semg and rrms report 4q and full year resluts

FOURTH QUARTER AND FULL -YEAR 2015 RESULTSEarnings Conference Call - February 26, 2016

Forward-looking InformationCertain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended,and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protectionsprovided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance,our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcomeof regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected inthese forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements aresubject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected inthese forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the ability of SemGroup Corporation (SemGroup)to generate sufficient cash flow from operations to enable it to pay its debt obligations and its current and expected dividends or to fund its other liquidity needs;insufficient cash from operations following the establishment of cash reserves and payment of fees and expenses for SemGroup’s subsidiary, Rose RockMidstream, L.P. (Rose Rock), to pay current, expected or minimum quarterly distributions; any sustained reduction in demand for, or supply of, the petroleumproducts we gather, transport, process, market and store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtainadditional capital on terms that are favorable to us; our ability to access the debt and equity markets, which will depend on general market conditions and the creditratings for our debt obligations and equity; the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions,capital requirements and performance of our investments and joint ventures; the amount of collateral required to be posted from time to time in our purchase, sale orderivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleumproducts; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreements and the indenturesgoverning our senior notes, including requirements under our credit agreements to maintain certain financial ratios; our ability to renew or replace expiring storage,transportation and related contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisitionof new assets may not result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other natural phenomena,including climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; in the case ofSemGroup, the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes in local governmental laws,regulations and policies; costs of, or changes in, laws and regulations and our failure to comply with new or existing laws or regulations, particularly with regard totaxes, safety and protection of the environment; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results;general economic, market and business conditions; as well as other risk factors discussed from time to time in each of SemGroup’s and Rose Rock’s documentsand reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation which reflect management's opinions only as ofthe date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

SemGroup and Rose Rock Midstream use their Investor Relations website and social media outlets as channels of distribution of material company information.Such information is routinely posted and accessible on our Investor Relations websites at ir.semgroupcorp.com and ir.rrmidstream.com. Both companies are present on Twitter and LinkedIn, follow us at the links below:SemGroup Twitter and LinkedIn Rose Rock Midstream Twitter and LinkedIn

2

Non-GAAP Financial MeasuresSemGroupAdjusted EBITDA and cash available for dividends are not U.S. generally accepted accounting principles (GAAP) measures and are not intended to be used in lieuof GAAP presentation of net income (loss). Adjusted EBITDA and cash available for dividends are presented in this presentation because SemGroup believes theyprovide additional information with respect to its performance. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization,adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. Although SemGroup presents selecteditems that it considers in evaluating its performance, you should also be aware that the items presented do not represent all items that affect comparabilitybetween the periods presented. Variations in SemGroup’s operating results are also caused by changes in volumes, prices, exchange rates, mechanicalinterruptions and numerous other factors. These types of variances are not separately identified in this presentation. Cash available for dividends is based onAdjusted EBITDA, as described above, adjusted to exclude the earnings of our subsidiary, Rose Rock Midstream, cash income taxes, cash interest expense andmaintenance capital expenditures and include cash distributions received from Rose Rock Midstream. Because all companies do not use identical calculations,SemGroup’s presentations of Adjusted EBITDA and cash available for dividends may be different from similarly titled measures of other companies, therebydiminishing their utility.

Rose Rock MidstreamThis presentation includes the non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA and distributable cash flow, which may be usedperiodically by management when discussing our financial results with investors and analysts. Adjusted gross margin, Adjusted EBITDA and distributable cashflow are presented as management believes they provide additional information and metrics relative to the performance of our business. Operating income (loss) is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss) and cash provided by (used in) operatingactivities are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) is the GAAP measure most directly comparable todistributable cash flow. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures.These non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directlycomparable GAAP financial measures. You should not consider Adjusted gross margin, Adjusted EBITDA or distributable cash flow in isolation or as substitutes foranalysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently by othercompanies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, therebydiminishing their utility.Management compensates for the limitation of Adjusted gross margin, Adjusted EBITDA and distributable cash flow as analytical tools by reviewing thecomparable GAAP measures, understanding the differences between Adjusted gross margin, Adjusted EBITDA and distributable cash flow, on the one hand, andoperating income (loss), net income (loss) and net cash provided by (used in) operating activities, on the other hand, and incorporating this knowledge into itsdecision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating ouroperating results.

3

2015 - Year in ReviewYear in Review¬ Drop down of Wattenberg Oil Trunkline and 50% ownership in Glass Mountain Pipeline –

January 2015

¬ Maurepas Pipeline project announcement

¬ Rose Rock $350 million bond offering – May 2015

¬ Platteville truck unloading expansion – October 2015

¬ White Cliffs Pipeline expansion – expected completion

March 2016

¬ Isabel Pipeline – expected completion March 2016

¬ Cushing contract renewals completed

¬ SemCAMS expansion announcements

¬ SemLogistics available storage capacity fully contracted

4

2015 Year End Results

SemGroup ¬ Adjusted EBITDA increased ~ 6% over 2014

- Including ~$11 million negative impact related to foreign exchange rates¬ Dividend increased 48% over full-year 2014 with coverage of 1.9x ¬ Maintained strong balance sheet with leverage of 1.4x¬ Focused on high return fee-based growth projects

Rose Rock Midstream¬ Adjusted EBITDA increased nearly 40% over 2014¬ Distributions increased 17% over full-year 2014 while maintaining coverage of greater than 1.0x

SemGroup Corporation

(in millions, unaudited) 2015 Actuals 2015 Guidance(1)

Adjusted EBITDA $305 $305 - $315

CapEx $522 $650

Dividend Growth 48% 50% - 60%

Rose Rock Midstream

(in millions, unaudited) 2015 Actuals 2015 Guidance(1)

Adjusted EBITDA $175 $175 - $185

CapEx $131 $150

Distribution Growth 17% 15% - 20%

2015 Key Highlights

(1) Updated 2015 Guidance provided November 5, 2015

5

Total 2015 Capital Expendituresof $522 million(1)SemGroup

¬ SemCAMS Northwest Wapiti Pipeline Loop - completed June 2015¬ SemGas Rose Valley II plant - completed July 2015¬ Maurepas Pipeline - expected completion 4Q 2016

Rose Rock Midstream¬ Platteville truck unloading expansion - October 2015¬ Isabel Pipeline - expected completion March 2016¬ White Cliffs Pipeline expansion - expected completion 1Q 2016

2015 Capital Projects Review

$120

45%

23%

1%

8%$236

$5

$43

__

(1) Excludes drop down transactions, approximately $115 million of 2015 capex carried over to 2016 due totiming of expenditures

6

$11823%

n Maurepas Pipelinen Rose Rock Midstreamn Natural Gasn Other Growth Projectsn Maintenance

Projects remain on schedule and on budget

2015 Fourth Quarter Adjusted EBITDA(1)

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) Crude segment includes fully consolidated Rose Rock Midstream (3) SemGroup Crude - Transportation segment includes earnings from equity method investments adjusted for related

depreciation and amortization; compared to cash distributions received at Rose Rock

Year Ended(in millions, unaudited) 4Q 2015 3Q 2015 2015 2014

Crude - Transportation(2)(3) $ 31.3 $ 28.0 $ 116.6 $ 98.3Crude - Facilities(2) 8.3 9.1 33.7 32.3Crude - Supply and Logistics(2) 9.5 5.8 32.7 29.7SemGas 12.5 17.4 64.4 62.8SemCAMS 11.1 9.2 37.2 45.9SemLogistics 2.6 2.0 7.9 (1.9)SemMaterials Mexico 1.5 4.6 16.7 16.8SemStream 4.8 4.7 19.1 23.3Corporate and Other (2.3) (4.8) (23.0) (19.8)

