Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | SemGroup Corp | |
Entity Central Index Key | 1,489,136 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 52,813,816 | |
Class B | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 255,780 | $ 58,096 |
Restricted cash | 31 | 32 |
Accounts receivable (net of allowance of $2,404 and $3,019, respectively) | 388,668 | 326,713 |
Receivable from affiliates | 10,219 | 5,914 |
Inventories | 85,460 | 70,239 |
Other current assets | 25,445 | 19,387 |
Total current assets | 765,603 | 480,381 |
Property, plant and equipment (net of accumulated depreciation of $360,513 and $319,769, respectively) | 1,648,962 | 1,566,821 |
Equity method investments | 446,938 | 551,078 |
Goodwill | 34,698 | 48,032 |
Other intangible assets (net of accumulated amortization of $34,464 and $29,515, respectively) | 156,617 | 162,223 |
Other noncurrent assets | 44,156 | 45,374 |
Total assets | 3,096,974 | 2,853,909 |
Current liabilities: | ||
Accounts payable (including $310,685 and $243,548, respectively, attributable to Rose Rock) | 338,720 | 273,666 |
Payable to affiliates (including $8,952 and $5,033, respectively, attributable to Rose Rock) | 9,030 | 5,033 |
Accrued liabilities (including $23,030 and $22,240, respectively, attributable to Rose Rock) | 84,703 | 85,047 |
Other current liabilities (including $3,609 and $4,246, respectively, attributable to Rose Rock) | 11,510 | 13,281 |
Total current liabilities | 443,963 | 377,027 |
Long-term debt, net (including $774,488 and $732,356, respectively, attributable to Rose Rock) | 1,070,363 | 1,057,816 |
Deferred income taxes | 183,776 | 200,953 |
Other noncurrent liabilities | 23,544 | 21,757 |
Commitments and contingencies (Note 10) | ||
SemGroup owners’ equity: | ||
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 53,790 and 44,863 shares, respectively) | 526 | 439 |
Additional paid-in capital | 1,411,567 | 1,217,255 |
Treasury stock, at cost (977 and 931 shares, respectively) | (6,497) | (5,593) |
Accumulated deficit | (45,271) | (38,012) |
Accumulated other comprehensive loss | (56,080) | (58,562) |
Total SemGroup Corporation owners’ equity | 1,304,245 | 1,115,527 |
Noncontrolling interests in consolidated subsidiaries | 71,083 | 80,829 |
Total owners’ equity | 1,375,328 | 1,196,356 |
Total liabilities and owners’ equity | $ 3,096,974 | $ 2,853,909 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 2,404 | $ 3,019 |
Accumulated depreciation | 360,513 | 319,769 |
Accumulated amortization | 34,464 | 29,515 |
Accounts Payable | 338,720 | 273,666 |
Due to Related Parties | 9,030 | 5,033 |
Accrued Liabilities | 84,703 | 85,047 |
Other Liabilities, Current | $ 11,510 | $ 13,281 |
Common stock, $0.01 par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 53,790 | 44,863 |
Treasury stock shares | 977 | 931 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Accounts Payable | $ 310,685 | $ 243,548 |
Due to Related Parties | 8,952 | 5,033 |
Accrued Liabilities | 23,030 | 22,240 |
Other Liabilities, Current | $ 3,609 | $ 4,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Product | $ 210,126 | $ 288,736 | $ 447,022 | $ 508,867 |
Service | 62,200 | 66,604 | 126,273 | 128,481 |
Other | 15,051 | 21,886 | 28,933 | 38,188 |
Total revenues | 287,377 | 377,226 | 602,228 | 675,536 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 176,842 | 244,158 | 373,789 | 436,230 |
Operating | 54,707 | 60,800 | 104,899 | 113,890 |
General and administrative | 20,775 | 22,917 | 41,835 | 55,227 |
Depreciation and amortization | 25,048 | 24,674 | 49,095 | 48,408 |
Loss on disposal or impairment, net | (1,685) | (1,372) | (14,992) | (2,430) |
Total expenses | 279,057 | 353,921 | 584,610 | 656,185 |
Earnings from equity method investments | 17,078 | 23,903 | 40,149 | 44,462 |
Gain (loss) on issuance of common units by equity method investee | 0 | 5,897 | (41) | 5,897 |
Operating income | 25,398 | 53,105 | 57,726 | 69,710 |
Other expenses (income), net: | ||||
Interest expense | 18,875 | 16,822 | 37,810 | 31,413 |
Foreign currency transaction loss (gain) | 1,543 | (295) | 3,012 | (814) |
Loss (gain) on sale or impairment of equity method investment | (9,120) | (6,623) | 30,644 | (14,517) |
Other income, net | (491) | (95) | (678) | (186) |
Total other expenses, net | 10,807 | 9,809 | 70,788 | 15,896 |
Income (loss) from continuing operations before income taxes | 14,591 | 43,296 | (13,062) | 53,814 |
Income tax expense (benefit) | 4,658 | 14,861 | (16,749) | 19,603 |
Income from continuing operations | 9,933 | 28,435 | 3,687 | 34,211 |
Loss from discontinued operations, net of income taxes | (2) | (2) | (4) | (2) |
Net income | 9,931 | 28,433 | 3,683 | 34,209 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Net income (loss) attributable to SemGroup | 8,009 | 23,297 | (7,259) | 24,763 |
Other comprehensive income (loss), net of income taxes | 6,591 | 5,520 | 2,482 | (3,540) |
Comprehensive income | 16,522 | 33,953 | 6,165 | 30,669 |
Less: comprehensive income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Comprehensive income (loss) attributable to SemGroup | $ 14,600 | $ 28,817 | $ (4,777) | $ 21,223 |
Net income (loss) attributable to SemGroup per common share (Note 12): | ||||
Basic | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.57 |
Diluted | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.56 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 3,683 | $ 34,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net unrealized loss (gain) related to derivative instruments | (71) | 1,230 |
Depreciation and amortization | 49,095 | 48,408 |
Loss on disposal or impairment, net | 14,992 | 2,430 |
Earnings from equity method investments | (40,149) | (44,462) |
Loss (gain) on issuance of common units by equity method investee | 41 | (5,897) |
Loss (gain) on sale or impairment of equity method investment | 30,644 | (14,517) |
Distributions from equity investments | 42,790 | 48,031 |
Amortization of debt issuance costs | 2,790 | 2,314 |
Deferred tax expense (benefit) | (18,486) | 12,791 |
Non-cash equity compensation | 5,509 | 6,204 |
Provision for uncollectible accounts receivable, net of recoveries | (589) | (309) |
Currency loss (gain) | 3,012 | (814) |
Inventory valuation adjustment | 0 | 1,235 |
Changes in operating assets and liabilities (Note 13) | (19,346) | (17,896) |
Net cash provided by operating activities | 73,915 | 72,957 |
Cash flows from investing activities: | ||
Capital expenditures | (126,712) | (236,956) |
Proceeds from sale of long-lived assets | 114 | 230 |
Contributions to equity method investments | (3,448) | (23,461) |
Proceeds from sale of common units of equity method investee | 60,483 | 56,318 |
Distributions in excess of equity in earnings of affiliates | 13,778 | 13,077 |
Net cash used in investing activities | (55,785) | (190,792) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | (6,289) |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 283,500 | 802,208 |
Principal payments on credit facilities and other obligations | (272,881) | (525,024) |
Proceeds from Issuance of Common Stock | 228,546 | 0 |
Rose Rock Midstream, L.P. equity issuance | 0 | 89,119 |
Distributions to noncontrolling interests | (21,485) | (19,261) |
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (904) | (4,254) |
Dividends paid | (39,720) | (31,478) |
Proceeds from issuance of common stock under employee stock purchase plan | 555 | 609 |
Net cash provided by financing activities | 177,611 | 305,630 |
Effect of exchange rate changes on cash and cash equivalents | 1,943 | 390 |
Change in cash and cash equivalents | 197,684 | 188,185 |
Cash and cash equivalents at beginning of period | 58,096 | 40,598 |
Cash and cash equivalents at end of period | $ 255,780 | $ 228,783 |
Overview
Overview | 6 Months Ended |
Jun. 30, 2016 | |
Overview [Abstract] | |
OVERVIEW | OVERVIEW SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms "we," "our," "us," "SemGroup," "the Company" and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries. Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2015 , which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and six months ended June 30, 2016 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2016 . Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 , which are included in our Annual Report on Form 10-K for the year ended December 31, 2015 , filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2015 . Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting'', which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years and early adoption is permitted. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)", which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU will be effective for annual periods beginning after December 15, 2018, and interim periods within those years. The new guidance shall be applied using a modified retrospective approach and early adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. We will adopt this guidance in the first quarter of 2019. In November 2015, the FASB issued 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. We have not determined which method we will apply when we adopt the standard. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In July 2015, the FASB issued 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. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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 are effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. The new guidance has been applied on a retrospective basis for all periods presented. We adopted this guidance in the first quarter of 2016. The impact was not material. For presentation purposes, $16.8 million of debt issuance costs which had previously been reported as other noncurrent assets were reclassified as a reduction of long-term debt on the December 31, 2015 balance sheet. Capitalized loan fees related to our revolving credit facilities continue to be presented as other noncurrent assets. 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. We adopted this guidance in the first quarter of 2016. The impact was not material. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States ("U.S. GAAP"). The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard permits using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08 which amended the principal-versus-agent implementation guidance set forth in ASU 2014-09. Among other things, ASU 2016-08 clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU 2016-10 which amended certain aspects of the guidance related to identifying performance obligations and licensing implementation within ASU 2014-09. In June 2016, the FASB issued ASU 2016-12 which narrows the scope around certain aspects of the criterion used in determining when to recognize revenue. 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. |
Rose Rock Midstream, L.P.
Rose Rock Midstream, L.P. | 6 Months Ended |
Jun. 30, 2016 | |
Investments in and Advances to Affiliates [Line Items] | |
ROSE ROCK MIDSTREAM, L.P. | ROSE ROCK MIDSTREAM, L.P. We control the operations of our consolidated subsidiary, Rose Rock Midstream, L.P. (NYSE: RRMS) ("Rose Rock"), through our ownership of the general partner interest. As of June 30, 2016 , we own the 2% general partner interest and a 55.1% limited partner interest. Subsequent to the adoption of ASU 2015-02, Rose Rock is considered to be a variable interest entity due to the limited partners' lack of substantive kick-out rights or substantive participating rights. We will continue to consolidate Rose Rock as we are the primary beneficiary due to our general partner interest, majority limited partner interest and incentive distribution rights. Rose Rock's assets are pledged as collateral under its senior secured revolving credit facility agreement. 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. Rose Rock's creditors have no recourse to the credit of SemGroup. Cash distributions We receive distributions from Rose Rock on our common units, our 2% general partner interest and incentive distribution rights. Rose Rock intends to pay a minimum quarterly distribution of $0.3625 per unit, to the extent it has sufficient available cash, as defined in Rose Rock’s partnership agreement. The following table shows the cash distributions paid or declared during 2016 and 2015 (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid/To Be Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 December 31, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,622 $ 30,224 March 31, 2016 $ 0.6600 $ 605 $ 5,338 $ 13,665 $ — $ 10,643 $ 30,251 June 30, 2016 $ 0.6600 * $ 605 $ 5,339 $ 13,665 $ — $ 10,648 $ 30,257 *Expected distributions related to the quarter ended June 30, 2016 , which will be paid on August 12, 2016 to unitholders of record as of August 2, 2016 . Summarized financial information Certain summarized balance sheet information of Rose Rock is shown below (in thousands): (Unaudited) June 30, December 31, Cash $ 7,909 $ 9,059 Other current assets 413,625 310,555 Property, plant and equipment, net 443,327 441,596 Equity method investments 427,961 438,291 Goodwill 26,628 26,628 Other noncurrent assets, net 17,978 19,461 Total assets $ 1,337,428 $ 1,245,590 Current liabilities $ 356,248 $ 283,029 Long-term debt 774,488 732,356 Partners’ capital attributable to SemGroup 135,609 149,376 Partners’ capital attributable to noncontrolling interests 71,083 80,829 Total liabilities and partners' capital $ 1,337,428 $ 1,245,590 Certain summarized income statement information of Rose Rock for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 169,144 $ 223,303 $ 373,095 $ 357,996 Cost of products sold $ 128,763 $ 173,133 $ 280,154 $ 269,370 Operating, general and administrative expenses $ 26,868 $ 29,985 $ 53,469 $ 56,556 Depreciation and amortization expense $ 8,235 $ 10,608 $ 16,128 $ 20,751 Earnings from equity method investments $ 17,078 $ 17,683 $ 37,917 $ 38,547 Net income $ 9,922 $ 17,068 $ 36,390 $ 31,668 Pending acquisition of outstanding common units On May 30, 2016, SemGroup entered into an Agreement and Plan of Merger (the "Merger Agreement") with Rose Rock whereby SemGroup would acquire all of the outstanding common limited partner units of Rose Rock not already beneficially owned by SemGroup in exchange for shares of SemGroup Class A common stock. Each common limited partner unit of Rose Rock would be acquired in exchange for 0.8136 shares of SemGroup Class A common stock. Subsequent to the transaction, Rose Rock would be wholly owned by SemGroup or would be merged into SemGroup. If completed, the merger will be accounted for in accordance with FASB Accounting Standards Codification 810, Consolidation - Overall - Changes in a Parent’s Ownership Interest in a Subsidiary . As SemGroup controls Rose Rock and will continue to control Rose Rock after the merger, the changes in SemGroup’s ownership interest in Rose Rock will be accounted for as an equity transaction and no gain or loss will be recognized in SemGroup’s consolidated statements of operations and comprehensive income (loss) as a result of the merger. Completion of the merger is conditioned upon, among other things: (i) majority approval of Rose Rock common unitholders; (ii) all material required governmental consents and approvals having been received; (iii) the absence of legal injunctions or impediments prohibiting the transactions contemplated by the Merger Agreement; (iv) the effectiveness of a registration statement on Form S-4 with respect to the issuance of SemGroup Class A common stock to be issued in exchange for Rose Rock common limited partner units; (v) approval of the listing on the New York Stock Exchange, subject to official notice of issuance, of the SemGroup Class A common stock to be issued; and (vi) majority approval by SemGroup stockholders of the SemGroup Class A common stock issuance. A subsidiary of SemGroup which beneficially owns a majority of Rose Rock's common units has agreed to deliver a written consent approving the Merger Agreement and the transactions contemplated by such agreement. The Merger Agreement provides for certain termination rights for Rose Rock. The Merger Agreement provides that upon termination of the Merger Agreement (i) in connection with the failure of the stockholders of SemGroup to approve the SemGroup stock issuance, SemGroup will pay Rose Rock's out-of-pocket expenses in an amount up to $3.8 million and (ii) in connection with a change by SemGroup of its recommendation in favor of approval of the SemGroup stock issuance under certain circumstances, SemGroup will pay to Rose Rock a termination fee in the amount of $15.5 million . Under no circumstance will SemGroup be required to both reimburse Rose Rock's expenses and pay Rose Rock the termination fee. Rose Rock’s currently outstanding senior notes will remain outstanding after the merger is consummated, and no “change of control” will occur thereunder. It is currently contemplated that SemGroup and its subsidiaries that currently are guarantors of SemGroup’s outstanding senior notes will provide guaranties of Rose Rock’s senior notes once the merger is consummated. In addition, it is currently contemplated that Rose Rock and its subsidiaries that currently are guarantors of Rose Rock’s outstanding senior notes will provide guaranties of SemGroup’s senior notes and secured revolving credit facility once the merger is consummated. In connection with the consummation of the merger, Rose Rock’s existing senior secured revolving credit facility is contemplated to be terminated and SemGroup’s senior secured revolving credit facility is contemplated to be amended and upsized to cover the needs of the combined company. SemGroup is currently considering consummating certain internal “clean-up” mergers after the merger occurs, which would ultimately result in Rose Rock merging into SemGroup, with SemGroup being the surviving entity of that merger. If SemGroup determines to consummate these internal mergers after the merger occurs, SemGroup, upon consummation of these internal mergers, would directly assume and become the successor issuer of Rose Rock’s outstanding senior notes. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Our equity method investments consisted of the following (in thousands): June 30, 2016 December 31, 2015 White Cliffs Pipeline, L.L.C. $ 290,668 $ 297,109 NGL Energy Partners LP 18,977 112,787 Glass Mountain Pipeline, LLC 137,293 141,182 Total equity method investments $ 446,938 $ 551,078 Our earnings from equity method investments consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 White Cliffs Pipeline, L.L.C. $ 16,428 $ 15,545 $ 36,208 $ 34,635 NGL Energy Partners LP (1) — 6,220 2,232 5,915 Glass Mountain Pipeline, LLC 650 2,138 1,709 3,912 Total earnings from equity method investments $ 17,078 $ 23,903 $ 40,149 $ 44,462 (1) Excluding loss on issuance of common units of $41.0 thousand for the six months ended June 30, 2016 and a gain on the issuance of common units of $5.9 million for the three and six months ended June 30, 2015 . Additionally, gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). Cash distributions received from equity method investments consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 White Cliffs Pipeline, L.L.C. $ 21,664 $ 20,551 $ 45,762 $ 44,705 NGL Energy Partners LP — 4,468 4,873 9,483 Glass Mountain Pipeline, LLC 3,118 5,009 5,933 6,920 Total cash distributions received from equity method investments $ 24,782 $ 30,028 $ 56,568 $ 61,108 White Cliffs Pipeline, L.L.C. Certain unaudited summarized income statement information of White Cliffs Pipeline, L.L.C. ("White Cliffs") for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 55,586 $ 48,509 $ 113,642 $ 103,123 Cost of products sold $ 2,803 $ 169 $ 3,053 $ 1,102 Operating, general and administrative expenses $ 10,125 $ 8,876 $ 19,727 $ 16,296 Depreciation and amortization expense $ 10,084 $ 8,587 $ 19,047 $ 17,125 Net income $ 32,575 $ 30,870 $ 71,822 $ 68,593 The equity in earnings of White Cliffs for the three months and six months ended June 30, 2016 and 2015 is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. Such expenses are recorded by White Cliffs and are allocated to our ownership interest. White Cliffs recorded $0.4 million and $0.4 million of such general and administrative expense for the three months ended June 30, 2016 and 2015 , respectively. White Cliffs recorded $0.9 million and $0.7 million of such general and administrative expense for the six months ended June 30, 2016 and 2015 , respectively. The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the six months ended June 30, 2016 , we contributed $2.2 million for an expansion project that added approximately 65,000 barrels per day of capacity. NGL Energy Partners LP At June 30, 2016 , we no longer own common units representing limited partner interests in NGL Energy Partners LP (NYSE: NGL) ("NGL Energy"). On April 27, 2016, we sold all of our NGL Energy limited partner units for $13.00 per unit and recorded a $9.1 million gain on disposal. We continue to hold an 11.78% interest in the general partner of NGL Energy which is being accounted for under the equity method in accordance ASC 323-30-S99-1, as our ownership is in excess of the 3 to 5 percent interest which is generally considered to be more than minor. The general partner of NGL Energy is not a publicly traded company. The information below pertains to our limited partner and general partner investments in NGL Energy. See Note 4 for discussion of the other-than-temporary impairment of our common unit investment in NGL Energy. Under the equity method, our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect to have information on the earnings of NGL Energy in time to consistently record the earnings in the quarter in which they are generated. During the three months ended December 31, 2015, NGL issued common units which diluted our limited partnership interest. As we record activity on a one-quarter lag, we recognized a non-cash loss of $41.0 thousand associated with these issuances for the six months ended June 30, 2016 . In the first quarter of 2015, NGL announced several transactions in which they issued common units publicly and privately which diluted our limited partnership interest. As we record activity on a one-quarter lag, we recognized a non-cash gain of $5.9 million associated with these issuances in the second quarter of 2015. During the six months ended June 30, 2015 , we sold 1,999,533 of our NGL Energy common units for $56.3 million , net of related costs of $0.5 million . We recorded net gains related to these sales of $6.6 million and $14.5 million in "other expense (income)" in our condensed consolidated statements of operations and comprehensive income (loss) for the three months and six months ended June 30, 2015 . Certain unaudited summarized income statement information of NGL Energy for the three months and six months ended March 31, 2016 and 2015 is shown below (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2016 2015 2016 2015 Revenue $ 2,325,440 $ 3,220,771 $ 5,010,446 $ 7,772,917 Cost of sales $ 2,077,160 $ 2,933,021 $ 4,510,660 $ 7,244,689 Operating, general and administrative expenses $ 399,373 $ 151,793 $ 509,145 $ 323,857 Depreciation and amortization expense $ 53,152 $ 54,140 $ 112,332 $ 104,475 Net income (loss) $ (206,985 ) $ 90,942 $ (155,990 ) $ 85,673 Glass Mountain Pipeline, LLC We own a 50% interest in Glass Mountain Pipeline, LLC ("Glass Mountain"), which we account for under the equity method. 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 at June 30, 2016 . Capitalized interest is amortized as a reduction of earnings from equity method investments. Certain unaudited summarized income statement information of Glass Mountain for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 6,898 $ 9,788 $ 15,470 $ 20,909 Cost of sales $ (120 ) $ (40 ) $ 445 $ 1,974 Operating, general and administrative expenses $ 1,618 $ 1,513 $ 3,463 $ 2,920 Depreciation and amortization expense $ 3,989 $ 3,932 $ 7,925 $ 7,976 Net income $ 1,407 $ 4,381 $ 3,632 $ 8,036 The equity in earnings of Glass Mountain for the three months and six months ended June 30, 2016 and 2015 reported in our condensed consolidated statement of operations and comprehensive income (loss) is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period. For the six months ended June 30, 2016 , we contributed $0.3 million to Glass Mountain related to capital projects. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2016 | |
