x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-3533152 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | |
Smaller reporting company o | |
Emerging growth company o |
Class | Outstanding at October 31, 2017 | |||||
Class A | Common stock, $0.01 par | 78,684,831 | Shares | |||
Class B | Common stock, $0.01 par | — | Shares |
PART I – FINANCIAL INFORMATION | ||
Item 1 | ||
Item 2 | ||
Item 3 | ||
Item 4 | ||
PART II – OTHER INFORMATION | ||
Item 1 | ||
Item 1A | ||
Item 2 | ||
Item 3 | ||
Item 4 | ||
Item 5 | ||
Item 6 | ||
• | Our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected dividends or to fund our other liquidity needs; |
• | Any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and store; |
• | The effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional 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 credit ratings for our debt obligations and equity; |
• | The failure to realize the anticipated benefits of our acquisition of HFOTCO LLC, doing business as Houston Fuel Oil Terminal Company LLC (“HFOTCO”); |
• | Our ability to pay the second payment related to our HFOTCO acquisition and the consequences of our failing to do so; |
• | 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 consequences of any divestitures of non-strategic operating assets or divestitures of interests in some of our operating assets through partnerships and/or joint ventures; |
• | The amount of collateral required to be posted from time to time in our purchase, sale or derivative transactions; |
• | The impact of operational and developmental hazards and unforeseen interruptions; |
• | Our ability to obtain new sources of supply of petroleum products; |
• | Competition from other midstream energy companies; |
• | Our ability to comply with the covenants contained in our credit agreements, continuing covenant agreement and the indentures governing our notes, including requirements under our credit agreements and continuing covenant agreement 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 acquisition of new assets may not result in the corresponding anticipated revenue increases; |
• | Any future impairment of goodwill resulting from the loss of customers or business; |
• | Changes in currency exchange rates; |
• | Weather and other natural phenomena and climate conditions; |
• | A cyber attack involving our information systems and related infrastructure, or that of our business associates; |
• | 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 to taxes, 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; and |
• | General economic, market and business conditions. |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 68,013 | $ | 74,216 | |||
Accounts receivable (net of allowance of $3,277 and $2,322, respectively) | 474,795 | 418,339 | |||||
Receivable from affiliates | 5,531 | 25,455 | |||||
Inventories | 128,633 | 99,234 | |||||
Other current assets | 21,922 | 18,630 | |||||
Total current assets | 698,894 | 635,874 | |||||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 3,394,035 | 1,762,072 | |||||
Equity method investments | 433,805 | 434,289 | |||||
Goodwill | 262,059 | 34,230 | |||||
Other intangible assets (net of accumulated amortization of $51,469 and $39,018, respectively) | 413,730 | 150,978 | |||||
Other noncurrent assets | 162,402 | 57,529 | |||||
Total assets | $ | 5,364,925 | $ | 3,074,972 | |||
LIABILITIES AND OWNERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 435,592 | $ | 367,307 | |||
Payable to affiliates | 4,877 | 26,508 | |||||
Accrued liabilities | 106,045 | 81,104 | |||||
Deferred revenue | 9,230 | 10,571 | |||||
Other current liabilities | 4,242 | 2,839 | |||||
Current portion of long-term debt | 5,529 | 26 | |||||
Total current liabilities | 565,515 | 488,355 | |||||
Long-term debt, net | 3,009,429 | 1,050,918 | |||||
Deferred income taxes | 57,476 | 64,501 | |||||
Other noncurrent liabilities | 38,614 | 25,233 | |||||
Commitments and contingencies (Note 10) | |||||||
SemGroup owners’ equity: | |||||||
Preferred stock, $0.01 par value (authorized - 4,000 shares; issued - none) | — | — | |||||
Common stock, $0.01 par value (authorized - 100,000 shares; issued - 79,679 and 67,079 shares, respectively) | 785 | 659 | |||||
Additional paid-in capital | 1,804,277 | 1,561,695 | |||||
Treasury stock, at cost (1,018 and 980 shares, respectively) | (7,919 | ) | (6,558 | ) | |||
Accumulated deficit | (53,553 | ) | (35,917 | ) | |||
Accumulated other comprehensive loss | (49,699 | ) | (73,914 | ) | |||
Total owners’ equity | 1,693,891 | 1,445,965 | |||||
Total liabilities and owners’ equity | $ | 5,364,925 | $ | 3,074,972 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Product | $ | 423,531 | $ | 245,920 | $ | 1,164,898 | $ | 692,942 | |||||||
Service | 105,287 | 66,074 | 261,967 | 192,347 | |||||||||||
Lease | 2,646 | — | 2,646 | — | |||||||||||
Other | 14,458 | 15,770 | 45,600 | 44,703 | |||||||||||
Total revenues | 545,922 | 327,764 | 1,475,111 | 929,992 | |||||||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 398,252 | 218,503 | 1,087,357 | 592,292 | |||||||||||
Operating | 62,666 | 52,636 | 188,095 | 157,537 | |||||||||||
General and administrative | 35,210 | 20,583 | 83,606 | 62,419 | |||||||||||
Depreciation and amortization | 50,135 | 24,922 | 100,336 | 74,028 | |||||||||||
Loss on disposal or impairment, net | 41,625 | 1,018 | 43,801 | 16,010 | |||||||||||
Total expenses | 587,888 | 317,662 | 1,503,195 | 902,286 | |||||||||||
Earnings from equity method investments | 17,367 | 15,845 | 52,211 | 55,994 | |||||||||||
Loss on issuance of common units by equity method investee | — | — | — | (41 | ) | ||||||||||
Operating income (loss) | (24,599 | ) | 25,947 | 24,127 | 83,659 | ||||||||||
Other expenses (income), net: | |||||||||||||||
Interest expense | 32,711 | 18,517 | 60,055 | 54,105 | |||||||||||
Loss on early extinguishment of debt | — | — | 19,930 | — | |||||||||||
Foreign currency transaction loss (gain) | (747 | ) | 659 | (1,758 | ) | 3,671 | |||||||||
Loss on sale or impairment of equity method investment | — | — | — | 30,644 | |||||||||||
Other income, net | (211 | ) | (492 | ) | (802 | ) | (1,170 | ) | |||||||
Total other expenses, net | 31,753 | 18,684 | 77,425 | 87,250 | |||||||||||
Income (loss) from continuing operations before income taxes | (56,352 | ) | 7,263 | (53,298 | ) | (3,591 | ) | ||||||||
Income tax expense (benefit) | (37,249 | ) | 11,898 | (33,529 | ) | (4,851 | ) | ||||||||
Income (loss) from continuing operations | (19,103 | ) | (4,635 | ) | (19,769 | ) | 1,260 | ||||||||
Loss from discontinued operations, net of income taxes | — | — | — | (1 | ) | ||||||||||
Net income (loss) | (19,103 | ) | (4,635 | ) | (19,769 | ) | 1,259 | ||||||||
Less: net income attributable to noncontrolling interests | — | 225 | — | 11,167 | |||||||||||
Net loss attributable to SemGroup | $ | (19,103 | ) | $ | (4,860 | ) | $ | (19,769 | ) | $ | (9,908 | ) | |||
Net income (loss) | $ | (19,103 | ) | $ | (4,635 | ) | $ | (19,769 | ) | $ | 1,259 | ||||
Other comprehensive income (loss), net of income taxes | 9,230 | (7,051 | ) | 24,215 | (4,569 | ) | |||||||||
Comprehensive income (loss) | (9,873 | ) | (11,686 | ) | 4,446 | (3,310 | ) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 225 | — | 11,167 | |||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (9,873 | ) | $ | (11,911 | ) | $ | 4,446 | $ | (14,477 | ) | ||||
Net loss attributable to SemGroup per common share (Note 12): | |||||||||||||||
Basic | $ | (0.25 | ) | $ | (0.09 | ) | $ | (0.29 | ) | $ | (0.21 | ) | |||
Diluted | $ | (0.25 | ) | $ | (0.09 | ) | $ | (0.29 | ) | $ | (0.21 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (19,769 | ) | $ | 1,259 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 100,336 | 74,028 | |||||
Loss on disposal or impairment, net | 43,801 | 16,010 | |||||
Earnings from equity method investments | (52,211 | ) | (55,994 | ) | |||
Loss on issuance of common units by equity method investee | — | 41 | |||||
Loss on sale or impairment of equity method investment | — | 30,644 | |||||
Distributions from equity method investments | 51,606 | 58,674 | |||||
Amortization of debt issuance costs and discount | 4,449 | 6,189 | |||||
Loss on early extinguishment of debt | 19,930 | — | |||||
Deferred tax benefit | (37,824 | ) | (7,810 | ) | |||
Non-cash equity compensation | 8,517 | 7,046 | |||||
Provision for uncollectible accounts receivable, net of recoveries | 761 | (551 | ) | ||||
Foreign currency transaction loss (gain) | (1,758 | ) | 3,671 | ||||
Gain on pension curtailment | (3,008 | ) | — | ||||
Inventory valuation adjustment | 455 | — | |||||
Changes in operating assets and liabilities, net of the effect of acquisitions (Note 13) | (22,868 | ) | 6,897 | ||||
Net cash provided by operating activities | 92,417 | 140,104 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (346,204 | ) | (203,776 | ) | |||
Proceeds from sale of long-lived assets | 16,638 | 98 | |||||
Contributions to equity method investments | (18,808 | ) | (3,756 | ) | |||
Payments to acquire business, net of cash acquired | (293,039 | ) | — | ||||
Proceeds from sale of common units of equity method investee | — | 60,483 | |||||
Distributions in excess of equity in earnings of affiliates | 19,296 | 22,792 | |||||
Net cash used in investing activities | (622,117 | ) | (124,159 | ) | |||
Cash flows from financing activities: | |||||||
Debt issuance costs | (10,839 | ) | (7,459 | ) | |||
Borrowings on credit facilities and issuance of senior notes, net of discount | 1,353,377 | 362,500 | |||||
Principal payments on credit facilities and other obligations | (711,941 | ) | (393,994 | ) | |||
Debt extinguishment costs | (16,293 | ) | — | ||||
Proceeds from issuance of common shares, net of offering costs | — | 223,739 | |||||
Distributions to noncontrolling interests | — | (32,133 | ) | ||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (1,361 | ) | (945 | ) | |||
Dividends paid | (94,714 | ) | (63,338 | ) | |||
Proceeds from issuance of common stock under employee stock purchase plan | 796 | 774 | |||||
Net cash provided by financing activities | 519,025 | 89,144 | |||||
Effect of exchange rate changes on cash and cash equivalents | 4,472 | 563 | |||||
Change in cash and cash equivalents | (6,203 | ) | 105,652 | ||||
Cash and cash equivalents at beginning of period | 74,216 | 58,096 | |||||
Cash and cash equivalents at end of period | $ | 68,013 | $ | 163,748 |
1. | OVERVIEW |
1. | OVERVIEW, Continued |
1. | OVERVIEW, Continued |
• | We have certain contractual arrangements where we retain commodities as consideration for processing of customer product. These arrangements could be impacted by the non-cash consideration guidance under ASU 2014-09. Currently revenue related to non-cash consideration is recognized when we sell the commodity. Under ASU 2014-09, we could recognize revenue when the commodity is received, rather than when it is sold. |
• | In addition, certain contractual arrangements include “take-or-pay” provisions. The fixed fees to which we have an unconditional right under these contracts could be subject to certain recognition changes and additional disclosure under ASU 2014-09. Under our current policies, revenues related to certain “take-or-pay” deficiency payments received from customers are deferred until the contractual right to make up volumetric deficiencies has expired. Under ASU 2014-09, these revenues are expected to be recognized when make up of the volumetric deficiencies is no longer considered probable. Deferred revenues related to these agreements at December 31, 2017, which will then be recognized through retained earnings at adoption, are not expected to be material. |
2. | ACQUISITION, Continued |
Assets acquired | |||
Cash | $ | 3,583 | |
Accounts receivable | 11,028 | ||
Other current assets | 5,277 | ||
Property, plant and equipment | 1,327,145 | ||
Intangible assets subject to amortization | |||
Customer contracts | 1,000 | ||
Customer relationships | 260,000 | ||
Non-compete agreement | 30,000 | ||
Goodwill | 253,935 | ||
Other noncurrent assets | 72,603 | ||
Total assets acquired | $ | 1,964,571 | |
Consideration | |||
Cash | $ | 296,622 | |
Common shares | 330,341 | ||
Second Payment | 549,900 | ||
Liabilities assumed | |||
Accounts payable and accrued liabilities | 7,824 | ||
Current portion of long-term debt | 5,500 | ||
Long-term debt | 760,500 | ||
Other noncurrent liabilities | 13,884 | ||
Total liabilities assumed | 787,708 | ||
Total consideration | $ | 1,964,571 |
2. | ACQUISITION, Continued |
Pro forma (unaudited) | |||
Nine Months Ended September 30, 2017 | |||
Revenue | $ | 1,561,782 | |
Net loss | $ | (35,007 | ) |
Basic and diluted loss per share | $ | (0.45 | ) |
3. | EQUITY METHOD INVESTMENTS |
September 30, 2017 | December 31, 2016 | ||||||
White Cliffs Pipeline, L.L.C. | $ | 269,938 | $ | 281,734 | |||
Glass Mountain Pipeline, LLC | 144,930 | 133,622 | |||||
NGL Energy Partners LP | 18,937 | 18,933 | |||||
Total equity method investments | $ | 433,805 | $ | 434,289 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
White Cliffs Pipeline, L.L.C. | $ | 15,636 | $ | 15,555 | $ | 46,805 | $ | 51,763 | |||||||
Glass Mountain Pipeline, LLC | 1,736 | 328 | 5,402 | 2,037 | |||||||||||
NGL Energy Partners LP(1) | (5 | ) | (38 | ) | 4 | 2,194 | |||||||||
Total earnings from equity method investments | $ | 17,367 | $ | 15,845 | $ | 52,211 | $ | 55,994 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
White Cliffs Pipeline, L.L.C. | $ | 19,847 | $ | 22,733 | $ | 60,552 | $ | 68,495 | |||||||
Glass Mountain Pipeline, LLC | 3,410 | 2,164 | 10,350 | 8,096 | |||||||||||
NGL Energy Partners LP | — | — | — | 4,873 | |||||||||||
Total cash distributions received from equity method investments | $ | 23,257 | $ | 24,897 | $ | 70,902 | $ | 81,464 |
3. | EQUITY METHOD INVESTMENTS, Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 45,445 | $ | 48,331 | $ | 145,288 | $ | 161,973 | |||||||
Cost of products sold, exclusive of depreciation and amortization shown below | $ | (360 | ) | $ | (368 | ) | $ | 8,091 | $ | 2,685 | |||||
Operating, general and administrative expenses | $ | 5,723 | $ | 7,529 | $ | 17,849 | $ | 27,256 | |||||||
Depreciation and amortization expense | $ | 9,154 | $ | 10,367 | $ | 27,619 | $ | 29,414 | |||||||
Net income | $ | 30,928 | $ | 30,801 | $ | 91,688 | $ | 102,623 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 10,079 | $ | 6,793 | $ | 31,593 | $ | 22,263 | |||||||
Cost of products sold, exclusive of depreciation and amortization shown below | $ | (85 | ) | $ | (145 | ) | $ | 1,941 | $ | 300 | |||||
Operating, general and administrative expenses | $ | 2,576 | $ | 2,184 | $ | 6,533 | $ | 5,647 | |||||||
Depreciation and amortization expense | $ | 4,008 | $ | 3,992 | $ | 11,995 | $ | 11,917 | |||||||
Net income | $ | 3,579 | $ | 761 | $ | 11,123 | $ | 4,393 |
3. | EQUITY METHOD INVESTMENTS, Continued |
4. | IMPAIRMENT |
5. | SEGMENTS |
5. | SEGMENTS, Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Crude Transportation | |||||||||||||||
External | $ | 18,824 | $ | 15,947 | $ | 46,822 | $ | 48,786 | |||||||
Intersegment | 8,988 | 6,993 | 22,443 | 19,334 | |||||||||||
Crude Facilities | |||||||||||||||
External | 9,053 | 9,939 | 28,513 | 30,372 | |||||||||||
Intersegment | 2,567 | 2,801 | 7,563 | 8,073 | |||||||||||
Crude Supply and Logistics | |||||||||||||||
External | 339,874 | 165,523 | 928,664 | 485,346 | |||||||||||
HFOTCO | |||||||||||||||
External | 34,675 | — | 34,675 | — | |||||||||||
SemGas | |||||||||||||||
External | 54,095 | 57,824 | 167,605 | 149,544 | |||||||||||
Intersegment | 2,152 | 2,266 | 8,693 | 7,533 | |||||||||||
SemCAMS | |||||||||||||||
External | 39,500 | 36,111 | 136,412 | 100,792 | |||||||||||
SemLogistics | |||||||||||||||
External | 7,009 | 5,668 | 21,505 | 17,980 | |||||||||||
SemMexico | |||||||||||||||
External | 42,893 | 36,752 | 110,916 | 97,172 | |||||||||||
Corporate and Other | |||||||||||||||
Intersegment | (13,708 | ) | (12,060 | ) | (38,700 | ) | (34,940 | ) | |||||||
Total Revenues | $ | 545,922 | $ | 327,764 | $ | 1,475,111 | $ | 929,992 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings from equity method investments: | |||||||||||||||
Crude Transportation | $ | 17,372 | $ | 15,883 | $ | 52,207 | $ | 53,800 | |||||||
Corporate and Other(1) | (5 | ) | (38 | ) | 4 | 2,153 | |||||||||
Total earnings from equity method investments | $ | 17,367 | $ | 15,845 | $ | 52,211 | $ | 55,953 | |||||||
(1) Includes historical earnings from equity method investments including gain (loss) on issuance of common units by equity method investee related to our investment in NGL Energy. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation and amortization: | |||||||||||||||
Crude Transportation | $ | 11,170 | $ | 6,309 | $ | 23,595 | $ | 18,343 | |||||||
Crude Facilities | 2,058 | 1,982 | 6,024 | 5,785 | |||||||||||
Crude Supply and Logistics | 103 | 46 | 243 | 126 | |||||||||||
HFOTCO | 19,300 | — | 19,300 | — | |||||||||||
SemGas | 9,114 | 9,079 | 27,140 | 27,204 |
5. | SEGMENTS, Continued |
SemCAMS | 4,727 | 4,239 | 13,657 | 12,484 | |||||||||||
SemLogistics | 1,967 | 1,880 | 5,683 | 5,823 | |||||||||||
SemMexico | 1,070 | 932 | 3,029 | 2,822 | |||||||||||
Corporate and Other | 626 | 455 | 1,665 | 1,441 | |||||||||||
Total depreciation and amortization | $ | 50,135 | $ | 24,922 | $ | 100,336 | $ | 74,028 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income tax expense (benefit): | |||||||||||||||
HFOTCO | $ | 166 | $ | — | $ | 166 | $ | — | |||||||
SemCAMS | 1,270 | 1,573 | 4,961 | 2,989 | |||||||||||
SemLogistics | (96 | ) | (601 | ) | 657 | (815 | ) | ||||||||
SemMexico | 360 | 349 | 1,102 | 1,150 | |||||||||||
Corporate and Other(1) | (38,949 | ) | 10,577 | (40,415 | ) | (8,175 | ) | ||||||||
Total income tax expense (benefit) | $ | (37,249 | ) | $ | 11,898 | $ | (33,529 | ) | $ | (4,851 | ) | ||||
(1) Corporate and Other includes the impact of intra-period tax allocation. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Segment profit (loss)(1): | |||||||||||||||
Crude Transportation(2) | $ | (14,829 | ) | $ | 19,511 | $ | 20,581 | $ | 63,090 | ||||||
Crude Facilities | 8,497 | 9,679 | 26,336 | 28,637 | |||||||||||
Crude Supply and Logistics | (2,368 | ) | 3,151 | (9,447 | ) | 22,313 | |||||||||
HFOTCO | 25,751 | — | 25,751 | — | |||||||||||
SemGas | 12,915 | 16,196 | 45,318 | 27,508 | |||||||||||
SemCAMS | 11,859 | 13,067 | 38,907 | 31,971 | |||||||||||
SemLogistics | 2,569 | 3,312 | 9,273 | 7,973 | |||||||||||
SemMexico | 2,075 | 2,517 | 5,462 | 6,859 | |||||||||||
Corporate and Other | (19,100 | ) | (10,397 | ) | (36,786 | ) | (24,568 | ) | |||||||
Total segment profit | $ | 27,369 | $ | 57,036 | $ | 125,395 | $ | 163,783 | |||||||
(1) Segment profit (loss) represents revenues excluding unrealized gains (losses) related to commodity derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses, including gains or losses on disposals or impairments. | |||||||||||||||
(2) The nine months ended September 30, 2017, includes a $4.5 million out of period loss on the disposal of right-of-way related to immaterial prior period errors. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of segment profit to net income (loss): | |||||||||||||||
Total segment profit | $ | 27,369 | $ | 57,036 | $ | 125,395 | $ | 163,783 | |||||||
Less: | |||||||||||||||
Net unrealized loss related to commodity derivative instruments | 1,833 | 6,167 | 932 | 6,096 | |||||||||||
Depreciation and amortization | 50,135 | 24,922 | 100,336 | 74,028 |
5. | SEGMENTS, Continued |
Loss on debt extinguishment | — | — | 19,930 | — | |||||||||||
Interest expense | 32,711 | 18,517 | 60,055 | 54,105 | |||||||||||
Foreign currency transaction loss (gain) | (747 | ) | 659 | (1,758 | ) | 3,671 | |||||||||
Loss on sale or impairment of equity method investment | — | — | — | 30,644 | |||||||||||
Other income, net | (211 | ) | (492 | ) | (802 | ) | (1,170 | ) | |||||||
Income tax expense (benefit) | (37,249 | ) | 11,898 | (33,529 | ) | (4,851 | ) | ||||||||
Loss from discontinued operations, net of income taxes | — | — | — | 1 | |||||||||||
Net income (loss) | $ | (19,103 | ) | $ | (4,635 | ) | $ | (19,769 | ) | $ | 1,259 | ||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Total assets (excluding intersegment receivables): | |||||||||||||||
Crude Transportation | $ | 1,181,139 | $ | 1,042,327 | |||||||||||
Crude Facilities | 150,526 | 156,907 | |||||||||||||
Crude Supply and Logistics | 506,486 | 484,475 | |||||||||||||
HFOTCO | 1,967,294 | — | |||||||||||||