SemGroup $ 79.3 $ 76.0 $ 305.3 $ 287.4Transportation $ 29.4 $ 27.9 $ 115.0 $ 71.7Facilities 8.3 9.1 33.8 32.2Supply and Logistics 9.5 5.8 32.7 29.7Corporate and Other (0.6) (0.9) (6.2) (5.7)

Rose Rock Midstream $ 46.6 $ 41.9 $ 175.3 $ 127.9

7

2015 Leverage & Liquidity

(in millions, unaudited)

SemGroup(1) Rose RockDecember 31, 2015 December 31, 2015

$500 million revolver - 2018 $ 30.0$585 million revolver - 2018 —

7.500% Senior unsecured notes - 2021 300.05.625% Senior unsecured notes - 2022 $ 400.05.625% Senior unsecured notes - 2023 350.0

Total consolidated debt $ 330.0 $ 750.0

Compliance leverage ratio(2) 1.4x 4.2x

Target leverage 3.0x 4.5x

Liquidity:Cash and cash equivalents(3) $ 31.5 $ 9.1Revolver availability(4) 465.3 549.7

Total liquidity $ 496.8 $ 558.8

(1) SemGroup stand-alone basis(2) Calculated per revolving credit agreement definitions; total leverage not to exceed 5.5x(3) SemGroup cash excludes Rose Rock and SemMaterials Mexico(4) Revolver availability excludes outstanding letters of credit

Nearly $1.1 Billion of Combined Liquidity

8

Guidance Assumptions¬ 2016 Dividend: Maintain current dividend and coverage of

1.2x or better¬ Cash Taxes(3): $10 million, primarily related to foreign subs¬ Average Commodity Price Assumptions(4)

– Crude Oil: $35.40/barrel– Natural Gas: $2.39/mmbtu– Natural Gas Liquids: $0.59/gallon

¬ Foreign Exchange Rate Assumptions– Canadian Dollar (USD/CAD): $0.704– British Pound (USD/GBP): $1.406– Mexican Peso (USD/MXN): $0.054

Operational Assumptions¬ RRMS

– Average Cushing storage rate: $0.34/barrel/month– Transportation volumes(5): 15-20% increase– White Cliffs Pipeline volumes: 125-135kbpd– Glass Mountain Pipeline volumes: 70-75kbpd

¬ SemGas – N. OK processing volumes: 260-290 mmcf/d

¬ SemCAMS – Processing volumes: 390-420 mmcf/d

Adjusted EBITDA of $270 million to $320 million(1)

$400

$300

$200

$1002011 2012 2013 2014 2015 2016E

SEMG Adjusted EBITDA(1)

(in millions)

SemGroup Corporation 2016 Guidance

21% CAGR(2)

$116$135

$189

$305$287

(1) Non-GAAP Reconciliations are included in the Appendix to this presentation, includes fully consolidated Rose Rock Midstream (2) CAGR is based on the midpoint of 2016 Adjusted EBITDA Guidance(3) Cash Taxes do not assume future drop downs or NGL unit sales(4) Average commodity prices as of February 9, 2016(5) RRMS transportation volumes exclude JV projects White Cliffs Pipeline and Glass Mountain Pipeline

$270 - $320

9

Rose Rock Midstream 2016 Guidance

Adjusted EBITDA $165 million to $185 million(1)

Guidance Assumptions¬ 2016 Distribution: Maintain current distribution and

coverage of 1.0x or better

¬ Average Commodity Price Assumptions(3)

– Crude Oil: $35.40/barrel

Operational Assumptions– Average Cushing storage rate: $0.34/barrel/month– Transportation volumes(4): 15-20% increase– White Cliffs Pipeline volumes: 125-135kbpd– Glass Mountain Pipeline volumes: 70-75kbpd

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) CAGR is based on the midpoint of 2016 Adjusted EBITDA Guidance(3) Average commodity prices as of February 9, 2015(4) Transportation volumes exclude JV projects White Cliffs Pipeline and Glass Mountain PipelineMS transportation

$200

$150

$100

$50

$02011 2012 2013 2014 2015 2016E

RRMS Adjusted EBITDA(1)

(in millions)

38% CAGR(2)

$35 $40$68

$175

$128

$165 - $185

10

2016 Capital Expenditure Guidance

2016 Capital Expenditures – $455 million

n Maurepas Pipelinen Rose Rock Midstream(1)

n Natural Gasn Other Growth Projectsn Maintenance

$325

10%

72%

1%12%

$45

$5$55__

Key Committed Projects

¬ Crude Projects- Maurepas Pipeline (expected completion 4Q 2016): $325 million- Isabel Pipeline (expected completion March 2016): $9 million

¬ Natural Gas Projects- Northern OK well connects & compression: $15 million- KA Plant Projects: $18 million - Wapiti Pipeline Expansion (expected completion June 2016): $9 million

¬ Maintenance Capital- SemGroup: $45 million - Rose Rock: $10 million

¬ Focus to complete projects already in progress and maintainexisting assets

¬ Prudent organic capital investments at attractive EBITDAmultiples

11

$255%

Capital market access not needed in 2016

(1) Includes investments in Glass Mountain Pipeline and White Cliffs Pipeline

$600$500$400$300$200$100

$02016 2017 2018 2019 2020 2021 2022 2023

$600

$500

$400

$300

$200

$100

$02014 2015 2016

$200

$150

$100

$50

$02014 2015 2016

SemGroup(1) Company StrengthsStable Cash Flows

89% of total 2015 gross margin from fixed-fee based cash flows 30% of total 2015 gross margin secured by take-or-pay contracts

Counterparty Strength(2)

More than 60% of SemGroup's revenue is derived from investment gradecounterparties

Dividend Coverage2016 Target Dividend Coverage Ratio of 1.2x or greater

64%

36%

n Investment grade n Non- Investment Grade

n Dividends Paid n Excess CAFD

>1.2x2.0x2.7x

30%

59%

11%

23%

64%

13%

Debt Maturity Profile(3)

Leverage of 3.0x or better with no debt maturities until 2018

12

(1) SemGroup Consolidated excluding Debt Maturity Profile(2) Counterparty ratings as of 2/22/16, excludes SemLogistics and SemMaterials Mexico (3) SemGroup stand-alone, excludes Rose Rock(4) SemGroup revolving credit facility agreement expires December 2018

n Take or Pay n Fixed Fee (non TOP) n POP/Marketing

n Revolver - Available n Revolver - Drawn n 7.500% Senior Notes

$30

$470

$300

($ in millions)

($ in millions)

($ in millions)

No D

ebt M

aturit

ies

(4)

34%

54%

12%

Stable Cash Flows85% of total 2015 gross margin from fixed-fee based cash flows 63% of total 2015 gross margin secured by take-or-pay contracts

$300

$250

$200

$150

$100

$50

$02014 2015 2016

Rose Rock Company StrengthsCounterparty Strength(1)

More than 80% of Rose Rock's revenue is derived from investment gradecounterparties

Distribution Coverage2016 Target Distribution Coverage Ratio of 1.0x or greater

84%

16%

n Investment grade n Non- Investment Grade

$140$120$100$80$60$40$20$0

2012 2013 2014 2015 2016n Distributions Paid n Excess DCF

>1.00x1.04x

1.20x

30%

55%

15%

21%

63%

16%

1.38x

1.32x

13

n Take or Pay n Fixed Fee (non TOP) n Marketing

$600$500$400$300$200$100

$02016 2017 2018 2019 2020 2021 2022 2023

$585

$400$350

Debt Maturity Profile Leverage of 4.5x or better with no debt maturities until 2018

n Revolver - Available n 5.625% Senior Notes

($ in millions)

($ in millions)

($ in millions)

No D

ebt M

aturit

ies

(2)

(1) Rose Rock revolving credit facility agreement expires September 2018(2) Counterparty ratings as of 2/22/16

