SEMG and RRMS Release 4Q 2014 Results

FOURTH QUARTER AND FULL-YEAR 2014 RESULTSEarnings Conference Call - February 27, 2015

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

All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financialperformance, our anticipated annual dividend growth rate, management's plans and objectives for future operations, business prospects, outcome of regulatoryproceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in theseforward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements aresubject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected inthese forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, our ability to generate sufficient cash flow fromoperations to enable us to pay our debt obligations or to fund our other liquidity needs; our ability to comply with the covenants contained in the instrumentsgoverning our indebtedness and to maintain certain financial ratios required by our credit facilities; the effect of our debt level on our future financial andoperating flexibility, including our ability to obtain additional capital; the ability of our subsidiary, Rose Rock Midstream L.P. (NYSE: RRMS), to make minimumquarterly distributions; the operations of NGL Energy Partners LP (NYSE: NGL), which we do not control; any sustained reduction in demand for the petroleumproducts we gather, transport, process and store; our ability to obtain new sources of supply of petroleum products; our failure to comply with new or existingenvironmental laws or regulations or cross border laws or regulations; the possibility that the construction or acquisition of new assets may not result in thecorresponding anticipated revenue increases; changes in currency exchange rates; cyber attacks involving our information systems and related infrastructure;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; and the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; as well asother risk factors discussed from time to time in each of our documents and reports filed with the SEC.

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

SemGroup and Rose Rock Midstream use their Investor Relations website and social media outlets as channels of distribution of material companyinformation. Such information is routinely posted and accessible on our Investor Relations websites at ir.semgroupcorp.com and ir.rrmidstream.com.

Both companies are present on Twitter and LinkedIn, follow us at the links below:

SemGroup Twitter and LinkedIn Rose Rock Midstream Twitter and LinkedIn

2

http://ir.semgroupcorp.com/CorporateProfile.aspx?iid=4135511

http://ir.rrmidstream.com/CorporateProfile.aspx?iid=4308013

https://twitter.com/SemGroupCorp

http://www.linkedin.com/company/3258367?trk=tyah

https://twitter.com/RoseRockMid

http://www.linkedin.com/company/3258406?trk=tyah

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

Rose Rock Midstream

This presentation includes the non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA and distributable cash flow, which may be usedperiodically by management when discussing our financial results with investors and analysts. The appendix of this presentation provides reconciliations ofthese non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Adjusted grossmargin, Adjusted EBITDA and distributable cash flow are presented as management believes they provide additional information and metrics relative to theperformance of our business.

Operating income (loss) is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss) and cash provided by (used in) operatingactivities are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) is the GAAP measure most directly comparable todistributable cash flow. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures.These non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directlycomparable GAAP financial measures. You should not consider Adjusted gross margin, Adjusted EBITDA or distributable cash flow in isolation or as substitutesfor analysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently byother companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies,thereby diminishing their utility.

Management compensates for the limitation of Adjusted gross margin, Adjusted EBITDA and distributable cash flow as analytical tools by reviewing thecomparable GAAP measures, understanding the differences between Adjusted gross margin, Adjusted EBITDA and distributable cash flow, on the one hand,and operating income (loss), net income (loss) and net cash provided by (used in) operating activities, on the other hand, and incorporating this knowledge intoits decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluatingour operating results.

3

2014 Year End Results

SemGroup ¬ Completed the installation of the Rose Valley I gas processing plant in March 2014 and accelerated

the implementation of the Rose Valley II gas processing plant to accommodate growing demand¬ Completed final drop down of White Cliffs Pipeline to Rose Rock Midstream¬ Announced $0.04 per share dividend increase in the fourth quarter representing a 13% increase

over the prior quarter and resulting in a 40% increase over full-year 2013¬ Lower capital expenditures primarily due to timing Rose Rock Midstream¬ Completed Chesapeake transportation assets acquisition - June 2014¬ Offered $400 million aggregate principal amount of 5.625% senior notes due July 2022 ¬ Completed 80,000 bpd White Cliffs Pipeline expansion - August 2014¬ Increased distributions 25% over 2013

SemGroup Corporation

(in millions, unaudited) 2014 Actuals 2014 Guidance(1)

Adjusted EBITDA $287 $260 - $275

CapEx $386 $475

Dividend Growth 40% 40% - 45%

Rose Rock Midstream

(in millions, unaudited) 2014 Actuals 2014 Guidance(1)

Adjusted EBITDA $123 $115 - $120

CapEx $135 $125

Distribution Growth 25% 25%

2014 Key Highlights

(1) Updated guidance provided June 23, 2014

4

SemGroup and Rose Rock Midstream¬ Drop down of remaining one-third interest in SemCrude Pipeline, L.L.C., which owns a 51% interest in White Cliffs

Pipeline - Closed June 2014 ¬ White Cliffs Pipeline expansion - Completed August 2014

– 150,000 bpd current capacity– Successful binding open season secured 72,000 bpd - 5 year firm capacity

SemGroup ¬ Glass Mountain Pipeline - In service February 2014¬ SemGas Rose Valley I plant - In service March 2014¬ SemCAMS KA North Pipeline - Completed June 2014

– 10-mile, 10-inch pipeline terminating at SemCAMS' KA plant backed by long-term agreement with Shell

Rose Rock Midstream¬ Chesapeake transportation assets acquisition - Completed June 2014¬ Tampa Pipeline lateral - Completed July 2014

