SEMG and RRMS Release 4Q 2014 Results

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

Forward-looking Information
Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor
protections 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 financial
performance, our anticipated annual dividend growth rate, management's plans and objectives for future operations, business prospects, outcome of regulatory
proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in these
forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are
subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in
these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, our ability to generate sufficient cash flow from
operations to enable us to pay our debt obligations or to fund our other liquidity needs; our ability to comply with the covenants contained in the instruments
governing our indebtedness and to maintain certain financial ratios required by our credit facilities; the effect of our debt level on our future financial and
operating flexibility, including our ability to obtain additional capital; the ability of our subsidiary, Rose Rock Midstream L.P. (NYSE: RRMS), to make minimum
quarterly distributions; the operations of NGL Energy Partners LP (NYSE: NGL), which we do not control; any sustained reduction in demand for the petroleum
products we gather, transport, process and store; our ability to obtain new sources of supply of petroleum products; our failure to comply with new or existing
environmental laws or regulations or cross border laws or regulations; the possibility that the construction or acquisition of new assets may not result in the
corresponding 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 as
other risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation which reflect management's opinions only
as 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-looking
statements.
SemGroup and Rose Rock Midstream use their Investor Relations website and social media outlets as channels of distribution of material company
information. Such information is routinely posted and accessible on our Investor Relations websites at ir.semgroupcorp.com and ir.rrmidstream.com.
Both companies are present on Twitter and LinkedIn, follow us at the links below:
SemGroup Twitter and LinkedIn Rose Rock Midstream Twitter and LinkedIn
2

Non-GAAP Financial Measures
SemGroup
Adjusted 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 because
SemGroup believes it provides additional information with respect to its performance. Adjusted EBITDA represents earnings before interest, taxes, depreciation
and amortization, adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. Although
SemGroup presents selected items that it considers in evaluating its performance, you should also be aware that the items presented do not represent all items
that affect comparability between the periods presented. Variations in SemGroup’s operating results are also caused by changes in volumes, prices, exchange
rates, mechanical interruptions and numerous other factors. These types of variances are not separately identified in this presentation. Because all companies
do not use identical calculations, SemGroup’s presentation of Adjusted EBITDA may be different from similarly titled measures of other companies, thereby
diminishing 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 used
periodically by management when discussing our financial results with investors and analysts. The appendix of this presentation provides reconciliations of
these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Adjusted gross
margin, Adjusted EBITDA and distributable cash flow are presented as management believes they provide additional information and metrics relative to the
performance of our business.
Operating income (loss) is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss) and cash provided by (used in) operating
activities are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) is the GAAP measure most directly comparable to
distributable 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 directly
comparable GAAP financial measures. You should not consider Adjusted gross margin, Adjusted EBITDA or distributable cash flow in isolation or as substitutes
for analysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently by
other 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 the
comparable 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 into
its decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating
our 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 Review
Total 2014 Capital Expenditures
of $386 million(1)
n Natural Gas
n Crude
n Other Growth Projects
n 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 Impact
Crude Oil $50.93/barrel
Natural Gas $3.00/mmbtu $0.10/mmbtu change $1.0 million
NGL 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, primarily
foreign taxes
$320 million to $360 million(1)
2015 Updated Adjusted EBITDA guidance reflects approximately 18% increase over 2014(4)
$400
$300
$200
$100
2011 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 fully
consolidated 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 Trunkline
drop 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
$0
2011 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 expenditures
are focused on growth capital
¬ Targeting 5-8x EBITDA multiples on
organic growth projects in key asset
plays
¬ Maintenance, regulatory capital focused
on pipeline integrity and SemLogistics
tank refurbishments
n Natural Gas
n Crude
n Other Growth Projects
n 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 spend
Excludes 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
Date
Total
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 Maintenance
92%
$15
8%
$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
13
¬ Our current dividend policy is to pass
through the after-tax cash
distributions received from our MLP
investments
2014 dividend reflects a 40% growth
over 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-1.2x
2015 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
$0.6200
20% CAGR