65%

17%18%

2016 - A Look Ahead

¬ Preserve Balance Sheet strength

¬ Ample liquidity - no capital market needs in 2016

¬ Maintain current dividends and distributions

¬ Visibility of incremental secure cash flow from Maurepas Pipeline - 2017

¬ Focus on downstream, refinery facing business opportunities

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APPENDIX

SemGroup’s Fee-based Business Model

Margin Descriptions

¬ Fixed Fee– Storage fees– Transportation fees– Unloading fees– Gathering and processing fees

¬ Variable Fee– Gas processing – percent of

proceeds

¬ Marketing– Back-to-back marketing and

blending transactions

(1) LTM December 31, 2015(2) SemGas 4Q 2015 margin contribution 77% fixed fee, 23% variable fee(3) Rose Rock Midstream includes White Cliffs and Glass Mountain Pipeline proportionate cash distributions(4) Marketing margin reduced by intercompany trucking expense

Fixed Fee Variable Fee MarketingSemGas(2) 75% 25%SemCAMS 100%SemLogistics 100%SemMaterials Mexico 100%White Cliffs Pipeline 100%Rose Rock Midstream(3)(4) 85% 15%

2015 Margin Contribution(1)

n Fixed Fee n Variable Fee n Marketing

89%

6%5%

16

Crude Segments

17

Tran

spor

tatio

n

We charge capacity or volume based feesto transport crude oil by pipeline and by

truck

Pipeline Transportation

Kansas/Oklahoma Pipeline SystemIsabel PipelineWattenberg Oil TrunklineTampa Pipeline

Field Services Trucking fleet

Joint Venture PipelinesWhite Cliffs Pipeline - 51% Ownership

Glass Mountain Pipeline - 50% Ownership

Faci

litie

s

We charge capacity or volume based feesfor crude oil storage and terminal services.We also charge capacity or volume based

fees to use our truck unloading facility

Crude Oil StorageCushing Storage TerminalKansas/Oklahoma StoragePlatteville Storage

Truck Unloading Platteville Truck Unloading Facility

Other Ancillary Activities Platteville FacilitiesCushing Pumpover

Supp

ly &

Log

istic

s

We purchase crude oil for our own accountfrom producers, aggregators and traders

and sell crude oil, including crude oilblends, to traders and refiners

Location SpreadCushing Storage TerminalKansas/Oklahoma SystemNorth Dakota Assets

Grade Spread Cushing Storage Terminal

Time Spread Cushing Storage Terminal

1751501251007550250

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

48.7 49.6 39.3 51.5 68.7 75.4100.2

125.5164.6

250

200

150

100

50

0

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

68.1 93.9 93.4 96.4 107.0 111.1 119.1 109.4 109.630.9

42.7 46.175.0

85.6 76.893.2 91.6 91.5

2013 2014 2015

2252001751501251007550250

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

77.4 72.7 74.1 98.5 118.4 139.2 121.3 120.7 130.343.7 61.7

61.165.2

64.9 71.8 61.5 59.9

2013 2014 2015

Crude Key Performance Metrics

(1) Weighted average term of storage contracts(2) Pipeline volumes include KS/OK system, ND transportation, Tampa pipeline and Wattenberg Oil Trunkline(3) Includes intercompany trucking volumes; 21.6kbpd in 4Q 2015(4) White Cliffs Pipeline is owned 51% by RRMS; reflects 100% throughput(5) Glass Mountain Pipeline is owned 50% by RRMS; average volumes for 1Q 2014 for two months operational;

reflects 100% throughput

Transportation Volumes(Thousand Barrels per Day)

Supply and Logistics Volumes(Thousand Barrels per Day)

8

6

4

2

0

2016 2017 2018 2019

6.3 5.5 4.6

1.1

1.31.4

1.4

1.4

1.6

5.1

n Pipeline Volumes(2) n Field Services(3)

Facilities - Cushing Storage 7.6 million Barrels Capacity

Joint Venture Transportation Volumes

(Thousand Barrels per Day)

n Contracted(1) n Operational / Marketing n Uncontracted

n White Cliffs Pipeline Volumes(4) n Glass Mountain Pipeline Volumes(5)

0.7

18

2013 2014 2015

SemCAMS Avg Throughput Volume (mmcf/d)

600500400300200100

0

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

272.6 285.8148.2

274.2 340.1 302.5 288.8 254.6 267.4

146.9 152.6

186.1

138.397.9 91.9 96.6 93.4 106.0

SemGas Northern OK Avg Processed Volume (mmcf/d)

Capacity Processing Volumes

600500400300200100

0

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

156.9 167.7 251.4 315.9 355.9 369.0 384.2 368.0 336.1

2013 2014 2015

Natural Gas Business

419.5 438.4

334.3412.5 438.0 394.4 385.3 348.0 373.4

19

2013 2014 2015Capacity n K3 Plant n KA Plant

SemGroup Consolidated Balance Sheets

(in thousands, unaudited, condensed) December 31, 2015

December 31, 2014

ASSETSCurrent assets $ 480,381 $ 479,280Property, plant and equipment, net 1,566,821 1,256,825Goodwill and other intangible assets 210,255 231,391Equity method investments 551,078 577,920Other noncurrent assets, net 62,155 44,386Total assets $ 2,870,690 $ 2,589,802

LIABILITIES AND OWNERS' EQUITYCurrent liabilities:

Current portion of long-term debt $ 31 $ 40Other current liabilities 376,996 391,622

Total current liabilities 377,027 391,662

Long-term debt, excluding current portion 1,074,597 767,092Other noncurrent liabilities 222,710 211,611Total liabilities 1,674,334 1,370,365

Total owners' equity 1,196,356 1,219,437Total liabilities and owners' equity $ 2,870,690 $ 2,589,802

20

SemGroup Consolidated Statements of Operations and Comprehensive Income(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Year Ended

December 31, September 30, December 31,2015 2014 2015 2015 2014

Revenues $ 382,493 $ 547,237 $ 397,065 $ 1,455,094 $ 2,122,579Expenses:

Costs of products sold, exclusive of depreciation and amortization shown below 268,680 411,655 274,639 979,549 1,623,358Operating 57,286 67,034 53,267 224,443 246,613General and administrative 19,094 23,963 23,045 97,366 87,845Depreciation and amortization 26,452 27,498 26,022 100,882 98,397Loss (gain) on disposal or impairment, net 9,993 11,959 (951) 11,472 32,592Total expenses 381,505 542,109 376,022 1,413,712 2,088,805

Earnings from equity method investments 20,687 15,827 16,237 81,386 64,199Gain on issuance of common units by equity method investee 352 2,121 136 6,385 29,020Operating income 22,027 23,076 37,416 129,153 126,993Other expenses (income), net 19,082 (2,196) 17,829 52,807 28,422Income from continuing operations before income taxes 2,945 25,272 19,587 76,346 98,571Income tax expense 3,921 12,569 10,006 33,530 46,513Income (loss) from continuing operations (976) 12,703 9,581 42,816 52,058Income (loss) from discontinued operations, net of income taxes (1) 4 (1) (4) (1)Net income (loss) (977) 12,707 9,580 42,812 52,057

Less: net income (loss) attributable to noncontrolling interests (1,661) 4,633 4,707 12,492 22,817Net income attributable to SemGroup Corporation $ 684 $ 8,074 $ 4,873 $ 30,320 $ 29,240Net income attributable to SemGroup Corporation $ 684 $ 8,074 $ 4,873 $ 30,320 $ 29,240Other comprehensive loss, net of income taxes (7,671) (17,669) (20,210) (31,421) (24,287)Comprehensive income (loss) attributable to SemGroup Corporation $ (6,987) $ (9,595) $ (15,337) $ (1,101) $ 4,953