Capital Projects & Acquisitions ReviewTotal 2014 Capital Expenditures

of $386 million(1)

n Natural Gasn Cruden Other Growth Projectsn Maintenance and Regulatory

$170

46%

44%

2%

8%

$178

$8

$30

__

5

(1) Excludes drop down transactions , approximately $70 million of 2014 capex is being carried over to 2015

Key Basin Exposure¬ Our key producers in the DJ Basin and the Mississippi Lime continue to communicate that they are seeing attractive

returns even in today's price environment

¬ Producers expect significant production in the liquids rich Montney and Duvernay area of Western Alberta

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

6

Commodity Price Assumptions(2) Pricing Sensitivities Gross Margin ImpactCrude Oil $50.93/barrelNatural Gas $3.00/mmbtu $0.10/mmbtu change $1.0 millionNGL Basket $0.52/gallon $0.10/gallon change $2.3 million

86%

5%9%

89%

6%5%

2015 Guidance 2014 Actual(1)

(1) Represents Gross Margin contribution (2) 2015 Guidance based on commodity price assumptions

n Fixed Fee

n Variable Fee

n Marketing

2015 Guidance(1) 2014 Actual (1)

Guidance Assumptions¬ RRMS

– Average Cushing storage rate - $0.37/barrel/month– Transportation volumes(2) - 75% to 85% increase

– Driven by Wattenberg Oil Trunkline drop down White Cliffs Pipeline

– 50% to 60% increase in volumes over previous year Glass Mountain Pipeline

– 20% to 30% increase in volumes over previous year

¬ SemGas – 40% to 50% increase in Northern Oklahoma volumes

¬ Consolidated Cash Taxes(3) - $8.5 million, primarilyforeign taxes

$320 million to $360 million(1)

2015 Updated Adjusted EBITDA guidance reflects approximately 18% increase over 2014(4)

$400

$300

$200

$1002011 2012 2013 2014 2015E

SEMG Adjusted EBITDA(1)

(in millions)

SemGroup Corporation 2015 Adjusted EBITDA Guidance

31% CAGR(2)

$116$135

$189

$320-$360

$287

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation, includes fullyconsolidated Rose Rock Midstream

(2) RRMS transportation volumes exclude JV projects White Cliffs Pipeline and Glass Mountain Pipeline(3) Cash Taxes do not assume future drop downs or NGL unit sales(4) CAGR is based on the midpoint of 2015 Adjusted EBITDA Guidance7

Rose Rock Midstream 2015 Adjusted EBITDA Guidance

2015 Adjusted EBITDA guidance reflects approximately 55% increase over 2014

$180 million to $200 million(1)

Guidance Assumptions

¬ Average Cushing storage rate - $0.37/barrel/month

¬ White Cliffs Pipeline - 50% to 60% increase in volumes

¬ Glass Mountain Pipeline and Wattenberg Oil Trunklinedrop downs - Effective January 1, 2015

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation(2) CAGR is based on the midpoint of 2015 Adjusted EBITDA Guidance

$200

$150

$100

$50

$02011 2012 2013 2014 2015E

RRMS Adjusted EBITDA(1)

(in millions)

53% CAGR(2)

$35 $40$68

$180-$200

$123

8

SemGroup Corporation 2015 Capital Expenditure Guidance

2015 Capital Expenditures – $775 million(1)

9

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

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

¬ Maintenance, regulatory capital focusedon pipeline integrity and SemLogisticstank refurbishments

n Natural Gasn Cruden Other Growth Projectsn Maintenance and Regulatory

$450

34%

58%

1%

7%

$265

$5

$55

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

__

SemGroup Corporation 2015 Capital Expenditure Guidance

10

(1) Investments in affiliate; reflects our ownership in joint ventures

(in millions)

Total CapexSegment Description

Estimated Completion

Date 2015 Capex 2016 Capex

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

Crude-RRMS Isabel Pipeline 1Q 2016 30 5 35

Crude-RRMS Platteville truck unloading expansion varies 30 — 30

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

SemGas Northern Oklahoma gas gathering & processing expansion varies 140 100 240

SemCAMS Wapiti Pipeline Expansion varies 30 10 40

SemCAMS K3 Plant projects varies 20 10 30

SemCAMS KA Plant Projects varies 40 20 60

Other/undesignated growth projects varies 365 365

Maintenance, refurbishment & regulatory 55 35

Total $775 $500-$600

Targeting 5-8x EBITDA multiples on organic growth projects in key asset plays

Rose Rock Midstream 2015 Capital Expenditure Guidance

2015 Capital Expenditures – $190 million(1)

11

(1) Excludes any drop downs from SemGroup or other potential acquisitions(2) Investments in affiliate; reflects our ownership in joint venture

(in millions) Estimated Completion

DateTotal

CapexDescription 2015 Capex 2016 Capex

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

Isabel Pipeline 1Q 2016 30 5 35

Platteville truck unloading expansion varies 30 — 30

Wattenberg Oil Trunkline extension 1Q 2015 30 — 30

Other/undesignated growth projects 50 —

Maintenance 15 20

Total $190

n Growth

n Maintenance92%

$158%

$175

DJ Basin¬ Wattenberg Oil Trunkline extension - Expected completion 1Q 2015

– 38-mile, 12-inch pipeline extension backed by long-term agreement with Noble Energy– 150,000 barrels of additional storage

¬ Platteville truck unloading expansion – Four new truck unloading bays - Expected completion 2Q 2015– 105,000 barrels of additional storage - Expected completion 2Q 2015– Ten new truck unloading bays - Expected completion 4Q 2015