SemGas | 722,804 | 683,952 | |||||||||||||
SemCAMS | 461,469 | 379,785 | |||||||||||||
SemLogistics | 151,083 | 135,387 | |||||||||||||
SemMexico | 88,383 | 75,440 | |||||||||||||
Corporate and Other | 135,741 | 116,699 | |||||||||||||
Total | $ | 5,364,925 | $ | 3,074,972 | |||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Equity investments: | |||||||||||||||
Crude Transportation | $ | 414,868 | $ | 415,356 | |||||||||||
Corporate and Other | 18,937 | 18,933 | |||||||||||||
Total equity investments | $ | 433,805 | $ | 434,289 |
6. | INVENTORIES |
September 30, 2017 | December 31, 2016 | ||||||
Crude oil | $ | 118,577 | $ | 89,683 | |||
Asphalt and other | 10,056 | 9,551 | |||||
Total inventories | $ | 128,633 | $ | 99,234 |
7. | FINANCIAL INSTRUMENTS |
September 30, 2017 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total - Net | |||||||||||||||
Assets: | |||||||||||||||||||
Commodity derivatives (2) | $ | 1,397 | $ | — | $ | — | $ | (1,397 | ) | $ | — | ||||||||
Total assets | $ | 1,397 | $ | — | $ | — | $ | (1,397 | ) | $ | — | ||||||||
Liabilities: | |||||||||||||||||||
Commodity derivatives | $ | 3,657 | $ | — | $ | — | $ | (1,397 | ) | $ | 2,260 | ||||||||
Interest rate swaps | — | — | 2,657 | — | 2,657 | ||||||||||||||
Total liabilities | $ | 3,657 | $ | — | $ | 2,657 | $ | (1,397 | ) | $ | 4,917 | ||||||||
Net assets (liabilities) at fair value | $ | (2,260 | ) | $ | — | $ | (2,657 | ) | $ | — | $ | (4,917 | ) | ||||||
December 31, 2016 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total - Net | |||||||||||||||
Assets: | |||||||||||||||||||
Commodity derivatives (2) | $ | 68 | $ | — | $ | — | $ | (68 | ) | $ | — | ||||||||
Total assets | $ | 68 | $ | — | $ | — | $ | (68 | ) | $ | — | ||||||||
Liabilities: | |||||||||||||||||||
Commodity derivatives | $ | 1,396 | $ | — | $ | — | $ | (68 | ) | $ | 1,328 | ||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||
Total liabilities | $ | 1,396 | $ | — | $ | — | $ | (68 | ) | $ | 1,328 | ||||||||
Net assets (liabilities) at fair value | $ | (1,328 | ) | $ | — | $ | — | $ | — | $ | (1,328 | ) |
7. | FINANCIAL INSTRUMENTS, Continued |
Three and Nine Months Ended September 30, 2017 | |||
Net liabilities - beginning balance | $ | — | |
Interest rate swaps acquired through acquisition (Note 2) | 3,275 | ||
Transfers out of Level 3 | — | ||
Total gain (realized and unrealized) included in earnings* | (618 | ) | |
Settlements | — | ||
Net liabilities - ending balance | $ | 2,657 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Sales | 3,386 | 7,508 | 9,980 | 23,818 | |||||||
Purchases | 2,820 | 7,448 | 9,772 | 23,701 |
7. | FINANCIAL INSTRUMENTS, Continued |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Commodity contracts | $ | — | $ | 2,260 | $ | — | $ | 1,328 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Commodity contracts | $ | (3,897 | ) | $ | 2,777 | $ | 4,886 | $ | (996 | ) |
8. | INCOME TAXES |
9. | LONG-TERM DEBT |
Interest rate at September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||
Senior unsecured notes due 2021 | 7.500% | $ | — | $ | 300,000 | ||||
Senior unsecured notes due 2022 | 5.625% | 400,000 | 400,000 | ||||||
Senior unsecured notes due 2023 | 5.625% | 350,000 | 350,000 | ||||||
Senior unsecured notes due 2025 | 6.375% | 325,000 | — | ||||||
Senior unsecured notes due 2026 | 7.250% | 300,000 | — | ||||||
SemGroup $1.0 billion corporate revolving credit facility (1) | |||||||||
Alternate base rate borrowings | 5.500% | 222,000 | 20,000 | ||||||
Eurodollar borrowings | 3.567% | 110,000 | — | ||||||
Second Payment (2) | 8.000% | 555,644 | — | ||||||
HFOTCO term loan B (3) | 4.800% | 533,500 | — | ||||||
HFOTCO tax exempt notes payable due 2050 | 2.266% | 225,000 | — | ||||||
HFOTCO $75 million revolving credit facility (4) | 6.500% | 25,000 | — | ||||||
SemMexico revolving credit facility (5) | 8.879% | — | — | ||||||
Capital leases | 32 | 51 | |||||||
Unamortized premium (discount) and debt issuance costs, net | (31,218 | ) | (19,107 | ) | |||||
Total long-term debt, net | 3,014,958 | 1,050,944 | |||||||
Less: current portion of long-term debt | 5,529 | 26 |
9. | LONG-TERM DEBT, Continued |
Noncurrent portion of long-term debt, net | $ | 3,009,429 | $ | 1,050,918 |
(1) | SemGroup $1.0 billion corporate revolving credit facility matures on May 15, 2021. |
(2) | Second Payment was discounted to $549.9 million fair value at the HFOTCO acquisition date based on expected timing of payments and an 8% discount rate. See Note 2 for additional information. |
(3) | HFOTCO term loan B is due in quarterly installments of $1.4 million with a final payment due on August 19, 2021. |
(4) | HFOTCO $75 million revolving credit facility matures on August 19, 2019. |
(5) | SemMexico revolving credit facility has a borrowing capacity of $70 million pesos ($3.8 million USD at September 30, 2017 exchange rate). |
9. | LONG-TERM DEBT, Continued |
2025 Notes | ||
Year | Percentage | |
2020 | 103.188% | |
2021 | 101.594% | |
2022 and thereafter | 100.000% | |
2026 Notes | ||
Year | Percentage | |
2021 | 103.625% | |
2022 | 101.813% | |
2023 and thereafter | 100.000% |
9. | LONG-TERM DEBT, Continued |
SemGroup $1.0 billion revolving credit facility | 2.25% | $ | 39,385 | |
Secured bi-lateral (1) | 1.75% | $ | 51,142 | |
SemMexico (2) | 0.28% | $ | 16,000 |
10. | COMMITMENTS AND CONTINGENCIES |
10. | COMMITMENTS AND CONTINGENCIES, Continued |
Volume (Barrels) | Value | |||||
Fixed price purchases | 4,908 | $ | 239,789 | |||
Fixed price sales | 6,312 | $ | 308,997 | |||
Floating price purchases | 11,788 | $ | 589,050 | |||
Floating price sales | 17,052 | $ | 698,652 |
For year ending: | |||
December 31, 2017 | $ | 3,156 | |
December 31, 2018 | 10,552 | ||
December 31, 2019 | 9,567 | ||
December 31, 2020 | 8,864 | ||
December 31, 2021 | 7,175 | ||
Thereafter | 9,544 | ||
Total expected future payments | $ | 48,858 |
10. | COMMITMENTS AND CONTINGENCIES, Continued |
For year ending: | |||
December 31, 2017 | $ | 12,100 | |
December 31, 2018 | 12,337 | ||
December 31, 2019 | 12,593 | ||
December 31, 2020 | 12,848 | ||
December 31, 2021 | 13,103 | ||
Thereafter | 26,992 | ||
Total expected future payments | $ | 89,973 |
11. | EQUITY |
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Owners’ Equity | |||||||||||||
Balance at December 31, 2016 | $ | 659 | $ | 1,561,695 | $ | (6,558 | ) | $ | (35,917 | ) | $ | (73,914 | ) | $ | 1,445,965 | |||
Adoption of ASU 2016-09 | — | (1,650 | ) | — | 2,133 | — | 483 | |||||||||||
Net loss | — | — | — | (19,769 | ) | — | (19,769 | ) | ||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 24,215 | 24,215 | ||||||||||||
Dividends paid | — | (94,714 | ) | — | — | — | (94,714 | ) | ||||||||||
Unvested dividend equivalent rights | — | (818 | ) | — | — | — | (818 | ) | ||||||||||
Non-cash equity compensation | — | 8,377 | — | — | — | 8,377 | ||||||||||||
Issuance of common stock | 124 | 330,217 | — | — | — | 330,341 | ||||||||||||
Issuance of common stock under compensation plans | 2 | 1,170 | — | — | — | 1,172 | ||||||||||||
Repurchase of common stock | — | — | (1,361 | ) | — | — | (1,361 | ) | ||||||||||
Balance at September 30, 2017 | $ | 785 | $ | 1,804,277 | $ | (7,919 | ) | $ | (53,553 | ) | $ | (49,699 | ) | $ | 1,693,891 |
11. | EQUITY, Continued |
Currency Translation | Employee Benefit Plans | Total | |||||||||
Balance at December 31, 2016 | $ | (71,425 | ) | $ | (2,489 | ) | $ | (73,914 | ) | ||
Currency translation adjustment, net of income tax expense of $14,735 | 24,170 | — | 24,170 | ||||||||
Changes related to benefit plans, net of income tax expense of $17 | — | 45 | 45 | ||||||||
Balance at September 30, 2017 | $ | (47,255 | ) | $ | (2,444 | ) | $ | (49,699 | ) |
Quarter Ending | Dividend Per Share | Date of Record | Date Paid | |||||
March 31, 2016 | $ | 0.45 | March 7, 2016 | March 17, 2016 | ||||
June 30, 2016 | $ | 0.45 | May 16, 2016 | May 26, 2016 | ||||
September 30, 2016 | $ | 0.45 | August 15, 2016 | August 25, 2016 | ||||
December 31, 2016 | $ | 0.45 | November 18, 2016 | November 28, 2016 | ||||
March 31, 2017 | $ | 0.45 | March 7, 2017 | March 17, 2017 | ||||
June 30, 2017 | $ | 0.45 | May 15, 2017 | May 26, 2017 | ||||
September 30, 2017 | $ | 0.45 | August 18, 2017 | August 28, 2017 | ||||
December 31, 2107 | $ | 0.45 | November 20, 2017 | December 1, 2017 |
12. | EARNINGS PER SHARE |
12. | EARNINGS PER SHARE, Continued |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Net | Continuing Operations | Discontinued Operations | Net | ||||||||||||||||||
Income (loss) | $ | (19,103 | ) | $ | — | $ | (19,103 | ) | $ | (4,635 | ) | $ | — | $ | (4,635 | ) | |||||||
less: Income attributable to noncontrolling interests | — | — | — | 225 | — | 225 | |||||||||||||||||
Net loss attributable to SemGroup | $ | (19,103 | ) | $ | — | $ | (19,103 | ) | $ | (4,860 | ) | $ | — | $ | (4,860 | ) | |||||||
Weighted average common stock outstanding | 75,974 | 75,974 | 75,974 | 52,642 | 52,642 | 52,642 | |||||||||||||||||
Basic loss per share | $ | (0.25 | ) | $ | — | $ | (0.25 | ) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Net | Continuing Operations | Discontinued Operations | Net | ||||||||||||||||||
Income (loss) | $ | (19,769 | ) | $ | — | $ | (19,769 | ) | $ | 1,260 | $ | (1 | ) | $ | 1,259 | ||||||||
less: Income attributable to noncontrolling interests | — | — | — | 11,167 | — | 11,167 | |||||||||||||||||
Net loss attributable to SemGroup | $ | (19,769 | ) | $ | — | $ | (19,769 | ) | $ | (9,907 | ) | $ | (1 | ) | $ | (9,908 | ) | ||||||
Weighted average common stock outstanding | 69,149 | 69,149 | 69,149 | 47,269 | 47,269 | 47,269 | |||||||||||||||||
Basic loss per share | $ | (0.29 | ) | $ | — | $ | (0.29 | ) | $ | (0.21 | ) | $ | — | $ | (0.21 | ) |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Net | Continuing Operations | Discontinued Operations | Net | ||||||||||||||||||
Income (loss) | $ | (19,103 | ) | $ | — | $ | (19,103 | ) | $ | (4,635 | ) | $ | — | $ | (4,635 | ) | |||||||
less: Income attributable to noncontrolling interests | — | — | — | 225 | — | 225 | |||||||||||||||||
Net loss attributable to SemGroup | $ | (19,103 | ) | $ | — | $ | (19,103 | ) | $ | (4,860 | ) | $ | — | $ | (4,860 | ) | |||||||
Weighted average common stock outstanding | 75,974 | 75,974 | 75,974 | 52,642 | 52,642 | 52,642 | |||||||||||||||||
Effect of dilutive securities | — | — | — | — | — | — | |||||||||||||||||
Diluted weighted average common stock outstanding | 75,974 | 75,974 | 75,974 | 52,642 | 52,642 | 52,642 | |||||||||||||||||
Diluted loss per share | $ | (0.25 | ) | $ | — | $ | (0.25 | ) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) |
12. | EARNINGS PER SHARE, Continued |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Net | Continuing Operations | Discontinued Operations | Net | ||||||||||||||||||
Income (loss) | $ | (19,769 | ) | $ | — | $ | (19,769 | ) | $ | 1,260 | $ | (1 | ) | $ | 1,259 | ||||||||
less: Income attributable to noncontrolling interests | — | — | — | 11,167 | — | 11,167 | |||||||||||||||||
Net loss attributable to SemGroup | $ | (19,769 | ) | $ | — | $ | (19,769 | ) | $ | (9,907 | ) | $ | (1 | ) | $ | (9,908 | ) | ||||||
Weighted average common stock outstanding | 69,149 | 69,149 | 69,149 | 47,269 | 47,269 | 47,269 | |||||||||||||||||
Effect of dilutive securities | — | — | — | — | — | — | |||||||||||||||||
Diluted weighted average common stock outstanding | 69,149 | 69,149 | 69,149 | 47,269 | 47,269 | 47,269 | |||||||||||||||||
Diluted loss per share | $ | (0.29 | ) | $ | — | $ | (0.29 | ) | $ | (0.21 | ) | $ | — | $ | (0.21 | ) |
13. | SUPPLEMENTAL CASH FLOW INFORMATION |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Decrease (increase) in restricted cash | $ | 28 | $ | 32 | |||
Decrease (increase) in accounts receivable | (36,203 | ) | (4,245 | ) | |||
Decrease (increase) in receivable from affiliates | 19,924 | 1,372 | |||||
Decrease (increase) in inventories | (28,297 | ) | (14,397 | ) | |||
Decrease (increase) in derivatives and margin deposits | (500 | ) | 85 | ||||
Decrease (increase) in other current assets | (2,909 | ) | 2,402 | ||||
Decrease (increase) in other assets | (17,723 | ) | 63 | ||||
Increase (decrease) in accounts payable and accrued liabilities | 57,073 | 22,138 | |||||
Increase (decrease) in payable to affiliates | (21,631 | ) | 758 | ||||
Increase (decrease) in other noncurrent liabilities | 7,370 | (1,311 | ) | ||||
$ | (22,868 | ) | $ | 6,897 |
14. | RELATED PARTY TRANSACTIONS |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
NGL Energy | |||||||||||||||
Revenues | $ | 15,652 | $ | 12,291 | $ | 40,368 | $ | 29,123 | |||||||
Purchases | $ | 12,414 | $ | 13,849 | $ | 29,562 | $ | 27,045 | |||||||
White Cliffs | |||||||||||||||
Crude oil revenues | $ | — | $ | 220 | $ | 436 | $ | 220 | |||||||
Storage revenues | $ | 1,087 | $ | 1,088 | $ | 3,263 | $ | 3,264 | |||||||
Transportation fees | $ | 3,111 | $ | 2,704 | $ | 8,152 | $ | 7,929 | |||||||
Management fees | $ | 133 | $ | 127 | $ | 387 | $ | 369 | |||||||
Crude oil purchases | $ | — | $ | 375 | $ | 8,616 | $ | 3,920 | |||||||
Glass Mountain | |||||||||||||||
Transportation fees | $ | 1,765 | $ | 1,886 | $ | 6,251 | $ | 5,625 | |||||||
Management fees | $ | 204 | $ | 198 | $ | 612 | $ | 594 | |||||||
Crude oil purchases | $ | — | $ | — | $ | 3,911 | $ | 385 |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
September 30, 2017 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 24,597 | $ | — | $ | 47,411 | $ | (3,995 | ) | $ | 68,013 | |||||||||
Accounts receivable, net | 4,246 | 367,661 | 102,888 | — | 474,795 | |||||||||||||||
Receivable from affiliates | 40 | 5,211 | 280 | — | 5,531 | |||||||||||||||
Inventories | — | 118,614 | 10,019 | — | 128,633 | |||||||||||||||
Other current assets | 5,256 | 8,853 | 7,813 | — | 21,922 | |||||||||||||||
Total current assets | 34,139 | 500,339 | 168,411 | (3,995 | ) | 698,894 | ||||||||||||||
Property, plant and equipment, net | 8,193 | 998,305 | 2,387,537 | — | 3,394,035 | |||||||||||||||
Equity method investments | 3,289,043 | 1,119,061 | — | (3,974,299 | ) | 433,805 | ||||||||||||||
Goodwill | — | — | 262,059 | — | 262,059 | |||||||||||||||
Other intangible assets, net | 11 | 129,833 | 283,886 | — | 413,730 | |||||||||||||||
Other noncurrent assets | 68,454 | 2,666 | 91,282 | — | 162,402 | |||||||||||||||
Total assets | $ | 3,399,840 | $ | 2,750,204 | $ | 3,193,175 | $ | (3,978,294 | ) | $ | 5,364,925 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 680 | $ | 388,927 | $ | 45,985 | $ | — | $ | 435,592 | ||||||||||
Payable to affiliates | — | 4,877 | — | — | 4,877 | |||||||||||||||
Accrued liabilities | 26,898 | 30,852 | 48,295 | — | 106,045 | |||||||||||||||
Other current liabilities | 1,707 | 5,918 | 11,376 | — | 19,001 | |||||||||||||||
Total current liabilities | 29,285 | 430,574 | 105,656 | — | 565,515 | |||||||||||||||
Long-term debt, net | 1,674,663 | 6,644 | 1,351,263 | (23,141 | ) | 3,009,429 | ||||||||||||||
Deferred income taxes | — | — | 57,476 | — | 57,476 | |||||||||||||||
Other noncurrent liabilities | 2,001 | — | 36,613 | — | 38,614 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total owners’ equity | 1,693,891 | 2,312,986 | 1,642,167 | (3,955,153 | ) | 1,693,891 | ||||||||||||||
Total liabilities and owners’ equity | $ | 3,399,840 | $ | 2,750,204 | $ | 3,193,175 | $ | (3,978,294 | ) | $ | 5,364,925 |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
December 31, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,002 | $ | — | $ | 59,796 | $ | (4,582 | ) | $ | 74,216 | |||||||||
Accounts receivable, net | — | 361,160 | 57,179 | — | 418,339 | |||||||||||||||
Receivable from affiliates | 27 | 25,244 | 184 | — | 25,455 | |||||||||||||||
Inventories | — | 89,638 | 9,596 | — | 99,234 | |||||||||||||||
Other current assets | 8,986 | 5,760 | 3,887 | (3 | ) | 18,630 | ||||||||||||||
Total current assets | 28,015 | 481,802 | 130,642 | (4,585 | ) | 635,874 | ||||||||||||||
Property, plant and equipment, net | 5,621 | 970,079 | 786,372 | — | 1,762,072 | |||||||||||||||
Equity method investments | 2,454,118 | 940,696 | — | (2,960,525 | ) | 434,289 | ||||||||||||||
Goodwill | — | 26,628 | 7,602 | — | 34,230 | |||||||||||||||
Other intangible assets, net | 15 | 149,669 | 1,294 | — | 150,978 | |||||||||||||||
Other noncurrent assets | 54,155 | 2,080 | 1,294 | — | 57,529 | |||||||||||||||
Total assets | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 | |||||||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 674 | $ | 348,297 | $ | 18,336 | $ | — | $ | 367,307 | ||||||||||
Payable to affiliates | — | 26,508 | — | — | 26,508 | |||||||||||||||
Accrued liabilities | 25,078 | 23,423 | 32,603 | — | 81,104 | |||||||||||||||
Other current liabilities | 889 | 5,108 | 7,439 | — | 13,436 | |||||||||||||||
Total current liabilities | 26,641 | 403,336 | 58,378 | — | 488,355 | |||||||||||||||
Long-term debt, net | 1,050,893 | 6,142 | 16,500 | (22,617 | ) | 1,050,918 | ||||||||||||||
Deferred income taxes | 16,119 | — | 48,382 | — | 64,501 | |||||||||||||||
Other noncurrent liabilities | 2,306 | — | 22,927 | — | 25,233 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Total owners’ equity | 1,445,965 | 2,161,476 | 781,017 | (2,942,493 | ) | 1,445,965 | ||||||||||||||
Total liabilities and owners’ equity | $ | 2,541,924 | $ | 2,570,954 | $ | 927,204 | $ | (2,965,110 | ) | $ | 3,074,972 |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Product | $ | — | $ | 381,228 | $ | 42,303 | $ | — | $ | 423,531 | |||||||||
Service | — | 34,812 | 70,475 | — | 105,287 | ||||||||||||||
Lease | — | — | 2,646 | — | 2,646 | ||||||||||||||
Other | — | — | 14,458 | — | 14,458 | ||||||||||||||
Total revenues | — | 416,040 | 129,882 | — | 545,922 | ||||||||||||||
Expenses: | |||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 361,675 | 36,577 | — | 398,252 | ||||||||||||||
Operating | — | 28,752 | 33,914 | — | 62,666 | ||||||||||||||
General and administrative | 18,970 | 5,833 | 10,407 | — | 35,210 | ||||||||||||||
Depreciation and amortization | 610 | 17,580 | 31,945 | — | 50,135 | ||||||||||||||
Loss on disposal or impairment, net | — | 40,161 | 1,464 | — | 41,625 | ||||||||||||||
Total expenses | 19,580 | 454,001 | 114,307 | — | 587,888 | ||||||||||||||
Earnings (loss) from equity method investments | (26,856 | ) | 19,380 | — | 24,843 | 17,367 | |||||||||||||
Operating income (loss) | (46,436 | ) | (18,581 | ) | 15,575 | 24,843 | (24,599 | ) | |||||||||||
Other expenses (income), net: | |||||||||||||||||||
Interest expense | 12,418 | 9,854 | 10,656 | (217 | ) | 32,711 | |||||||||||||
Foreign currency transaction gain | — | — | (747 | ) | — | (747 | ) | ||||||||||||
Other income, net | (225 | ) | (8 | ) | (195 | ) | 217 | (211 | ) | ||||||||||
Total other expenses, net | 12,193 | 9,846 | 9,714 | — | 31,753 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (58,629 | ) | (28,427 | ) | 5,861 | 24,843 | (56,352 | ) | |||||||||||
Income tax expense (benefit) | (39,526 | ) | — | 2,277 | — | (37,249 | ) | ||||||||||||
Net income (loss) | $ | (19,103 | ) | $ | (28,427 | ) | $ | 3,584 | $ | 24,843 | $ | (19,103 | ) | ||||||
Net income (loss) | $ | (19,103 | ) | $ | (28,427 | ) | $ | 3,584 | $ | 24,843 | $ | (19,103 | ) | ||||||
Other comprehensive income (loss), net of income taxes | (5,346 | ) | (193 | ) | 14,769 | — | 9,230 | ||||||||||||
Comprehensive income (loss) | $ | (24,449 | ) | $ | (28,620 | ) | $ | 18,353 | $ | 24,843 | $ | (9,873 | ) |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Product | $ | — | $ | 209,835 | $ | 36,085 | $ | — | $ | 245,920 | |||||||||
Service | — | 39,398 | 26,676 | — | 66,074 | ||||||||||||||
Other | — | — | 15,770 | — | 15,770 | ||||||||||||||
Total revenues | — | 249,233 | 78,531 | — | 327,764 | ||||||||||||||
Expenses: | |||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 188,329 | 30,174 | — | 218,503 | ||||||||||||||
Operating | — | 29,212 | 23,424 | — | 52,636 | ||||||||||||||
General and administrative | 4,576 | 9,557 | 6,450 | — | 20,583 | ||||||||||||||
Depreciation and amortization | 439 | 17,384 | 7,099 | — | 24,922 | ||||||||||||||
Loss on disposal or impairment, net | — | 1,018 | — | — | 1,018 | ||||||||||||||
Total expenses | 5,015 | 245,500 | 67,147 | — | 317,662 | ||||||||||||||
Earnings from equity method investments | 6,090 | 19,657 | — | (9,902 | ) | 15,845 | |||||||||||||
Operating income | 1,075 | 23,390 | 11,384 | (9,902 | ) | 25,947 | |||||||||||||
Other expenses (income), net: | |||||||||||||||||||
Interest expense (income) | (3,672 | ) | 23,060 | (632 | ) | (239 | ) | 18,517 | |||||||||||