Net income per common shareBasic $ 0.02 $ 0.19 $ 0.11 $ 0.69 $ 0.69Diluted $ 0.02 $ 0.18 $ 0.11 $ 0.69 $ 0.68

Weighted average shares (thousands):Basic 43,824 43,492 43,808 43,787 42,665Diluted 43,971 43,807 43,971 43,970 42,967

21

SemGroup Non-GAAP Adjusted EBITDA Calculation(in thousands, unaudited) Three Months Ended Year Ended

December 31, September 30, December 31,Reconciliation of net income to Adjusted EBITDA: 2015 2014 2015 2015 2014Net income (loss) $ (977) $ 12,707 $ 9,580 $ 42,812 $ 52,057

Add: Interest expense 19,092 14,650 19,170 69,675 49,044Add: Income tax expense 3,921 12,569 10,006 33,530 46,513Add: Depreciation and amortization expense 26,452 27,498 26,022 100,882 98,397

EBITDA 48,488 67,424 64,778 246,899 246,011Selected Non-Cash Items and

Other Items Impacting Comparability 30,837 15,783 11,171 58,383 41,430Adjusted EBITDA $ 79,325 $ 83,207 $ 75,949 $ 305,282 $ 287,441Selected Non-Cash Items andOther Items Impacting ComparabilityLoss (gain) on disposal or impairment, net $ 9,993 $ 11,959 $ (951) $ 11,472 $ 32,592Loss (income) from discontinued operations, net of income taxes 1 (4) 1 4 1Foreign currency transaction (gain) loss 132 302 (385) (1,067) (86)Remove NGL equity losses (earnings) including gain on issuance ofcommon units (346) (387) 742 (11,416) (31,363)Remove gain on sale of NGL units — (7,463) — (14,517) (34,211)NGL cash distribution 4,839 5,942 4,752 19,074 23,404M&A transaction related costs — — — 10,000 —Inventory valuation adjustments including equity method investees 1,810 7,781 142 3,187 7,781Employee severance expense 48 101 21 90 220Unrealized loss (gain) on derivative activities 5,330 (1,078) (4,546) 2,014 (1,734)Change in fair value of warrants — (10,076) — — 13,423Depreciation and amortization included within equity earnings 6,173 6,404 6,412 25,307 18,992Bankruptcy related expenses — 317 33 224 1,310Charitable contributions — 81 — — 3,379Legal settlement expense — — 3,394 3,394 —Recovery of receivables written off at emergence — — — — (664)Non-cash equity compensation 2,857 1,904 1,556 10,617 8,386Selected Non-Cash items and

Other Items Impacting Comparability $ 30,837 $ 15,783 $ 11,171 $ 58,383 $ 41,430

22

SemGroup 2016 Adjusted EBITDA Guidance

(1) Guidance is on a cash basis for equity investments in NGL, includes fully consolidated Rose Rock Midstream

(in millions, unaudited) 2016 Guidance(1)

Mid-point

Net income $ 34.0

Add: Interest expense 83.0

Add: Income tax expense 10.0

Add: Depreciation and amortization 126.0

EBITDA $ 253.0

Selected Non-Cash and Other Items Impacting Comparability 42.0Adjusted EBITDA $ 295.0

Selected Non-Cash and Other Items Impacting Comparability

Depreciation and amortization included within equity earnings $ 28.0

Non-cash equity compensation 14.0

Selected Non-Cash and Other Items Impacting Comparability $ 42.0

23

SemGroup 2016 Cash Available for Dividends Guidance

(1) Guidance is on a cash basis for equity investments in NGL, includes fully consolidated Rose Rock Midstream

(in millions, unaudited) 2016 Guidance(1)

Mid-pointNet income $ 34.0

Add: Interest expense 83.0Add: Income tax expense 10.0Add: Depreciation and amortization 126.0

EBITDA 253.0Selected non-cash and other items impacting comparability (63.0)

SemGroup stand-alone Adjusted EBITDA $ 190.0

Less: Cash interest expense 29.0Less: Cash paid for income taxes 10.0Less: Maintenance capital expenditures 45.0

Cash available for dividends $ 106.0

Expected dividends declared $ 79.0

Coverage 1.3x

Selected non-cash and other items impacting comparabilityRose Rock EBITDA $ (148.5)Rose Rock distributions received, net of General Partner support 74.5Non-cash equity compensation 11.0

Selected Non-Cash and Other Items Impacting Comparability $ (63.0)

24

Crude Transportation Adjusted EBITDA Calculation

(in thousands, unaudited) Three Months Ended Year EndedDecember 31, September 30, December 31,

2015 2014 2015 2015 2014Net income $ 6,057 $ 5,850 $ 12,120 $ 44,771 $ 31,301

Add: Interest expense 254 3,391 267 778 11,727Add: Depreciation and amortization expense 8,822 11,284 9,022 35,500 33,679


Other Items Impacting Comparability 16,137 8,697 6,587 35,600 21,582Adjusted EBITDA $ 31,270 $ 29,222 $ 27,996 $ 116,649 $ 98,289

Selected Non-Cash Items and Other Items Impacting Comparability

Loss on disposal or impairment, net $ 9,461 $ 179 $ 27 $ 9,621 $ 467Employee severance expense 48 — 6 75 9Depreciation and amortization included within

equity earnings 6,173 6,404 6,412 25,307 18,992Inventory valuation adjustments including equity method investees 455 2,114 142 597 2,114Selected Non-Cash items and

Other Items Impacting Comparability $ 16,137 $ 8,697 $ 6,587 $ 35,600 $ 21,582

25

Crude Facilities Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 6,705 $ 6,203 $ 7,633 $ 27,928 $ 26,921

Add: Depreciation and amortization expense 1,603 1,373 1,451 5,829 5,365EBITDA 8,308 7,576 9,084 33,757 32,286

Selected Non-Cash Items and Other Items Impacting Comparability — — — — (34)

Adjusted EBITDA $ 8,308 $ 7,576 $ 9,084 $ 33,757 $ 32,252


Gain on disposal or impairment, net $ — $ — $ — $ — $ (34)Selected Non-Cash items and

Other Items Impacting Comparability $ — $ — $ — $ — $ (34)

26

Crude Supply and Logistics Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 2,598 $ 9,249 $ 10,216 $ 27,567 $ 24,610

Add: Interest expense 132 122 119 462 502Add: Depreciation and amortization expense 40 110 40 159 549


Other Items Impacting Comparability 6,685 4,684 (4,546) 4,491 4,004Adjusted EBITDA $ 9,455 $ 14,165 $ 5,829 $ 32,679 $ 29,665


Gain on disposal or impairment, net $ — $ (18) $ — $ (3) $ (42)Employee severance expense — — — 4 —Unrealized loss (gain) on derivative activities 5,330 (965) (4,546) 1,900 (1,621)Inventory valuation adjustments including equity method investees 1,355 5,667 — 2,590 5,667Selected Non-Cash items and

Other Items Impacting Comparability $ 6,685 $ 4,684 $ (4,546) $ 4,491 $ 4,004

27

SemGas Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 16 $ 8,347 $ 4,754 $ 16,704 $ 6,792

Add: Interest expense 3,538 2,538 3,504 13,162 8,570Add: Depreciation and amortization expense 8,705 7,041 8,601 31,803 26,353


Other Items Impacting Comparability 238 305 561 2,777 21,053Adjusted EBITDA $ 12,497 $ 18,231 $ 17,420 $ 64,446 $ 62,768


Loss (gain) on disposal or impairment, net $ (62) $ — $ 445 $ 1,832 $ 20,092Employee severance expense — 41 — — 41Bankruptcy related expenses — 60 — — 150Non-cash equity compensation 300 204 116 945 770Selected Non-Cash items and

