semgroup 1q 2015 earnings presentation

FIRST QUARTER 2015 RESULTSEarnings Conference Call - May 8, 2015

Forward-looking Information

Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harborprotections provided 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 financialperformance, our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, businessprospects, outcome of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that theexpectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. Theseforward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differmaterially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, our ability togenerate sufficient cash flow from operations to enable us to pay our debt obligations or to fund our other liquidity needs; our ability to comply with thecovenants contained in the instruments governing our indebtedness and to maintain certain financial ratios required by our credit facilities; the effect of our debtlevel on our future financial and operating flexibility, including our ability to obtain additional capital; the ability of our subsidiary, Rose Rock Midstream L.P.(NYSE: RRMS), to make minimum quarterly distributions; the operations of NGL Energy Partners LP (NYSE: NGL), which we do not control; any sustainedreduction in demand for the petroleum products we gather, transport, process and store; our ability to obtain new sources of supply of petroleum products; ourfailure to comply with new or existing environmental laws or regulations or cross border laws or regulations; the possibility that the construction or acquisition ofnew assets may not result in the corresponding anticipated revenue increases; changes in currency exchange rates; cyber attacks involving our informationsystems and related infrastructure; the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes inlocal governmental laws, regulations and policies; and the possibility that our hedging activities may result in losses or may have a negative impact on ourfinancial results; as well as other risk factors discussed from time to time in each of our documents and 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 onlyas of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-lookingstatements.

SemGroup and Rose Rock Midstream use their Investor Relations website and social media outlets as channels of distribution of material companyinformation. 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

http://ir.semgroupcorp.com/CorporateProfile.aspx%3Fiid%3D4135511

http://ir.rrmidstream.com/CorporateProfile.aspx%3Fiid%3D4308013

https://twitter.com/SemGroupCorp

http://www.linkedin.com/company/3258367%3Ftrk%3Dtyah

https://twitter.com/RoseRockMid

http://www.linkedin.com/company/3258406%3Ftrk%3Dtyah

Non-GAAP Financial MeasuresSemGroupAdjusted EBITDA is presented in this presentation for certain periods. Adjusted EBITDA is not a U.S. generally accepted accounting principles (“GAAP”)measure and is not intended to be used in lieu of a GAAP presentation of net income (loss). Adjusted EBITDA is presented in this presentation becauseSemGroup believes it provides additional information with respect to its performance. Adjusted EBITDA represents earnings before interest, taxes, depreciationand amortization, adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. AlthoughSemGroup presents selected items that it considers in evaluating its performance, you should also be aware that the items presented do not represent all itemsthat affect comparability between the periods presented. Variations in SemGroup’s operating results are also caused by changes in volumes, prices, exchangerates, mechanical interruptions and numerous other factors. These types of variances are not separately identified in this presentation. Because all companiesdo not use identical calculations, SemGroup’s presentation of Adjusted EBITDA may be different from similarly titled measures of other companies, therebydiminishing its utility. Reconciliations of net income (loss) to Adjusted EBITDA for the periods presented are included in the appendix of this presentation.

Rose Rock Midstream

This 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. The appendix of this presentation provides reconciliations ofthese non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Adjusted grossmargin, Adjusted EBITDA and distributable cash flow are presented as management believes they provide additional information and metrics relative to theperformance 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 substitutesfor analysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently byother companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies,thereby diminishing 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,and operating income (loss), net income (loss) and net cash provided by (used in) operating activities, on the other hand, and incorporating this knowledge intoits decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluatingour operating results.

3

Adjusted EBITDA(1)

1Q 2015 4Q 2014 2015 GuidanceSemGroup(2) $70.0 million $83.2 million $320 - $360 millionRose Rock Midstream(3) $42.1 million $45.1 million $180 - $200 million

First Quarter 2015 Results

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) SemGroup includes fully consolidated Rose Rock Midstream (3) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline(4) CAGR is based on the midpoint of 2015 Adjusted EBITDA Guidance4

$400

$300

$200

$1002011 2012 2013 2014 2015E

SEMG Adjusted EBITDA(1)

(in millions)

31% CAGR(4)

$116$135

$189

$320-$360

$287

$200

$150

$100

$50

$02011 2012 2013 2014 2015E

RRMS Adjusted EBITDA(1)

(in millions)

53% CAGR(4)

$35 $40$69

$180-$200

$128

Maurepas Pipeline OverviewProject¬ Construct, own and operate three pipelines for Motiva

