, post-employment health benefit plan (the “Health Plan”) for certain employees of the SemCAMS segment. The projected benefit obligation related to the Health Plan was $1.4 million at December 31, 2015 and $1.7 million at December 31, 2014 , and is reported within other noncurrent liabilities on the consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents changes in the components of accumulated other comprehensive income (loss) (in thousands): Currency Translation Employee Benefit Plans Total Balance, December 31, 2012 $ 1,855 $ (3,154 ) $ (1,299 ) Currency translation adjustment, net of income tax benefit of $3,993 (6,363 ) — (6,363 ) Changes related to benefit plans, net of income tax expense of $1,603 — 4,808 4,808 Balance, December 31, 2013 (4,508 ) 1,654 (2,854 ) Currency translation adjustment, net of income tax benefit of $11,102 (20,551 ) — (20,551 ) Changes related to benefit plans, net of income tax benefit of $1,245 — (3,736 ) (3,736 ) Balance, December 31, 2014 (25,059 ) (2,082 ) (27,141 ) Currency translation adjustment, net of income tax benefit of $19,593 (32,142 ) — (32,142 ) Changes related to benefit plans, net of income tax expense of $240 — 721 721 Balance, December 31, 2015 $ (57,201 ) $ (1,361 ) $ (58,562 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Operating assets and liabilities The following table summarizes the changes in the components of operating assets and liabilities, net of the effects of acquisitions (in thousands): Year Ended December 31, 2015 2014 2013 Decrease (increase) in restricted cash $ 6,764 $ (2,045 ) $ 29,467 Decrease (increase) in accounts receivable 9,051 (32,602 ) 11,172 Decrease (increase) in receivable from affiliates 10,905 50,454 (61,095 ) Decrease (increase) in inventories (31,043 ) (6,243 ) (11,352 ) Decrease (increase) in derivatives and margin deposits (2,109 ) 28 1,012 Decrease (increase) in other current assets (413 ) (614 ) 9,361 Decrease (increase) in other assets 4,015 2 137 Increase (decrease) in accounts payable and accrued liabilities 2,513 11,461 31,030 Increase (decrease) in payable to affiliates (8,427 ) (48,819 ) 62,279 Increase (decrease) in payables to pre-petition creditors (3,837 ) (54 ) (29,609 ) Increase (decrease) in other noncurrent liabilities (2,625 ) 5,067 (2,541 ) $ (15,206 ) $ (23,365 ) $ 39,861 Non-cash transactions During the years ended December 31, 2015 , 2014 and 2013, we recorded reductions of $51.5 million , $85.2 million and $180.2 million , respectively, to noncontrolling interests in consolidated subsidiaries and offsetting increases to additional paid-in capital of $30.7 million , $53.2 million and $112.9 million , respectively, (net of tax impacts of $20.8 million , $31.9 million and $67.3 million , respectively). These non-cash entries represent the portion of proceeds in excess of historical cost which were attributed to Rose Rock's third-party unitholders related to Rose Rock's common control acquisitions from SemGroup (Note 4). During the years ended December 31, 2014 and 2013, we issued 904,231 and 425,618 shares of Class A common stock, respectively, related to the exercise of warrants. These issuances resulted in the non-cash reclassifications for the years ended December 31, 2014 and 2013 of $73.0 million and $21.4 million , respectively, from other noncurrent liabilities to common stock and additional paid-in capital. Cash proceeds of $1.5 million and $0.2 million were received in connection with the warrant exercises for the years ended December 31, 2014 and 2013, respectively. Outstanding warrants expired in 2014. See Note 16 for discussion of non-cash change to ARO liability for the year ended December 31, 2015. Other supplemental disclosures We paid cash for interest totaling $64.9 million , $36.7 million and $23.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. We paid cash for income taxes (net of refunds received) in the amount of $7.3 million , $23.5 million and $13.9 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. We accrued $11.8 million , $7.0 million and $10.1 million at December 31, 2015 , 2014 and 2013 , respectively, for purchases of property, plant and equipment. We sold common units of NGL Energy for proceeds of $88.8 million during the year ended December 31, 2014 (Note 5), of which only $79.7 million of proceeds from the sales had been received at December 31, 2014. We recorded an accrual for the proceeds that had not been received at December 31, 2014. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2015 is shown below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 298,310 $ 377,226 $ 397,065 $ 382,493 $ 1,455,094 Loss (gain) on disposal or impairment, net 1,058 1,372 (951 ) 9,993 11,472 Other operating costs and expenses 301,206 352,549 376,973 371,512 1,402,240 Total expenses 302,264 353,921 376,022 381,505 1,413,712 Earnings from equity method investments 20,559 23,903 16,237 20,687 81,386 Gain on issuance of common units by equity method investee — 5,897 136 352 6,385 Operating income 16,605 53,105 37,416 22,027 129,153 Other expenses, net 6,087 9,809 17,829 19,082 52,807 Income from continuing operations before income taxes 10,518 43,296 19,587 2,945 76,346 Income tax expense 4,742 14,861 10,006 3,921 33,530 Income from continuing operations 5,776 28,435 9,581 (976 ) 42,816 Loss from discontinued operations, net of income taxes — (2 ) (1 ) (1 ) (4 ) Net income 5,776 28,433 9,580 (977 ) 42,812 Less: net income (loss) attributable to noncontrolling interests 4,310 5,136 4,707 (1,661 ) 12,492 Net income attributable to SemGroup $ 1,466 $ 23,297 $ 4,873 $ 684 $ 30,320 Earnings per share—basic $ 0.03 $ 0.53 $ 0.11 $ 0.02 $ 0.69 Earnings per share—diluted $ 0.03 $ 0.53 $ 0.11 $ 0.02 $ 0.69 Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2014 is shown below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 498,883 $ 482,224 $ 594,235 $ 547,237 $ 2,122,579 Loss (gain) on disposal or impairment, net (58 ) 19,315 1,376 11,959 32,592 Other operating costs and expenses 478,264 471,863 575,936 530,150 2,056,213 Total expenses 478,206 491,178 577,312 542,109 2,088,805 Earnings from equity method investments 14,962 19,187 14,223 15,827 64,199 Gain on issuance of common units by equity method investee 8,127 — 18,772 2,121 29,020 Operating income 43,766 10,233 49,918 23,076 126,993 Other expenses (income), net 7,497 29,489 (6,368 ) (2,196 ) 28,422 Income (loss) from continuing operations before income taxes 36,269 (19,256 ) 56,286 25,272 98,571 Income tax expense (benefit) 16,526 (6,672 ) 24,090 12,569 46,513 Income (loss) from continuing operations 19,743 (12,584 ) 32,196 12,703 52,058 Income (loss) from discontinued operations, net of income taxes (5 ) — — 4 (1 ) Net income (loss) 19,738 (12,584 ) 32,196 12,707 52,057 Less: net income attributable to noncontrolling interests 6,150 5,025 6,934 4,633 22,817 Net income (loss) attributable to SemGroup $ 13,588 $ (17,609 ) $ 25,262 $ 8,074 $ 29,240 Earnings (loss) per share—basic $ 0.32 $ (0.41 ) $ 0.59 $ 0.19 $ 0.69 Earnings (loss) per share—diluted $ 0.29 $ (0.41 ) $ 0.59 $ 0.18 $ 0.68 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS NGL Energy Partners LP As described in Note 5, we own interests in NGL Energy, which we account for under the equity method. During the years ended December 31, 2015 , 2014 and 2013 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Year Ended December 31, 2015 2014 2013 Revenues $ 157,732 $ 456,987 $ 796,440 Purchases $ 138,095 $ 437,015 $ 669,450 Reimbursements from NGL Energy for services $ 56 $ 168 $ 198 White Cliffs We generated approximately $4.8 million , $2.9 million and $2.9 million of revenue from services we provided to White Cliffs during the years ended December 31, 2015 , 2014 and 2013 , respectively. We incurred $5.2 million and $3.9 million of cost for the years ended December 31, 2015 and 2014, respectively, related to transportation fees for shipments on the White Cliffs Pipeline. Glass Mountain We incurred $5.1 million and $0.8 million of cost for the years ended December 31, 2015 and 2014, respectively, related to product purchases and transportation fees for shipments on the Glass Mountain Pipeline. We received $0.8 million and $0.7 million in fees from Glass Mountain for the years ended December 31, 2015 and 2014, respectively, related to support and administrative services associated with pipeline operations. Legal Services The law firm of Conner & Winters, LLP, of which Mark D. Berman is a partner, performs legal services for us. Mr. Berman is the spouse of Candice L. Cheeseman, General Counsel. Mr. Berman does not perform any legal services for us. SemGroup paid $1.3 million , $1.3 million and $1.9 million in legal fees and related expenses to this law firm during the years ended December 31, 2015 , 2014 and 2013 , respectively (of which $3.4 thousand , $0.1 million and $0.2 million was paid by White Cliffs, respectively). |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Consolidating Guarantor Financial Statements [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS We have outstanding $300 million of 7.50% senior unsecured notes due 2021 (the “SemGroup Notes”). The 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"). The guarantees of the SemGroup Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended. In February 2015, we contributed our interests in Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock (Note 4). 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. Condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of December 31, 2015 and 2014 and for the years ended December 31, 2015 , 2014 and 2013 are presented on an equity method basis in the tables below (in thousands). Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent's net intercompany balance, including note receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. Dispositions of the Parent's investments in subsidiaries have been treated as investing activities in the cash flow statement, consistent with the presentation of investments in subsidiaries as equity method investments. These balances are eliminated through consolidating adjustments below. Condensed Consolidating Guarantor Balance Sheets December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 4,559 $ — $ 55,101 $ (1,564 ) $ 58,096 Restricted cash — — 32 — 32 Accounts receivable 640 20,015 306,058 — 326,713 Receivable from affiliates 1,616 1,119 6,141 (2,962 ) 5,914 Inventories — (48 ) 70,287 — 70,239 Other current assets 8,477 359 10,551 — 19,387 Total current assets 15,292 21,445 448,170 (4,526 ) 480,381 Property, plant and equipment 4,335 536,628 1,025,858 — 1,566,821 Equity method investments 1,546,853 426,801 438,291 (1,860,867 ) 551,078 Goodwill — 13,052 34,980 — 48,032 Other intangible assets 20 144,183 18,020 — 162,223 Other noncurrent assets, net 43,898 881 17,376 — 62,155 Total assets $ 1,610,398 $ 1,142,990 $ 1,982,695 $ (1,865,393 ) $ 2,870,690 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 734 $ 11,221 $ 261,711 $ — $ 273,666 Payable to affiliates 78 155 7,762 (2,962 ) 5,033 Accrued liabilities 5,551 10,957 68,534 5 85,047 Deferred revenue — — 11,349 — 11,349 Other current liabilities 569 — 1,332 — 1,901 Current portion of long-term debt — — 31 — 31 Total current liabilities 6,932 22,333 350,719 (2,957 ) 377,027 Long-term debt 330,000 7,340 761,097 (23,840 ) 1,074,597 Deferred income taxes 155,411 — 45,542 — 200,953 Other noncurrent liabilities 2,528 — 19,229 — 21,757 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,115,527 1,113,317 725,279 (1,838,596 ) 1,115,527 Noncontrolling interests in consolidated subsidiaries — — 80,829 — 80,829 Total owners’ equity 1,115,527 1,113,317 806,108 (1,838,596 ) 1,196,356 Total liabilities and owners’ equity $ 1,610,398 $ 1,142,990 $ 1,982,695 $ (1,865,393 ) $ 2,870,690 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 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 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 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 Year Ended December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 190,900 $ 948,576 $ (20,590 ) $ 1,118,886 Service — 58,690 200,852 — 259,542 Other — — 76,666 — 76,666 Total revenues — 249,590 1,226,094 (20,590 ) 1,455,094 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 142,576 857,563 (20,590 ) 979,549 Operating — 34,407 190,036 — 224,443 General and administrative 29,914 9,935 57,517 — 97,366 Depreciation and amortization 1,522 31,395 67,965 — 100,882 Loss on disposal or impairment, net — 142 11,330 — 11,472 Total expenses 31,436 218,455 1,184,411 (20,590 ) 1,413,712 Earnings from equity method investments 65,513 47,352 76,355 (107,834 ) 81,386 Gain on issuance of common units by equity method investee 6,385 — — — 6,385 Operating income 40,462 78,487 118,038 (107,834 ) 129,153 Other expenses (income): Interest expense 2,230 26,476 42,926 (1,957 ) 69,675 Foreign currency transaction gain (5 ) — (1,062 ) — (1,067 ) Other income, net (16,565 ) — (1,193 ) 1,957 (15,801 ) Total other expenses (income), net (14,340 ) 26,476 40,671 — 52,807 Income from continuing operations before income taxes 54,802 52,011 77,367 (107,834 ) 76,346 Income tax expense 24,482 — 9,048 — 33,530 Income from continuing operations 30,320 52,011 68,319 (107,834 ) 42,816 Loss from discontinued operations, net of income taxes — (3 ) (1 ) — (4 ) Net income 30,320 52,008 68,318 (107,834 ) 42,812 Less: net income attributable to noncontrolling interests — — 12,492 — 12,492 Net income attributable to SemGroup $ 30,320 $ 52,008 $ 55,826 $ (107,834 ) $ 30,320 Net income $ 30,320 $ 52,008 $ 68,318 $ (107,834 ) $ 42,812 Other comprehensive income (loss), net of income taxes 17,420 430 (49,271 ) — (31,421 ) Comprehensive income 47,740 52,438 19,047 (107,834 ) 11,391 Less: comprehensive income attributable to noncontrolling interests — — 12,492 — 12,492 Comprehensive income (loss) attributable to SemGroup $ 47,740 $ 52,438 $ 6,555 $ (107,834 ) $ (1,101 ) Year Ended December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 338,621 $ 1,479,543 $ (37,850 ) $ 1,780,314 Service — 37,139 196,100 — 233,239 Other — — 109,026 — 109,026 Total revenues — 375,760 1,784,669 (37,850 ) 2,122,579 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 273,309 1,387,899 (37,850 ) 1,623,358 Operating — 32,132 214,481 — 246,613 General and administrative 22,394 9,328 56,123 — 87,845 Depreciation and amortization 1,678 25,714 71,005 — 98,397 Loss (gain) on disposal or impairment, net 5,945 54,698 (28,051 ) — 32,592 Total expenses 30,017 395,181 1,701,457 (37,850 ) 2,088,805 Earnings from equity method investments 48,760 71,786 54,098 (110,445 ) 64,199 Gain on issuance of common units by equity method investee 29,020 — — — 29,020 Operating income 47,763 52,365 137,310 (110,445 ) 126,993 Other expenses (income): Interest expense 8,423 9,265 34,661 (3,305 ) 49,044 Foreign currency transaction gain — — (86 ) — (86 ) Other expenses (income), net (24,092 ) 500 (249 ) 3,305 (20,536 ) Total other expenses (income), net (15,669 ) 9,765 34,326 — 28,422 Income from continuing operations before income taxes 63,432 42,600 102,984 (110,445 ) 98,571 Income tax expense 34,192 — 12,321 — 46,513 Income from continuing operations 29,240 42,600 90,663 (110,445 ) 52,058 Loss from discontinued operations, net of income taxes — — (1 ) — (1 ) Net income 29,240 42,600 90,662 (110,445 ) 52,057 Less: net income attributable to noncontrolling interests — — 22,817 — 22,817 Net income attributable to SemGroup $ 29,240 $ 42,600 $ 67,845 $ (110,445 ) $ 29,240 Net income $ 29,240 $ 42,600 $ 90,662 $ (110,445 ) $ 52,057 Other comprehensive income (loss), net of income taxes 5,159 — (29,446 ) — (24,287 ) Comprehensive income 34,399 42,600 61,216 (110,445 ) 27,770 Less: comprehensive income attributable to noncontrolling interests — — 22,817 — 22,817 Comprehensive income attributable to SemGroup $ 34,399 $ 42,600 $ 38,399 $ (110,445 ) $ 4,953 Year Ended December 31, 2013 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 224,072 $ 944,984 $ (23,952 ) $ 1,145,104 Service — 3,192 137,006 — 140,198 Other — — 141,714 — 141,714 Total revenues — 227,264 1,223,704 (23,952 ) 1,427,016 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 166,735 877,317 (23,952 ) 1,020,100 Operating — 19,792 203,793 — 223,585 General and administrative 21,560 9,167 47,870 — 78,597 Depreciation and amortization 2,001 13,909 50,499 — 66,409 Loss (gain) on disposal or impairment, net — 668 (907 ) — (239 ) Total expenses 23,561 210,271 1,178,572 (23,952 ) 1,388,452 Earnings from equity method investments 67,965 49,825 44,099 (109,412 ) 52,477 Gain on issuance of common units by equity method investee 26,873 — — — 26,873 Operating income 71,277 66,818 89,231 (109,412 ) 117,914 Other expenses (income): Interest expense 4,826 9,700 16,028 (5,412 ) 25,142 Foreign currency transaction gain — — (1,633 ) — (1,633 ) Other expense (income), net 40,928 — (434 ) 5,412 45,906 Total other expenses, net 45,754 9,700 13,961 — 69,415 Income from continuing operations before income taxes 25,523 57,118 75,270 (109,412 ) 48,499 Income tax expense (benefit) (22,579 ) — 5,325 — (17,254 ) Income from continuing operations 48,102 57,118 69,945 (109,412 ) 65,753 Income (loss) from discontinued operations, net of income taxes — 65 (6 ) — 59 Net income 48,102 57,183 69,939 (109,412 ) 65,812 Less: net income attributable to noncontrolling interests — — 17,710 — 17,710 Net income attributable to SemGroup $ 48,102 $ 57,183 $ 52,229 $ (109,412 ) $ 48,102 Net income $ 48,102 $ 57,183 $ 69,939 $ (109,412 ) $ 65,812 Other comprehensive loss, net of income taxes (1,517 ) — (38 ) — (1,555 ) Comprehensive income 46,585 57,183 69,901 (109,412 ) 64,257 Less: comprehensive income attributable to noncontrolling interests — — 17,710 — 17,710 Comprehensive income attributable to SemGroup $ 46,585 $ 57,183 $ 52,191 $ (109,412 ) $ 46,547 Condensed Consolidating Guarantor Statements of Cash Flows Year Ended December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 37,259 $ 39,786 $ 141,899 $ (37,182 ) $ 181,762 Cash flows from investing activities: Capital expenditures (1,740 ) (110,729 ) (367,061 ) — (479,530 ) Proceeds from sale of long-lived assets — 35 3,653 — 3,688 Contributions to equity method investments — — (46,730 ) — (46,730 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Proceeds from the sale of Wattenberg Holding, LLC and Glass mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Distributions in excess of equity in earnings of affiliates 35,340 — 24,113 (35,340 ) 24,113 Net cash provided by (used in) investing activities 341,099 (110,694 ) (386,025 ) (286,521 ) (442,141 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities and issuance of senior unsecured notes 181,000 — 686,208 — 867,208 Principal payments on credit facilities and other obligations (186,000 ) — (374,049 ) — (560,049 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (40,410 ) — (40,410 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,261 ) — — — (4,261 ) Dividends paid (69,514 ) — — — (69,514 ) Proceeds from issuance of common stock under employee stock purchase plan 1,223 — — — 1,223 Intercompany borrowings (advances), net (304,900 ) 70,908 (92,248 ) 326,240 — Net cash provided by (used in) financing activities (383,053 ) 70,908 262,932 326,240 277,027 Effect of exchange rate changes on cash and cash equivalents — — 850 — 850 Change in cash and cash equivalents (4,695 ) — 19,656 2,537 17,498 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 4,559 $ — $ 55,101 $ (1,564 ) $ 58,096 Year Ended December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 27,393 $ 57,976 $ 186,578 $ (90,289 ) $ 181,658 Cash flows from investing activities: Capital expenditures (1,672 ) (155,392 ) (113,442 ) — (270,506 ) Proceeds from sale of long-lived assets — 2,368 2,077 — 4,445 Contributions to equity method investments — — (71,131 ) — (71,131 ) Payments to acquire businesses — (514 ) (43,994 ) — (44,508 ) Proceeds from sale of common units of equity method investee 79,741 — — — 79,741 Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. 114,412 — — (114,412 ) — Distributions in excess of equity in earnings of affiliates 1,843 — 11,734 (1,843 ) 11,734 Net cash provided by (used in) investing activities 194,324 (153,538 ) (214,756 ) (116,255 ) (290,225 ) Cash flows from financing activities: Debt issuance costs (93 ) — (8,593 ) — (8,686 ) Borrowings on debt 405,500 — 848,744 — 1,254,244 Principal payments on debt and other obligations (440,500 ) — (661,772 ) — (1,102,272 ) Distributions to noncontrolling interests — — (28,494 ) — (28,494 ) Proceeds from warrant exercises 1,451 — — — 1,451 Repurchase of common stock (719 ) — — — (719 ) Dividends paid (44,206 ) — — — (44,206 ) Proceeds from issuance of common stock under employee stock purchase plan 340 — — — 340 Excess tax benefit from equity-based awards 1,650 — — — 1,650 Intercompany borrowings (advances), net (138,431 ) 95,562 (161,110 ) 203,979 — Net cash provided by (used in) financing activities (215,008 ) 95,562 (11,225 ) 203,979 73,308 Effect of exchange rate changes on cash and cash equivalents — — (3,494 ) — (3,494 ) Change in cash and cash equivalents 6,709 — (42,897 ) (2,565 ) (38,753 ) Cash and cash equivalents at beginning of period 2,545 — 78,342 (1,536 ) 79,351 Cash and cash equivalents at end of period $ 9,254 $ — $ 35,445 $ (4,101 ) $ 40,598 Year Ended December 31, 2013 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 20,130 $ 23,230 $ 150,284 $ (20,235 ) $ 173,409 Cash flows from investing activities: Capital expenditures (734 ) (96,909 ) (117,966 ) — (215,609 ) Proceeds from sale of long-lived assets 23 19 1,237 — 1,279 Contributions to equity method investments (18,775 ) — (155,093 ) — (173,868 ) Payments to acquire businesses — (313,487 ) (48,969 ) — (362,456 ) Proceeds from the sale of SemStream assets 362,600 — — (362,600 ) — Distributions in excess of equity in earnings of affiliates — — 12,246 — 12,246 Net cash provided by (used in) investing activities 343,114 (410,377 ) (308,545 ) (362,600 ) (738,408 ) Cash flows from financing activities: Debt issuance costs (10,866 ) — (4,070 ) — (14,936 ) Borrowings on credit facilities 706,000 — 562,474 — 1,268,474 Principal payments on credit facilities and other obligations (537,500 ) — (321,912 ) — (859,412 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 210,226 — 210,226 Distributions to noncontrolling interests — — (17,647 ) — (17,647 ) Proceeds from warrant exercises 225 — — — 225 Repurchase of common stock (371 ) — — — (371 ) Dividends paid (25,429 ) — — — (25,429 ) Intercompany borrowings (advances), net (511,881 ) 387,147 (259,503 ) 384,237 — Net cash provided by (used in) financing activities (379,822 ) 387,147 169,568 384,237 561,130 Effect of exchange rate changes on cash and cash equivalents — — 3,191 — 3,191 Change in cash and cash equivalents (16,578 ) — 14,498 1,402 (678 ) Cash and cash equivalents at beginning of period 19,123 — 63,844 (2,938 ) 80,029 Cash and cash equivalents at end of period $ 2,545 $ — $ 78,342 $ (1,536 ) $ 79,351 |
Consolidation and Basis of Pr32
Consolidation and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidation and Basis of Presentation [Abstract] | |
Consolidation, Policy [Policy Text Block] | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Consolidated subsidiaries Our consolidated financial statements include the accounts of our controlled subsidiaries, including Rose Rock Midstream, L.P. ("Rose Rock"). All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the consolidated financial statements. 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. Proportionally consolidated assets Our SemCAMS segment owns undivided interests in certain natural gas gathering and processing assets, for which we record only our proportionate share of the assets on the consolidated balance sheets. The net book value of the property, plant and equipment recorded by us associated with these undivided interests is approximately $273.0 million at December 31, 2015 . We serve as operator of these facilities and incur the costs of operating the facilities (recorded as operating expenses in the consolidated statements of operations) and charge the other owners for their proportionate share of the costs (recorded as other revenue in the consolidated statements of operations). |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Our significant estimates include, but are not limited to: (1) allowances for doubtful accounts receivable; (2) estimated useful lives of assets, which impact depreciation; (3) estimated fair values used in impairment tests; (4) fair values of derivative instruments; (5) valuation allowances for deferred tax assets; and (6) accrual and disclosure of contingent losses. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. |
Cash And Cash Equivalents | CASH AND CASH EQUIVALENTS —Cash includes currency on hand and demand and time deposits with banks or other financial institutions. Cash equivalents include highly liquid investments with maturities of three months or less at the date of purchase. Balances at financial institutions may exceed federally insured limits. |
Restricted Cash | RESTRICTED CASH —During the year ended December 31, 2015 , we completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. Of the restricted cash balance of $7.0 million at December 31, 2014 , approximately $3.8 million was restricted for this purpose. See "Payables to Pre-petition Creditors" below. |
Accounts Receivable | ACCOUNTS RECEIVABLE —Accounts receivable are reported net of the allowance for doubtful accounts. Our assessment of the allowance for doubtful accounts is based on several factors, including the overall creditworthiness of our customers, existing economic conditions, and the amount and age of past due accounts. We enter into netting arrangements with certain counterparties to help mitigate credit risk. Receivables subject to netting are presented as gross receivables (with the related accounts payable also presented gross) until such time as the balances are settled. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are written off against the allowance for doubtful accounts only after all collection attempts have been exhausted. |