SemGroup Fourth Quarter Results
(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 Ended
4Q 2014 3Q 2014 Dec. 2014 Dec. 2013
Crude(2) $ 50.8 $ 40.6 $ 156.8 $ 106.6
SemGas 18.2 17.1 62.8 33.7
SemCAMS 9.4 16.8 45.9 34.1
SemLogistics (1.0) (2.3) (1.9) (1.6)
SemMaterials Mexico 4.2 4.5 16.8 13.4
SemStream 5.9 6.4 23.3 17.7
Corporate 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 ratio
provides financial flexibility
Target consolidated Net
Debt / Adjusted EBITDA
target of 3.5x or better
Available liquidity to fund
future growth opportunities
(in millions, unaudited) December 31, 2014 December 31, 2013
Total Consolidated Debt $ 767 $ 615
Owner's Equity 1,219 1,214
Total Book Capitalization $ 1,986 $ 1,829
Consolidated Credit Metrics
Net Debt $ 726 $ 536
Total Debt/Capitalization 39% 34%
Net Debt/Adjusted EBITDA LTM 2.5x 2.8x
Committed Liquidity
Cash and Cash Equivalents $ 41 $ 79
Revolver Availability(1)
SemGroup 461 426
Rose 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 Ended
4Q 2014 3Q 2014 Dec. 2014 Dec. 2013
Adjusted EBITDA(1) $ 43.5 $ 31.0 $ 122.8 $ 68.5
17

Rose Rock Midstream Capitalization & Liquidity
18
Available balance sheet
capacity to fund acquisitions
and drop down transactions
Net Debt / Adjusted EBITDA
target of 4.0x or better
(in millions, unaudited) December 31, 2014 December 31, 2013
Total Debt $ 432 $ 245
Total Equity 249 359
Total Book Capitalization $ 681 $ 604
Credit Metrics
Net Debt $ 428 $ 230
Total Debt/Capitalization 63% 41%
Net Debt/Adjusted EBITDA LTM(1) 3.2x 3.4x
Committed Liquidity
Cash and Cash Equivalents $ 4 $ 15
Revolver Availability(2) 536 306
Total 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 Storage
Oklahoma
Disciplined
Investment
Execution
Increase Equity
Holders Return
SemGas Rose Valley Plant
Oklahoma
SemCAMS K3 Plants
Canada

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 of
proceeds
¬ Marketing
– Back-to-back marketing
and 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 Marketing
SemGas(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 61.7
61.1
65.2
2013 2014
60
50
40
30
20
10
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
24.1 22.1 25.6
48.7 49.6
39.3
51.5
68.7
2013 2014
80
60
40
20
0
3Q 4Q 1Q 2Q 3Q 4Q
29.7 30.9
42.7 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
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 6.00
4.40
2.90
Field Services Transportation Volumes(5)
n Contracted(1) n Operational / Marketing n Uncontracted
1.10
1.10
1.10
1.10
3.60
2.10
0.50
28.526.611.0
31.2
35.2

500
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
213.9 250.3 283.9 272.6 285.8
148.2
274.2
340.1
162.6 128.5
159.6 146.9 152.6
186.1
138.3
97.9
2013 2014
SemGas Northern Oklahoma Average Processed
Volume (mmcf/d)
Capacity Processing Volumes
400
300
200
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
70.5 96.6
143.4 156.9 167.7
251.4
315.9 355.9
2013 2014
Natural Gas Business
23
SemCAMS Average Throughput Volume (mmcf/d)
n K3 Plant n KA Plant
376.5 378.8
419.5
443.5 438.4
334.3
412.5
438.0

SemGroup Consolidated Balance Sheets
24
(in thousands, unaudited, condensed) December 31,
2014
December 31,
2013
ASSETS
Current assets $ 479,280 $ 534,014
Property, plant and equipment, net 1,256,825 1,105,728
Goodwill and other intangible assets 231,391 236,859
Equity method investments 577,920 565,124
Other noncurrent assets, net 44,386 28,889
Total assets $ 2,589,802 $ 2,470,614
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 40 $ 37
Other current liabilities 391,622 499,177
Total current liabilities 391,662 499,214
Long-term debt, excluding current portion 767,092 615,088
Other noncurrent liabilities 211,611 142,449
Total liabilities 1,370,365 1,256,751
Total owners' equity 1,219,437 1,213,863
Total 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 Ended
December 31, September 30, December 31,
2014 2013 2014 2014 2013
Revenues $ 547,237 $ 457,328 $ 594,235 $ 2,122,579 $ 1,427,016
Expenses:
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 69,377 246,613 223,585
General and administrative 23,963 23,710 23,296 87,845 78,597
Depreciation and amortization 27,498 24,846 25,200 98,397 66,409
Loss (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 52,477
Gain on issuance of common units by equity method investee 2,121 26,873 18,772 29,020 26,873
Operating income 23,076 48,302 49,918 126,993 117,914
Other expenses (income), net (2,196) 17,646 (6,368) 28,422 69,415
Income from continuing operations before income taxes 25,272 30,656 56,286 98,571 48,499
Income 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 65,753
Income (loss) from discontinued operations, net of income taxes 4 (6) — (1) 59
Net 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 17,710
Net income attributable to SemGroup Corporation $ 8,074 $ 3,280 $ 25,262 $ 29,240 $ 48,102
Net income attributable to SemGroup Corporation $ 8,074 $ 3,280 $ 25,262 $ 29,240 $ 48,102
Other 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 share
Basic $ 0.19 $ 0.08 $ 0.59 $ 0.69 $ 1.14
Diluted $ 0.18 $ 0.08 $ 0.59 $ 0.68 $ 1.13
Weighted average shares (thousands):
Basic 43,492 42,530 42,708 42,665 42,339
Diluted 43,807 42,888 43,013 42,967 42,646