Enterprises, LLC in St. James, LA connecting Motiva's refineries – 24-inch, 34 mile crude oil pipeline connected to LOCAP, crossing

the Mississippi River and terminating at Motiva's Norco refinery;– 12-inch, 35 mile intermediates pipeline between Motiva's Norco

and Convent refineries; and– 6-inch, 35 mile intermediates pipeline between Motiva's Norco

and Convent refineries; and¬ This project is supported by long-term transportation agreements

with Motiva and is expected to be operational in the fourthquarter of 2016

¬ The pipeline project is a significant part of an overall refineryoptimization project

Strategic Rationale¬ First step in establishing a SemGroup presence in US Gulf

Coast crude markets¬ Platform for future participation in the build-out of infrastructure

in the Gulf Coast¬ Provides a more balanced risk profile through geographic

diversity, new customer base and potential for product expansion¬ Accomplishes strategic goal of becoming more refinery facing ¬ Furthers SemGroup’s drop down inventory to Rose Rock

5

SemGroup Corporation 2015 Capital Expenditure Guidance

2015 Capital Expenditures – $775 million(1)

6

¬ More than 90% of capital expendituresare focused on growth capital

¬ Targeting 5-8x EBITDA multiples onorganic growth projects in key assetplays

¬ Maintenance, regulatory capital focusedon pipeline integrity and SemLogisticstank refurbishments

n Natural Gasn Cruden Other Growth Projectsn Maintenance and Regulatory

$450

34%

58%

1%

7%

$265

$5

$55

(1) Includes Rose Rock Midstream and approximately $70 million carry-over from 2014 related to timing of spendExcludes drop down transactions and potential future acquisitions

__

SemGroup Corporation 2015 Capital Expenditure Guidance

7

(1) Investment in affiliate; reflects our proportional capex

(in millions)

Total CapexSegment Description

Estimated Completion

Date 2015 Capex 2016 Capex

Crude-SEMG Maurepas Pipeline 4Q 2016 260 220 500

Crude-RRMS White Cliffs Pipeline capacity expansion(1) 3Q 2015 35 5 40

Crude-RRMS Isabel Pipeline 1Q 2016 30 5 35

Crude-RRMS Platteville truck unloading expansion varies 30 — 30

Crude-RRMS Wattenberg Oil Trunkline extension 1Q 2015 30 — 30

SemGas Northern Oklahoma gas gathering & processing expansion varies 125 100 225

SemCAMS Wapiti Pipeline Expansion varies 40 10 50

SemCAMS K3 Plant projects varies 25 10 35

SemCAMS KA Plant projects varies 45 20 65

Other/undesignated growth projects varies 100 145

Maintenance, refurbishment & regulatory 55 35

Total $775 $500-$600

More than $1 Billion of Growth Capital in 2015-2016

SemGroup First Quarter 2015 Results

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) Crude segment includes fully consolidated Rose Rock Midstream

Key Highlights (1Q 2015 vs 4Q 2014)¬ Crude decreased $9.2 million

– Primarily related to a reduction in marketing margins, as marketing margins returned to a more normalized position followingan extraordinary fourth quarter, partially offset by increased cash distributions from equity investments

¬ SemGas decreased $3.1 million– Higher volumes were offset by lower commodity price realizations

¬ SemLogistics increased $2.0 million– Increase due to higher storage demand

¬ SemCAMS decreased $1.0 million– Decrease related to lower capital fees and timing of operating expense recoveries

Segment Adjusted EBITDA(1) (in millions, unaudited) 1Q 2015 4Q 2014Crude(2) $ 41.6 $ 50.8SemGas 15.1 18.2SemCAMS 8.4 9.4SemLogistics 1.0 (1.0)SemMaterials Mexico 5.3 4.2SemStream 5.0 5.9Corporate and Other (6.4) (4.3)

Total Adjusted EBITDA $ 70.0 $ 83.2

8

SemGroup Capitalization & Liquidity

9

Conservative leverage ratioprovides financial flexibility

Target consolidated NetDebt / Adjusted EBITDAtarget of 3.5x or better

Available liquidity to fundfuture growth opportunities

(in millions, unaudited) March 31, 2015 December 31, 2014Total Consolidated Debt $ 1,027 $ 767Owner's Equity 1,262 1,219Total Book Capitalization $ 2,289 $ 1,986Consolidated Credit MetricsNet Debt $ 711 $ 726Total Debt/Capitalization 45% 39%Net Debt/Adjusted EBITDA LTM 2.5x 2.5xCommitted LiquidityCash and Cash Equivalents $ 316 $ 41Revolver Availability(1)