Asset Impairment Charges [Text Block] | IMPAIRMENTS SemGas goodwill impairment In March 2016, our SemGas segment revised the volume forecast for its northern Oklahoma system based on revised volume forecasts provided by certain producers who have chosen to adjust plans for production following release of the Oklahoma Corporation Commission’s Regional Earthquake Response Plan that curtails the amount of volume that can be injected into disposal wells. Based on the reduction to our forecast, we tested our SemGas segment's long-lived assets, finite-lived intangible assets and goodwill for impairment at March 31, 2016. No impairment was indicated for SemGas' long-lived assets and finite-lived intangible assets based on an undiscounted cash flow analysis. However, we did record an impairment of SemGas' goodwill for the entire balance of $13.1 million . To test the goodwill for impairment, 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 SemGas 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 commodity prices will eventually improve, water injection issues will be resolved and production volumes will begin to increase. If 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 finite-lived intangible and long-lived asset 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. Other-than-temporary impairment of equity method investment in NGL Energy During the fourth quarter of 2015, the market price of NGL Energy common units fell below our carrying value per unit and remained below our carrying value as of March 31, 2016. At December 31, 2015, in accordance with ASC 320-10-S99 “Investments - Debt and Equity Securities” we assessed whether such decline in value was other-than-temporary. During this initial assessment, the decrease in value was determined not to be 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. Subsequently, we continued to monitor events and developments and, based on NGL Energy's April 21, 2016 announcement of a reduction in its quarterly distribution and lowering of financial performance guidance for the most recent quarter, we concluded that the decline in the value of our investment is other-than-temporary as of March 31, 2016. As such, we recorded an impairment of $39.8 million to our investment in the limited partner units of NGL Energy for the six months ended June 30, 2016 . The value of our limited partner investment in NGL Energy was written-down to the market price of $11.04 on December 31, 2015, the date through which we have recorded our equity in earnings as discussed in Note 3. See Note 3 for discussion of the sale of our NGL Energy limited partner units on April 27, 2016. Our investment in the general partner of NGL Energy is not considered to be impaired. There is no readily available market price for our general partner investment as these units are not publicly traded. Based on the relatively low book value of our general partner investment, the value of incentive distribution rights and comparable general partner transactions, we do not believe our investment in the general partner of NGL Energy is impaired. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. Although Corporate and Other does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within Corporate and Other in the tables below. The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative expenses incurred at the corporate level were allocated to the segments based on our allocation policies in effect at the time. Our equity investment in NGL Energy was previously included within the SemStream segment. However, in the second quarter of 2016, we disposed of our limited partner interest in NGL Energy. Subsequent to this disposal, amounts related to our remaining general partner investment in NGL Energy are not material and are not expected to be material for the foreseeable future. As our investment in NGL Energy is the only asset of SemStream, we have ceased to report SemStream as a segment. Prior period amounts have been recast to include the former SemStream balances as part of Corporate and Other. See Note 3 for additional information. 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. Additionally, current year activity includes intersegment revenues generated by our Crude Transportation and Crude Facilities segments for services provided to our Crude Supply and Logistics segment. With the exception of intersegment trucking revenues of our Crude Transportation segment, these intersegment charges did not exist in the prior year. Our results by segment are presented in the tables below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Crude Transportation External $ 15,643 $ 22,425 $ 32,839 $ 42,752 Intersegment 5,128 3,562 12,341 7,283 Crude Facilities External 10,300 11,402 20,433 22,807 Intersegment 2,526 — 5,272 — Crude Supply and Logistics External 143,201 189,476 319,823 292,437 SemGas External 48,200 60,270 91,720 120,546 Intersegment 2,521 6,451 5,267 12,432 SemCAMS External 33,815 35,915 64,681 65,639 SemLogistics External 5,932 6,279 12,312 11,431 SemMexico External 30,286 51,459 60,420 112,949 Corporate and Other External — — — 6,975 Intersegment (10,175 ) (10,013 ) (22,880 ) (19,715 ) Total Revenues $ 287,377 $ 377,226 $ 602,228 $ 675,536 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Earnings from equity method investments: Crude Transportation $ 17,078 $ 17,683 $ 37,917 $ 38,547 Corporate and Other (1) — 12,117 2,191 11,812 Total earnings from equity method investments $ 17,078 $ 29,800 $ 40,108 $ 50,359 (1) Includes historical earnings from equity method investments including gain (loss) on issuance of common units by equity method investee related to our investment in NGL Energy. Gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). See Note 3 for additional information. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Depreciation and amortization: Crude Transportation $ 6,171 $ 9,038 $ 12,030 $ 17,656 Crude Facilities 1,921 1,406 3,805 2,775 Crude Supply and Logistics 40 40 80 79 SemGas 9,194 7,359 18,116 14,497 SemCAMS 4,294 3,187 8,245 6,253 SemLogistics 1,983 2,154 3,943 4,194 SemMexico 949 1,037 1,890 2,090 Corporate and Other 496 453 986 864 Total depreciation and amortization $ 25,048 $ 24,674 $ 49,095 $ 48,408 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income tax expense (benefit): SemCAMS $ 451 $ 616 $ 1,416 $ 1,167 SemLogistics (273 ) 167 (214 ) (202 ) SemMexico 194 764 801 1,754 Corporate and Other 4,286 13,314 (18,752 ) 16,884 Total income tax expense (benefit) $ 4,658 $ 14,861 $ (16,749 ) $ 19,603 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Segment profit (1) : Crude Transportation $ 18,161 $ 19,983 $ 43,579 $ 44,507 Crude Facilities 9,371 7,963 18,958 16,365 Crude Supply and Logistics 10,069 10,978 19,162 16,159 SemGas 12,304 17,671 11,312 32,551 SemCAMS 9,000 7,981 18,904 15,866 SemLogistics 2,002 1,992 4,661 2,853 SemMexico 2,024 5,056 4,342 10,179 Corporate and Other (2) (8,008 ) 4,740 (14,168 ) (19,132 ) Total segment profit $ 54,923 $ 76,364 $ 106,750 $ 119,348 (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. (2) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Reconciliation of segment profit to net income: Total segment profit $ 54,923 $ 76,364 $ 106,750 $ 119,348 Less: Net unrealized loss (gain) related to derivative instruments 4,477 (1,415 ) (71 ) 1,230 Depreciation and amortization 25,048 24,674 49,095 48,408 Interest expense 18,875 16,822 37,810 31,413 Foreign currency transaction loss (gain) 1,543 (295 ) 3,012 (814 ) Loss (gain) on sale or impairment of equity method investment (9,120 ) (6,623 ) 30,644 (14,517 ) Other income, net (491 ) (95 ) (678 ) (186 ) Income tax expense 4,658 14,861 (16,749 ) 19,603 Loss from discontinued operations, net of taxes 2 2 4 2 Net income $ 9,931 $ 28,433 $ 3,683 $ 34,209 June 30, December 31, Total assets (excluding intersegment receivables): Crude Transportation $ 931,362 $ 877,017 Crude Facilities 154,359 155,186 Crude Supply and Logistics 430,297 328,419 SemGas 691,823 719,789 SemCAMS 376,586 331,749 SemLogistics 143,648 155,794 SemMexico 86,073 89,608 Corporate and Other (1) 282,826 196,347 Total $ 3,096,974 $ 2,853,909 (1) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. June 30, December 31, Equity investments: Crude Transportation $ 427,961 $ 438,291 Corporate and Other (1) 18,977 112,787 Total equity investments $ 446,938 $ 551,078 (1) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following (in thousands): June 30, December 31, Crude oil $ 76,343 $ 59,121 Asphalt and other 9,117 11,118 Total inventories $ 85,460 $ 70,239 At June 30, 2015 , our Crude Supply and Logistics segment recorded non-cash charges of $1.2 million to write-down crude oil inventory to the lower of cost or market. A lower of cost or market adjustment was not necessary at June 30, 2016 . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Fair value of financial instruments We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of commodity derivative assets and liabilities at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Derivatives subject to netting arrangements: Level 1 Netting* Total Level 1 Netting* Total Commodity derivatives: Assets $ 1,160 $ (1,160 ) $ — $ 131 $ (131 ) $ — Liabilities $ 1,428 $ (1,160 ) $ 268 $ 470 $ (131 ) $ 339 *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. "Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. "Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. "Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At June 30, 2016 , all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. There were no financial assets or liabilities recorded at fair value which were classified as Level 2 or Level 3 during the three months and six months ended June 30, 2016 and 2015 . 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 time and location basis risks, respectively. All marketing activities are subject to our Comprehensive Risk Management Policy, which establishes limits in order to manage risk and mitigate financial exposure. Our commodity derivatives can be comprised of swaps, futures contracts and forward contracts of crude oil, natural gas and natural gas liquids. These are defined as follows: Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Sales 5,890 7,721 16,310 13,452 Purchases 5,743 7,508 16,253 13,413 We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): June 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Commodity contracts $ — $ 268 $ — $ 339 We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. At June 30, 2016 and December 31, 2015, our margin deposit balances were in a net asset position of $5.1 million and $2.9 million , respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of June 30, 2016 and December 31, 2015, we would have had net asset positions of $4.8 million and $2.6 million , respectively. Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Commodity contracts $ (7,127 ) $ (2,202 ) $ (3,773 ) $ (2,268 ) Concentrations of risk During the three months ended June 30, 2016 , one customer of our Crude Supply and Logistics segment accounted for more than 10% of our consolidated revenues at approximately 30% . No suppliers accounted for more than 10% of our costs of products sold. During the six months ended June 30, 2016 , one customer of our Crude Supply and Logistics segment accounted for more than 10% of our consolidated revenues at approximately 33% . We purchased approximately $39.5 million of product from one third-party supplier of our Crude Supply and Logistics segment, which represented approximately 11% of our costs of products sold. At June 30, 2016 , two third-party customers, primarily of our Crude Supply and Logistics segment, accounted for approximately 42% of our consolidated accounts receivable. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rate was 32% and 34% for the three months ended June 30, 2016 and 2015 respectively and 128% and 36% for the six months ended June 30, 2016 and 2015, respectively. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 35% , include earnings in foreign jurisdictions taxed at lower rates and a non-controlling interest in Rose Rock for which taxes are not provided. Further, the foreign earnings are taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes. These combined factors, and the magnitude of the permanent items impacting the tax rate relative to income from continuing operations before income taxes result in rates that are not comparable between the periods. We have a valuation allowance on a small portion of our state net operating loss carryovers with shorter carryover periods and our foreign tax credit carryover. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies. We have 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 and state jurisdictions. Canada Revenue Agency has initiated an income tax audit of SemCAMS ULC for the tax years 2013 and 2014. No other foreign jurisdictions are currently under audit. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Our long-term debt consisted of the following (in thousands): June 30, December 31, SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 Unamortized debt issuance costs on SemGroup notes (4,125 ) (4,540 ) SemGroup 7.50% senior unsecured notes due 2021, net 295,875 295,460 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Unamortized debt issuance costs on Rose Rock 2022 notes (6,442 ) (6,975 ) Rose Rock 5.625% senior unsecured notes due 2022, net 393,558 393,025 Rose Rock 5.625% senior unsecured notes due 2023 350,000 350,000 Unamortized discount on Rose Rock 2023 notes (5,178 ) (5,455 ) Unamortized debt issuance costs on Rose Rock 2023 notes (4,931 ) (5,266 ) Rose Rock 5.625% senior unsecured notes due 2023, net 339,891 339,279 SemGroup corporate revolving credit facility — 30,000 Rose Rock revolving credit facility 41,000 — SemMexico revolving credit facility — — Capital leases 64 83 Total long-term debt, net 1,070,388 1,057,847 Less: current portion of long-term debt 25 31 Noncurrent portion of long-term debt, net $ 1,070,363 $ 1,057,816 SemGroup senior unsecured notes due 2021 For the three months ended June 30, 2016 and 2015 , we incurred $5.8 million and $5.8 million , respectively, of interest expense related to $300 million of 7.50% senior unsecured notes due 2021 (the "SemGroup Notes") including the amortization of debt issuance costs. For the six months ended June 30, 2016 and 2015 , we incurred $11.7 million and $11.7 million , respectively, of interest expense related to the SemGroup Notes including the amortization of debt issuance costs. SemGroup corporate revolving credit facility At June 30, 2016 , we had no outstanding cash borrowings on our $500 million revolving credit facility. At June 30, 2016 , we had outstanding letters of credit under the facility of $6.0 million , for which the rate in effect was 2.0% . We incurred interest expense related to the SemGroup revolving credit facility of $1.2 million and $1.0 million for the three months ended June 30, 2016 and 2015 , respectively, including letters of credit and amortization of debt issuance costs. We incurred interest expense related to the SemGroup revolving credit facility of $2.6 million and $2.0 million for the six months ended June 30, 2016 and 2015 , respectively, including letters of credit and amortization of debt issuance costs. Rose Rock senior unsecured notes due 2022 At June 30, 2016 , Rose Rock had outstanding $400 million of 5.625% senior unsecured notes due 2022 (the "Rose Rock 2022 Notes"). For the three months ended June 30, 2016 and 2015 , we incurred $5.9 million and $5.9 million , respectively, of interest expense related to the Rose Rock 2022 Notes including amortization of debt issuance costs. For the six months ended June 30, 2016 and 2015 , we incurred $11.7 million and $11.7 million , respectively, of interest expense related to the Rose Rock 2022 Notes including amortization of debt issuance costs. Rose Rock senior unsecured notes due 2023 At June 30, 2016 , Rose Rock had $350 million of 5.625% senior unsecured notes due 2023 (the “Rose Rock 2023 Notes”), which were issued on May 14, 2015. For the three months ended June 30, 2016 and 2015 , we incurred $5.2 million and $2.7 million , respectively, of interest expense related to the Rose Rock 2023 Notes including amortization of debt issuance costs. For the six months ended June 30, 2016 and 2015 , we incurred $10.4 million and $2.7 million , respectively, of interest expense related to the Rose Rock 2023 Notes including amortization of debt issuance costs. Rose Rock revolving credit facility At June 30, 2016 , Rose Rock had $41.0 million of outstanding cash borrowings under the $585 million Rose Rock revolving credit facility, which incurred interest at the alternate base rate ("ABR"). At June 30, 2016 , the interest rate in effect on ABR borrowings was 5.25% . At June 30, 2016 , Rose Rock had $37.7 million in outstanding letters of credit, and the rate in effect was 2.75% . Rose Rock had $18.9 million of secured bilateral letters of credit outstanding at June 30, 2016 . The interest rate in effect was 1.75% . Secured bilateral letters of credit are external to the facility and do not reduce availability for borrowing on the revolving credit facility. We incurred $1.6 million and $2.0 million of interest expense related to this facility during the three months ended June 30, 2016 and 2015 , respectively, including letters of credit and amortization of debt issuance costs. We incurred $3.1 million and $4.2 million of interest expense related to this facility during the six months ended June 30, 2016 and 2015 , respectively, including letters of credit and amortization of debt issuance costs. SemMexico revolving credit facility At June 30, 2016 , SemMexico had a $100 million Mexican pesos (U.S. $5.4 million at the June 30, 2016 exchange rate) revolving credit facility, which matures in May 2018. There were no outstanding borrowings on the facility at June 30, 2016 . Borrowings are unsecured and bear interest at the bank prime rate in Mexico plus 1.50% . At June 30, 2016 , SemMexico had an outstanding letter of credit of $292.8 million Mexican pesos (U.S. $15.8 million at the June 30, 2016 exchange rate). The letter of credit was issued for a fee of 0.25% . Capitalized interest During the six months ended June 30, 2016 and 2015 , we capitalized interest of $1.6 million and $0.9 million , respectively. Fair value We estimate the fair value of the SemGroup Notes, the Rose Rock 2022 Notes and the Rose Rock 2023 Notes to be $290 million , $352 million and $305 million , respectively, at June 30, 2016 , based on unadjusted, transacted market prices near the measurement date, which are categorized as Level 2 measurements. We estimate that the fair value of our revolving long-term debt was not materially different than the reported values at June 30, 2016 , and is categorized as a Level 2 measurement. 