Other Items Impacting Comparability $ 238 $ 305 $ 561 $ 2,777 $ 21,053

28

SemCAMS Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 3,646 $ 1,714 $ 2,119 $ 7,879 $ 14,318



Other Items Impacting Comparability 397 477 (745) 773 590Adjusted EBITDA $ 11,094 $ 9,416 $ 9,203 $ 37,181 $ 45,896


Gain on disposal or impairment, net $ — $ — $ (917) $ (917) $ (950)Foreign currency transaction (gain) loss (1) 63 3 103 42Recovery of receivables written off at emergence — — — — (664)Employee severance — 60 — — 150Non-cash equity compensation 398 354 169 1,587 2,012Selected Non-Cash items and

Other Items Impacting Comparability $ 397 $ 477 $ (745) $ 773 $ 590

29

SemLogistics Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income (loss) $ 1,276 $ (3,973) $ (1,077) $ (1,624) $ (10,072)

Add: Interest expense 405 421 433 1,746 1,528Add: Income tax benefit (1,823) (666) (170) (2,195) (2,231)Add: Depreciation and amortization expense 2,176 2,412 2,173 8,543 10,005

EBITDA 2,034 (1,806) 1,359 6,470 (770)Selected Non-Cash Items and

Other Items Impacting Comparability 598 762 670 1,399 (1,083)Adjusted EBITDA $ 2,632 $ (1,044) $ 2,029 $ 7,869 $ (1,853)


Loss from discontinued operations, net of income taxes $ — $ (5) $ — $ — $ (1)Loss (gain) on disposal or impariment, net — 5 — — (2,490)Foreign currency transaction (gain) loss 425 601 596 799 821Non-cash equity compensation 173 161 74 600 587Selected Non-Cash items and

Other Items Impacting Comparability $ 598 $ 762 $ 670 $ 1,399 $ (1,083)

30

SemMaterials México Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 42 $ 1,366 $ 2,473 $ 8,725 $ 5,900

Add: Interest expense — — 44 46 166Add: Income tax expense 215 919 642 2,611 4,053Add: Depreciation and amortization expense 993 1,493 993 4,076 6,031


Other Items Impacting Comparability 234 422 480 1,193 621Adjusted EBITDA $ 1,484 $ 4,200 $ 4,632 $ 16,651 $ 16,771


Gain (loss) on disposal or impairment, net $ (20) $ (18) $ 124 $ 85 $ (53)Foreign currency transaction loss 111 330 269 605 279Non-cash equity compensation 143 110 87 503 395Selected Non-Cash items and

Other Items Impacting Comparability $ 234 $ 422 $ 480 $ 1,193 $ 621

31

SemStream Adjusted EBITDA Calculation


2015 2014 2015 2015 2014Net income $ 1,708 $ 9,165 $ 603 $ 31,283 $ 70,632

Add: Interest expense (1,366) (1,307) (1,352) (5,376) (5,140)EBITDA 342 7,858 (749) 25,907 65,492

Selected Non-Cash Items and Other Items Impacting Comparability 4,494 (1,908) 5,494 (6,857) (42,165)

Adjusted EBITDA $ 4,836 $ 5,950 $ 4,745 $ 19,050 $ 23,327


Remove NGL equity losses (earnings) including gain onissuance of common units $ (346) $ (387) $ 742 $ (11,416) $ (31,363)Remove gain on sale of NGL units — (7,463) — (14,517) (34,211)NGL cash distribution 4,839 5,942 4,752 19,074 23,404Bankruptcy related expenses — 1 — — 1Non-cash equity compensation 1 (1) — 2 4Selected Non-Cash items and

Other Items Impacting Comparability $ 4,494 $ (1,908) $ 5,494 $ (6,857) $ (42,165)

32

SemGroup Corporate & Other Adjusted EBITDA Calculation(in thousands, unaudited) Three Months Ended Year Ended

December 31, September 30, December 31,2015 2014 2015 2015 2014

Net loss $ (23,025) $ (25,214) $ (29,261) $ (120,421) $ (118,345)Add: Interest expense 13,886 7,796 13,885 48,115 18,133Add: Income tax expense 4,210 10,054 7,173 28,267 41,556Add: Depreciation and amortization expense 624 511 544 2,032 2,120

EBITDA (4,305) (6,853) (7,659) (42,007) (56,536)

Selected Non-Cash Items and Other Items Impacting Comparability 2,054 2,344 2,670 19,007 36,862

Adjusted EBITDA $ (2,251) $ (4,509) $ (4,989) $ (23,000) $ (19,674)


Loss from discontinued operations, net of income taxes $ 1 $ 1 $ 1 $ 4 $ 2Loss (gain) on disposal or impairment, net 614 11,811 (630) 854 15,602Foreign currency transaction (gain) loss (403) (692) (1,253) (2,574) (1,228)Employee severance expense — — 15 11 20Unrealized loss (gain) on derivative activities — (113) — 114 (113)M&A transaction related costs — — — 10,000 —Change in fair value of warrants — (10,076) — — 13,423Bankruptcy related expenses — 256 33 224 1,159Charitable contributions — 81 — — 3,379Legal settlement — — 3,394 3,394 —Non-cash equity compensation 1,842 1,076 1,110 6,980 4,618

Selected Non-Cash items andOther Items Impacting Comparability $ 2,054 $ 2,344 $ 2,670 $ 19,007 $ 36,862

33

SemGroup Cash Available for Dividends


Reconciliation of net income to cash available for dividends: 2015 2014 2015 2015 2014Net income $ (977) $ 12,707 $ 9,580 $ 42,812 $ 52,057


EBITDA 48,488 67,424 64,778 246,899 246,011Selected non-cash items and

other items impacting comparability 1,201 (23,307) (12,081) (48,577) (67,292)SemGroup stand-alone Adjusted EBITDA 49,689 44,117 52,697 198,322 178,719

Less: Cash interest expense 6,227 6,530 6,100 24,902 27,354Less: Cash paid for income taxes 1,008 5,362 585 7,285 23,519Less: Maintenance capital expenditures 11,353 5,649 6,031 28,090 18,706

Cash available for dividends $ 31,101 $ 26,576 $ 39,981 $ 138,044 $ 109,140

Dividends declared $ 19,896 $ 14,911 $ 19,677 $ 74,564 $ 49,578

Coverage 1.6x 1.8x 2.0x 1.9x 2.2x

34

SemGroup Cash Available for Dividends (Continued)


2015 2014 2015 2015 2014Selected Non-Cash Items andOther Items Impacting ComparabilityRemove Rose Rock EBITDA (24,691) (36,125) (39,546) (134,859) (124,239)Rose Rock distributions received 19,602 10,954 19,027 72,520 33,845White Cliffs equity earnings attributable directly to SemGroupexcluding depreciation and amortization — — — — 9,308Loss (gain) on disposal or impairment, net (107) 11,870 (978) 1,215 32,273Loss (income) from discontinued operations, net of income taxes 1 (4) 1 4 1Foreign currency transaction (gain) loss 132 302 (385) (1,067) (86)Remove NGL equity earnings including gain on issuance ofcommon units (346) (387) 742 (11,416) (31,363)Remove gain on sale of NGL units — (7,463) — (14,517) (34,211)NGL cash distribution 4,839 5,942 4,752 19,074 23,404M&A transaction related costs — — — 10,000 —Employee severance expense — 101 3 3 211Change in fair value of warrants — (10,076) — — 13,423Bankruptcy related expenses — 317 33 224 1,310Charitable contributions — 81 — — 3,379Legal settlement expense — — 3,394 3,394 —Recovery of receivables written off at emergence — — — — (664)Non-cash equity compensation 1,771 1,181 876 6,848 6,117Selected Non-Cash items and

Other Items Impacting Comparability $ 1,201 $ (23,307) $ (12,081) $ (48,577) $ (67,292)