SemGroup 430 461Rose Rock Midstream 307 536

Total Liquidity $ 1,053 $ 1,038

(1) Availability reduced by outstanding letters of credit

Rose Rock Midstream First Quarter 2015 Results

Key Highlights (1Q 2015 vs 4Q 2014)

Adjusted EBITDA decreased $3.0 million

¬ Primarily related to a reduction in marketing margins, as marketing margins returned to a morenormalized position following an extraordinary fourth quarter, partially offset by increased cashdistributions from equity investments

As Reported (in millions, unaudited) 1Q 2015 4Q 2014

Adjusted EBITDA(1)(2) $ 42.1 $ 45.1

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline

10

Rose Rock Midstream 2015 Capital Expenditure Guidance

2015 Capital Expenditures – $190 million(1)

11

(1) Excludes any drop downs from SemGroup or other potential acquisitions(2) Investment in affiliate; reflects our proportional capex

(in millions) Estimated Completion

DateTotal

CapexDescription 2015 Capex 2016 Capex

White Cliffs Pipeline capacity expansion(2) 3Q 2015 35 5 40

Isabel Pipeline 1Q 2016 30 5 35

Platteville truck unloading expansion varies 30 — 30

Wattenberg Oil Trunkline extension 1Q 2015 30 — 30

Other/undesignated growth projects 50 —

Maintenance 15 20

Total $190

n Growth

n Maintenance92%

$158%

$175

Rose Rock Midstream Capitalization & Liquidity

12

Available balance sheetcapacity to fund acquisitionsand drop down transactions

Net Debt / Adjusted EBITDAtarget of 4.0x or better

(in millions, unaudited) March 31, 2015 December 31, 2014(1)

Total Debt $ 661 $ 432Total Equity 282 308Total Book Capitalization $ 943 $ 740Credit MetricsNet Debt $ 648 $ 428Total Debt/Capitalization 70% 58%Net Debt/Adjusted EBITDA LTM(2) 4.2x 3.1xCommitted LiquidityCash and Cash Equivalents $ 13 $ 4

Revolver Availability(3) 307 536Total Liquidity $ 320 $ 540

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline (2) March 31, 2015 includes EBITDA related to the dropdown of 50% interest in Glass Mountain Pipeline and both March 31, 2015

and December 31, 2014 include EBITDA related to the dropdown of the final one-third interest in SemCrude Pipeline(3) Availability reduced by outstanding letters of credit

Growing today with a focus for tomorrow

Safety

13

Crude StorageOklahoma

DisciplinedInvestment Execution Increase Equity

Holders Return

SemGas Rose Valley PlantOklahoma

SemCAMS K3 PlantsCanada

APPENDIX

SemGroup’s Fee-based Business Model

15

Margin Descriptions

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

¬ Variable Fee– Gas processing – percent ofproceeds

¬ Marketing– Back-to-back marketingand blending transactions

(1) LTM March 31, 2015(2) SemGas 1Q 2015 margin contribution 76% fixed fee, 24% variable fee(3) Rose Rock Midstream includes White Cliffs cash distributions resulting from 34% ownership for 3 months and 51%

ownership for 9 months(4) Marketing margin reduced by intercompany trucking expense

Fixed Fee Variable Fee MarketingSemGas(2) 64% 36%SemCAMS 100%SemLogistics 100%SemMaterials Mexico 100%White Cliffs Pipeline 100%Rose Rock Midstream(3)(4) 88% 12%

Margin Contribution(1)

n Fixed Fee n Variable Fee n Marketing

88%

5%7%

300

250

200

150

100

50

0

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

57.1 67.3 64.9 65.2 71.8 65.3

77.4 72.7 74.1 98.5 118.4 139.2

43.7 61.761.1

65.264.9

2013 2014 2015

80

60

40

20

0

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

48.7 49.6 39.3 51.568.7 75.4

2013 2014 2015

90

60

30

0

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

30.9 42.7 46.175.0 85.6 76.8

2013 2014 2015

Crude Key Performance Metrics

16

(1) 100% of storage contract volumes are included in year of contract expiration(2) Pipeline volumes include KS/OK system, ND transportation and Tampa pipeline(3) White Cliffs Pipeline is currently owned 51% by RRMS; reflects 100% throughput(4) Glass Mountain Pipeline is owned 50% by RRMS; average volumes for 1Q 2014 for two months operational; reflects

100% throughput

Crude Transportation Volumes(Thousand Barrels per Day)

Crude Marketing Volumes(Thousand Barrels per Day)

8

6

4

2

0

2015 2016 2017 2018

n Pipeline Volumes(2) n White Cliffs PL(3) n Wattenberg Oil Trunkline n Glass Mountain PL(4)