Inventories | INVENTORIES —Inventories primarily consist of crude oil and asphalt. Inventories are valued at the lower of cost or market, with cost generally determined using the weighted-average method. The cost of inventory includes applicable transportation costs. We enter into exchanges with third parties whereby we acquire products that differ in location, grade, or delivery date from products we have available for sale. These exchanges are valued at cost, and although a transportation, location or product differential may be recorded, generally no gain or loss is recognized. 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. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT —Property, plant and equipment is recorded at cost. We capitalize costs that extend or increase the future economic benefits of property, plant and equipment, and expense maintenance costs that do not. When assets are disposed of, their cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is recorded as a gain or loss on disposal or impairment in the consolidated statements of operations. Our SemCAMS segment operates plants which periodically undergo planned major maintenance activities, typically occurring every four to five years. Planned major maintenance projects that do not increase the overall life or capacity of the related assets are recorded in operating expense as incurred, whereas major maintenance activity costs that materially increase the life or capacity of the underlying assets are capitalized. When maintenance expenses are recoverable from the producers who use the plants, they are recorded as revenue, and typically include a 10% overhead fee. Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: Pipelines and related facilities 10 – 31 years Storage and terminal facilities 10 – 25 years Natural gas gathering and processing facilities 10 – 31 years Trucking equipment and other 3 – 7 years Office property and equipment 3 – 31 years Construction in process is reclassified to the fixed asset categories above and depreciation commences once the asset has been placed in-service. |
Linefill | LINEFILL —Pipelines and storage facilities generally require a minimum volume of product in the system to enable the system to operate. Such product, known as linefill, is generally not available to be withdrawn from the system. Linefill owned by us in facilities operated by us is recorded at historical cost, is included in property, plant and equipment in the consolidated balance sheets, and is not depreciated. We also own linefill in third-party facilities, which is included in inventory on the consolidated balance sheets. |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS —We test long-lived asset groups for impairment when events or circumstances indicate that the net book value of the asset group may not be recoverable. We test an asset group for impairment by estimating the undiscounted cash flows expected to result from its use and eventual disposition. If the estimated undiscounted cash flows are lower than the net book value of the asset group, we then estimate the fair value of the asset group and record a reduction to the net book value of the assets and a corresponding impairment loss. |
Goodwill | GOODWILL —We test goodwill for impairment on an annual basis, or more often if circumstances warrant, by estimating the fair value of the reporting unit to which the goodwill relates and comparing this fair value to the net book value of the reporting unit. If fair value is less than net book value, we estimate the implied fair value of goodwill, reduce the book value of the goodwill to the implied fair value, and record a corresponding impairment loss. Our policy is to test goodwill for impairment on October 1 of each year. |
Intangible Assets | INTANGIBLE ASSETS —Intangible assets are stated at cost, net of accumulated amortization, which is recorded on a straight-line or accelerated basis over the life of the asset. We review amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If such a review should indicate that the carrying amount of amortizable intangible assets is not recoverable, we reduce the carrying amount of such assets to fair value. |
Equity Method Investments | EQUITY METHOD INVESTMENTS —We account for an investment under the equity method when we have significant influence over, but not control of, the significant operating decisions of the investee. Under the equity method, we record in the consolidated statements of operations our share of the earnings or losses of the investee, with a corresponding adjustment to the investment balance on our consolidated balance sheet. When we receive a distribution from an equity method investee, we record a corresponding reduction to the investment balance. When an equity method investee issues additional ownership interests which dilute our ownership interest, we recognize a gain or loss in our consolidated statements of operations. We assess our equity method investments for impairment when circumstances indicate that the carrying value may not be recoverable and record an impairment when a decline in value is considered to be other than temporary. For equity method investments for which we do not expect financial information to be consistently available on a timely basis to apply the equity method currently, our policy is to apply the equity method consistently on a one-quarter lag. |
Debt Issuance Costs | DEBT ISSUANCE COSTS— Costs incurred in connection with the issuance of long-term debt are reported as other noncurrent assets and are amortized to interest expense using the straight-line method over the term of the related debt. Use of the straight-line method of amortization does not differ materially from the “effective interest” method. 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. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting,” which amended the SEC paragraphs of ASC Subtopic 835-30 to include the language from the SEC Staff Announcement indicating that the SEC would not object to presenting deferred debt issuance costs related to line-of-credit agreements as assets and subsequently amortizing the deferred debt issuance costs ratably over the term of the agreement. The standards 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. |
Commodity Derivative Instruments | COMMODITY DERIVATIVE INSTRUMENTS —We generally record the fair value of commodity derivative instruments on the consolidated balance sheets and the change in fair value as an increase or decrease to product revenue. As shown in Note 13, the fair value of commodity derivatives at December 31, 2015 and 2014 are recorded to other current assets or other current liabilities on the consolidated balance sheets. Related margin deposits are recorded to other current assets or other current liabilities on the consolidated balance sheets. Margin deposits are not generally netted against derivative assets or liabilities. The fair value of a derivative contract is determined based on the nature of the transaction and the market in which the transaction was executed. Quoted market prices, when available, are used to value derivative transactions. In situations where quoted market prices are not readily available, we estimate the fair value using other valuation techniques that reflect the best information available under the circumstances. Fair value measurements of derivative assets include consideration of counterparty credit risk. Fair value measurements of derivative liabilities include consideration of our creditworthiness. We have elected “normal purchase” and “normal sale” treatment for certain commitments to purchase or sell petroleum products at future dates. This election is only available when a transaction that would ordinarily meet the definition of a derivative but instead is expected to result in physical delivery of product over a reasonable period in the normal course of business and is not expected to be net settled. Agreements accounted for under this election are not recorded at fair value; instead, the transaction is recorded when the product is delivered. |
Payables to Pre-Petition Creditors | PAYABLES TO PRE-PETITION CREDITORS —During the year ended December 31, 2015 , we completed the process of disbursing funds held in reserve accounts to settle pre-petition claims related to our predecessor's bankruptcy. At December 31, 2014 , we recorded a liability of $3.1 million associated with these obligations and a liability of $0.7 million which is associated with discontinued operations and is reported within other current liabilities. Cash was held in accounts restricted for this purpose which was included in Restricted Cash on the balance sheet. |
Contingent Losses | CONTINGENT LOSSES —We record a liability for a contingent loss when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We record attorneys’ fees incurred in connection with a contingent loss at the time the fees are incurred. We do not record liabilities for attorneys’ fees that are expected to be incurred in the future. |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS —Asset retirement obligations include legal or contractual obligations associated with the retirement of long-lived assets, such as requirements to incur costs to dispose of equipment or to remediate the environmental impacts of the normal operation of the assets. We record liabilities for asset retirement obligations when a known obligation exists under current law or contract and when a reasonable estimate of the value of the liability can be made. |
Revenue Recognition | REVENUE RECOGNITION —Sales of product, as well as gathering and marketing revenues, are recognized at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. Terminal and storage revenues are recognized at the time the service is performed. Revenue for the transportation of product is recognized upon delivery of the product to its destination. Certain revenue transactions are reported on a net basis, including certain buy/sell transactions (see “Purchases and Sales of Inventory with the Same Counterparty”). Other revenue primarily represents operating cost recovery from working interest owners in certain processing plants and is recorded when earned in accordance with the terms of related agreements. Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenue). In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under 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. |
Costs of Products Sold | COSTS OF PRODUCTS SOLD —Costs of products sold consists of the cost to purchase the product, the cost to transport the product to the point of sale, and the cost to store the product until it is sold. |
Purchases and Sales of Inventory With the Same Counterparty | PURCHASES AND SALES OF INVENTORY WITH THE SAME COUNTERPARTY —We routinely enter into transactions to purchase inventory from, and sell inventory to, the same counterparty. Such transactions that are entered into in contemplation of one another are recorded on a net basis. |
Currency Translation | CURRENCY TRANSLATION —The consolidated financial statements are presented in U.S. dollars. Our segments operate in four countries, and each segment has identified a “functional currency,” which is the primary currency in the environment in which the segment operates. The functional currencies include the U.S. dollar, the Canadian dollar, the British pound sterling, and the Mexican peso. At the end of each reporting period, the assets and liabilities of each segment are translated from its functional currency to U.S. dollars using the exchange rate at the end of the month. The monthly results of operations of each segment are generally translated from its functional currency to U.S. dollars using the average exchange rate during the month. Changes in exchange rates result in currency translation gains and losses, which are recorded within other comprehensive income (loss). Certain segments also enter into transactions in currencies other than their functional currencies. At the end of each reporting period, each segment re-measures the related receivables, payables, and cash to its functional currency using the exchange rate at the end of the period. Changes in exchange rates between the time the transactions were entered into and the end of the reporting period result in currency transaction gains or losses, which are recorded in the consolidated statements of operations. |
Income Taxes | INCOME TAXES —Deferred income taxes are accounted for under the liability method, which takes into account the differences between the basis of the assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. We record valuation allowances on deferred tax assets when, in the opinion of management, it is more likely than not that the asset will not be recovered. We monitor uncertain tax positions and we recognize tax benefits only when management believes the relevant tax positions would more likely than not be sustained upon examination. We record any interest and any penalties related to income taxes within income tax expense in the consolidated statements of operations. In November 2015, the FASB issues ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which requires all deferred tax assets and liabilities to be classified as noncurrent in the statement of financial position. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new guidance may be applied prospectively or retrospectively and early adoption is permitted. The Company has not determined which method we will apply when we adopt the standard. The Company intends to adopt this guidance in the first quarter of 2017. The impact is not expected to be material. |
Reclassifications | RECLASSIFICATIONS —Certain reclassifications have been made to conform prior year balances to the current year presentation. |
Pension Benefits | PENSION BENEFITS —Pension cost and obligations are actuarially determined and are affected by assumptions including expected return on plan assets, discount rates, compensation increases, and employee turnover rates. We evaluate our assumptions periodically and make adjustments to these assumptions and the recorded liability as necessary. Actuarial gains or losses are amortized on a straight-line basis over the expected remaining service life of employees in the pension plan. |
Equity-Based Compensation | EQUITY-BASED COMPENSATION —We grant certain of our employees and non-managerial directors equity-based compensation awards which vest contingent on continued service of the recipient and, in some cases, on their achievement of specific performance targets or market conditions. We record compensation expense for these outstanding awards over applicable service or performance periods based on their grant date fair value with a corresponding increase to additional paid-in capital. The expense to be recorded over the life of the awards is discounted for expected forfeitures during the vesting period. |
Noncontrolling interests in consolidated subsidiaries | NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES —Noncontrolling interests represents third-party limited partner unitholders' interests in our consolidated subsidiary, Rose Rock. Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings. |
Comprehensive Income | COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) —Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources and includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Our comprehensive income (loss) includes currency translation adjustments and changes in the funded status of pension benefit plans. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Depreciation is calculated primarily on the straight-line method over the following estimated useful lives: Pipelines and related facilities 10 – 31 years Storage and terminal facilities 10 – 25 years Natural gas gathering and processing facilities 10 – 31 years Trucking equipment and other 3 – 7 years Office property and equipment 3 – 31 years |
Rose Rock Midstream, L.P. (Tabl
Rose Rock Midstream, L.P. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Quarterly Target Distributions | Rose Rock’s partnership agreement requires Rose Rock to distribute all of its available cash each quarter in the following manner: Total Quarterly Distributions Per Unit Target Amount Marginal Percentage Interest in Distributions Unitholders General Partner Incentive Distribution Rights Minimum Quarterly Distributions $ 0.362500 98.0 % 2.0 % — First Target Distribution above $ 0.362500 up to $ 0.416875 98.0 % 2.0 % — Second Target Distribution above $ 0.416875 up to $ 0.453125 85.0 % 2.0 % 13.0 % Third Target Distribution above $ 0.453125 up to $ 0.543750 75.0 % 2.0 % 23.0 % Thereafter above $ 0.543750 50.0 % 2.0 % 48.0 % |
Distributions Paid | The following table shows the distributions paid related to the earnings for each of the following periods (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2012 $ 0.4025 $ 167 $ — $ 1,163 $ 3,377 $ 3,624 $ 8,331 March 31, 2013 $ 0.4300 $ 179 $ 41 $ 1,242 $ 3,607 $ 3,872 $ 8,941 June 30, 2013 $ 0.4400 $ 183 $ 72 $ 1,271 $ 3,692 $ 3,962 $ 9,180 September 30, 2013 $ 0.4500 $ 232 $ 127 $ 1,301 $ 3,775 $ 6,189 $ 11,624 December 31, 2013 $ 0.4650 $ 257 $ 244 $ 2,041 $ 3,901 $ 6,398 $ 12,841 March 31, 2014 $ 0.4950 $ 278 $ 488 $ 2,173 $ 4,153 $ 6,811 $ 13,903 June 30, 2014 $ 0.5350 $ 334 $ 888 $ 3,646 $ 4,488 $ 7,362 $ 16,718 September 30, 2014 $ 0.5750 $ 377 $ 1,835 $ 3,918 $ 4,824 $ 7,912 $ 18,866 December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 December 31, 2015 $ 0.6600 (1) $ 604 $ 5,333 $ 13,665 $ — $ 10,622 $ 30,224 (1) The distribution to common unitholders related to earnings for the quarter ended December 31, 2015 was payable on February 12, 2016 to holders of record at February 2, 2016. |
Summarized Balance Sheet Information | Certain summarized balance sheet information of Rose Rock is shown below (in thousands): December 31, 2015 2014 Cash $ 9,059 $ 3,625 Other current assets 310,555 271,144 Property, plant and equipment, net 441,596 396,066 Equity method investment 438,291 269,635 Goodwill 26,628 36,116 Other noncurrent assets 31,702 29,677 Total assets $ 1,257,831 $ 1,006,263 Current liabilities $ 283,029 $ 265,682 Long-term debt 744,597 432,092 Partners’ capital attributable to SemGroup 149,376 238,560 Partners’ capital attributable to noncontrolling interests 80,829 69,929 Total liabilities and partners’ capital $ 1,257,831 $ 1,006,263 |
Summarized Income Statement Information | Certain summarized income statement information of Rose Rock for the years ended December 31, 2015 , 2014 , and 2013 is shown below (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 844,711 $ 1,298,097 $ 767,202 Costs of products sold $ 671,769 $ 1,131,362 $ 663,759 Operating, general and administrative expenses $ 114,476 $ 99,894 $ 51,624 Depreciation and amortization expense $ 41,998 $ 40,035 $ 23,708 Earnings from equity method investment $ 76,355 $ 57,378 $ 17,571 Net income $ 49,673 $ 62,925 $ 37,515 Noncontrolling interest in consolidated subsidiaries retained by SemGroup $ — $ 7,758 $ 1,256 Net income attributable to Rose Rock Midstream, L.P. $ 49,673 $ 55,167 $ 36,259 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments [Table Text Block] | Our equity method investments consist of the following (in thousands): December 31, 2015 2014 White Cliffs $ 297,109 $ 269,635 NGL Energy 112,787 162,246 Glass Mountain 141,182 146,039 Total equity method investments $ 551,078 $ 577,920 |
Cash distributions received from equity method investments [Table Text Block] | Cash distributions received from equity method investments consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 White Cliffs $ 86,845 $ 66,768 $ 57,576 NGL Energy 19,074 23,404 18,321 Glass Mountain 13,623 6,823 — Total cash distributions received from equity method investments $ 119,542 $ 96,995 $ 75,897 |
Earnings from Equity Method Investments [Table Text Block] | Our earnings from equity method investments consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 White Cliffs $ 70,238 $ 57,378 $ 45,459 NGL Energy (1) 5,031 2,343 7,123 Glass Mountain 6,117 4,478 (105 ) Total earnings from equity method investments $ 81,386 $ 64,199 $ 52,477 (1) Excluding gains on issuance of common units of $6.4 million , $29.0 million and $26.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
White Cliffs Pipeline, LLC [Member] | |
Schedule of Balance Sheet Information on Equity Method Investments | Certain summarized balance sheet information of White Cliffs is shown below (in thousands): December 31, 2015 2014 Current assets $ 54,091 $ 35,623 Property, plant and equipment, net 509,068 471,179 Goodwill 17,000 17,000 Other intangible assets, net 11,974 16,043 Total assets $ 592,133 $ 539,845 Current liabilities $ 9,491 $ 11,108 Members’ equity 582,642 528,737 Total liabilities and members’ equity $ 592,133 $ 539,845 |
Schedule of Income Statement Information on Equity Method Investments | Certain summarized income statement information of White Cliffs for the years ended December 31, 2015 , 2014 and 2013 is shown below (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 206,395 $ 160,369 $ 133,310 Operating, general and administrative expenses $ 33,284 $ 23,067 $ 23,825 Depreciation and amortization expense $ 34,105 $ 23,257 $ 18,668 Net income $ 139,000 $ 114,045 $ 90,817 |
Ngl Energy Partners Lp [Member] | |
Schedule of Balance Sheet Information on Equity Method Investments | Certain unaudited summarized balance sheet information of NGL Energy is shown below (in thousands): (Unaudited) September 30, 2015 2014 Current assets $ 1,276,919 $ 2,585,053 Property plant and equipment, net 1,845,112 1,433,313 Goodwill 1,490,928 1,170,490 Intangible and other assets, net 1,836,878 1,362,823 Total assets $ 6,449,837 $ 6,551,679 Current liabilities $ 852,170 $ 1,759,980 Long-term debt 3,093,694 2,437,351 Other noncurrent liabilities 17,679 39,518 Equity 2,486,294 2,314,830 Total liabilities and equity $ 6,449,837 $ 6,551,679 |
Schedule of Income Statement Information on Equity Method Investments | Certain unaudited summarized income statement information of NGL Energy for the twelve months ended September 30, 2015, 2014 and 2013 is shown below (in thousands): (Unaudited) Twelve Months Ended September 30, 2015 2014 2013 Revenue $ 14,504,581 $ 15,748,520 $ 5,935,715 Costs of products sold $ 13,573,066 $ 15,054,291 $ 5,478,361 Operating, general and administrative expenses $ 625,035 $ 440,609 $ 276,905 Depreciation and amortization expense $ 221,067 $ 162,443 $ 94,050 Net income $ 22,995 $ 11,409 $ 44,378 |
Glass Mountain Pipeline LLC [Member] | |
Schedule of Balance Sheet Information on Equity Method Investments | Certain summarized balance sheet information of Glass Mountain is shown below (in thousands): December 31, 2015 2014 Current assets $ 7,856 $ 8,810 Property, plant and equipment, net 205,920 215,876 Total assets $ 213,776 $ 224,686 Current liabilities $ 1,036 $ 2,643 Other liabilities 28 42 Members’ equity 212,712 222,001 Total liabilities and members’ equity $ 213,776 $ 224,686 |
Schedule of Income Statement Information on Equity Method Investments | Certain summarized income statement information of Glass Mountain for the year ended December 31, 2015 and 2014 is shown below (in thousands): Year Ended December 31, 2015 2014 Revenue $ 38,526 $ 30,398 Cost of Sales $ 3,392 $ 757 Operating, general and administrative expenses $ 6,643 $ 6,419 Depreciation and amortization expense $ 15,828 $ 13,872 Net income $ 12,657 $ 9,344 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information | Year Ended December 31, 2015 2014 2013 Revenues: Crude Transportation External $ 81,991 $ 84,718 $ 34,917 Intersegment 15,021 10,840 225 Crude Facilities External 45,936 44,007 46,697 Crude Supply and Logistics External 716,784 1,169,372 685,588 SemGas External 231,569 342,286 207,134 Intersegment 20,605 37,897 23,985 SemCAMS External 136,197 176,724 198,450 SemLogistics External 24,351 12,650 11,671 SemMexico External 211,291 290,869 242,559 Corporate and Other External 6,975 1,953 — Intersegment (35,626 ) (48,737 ) (24,210 ) Total Revenues $ 1,455,094 $ 2,122,579 $ 1,427,016 Year Ended December 31, 2015 2014 2013 Earnings from equity method investments: Crude Transportation $ 76,355 $ 61,856 $ 45,354 SemStream (1) 11,416 31,363 33,996 Total earnings from equity method investments $ 87,771 $ 93,219 $ 79,350 (1) including gain on issuance of common units by equity method investee Year Ended December 31, 2015 2014 2013 Depreciation and amortization: Crude Transportation $ 35,500 $ 33,679 $ 17,814 Crude Facilities 5,829 5,365 4,833 Crude Supply and Logistics 159 549 673 SemGas 31,803 26,353 14,517 SemCAMS 12,940 14,295 10,766 SemLogistics 8,543 10,005 9,426 SemMexico 4,076 6,031 5,991 Corporate and Other 2,032 2,120 2,389 Total depreciation and amortization $ 100,882 $ 98,397 $ 66,409 Year Ended December 31, 2015 2014 2013 Income tax expense (benefit): SemCAMS $ 4,847 $ 3,135 $ 6,348 SemLogistics (2,195 ) (2,231 ) (5,699 ) SemMexico 2,611 4,053 2,589 Corporate and other 28,267 41,556 (20,492 ) Total income tax expense (benefit) $ 33,530 $ 46,513 $ (17,254 ) Year Ended December 31, 2015 2014 2013 Segment profit (1) : Crude Transportation $ 81,028 $ 76,705 $ 51,100 Crude Facilities 33,757 32,286 37,083 Crude Supply and Logistics 30,088 24,021 15,010 SemGas 61,669 41,715 32,483 SemCAMS 36,013 45,326 32,886 SemStream 11,391 31,280 33,389 SemLogistics 7,249 25 (2,007 ) SemMexico 15,614 16,139 13,493 Corporate and Other (44,760 ) (43,841 ) (30,088 ) Total segment profit $ 232,049 $ 223,656 $ 183,349 (1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses. Year Ended December 31, 2015 2014 2013 Reconciliation of segment profit to net income: Total segment profit $ 232,049 $ 223,656 $ 183,349 Less: Net unrealized loss (gain) related to derivative instruments 2,014 (1,734 ) (974 ) Depreciation and amortization 100,882 98,397 66,409 Interest expense 69,675 49,044 25,142 Foreign currency transaction gain (1,067 ) (86 ) (1,633 ) Other expense (income), net (15,801 ) (20,536 ) 45,906 Income tax expense (benefit) 33,530 46,513 (17,254 ) Loss (income) from discontinued operations 4 1 (59 ) Net income $ 42,812 $ 52,057 $ 65,812 Year Ended December 31, 2015 2014 2013 Additions to long-lived assets, including acquisitions and contributions to equity method investments: Crude Transportation $ 219,227 $ 160,471 $ 244,777 Crude Facilities 30,118 8,207 11,783 Crude Supply and Logistics 2,564 11,662 1,868 SemGas 110,908 153,088 410,508 SemCAMS 142,368 35,286 56,122 SemLogistics 12,289 2,974 2,071 SemMexico 7,051 9,690 6,375 SemStream — — 18,775 Corporate and Other 1,919 1,906 1,211 Total additions to long-lived assets $ 526,444 $ 383,284 $ 753,490 December 31, 2015 2014 Total assets (excluding intersegment receivables): Crude Transportation $ 877,017 $ 746,723 Crude Facilities 155,186 116,784 Crude Supply and Logistics 328,419 271,444 SemGas 719,789 662,223 SemCAMS 331,749 279,191 SemLogistics 155,794 150,498 SemMexico 89,608 107,225 SemStream 112,787 162,246 Corporate and Other 100,947 93,468 Total $ 2,871,296 $ 2,589,802 December 31, 2015 2014 Equity investments: Crude Transportation $ 438,291 $ 415,674 SemStream 112,787 162,246 Total equity investments $ 551,078 $ 577,920 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Inventories consist of the following (in thousands): December 31, 2015 2014 Crude oil $ 59,121 $ 26,722 Asphalt and other 11,118 16,810 Total inventories $ 70,239 $ 43,532 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other current assets | Other current assets consist of the following (in thousands): December 31, 2015 2014 Prepaid expenses $ 6,252 $ 5,989 Deferred tax asset 2,321 5,897 Other 10,814 8,131 Total other current assets $ 19,387 $ 20,017 |