Foreign currency transaction loss (gain) | — | (18 | ) | 677 | — | 659 | |||||||||||||
Other expense (income), net | (372 | ) | 63 | (422 | ) | 239 | (492 | ) | |||||||||||
Total other expense (income), net | (4,044 | ) | 23,105 | (377 | ) | — | 18,684 | ||||||||||||
Income from continuing operations before income taxes | 5,119 | 285 | 11,761 | (9,902 | ) | 7,263 | |||||||||||||
Income tax expense | 9,979 | — | 1,919 | — | 11,898 | ||||||||||||||
Net income (loss) | (4,860 | ) | 285 | 9,842 | (9,902 | ) | (4,635 | ) | |||||||||||
Less: net income attributable to noncontrolling interests | — | 225 | — | — | 225 | ||||||||||||||
Net income (loss) attributable to SemGroup | $ | (4,860 | ) | $ | 60 | $ | 9,842 | $ | (9,902 | ) | $ | (4,860 | ) | ||||||
Net income (loss) | $ | (4,860 | ) | $ | 285 | $ | 9,842 | $ | (9,902 | ) | $ | (4,635 | ) | ||||||
Other comprehensive income (loss), net of income taxes | 3,711 | 208 | (10,970 | ) | — | (7,051 | ) | ||||||||||||
Comprehensive income (loss) | (1,149 | ) | 493 | (1,128 | ) | (9,902 | ) | (11,686 | ) | ||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 225 | — | — | 225 | ||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (1,149 | ) | $ | 268 | $ | (1,128 | ) | $ | (9,902 | ) | $ | (11,911 | ) |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Product | $ | — | $ | 1,055,387 | $ | 109,511 | $ | — | $ | 1,164,898 | |||||||||
Service | — | 110,411 | 151,556 | — | 261,967 | ||||||||||||||
Lease | — | — | 2,646 | — | 2,646 | ||||||||||||||
Other | — | — | 45,600 | — | 45,600 | ||||||||||||||
Total revenues | — | 1,165,798 | 309,313 | — | 1,475,111 | ||||||||||||||
Expenses: | |||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 993,838 | 93,519 | — | 1,087,357 | ||||||||||||||
Operating | — | 84,886 | 103,209 | — | 188,095 | ||||||||||||||
General and administrative | 35,513 | 21,206 | 26,887 | — | 83,606 | ||||||||||||||
Depreciation and amortization | 1,613 | 52,077 | 46,646 | — | 100,336 | ||||||||||||||
Loss on disposal of long-lived assets, net | — | 42,125 | 1,676 | — | 43,801 | ||||||||||||||
Total expenses | 37,126 | 1,194,132 | 271,937 | — | 1,503,195 | ||||||||||||||
Earnings (loss) from equity method investments | 17,435 | 57,015 | — | (22,239 | ) | 52,211 | |||||||||||||
Operating income (loss) | (19,691 | ) | 28,681 | 37,376 | (22,239 | ) | 24,127 | ||||||||||||
Other expenses (income), net: | |||||||||||||||||||
Interest expense | 23,009 | 28,272 | 9,391 | (617 | ) | 60,055 | |||||||||||||
Loss on early extinguishment of debt | 19,930 | — | — | — | 19,930 | ||||||||||||||
Foreign currency transaction gain | — | — | (1,758 | ) | — | (1,758 | ) | ||||||||||||
Other income, net | (669 | ) | (13 | ) | (737 | ) | 617 | (802 | ) | ||||||||||
Total other expenses, net | 42,270 | 28,259 | 6,896 | — | 77,425 | ||||||||||||||
Income (loss) from continuing operations before income taxes | (61,961 | ) | 422 | 30,480 | (22,239 | ) | (53,298 | ) | |||||||||||
Income tax expense (benefit) | (42,192 | ) | — | 8,663 | — | (33,529 | ) | ||||||||||||
Net income (loss) | $ | (19,769 | ) | $ | 422 | $ | 21,817 | $ | (22,239 | ) | $ | (19,769 | ) | ||||||
Net income (loss) | $ | (19,769 | ) | $ | 422 | $ | 21,817 | $ | (22,239 | ) | $ | (19,769 | ) | ||||||
Other comprehensive income (loss), net of income taxes | (14,296 | ) | (523 | ) | 39,034 | — | 24,215 | ||||||||||||
Comprehensive income (loss) | $ | (34,065 | ) | $ | (101 | ) | $ | 60,851 | $ | (22,239 | ) | $ | 4,446 |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Product | $ | — | $ | 597,638 | $ | 95,304 | $ | — | $ | 692,942 | |||||||||
Service | — | 116,410 | 75,937 | — | 192,347 | ||||||||||||||
Other | — | — | 44,703 | — | 44,703 | ||||||||||||||
Total revenues | — | 714,048 | 215,944 | — | 929,992 | ||||||||||||||
Expenses: | |||||||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 514,996 | 77,296 | — | 592,292 | ||||||||||||||
Operating | — | 87,232 | 70,305 | — | 157,537 | ||||||||||||||
General and administrative | 15,230 | 24,512 | 22,677 | — | 62,419 | ||||||||||||||
Depreciation and amortization | 1,212 | 51,543 | 21,273 | — | 74,028 | ||||||||||||||
Loss (gain) on disposal or impairment, net | — | 16,077 | (67 | ) | — | 16,010 | |||||||||||||
Total expenses | 16,442 | 694,360 | 191,484 | — | 902,286 | ||||||||||||||
Earnings from equity method investments | 20,050 | 60,341 | — | (24,397 | ) | 55,994 | |||||||||||||
Loss on issuance of common units by equity method investee | (41 | ) | — | — | — | (41 | ) | ||||||||||||
Operating income | 3,567 | 80,029 | 24,460 | (24,397 | ) | 83,659 | |||||||||||||
Other expenses (income), net: | |||||||||||||||||||
Interest expense (income) | (6,583 | ) | 64,267 | (2,867 | ) | (712 | ) | 54,105 | |||||||||||
Foreign currency transaction loss (gain) | — | (18 | ) | 3,689 | — | 3,671 | |||||||||||||
Loss on sale of equity method investment | 30,644 | — | — | — | 30,644 | ||||||||||||||
Other expense (income), net | (859 | ) | 63 | (1,086 | ) | 712 | (1,170 | ) | |||||||||||
Total other expense (income), net | 23,202 | 64,312 | (264 | ) | — | 87,250 | |||||||||||||
Income (loss) from continuing operations before income taxes | (19,635 | ) | 15,717 | 24,724 | (24,397 | ) | (3,591 | ) | |||||||||||
Income tax expense (benefit) | (9,727 | ) | — | 4,876 | — | (4,851 | ) | ||||||||||||
Income (loss) from continuing operations | (9,908 | ) | 15,717 | 19,848 | (24,397 | ) | 1,260 | ||||||||||||
Loss from discontinued operations, net of income taxes | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Net income (loss) | (9,908 | ) | 15,717 | 19,847 | (24,397 | ) | 1,259 | ||||||||||||
Less: net income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | ||||||||||||||
Net income (loss) attributable to SemGroup | $ | (9,908 | ) | $ | 4,550 | $ | 19,847 | $ | (24,397 | ) | $ | (9,908 | ) | ||||||
Net income (loss) | (9,908 | ) | 15,717 | 19,847 | (24,397 | ) | 1,259 | ||||||||||||
Other comprehensive income (loss), net of income taxes | 1,725 | 909 | (7,203 | ) | — | (4,569 | ) | ||||||||||||
Comprehensive income (loss) | (8,183 | ) | 16,626 | 12,644 | (24,397 | ) | (3,310 | ) | |||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | 11,167 | — | — | 11,167 | ||||||||||||||
Comprehensive income (loss) attributable to SemGroup | $ | (8,183 | ) | $ | 5,459 | $ | 12,644 | $ | (24,397 | ) | $ | (14,477 | ) |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | (43,276 | ) | $ | 99,519 | $ | 36,174 | $ | — | $ | 92,417 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (4,181 | ) | (91,890 | ) | (250,133 | ) | — | (346,204 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | 15,530 | 1,108 | — | 16,638 | |||||||||||||||
Contributions to equity method investments | — | (18,808 | ) | — | — | (18,808 | ) | |||||||||||||
Payments to acquire businesses | — | — | (293,039 | ) | — | (293,039 | ) | |||||||||||||
Distributions in excess of equity in earnings of affiliates | — | 19,296 | — | — | 19,296 | |||||||||||||||
Net cash provided used in investing activities | (4,181 | ) | (75,872 | ) | (542,064 | ) | — | (622,117 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (10,839 | ) | — | — | — | (10,839 | ) | |||||||||||||
Borrowings on credit facilities and issuance of senior notes, net of discount | 1,333,377 | — | 20,000 | — | 1,353,377 | |||||||||||||||
Principal payments on credit facilities and other obligations | (710,547 | ) | (19 | ) | (1,375 | ) | — | (711,941 | ) | |||||||||||
Debt extinguishment costs | (16,293 | ) | — | — | — | (16,293 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (1,361 | ) | — | — | — | (1,361 | ) | |||||||||||||
Dividends paid | (94,714 | ) | — | — | — | (94,714 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 796 | — | — | — | 796 | |||||||||||||||
Intercompany borrowings (advances), net | (447,367 | ) | (23,628 | ) | 470,408 | 587 | — | |||||||||||||
Net cash provided by (used in) financing activities | 53,052 | (23,647 | ) | 489,033 | 587 | 519,025 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 4,472 | — | 4,472 | |||||||||||||||
Change in cash and cash equivalents | 5,595 | — | (12,385 | ) | 587 | (6,203 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 19,002 | — | 59,796 | (4,582 | ) | 74,216 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 24,597 | $ | — | $ | 47,411 | $ | (3,995 | ) | $ | 68,013 |
15. | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS, Continued |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Consolidating Adjustments | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 53,460 | $ | 52,620 | $ | 59,781 | $ | (25,757 | ) | $ | 140,104 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,939 | ) | (40,043 | ) | (161,794 | ) | — | (203,776 | ) | |||||||||||
Proceeds from sale of long-lived assets | — | — | 98 | — | 98 | |||||||||||||||
Contributions to equity method investments | — | (3,756 | ) | — | — | (3,756 | ) | |||||||||||||
Proceeds from sale of common units of equity method investee | 60,483 | — | — | — | 60,483 | |||||||||||||||
Distributions in excess of equity in earnings of affiliates | 33,065 | 22,792 | — | (33,065 | ) | 22,792 | ||||||||||||||
Net cash provided by (used in) investing activities | 91,609 | (21,007 | ) | (161,696 | ) | (33,065 | ) | (124,159 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Debt issuance costs | (7,459 | ) | — | — | — | (7,459 | ) | |||||||||||||
Borrowings on credit facilities | 118,000 | 244,500 | — | — | 362,500 | |||||||||||||||
Principal payments on credit facilities and other obligations | (149,469 | ) | (244,525 | ) | — | — | (393,994 | ) | ||||||||||||
Proceeds from issuance of common units, net of offering costs | 223,739 | — | — | — | 223,739 | |||||||||||||||
Distributions to noncontrolling interests | — | (32,133 | ) | — | — | (32,133 | ) | |||||||||||||
Repurchase of common stock for payment of statutory taxes due on equity-based compensation | (945 | ) | — | — | — | (945 | ) | |||||||||||||
Dividends paid | (63,338 | ) | — | — | — | (63,338 | ) | |||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 774 | — | — | — | 774 | |||||||||||||||
Intercompany borrowing (advances), net | (172,495 | ) | (8,531 | ) | 122,672 | 58,354 | — | |||||||||||||
Net cash provided by (used in) financing activities | (51,193 | ) | (40,689 | ) | 122,672 | 58,354 | 89,144 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 18 | 545 | — | 563 | |||||||||||||||
Change in cash and cash equivalents | 93,876 | (9,058 | ) | 21,302 | (468 | ) | 105,652 | |||||||||||||
Cash and cash equivalents at beginning of period | 4,559 | 9,058 | 46,043 | (1,564 | ) | 58,096 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 98,435 | $ | — | $ | 67,345 | $ | (2,032 | ) | $ | 163,748 |
16. | SUBSEQUENT EVENT |
• | Crude Transportation operates crude oil pipelines and truck transportation businesses in the U.S. Crude Transportation’s assets include: |
• | a 450-mile crude oil gathering and transportation pipeline system with over 720,000 barrels of associated storage capacity in Kansas and northern Oklahoma that is connected to several third-party pipelines and refineries; |
• | the Wattenberg Oil Trunkline (“WOT”), a 75-mile, 12-inch diameter crude oil gathering pipeline system that transports crude oil from production facilities in the DJ Basin to the pipeline owned by White Cliffs Pipeline, L.L.C. (“White Cliffs”). The WOT also has 360,000 barrels of operational storage; |
• | a crude oil trucking fleet of approximately 245 transport trucks and approximately 245 trailers; |
• | Maurepas Pipeline, consisting of three pipelines, with an approximate total of 106 miles, that service refineries in the Gulf Coast region (the “Maurepas Pipeline”); |
• | a 51% ownership interest in White Cliffs, which owns a 527-mile pipeline, consisting of two parallel 12-inch common carrier, crude oil pipelines, that transports crude oil from Platteville, Colorado to Cushing, Oklahoma (the “White Cliffs Pipeline”) that we operate; and |
• | a 50% ownership interest in Glass Mountain Pipeline, LLC (“Glass Mountain”), which owns a 215-mile crude oil pipeline in western and north central Oklahoma (the “Glass Mountain Pipeline”) and 1.5 million barrels of associated storage, that we operate. |
• | Crude Facilities operates crude oil storage and terminal businesses in the U.S. Crude Facilities’ assets include: |
• | approximately 7.6 million barrels of crude oil storage capacity in Cushing, Oklahoma, of which 6.25 million barrels are leased to customers and 1.35 million barrels are used for crude oil operations and marketing activities; and |
• | a 30-lane crude oil truck unloading facility with 350,000 barrels of associated storage capacity in Platteville, Colorado which connects to the origination point of the White Cliffs Pipeline. |
• | Crude Supply and Logistics operates a crude oil marketing business which utilizes our Crude Transportation and Crude Facilities assets for marketing purposes. Additionally, Crude Supply and Logistics’ assets include approximately 61,800 barrels of crude oil storage capacity in Trenton and Stanley, North Dakota. |
• | HFOTCO, acquired in July 2017, operates a large terminal facility located on the U.S. Gulf Coast. HFOTCO’s assets include: |
• | approximately 16.8 million barrels of product storage with crude pipeline connectivity to the local refining complex, deep water marine access and inbound crude receipt pipeline connectivity, as well as rail and truck loading and unloading capabilities; and |
• | 330 acres on the Houston Ship Channel. |
• | SemGas, which provides natural gas gathering and processing services in the U.S. SemGas owns and operates gathering systems and four processing plants with 595 million cubic feet per day of capacity. |
• | SemCAMS, which provides natural gas gathering and processing services in Alberta, Canada. SemCAMS owns working interests in, and operates, four natural gas processing plants with a combined operating capacity of 695 million cubic feet per day. |
• | SemLogistics, which provides refined product and crude oil storage services in the U.K. SemLogistics owns a facility in Wales that has multi-product storage capacity of approximately 8.7 million barrels. |
• | SemMexico, which purchases, produces, stores, and distributes liquid asphalt cement products in Mexico. SemMexico operates an in-country network of 12 asphalt cement terminals and modification facilities and two marine terminals with a third under construction. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 545,922 | $ | 327,764 | $ | 1,475,111 | $ | 929,992 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 398,252 | 218,503 | 1,087,357 | 592,292 | |||||||||||
Operating | 62,666 | 52,636 | 188,095 | 157,537 | |||||||||||
General and administrative | 35,210 | 20,583 | 83,606 | 62,419 | |||||||||||
Depreciation and amortization | 50,135 | 24,922 | 100,336 | 74,028 | |||||||||||
Loss on disposal or impairment, net | 41,625 | 1,018 | 43,801 | 16,010 | |||||||||||
Total expenses | 587,888 | 317,662 | 1,503,195 | 902,286 | |||||||||||
Earnings from equity method investments | 17,367 | 15,845 | 52,211 | 55,994 | |||||||||||
Loss on issuance of common units by equity method investee | — | — | — | (41 | ) | ||||||||||
Operating income (loss) | (24,599 | ) | 25,947 | 24,127 | 83,659 | ||||||||||
Other expenses (income), net: | |||||||||||||||
Interest expense | 32,711 | 18,517 | 60,055 | 54,105 | |||||||||||
Loss on early extinguishment of debt | — | — | 19,930 | — | |||||||||||
Foreign currency transaction loss (gain) | (747 | ) | 659 | (1,758 | ) | 3,671 | |||||||||
Loss on sale or impairment of equity method investment | — | — | — | 30,644 | |||||||||||
Other income, net | (211 | ) | (492 | ) | (802 | ) | (1,170 | ) | |||||||
Total other expenses, net | 31,753 | 18,684 | 77,425 | 87,250 | |||||||||||
Income (loss) from continuing operations before income taxes | (56,352 | ) | 7,263 | (53,298 | ) | (3,591 | ) | ||||||||
Income tax expense (benefit) | (37,249 | ) | 11,898 | (33,529 | ) | (4,851 | ) | ||||||||
Income (loss) from continuing operations | (19,103 | ) | (4,635 | ) | (19,769 | ) | 1,260 | ||||||||
Loss from discontinued operations, net of income taxes | — | — | — | (1 | ) | ||||||||||
Net income (loss) | $ | (19,103 | ) | $ | (4,635 | ) | $ | (19,769 | ) | $ | 1,259 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue: | |||||||||||||||
Pipeline transportation | $ | 12,497 | $ | 6,813 | $ | 25,124 | $ | 21,560 | |||||||
Truck transportation | 15,315 | 16,127 | 44,141 | 46,560 | |||||||||||
Total revenue | 27,812 | 22,940 | 69,265 | 68,120 | |||||||||||
Expenses: | |||||||||||||||
Operating | 17,272 | 17,106 | 49,691 | 52,588 | |||||||||||
General and administrative | 2,580 | 1,188 | 9,093 | 3,443 | |||||||||||
Depreciation and amortization | 11,170 | 6,309 | 23,595 | 18,343 | |||||||||||
Loss on disposal or impairment, net | 40,161 | 1,018 | 42,107 | 2,799 | |||||||||||
Total expenses | 71,183 | 25,621 | 124,486 | 77,173 | |||||||||||
Earnings from equity method investments | 17,372 | 15,883 | 52,207 | 53,800 | |||||||||||
Operating income (loss) | $ | (25,999 | ) | $ | 13,202 | $ | (3,014 | ) | $ | 44,747 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 11,620 | $ | 12,740 | $ | 36,076 | $ | 38,445 | |||||||
Expenses: | |||||||||||||||
Operating | 2,814 | 2,360 | 8,225 | 6,900 | |||||||||||
General and administrative | 309 | 701 | 1,515 | 2,908 | |||||||||||
Depreciation and amortization | 2,058 | 1,982 | 6,024 | 5,785 | |||||||||||
Total expenses | 5,181 | 5,043 | 15,764 | 15,593 | |||||||||||
Operating income | $ | 6,439 | $ | 7,697 | $ | 20,312 | $ | 22,852 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 339,874 | $ | 165,523 | $ | 928,664 | $ | 485,346 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 342,254 | 167,305 | 931,813 | 465,072 | |||||||||||
Operating | 1,146 | 853 | 4,077 | 2,380 | |||||||||||
General and administrative | 675 | 381 | 3,153 | 1,450 | |||||||||||
Depreciation and amortization | 103 | 46 | 243 | 126 | |||||||||||
Loss on disposal of long-lived assets, net | — | — | — | 227 | |||||||||||
Total expenses | 344,178 | 168,585 | 939,286 | 469,255 | |||||||||||
Operating income (loss) | $ | (4,304 | ) | $ | (3,062 | ) | $ | (10,622 | ) | $ | 16,091 |
Three Months Ended September 30, | |||||||
(in thousands) | 2017 | 2016 | |||||
Gross product revenue | $ | 1,050,165 | $ | 862,237 | |||
Nonmonetary transaction adjustment | (708,458 | ) | (690,547 | ) | |||
Unrealized loss on derivatives, net | (1,833 | ) | (6,167 | ) | |||
Product revenue | $ | 339,874 | $ | 165,523 |
Nine Months Ended September 30, | |||||||
(in thousands) | 2017 | 2016 | |||||
Gross product revenue | $ | 3,190,732 | $ | 2,256,180 | |||
Nonmonetary transaction adjustment | (2,261,136 | ) | (1,764,738 | ) | |||
Unrealized loss on derivatives, net | (932 | ) | (6,096 | ) | |||
Product revenue | $ | 928,664 | $ | 485,346 |
Three and Nine Months Ended September 30, | |||
(in thousands) | 2017 | ||
Revenue | $ | 34,675 | |
Expenses: | |||
Operating | 6,171 | ||
General and administrative | 1,267 | ||
Depreciation and amortization | 19,300 | ||
Loss on disposal of long-lived assets, net | 1,486 | ||
Total expenses | 28,224 | ||
Operating income | $ | 6,451 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 56,247 | $ | 60,090 | $ | 176,298 | $ | 157,077 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 33,129 | 33,084 | 100,725 | 84,864 | |||||||||||
Operating | 7,563 | 8,686 | 22,307 | 24,910 | |||||||||||
General and administrative | 2,640 | 2,124 | 7,927 | 6,744 | |||||||||||
Depreciation and amortization | 9,114 | 9,079 | 27,140 | 27,204 | |||||||||||
Loss on disposal or impairment, net | — | — | 21 | 13,051 | |||||||||||
Total expenses | 52,446 | 52,973 | 158,120 | 156,773 | |||||||||||
Operating income | $ | 3,801 | $ | 7,117 | $ | 18,178 | $ | 304 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 39,500 | $ | 36,111 | $ | 136,412 | $ | 100,792 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 3 | 19 | 59 | 95 | |||||||||||
Operating | 22,793 | 19,604 | 83,747 | 57,944 | |||||||||||
General and administrative | 4,867 | 3,421 | 13,276 | 10,782 | |||||||||||
Depreciation and amortization | 4,727 | 4,239 | 13,657 | 12,484 | |||||||||||
Loss (gain) on disposal of long-lived assets, net | (22 | ) | — | 423 | — | ||||||||||
Total expenses | 32,368 | 27,283 | 111,162 | 81,305 | |||||||||||
Operating income | $ | 7,132 | $ | 8,828 | $ | 25,250 | $ | 19,487 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 7,009 | $ | 5,668 | $ | 21,505 | $ | 17,980 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | — | 30 | — | 30 | |||||||||||