Crude Cushing Storage 7.6 million Barrels Capacity

6.50 6.004.65

3.15

Field Services Transportation Volumes

(Thousand Barrels per Day)

n Contracted(1) n Operational / Marketing n Uncontracted

1.10

1.101.10

1.103.35

1.85

0.50

28.526.611.0 31.235.2

45.8

SemCAMS Avg Throughput Volume (mmcf/d)

500

400

300

200

100

0

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

272.6 285.8148.2

274.2340.1 302.5

146.9 152.6

186.1

138.397.9

91.9

2013 2014 2015

SemGas Northern OK Avg Processed Volume (mmcf/d)

Capacity Processing Volumes

400

300

200

100

0

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

156.9 167.7251.4

315.9 355.9 369.0

2013 2014 2015

Natural Gas Business

17

n K3 Plant n KA Plant

419.5 438.4

334.3412.5 438.0

394.4

SemGroup Corporation Dividend Growth(1)

Target 30-40% Annual Dividend Growth through 2017

18

¬ Current dividend policy is to passthrough the after-tax cashdistributions received from our MLPinvestments

Increased first quarter 2015 dividendby approximately 12% over priorquarter

2013 2014 2015

2015 Target Dividend Growth 50-60% year-over-year

(1) Assumes no further drop downs or acquisitions

¬

$0.5500

$0.4500

$0.3500

$0.2500

$0.1500

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

$0.2200$0.2400

$0.2700$0.3000

$0.3400

$0.3800

$0.7500

$0.6500

$0.5500

$0.4500

$0.3500

$0.2500

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

$0.3625$0.4025

$0.4650$0.4950

$0.5350$0.5750

$0.6200 $0.6350

2015 Target Annual Coverage Ratio 1.1x-1.2x2015 Target Distribution Growth 15-20% year-over-year

2011 2012 2013 2014 2015

Rose Rock Midstream Distribution Growth(1)

Target 15-20% Annual Distribution Growth through 2017

19

(1) Assumes no further drop downs or acquisitions

20% CAGR

SemGroup Consolidated Balance Sheets

20

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

December 31, 2014

ASSETSCurrent assets $ 710,970 $ 479,280Property, plant and equipment, net 1,303,781 1,256,825Goodwill and other intangible assets 228,521 231,391Equity method investments 561,463 577,920Other noncurrent assets, net 56,805 44,386Total assets $ 2,861,540 $ 2,589,802

LIABILITIES AND OWNERS' EQUITYCurrent liabilities:

Current portion of long-term debt $ 47 $ 40Other current liabilities 349,341 391,622

Total current liabilities 349,388 391,662

Long-term debt, excluding current portion 1,027,072 767,092Other noncurrent liabilities 223,138 211,611Total liabilities 1,599,598 1,370,365

Total owners' equity 1,261,942 1,219,437Total liabilities and owners' equity $ 2,861,540 $ 2,589,802

SemGroup Consolidated Statements of Operations and Comprehensive Income

21

(in thousands, except per share amounts, unaudited) Three Months EndedMarch 31, December 31,

2015 2014 2014Revenues $ 298,310 $ 498,883 $ 547,237Expenses:

Costs of products sold, exclusive of depreciation and amortization shown below 192,072 385,113 411,655

Operating 53,090 50,778 67,034General and administrative 32,310 18,736 23,963Depreciation and amortization 23,734 23,637 27,498Loss (gain) on disposal or impairment of long-lived assets, net 1,058 (58) 11,959Total expenses 302,264 478,206 542,109

Earnings from equity method investments 20,559 14,962 15,827Gain on issuance of common units by equity method investee — 8,127 2,121Operating income 16,605 43,766 23,076Other expenses (income), net 6,087 7,497 (2,196)Income from continuing operations before income taxes 10,518 36,269 25,272Income tax expense 4,742 16,526 12,569Income from continuing operations 5,776 19,743 12,703Income (loss) from discontinued operations, net of income taxes — (5) 4Net income 5,776 19,738 12,707

Less: net income attributable to noncontrolling interests 4,310 6,150 4,633Net income attributable to SemGroup Corporation $ 1,466 $ 13,588 $ 8,074Net income attributable to SemGroup Corporation $ 1,466 $ 13,588 $ 8,074Other comprehensive loss, net of income taxes (9,060) (2,972) (17,669)Comprehensive income (loss) attributable to SemGroup Corporation $ (7,594) $ 10,616 $ (9,595)

Net income per common shareBasic $ 0.03 $ 0.32 $ 0.19Diluted $ 0.03 $ 0.29 $ 0.18