Other noncurrent assets | Other noncurrent assets consist of the following (in thousands): December 31, 2015 2014 Debt issuance costs, net (1) $ 23,728 $ 22,203 Deferred tax asset 34,848 13,933 Other 3,579 8,250 Total other noncurrent assets, net $ 62,155 $ 44,386 (1) See Note 15 for discussion of debt issuance costs. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment consists of the following (in thousands): December 31, 2015 2014 Land $ 89,815 $ 81,886 Pipelines and related facilities 338,789 283,347 Storage and terminal facilities 283,608 284,300 Natural gas gathering and processing facilities 810,358 606,553 Linefill 26,900 26,050 Trucking equipment and other 43,157 40,392 Office property and equipment 45,818 37,120 Construction-in-progress 248,145 142,806 Property, plant and equipment, gross 1,886,590 1,502,454 Accumulated depreciation (319,769 ) (245,629 ) Property, plant and equipment, net $ 1,566,821 $ 1,256,825 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill by Segment | Goodwill relates to the following segments (in thousands): December 31, 2015 2014 Crude Transportation $ 26,628 $ 36,116 SemGas 13,052 13,052 SemMexico 8,352 9,158 Total Goodwill $ 48,032 $ 58,326 |
Reconciliation of Goodwill | Changes in goodwill balances during the period from December 31, 2012 to December 31, 2015 are shown below (in thousands): Balance, December 31, 2012 $ 9,884 Barcas acquisition (Note 6) 28,322 MMGS acquisition (Note 6) 23,839 Currency translation adjustments (24 ) Balance, December 31, 2013 62,021 Crude oil trucking asset acquisition (Note 6) 7,892 MMGS purchase price allocation adjustment (10,787 ) Barcas purchase price allocation adjustment (98 ) Currency translation adjustments (702 ) Balance, December 31, 2014 58,326 Impairment loss (9,488 ) Currency translation adjustments (806 ) Balance, December 31, 2015 $ 48,032 |
Other Intangible Assets by Segment | The gross carrying amount and accumulated amortization of intangible assets are shown below (in thousands): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Customer Relationships $ 188,304 $ (26,975 ) $ 161,329 $ 189,583 $ (17,963 ) $ 171,620 Trade Names 493 (378 ) 115 570 (379 ) 191 Unpatented Technology 2,941 (2,162 ) 779 3,457 (2,203 ) 1,254 Total other intangible assets $ 191,738 $ (29,515 ) $ 162,223 $ 193,610 $ (20,545 ) $ 173,065 |
Reconciliation of Other Intangible Assets | Changes in other intangible asset balances during the period from December 31, 2012 to December 31, 2015 are shown below (in thousands): Balance, December 31, 2012 $ 7,585 Amortization (6,018 ) Barcas acquisition 6,930 MMGS acquisition 166,332 Currency translation adjustments 9 Balance, December 31, 2013 174,838 Amortization (15,875 ) Crude oil trucking asset acquisition 17,010 MMGS purchase price allocation adjustment (2,313 ) Barcas purchase price allocation adjustment (50 ) Currency translation adjustments (545 ) Balance, December 31, 2014 173,065 Amortization (10,334 ) Currency translation adjustments (508 ) Balance, December 31, 2015 $ 162,223 |
Future Amortization of Other Intangible Assets | We estimate that future amortization of other intangible assets will be as follows (in thousands): For year ending: December 31, 2016 $ 10,928 December 31, 2017 11,011 December 31, 2018 10,918 December 31, 2019 10,316 December 31, 2020 9,649 Thereafter 109,401 Total estimated amortization expense $ 162,223 |
Financial Instruments and Con42
Financial Instruments and Concentrations of Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The table below summarizes the balances of commodity derivative assets and liabilities at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Derivatives subject to netting arrangements: Level 1 Netting (1) Total Level 1 Netting (1) Total Commodity derivatives: Assets $ 131 $ (131 ) $ — $ 3,311 $ (1,637 ) $ 1,674 Liabilities $ 470 $ (131 ) $ 339 $ 1,637 $ (1,637 ) $ — (1) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Schedule of Notional Quantities for Commodity Derivative Instruments | The following table sets forth the notional quantities for derivative instruments entered into (in thousands of barrels): Year Ended December 31, 2015 2014 2013 Sales 23,228 6,773 2,595 Purchases 22,946 6,477 2,575 |
Schedule of Derivatives Not Designated as Hedging Instruments Fair Value on Condensed Consolidated Balance Sheets | We have recorded the fair value of our commodity derivative instruments on our consolidated balance sheets in "other current assets" and "other current liabilities" in the following amounts (in thousands): December 31, 2015 December 31, 2014 Other Current Assets Other Current Liabilities Other Current Assets Other Current Liabilities $ — $ 339 $ 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): Year Ended December 31, 2015 2014 2013 Realized and unrealized gain (loss) $ 8,146 $ 19,305 $ (1,593 ) |
Schedule of Foreign Assets and Liabilities | The following table summarizes the assets and liabilities (excluding affiliate balances) at December 31, 2015 of our subsidiaries outside the United States (in thousands): Canada United Kingdom Mexico Total Cash and cash equivalents $ 20,729 $ 8,014 $ 17,338 $ 46,081 Other current assets 47,267 3,413 31,616 82,296 Noncurrent assets 273,967 144,367 40,654 458,988 Total assets $ 341,963 $ 155,794 $ 89,608 $ 587,365 Current liabilities $ 40,541 $ 5,660 $ 15,868 $ 62,069 Noncurrent liabilities 47,971 15,633 1,167 64,771 Total liabilities 88,512 21,293 17,035 126,840 Net assets $ 253,451 $ 134,501 $ 72,573 $ 460,525 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Consolidated Income (Loss) From Continuing Operations | Our consolidated income from continuing operations before income taxes was generated in the following jurisdictions (in thousands): Year Ended December 31, 2015 2014 2013 U.S. $ 46,728 $ 39,231 $ 40,002 Foreign 29,618 59,340 8,497 Consolidated $ 76,346 $ 98,571 $ 48,499 |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax provision (benefit) from continuing operations by jurisdiction (in thousands): Year Ended December 31, 2015 2014 2013 Current income tax provision: Foreign $ 4,301 $ 10,430 $ 15,546 U.S. federal — (195 ) 2,067 U.S. state 32 132 1,435 4,333 10,367 19,048 Deferred income tax provision (benefit): Foreign 4,747 2,024 (10,222 ) U.S. federal 21,865 30,074 (23,756 ) U.S. state 2,585 4,048 (2,324 ) 29,197 36,146 (36,302 ) Provision (benefit) for income taxes $ 33,530 $ 46,513 $ (17,254 ) |
Reconciliation of Income Tax Provision (Benefit) | The following table reconciles income tax provision at the U.S. federal statutory rate to the consolidated provision (benefit) for income taxes (in thousands): Year Ended December 31, 2015 2014 2013 Income from continuing operations before income taxes $ 76,346 $ 98,571 $ 48,499 U.S. federal statutory rate 35 % 35 % 35 % Provision at statutory rate 26,721 34,500 16,975 State income taxes—net of federal benefit 1,701 3,197 (577 ) Effect of rates other than statutory (2,306 ) (1,925 ) (1,041 ) Effect of U.S. taxation on foreign branches 10,366 20,769 2,974 Foreign tax adjustment, prior years 7 (3,669 ) 4,533 Warrants — 4,698 24,625 Noncontrolling interest (4,373 ) (7,986 ) (6,096 ) Foreign tax credit and offset to branch deferreds (1,740 ) 6,851 (2,876 ) Impact of valuation allowance on deferred tax assets 1,740 (7,331 ) (53,218 ) Foreign net gain on subsidiary dissolution and debt waivers — (13,620 ) — Foreign withholding taxes 6 5,054 — Other, net 1,408 5,975 (2,553 ) Provision (benefit) for income taxes $ 33,530 $ 46,513 $ (17,254 ) |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows at December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss and other credit carryforwards $ 55,100 $ 38,835 Compensation and benefits 8,178 10,736 Inventories 213 280 Intangible assets 35,152 43,977 Pension plan 4,643 3,733 Allowance for doubtful accounts 1,552 1,860 Deferred revenue 4,619 7,622 Foreign tax credit and offset to branch deferreds 104,026 102,286 Other 41,318 17,786 less: valuation allowance (104,509 ) (102,769 ) Net deferred tax assets 150,292 124,346 Deferred tax liabilities: Intangible assets (4,638 ) (5,770 ) Prepaid expenses (142 ) (163 ) Property, plant and equipment (219,247 ) (178,505 ) Equity investment in partnerships (85,385 ) (78,813 ) Other (4,107 ) (2,549 ) Total deferred tax liabilities (313,519 ) (265,800 ) Net deferred tax liabilities $ (163,227 ) $ (141,454 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Summary of Long-Term Debt | Our long-term debt consisted of the following (in thousands): December 31, 2015 2014 SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 SemGroup corporate revolving credit facility 30,000 35,000 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Rose Rock 5.625% senior unsecured notes due 2023, net of discount 344,545 — Rose Rock credit facility — 32,000 SemMexico credit facility — — Capital leases 83 132 Total long-term debt 1,074,628 767,132 less: current portion of long-term debt 31 40 Noncurrent portion of long-term debt $ 1,074,597 $ 767,092 |
Scheduled Principal Payments of Debt | The following table summarizes the scheduled principal payments as of December 31, 2015 (in thousands). As described above, our debt agreements require accelerated principal payments under certain circumstances. As a result, principal payments may occur earlier than shown in the table below. SemGroup Notes Rose Rock 2022 Notes Rose Rock 2023 Notes SemGroup Facility Rose Rock Facility SemMexico Facility Capital Leases Total For the year ended: December 31, 2016 $ — $ — $ — $ — $ — $ — $ 31 $ 31 December 31, 2017 — — — — — — 26 26 December 31, 2018 — — — 30,000 — — 26 30,026 December 31, 2019 — — — — — — — — December 31, 2020 — — — — — — — — Thereafter 300,000 400,000 350,000 — — — — 1,050,000 Total $ 300,000 $ 400,000 $ 350,000 $ 30,000 $ — $ — $ 83 $ 1,080,083 |
Senior Notes [Member] | Corporate Segment [Member] | |
Debt Instrument [Line Items] | |
Early Redemption Premium Percentages [Table Text Block] | From and after June 15, 2016, the Company may redeem the SemGroup Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on June 15 of each of the years indicated below: SemGroup 2021 senior unsecured notes 2016 105.625% 2017 103.750% 2018 101.875% 2019 and thereafter 100.000% |
Rose Rock Midstream L P [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Early Redemption Premium Percentages [Table Text Block] | From and after July 15, 2017, in the case of the Rose Rock 2022 Notes, or May 15, 2019, in the case of the Rose Rock 2023 Notes, Rose Rock may redeem the Rose Rock Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if redeemed during the twelve-month period beginning on July 15 for the Rose Rock 2022 Notes or May 15 for the Rose Rock 2023 Notes of each of the years indicated below for the respective Notes: Rose Rock 2022 senior unsecured notes 2017 104.219% 2018 102.813% 2019 101.406% 2020 and thereafter 100.000% Rose Rock 2023 senior unsecured notes 2019 102.813% 2020 101.406% 2021 and thereafter 100.000% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Purchase Commitment [Line Items] | |
Summary of Changes in Asset Retirement Obligations | The following table summarizes the changes in this liability from December 31, 2012 through December 31, 2015 (in thousands): Balance, December 31, 2012 $ 40,105 Accretion 4,752 Payments made (808 ) Currency translation adjustments (2,864 ) Balance, December 31, 2013 41,185 Accretion 4,807 Payments made (514 ) Currency translation adjustments (3,524 ) Balance, December 31, 2014 41,954 Accretion 4,748 Payments made (511 ) Revaluation (26,000 ) Currency translation adjustments (4,245 ) Balance, December 31, 2015 $ 15,946 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year at December 31, 2015 are as follows (in thousands): For year ending: December 31, 2016 $ 9,218 December 31, 2017 7,001 December 31, 2018 3,055 December 31, 2019 1,941 December 31, 2020 157 Thereafter 6,814 Total future minimum lease payments $ 28,186 |
Summary of Purchase and Sale Commitments [Table Text Block] | At December 31, 2015 , such commitments included the following (in thousands): Volume (barrels) Value Fixed price purchases 1,976 $ 71,709 Fixed price sales 2,907 $ 116,329 Floating price purchases 17,361 $ 652,122 Floating price sales 19,691 $ 709,991 |
Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2016 $ 11,804 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 December 31, 2020 8,451 Thereafter 15,941 Total expected future payments $ 67,315 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of common stock reflected on the consolidated balance sheet | The par value of common stock reflected on the consolidated balance sheet at December 31, 2015 is summarized below: Class A Class B Shares accounted for at December 31, 2012 41,971,050 28,235 Issuance of shares under employee and director compensation programs (1) 107,988 — Shares issued upon exercise of warrants 425,618 — Shares accounted for at December 31, 2013 42,504,656 28,235 Conversion of Class B shares 28,235 (28,235 ) Issuance of shares under employee and director compensation programs (1) 169,933 — Shares issued under employee stock purchase plan 6,999 — Shares issued upon exercise of warrants 904,231 — Shares accounted for at December 31, 2014 43,614,054 — Issuance of shares under employee and director compensation programs (1) 184,803 — Shares issued under employee stock purchase plan 24,882 — Shares accounted for at December 31, 2015 (2) 43,823,739 — (1) Of these vested shares, recipients sold back to the Company 62,291 , 11,120 and 8,591 shares during the years ended December 31, 2015 , 2014 and 2013, respectively, to satisfy tax withholding obligations. These repurchased shares are being recognized at cost as treasury stock on the consolidated balance sheet. (2) In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2015 . The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets. |
Dividends Declared [Table Text Block] | The following table sets forth the quarterly dividends per share declared and paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date Declared Date of Record Date Paid June 30, 2013 $ 0.19 May 8, 2013 May 20, 2013 May 30, 2013 September 30, 2013 $ 0.20 August 8, 2013 August 19, 2013 August 30, 2013 December 31, 2013 $ 0.21 November 11, 2013 November 22, 2013 December 3, 2013 March 31, 2014 $ 0.22 February 25, 2014 March 10, 2014 March 20, 2014 June 30, 2014 $ 0.24 May 8, 2014 May 19, 2014 May 29, 2014 September 30, 2014 $ 0.27 August 6, 2014 August 18, 2014 August 28, 2014 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 March 31, 2016 $ 0.45 February 24, 2016 March 7, 2016 March 17, 2016 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | The following summarizes the calculation of basic earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended December 31, 2015 Continuing Operations Discontinued Operations Net Income $ 42,816 $ (4 ) $ 42,812 less: Income attributable to noncontrolling interest 12,492 — 12,492 Income attributable to SemGroup $ 30,324 $ (4 ) $ 30,320 Weighted average common stock outstanding 43,787 43,787 43,787 Basic earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2014 Continuing Operations Discontinued Operations Net Income $ 52,058 $ (1 ) $ 52,057 less: Income attributable to noncontrolling interest 22,817 — 22,817 Income attributable to SemGroup $ 29,241 $ (1 ) $ 29,240 Weighted average common stock outstanding 42,665 42,665 42,665 Basic earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2013 Continuing Operations Discontinued Operations Net Income $ 65,753 $ 59 $ 65,812 less: Income attributable to noncontrolling interest 17,710 — 17,710 Income attributable to SemGroup $ 48,043 $ 59 $ 48,102 Weighted average common stock outstanding 42,339 42,339 42,339 Basic earnings per share $ 1.13 $ 0.00 $ 1.14 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The following summarizes the calculation of diluted earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands, except per share amounts): Year Ended December 31, 2015 Continuing Operations Discontinued Operations Net Income $ 42,816 $ (4 ) $ 42,812 less: Income attributable to noncontrolling interest 12,492 — 12,492 Income attributable to SemGroup $ 30,324 $ (4 ) $ 30,320 Weighted average common stock outstanding 43,787 43,787 43,787 Effect of dilutive securities 183 183 183 Diluted weighted average common stock outstanding 43,970 43,970 43,970 Diluted earnings per share $ 0.69 $ 0.00 $ 0.69 Year Ended December 31, 2014 Continuing Operations Discontinued Operations Net Income $ 52,058 $ (1 ) $ 52,057 less: Income attributable to noncontrolling interest 22,817 — 22,817 Income attributable to SemGroup $ 29,241 $ (1 ) $ 29,240 Weighted average common stock outstanding 42,665 42,665 42,665 Effect of dilutive securities 302 302 302 Diluted weighted average common stock outstanding 42,967 42,967 42,967 Diluted earnings per share $ 0.68 $ 0.00 $ 0.68 Year Ended December 31, 2013 Continuing Operations Discontinued Operations Net Income $ 65,753 $ 59 $ 65,812 less: Income attributable to noncontrolling interest 17,710 — 17,710 Income attributable to SemGroup $ 48,043 $ 59 $ 48,102 Weighted average common stock outstanding 42,339 42,339 42,339 Effect of dilutive securities 307 307 307 Diluted weighted average common stock outstanding 42,646 42,646 42,646 Diluted earnings per share $ 1.13 $ 0.00 $ 1.13 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of unvested share activity | The activity related to these awards during the period from December 31, 2012 to December 31, 2015 is summarized below: Unvested Shares Average Grant Date Fair Value Aggregate Fair Value of Shares (in thousands) Outstanding at December 31, 2012 450,552 $ 26.87 Awards granted - 2013 201,451 $ 52.78 Awards vested - 2013 (107,988 ) $ 25.71 $ 2,776 Awards forfeited - 2013 (13,412 ) $ 32.36 Outstanding at December 31, 2013 530,603 $ 36.80 Awards granted - 2014 207,786 $ 77.14 Awards vested - 2014 (169,340 ) $ 33.07 $ 5,600 Awards forfeited - 2014 (119,130 ) $ 42.16 Outstanding at December 31, 2014 449,919 $ 70.69 Awards granted - 2015 151,789 $ 77.93 Awards vested - 2015 (181,906 ) $ 35.18 $ 6,399 Awards forfeited - 2015 (8,494 ) $ 42.05 Outstanding at December 31, 2015 411,308 $ 75.25 |
Schedule of Share-based Payment Award Valuation Assumptions [Table Text Block] | The following table sets forth the assumptions used in the valuations of these awards granted in 2015, 2014 and 2013: 2015 2014 2013 Volatility 26.8% 29.3% 28.9% Risk-free interest rate 1.06% 0.66% 0.35% |
Rose Rock equity incentive plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of unvested share activity | The activity related to these awards is summarized below: Unvested Units Average Grant Date Fair Value Aggregate Fair Value of Units (in thousands) Outstanding at December 31, 2012 43,960 $ 21.91 Awards granted - 2013 49,104 $ 34.41 Awards vested - 2013 (9,333 ) $ 27.25 $ 254 Awards forfeited - 2013 (783 ) $ 34.40 Outstanding at December 31, 2013 82,948 $ 28.59 Awards granted - 2014 46,536 $ 41.35 Awards vested - 2014 (5,712 ) $ 35.87 $ 205 Awards forfeited - 2014 (21,432 ) $ 29.82 Outstanding at December 31, 2014 102,340 $ 33.79 Awards granted - 2015 36,527 $ 39.03 Awards vested - 2015 (38,366 ) $ 27.54 $ 1,057 Awards forfeited - 2015 (310 ) $ 42.80 Outstanding at December 31, 2015 100,191 $ 38.70 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Weighted Average Discount Rate [Line Items] | |
Projected benefit obligations and plan assets of the pension plans | The table below summarizes the balances of the projected benefit obligation and fair value of the plan assets at December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Projected benefit obligation $ 23,865 $ 29,266 Fair value of plan assets 22,204 26,368 Funded status: $ (1,661 ) $ (2,898 ) |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of accumulated other comprehensive income (loss) | The following table presents changes in the components of accumulated other comprehensive income (loss) (in thousands): Currency Translation Employee Benefit Plans Total Balance, December 31, 2012 $ 1,855 $ (3,154 ) $ (1,299 ) Currency translation adjustment, net of income tax benefit of $3,993 (6,363 ) — (6,363 ) Changes related to benefit plans, net of income tax expense of $1,603 — 4,808 4,808 Balance, December 31, 2013 (4,508 ) 1,654 (2,854 ) Currency translation adjustment, net of income tax benefit of $11,102 (20,551 ) — (20,551 ) Changes related to benefit plans, net of income tax benefit of $1,245 — (3,736 ) (3,736 ) Balance, December 31, 2014 (25,059 ) (2,082 ) (27,141 ) Currency translation adjustment, net of income tax benefit of $19,593 (32,142 ) — (32,142 ) Changes related to benefit plans, net of income tax expense of $240 — 721 721 Balance, December 31, 2015 $ (57,201 ) $ (1,361 ) $ (58,562 ) |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 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 (in thousands): Year Ended December 31, 2015 2014 2013 Decrease (increase) in restricted cash $ 6,764 $ (2,045 ) $ 29,467 Decrease (increase) in accounts receivable 9,051 (32,602 ) 11,172 Decrease (increase) in receivable from affiliates 10,905 50,454 (61,095 ) Decrease (increase) in inventories (31,043 ) (6,243 ) (11,352 ) Decrease (increase) in derivatives and margin deposits (2,109 ) 28 1,012 Decrease (increase) in other current assets (413 ) (614 ) 9,361 Decrease (increase) in other assets 4,015 2 137 Increase (decrease) in accounts payable and accrued liabilities 2,513 11,461 31,030 Increase (decrease) in payable to affiliates (8,427 ) (48,819 ) 62,279 Increase (decrease) in payables to pre-petition creditors (3,837 ) (54 ) (29,609 ) Increase (decrease) in other noncurrent liabilities (2,625 ) 5,067 (2,541 ) $ (15,206 ) $ (23,365 ) $ 39,861 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Summarized Information on the Consolidated Results of Operations | Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2015 is shown below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 298,310 $ 377,226 $ 397,065 $ 382,493 $ 1,455,094 Loss (gain) on disposal or impairment, net 1,058 1,372 (951 ) 9,993 11,472 Other operating costs and expenses 301,206 352,549 376,973 371,512 1,402,240 Total expenses 302,264 353,921 376,022 381,505 1,413,712 Earnings from equity method investments 20,559 23,903 16,237 20,687 81,386 Gain on issuance of common units by equity method investee — 5,897 136 352 6,385 Operating income 16,605 53,105 37,416 22,027 129,153 Other expenses, net 6,087 9,809 17,829 19,082 52,807 Income from continuing operations before income taxes 10,518 43,296 19,587 2,945 76,346 Income tax expense 4,742 14,861 10,006 3,921 33,530 Income from continuing operations 5,776 28,435 9,581 (976 ) 42,816 Loss from discontinued operations, net of income taxes — (2 ) (1 ) (1 ) (4 ) Net income 5,776 28,433 9,580 (977 ) 42,812 Less: net income (loss) attributable to noncontrolling interests 4,310 5,136 4,707 (1,661 ) 12,492 Net income attributable to SemGroup $ 1,466 $ 23,297 $ 4,873 $ 684 $ 30,320 Earnings per share—basic $ 0.03 $ 0.53 $ 0.11 $ 0.02 $ 0.69 Earnings per share—diluted $ 0.03 $ 0.53 $ 0.11 $ 0.02 $ 0.69 Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2014 is shown below (in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 498,883 $ 482,224 $ 594,235 $ 547,237 $ 2,122,579 Loss (gain) on disposal or impairment, net (58 ) 19,315 1,376 11,959 32,592 Other operating costs and expenses 478,264 471,863 575,936 530,150 2,056,213 Total expenses 478,206 491,178 577,312 542,109 2,088,805 Earnings from equity method investments 14,962 19,187 14,223 15,827 64,199 Gain on issuance of common units by equity method investee 8,127 — 18,772 2,121 29,020 Operating income 43,766 10,233 49,918 23,076 126,993 Other expenses (income), net 7,497 29,489 (6,368 ) (2,196 ) 28,422 Income (loss) from continuing operations before income taxes 36,269 (19,256 ) 56,286 25,272 98,571 Income tax expense (benefit) 16,526 (6,672 ) 24,090 12,569 46,513 Income (loss) from continuing operations 19,743 (12,584 ) 32,196 12,703 52,058 Income (loss) from discontinued operations, net of income taxes (5 ) — — 4 (1 ) Net income (loss) 19,738 (12,584 ) 32,196 12,707 52,057 Less: net income attributable to noncontrolling interests 6,150 5,025 6,934 4,633 22,817 Net income (loss) attributable to SemGroup $ 13,588 $ (17,609 ) $ 25,262 $ 8,074 $ 29,240 Earnings (loss) per share—basic $ 0.32 $ (0.41 ) $ 0.59 $ 0.19 $ 0.69 Earnings (loss) per share—diluted $ 0.29 $ (0.41 ) $ 0.59 $ 0.18 $ 0.68 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the years ended December 31, 2015 , 2014 and 2013 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Year Ended December 31, 2015 2014 2013 Revenues $ 157,732 $ 456,987 $ 796,440 Purchases $ 138,095 $ 437,015 $ 669,450 Reimbursements from NGL Energy for services $ 56 $ 168 $ 198 |
Condensed Consolidating Guara54