¬ White Cliffs Pipeline capacity expansion - Expected completion 3Q 2015– 65,000 bpd expansion

Mississippi Lime¬ SemGas Rose Valley II plant - Expected completion mid-2015

– 200 mmcf/d increase in processing capacity to meet production demand ¬ Isabel Pipeline - Expected completion 1Q 2016

– 48-mile, 8-inch pipeline from Isabel Junction, KS to Alva, OK to connect Kansas barrels to Glass Mountain Pipeline

Montney/Duvernay ¬ SemCAMS Wapiti Field Projects

– Northwest Wapiti Loop - Expected completion 2Q 2015– 21-mile, 8-inch pipeline terminating at SemCAMS' K3 plant supported by 10-year agreement with NuVista

– SemCAMS Wapiti Compressor - Expected completion 2Q 2016– Increases NuVista's contracted service by 30 mmcf/d and is supported by 10-year agreement

– SemCAMS Wapiti Sour Gas Plant - Non-binding Open Season– Potential 200 mmcf/d sour gas processing plant to meet producers' development plans

Key Basin Growth Update

12

$0.5500

$0.4500

$0.3500

$0.2500

$0.1500

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

SemGroup Corporation Dividend Growth(1)

Target 30-40% Annual Dividend Growth through 2017

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

2014 dividend reflects a 40% growthover 2013$0.2400

$0.2700$0.3000

$0.3400

2013 2014 2015

$0.2200

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

(1) Assumes no further drop downs or acquisitions

¬

$0.7500

$0.6500

$0.5500

$0.4500

$0.3500

$0.2500

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

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

2011 2012 2013 2014 2015

Rose Rock Midstream Distribution Growth(1)

Target 15-20% Annual Distribution Growth through 2017

14

(1) Assumes no further drop downs or acquisitions

$0.4650

$0.4025$0.3625

$0.4950

$0.5350

$0.5750

$0.620020% CAGR

SemGroup Fourth Quarter Results

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

Key Highlights (4Q 2014 vs 3Q 2014)

¬ Crude increased $10.2 million– $11 million increase in marketing margin related to higher volumes and realized gains on derivatives– $4 million increase in transportation margin as a result of higher volumes– $4 million decrease due to increased expenses, primarily related to field services operations

¬ SemCAMS decreased $7.4 million– $3 million increase in G&A expense– $2 million decrease related to lower capital fee recoveries– $2 million decrease related to timing of operating expense recoveries

¬ SemGas increased $1.1 million– Higher volumes were partially offset by lower commodity price realizations

Segment Adjusted EBITDA(1) (in millions, unaudited)

Year Ended4Q 2014 3Q 2014 Dec. 2014 Dec. 2013

Crude(2) $ 50.8 $ 40.6 $ 156.8 $ 106.6SemGas 18.2 17.1 62.8 33.7SemCAMS 9.4 16.8 45.9 34.1SemLogistics (1.0) (2.3) (1.9) (1.6)SemMaterials Mexico 4.2 4.5 16.8 13.4SemStream 5.9 6.4 23.3 17.7Corporate and Other (4.3) (3.7) (16.3) (14.9)

Total Adjusted EBITDA $ 83.2 $ 79.4 $ 287.4 $ 189.0

15

SemGroup Capitalization & Liquidity

16

Conservative leverage ratioprovides financial flexibility

Target consolidated NetDebt / Adjusted EBITDAtarget of 3.5x or better

Available liquidity to fundfuture growth opportunities

(in millions, unaudited) December 31, 2014 December 31, 2013Total Consolidated Debt $ 767 $ 615Owner's Equity 1,219 1,214Total Book Capitalization $ 1,986 $ 1,829Consolidated Credit MetricsNet Debt $ 726 $ 536Total Debt/Capitalization 39% 34%Net Debt/Adjusted EBITDA LTM 2.5x 2.8xCommitted LiquidityCash and Cash Equivalents $ 41 $ 79Revolver Availability(1)

SemGroup 461 426Rose Rock Midstream 536 306

Total Liquidity $ 1,038 $ 811

(1) Availability reduced by outstanding letters of credit

Rose Rock Midstream Fourth Quarter Results

Key Highlights (4Q 2014 vs 3Q 2014)

Adjusted EBITDA increased $12.5 million

¬ $9 million increase in marketing margin related to higher volumes and realized gains on derivatives¬ $6 million increase in cash distributions received from White Cliffs Pipeline resulting from a full

quarter of distributions and increased volumes¬ $2 million increase in transportation margin as a result

of higher volumes¬ $4 million decrease due to increased operating and

administrative expenses, primarily related to field services operations

As Reported (in millions, unaudited)

Year Ended4Q 2014 3Q 2014 Dec. 2014 Dec. 2013

Adjusted EBITDA(1) $ 43.5 $ 31.0 $ 122.8 $ 68.5

(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation

17

Rose Rock Midstream Capitalization & Liquidity

18

Available balance sheetcapacity to fund acquisitionsand drop down transactions

Net Debt / Adjusted EBITDAtarget of 4.0x or better

(in millions, unaudited) December 31, 2014 December 31, 2013Total Debt $ 432 $ 245Total Equity 249 359Total Book Capitalization $ 681 $ 604Credit MetricsNet Debt $ 428 $ 230Total Debt/Capitalization 63% 41%Net Debt/Adjusted EBITDA LTM(1) 3.2x 3.4xCommitted LiquidityCash and Cash Equivalents $ 4 $ 15