Weighted average shares (thousands):Basic 43,717 42,631 43,492Diluted 43,940 43,761 43,807

SemGroup Non-GAAP Adjusted EBITDA Calculation

22

(in thousands, unaudited) Three Months EndedMarch 31, December 31,

Reconciliation of net income to Adjusted EBITDA: 2015 2014 2014Net income $ 5,776 $ 19,738 $ 12,707

Add: Interest expense 14,591 9,227 14,650Add: Income tax expense 4,742 16,526 12,569Add: Deprecation and amortization expense 23,734 23,637 27,498

EBITDA 48,843 69,128 67,424Selected Non-Cash Items and

Other Items Impacting Comparability 21,139 (1,846) 15,783Adjusted EBITDA $ 69,982 $ 67,282 $ 83,207

Selected Non-Cash Items andOther Items Impacting ComparabilityLoss (gain) on disposal or impairment of long-lived assets, net $ 1,058 $ (58) $ 11,959Loss (income) from discontinued operations, net of income taxes — 5 (4)Foreign currency transaction (gain) loss (519) (683) 302Remove NGL equity earnings including gain on issuance of common units 305 (11,718) (387)Remove gain on sale of NGL units (7,894) — (7,463)NGL cash distribution 5,015 5,341 5,942M&A transaction related costs 10,000 — —Inventory valuation adjustments including equity method investees 1,187 — 7,781Employee severance expense — 9 101Unrealized loss (gain) on derivative activities 2,645 606 (1,078)Change in fair value of warrants — (980) (10,076)Depreciation and amortization included within

equity earnings 6,376 3,450 6,404Bankruptcy related expenses 189 216 317Charitable contributions — — 81Recovery of receivables written off at emergence — (364) —Non-cash equity compensation 2,777 2,330 1,904Selected Non-Cash items and

Other Items Impacting Comparability $ 21,139 $ (1,846) $ 15,783

SemGroup 2015 Adjusted EBITDA Guidance

23

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

(in millions, unaudited) 2015 Guidance(1)

Mid-point

Net income $ 121.5

Add: Interest expense 64.0

Add: Income tax expense 8.0

Add: Depreciation and amortization 109.0

EBITDA $ 302.5

Selected Non-Cash and Other Items Impacting Comparability 37.5Adjusted EBITDA $ 340.0

Selected Non-Cash and Other Items Impacting Comparability

Depreciation and amortization included within equity earnings 25.0

Non-cash equity compensation 12.5

Selected Non-Cash and Other Items Impacting Comparability $ 37.5

Crude Segment Adjusted EBITDA Calculation

24

(1) Crude segment includes fully consolidated Rose Rock Midstream


2015 2014 2014Net income(1) $ 9,662 $ 14,156 $ 13,313

Add: Interest expense 10,646 4,663 10,684Add: Deprecation and amortization expense 10,143 11,482 12,882


Other Items Impacting Comparability 11,150 4,811 13,919Adjusted EBITDA $ 41,601 $ 35,112 $ 50,798

Selected Non-Cash Items and Other Items Impacting Comparability

Loss (gain) on disposal of long-lived assets, net $ 152 $ (34) $ 89Employee severance expense — 9 —Unrealized loss (gain) on derivative activities 2,645 606 (1,078)Depreciation and amortization included within

equity earnings 6,376 3,450 6,404Inventory valuation adjustments including equity method investees 1,187 — 7,781Non-cash equity compensation 790 780 723Selected Non-Cash items and

Other Items Impacting Comparability $ 11,150 $ 4,811 $ 13,919

SemGas Adjusted EBITDA Calculation

25


2015 2014 2014Net income $ 4,891 $ 5,918 $ 8,347

Add: Interest expense 2,851 1,689 2,538Add: Deprecation and amortization expense 7,138 4,969 7,041


Other Items Impacting Comparability 200 243 305Adjusted EBITDA $ 15,080 $ 12,819 $ 18,231


Loss (gain) on disposal of long-lived assets, net $ (1) $ 4 $ —Employee severance expense — — 41Bankruptcy related expenses — 30 60Non-cash equity compensation 201 209 204Selected Non-Cash items and

Other Items Impacting Comparability $ 200 $ 243 $ 305

SemCAMS Adjusted EBITDA Calculation

26


2015 2014 2014Net income $ 1,199 $ 2,482 $ 1,714

Add: Interest expense 3,112 4,190 1,689Add: Income tax expense 551 2,104 2,262Add: Deprecation and amortization expense 3,066 2,829 3,274