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 revolving debt outstanding at June 30, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 in the District Court, 293rd Judicial District, Zavala County, Texas, as 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. Confidential settlement agreements have been entered into with all plaintiffs. There are pending claims with one defendant/cross-plaintiff for which a Motion for Summary Judgment has been filed, however, the hearing date has not been set. We believe that any liability that may arise from this action will be within the limits covered by our insurance. We will continue to defend our position, however we cannot predict the outcome. Environmental We may, from time to time, experience leaks of petroleum products from our facilities and, as a result of which, we may incur remediation obligations or property damage claims. In addition, we are subject to numerous environmental regulations. Failure to comply with these regulations could result in the assessment of fines or penalties by regulatory authorities. The Kansas Department of Health and Environment ("the KDHE") initiated discussions during our bankruptcy proceeding regarding six of our sites in Kansas ( five owned by Crude Transportation and one owned by SemGas) that KDHE believed, based on their historical use, may have had 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 sites are in various stages of follow up investigation, remediation, monitoring, or closure under KDHE oversight. The environmental work at these sites is being completed under consent orders between Rose Rock Midstream Crude, LP and the KDHE. Two of the remaining sites have limited impacts to shallow soil and groundwater and the groundwater is currently being monitored on a semi-annual basis until such time that closure can be granted by the KDHE. No active remediation is anticipated for these two sites. The final two sites have required additional investigation and soil and groundwater remediation may be necessary to achieve KDHE closure. We do not anticipate any penalties or fines for these historical sites. We received a Notice of Probable Violation and Civil Penalty dated March 29, 2016 from the U.S. Department of Transportation (the “Notice”) for alleged violations of pipeline operation and maintenance regulations related to a 2014 crude oil release that occurred on our Blackwell to See pipeline segment located in Oklahoma. This pipeline segment was idled in March 2016 when we initiated service on our new pipeline segment that transports Kansas crude volumes to our Cushing, Oklahoma terminal. The Notice proposes a penalty of $600,200 . We responded to the Notice in April 2016 with information that we believe warrants reduction of the amount of the proposed penalty. 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. At June 30, 2016 , we have an asset retirement obligation liability of $18.0 million , which is included within other noncurrent liabilities on our condensed consolidated balance sheets. This amount was calculated using the $126.0 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation. The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations. Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. Purchase and sale commitments We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At June 30, 2016 , such commitments included the following (in thousands): Volume (Barrels) Value Fixed price purchases 3,528 $ 167,030 Fixed price sales 4,563 $ 218,212 Floating price purchases 12,701 $ 601,820 Floating price sales 17,773 $ 786,992 Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days). Our SemGas segment has a take-or-pay contractual obligation related to the fractionation of natural gas liquids through June 2023. The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2016 $ 5,951 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 December 31, 2020 8,451 Thereafter 15,940 Total expected future payments $ 61,461 SemGas also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of SemGas’ revenues were generated from such contracts. Rose Rock has a take-or-pay obligation with our equity method investee, White Cliffs, for approximately 5,000 barrels per day of space on White Cliffs' pipeline. The agreement became effective in October 2015 and has a term of 5 years. Annual payments to White Cliffs under the agreement are expected to be $9.4 million . |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Unaudited condensed consolidated statement of changes in owners’ equity The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2015 to June 30, 2016 (in thousands): Common Stock Additional Paid-in Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Noncontrolling Interests Total Owners’ Equity Balance at December 31, 2015 $ 439 $ 1,217,255 $ (5,593 ) $ (38,012 ) $ (58,562 ) $ 80,829 $ 1,196,356 Net income (loss) — — — (7,259 ) — 10,942 3,683 Other comprehensive income, net of income taxes — — — — 2,482 — 2,482 Issuance of common shares 86 228,460 — — — — 228,546 Distributions to noncontrolling interests — — — — — (21,485 ) (21,485 ) Dividends paid — (39,720 ) — — — — (39,720 ) Unvested dividend equivalent rights — 206 — — — 66 272 Non-cash equity compensation — 4,592 — — — 731 5,323 Issuance of common stock under compensation plans 1 774 — — — — 775 Repurchase of common stock — — (904 ) — — — (904 ) Balance at June 30, 2016 $ 526 $ 1,411,567 $ (6,497 ) $ (45,271 ) $ (56,080 ) $ 71,083 $ 1,375,328 Accumulated other comprehensive loss The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2015 to June 30, 2016 (in thousands): Currency Translation Employee Benefit Plans Total Balance at December 31, 2015 $ (57,201 ) $ (1,361 ) $ (58,562 ) Currency translation adjustment, net of income tax expense of $1,589 2,608 — 2,608 Changes related to benefit plans, net of income tax benefit of $42 — (126 ) (126 ) Balance at June 30, 2016 $ (54,593 ) $ (1,487 ) $ (56,080 ) There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months and six months ended June 30, 2016 . Equity issuances On June 22, 2016, we issued and sold 8,625,000 shares of our Class A common stock, valued at $27.00 per share, to the public for proceeds of $228.5 million , net of underwriting fees and other offering costs of $4.3 million . Proceeds were used to repay borrowings on our revolving credit facility and will be used for future capital expenditures and general corporate purposes. During the six months ended June 30, 2016 , we issued 30,718 shares under the Employee Stock Purchase Plan and 157,077 shares related to our equity based compensation awards. Equity-based compensation At June 30, 2016 , there were 797,812 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheet, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 408,000 additional shares could vest. The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At June 30, 2016 , the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $390 thousand . During the six months ended June 30, 2016 , we granted 548,143 restricted stock awards with a weighted average grant date fair value of $19.20 per award. Dividends The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date of Record Date Paid March 31, 2015 $ 0.34 March 9, 2015 March 20, 2015 June 30, 2015 $ 0.38 May 18, 2015 May 29, 2015 September 30, 2015 $ 0.42 August 17, 2015 August 25, 2015 December 31, 2015 $ 0.45 November 16, 2015 November 24, 2015 March 31, 2016 $ 0.45 March 7, 2016 March 17, 2016 June 30, 2016 $ 0.45 May 16, 2016 May 26, 2016 September 30, 2016 $ 0.45 August 15, 2016 August 25, 2016 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share is calculated based on income from continuing and discontinued operations less any income attributable to noncontrolling interests. Income attributable to noncontrolling interests represents third-party limited partner unitholders' interests in the earnings of our consolidated subsidiary, Rose Rock. Rose Rock allocates net income to its limited partners based on the distributions pertaining to the current period's available cash as defined by Rose Rock's partnership agreement. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to Rose Rock's general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock's partnership agreement and as further prescribed under the two-class method. Incentive distribution rights do not participate in undistributed earnings. Basic earnings per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of unvested equity compensation awards. The following summarizes the calculation of basic earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,933 $ (2 ) $ 9,931 $ 28,435 $ (2 ) $ 28,433 less: Income attributable to noncontrolling interests 1,922 — 1,922 5,136 — 5,136 Income (loss) attributable to SemGroup $ 8,011 $ (2 ) $ 8,009 $ 23,299 $ (2 ) $ 23,297 Weighted average common stock outstanding 45,236 45,236 45,236 43,798 43,798 43,798 Basic earnings (loss) per share $ 0.18 $ — $ 0.18 $ 0.53 $ — $ 0.53 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 3,687 $ (4 ) $ 3,683 $ 34,211 $ (2 ) $ 34,209 less: Income attributable to noncontrolling interests 10,942 — 10,942 9,446 — 9,446 Income (loss) attributable to SemGroup $ (7,255 ) $ (4 ) $ (7,259 ) $ 24,765 $ (2 ) $ 24,763 Weighted average common stock outstanding 44,553 44,553 44,553 43,758 43,758 43,758 Basic earnings (loss) per share $ (0.16 ) $ — $ (0.16 ) $ 0.57 $ — $ 0.57 The following summarizes the calculation of diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,933 $ (2 ) $ 9,931 $ 28,435 $ (2 ) $ 28,433 less: Income attributable to noncontrolling interests 1,922 — 1,922 5,136 — 5,136 Income (loss) attributable to SemGroup $ 8,011 $ (2 ) $ 8,009 $ 23,299 $ (2 ) $ 23,297 Weighted average common stock outstanding 45,236 45,236 45,236 43,798 43,798 43,798 Effect of dilutive securities 411 411 411 215 215 215 Diluted weighted average common stock outstanding 45,647 45,647 45,647 44,013 44,013 44,013 Diluted earnings (loss) per share $ 0.18 $ — $ 0.18 $ 0.53 $ — $ 0.53 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 3,687 $ (4 ) $ 3,683 $ 34,211 $ (2 ) $ 34,209 less: Income attributable to noncontrolling interests 10,942 — 10,942 9,446 — 9,446 Income (loss) attributable to SemGroup $ (7,255 ) $ (4 ) $ (7,259 ) $ 24,765 $ (2 ) $ 24,763 Weighted average common stock outstanding 44,553 44,553 44,553 43,758 43,758 43,758 Effect of dilutive securities — — — 217 217 217 Diluted weighted average common stock outstanding 44,553 44,553 44,553 43,975 43,975 43,975 Diluted earnings (loss) per share $ (0.16 ) $ — $ (0.16 ) $ 0.56 $ — $ 0.56 For the six months ended June 30, 2016, we experienced a net loss attributable to SemGroup, as such the unvested equity compensation awards would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the changes in the components of operating assets and liabilities shown on our condensed consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2016 2015 Decrease (increase) in restricted cash $ 1 $ 6,766 Decrease (increase) in accounts receivable (60,062 ) (2,248 ) Decrease (increase) in receivable from affiliates (4,305 ) (1,353 ) Decrease (increase) in inventories (15,918 ) (36,065 ) Decrease (increase) in derivatives and margin deposits (2,163 ) (287 ) Decrease (increase) in other current assets 956 (3,134 ) Decrease (increase) in other assets (1,266 ) (2,096 ) Increase (decrease) in accounts payable and accrued liabilities 60,867 18,730 Increase (decrease) in payable to affiliates 3,997 5,580 Increase (decrease) in payables to pre-petition creditors — (3,836 ) Increase (decrease) in other noncurrent liabilities (1,453 ) 47 $ (19,346 ) $ (17,896 ) Other supplemental disclosures We paid cash interest of $34.9 million and $28.2 million for the six months ended June 30, 2016 and 2015 , respectively. We paid cash for income taxes (net of refunds received) of $2.3 million and $5.7 million for the six months ended June 30, 2016 and 2015 , respectively. We incurred liabilities for construction work in process that had not been paid of $9.1 million and $16.8 million as of June 30, 2016 and 2015 , respectively. Such amounts are not included in capital expenditures on the consolidated statements of cash flows. We financed prepayments of insurance premiums of $4.0 million and $4.6 million for the six months ended June 30, 2016 and 2015 , respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS NGL Energy As described in Note 3, we own a general partner interest in NGL Energy which is accounted for as an equity method investment. During the three months and six months ended June 30, 2016 and 2015 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 8,303 $ 74,447 $ 16,832 $ 119,916 Purchases $ 6,366 $ 75,027 $ 13,196 $ 110,261 Reimbursements from NGL Energy for services $ — $ 14 $ — $ 56 Transactions with NGL Energy and its subsidiaries primarily relate to marketing, leased storage and transportation services of crude oil, including buy/sell transactions. In accordance with ASC 845-10-15, these transactions were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income (loss) because the purchases of inventory and subsequent sales of the inventory were with the same counterparty. White Cliffs During the three months ended June 30, 2016 and 2015 , we generated storage revenue from White Cliffs of approximately $1.1 million and $1.1 million , respectively. During the six months ended June 30, 2016 and 2015 , we generated storage revenue from White Cliffs of approximately $2.2 million and $2.1 million , respectively. We incurred $2.7 million and $1.1 million of cost for the three months ended June 30, 2016 and 2015 , respectively, related to transportation fees for shipments on White Cliffs. We incurred $5.2 million and $1.8 million of cost for the six months ended June 30, 2016 and 2015 , respectively, related to transportation fees for shipments on White Cliffs. We received $0.1 million and $0.1 million in management fees from White Cliffs for the three months ended June 30, 2016 and 2015 , respectively. We received $0.2 million and $0.2 million in management fees from White Cliffs for the six months ended June 30, 2016 and 2015 , respectively. During the three and six months ended June 30, 2016 , we purchased $3.5 million of crude oil from White Cliffs. There were no product purchases from White Cliffs in the prior year. Glass Mountain We incurred $1.4 million and $0.7 million of cost for the three months ended June 30, 2016 and 2015 , respectively, related to transportation fees for shipments on the Glass Mountain Pipeline. We incurred $3.3 million and $1.2 million of cost for the six months ended June 30, 2016 and 2015 , respectively, related to transportation fees for shipments on the Glass Mountain Pipeline. We received $0.2 million and $0.2 million in fees from Glass Mountain for the three months ended June 30, 2016 and 2015 , respectively, related to support and administrative services associated with pipeline operations. We received $0.4 million and $0.4 million in fees from Glass Mountain for the six months ended June 30, 2016 and 2015 , respectively, related to support and administrative services associated with pipeline operations. We made purchases of crude oil of $0.4 million and $1.5 million from Glass Mountain during the six months ended June 30, 2016 and 2015 , respectively. There were no purchases of crude oil from Glass Mountain during the three months ended June 30, 2016 and 2015 . Legal services The law firm of Conner & Winters, LLP, of which Mark D. Berman is a partner, performs legal services for us. Mr. Berman is the spouse of Candice L. Cheeseman, Vice President and General Counsel. Mr. Berman does not perform any legal services for us. SemGroup paid $0.3 million and $0.4 million in legal fees and related expenses to this law firm during the three months ended June 30, 2016 and 2015 , respectively (of which $0.1 thousand and $0.1 thousand was paid by White Cliffs during the three months ended June 30, 2016 and 2015 , respectively). SemGroup paid $0.4 million and $0.7 million in legal fees and related expenses to this law firm during the six months ended June 30, 2016 and 2015 , respectively (of which $1.6 thousand and $3.4 thousand was paid by White Cliffs during the six months ended June 30, 2016 and 2015 , respectively). |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Statements (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Guarantor Financial Statements [Abstract] | |
Condensed Consolidating Guarantor Financial Statements [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS Our SemGroup Notes are guaranteed by certain of our subsidiaries as follows: SemGas, L.P., SemMaterials, L.P., SemGroup Europe Holding, L.L.C., SemOperating G.P., L.L.C., SemMexico, L.L.C., SemDevelopment, L.L.C., Rose Rock Midstream Holdings, LLC and Mid-America Midstream Gas Services, L.L.C. (collectively, the "Guarantors"). Each of the Guarantors is 100% owned by SemGroup Corporation (the "Parent"). Such guarantees of the SemGroup Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. In 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 SemCanada, L.P. and SemCanada II, L.P. as non-guarantors. Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of June 30, 2016 and December 31, 2015 and for the three months and six months ended June 30, 2016 and 2015 are presented on an equity method basis in the tables below (in thousands). Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent's net intercompany balance, including note receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. The Parent's investing activities with subsidiaries, such as the drop down of Wattenberg Holding, LLC and Glass Mountain to Rose Rock in the first quarter of 2015, have been reflected as cash flows from investing activities. Quarterly cash distributions from Rose Rock representing a return on capital have been included in the Parent's cash flows from operations. These balances are eliminated through consolidating adjustments below. Condensed Consolidating Guarantor Balance Sheets June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 187,987 $ — $ 68,614 $ (821 ) $ 255,780 Restricted cash — — 31 — 31 Accounts receivable, net 641 12,596 375,431 — 388,668 Receivable from affiliates 4,897 802 9,467 (4,947 ) 10,219 Inventories — (120 ) 85,580 — 85,460 Other current assets 9,228 742 15,475 — 25,445 Total current assets 202,753 14,020 554,598 (5,768 ) 765,603 Property, plant and equipment, net 4,915 532,702 1,111,345 — 1,648,962 Equity method investments 1,502,156 510,115 427,961 (1,993,294 ) 446,938 Goodwill — — 34,698 — 34,698 Other intangible assets, net 18 140,083 16,516 — 156,617 Other noncurrent assets 38,780 778 4,598 — 44,156 Total assets $ 1,748,622 $ 1,197,698 $ 2,149,716 $ (1,999,062 ) $ 3,096,974 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 533 $ 11,346 $ 326,841 $ — $ 338,720 Payable to affiliates 53 21 13,903 (4,947 ) 9,030 Accrued liabilities 9,392 11,511 63,796 4 84,703 Other current liabilities 364 — 11,146 — 11,510 Total current liabilities 10,342 22,878 415,686 (4,943 ) 443,963 Long-term debt, net 295,875 6,640 790,988 (23,140 ) 1,070,363 Deferred income taxes 135,985 — 47,791 — 183,776 Other noncurrent liabilities 2,175 — 21,369 — 23,544 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,304,245 1,168,180 802,799 (1,970,979 ) 1,304,245 Noncontrolling interests in consolidated subsidiaries — — 71,083 — 71,083 Total owners’ equity 1,304,245 1,168,180 873,882 (1,970,979 ) 1,375,328 Total liabilities and owners’ equity $ 1,748,622 $ 1,197,698 $ 2,149,716 $ (1,999,062 ) $ 3,096,974 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, net 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, net 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, net 20 144,183 18,020 — 162,223 Other noncurrent assets 39,358 881 5,135 — 45,374 Total assets $ 1,605,858 $ 1,142,990 $ 1,970,454 $ (1,865,393 ) $ 2,853,909 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 Other current liabilities 569 — 12,712 — 13,281 Total current liabilities 6,932 22,333 350,719 (2,957 ) 377,027 Long-term debt, net 325,460 7,340 748,856 (23,840 ) 1,057,816 Deferred income taxes 155,411 — 45,542 — 200,953 Other noncurrent liabilities 2,528 — 19,229 — 21,757 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,115,527 1,113,317 725,279 (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 $ 1,605,858 $ 1,142,990 $ 1,970,454 $ (1,865,393 ) $ 2,853,909 Condensed Consolidating Guarantor Statements of Operations Three Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 39,849 $ 172,798 $ (2,521 ) $ 210,126 Service — 10,872 51,328 — 62,200 Other — — 15,051 — 15,051 Total revenues — 50,721 239,177 (2,521 ) 287,377 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 27,171 152,192 (2,521 ) 176,842 Operating — 9,192 45,515 — 54,707 General and administrative 4,782 2,379 13,614 — 20,775 Depreciation and amortization 393 9,146 15,509 — 25,048 Loss (gain) on disposal or impairment of long-lived assets, net — (1 ) 1,686 — 1,685 Total expenses 5,175 47,887 228,516 (2,521 ) 279,057 Earnings from equity method investments 6,557 9,034 17,077 (15,590 ) 17,078 Operating income 1,382 11,868 27,738 (15,590 ) 25,398 Other expenses (income), net: Interest expense (income) (936 ) 8,333 11,714 (236 ) 18,875 Foreign currency transaction loss — — 1,543 — 1,543 Gain on sale of equity method investment (9,120 ) — — — (9,120 ) Other income, net (249 ) — (478 ) 236 (491 ) Total other expense (income), net (10,305 ) 8,333 12,779 — 10,807 Income from continuing operations before income taxes 11,687 3,535 14,959 (15,590 ) 14,591 Income tax expense 3,679 — 979 — 4,658 Income from continuing operations 8,008 3,535 13,980 (15,590 ) 9,933 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 8,008 3,534 13,979 (15,590 ) 9,931 Less: net income attributable to noncontrolling interests — — 1,922 — 1,922 Net income attributable to SemGroup $ 8,008 $ 3,534 $ 12,057 $ (15,590 ) $ 8,009 Net income $ 8,008 $ 3,534 $ 13,979 $ (15,590 ) $ 9,931 Other comprehensive income (loss), net of income taxes 18,480 485 (12,374 ) — 6,591 Comprehensive income 26,488 4,019 1,605 (15,590 ) 16,522 Less: comprehensive income attributable to noncontrolling interests — — 1,922 — 1,922 Comprehensive income (loss) attributable to SemGroup $ 26,488 $ 4,019 $ (317 ) $ (15,590 ) $ 14,600 Three Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 50,293 $ 244,886 $ (6,443 ) $ 288,736 Service — 15,743 50,861 — 66,604 Other — — 21,886 — 21,886 Total revenues — 66,036 317,633 (6,443 ) 377,226 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 35,632 214,969 (6,443 ) 244,158 Operating — 8,822 51,978 — 60,800 General and administrative 4,626 2,642 15,649 — 22,917 Depreciation and amortization 329 7,255 17,090 — 24,674 Loss on disposal or impairment of long-lived assets, net — 108 1,264 — 1,372 Total expenses 4,955 54,459 300,950 (6,443 ) 353,921 Earnings from equity method investments 28,583 15,048 17,683 (37,411 ) 23,903 Gain on issuance of common units by equity method investee 5,897 — — — 5,897 Operating income 29,525 26,625 