Revolver Availability(2) 536 306Total Liquidity $ 540 $ 321

(1) Includes $11 million LTM EBITDA related to the dropdown of one-third interest in SemCrude Pipeline -June 2014

(2) Availability reduced by outstanding letters of credit

Growing today with a focus for tomorrow

Safety

19

Crude StorageOklahoma

DisciplinedInvestment Execution Increase Equity

Holders Return

SemGas Rose Valley PlantOklahoma

SemCAMS K3 PlantsCanada

APPENDIX

SemGroup’s Fee-based Business Model

21

Margin Descriptions

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

¬ Variable Fee– Gas processing – percent ofproceeds

¬ Marketing– Back-to-back marketingand blending transactions

(1) LTM December 31, 2014(2) SemGas 4Q 2014 margin contribution 65% fixed fee, 35% variable fee(3) Rose Rock Midstream includes White Cliffs cash distributions resulting from 34% ownership for 6 months

and 51% ownership for 6 months

Fixed Fee Variable Fee MarketingSemGas(2) 57% 43%SemCAMS 100%SemLogistics 100%SemMaterials Mexico 100%White Cliffs Pipeline 100%Rose Rock Midstream(3) 84% 16%

Margin Contribution(1)

n Fixed Fee n Variable Fee n Marketing

86%

5%9%

300

250

200

150

100

50

0

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

55.7 57.3 54.6 57.1 67.3 64.9 65.2 71.8

66.8 66.8 67.3 77.4 72.7 74.1 98.5 118.4

43.7 61.761.1

65.2

2013 2014

6050403020100

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

24.1 22.1 25.6

48.7 49.639.3

51.568.7

2013 2014

80

60

40

20

0

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

29.7 30.942.7 46.1

75.0 85.6

2013 2014

Crude Key Performance Metrics

22

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

100% throughput (5) Field Services average volumes for 3Q 2013 reflects one month operational

Crude Transportation Volumes(Thousand Barrels per Day)

Crude Marketing Volumes(Thousand Barrels per Day)

8

6

4

2

0

2015 2016 2017 2018

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

Crude Cushing Storage 7.6 million Barrels Capacity

6.50 6.004.40

2.90

Field Services Transportation Volumes(5)

(Thousand Barrels per Day)

n Contracted(1) n Operational / Marketing n Uncontracted

1.10

1.101.10

1.103.60

2.10

0.50

28.526.611.0 31.235.2

500

400

300

200

100

0

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

213.9 250.3 283.9 272.6 285.8148.2

274.2340.1

162.6 128.5159.6 146.9 152.6

186.1

138.397.9

2013 2014

SemGas Northern Oklahoma Average ProcessedVolume (mmcf/d)

Capacity Processing Volumes

400

300

200

100

0

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

70.5 96.6 143.4 156.9 167.7251.4

315.9 355.9

2013 2014

Natural Gas Business

23

SemCAMS Average Throughput Volume (mmcf/d)

n K3 Plant n KA Plant

376.5 378.8419.5443.5 438.4

334.3412.5 438.0

SemGroup Consolidated Balance Sheets

24

(in thousands, unaudited, condensed) December 31, 2014

December 31, 2013

ASSETSCurrent assets $ 479,280 $ 534,014Property, plant and equipment, net 1,256,825 1,105,728Goodwill and other intangible assets 231,391 236,859Equity method investments 577,920 565,124Other noncurrent assets, net 44,386 28,889Total assets $ 2,589,802 $ 2,470,614

LIABILITIES AND OWNERS' EQUITYCurrent liabilities:

Current portion of long-term debt $ 40 $ 37Other current liabilities 391,622 499,177

Total current liabilities 391,662 499,214

Long-term debt, excluding current portion 767,092 615,088Other noncurrent liabilities 211,611 142,449Total liabilities 1,370,365 1,256,751

Total owners' equity 1,219,437 1,213,863Total liabilities and owners' equity $ 2,589,802 $ 2,470,614

SemGroup Consolidated Statements of Operations and Comprehensive Income

25

(in thousands, except per share amounts, unaudited) Three Months Ended Year EndedDecember 31, September 30, December 31,

2014 2013 2014 2014 2013Revenues $ 547,237 $ 457,328 $ 594,235 $ 2,122,579 $ 1,427,016Expenses:

Costs of products sold, exclusive of depreciation and amortization shown below 411,655 339,468 458,063 1,623,358 1,020,100

Operating 67,034 60,772 69,377 246,613 223,585General and administrative 23,963 23,710 23,296 87,845 78,597Depreciation and amortization 27,498 24,846 25,200 98,397 66,409Loss (gain) on disposal of long-lived assets, net 11,959 (109) 1,376 32,592 (239)Total expenses 542,109 448,687 577,312 2,088,805 1,388,452

Earnings from equity method investments 15,827 12,788 14,223 64,199 52,477Gain on issuance of common units by equity method investee 2,121 26,873 18,772 29,020 26,873Operating income 23,076 48,302 49,918 126,993 117,914Other expenses (income), net (2,196) 17,646 (6,368) 28,422 69,415Income from continuing operations before income taxes 25,272 30,656 56,286 98,571 48,499Income tax expense (benefit) 12,569 24,051 24,090 46,513 (17,254)Income from continuing operations 12,703 6,605 32,196 52,058 65,753Income (loss) from discontinued operations, net of income taxes 4 (6) — (1) 59Net income 12,707 6,599 32,196 52,057 65,812