SemGroup Non-GAAP Adjusted EBITDA Calculation
26
(in thousands, unaudited) Three Months Ended Year Ended
Reconciliation of net income to Adjusted EBITDA: 2014 2013 2014 2014 2013
Net income $ 12,707 $ 6,599 $ 32,196 $ 52,057 $ 65,812
Add: Interest expense 14,650 9,171 14,807 49,044 25,142
Add: 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 96,293 246,011 140,109
Selected Non-Cash Items and
Other Items Impacting Comparability 15,783 (6,869) (16,868) 41,430 48,909
Adjusted EBITDA $ 83,207 $ 57,798 $ 79,425 $ 287,441 $ 189,018
Other Items Impacting Comparability
Loss (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 18,321
Inventory valuation adjustments including equity method investees 7,781 — — 7,781 —
Mid-America Midstream Gas Services acquisition cost — — — — 3,600
Employee severance expense 101 29 90 220 38
Unrealized 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 46,434
Depreciation and amortization included within
equity earnings 6,404 2,304 4,887 18,992 9,520
Bankruptcy related expenses 317 567 116 1,310 567
Charitable 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 7,330
Selected 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 37.5
Adjusted 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 2013
Net income(1) $ 13,313 $ 10,921 $ 15,950 $ 57,495 $ 57,228
EBITDA 36,879 27,287 34,870 128,602 95,859
Other Items Impacting Comparability 13,919 3,683 5,698 28,159 10,764
Adjusted 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 5
Unrealized loss (gain) on derivative activities (1,078) 785 (411) (1,734) (974)
equity earnings 6,404 2,304 4,887 18,992 9,520
Inventory valuation adjustments including equity method investees 7,781 — — 7,781 —
Non-cash equity compensation 723 625 931 2,792 2,269
Other Items Impacting Comparability $ 13,919 $ 3,683 $ 5,698 $ 28,159 $ 10,764

SemGas Adjusted EBITDA Calculation
29
2014 2013 2014 2014 2013
Net income $ 8,347 $ 5,538 $ 7,448 $ 6,792 $ 14,701
EBITDA 17,926 11,821 16,842 41,715 32,486
Other Items Impacting Comparability 305 177 260 21,053 1,221
Adjusted EBITDA $ 18,231 $ 11,998 $ 17,102 $ 62,768 $ 33,707
Loss (gain) on disposal of long-lived assets, net $ — $ (8) $ (12) $ 20,092 $ 665
Employee severance expense 41 — — 41 —
Bankruptcy related expenses 60 — 30 150 —
Non-cash equity compensation 204 185 242 770 556
Other Items Impacting Comparability $ 305 $ 177 $ 260 $ 21,053 $ 1,221

SemCAMS Adjusted EBITDA Calculation
30
2014 2013 2014 2014 2013
Net income (loss) $ 1,714 $ (3,436) $ 5,310 $ 14,318 $ (3,136)
Add: Income tax expense 2,262 5,128 2,022 3,135 6,348
EBITDA 8,939 9,261 16,363 45,306 32,906
Other Items Impacting Comparability 477 326 473 590 1,180
Adjusted 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 —
Other Items Impacting Comparability $ 477 $ 326 $ 473 $ 590 $ 1,180

SemLogistics Adjusted EBITDA Calculation
31
2014 2013 2014 2014 2013
Net loss $ (3,973) $ (2,714) $ (6,057) $ (10,072) $ (6,769)
Add: Interest expense 421 364 396 1,528 1,435
Add: Income tax benefit (666) (110) (1,038) (2,231) (5,699)
EBITDA (1,806) (21) (4,156) (770) (1,607)
Other Items Impacting Comparability 762 (92) 1,898 (1,083) 111
Adjusted 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)
Other Items Impacting Comparability $ 762 $ (92) $ 1,898 $ (1,083) $ 111