34,366 (37,411 ) 53,105 Other expenses (income), net: Interest expense 781 6,160 10,614 (733 ) 16,822 Foreign currency transaction gain (5 ) — (290 ) — (295 ) Gain on sale of equity method investment (6,623 ) — — — (6,623 ) Other income, net (778 ) — (50 ) 733 (95 ) Total other expense (income), net (6,625 ) 6,160 10,274 — 9,809 Income from continuing operations before income taxes 36,150 20,465 24,092 (37,411 ) 43,296 Income tax expense 12,853 — 2,008 — 14,861 Income from continuing operations 23,297 20,465 22,084 (37,411 ) 28,435 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 23,297 20,464 22,083 (37,411 ) 28,433 Less: net income attributable to noncontrolling interests — — 5,136 — 5,136 Net income attributable to SemGroup $ 23,297 $ 20,464 $ 16,947 $ (37,411 ) $ 23,297 Net income $ 23,297 $ 20,464 $ 22,083 $ (37,411 ) $ 28,433 Other comprehensive income (loss), net of income taxes (2,346 ) — 7,866 — 5,520 Comprehensive income 20,951 20,464 29,949 (37,411 ) 33,953 Less: comprehensive income attributable to noncontrolling interests — — 5,136 — 5,136 Comprehensive income attributable to SemGroup $ 20,951 $ 20,464 $ 24,813 $ (37,411 ) $ 28,817 Six Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 73,247 $ 379,042 $ (5,267 ) $ 447,022 Service — 23,740 102,533 — 126,273 Other — — 28,933 — 28,933 Total revenues — 96,987 510,508 (5,267 ) 602,228 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 51,780 327,276 (5,267 ) 373,789 Operating — 16,885 88,014 — 104,899 General and administrative 10,654 4,625 26,556 — 41,835 Depreciation and amortization 773 18,020 30,302 — 49,095 Loss on disposal of long-lived assets, net — 13,051 1,941 — 14,992 Total expenses 11,427 104,361 474,089 (5,267 ) 584,610 Earnings from equity method investments 13,147 28,214 37,917 (39,129 ) 40,149 Loss on issuance of common units by equity method investee (41 ) — — — (41 ) Operating income 1,679 20,840 74,336 (39,129 ) 57,726 Other expenses (income), net: Interest expense (income) (1,513 ) 16,336 23,460 (473 ) 37,810 Foreign currency transaction loss — — 3,012 — 3,012 Loss on sale or impairment of equity method investment 30,644 — — — 30,644 Other income, net (487 ) — (664 ) 473 (678 ) Total other expenses, net 28,644 16,336 25,808 — 70,788 Income (loss) from continuing operations before income taxes (26,965 ) 4,504 48,528 (39,129 ) (13,062 ) Income tax expense (benefit) (19,706 ) — 2,957 — (16,749 ) Income (loss) from continuing operations (7,259 ) 4,504 45,571 (39,129 ) 3,687 Loss from discontinued operations, net of income taxes — (3 ) (1 ) — (4 ) Net income (loss) (7,259 ) 4,501 45,570 (39,129 ) 3,683 Less: net income attributable to noncontrolling interests — — 10,942 — 10,942 Net income (loss) attributable to SemGroup $ (7,259 ) $ 4,501 $ 34,628 $ (39,129 ) $ (7,259 ) Net income (loss) $ (7,259 ) $ 4,501 $ 45,570 $ (39,129 ) $ 3,683 Other comprehensive income (loss), net of income taxes (1,986 ) 701 3,767 — 2,482 Comprehensive income (loss) (9,245 ) 5,202 49,337 (39,129 ) 6,165 Less: comprehensive income attributable to noncontrolling interests — — 10,942 — 10,942 Comprehensive income (loss) attributable to SemGroup $ (9,245 ) $ 5,202 $ 38,395 $ (39,129 ) $ (4,777 ) Six Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 101,346 $ 419,938 $ (12,417 ) $ 508,867 Service — 30,202 98,279 — 128,481 Other — — 38,188 — 38,188 Total revenues — 131,548 556,405 (12,417 ) 675,536 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 76,300 372,347 (12,417 ) 436,230 Operating — 16,936 96,954 — 113,890 General and administrative 22,228 4,706 28,293 — 55,227 Depreciation and amortization 623 14,288 33,497 — 48,408 Loss on disposal of long-lived assets, net — 107 2,323 — 2,430 Total expenses 22,851 112,337 533,414 (12,417 ) 656,185 Earnings from equity method investments 43,388 27,576 38,547 (65,049 ) 44,462 Gain on issuance of common units by equity method investee 5,897 — — — 5,897 Operating income 26,434 46,787 61,538 (65,049 ) 69,710 Other expenses (income), net: Interest expense 2,203 11,651 19,058 (1,499 ) 31,413 Foreign currency transaction gain (5 ) — (809 ) — (814 ) Gain on sale of equity method investment (14,517 ) — — — (14,517 ) Other income, net (1,570 ) — (115 ) 1,499 (186 ) Total other expenses (income), net (13,889 ) 11,651 18,134 — 15,896 Income from continuing operations before income taxes 40,323 35,136 43,404 (65,049 ) 53,814 Income tax expense 15,560 — 4,043 — 19,603 Income from continuing operations 24,763 35,136 39,361 (65,049 ) 34,211 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 24,763 35,135 39,360 (65,049 ) 34,209 Less: net income attributable to noncontrolling interests — — 9,446 — 9,446 Net income attributable to SemGroup $ 24,763 $ 35,135 $ 29,914 $ (65,049 ) $ 24,763 Net income 24,763 35,135 39,360 (65,049 ) 34,209 Other comprehensive income (loss), net of income taxes 6,300 — (9,840 ) — (3,540 ) Comprehensive income 31,063 35,135 29,520 (65,049 ) 30,669 Less: comprehensive income attributable to noncontrolling interests — — 9,446 — 9,446 Comprehensive income attributable to SemGroup $ 31,063 $ 35,135 $ 20,074 $ (65,049 ) $ 21,223 Condensed Consolidating Guarantor Statements of Cash Flows Six Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 25,427 $ 17,351 $ 56,585 $ (25,448 ) $ 73,915 Cash flows from investing activities: Capital expenditures (1,350 ) (11,211 ) (114,151 ) — (126,712 ) Proceeds from sale of long-lived assets — — 114 — 114 Contributions to equity method investments — — (3,448 ) — (3,448 ) Proceeds from sale of common units of equity method investee 60,483 — — — 60,483 Distributions in excess of equity in earnings of affiliates 13,767 — 13,778 (13,767 ) 13,778 Net cash provided by (used in) investing activities 72,900 (11,211 ) (103,707 ) (13,767 ) (55,785 ) Cash flows from financing activities: Borrowings on credit facilities 118,000 — 165,500 — 283,500 Principal payments on credit facilities and other obligations (148,367 ) — (124,514 ) — (272,881 ) Proceeds from issuance of common units, net of offering costs 228,546 — — — 228,546 Distributions to noncontrolling interests — — (21,485 ) — (21,485 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (904 ) — — — (904 ) Dividends paid (39,720 ) — — — (39,720 ) Proceeds from issuance of common stock under employee stock purchase plan 555 — — — 555 Intercompany borrowings (advances), net (73,009 ) (6,140 ) 39,191 39,958 — Net cash provided by (used in) financing activities 85,101 (6,140 ) 58,692 39,958 177,611 Effect of exchange rate changes on cash and cash equivalents — — 1,943 — 1,943 Change in cash and cash equivalents 183,428 — 13,513 743 197,684 Cash and cash equivalents at beginning of period 4,559 — 55,101 (1,564 ) 58,096 Cash and cash equivalents at end of period $ 187,987 $ — $ 68,614 $ (821 ) $ 255,780 Six Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 19,092 $ 18,222 $ 55,462 $ (19,819 ) $ 72,957 Cash flows from investing activities: Capital expenditures (1,105 ) (73,195 ) (162,656 ) — (236,956 ) Proceeds from sale of long-lived assets — 20 210 — 230 Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Contributions to equity method investments — — (23,461 ) — (23,461 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Distributions in excess of equity in earnings of affiliates 11,676 — 13,077 (11,676 ) 13,077 Net cash provided by (used in) investing activities 318,070 (73,175 ) (172,830 ) (262,857 ) (190,792 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities and issuance of senior secured notes, net of discount 126,000 — 676,208 — 802,208 Principal payments on credit facilities and other obligations (161,000 ) — (364,024 ) — (525,024 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (19,261 ) — (19,261 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,254 ) — — — (4,254 ) Dividends paid (31,478 ) — — — (31,478 ) Proceeds from issuance of common stock under employee stock purchase plan 609 — — — 609 Intercompany borrowing (advances), net (157,632 ) 54,953 (181,841 ) 284,520 — Net cash provided by (used in) financing activities (228,356 ) 54,953 194,513 284,520 305,630 Effect of exchange rate changes on cash and cash equivalents — — 390 — 390 Change in cash and cash equivalents 108,806 — 77,535 1,844 188,185 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 118,060 $ — $ 112,980 $ (2,257 ) $ 228,783 |
Overview (Policies)
Overview (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Overview [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2015 , which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission ("SEC"). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and six months ended June 30, 2016 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2016 . Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 , which are included in our Annual Report on Form 10-K for the year ended December 31, 2015 , filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2015 . |
Recent accounting pronouncements | Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting'', which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years and early adoption is permitted. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)", which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU will be effective for annual periods beginning after December 15, 2018, and interim periods within those years. The new guidance shall be applied using a modified retrospective approach and early adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. We will adopt this guidance in the first quarter of 2019. In November 2015, the FASB issued 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. We have not determined which method we will apply when we adopt the standard. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In July 2015, the FASB issued 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. We will adopt this guidance in the first quarter of 2017. The impact is not expected to be material. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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 are effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. The new guidance has been applied on a retrospective basis for all periods presented. We adopted this guidance in the first quarter of 2016. The impact was not material. For presentation purposes, $16.8 million of debt issuance costs which had previously been reported as other noncurrent assets were reclassified as a reduction of long-term debt on the December 31, 2015 balance sheet. Capitalized loan fees related to our revolving credit facilities continue to be presented as other noncurrent assets. 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. We adopted this guidance in the first quarter of 2016. The impact was not material. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States ("U.S. GAAP"). The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard permits using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08 which amended the principal-versus-agent implementation guidance set forth in ASU 2014-09. Among other things, ASU 2016-08 clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU 2016-10 which amended certain aspects of the guidance related to identifying performance obligations and licensing implementation within ASU 2014-09. In June 2016, the FASB issued ASU 2016-12 which narrows the scope around certain aspects of the criterion used in determining when to recognize revenue. 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. |
Financial Instruments (Policies
Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | "Level 1" measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. "Level 2" measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter ("OTC") traded physical fixed priced purchases and sales forward contracts. "Level 3" measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At June 30, 2016 , all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. |
Rose Rock Midstream, L.P. (Tabl
Rose Rock Midstream, L.P. (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments in and Advances to Affiliates [Line Items] | |
Distributions Paid and Declared | The following table shows the cash distributions paid or declared during 2016 and 2015 (in thousands, except for per unit amounts): Distribution Per Unit Distributions Paid/To Be Paid Quarter Ended SemGroup Noncontrolling Interest Common Units Total Distributions General Partner Incentive Distributions Common Units Subordinated Units December 31, 2014 $ 0.6200 $ 485 $ 3,487 $ 6,551 $ 5,202 $ 8,544 $ 24,269 March 31, 2015 $ 0.6350 $ 568 $ 4,450 $ 13,148 $ — $ 10,213 $ 28,379 June 30, 2015 $ 0.6500 $ 590 $ 4,979 $ 13,458 $ — $ 10,456 $ 29,483 September 30, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,619 $ 30,221 December 31, 2015 $ 0.6600 $ 604 $ 5,333 $ 13,665 $ — $ 10,622 $ 30,224 March 31, 2016 $ 0.6600 $ 605 $ 5,338 $ 13,665 $ — $ 10,643 $ 30,251 June 30, 2016 $ 0.6600 * $ 605 $ 5,339 $ 13,665 $ — $ 10,648 $ 30,257 *Expected distributions related to the quarter ended June 30, 2016 , which will be paid on August 12, 2016 to unitholders of record as of August 2, 2016 . |
Rose Rock Midstream L P [Member] | |
Investments in and Advances to Affiliates [Line Items] | |
Summarized Balance Sheet Information | Certain summarized balance sheet information of Rose Rock is shown below (in thousands): (Unaudited) June 30, December 31, Cash $ 7,909 $ 9,059 Other current assets 413,625 310,555 Property, plant and equipment, net 443,327 441,596 Equity method investments 427,961 438,291 Goodwill 26,628 26,628 Other noncurrent assets, net 17,978 19,461 Total assets $ 1,337,428 $ 1,245,590 Current liabilities $ 356,248 $ 283,029 Long-term debt 774,488 732,356 Partners’ capital attributable to SemGroup 135,609 149,376 Partners’ capital attributable to noncontrolling interests 71,083 80,829 Total liabilities and partners' capital $ 1,337,428 $ 1,245,590 |
Summarized Income Statement Information | Certain summarized income statement information of Rose Rock for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 169,144 $ 223,303 $ 373,095 $ 357,996 Cost of products sold $ 128,763 $ 173,133 $ 280,154 $ 269,370 Operating, general and administrative expenses $ 26,868 $ 29,985 $ 53,469 $ 56,556 Depreciation and amortization expense $ 8,235 $ 10,608 $ 16,128 $ 20,751 Earnings from equity method investments $ 17,078 $ 17,683 $ 37,917 $ 38,547 Net income $ 9,922 $ 17,068 $ 36,390 $ 31,668 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Our equity method investments consisted of the following (in thousands): June 30, 2016 December 31, 2015 White Cliffs Pipeline, L.L.C. $ 290,668 $ 297,109 NGL Energy Partners LP 18,977 112,787 Glass Mountain Pipeline, LLC 137,293 141,182 Total equity method investments $ 446,938 $ 551,078 |
Earnings from equity method investments [Table Text Block] | Our earnings from equity method investments consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 White Cliffs Pipeline, L.L.C. $ 16,428 $ 15,545 $ 36,208 $ 34,635 NGL Energy Partners LP (1) — 6,220 2,232 5,915 Glass Mountain Pipeline, LLC 650 2,138 1,709 3,912 Total earnings from equity method investments $ 17,078 $ 23,903 $ 40,149 $ 44,462 (1) Excluding loss on issuance of common units of $41.0 thousand for the six months ended June 30, 2016 and a gain on the issuance of common units of $5.9 million for the three and six months ended June 30, 2015 . Additionally, gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). |
Cash distributions received from equity method investments [Table Text Block] | Cash distributions received from equity method investments consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 White Cliffs Pipeline, L.L.C. $ 21,664 $ 20,551 $ 45,762 $ 44,705 NGL Energy Partners LP — 4,468 4,873 9,483 Glass Mountain Pipeline, LLC 3,118 5,009 5,933 6,920 Total cash distributions received from equity method investments $ 24,782 $ 30,028 $ 56,568 $ 61,108 |
White Cliffs Pipeline, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of White Cliffs Pipeline, L.L.C. ("White Cliffs") for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 55,586 $ 48,509 $ 113,642 $ 103,123 Cost of products sold $ 2,803 $ 169 $ 3,053 $ 1,102 Operating, general and administrative expenses $ 10,125 $ 8,876 $ 19,727 $ 16,296 Depreciation and amortization expense $ 10,084 $ 8,587 $ 19,047 $ 17,125 Net income $ 32,575 $ 30,870 $ 71,822 $ 68,593 |
NGL Energy Partners LP [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of NGL Energy for the three months and six months ended March 31, 2016 and 2015 is shown below (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2016 2015 2016 2015 Revenue $ 2,325,440 $ 3,220,771 $ 5,010,446 $ 7,772,917 Cost of sales $ 2,077,160 $ 2,933,021 $ 4,510,660 $ 7,244,689 Operating, general and administrative expenses $ 399,373 $ 151,793 $ 509,145 $ 323,857 Depreciation and amortization expense $ 53,152 $ 54,140 $ 112,332 $ 104,475 Net income (loss) $ (206,985 ) $ 90,942 $ (155,990 ) $ 85,673 |
Glass Mountain Pipeline LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of Glass Mountain for the three months and six months ended June 30, 2016 and 2015 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 6,898 $ 9,788 $ 15,470 $ 20,909 Cost of sales $ (120 ) $ (40 ) $ 445 $ 1,974 Operating, general and administrative expenses $ 1,618 $ 1,513 $ 3,463 $ 2,920 Depreciation and amortization expense $ 3,989 $ 3,932 $ 7,925 $ 7,976 Net income $ 1,407 $ 4,381 $ 3,632 $ 8,036 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Our results by segment are presented in the tables below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Crude Transportation External $ 15,643 $ 22,425 $ 32,839 $ 42,752 Intersegment 5,128 3,562 12,341 7,283 Crude Facilities External 10,300 11,402 20,433 22,807 Intersegment 2,526 — 5,272 — Crude Supply and Logistics External 143,201 189,476 319,823 292,437 SemGas External 48,200 60,270 91,720 120,546 Intersegment 2,521 6,451 5,267 12,432 SemCAMS External 33,815 35,915 64,681 65,639 SemLogistics External 5,932 6,279 12,312 11,431 SemMexico External 30,286 51,459 60,420 112,949 Corporate and Other External — — — 6,975 Intersegment (10,175 ) (10,013 ) (22,880 ) (19,715 ) Total Revenues $ 287,377 $ 377,226 $ 602,228 $ 675,536 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Earnings from equity method investments: Crude Transportation $ 17,078 $ 17,683 $ 37,917 $ 38,547 Corporate and Other (1) — 12,117 2,191 11,812 Total earnings from equity method investments $ 17,078 $ 29,800 $ 40,108 $ 50,359 (1) Includes historical earnings from equity method investments including gain (loss) on issuance of common units by equity method investee related to our investment in NGL Energy. Gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). See Note 3 for additional information. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Depreciation and amortization: Crude Transportation $ 6,171 $ 9,038 $ 12,030 $ 17,656 Crude Facilities 1,921 1,406 3,805 2,775 Crude Supply and Logistics 40 40 80 79 SemGas 9,194 7,359 18,116 14,497 SemCAMS 4,294 3,187 8,245 6,253 SemLogistics 1,983 2,154 3,943 4,194 SemMexico 949 1,037 1,890 2,090 Corporate and Other 496 453 986 864 Total depreciation and amortization $ 25,048 $ 24,674 $ 49,095 $ 48,408 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income tax expense (benefit): SemCAMS $ 451 $ 616 $ 1,416 $ 1,167 SemLogistics (273 ) 167 (214 ) (202 ) SemMexico 194 764 801 1,754 Corporate and Other 4,286 13,314 (18,752 ) 16,884 Total income tax expense (benefit) $ 4,658 $ 14,861 $ (16,749 ) $ 19,603 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Segment profit (1) : Crude Transportation $ 18,161 $ 19,983 $ 43,579 $ 44,507 Crude Facilities 9,371 7,963 18,958 16,365 Crude Supply and Logistics 10,069 10,978 19,162 16,159 SemGas 12,304 17,671 11,312 32,551 SemCAMS 9,000 7,981 18,904 15,866 SemLogistics 2,002 1,992 4,661 2,853 SemMexico 2,024 5,056 4,342 10,179 Corporate and Other (2) (8,008 ) 4,740 (14,168 ) (19,132 ) Total segment profit $ 54,923 $ 76,364 $ 106,750 $ 119,348 (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. (2) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Reconciliation of segment profit to net income: Total segment profit $ 54,923 $ 76,364 $ 106,750 $ 119,348 Less: Net unrealized loss (gain) related to derivative instruments 4,477 (1,415 ) (71 ) 1,230 Depreciation and amortization 25,048 24,674 49,095 48,408 Interest expense 18,875 16,822 37,810 31,413 Foreign currency transaction loss (gain) 1,543 (295 ) 3,012 (814 ) Loss (gain) on sale or impairment of equity method investment (9,120 ) (6,623 ) 30,644 (14,517 ) Other income, net (491 ) (95 ) (678 ) (186 ) Income tax expense 4,658 14,861 (16,749 ) 19,603 Loss from discontinued operations, net of taxes 2 2 4 2 Net income $ 9,931 $ 28,433 $ 3,683 $ 34,209 June 30, December 31, Total assets (excluding intersegment receivables): Crude Transportation $ 931,362 $ 877,017 Crude Facilities 154,359 155,186 Crude Supply and Logistics 430,297 328,419 SemGas 691,823 719,789 SemCAMS 376,586 331,749 SemLogistics 143,648 155,794 SemMexico 86,073 89,608 Corporate and Other (1) 282,826 196,347 Total $ 3,096,974 $ 2,853,909 (1) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. June 30, December 31, Equity investments: Crude Transportation $ 427,961 $ 438,291 Corporate and Other (1) 18,977 112,787 Total equity investments $ 446,938 $ 551,078 (1) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Inventories consist of the following (in thousands): June 30, December 31, Crude oil $ 76,343 $ 59,121 Asphalt and other 9,117 11,118 Total inventories $ 85,460 $ 70,239 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative [Line Items] | |
Fair Value of Financial Assets and Liabilities | The tables below summarize the balances of commodity derivative assets and liabilities at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Derivatives subject to netting arrangements: Level 1 Netting* Total Level 1 Netting* Total Commodity derivatives: Assets $ 1,160 $ (1,160 ) $ — $ 131 $ (131 ) $ — Liabilities $ 1,428 $ (1,160 ) $ 268 $ 470 $ (131 ) $ 339 *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Schedule of Notional Quantities for Commodity Derivative Instruments | The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Sales 5,890 7,721 16,310 13,452 Purchases 5,743 7,508 16,253 13,413 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in other current assets and other current liabilities in the following amounts (in thousands): June 30, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Commodity contracts $ — $ 268 $ — $ 339 |