Operating | 2,682 | 1,619 | 6,790 | 5,713 | |||||||||||
General and administrative | 1,758 | 707 | 5,442 | 4,264 | |||||||||||
Depreciation and amortization | 1,967 | 1,880 | 5,683 | 5,823 | |||||||||||
Total expenses | 6,407 | 4,236 | 17,915 | 15,830 | |||||||||||
Operating income | $ | 602 | $ | 1,432 | $ | 3,590 | $ | 2,150 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | 42,893 | $ | 36,752 | $ | 110,916 | $ | 97,172 | |||||||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | 36,574 | 30,125 | 93,460 | 77,171 | |||||||||||
Operating | 2,157 | 1,839 | 5,905 | 5,720 | |||||||||||
General and administrative | 2,087 | 2,271 | 6,317 | 7,489 | |||||||||||
Depreciation and amortization | 1,070 | 932 | 3,029 | 2,822 | |||||||||||
Gain on disposal of long-lived assets, net | — | — | (228 | ) | (67 | ) | |||||||||
Total expenses | 41,888 | 35,167 | 108,483 | 93,135 | |||||||||||
Operating income | $ | 1,005 | $ | 1,585 | $ | 2,433 | $ | 4,037 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenue | $ | (13,708 | ) | $ | (12,060 | ) | $ | (38,700 | ) | $ | (34,940 | ) | |||
Expenses: | |||||||||||||||
Costs of products sold, exclusive of depreciation and amortization shown below | (13,708 | ) | (12,060 | ) | (38,700 | ) | (34,940 | ) | |||||||
Operating | 68 | 569 | 1,182 | 1,382 | |||||||||||
General and administrative | 19,027 | 9,790 | 35,616 | 25,339 | |||||||||||
Depreciation and amortization | 626 | 455 | 1,665 | 1,441 | |||||||||||
Gain on disposal of long-lived assets, net | — | — | (8 | ) | — | ||||||||||
Total expenses | 6,013 | (1,246 | ) | (245 | ) | (6,778 | ) | ||||||||
Earnings (loss) from equity method investments | (5 | ) | (38 | ) | 4 | 2,153 | |||||||||
Operating loss | $ | (19,726 | ) | $ | (10,852 | ) | $ | (38,451 | ) | $ | (26,009 | ) |
• | operating expenses, maintenance capital expenditures and cash dividends through existing cash and cash from operating activities; |
• | expansion capital expenditures and any working capital deficits through cash on hand, borrowings under our credit facility and the issuance of debt securities and equity securities; |
• | acquisitions, including the Second Payment, through cash on hand, borrowings under our credit facility, the issuance of debt securities and equity securities and proceeds from the divestiture of assets or interests in assets; and |
• | debt principal payments through cash from operating activities and refinancing when the credit facility becomes due. |
Nine Months Ended September 30, | |||||||
(in thousands) | 2017 | 2016 | |||||
Statement of cash flow data: | |||||||
Cash flows provided by (used in): | |||||||
Operating activities | $ | 92,417 | $ | 140,104 | |||
Investing activities | (622,117 | ) | (124,159 | ) | |||
Financing activities | 519,025 | 89,144 | |||||
Subtotal | (10,675 | ) | 105,089 | ||||
Effect of exchange rate on cash and cash equivalents | 4,472 | 563 | |||||
Change in cash and cash equivalents | (6,203 | ) | 105,652 | ||||
Cash and cash equivalents at beginning of period | 74,216 | 58,096 | |||||
Cash and cash equivalents at end of period | $ | 68,013 | $ | 163,748 |
Nine Months Ended September 30, | |||||||
(in thousands) | 2017 | 2016 | |||||
Net income (loss) | $ | (19,769 | ) | $ | 1,259 | ||
Non-cash expenses, net | 135,054 | 131,948 | |||||
Changes in operating assets and liabilities | (22,868 | ) | 6,897 | ||||
Net cash flows provided by operating activities | $ | 92,417 | $ | 140,104 |
• | $27.8 million increase in losses on disposal or impairments, net, primarily due to current year impairment of goodwill and intangible assets related to our truck transportation business; |
• | $26.3 million in depreciation and amortization expense, primarily as a result of the acquisition of HFOTCO and completion of the Maurepas Pipeline; |
• | $19.9 million increase related to a loss on early extinguishment of $300 million of senior unsecured notes; |
• | $3.8 million reduction in earnings from equity method investments; |
• | $1.5 million increase in non-cash equity compensation; and |
• | $1.3 million increase in provision for uncollectible accounts receivable, net of recoveries. |
• | $30.6 million from prior year losses on the sale or impairment of equity method investment which did not recur in the current year; |
• | $30.0 million primarily due to the impact of a discrete tax benefit of $31.5 million related to a change of position to deduct foreign taxes in lieu of claiming a foreign tax credit for the tax years 2013 through 2016 in the current year; |
• | $7.1 million in distributions from equity investments due to our prior year disposal of our limited partner ownership in NGL Energy and lower distributions from White Cliffs; |
• | $5.4 million in currency exchange losses in the prior year, compared to currency exchange gains in the current year; |
• | $3.0 million gain on pension curtailment related to the HFOTCO pension plan; and |
• | $1.7 million in decreases in amortization of debt issuance costs and discounts. |
Leverage Ratio | ABR Loans | Eurodollar Loans |
Category 1: Greater than 4.50 to 1.00 | 1.75% | 2.75% |
Category 2: Less than or equal to 4.50 to 1.00 but greater than 4.00 to 1.00 | 1.50% | 2.50% |
Category 3: Less than or equal to 4.00 to 1.00 but greater than 3.50 to 1.00 | 1.25% | 2.25% |
Category 4: Less than or equal to 3.50 to 1.00 but greater than 3.00 to 1.00 | 1.00% | 2.00% |
Category 5: Less than or equal to 3.00 to 1.00 | 0.75% | 1.75% |
• | the super senior leverage ratio of BGCT and its restricted subsidiaries under the Continuing Covenant Agreement may not exceed 3.50 to 1.00 as of the last day of any fiscal quarter; and |
• | the interest coverage ratio of BGCT and its restricted subsidiaries under the Continuing Covenant Agreement may not be less than 2.00 to 1.00 as of the last day of any fiscal quarter. |
• | expansion capital expenditures, which are cash expenditures incurred for acquisitions or capital improvements that we expect will increase our operating income or operating capacity over the long-term; or |
• | maintenance capital expenditures, which are cash expenditures (including expenditures for the addition or improvement to, or the replacement of, our capital assets or for the acquisition of existing, or the construction or development of new, capital assets) made to maintain our long-term operating income or operating capacity. |
Quarter Ended | Record Date | Payment Date | Dividend Per Share | |||
March 31, 2016 | March 7, 2016 | March 17, 2016 | $0.45 | |||
June 30, 2016 | May 16, 2016 | May 26, 2016 | $0.45 | |||
September 30, 2016 | August 15, 2016 | August 25, 2016 | $0.45 | |||
December 31, 2016 | November 18, 2016 | November 28, 2016 | $0.45 | |||
March 31, 2017 | March 7, 2017 | March 17, 2017 | $0.45 | |||
June 30, 2017 | May 15, 2017 | May 26, 2017 | $0.45 | |||
September 30, 2017 | August 18, 2017 | August 28, 2017 | $0.45 | |||
December 31, 2017 | November 20, 2017 | December 1, 2017 | $0.45 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Light Sweet Crude Oil Futures (Barrel) | Mont Belvieu (Non-LDH) Spot Propane (Gallon) | Henry Hub Natural Gas Futures (MMBtu) | ||||
Three Months Ended September 30, 2017 | ||||||
High | $52.22 | $0.97 | $3.15 | |||
Low | $44.23 | $0.60 | $2.77 | |||
High/Low Differential | $7.99 | $0.37 | $0.38 | |||
Three Months Ended September 30, 2016 | ||||||
High | $48.99 | $0.55 | $3.06 | |||
Low | $39.51 | $0.41 | $2.55 | |||
High/Low Differential | $9.48 | $0.14 | $0.51 | |||
Nine Months Ended September 30, 2017 | ||||||
High | $54.45 | $0.97 | $3.42 | |||
Low | $42.53 | $0.57 | $2.56 | |||
High/Low Differential | $11.92 | $0.40 | $0.86 | |||
Nine Months Ended September 30, 2016 | ||||||
High | $51.23 | $0.57 | $3.06 | |||
Low | $26.21 | $0.29 | $1.64 | |||
High/Low Differential | $25.02 | $0.28 | $1.42 | |||
Year Ended December 31, 2016 | ||||||
High | $54.06 | $0.71 | $3.93 | |||
Low | $26.21 | $0.29 | $1.64 | |||
High/Low Differential | $27.85 | $0.42 | $2.29 |
• | A 10% increase in the price of natural gas and natural gas liquids results in approximately a $2.8 million increase to gross margin. |
• | A 10% decrease in those prices would have the opposite effect. |
Notional Volume (Barrels) | Fair Value | Effect of 10% Price Increase | Effect of 10% Price Decrease | Settlement Date | |||||||||||
Crude oil: | |||||||||||||||
Futures | 954 short | $ | (2,260 | ) | $ | (4,930 | ) | $ | 4,930 | October 2017 |
Liabilities | September 30, 2017 | December 31, 2016 | |||
Long-term debt - variable rate | $1.1 billion | $20.0 million | |||
Average interest rate | 4.36 | % | 4.75 | % | |
Long-term debt - fixed rate | $1.4 billion | $1.1 billion | |||
Fixed interest rate | 6.16 | % | 6.16 | % |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Purchased (1) | Weighted Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||
July 1, 2017 - July 31, 2017 | — | $ | — | — | — | ||||||||
August 1, 2017 - August 31, 2017 | 3,995 | 23.85 | — | — | |||||||||
September 1, 2017 - September 30, 2017 | — | — | — | — | |||||||||
Total | 3,995 | $ | 23.85 | — | — |
(1 | ) | Represents shares of common stock withheld from certain of our employees for payment of taxes associated with the vesting of restricted stock awards. | |
(2 | ) | The price paid per common share represents the closing price as posted on the New York Stock Exchange on the day that the shares were purchased. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
• | providing for additional disclosure requirements for notices of director nominations and stockholder proposals; |
• | providing the Board with explicit authority to postpone, reschedule or cancel a stockholder meeting; |
• | clarifying the powers of the chairman of a stockholder meeting; and |
• | clarifying the procedural requirements for stockholders to act by written consent. |
Item 6. | Exhibits |
Exhibit Number | Description |
3 | |
4.1 | |
4.2 | |
4.3 | |
4.4 | |
4.5 | |
4.6 | |
4.7 | |
4.8 | |
4.9 | |
4.10 | |
4.11 | |
4.12 | |
4.13 |
10.1 | |
10.2 | |
10.3 | |
10.4 | |
31.1 | |
31.2 | |
32.1 | |
32.2 | |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
Date: November 9, 2017 | SEMGROUP CORPORATION | ||
By: | /s/ Robert N. Fitzgerald | ||
Robert N. Fitzgerald | |||
Senior Vice President and | |||
Chief Financial Officer |
(e) | bankers’ acceptances which mature within 180 days; |
1. | hereto. |
(e) | the term “or” is not exclusive; |
(b) | the following (collectively, the “Account Collateral”): |
(e) | all Goods; |
(f) | all Documents; |
(g) | all insurance; |
(j) | [reserved]; |
(b) | Each Grantor shall: |
(b) | restrictions in the Transaction Documents; |
(a) | Delivery. |
(b) | Each Grantor hereby expressly waives, to the maximum extent permitted by law, |
SEMG: SEMGROUP CORPORATION | |
By: | |
Name: | |
Title: |
BUYERS: BEACHHEAD I LLC | |
By: | |
Name: | |
Title: |
BEACHHEAD II LLC | |
By: | |
Name: | |
Title: |
BUFFALO INVESTOR I, L.P. | |
By: | |
Name: | |
Title: |
BUFFALO INVESTOR II, L.P. | |
By: | |
Name: | |
Title: |
(a) | Grantor Current Information. |
Legal Name | Type of Entity | Registered Organization (Yes/No) | State of Formation |
Beachhead Holdings LLC | LLC | Y | Delaware |
Beachhead I LLC | LLC | Y | Delaware |
Beachhead II LLC | LLC | Y | Delaware |
Entity | Prior Legal Name | Date Changed |
None |
Entity | Prior Legal Name |
None |
Grantor | Address |
Beachhead Holdings LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Beachhead I LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Beachhead II LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Grantor | Address of Books and Records |
Beachhead Holdings LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Beachhead I LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Beachhead II LLC | c/o SemGroup Corporation Two Warren Place 6120 S. Yale Avenue, Suite 700 Tulsa, OK 74136-4216 |
Grantor | UCC Filing Office |
Beachhead Holdings LLC | Delaware |
Grantor | UCC Filing Office |
Beachhead I LLC | Delaware |
Beachhead II LLC | Delaware |
Issuer | Jurisdiction | Grantor | Certificate No. | No. of Shares / Units | Percentage of Ownership | Percentage to be Pledged |
Beachhead I LLC | Delaware | Beachhead Holdings LLC | 1 | N/A | 100% | 100% |
Beachhead II LLC | Delaware | Beachhead Holdings LLC | 1 | N/A | 100% | 100% |
Buffalo Parent Gulf Coast Terminals LLC | Delaware | Beachhead I LLC | 1 | N/A | 59.32% | 100% |
Buffalo Parent Gulf Coast Terminals LLC | Delaware | Beachhead II LLC | 2 | N/A | 40.68% | 100% |
Grantor | Instrument/Tangible Chattel Paper |
None |
1. | Integration with SemGroup Accounting and Finance Operating Systems |
a. | Oracle |
b. | Hyperion |
c. | Right Angle |
d. | Hyland Onbase |
e. | Workiva |
f. | Sharepoint |
2. | Integration with SemGroup Tax Operating Systems |
a. | Vertex |
3. | Insurance |
a. | SemGroup insurance policies |
4. | General |
a. | Customary allocations of overhead expenses |
b. | Microsoft Exchange |
c. | SemGroup network |
1. | Integration with SemGroup Accounting and Finance Operating Systems |
a. | Oracle |
b. | Hyperion |
c. | Right Angle |
d. | Hyland Onbase |
e. | Workiva |
f. | Sharepoint |
2. | Integration with SemGroup Tax Operating Systems |
a. | Vertex |
3. | Integration with SemGroup Human Resources and Payroll Operating Systems |
a. | Ultipro |
b. | ETrade |
4. | Integration with SemGroup Operations |
a. | SCADA Systems |
5. | Insurance |
a. | SemGroup insurance policies |
6. | General |
a. | Customary allocations of overhead expenses |
b. | Microsoft Exchange |
c. | SemGroup network |
1. | I have reviewed this quarterly report on Form 10-Q of SemGroup Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Carlin G. Conner |
Carlin G. Conner |
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of SemGroup Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert N. Fitzgerald |
Robert N. Fitzgerald |
Senior Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Carlin G. Conner |
Carlin G. Conner |
President and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert N. Fitzgerald |
Robert N. Fitzgerald |
Senior Vice President and |
Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 31, 2017 |
|
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2017 | |
Entity Registrant Name | SemGroup Corp | |
Entity Central Index Key | 0001489136 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 78,684,831 | |
Class B | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Allowance for Doubtful Accounts Receivable, Current | $ 3,277 | $ 2,322 |
Accumulated depreciation | 486,969 | 393,635 |
Accumulated amortization | $ 51,469 | $ 39,018 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0 |
Preferred Stock, Shares Authorized | 4,000 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Accounts Payable | $ 435,592 | $ 367,307 |
Accrued Liabilities | 106,045 | 81,104 |
Other Liabilities, Current | $ 4,242 | $ 2,839 |
Common stock, $0.01 par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000 | 100,000 |
Common stock shares issued | 79,679 | 67,079 |
Treasury Stock, Common, Shares | 1,018 | 980 |
Overview |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||
Overview [Abstract] | |||||||||
OVERVIEW | OVERVIEW SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms “we,” “our,” “us,” “SemGroup,” “the Company” and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries. Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2016, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2017, are not necessarily indicative of the results to be expected for the full year ending December 31, 2017. Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. GAAP. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2016, which are included in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2016. Prior year amounts have been recast from the amounts originally reported to correct for an immaterial error identified by management in the fourth quarter of 2016 related to an under capitalization of interest on certain capital projects. Previously reported interest expense has been decreased by $1.4 million, $0.9 million and $2.5 million for the quarters ended March 31, June 30 and September 30, 2016, respectively, with a corresponding increase to net income before tax. Earnings per basic share was increased by $0.03, $0.02 and $0.05 per share for the quarters ended March 31, June 30, and September 30, 2016, respectively. Recent accounting pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting”, to provide clarity and reduce diversity in practice in determining which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting under Accounting Standards Codification Topic 718. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, which requires that an employer disaggregate the service cost component from other components of net benefit cost. This ASU also provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allows only the service cost component of net benefit cost to be eligible for capitalization. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which removes Step 2 from the goodwill impairment test. Under the amended guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. For public entities, this ASU is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We adopted this guidance in the third quarter of 2017 in conjunction with the impairment test of our Field Services business unit. See Note 4 for information related to the impairment of Field Services goodwill and intangible assets. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)”, to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The update addresses eight different transaction types and clarifies how to classify each in the statement of cash flows, where previously there was unclear or no specific guidance. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting’’, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years and early adoption is permitted. We adopted this guidance in the first quarter of 2017. We recorded adjustments of $2.1 million and $1.7 million to “accumulated deficit” and “additional paid-in capital”, respectively, upon adoption offset by changes to our income tax liabilities. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU will be effective for annual periods beginning after December 15, 2018, and interim periods within those years. The new guidance will be applied using a modified retrospective approach and early adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, but are not yet able to quantify the impact. We continue to monitor FASB activity related to this ASU and have engaged with various peer groups to assess certain interpretive issues related to this ASU. We will adopt this guidance in the first quarter of 2019. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, which requires all deferred tax assets and liabilities to be classified as noncurrent in the statement of financial position. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new guidance may be applied prospectively or retrospectively and early adoption is permitted. We adopted this guidance in the first quarter of 2017. Prior periods were not retrospectively adjusted and the impact was not material. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”, which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than the lower of cost or market. The standard will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance shall be applied prospectively and early adoption is permitted. We adopted this guidance in the first quarter of 2017. The impact was not material. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, as amended, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard permits using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We continue to evaluate the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements. We have completed the first phase of our implementation process which included a review of contracts and transaction types from each significant revenue stream across all of our business segments. In addition, we are currently evaluating the methods of adoption and analyzing the impact of the standard on our internal controls, accounting policies and financial statements and disclosures and are nearing completion of the overall project. We expect to use a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. Based on the current phase of our implementation process, we have identified certain potential areas of impact, such as non-cash consideration and “take-or-pay” arrangements.