Less: net income attributable to noncontrolling interests 4,633 3,319 6,934 22,817 17,710Net income attributable to SemGroup Corporation $ 8,074 $ 3,280 $ 25,262 $ 29,240 $ 48,102Net income attributable to SemGroup Corporation $ 8,074 $ 3,280 $ 25,262 $ 29,240 $ 48,102Other comprehensive income (loss), net of income taxes (17,669) 2,752 (10,331) (24,287) (1,555)Comprehensive income (loss) attributable to SemGroup Corporation $ (9,595) $ 6,032 $ 14,931 $ 4,953 $ 46,547

Net income per common shareBasic $ 0.19 $ 0.08 $ 0.59 $ 0.69 $ 1.14Diluted $ 0.18 $ 0.08 $ 0.59 $ 0.68 $ 1.13

Weighted average shares (thousands):Basic 43,492 42,530 42,708 42,665 42,339Diluted 43,807 42,888 43,013 42,967 42,646

SemGroup Non-GAAP Adjusted EBITDA Calculation

26

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

Reconciliation of net income to Adjusted EBITDA: 2014 2013 2014 2014 2013Net income $ 12,707 $ 6,599 $ 32,196 $ 52,057 $ 65,812

Add: Interest expense 14,650 9,171 14,807 49,044 25,142Add: Income tax expense (benefit) 12,569 24,051 24,090 46,513 (17,254)Add: Deprecation and amortization expense 27,498 24,846 25,200 98,397 66,409

EBITDA 67,424 64,667 96,293 246,011 140,109Selected Non-Cash Items and

Other Items Impacting Comparability 15,783 (6,869) (16,868) 41,430 48,909Adjusted EBITDA $ 83,207 $ 57,798 $ 79,425 $ 287,441 $ 189,018

Selected Non-Cash Items andOther Items Impacting ComparabilityLoss (gain) on disposal of long-lived assets, net $ 11,959 $ (109) $ 1,376 $ 32,592 $ (239)Loss (income) from discontinued operations, net of income taxes (4) 6 — 1 (59)Foreign currency transaction (gain) loss 302 (660) 128 (86) (1,633)Remove NGL equity earnings including gain on issuance of common units (387) (26,168) (14,290) (31,363) (33,996)Remove gain on sale of NGL units (7,463) — (26,748) (34,211) —NGL cash distribution 5,942 4,952 6,450 23,404 18,321Inventory valuation adjustments including equity method investees 7,781 — — 7,781 —Mid-America Midstream Gas Services acquisition cost — — — — 3,600Employee severance expense 101 29 90 220 38Unrealized loss (gain) on derivative activities (1,078) 785 (411) (1,734) (974)Change in fair value of warrants (10,076) 9,406 5,550 13,423 46,434Depreciation and amortization included within

equity earnings 6,404 2,304 4,887 18,992 9,520Bankruptcy related expenses 317 567 116 1,310 567Charitable contributions 81 — 3,298 3,379 —Recovery of receivables written off at emergence — — — (664) —Non-cash equity compensation 1,904 2,019 2,686 8,386 7,330Selected Non-Cash items and

Other Items Impacting Comparability $ 15,783 $ (6,869) $ (16,868) $ 41,430 $ 48,909

SemGroup 2015 Adjusted EBITDA Guidance

27

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

(in millions, unaudited) 2015 Guidance(1)

Mid-point

Net income $ 121.5

Add: Interest expense 64.0

Add: Income tax expense 8.0

Add: Depreciation and amortization 109.0

EBITDA $ 302.5

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

Selected Non-Cash and Other Items Impacting Comparability

Depreciation and amortization included within equity earnings 25.0

Non-cash equity compensation 12.5

Selected Non-Cash and Other Items Impacting Comparability $ 37.5

Crude Segment Adjusted EBITDA Calculation

28

(1) Crude segment includes fully consolidated Rose Rock Midstream


2014 2013 2014 2014 2013Net income(1) $ 13,313 $ 10,921 $ 15,950 $ 57,495 $ 57,228

Add: Interest expense 10,684 3,985 10,525 31,072 14,923Add: Deprecation and amortization expense 12,882 12,381 8,395 40,035 23,708


Other Items Impacting Comparability 13,919 3,683 5,698 28,159 10,764Adjusted EBITDA $ 50,798 $ 30,970 $ 40,568 $ 156,761 $ 106,623

Selected Non-Cash Items and Other Items Impacting Comparability

Loss (gain) on disposal of long-lived assets, net $ 89 $ (31) $ 291 $ 319 $ (56)Employee severance expense — — — 9 5Unrealized loss (gain) on derivative activities (1,078) 785 (411) (1,734) (974)Depreciation and amortization included within

equity earnings 6,404 2,304 4,887 18,992 9,520Inventory valuation adjustments including equity method investees 7,781 — — 7,781 —Non-cash equity compensation 723 625 931 2,792 2,269Selected Non-Cash items and

Other Items Impacting Comparability $ 13,919 $ 3,683 $ 5,698 $ 28,159 $ 10,764

SemGas Adjusted EBITDA Calculation

29


2014 2013 2014 2014 2013Net income $ 8,347 $ 5,538 $ 7,448 $ 6,792 $ 14,701

Add: Interest expense 2,538 1,119 2,330 8,570 3,268Add: Deprecation and amortization expense 7,041 5,164 7,064 26,353 14,517


Other Items Impacting Comparability 305 177 260 21,053 1,221Adjusted EBITDA $ 18,231 $ 11,998 $ 17,102 $ 62,768 $ 33,707