35

Rose Rock Midstream Consolidated Balance Sheets

(in thousands, unaudited, condensed) December 31, 2015

December 31,2014(1)

ASSETS

Current assets $ 319,614 $ 274,769

Property, plant and equipment, net 441,596 396,066

Equity method investment 438,291 269,635

Other noncurrent assets, net 58,330 65,793Total assets $ 1,257,831 $ 1,006,263

LIABILITIES AND PARTNERS' CAPITAL

Current liabilities $ 283,029 $ 265,682

Long-term debt 744,597 432,092

Total liabilities 1,027,626 697,774

Partners’ capital 230,205 308,489Total liabilities and partners' capital $ 1,257,831 $ 1,006,263

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline.The impact to prior periods was not significant

36

1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline. Theimpact to prior periods was not significant. The prior period earnings impact was allocated to the general partner

Rose Rock Midstream Consolidated Statements of Income(in thousands, except per unit data, unaudited) Three Months Ended Year Ended

December 31, September 30, December 31,

2015 2014(1) 2015 2015 2014(1)

Revenues, including revenues from affiliates

Product $ 218,020 $ 305,583 $ 211,881 $ 729,993 $ 1,185,456

Service 27,609 30,988 29,205 114,718 112,641Total revenues 245,629 336,571 241,086 844,711 1,298,097

Expenses, including expenses from affiliatesCosts of products sold, exclusive of depreciation

and amortization 207,155 287,434 195,244 671,769 1,131,362Operating 19,603 25,607 19,054 83,134 80,160

General and administrative 4,797 5,033 4,339 21,085 19,415Depreciation and amortization 10,613 12,882 10,634 41,998 40,035Loss on disposal or impairment, net 10,100 89 27 10,257 319Total expenses 252,268 331,045 229,298 828,243 1,271,291

Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378

Operating income 14,054 23,244 28,903 92,823 84,184

Other expenses:Interest expense 12,494 8,152 12,491 43,188 21,279Other expense (income) (24) 1 (9) (38) (20)Total other expenses, net 12,470 8,153 12,482 43,150 21,259

Net income 1,584 15,091 16,421 49,673 62,925Less: net income attributable to noncontrolling interests — — — — 7,758Net income attributable to Rose Rock Midstream, L.P. $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 55,167

37

(in thousands, except per unit data, unaudited) Three Months Ended Year Ended

December 31, September 30, December 31,2015 2014(1) 2015 2015 2014(1)

Net income allocated to general partner $ 5,366 $ 4,077 $ 5,658 $ 21,089 $ 8,142Net income allocated to common unitholders $ (3,782) $ 6,925 $ 10,763 $ 28,584 $ 32,914Net income allocated to subordinated unitholders $ — $ 2,826 $ — $ — $ 13,912Net income (loss) allocated to Class A unitholders $ — $ 1,263 $ — $ — $ 199

Net income (loss) per limited partner unit:Common unit (basic) $ (0.10) $ 0.34 $ 0.29 $ 0.79 $ 1.69Common unit (diluted) $ (0.10) $ 0.34 $ 0.29 $ 0.79 $ 1.69Subordinated unit (basic and diluted) $ — $ 0.34 $ — $ — $ 1.66Class A unit (basic and diluted) $ — $ 0.34 $ — $ — $ 0.06

Basic weighted average number of limited partnerunits outstanding:Common units 36,796 20,576 36,792 36,302 19,419Subordinated units — 8,390 — — 8,390Class A units — 3,750 — — 3,154

Diluted weighted average number of limited partnerunits outstanding:Common units 36,831 20,647 36,831 36,343 19,484Subordinated units(2) — 8,390 — — 8,390Class A units(3) — 3,750 — — 3,154

Rose Rock Midstream Consolidated Statements of Income (Continued)

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline.The impact to prior periods was not significant. The prior period earnings impact was allocated to the general partner

(2) The Subordinated Units converted to Common Units on February 17, 2015(3) The Class A units converted to Common Units on January 1, 201538

Rose Rock Midstream Non-GAAP Financial Data Reconciliations (in thousands, unaudited) Three Months Ended Year Ended


2015 2014(1) 2015 2015 2014(1)

Reconciliation of operating income to Adjusted gross margin:Operating income $ 14,054 $ 23,244 $ 28,903 $ 92,823 $ 84,184Add:

Operating expense 19,603 25,607 19,054 83,134 80,160General and administrative expense 4,797 5,033 4,339 21,085 19,415Depreciation and amortization expense 10,613 12,882 10,634 41,998 40,035Loss on disposal or impairment, net 10,100 89 27 10,257 319

Less:Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621

Adjusted gross margin $ 43,804 $ 48,172 $ 41,296 $ 174,842 $ 165,114Reconciliation of net income to Adjusted EBITDA:

Net income $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 62,925Add:

Interest expense 12,494 8,152 12,491 43,188 21,279Depreciation and amortization expense 10,613 12,882 10,634 41,998 40,035Cash distributions from equity method investments 25,241 21,687 23,602 100,468 66,768Inventory valuation adjustment 1,355 5,667 — 2,590 5,667Provision for uncollectible accounts receivable 257 — — 257 —Non-cash equity compensation 341 238 358 1,354 943Loss on disposal or impairment, net 10,100 89 27 10,257 319

Less:Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378White Cliffs cash distributions attributable to noncontrolling interests — — — — 11,008Impact from derivative instruments:

Total gain on derivatives, net 4,955 16,053 6,036 8,145 17,351Total realized gain (cash flow) on derivatives, net (10,285) (15,088) (1,490) (10,045) (15,730)

Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929


39

Rose Rock Midstream Non-GAAP Financial Data Reconciliations

(in thousands, unaudited) Three Months Ended Year Ended


2015 2014(1) 2015 2015 2014(1)

Reconciliation of net cash provided by operating activities toAdjusted EBITDA:

Net cash provided by operating activities $ 30,549 $ 64,823 $ 32,431 $ 82,851 $ 111,093Less:

Changes in operating assets and liabilities, net 140 31,295 8,710 (28,044) 1,296White Cliffs cash distributions attributable to noncontrollinginterests — — — — 11,008

Add:Interest expense, excluding amortization of debt issuance costs 11,664 7,626 11,664 40,322 19,750Distributions from equity method investments in excess of equityin earnings 4,549 3,969 6,487 24,113 9,390

Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline.The impact to prior periods was not significant.

40

Transportation Segment



2015 2014(1) 2015 2015 2014(1)

Reconciliation of operating income to Adjusted gross margin:Operating income $ 6,299 $ 9,577 $ 12,387 $ 45,538 $ 39,155Add:

Operating expense 17,110 23,145 16,989 73,554 71,459General and administrative expense 2,610 1,927 2,058 9,154 8,176Depreciation and amortization expense 8,822 11,284 9,022 35,500 33,679Loss on disposal or impairment, net 9,461 179 27 9,621 467

Less:Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378


Net income $ 6,066 $ 8,719 $ 12,120 $ 44,781 $ 36,529Add:

Interest expense 254 859 267 778 2,629Depreciation and amortization expense 8,822 11,284 9,022 35,500 33,679Cash distributions from equity method investments 25,241 21,687 23,602 100,468 66,768Provision for uncollectible accounts receivable 257 — — 257 —Loss on disposal or impairment, net 9,461 179 27 9,621 467

Less:Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378White Cliffs cash distributions attributable to noncontrollinginterests — — — — 11,008

Adjusted EBITDA $ 29,408 $ 25,010 $ 27,923 $ 115,050 $ 71,686

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline.The impact to prior periods was not significant.