Condensed Consolidating Guarantor Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 4,559 $ — $ 55,101 $ (1,564 ) $ 58,096 Restricted cash — — 32 — 32 Accounts receivable 640 20,015 306,058 — 326,713 Receivable from affiliates 1,616 1,119 6,141 (2,962 ) 5,914 Inventories — (48 ) 70,287 — 70,239 Other current assets 8,477 359 10,551 — 19,387 Total current assets 15,292 21,445 448,170 (4,526 ) 480,381 Property, plant and equipment 4,335 536,628 1,025,858 — 1,566,821 Equity method investments 1,546,853 426,801 438,291 (1,860,867 ) 551,078 Goodwill — 13,052 34,980 — 48,032 Other intangible assets 20 144,183 18,020 — 162,223 Other noncurrent assets, net 43,898 881 17,376 — 62,155 Total assets $ 1,610,398 $ 1,142,990 $ 1,982,695 $ (1,865,393 ) $ 2,870,690 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 734 $ 11,221 $ 261,711 $ — $ 273,666 Payable to affiliates 78 155 7,762 (2,962 ) 5,033 Accrued liabilities 5,551 10,957 68,534 5 85,047 Deferred revenue — — 11,349 — 11,349 Other current liabilities 569 — 1,332 — 1,901 Current portion of long-term debt — — 31 — 31 Total current liabilities 6,932 22,333 350,719 (2,957 ) 377,027 Long-term debt 330,000 7,340 761,097 (23,840 ) 1,074,597 Deferred income taxes 155,411 — 45,542 — 200,953 Other noncurrent liabilities 2,528 — 19,229 — 21,757 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,115,527 1,113,317 725,279 (1,838,596 ) 1,115,527 Noncontrolling interests in consolidated subsidiaries — — 80,829 — 80,829 Total owners’ equity 1,115,527 1,113,317 806,108 (1,838,596 ) 1,196,356 Total liabilities and owners’ equity $ 1,610,398 $ 1,142,990 $ 1,982,695 $ (1,865,393 ) $ 2,870,690 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 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 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 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 Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations Year Ended December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 190,900 $ 948,576 $ (20,590 ) $ 1,118,886 Service — 58,690 200,852 — 259,542 Other — — 76,666 — 76,666 Total revenues — 249,590 1,226,094 (20,590 ) 1,455,094 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 142,576 857,563 (20,590 ) 979,549 Operating — 34,407 190,036 — 224,443 General and administrative 29,914 9,935 57,517 — 97,366 Depreciation and amortization 1,522 31,395 67,965 — 100,882 Loss on disposal or impairment, net — 142 11,330 — 11,472 Total expenses 31,436 218,455 1,184,411 (20,590 ) 1,413,712 Earnings from equity method investments 65,513 47,352 76,355 (107,834 ) 81,386 Gain on issuance of common units by equity method investee 6,385 — — — 6,385 Operating income 40,462 78,487 118,038 (107,834 ) 129,153 Other expenses (income): Interest expense 2,230 26,476 42,926 (1,957 ) 69,675 Foreign currency transaction gain (5 ) — (1,062 ) — (1,067 ) Other income, net (16,565 ) — (1,193 ) 1,957 (15,801 ) Total other expenses (income), net (14,340 ) 26,476 40,671 — 52,807 Income from continuing operations before income taxes 54,802 52,011 77,367 (107,834 ) 76,346 Income tax expense 24,482 — 9,048 — 33,530 Income from continuing operations 30,320 52,011 68,319 (107,834 ) 42,816 Loss from discontinued operations, net of income taxes — (3 ) (1 ) — (4 ) Net income 30,320 52,008 68,318 (107,834 ) 42,812 Less: net income attributable to noncontrolling interests — — 12,492 — 12,492 Net income attributable to SemGroup $ 30,320 $ 52,008 $ 55,826 $ (107,834 ) $ 30,320 Net income $ 30,320 $ 52,008 $ 68,318 $ (107,834 ) $ 42,812 Other comprehensive income (loss), net of income taxes 17,420 430 (49,271 ) — (31,421 ) Comprehensive income 47,740 52,438 19,047 (107,834 ) 11,391 Less: comprehensive income attributable to noncontrolling interests — — 12,492 — 12,492 Comprehensive income (loss) attributable to SemGroup $ 47,740 $ 52,438 $ 6,555 $ (107,834 ) $ (1,101 ) Year Ended December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 338,621 $ 1,479,543 $ (37,850 ) $ 1,780,314 Service — 37,139 196,100 — 233,239 Other — — 109,026 — 109,026 Total revenues — 375,760 1,784,669 (37,850 ) 2,122,579 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 273,309 1,387,899 (37,850 ) 1,623,358 Operating — 32,132 214,481 — 246,613 General and administrative 22,394 9,328 56,123 — 87,845 Depreciation and amortization 1,678 25,714 71,005 — 98,397 Loss (gain) on disposal or impairment, net 5,945 54,698 (28,051 ) — 32,592 Total expenses 30,017 395,181 1,701,457 (37,850 ) 2,088,805 Earnings from equity method investments 48,760 71,786 54,098 (110,445 ) 64,199 Gain on issuance of common units by equity method investee 29,020 — — — 29,020 Operating income 47,763 52,365 137,310 (110,445 ) 126,993 Other expenses (income): Interest expense 8,423 9,265 34,661 (3,305 ) 49,044 Foreign currency transaction gain — — (86 ) — (86 ) Other expenses (income), net (24,092 ) 500 (249 ) 3,305 (20,536 ) Total other expenses (income), net (15,669 ) 9,765 34,326 — 28,422 Income from continuing operations before income taxes 63,432 42,600 102,984 (110,445 ) 98,571 Income tax expense 34,192 — 12,321 — 46,513 Income from continuing operations 29,240 42,600 90,663 (110,445 ) 52,058 Loss from discontinued operations, net of income taxes — — (1 ) — (1 ) Net income 29,240 42,600 90,662 (110,445 ) 52,057 Less: net income attributable to noncontrolling interests — — 22,817 — 22,817 Net income attributable to SemGroup $ 29,240 $ 42,600 $ 67,845 $ (110,445 ) $ 29,240 Net income $ 29,240 $ 42,600 $ 90,662 $ (110,445 ) $ 52,057 Other comprehensive income (loss), net of income taxes 5,159 — (29,446 ) — (24,287 ) Comprehensive income 34,399 42,600 61,216 (110,445 ) 27,770 Less: comprehensive income attributable to noncontrolling interests — — 22,817 — 22,817 Comprehensive income attributable to SemGroup $ 34,399 $ 42,600 $ 38,399 $ (110,445 ) $ 4,953 Year Ended December 31, 2013 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 224,072 $ 944,984 $ (23,952 ) $ 1,145,104 Service — 3,192 137,006 — 140,198 Other — — 141,714 — 141,714 Total revenues — 227,264 1,223,704 (23,952 ) 1,427,016 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 166,735 877,317 (23,952 ) 1,020,100 Operating — 19,792 203,793 — 223,585 General and administrative 21,560 9,167 47,870 — 78,597 Depreciation and amortization 2,001 13,909 50,499 — 66,409 Loss (gain) on disposal or impairment, net — 668 (907 ) — (239 ) Total expenses 23,561 210,271 1,178,572 (23,952 ) 1,388,452 Earnings from equity method investments 67,965 49,825 44,099 (109,412 ) 52,477 Gain on issuance of common units by equity method investee 26,873 — — — 26,873 Operating income 71,277 66,818 89,231 (109,412 ) 117,914 Other expenses (income): Interest expense 4,826 9,700 16,028 (5,412 ) 25,142 Foreign currency transaction gain — — (1,633 ) — (1,633 ) Other expense (income), net 40,928 — (434 ) 5,412 45,906 Total other expenses, net 45,754 9,700 13,961 — 69,415 Income from continuing operations before income taxes 25,523 57,118 75,270 (109,412 ) 48,499 Income tax expense (benefit) (22,579 ) — 5,325 — (17,254 ) Income from continuing operations 48,102 57,118 69,945 (109,412 ) 65,753 Income (loss) from discontinued operations, net of income taxes — 65 (6 ) — 59 Net income 48,102 57,183 69,939 (109,412 ) 65,812 Less: net income attributable to noncontrolling interests — — 17,710 — 17,710 Net income attributable to SemGroup $ 48,102 $ 57,183 $ 52,229 $ (109,412 ) $ 48,102 Net income $ 48,102 $ 57,183 $ 69,939 $ (109,412 ) $ 65,812 Other comprehensive loss, net of income taxes (1,517 ) — (38 ) — (1,555 ) Comprehensive income 46,585 57,183 69,901 (109,412 ) 64,257 Less: comprehensive income attributable to noncontrolling interests — — 17,710 — 17,710 Comprehensive income attributable to SemGroup $ 46,585 $ 57,183 $ 52,191 $ (109,412 ) $ 46,547 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Cash Flows Year Ended December 31, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 37,259 $ 39,786 $ 141,899 $ (37,182 ) $ 181,762 Cash flows from investing activities: Capital expenditures (1,740 ) (110,729 ) (367,061 ) — (479,530 ) Proceeds from sale of long-lived assets — 35 3,653 — 3,688 Contributions to equity method investments — — (46,730 ) — (46,730 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Proceeds from the sale of Wattenberg Holding, LLC and Glass mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Distributions in excess of equity in earnings of affiliates 35,340 — 24,113 (35,340 ) 24,113 Net cash provided by (used in) investing activities 341,099 (110,694 ) (386,025 ) (286,521 ) (442,141 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities and issuance of senior unsecured notes 181,000 — 686,208 — 867,208 Principal payments on credit facilities and other obligations (186,000 ) — (374,049 ) — (560,049 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (40,410 ) — (40,410 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,261 ) — — — (4,261 ) Dividends paid (69,514 ) — — — (69,514 ) Proceeds from issuance of common stock under employee stock purchase plan 1,223 — — — 1,223 Intercompany borrowings (advances), net (304,900 ) 70,908 (92,248 ) 326,240 — Net cash provided by (used in) financing activities (383,053 ) 70,908 262,932 326,240 277,027 Effect of exchange rate changes on cash and cash equivalents — — 850 — 850 Change in cash and cash equivalents (4,695 ) — 19,656 2,537 17,498 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 4,559 $ — $ 55,101 $ (1,564 ) $ 58,096 Year Ended December 31, 2014 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 27,393 $ 57,976 $ 186,578 $ (90,289 ) $ 181,658 Cash flows from investing activities: Capital expenditures (1,672 ) (155,392 ) (113,442 ) — (270,506 ) Proceeds from sale of long-lived assets — 2,368 2,077 — 4,445 Contributions to equity method investments — — (71,131 ) — (71,131 ) Payments to acquire businesses — (514 ) (43,994 ) — (44,508 ) Proceeds from sale of common units of equity method investee 79,741 — — — 79,741 Proceeds from the sale of interest in SemCrude Pipeline, L.L.C. to Rose Rock Midstream, L.P. 114,412 — — (114,412 ) — Distributions in excess of equity in earnings of affiliates 1,843 — 11,734 (1,843 ) 11,734 Net cash provided by (used in) investing activities 194,324 (153,538 ) (214,756 ) (116,255 ) (290,225 ) Cash flows from financing activities: Debt issuance costs (93 ) — (8,593 ) — (8,686 ) Borrowings on debt 405,500 — 848,744 — 1,254,244 Principal payments on debt and other obligations (440,500 ) — (661,772 ) — (1,102,272 ) Distributions to noncontrolling interests — — (28,494 ) — (28,494 ) Proceeds from warrant exercises 1,451 — — — 1,451 Repurchase of common stock (719 ) — — — (719 ) Dividends paid (44,206 ) — — — (44,206 ) Proceeds from issuance of common stock under employee stock purchase plan 340 — — — 340 Excess tax benefit from equity-based awards 1,650 — — — 1,650 Intercompany borrowings (advances), net (138,431 ) 95,562 (161,110 ) 203,979 — Net cash provided by (used in) financing activities (215,008 ) 95,562 (11,225 ) 203,979 73,308 Effect of exchange rate changes on cash and cash equivalents — — (3,494 ) — (3,494 ) Change in cash and cash equivalents 6,709 — (42,897 ) (2,565 ) (38,753 ) Cash and cash equivalents at beginning of period 2,545 — 78,342 (1,536 ) 79,351 Cash and cash equivalents at end of period $ 9,254 $ — $ 35,445 $ (4,101 ) $ 40,598 Year Ended December 31, 2013 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 20,130 $ 23,230 $ 150,284 $ (20,235 ) $ 173,409 Cash flows from investing activities: Capital expenditures (734 ) (96,909 ) (117,966 ) — (215,609 ) Proceeds from sale of long-lived assets 23 19 1,237 — 1,279 Contributions to equity method investments (18,775 ) — (155,093 ) — (173,868 ) Payments to acquire businesses — (313,487 ) (48,969 ) — (362,456 ) Proceeds from the sale of SemStream assets 362,600 — — (362,600 ) — Distributions in excess of equity in earnings of affiliates — — 12,246 — 12,246 Net cash provided by (used in) investing activities 343,114 (410,377 ) (308,545 ) (362,600 ) (738,408 ) Cash flows from financing activities: Debt issuance costs (10,866 ) — (4,070 ) — (14,936 ) Borrowings on credit facilities 706,000 — 562,474 — 1,268,474 Principal payments on credit facilities and other obligations (537,500 ) — (321,912 ) — (859,412 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 210,226 — 210,226 Distributions to noncontrolling interests — — (17,647 ) — (17,647 ) Proceeds from warrant exercises 225 — — — 225 Repurchase of common stock (371 ) — — — (371 ) Dividends paid (25,429 ) — — — (25,429 ) Intercompany borrowings (advances), net (511,881 ) 387,147 (259,503 ) 384,237 — Net cash provided by (used in) financing activities (379,822 ) 387,147 169,568 384,237 561,130 Effect of exchange rate changes on cash and cash equivalents — — 3,191 — 3,191 Change in cash and cash equivalents (16,578 ) — 14,498 1,402 (678 ) Cash and cash equivalents at beginning of period 19,123 — 63,844 (2,938 ) 80,029 Cash and cash equivalents at end of period $ 2,545 $ — $ 78,342 $ (1,536 ) $ 79,351 |
Overview (Details)
Overview (Details) | 12 Months Ended | |
Dec. 31, 2015PipelinesinmisharesbblMMcf | Sep. 30, 2015 | |
Crude Transportation [Member] | ||
Schedule Of Overview [Line Items] | ||
Trucks | 270 | |
Trailers | 270 | |
Crude Transportation [Member] | Wattenberg Oil Trunkline LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | mi | 75 | |
Oil storage capacity, barrels | 360,000 | |
Width of Pipeline | in | 12 | |
Pipeline capacity | 85,000 | |
Crude Transportation [Member] | Maurepas Pipeline [Member] | ||
Schedule Of Overview [Line Items] | ||
Number of pipelines | Pipelines | 3 | |
SemGas [Member] | ||
Schedule Of Overview [Line Items] | ||
Gas processing plants | 4 | |
Gas plant operating capacity | MMcf | 595 | |
SemCAMS [Member] | ||
Schedule Of Overview [Line Items] | ||
Gas processing plants | 4 | |
Gas plant operating capacity | MMcf | 695 | |
SemLogistics [Member] | ||
Schedule Of Overview [Line Items] | ||
Oil storage capacity, barrels | 8,700,000 | |
SemMexico [Member] | ||
Schedule Of Overview [Line Items] | ||
Asphalt cement terminals and modification facilities | 11 | |
Marine terminals | 2 | |
White Cliffs Pipeline, LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Width of Pipeline | in | 12 | |
Equity method investment, ownership percentage | 51.00% | |
White Cliffs Pipeline, LLC [Member] | Crude Transportation [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | mi | 527 | |
Width of Pipeline | in | 12 | |
Number of pipelines | Pipelines | 2 | |
Equity method investment, ownership percentage | 51.00% | |
Glass Mountain Pipeline LLC [Member] | Crude Transportation [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | mi | 210 | |
Equity method investment, ownership percentage | 50.00% | |
Ngl Energy Partners Lp [Member] | General Partner [Member] | SemStream [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 11.78% | |
Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Partnership Interest [Member] | Ngl Energy Partners Lp [Member] | Limited Partner [Member] | SemStream [Member] | ||
Schedule Of Overview [Line Items] | ||
Equity method investment, ownership percentage | 4.40% | 4.40% |
Investments in and Advances to Affiliates, Balance, Shares | shares | 4,652,568 | |
Kansas and Oklahoma [Member] | Crude Transportation [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | mi | 570 | |
Oil storage capacity, barrels | 650,000 | |
COLORADO | Crude Transportation [Member] | Wattenberg Oil Trunkline LLC [Member] | ||
Schedule Of Overview [Line Items] | ||
Length of pipeline network (in miles) | mi | 16 | |
COLORADO | Crude Facilities [Member] | ||
Schedule Of Overview [Line Items] | ||
Oil storage capacity, barrels | 350,000 | |
Number of Lanes in Crude Oil Truck Unloading Facility | 30 | |
OKLAHOMA | Crude Facilities [Member] | ||
Schedule Of Overview [Line Items] | ||
Oil storage capacity, barrels | 7,600,000 | |
Crude oil storage capacity leased to customers | 6,500,000 | |
Crude oil storage capacity used for operations | 1,100,000 | |
NORTH DAKOTA | Crude Supply and Logistics [Member] | ||
Schedule Of Overview [Line Items] | ||
Oil storage capacity, barrels | 61,800 |
Consolidation And Basis Of Pr56
Consolidation And Basis Of Presentation (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidation And Basis Of Presentation [Line Items] | ||
Property, plant and equipment | $ 1,566,821,000 | $ 1,256,825,000 |
SemCAMS [Member] | Proportionally Consolidated Assets [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Property, plant and equipment | $ 273,000,000 | |
White Cliffs Pipeline, LLC [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
White Cliffs Pipeline, LLC [Member] | Semcrude Pipeline [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
White Cliffs Pipeline, LLC [Member] | Crude Transportation [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 51.00% | |
Glass Mountain Pipeline LLC [Member] | Crude Transportation [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Wattenberg Oil Trunkline and Glass Mountain Pipeline [Member] | Common control transaction [Member] | Rose Rock Midstream L P [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Gain (loss) on disposal, excluding discontinued operations | $ 0 | |
Semcrude Pipeline [Member] | Common control transaction [Member] | Rose Rock Midstream L P [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Gain (loss) on disposal, excluding discontinued operations | $ 0 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Pipelines and related facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Pipelines and related facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Storage and terminal facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Storage and terminal facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 25 years |
Natural gas gathering and processing facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 10 years |
Natural gas gathering and processing facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Trucking equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 3 years |
Trucking equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 7 years |
Office and Other Property and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 3 years |
Office and Other Property and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life property, plant and equipment (in years) | 31 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Country | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Payables to pre-petition creditors | $ 0 | $ 3,129 |
Restricted cash | $ 32 | 6,980 |
Number of countries in which segments operate | Country | 4 | |
Restricted Cash For Settlement Purposes [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | 3,800 | |
SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Percentage mark-up on pass-through of recoverable maintenance costs | 10.00% | |
Minimum [Member] | SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maintenance period | 4 years | |
Maximum [Member] | SemCAMS [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maintenance period | 5 years | |
Other Current Liabilities [Member] | Discontinued Operations [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Payables to pre-petition creditors | $ 700 |
Rose Rock Midstream, L.P. (Deta
Rose Rock Midstream, L.P. (Details 1) - Rose Rock Midstream L P [Member] | 12 Months Ended |
Dec. 31, 2015$ / Unit | |
Minimum Quarterly Distributions [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 98.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 0.00% |
Minimum Quarterly Distributions [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.3625 |
First Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 98.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 0.00% |
First Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.3625 |
First Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.416875 |
Second Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 85.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 13.00% |
Second Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.416875 |
Second Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.453125 |
Third Target Distribution [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 75.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 23.00% |
Third Target Distribution [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.453125 |
Third Target Distribution [Member] | Maximum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.54375 |
Thereafter [Member] | |
Quarterly Target Distributions | |
Marginal Percentage Interest, Unitholders | 50.00% |
Marginal Percentage Interest, General Partner | 2.00% |
Marginal Percentage Interest, Incentive Distribution Rights | 48.00% |
Thereafter [Member] | Minimum [Member] | |
Quarterly Target Distributions | |
Partners' minimum quarterly distribution per unit | 0.54375 |
Rose Rock Midstream, L.P. (De60
Rose Rock Midstream, L.P. (Details 2) - Rose Rock Midstream L P [Member] - USD ($) $ / shares in Units, $ in Thousands | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | May. 15, 2013 | Feb. 14, 2014 | Feb. 14, 2013 | |
Distribution of Q4 2012 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4025 | |||||||||||||
Total distributions | $ 8,331 | |||||||||||||
Distribution of Q1 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4300 | |||||||||||||
Total distributions | $ 8,941 | |||||||||||||
Distribution of Q2 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4400 | |||||||||||||
Total distributions | $ 9,180 | |||||||||||||
Distribution of Q3 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4500 | |||||||||||||
Total distributions | $ 11,624 | |||||||||||||
Distribution of Q4 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4650 | |||||||||||||
Total distributions | $ 12,841 | |||||||||||||
Distribution of Q1 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.4950 | |||||||||||||
Total distributions | $ 13,903 | |||||||||||||
Distribution of Q2 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.5350 | |||||||||||||
Total distributions | $ 16,718 | |||||||||||||
Distribution of Q3 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.5750 | |||||||||||||
Total distributions | $ 18,866 | |||||||||||||
Distribution of Q4 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.6200 | |||||||||||||
Total distributions | $ 24,269 | |||||||||||||
Distribution of Q1 2015 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.6350 | |||||||||||||
Total distributions | $ 28,379 | |||||||||||||
Distribution of Q2 2015 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.6500 | |||||||||||||
Total distributions | $ 29,483 | |||||||||||||
Distribution of Q3 2015 Earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | $ 0.6600 | |||||||||||||
Total distributions | $ 30,221 | |||||||||||||
Subsequent Event [Member] | Distribution of Q4 2015 Earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Distribution per unit | [1] | $ 0.6600 | ||||||||||||
Total distributions | $ 30,224 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2012 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,624 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,872 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,962 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 6,189 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 6,398 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 6,811 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 7,362 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 7,912 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q4 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 8,544 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q1 2015 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 10,213 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q2 2015 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 10,456 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Distribution of Q3 2015 Earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 10,619 | |||||||||||||
Limited Partner [Member] | Noncontrolling Interest [Member] | Subsequent Event [Member] | Distribution of Q4 2015 Earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 10,622 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 1,163 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,377 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 1,242 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,607 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 1,271 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,692 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 1,301 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,775 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 2,041 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,901 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 2,173 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 4,153 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,646 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 4,488 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 3,918 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 4,824 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2014 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 6,551 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q4 2014 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 5,202 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2015 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 13,148 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q1 2015 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 0 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2015 earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 13,458 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q2 2015 earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 0 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2015 Earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 13,665 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Distribution of Q3 2015 Earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 0 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2015 Earnings [Member] | Common Unit [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 13,665 | |||||||||||||
Limited Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2015 Earnings [Member] | Subordinated Units [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
Limited partner distributions | 0 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2012 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 167 | |||||||||||||
Incentive distributions | $ 0 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 179 | |||||||||||||
Incentive distributions | $ 41 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 183 | |||||||||||||
Incentive distributions | $ 72 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 232 | |||||||||||||
Incentive distributions | $ 127 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2013 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 257 | |||||||||||||
Incentive distributions | $ 244 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 278 | |||||||||||||
Incentive distributions | $ 488 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 334 | |||||||||||||
Incentive distributions | $ 888 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 377 | |||||||||||||
Incentive distributions | $ 1,835 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q4 2014 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 485 | |||||||||||||
Incentive distributions | $ 3,487 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q1 2015 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 568 | |||||||||||||
Incentive distributions | $ 4,450 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q2 2015 earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 590 | |||||||||||||
Incentive distributions | $ 4,979 | |||||||||||||
General Partner [Member] | Parent [Member] | Distribution of Q3 2015 Earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 604 | |||||||||||||
Incentive distributions | $ 5,333 | |||||||||||||
General Partner [Member] | Parent [Member] | Subsequent Event [Member] | Distribution of Q4 2015 Earnings [Member] | ||||||||||||||
Distributions Paid | ||||||||||||||
General partner distributions | 604 | |||||||||||||
Incentive distributions | $ 5,333 | |||||||||||||
[1] | (1) The distribution to common unitholders related to earnings for the quarter ended December 31, 2015 was payable on February 12, 2016 to holders of record at February 2, 2016. |
Rose Rock Midstream, L.P. (De61
Rose Rock Midstream, L.P. (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized Balance Sheet Information | ||||
Other current assets | $ 19,387 | $ 20,017 | ||
Property, plant and equipment | 1,566,821 | 1,256,825 | ||
Equity method investments | 551,078 | 577,920 | ||
Goodwill | 48,032 | 58,326 | $ 62,021 | $ 9,884 |
Other noncurrent assets | 62,155 | 44,386 | ||