SemMaterials México Adjusted EBITDA Calculation
32
2014 2013 2014 2014 2013
Net income $ 1,366 $ 2,361 $ 1,484 $ 5,900 $ 5,377
Add: Interest expense — 102 100 166 188
Add: Income tax expense 919 862 1,092 4,053 2,589
EBITDA 3,778 4,849 4,331 16,150 14,145
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)
Other Items Impacting Comparability $ 422 $ (19) $ 120 $ 621 $ (722)

SemStream Adjusted EBITDA Calculation
33
2014 2013 2014 2014 2013
Net 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
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 $ — $ — $ — $ — $ 6
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 18,321
Bankruptcy related expenses 1 — — 1 —
Non-cash equity compensation (1) 13 3 4 45
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)
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 — — — — 3,600
Employee severance expense — 29 — 20 33
Change in fair value of warrants (10,076) 9,406 5,550 13,423 46,434
Bankruptcy related expenses 256 567 86 1,159 567
Charitable contributions 81 — 3,298 3,379 —
Other 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 39,949
Total 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 249,456 359,128
Total 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
2014 2013 2014 2014 2013
Revenues, 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 64,498
Total revenues 334,344 252,041 374,945 1,290,644 766,526
Expenses, including expenses from affiliates
Costs of products sold, exclusive of depreciation
and amortization 287,434 217,252 333,646 1,131,362 663,759
Operating 25,276 15,322 21,632 78,792 35,795
General and administrative 4,888 5,326 4,271 18,783 15,287
Depreciation and amortization 11,853 11,838 7,418 36,072 23,165
Total 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 8,100
Other 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 38,005
Less: net income attributable to noncontrolling interests — 1,256 — 7,758 1,256
Net 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
2014 2013 2014 2014 2013
Net income allocated to general partner $ 3,781 $ 368 $ 2,166 $ 7,794 $ 1,218
Net income allocated to common unitholders $ 6,925 $ 4,379 $ 10,370 $ 32,914 $ 22,701
Net income allocated to subordinated unitholders $ 2,826 $ 2,023 $ 4,226 $ 13,912 $ 13,321
Net 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 $ 1.66
Common unit (diluted) $ 0.34 $ 0.26 $ 0.50 $ 1.69 $ 1.66
Subordinated unit (basic and diluted) $ 0.34 $ 0.24 $ 0.50 $ 1.66 $ 1.59
Class A unit (basic and diluted) $ 0.34 $ (0.38) $ (0.07) $ 0.06 $ (0.39)
Basic weighted average number of limited partner
units outstanding:
Common units 20,576 16,890 20,574 19,419 13,672
Subordinated units 8,390 8,390 8,390 8,390 8,390
Class A units 3,750 1,454 3,750 3,154 1,264
Diluted weighted average number of limited partner
units outstanding:
Common units 20,647 16,934 20,646 19,484 13,708
Subordinated units(1) 8,390 8,390 8,390 8,390 8,390
Class 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 2013
Reconciliation of operating income to Adjusted gross margin:
Operating income $ 22,612 $ 9,443 $ 24,267 $ 83,013 $ 46,091
Add:
Operating expense 25,274 15,322 21,632 78,792 35,795
General and administrative expense 4,888 5,326 4,271 18,783 15,287
Depreciation and amortization expense 11,853 11,838 7,418 36,072 23,165
Less:
Non-cash unrealized gain (loss) on derivatives, net 965 (785) 411 1,621 974
Adjusted gross margin $ 45,944 $ 35,574 $ 40,888 $ 157,661 $ 101,793
Reconciliation of net income to Adjusted EBITDA:
Net income $ 14,795 $ 7,466 $ 16,493 $ 62,577 $ 38,005
Add:
Cash distributions from equity method investment 21,687 5,861 17,029 66,768 16,999
Inventory valuation adjustment 5,667 — — 5,667 —
Loss (gain) on disposal of long-lived assets, net 89 (31) 291 319 (31)
Less:
White 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
Adjusted EBITDA $ 43,461 $ 20,986 $ 30,962 $ 122,795 $ 68,499
Reconciliation of net cash provided by operating activities to Adjusted
EBITDA:
Net cash provided by operating activities $ 63,332 $ 50,360 $ 20,301 $ 107,690 $ 72,475
Less:
Changes in operating assets and liabilities, net 31,129 30,466 (4,288) 2,204 11,265
White 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 7,289
Distributions 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 Mountain
attributable to Rose Rock