41


(in thousands, unaudited) Three Months Ended Year Ended


2015 2014 2015 2015 2014Reconciliation of operating income to Adjusted gross margin:

Operating income $ 6,705 $ 6,203 $ 7,633 $ 27,928 $ 26,921Add:

Operating expense 2,134 2,193 1,782 8,585 7,881General and administrative expense 1,045 1,060 776 3,594 3,874Depreciation and amortization expense 1,603 1,373 1,451 5,829 5,365Gain on disposal or impairment, net — — — — (34)


Net income $ 6,705 $ 6,203 $ 7,633 $ 27,928 $ 26,921Add:

Depreciation and amortization expense 1,603 1,373 1,451 5,829 5,365Gain on disposal or impairment, net — — — — (34)

Adjusted EBITDA $ 8,308 $ 7,576 $ 9,084 $ 33,757 $ 32,252

Facilities Segment

42




Operating income $ 2,730 $ 9,371 $ 10,335 $ 28,029 $ 25,093Add:

Operating expense 366 210 281 995 753General and administrative expense 242 240 176 814 817Depreciation and amortization expense 40 110 40 159 549Gain on disposal or impairment, net — (18) — (3) (42)

Less:Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621


Net income $ 2,598 $ 9,249 $ 10,216 $ 27,567 $ 24,610Add:

Interest expense 132 122 119 462 502Depreciation and amortization expense 40 110 40 159 549Inventory valuation adjustment 1,355 5,667 — 2,590 5,667Gain on disposal or impairment, net — (18) — (3) (42)

Less:Impact from derivative instruments:

Total gain on derivatives, net 4,955 16,053 6,036 8,145 17,351Total realized gain (cash flow) on derivatives, net (10,285) (15,088) (1,490) (10,045) (15,730)

Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621Adjusted EBITDA $ 9,455 $ 14,165 $ 5,829 $ 32,675 $ 29,665

Supply and Logistics Segment

43




Operating loss $ (1,680) $ (1,907) $ (1,452) $ (8,672) $ (6,985)Add:

Operating expense (7) 58 2 — 67General and administrative expense 900 1,806 1,329 7,523 6,548Depreciation and amortization expense 148 115 121 510 442Loss (gain) on disposal or impairment, net 639 (72) — 639 (72)

Adjusted gross margin $ — $ — $ — $ — $ —Reconciliation of net income to Adjusted EBITDA:

Net loss $ (13,785) $ (9,080) $ (13,548) $ (50,603) $ (25,135)Add:

Interest expense 12,108 7,171 12,105 41,948 18,148Depreciation and amortization expense 148 115 121 510 442Non-cash equity compensation 341 238 358 1,354 943Loss (gain) on disposal or impairment, net 639 (72) — 639 (72)

Adjusted EBITDA $ (549) $ (1,628) $ (964) $ (6,152) $ (5,674)

Corporate and Other Segment

44

Rose Rock Midstream 2016 Adjusted EBITDA and DCF Guidance(in millions, unaudited) 2016 Guidance

Mid-pointNet income $ 48.5

Add: Interest expense 51.0Add: Depreciation and amortization 49.0EBITDA $ 148.5

Non-Cash and Other Adjustments 26.5Adjusted EBITDA $ 175.0

Less:Cash interest expense 48.0Maintenance capital expenditures 10.0

Add:General Partner support 4.0

Distributable cash flow $ 121.0

Expected cash distributions declared $ 121.0

Coverage 1.0x

Non-Cash and Other AdjustmentsEarnings from equity method investments $ (77.0)Cash distributions from equity method investments (1) 102.0Non-cash equity compensation 1.5

Non-Cash and Other Adjustments $ 26.5

(1) Distributions from equity method investment includes the cash distributions from White Cliffs and Glass Mountainattributable to Rose Rock

45

Rose Rock Midstream Distributable Cash Flow(in thousands, unaudited) Three Months Ended Year Ended

December 31, September 30, December 31,2015 2014(1) 2015 2015 2014(1)

Reconciliation of net income to distributable cash flow:Net income $ 1,584 $ 15,091 $ 16,421 $ 49,673 $ 62,925

Add:Interest expense 12,494 8,152 12,491 43,188 21,279Depreciation and amortization expense 10,613 12,882 10,634 41,998 40,035

EBITDA 24,691 36,125 39,546 134,859 124,239Add:

Loss on disposal or impairment, net 10,100 89 27 10,257 319Cash distributions from equity method investments 25,241 21,687 23,602 100,468 66,768Provision for uncollectible accounts receivable 257 — — 257 —Inventory valuation adjustment 1,355 5,667 — 2,590 5,667Non-cash equity compensation 341 238 358 1,354 943

Less:Earnings from equity method investments 20,693 17,718 17,115 76,355 57,378White Cliffs cash distributions attributable to noncontrollinginterests — — — — 11,008Non-cash unrealized gain (loss) on derivatives, net (5,330) 965 4,546 (1,900) 1,621

Adjusted EBITDA $ 46,622 $ 45,123 $ 41,872 $ 175,330 $ 127,929Less:

Cash interest expense 11,640 7,601 11,364 40,222 19,650Maintenance capital expenditures 2,458 2,275 2,892 11,132 6,511

Distributable cash flow $ 32,524 $ 35,247 $ 27,616 $ 123,976 $ 101,768

Distribution declared $ 30,224 $ 24,269 $ 30,221 $ 118,307 $ 73,756

Distribution coverage ratio 1.08 x 1.45 x 0.91 x 1.05 x 1.38 x


46

(in thousands, unaudited) Year EndedDecember 31, 2014

Crude -Transportation

Crude -Facilities

Crude -Supply andLogistics SemStream SemCAMS SemLogistics SemMexico SemGas

Corporateand other Consolidated

Net income (loss) $ 26,921 $ 26,921 $ 24,610 $ 70,632 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (118,345) $ 47.677Add: Interest expense — — 502 (5,140) 13,558 1,528 166 8,570 18,133 37.317Add: Income tax expense (benefit) — 3,135 (2,231) 4,053 — 41,556 46.513Add: Depreciation and amortization expense 5,365 5,365 549 — 14,295 10,005 6,031 26,353 2,120 70.083EBITDA 128,602 65,492 45,306 (770) 16,150 41,715 (50,484) 246,011Selected Non-Cash Items and Other Items Impacting Comparability 21,582 (34) 4,004 (42,165) 590 (1,083) 621 21,053 36,862 41,430Adjusted EBITDA $ 150,184 $ (34) $ 4,004 $ 23,327 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ (13,622) $ 287,441


Loss (gain) on disposal of long-lived assets, net $ 467 $ (34) $ (42) $ — $ (950) $ (2,490) $ (53) $ 20,092 $ 15,602 $ 32,592Loss (income) from discontinued operations, net of income taxes — — — (1) — — 2 1Foreign currency transaction (gain) loss — — 42 821 279 — (1,228) (86)Remove NGL equity earnings including gain on issuance of commonunits — (31,363) — — — — — (31,363)Remove gain on sale of NGL units (34,211) (34,211)NGL cash distribution — 23,404 — — — — — 23,404Employee severance expense 9 — 150 — — 41 20 220Unrealized loss (gain) on derivative activities — (1,621) — — — — — (113) (1,734)Change in fair value of warrants — — — — — — 13,423 13,423Depreciation and amortization included within equity earnings 18,992 — — — — — — 18,992Inventory valuation adjustment including equity method investees 2,114 5,667 — — — — — — 7,781Recovery of receivables written off at emergence — — (664) — — — — (664)Bankruptcy related expenses — 1 — — — 150 1,159 1,310Charitable contributions — — — — — — 3,379 3,379Non-cash equity compensation — 4 2,012 587 395 770 4,618 8,386Selected Non-Cash Items and Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ (42,165) $ 590 $ (1,083) $ 621 $ 21,053 $ 36,862 $ 41,430