Total assets | 2,870,690 | 2,589,802 | ||
Current liabilities | 377,027 | 391,662 | ||
Long-term debt | 1,074,597 | 767,092 | ||
Total liabilities and owners’ equity | 2,870,690 | 2,589,802 | ||
Rose Rock Midstream L P [Member] | ||||
Summarized Balance Sheet Information | ||||
Cash | 9,059 | 3,625 | ||
Other current assets | 310,555 | 271,144 | ||
Property, plant and equipment | 441,596 | 396,066 | ||
Equity method investments | 438,291 | 269,635 | ||
Goodwill | 26,628 | 36,116 | ||
Other noncurrent assets | 31,702 | 29,677 | ||
Total assets | 1,257,831 | 1,006,263 | ||
Current liabilities | 283,029 | 265,682 | ||
Long-term debt | 744,597 | 432,092 | ||
Partners’ capital attributable to SemGroup | 149,376 | 238,560 | ||
Partners’ capital attributable to noncontrolling interests | 80,829 | 69,929 | ||
Total liabilities and owners’ equity | $ 1,257,831 | $ 1,006,263 |
Rose Rock Midstream, L.P. (De62
Rose Rock Midstream, L.P. (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summarized Income Statement Information | |||||||||||
Revenue | $ 382,493 | $ 397,065 | $ 377,226 | $ 298,310 | $ 547,237 | $ 594,235 | $ 482,224 | $ 498,883 | $ 1,455,094 | $ 2,122,579 | $ 1,427,016 |
Costs of products sold | 979,549 | 1,623,358 | 1,020,100 | ||||||||
Depreciation and amortization expense | 100,882 | 98,397 | 66,409 | ||||||||
Earnings from equity method investments | 20,687 | 16,237 | 23,903 | 20,559 | 15,827 | 14,223 | 19,187 | 14,962 | 81,386 | 64,199 | 52,477 |
Net income (loss) | (977) | 9,580 | 28,433 | 5,776 | 12,707 | 32,196 | (12,584) | 19,738 | 42,812 | 52,057 | 65,812 |
Less: net income attributable to noncontrolling interests | (1,661) | 4,707 | 5,136 | 4,310 | 4,633 | 6,934 | 5,025 | 6,150 | 12,492 | 22,817 | 17,710 |
Net Income (Loss) Attributable to Parent | $ 684 | $ 4,873 | $ 23,297 | $ 1,466 | $ 8,074 | $ 25,262 | $ (17,609) | $ 13,588 | 30,320 | 29,240 | 48,102 |
Rose Rock Midstream L P [Member] | |||||||||||
Summarized Income Statement Information | |||||||||||
Revenue | 844,711 | 1,298,097 | 767,202 | ||||||||
Costs of products sold | 671,769 | 1,131,362 | 663,759 | ||||||||
Operating, general and administrative expenses | 114,476 | 99,894 | 51,624 | ||||||||
Depreciation and amortization expense | 41,998 | 40,035 | 23,708 | ||||||||
Earnings from equity method investments | 76,355 | 57,378 | 17,571 | ||||||||
Net income (loss) | 49,673 | 62,925 | 37,515 | ||||||||
Less: net income attributable to noncontrolling interests | 0 | 7,758 | 1,256 | ||||||||
Net Income (Loss) Attributable to Parent | $ 49,673 | $ 55,167 | $ 36,259 |
Rose Rock Midstream, L.P. (De63
Rose Rock Midstream, L.P. (Details Textual) | Feb. 17, 2015shares | Feb. 13, 2015USD ($)shares | Jan. 02, 2015shares | Jan. 11, 2013USD ($)shares | Jun. 23, 2014USD ($)shares | Dec. 16, 2013USD ($)shares | Aug. 31, 2013USD ($) | Aug. 30, 2013shares | Dec. 31, 2015USD ($)$ / Unitsharesbbl | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Proceeds from Sale of Equity Method Investments | $ 56,318,000 | $ 79,741,000 | $ 0 | ||||||||
Sale of interest in equity investment to related party | (20,772,000) | (31,930,000) | (67,291,000) | ||||||||
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | 20,800,000 | 31,930,000 | 67,291,000 | ||||||||
Tax effect of adjustment to APIC from sale of assets to less than wholly owned subsidiary | $ 20,800,000 | ||||||||||
Rose Rock Midstream L P [Member] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Limited partner ownership interest | 55.10% | ||||||||||
Proceeds from lines of credit | $ 133,500,000 | ||||||||||
Semcrude Pipeline [Member] | |||||||||||
Gain on sale of interests in SemCrude Pipeline | 0 | 0 | |||||||||
Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units representing limited partner interests | shares | 20,704,418 | ||||||||||
Limited Partners' Capital Account, Units Issued | shares | 2,300,000 | 4,750,000 | |||||||||
Subordinated Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partners' capital account, units converted to common | shares | 8,389,709 | ||||||||||
Class A [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partners' capital account, units converted to common | shares | 3,750,000 | ||||||||||
Private Placement [Member] | Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Common units sold in public offering | shares | 2,000,000 | ||||||||||
Proceeds from issuance of common stock | $ 59,300,000 | ||||||||||
Glass Mountain Pipeline Llc [Member] | Partnership Interest [Member] | |||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||
White Cliffs Pipeline, LLC [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
Average daily throughput threshold in barrels for conversion of Class A units | bbl | 125,000 | ||||||||||
White Cliffs Pipeline, LLC [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
General Partner [Member] | Rose Rock Midstream L P [Member] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Common Units [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Proceeds from Issuance of Common Limited Partners Units | $ 89,100,000 | $ 152,500,000 | |||||||||
Noncontrolling Interest [Member] | |||||||||||
Sale of interest in equity investment to related party | $ (51,452,000) | (85,173,000) | (180,220,000) | ||||||||
Transfer of entities in common control transaction | 51,500,000 | ||||||||||
Additional Paid-in Capital [Member] | |||||||||||
Sale of interest in equity investment to related party | 30,680,000 | 53,243,000 | 112,929,000 | ||||||||
Transfer of entities in common control transaction | $ (30,700,000) | ||||||||||
Contribution of WOT and 50% interest in Glass Mountain [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Cash paid by subsidiary for acquisition in common control transaction | $ 251,200,000 | ||||||||||
Contribution of WOT and 50% interest in Glass Mountain [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,750,000 | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 2,425,000 | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,250,000 | ||||||||||
Third contribution of 33% Interest in SemCrude Pipeline [Domain] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 114,400,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,500,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,250,000 | ||||||||||
Initial contribution of 33% Interest in SemCrude Pipeline [Member] [Member] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 189,500,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Semcrude Pipeline [Member] | |||||||||||
Equity method investment, ownership percentage | 33.00% | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Common Units [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,500,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Class A [Member] | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | shares | 1,250,000 | ||||||||||
Second contribution of 33% Interest in SemCrude Pipeline [Member] | Rose Rock Midstream L P [Member] | Semcrude Pipeline [Member] | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 173,100,000 | ||||||||||
SemCrude Pipeline Acquisition Transactions [Member] | |||||||||||
Transaction costs expensed | 900,000 | 2,200,000 | |||||||||
SemCrude Pipeline Acquisition Transactions [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Transaction costs expensed | $ 400,000 | 900,000 | |||||||||
Equity issuance costs paid from proceeds | 1,600,000 | ||||||||||
SemCrude Pipeline Acquisition Transactions [Member] | Revolving Credit Facility [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Deferred borrowing costs | $ 1,600,000 | ||||||||||
Minimum [Member] | First Target Distribution [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Partners' minimum quarterly distribution per unit | $ / Unit | 0.3625 | ||||||||||
Crude Transportation [Member] | Glass Mountain Pipeline Llc [Member] | |||||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||||
Crude Transportation [Member] | White Cliffs Pipeline, LLC [Member] | |||||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||||
Crude Transportation [Member] | Limited Partner [Member] | Semcrude Pipeline [Member] | Rose Rock Midstream L P [Member] | |||||||||||
Limited partner ownership interest | 100.00% |
Equity Method Investments (Inve
Equity Method Investments (Investment Summary) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on issuance of common units by equity method investee | $ 352 | $ 136 | $ 5,897 | $ 0 | $ 2,121 | $ 18,772 | $ 0 | $ 8,127 | $ 6,385 | $ 29,020 | $ 26,873 | |
Equity method investments | 551,078 | 577,920 | 551,078 | 577,920 | ||||||||
Earnings from equity method investments | 20,687 | $ 16,237 | $ 23,903 | $ 20,559 | 15,827 | $ 14,223 | $ 19,187 | $ 14,962 | 81,386 | 64,199 | 52,477 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 119,542 | 96,995 | 75,897 | |||||||||
White Cliffs Pipeline, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investments | 297,109 | 269,635 | 297,109 | 269,635 | ||||||||
Earnings from equity method investments | 70,238 | 57,378 | 45,459 | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 86,845 | 66,768 | 57,576 | |||||||||
Ngl Energy Partners Lp [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on issuance of common units by equity method investee | 6,400 | 29,000 | 26,900 | |||||||||
Equity method investments | 112,787 | 162,246 | 112,787 | 162,246 | ||||||||
Earnings from equity method investments | [1] | 5,031 | 2,343 | 7,123 | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | 19,074 | 23,404 | 18,321 | |||||||||
Glass Mountain Pipeline LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investments | $ 141,182 | $ 146,039 | 141,182 | 146,039 | ||||||||
Earnings from equity method investments | 6,117 | 4,478 | (105) | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | $ 13,623 | $ 6,823 | $ 0 | |||||||||
[1] | (1) Excluding gains on issuance of common units of $6.4 million, $29.0 million and $26.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Equity Method Invesments (Summa
Equity Method Invesments (Summarized Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
White Cliffs Pipeline, LLC [Member] | ||||
Current assets | $ 54,091 | $ 35,623 | ||
Property, plant and equipment, net | 509,068 | 471,179 | ||
Goodwill | 17,000 | 17,000 | ||
Other intangible assets, net | 11,974 | 16,043 | ||
Total assets | 592,133 | 539,845 | ||
Current liabilities | 9,491 | 11,108 | ||
Members’ equity | 582,642 | 528,737 | ||
Total liabilities and members’ equity | 592,133 | 539,845 | ||
Glass Mountain Pipeline LLC [Member] | ||||
Current assets | 7,856 | 8,810 | ||
Property, plant and equipment, net | 205,920 | 215,876 | ||
Total assets | 213,776 | 224,686 | ||
Current liabilities | 1,036 | 2,643 | ||
Other liabilities | 28 | 42 | ||
Members’ equity | 212,712 | 222,001 | ||
Total liabilities and members’ equity | $ 213,776 | $ 224,686 | ||
Ngl Energy Partners Lp [Member] | ||||
Current assets | $ 1,276,919 | $ 2,585,053 | ||
Property, plant and equipment, net | 1,845,112 | 1,433,313 | ||
Goodwill | 1,490,928 | 1,170,490 | ||
Other intangible assets, net | 1,836,878 | 1,362,823 | ||
Total assets | 6,449,837 | 6,551,679 | ||
Current liabilities | 852,170 | 1,759,980 | ||
Long-term debt | 3,093,694 | 2,437,351 | ||
Other noncurrent liabilities | 17,679 | 39,518 | ||
Members’ equity | 2,486,294 | 2,314,830 | ||
Total liabilities and members’ equity | $ 6,449,837 | $ 6,551,679 |
Equity Method Investments (Summ
Equity Method Investments (Summarized Income Statement Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
White Cliffs Pipeline, LLC [Member] | ||||||
Summarized income statement information | ||||||
Revenue | $ 206,395 | $ 160,369 | $ 133,310 | |||
Operating, general and administrative expenses | 33,284 | 23,067 | 23,825 | |||
Depreciation and amortization expense | 34,105 | 23,257 | 18,668 | |||
Net income | 139,000 | 114,045 | $ 90,817 | |||
Glass Mountain Pipeline LLC [Member] | ||||||
Summarized income statement information | ||||||
Revenue | 38,526 | 30,398 | ||||
Costs of products sold | 3,392 | 757 | ||||
Operating, general and administrative expenses | 6,643 | 6,419 | ||||
Depreciation and amortization expense | 15,828 | 13,872 | ||||
Net income | $ 12,657 | $ 9,344 | ||||
Ngl Energy Partners Lp [Member] | ||||||
Summarized income statement information | ||||||
Revenue | $ 14,504,581 | $ 15,748,520 | $ 5,935,715 | |||
Costs of products sold | 13,573,066 | 15,054,291 | 5,478,361 | |||
Operating, general and administrative expenses | 625,035 | 440,609 | 276,905 | |||
Depreciation and amortization expense | 221,067 | 162,443 | 94,050 | |||
Net income | $ 22,995 | $ 11,409 | $ 44,378 |
Equity Method Investments (Deta
Equity Method Investments (Details Textual) $ / shares in Units, bbl in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)$ / sharessharesbbl | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)bblin$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Oct. 27, 2014 | |
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Gain on issuance of common units by equity method investee | $ 352 | $ 136 | $ 5,897 | $ 0 | $ 2,121 | $ 18,772 | $ 0 | $ 8,127 | $ 6,385 | $ 29,020 | $ 26,873 | |
General and administrative expenses | 97,366 | 87,845 | 78,597 | |||||||||
Proceeds from Sale of Equity Method Investments | 56,318 | 79,741 | 0 | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 14,517 | 34,211 | 0 | |||||||||
White Cliffs Pipeline, LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
General and administrative expenses | $ 1,300 | 1,600 | 1,800 | |||||||||
White Cliffs Pipeline, LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Percentage of ownership interest | 51.00% | 51.00% | ||||||||||
Width of Pipeline | in | 12 | |||||||||||
Partners' Capital Account, Contributions | $ 42,800 | |||||||||||
Ngl Energy Partners Lp [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Gain on issuance of common units by equity method investee | $ 6,400 | $ 29,000 | 26,900 | |||||||||
Share price | $ / shares | $ 11.04 | $ 11.04 | ||||||||||
Units of equity investee divested | shares | 1,999,533 | 2,481,308 | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 88,800 | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 56,300 | 79,700 | ||||||||||
Ngl Energy Partners Lp [Member] | NGL Energy Holdings LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Number of Seats on the Board of Directors | 2 | |||||||||||
Glass Mountain Pipeline LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Partners' Capital Account, Contributions | 2,700 | 16,200 | 57,800 | |||||||||
Equity Method Goodwill | $ 31,000 | 31,000 | ||||||||||
Accumulated Capitalized Interest Costs | $ 4,000 | $ 4,000 | ||||||||||
Partnership Interest [Member] | Glass Mountain Pipeline LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Percentage of ownership interest | 50.00% | 50.00% | ||||||||||
Limited Partner [Member] | Partnership Interest [Member] | Ngl Energy Partners Lp [Member] | SemStream [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Percentage of ownership interest | 4.40% | 4.40% | 4.40% | |||||||||
Investments in and Advances to Affiliates, Balance, Shares | shares | 4,652,568 | 4,652,568 | ||||||||||
General Partner [Member] | Ngl Energy Partners Lp [Member] | SemStream [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Percentage of ownership interest | 11.78% | 11.78% | ||||||||||
Pipeline expansion [Member] | White Cliffs Pipeline, LLC [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Incremental capacity expected to be added | bbl | 65 | |||||||||||
Expected capital contributions, year one | $ 2,300 | |||||||||||
Pipeline capacity | bbl | 150 | 150 | ||||||||||
Partners' Capital Account, Contributions | $ 34,500 | 53,300 | $ 95,500 | |||||||||
Other Operating Income (Expense) [Member] | Ngl Energy Partners Lp [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Transaction related costs | 500 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 14,500 | |||||||||||
Other Nonoperating Income (Expense) [Member] | Ngl Energy Partners Lp [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Transaction related costs | 3,100 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 34,200 | |||||||||||
Fair Value, Inputs, Level 1 [Member] | Ngl Energy Partners Lp [Member] | ||||||||||||
Investment in Non Consolidated Subsidiaries (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Quoted Market Value | $ 51,400 | $ 51,400 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) a in Thousands, $ in Thousands | Jun. 25, 2014USD ($) | Sep. 02, 2013USD ($)TrucksTrailers | Aug. 01, 2013USD ($)amiMMcf | Dec. 31, 2015USD ($) | Jun. 23, 2014TrucksTrailers | Aug. 06, 2013 |
Business Acquisition [Line Items] | ||||||
Senior notes | $ 300,000 | |||||
Senior Notes [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Debt instrument, interest rate stated percentage | 7.50% | |||||
Crude Transportation [Member] | Chesapeake crude oil trucking assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses | $ 44,000 | |||||
Trucks purchased | Trucks | 124 | |||||
Trailers purchased | Trailers | 122 | |||||
Crude Transportation [Member] | Barcas Field Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses | $ 48,969 | |||||
Trucks purchased | Trucks | 114 | |||||
Trailers purchased | Trailers | 120 | |||||
SemGas [Member] | Mid-America Midstream Gas Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses | $ 314,001 | |||||
Transaction costs expensed | $ 3,600 | |||||
Length of gathering pipeline acquired | mi | 200 | |||||
Net acre dedication acquired | a | 540 | |||||
SemGas [Member] | Rose Valley I plant [Member] | Mid-America Midstream Gas Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Processing capacity | MMcf | 200 | |||||
SemGas [Member] | Rose Valley II plant [Member] | Mid-America Midstream Gas Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Processing capacity | MMcf | 200 | |||||
SemGas [Member] | Gathering and processing agreement [Member] | Mid-America Midstream Gas Services, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Contract tenor | 20 years | |||||
Percentage of contract which is fee based | 100.00% | |||||
SemStream [Member] | General Partner [Member] | Ngl Energy Partners Lp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 11.78% | |||||
SemStream [Member] | General Partner [Member] | Additional interest acquired [Member] | Ngl Energy Partners Lp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 5.36% |
Disposals of Long-Lived Assets
Disposals of Long-Lived Assets (Details Textual) - USD ($) $ in Millions | Jun. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 01, 2014 |
Corporate and other [Member] | ||||
Impairment of Leasehold | $ 11.9 | |||
Eastern Oklahoma gas gathering assets [Member] | SemGas [Member] | ||||
Proceeds from sale of property, plant and equipment | $ 2.4 | |||
Disposal group, including discontinued operation, property, plant and equipment | $ 22.5 | |||
Kansas gas gathering and compression assets [Member] | SemGas [Member] | ||||
Proceeds from sale of property, plant and equipment | $ 1 | |||
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Eastern Oklahoma gas gathering assets [Member] | SemGas [Member] | ||||
Gain (loss) on disposal | $ (20.1) | |||
Loss (gain) on impairment or disposal of long-lived assets, net [Member] | Kansas gas gathering and compression assets [Member] | SemGas [Member] | ||||
Gain (loss) on disposal | $ (1.7) |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information | ||||||||||||
Revenue | $ 382,493 | $ 397,065 | $ 377,226 | $ 298,310 | $ 547,237 | $ 594,235 | $ 482,224 | $ 498,883 | $ 1,455,094 | $ 2,122,579 | $ 1,427,016 | |
Earnings from equity method investments | 20,687 | 16,237 | 23,903 | 20,559 | 15,827 | 14,223 | 19,187 | 14,962 | 81,386 | 64,199 | 52,477 | |
Depreciation and amortization expense | 100,882 | 98,397 | 66,409 | |||||||||
Income tax expense (benefit) | 3,921 | 10,006 | 14,861 | 4,742 | 12,569 | 24,090 | (6,672) | 16,526 | 33,530 | 46,513 | (17,254) | |
Total assets | 2,870,690 | 2,589,802 | 2,870,690 | 2,589,802 | ||||||||
Equity method investments | 551,078 | 577,920 | 551,078 | 577,920 | ||||||||
Unrealized Gain (Loss) on Derivatives | 2,014 | (1,734) | (974) | |||||||||
Interest Income (Expense), Net | 69,675 | 49,044 | 25,142 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (1,067) | (86) | (1,633) | |||||||||
Other Nonoperating Income (Expense) | (15,801) | (20,536) | 45,906 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1 | 1 | 2 | 0 | (4) | 0 | 0 | 5 | 4 | 1 | (59) | |
Net income (loss) | (977) | $ 9,580 | $ 28,433 | $ 5,776 | 12,707 | $ 32,196 | $ (12,584) | $ 19,738 | 42,812 | 52,057 | 65,812 | |
Crude Transportation [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Earnings from equity method investments | 76,355 | 61,856 | 45,354 | |||||||||
Depreciation and amortization expense | 35,500 | 33,679 | 17,814 | |||||||||
Segment profit | [1] | 81,028 | 76,705 | 51,100 | ||||||||
Additions to long-lived assets | 219,227 | 160,471 | 244,777 | |||||||||
Total assets | 877,017 | 746,723 | 877,017 | 746,723 | ||||||||
Equity method investments | 438,291 | 415,674 | 438,291 | 415,674 | ||||||||
Crude Facilities [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 5,829 | 5,365 | 4,833 | |||||||||
Segment profit | [1] | 33,757 | 32,286 | 37,083 | ||||||||
Additions to long-lived assets | 30,118 | 8,207 | 11,783 | |||||||||
Total assets | 155,186 | 116,784 | 155,186 | 116,784 | ||||||||
Crude Supply and Logistics [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 159 | 549 | 673 | |||||||||
Segment profit | [1] | 30,088 | 24,021 | 15,010 | ||||||||
Additions to long-lived assets | 2,564 | 11,662 | 1,868 | |||||||||
Total assets | 328,419 | 271,444 | 328,419 | 271,444 | ||||||||
SemGas [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 31,803 | 26,353 | 14,517 | |||||||||
Segment profit | [1] | 61,669 | 41,715 | 32,483 | ||||||||
Additions to long-lived assets | 110,908 | 153,088 | 410,508 | |||||||||
Total assets | 719,789 | 662,223 | 719,789 | 662,223 | ||||||||
SemCAMS [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 12,940 | 14,295 | 10,766 | |||||||||
Income tax expense (benefit) | 4,847 | 3,135 | 6,348 | |||||||||
Segment profit | [1] | 36,013 | 45,326 | 32,886 | ||||||||
Additions to long-lived assets | 142,368 | 35,286 | 56,122 | |||||||||
Total assets | 331,749 | 279,191 | 331,749 | 279,191 | ||||||||
SemLogistics [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 8,543 | 10,005 | 9,426 | |||||||||
Income tax expense (benefit) | (2,195) | (2,231) | (5,699) | |||||||||
Segment profit | [1] | 7,249 | 25 | (2,007) | ||||||||
Additions to long-lived assets | 12,289 | 2,974 | 2,071 | |||||||||
Total assets | 155,794 | 150,498 | 155,794 | 150,498 | ||||||||
SemMexico [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 4,076 | 6,031 | 5,991 | |||||||||
Income tax expense (benefit) | 2,611 | 4,053 | 2,589 | |||||||||
Segment profit | [1] | 15,614 | 16,139 | 13,493 | ||||||||
Additions to long-lived assets | 7,051 | 9,690 | 6,375 | |||||||||
Total assets | 89,608 | 107,225 | 89,608 | 107,225 | ||||||||
SemStream [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Earnings from equity method investments | 11,416 | 31,363 | 33,996 | |||||||||
Segment profit | [1] | 11,391 | 31,280 | 33,389 | ||||||||
Additions to long-lived assets | 0 | 0 | 18,775 | |||||||||
Total assets | 112,787 | 162,246 | 112,787 | 162,246 | ||||||||
Equity method investments | 112,787 | 162,246 | 112,787 | 162,246 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Depreciation and amortization expense | 2,032 | 2,120 | 2,389 | |||||||||
Income tax expense (benefit) | 28,267 | 41,556 | (20,492) | |||||||||
Segment profit | [1] | (44,760) | (43,841) | (30,088) | ||||||||
Additions to long-lived assets | 1,919 | 1,906 | 1,211 | |||||||||
Total assets | 100,947 | 93,468 | 100,947 | 93,468 | ||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Earnings from equity method investments | 87,771 | 93,219 | 79,350 | |||||||||
Depreciation and amortization expense | 100,882 | 98,397 | 66,409 | |||||||||
Income tax expense (benefit) | 33,530 | 46,513 | (17,254) | |||||||||
Segment profit | [1] | 232,049 | 223,656 | 183,349 | ||||||||
Additions to long-lived assets | 526,444 | 383,284 | 753,490 | |||||||||
Total assets | $ 2,871,296 | $ 2,589,802 | 2,871,296 | 2,589,802 | ||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 1,455,094 | 2,122,579 | 1,427,016 | |||||||||
Operating Segments [Member] | Crude Transportation [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 81,991 | 84,718 | 34,917 | |||||||||
Operating Segments [Member] | Crude Facilities [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 45,936 | 44,007 | 46,697 | |||||||||
Operating Segments [Member] | Crude Supply and Logistics [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 716,784 | 1,169,372 | 685,588 | |||||||||
Operating Segments [Member] | SemGas [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 231,569 | 342,286 | 207,134 | |||||||||
Operating Segments [Member] | SemCAMS [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 136,197 | 176,724 | 198,450 | |||||||||
Operating Segments [Member] | SemLogistics [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 24,351 | 12,650 | 11,671 | |||||||||
Operating Segments [Member] | SemMexico [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 211,291 | 290,869 | 242,559 | |||||||||
Operating Segments [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 6,975 | 1,953 | 0 | |||||||||
Intersegment Eliminations [Member] | Crude Transportation [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 15,021 | 10,840 | 225 | |||||||||
Intersegment Eliminations [Member] | SemGas [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | 20,605 | 37,897 | 23,985 | |||||||||
Intersegment Eliminations [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Revenue | $ (35,626) | $ (48,737) | $ (24,210) | |||||||||
[1] | (1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Crude oil | $ 59,121 | $ 26,722 |
Asphalt and other | 11,118 | 16,810 |
Inventories | $ 70,239 | $ 43,532 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | |||
Inventory valuation adjustment | $ 2,590 | $ 5,667 | $ 0 |
Crude Supply and Logistics [Member] | Crude Oil [Member] | |||
Inventory [Line Items] | |||
Inventory valuation adjustment | $ 2,600 | $ 5,700 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Other prepaid expenses | $ 6,252 | $ 5,989 |
Deferred tax asset | 2,321 | 5,897 |
Other | 10,814 | 8,131 |
Total other current assets | $ 19,387 | $ 20,017 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Assets [Abstract] | |||
Debt issuance costs, net | [1] | $ 23,728 | $ 22,203 |
Deferred tax asset | 34,848 | 13,933 | |
Other | 3,579 | 8,250 | |
Total other noncurrent assets, net | $ 62,155 | $ 44,386 | |
[1] | See Note 15 for discussion of debt issuance costs. |
Property, Plant and Equipment75
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,886,590 | $ 1,502,454 |