Foreign currency transaction (gain) loss $ (44) $ (36) $ 63Recovery of receivables written off at emergence — (364) —Employee severance — — 60Non-cash equity compensation 468 453 354Selected Non-Cash items and


SemLogistics Adjusted EBITDA Calculation

27


2015 2014 2014Net loss $ (1,926) $ (1,695) $ (3,973)

Add: Interest expense 465 349 421Add: Income tax benefit (369) (117) (666)Add: Deprecation and amortization expense 2,040 2,495 2,412

EBITDA 210 1,032 (1,806)Selected Non-Cash Items and

Other Items Impacting Comparability 805 38 762Adjusted EBITDA $ 1,015 $ 1,070 $ (1,044)


Loss (income) from discontinued operations, net of income taxes $ — $ 4 $ (5)Loss on disposal of long-lived assets, net — — 5Foreign currency transaction (gain) loss 651 (96) 601Non-cash equity compensation 154 130 161Selected Non-Cash items and


SemMaterials México Adjusted EBITDA Calculation

28


2015 2014 2014Net income $ 3,011 $ 2,585 $ 1,366

Add: Income tax expense 990 1,002 919Add: Deprecation and amortization expense 1,053 1,427 1,493




Gain on disposal of long-lived assets, net $ (19) $ (28) $ (18)Foreign currency transaction loss 131 10 330Non-cash equity compensation 107 101 110Selected Non-Cash items and


SemStream Adjusted EBITDA Calculation

29


2015 2014 2014Net income $ 8,908 $ 12,869 $ 9,165

Add: Interest expense (1,322) (1,264) (1,307)EBITDA 7,586 11,605 7,858

Selected Non-Cash Items and Other Items Impacting Comparability (2,574) (6,364) (1,908)

Adjusted EBITDA $ 5,012 $ 5,241 $ 5,950


Remove NGL equity earnings including gain on issuance ofcommon units $ 305 $ (11,718) $ (387)Remove gain on sale of NGL units (7,894) — (7,463)NGL cash distribution 5,015 5,341 5,942Bankruptcy related expenses — — 1Non-cash equity compensation — 13 (1)Selected Non-Cash items and

Other Items Impacting Comparability $ (2,574) $ (6,364) $ (1,908)

SemGroup Corporate & Other Adjusted EBITDA Calculation

30


2015 2014 2014

Net loss $ (19,969) $ (16,577) $ (17,222)Add: Interest expense (1,161) (400) 625Add: Income tax expense 3,570 13,537 10,054Add: Depreciation and amortization expense 294 435 396

EBITDA (17,266) (3,005) (6,147)

Selected Non-Cash Items and Other Items Impacting Comparability 10,915 (710) 1,806

Adjusted EBITDA $ (6,351) $ (3,715) $ (4,341)


Loss from discontinued operations, net of income taxes $ — $ 1 $ 1Loss on disposal or impairment of long-lived assets, net 926 — 11,883Foreign currency transaction gain (1,257) (561) (692)M&A transaction related costs 10,000 — —Change in fair value of warrants — (980) (10,076)Bankruptcy related expenses 189 186 256Charitable contributions — — 81Non-cash equity compensation 1,057 644 353

Selected Non-Cash items andOther Items Impacting Comparability $ 10,915 $ (710) $ 1,806

Rose Rock Midstream Consolidated Balance Sheet

31

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

December 31,2014(1)

ASSETS

Current assets $ 275,265 $ 274,769

Property, plant and equipment, net 405,283 396,066

Equity method investment 425,655 269,635

Other noncurrent assets, net 64,963 65,793Total assets $ 1,171,166 $ 1,006,263

LIABILITIES AND PARTNERS' CAPITAL

Current liabilities $ 227,607 $ 265,682

Long-term debt 661,072 432,092

Total liabilities 888,679 697,774

Partners’ capital 282,487 308,489Total liabilities and partners' capital $ 1,171,166 $ 1,006,263

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline

Rose Rock Midstream Consolidated Statements of Income

32

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

March 31, December 31,

2015 2014(1) 2014(1)

Revenues, including revenues from affiliates

Product $ 106,567 $ 266,290 $ 305,583

Service 28,126 26,224 30,988Total revenues 134,693 292,514 336,571

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

and amortization 96,237 254,537 287,434Operating 20,951 15,215 25,696

General and administrative 5,620 3,747 5,033Depreciation and amortization 10,143 11,482 12,882Total expenses 132,951 284,981 331,045

Earnings from equity method investments 20,864 11,080 17,718

Operating income 22,606 18,613 23,244

Other expenses:Interest expense 8,006 2,387 8,152Other expenses — — 1Total other expenses, net 8,006 2,387 8,153

