XML 79 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Rose Rock Midstream, L.P. (Tables)
 9 Months Ended
Sep. 30, 2012
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Ownership Interest In Rose Rock
Our ownership interest in Rose Rock as of September 30, 2012 (unaudited) and December 31, 2011 is shown in the table below:

General partner interest
2
%
Limited partner interest (a)
57
%
Total ownership interest
59
%
(a)
Represents 1.4 million common units and 8.4 million subordinated units
Quarterly Target Distributions
e Rock’s partnership agreement requires Rose Rock to distribute all of its available cash each quarter in the following manner:
 
Total Quarterly Distributions
Per Unit Target Amount
 
Marginal Percentage
Interest in Distributions
 
Unitholders
 
General
Partner
 
Incentive
Distribution
Rights
Minimum Quarterly Distributions
 
 
 
 
 
 
$
0.362500

 
98.0
%
 
2.0
%
 
—

First Target Distribution
above
 
$
0.362500

 
up to
 
$
0.416875

 
98.0
%
 
2.0
%
 
—

Second Target Distribution
above
 
$
0.416875

 
up to
 
$
0.453125

 
85.0
%
 
2.0
%
 
13.0
%
Third Target Distribution
above
 
$
0.453125

 
up to
 
$
0.543750

 
75.0
%
 
2.0
%
 
23.0
%
Thereafter
 
 
 
 
above
 
$
0.543750

 
50.0
%
 
2.0
%
 
48.0
%
 
T
Distributions Paid and declared
The following table shows the distributions paid or expected to be paid (in thousands, except for per unit amounts):

 
 
Record Date
 
Payment Date
 
Distri-bution
Per Unit
 
Distributions Paid/To Be Paid
Quarter Ended
 
SemGroup
 
Noncontrolling
Interest
Common Units
 
Total
Distributions
 
General
Partner
 
Incentive
Distri-butions
 
Common
Units
 
Subord-inated
Units
 
December 31, 2011
*
February 3, 2012
 
February 13, 2012
 
$
0.0670

* 
$
23

 
$
—

 
$
93

 
$
561

 
$
470

 
$
1,147

March 31, 2012
 
May 7, 2012
 
May 15, 2012
 
$
0.3725

  
$
128

 
$
—

 
$
517

 
$
3,125

 
$
2,607

 
$
6,377

June 30, 2012
 
August 6, 2012
 
August 14, 2012
 
$
0.3825

 
$
131

 
$
—

 
$
532

 
$
3,209

 
$
2,678

 
$
6,549

September 30, 2012
 
November 5, 2012
 
November 14, 2012
**
$
0.3925

**
$
134

 
$
—

 
$
545

 
$
3,293

 
$
2,748

 
$
6,720

*Minimum quarterly distribution for quarter ended December 31, 2011 was prorated for the period beginning immediately after the closing of Rose Rock’s IPO, December 14, 2011 through December 31, 2011.
**Expected payment date and amounts for distributions related to the quarter ended September 30, 2012.
Summarized Balance Sheet Information
2. ROSE ROCK MIDSTREAM, L.P.
On December 14, 2011, our subsidiary Rose Rock Midstream, L.P
Summarized Income Statement Information
Certain summarized income statement information of Rose Rock for the three months and nine months ended September 30, 2012 and September 30, 2011 is shown below (in thousands):
 
Three Months Ended September 30, 2012
 
Three Months Ended September 30, 2011
 
Nine Months Ended September 30, 2012
 
Nine Months Ended September 30, 2011
 
 
 
 
Revenue
$
131,554

 
$
104,616

 
$
468,687

 
$
299,121

Cost of products sold
$
111,790

 
$
90,660

 
$
412,847

 
$
252,804

Operating, general and administrative expenses
$
9,779

 
$
6,570

 
$
25,976

 
$
20,202

Depreciation and amortization expense
$
3,066

 
$
3,122

 
$
9,032

 
$
8,505

Net income
$
6,469

 
$
3,830

 
$
19,353

 
$
16,407