Accumulated depreciation | (319,769) | (245,629) |
Property, plant and equipment, net | 1,566,821 | 1,256,825 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 89,815 | 81,886 |
Pipelines and related facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 338,789 | 283,347 |
Storage and terminal facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 283,608 | 284,300 |
Natural gas gathering and processing facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 810,358 | 606,553 |
Linefill [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26,900 | 26,050 |
Trucking equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 43,157 | 40,392 |
Office and other property and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,818 | 37,120 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 248,145 | $ 142,806 |
Property, Plant and Equipment76
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 90.5 | $ 82.5 | $ 60.4 |
Capitalized interest costs | $ 1 | $ 1.5 | $ 4.3 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Goodwill | $ 48,032 | $ 58,326 | $ 62,021 | $ 9,884 |
Crude Transportation [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 26,628 | 36,116 | ||
SemGas [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 13,052 | 13,052 | ||
SemMexico [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 8,352 | $ 9,158 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 58,326 | $ 62,021 | $ 9,884 |
Currency translation adjustments | (806) | (702) | (24) |
Goodwill, Ending Balance | 48,032 | 58,326 | 62,021 |
SemGas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 13,052 | ||
Goodwill, Ending Balance | 13,052 | 13,052 | |
Crude Transportation [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 36,116 | ||
Goodwill, Impairment Loss | (9,488) | ||
Goodwill, Ending Balance | $ 26,628 | 36,116 | |
Barcas Field Services, LLC [Member] | Crude Transportation [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 28,322 | ||
Goodwill, Purchase Accounting Adjustments | (98) | ||
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 23,839 | ||
Goodwill, Purchase Accounting Adjustments | (10,787) | ||
Chesapeake crude oil trucking assets [Member] | Crude Transportation [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 7,892 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 191,738 | $ 193,610 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (29,515) | (20,545) | ||
Finite-lived intangible assets, net | 162,223 | 173,065 | $ 174,838 | $ 7,585 |
Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 188,304 | 189,583 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (26,975) | (17,963) | ||
Finite-lived intangible assets, net | 161,329 | 171,620 | ||
Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 493 | 570 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (378) | (379) | ||
Finite-lived intangible assets, net | 115 | 191 | ||
Unpatented Technology [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 2,941 | 3,457 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,162) | (2,203) | ||
Finite-lived intangible assets, net | $ 779 | $ 1,254 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, beginning balance | $ 173,065 | $ 174,838 | $ 7,585 |
Amortization | (10,334) | (15,875) | (6,018) |
Currency translation adjustments | (508) | (545) | 9 |
Finite-Lived Intangible Assets, Net, ending balance | $ 162,223 | 173,065 | 174,838 |
Barcas Field Services, LLC [Member] | Crude Transportation [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | 6,930 | ||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | (50) | ||
Mid-America Midstream Gas Services, LLC [Member] | SemGas [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | $ 166,332 | ||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | (2,313) | ||
Chesapeake crude oil trucking assets [Member] | Crude Transportation [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Customer contract intangible asset acquired | $ 17,010 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Other Intangible Assets [Abstract] | ||||
For year ending, December 31, 2015 | $ 10,928 | |||
For year ending, December 31, 2016 | 11,011 | |||
For year ending, December 31, 2017 | 10,918 | |||
For year ending, December 31, 2018 | 10,316 | |||
For year ending, December 31, 2019 | 9,649 | |||
Thereafter | 109,401 | |||
Total estimated amortization expense | $ 162,223 | $ 173,065 | $ 174,838 | $ 7,585 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Line Items] | |
Goodwill, Amortization Period for Income Taxes | 15 years |
NGL Energy [Member] | |
Goodwill [Line Items] | |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 46,400 |
Glass Mountain Pipeline LLC [Member] | |
Goodwill [Line Items] | |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 31,000 |
Crude Transportation [Member] | |
Goodwill [Line Items] | |
Goodwill, Impairment Loss | $ 9,488 |
Financial Instruments and Con83
Financial Instruments and Concentrations of Risk (Details) - Commodity Derivatives [Member] - Level 1 [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 131 | $ 3,311 | |
Derivative Asset, Fair Value, Gross Liability | [1] | (131) | (1,637) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 1,674 | |
Derivative Liability, Fair Value, Gross Liability | 470 | 1,637 | |
Derivative Liability, Fair Value, Gross Asset | [1] | (131) | (1,637) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 339 | $ 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 and Con84
Financial Instruments and Concentrations of Risk (Details 2) - bbl bbl in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales [Member] | |||
Derivative, Nonmonetary Notional Amount, Volume | 23,228 | 6,773 | 2,595 |
Purchases [Member] | |||
Derivative, Nonmonetary Notional Amount, Volume | 22,946 | 6,477 | 2,575 |
Financial Instruments and Con85
Financial Instruments and Concentrations of Risk (Details 3) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0 | $ 1,674 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 339 | $ 0 |
Financial Instruments and Con86
Financial Instruments and Concentrations of Risk (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commodity Contract [Member] | Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized and unrealized gains (losses) from commodity derivatives | $ 8,146 | $ 19,305 | $ (1,593) |
Financial Instruments and Con87
Financial Instruments and Concentrations of Risk (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | $ 58,096 | $ 40,598 | $ 79,351 | $ 80,029 |
Other current assets | 19,387 | 20,017 | ||
Total assets | 2,870,690 | 2,589,802 | ||
Current liabilities | 377,027 | $ 391,662 | ||
Outside Of United States [Member] | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 46,081 | |||
Other current assets | 82,296 | |||
Noncurrent assets | 458,988 | |||
Total assets | 587,365 | |||
Current liabilities | 62,069 | |||
Noncurrent liabilities | 64,771 | |||
Total liabilities | 126,840 | |||
Net assets | 460,525 | |||
CANADA | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 20,729 | |||
Other current assets | 47,267 | |||
Noncurrent assets | 273,967 | |||
Total assets | 341,963 | |||
Current liabilities | 40,541 | |||
Noncurrent liabilities | 47,971 | |||
Total liabilities | 88,512 | |||
Net assets | 253,451 | |||
UNITED KINGDOM | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 8,014 | |||
Other current assets | 3,413 | |||
Noncurrent assets | 144,367 | |||
Total assets | 155,794 | |||
Current liabilities | 5,660 | |||
Noncurrent liabilities | 15,633 | |||
Total liabilities | 21,293 | |||
Net assets | 134,501 | |||
MEXICO | ||||
Concentration of net assets outside of the U.S. | ||||
Cash and cash equivalents | 17,338 | |||
Other current assets | 31,616 | |||
Noncurrent assets | 40,654 | |||
Total assets | 89,608 | |||
Current liabilities | 15,868 | |||
Noncurrent liabilities | 1,167 | |||
Total liabilities | 17,035 | |||
Net assets | $ 72,573 |
Financial Instruments and Con88
Financial Instruments and Concentrations of Risk (Details Textual) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)employees | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)employeesCustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Level 2 and level 3 fair value transactions | $ 0 | $ 0 | $ 0 | ||||||||
Margin deposits | $ 2,900,000 | $ 800,000 | 2,900,000 | 800,000 | |||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,600,000 | 2,500,000 | 2,600,000 | 2,500,000 | |||||||
Fair Value Adjustment of Warrants | 0 | 13,423,000 | 46,433,000 | ||||||||
Revenues | $ 382,493,000 | $ 397,065,000 | $ 377,226,000 | $ 298,310,000 | $ 547,237,000 | $ 594,235,000 | $ 482,224,000 | $ 498,883,000 | $ 1,455,094,000 | $ 2,122,579,000 | 1,427,016,000 |
Number of employees | employees | 1,160 | 1,160 | |||||||||
Unionized Employees Concentration Risk [Member] | Canada And Mexico [Member] | |||||||||||
Number of employees | 130 | 130 | |||||||||
Number of employees with contracts expiring in collective bargaining agreements | 68 | 68 | |||||||||
Number of employees with contracts renewing collective bargaining agreements | employees | 60 | 60 | |||||||||
Sales Revenue, Goods, Net [Member] | Crude Supply and Logistics [Member] | |||||||||||
Number of customers | Customer | 2 | ||||||||||
Cost of Goods, Total [Member] | Crude Supply and Logistics [Member] | |||||||||||
purchases of product | $ 232,600,000 | ||||||||||
Cost of Goods, Total [Member] | Customer Concentration Risk [Member] | Crude Supply and Logistics [Member] | |||||||||||
Number of Suppliers | 2 | ||||||||||
Concentration of risk, percentage | 24.00% | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Crude Supply and Logistics [Member] | |||||||||||
Number of customers | Customer | 1 | ||||||||||
Concentration of risk, percentage | 39.00% | ||||||||||
Processing volumes [Member] | SemGas [Member] | |||||||||||
Concentration of risk, percentage | 92.00% | ||||||||||
Number of producers | Customer | 3 | ||||||||||
Gathering volumes [Member] | SemGas [Member] | |||||||||||
Concentration of risk, percentage | 93.00% | ||||||||||
Number of producers | Customer | 3 | ||||||||||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||
Warrant liability | $ 58,100,000 | ||||||||||
Outside Of United States [Member] | |||||||||||
Number of employees | 555 | 555 | |||||||||
Shell Trading Company [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||||
Revenues | $ 457,300,000 | ||||||||||
BP Oil Supply Company [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||||
Revenues | $ 146,200,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $ 46,728 | $ 39,231 | $ 40,002 | ||||||||
Foreign | 29,618 | 59,340 | 8,497 | ||||||||
Income (loss) from continuing operations before income taxes | $ 2,945 | $ 19,587 | $ 43,296 | $ 10,518 | $ 25,272 | $ 56,286 | $ (19,256) | $ 36,269 | $ 76,346 | $ 98,571 | $ 48,499 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||||||||||
Deferred income tax provision (benefit) | $ 29,197 | $ 36,148 | $ (36,274) | ||||||||
Provision (benefit) for income taxes | $ 3,921 | $ 10,006 | $ 14,861 | $ 4,742 | $ 12,569 | $ 24,090 | $ (6,672) | $ 16,526 | 33,530 | 46,513 | (17,254) |
Continuing Operations [Member] | |||||||||||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||||||||||
Foreign | 4,301 | 10,430 | 15,546 | ||||||||
U.S. federal | 0 | (195) | 2,067 | ||||||||
U.S. state | 32 | 132 | 1,435 | ||||||||
Current income tax provision (benefit) | 4,333 | 10,367 | 19,048 | ||||||||
Foreign | 4,747 | 2,024 | (10,222) | ||||||||
U.S. federal | 21,865 | 30,074 | (23,756) | ||||||||
U.S. state | 2,585 | 4,048 | (2,324) | ||||||||
Deferred income tax provision (benefit) | 29,197 | 36,146 | (36,302) | ||||||||
Provision (benefit) for income taxes | $ 33,530 | $ 46,513 | $ (17,254) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income (loss) from continuing operations before income taxes | $ 2,945 | $ 19,587 | $ 43,296 | $ 10,518 | $ 25,272 | $ 56,286 | $ (19,256) | $ 36,269 | $ 76,346 | $ 98,571 | $ 48,499 |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Provision at statutory rate | $ 26,721 | $ 34,500 | $ 16,975 | ||||||||
State income taxes—net of federal benefit | 1,701 | 3,197 | (577) | ||||||||
Effect of rates other than statutory | (2,306) | (1,925) | (1,041) | ||||||||
Effect of U.S. taxation on foreign branches | 10,366 | 20,769 | 2,974 | ||||||||
Foreign tax adjustment, prior years | 7 | (3,669) | 4,533 | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 0 | 4,698 | 24,625 | ||||||||
Noncontrolling interest | 4,373 | 7,986 | 6,096 | ||||||||
Foreign tax credit and offset to branch deferreds | (1,740) | 6,851 | (2,876) | ||||||||
Impact of valuation allowance on deferred tax assets | 1,740 | (7,331) | (53,218) | ||||||||
Foreign net gain on subsidiary dissolution and intercompany debt waivers | 0 | (13,620) | 0 | ||||||||
Foreign withholding taxes | 6 | 5,054 | 0 | ||||||||
Other, net | 1,408 | 5,975 | (2,553) | ||||||||
Provision (benefit) for income taxes | $ 3,921 | $ 10,006 | $ 14,861 | $ 4,742 | $ 12,569 | $ 24,090 | $ (6,672) | $ 16,526 | $ 33,530 | $ 46,513 | $ (17,254) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss and other credit carryforwards | $ 55,100 | $ 38,835 |
Compensation and benefits | 8,178 | 10,736 |
Inventories | 213 | 280 |
Intangible assets | 35,152 | 43,977 |
Pension plan | 4,643 | 3,733 |
Allowance for doubtful accounts | 1,552 | 1,860 |
Deferred revenue | 4,619 | 7,622 |
Foreign tax credit and offset to branch deferreds | 104,026 | 102,286 |
Other | 41,318 | 17,786 |
less: valuation allowance | (104,509) | (102,769) |
Net deferred tax assets | 150,292 | 124,346 |
Components of Deferred Tax Liabilities [Abstract] | ||
Intangible assets | (4,638) | (5,770) |
Prepaid expenses | (142) | (163) |
Property, plant and equipment | (219,247) | (178,505) |
Equity Investment in partnerships | (85,385) | (78,813) |
Other | (4,107) | (2,549) |
Total deferred tax liabilities | (313,519) | (265,800) |
Net deferred tax liabilities | $ (163,227) | $ (141,454) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Federal net operating loss | $ 127.9 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 90.4 |
U.S. Capital losses | 23.6 |
Forgein income tax credits | 59.3 |
Change in valuation allowance | 1.7 |
Foreign tax credits and offset to branch deferreds [Member] | |
Operating Loss Carryforwards [Line Items] | |
Change in valuation allowance | $ 1.7 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior notes | $ 300,000 | |
Capital leases | 83 | $ 132 |
Total long-term debt | 1,074,628 | 767,132 |
less: current portion of long-term debt | 31 | 40 |
Noncurrent portion of long-term debt | 1,074,597 | 767,092 |
Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 300,000 | 300,000 |
Revolving Credit Facility [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 30,000 | 35,000 |
Revolving Credit Facility [Member] | SemMexico [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 0 |
Rose Rock Midstream L P [Member] | ||
Debt Instrument [Line Items] | ||
Noncurrent portion of long-term debt | 744,597 | 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 | 344,545 | 0 |
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 0 | $ 32,000 |
Long-Term Debt (Details 1)
Long-Term Debt (Details 1) - Corporate Segment [Member] - Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 105.625% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 103.75% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 101.875% |
Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption [Line Items] | |
Early redemption premium | 100.00% |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Details 2) - Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Rose Rock Notes due 2023 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 102.813% |
Rose Rock Notes due 2023 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 101.406% |
Rose Rock Notes due 2023 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 100.00% |
Rose Rock Notes due 2022 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 104.219% |
Rose Rock Notes due 2022 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 102.813% |
Rose Rock Notes due 2022 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 101.406% |
Rose Rock Notes due 2022 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Early redemption premium | 100.00% |
Long-Term Debt (Details 3)
Long-Term Debt (Details 3) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | $ 31 |
Scheduled principal payments, year two | 26 |
Scheduled principal payments, year three | 30,026 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 1,050,000 |
Total long-term debt | 1,080,083 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 0 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 300,000 |
Total long-term debt | 300,000 |
Capital Lease Obligations [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 31 |
Scheduled principal payments, year two | 26 |
Scheduled principal payments, year three | 26 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 0 |
Total long-term debt | 83 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 30,000 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 0 |
Total long-term debt | 30,000 |
Rose Rock Midstream L P [Member] | Senior Notes [Member] | Rose Rock Notes due 2022 [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 0 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 400,000 |
Total long-term debt | 400,000 |
Rose Rock Midstream L P [Member] | Senior Notes [Member] | Rose Rock Notes due 2023 [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 0 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 350,000 |
Total long-term debt | 350,000 |
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 0 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 0 |
Total long-term debt | 0 |
SemMexico [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments in the next twelve months | 0 |
Scheduled principal payments, year two | 0 |
Scheduled principal payments, year three | 0 |
Scheduled principal payments, year four | 0 |
Scheduled principal payments, year five | 0 |
Scheduled principal payments, thereafter | 0 |
Total long-term debt | $ 0 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) $ in Thousands, MXN in Millions | May. 14, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015MXN |
Rose Rock Midstream L P [Member] | Bilateral Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Letters of credit outstanding | $ 42,900 | ||||
Interest rate in effect | 1.75% | 1.75% | |||
Rose Rock Midstream L P [Member] | Minimum [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Line of Credit Facility, Interest Rate During Period | 1.75% | ||||
Rose Rock Midstream L P [Member] | Maximum [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Line of Credit Facility, Interest Rate During Period | 3.00% | ||||
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest expense recorded | $ 6,900 | $ 9,000 | $ 8,700 | ||
Maximum borrowing capacity | 585,000 | ||||
Borrowings outstanding | 0 | 32,000 | |||
Line of Credit Facility, Maximum Borrowing Incremental Increases | 200,000 | ||||
Debt Instrument Annual Administrative Fee | 100 | ||||
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Maximum borrowing capacity | 150,000 | ||||
Letters of credit outstanding | $ 35,300 | ||||
Interest rate in effect | 2.50% | 2.50% | |||
Percentage of line of credit facility fronting fee | 0.25% | ||||
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Commitment fee on unused capacity | 0.375% | ||||
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Commitment fee on unused capacity | 0.50% | ||||
Rose Rock Notes due 2022 [Member] | Rose Rock Midstream L P [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Face Amount | $ 400,000 | ||||
Rose Rock Notes due 2022 [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt instrument, interest rate stated percentage | 5.625% | 5.625% | |||
Interest expense recorded | $ 23,500 | 11,700 | |||
Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt instrument, interest rate stated percentage | 7.50% | 7.50% | |||
Rose Rock Notes due 2023 [Member] | Rose Rock Midstream L P [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Face Amount | $ 350,000 | ||||
Rose Rock Notes due 2023 [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt instrument, interest rate stated percentage | 5.625% | 5.625% | |||
Interest expense recorded | $ 13,200 | ||||
Debt Instrument, Discount, Percentage | 98.345% | ||||
Debt Instrument, Unamortized Discount | $ 5,800 | $ 5,500 | |||
Proceeds from Issuance of Debt | 337,700 | ||||
Deferred borrowing costs | $ 6,500 | ||||
Rose Rock notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Percent of senior notes redeemable from offering proceeds | 35.00% | ||||
Rose Rock notes [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Basis point adjustment to discount rate | 50 | 50 | |||
Sale of stock [Member] | Rose Rock notes [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Early redemption premium | 105.625% | ||||
Change of control [Member] | Rose Rock notes [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Early redemption premium | 101.00% | ||||
Corporate Segment [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Face Amount | $ 300,000 | ||||
Senior Notes Redemable Prior to June 15, 2016 | 35.00% | ||||
Corporate Segment [Member] | Revolving Credit Facility [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest expense recorded | $ 3,800 | 6,300 | 7,700 | ||
Maximum borrowing capacity | 500,000 | ||||
Borrowings outstanding | 30,000 | 35,000 | |||
Line of Credit Facility, Maximum Borrowing Incremental Increases | 300,000 | ||||
Debt Instrument Annual Administrative Fee | 100 | ||||
Corporate Segment [Member] | Revolving Credit Facility [Member] | Alternate Base Rate Borrowings [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Borrowings outstanding | $ 30,000 | ||||
Interest rate in effect | 4.50% | 4.50% | |||
Corporate Segment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest rate in effect | 2.00% | 2.00% | |||
Commitment fee on unused capacity | 0.375% | ||||
Corporate Segment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest rate in effect | 3.25% | 3.25% | |||
Commitment fee on unused capacity | 0.50% | ||||
Corporate Segment [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Maximum borrowing capacity | $ 250,000 | ||||
Letters of credit outstanding | $ 4,700 | ||||
Interest rate in effect | 2.00% | 2.00% | |||
Percentage of line of credit facility fronting fee | 0.25% | ||||
Corporate Segment [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt instrument, interest rate stated percentage | 7.50% | 7.50% | |||
Interest expense recorded | $ 23,300 | 23,300 | 12,700 | ||
SemMexico [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest expense recorded | 100 | 200 | $ 200 | ||
SemMexico [Member] | Revolving Credit Facility [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Maximum borrowing capacity | 5,800 | MXN 100 | |||
Borrowings outstanding | 0 | $ 0 | |||
SemMexico [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Letters of credit outstanding | $ 16,900 | MXN 292.8 | |||
SemMexico [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Interest rate in effect | 0.25% | 0.25% | |||
Fair Value, Inputs, Level 2 [Member] | Rose Rock Notes due 2022 [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Long-term Debt, Fair Value | $ 337,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Rose Rock Notes due 2023 [Member] | Rose Rock Midstream L P [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Long-term Debt, Fair Value | 300,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Corporate Segment [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Long-term Debt, Fair Value | $ 279,000 | ||||
Redemption prior to June 15, 2016 [Member] | Rose Rock notes [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt instrument redemption premium | 1.00% | ||||
Redemption prior to June 15, 2016 [Member] | Corporate Segment [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Early redemption premium | 1.00% | ||||
Basis point adjustment to discount rate | 50 | 50 | |||
Redemption prior to June 15, 2016 [Member] | Corporate Segment [Member] | Sale of stock [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Early redemption premium | 107.50% | ||||
Redemption prior to June 15, 2016 [Member] | Corporate Segment [Member] | Change of control [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Early redemption premium | 101.00% | ||||
Eurodollar [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Eurodollar [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Eurodollar [Member] | Corporate Segment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Eurodollar [Member] | Corporate Segment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||
Base Rate [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Base Rate [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Base Rate [Member] | Corporate Segment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Base Rate [Member] | Corporate Segment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Mexican bank prime rate [Member] | SemMexico [Member] | Line of Credit [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Other Noncurrent Assets [Member] | Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Deferred Finance Costs, Noncurrent, Net | $ 2,800 | ||||
Other Noncurrent Assets [Member] | Rose Rock notes [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Deferred Finance Costs, Noncurrent, Net | 12,200 | ||||
Other Noncurrent Assets [Member] | Corporate Segment [Member] | Revolving Credit Facility [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Deferred Finance Costs, Noncurrent, Net | 4,200 | ||||
Other Noncurrent Assets [Member] | Corporate Segment [Member] | Senior Notes [Member] | |||||
Long Term Debt (Textual) [Abstract] | |||||
Deferred Finance Costs, Noncurrent, Net | $ 4,500 |
Commitments and Contingencies99
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning Balance | $ 41,954 | $ 41,185 | $ 40,105 |
Accretion | 4,748 | 4,807 | 4,752 |
Payments made | (511) | (514) | (808) |
Asset Retirement Obligation, Revision of Estimate | (26,000) | ||
Currency translation adjustments | (4,245) | (3,524) | (2,864) |
Ending Balance | $ 15,946 | $ 41,954 | $ 41,185 |
Commitments and Contingencie100
Commitments and Contingencies (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Due next twelve months | $ 9,218 |
Operating Leases, Due in Two Years | 7,001 |
Operating Leases, Due in Three Years | 3,055 |
Operating Leases, Due in Four Years | 1,941 |
Operating Leases, Due in Five Years | 157 |
Operating Leases, Thereafter | 6,814 |
Operating Leases, Total future minimum lease payments | $ 28,186 |
Commitments and Contingencie101
Commitments and Contingencies (Details 2) bbl in Thousands, $ in Thousands | Dec. 31, 2015USD ($)bbl |