Net income 14,600 16,226 15,091Less: net income attributable to noncontrolling interests — 3,676 —Net income attributable to Rose Rock Midstream, L.P. $ 14,600 $ 12,550 $ 15,091


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

March 31, December 31,2015 2014(1) 2014(1)

Net income allocated to general partner $ 4,742 $ 805 $ 4,077Net income allocated to common unitholders $ 9,858 $ 8,114 $ 6,925Net income allocated to subordinated unitholders $ — $ 3,750 $ 2,826Net income (loss) allocated to Class A unitholders $ — $ (119) $ 1,263

Net income (loss) per limited partner unit:Common unit (basic) $ 0.28 $ 0.45 $ 0.34Common unit (diluted) $ 0.28 $ 0.45 $ 0.34Subordinated unit (basic and diluted) $ — $ 0.45 $ 0.34Class A unit (basic and diluted) $ — $ (0.05) $ 0.34

Basic weighted average number of limited partnerunits outstanding:Common units 34,804 18,149 20,576Subordinated units — 8,390 8,390Class A units — 2,500 3,750

Diluted weighted average number of limited partnerunits outstanding:Common units 34,847 18,198 20,647Subordinated units(2) — 8,390 8,390Class A units(3) — 2,500 3,750

Rose Rock Midstream Consolidated Statements of Income (Continued)

33

(1) Prior period financial information has been recast to reflect the effects of the dropdown of the Wattenberg Oil Trunkline(2) The Subordinated Units converted to Common Units on February 17, 2015(3) The Class A units converted to Common Units on January 1, 2015

Rose Rock Midstream Non-GAAP Financial Data Reconciliations

34


2015 2014(1) 2014(1)

Reconciliation of operating income to Adjusted gross margin:Operating income $ 22,606 $ 18,613 $ 23,244Add:

Operating expense 20,951 15,215 25,696General and administrative expense 5,620 3,747 5,033Depreciation and amortization expense 10,143 11,482 12,882

Less:Earnings from equity method investments 20,864 11,080 17,718Non-cash unrealized gain (loss) on derivatives, net (2,531) (606) 965

Adjusted gross margin $ 40,987 $ 38,583 $ 48,172Reconciliation of net income to Adjusted EBITDA:

Net income $ 14,600 $ 16,226 $ 15,091Add:

Interest expense 8,006 2,387 8,152Depreciation and amortization expense 10,143 11,482 12,882Cash distributions from equity method investments 26,065 13,585 21,687Inventory valuation adjustment 1,187 — 5,667Non-cash equity compensation 298 260 238Loss (gain) on disposal of long-lived assets, net 152 (34) 89

Less:Earnings from equity method investments 20,864 11,080 17,718White Cliffs cash distributions attributable to noncontrolling interests — 4,528 —Impact from derivative instruments:

Total gain (loss) on derivatives, net (644) (807) 16,053Total realized loss (gain) (cash flow) on derivatives, net (1,887) 201 (15,088)

Non-cash unrealized gain (loss) on derivatives, net (2,531) (606) 965Adjusted EBITDA $ 42,118 $ 28,904 $ 45,123

Reconciliation of net cash provided by (used in) operating activities toAdjusted EBITDA:

Net cash provided by (used in) operating activities $ (7,070) $ 18,187 $ 64,823Less:

Changes in operating assets and liabilities, net (36,508) (10,613) 31,295White Cliffs cash distributions attributable to noncontrolling interests — 4,528 —

Add:Interest expense, excluding amortization of debt issuance costs 7,479 2,127 7,626Distributions from equity method investments in excess of equity inearnings 5,201 2,505 3,969

Adjusted EBITDA $ 42,118 $ 28,904 $ 45,123


Rose Rock Midstream 2015 Adjusted EBITDA Guidance

35

(in millions, unaudited) 2015 Guidance

Mid-point

Net income $ 90.5

Add: Interest expense 37.0

Add: Depreciation and amortization 45.0

EBITDA $ 172.5

Non-Cash and Other Adjustments 17.5

Adjusted EBITDA $ 190.0

Less:

Cash interest expense 34.5

Maintenance capital expenditures 16.0

Distributable cash flow $ 139.5

Non-Cash and Other Adjustments

Earnings from equity method investments $ (92.0)

Distributions from equity method investments (1) 108.0

Non-cash equity compensation 1.5

Non-Cash and Other Adjustments $ 17.5

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

Rose Rock Midstream Distributable Cash Flow

36


2015 2014(1) 2014(1)