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Commodity contracts $ (7,127 ) $ (2,202 ) $ (3,773 ) $ (2,268 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Instrument [Line Items] | |
Summary of Long-Term Debt | Our long-term debt consisted of the following (in thousands): June 30, December 31, SemGroup 7.50% senior unsecured notes due 2021 $ 300,000 $ 300,000 Unamortized debt issuance costs on SemGroup notes (4,125 ) (4,540 ) SemGroup 7.50% senior unsecured notes due 2021, net 295,875 295,460 Rose Rock 5.625% senior unsecured notes due 2022 400,000 400,000 Unamortized debt issuance costs on Rose Rock 2022 notes (6,442 ) (6,975 ) Rose Rock 5.625% senior unsecured notes due 2022, net 393,558 393,025 Rose Rock 5.625% senior unsecured notes due 2023 350,000 350,000 Unamortized discount on Rose Rock 2023 notes (5,178 ) (5,455 ) Unamortized debt issuance costs on Rose Rock 2023 notes (4,931 ) (5,266 ) Rose Rock 5.625% senior unsecured notes due 2023, net 339,891 339,279 SemGroup corporate revolving credit facility — 30,000 Rose Rock revolving credit facility 41,000 — SemMexico revolving credit facility — — Capital leases 64 83 Total long-term debt, net 1,070,388 1,057,847 Less: current portion of long-term debt 25 31 Noncurrent portion of long-term debt, net $ 1,070,363 $ 1,057,816 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Purchase Commitment [Line Items] | |
Summary Of Purchase And Sale Commitments | We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At June 30, 2016 , such commitments included the following (in thousands): Volume (Barrels) Value Fixed price purchases 3,528 $ 167,030 Fixed price sales 4,563 $ 218,212 Floating price purchases 12,701 $ 601,820 Floating price sales 17,773 $ 786,992 |
Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands): For year ending: December 31, 2016 $ 5,951 December 31, 2017 11,938 December 31, 2018 10,060 December 31, 2019 9,121 December 31, 2020 8,451 Thereafter 15,940 Total expected future payments $ 61,461 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Changes In Condensed Consolidated Owners' Equity | The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2015 to June 30, 2016 (in thousands): Common Stock Additional Paid-in Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Noncontrolling Interests Total Owners’ Equity Balance at December 31, 2015 $ 439 $ 1,217,255 $ (5,593 ) $ (38,012 ) $ (58,562 ) $ 80,829 $ 1,196,356 Net income (loss) — — — (7,259 ) — 10,942 3,683 Other comprehensive income, net of income taxes — — — — 2,482 — 2,482 Issuance of common shares 86 228,460 — — — — 228,546 Distributions to noncontrolling interests — — — — — (21,485 ) (21,485 ) Dividends paid — (39,720 ) — — — — (39,720 ) Unvested dividend equivalent rights — 206 — — — 66 272 Non-cash equity compensation — 4,592 — — — 731 5,323 Issuance of common stock under compensation plans 1 774 — — — — 775 Repurchase of common stock — — (904 ) — — — (904 ) Balance at June 30, 2016 $ 526 $ 1,411,567 $ (6,497 ) $ (45,271 ) $ (56,080 ) $ 71,083 $ 1,375,328 |
Components of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2015 to June 30, 2016 (in thousands): Currency Translation Employee Benefit Plans Total Balance at December 31, 2015 $ (57,201 ) $ (1,361 ) $ (58,562 ) Currency translation adjustment, net of income tax expense of $1,589 2,608 — 2,608 Changes related to benefit plans, net of income tax benefit of $42 — (126 ) (126 ) Balance at June 30, 2016 $ (54,593 ) $ (1,487 ) $ (56,080 ) |
Dividends Declared [Table Text Block] | The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated: Quarter Ending Dividend Per Share Date of Record Date Paid March 31, 2015 $ 0.34 March 9, 2015 March 20, 2015 June 30, 2015 $ 0.38 May 18, 2015 May 29, 2015 September 30, 2015 $ 0.42 August 17, 2015 August 25, 2015 December 31, 2015 $ 0.45 November 16, 2015 November 24, 2015 March 31, 2016 $ 0.45 March 7, 2016 March 17, 2016 June 30, 2016 $ 0.45 May 16, 2016 May 26, 2016 September 30, 2016 $ 0.45 August 15, 2016 August 25, 2016 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | The following summarizes the calculation of basic earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,933 $ (2 ) $ 9,931 $ 28,435 $ (2 ) $ 28,433 less: Income attributable to noncontrolling interests 1,922 — 1,922 5,136 — 5,136 Income (loss) attributable to SemGroup $ 8,011 $ (2 ) $ 8,009 $ 23,299 $ (2 ) $ 23,297 Weighted average common stock outstanding 45,236 45,236 45,236 43,798 43,798 43,798 Basic earnings (loss) per share $ 0.18 $ — $ 0.18 $ 0.53 $ — $ 0.53 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 3,687 $ (4 ) $ 3,683 $ 34,211 $ (2 ) $ 34,209 less: Income attributable to noncontrolling interests 10,942 — 10,942 9,446 — 9,446 Income (loss) attributable to SemGroup $ (7,255 ) $ (4 ) $ (7,259 ) $ 24,765 $ (2 ) $ 24,763 Weighted average common stock outstanding 44,553 44,553 44,553 43,758 43,758 43,758 Basic earnings (loss) per share $ (0.16 ) $ — $ (0.16 ) $ 0.57 $ — $ 0.57 The following summarizes the calculation of diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 9,933 $ (2 ) $ 9,931 $ 28,435 $ (2 ) $ 28,433 less: Income attributable to noncontrolling interests 1,922 — 1,922 5,136 — 5,136 Income (loss) attributable to SemGroup $ 8,011 $ (2 ) $ 8,009 $ 23,299 $ (2 ) $ 23,297 Weighted average common stock outstanding 45,236 45,236 45,236 43,798 43,798 43,798 Effect of dilutive securities 411 411 411 215 215 215 Diluted weighted average common stock outstanding 45,647 45,647 45,647 44,013 44,013 44,013 Diluted earnings (loss) per share $ 0.18 $ — $ 0.18 $ 0.53 $ — $ 0.53 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Continuing Operations Discontinued Operations Net Continuing Operations Discontinued Operations Net Income (loss) $ 3,687 $ (4 ) $ 3,683 $ 34,211 $ (2 ) $ 34,209 less: Income attributable to noncontrolling interests 10,942 — 10,942 9,446 — 9,446 Income (loss) attributable to SemGroup $ (7,255 ) $ (4 ) $ (7,259 ) $ 24,765 $ (2 ) $ 24,763 Weighted average common stock outstanding 44,553 44,553 44,553 43,758 43,758 43,758 Effect of dilutive securities — — — 217 217 217 Diluted weighted average common stock outstanding 44,553 44,553 44,553 43,975 43,975 43,975 Diluted earnings (loss) per share $ (0.16 ) $ — $ (0.16 ) $ 0.56 $ — $ 0.56 |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 shown on our condensed consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2016 2015 Decrease (increase) in restricted cash $ 1 $ 6,766 Decrease (increase) in accounts receivable (60,062 ) (2,248 ) Decrease (increase) in receivable from affiliates (4,305 ) (1,353 ) Decrease (increase) in inventories (15,918 ) (36,065 ) Decrease (increase) in derivatives and margin deposits (2,163 ) (287 ) Decrease (increase) in other current assets 956 (3,134 ) Decrease (increase) in other assets (1,266 ) (2,096 ) Increase (decrease) in accounts payable and accrued liabilities 60,867 18,730 Increase (decrease) in payable to affiliates 3,997 5,580 Increase (decrease) in payables to pre-petition creditors — (3,836 ) Increase (decrease) in other noncurrent liabilities (1,453 ) 47 $ (19,346 ) $ (17,896 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three months and six months ended June 30, 2016 and 2015 , we generated the following transactions with NGL Energy and its subsidiaries (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 8,303 $ 74,447 $ 16,832 $ 119,916 Purchases $ 6,366 $ 75,027 $ 13,196 $ 110,261 Reimbursements from NGL Energy for services $ — $ 14 $ — $ 56 |
Condensed Consolidating Guara34
Condensed Consolidating Guarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Guarantor Financial Statements [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated ASSETS Current assets: Cash and cash equivalents $ 187,987 $ — $ 68,614 $ (821 ) $ 255,780 Restricted cash — — 31 — 31 Accounts receivable, net 641 12,596 375,431 — 388,668 Receivable from affiliates 4,897 802 9,467 (4,947 ) 10,219 Inventories — (120 ) 85,580 — 85,460 Other current assets 9,228 742 15,475 — 25,445 Total current assets 202,753 14,020 554,598 (5,768 ) 765,603 Property, plant and equipment, net 4,915 532,702 1,111,345 — 1,648,962 Equity method investments 1,502,156 510,115 427,961 (1,993,294 ) 446,938 Goodwill — — 34,698 — 34,698 Other intangible assets, net 18 140,083 16,516 — 156,617 Other noncurrent assets 38,780 778 4,598 — 44,156 Total assets $ 1,748,622 $ 1,197,698 $ 2,149,716 $ (1,999,062 ) $ 3,096,974 LIABILITIES AND OWNERS’ EQUITY Current liabilities: Accounts payable $ 533 $ 11,346 $ 326,841 $ — $ 338,720 Payable to affiliates 53 21 13,903 (4,947 ) 9,030 Accrued liabilities 9,392 11,511 63,796 4 84,703 Other current liabilities 364 — 11,146 — 11,510 Total current liabilities 10,342 22,878 415,686 (4,943 ) 443,963 Long-term debt, net 295,875 6,640 790,988 (23,140 ) 1,070,363 Deferred income taxes 135,985 — 47,791 — 183,776 Other noncurrent liabilities 2,175 — 21,369 — 23,544 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,304,245 1,168,180 802,799 (1,970,979 ) 1,304,245 Noncontrolling interests in consolidated subsidiaries — — 71,083 — 71,083 Total owners’ equity 1,304,245 1,168,180 873,882 (1,970,979 ) 1,375,328 Total liabilities and owners’ equity $ 1,748,622 $ 1,197,698 $ 2,149,716 $ (1,999,062 ) $ 3,096,974 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, net 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, net 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, net 20 144,183 18,020 — 162,223 Other noncurrent assets 39,358 881 5,135 — 45,374 Total assets $ 1,605,858 $ 1,142,990 $ 1,970,454 $ (1,865,393 ) $ 2,853,909 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 Other current liabilities 569 — 12,712 — 13,281 Total current liabilities 6,932 22,333 350,719 (2,957 ) 377,027 Long-term debt, net 325,460 7,340 748,856 (23,840 ) 1,057,816 Deferred income taxes 155,411 — 45,542 — 200,953 Other noncurrent liabilities 2,528 — 19,229 — 21,757 Commitments and contingencies Owners’ equity excluding noncontrolling interests in consolidated subsidiaries 1,115,527 1,113,317 725,279 (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 $ 1,605,858 $ 1,142,990 $ 1,970,454 $ (1,865,393 ) $ 2,853,909 |
Schedule of Condensed Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations Three Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 39,849 $ 172,798 $ (2,521 ) $ 210,126 Service — 10,872 51,328 — 62,200 Other — — 15,051 — 15,051 Total revenues — 50,721 239,177 (2,521 ) 287,377 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 27,171 152,192 (2,521 ) 176,842 Operating — 9,192 45,515 — 54,707 General and administrative 4,782 2,379 13,614 — 20,775 Depreciation and amortization 393 9,146 15,509 — 25,048 Loss (gain) on disposal or impairment of long-lived assets, net — (1 ) 1,686 — 1,685 Total expenses 5,175 47,887 228,516 (2,521 ) 279,057 Earnings from equity method investments 6,557 9,034 17,077 (15,590 ) 17,078 Operating income 1,382 11,868 27,738 (15,590 ) 25,398 Other expenses (income), net: Interest expense (income) (936 ) 8,333 11,714 (236 ) 18,875 Foreign currency transaction loss — — 1,543 — 1,543 Gain on sale of equity method investment (9,120 ) — — — (9,120 ) Other income, net (249 ) — (478 ) 236 (491 ) Total other expense (income), net (10,305 ) 8,333 12,779 — 10,807 Income from continuing operations before income taxes 11,687 3,535 14,959 (15,590 ) 14,591 Income tax expense 3,679 — 979 — 4,658 Income from continuing operations 8,008 3,535 13,980 (15,590 ) 9,933 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 8,008 3,534 13,979 (15,590 ) 9,931 Less: net income attributable to noncontrolling interests — — 1,922 — 1,922 Net income attributable to SemGroup $ 8,008 $ 3,534 $ 12,057 $ (15,590 ) $ 8,009 Net income $ 8,008 $ 3,534 $ 13,979 $ (15,590 ) $ 9,931 Other comprehensive income (loss), net of income taxes 18,480 485 (12,374 ) — 6,591 Comprehensive income 26,488 4,019 1,605 (15,590 ) 16,522 Less: comprehensive income attributable to noncontrolling interests — — 1,922 — 1,922 Comprehensive income (loss) attributable to SemGroup $ 26,488 $ 4,019 $ (317 ) $ (15,590 ) $ 14,600 Three Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 50,293 $ 244,886 $ (6,443 ) $ 288,736 Service — 15,743 50,861 — 66,604 Other — — 21,886 — 21,886 Total revenues — 66,036 317,633 (6,443 ) 377,226 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 35,632 214,969 (6,443 ) 244,158 Operating — 8,822 51,978 — 60,800 General and administrative 4,626 2,642 15,649 — 22,917 Depreciation and amortization 329 7,255 17,090 — 24,674 Loss on disposal or impairment of long-lived assets, net — 108 1,264 — 1,372 Total expenses 4,955 54,459 300,950 (6,443 ) 353,921 Earnings from equity method investments 28,583 15,048 17,683 (37,411 ) 23,903 Gain on issuance of common units by equity method investee 5,897 — — — 5,897 Operating income 29,525 26,625 34,366 (37,411 ) 53,105 Other expenses (income), net: Interest expense 781 6,160 10,614 (733 ) 16,822 Foreign currency transaction gain (5 ) — (290 ) — (295 ) Gain on sale of equity method investment (6,623 ) — — — (6,623 ) Other income, net (778 ) — (50 ) 733 (95 ) Total other expense (income), net (6,625 ) 6,160 10,274 — 9,809 Income from continuing operations before income taxes 36,150 20,465 24,092 (37,411 ) 43,296 Income tax expense 12,853 — 2,008 — 14,861 Income from continuing operations 23,297 20,465 22,084 (37,411 ) 28,435 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 23,297 20,464 22,083 (37,411 ) 28,433 Less: net income attributable to noncontrolling interests — — 5,136 — 5,136 Net income attributable to SemGroup $ 23,297 $ 20,464 $ 16,947 $ (37,411 ) $ 23,297 Net income $ 23,297 $ 20,464 $ 22,083 $ (37,411 ) $ 28,433 Other comprehensive income (loss), net of income taxes (2,346 ) — 7,866 — 5,520 Comprehensive income 20,951 20,464 29,949 (37,411 ) 33,953 Less: comprehensive income attributable to noncontrolling interests — — 5,136 — 5,136 Comprehensive income attributable to SemGroup $ 20,951 $ 20,464 $ 24,813 $ (37,411 ) $ 28,817 Six Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 73,247 $ 379,042 $ (5,267 ) $ 447,022 Service — 23,740 102,533 — 126,273 Other — — 28,933 — 28,933 Total revenues — 96,987 510,508 (5,267 ) 602,228 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 51,780 327,276 (5,267 ) 373,789 Operating — 16,885 88,014 — 104,899 General and administrative 10,654 4,625 26,556 — 41,835 Depreciation and amortization 773 18,020 30,302 — 49,095 Loss on disposal of long-lived assets, net — 13,051 1,941 — 14,992 Total expenses 11,427 104,361 474,089 (5,267 ) 584,610 Earnings from equity method investments 13,147 28,214 37,917 (39,129 ) 40,149 Loss on issuance of common units by equity method investee (41 ) — — — (41 ) Operating income 1,679 20,840 74,336 (39,129 ) 57,726 Other expenses (income), net: Interest expense (income) (1,513 ) 16,336 23,460 (473 ) 37,810 Foreign currency transaction loss — — 3,012 — 3,012 Loss on sale or impairment of equity method investment 30,644 — — — 30,644 Other income, net (487 ) — (664 ) 473 (678 ) Total other expenses, net 28,644 16,336 25,808 — 70,788 Income (loss) from continuing operations before income taxes (26,965 ) 4,504 48,528 (39,129 ) (13,062 ) Income tax expense (benefit) (19,706 ) — 2,957 — (16,749 ) Income (loss) from continuing operations (7,259 ) 4,504 45,571 (39,129 ) 3,687 Loss from discontinued operations, net of income taxes — (3 ) (1 ) — (4 ) Net income (loss) (7,259 ) 4,501 45,570 (39,129 ) 3,683 Less: net income attributable to noncontrolling interests — — 10,942 — 10,942 Net income (loss) attributable to SemGroup $ (7,259 ) $ 4,501 $ 34,628 $ (39,129 ) $ (7,259 ) Net income (loss) $ (7,259 ) $ 4,501 $ 45,570 $ (39,129 ) $ 3,683 Other comprehensive income (loss), net of income taxes (1,986 ) 701 3,767 — 2,482 Comprehensive income (loss) (9,245 ) 5,202 49,337 (39,129 ) 6,165 Less: comprehensive income attributable to noncontrolling interests — — 10,942 — 10,942 Comprehensive income (loss) attributable to SemGroup $ (9,245 ) $ 5,202 $ 38,395 $ (39,129 ) $ (4,777 ) Six Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Revenues: Product $ — $ 101,346 $ 419,938 $ (12,417 ) $ 508,867 Service — 30,202 98,279 — 128,481 Other — — 38,188 — 38,188 Total revenues — 131,548 556,405 (12,417 ) 675,536 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below — 76,300 372,347 (12,417 ) 436,230 Operating — 16,936 96,954 — 113,890 General and administrative 22,228 4,706 28,293 — 55,227 Depreciation and amortization 623 14,288 33,497 — 48,408 Loss on disposal of long-lived assets, net — 107 2,323 — 2,430 Total expenses 22,851 112,337 533,414 (12,417 ) 656,185 Earnings from equity method investments 43,388 27,576 38,547 (65,049 ) 44,462 Gain on issuance of common units by equity method investee 5,897 — — — 5,897 Operating income 26,434 46,787 61,538 (65,049 ) 69,710 Other expenses (income), net: Interest expense 2,203 11,651 19,058 (1,499 ) 31,413 Foreign currency transaction gain (5 ) — (809 ) — (814 ) Gain on sale of equity method investment (14,517 ) — — — (14,517 ) Other income, net (1,570 ) — (115 ) 1,499 (186 ) Total other expenses (income), net (13,889 ) 11,651 18,134 — 15,896 Income from continuing operations before income taxes 40,323 35,136 43,404 (65,049 ) 53,814 Income tax expense 15,560 — 4,043 — 19,603 Income from continuing operations 24,763 35,136 39,361 (65,049 ) 34,211 Loss from discontinued operations, net of income taxes — (1 ) (1 ) — (2 ) Net income 24,763 35,135 39,360 (65,049 ) 34,209 Less: net income attributable to noncontrolling interests — — 9,446 — 9,446 Net income attributable to SemGroup $ 24,763 $ 35,135 $ 29,914 $ (65,049 ) $ 24,763 Net income 24,763 35,135 39,360 (65,049 ) 34,209 Other comprehensive income (loss), net of income taxes 6,300 — (9,840 ) — (3,540 ) Comprehensive income 31,063 35,135 29,520 (65,049 ) 30,669 Less: comprehensive income attributable to noncontrolling interests — — 9,446 — 9,446 Comprehensive income attributable to SemGroup $ 31,063 $ 35,135 $ 20,074 $ (65,049 ) $ 21,223 |
Schedule of Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Cash Flows Six Months Ended June 30, 2016 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 25,427 $ 17,351 $ 56,585 $ (25,448 ) $ 73,915 Cash flows from investing activities: Capital expenditures (1,350 ) (11,211 ) (114,151 ) — (126,712 ) Proceeds from sale of long-lived assets — — 114 — 114 Contributions to equity method investments — — (3,448 ) — (3,448 ) Proceeds from sale of common units of equity method investee 60,483 — — — 60,483 Distributions in excess of equity in earnings of affiliates 13,767 — 13,778 (13,767 ) 13,778 Net cash provided by (used in) investing activities 72,900 (11,211 ) (103,707 ) (13,767 ) (55,785 ) Cash flows from financing activities: Borrowings on credit facilities 118,000 — 165,500 — 283,500 Principal payments on credit facilities and other obligations (148,367 ) — (124,514 ) — (272,881 ) Proceeds from issuance of common units, net of offering costs 228,546 — — — 228,546 Distributions to noncontrolling interests — — (21,485 ) — (21,485 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (904 ) — — — (904 ) Dividends paid (39,720 ) — — — (39,720 ) Proceeds from issuance of common stock under employee stock purchase plan 555 — — — 555 Intercompany borrowings (advances), net (73,009 ) (6,140 ) 39,191 39,958 — Net cash provided by (used in) financing activities 85,101 (6,140 ) 58,692 39,958 177,611 Effect of exchange rate changes on cash and cash equivalents — — 1,943 — 1,943 Change in cash and cash equivalents 183,428 — 13,513 743 197,684 Cash and cash equivalents at beginning of period 4,559 — 55,101 (1,564 ) 58,096 Cash and cash equivalents at end of period $ 187,987 $ — $ 68,614 $ (821 ) $ 255,780 Six Months Ended June 30, 2015 Parent Guarantors Non-guarantors Consolidating Adjustments Consolidated Net cash provided by operating activities $ 19,092 $ 18,222 $ 55,462 $ (19,819 ) $ 72,957 Cash flows from investing activities: Capital expenditures (1,105 ) (73,195 ) (162,656 ) — (236,956 ) Proceeds from sale of long-lived assets — 20 210 — 230 Proceeds from the sale of Wattenberg Holding, LLC and Glass Mountain Holding, LLC to Rose Rock Midstream L.P. 251,181 — — (251,181 ) — Contributions to equity method investments — — (23,461 ) — (23,461 ) Proceeds from sale of common units of equity method investee 56,318 — — — 56,318 Distributions in excess of equity in earnings of affiliates 11,676 — 13,077 (11,676 ) 13,077 Net cash provided by (used in) investing activities 318,070 (73,175 ) (172,830 ) (262,857 ) (190,792 ) Cash flows from financing activities: Debt issuance costs (601 ) — (5,688 ) — (6,289 ) Borrowings on credit facilities and issuance of senior secured notes, net of discount 126,000 — 676,208 — 802,208 Principal payments on credit facilities and other obligations (161,000 ) — (364,024 ) — (525,024 ) Proceeds from issuance of Rose Rock Midstream, L.P. common units, net of offering costs — — 89,119 — 89,119 Distributions to noncontrolling interests — — (19,261 ) — (19,261 ) Repurchase of common stock for payment of statutory taxes due on equity-based compensation (4,254 ) — — — (4,254 ) Dividends paid (31,478 ) — — — (31,478 ) Proceeds from issuance of common stock under employee stock purchase plan 609 — — — 609 Intercompany borrowing (advances), net (157,632 ) 54,953 (181,841 ) 284,520 — Net cash provided by (used in) financing activities (228,356 ) 54,953 194,513 284,520 305,630 Effect of exchange rate changes on cash and cash equivalents — — 390 — 390 Change in cash and cash equivalents 108,806 — 77,535 1,844 188,185 Cash and cash equivalents at beginning of period 9,254 — 35,445 (4,101 ) 40,598 Cash and cash equivalents at end of period $ 118,060 $ — $ 112,980 $ (2,257 ) $ 228,783 |
Overview (Details)