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 2,907 |
Sale commitments, Value | $ | $ 116,329 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 19,691 |
Sale commitments, Value | $ | $ 709,991 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 1,976 |
Purchase commitments, Value | $ | $ 71,709 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 17,361 |
Purchase commitments, Value | $ | $ 652,122 |
Commitments and Contingencie102
Commitments and Contingencies (Details 3) - Fractionation capacity [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | $ 11,804 |
Purchase Obligation, Due in Second Year | 11,938 |
Purchase Obligation, Due in Third Year | 10,060 |
Purchase Obligation, Due in Fourth Year | 9,121 |
Purchase Obligation, Due in Fifth Year | 8,451 |
Purchase Obligation, Due after Fifth Year | 15,941 |
Purchase Obligation | $ 67,315 |
Commitments and Contingencie103
Commitments and Contingencies (Details Textual) bbl in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)bblNumber_Of_Sites | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Commitments and Contingencies (Textual) [Abstract] | |||
Site contingency number of sites checked | Number_Of_Sites | 6 | ||
Number of sites appearing to have soil contamination | Number_Of_Sites | 4 | ||
Number of sites requiring remediation and water contamination as per phase two investigations | Number_Of_Sites | 4 | ||
Number of sites closed | Number_Of_Sites | 1 | ||
Estimated cost to retire facilities | $ 117,800,000 | ||
Asset Retirement Obligation, Revision of Estimate | (26,000,000) | ||
Asset retirement obligation additional estimated costs attributable to third-party owners' | 20,000,000 | ||
Operating leases, rent expense | $ 15,500,000 | $ 16,200,000 | $ 11,400,000 |
Sites being monitored for ground water contamination | 2 | ||
Sites completing assessment | 2 | ||
Crude Transportation [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Site contingency number of sites checked | Number_Of_Sites | 5 | ||
SemGas [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Site contingency number of sites checked | Number_Of_Sites | 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 | ||
SemCAMS [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Asset Retirement Obligation, Revision of Estimate | $ (26,000,000) | ||
Pipeline transportation capacity [Member] | Rose Rock Midstream L P [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | bbl | 5 | ||
Term of unconditional purchase obligation | 7 years | ||
Unrecorded unconditional purchase obligation, annual amount | $ 11,900,000 | ||
Pipeline transportation capacity [Member] | White Cliffs Pipeline, LLC [Member] | Rose Rock Midstream L P [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | bbl | 5 | ||
Term of unconditional purchase obligation | 5 years | ||
Unrecorded unconditional purchase obligation, annual amount | $ 9,400,000 | ||
Pipeline transportation capacity [Member] | SemGas [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Unrecorded Unconditional Purchase Obligation | 110,700 | ||
Capital Addition Purchase Commitments [Member] | Maurepas Pipeline, LLC [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Purchase Obligation, Due in Next Twelve Months | $ 325,000,000 |
Equity (Details)
Equity (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 24,882 | 6,999 | |||
Shares paid for tax withholding | 62,291 | 11,120 | 8,591 | ||
Shares issued upon exercise of warrants [Member] | |||||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 904,231 | 425,618 | |||
Common Class A [Member] | |||||
Schedule of Common Stock | |||||
Common Stock, Shares, Outstanding | 43,614,054 | 42,504,656 | 41,971,050 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 24,882 | 6,999 | |||
Common Stock, Shares, Outstanding | 43,823,739 | [1] | 43,614,054 | 42,504,656 | |
Common Class A [Member] | Issuance of shares under employee and director compensation programs [Member] | |||||
Schedule of Common Stock | |||||
Awards vested, shares | [2] | 184,803 | 169,933 | 107,988 | |
Common Class A [Member] | Shares issued upon exercise of warrants [Member] | |||||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 904,231 | 425,618 | |||
Common Class A [Member] | Conversion of class B shares [Member] | |||||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 28,235 | ||||
Class B | |||||
Schedule of Common Stock | |||||
Common Stock, Shares, Outstanding | 0 | 28,235 | 28,235 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | 0 | |||
Awards vested, shares | 0 | 0 | 0 | ||
Common Stock, Shares, Outstanding | 0 | 0 | 28,235 | ||
Class B | Shares issued upon exercise of warrants [Member] | |||||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | |||
Class B | Conversion of class B shares [Member] | |||||
Schedule of Common Stock | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (28,235) | ||||
[1] | (2) In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2015. The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets. | ||||
[2] | (1) Of these vested shares, recipients sold back to the Company 62,291, 11,120 and 8,591 shares during the years ended December 31, 2015, 2014 and 2013, respectively, to satisfy tax withholding obligations. These repurchased shares are being recognized at cost as treasury stock on the consolidated balance sheet. |
Equity Equity (Details 2)
Equity Equity (Details 2) - $ / shares | Mar. 17, 2016 | Nov. 24, 2015 | Aug. 25, 2015 | May. 29, 2015 | Mar. 20, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | Mar. 10, 2014 | May. 19, 2014 | Nov. 22, 2013 | Aug. 19, 2013 | May. 30, 2013 | Dec. 31, 2015 |
Dividends paid | $ 0.45 | $ 0.42 | $ 0.38 | $ 0.34 | $ 0.30 | $ 0.27 | $ 0.22 | $ 0.24 | $ 0.21 | $ 0.20 | $ 0.19 | ||
Dividends Payable, Date to be Paid | Nov. 24, 2015 | Aug. 25, 2015 | May 29, 2015 | Mar. 20, 2015 | Nov. 28, 2014 | Aug. 28, 2014 | Mar. 20, 2014 | May 29, 2014 | Dec. 3, 2013 | Aug. 30, 2013 | May 30, 2013 | ||
Second quarter 2013 dividend [Member] | |||||||||||||
Dividends, date declared | May 8, 2013 | ||||||||||||
Dividends, date of record | May 20, 2013 | ||||||||||||
Third quarter 2013 dividend [Member] | |||||||||||||
Dividends, date declared | Aug. 8, 2013 | ||||||||||||
Dividends, date of record | Aug. 19, 2013 | ||||||||||||
Fourth quarter 2013 dividend [Member] | |||||||||||||
Dividends, date declared | Nov. 11, 2013 | ||||||||||||
Dividends, date of record | Nov. 22, 2013 | ||||||||||||
First quarter 2014 dividend [Member] | |||||||||||||
Dividends, date declared | Feb. 25, 2014 | ||||||||||||
Dividends, date of record | Mar. 10, 2014 | ||||||||||||
Second quarter 2014 dividend [Member] [Member] | |||||||||||||
Dividends, date declared | May 8, 2014 | ||||||||||||
Dividends, date of record | May 19, 2014 | ||||||||||||
Third quarter 2014 dividend [Member] | |||||||||||||
Dividends, date declared | Aug. 6, 2014 | ||||||||||||
Dividends, date of record | Aug. 18, 2014 | ||||||||||||
Fourth quarter 2014 dividend [Member] | |||||||||||||
Dividends, date declared | Nov. 6, 2014 | ||||||||||||
Dividends, date of record | Nov. 17, 2014 | ||||||||||||
First quarter 2015 dividend [Member] | |||||||||||||
Dividends, date declared | Feb. 26, 2015 | ||||||||||||
Dividends, date of record | Mar. 9, 2015 | ||||||||||||
Second quarter 2015 dividend [Member] | |||||||||||||
Dividends, date declared | May 6, 2015 | ||||||||||||
Dividends, date of record | May 18, 2015 | ||||||||||||
Third quarter 2015 dividend [Member] [Member] | |||||||||||||
Dividends, date declared | Aug. 4, 2015 | ||||||||||||
Dividends, date of record | Aug. 17, 2015 | ||||||||||||
Fourth quarter 2015 dividend [Member] | |||||||||||||
Dividends, date declared | Nov. 3, 2015 | ||||||||||||
Dividends, date of record | Nov. 16, 2015 | ||||||||||||
first quarter 2016 dividend [Member] | |||||||||||||
Dividends, date declared | Feb. 24, 2016 | ||||||||||||
Dividends, date of record | Mar. 7, 2016 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Dividends Payable, Date to be Paid | Mar. 17, 2016 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.45 |
Equity (Details Textual)
Equity (Details Textual) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | Dec. 31, 2012 | ||
Equity [Line Items] | ||||||
Shares paid for tax withholding | 62,291 | 11,120 | 8,591 | |||
Common stock shares authorized | 100,000,000 | 100,000,000 | ||||
Par value per share | $ 0.01 | $ 0.01 | ||||
Price of purchase of one share of common stock against warrant | $ 25 | |||||
Class A [Member] | ||||||
Equity [Line Items] | ||||||
Common stock shares authorized | 90,000,000 | |||||
Par value per share | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 43,823,739 | [1] | 43,614,054 | 42,504,656 | 41,971,050 | |
Class B [Member] | ||||||
Equity [Line Items] | ||||||
Common stock shares authorized | 10,000,000 | |||||
Par value per share | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 0 | 0 | 28,235 | 28,235 | ||
Awards vested, shares | 0 | 0 | 0 | |||
Shares issued upon exercise of warrants [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued from warrant exercises, shares | 904,231 | 425,618 | ||||
Shares issued upon exercise of warrants [Member] | Class A [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued from warrant exercises, shares | 904,231 | 425,618 | ||||
Shares issued upon exercise of warrants [Member] | Class B [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued from warrant exercises, shares | 0 | 0 | ||||
[1] | (2) In addition to the shares in the table above, there are shares of unvested restricted stock outstanding at December 31, 2015. The par value of these shares has not yet been reflected in common stock on the consolidated balance sheet, as these shares have not yet vested. There are also shares of restricted stock that were returned to treasury upon forfeiture. The par value of these shares is not reflected in the consolidated balance sheet, as no accounting recognition is given to forfeited shares. Certain unvested restricted stock is considered legally issued and outstanding and is included in the number of shares presented on the consolidated balance sheets. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 42,816 | $ 52,058 | $ 65,753 | ||||||||
Basic earnings per share | |||||||||||
Net income (loss) | $ (977) | $ 9,580 | $ 28,433 | $ 5,776 | $ 12,707 | $ 32,196 | $ (12,584) | $ 19,738 | 42,812 | 52,057 | 65,812 |
Income (loss) from discontinued operations, net of income taxes | (1) | (1) | (2) | 0 | 4 | 0 | 0 | (5) | (4) | (1) | 59 |
less: Income attributable to noncontrolling interest | $ (1,661) | $ 4,707 | $ 5,136 | $ 4,310 | $ 4,633 | $ 6,934 | $ 5,025 | $ 6,150 | 12,492 | 22,817 | 17,710 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 30,320 | $ 29,240 | $ 48,102 | ||||||||
Weighted average common stock outstanding | 43,787 | 42,665 | 42,339 | ||||||||
Basic earnings (loss) per share, net | $ 0.02 | $ 0.11 | $ 0.53 | $ 0.03 | $ 0.19 | $ 0.59 | $ (0.41) | $ 0.32 | $ 0.69 | $ 0.69 | $ 1.14 |
Continuing Operations [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 42,816 | $ 52,058 | $ 65,753 | ||||||||
Basic earnings per share | |||||||||||
less: Income attributable to noncontrolling interest | 12,492 | 22,817 | 17,710 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 30,324 | $ 29,241 | $ 48,043 | ||||||||
Weighted average common stock outstanding | 43,787 | 42,665 | 42,339 | ||||||||
Basic earnings (loss) per share from continuing operations | $ 0.69 | $ 0.69 | $ 1.13 | ||||||||
Discontinued Operations [Member] | |||||||||||
Basic earnings per share | |||||||||||
Income (loss) from discontinued operations, net of income taxes | $ (4) | $ (1) | $ 59 | ||||||||
less: Income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (4) | $ (1) | $ 59 | ||||||||
Weighted average common stock outstanding | 43,787 | 42,665 | 42,339 | ||||||||
Basic earnings (loss) per share from discontinued operations | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 42,816 | $ 52,058 | $ 65,753 | ||||||||
Diluted earnings per share | |||||||||||
Net income (loss) | $ (977) | $ 9,580 | $ 28,433 | $ 5,776 | $ 12,707 | $ 32,196 | $ (12,584) | $ 19,738 | 42,812 | 52,057 | 65,812 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | (1) | (2) | 0 | 4 | 0 | 0 | (5) | (4) | (1) | 59 |
Less: net income attributable to noncontrolling interests | $ (1,661) | $ 4,707 | $ 5,136 | $ 4,310 | $ 4,633 | $ 6,934 | $ 5,025 | $ 6,150 | 12,492 | 22,817 | 17,710 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 30,320 | $ 29,240 | $ 48,102 | ||||||||
Weighted Average Number of Shares Issued, Basic | 43,787 | 42,665 | 42,339 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 183 | 302 | 307 | ||||||||
Diluted weighted average common stock outstanding | 43,970 | 42,967 | 42,646 | ||||||||
Earnings Per Share, Diluted | $ 0.02 | $ 0.11 | $ 0.53 | $ 0.03 | $ 0.18 | $ 0.59 | $ (0.41) | $ 0.29 | $ 0.69 | $ 0.68 | $ 1.13 |
Continuing Operations [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 42,816 | $ 52,058 | $ 65,753 | ||||||||
Diluted earnings per share | |||||||||||
Less: net income attributable to noncontrolling interests | 12,492 | 22,817 | 17,710 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 30,324 | $ 29,241 | $ 48,043 | ||||||||
Weighted Average Number of Shares Issued, Basic | 43,787 | 42,665 | 42,339 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 183 | 302 | 307 | ||||||||
Diluted weighted average common stock outstanding | 43,970 | 42,967 | 42,646 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.69 | $ 0.68 | $ 1.13 | ||||||||
Discontinued Operations [Member] | |||||||||||
Diluted earnings per share | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (4) | $ (1) | $ 59 | ||||||||
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (4) | $ (1) | $ 59 | ||||||||
Weighted Average Number of Shares Issued, Basic | 43,787 | 42,665 | 42,339 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 183 | 302 | 307 | ||||||||
Diluted weighted average common stock outstanding | 43,970 | 42,967 | 42,646 | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $ 0 | $ 0 | $ 0 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - Stock Compensation Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Outstanding, shares | 449,919 | 530,603 | 450,552 |
Awards granted, shares | 151,789 | 207,786 | 201,451 |
Awards vested, shares | (181,906) | (169,340) | (107,988) |
Awards forfeited, shares | (8,494) | (119,130) | (13,412) |
Outstanding, shares | 411,308 | 449,919 | 530,603 |
Awards outstanding, average grant date fair value | $ 70.69 | $ 36.80 | $ 26.87 |
Awards granted, average grant date fair value per share | 77.93 | 77.14 | 52.78 |
Awards vested, average grant date fair value per share | 35.18 | 33.07 | 25.71 |
Awards forfeited, average grant date fair value per share | 42.05 | 42.16 | 32.36 |
Awards outstanding, average grant date fair value | $ 75.25 | $ 70.69 | $ 36.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 6,399 | $ 5,600 | $ 2,776 |
Equity-Based Compensation (D110
Equity-Based Compensation (Details 1) - Rose Rock Midstream L P [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, shares | 102,340 | 82,948 | 43,960 |
Awards granted, shares | 36,527 | 46,536 | 49,104 |
Awards vested, shares | (38,366) | (5,712) | (9,333) |
Awards forfeited, shares | (310) | (21,432) | (783) |
Outstanding, shares | 100,191 | 102,340 | 82,948 |
Awards outstanding, average grant date fair value | $ 33.79 | $ 28.59 | $ 21.91 |
Awards granted, average grant date fair value per share | 39.03 | 41.35 | 34.41 |
Awards vested, average grant date fair value per share | 27.54 | 35.87 | 27.25 |
Awards forfeited, average grant date fair value per share | 42.80 | 29.82 | 34.40 |
Awards outstanding, average grant date fair value | $ 38.70 | $ 33.79 | $ 28.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 1,057 | $ 205 | $ 254 |
Equity-Based Compensation (D111
Equity-Based Compensation (Details 2) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.80% | 29.30% | 28.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.06% | 0.66% | 0.35% |
Equity-Based Compensation (D112
Equity-Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding | 62,291 | 11,120 | 8,591 |
Shares issued based on unit distribution rights vested during period | 1,793 | 593 | 0 |
Equity-based compensation expense recognized | $ 9,100 | $ 7,300 | $ 6,500 |
Unrecognized compensation expense for nonvested awards | $ 13,000 | ||
Weighted average vesting period | 17 months | ||
Employee stock purchase plan maximum contribution | 10.00% | ||
Employee stock purchase plan discounted price | 85.00% | ||
Shares authorized for employee stock purchase plan | 1,000,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 24,882 | 6,999 | |
Percentage of volatility assumption based on historical volatility | 50.00% | ||
Percentage of volatility assumption based on implied volatility | 50.00% | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance pursuant to employee and director compensation programs | 2,781,635 | ||
Awards vested, shares | 181,906 | 169,340 | 107,988 |
Shares paid for tax withholding | 62,291 | 11,120 | 8,591 |
2015 stock compensation awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation awards which could vest if certain targets are met | 72,000 | ||
Cash settled UUD [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Dividend Equivalent Value | $ 595 | ||
2014 stock compensation awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation awards which could vest if certain targets are met | 51,000 | ||
2013 stock compensation awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation awards which could vest if certain targets are met | 47,000 | ||
Rose Rock equity incentive plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 1,400 | $ 900 | $ 800 |
Unrecognized compensation expense for nonvested awards | $ 1,900 | ||
Weighted average vesting period | 14 months | ||
Rose Rock equity incentive plan [Member] | Cash settled UUD [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Dividend Equivalent Value | $ 381 | ||
Rose Rock equity incentive plan [Member] | Distribution equivalent [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vested, shares | 3,335 | 0 | 406 |
Rose Rock Midstream L P [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vested, shares | 38,366 | 5,712 | 9,333 |
Rose Rock Midstream L P [Member] | Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding | 12,892 | 0 | 0 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Goods and Nonemployee Services Transaction, Securities Issued | 1,104 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 23,865 | $ 29,266 |
Fair value of plan assets | 22,204 | 26,368 |
Other Noncurrent Liabilities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status: | $ (1,661) | $ (2,898) |
Employee Benefit Plans (Deta114
Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Postretirement Benefits [Line Items] | |||
Contributions to the defined contribution plans | $ 2,400 | $ 1,900 | $ 1,100 |
Funded status of the pension plans to other comprehensive income (loss), net of income taxes | 700 | (3,700) | $ 4,800 |
Projected benefit obligation | 23,865 | 29,266 | |
Other Noncurrent Liabilities [Member] | |||
Postretirement Benefits [Line Items] | |||
Funded status of the Pension Plans | (1,661) | (2,898) | |
Postretirement Health Coverage [Member] | Other Noncurrent Liabilities [Member] | |||
Postretirement Benefits [Line Items] | |||
Projected benefit obligation | $ 1,400 | $ 1,700 |
Accumulated Other Comprehens115
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Beginning Balance | $ (27,141) | $ (2,854) | $ (1,299) |
Currency translation adjustments | (32,142) | (20,551) | (6,363) |
Changes related to benefit plans, net of income tax expense | 721 | (3,736) | 4,808 |
Ending Balance | (58,562) | (27,141) | (2,854) |
Currency Translation [Member] | |||
Beginning Balance | (25,059) | (4,508) | 1,855 |
Currency translation adjustments | (32,142) | (20,551) | (6,363) |
Changes related to benefit plans, net of income tax expense | 0 | 0 | 0 |
Ending Balance | (57,201) | (25,059) | (4,508) |
Employee Benefit Plans [Member] | |||
Beginning Balance | (2,082) | 1,654 | (3,154) |
Currency translation adjustments | 0 | 0 | 0 |
Changes related to benefit plans, net of income tax expense | (721) | 3,736 | 4,808 |
Ending Balance | $ (1,361) | $ (2,082) | $ 1,654 |
Accumulated Other Comprehens116
Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Changes related to benefit plans, income tax expense (benefit) | $ 240 | $ (1,245) | $ 1,603 |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ (19,593) | $ (11,102) | $ (3,993) |
Supplemental Cash Flow Infor117
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of operating assets and liabilities | |||
Decrease (increase) in restricted cash | $ 6,764 | $ (2,045) | $ 29,467 |
Decrease (increase) in accounts receivable | 9,051 | (32,602) | 11,172 |
Decrease (increase) in receivable from affiliates | 10,905 | 50,454 | (61,095) |
Decrease (increase) in inventories | (31,043) | (6,243) | (11,352) |
Decrease (increase) in derivatives and margin deposits | (2,109) | 28 | 1,012 |
Decrease (increase) in other current assets | (413) | (614) | 9,361 |
Increase (decrease) in other noncurrent assets | (4,015) | (2) | (137) |
Increase (decrease) in accounts payable and accrued liabilities | 2,513 | 11,461 | 31,030 |
Increase (decrease) in payable to affiliates | (8,427) | (48,819) | 62,279 |
Increase (decrease) in payables to pre-petition creditors | (3,837) | (54) | (29,609) |
Increase (decrease) in other noncurrent liabilities | (2,625) | 5,067 | (2,541) |
Total changes in operating assets and liabilities | $ (15,206) | $ (23,365) | $ 39,861 |
Supplemental Cash Flow Infor118
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | $ 20,772 | $ 31,930 | $ 67,291 |
Tax effect of adjustment to APIC from sale of equity investment to less than wholly owned subsidiary | 20,800 | 31,930 | 67,291 |
Proceeds from warrant exercises | 0 | 1,451 | 225 |
Interest Paid | 64,900 | 36,700 | 23,900 |
Income taxes (net of refunds received) | 7,300 | 23,500 | 13,900 |
Capital Expenditures Incurred but Not yet Paid | 11,800 | 7,000 | 10,100 |
Proceeds from Sale of Equity Method Investments | 56,318 | 79,741 | 0 |
Noncontrolling Interest [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | 51,452 | 85,173 | 180,220 |
Additional Paid-in Capital [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Sale of interest in equity investment to related party | (30,680) | $ (53,243) | $ (112,929) |
Shares issued upon exercise of warrants [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Stock issued from warrant exercises, shares | 904,231 | 425,618 | |
Warrant [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase in additional paid in capital due to warrant exercises | $ 73,000 | $ 21,400 | |
Ngl Energy Partners Lp [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Proceeds from Sale of Equity Method Investments | 88,800 | ||
Proceeds from Sale of Equity Method Investments | $ 56,300 | $ 79,700 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 382,493 | $ 397,065 | $ 377,226 | $ 298,310 | $ 547,237 | $ 594,235 | $ 482,224 | $ 498,883 | $ 1,455,094 | $ 2,122,579 | $ 1,427,016 |
Loss (gain) on disposal or impairment of long-lived assets, net | 9,993 | (951) | 1,372 | 1,058 | (11,959) | 1,376 | 19,315 | (58) | 11,472 | 32,592 | (239) |
Other operating costs and expenses | 371,512 | 376,973 | 352,549 | 301,206 | 530,150 | 575,936 | 471,863 | 478,264 | 1,402,240 | 2,056,213 | |
Total expenses | 381,505 | 376,022 | 353,921 | 302,264 | 542,109 | 577,312 | 491,178 | 478,206 | 1,413,712 | 2,088,805 | 1,388,452 |
Earnings from equity method investments | 20,687 | 16,237 | 23,903 | 20,559 | 15,827 | 14,223 | 19,187 | 14,962 | 81,386 | 64,199 | 52,477 |
Gain on issuance of common units by equity method investee | 352 | 136 | 5,897 | 0 | 2,121 | 18,772 | 0 | 8,127 | 6,385 | 29,020 | 26,873 |
Operating income | 22,027 | 37,416 | 53,105 | 16,605 | 23,076 | 49,918 | 10,233 | 43,766 | 129,153 | 126,993 | 117,914 |
Other expenses, net | 19,082 | 17,829 | 9,809 | 6,087 | (2,196) | (6,368) | 29,489 | 7,497 | 52,807 | 28,422 | 69,415 |
Income (loss) from continuing operations before income taxes | 2,945 | 19,587 | 43,296 | 10,518 | 25,272 | 56,286 | (19,256) | 36,269 | 76,346 | 98,571 | 48,499 |
Income tax expense (benefit) | 3,921 | 10,006 | 14,861 | 4,742 | 12,569 | 24,090 | (6,672) | 16,526 | 33,530 | 46,513 | (17,254) |
Income (loss) from continuing operations | (976) | 9,581 | 28,435 | 5,776 | 12,703 | 32,196 | (12,584) | 19,743 | 42,816 | 52,058 | 65,753 |
Income (loss) from discontinued operations, net of income taxes | (1) | (1) | (2) | 0 | 4 | 0 | 0 | (5) | (4) | (1) | 59 |
Net income (loss) | (977) | 9,580 | 28,433 | 5,776 | 12,707 | 32,196 | (12,584) | 19,738 | 42,812 | 52,057 | 65,812 |
Less: net income attributable to noncontrolling interests | (1,661) | 4,707 | 5,136 | 4,310 | 4,633 | 6,934 | 5,025 | 6,150 | 12,492 | 22,817 | 17,710 |
Net income (loss) attributable to SemGroup | $ 684 | $ 4,873 | $ 23,297 | $ 1,466 | $ 8,074 | $ 25,262 | $ (17,609) | $ 13,588 | $ 30,320 | $ 29,240 | $ 48,102 |
Basic earnings (loss) per share, net | $ 0.02 | $ 0.11 | $ 0.53 | $ 0.03 | $ 0.19 | $ 0.59 | $ (0.41) | $ 0.32 | $ 0.69 | $ 0.69 | $ 1.14 |
Earnings Per Share, Diluted | $ 0.02 | $ 0.11 | $ 0.53 | $ 0.03 | $ 0.18 | $ 0.59 | $ (0.41) | $ 0.29 | $ 0.69 | $ 0.68 | $ 1.13 |
Related Party Transactions (Det
Related Party Transactions (Details) - NGL Energy [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction | |||
Revenues from related party | $ 157,732 | $ 456,987 | $ 796,440 |
Purchases from related party | 138,095 | 437,015 | 669,450 |
Reimbursements from NGL Energy for transition services | $ 56 | $ 168 | $ 198 |
Related Party Transactions (121
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Glass Mountain Pipeline LLC [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 5,100,000 | $ 800,000 | |
Related Party Reimbursement of Expense from a Related Party Transaction | 800,000 | 700,000 | |
White Cliffs Pipeline, LLC [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Revenues from related party | 4,800,000 | 2,900,000 | $ 2,900,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 5,200,000 | 3,900,000 | |
Law Firm [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Legal fees | 1,300,000 | 1,300,000 | 1,900,000 |
White Cliffs Pipeline, LLC [Member] | Law Firm [Member] | |||
Related Party Transactions (Textual) [Abstract] | |||
Legal fees | $ 3,400 | $ 100,000 | $ 200,000 |
Condensed Consolidating Guar122
Condensed Consolidating Guarantor Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and cash equivalents | $ 58,096 | $ 40,598 | $ 58,096 | $ 40,598 | $ 79,351 | $ 80,029 | ||||||
Restricted cash | 32 | 6,980 | 32 | 6,980 | ||||||||
Accounts Receivable, net | 326,713 | 351,334 | 326,713 | 351,334 | ||||||||
Receivable from affiliates | 5,914 | 16,819 | 5,914 | 16,819 | ||||||||