Reconciliation of net income to distributable cash flow:Net income $ 14,600 $ 16,226 $ 15,091

Add:Interest expense 8,006 2,387 8,152Depreciation and amortization expense 10,143 11,482 12,882

EBITDA 32,749 30,095 36,125Add:

Loss (gain) on disposal of long-lived assets, net 152 (34) 89Cash distributions from equity method investments 26,065 13,585 21,687Inventory valuation adjustment 1,187 — 5,667Non-cash equity compensation 298 260 238

Less:Earnings from equity method investments 20,864 11,080 17,718White Cliffs cash distributions attributable to noncontrollinginterests — 4,528 —Non-cash unrealized gain (loss) on derivatives, net (2,531) (606) 965

Adjusted EBITDA $ 42,118 $ 28,904 $ 45,123Less:

Cash interest expense 7,454 2,104 7,601Maintenance capital expenditures 927 907 2,268

Distributable cash flow $ 33,737 $ 25,893 $ 35,254

Distribution declared $ 28,379 $ 13,903 $ 24,269

Distribution coverage ratio 1.19 x 1.86 x 1.45 x


(in thousands, unaudited) Year EndedDecember 31, 2014

Crude SemStream SemCAMS SemLogistics SemMexico SemGas Corporateand other Consolidated

Net income (loss) $ 57,495 $ 70,632 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (93,008) $ 52,057Add: Interest expense 31,072 (5,140) 13,558 1,528 166 8,570 (710) 49,044Add: Income tax expense (benefit) — — 3,135 (2,231) 4,053 — 41,556 46,513Add: Depreciation and amortization expense 40,035 — 14,295 10,005 6,031 26,353 1,678 98,397EBITDA 128,602 65,492 45,306 (770) 16,150 41,715 (50,484) 246,011Selected Non-Cash Items and Other Items Impacting Comparability 28,159 (42,165) 590 (1,083) 621 21,053 34,255 41,430Adjusted EBITDA $ 156,761 $ 23,327 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ (16,229) $ 287,441


Loss (gain) on disposal of long-lived assets, net $ 319 $ — $ (950) $ (2,490) $ (53) $ 20,092 $ 15,674 $ 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 gain on derivative activities (1,734) — — — — — — (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 7,781 — — — — — — 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 2,792 4 2,012 587 395 770 1,826 8,386Selected Non-Cash Items and Other Items Impacting Comparability $ 28,159 $ (42,165) $ 590 $ (1,083) $ 621 $ 21,053 $ 34,255 $ 41,430

SemGroup Reconciliation of Net Income to Adjusted EBITDA

37



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


38



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


39


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


40

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

(in thousands, unaudited) Year EndedDecember 31,

2014(1) 2013 2012 2011Net income $ 62,925 $ 37,515 $ 23,954 $ 23,235

Add:Interest expense 21,279 8,181 1,912 1,823Depreciation and amortization expense 40,035 23,708 12,131 11,379Distributions from equity method investment 66,768 16,999 — —Inventory valuation adjustment 5,667 — — —Non-cash equity compensation 943 806 308 —Loss (gain) on disposal of long-lived assets, net 319 (31) (1) 64Provision for (recovery of) uncollectible accounts receivable — — — (916)

Less:Earnings from equity method investment 57,378 17,571 — —White Cliffs cash distributions attributable to noncontrollinginterests 11,008 — — —Impact from derivative instruments:Total gain (loss) on derivatives, net 17,351 (1,593) 149 (386)Total realized (gain) loss (cash outflow) on derivatives, net (15,730) 2,567 (1,345) 1,173Non-cash unrealized gain (loss) on derivatives, net 1,621 974 (1,196) 787Adjusted EBITDA $ 127,929 $ 68,633 $ 39,500 $ 34,798

Rose Rock Reconciliation of Net Income to Adjusted EBITDA

41


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

(in thousands, unaudited) Year EndedDecember 31,

2014(1) 2013 2012 2011Net cash provided by operating activities $ 111,093 $ 72,528 $ 35,097 $ 51,085Less:Changes in operating assets and liabilities, net 1,296 11,265 (2,850) 18,082White Cliffs cash distributions attributable to noncontrolling interests 11,008 — — —Add:Interest expense, excluding amortization of debt issuance costs 19,750 7,370 1,553 1,795Distributions in excess of equity earnings of affiliates 9,390 — — —Adjusted EBITDA $ 127,929 $ 68,633 $ 39,500 $ 34,798

42


semgroup 1q 2015 earnings presentation

Business

forwardlooking statements

financial results

statements of historical

securities act

actual results

certain financial ratios

securities exchange

future operations