Overview (Details) $ in Millions | Dec. 31, 2015USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Unamortized Debt Issuance Expense | $ 16.8 |
Rose Rock Midstream, L.P. -Dist
Rose Rock Midstream, L.P. -Distributions (Details) - USD ($) | Aug. 12, 2016 | May 13, 2016 | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Jun. 30, 2016 | |
Distribution of Q4 2014 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6200 | ||||||||
Total distributions to partners | $ 24,269,000 | ||||||||
Distribution of Q1 2015 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6350 | ||||||||
Total distributions to partners | $ 28,379,000 | ||||||||
Distribution of Q2 2015 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6500 | ||||||||
Total distributions to partners | $ 29,483,000 | ||||||||
Distribution of Q3 2015 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6600 | ||||||||
Total distributions to partners | $ 30,221,000 | ||||||||
Distribution of Q4 2015 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6600 | ||||||||
Total distributions to partners | $ 30,224,000 | ||||||||
Distribution of Q1 2016 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution per unit | $ 0.6600 | ||||||||
Total distributions to partners | $ 30,251,000 | ||||||||
Distribution of Q2 2016 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 12, 2016 | ||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 2, 2016 | ||||||||
Subsequent Event [Member] | Distribution of Q2 2016 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Total distributions to partners | $ 30,257,000 | ||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | [1] | 0.6600 | |||||||
Parent [Member] | General Partner [Member] | Distribution of Q4 2014 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 485,000 | ||||||||
Incentive distributions | 3,487,000 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q1 2015 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 568,000 | ||||||||
Incentive distributions | 4,450,000 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q2 2015 earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 590,000 | ||||||||
Incentive distributions | 4,979,000 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q3 2015 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 604,000 | ||||||||
Incentive distributions | 5,333,000 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q4 2015 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 604,000 | ||||||||
Incentive distributions | 5,333,000 | ||||||||
Parent [Member] | General Partner [Member] | Distribution of Q1 2016 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 605,000 | ||||||||
Incentive distributions | 5,338,000 | ||||||||
Parent [Member] | General Partner [Member] | Subsequent Event [Member] | Distribution of Q2 2016 Earnings [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
General partner distributions | 605,000 | ||||||||
Incentive distributions | 5,339,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 6,551,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 5,202,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 13,148,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 0 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 13,458,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 0 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q3 2015 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 13,665,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q3 2015 Earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 0 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2015 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 13,665,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q4 2015 Earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 0 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2016 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 13,665,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Distribution of Q1 2016 Earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | 0 | ||||||||
Parent [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q2 2016 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 13,665,000 | ||||||||
Parent [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q2 2016 Earnings [Member] | Subordinated Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 0 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q4 2014 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 8,544,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q1 2015 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 10,213,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q2 2015 earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 10,456,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q3 2015 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 10,619,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q4 2015 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 10,622,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Distribution of Q1 2016 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Limited partner distributions | $ 10,643,000 | ||||||||
Noncontrolling Interest [Member] | Limited Partner [Member] | Subsequent Event [Member] | Distribution of Q2 2016 Earnings [Member] | Common Units [Member] | |||||||||
Distributions to Limited or General Partners and Incentive Distributions [Abstract] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 10,648,000 | ||||||||
[1] | *Expected distributions related to the quarter ended June 30, 2016, which will be paid on August 12, 2016 to unitholders of record as of August 2, 2016. |
Rose Rock Midstream, L.P. - Sum
Rose Rock Midstream, L.P. - Summarized balance sheet information (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Summarized Balance Sheet Information | ||
Other current assets | $ 25,445 | $ 19,387 |
Property, plant and equipment, net | 1,648,962 | 1,566,821 |
Equity method investments | 446,938 | 551,078 |
Goodwill | 34,698 | 48,032 |
Other noncurrent assets, net | 44,156 | 45,374 |
Total assets | 3,096,974 | 2,853,909 |
Current liabilities | 443,963 | 377,027 |
Long-term debt, net | 1,070,363 | 1,057,816 |
Total liabilities and owners’ equity | 3,096,974 | 2,853,909 |
Rose Rock Midstream, L.P. [Member] | ||
Summarized Balance Sheet Information | ||
Cash | 7,909 | 9,059 |
Other current assets | 413,625 | 310,555 |
Property, plant and equipment, net | 443,327 | 441,596 |
Equity method investments | 427,961 | 438,291 |
Goodwill | 26,628 | 26,628 |
Other noncurrent assets, net | 17,978 | 19,461 |
Total assets | 1,337,428 | 1,245,590 |
Current liabilities | 356,248 | 283,029 |
Long-term debt, net | 774,488 | 732,356 |
Partners’ capital attributable to SemGroup | 135,609 | 149,376 |
Partners’ capital attributable to noncontrolling interests | 71,083 | 80,829 |
Total liabilities and owners’ equity | $ 1,337,428 | $ 1,245,590 |
Rose Rock Midstream, L.P. - S38
Rose Rock Midstream, L.P. - Summarized income statement information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summarized Income Statement Information | ||||
Revenue | $ 287,377 | $ 377,226 | $ 602,228 | $ 675,536 |
Cost of products sold | 176,842 | 244,158 | 373,789 | 436,230 |
Depreciation and amortization | 25,048 | 24,674 | 49,095 | 48,408 |
Earnings from equity method investments | 17,078 | 23,903 | 40,149 | 44,462 |
Net income | 9,931 | 28,433 | 3,683 | 34,209 |
Rose Rock Midstream, L.P. [Member] | ||||
Summarized Income Statement Information | ||||
Revenue | 169,144 | 223,303 | 373,095 | 357,996 |
Cost of products sold | 128,763 | 173,133 | 280,154 | 269,370 |
Operating, general and administrative expenses | 26,868 | 29,985 | 53,469 | 56,556 |
Depreciation and amortization | 8,235 | 10,608 | 16,128 | 20,751 |
Earnings from equity method investments | 17,078 | 17,683 | 37,917 | 38,547 |
Net income | $ 9,922 | $ 17,068 | $ 36,390 | $ 31,668 |
Rose Rock Midstream, L.P. (Deta
Rose Rock Midstream, L.P. (Details Textual) | 6 Months Ended | |
Jun. 30, 2016USD ($)$ / Unit | May 30, 2016USD ($) | |
Limited Partner [Member] | Rose Rock Midstream, L.P. [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Limited partner ownership interest | 55.10% | |
General Partner [Member] | Rose Rock Midstream, L.P. [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
General partner ownership interest | 2.00% | |
First Target Distribution [Member] | Minimum [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Partners' minimum quarterly distribution per unit | $ / Unit | 0.3625 | |
SemGroup Merger Agreement [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable,Unit for Unit Exchange Ratio | 0.8136 | |
Rose Rock merger agreement [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Maximum reimbursable transaction related costs | $ 3,800,000 | |
Merger termination contingent fee | $ 15,500,000 |
Equity Method Investments - Inv
Equity Method Investments - Investment balances (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 446,938 | $ 551,078 |
White Cliffs Pipeline, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 290,668 | 297,109 |
NGL Energy Partners LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 18,977 | 112,787 |
Glass Mountain Pipeline LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 137,293 | $ 141,182 |
Equity Method Investments - Equ
Equity Method Investments - Equity earnings, by investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 17,078 | $ 23,903 | $ 40,149 | $ 44,462 | |
White Cliffs Pipeline, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | 16,428 | 15,545 | 36,208 | 34,635 | |
NGL Energy Partners LP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | [1] | 0 | 6,220 | 2,232 | 5,915 |
Glass Mountain Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings from equity method investments | $ 650 | $ 2,138 | $ 1,709 | $ 3,912 | |
[1] | (1) Excluding loss on issuance of common units of $41.0 thousand for the six months ended June 30, 2016 and a gain on the issuance of common units of $5.9 million for the three and six months ended June 30, 2015. Additionally, gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). |
Equity Method Investments - Dis
Equity Method Investments - Distributions received, by investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | $ 24,782 | $ 30,028 | $ 56,568 | $ 61,108 |
White Cliffs Pipeline, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | 21,664 | 20,551 | 45,762 | 44,705 |
NGL Energy Partners LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | 0 | 4,468 | 4,873 | 9,483 |
Glass Mountain Pipeline LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distributions received from equity method investments | $ 3,118 | $ 5,009 | $ 5,933 | $ 6,920 |
Equity Method Investments - Sum
Equity Method Investments - Summarized financial information - White Cliffs (Details) - White Cliffs Pipeline, L.L.C. [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 55,586 | $ 48,509 | $ 113,642 | $ 103,123 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 2,803 | 169 | 3,053 | 1,102 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 10,125 | 8,876 | 19,727 | 16,296 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 10,084 | 8,587 | 19,047 | 17,125 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 32,575 | $ 30,870 | $ 71,822 | $ 68,593 |
Equity Method Investments - S44
Equity Method Investments - Summarized financial information - NGL Energy (Details) - NGL Energy Partners LP [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 2,325,440 | $ 3,220,771 | $ 5,010,446 | $ 7,772,917 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 2,077,160 | 2,933,021 | 4,510,660 | 7,244,689 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 399,373 | 151,793 | 509,145 | 323,857 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 53,152 | 54,140 | 112,332 | 104,475 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ (206,985) | $ 90,942 | $ (155,990) | $ 85,673 |
Equity Method Investments - S45
Equity Method Investments - Summarized financial information - Glass Mountain (Details) - Glass Mountain Pipeline LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 6,898 | $ 9,788 | $ 15,470 | $ 20,909 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | (120) | (40) | 445 | 1,974 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 1,618 | 1,513 | 3,463 | 2,920 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 3,989 | 3,932 | 7,925 | 7,976 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 1,407 | $ 4,381 | $ 3,632 | $ 8,036 |
Equity Method Investments (Deta
Equity Method Investments (Details Textual) $ / shares in Units, bbl in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)bbl | Jun. 30, 2015USD ($)shares | Apr. 27, 2016$ / shares | Dec. 31, 2015$ / shares | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on issuance of common units by equity method investee | $ 0 | $ 5,897 | $ (41) | $ 5,897 | ||
General and administrative | 20,775 | 22,917 | 41,835 | 55,227 | ||
Loss (gain) on sale or impairment of equity method investment | (9,120) | (6,623) | 30,644 | (14,517) | ||
Net proceeds from sale of common units of equity method investee | 60,483 | 56,318 | ||||
White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General and administrative | 400 | 400 | 900 | 700 | ||
NGL Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on issuance of common units by equity method investee | $ 0 | 5,900 | (41) | $ 5,900 | ||
Units of equity investee divested | shares | 1,999,533 | |||||
Closing price per common unit | $ / shares | $ 13 | $ 11.04 | ||||
Loss (gain) on sale or impairment of equity method investment | $ 9,100 | |||||
Net proceeds from sale of common units of equity method investee | $ 56,300 | |||||
Transaction related costs | 500 | |||||
Gain on sale of common units of equity method investee | $ 6,600 | $ 14,500 | ||||
NGL Energy Partners LP [Member] | General Partner [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General partner ownership interest | 11.78% | |||||
White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of limited partner ownership interest | 51.00% | 51.00% | ||||
Glass Mountain Pipeline LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project funding contributions | $ 300 | |||||
Percentage of limited partner ownership interest | 50.00% | 50.00% | ||||
Pipeline expansion [Member] | White Cliffs Pipeline, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Project funding contributions | $ 2,200 | |||||
Incremental capacity expected to be added | bbl | 65 |
Impairment (Details)
Impairment (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Apr. 27, 2016 | Dec. 31, 2015 | |
SemGas [Member] | |||
Impairments [Line Items] | |||
Goodwill, Impairment Loss | $ 13.1 | ||
NGL Energy Partners LP [Member] | |||
Impairments [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 39.8 | ||
Share Price | $ 13 | $ 11.04 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | $ 287,377 | $ 377,226 | $ 602,228 | $ 675,536 | ||||
Depreciation and amortization | 25,048 | 24,674 | 49,095 | 48,408 | ||||
Earnings from equity method investments | 17,078 | 23,903 | 40,149 | 44,462 | ||||
Total assets | 3,096,974 | 3,096,974 | $ 2,853,909 | |||||
Income tax expense (benefit) | 4,658 | 14,861 | (16,749) | 19,603 | ||||
Net unrealized loss (gain) related to derivative instruments | 4,477 | (1,415) | (71) | 1,230 | ||||
Interest expense | 18,875 | 16,822 | 37,810 | 31,413 | ||||
Foreign currency transaction loss (gain) | 1,543 | (295) | 3,012 | (814) | ||||
Loss (gain) on sale or impairment of equity method investment | (9,120) | (6,623) | 30,644 | (14,517) | ||||
Other expense (income), net | (491) | (95) | (678) | (186) | ||||
Loss from discontinued operations, net of taxes | 2 | 2 | 4 | 2 | ||||
Net income | 9,931 | 28,433 | 3,683 | 34,209 | ||||
Equity method investments | 446,938 | 446,938 | 551,078 | |||||
Crude Transportation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 6,171 | 9,038 | 12,030 | 17,656 | ||||
Earnings from equity method investments | 17,078 | 17,683 | 37,917 | 38,547 | ||||
Total assets | 931,362 | 931,362 | 877,017 | |||||
Segment profit | [1] | 18,161 | 19,983 | 43,579 | 44,507 | |||
Equity method investments | 427,961 | 427,961 | 438,291 | |||||
SemCAMS [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 4,294 | 3,187 | 8,245 | 6,253 | ||||
Total assets | 376,586 | 376,586 | 331,749 | |||||
Income tax expense (benefit) | 451 | 616 | 1,416 | 1,167 | ||||
Segment profit | [1] | 9,000 | 7,981 | 18,904 | 15,866 | |||
SemGas [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 9,194 | 7,359 | 18,116 | 14,497 | ||||
Total assets | 691,823 | 691,823 | 719,789 | |||||
Segment profit | [1] | 12,304 | 17,671 | 11,312 | 32,551 | |||
SemLogistics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 1,983 | 2,154 | 3,943 | 4,194 | ||||
Total assets | 143,648 | 143,648 | 155,794 | |||||
Income tax expense (benefit) | (273) | 167 | (214) | (202) | ||||
Segment profit | [1] | 2,002 | 1,992 | 4,661 | 2,853 | |||
SemMexico [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 949 | 1,037 | 1,890 | 2,090 | ||||
Total assets | 86,073 | 86,073 | 89,608 | |||||
Income tax expense (benefit) | 194 | 764 | 801 | 1,754 | ||||
Segment profit | [1] | 2,024 | 5,056 | 4,342 | 10,179 | |||
Crude Facilities [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 1,921 | 1,406 | 3,805 | 2,775 | ||||
Total assets | 154,359 | 154,359 | 155,186 | |||||
Segment profit | [1] | 9,371 | 7,963 | 18,958 | 16,365 | |||
Crude Supply and Logistics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 40 | 40 | 80 | 79 | ||||
Total assets | 430,297 | 430,297 | 328,419 | |||||
Segment profit | [1] | 10,069 | 10,978 | 19,162 | 16,159 | |||
Corporate, Non-Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 496 | 453 | 986 | 864 | ||||
Earnings from equity method investments | [2] | 0 | 12,117 | 2,191 | 11,812 | |||
Total assets | [3] | 282,826 | 282,826 | 196,347 | ||||
Income tax expense (benefit) | 4,286 | 13,314 | (18,752) | 16,884 | ||||
Segment profit | [3] | (8,008) | 4,740 | (14,168) | (19,132) | |||
Equity method investments | [3] | 18,977 | 18,977 | 112,787 | ||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 25,048 | 24,674 | 49,095 | 48,408 | ||||
Earnings from equity method investments | 17,078 | 29,800 | 40,108 | 50,359 | ||||
Total assets | 3,096,974 | 3,096,974 | $ 2,853,909 | |||||
Income tax expense (benefit) | 4,658 | 14,861 | (16,749) | 19,603 | ||||
Segment profit | 54,923 | 76,364 | 106,750 | [2] | 119,348 | [2] | ||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 287,377 | 377,226 | 602,228 | 675,536 | ||||
Operating Segments [Member] | Crude Transportation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 15,643 | 22,425 | 32,839 | 42,752 | ||||
Operating Segments [Member] | SemCAMS [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 33,815 | 35,915 | 64,681 | 65,639 | ||||
Operating Segments [Member] | SemGas [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 48,200 | 60,270 | 91,720 | 120,546 | ||||
Operating Segments [Member] | SemLogistics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 5,932 | 6,279 | 12,312 | 11,431 | ||||
Operating Segments [Member] | SemMexico [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 30,286 | 51,459 | 60,420 | 112,949 | ||||
Operating Segments [Member] | Crude Facilities [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 10,300 | 11,402 | 20,433 | 22,807 | ||||
Operating Segments [Member] | Crude Supply and Logistics [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 143,201 | 189,476 | 319,823 | 292,437 | ||||
Operating Segments [Member] | Corporate, Non-Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 0 | 0 | 0 | 6,975 | ||||
Intersegment Eliminations [Member] | Crude Transportation [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 5,128 | 3,562 | 12,341 | 7,283 | ||||
Intersegment Eliminations [Member] | SemGas [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 2,521 | 6,451 | 5,267 | 12,432 | ||||
Intersegment Eliminations [Member] | Crude Facilities [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 2,526 | 0 | 5,272 | 0 | ||||
Intersegment Eliminations [Member] | Corporate, Non-Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | $ (10,175) | $ (10,013) | $ (22,880) | $ (19,715) | ||||
[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. | |||||||
[2] | (1) Includes historical earnings from equity method investment including gain (loss) on issuance of common units by equity method investee related to our investment in NGL Energy. Gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss). See Note 3 for additional information. | |||||||
[3] | (2) Corporate and Other includes amounts previously included in the SemStream segment which ceased to be a reportable segment in the second quarter of 2016. See Note 3 for additional information. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Inventory valuation adjustment | $ 0 | $ 1,235 | |
Components of Inventories | |||
Crude oil | 76,343 | $ 59,121 | |
Asphalt and other | 9,117 | 11,118 | |
Total Inventories | $ 85,460 | $ 70,239 | |
Crude Supply and Logistics [Member] | Crude Oil [Member] | |||
Inventory valuation adjustment | $ 1,200 |
Financial Instruments - Fair va
Financial Instruments - Fair value of financial assets and liabilties (Details) - Commodity Derivatives [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value of Financial Assets and Liabilities | |||
Derivative Asset, Fair Value, Gross Asset | $ 1,160 | $ 131 | |
Derivative Asset, Fair Value, Gross Liability | [1] | (1,160) | (131) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 1,428 | 470 | |
Derivative Liability, Fair Value, Gross Asset | [1] | (1,160) | (131) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 268 | $ 339 | |
[1] | *Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. |
Financial Instruments - Level 2
Financial Instruments - Level 2 and 3 (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Changes in Fair Value of Financial Assets (Liabilities) Classified as Level 3 | ||||
Level 2 and level 3 fair value transactions | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments - Notiona
Financial Instruments - Notional amounts (Details) - bbl bbl in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 5,890 | 7,721 | 16,310 | 13,452 |