Inventories | 70,239 | 43,532 | 70,239 | 43,532 | ||||||||
Other current assets | 19,387 | 20,017 | 19,387 | 20,017 | ||||||||
Total current assets | 480,381 | 479,280 | 480,381 | 479,280 | ||||||||
Property, plant and equipment | 1,566,821 | 1,256,825 | 1,566,821 | 1,256,825 | ||||||||
Equity method investments | 551,078 | 577,920 | 551,078 | 577,920 | ||||||||
Goodwill | 48,032 | 58,326 | 48,032 | 58,326 | 62,021 | 9,884 | ||||||
Other intangible assets | 162,223 | 173,065 | 162,223 | 173,065 | ||||||||
Other noncurrent assets | 62,155 | 44,386 | 62,155 | 44,386 | ||||||||
Total assets | 2,870,690 | 2,589,802 | 2,870,690 | 2,589,802 | ||||||||
Accounts payable | 273,666 | 257,177 | 273,666 | 257,177 | ||||||||
Due to Related Parties, Current | 5,033 | 13,460 | 5,033 | 13,460 | ||||||||
Accrued liabilities | 85,047 | 92,694 | 85,047 | 92,694 | ||||||||
Payables to pre-petition creditors | 0 | 3,129 | 0 | 3,129 | ||||||||
Deferred revenue | 11,349 | 23,688 | 11,349 | 23,688 | ||||||||
Other Liabilities, Current | 1,901 | 1,474 | 1,901 | 1,474 | ||||||||
Other Liabilities, Current | 1,474 | 1,474 | ||||||||||
Current portion of long-term debt | 31 | 40 | 31 | 40 | ||||||||
Total current liabilities | 377,027 | 391,662 | 377,027 | 391,662 | ||||||||
Long-term debt | 1,074,597 | 767,092 | 1,074,597 | 767,092 | ||||||||
Deferred income taxes | 200,953 | 161,956 | 200,953 | 161,956 | ||||||||
Other noncurrent liabilities | $ 21,757 | $ 49,655 | $ 21,757 | $ 49,655 | ||||||||
Commitments and contingencies | ||||||||||||
Stockholders' Equity Attributable to Parent | $ 1,115,527 | $ 1,149,508 | $ 1,115,527 | $ 1,149,508 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 80,829 | 69,929 | 80,829 | 69,929 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,196,356 | 1,219,437 | 1,196,356 | 1,219,437 | 1,213,863 | 1,021,528 | ||||||
Liabilities and Equity | 2,870,690 | 2,589,802 | 2,870,690 | 2,589,802 | ||||||||
Sales Revenue, Goods, Gross | 1,118,886 | 1,780,314 | 1,145,104 | |||||||||
Sales Revenue, Services, Other | 259,542 | 233,239 | 140,198 | |||||||||
Other Revenue, Net | 76,666 | 109,026 | 141,714 | |||||||||
Revenue | 382,493 | $ 397,065 | $ 377,226 | $ 298,310 | 547,237 | $ 594,235 | $ 482,224 | $ 498,883 | 1,455,094 | 2,122,579 | 1,427,016 | |
Costs of products sold | 979,549 | 1,623,358 | 1,020,100 | |||||||||
Operating Costs and Expenses | 224,443 | 246,613 | 223,585 | |||||||||
General and administrative | 97,366 | 87,845 | 78,597 | |||||||||
Depreciation and amortization | 100,882 | 98,397 | 66,409 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 9,993 | (951) | 1,372 | 1,058 | (11,959) | 1,376 | 19,315 | (58) | 11,472 | 32,592 | (239) | |
Costs and Expenses | 381,505 | 376,022 | 353,921 | 302,264 | 542,109 | 577,312 | 491,178 | 478,206 | 1,413,712 | 2,088,805 | 1,388,452 | |
Earnings from equity method investments | 20,687 | 16,237 | 23,903 | 20,559 | 15,827 | 14,223 | 19,187 | 14,962 | 81,386 | 64,199 | 52,477 | |
Gain on issuance of common units by equity method investee | 352 | 136 | 5,897 | 0 | 2,121 | 18,772 | 0 | 8,127 | 6,385 | 29,020 | 26,873 | |
Operating income (loss) | 22,027 | 37,416 | 53,105 | 16,605 | 23,076 | 49,918 | 10,233 | 43,766 | 129,153 | 126,993 | 117,914 | |
Interest Expense | 69,675 | 49,044 | 25,142 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (1,067) | (86) | (1,633) | |||||||||
Other expense (income), net | (15,801) | (20,536) | 45,906 | |||||||||
Other expenses, net | 19,082 | 17,829 | 9,809 | 6,087 | (2,196) | (6,368) | 29,489 | 7,497 | 52,807 | 28,422 | 69,415 | |
Income (loss) from continuing operations before income taxes | 2,945 | 19,587 | 43,296 | 10,518 | 25,272 | 56,286 | (19,256) | 36,269 | 76,346 | 98,571 | 48,499 | |
Income tax expense (benefit) | 3,921 | 10,006 | 14,861 | 4,742 | 12,569 | 24,090 | (6,672) | 16,526 | 33,530 | 46,513 | (17,254) | |
Income (Loss) from Continuing Operations Attributable to Parent | 42,816 | 52,058 | 65,753 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | (1) | (2) | 0 | 4 | 0 | 0 | (5) | (4) | (1) | 59 | |
Net income (loss) | (977) | 9,580 | 28,433 | 5,776 | 12,707 | 32,196 | (12,584) | 19,738 | 42,812 | 52,057 | 65,812 | |
Less: net income attributable to noncontrolling interests | (1,661) | 4,707 | 5,136 | 4,310 | 4,633 | 6,934 | 5,025 | 6,150 | 12,492 | 22,817 | 17,710 | |
Net income (loss) attributable to SemGroup | 684 | $ 4,873 | $ 23,297 | $ 1,466 | 8,074 | $ 25,262 | $ (17,609) | $ 13,588 | 30,320 | 29,240 | 48,102 | |
Other Comprehensive Income (Loss), Net of Tax | (31,421) | (24,287) | (1,555) | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 11,391 | 27,770 | 64,257 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 12,492 | 22,817 | 17,710 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,101) | 4,953 | 46,547 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 181,762 | 181,658 | 173,409 | |||||||||
Capital expenditures | (479,530) | (270,506) | (215,609) | |||||||||
Proceeds from sale of long-lived assets | 3,688 | 4,445 | 1,279 | |||||||||
Investments in non-consolidated subsidiaries | (46,730) | (71,131) | (173,868) | |||||||||
Payments to acquire businesses | 0 | (44,508) | (362,456) | |||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 56,318 | 79,741 | 0 | |||||||||
Distributions from equity method investments in excess of equity in earnings | 24,113 | 11,734 | 12,246 | |||||||||
Net cash provided by (used in) investing activities | (442,141) | (290,225) | (738,408) | |||||||||
Payments of Debt Issuance Costs | (6,289) | (8,686) | (14,936) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 867,208 | 1,254,244 | 1,268,474 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (560,049) | (1,102,272) | (859,412) | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 89,119 | 0 | 210,226 | |||||||||
Distributions to noncontrolling interests | (40,410) | (28,494) | (17,647) | |||||||||
Proceeds from warrant exercises | 0 | 1,451 | 225 | |||||||||
Repurchase of common stock | (4,261) | (719) | (371) | |||||||||
Dividends paid | (69,514) | (44,206) | (25,429) | |||||||||
Intercompany payments and receipts | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) financing activities | 277,027 | 73,308 | 561,130 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 850 | (3,494) | 3,191 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 17,498 | (38,753) | (678) | |||||||||
Proceeds from the sale of equity method investments 2 | 0 | 0 | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,223 | 340 | 0 | |||||||||
Excess tax benefit from equity-based awards | 0 | 1,650 | 0 | |||||||||
Parent Company [Member] | ||||||||||||
Cash and cash equivalents | 4,559 | 9,254 | 4,559 | 9,254 | 2,545 | 19,123 | ||||||
Restricted cash | 0 | 3,856 | 0 | 3,856 | ||||||||
Accounts Receivable, net | 640 | 9,669 | 640 | 9,669 | ||||||||
Receivable from affiliates | 1,616 | 2,512 | 1,616 | 2,512 | ||||||||
Inventories | 0 | 0 | 0 | 0 | ||||||||
Other current assets | 8,477 | 10,498 | 8,477 | 10,498 | ||||||||
Total current assets | 15,292 | 35,789 | 15,292 | 35,789 | ||||||||
Property, plant and equipment | 4,335 | 4,112 | 4,335 | 4,112 | ||||||||
Equity method investments | 1,546,853 | 1,551,825 | 1,546,853 | 1,551,825 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other intangible assets | 20 | 26 | 20 | 26 | ||||||||
Other noncurrent assets | 43,898 | 24,555 | 43,898 | 24,555 | ||||||||
Total assets | 1,610,398 | 1,616,307 | 1,610,398 | 1,616,307 | ||||||||
Accounts payable | 734 | 649 | 734 | 649 | ||||||||
Due to Related Parties, Current | 78 | 21 | 78 | 21 | ||||||||
Accrued liabilities | 5,551 | 11,993 | 5,551 | 11,993 | ||||||||
Payables to pre-petition creditors | 3,129 | 3,129 | ||||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 569 | 569 | ||||||||||
Other Liabilities, Current | 224 | 224 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 6,932 | 16,016 | 6,932 | 16,016 | ||||||||
Long-term debt | 330,000 | 335,000 | 330,000 | 335,000 | ||||||||
Deferred income taxes | 155,411 | 112,897 | 155,411 | 112,897 | ||||||||
Other noncurrent liabilities | 2,528 | 2,886 | 2,528 | 2,886 | ||||||||
Stockholders' Equity Attributable to Parent | 1,115,527 | 1,149,508 | 1,115,527 | 1,149,508 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,115,527 | 1,149,508 | 1,115,527 | 1,149,508 | ||||||||
Liabilities and Equity | 1,610,398 | 1,616,307 | 1,610,398 | 1,616,307 | ||||||||
Sales Revenue, Goods, Gross | 0 | 0 | 0 | |||||||||
Sales Revenue, Services, Other | 0 | 0 | 0 | |||||||||
Other Revenue, Net | 0 | 0 | 0 | |||||||||
Revenue | 0 | 0 | 0 | |||||||||
Costs of products sold | 0 | 0 | 0 | |||||||||
Operating Costs and Expenses | 0 | 0 | 0 | |||||||||
General and administrative | 29,914 | 22,394 | 21,560 | |||||||||
Depreciation and amortization | 1,522 | 1,678 | 2,001 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 0 | 5,945 | 0 | |||||||||
Costs and Expenses | 31,436 | 30,017 | 23,561 | |||||||||
Earnings from equity method investments | 65,513 | 48,760 | 67,965 | |||||||||
Gain on issuance of common units by equity method investee | 6,385 | 29,020 | 26,873 | |||||||||
Operating income (loss) | 40,462 | 47,763 | 71,277 | |||||||||
Interest Expense | 2,230 | 8,423 | 4,826 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (5) | 0 | 0 | |||||||||
Other expense (income), net | (16,565) | (24,092) | 40,928 | |||||||||
Other expenses, net | (14,340) | (15,669) | 45,754 | |||||||||
Income (loss) from continuing operations before income taxes | 54,802 | 63,432 | 25,523 | |||||||||
Income tax expense (benefit) | 24,482 | 34,192 | (22,579) | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 30,320 | 29,240 | 48,102 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) | 30,320 | 29,240 | 48,102 | |||||||||
Net income (loss) attributable to SemGroup | 30,320 | 29,240 | 48,102 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 17,420 | 5,159 | (1,517) | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 47,740 | 34,399 | 46,585 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 47,740 | 34,399 | 46,585 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 37,259 | 27,393 | 20,130 | |||||||||
Capital expenditures | (1,740) | (1,672) | (734) | |||||||||
Proceeds from sale of long-lived assets | 0 | 0 | 23 | |||||||||
Investments in non-consolidated subsidiaries | 0 | 0 | (18,775) | |||||||||
Payments to acquire businesses | 0 | 0 | ||||||||||
Proceeds from the sale of SemStream assets | 362,600 | |||||||||||
Proceeds from Sale of Equity Method Investments | 56,318 | 79,741 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 35,340 | 1,843 | 0 | |||||||||
Net cash provided by (used in) investing activities | 341,099 | 194,324 | 343,114 | |||||||||
Payments of Debt Issuance Costs | (601) | (93) | (10,866) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 181,000 | 405,500 | 706,000 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (186,000) | (440,500) | (537,500) | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 0 | ||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 1,451 | 225 | ||||||||||
Repurchase of common stock | (4,261) | (719) | (371) | |||||||||
Dividends paid | (69,514) | (44,206) | (25,429) | |||||||||
Intercompany payments and receipts | (304,900) | (138,431) | (511,881) | |||||||||
Net cash provided by (used in) financing activities | (383,053) | (215,008) | (379,822) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (4,695) | 6,709 | (16,578) | |||||||||
Proceeds from the sale of equity method investments 2 | 251,181 | 114,412 | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 1,223 | 340 | ||||||||||
Excess tax benefit from equity-based awards | 1,650 | |||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted cash | 0 | 0 | 0 | 0 | ||||||||
Accounts Receivable, net | 20,015 | 32,056 | 20,015 | 32,056 | ||||||||
Receivable from affiliates | 1,119 | 6,624 | 1,119 | 6,624 | ||||||||
Inventories | (48) | 248 | (48) | 248 | ||||||||
Other current assets | 359 | 575 | 359 | 575 | ||||||||
Total current assets | 21,445 | 39,503 | 21,445 | 39,503 | ||||||||
Property, plant and equipment | 536,628 | 452,352 | 536,628 | 452,352 | ||||||||
Equity method investments | 426,801 | 348,115 | 426,801 | 348,115 | ||||||||
Goodwill | 13,052 | 13,052 | 13,052 | 13,052 | ||||||||
Other intangible assets | 144,183 | 152,383 | 144,183 | 152,383 | ||||||||
Other noncurrent assets | 881 | 958 | 881 | 958 | ||||||||
Total assets | 1,142,990 | 1,006,363 | 1,142,990 | 1,006,363 | ||||||||
Accounts payable | 11,221 | 22,097 | 11,221 | 22,097 | ||||||||
Due to Related Parties, Current | 155 | 7 | 155 | 7 | ||||||||
Accrued liabilities | 10,957 | 17,575 | 10,957 | 17,575 | ||||||||
Payables to pre-petition creditors | 0 | 0 | ||||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 0 | 0 | ||||||||||
Other Liabilities, Current | 707 | 707 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 22,333 | 40,386 | 22,333 | 40,386 | ||||||||
Long-term debt | 7,340 | 0 | 7,340 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent liabilities | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | 1,113,317 | 965,977 | 1,113,317 | 965,977 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,113,317 | 965,977 | 1,113,317 | 965,977 | ||||||||
Liabilities and Equity | 1,142,990 | 1,006,363 | 1,142,990 | 1,006,363 | ||||||||
Sales Revenue, Goods, Gross | 190,900 | 338,621 | 224,072 | |||||||||
Sales Revenue, Services, Other | 58,690 | 37,139 | 3,192 | |||||||||
Other Revenue, Net | 0 | 0 | 0 | |||||||||
Revenue | 249,590 | 375,760 | 227,264 | |||||||||
Costs of products sold | 142,576 | 273,309 | 166,735 | |||||||||
Operating Costs and Expenses | 34,407 | 32,132 | 19,792 | |||||||||
General and administrative | 9,935 | 9,328 | 9,167 | |||||||||
Depreciation and amortization | 31,395 | 25,714 | 13,909 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 142 | 54,698 | 668 | |||||||||
Costs and Expenses | 218,455 | 395,181 | 210,271 | |||||||||
Earnings from equity method investments | 47,352 | 71,786 | 49,825 | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | |||||||||
Operating income (loss) | 78,487 | 52,365 | 66,818 | |||||||||
Interest Expense | 26,476 | 9,265 | 9,700 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | |||||||||
Other expense (income), net | 0 | 500 | 0 | |||||||||
Other expenses, net | 26,476 | 9,765 | 9,700 | |||||||||
Income (loss) from continuing operations before income taxes | 52,011 | 42,600 | 57,118 | |||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 52,011 | 42,600 | 57,118 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3) | 0 | 65 | |||||||||
Net income (loss) | 52,008 | 42,600 | 57,183 | |||||||||
Net income (loss) attributable to SemGroup | 52,008 | 42,600 | 57,183 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 430 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 52,438 | 42,600 | 57,183 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 52,438 | 42,600 | 57,183 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 39,786 | 57,976 | 23,230 | |||||||||
Capital expenditures | (110,729) | (155,392) | (96,909) | |||||||||
Proceeds from sale of long-lived assets | 35 | 2,368 | 19 | |||||||||
Investments in non-consolidated subsidiaries | 0 | 0 | 0 | |||||||||
Payments to acquire businesses | (514) | (313,487) | ||||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 0 | 0 | 0 | |||||||||
Net cash provided by (used in) investing activities | (110,694) | (153,538) | (410,377) | |||||||||
Payments of Debt Issuance Costs | 0 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 0 | ||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | 0 | |||||||||
Intercompany payments and receipts | 70,908 | 95,562 | 387,147 | |||||||||
Net cash provided by (used in) financing activities | 70,908 | 95,562 | 387,147 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |||||||||
Proceeds from the sale of equity method investments 2 | 0 | 0 | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 | ||||||||||
Excess tax benefit from equity-based awards | 0 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Cash and cash equivalents | 55,101 | 35,445 | 55,101 | 35,445 | 78,342 | 63,844 | ||||||
Restricted cash | 32 | 3,124 | 32 | 3,124 | ||||||||
Accounts Receivable, net | 306,058 | 309,609 | 306,058 | 309,609 | ||||||||
Receivable from affiliates | 6,141 | 15,659 | 6,141 | 15,659 | ||||||||
Inventories | 70,287 | 43,284 | 70,287 | 43,284 | ||||||||
Other current assets | 10,551 | 8,944 | 10,551 | 8,944 | ||||||||
Total current assets | 448,170 | 416,065 | 448,170 | 416,065 | ||||||||
Property, plant and equipment | 1,025,858 | 800,361 | 1,025,858 | 800,361 | ||||||||
Equity method investments | 438,291 | 415,673 | 438,291 | 415,673 | ||||||||
Goodwill | 34,980 | 45,274 | 34,980 | 45,274 | ||||||||
Other intangible assets | 18,020 | 20,656 | 18,020 | 20,656 | ||||||||
Other noncurrent assets | 17,376 | 18,873 | 17,376 | 18,873 | ||||||||
Total assets | 1,982,695 | 1,716,902 | 1,982,695 | 1,716,902 | ||||||||
Accounts payable | 261,711 | 234,431 | 261,711 | 234,431 | ||||||||
Due to Related Parties, Current | 7,762 | 21,406 | 7,762 | 21,406 | ||||||||
Accrued liabilities | 68,534 | 63,126 | 68,534 | 63,126 | ||||||||
Payables to pre-petition creditors | 0 | 0 | ||||||||||
Deferred revenue | 11,349 | 23,688 | 11,349 | 23,688 | ||||||||
Other Liabilities, Current | 1,332 | 1,332 | ||||||||||
Other Liabilities, Current | 543 | 543 | ||||||||||
Current portion of long-term debt | 31 | 40 | 31 | 40 | ||||||||
Total current liabilities | 350,719 | 343,234 | 350,719 | 343,234 | ||||||||
Long-term debt | 761,097 | 490,946 | 761,097 | 490,946 | ||||||||
Deferred income taxes | 45,542 | 49,059 | 45,542 | 49,059 | ||||||||
Other noncurrent liabilities | 19,229 | 46,769 | 19,229 | 46,769 | ||||||||
Stockholders' Equity Attributable to Parent | 725,279 | 716,965 | 725,279 | 716,965 | ||||||||
Noncontrolling interests in consolidated subsidiaries | 80,829 | 69,929 | 80,829 | 69,929 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 806,108 | 786,894 | 806,108 | 786,894 | ||||||||
Liabilities and Equity | 1,982,695 | 1,716,902 | 1,982,695 | 1,716,902 | ||||||||
Sales Revenue, Goods, Gross | 948,576 | 1,479,543 | 944,984 | |||||||||
Sales Revenue, Services, Other | 200,852 | 196,100 | 137,006 | |||||||||
Other Revenue, Net | 76,666 | 109,026 | 141,714 | |||||||||
Revenue | 1,226,094 | 1,784,669 | 1,223,704 | |||||||||
Costs of products sold | 857,563 | 1,387,899 | 877,317 | |||||||||
Operating Costs and Expenses | 190,036 | 214,481 | 203,793 | |||||||||
General and administrative | 57,517 | 56,123 | 47,870 | |||||||||
Depreciation and amortization | 67,965 | 71,005 | 50,499 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 11,330 | (28,051) | (907) | |||||||||
Costs and Expenses | 1,184,411 | 1,701,457 | 1,178,572 | |||||||||
Earnings from equity method investments | 76,355 | 54,098 | 44,099 | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | |||||||||
Operating income (loss) | 118,038 | 137,310 | 89,231 | |||||||||
Interest Expense | 42,926 | 34,661 | 16,028 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (1,062) | (86) | (1,633) | |||||||||
Other expense (income), net | (1,193) | (249) | (434) | |||||||||
Other expenses, net | 40,671 | 34,326 | 13,961 | |||||||||
Income (loss) from continuing operations before income taxes | 77,367 | 102,984 | 75,270 | |||||||||
Income tax expense (benefit) | 9,048 | 12,321 | 5,325 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 68,319 | 90,663 | 69,945 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | (1) | (6) | |||||||||
Net income (loss) | 68,318 | 90,662 | 69,939 | |||||||||
Less: net income attributable to noncontrolling interests | 12,492 | 22,817 | 17,710 | |||||||||
Net income (loss) attributable to SemGroup | 55,826 | 67,845 | 52,229 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (49,271) | (29,446) | (38) | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 19,047 | 61,216 | 69,901 | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 12,492 | 22,817 | 17,710 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 6,555 | 38,399 | 52,191 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 141,899 | 186,578 | 150,284 | |||||||||
Capital expenditures | (367,061) | (113,442) | (117,966) | |||||||||
Proceeds from sale of long-lived assets | 3,653 | 2,077 | 1,237 | |||||||||
Investments in non-consolidated subsidiaries | (46,730) | (71,131) | (155,093) | |||||||||
Payments to acquire businesses | (43,994) | (48,969) | ||||||||||
Proceeds from the sale of SemStream assets | 0 | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | 24,113 | 11,734 | 12,246 | |||||||||
Net cash provided by (used in) investing activities | (386,025) | (214,756) | (308,545) | |||||||||
Payments of Debt Issuance Costs | (5,688) | (8,593) | (4,070) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 686,208 | 848,744 | 562,474 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (374,049) | (661,772) | (321,912) | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 89,119 | 210,226 | ||||||||||
Distributions to noncontrolling interests | (40,410) | (28,494) | (17,647) | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | 0 | |||||||||
Intercompany payments and receipts | (92,248) | (161,110) | (259,503) | |||||||||
Net cash provided by (used in) financing activities | 262,932 | (11,225) | 169,568 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 850 | (3,494) | 3,191 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 19,656 | (42,897) | 14,498 | |||||||||
Proceeds from the sale of equity method investments 2 | 0 | 0 | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 | ||||||||||
Excess tax benefit from equity-based awards | 0 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Cash and cash equivalents | (1,564) | (4,101) | (1,564) | (4,101) | (1,536) | $ (2,938) | ||||||
Restricted cash | 0 | 0 | 0 | 0 | ||||||||
Accounts Receivable, net | 0 | 0 | 0 | 0 | ||||||||
Receivable from affiliates | (2,962) | (7,976) | (2,962) | (7,976) | ||||||||
Inventories | 0 | 0 | 0 | 0 | ||||||||
Other current assets | 0 | 0 | 0 | 0 | ||||||||
Total current assets | (4,526) | (12,077) | (4,526) | (12,077) | ||||||||
Property, plant and equipment | 0 | 0 | 0 | 0 | ||||||||
Equity method investments | (1,860,867) | (1,737,693) | (1,860,867) | (1,737,693) | ||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||
Other intangible assets | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent assets | 0 | 0 | 0 | 0 | ||||||||
Total assets | (1,865,393) | (1,749,770) | (1,865,393) | (1,749,770) | ||||||||
Accounts payable | 0 | 0 | 0 | 0 | ||||||||
Due to Related Parties, Current | (2,962) | (7,974) | (2,962) | (7,974) | ||||||||
Accrued liabilities | 5 | 0 | 5 | 0 | ||||||||
Payables to pre-petition creditors | 0 | 0 | ||||||||||
Deferred revenue | 0 | 0 | 0 | 0 | ||||||||
Other Liabilities, Current | 0 | 0 | ||||||||||
Other Liabilities, Current | 0 | 0 | ||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | (2,957) | (7,974) | (2,957) | (7,974) | ||||||||
Long-term debt | (23,840) | (58,854) | (23,840) | (58,854) | ||||||||
Deferred income taxes | 0 | 0 | 0 | 0 | ||||||||
Other noncurrent liabilities | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | (1,838,596) | (1,682,942) | (1,838,596) | (1,682,942) | ||||||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,838,596) | (1,682,942) | (1,838,596) | (1,682,942) | ||||||||
Liabilities and Equity | $ (1,865,393) | $ (1,749,770) | (1,865,393) | (1,749,770) | ||||||||
Sales Revenue, Goods, Gross | (20,590) | (37,850) | (23,952) | |||||||||
Sales Revenue, Services, Other | 0 | 0 | 0 | |||||||||
Other Revenue, Net | 0 | 0 | 0 | |||||||||
Revenue | (20,590) | (37,850) | (23,952) | |||||||||
Costs of products sold | (20,590) | (37,850) | (23,952) | |||||||||
Operating Costs and Expenses | 0 | 0 | 0 | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Loss (gain) on disposal or impairment of long-lived assets, net | 0 | 0 | 0 | |||||||||
Costs and Expenses | (20,590) | (37,850) | (23,952) | |||||||||
Earnings from equity method investments | (107,834) | (110,445) | (109,412) | |||||||||
Gain on issuance of common units by equity method investee | 0 | 0 | 0 | |||||||||
Operating income (loss) | (107,834) | (110,445) | (109,412) | |||||||||
Interest Expense | (1,957) | (3,305) | (5,412) | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | |||||||||
Other expense (income), net | 1,957 | 3,305 | 5,412 | |||||||||
Other expenses, net | 0 | 0 | 0 | |||||||||
Income (loss) from continuing operations before income taxes | (107,834) | (110,445) | (109,412) | |||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (107,834) | (110,445) | (109,412) | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) | (107,834) | (110,445) | (109,412) | |||||||||
Net income (loss) attributable to SemGroup | (107,834) | (110,445) | (109,412) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (107,834) | (110,445) | (109,412) | |||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (107,834) | (110,445) | (109,412) | |||||||||
Net Cash Provided by (Used in) Operating Activities | (37,182) | (90,289) | (20,235) | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Proceeds from sale of long-lived assets | 0 | 0 | 0 | |||||||||
Investments in non-consolidated subsidiaries | 0 | 0 | 0 | |||||||||
Payments to acquire businesses | 0 | 0 | ||||||||||
Proceeds from the sale of SemStream assets | (362,600) | |||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||
Distributions from equity method investments in excess of equity in earnings | (35,340) | (1,843) | 0 | |||||||||
Net cash provided by (used in) investing activities | (286,521) | (116,255) | (362,600) | |||||||||
Payments of Debt Issuance Costs | 0 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |||||||||
Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs | 0 | 0 | ||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | |||||||||
Proceeds from warrant exercises | 0 | 0 | ||||||||||
Repurchase of common stock | 0 | 0 | 0 | |||||||||
Dividends paid | 0 | 0 | 0 | |||||||||
Intercompany payments and receipts | 326,240 | 203,979 | 384,237 | |||||||||
Net cash provided by (used in) financing activities | 326,240 | 203,979 | 384,237 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 2,537 | (2,565) | $ 1,402 | |||||||||
Proceeds from the sale of equity method investments 2 | (251,181) | (114,412) | ||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | $ 0 | 0 | ||||||||||
Excess tax benefit from equity-based awards | $ 0 |
Condensed Consolidating Guar123
Condensed Consolidating Guarantor Financial Statements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Senior notes | $ 300,000 | |
Corporate Segment [Member] | ||
Senior notes | $ 300,000 | $ 300,000 |
Senior Notes [Member] | ||
Debt instrument, interest rate stated percentage | 7.50% | |
Senior Notes [Member] | Corporate Segment [Member] | ||
Debt instrument, interest rate stated percentage | 7.50% |