Loss (gain) on disposal of long-lived assets, net $ — $ (8) $ (12) $ 20,092 $ 665Employee severance expense 41 — — 41 —Bankruptcy related expenses 60 — 30 150 —Non-cash equity compensation 204 185 242 770 556Selected Non-Cash items and

Other Items Impacting Comparability $ 305 $ 177 $ 260 $ 21,053 $ 1,221

SemCAMS Adjusted EBITDA Calculation

30


2014 2013 2014 2014 2013Net income (loss) $ 1,714 $ (3,436) $ 5,310 $ 14,318 $ (3,136)

Add: Interest expense 1,689 4,728 3,918 13,558 18,928Add: Income tax expense 2,262 5,128 2,022 3,135 6,348Add: Deprecation and amortization expense 3,274 2,841 5,113 14,295 10,766


Other Items Impacting Comparability 477 326 473 590 1,180Adjusted EBITDA $ 9,416 $ 9,587 $ 16,836 $ 45,896 $ 34,086


Foreign currency transaction (gain) loss $ 63 $ — $ 1 $ 42 $ (23)Gain on disposal of long-lived assets, net — — (35) (950) —Recovery of receivables written off at emergence — — — (664) —Employee severance 60 — 90 150 —Non-cash equity compensation 354 326 417 2,012 1,203Selected Non-Cash items and

Other Items Impacting Comparability $ 477 $ 326 $ 473 $ 590 $ 1,180

SemLogistics Adjusted EBITDA Calculation

31


2014 2013 2014 2014 2013Net loss $ (3,973) $ (2,714) $ (6,057) $ (10,072) $ (6,769)

Add: Interest expense 421 364 396 1,528 1,435Add: Income tax benefit (666) (110) (1,038) (2,231) (5,699)Add: Deprecation and amortization expense 2,412 2,439 2,543 10,005 9,426

EBITDA (1,806) (21) (4,156) (770) (1,607)Selected Non-Cash Items and

Other Items Impacting Comparability 762 (92) 1,898 (1,083) 111Adjusted EBITDA $ (1,044) $ (113) $ (2,258) $ (1,853) $ (1,496)


Income from discontinued operations, net of income taxes $ (5) $ — $ — $ (1) $ —Loss (gain) on disposal of long-lived assets, net 5 — 1,139 (2,490) —Foreign currency transaction (gain) loss 601 (222) 593 821 (391)Non-cash equity compensation 161 130 166 587 502Selected Non-Cash items and

Other Items Impacting Comparability $ 762 $ (92) $ 1,898 $ (1,083) $ 111

SemMaterials México Adjusted EBITDA Calculation

32


2014 2013 2014 2014 2013Net income $ 1,366 $ 2,361 $ 1,484 $ 5,900 $ 5,377

Add: Interest expense — 102 100 166 188Add: Income tax expense 919 862 1,092 4,053 2,589Add: Deprecation and amortization expense 1,493 1,524 1,655 6,031 5,991


Other Items Impacting Comparability 422 (19) 120 621 (722)Adjusted EBITDA $ 4,200 $ 4,830 $ 4,451 $ 16,771 $ 13,423


Gain on disposal of long-lived assets, net $ (18) $ (70) $ (7) $ (53) $ (854)Foreign currency transaction (gain) loss 330 (41) 9 279 (177)Non-cash equity compensation 110 92 118 395 309Selected Non-Cash items and

Other Items Impacting Comparability $ 422 $ (19) $ 120 $ 621 $ (722)

SemStream Adjusted EBITDA Calculation

33


2014 2013 2014 2014 2013Net income $ 9,165 $ 27,281 $ 42,301 $ 70,632 $ 38,071

Add: Interest expense (1,307) (1,252) (1,292) (5,140) (4,810)EBITDA 7,858 26,029 41,009 65,492 33,261

Selected Non-Cash Items and Other Items Impacting Comparability (1,908) (21,203) (34,585) (42,165) (15,624)

Adjusted EBITDA $ 5,950 $ 4,826 $ 6,424 $ 23,327 $ 17,637


Loss on disposal of long-lived assets, net $ — $ — $ — $ — $ 6Remove NGL equity earnings including gain on issuance ofcommon units (387) (26,168) (14,290) (31,363) (33,996)Remove gain on sale of NGL units (7,463) — (26,748) (34,211) —NGL cash distribution 5,942 4,952 6,450 23,404 18,321Bankruptcy related expenses 1 — — 1 —Non-cash equity compensation (1) 13 3 4 45Selected Non-Cash items and

Other Items Impacting Comparability $ (1,908) $ (21,203) $ (34,585) $ (42,165) $ (15,624)

SemGroup Corporate & Other Adjusted EBITDA Calculation

34


2014 2013 2014 2014 2013

Net loss $ (17,222) $ (33,352) $ (34,240) $ (93,005) $ (39,660)Add: Interest expense 625 125 (1,170) (710) (8,790)Add: Income tax expense (benefit) 10,054 18,171 22,014 41,556 (20,492)Add: Depreciation and amortization expense 396 497 430 1,678 2,001

EBITDA (6,147) (14,559) (12,966) (50,481) (66,941)

Selected Non-Cash Items and Other Items Impacting Comparability 1,806 10,259 9,268 34,255 51,979

Adjusted EBITDA $ (4,341) $ (4,300) $ (3,698) $ (16,226) $ (14,962)