Purchases [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 5,743 | 7,508 | 16,253 | 13,413 |
Financial Instruments - Fair 53
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 268 | $ 339 |
Financial Instruments - Realize
Financial Instruments - Realized and unrealized gains and losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commodity Contract [Member] | Sales [Member] | ||||
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ||||
Realized and unrealized gains (losses) from commodity derivatives | $ (7,127) | $ (2,202) | $ (3,773) | $ (2,268) |
Financial Instruments (Details
Financial Instruments (Details Textual) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016USD ($)Customer | Jun. 30, 2016USD ($)Customer | Dec. 31, 2015USD ($) | |
Offsetting Assets [Line Items] | |||
Margin Deposit Assets | $ 5,100,000 | $ 5,100,000 | $ 2,900,000 |
Commodity Contract [Member] | |||
Offsetting Assets [Line Items] | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 4,800,000 | $ 4,800,000 | $ 2,600,000 |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 30.00% | 33.00% | |
Customer Concentration Risk [Member] | Cost of Goods, Total [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Offsetting Assets [Line Items] | |||
Concentration Risk, Percentage | 42.00% | ||
Customer Concentration Risk [Member] | Crude Supply and Logistics [Member] | Sales Revenue, Goods, Net [Member] | |||
Offsetting Assets [Line Items] | |||
Number of Customers | Customer | 1 | 1 | |
Customer Concentration Risk [Member] | Crude Supply and Logistics [Member] | Cost of Goods, Total [Member] | |||
Offsetting Assets [Line Items] | |||
Purchases of product | $ 39,500,000 | ||
Number of Suppliers | 0 | 1 | |
Customer Concentration Risk [Member] | Crude Supply and Logistics [Member] | Accounts Receivable [Member] | |||
Offsetting Assets [Line Items] | |||
Number of Customers | Customer | 2 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes (Textual) [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 32.00% | 34.00% | 128.00% | 36.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ (16,800) | |
Capital leases | $ 64 | 83 |
Total long-term debt | 1,070,388 | 1,057,847 |
less: current portion of long-term debt | 25 | 31 |
Long-term debt, net | 1,070,363 | 1,057,816 |
Corporate, Non-Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 300,000 | 300,000 |
Unamortized Debt Issuance Expense | (4,125) | (4,540) |
Senior Notes | 295,875 | 295,460 |
SemMexico [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 0 |
Revolving Credit Facility [Member] | Corporate, Non-Segment [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 30,000 |
Rose Rock Midstream L P [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 774,488 | 732,356 |
Rose Rock Midstream L P [Member] | Rose Rock Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 400,000 | 400,000 |
Unamortized Debt Issuance Expense | (6,442) | (6,975) |
Senior Notes | 393,558 | 393,025 |
Rose Rock Midstream L P [Member] | Rose Rock Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 350,000 | 350,000 |
Debt Instrument, Unamortized Discount | (5,178) | (5,455) |
Unamortized Debt Issuance Expense | (4,931) | (5,266) |
Senior Notes | 339,891 | 339,279 |
Rose Rock Midstream L P [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 41,000 | $ 0 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016MXN | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||
Interest Costs Capitalized | $ 1,600,000 | $ 900,000 | ||||
Corporate, Non-Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300,000,000 | 300,000,000 | ||||
Corporate, Non-Segment [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Debt | $ 5,800,000 | $ 5,800,000 | $ 11,700,000 | 11,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | 7.50% | |||
Corporate, Non-Segment [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 6,000,000 | $ 6,000,000 | ||||
Interest rate in effect | 2.00% | 2.00% | 2.00% | |||
Corporate, Non-Segment [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Debt | $ 1,200,000 | 1,000,000 | $ 2,600,000 | 2,000,000 | ||
Maximum borrowing capacity | 500,000,000 | 500,000,000 | ||||
Borrowings outstanding | 0 | 0 | $ 30,000,000 | |||
SemMexico [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | 0 | 0 | 0 | |||
SemMexico [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 15,800,000 | $ 15,800,000 | MXN 292,800,000 | |||
Interest rate in effect | 0.25% | 0.25% | 0.25% | |||
SemMexico [Member] | 100 million MXP facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 5,400,000 | $ 5,400,000 | MXN 100,000,000 | |||
Borrowings outstanding | 0 | 0 | ||||
Rose Rock Midstream, L.P. [Member] | Bilateral Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 18,900,000 | $ 18,900,000 | ||||
Interest rate in effect | 1.75% | 1.75% | 1.75% | |||
Rose Rock Midstream, L.P. [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 37,700,000 | $ 37,700,000 | ||||
Interest rate in effect | 2.75% | 2.75% | 2.75% | |||
Rose Rock Midstream, L.P. [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Debt | $ 1,600,000 | 2,000,000 | $ 3,100,000 | 4,200,000 | ||
Borrowings outstanding | $ 41,000,000 | $ 41,000,000 | 0 | |||
Rose Rock Midstream, L.P. [Member] | Revolving Credit Facility [Member] | Alternate Base Rate Borrowings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | |||
Maximum borrowing capacity | $ 585,000,000 | $ 585,000,000 | ||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | ||||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Debt | $ 5,900,000 | 5,900,000 | $ 11,700,000 | 11,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | |||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 5,178,000 | $ 5,178,000 | $ 5,455,000 | |||
Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Debt | 5,200,000 | $ 2,700,000 | 10,400,000 | $ 2,700,000 | ||
Debt Instrument, Face Amount | $ 350,000,000 | $ 350,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | |||
Mexican bank prime rate [Member] | SemMexico [Member] | 100 million MXP facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Fair Value, Inputs, Level 2 [Member] | Corporate, Non-Segment [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Fair Value | $ 290,000,000 | $ 290,000,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2022 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Fair Value | 352,000,000 | 352,000,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Rose Rock Midstream, L.P. [Member] | Rose Rock Notes due 2023 [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Fair Value | $ 305,000,000 | $ 305,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase and sales commitments (Details) bbl in Thousands, $ in Thousands | Jun. 30, 2016USD ($)bbl |
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 4,563 |
Sale commitments, Value | $ | $ 218,212 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 17,773 |
Sale commitments, Value | $ | $ 786,992 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 3,528 |
Purchase commitments, Value | $ | $ 167,030 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 12,701 |
Purchase commitments, Value | $ | $ 601,820 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Take or Pay (Details) - Fractionation capacity [Member] $ in Thousands | Jun. 30, 2016USD ($) |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Remainder of the year | $ 5,951 |
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 | 15,940 |
Purchase Obligation | $ 61,461 |
Commitments and Contingencies61
Commitments and Contingencies (Details Textual) bbl in Thousands | Oct. 01, 2015bbl | Jun. 30, 2016USD ($) |
Commitments and Contingencies (Textual) [Abstract] | ||
Sites in various stages of follow-up | 4 | |
Sites with limited soil and ground water impact | 2 | |
Sites requiring additional investigation | 2 | |
Site contingency number of sites checked | 6 | |
Minimum [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Notice required to cancel purchase agreements, days | 30 days | |
Maximum [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Notice required to cancel purchase agreements, days | 120 days | |
Pipeline transportation capacity [Member] | Rose Rock Midstream L P [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | bbl | 5 | |
Term of unconditional purchase obligation | 5 years | |
Unrecorded unconditional purchase obligation, annual amount | $ 9,400,000 | |
Crude Transportation [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Site contingency number of sites checked | 5 | |
SemCAMS [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Asset retirement obligation liability | $ 18,000,000 | |
Estimated cost to retire facilities | $ 126,000,000 | |
SemGas [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Site contingency number of sites checked | 1 | |
Proposed Department of Transportation penalty [Member] | Rose Rock Midstream L P [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Accrued Liabilities | $ 600,200 |
Equity - Equity rollforward (De
Equity - Equity rollforward (Details) - USD ($) $ in Thousands | Jun. 22, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | $ 1,196,356 | ||||
Net income (loss) | $ 9,931 | $ 28,433 | 3,683 | $ 34,209 | |
Other comprehensive income (loss), net of income taxes | 6,591 | $ 5,520 | 2,482 | $ (3,540) | |
Stock Issued During Period, Value, New Issues | $ 228,546 | 228,546 | |||
Distributions to noncontrolling interests | (21,485) | ||||
Dividends paid | (39,720) | ||||
Unvested dividend equivalent rights | 272 | ||||
Non-cash equity compensation | 5,323 | ||||
Issuance of common stock under compensation plans | 775 | ||||
Repurchase of common stock | (904) | ||||
Balance at June 30, 2016 | 1,375,328 | 1,375,328 | |||
Common Stock [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | 439 | ||||
Net income (loss) | 0 | ||||
Other comprehensive income (loss), net of income taxes | 0 | ||||
Stock Issued During Period, Value, New Issues | 86 | ||||
Distributions to noncontrolling interests | 0 | ||||
Dividends paid | 0 | ||||
Unvested dividend equivalent rights | 0 | ||||
Non-cash equity compensation | 0 | ||||
Issuance of common stock under compensation plans | 1 | ||||
Repurchase of common stock | 0 | ||||
Balance at June 30, 2016 | 526 | 526 | |||
Additional Paid-In Capital [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | 1,217,255 | ||||
Net income (loss) | 0 | ||||
Other comprehensive income (loss), net of income taxes | 0 | ||||
Stock Issued During Period, Value, New Issues | 228,460 | ||||
Distributions to noncontrolling interests | 0 | ||||
Dividends paid | (39,720) | ||||
Unvested dividend equivalent rights | 206 | ||||
Non-cash equity compensation | 4,592 | ||||
Issuance of common stock under compensation plans | 774 | ||||
Repurchase of common stock | 0 | ||||
Balance at June 30, 2016 | 1,411,567 | 1,411,567 | |||
Treasury Stock [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | (5,593) | ||||
Net income (loss) | 0 | ||||
Other comprehensive income (loss), net of income taxes | 0 | ||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Distributions to noncontrolling interests | 0 | ||||
Dividends paid | 0 | ||||
Unvested dividend equivalent rights | 0 | ||||
Non-cash equity compensation | 0 | ||||
Issuance of common stock under compensation plans | 0 | ||||
Repurchase of common stock | (904) | ||||
Balance at June 30, 2016 | (6,497) | (6,497) | |||
Accumulated Deficit [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | (38,012) | ||||
Net income (loss) | (7,259) | ||||
Other comprehensive income (loss), net of income taxes | 0 | ||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Distributions to noncontrolling interests | 0 | ||||
Dividends paid | 0 | ||||
Unvested dividend equivalent rights | 0 | ||||
Non-cash equity compensation | 0 | ||||
Issuance of common stock under compensation plans | 0 | ||||
Repurchase of common stock | 0 | ||||
Balance at June 30, 2016 | (45,271) | (45,271) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | (58,562) | ||||
Net income (loss) | 0 | ||||
Other comprehensive income (loss), net of income taxes | 2,482 | ||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Distributions to noncontrolling interests | 0 | ||||
Dividends paid | 0 | ||||
Unvested dividend equivalent rights | 0 | ||||
Non-cash equity compensation | 0 | ||||
Issuance of common stock under compensation plans | 0 | ||||
Repurchase of common stock | 0 | ||||
Balance at June 30, 2016 | (56,080) | (56,080) | |||
Noncontrolling Interest [Member] | |||||
SemGroup owners’ equity: | |||||
Balance at December 31, 2015 | 80,829 | ||||
Net income (loss) | 10,942 | ||||
Other comprehensive income (loss), net of income taxes | 0 | ||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Distributions to noncontrolling interests | (21,485) | ||||
Unvested dividend equivalent rights | 66 | ||||
Non-cash equity compensation | 731 | ||||
Issuance of common stock under compensation plans | 0 | ||||
Repurchase of common stock | 0 | ||||
Balance at June 30, 2016 | $ 71,083 | $ 71,083 |
Equity - Accumulated other comp
Equity - Accumulated other comprehensive income (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2015 | $ (58,562) |
Currency translation adjustment, net of income tax expense of $1,589 | 2,608 |
Changes related to benefit plans, net of income tax benefit of $42 | (126) |
Balance at June 30, 2016 | (56,080) |
Currency Translation [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2015 | (57,201) |
Currency translation adjustment, net of income tax expense of $1,589 | 2,608 |
Changes related to benefit plans, net of income tax benefit of $42 | 0 |
Balance at June 30, 2016 | (54,593) |
Employee Benefit Plans [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2015 | (1,361) |
Currency translation adjustment, net of income tax expense of $1,589 | 0 |
Changes related to benefit plans, net of income tax benefit of $42 | (126) |
Balance at June 30, 2016 | $ (1,487) |
Equity - Dividends (Details)
Equity - Dividends (Details) - $ / shares | Aug. 25, 2016 | May 26, 2016 | Mar. 17, 2016 | Nov. 24, 2015 | Aug. 25, 2015 | May 27, 2015 | Mar. 20, 2015 | Jun. 30, 2016 |
Dividends Payable [Line Items] | ||||||||
Dividend Per Share, Paid | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.42 | $ 0.38 | $ 0.34 | ||
Date Paid | May 26, 2016 | Mar. 17, 2016 | Nov. 24, 2015 | Aug. 25, 2015 | May 29, 2015 | Mar. 20, 2015 | ||
First quarter 2015 dividend [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | Mar. 9, 2015 | |||||||
Second quarter 2015 dividend [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | May 18, 2015 | |||||||
Third quarter 2015 dividend [Member] [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | Aug. 17, 2015 | |||||||
Fourth quarter 2015 dividend [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | Nov. 16, 2015 | |||||||
first quarter 2016 dividend [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | Mar. 7, 2016 | |||||||
Second quarter dividend 2016 [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | May 16, 2016 | |||||||
Third quarter dividend 2016 [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date of Record | Aug. 15, 2016 | |||||||
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Date Paid | Aug. 25, 2016 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.45 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 22, 2016 | Jun. 30, 2016 |
Equity [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 8,625,000 | |
Shares Issued, Price Per Share | $ 27 | |
Stock Issued During Period, Value, New Issues | $ 228,546 | $ 228,546 |
Payments of Stock Issuance Costs | $ 4,300 | |
EQUITY (Textual) [Abstract] | ||
Employee Stock Purchase Plan shares issued during period | 30,718 | |
Outstanding unvested equity compensation awards | 797,812 | |
Additional equity compensation awards that could vest if certain targets are achieved | 408,000 | |
Equity compensation awards granted during the period | 548,143 | |
Weighted average grant date fair value of equity awards granted during the period | $ 19.20 | |
Income tax expense, related to change in benefit plans | $ (42) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ 1,589 | |
Stock Compensation Plan [Member] | ||
EQUITY (Textual) [Abstract] | ||
Vested common stock | 157,077 | |
Cash settled UUD [Member] | ||
EQUITY (Textual) [Abstract] | ||
Unvested Dividend Equivalent Value | $ 390 |
Earnings Per Share - Basic (De
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic earnings per share | ||||
Income (loss) | $ 9,933 | $ 28,435 | $ 3,687 | $ 34,211 |
Loss from discontinued operations, net of income taxes | (2) | (2) | (4) | (2) |
Net income | 9,931 | 28,433 | 3,683 | 34,209 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Numerator | $ 8,009 | $ 23,297 | $ (7,259) | $ 24,763 |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Basic earnings (loss) per share, Net | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.57 |
Continuing Operations [Member] | ||||
Basic earnings per share | ||||
Income (loss) | $ 9,933 | $ 28,435 | $ 3,687 | $ 34,211 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Numerator | $ 8,011 | $ 23,299 | $ (7,255) | $ 24,765 |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Basic earnings per share, Continuing Operations | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.57 |
Discontinued Operations [Member] | ||||
Basic earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ (2) | $ (2) | $ (4) | $ (2) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ (2) | $ (2) | $ (4) | $ (2) |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Basic earnings per share, Discontinued Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Diluted earnings per share | ||||
Income (loss) | $ 9,933 | $ 28,435 | $ 3,687 | $ 34,211 |
Loss from discontinued operations, net of income taxes | (2) | (2) | (4) | (2) |
Net income | 9,931 | 28,433 | 3,683 | 34,209 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Numerator | $ 8,009 | $ 23,297 | $ (7,259) | $ 24,763 |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Effect of dilutive securities | 411 | 215 | 0 | 217 |
Denominator, Net, Diluted | 45,647 | 44,013 | 44,553 | 43,975 |
Diluted earnings (loss) per share, Net | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.56 |
Continuing Operations [Member] | ||||
Diluted earnings per share | ||||
Income (loss) | $ 9,933 | $ 28,435 | $ 3,687 | $ 34,211 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Numerator | $ 8,011 | $ 23,299 | $ (7,255) | $ 24,765 |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Effect of dilutive securities | 411 | 215 | 0 | 217 |
Denominator, Net, Diluted | 45,647 | 44,013 | 44,553 | 43,975 |
Diluted earnings per share, Continuing Operations | $ 0.18 | $ 0.53 | $ (0.16) | $ 0.56 |
Discontinued Operations [Member] | ||||
Diluted earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ (2) | $ (2) | $ (4) | $ (2) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ (2) | $ (2) | $ (4) | $ (2) |
Weighted average common stock outstanding | 45,236 | 43,798 | 44,553 | 43,758 |
Effect of dilutive securities | 411 | 215 | 0 | 217 |
Denominator, Net, Diluted | 45,647 | 44,013 | 44,553 | 43,975 |
Diluted earnings per share, Discontinued Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Inform68
Supplemental Cash Flow Information - Operating assets and liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Components of operating assets and liabilities | ||
Decrease (increase) in restricted cash | $ 1 | $ 6,766 |
Decrease (increase) in accounts receivable | (60,062) | (2,248) |
Decrease (increase) in receivable from affiliates | (4,305) | (1,353) |
Decrease (increase) in inventories | (15,918) | (36,065) |
Decrease (increase) in derivatives and margin deposits | (2,163) | (287) |
Decrease (increase) in other current assets | 956 | (3,134) |
Decrease (increase) in other assets | (1,266) | (2,096) |
Increase (decrease) in accounts payable and accrued liabilities | 60,867 | 18,730 |
Increase (decrease) in payable to affiliates | 3,997 | 5,580 |
Increase (decrease) in payables to pre-petition creditors | 0 | (3,836) |
Increase (decrease) in other noncurrent liabilities | (1,453) | 47 |
Total changes in operating assets and liabilities | $ (19,346) | $ (17,896) |
Supplemental Cash Flow Inform69
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Paid | $ 34.9 | $ 28.2 |
Income Taxes Paid, Net | 2.3 | 5.7 |
Capital Expenditures Incurred but Not yet Paid | 9.1 | 16.8 |
Insurance prepayment financed [Member] | ||
Liabilities Assumed | $ 4 | $ 4.6 |
Related Party Transactions - Tr
Related Party Transactions - Transactions with NGL Energy (Details) - NGL Energy [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction | ||||
Revenues | $ 8,303 | $ 74,447 | $ 16,832 | $ 119,916 |
Related Party Transaction, Purchases from Related Party | 6,366 | 75,027 | 13,196 | 110,261 |
Related Party Transaction Reimbursements from Transactions With Related Party | $ 0 | $ 14 | $ 0 | $ 56 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Glass Mountain Pipeline LLC [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,400,000 | $ 700,000 | $ 3,300,000 | $ 1,200,000 |
Related Party Transaction Reimbursements from Transactions With Related Party | 200,000 | 200,000 | 400,000 | 400,000 |
Related Party Transaction, Purchases from Related Party | 0 | 0 | 400,000 | 1,500,000 |
White Cliffs Pipeline, L.L.C. [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Revenues | 1,100,000 | 1,100,000 | 2,200,000 | 2,100,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 2,700,000 | 1,100,000 | 5,200,000 | 1,800,000 |
Related Party Transaction Reimbursements from Transactions With Related Party | 100,000 | 100,000 | 200,000 | 200,000 |
Related Party Transaction, Purchases from Related Party | 3,500,000 | 0 | 3,500,000 | 0 |
Law Firm [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Legal fees | 300,000 | 400,000 | 400,000 | 700,000 |
White Cliffs Pipeline, L.L.C. [Member] | Law Firm [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Legal fees | $ 100 | $ 100 | $ 1,600 | $ 3,400 |
Condensed Consolidating Guara72