SemGroup Reconciliation of Net Income to Adjusted EBITDA

47


Crude SemStream SemCAMS SemLogistics SemMexico SemGas Corporateand other Consolidated

Net income (loss) $ 57,228 $ 38,071 $ (3,136) $ (6,769) $ 5,377 $ 14,701 $ (39,660) $ 65,812Add: Interest expense 14,923 (4,810) 18,928 1,435 188 3,268 (8,790) 25,142Add: Income tax expense (benefit) — — 6,348 (5,699) 2,589 — (20,492) (17,254)Add: Depreciation and amortization expense 23,708 — 10,766 9,426 5,991 14,517 2,001 66,409EBITDA 95,859 33,261 32,906 (1,607) 14,145 32,486 (66,941) 140,109Selected Non-Cash Items and Other Items Impacting Comparability 10,764 (15,624) 1,180 111 (722) 1,221 51,979 48,909Adjusted EBITDA $ 106,623 $ 17,637 $ 34,086 $ (1,496) $ 13,423 $ 33,707 $ (14,962) $ 189,018


Loss (gain) on disposal of long-lived assets, net $ (56) $ 6 $ — $ — $ (854) $ 665 $ — $ (239)Income from discontinued operations, net of income taxes — — — — — — (59) (59)Foreign currency transaction (gain) loss — — (23) (391) (177) — (1,042) (1,633)Remove NGL equity earnings — (33,996) — — — — — (33,996)NGL cash distribution — 18,321 — — — — — 18,321Mid-America Midstream Gas Services acquisition cost — — — — — — 3,600 3,600Employee severance expense 5 — — — — — 33 38Unrealized gain on derivative activities (974) — — — — — — (974)Change in fair value of warrants — — — — — — 46,434 46,434Depreciation and amortization included within equity in earnings of White Cliffs 9,520 — — — — — — 9,520Bankruptcy related expenses — — — — — — 567 567Non-cash equity compensation 2,269 45 1,203 502 309 556 2,446 7,330Selected Non-Cash Items and Other Items Impacting Comparability $ 10,764 $ (15,624) $ 1,180 $ 111 $ (722) $ 1,221 $ 51,979 $ 48,909


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Crude SemStream SemCAMS SemLogistics SemMexico SemGas Corporateand other Consolidated

Net income (loss) $ 64,554 $ 4,919 $ 4,097 $ (3,552) $ 1,467 $ (264) $ (39,324) $ 31,897Add: Interest expense (409) (3,449) 18,727 2,486 314 1,461 (10,228) 8,902Add: Income tax expense (benefit) — — 720 (7,736) 2,285 — 2,653 (2,078)Add: Depreciation and amortization expense 12,131 — 10,589 9,780 6,171 7,043 2,496 48,210EBITDA 76,276 1,470 34,133 978 10,237 8,240 (44,403) 86,931Selected Non-Cash Items and Other Items Impacting Comparability 9,532 6,952 50 514 121 629 30,236 48,034Adjusted EBITDA $ 85,808 $ 8,422 $ 34,183 $ 1,492 $ 10,358 $ 8,869 $ (14,167) $ 134,965


Loss (gain) on disposal of long-lived assets, net $ (3,501) $ 214 $ — $ — $ (290) $ 46 $ — $ (3,531)Loss (income) from discontinued operations, net of income taxes — (2,985) — 14 — — 32 (2,939)Foreign currency transaction (gain) loss — — 26 (370) 190 — 452 298Remove NGL equity earnings — 403 — — — — — 403NGL cash distribution — 9,218 — — — — — 9,218Employee severance expense — — — 159 — — 195 354Unrealized loss on derivative activities 1,196 — — — — — — 1,196Change in fair value of warrants — — — — — — 21,310 21,310Depreciation and amortization included within equity in earnings of White Cliffs 10,181 — — — — — — 10,181Defense costs — — — — — — 5,899 5,899Recovery of receivables written off at emergence — — (858) — — — — (858)Non-cash equity compensation 1,656 102 882 711 221 583 2,348 6,503Selected Non-Cash Items and Other Items Impacting Comparability $ 9,532 $ 6,952 $ 50 $ 514 $ 121 $ 629 $ 30,236 $ 48,034


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Crude SemStream SemCAMS SemLogistics SemMexico SemGasCorporate and

other ConsolidatedNet income (loss) $ 39,241 $ 16,752 $ 2,868 $ (41,440) $ 2,430 $ 6,308 $ (23,347) $ 2,812Add: Interest expense 3,749 17,152 24,685 1,005 365 2,346 10,836 60,138Add: Income tax expense (benefit) — — 552 (3,331) 629 — (160) (2,310)Add: Depreciation and amortization expense 11,379 3,501 10,233 9,271 6,502 5,986 2,951 49,823EBITDA 54,369 37,405 38,338 (34,495) 9,926 14,640 (9,720) 110,463Selected Non-Cash Items and Other Items Impacting Comparability 8,293 (48,513) (2,296) 45,283 57 452 1,806 5,082Adjusted EBITDA $ 62,662 $ (11,108) $ 36,042 $ 10,788 $ 9,983 $ 15,092 $ (7,914) $ 115,545


Loss (gain) on disposal of long-lived assets, net $ 64 $ (45,821) $ (8) $ 44,663 $ (200) $ 4 $ 1,599 $ 301Loss (income) from discontinued operations, net of income taxes (1) — 9,644 — 30 — — (126) 9,548Foreign currency transaction (gain) loss — 39 (2,674) 88 18 — (921) (3,450)Employee severance expense — — 3,855 131 — — 388 4,374Unrealized gain on derivative activities (787) (13,247) — — — — (80) (14,114)Change in fair value of warrants — — — — — — (5,012) (5,012)Reversal of allowance on goods and services tax receivable — — (4,144) — — — — (4,144)Depreciation and amortization included within equity in earnings of White Cliffs 10,630 — — — — — — 10,630Defense costs — — — — — — 1,000 1,000Recovery of receivables written off at emergence (2,692) — — — — — — (2,692)Non-cash equity compensation 1,078 872 675 371 239 448 4,958 8,641Selected Non-Cash Items and Other Items Impacting Comparability $ 8,293 $ (48,513) $ (2,296) $ 45,283 $ 57 $ 452 $ 1,806 $ 5,082


(1) SemStream Arizona has been reported as a discontinued operation at December 31, 2012.Prior periods have been recast to conform with the presentation.

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(in thousands, unaudited) Year EndedDecember 31,

2013 2012 2011Net income $ 37,515 $ 23,954 $ 23,235

Add:Interest expense 8,181 1,912 1,823Depreciation and amortization expense 23,708 12,131 11,379Distributions from equity method investment 16,999 — —Non-cash equity compensation 806 308 —Loss (gain) on disposal of long-lived assets, net (31) (1) 64Provision for (recovery of) uncollectible accounts receivable — — (916)

Less:Earnings from equity method investment 17,571 — —Impact from derivative instruments:Total gain (loss) on derivatives, net (1,593) 149 (386)Total realized (gain) loss (cash outflow) on derivatives, net 2,567 (1,345) 1,173Non-cash unrealized gain (loss) on derivatives, net 974 (1,196) 787Adjusted EBITDA $ 68,633 $ 39,500 $ 34,798

Rose Rock Reconciliation of Net Income to Adjusted EBITDA

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Rose Rock Reconciliation of Net Cash Provided by Operating Activities toAdjusted EBITDA

(in thousands, unaudited) Year EndedDecember 31,

2013 2012 2011Net cash provided by operating activities $ 72,528 $ 35,097 $ 51,085Less:Changes in operating assets and liabilities, net 11,265 (2,850) 18,082Add:Interest expense, excluding amortization of debt issuance costs 7,370 1,553 1,795Adjusted EBITDA $ 68,633 $ 39,500 $ 34,798

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