During the fourth quarter of 2017, we will complete the remainder of our implementation process, which will include quantification of impact and final development of policies. We will adopt this guidance in the first quarter of 2018. |
Acquisition |
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Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ACQUISITION On July 17, 2017, we acquired Houston Fuel Oil Terminal Company (“HFOTCO”), one of the largest oil terminals in the U.S., for a purchase price paid, or to be paid, in two payments. This acquisition establishes our position in the premier energy market, the Houston Ship Channel, and provides a strategic platform to refinery-facing growth. The first payment consisted of $297 million in cash, (which is net of an estimated $4.2 million preliminary adjustment for working capital, net indebtedness and capital expenditures), funded from our revolving credit facility, issuance of approximately 12.4 million shares of our Class A common stock and the assumption of existing HFOTCO debt of approximately $766 million. The second payment requires us to pay the sellers $600 million in cash, if paid on December 31, 2018 (the “Second Payment”). If paid prior to December 31, 2018, the amount payable will be discounted by 5% per annum. If not paid by December 31, 2018, the amount payable increases to $680 million and is due by December 31, 2019, or earlier if requested by the sellers. The Second Payment is reflected on the balance sheet as the present value of cash flows based on a weighted average of the expected timing of payment under various scenarios and using an 8% discount rate. We are in the process of finalizing the determination of the fair value of consideration exchanged and assets and liabilities acquired at the acquisition date to record the business combination. The acquisition date fair value of the common shares issued is approximately $330 million, based on $26.68 per common share market price at issuance. The determination of the estimated fair values of the Second Payment, assets acquired and liabilities assumed, including HFOTCO net debt, is not yet complete and adjustments to preliminary amounts could be material. We expect to finalize the amounts in the fourth quarter of 2017. As of September 30, 2017, we have recorded the preliminary purchase price allocation as follows (in thousands):
Finite-lived intangibles are amortized over their estimated useful lives. The non-compete agreement is effective for two years from the acquisition date and will be amortized straight-line over the two-year period. Customer relationships are being amortized over 20 years on an accelerated basis which matches the incremental cash flow models used to value the intangible assets and in consideration of a historical customer attrition rate of 5%. Customer contracts are being amortized over three years on an accelerated basis. Goodwill primarily relates to the location of the business and potential for future growth. Goodwill is amortizable over 15 years for income tax purposes. Acquired property, plant and equipment has been assigned useful lives consistent with our accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016. From the acquisition date through September 30, 2017, HFOTCO contributed $34.7 million of revenue and $0.6 million of net income to our consolidated financial results. Our results for the nine months ended September 30, 2017, include $19.1 million of acquisition related expenses. Included in the results of HFOTCO for the post acquisition period is a gain of $3.0 million related to the curtailment of HFOTCO’s defined benefit pension plan. Subsequent to the acquisition, SemGroup closed the plan to new members and stopped the accrual of future benefits under the plan to better align HFOTCO with SemGroup’s compensation strategy. Accordingly, the pension liability assumed at acquisition of $10.0 million was reduced to $7.0 million as of September 30, 2017. The information necessary to prepare pro forma financial disclosures for the nine months ended September 30, 2016 is not available. Therefore, only pro forma financial information for the nine months ended September 30, 2017 has been disclosed below (in thousands):
These pro forma amounts have been calculated after applying our accounting policies and adjusting the results of HFOTCO to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment, and intangible assets had been applied from January 1, 2017. Additionally, incremental interest expense has been added related to the Second Payment assuming an 8% interest rate and cash consideration paid assuming a 5.5% interest rate. The income tax impact of these adjustments has been included in pro forma net income using our historical blended statutory rate of 37.7%. This unaudited pro forma consolidated financial information is provided for illustrative purposes only and does not purport to represent what our actual results would have been if the acquisition had occurred on the date assumed, nor is it necessarily indicative of our future operating results. However, the pro forma adjustments reflected in this unaudited pro forma consolidated financial information are based on estimates and assumptions that we believe to be reasonable. The assets and credit of the acquired entities and their holding companies, all of which are included in the HFOTCO segment, are not available to satisfy the debts and obligations of other SemGroup entities. HFOTCO is not a subsidiary guarantor of SemGroup’s senior unsecured notes or revolving credit facility. |
Equity Method Investments |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Our equity method investments consisted of the following (in thousands):
Our earnings from equity method investments consisted of the following (in thousands):
Cash distributions received from equity method investments consisted of the following (in thousands):
White Cliffs Pipeline, L.L.C. We own a 51% interest in White Cliffs Pipeline, L.L.C. (“White Cliffs”), which we account for under the equity method. Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2017 and 2016, is shown below (in thousands):
Our equity in earnings of White Cliffs for the three months and nine months ended September 30, 2017 and 2016, is less than 51% of the net income of White Cliffs for the same periods. This is due to certain general and administrative expenses we incur in managing the operations of White Cliffs that the other owners are not obligated to share. In addition, our equity in earnings is also impacted by the elimination of earnings on commodity sales with White Cliffs. Revenue related to inventory transactions with White Cliffs is deferred until a sale of the inventory has been made with a third party. The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. For the nine months ended September 30, 2017, we contributed $1.4 million to White Cliffs related to capital projects. Glass Mountain Pipeline, LLC We own a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”), which we account for under the equity method. The excess of the recorded amount of our investment over the book value of our share of the underlying net assets represents equity method goodwill and capitalized interest at September 30, 2017. Capitalized interest is amortized as a reduction of earnings from equity method investments. Certain unaudited summarized income statement information of Glass Mountain for the three months and nine months ended September 30, 2017 and 2016, is shown below (in thousands):
Our equity in earnings of Glass Mountain for the three months and nine months ended September 30, 2017 and 2016, is less than 50% of the net income of Glass Mountain for the same period due to amortization of capitalized interest for the period. For the nine months ended September 30, 2017, we contributed $16.3 million to Glass Mountain related to capital projects. See Note 16 for subsequent event related to the sale of our interest in Glass Mountain. NGL Energy Partners LP We own an 11.78% interest in the general partner of NGL Energy Partners LP (NYSE: NGL) (“NGL Energy”) which is being accounted for under the equity method in accordance ASC 323-30-S99-1, as our ownership is in excess of the 3 to 5 percent interest which is generally considered to be more than minor. The general partner of NGL Energy is not a publicly traded company. Our policy is to record our equity in earnings of NGL Energy on a one-quarter lag, as we do not expect information on the earnings of NGL Energy to always be available in time to consistently record the earnings in the quarter in which they are generated. Accordingly, the equity in earnings from NGL Energy, which is reflected in our condensed consolidated statements of operations and comprehensive income (loss) for the three months and nine months ended September 30, 2017 and 2016, relates to the earnings of NGL Energy for the three months and nine months ended June 30, 2017 and 2016, respectively. |
Impairment Impairment |
9 Months Ended |
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Sep. 30, 2017 | |
Impairment [Abstract] | |
Asset Impairment Charges [Text Block] | IMPAIRMENT Based on current market conditions, management has lowered the long range forecast for our Field Services business unit, which provides truck transportation services as part of our Crude Transportation segment. The decrease in the long range forecast for Field Services is primarily due to the on-going challenging business environment. We viewed the decrease in the forecast as a triggering event that indicated a potential impairment and performed an interim impairment analysis on the business unit’s assets including goodwill and intangible assets. We performed a recoverability test of our definite lived assets under ASC 360 whereby we compared the undiscounted cash flows of the asset group, which was determined to be the entire Field Services reporting unit and included goodwill, to the carrying value of the assets at September 30, 2017. This test indicated that the assets were not fully recoverable. Therefore, we estimated the fair value of the definite lived assets using an income approach, supplemented by a market approach to measure impairment. We also performed an interim impairment test of our goodwill associated with the Field Services reporting unit and determined the estimated fair value was less than the adjusted carrying value of the reporting unit resulting in impairment of goodwill. The cash flow models used to determine recoverability of our assets and to measure impairment expense involved using significant judgments and assumptions, which included the discount rate, anticipated revenue and volume growth rates, estimated operating expenses and capital expenditures, which were based on our operating and capital budgets as well as our strategic plans. We considered the market approach by comparing the revenue and earnings multiples implied by our income approach to those of comparable companies for reasonableness and for estimating the fair value of certain assets of our reporting unit. At September 30, 2017, we have recorded a $26.6 million impairment of Field Services’ goodwill and a $12.1 million impairment of intangible assets, which are reflected in “loss on disposal or impairment, net” in our condensed consolidated statements of operations and comprehensive income (loss). |
Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS | SEGMENTS Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. The results of HFOTCO subsequent to the acquisition date are shown as a separate segment below. Although Corporate and Other does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within Corporate and Other in the tables below. The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative expenses incurred at the corporate level were allocated to the segments based on our allocation policies in effect at the time. Our results by segment are presented in the tables below (in thousands):
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Inventories |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories consist of the following (in thousands):
During the nine months ended September 30, 2017, our Crude Supply and Logistics segment recorded non-cash charges of $0.5 million to write-down crude oil inventory to lower of cost or market. There were no inventory write-downs during the nine months ended September 30, 2016. |
Financial Instruments |
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Financial Instruments And Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Fair value of financial instruments We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of derivative assets and liabilities at September 30, 2017 and December 31, 2016 (in thousands):
(1) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. (2) Commodity derivatives are subject to netting arrangements. “Level 1” measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. “Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter (“OTC”) traded physical fixed priced purchases and sales forward contracts. “Level 3” measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These could include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above and interest rate swaps for which certain unobservable inputs are used in the valuation. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2017, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. Our assessment of the significance of a particular input to the measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value levels. The following table summarizes changes in the fair value of our net financial liabilities classified as Level 3 in the fair value hierarchy (in thousands):
*Gains and losses related to interest rate swaps are recorded in interest expense in the condensed consolidated statements of operations and comprehensive income (loss). There were no financial assets or liabilities recorded at fair value which were classified as Level 3 during the three months and nine months ended September 30, 2016. Commodity derivative contracts Our consolidated results of operations and cash flows are impacted by changes in market prices for petroleum products. This exposure to commodity price risk is managed, in part, by entering into various commodity derivatives. We seek to manage the price risk associated with our marketing operations by limiting our net open positions through (i) the concurrent purchase and sale of like quantities of petroleum products to create back-to-back transactions that are intended to lock in positive margins based on the timing, location or quality of the petroleum products purchased and delivered or (ii) derivative contracts. Our storage and transportation assets can also be used to mitigate time and location basis risks, respectively. All marketing activities are subject to our Comprehensive Risk Management Policy, a Delegation of Authority policy and their supporting policies and procedures, which establish limits in order to manage risk and mitigate financial exposure. Our commodity derivatives can be comprised of swaps, futures contracts and forward contracts of crude oil, natural gas and natural gas liquids. These are defined as follows: Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels):
We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in “other current assets” and “other current liabilities” in the following amounts (in thousands):
We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. At September 30, 2017 and December 31, 2016, our margin deposit balances were in net asset positions of $4.4 million and $3.6 million, respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of September 30, 2017 and December 31, 2016, we would have had asset positions of $2.2 million and $2.3 million, respectively. Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
Interest rate swaps In conjunction with the HFOTCO acquisition (Note 2), we acquired HFOTCO’s interest rate swaps. The swaps allow us to limit exposure to interest rate fluctuations. The swaps only apply to a portion of our outstanding debt and provide only partial mitigation of interest rate fluctuations. We have not designated the swaps as hedges, as such changes in the fair value of the swaps are recorded through current period earnings as a component of interest expense. At September 30, 2017, we had interest rate swaps with notional values of $491.8 million. At September 30, 2017, the fair value of our interest rate swaps was $2.7 million which was reported within “other liabilities” in our condensed consolidated balance sheet. For the three and nine months ended September 30, 2017, we recognized unrealized gains of $0.6 million related to interest rate swaps. Concentrations of risk During the three months ended September 30, 2017, one customer, primarily of our Crude Supply and Logistics segment, accounted for more than 10% of our consolidated revenue with revenues of $89.9 million. No suppliers accounted for more than 10% of our consolidated costs of products sold. During the nine months ended September 30, 2017, one customer, primarily of our Crude Supply and Logistics segment, accounted for more than 10% of our consolidated revenue with revenues of $345.3 million. No suppliers accounted for more than 10% of our consolidated costs of products sold. At September 30, 2017, one third-party customer primarily of our Crude Supply and Logistics segment accounted for approximately 19% of our consolidated accounts receivable. |
Income Taxes |
9 Months Ended |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rate was 66% and 164% for the three months ended September 30, 2017 and 2016, respectively. The effective tax rate was 63% and 135% for the nine months ended September 30, 2017 and 2016, respectively. The rate for the nine months ended September 30, 2017, is impacted by a discrete tax expense of $1.4 million related to the vesting of restricted stock during the period and a discrete tax benefit of $31.6 million related to a change of position to deduct foreign taxes in lieu of claiming a foreign tax credit for the tax years 2013 through 2016. The foreign tax credit for these years was previously offset by a full valuation allowance and accordingly, there is no net tax expense or balance sheet impact from their reversal. The discrete benefit arises from recognition of the increase in our net operating loss carryforward resulting from the deduction of foreign taxes. The decision to deduct foreign taxes or claim the foreign tax credit is made with respect to each tax period. The rate for the nine months ended September 30, 2016, is impacted by a non-controlling interest in Rose Rock Midstream, L.P. (“Rose Rock”) for which taxes are not provided. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 35%, include earnings in foreign jurisdictions taxed at lower rates and foreign earnings taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes. These combined factors, and the magnitude of the permanent items impacting the tax rate relative to income from continuing operations before income taxes, result in rates that are not comparable between the periods. We have a valuation allowance on a small portion of our state net operating loss carryovers with shorter carryover periods and our remaining foreign tax credit carryover generated in tax years prior to 2013. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies. We have analyzed filing positions in all of the federal, state and foreign jurisdictions where we are required to file income tax returns and determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in U.S. jurisdictions under general operation of the statute of limitations, including special provisions with regard to net operating loss carryovers. In foreign jurisdictions, all tax periods prior to the emergence from bankruptcy are closed. The statute of limitations has not been waived with respect to any foreign jurisdictions post emergence and tax periods are open for examination in accordance with the general statutes of each foreign jurisdiction. Currently, there are no examinations in progress for our federal and state jurisdictions. Canada Revenue Agency has initiated an income tax audit of SemCAMS ULC for the tax years 2013 through 2015. No other foreign jurisdictions are currently under audit. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Our long-term debt consisted of the following (dollars in thousands):
Early extinguishment of senior unsecured notes due 2021 On March 15, 2017, we purchased $290 million of our outstanding $300 million, 7.50% senior unsecured notes due 2021 (the “2021 Notes”) through a tender offer. The purchase price included a premium and interest to the purchase date. On March 17, 2017, a notice of redemption was issued for the remaining $10 million of 2021 Notes which were not purchased through the tender offer pursuant to the redemption and satisfaction and discharge provisions of the indenture governing the 2021 Notes. These remaining 2021 Notes were redeemed on June 15, 2017, including a redemption premium and accrued unpaid interest to the redemption date. We recorded a loss on early extinguishment of $19.9 million for the above transactions, which included premiums totaling $15.9 million and the write off of $3.6 million of associated unamortized debt issuance costs. Issuance of senior unsecured notes due 2025 and 2026 On March 15, 2017, we sold $325 million of 6.375% senior unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes were sold at 98.467% of par, a discount of $5.0 million. The discount is reported as a reduction to the face value of the 2025 Notes on our condensed consolidated balance sheets and is being amortized over the life of the 2025 Notes using the interest method. The net proceeds from the offering of $315.2 million, after the discount and $4.9 million of initial purchasers’ fees and offering expenses, together with cash on hand, were used to purchase and redeem the 2021 Notes. On September 20, 2017, we sold $300 million of 7.25% senior unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were sold at 98.453% of par, a discount of $4.6 million. The discount is reported as a reduction to the face value of the 2026 Notes on our condensed consolidated balance sheets and is being amortized over the life of the 2026 Notes using the interest method. The net proceeds from the offering of $290.6 million, after the discount and $4.8 million of initial purchasers’ fees and offering expenses, were used to repay amounts borrowed under our revolving credit facility. The 2025 Notes and 2026 Notes (collectively, the “Notes”) were each issued under an indenture (the “Indenture”) by and among the Company, the Guarantors and Wilmington Trust, National Association, as trustee (the “Trustee”). The Notes are fully and unconditionally guaranteed on a senior unsecured basis by our existing subsidiaries that guarantee our revolving credit facility. Interest on the 2025 Notes accrues at a rate of 6.375% per annum and is payable in cash semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017. The 2025 Notes will mature on March 15, 2025. Interest on the 2026 Notes accrues at a rate of 7.25% per annum and is payable in cash semi-annually on March 15 and September 15 of each year, commencing on March 15, 2018. The Notes will mature on March 15, 2026. Prior to March 15, 2020, for the 2025 Notes, or prior to March 15, 2021, for the 2026 Notes, we may redeem the Notes, in whole or in part, at any time at a price equal to the principal amount of the such notes redeemed plus accrued and unpaid interest to, but not including, the redemption date and a “make-whole premium.” Additionally, from time to time before March 15, 2020, for the 2025 Notes, or prior to September 15, 2020, for the 2026 Notes, we may choose to redeem up to 35% of the original principal amount of such notes at a redemption price equal to 106.375% of the face amount thereof, for the 2025 Notes, or 107.25%, for the 2026 Notes, plus accrued and unpaid interest to, but not including, the redemption date, with the net cash proceeds that we raise in one or more equity offerings. On or after March 15, 2020, for the 2025 Notes, or on or after March 15, 2021, for the 2026 Notes, we may redeem such notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest thereon to, but not including, the redemption date if redeemed during the twelve month period beginning on March 15 of the years indicated below:
Upon the occurrence of a change of control triggering event, as defined in the Indenture, each holder of the Notes will have the right to require the Company to repurchase some or all of such holder’s Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the repurchase date. The Indenture contains customary covenants restricting our ability and the ability of our restricted subsidiaries to: (i) incur additional indebtedness or issue certain preferred shares; (ii) pay dividends and make certain distributions, investments and other restricted payments; (iii) create certain liens; (iv) sell assets; (v) enter into transactions with affiliates; (vi) enter into sale and lease-back transactions; (vii) merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; and (viii) designate our subsidiaries as unrestricted subsidiaries under the Indenture. These covenants are subject to a number of important limitations and exceptions, including certain provisions permitting us, subject to the satisfaction of certain conditions, to transfer assets to certain of our unrestricted subsidiaries. The Indenture also contains customary events of default. Upon an event of default under the Indenture, the Trustee or the holders of at least 25% in aggregate principal amount of such notes then outstanding may declare all amounts owing under such notes to be due and payable. Registration rights agreements In connection with the closing of the offerings of the Notes, the Company and the Guarantors entered into registration rights agreements (the “Registration Rights Agreements”). Under the Registration Rights Agreements, the Company and the Guarantors have agreed to file registration statements with the Securities and Exchange Commission so that holders of the Notes can exchange the Notes and the related guarantees for registered notes and guarantees that have substantially identical terms as the Notes and related guarantees, within 365 days after the original issuance. In certain circumstances, the Company and the Guarantors may be required to file shelf registration statements to cover resales of the Notes. We are required to pay additional interest on the Notes if we fail to comply with our obligations to register the Notes and related guarantees, within the specified time periods. Pledges and guarantees Our senior unsecured notes are guaranteed by certain subsidiaries. See Note 15 for additional information. Our $1.0 billion corporate revolving credit facility is guaranteed by all of SemGroup’s material domestic subsidiaries, with the exception of Maurepas Pipeline LLC and HFOTCO, and secured by a lien on substantially all of the property and assets of SemGroup Corporation and the other loan parties, subject to customary exceptions. The HFOTCO term loan B, HFOTCO tax exempt notes payable and HFOTCO $75 million revolving credit facility are secured by substantially all of the assets of HFOTCO and its immediate parent, Buffalo Gulf Coast Terminals LLC. The HFOTCO tax exempt notes payable have a priority position over the HFOTCO term loan B and HFOTCO revolving credit facility. Letters of credit We had the following outstanding letters of credit at September 30, 2017 (dollars in thousands):