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other Liabilities, Current | $ 11,510 | $ 13,281 | ||
Current assets: | ||||
Cash and cash equivalents | 255,780 | 58,096 | $ 228,783 | $ 40,598 |
Restricted cash | 31 | 32 | ||
Accounts receivable, net | 388,668 | 326,713 | ||
Receivable from affiliates | 10,219 | 5,914 | ||
Inventories | 85,460 | 70,239 | ||
Other current assets | 25,445 | 19,387 | ||
Total current assets | 765,603 | 480,381 | ||
Property, plant and equipment, net | 1,648,962 | 1,566,821 | ||
Equity method investments | 446,938 | 551,078 | ||
Goodwill | 34,698 | 48,032 | ||
Other intangible assets, net | 156,617 | 162,223 | ||
Other noncurrent assets | 44,156 | 45,374 | ||
Total assets | 3,096,974 | 2,853,909 | ||
Current liabilities: | ||||
Accounts Payable | 338,720 | 273,666 | ||
Due to Related Parties | 9,030 | 5,033 | ||
Accrued Liabilities | 84,703 | 85,047 | ||
Total current liabilities | 443,963 | 377,027 | ||
Long-term debt, net | 1,070,363 | 1,057,816 | ||
Deferred income taxes | 183,776 | 200,953 | ||
Other noncurrent liabilities | 23,544 | 21,757 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,304,245 | 1,115,527 | ||
Noncontrolling interests in consolidated subsidiaries | 71,083 | 80,829 | ||
Total owners’ equity | 1,375,328 | 1,196,356 | ||
Total liabilities and owners’ equity | 3,096,974 | 2,853,909 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other Liabilities, Current | 364 | 569 | ||
Current assets: | ||||
Cash and cash equivalents | 187,987 | 4,559 | 118,060 | 9,254 |
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 641 | 640 | ||
Receivable from affiliates | 4,897 | 1,616 | ||
Inventories | 0 | 0 | ||
Other current assets | 9,228 | 8,477 | ||
Total current assets | 202,753 | 15,292 | ||
Property, plant and equipment, net | 4,915 | 4,335 | ||
Equity method investments | 1,502,156 | 1,546,853 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 18 | 20 | ||
Other noncurrent assets | 38,780 | 39,358 | ||
Total assets | 1,748,622 | 1,605,858 | ||
Current liabilities: | ||||
Accounts Payable | 533 | 734 | ||
Due to Related Parties | 53 | 78 | ||
Accrued Liabilities | 9,392 | 5,551 | ||
Total current liabilities | 10,342 | 6,932 | ||
Long-term debt, net | 295,875 | 325,460 | ||
Deferred income taxes | 135,985 | 155,411 | ||
Other noncurrent liabilities | 2,175 | 2,528 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,304,245 | 1,115,527 | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | 1,304,245 | 1,115,527 | ||
Total liabilities and owners’ equity | 1,748,622 | 1,605,858 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other Liabilities, Current | 0 | 0 | ||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 12,596 | 20,015 | ||
Receivable from affiliates | 802 | 1,119 | ||
Inventories | (120) | (48) | ||
Other current assets | 742 | 359 | ||
Total current assets | 14,020 | 21,445 | ||
Property, plant and equipment, net | 532,702 | 536,628 | ||
Equity method investments | 510,115 | 426,801 | ||
Goodwill | 0 | 13,052 | ||
Other intangible assets, net | 140,083 | 144,183 | ||
Other noncurrent assets | 778 | 881 | ||
Total assets | 1,197,698 | 1,142,990 | ||
Current liabilities: | ||||
Accounts Payable | 11,346 | 11,221 | ||
Due to Related Parties | 21 | 155 | ||
Accrued Liabilities | 11,511 | 10,957 | ||
Total current liabilities | 22,878 | 22,333 | ||
Long-term debt, net | 6,640 | 7,340 | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 1,168,180 | 1,113,317 | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | 1,168,180 | 1,113,317 | ||
Total liabilities and owners’ equity | 1,197,698 | 1,142,990 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other Liabilities, Current | 11,146 | 12,712 | ||
Current assets: | ||||
Cash and cash equivalents | 68,614 | 55,101 | 112,980 | 35,445 |
Restricted cash | 31 | 32 | ||
Accounts receivable, net | 375,431 | 306,058 | ||
Receivable from affiliates | 9,467 | 6,141 | ||
Inventories | 85,580 | 70,287 | ||
Other current assets | 15,475 | 10,551 | ||
Total current assets | 554,598 | 448,170 | ||
Property, plant and equipment, net | 1,111,345 | 1,025,858 | ||
Equity method investments | 427,961 | 438,291 | ||
Goodwill | 34,698 | 34,980 | ||
Other intangible assets, net | 16,516 | 18,020 | ||
Other noncurrent assets | 4,598 | 5,135 | ||
Total assets | 2,149,716 | 1,970,454 | ||
Current liabilities: | ||||
Accounts Payable | 326,841 | 261,711 | ||
Due to Related Parties | 13,903 | 7,762 | ||
Accrued Liabilities | 63,796 | 68,534 | ||
Total current liabilities | 415,686 | 350,719 | ||
Long-term debt, net | 790,988 | 748,856 | ||
Deferred income taxes | 47,791 | 45,542 | ||
Other noncurrent liabilities | 21,369 | 19,229 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | 802,799 | 725,279 | ||
Noncontrolling interests in consolidated subsidiaries | 71,083 | 80,829 | ||
Total owners’ equity | 873,882 | 806,108 | ||
Total liabilities and owners’ equity | 2,149,716 | 1,970,454 | ||
Consolidating Adjustments [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other Liabilities, Current | 0 | 0 | ||
Current assets: | ||||
Cash and cash equivalents | (821) | (1,564) | $ (2,257) | $ (4,101) |
Restricted cash | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Receivable from affiliates | (4,947) | (2,962) | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (5,768) | (4,526) | ||
Property, plant and equipment, net | 0 | 0 | ||
Equity method investments | (1,993,294) | (1,860,867) | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | (1,999,062) | (1,865,393) | ||
Current liabilities: | ||||
Accounts Payable | 0 | 0 | ||
Due to Related Parties | (4,947) | (2,962) | ||
Accrued Liabilities | 4 | 5 | ||
Total current liabilities | (4,943) | (2,957) | ||
Long-term debt, net | (23,140) | (23,840) | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Commitments and contingencies | ||||
Owners’ equity excluding noncontrolling interests in consolidated subsidiaries | (1,970,979) | (1,838,596) | ||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||
Total owners’ equity | (1,970,979) | (1,838,596) | ||
Total liabilities and owners’ equity | $ (1,999,062) | $ (1,865,393) |
Condensed Consolidating Guara73
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Other Nonoperating Income (Expense) | $ 491 | $ 95 | $ 678 | $ 186 |
Revenues: | ||||
Product | 210,126 | 288,736 | 447,022 | 508,867 |
Service | 62,200 | 66,604 | 126,273 | 128,481 |
Other | 15,051 | 21,886 | 28,933 | 38,188 |
Revenue | 287,377 | 377,226 | 602,228 | 675,536 |
Expenses: | ||||
Cost of products sold | 176,842 | 244,158 | 373,789 | 436,230 |
Operating | 54,707 | 60,800 | 104,899 | 113,890 |
General and administrative | 20,775 | 22,917 | 41,835 | 55,227 |
Depreciation and amortization | 25,048 | 24,674 | 49,095 | 48,408 |
Loss on disposal or impairment of long-lived assets, net | (1,685) | (1,372) | (2,430) | |
Loss (gain) on disposal or impairment, net | (1,685) | (1,372) | (14,992) | (2,430) |
Total expenses | 279,057 | 353,921 | 584,610 | 656,185 |
Earnings from equity method investments | 17,078 | 23,903 | 40,149 | 44,462 |
Gain (loss) on issuance of common units by equity method investee | 0 | 5,897 | (41) | 5,897 |
Operating income | 25,398 | 53,105 | 57,726 | 69,710 |
Other expenses (income), net: | ||||
Interest expense | 18,875 | 16,822 | 37,810 | 31,413 |
Foreign currency transaction loss (gain) | 1,543 | (295) | 3,012 | (814) |
Total other expenses, net | 10,807 | 9,809 | 70,788 | 15,896 |
Loss (gain) on sale or impairment of equity method investment | (9,120) | (6,623) | 30,644 | (14,517) |
Income (loss) from continuing operations before income taxes | 14,591 | 43,296 | (13,062) | 53,814 |
Income tax expense (benefit) | 4,658 | 14,861 | (16,749) | 19,603 |
Income (loss) from continuing operations | 9,933 | 28,435 | 3,687 | 34,211 |
Loss from discontinued operations, net of income taxes | (2) | (2) | (4) | (2) |
Net income | 9,931 | 28,433 | 3,683 | 34,209 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Net income (loss) attributable to SemGroup | 8,009 | 23,297 | (7,259) | 24,763 |
Other comprehensive income (loss), net of income taxes | 6,591 | 5,520 | 2,482 | (3,540) |
Comprehensive income (loss) | 16,522 | 33,953 | 6,165 | 30,669 |
Less: comprehensive income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Comprehensive income (loss) attributable to SemGroup | 14,600 | 28,817 | (4,777) | 21,223 |
Parent Company [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Other Nonoperating Income (Expense) | 249 | 778 | 487 | 1,570 |
Revenues: | ||||
Product | 0 | 0 | 0 | 0 |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | 0 | 0 | 0 | 0 |
Expenses: | ||||
Cost of products sold | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 4,782 | 4,626 | 10,654 | 22,228 |
Depreciation and amortization | 393 | 329 | 773 | 623 |
Loss on disposal or impairment of long-lived assets, net | 0 | 0 | 0 | |
Loss (gain) on disposal or impairment, net | 0 | |||
Total expenses | 5,175 | 4,955 | 11,427 | 22,851 |
Earnings from equity method investments | 6,557 | 28,583 | 13,147 | 43,388 |
Gain (loss) on issuance of common units by equity method investee | 5,897 | (41) | 5,897 | |
Operating income | 1,382 | 29,525 | 1,679 | 26,434 |
Other expenses (income), net: | ||||
Interest expense | (936) | 781 | (1,513) | 2,203 |
Foreign currency transaction loss (gain) | 0 | (5) | 0 | (5) |
Total other expenses, net | (10,305) | (6,625) | 28,644 | (13,889) |
Loss (gain) on sale or impairment of equity method investment | (9,120) | (6,623) | 30,644 | (14,517) |
Income (loss) from continuing operations before income taxes | 11,687 | 36,150 | (26,965) | 40,323 |
Income tax expense (benefit) | 3,679 | 12,853 | (19,706) | 15,560 |
Income (loss) from continuing operations | 8,008 | 23,297 | (7,259) | 24,763 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | 8,008 | 23,297 | (7,259) | 24,763 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 8,008 | 23,297 | (7,259) | 24,763 |
Other comprehensive income (loss), net of income taxes | 18,480 | (2,346) | (1,986) | 6,300 |
Comprehensive income (loss) | 26,488 | 20,951 | (9,245) | 31,063 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | 26,488 | 20,951 | (9,245) | 31,063 |
Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Revenues: | ||||
Product | 39,849 | 50,293 | 73,247 | 101,346 |
Service | 10,872 | 15,743 | 23,740 | 30,202 |
Other | 0 | 0 | 0 | 0 |
Revenue | 50,721 | 66,036 | 96,987 | 131,548 |
Expenses: | ||||
Cost of products sold | 27,171 | 35,632 | 51,780 | 76,300 |
Operating | 9,192 | 8,822 | 16,885 | 16,936 |
General and administrative | 2,379 | 2,642 | 4,625 | 4,706 |
Depreciation and amortization | 9,146 | 7,255 | 18,020 | 14,288 |
Loss on disposal or impairment of long-lived assets, net | 1 | (108) | (107) | |
Loss (gain) on disposal or impairment, net | (13,051) | |||
Total expenses | 47,887 | 54,459 | 104,361 | 112,337 |
Earnings from equity method investments | 9,034 | 15,048 | 28,214 | 27,576 |
Gain (loss) on issuance of common units by equity method investee | 0 | 0 | 0 | |
Operating income | 11,868 | 26,625 | 20,840 | 46,787 |
Other expenses (income), net: | ||||
Interest expense | 8,333 | 6,160 | 16,336 | 11,651 |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Total other expenses, net | 8,333 | 6,160 | 16,336 | 11,651 |
Loss (gain) on sale or impairment of equity method investment | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 3,535 | 20,465 | 4,504 | 35,136 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 3,535 | 20,465 | 4,504 | 35,136 |
Loss from discontinued operations, net of income taxes | (1) | (1) | (3) | (1) |
Net income | 3,534 | 20,464 | 4,501 | 35,135 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | 3,534 | 20,464 | 4,501 | 35,135 |
Other comprehensive income (loss), net of income taxes | 485 | 0 | 701 | 0 |
Comprehensive income (loss) | 4,019 | 20,464 | 5,202 | 35,135 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | 4,019 | 20,464 | 5,202 | 35,135 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Other Nonoperating Income (Expense) | 478 | 50 | 664 | 115 |
Revenues: | ||||
Product | 172,798 | 244,886 | 379,042 | 419,938 |
Service | 51,328 | 50,861 | 102,533 | 98,279 |
Other | 15,051 | 21,886 | 28,933 | 38,188 |
Revenue | 239,177 | 317,633 | 510,508 | 556,405 |
Expenses: | ||||
Cost of products sold | 152,192 | 214,969 | 327,276 | 372,347 |
Operating | 45,515 | 51,978 | 88,014 | 96,954 |
General and administrative | 13,614 | 15,649 | 26,556 | 28,293 |
Depreciation and amortization | 15,509 | 17,090 | 30,302 | 33,497 |
Loss on disposal or impairment of long-lived assets, net | (1,686) | (1,264) | (2,323) | |
Loss (gain) on disposal or impairment, net | (1,941) | |||
Total expenses | 228,516 | 300,950 | 474,089 | 533,414 |
Earnings from equity method investments | 17,077 | 17,683 | 37,917 | 38,547 |
Gain (loss) on issuance of common units by equity method investee | 0 | 0 | 0 | |
Operating income | 27,738 | 34,366 | 74,336 | 61,538 |
Other expenses (income), net: | ||||
Interest expense | 11,714 | 10,614 | 23,460 | 19,058 |
Foreign currency transaction loss (gain) | 1,543 | (290) | 3,012 | (809) |
Total other expenses, net | 12,779 | 10,274 | 25,808 | 18,134 |
Loss (gain) on sale or impairment of equity method investment | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 14,959 | 24,092 | 48,528 | 43,404 |
Income tax expense (benefit) | 979 | 2,008 | 2,957 | 4,043 |
Income (loss) from continuing operations | 13,980 | 22,084 | 45,571 | 39,361 |
Loss from discontinued operations, net of income taxes | (1) | (1) | (1) | (1) |
Net income | 13,979 | 22,083 | 45,570 | 39,360 |
Less: net income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Net income (loss) attributable to SemGroup | 12,057 | 16,947 | 34,628 | 29,914 |
Other comprehensive income (loss), net of income taxes | (12,374) | 7,866 | 3,767 | (9,840) |
Comprehensive income (loss) | 1,605 | 29,949 | 49,337 | 29,520 |
Less: comprehensive income attributable to noncontrolling interests | 1,922 | 5,136 | 10,942 | 9,446 |
Comprehensive income (loss) attributable to SemGroup | (317) | 24,813 | 38,395 | 20,074 |
Consolidating Adjustments [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Other Nonoperating Income (Expense) | (236) | (733) | (473) | (1,499) |
Revenues: | ||||
Product | (2,521) | (6,443) | (5,267) | (12,417) |
Service | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Revenue | (2,521) | (6,443) | (5,267) | (12,417) |
Expenses: | ||||
Cost of products sold | (2,521) | (6,443) | (5,267) | (12,417) |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on disposal or impairment of long-lived assets, net | 0 | 0 | 0 | |
Loss (gain) on disposal or impairment, net | 0 | |||
Total expenses | (2,521) | (6,443) | (5,267) | (12,417) |
Earnings from equity method investments | (15,590) | (37,411) | (39,129) | (65,049) |
Gain (loss) on issuance of common units by equity method investee | 0 | 0 | 0 | |
Operating income | (15,590) | (37,411) | (39,129) | (65,049) |
Other expenses (income), net: | ||||
Interest expense | (236) | (733) | (473) | (1,499) |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Total other expenses, net | 0 | 0 | 0 | 0 |
Loss (gain) on sale or impairment of equity method investment | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | (15,590) | (37,411) | (39,129) | (65,049) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | (15,590) | (37,411) | (39,129) | (65,049) |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | (15,590) | (37,411) | (39,129) | (65,049) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to SemGroup | (15,590) | (37,411) | (39,129) | (65,049) |
Other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (15,590) | (37,411) | (39,129) | (65,049) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to SemGroup | $ (15,590) | $ (37,411) | $ (39,129) | $ (65,049) |
Condensed Consolidating Guara74
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 73,915 | $ 72,957 |
Cash flows from investing activities: | ||
Capital expenditures | (126,712) | (236,956) |
Proceeds from sale of long-lived assets | 114 | 230 |
Contributions to equity method investments | (3,448) | (23,461) |
Proceeds from sale of common units of equity method investee | 60,483 | 56,318 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | |
Distributions in excess of equity in earnings of affiliates | 13,778 | 13,077 |
Net cash used in investing activities | (55,785) | (190,792) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | (6,289) |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 283,500 | 802,208 |
Principal payments on credit facilities and other obligations | (272,881) | (525,024) |
Rose Rock Midstream, L.P. equity issuance | 0 | 89,119 |
Proceeds from Issuance of Common Stock | 228,546 | 0 |
Distributions to noncontrolling interests | (21,485) | (19,261) |
Payments for Repurchase of Common Stock | 904 | 4,254 |
Payments of Ordinary Dividends, Common Stock | 39,720 | 31,478 |
Proceeds from issuance of common stock under employee stock purchase plan | 555 | 609 |
Intercompany borrowings (advances), net | 0 | 0 |
Net cash provided by financing activities | 177,611 | 305,630 |
Effect of exchange rate changes on cash and cash equivalents | 1,943 | 390 |
Change in cash and cash equivalents | 197,684 | 188,185 |
Cash and cash equivalents at beginning of period | 58,096 | 40,598 |
Cash and cash equivalents at end of period | 255,780 | 228,783 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 25,427 | 19,092 |
Cash flows from investing activities: | ||
Capital expenditures | (1,350) | (1,105) |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Proceeds from sale of common units of equity method investee | 60,483 | 56,318 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 251,181 | |
Distributions in excess of equity in earnings of affiliates | 13,767 | 11,676 |
Net cash used in investing activities | 72,900 | 318,070 |
Cash flows from financing activities: | ||
Debt issuance costs | (601) | |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 118,000 | 126,000 |
Principal payments on credit facilities and other obligations | (148,367) | (161,000) |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Proceeds from Issuance of Common Stock | 228,546 | |
Distributions to noncontrolling interests | 0 | 0 |
Payments for Repurchase of Common Stock | 904 | 4,254 |
Payments of Ordinary Dividends, Common Stock | 39,720 | 31,478 |
Proceeds from issuance of common stock under employee stock purchase plan | 555 | 609 |
Intercompany borrowings (advances), net | (73,009) | (157,632) |
Net cash provided by financing activities | 85,101 | (228,356) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 183,428 | 108,806 |
Cash and cash equivalents at beginning of period | 4,559 | 9,254 |
Cash and cash equivalents at end of period | 187,987 | 118,060 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 17,351 | 18,222 |
Cash flows from investing activities: | ||
Capital expenditures | (11,211) | (73,195) |
Proceeds from sale of long-lived assets | 0 | 20 |
Contributions to equity method investments | 0 | 0 |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | |
Distributions in excess of equity in earnings of affiliates | 0 | 0 |
Net cash used in investing activities | (11,211) | (73,175) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Proceeds from Issuance of Common Stock | 0 | |
Distributions to noncontrolling interests | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | (6,140) | 54,953 |
Net cash provided by financing activities | (6,140) | 54,953 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 56,585 | 55,462 |
Cash flows from investing activities: | ||
Capital expenditures | (114,151) | (162,656) |
Proceeds from sale of long-lived assets | 114 | 210 |
Contributions to equity method investments | (3,448) | (23,461) |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | 0 | |
Distributions in excess of equity in earnings of affiliates | 13,778 | 13,077 |
Net cash used in investing activities | (103,707) | (172,830) |
Cash flows from financing activities: | ||
Debt issuance costs | (5,688) | |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 165,500 | 676,208 |
Principal payments on credit facilities and other obligations | (124,514) | (364,024) |
Rose Rock Midstream, L.P. equity issuance | 89,119 | |
Proceeds from Issuance of Common Stock | 0 | |
Distributions to noncontrolling interests | (21,485) | (19,261) |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | 39,191 | (181,841) |
Net cash provided by financing activities | 58,692 | 194,513 |
Effect of exchange rate changes on cash and cash equivalents | 1,943 | 390 |
Change in cash and cash equivalents | 13,513 | 77,535 |
Cash and cash equivalents at beginning of period | 55,101 | 35,445 |
Cash and cash equivalents at end of period | 68,614 | 112,980 |
Consolidating Adjustments [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (25,448) | (19,819) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Proceeds from sale of common units of equity method investee | 0 | 0 |
Proceeds from the sale of assets to Rose Rock Midstream L.P. | (251,181) | |
Distributions in excess of equity in earnings of affiliates | (13,767) | (11,676) |
Net cash used in investing activities | (13,767) | (262,857) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | |
Borrowings on credit facilities and issuance of senior secured notes, net of discount | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Rose Rock Midstream, L.P. equity issuance | 0 | |
Proceeds from Issuance of Common Stock | 0 | |
Distributions to noncontrolling interests | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | 39,958 | 284,520 |
Net cash provided by financing activities | 39,958 | 284,520 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | 743 | 1,844 |
Cash and cash equivalents at beginning of period | (1,564) | (4,101) |
Cash and cash equivalents at end of period | $ (821) | $ (2,257) |
Condensed Consolidating Guara75
Condensed Consolidating Guarantor Financial Statements (Details Textual) | Jun. 30, 2016 |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Equity method investment, ownership percentage | 100.00% |