Loss (income) from discontinued operations, net of income taxes $ 1 $ 6 $ — $ 2 $ (59)Loss on disposal of long-lived assets, net 11,883 — — 15,674 —Foreign currency transaction gain (692) (397) (475) (1,228) (1,042)Mid-America Midstream Gas Services acquisition cost — — — — 3,600Employee severance expense — 29 — 20 33Change in fair value of warrants (10,076) 9,406 5,550 13,423 46,434Bankruptcy related expenses 256 567 86 1,159 567Charitable contributions 81 — 3,298 3,379 —Non-cash equity compensation 353 648 809 1,826 2,446

Selected Non-Cash items andOther Items Impacting Comparability $ 1,806 $ 10,259 $ 9,268 $ 34,255 $ 51,979

Rose Rock Midstream Consolidated Balance Sheet

35

(in thousands, unaudited, condensed) December 31, 2014

December 31, 2013

ASSETS

Current assets $ 273,890 $ 321,587

Property, plant and equipment, net 335,910 311,616

Equity method investment 269,635 224,095

Other noncurrent assets, net 65,793 39,949Total assets $ 945,228 $ 897,247

LIABILITIES AND EQUITY

Current liabilities $ 263,680 $ 293,031

Long-term debt 432,092 245,088

Total liabilities 695,772 538,119

Total Rose Rock Midstream, L.P. partners’ capital 249,456 280,571

Noncontrolling interests in consolidated subsidiary — 78,557

Total equity 249,456 359,128Total liabilities and equity $ 945,228 $ 897,247

Rose Rock Midstream Consolidated Statements of Income

36

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

December 31, September 30, December 31,

2014 2013 2014 2014 2013Revenues, including revenues from affiliates

Product $ 305,583 $ 228,434 $ 346,496 $ 1,185,456 $ 702,028

Service 28,761 23,607 28,449 105,188 64,498Total revenues 334,344 252,041 374,945 1,290,644 766,526

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

and amortization 287,434 217,252 333,646 1,131,362 663,759Operating 25,276 15,322 21,632 78,792 35,795

General and administrative 4,888 5,326 4,271 18,783 15,287Depreciation and amortization 11,853 11,838 7,418 36,072 23,165Total expenses 329,451 249,738 366,967 1,265,009 738,006

Earnings from equity method investment 17,718 7,140 16,289 57,378 17,571

Operating income 22,611 9,443 24,267 83,013 46,091

Other expenses (income):Interest expense 7,815 1,979 7,774 20,456 8,100Other expenses (income) 1 (2) — (20) (14)Total other expenses, net 7,816 1,977 7,774 20,436 8,086

Net income 14,795 7,466 16,493 62,577 38,005Less: net income attributable to noncontrolling interests — 1,256 — 7,758 1,256Net income attributable to Rose Rock Midstream, L.P. $ 14,795 $ 6,210 $ 16,493 $ 54,819 $ 36,749

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

December 31, September 30, December 31,2014 2013 2014 2014 2013

Net income allocated to general partner $ 3,781 $ 368 $ 2,166 $ 7,794 $ 1,218Net income allocated to common unitholders $ 6,925 $ 4,379 $ 10,370 $ 32,914 $ 22,701Net income allocated to subordinated unitholders $ 2,826 $ 2,023 $ 4,226 $ 13,912 $ 13,321Net income (loss) allocated to Class A unitholders $ 1,263 $ (560) $ (269) $ 199 $ (491)

Net income (loss) per limited partner unit:Common unit (basic) $ 0.34 $ 0.26 $ 0.50 $ 1.69 $ 1.66Common unit (diluted) $ 0.34 $ 0.26 $ 0.50 $ 1.69 $ 1.66Subordinated unit (basic and diluted) $ 0.34 $ 0.24 $ 0.50 $ 1.66 $ 1.59Class A unit (basic and diluted) $ 0.34 $ (0.38) $ (0.07) $ 0.06 $ (0.39)

Basic weighted average number of limited partnerunits outstanding:Common units 20,576 16,890 20,574 19,419 13,672Subordinated units 8,390 8,390 8,390 8,390 8,390Class A units 3,750 1,454 3,750 3,154 1,264

Diluted weighted average number of limited partnerunits outstanding:Common units 20,647 16,934 20,646 19,484 13,708Subordinated units(1) 8,390 8,390 8,390 8,390 8,390Class A units(2) 3,750 1,454 3,750 3,154 1,264

Rose Rock Midstream Consolidated Statements of Income (Continued)

37

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

Rose Rock Midstream Non-GAAP Financial Data Reconciliations

38


2014 2013 2014 2014 2013Reconciliation of operating income to Adjusted gross margin:

Operating income $ 22,612 $ 9,443 $ 24,267 $ 83,013 $ 46,091Add:

Operating expense 25,274 15,322 21,632 78,792 35,795General and administrative expense 4,888 5,326 4,271 18,783 15,287Depreciation and amortization expense 11,853 11,838 7,418 36,072 23,165

Less:Earnings from equity method investment 17,718 7,140 16,289 57,378 17,571Non-cash unrealized gain (loss) on derivatives, net 965 (785) 411 1,621 974

Adjusted gross margin $ 45,944 $ 35,574 $ 40,888 $ 157,661 $ 101,793Reconciliation of net income to Adjusted EBITDA:

Net income $ 14,795 $ 7,466 $ 16,493 $ 62,577 $ 38,005Add:

Interest expense 7,815 1,979 7,774 20,456 8,100Depreciation and amortization expense 11,853 11,838 7,418 36,072 23,165Cash distributions from equity method investment 21,687 5,861 17,029 66,768 16,999Inventory valuation adjustment 5,667 — — 5,667 —Non-cash equity compensation 238 228 315 943 806Loss (gain) on disposal of long-lived assets, net 89 (31) 291 319 (31)

Less:Earnings from equity method investment 17,718 7,140 16,289 57,378 17,571White Cliffs cash distributions attributable to noncontrolling interests — — 1,658 11,008 —Impact from derivative instruments:

Total gain (loss) on derivatives, net 16,053 837 4,047 17,351 (1,593)Total realized loss (gain) (cash flow) on derivatives, net (15,088) (1,622) (3,636) (15,730) 2,567

Non-cash unrealized gain (loss) on derivatives, net 965 (785) 411 1,621 974Adjusted EBITDA $ 43,461 $ 20,986 $ 30,962 $ 122,795 $ 68,499

Reconciliation of net cash provided by operating activities to AdjustedEBITDA:

Net cash provided by operating activities $ 63,332 $ 50,360 $ 20,301 $ 107,690 $ 72,475Less:

Changes in operating assets and liabilities, net 31,129 30,466 (4,288) 2,204 11,265White Cliffs cash distributions attributable to noncontrolling interests — — 1,658 11,008 —

Add:Interest expense, excluding amortization of debt issuance costs 7,289 1,799 7,291 18,927 7,289Distributions from equity method investment in excess of equity in earnings 3,969 (707) 740 9,390 —

Adjusted EBITDA $ 43,461 $ 20,986 $ 30,962 $ 122,795 $ 68,499

Rose Rock Midstream 2015 Adjusted EBITDA Guidance

39

(in millions, unaudited) 2015 Guidance

Mid-point

Net income $ 90.5

Add: Interest expense 37.0

Add: Depreciation and amortization 45.0

EBITDA $ 172.5

Non-Cash and Other Adjustments 17.5

Adjusted EBITDA $ 190.0

Less:

Cash interest expense 34.5

Maintenance capital expenditures 16.0

Distributable cash flow $ 139.5

Non-Cash and Other Adjustments

Earnings from equity method investment $ (92.0)

Distributions from equity method investment (1) 108.0

Non-cash equity compensation 1.5

Non-Cash and Other Adjustments $ 17.5

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

Rose Rock Midstream Distributable Cash Flow

40

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

2014 2013 2014 2014 2013Reconciliation of net income to distributable cash flow:Net income $ 14,795 $ 7,466 $ 16,493 $ 62,577 $ 38,005

Add:Interest expense 7,815 1,979 7,774 20,456 8,100Depreciation and amortization expense 11,853 11,838 7,418 36,072 23,165

EBITDA 34,463 21,283 31,685 119,105 69,270Add:

Loss (gain) on disposal of long-lived assets, net 89 (31) 291 319 (31)Cash distributions from equity method investment 21,687 5,861 17,029 66,768 16,999Inventory valuation adjustment 5,667 — — 5,667 —Non-cash equity compensation 238 228 315 943 806

Less:Earnings from equity method investment 17,718 7,140 16,289 57,378 17,571White Cliffs cash distributions attributable to noncontrollinginterests — — 1,658 11,008 —Non-cash unrealized gain (loss) on derivatives, net 965 (785) 411 1,621 974

Adjusted EBITDA $ 43,461 $ 20,986 $ 30,962 $ 122,795 $ 68,499Less:

Cash interest expense 7,264 1,865 7,265 18,827 7,355Maintenance capital expenditures 2,268 1,174 1,850 6,504 4,813

Distributable cash flow $ 33,929 $ 17,947 $ 21,847 $ 97,464 $ 56,331

Distribution declared $ 24,269 $ 12,841 $ 18,866 $ 73,756 $ 42,586

Distribution coverage ratio 1.40 x 1.40 x 1.16 x 1.32 x 1.32 x

(in thousands, unaudited) Year EndedDecember 31, 2012

Crude SemStream SemCAMS SemLogistics SemMexico SemGas Corporateand other Consolidated

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


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

SemGroup Reconciliation of Net Income to Adjusted EBITDA

41

(in thousands, unaudited) Year EndedDecember 31, 2011

Crude SemStream SemCAMS SemLogistics SemMexico SemGasCorporate and

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


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

SemGroup Reconciliation of Net Income to Adjusted EBITDA

42

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

(in thousands, unaudited) Year EndedDecember 31,

2012 2011Net income $ 23,954 $ 23,235

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

Less:Earnings from equity method investment — —White Cliffs cash distributions attributable to noncontrollinginterests — —Impact from derivative instruments:Total gain (loss) on derivatives, net 149 (386)Total realized (gain) loss (cash outflow) on derivatives, net (1,345) 1,173Non-cash unrealized gain (loss) on derivatives, net (1,196) 787Adjusted EBITDA $ 39,500 $ 34,798

Rose Rock Reconciliation of Net Income to Adjusted EBITDA

43

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

(in thousands, unaudited) Year EndedDecember 31,

2012 2011Net cash provided by operating activities $ 35,097 $ 51,085Less:Changes in operating assets and liabilities, net (2,850) 18,082White Cliffs cash distributions attributable to noncontrollinginterests — —Add:Interest expense, excluding amortization of debt issuance costs 1,553 1,795Distributions in excess of equity earnings of affiliates — —Adjusted EBITDA $ 39,500 $ 34,798

44