(1) Secured bi-lateral letters of credit are external to the SemGroup $1.0 billion revolving credit facility and do not reduce availability for borrowing on the credit facility. (2) $292.8 million Mexican pesos at the September 30, 2017 exchange rate. Capitalized interest During the nine months ended September 30, 2017 and 2016, we capitalized interest of $15.4 million and $6.8 million, respectively. As described in Note 1, capitalized interest for the prior year has been recast. Fair value We estimate the fair value of our consolidated long-term debt, including current maturities, to be approximately $3.0 billion at September 30, 2017, based on unadjusted, transacted market prices near the measurement date, which are categorized as Level 2 measurements. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental We may, from time to time, experience leaks of petroleum products from our facilities and, as a result of which, we may incur remediation obligations or property damage claims. In addition, we are subject to numerous environmental regulations. Failure to comply with these regulations could result in the assessment of fines or penalties by regulatory authorities. The Kansas Department of Health and Environment (the “KDHE”) initiated discussions during our bankruptcy proceeding regarding six of our sites in Kansas (five owned by Crude Transportation and one owned by SemGas) that KDHE believed, based on their historical use, may have had soil or groundwater contamination in excess of state standards. KDHE sought our agreement to undertake assessments of these sites to determine whether they are contaminated. We reached an agreement with KDHE on this matter and entered into a Consent Agreement and Final Order with KDHE to conduct environmental assessments on the sites and to pay KDHE’s costs associated with their oversight of this matter. We have conducted Phase II investigations at all sites. Four sites are in various stages of follow up investigation, remediation, monitoring, or closure under KDHE oversight. The environmental work at these sites is being completed under consent orders between Rose Rock Midstream Crude, L.P. and the KDHE. Two of the remaining sites have limited impacts to shallow soil and groundwater and the groundwater is currently being monitored on a semi-annual basis until such time that closure can be granted by the KDHE. No active remediation is anticipated for these two sites. The final two sites have required additional investigation and soil and groundwater remediation may be necessary to achieve KDHE closure. We do not anticipate any penalties or fines for these historical sites. Other matters We are party to various other claims, legal actions and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions and complaints, after consideration of amounts accrued, insurance coverage and other arrangements, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our consolidated liabilities may change materially as circumstances develop. Asset retirement obligations We will be required to incur significant removal and restoration costs when we retire our natural gas gathering and processing facilities in Canada. At September 30, 2017, we have an asset retirement obligation liability of $21.8 million, which is included within other noncurrent liabilities on our condensed consolidated balance sheets. This amount was calculated using the $131.5 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation. The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations. Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. Purchase and sale commitments We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2017, such commitments included the following (in thousands):
Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days). Our SemGas segment has a take-or-pay contractual obligation related to the fractionation of natural gas liquids through June 2023. The approximate amount of future obligation is as follows (in thousands):
SemGas also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of SemGas’ revenues were generated from such contracts. Our Crude Supply and Logistics segment has a take-or-pay obligation with our equity method investee, White Cliffs, for approximately 5,000 barrels per day of space on White Cliffs’ pipeline. The agreement became effective in October 2015 and has a term of five years. Annual payments to White Cliffs under the agreement are expected to be $9.4 million. In addition, we have a throughput commitment for 5,000 barrels per day on a third-party pipeline. The agreement, effective June 1, 2017, has a seven year term. The approximate amount of annual payments is as follows (in thousands):
Capital expenditures We expect to spend approximately $80 million and $155 million in 2017 and 2018, respectively, related to construction of the Wapiti Sour Gas Plant. |
Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Unaudited condensed consolidated statement of changes in owners’ equity The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2016 to September 30, 2017 (in thousands):
Accumulated other comprehensive loss The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2016 to September 30, 2017 (in thousands):
There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months and nine months ended September 30, 2017. Equity issuances During the nine months ended September 30, 2017, 39,545 shares under the Employee Stock Purchase Plan were issued and 132,031 shares related to our equity based compensation awards vested. See Note 2 for shares issued as consideration to acquire HFOTCO. Equity-based compensation At September 30, 2017, there were 1,117,138 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheets, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 521,000 additional shares could vest. The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At September 30, 2017, the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $1.7 million. During the nine months ended September 30, 2017, we granted 377,766 restricted stock awards with a weighted average grant date fair value of $35.22 per award. Dividends The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated:
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Earnings Per Share |
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EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share is calculated based on income from continuing and discontinued operations, less any income attributable to noncontrolling interests. Income attributable to noncontrolling interests represented third-party limited partner unitholders’ interests in the earnings of our consolidated subsidiary, Rose Rock, prior to completion of our purchase of the noncontrolling interests in the third quarter of 2016 (the “Merger”). Rose Rock allocated net income to its limited partners based on the distributions pertaining to the current period’s available cash as defined by Rose Rock’s partnership agreement. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, were allocated to Rose Rock’s general partner, limited partners and participating securities in accordance with the contractual terms of Rose Rock’s partnership agreement and as further prescribed under the two-class method. Incentive distribution rights did not participate in undistributed earnings. Subsequent to the Merger, there is no longer a noncontrolling interest. Basic earnings per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share include the dilutive effect of unvested equity compensation awards. The following summarizes the calculation of basic earnings per share for the three months and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts):
The following summarizes the calculation of diluted earnings per share for the three months and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts):
For the three and nine months ended September 30, 2017 and 2016, we experienced net losses attributable to SemGroup. The unvested equity compensation awards would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share. |
Supplemental Cash Flow Information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the changes in the components of operating assets and liabilities, net of the effect of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands):
Other supplemental disclosures We paid cash interest of $58.6 million and $50.1 million for the nine months ended September 30, 2017 and 2016, respectively. We paid cash income taxes, net of refunds, of $3.1 million for the nine months ended September 30, 2017. For the nine months ended September 30, 2016, cash refunds for income taxes exceeded payments by $0.5 million. We incurred liabilities for capital expenditures that had not been paid of $25.0 million and $16.8 million as of September 30, 2017 and 2016, respectively. Such amounts are not included in capital expenditures on the consolidated statements of cash flows. We financed prepayments of insurance premiums of $6.1 million and $4.0 million for the nine months ended September 30, 2017 and 2016, respectively. See Note 2 for information related to non-cash activity related to the HFOTCO acquisition. |
Related Party Transactions |
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RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions with NGL Energy and its subsidiaries primarily relate to crude oil marketing, leased storage and transportation services, including buy/sell transactions. Transactions with White Cliffs primarily relate to leased storage, purchases and sales of crude oil, transportation fees for shipments on the White Cliffs Pipeline, and management fees. Transactions with Glass Mountain primarily relate to transportation fees for shipments on the Glass Mountain Pipeline, fees for support and administrative services associated with pipeline operations and purchases of crude oil. In accordance with ASC 845-10-15, the buy/sell transactions with NGL Energy and White Cliffs were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income (loss) because the purchases of inventory and subsequent sales of the inventory were with the same counterparty and entered into in contemplation of one another. During the three months and nine months ended September 30, 2017 and 2016, we generated the following transactions with related parties (in thousands):
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Condensed Consolidating Guarantor Financial Statements (Notes) |
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Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS Our senior unsecured notes are guaranteed by certain of our subsidiaries as follows: Rose Rock Finance Corporation, Rose Rock Midstream Operating, LLC, Rose Rock Midstream Energy GP, LLC, Rose Rock Midstream Crude, L.P., Rose Rock Midstream Field Services, LLC, SemGas, L.P., SemMaterials, L.P., SemGroup Europe Holding, L.L.C., SemOperating G.P., L.L.C., SemMexico, L.L.C., SemDevelopment, L.L.C., Mid-America Midstream Gas Services, L.L.C., SemCrude Pipeline, L.L.C., Wattenberg Holding, LLC and Glass Mountain Holding, LLC (collectively, the “Guarantors”). Each of the Guarantors is 100% owned by SemGroup Corporation (the “Parent”). Such guarantees of the Notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. Distributions of cash flows from HFOTCO, a non-guarantor, are restricted by the existing indebtedness of HFOTCO. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. Subsequent to the Merger as described in Note 12, SemGroup assumed the obligations of Rose Rock under Rose Rock’s senior unsecured notes. Supplemental indentures were entered into with respect to the previously existing SemGroup senior unsecured notes and the senior unsecured notes assumed from Rose Rock to include the Guarantors as listed above to the extent the entity was not already a Guarantor. Prior period comparative information has been recast to reflect the addition of Rose Rock subsidiaries as Guarantors. Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of September 30, 2017 and December 31, 2016, and for the three months and nine months ended September 30, 2017 and 2016, are presented on an equity method basis in the tables below (in thousands). Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent’s net intercompany balance, including notes receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. These balances are eliminated through consolidating adjustments below. Condensed Consolidating Guarantor Balance Sheets
Condensed Consolidating Guarantor Statements of Operations
Condensed Consolidating Guarantor Statements of Cash Flows
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Subsequent Events (Notes) |
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Sep. 30, 2017 | |||||
Subsequent Event [Line Items] | |||||
Subsequent Events [Text Block] |
In the fourth quarter of 2017, we have made considerable progress on our strategic initiatives to finance the deferred payment associated with our HFOTCO acquisition and to enhance our balance sheet. Those initiatives may include, but are not limited to, multiple asset sales. At September 30, 2017, we had not met the accounting criteria for those assets and liabilities to be presented as Held for Sale. If we progress further toward potential divestitures, gains or losses may be recorded to the extent the fair value of the assets divested are more or less than the carrying value of those assets, and those gains or losses may be significant. On November 8, 2017, we reached an agreement to sell our 50% interest in Glass Mountain for $300 million and expect to record a gain on disposal. |
Overview (Policies) |
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Sep. 30, 2017 | |||||||||
Overview [Abstract] | |||||||||
Basis of presentation | Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2016, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and nine months ended September 30, 2017, are not necessarily indicative of the results to be expected for the full year ending December 31, 2017. Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. GAAP. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2016, which are included in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2016. |
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Recent accounting pronouncements | Recent accounting pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting”, to provide clarity and reduce diversity in practice in determining which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting under Accounting Standards Codification Topic 718. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost”, which requires that an employer disaggregate the service cost component from other components of net benefit cost. This ASU also provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allows only the service cost component of net benefit cost to be eligible for capitalization. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which removes Step 2 from the goodwill impairment test. Under the amended guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. For public entities, this ASU is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We adopted this guidance in the third quarter of 2017 in conjunction with the impairment test of our Field Services business unit. See Note 4 for information related to the impairment of Field Services goodwill and intangible assets. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)”, to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The update addresses eight different transaction types and clarifies how to classify each in the statement of cash flows, where previously there was unclear or no specific guidance. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2018. The impact is not expected to be material. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting’’, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years and early adoption is permitted. We adopted this guidance in the first quarter of 2017. We recorded adjustments of $2.1 million and $1.7 million to “accumulated deficit” and “additional paid-in capital”, respectively, upon adoption offset by changes to our income tax liabilities. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU will be effective for annual periods beginning after December 15, 2018, and interim periods within those years. The new guidance will be applied using a modified retrospective approach and early adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, but are not yet able to quantify the impact. We continue to monitor FASB activity related to this ASU and have engaged with various peer groups to assess certain interpretive issues related to this ASU. We will adopt this guidance in the first quarter of 2019. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, which requires all deferred tax assets and liabilities to be classified as noncurrent in the statement of financial position. For public entities, this ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new guidance may be applied prospectively or retrospectively and early adoption is permitted. We adopted this guidance in the first quarter of 2017. Prior periods were not retrospectively adjusted and the impact was not material. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”, which requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value rather than the lower of cost or market. The standard will be effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance shall be applied prospectively and early adoption is permitted. We adopted this guidance in the first quarter of 2017. The impact was not material. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, as amended, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard permits using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We continue to evaluate the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements. We have completed the first phase of our implementation process which included a review of contracts and transaction types from each significant revenue stream across all of our business segments. In addition, we are currently evaluating the methods of adoption and analyzing the impact of the standard on our internal controls, accounting policies and financial statements and disclosures and are nearing completion of the overall project. We expect to use a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption. Based on the current phase of our implementation process, we have identified certain potential areas of impact, such as non-cash consideration and “take-or-pay” arrangements.
During the fourth quarter of 2017, we will complete the remainder of our implementation process, which will include quantification of impact and final development of policies. We will adopt this guidance in the first quarter of 2018. |
Financial Instruments (Policies) |
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Sep. 30, 2017 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | “Level 1” measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. “Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter (“OTC”) traded physical fixed priced purchases and sales forward contracts. “Level 3” measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These could include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above and interest rate swaps for which certain unobservable inputs are used in the valuation. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At September 30, 2017, all of our physical fixed price forward purchases and sales contracts were being accounted for as normal purchases and normal sales. |
Acquisition Acquisition (Tables) |
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Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of September 30, 2017, we have recorded the preliminary purchase price allocation as follows (in thousands):
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Business Acquisition, Pro Forma Information [Table Text Block] | The information necessary to prepare pro forma financial disclosures for the nine months ended September 30, 2016 is not available. Therefore, only pro forma financial information for the nine months ended September 30, 2017 has been disclosed below (in thousands):
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Equity Method Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments [Table Text Block] | Cash distributions received from equity method investments consisted of the following (in thousands):
Our equity method investments consisted of the following (in thousands):
Our earnings from equity method investments consisted of the following (in thousands):
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White Cliffs Pipeline, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of White Cliffs for the three months and nine months ended September 30, 2017 and 2016, is shown below (in thousands):
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Glass Mountain Pipeline LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of Glass Mountain for the three months and nine months ended September 30, 2017 and 2016, is shown below (in thousands):
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | Our results by segment are presented in the tables below (in thousands):
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Inventories | Inventories consist of the following (in thousands):
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Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments And Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | The tables below summarize the balances of derivative assets and liabilities at September 30, 2017 and December 31, 2016 (in thousands):
(1) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. (2) Commodity derivatives are subject to netting arrangements. |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes changes in the fair value of our net financial liabilities classified as Level 3 in the fair value hierarchy (in thousands):
*Gains and losses related to interest rate swaps are recorded in interest expense in the condensed consolidated statements of operations and comprehensive income (loss). |
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Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in “other current assets” and “other current liabilities” in the following amounts (in thousands):
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Schedule of Notional Quantities for Commodity Derivative Instruments | The following table sets forth the notional quantities for commodity derivative instruments entered into (in thousands of barrels):
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Long-Term Debt (Tables) |
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | Our long-term debt consisted of the following (dollars in thousands):
We had the following outstanding letters of credit at September 30, 2017 (dollars in thousands):
(1) Secured bi-lateral letters of credit are external to the SemGroup $1.0 billion revolving credit facility and do not reduce availability for borrowing on the credit facility. (2) $292.8 million Mexican pesos at the September 30, 2017 exchange rate. |
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Debt Instrument, Redemption [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption [Table Text Block] | On or after March 15, 2020, for the 2025 Notes, or on or after March 15, 2021, for the 2026 Notes, we may redeem such notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest thereon to, but not including, the redemption date if redeemed during the twelve month period beginning on March 15 of the years indicated below:
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Commitments and Contingencies (Tables) |
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Purchase And Sale Commitments | We account for derivatives at fair value with the exception of commitments which have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At September 30, 2017, such commitments included the following (in thousands):
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Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands):
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Recorded Unconditional Purchase Obligations [Table Text Block] | The approximate amount of annual payments is as follows (in thousands):
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Equity (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes In Condensed Consolidated Owners' Equity | The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2016 to September 30, 2017 (in thousands):
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Components of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2016 to September 30, 2017 (in thousands):
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Dividends Declared [Table Text Block] | The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | The following summarizes the calculation of basic earnings per share for the three months and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts):
The following summarizes the calculation of diluted earnings per share for the three months and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts):