Rose Rock Midstream Distributable Cash Flow
40
(in thousands, unaudited) Three Months Ended Twelve Months Ended
2014 2013 2014 2014 2013
Reconciliation of net income to distributable cash flow:
Net income $ 14,795 $ 7,466 $ 16,493 $ 62,577 $ 38,005
Add:
EBITDA 34,463 21,283 31,685 119,105 69,270
Add:
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 16,999
Inventory valuation adjustment 5,667 — — 5,667 —
Less:
White Cliffs cash distributions attributable to noncontrolling
interests — — 1,658 11,008 —
Adjusted EBITDA $ 43,461 $ 20,986 $ 30,962 $ 122,795 $ 68,499
Less:
Cash interest expense 7,264 1,865 7,265 18,827 7,355
Maintenance 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 Ended
December 31, 2012
Crude SemStream SemCAMS SemLogistics SemMexico SemGas
Corporate
and other Consolidated
Net income (loss) $ 64,554 $ 4,919 $ 4,097 $ (3,552) $ 1,467 $ (264) $ (39,324) $ 31,897
Add: Interest expense (409) (3,449) 18,727 2,486 314 1,461 (10,228) 8,902
Add: 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 48,210
EBITDA 76,276 1,470 34,133 978 10,237 8,240 (44,403) 86,931
Other Items Impacting Comparability 9,532 6,952 50 514 121 629 30,236 48,034
Adjusted 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 — 452 298
Remove NGL equity earnings — 403 — — — — — 403
NGL cash distribution — 9,218 — — — — — 9,218
Employee severance expense — — — 159 — — 195 354
Unrealized loss on derivative activities 1,196 — — — — — — 1,196
Change in fair value of warrants — — — — — — 21,310 21,310
equity in earnings of White Cliffs 10,181 — — — — — — 10,181
Defense costs — — — — — — 5,899 5,899
Recovery of receivables written off at emergence — — (858) — — — — (858)
Non-cash equity compensation 1,656 102 882 711 221 583 2,348 6,503
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

December 31, 2011
Crude SemStream SemCAMS SemLogistics SemMexico SemGas
Corporate and
other Consolidated
Net income (loss) $ 39,241 $ 16,752 $ 2,868 $ (41,440) $ 2,430 $ 6,308 $ (23,347) $ 2,812
Add: Interest expense 3,749 17,152 24,685 1,005 365 2,346 10,836 60,138
Add: 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 49,823
EBITDA 54,369 37,405 38,338 (34,495) 9,926 14,640 (9,720) 110,463
Other Items Impacting Comparability 8,293 (48,513) (2,296) 45,283 57 452 1,806 5,082
Adjusted 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 $ 301
Loss (income) from discontinued operations, net of income taxes(1) — 9,644 — 30 — — (126) 9,548
Foreign currency transaction (gain) loss — 39 (2,674) 88 18 — (921) (3,450)
Employee severance expense — — 3,855 131 — — 388 4,374
Unrealized 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)
equity in earnings of White Cliffs 10,630 — — — — — — 10,630
Defense costs — — — — — — 1,000 1,000
Recovery of receivables written off at emergence (2,692) — — — — — — (2,692)
Non-cash equity compensation 1,078 872 675 371 239 448 4,958 8,641
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.

December 31,
2012 2011
Net income $ 23,954 $ 23,235
Add:
Interest expense 1,912 1,823
Depreciation and amortization expense 12,131 11,379
Distributions from equity method investment — —
Non-cash equity compensation 308 —
Loss (gain) on disposal of long-lived assets, net (1) 64
Provision for (recovery of) uncollectible accounts receivable — (916)
Less:
Earnings from equity method investment — —
interests — —
Impact from derivative instruments:
Total gain (loss) on derivatives, net 149 (386)
Total realized (gain) loss (cash outflow) on derivatives, net (1,345) 1,173
Non-cash unrealized gain (loss) on derivatives, net (1,196) 787
Adjusted 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 to
Adjusted EBITDA
December 31,
2012 2011
Net cash provided by operating activities $ 35,097 $ 51,085
Less:
Changes in operating assets and liabilities, net (2,850) 18,082
interests — —
Add:
Interest expense, excluding amortization of debt issuance costs 1,553 1,795
Distributions in excess of equity earnings of affiliates — —
Adjusted EBITDA $ 39,500 $ 34,798
44

SEMG and RRMS Release 4Q 2014 Results

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