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Operating Assets and Liabilities | The following table summarizes the changes in the components of operating assets and liabilities, net of the effect of acquisitions, shown on our condensed consolidated statements of cash flows (in thousands):
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | During the three months and nine months ended September 30, 2017 and 2016, we generated the following transactions with related parties (in thousands):
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Condensed Consolidating Guarantor Financial Statements (Tables) |
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Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets
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Schedule of Condensed Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations
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Schedule of Condensed Cash Flow Statement [Table Text Block] |
|
Pro Forma (Details) $ / shares in Units, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
$ / shares
| |
Business Acquisition, Pro Forma Information [Abstract] | |
Business Acquisition, Pro Forma Revenue | $ 1,561,782 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (35,007) |
Business Acquisition, Pro Forma Earnings Per Share, Basic and Diluted | $ / shares | $ (0.45) |
Equity Method Investments - Investment balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 433,805 | $ 434,289 |
White Cliffs Pipeline, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 269,938 | 281,734 |
Glass Mountain Pipeline LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 144,930 | 133,622 |
NGL Energy Partners LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 18,937 | $ 18,933 |
Equity Method Investments - Equity earnings, by investment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | $ 17,367 | $ 15,845 | $ 52,211 | $ 55,994 |
White Cliffs Pipeline, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | 15,636 | 15,555 | 46,805 | 51,763 |
Glass Mountain Pipeline LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | 1,736 | 328 | 5,402 | 2,037 |
NGL Energy Partners LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | $ (5) | $ (38) | $ 4 | $ 2,194 |
Equity Method Investments - Summarized financial information - White Cliffs (Details) - White Cliffs Pipeline, L.L.C. [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 45,445 | $ 48,331 | $ 145,288 | $ 161,973 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | (360) | (368) | 8,091 | 2,685 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 5,723 | 7,529 | 17,849 | 27,256 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 9,154 | 10,367 | 27,619 | 29,414 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 30,928 | $ 30,801 | $ 91,688 | $ 102,623 |
Equity Method Investments - Summarized financial information - Glass Mountain (Details) - Glass Mountain Pipeline LLC [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 10,079 | $ 6,793 | $ 31,593 | $ 22,263 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | (85) | (145) | 1,941 | 300 |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 2,576 | 2,184 | 6,533 | 5,647 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 4,008 | 3,992 | 11,995 | 11,917 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 3,579 | $ 761 | $ 11,123 | $ 4,393 |
Impairment Impairment (Details Textual) - Crude Transportation [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Goodwill, Impairment Loss | $ 26.6 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 12.1 |
Inventories (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Inventory valuation adjustment | $ 455,000 | $ 0 | |
Components of Inventories | |||
Crude oil | 118,577,000 | $ 89,683,000 | |
Asphalt and other | 10,056,000 | 9,551,000 | |
Total Inventories | 128,633,000 | $ 99,234,000 | |
Crude Supply and Logistics [Member] | |||
Inventory valuation adjustment | $ 500,000 |
Financial Instruments - Fair value of financial assets and liabilties (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset | $ 0 | $ 0 |
Derivative Liability | 4,917 | 1,328 |
Derivative Assets (Liabilities), at Fair Value, Net | (4,917) | (1,328) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset, Fair Value, Gross Asset | 1,397 | 68 |
Derivative Liability, Fair Value, Gross Liability | 3,657 | 1,396 |
Derivative Assets (Liabilities), at Fair Value, Net | (2,260) | (1,328) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 2,657 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (2,657) | 0 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset, Fair Value, Gross Liability | (1,397) | (68) |
Derivative Liability, Fair Value, Gross Asset | (1,397) | (68) |
Derivative Assets (Liabilities), at Fair Value, Net | 2,657 | 0 |
Commodity Contract [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 2,260 | 1,328 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Asset, Fair Value, Gross Asset | 1,397 | 68 |
Derivative Asset, Fair Value, Gross Liability | (1,397) | (68) |
Derivative Liability, Fair Value, Gross Liability | 3,657 | 1,396 |
Derivative Liability, Fair Value, Gross Asset | (1,397) | (68) |
Interest Rate Swap [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Liability | 2,657 | $ 0 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value of Financial Assets and Liabilities | ||
Derivative Liability, Fair Value, Gross Liability | $ 2,657 |
Financial Instruments Financial Instruments - Level 3 Changes in Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 17, 2017 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
Derivative [Line Items] | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 549,900 | |||||||
Fair Value, Measurements, Recurring [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (1,328) | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (4,917) | (4,917) | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (2,657) | (2,657) | ||||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,275 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||||
Derivative, Gain (Loss) on Derivative, Net | 600 | 618 | [1] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (3,897) | $ 2,777 | 4,886 | $ (996) | ||||
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 2,657 | $ 2,657 | ||||||
|
Financial Instruments - Notional amounts (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - bbl bbl in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Short [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 3,386 | 7,508 | 9,980 | 23,818 |
Long [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 2,820 | 7,448 | 9,772 | 23,701 |
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 2,260 | $ 1,328 |
Financial Instruments - Realized and unrealized gains and losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ||||
Realized and unrealized gains (losses) from commodity derivatives | $ (3,897) | $ 2,777 | $ 4,886 | $ (996) |
Financial Instruments (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
||||
Offsetting Assets [Line Items] | ||||||||
Margin Deposit Assets | $ 4,400 | $ 4,400 | $ 3,600 | |||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,200 | 2,200 | $ 2,300 | |||||
Revenue, Net | 545,922 | $ 327,764 | 1,475,111 | $ 929,992 | ||||
Largest Customer [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||||
Offsetting Assets [Line Items] | ||||||||
Revenue, Net | 89,900 | $ 345,300 | ||||||
Largest Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||
Offsetting Assets [Line Items] | ||||||||
Concentration Risk, Percentage | 19.00% | |||||||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Offsetting Assets [Line Items] | ||||||||
Derivative, Notional Amount | 491,800 | $ 491,800 | ||||||
Derivative, Gain (Loss) on Derivative, Net | 600 | 618 | [1] | |||||
Other Liabilities [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Offsetting Assets [Line Items] | ||||||||
Derivative Liability | $ 2,700 | $ 2,700 | ||||||
|
Income Taxes (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Taxes (Textual) [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Effective Income Tax Rate Reconciliation, Percent | 66.00% | 164.00% | 63.00% | 135.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 31.6 | |||
Restricted Stock [Member] | ||||
Income Taxes (Textual) [Abstract] | ||||
Other Tax Expense (Benefit) | $ 1.4 |
Long-Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Mar. 17, 2017 |
Mar. 15, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Capital leases | $ 32 | $ 51 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (31,218) | (19,107) | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 3,014,958 | 1,050,944 | ||
less: current portion of long-term debt | 5,529 | 26 | ||
Long-term debt, net | $ 3,009,429 | 1,050,918 | ||
Second Payment [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Long-term Debt, Gross | $ 555,644 | 0 | ||
HFOTCO LLC [Member] | Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||
Long-term Debt, Gross | $ 533,500 | 0 | ||
HFOTCO LLC [Member] | Tax Exempt Notes Payable due 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.2661% | |||
Long-term Debt, Gross | $ 225,000 | 0 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 2.25% | |||
Senior Notes [Member] | Senior Unsecured Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | ||
Long-term Debt, Gross | $ 0 | 300,000 | ||
Senior Notes [Member] | Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||
Long-term Debt, Gross | $ 400,000 | 400,000 | ||
Senior Notes [Member] | Senior unsecured notes due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||
Long-term Debt, Gross | $ 350,000 | 350,000 | ||
Senior Notes [Member] | Senior Unsecured Notes due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | ||
Long-term Debt, Gross | $ 325,000 | 0 | ||
Senior Notes [Member] | Senior Unsecured Notes due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
Long-term Debt, Gross | $ 300,000 | 0 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | SemMexico Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 8.8794% | |||
Long-term Line of Credit | $ 0 | 0 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | HFOTCO Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 6.50% | |||
Long-term Line of Credit | $ 25,000 | 0 | ||
Alternate Base Rate [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 5.50% | |||
Long-term Line of Credit | $ 222,000 | 20,000 | ||
Eurodollar [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 3.567% | |||
Long-term Line of Credit | $ 110,000 | $ 0 |
Long-Term Debt Long-term debt - Early redemption premium percentages (Details) - Senior Notes [Member] |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Senior Unsecured Notes due 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.188% |
Senior Unsecured Notes due 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.594% |
Senior Unsecured Notes due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Unsecured Notes due 2026 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.625% |
Senior Unsecured Notes due 2026 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.813% |
Senior Unsecured Notes due 2026 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-Term Debt (Details Textual) $ in Thousands, MXN in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 20, 2017
USD ($)
|
Jul. 17, 2017
USD ($)
|
Mar. 17, 2017
USD ($)
|
Mar. 15, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
MXN
|
Dec. 31, 2016
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Loss on early extinguishment of debt | $ 0 | $ 0 | $ 19,930 | $ 0 | ||||||
Redemption Premium | 15,900 | |||||||||
Write off of Deferred Debt Issuance Cost | 3,600 | |||||||||
Interest Costs Capitalized | $ 15,400 | $ 6,800 | ||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
percentage of holders to call debt upon default | 25.00% | |||||||||
Debt Instrument Redemption Price, Upon Change in Control, Percentage | 101.00% | |||||||||
Bilateral Letter of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | $ 51,142 | $ 51,142 | ||||||||
Interest rate in effect | 1.75% | 1.75% | 1.75% | |||||||
Letter of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | MXN | MXN 292.8 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 1,000,000 | $ 1,000,000 | ||||||||
Letters of credit outstanding | $ 39,385 | $ 39,385 | ||||||||
Interest rate in effect | 2.25% | 2.25% | 2.25% | |||||||
Second Payment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | |||||||
Long-term Debt, Fair Value | $ 549,900 | $ 549,900 | ||||||||
HFOTCO Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 75,000 | 75,000 | ||||||||
Borrowings outstanding | $ 25,000 | $ 25,000 | $ 0 | |||||||
Interest rate in effect | 6.50% | 6.50% | 6.50% | |||||||
Senior Unsecured Notes due 2021 [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | 7.50% | 7.50% | ||||||
Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | |||||||
Senior unsecured notes due 2023 [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | |||||||
Senior Unsecured Notes due 2025 [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Redemption Price, Prior to Redemption Dates, Premium, Percentage | 106.375% | |||||||||
Debt Instrument, Face Amount | $ 325,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | 6.375% | 6.375% | ||||||
Debt Instrument Redemption Price Percentage of Principal | 35.00% | |||||||||
Debt Instrument, Discount, Percentage | 98.467% | |||||||||
Debt Instrument, Unamortized Discount | $ 5,000 | |||||||||
Proceeds from Issuance of Debt | 315,200 | |||||||||
Debt Issuance Costs, Gross | 4,900 | |||||||||
Senior Unsecured Notes due 2026 [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Redemption Price, Prior to Redemption Dates, Premium, Percentage | 107.25% | |||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | |||||||
Debt Instrument, Discount, Percentage | 98.453% | |||||||||
Debt Instrument, Unamortized Discount | $ 4,600 | |||||||||
Proceeds from Issuance of Debt | 290,600 | |||||||||
Debt Issuance Costs, Gross | $ 4,800 | |||||||||
HFOTCO LLC [Member] | Term Loan B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | 4.80% | 4.80% | |||||||
Debt Instrument, Periodic Payment, Principal | $ 1,400 | |||||||||
SemMexico [Member] | MXP facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 3,800 | $ 3,800 | MXN 70.0 | |||||||
SemMexico [Member] | Letter of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | $ 16,000 | $ 16,000 | ||||||||
Interest rate in effect | 0.28% | 0.28% | 0.28% | |||||||
Alternate Base Rate [Member] | Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | $ 222,000 | $ 222,000 | 20,000 | |||||||
Interest rate in effect | 5.50% | 5.50% | 5.50% | |||||||
Eurodollar [Member] | Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | $ 110,000 | $ 110,000 | $ 0 | |||||||
Interest rate in effect | 3.567% | 3.567% | 3.567% | |||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Fair Value | $ 3,000,000 | $ 3,000,000 | ||||||||
Tender Offer [Member] | Senior Unsecured Notes due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of Debt, Amount | $ 290,000 | |||||||||
Notes called [Member] | Senior Unsecured Notes due 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of Debt, Amount | $ 10,000 |
Long-Term Debt Letters of Credit (Details) $ in Thousands, MXN in Millions |
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
MXN
|
---|---|---|
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | MXN | MXN 292.8 | |
Bilateral Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 1.75% | 1.75% |
Letters of credit outstanding | $ 51,142 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 2.25% | 2.25% |
Letters of credit outstanding | $ 39,385 | |
SemMexico [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 0.28% | 0.28% |
Letters of credit outstanding | $ 16,000 |
Commitments and Contingencies - Purchase and sales commitments (Details) bbl in Thousands, $ in Thousands |
Sep. 30, 2017
USD ($)
bbl
|
---|---|
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 6,312 |
Sale commitments, Value | $ | $ 308,997 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 17,052 |
Sale commitments, Value | $ | $ 698,652 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 4,908 |
Purchase commitments, Value | $ | $ 239,789 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 11,788 |
Purchase commitments, Value | $ | $ 589,050 |
Commitments and Contingencies Commitments and Contingencies - Take or Pay (Details) - Fractionation capacity [Member] $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Remainder of the year | $ 3,156 |
Purchase Obligation, Due in Second Year | 10,552 |
Purchase Obligation, Due in Third Year | 9,567 |
Purchase Obligation, Due in Fourth Year | 8,864 |
Purchase Obligation, Due in Fifth Year | 7,175 |
Purchase Obligation, Due after Fifth Year | 9,544 |
Purchase Obligation | $ 48,858 |
Commitments and Contingencies - Take or Pay 2 (Details) - Third-party pipeline [Member] $ in Thousands |
Sep. 30, 2017
USD ($)
|
---|---|
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 12,100 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 12,337 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 12,593 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 12,848 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 13,103 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 26,992 |
Unrecorded Unconditional Purchase Obligation | $ 89,973 |
Commitments and Contingencies (Details Textual) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Jun. 01, 2017
bbl
|
Oct. 01, 2015
bbl
|
Sep. 30, 2017
USD ($)
|
|
Commitments and Contingencies (Textual) [Abstract] | |||
Sites in various stages of follow-up | 4 | ||
Sites with limited soil and ground water impact | 2 | ||
Sites requiring additional investigation | 2 | ||
Site contingency number of sites checked | 6 | ||
Minimum [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Notice required to cancel purchase agreements, days | 30 days | ||
Maximum [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Notice required to cancel purchase agreements, days | 120 days | ||
Pipeline transportation capacity [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | bbl | 5,000 | ||
Term of unconditional purchase obligation | 5 years | ||
Unrecorded unconditional purchase obligation, annual amount | $ 9.4 | ||
Third-party pipeline [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Unrecorded Unconditional Purchase Obligation, Minimum Volume Per Day | bbl | 5,000 | ||
Unrecorded Unconditional Purchase Obligation, Term | 7 years | ||
Crude Transportation [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Site contingency number of sites checked | 5 | ||
SemCAMS [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Asset retirement obligation liability | $ 21.8 | ||
Estimated cost to retire facilities | $ 131.5 | ||
SemGas [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Site contingency number of sites checked | 1 | ||
Wapiti Sour Gas Plant [Member] [Member] | Capital Addition Purchase Commitments [Member] | |||
Commitments and Contingencies (Textual) [Abstract] | |||
Purchase Obligation, Due in Next Twelve Months | $ 80.0 | ||
Purchase Obligation, Due in Second Year | $ 155.0 |
Equity - Equity rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | $ 1,445,965 | |||
Adoption of ASU 2016-09 | 483 | |||
Net loss | $ (19,103) | $ (4,635) | (19,769) | $ 1,259 |
Other comprehensive income (loss), net of income taxes | 9,230 | $ (7,051) | 24,215 | $ (4,569) |
Dividends paid | (94,714) | |||
Unvested dividend equivalent rights | (818) | |||
Non-cash equity compensation | 8,377 | |||
Stock Issued During Period, Value, New Issues | 330,341 | |||
Issuance of common stock under compensation plans | 1,172 | |||
Repurchase of common stock | (1,361) | |||
Balance at September 30, 2017 | 1,693,891 | 1,693,891 | ||
Common Stock [Member] | ||||
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | 659 | |||
Adoption of ASU 2016-09 | 0 | |||
Net loss | 0 | |||
Other comprehensive income (loss), net of income taxes | 0 | |||
Dividends paid | 0 | |||
Unvested dividend equivalent rights | 0 | |||
Non-cash equity compensation | 0 | |||
Stock Issued During Period, Value, New Issues | 124 | |||
Issuance of common stock under compensation plans | 2 | |||
Repurchase of common stock | 0 | |||
Balance at September 30, 2017 | 785 | 785 | ||
Additional Paid-In Capital [Member] | ||||
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | 1,561,695 | |||
Adoption of ASU 2016-09 | (1,650) | |||
Net loss | 0 | |||
Other comprehensive income (loss), net of income taxes | 0 | |||
Dividends paid | (94,714) | |||
Unvested dividend equivalent rights | (818) | |||
Non-cash equity compensation | 8,377 | |||
Stock Issued During Period, Value, New Issues | 330,217 | |||
Issuance of common stock under compensation plans | 1,170 | |||
Repurchase of common stock | 0 | |||
Balance at September 30, 2017 | 1,804,277 | 1,804,277 | ||
Treasury Stock [Member] | ||||
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | (6,558) | |||
Adoption of ASU 2016-09 | 0 | |||
Net loss | 0 | |||
Other comprehensive income (loss), net of income taxes | 0 | |||
Dividends paid | 0 | |||
Unvested dividend equivalent rights | 0 | |||
Non-cash equity compensation | 0 | |||
Stock Issued During Period, Value, New Issues | 0 | |||
Issuance of common stock under compensation plans | 0 | |||
Repurchase of common stock | (1,361) | |||
Balance at September 30, 2017 | (7,919) | (7,919) | ||
Accumulated Deficit [Member] | ||||
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | (35,917) | |||
Adoption of ASU 2016-09 | 2,133 | |||
Net loss | (19,769) | |||
Other comprehensive income (loss), net of income taxes | 0 | |||
Dividends paid | 0 | |||
Unvested dividend equivalent rights | 0 | |||
Non-cash equity compensation | 0 | |||
Stock Issued During Period, Value, New Issues | 0 | |||
Issuance of common stock under compensation plans | 0 | |||
Repurchase of common stock | 0 | |||
Balance at September 30, 2017 | (53,553) | (53,553) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
SemGroup owners’ equity: | ||||
Balance at December 31, 2016 | (73,914) | |||
Adoption of ASU 2016-09 | 0 | |||
Net loss | 0 | |||
Other comprehensive income (loss), net of income taxes | 24,215 | |||
Dividends paid | 0 | |||
Unvested dividend equivalent rights | 0 | |||
Non-cash equity compensation | 0 | |||
Stock Issued During Period, Value, New Issues | 0 | |||
Issuance of common stock under compensation plans | 0 | |||
Repurchase of common stock | 0 | |||
Balance at September 30, 2017 | $ (49,699) | $ (49,699) |
Equity - Accumulated other comprehensive income (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2016 | $ (73,914) |
Currency translation adjustment, net of income tax expense of $14,735 | 24,170 |
Changes related to benefit plans, net of income tax expense of $17 | 45 |
Balance at September 30, 2017 | (49,699) |
Currency Translation [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2016 | (71,425) |
Currency translation adjustment, net of income tax expense of $14,735 | 24,170 |
Changes related to benefit plans, net of income tax expense of $17 | 0 |
Balance at September 30, 2017 | (47,255) |
Employee Benefit Plans [Member] | |
Components of Accumulated Other Comprehensive Loss | |
Balance at December 31, 2016 | (2,489) |
Currency translation adjustment, net of income tax expense of $14,735 | 0 |
Changes related to benefit plans, net of income tax expense of $17 | 45 |
Balance at September 30, 2017 | $ (2,444) |
Equity - Dividends (Details) - $ / shares |
Dec. 01, 2017 |
Aug. 28, 2017 |
May 26, 2017 |
Mar. 17, 2017 |
Nov. 28, 2016 |
Aug. 25, 2016 |
May 26, 2016 |
Mar. 17, 2016 |
---|---|---|---|---|---|---|---|---|
Dividends Payable [Line Items] | ||||||||
Dividend Per Share, Paid | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | |
Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.45 |
Equity (Details Textual) $ / shares in Units, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
$ / shares
shares
| |
EQUITY (Textual) [Abstract] | |
Outstanding unvested equity compensation awards | 1,117,138 |
Additional equity compensation awards that could vest if certain targets are achieved | 521,000 |
Equity compensation awards granted during the period | 377,766 |
Weighted average grant date fair value of equity awards granted during the period | $ / shares | $ 35.22 |
Income tax expense, related to change in benefit plans | $ | $ 17 |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ | $ 14,735 |
Employee Stock [Member] | |
EQUITY (Textual) [Abstract] | |
Employee Stock Purchase Plan shares issued during period | 39,545 |
Stock Compensation Plan [Member] | |
EQUITY (Textual) [Abstract] | |
Vested common stock | 132,031 |
Cash settled UUD [Member] | |
EQUITY (Textual) [Abstract] | |
Unvested Dividend Equivalent Value | $ | $ 1,700 |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Basic earnings per share | ||||
Income (loss) | $ (19,103) | $ (4,635) | $ (19,769) | $ 1,260 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | (1) |
Net income (loss) | (19,103) | (4,635) | (19,769) | 1,259 |
Less: net income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Numerator | $ (19,103) | $ (4,860) | $ (19,769) | $ (9,908) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Basic earnings (loss) per share, Net | $ (0.25) | $ (0.09) | $ (0.29) | $ (0.21) |
Continuing Operations [Member] | ||||
Basic earnings per share | ||||
Income (loss) | $ (19,103) | $ (4,635) | $ (19,769) | $ 1,260 |
Less: net income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Numerator | $ (19,103) | $ (4,860) | $ (19,769) | $ (9,907) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Basic earnings per share, Continuing Operations | $ (0.25) | $ (0.09) | $ (0.29) | $ (0.21) |
Discontinued Operations [Member] | ||||
Basic earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ 0 | $ 0 | $ 0 | $ (1) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ 0 | $ 0 | $ 0 | $ (1) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Basic earnings per share, Discontinued Operations | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Diluted earnings per share | ||||
Income (loss) | $ (19,103) | $ (4,635) | $ (19,769) | $ 1,260 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | (1) |
Net income (loss) | (19,103) | (4,635) | (19,769) | 1,259 |
Less: net income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Numerator | $ (19,103) | $ (4,860) | $ (19,769) | $ (9,908) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Denominator, Net, Diluted | 75,974 | 52,642 | 69,149 | 47,269 |
Diluted earnings (loss) per share, Net | $ (0.25) | $ (0.09) | $ (0.29) | $ (0.21) |
Continuing Operations [Member] | ||||
Diluted earnings per share | ||||
Income (loss) | $ (19,103) | $ (4,635) | $ (19,769) | $ 1,260 |
Less: net income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Numerator | $ (19,103) | $ (4,860) | $ (19,769) | $ (9,907) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Denominator, Net, Diluted | 75,974 | 52,642 | 69,149 | 47,269 |
Diluted earnings per share, Continuing Operations | $ (0.25) | $ (0.09) | $ (0.29) | $ (0.21) |
Discontinued Operations [Member] | ||||
Diluted earnings per share | ||||
Loss from discontinued operations, net of income taxes | $ 0 | $ 0 | $ 0 | $ (1) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Numerator | $ 0 | $ 0 | $ 0 | $ (1) |
Weighted average common stock outstanding | 75,974 | 52,642 | 69,149 | 47,269 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Denominator, Net, Diluted | 75,974 | 52,642 | 69,149 | 47,269 |
Diluted earnings per share, Discontinued Operations | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Supplemental Cash Flow Information - Operating assets and liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Components of operating assets and liabilities | ||
Decrease (increase) in restricted cash | $ 28 | $ 32 |
Decrease (increase) in accounts receivable | (36,203) | (4,245) |
Decrease (increase) in receivable from affiliates | 19,924 | 1,372 |
Decrease (increase) in inventories | (28,297) | (14,397) |
Decrease (increase) in derivatives and margin deposits | (500) | 85 |
Decrease (increase) in other current assets | (2,909) | 2,402 |
Decrease (increase) in other assets | (17,723) | 63 |
Increase (decrease) in accounts payable and accrued liabilities | 57,073 | 22,138 |
Increase (decrease) in payable to affiliates | (21,631) | 758 |
Increase (decrease) in other noncurrent liabilities | 7,370 | (1,311) |
Total changes in operating assets and liabilities | $ (22,868) | $ 6,897 |
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Interest Paid | $ 58.6 | $ 50.1 |
Income Taxes Paid, Net | 3.1 | (0.5) |
Capital Expenditures Incurred but Not yet Paid | 25.0 | 16.8 |
Insurance prepayment financed [Member] | ||
Liabilities Assumed | $ 6.1 | $ 4.0 |
Related Party Transactions (Details) - Equity Method Investee [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
NGL Energy [Member] | ||||
Related Party Transaction | ||||
Revenue from Related Parties | $ 15,652 | $ 12,291 | $ 40,368 | $ 29,123 |
Related Party Transaction, Purchases from Related Party | 12,414 | 13,849 | 29,562 | 27,045 |
Glass Mountain Pipeline LLC [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Purchases from Related Party | 0 | 0 | 3,911 | 385 |
Glass Mountain Pipeline LLC [Member] | Transportation Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,765 | 1,886 | 6,251 | 5,625 |
Glass Mountain Pipeline LLC [Member] | Management Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 204 | 198 | 612 | 594 |
White Cliffs Pipeline L L C [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Purchases from Related Party | 0 | 375 | 8,616 | 3,920 |
White Cliffs Pipeline L L C [Member] | Crude Oil Revenue [Member] | ||||
Related Party Transaction | ||||
Revenue from Related Parties | 0 | 220 | 436 | 220 |
White Cliffs Pipeline L L C [Member] | Storage [Member] | ||||
Related Party Transaction | ||||
Revenue from Related Parties | 1,087 | 1,088 | 3,263 | 3,264 |
White Cliffs Pipeline L L C [Member] | Transportation Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,111 | 2,704 | 8,152 | 7,929 |
White Cliffs Pipeline L L C [Member] | Management Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 133 | $ 127 | $ 387 | $ 369 |
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Jul. 17, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|
Current assets: | |||||
Cash and cash equivalents | $ 68,013 | $ 74,216 | $ 163,748 | $ 58,096 | |
Accounts receivable, net | 474,795 | 418,339 | |||
Due from Related Parties, Current | 5,531 | 25,455 | |||
Inventories | 128,633 | 99,234 | |||
Other Assets, Current | 21,922 | 18,630 | |||
Assets, Current | 698,894 | 635,874 | |||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 3,394,035 | 1,762,072 | |||
Equity method investments | 433,805 | 434,289 | |||
Goodwill | 262,059 | $ 253,935 | 34,230 | ||
Intangible Assets, Net (Excluding Goodwill) | 413,730 | 150,978 | |||
Other noncurrent assets | 162,402 | 57,529 | |||
Assets | 5,364,925 | 3,074,972 | |||
Current liabilities: | |||||
Accounts Payable | 435,592 | 367,307 | |||
Due to Related Parties | 4,877 | 26,508 | |||
Accrued liabilities | 106,045 | 81,104 | |||
Other current liabilities including deferred revenue and current portion of long-term debt | 19,001 | 13,436 | |||
Liabilities, Current | 565,515 | 488,355 | |||
Long-term debt, net | 3,009,429 | 1,050,918 | |||
Deferred income taxes | 57,476 | 64,501 | |||
Other Liabilities, Noncurrent | 38,614 | 25,233 | |||
Commitments and Contingencies | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,693,891 | 1,445,965 | |||
Liabilities and Equity | 5,364,925 | 3,074,972 | |||
Consolidation, Eliminations [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | (3,995) | (4,582) | (2,032) | (1,564) | |
Accounts receivable, net | 0 | 0 | |||
Due from Related Parties, Current | 0 | 0 | |||
Inventories | 0 | 0 | |||
Other Assets, Current | 0 | (3) | |||
Assets, Current | (3,995) | (4,585) | |||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 0 | 0 | |||
Equity method investments | (3,974,299) | (2,960,525) | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||
Other noncurrent assets | 0 | 0 | |||
Assets | (3,978,294) | (2,965,110) | |||
Current liabilities: | |||||
Accounts Payable | 0 | 0 | |||
Due to Related Parties | 0 | 0 | |||
Accrued liabilities | 0 | 0 | |||
Other current liabilities including deferred revenue and current portion of long-term debt | 0 | 0 | |||
Liabilities, Current | 0 | 0 | |||
Long-term debt, net | (23,141) | (22,617) | |||
Deferred income taxes | 0 | 0 | |||
Other Liabilities, Noncurrent | 0 | 0 | |||
Commitments and Contingencies | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3,955,153) | (2,942,493) | |||
Liabilities and Equity | (3,978,294) | (2,965,110) | |||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 24,597 | 19,002 | 98,435 | 4,559 | |
Accounts receivable, net | 4,246 | 0 | |||
Due from Related Parties, Current | 40 | 27 | |||
Inventories | 0 | 0 | |||
Other Assets, Current | 5,256 | 8,986 | |||
Assets, Current | 34,139 | 28,015 | |||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 8,193 | 5,621 | |||
Equity method investments | 3,289,043 | 2,454,118 | |||
Goodwill | 0 | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 11 | 15 | |||
Other noncurrent assets | 68,454 | 54,155 | |||
Assets | 3,399,840 | 2,541,924 | |||
Current liabilities: | |||||
Accounts Payable | 680 | 674 | |||
Due to Related Parties | 0 | 0 | |||
Accrued liabilities | 26,898 | 25,078 | |||
Other current liabilities including deferred revenue and current portion of long-term debt | 1,707 | 889 | |||
Liabilities, Current | 29,285 | 26,641 | |||
Long-term debt, net | 1,674,663 | 1,050,893 | |||
Deferred income taxes | 0 | 16,119 | |||
Other Liabilities, Noncurrent | 2,001 | 2,306 | |||
Commitments and Contingencies | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,693,891 | 1,445,965 | |||
Liabilities and Equity | 3,399,840 | 2,541,924 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 9,058 | |
Accounts receivable, net | 367,661 | 361,160 | |||
Due from Related Parties, Current | 5,211 | 25,244 | |||
Inventories | 118,614 | 89,638 | |||
Other Assets, Current | 8,853 | 5,760 | |||
Assets, Current | 500,339 | 481,802 | |||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 998,305 | 970,079 | |||
Equity method investments | 1,119,061 | 940,696 | |||
Goodwill | 0 | 26,628 | |||
Intangible Assets, Net (Excluding Goodwill) | 129,833 | 149,669 | |||
Other noncurrent assets | 2,666 | 2,080 | |||
Assets | 2,750,204 | 2,570,954 | |||
Current liabilities: | |||||
Accounts Payable | 388,927 | 348,297 | |||
Due to Related Parties | 4,877 | 26,508 | |||
Accrued liabilities | 30,852 | 23,423 | |||
Other current liabilities including deferred revenue and current portion of long-term debt | 5,918 | 5,108 | |||
Liabilities, Current | 430,574 | 403,336 | |||
Long-term debt, net | 6,644 | 6,142 | |||
Deferred income taxes | 0 | 0 | |||
Other Liabilities, Noncurrent | 0 | 0 | |||
Commitments and Contingencies | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,312,986 | 2,161,476 | |||
Liabilities and Equity | 2,750,204 | 2,570,954 | |||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 47,411 | 59,796 | $ 67,345 | $ 46,043 | |
Accounts receivable, net | 102,888 | 57,179 | |||
Due from Related Parties, Current | 280 | 184 | |||
Inventories | 10,019 | 9,596 | |||
Other Assets, Current | 7,813 | 3,887 | |||
Assets, Current | 168,411 | 130,642 | |||
Property, plant and equipment (net of accumulated depreciation of $486,969 and $393,635, respectively) | 2,387,537 | 786,372 | |||
Equity method investments | 0 | 0 | |||
Goodwill | 262,059 | 7,602 | |||
Intangible Assets, Net (Excluding Goodwill) | 283,886 | 1,294 | |||
Other noncurrent assets | 91,282 | 1,294 | |||
Assets | 3,193,175 | 927,204 | |||
Current liabilities: | |||||
Accounts Payable | 45,985 | 18,336 | |||
Due to Related Parties | 0 | 0 | |||
Accrued liabilities | 48,295 | 32,603 | |||
Other current liabilities including deferred revenue and current portion of long-term debt | 11,376 | 7,439 | |||
Liabilities, Current | 105,656 | 58,378 | |||
Long-term debt, net | 1,351,263 | 16,500 | |||
Deferred income taxes | 57,476 | 48,382 | |||
Other Liabilities, Noncurrent | 36,613 | 22,927 | |||
Commitments and Contingencies | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,642,167 | 781,017 | |||
Liabilities and Equity | $ 3,193,175 | $ 927,204 |
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Revenues: | ||||
Product | $ 423,531 | $ 245,920 | $ 1,164,898 | $ 692,942 |
Service | 105,287 | 66,074 | 261,967 | 192,347 |
Lease | 2,646 | 0 | 2,646 | 0 |
Other | 14,458 | 15,770 | 45,600 | 44,703 |
Revenue, Net | 545,922 | 327,764 | 1,475,111 | 929,992 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 398,252 | 218,503 | 1,087,357 | 592,292 |
Operating | 62,666 | 52,636 | 188,095 | 157,537 |
General and administrative | 35,210 | 20,583 | 83,606 | 62,419 |
Depreciation and amortization | 50,135 | 24,922 | 100,336 | 74,028 |
Loss on disposal or impairment, net | 41,625 | 1,018 | 43,801 | 16,010 |
Total expenses | 587,888 | 317,662 | 1,503,195 | 902,286 |
Earnings from equity method investments | 17,367 | 15,845 | 52,211 | 55,994 |
Loss on issuance of common units by equity method investee | 0 | 0 | 0 | (41) |
Operating income | (24,599) | 25,947 | 24,127 | 83,659 |
Other expenses (income), net: | ||||
Interest Expense | 32,711 | 18,517 | 60,055 | 54,105 |
Loss on early extinguishment of debt | 0 | 0 | 19,930 | 0 |
Foreign currency transaction loss (gain) | (747) | 659 | (1,758) | 3,671 |
Loss on sale or impairment of equity method investment | 0 | 0 | 0 | 30,644 |
Other expense (income), net | (211) | (492) | (802) | (1,170) |
Total other expenses, net | 31,753 | 18,684 | 77,425 | 87,250 |
Income (loss) from continuing operations before income taxes | (56,352) | 7,263 | (53,298) | (3,591) |
Income tax expense (benefit) | (37,249) | 11,898 | (33,529) | (4,851) |
Income (loss) from continuing operations | (19,103) | (4,635) | (19,769) | 1,260 |
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | (1) |
Net income (loss) | (19,103) | (4,635) | (19,769) | 1,259 |
Less: net income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Net income (loss) attributable to SemGroup | (19,103) | (4,860) | (19,769) | (9,908) |
Other comprehensive income (loss), net of income taxes | (9,230) | 7,051 | (24,215) | 4,569 |
Comprehensive income (loss) | (9,873) | (11,686) | 4,446 | (3,310) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 225 | 0 | 11,167 |
Comprehensive income (loss) attributable to SemGroup | (9,873) | (11,911) | 4,446 | (14,477) |
Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Product | 0 | 0 | 0 | 0 |
Service | 0 | 0 | 0 | 0 |
Lease | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Revenue, Net | 0 | 0 | 0 | 0 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on disposal or impairment, net | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Earnings from equity method investments | 24,843 | (9,902) | (22,239) | (24,397) |
Loss on issuance of common units by equity method investee | 0 | |||
Operating income | 24,843 | (9,902) | (22,239) | (24,397) |
Other expenses (income), net: | ||||
Interest Expense | (217) | (239) | (617) | (712) |
Loss on early extinguishment of debt | 0 | |||
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Loss on sale or impairment of equity method investment | 0 | |||
Other expense (income), net | 217 | 239 | 617 | 712 |
Total other expenses, net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 24,843 | (9,902) | (22,239) | (24,397) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | (24,397) | |||
Income from discontinued operations, net of income taxes | 0 | |||
Net income (loss) | 24,843 | (9,902) | (22,239) | (24,397) |
Less: net income attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to SemGroup | (9,902) | (24,397) | ||
Other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 24,843 | (9,902) | (22,239) | (24,397) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to SemGroup | (9,902) | (24,397) | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Product | 0 | 0 | 0 | 0 |
Service | 0 | 0 | 0 | 0 |
Lease | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Revenue, Net | 0 | 0 | 0 | 0 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 18,970 | 4,576 | 35,513 | 15,230 |
Depreciation and amortization | 610 | 439 | 1,613 | 1,212 |
Loss on disposal or impairment, net | 0 | 0 | 0 | 0 |
Total expenses | 19,580 | 5,015 | 37,126 | 16,442 |
Earnings from equity method investments | (26,856) | 6,090 | 17,435 | 20,050 |
Loss on issuance of common units by equity method investee | (41) | |||
Operating income | (46,436) | 1,075 | (19,691) | 3,567 |
Other expenses (income), net: | ||||
Interest Expense | 12,418 | (3,672) | 23,009 | (6,583) |
Loss on early extinguishment of debt | 19,930 | |||
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Loss on sale or impairment of equity method investment | 30,644 | |||
Other expense (income), net | (225) | (372) | (669) | (859) |
Total other expenses, net | 12,193 | (4,044) | 42,270 | 23,202 |
Income (loss) from continuing operations before income taxes | (58,629) | 5,119 | (61,961) | (19,635) |
Income tax expense (benefit) | (39,526) | 9,979 | (42,192) | (9,727) |
Income (loss) from continuing operations | (9,908) | |||
Income from discontinued operations, net of income taxes | 0 | |||
Net income (loss) | (19,103) | (4,860) | (19,769) | (9,908) |
Less: net income attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to SemGroup | (4,860) | (9,908) | ||
Other comprehensive income (loss), net of income taxes | 5,346 | (3,711) | 14,296 | (1,725) |
Comprehensive income (loss) | (24,449) | (1,149) | (34,065) | (8,183) |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to SemGroup | (1,149) | (8,183) | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Product | 381,228 | 209,835 | 1,055,387 | 597,638 |
Service | 34,812 | 39,398 | 110,411 | 116,410 |
Lease | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Revenue, Net | 416,040 | 249,233 | 1,165,798 | 714,048 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 361,675 | 188,329 | 993,838 | 514,996 |
Operating | 28,752 | 29,212 | 84,886 | 87,232 |
General and administrative | 5,833 | 9,557 | 21,206 | 24,512 |
Depreciation and amortization | 17,580 | 17,384 | 52,077 | 51,543 |
Loss on disposal or impairment, net | 40,161 | 1,018 | 42,125 | 16,077 |
Total expenses | 454,001 | 245,500 | 1,194,132 | 694,360 |
Earnings from equity method investments | 19,380 | 19,657 | 57,015 | 60,341 |
Loss on issuance of common units by equity method investee | 0 | |||
Operating income | (18,581) | 23,390 | 28,681 | 80,029 |
Other expenses (income), net: | ||||
Interest Expense | 9,854 | 23,060 | 28,272 | 64,267 |
Loss on early extinguishment of debt | 0 | |||
Foreign currency transaction loss (gain) | 0 | (18) | 0 | (18) |
Loss on sale or impairment of equity method investment | 0 | |||
Other expense (income), net | (8) | 63 | (13) | 63 |
Total other expenses, net | 9,846 | 23,105 | 28,259 | 64,312 |
Income (loss) from continuing operations before income taxes | (28,427) | 285 | 422 | 15,717 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 15,717 | |||
Income from discontinued operations, net of income taxes | 0 | |||
Net income (loss) | (28,427) | 285 | 422 | 15,717 |
Less: net income attributable to noncontrolling interests | 225 | 11,167 | ||
Net income (loss) attributable to SemGroup | 60 | 4,550 | ||
Other comprehensive income (loss), net of income taxes | 193 | (208) | 523 | (909) |
Comprehensive income (loss) | (28,620) | 493 | (101) | 16,626 |
Less: comprehensive income attributable to noncontrolling interests | 225 | 11,167 | ||
Comprehensive income (loss) attributable to SemGroup | 268 | 5,459 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Product | 42,303 | 36,085 | 109,511 | 95,304 |
Service | 70,475 | 26,676 | 151,556 | 75,937 |
Lease | 2,646 | 2,646 | ||
Other | 14,458 | 15,770 | 45,600 | 44,703 |
Revenue, Net | 129,882 | 78,531 | 309,313 | 215,944 |
Expenses: | ||||
Costs of products sold, exclusive of depreciation and amortization shown below | 36,577 | 30,174 | 93,519 | 77,296 |
Operating | 33,914 | 23,424 | 103,209 | 70,305 |
General and administrative | 10,407 | 6,450 | 26,887 | 22,677 |
Depreciation and amortization | 31,945 | 7,099 | 46,646 | 21,273 |
Loss on disposal or impairment, net | 1,464 | 0 | 1,676 | (67) |
Total expenses | 114,307 | 67,147 | 271,937 | 191,484 |
Earnings from equity method investments | 0 | 0 | 0 | 0 |
Loss on issuance of common units by equity method investee | 0 | |||
Operating income | 15,575 | 11,384 | 37,376 | 24,460 |
Other expenses (income), net: | ||||
Interest Expense | 10,656 | (632) | 9,391 | (2,867) |
Loss on early extinguishment of debt | 0 | |||
Foreign currency transaction loss (gain) | (747) | 677 | (1,758) | 3,689 |
Loss on sale or impairment of equity method investment | 0 | |||
Other expense (income), net | (195) | (422) | (737) | (1,086) |
Total other expenses, net | 9,714 | (377) | 6,896 | (264) |
Income (loss) from continuing operations before income taxes | 5,861 | 11,761 | 30,480 | 24,724 |
Income tax expense (benefit) | 2,277 | 1,919 | 8,663 | 4,876 |
Income (loss) from continuing operations | 19,848 | |||
Income from discontinued operations, net of income taxes | (1) | |||
Net income (loss) | 3,584 | 9,842 | 21,817 | 19,847 |
Less: net income attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to SemGroup | 9,842 | 19,847 | ||
Other comprehensive income (loss), net of income taxes | (14,769) | 10,970 | (39,034) | 7,203 |
Comprehensive income (loss) | $ 18,353 | (1,128) | $ 60,851 | 12,644 |
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
Comprehensive income (loss) attributable to SemGroup | $ (1,128) | $ 12,644 |
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 92,417 | $ 140,104 |
Cash flows from investing activities: | ||
Capital expenditures | (346,204) | (203,776) |
Proceeds from sale of long-lived assets | 16,638 | 98 |
Contributions to equity method investments | (18,808) | (3,756) |
Payments to Acquire Businesses, Net of Cash Acquired | (293,039) | 0 |
Proceeds from sale of common units of equity method investee | 0 | 60,483 |
Distributions in excess of equity in earnings of affiliates | 19,296 | 22,792 |
Net cash used in investing activities | (622,117) | (124,159) |
Cash flows from financing activities: | ||
Debt issuance costs | (10,839) | (7,459) |
Proceeds from Issuance of Long-term Debt | 1,353,377 | 362,500 |
Principal payments on credit facilities and other obligations | (711,941) | (393,994) |
Proceeds from issuance of common shares, net of offering costs | 0 | 223,739 |
Debt extinguishment costs | (16,293) | 0 |
Distributions to noncontrolling interests | 0 | (32,133) |
Payments for Repurchase of Common Stock | (1,361) | (945) |
Dividends paid | (94,714) | (63,338) |
Proceeds from issuance of common stock under employee stock purchase plan | 796 | 774 |
Intercompany borrowings (advances), net | 0 | 0 |
Net cash provided by financing activities | 519,025 | 89,144 |
Effect of exchange rate changes on cash and cash equivalents | 4,472 | 563 |
Change in cash and cash equivalents | 6,203 | (105,652) |
Cash and cash equivalents at beginning of period | 74,216 | 58,096 |
Cash and cash equivalents at end of period | 68,013 | 163,748 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (43,276) | 53,460 |
Cash flows from investing activities: | ||
Capital expenditures | (4,181) | (1,939) |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Proceeds from sale of common units of equity method investee | 60,483 | |
Distributions in excess of equity in earnings of affiliates | 0 | 33,065 |
Net cash used in investing activities | (4,181) | 91,609 |
Cash flows from financing activities: | ||
Debt issuance costs | (10,839) | (7,459) |
Proceeds from Issuance of Long-term Debt | 1,333,377 | 118,000 |
Principal payments on credit facilities and other obligations | (710,547) | (149,469) |
Proceeds from issuance of common shares, net of offering costs | 223,739 | |
Debt extinguishment costs | (16,293) | |
Distributions to noncontrolling interests | 0 | |
Payments for Repurchase of Common Stock | (1,361) | (945) |
Dividends paid | (94,714) | (63,338) |
Proceeds from issuance of common stock under employee stock purchase plan | 796 | 774 |
Intercompany borrowings (advances), net | (447,367) | (172,495) |
Net cash provided by financing activities | 53,052 | (51,193) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | (5,595) | (93,876) |
Cash and cash equivalents at beginning of period | 19,002 | 4,559 |
Cash and cash equivalents at end of period | 24,597 | 98,435 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 99,519 | 52,620 |
Cash flows from investing activities: | ||
Capital expenditures | (91,890) | (40,043) |
Proceeds from sale of long-lived assets | 15,530 | 0 |
Contributions to equity method investments | (18,808) | (3,756) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Proceeds from sale of common units of equity method investee | 0 | |
Distributions in excess of equity in earnings of affiliates | 19,296 | 22,792 |
Net cash used in investing activities | (75,872) | (21,007) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | 244,500 |
Principal payments on credit facilities and other obligations | (19) | (244,525) |
Proceeds from issuance of common shares, net of offering costs | 0 | |
Debt extinguishment costs | 0 | |
Distributions to noncontrolling interests | (32,133) | |
Payments for Repurchase of Common Stock | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | (23,628) | (8,531) |
Net cash provided by financing activities | (23,647) | (40,689) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 18 |
Change in cash and cash equivalents | 0 | 9,058 |
Cash and cash equivalents at beginning of period | 0 | 9,058 |
Cash and cash equivalents at end of period | 0 | 0 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 36,174 | 59,781 |
Cash flows from investing activities: | ||
Capital expenditures | (250,133) | (161,794) |
Proceeds from sale of long-lived assets | 1,108 | 98 |
Contributions to equity method investments | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | (293,039) | |
Proceeds from sale of common units of equity method investee | 0 | |
Distributions in excess of equity in earnings of affiliates | 0 | 0 |
Net cash used in investing activities | (542,064) | (161,696) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 20,000 | 0 |
Principal payments on credit facilities and other obligations | (1,375) | 0 |
Proceeds from issuance of common shares, net of offering costs | 0 | |
Debt extinguishment costs | 0 | |
Distributions to noncontrolling interests | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | 470,408 | 122,672 |
Net cash provided by financing activities | 489,033 | 122,672 |
Effect of exchange rate changes on cash and cash equivalents | 4,472 | 545 |
Change in cash and cash equivalents | 12,385 | (21,302) |
Cash and cash equivalents at beginning of period | 59,796 | 46,043 |
Cash and cash equivalents at end of period | 47,411 | 67,345 |
Consolidation, Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 0 | (25,757) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of long-lived assets | 0 | 0 |
Contributions to equity method investments | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Proceeds from sale of common units of equity method investee | 0 | |
Distributions in excess of equity in earnings of affiliates | 0 | (33,065) |
Net cash used in investing activities | 0 | (33,065) |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | 0 |
Principal payments on credit facilities and other obligations | 0 | 0 |
Proceeds from issuance of common shares, net of offering costs | 0 | |
Debt extinguishment costs | 0 | |
Distributions to noncontrolling interests | 0 | |
Payments for Repurchase of Common Stock | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 |
Intercompany borrowings (advances), net | 587 | 58,354 |
Net cash provided by financing activities | 587 | 58,354 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Change in cash and cash equivalents | (587) | 468 |
Cash and cash equivalents at beginning of period | (4,582) | (1,564) |
Cash and cash equivalents at end of period | $ (3,995) | $ (2,032) |
Subsequent Events (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Nov. 07, 2017 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Subsequent Event [Line Items] | |||
Proceeds from sale of common units of equity method investee | $ 0 | $ 60,483 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from sale of common units of equity method investee | $ 300,000 | ||
Glass Mountain Pipeline LLC [Member] | |||
Subsequent Event [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
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