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Investor PresentationNovember 2016

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Non-GAAP Financial MeasuresSemGroup’s non-GAAP measure, Adjusted EBITDA, is not a GAAP measure and is not intended to be used in lieu of GAAP presentation of net income (loss), which is the most closely associated GAAP measure. 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. In addition to non-cash items, we have selected items for adjustment to EBITDA which management feels decrease the comparability of our results among periods. These items are identified as those which are generally outside of the results of day to day operations of the business. These items are not considered non-recurring, infrequent or unusual, but do erode comparability among periods in which they occur with periods in which they do not occur or occur to a greater or lesser degree. Historically, we have selected items such as gains on the sale of NGL units, costs related to our predecessor’s bankruptcy, significant business development related costs, significant legal settlements, severance and other similar costs. Management believes these types of items can make comparability of the results of day to day operations among periods difficult and have chosen to remove these items from our Adjusted EBITDA. We expect to adjust for similar types of items in the future. Although we present selected items that we consider in evaluating our performance, you should be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, mechanical interruptions and numerous other factors. We do not adjust for these types of variances.

This measure may be used periodically by management when discussing our financial results with investors and analysts and is presented as management believes it provides additional information and metrics relative to the performance of our businesses. This non-GAAP financial measure has important limitations as an analytical tool because it excludes some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider non-GAAP measures in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the non-GAAP measure and the most comparable GAAP measure 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. Because all companies do not use identical calculations, our presentations of non-GAAP measures may be different from similarly titled measures of other companies, thereby diminishing their utility.

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Forward-looking InformationCertain 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, planned capital expenditures, 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, the failure to realize the anticipated benefits of the transaction, consummated on September 30, 2016, pursuant to which we acquired all of the outstanding common units of our subsidiary, Rose Rock Midstream, L.P., not already owned by us; our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected dividends or to fund our other liquidity needs; any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional capital on terms that are favorable to us; our ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations and equity; the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements and performance of our investments and joint ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or derivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum products; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreement and the indentures governing our senior notes, including requirements under our credit agreement to maintain certain financial ratios; our ability to renew or replace expiring storage, transportation and related contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other natural phenomena, including climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or changes in, laws and regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the environment; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and business conditions; as well as other risk factors discussed from time to time in our 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.

We use our Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely postedand accessible on our Investor Relations website at ir.semgroupcorp.com.

We are present on Twitter and LinkedIn, follow us at the links below:SemGroup Twitter and LinkedIn

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Strong balance sheet, sound business model, clear strategic growth plan

Visibility to incremental secure cash flow from Maurepas Pipeline in 2017

Pursuing high-return organic growth around existing footprints and strategic acquisitions

Managing for “lower for longer” commodity price environment with focus on diversifying for a more balanced midstream portfolio

Enhanced credit profile, expected dividend growth beyond 2016 and lower cost of capital to support growth targets

Creating Long-Term Shareholder Value

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88% of total LTM gross margin from fixed fee based cash flows 37% of total LTM gross margin secured by take or pay contracts

More than 70% of SemGroup's revenue is derived from investment grade counterparties

Stable Cash Flows(1) Counterparty Strength(1)(2)

SemGroup derives a significant portion of its margin from fixed fee contracted arrangements with strong counterparties; SemGroup is well-positioned to drive future growth

(1) LTM September 30, 2016(2) Counterparty ratings LTM September 30, 2016; excludes SemLogistics and SemMaterials Mexico

Company Strengths

51%

37%

12%11%

59%

30%

64%

13%

23%23% 30% 37%

64%59% 51%

13% 11% 12%

0

100

200

300

400

500

600

2014 2015 LTM

Take or Pay Fixed Fee POP/Marketing

($ in millions)

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Crude and Gas Assets in Key Growth Areas Crude Oil

‒ ~1,800 miles of crude oil pipelines‒ 9 million barrels of crude oil storage

capacity ‒ Over 250 crude oil trucks and trailers‒ Maurepas Pipeline under construction(1)

‒ Locations: Bakken Shale, Granite Wash, Eagle Ford, Utica Basin, Gulf Coast, DJ/Niobrara Basin, Mississippi Lime

Natural Gas‒ 8 natural gas processing plants‒ New 200 mmcf/d Wapiti Plant(2)

‒ ~1,600 miles of natural gas gathering pipeline

‒ ~1.3 bcf/d of total processing capacity‒ Locations: WCSB, Montney / Duvernay

(Wapiti Field), Mississippi Lime

Additional Assets‒ 8.7 million barrels of multi-product

storage in the U.K.‒ 14 asphalt terminals in Mexico‒ ~12% ownership in GP of NGL Energy

Partners

(1) Expected completion 2Q 2017(2) Expected completion mid-2019

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Crude Business Overview

White Cliffs Pipeline – 51% ownership DJ Basin to Cushing, OK Two 527-mile, 12-inch pipelines 150,000 bpd current capacity Expanding capacity to approximately 215,000 bpd Expected 4Q 2016 volumes ~115,000 bpd

Wattenberg Oil Trunkline 75-mile, 12-inch pipeline and storage in DJ Basin Transports Noble Energy production to White Cliffs 360,000 barrels of storage capacity

Platteville Truck Unloading Facility 30-lane truck unloading facility Origin of White Cliffs Pipeline 350,000 barrels of storage capacity

Tampa Pipeline 16-mile, 12-inch pipeline from Platteville to Tampa, CO rail facility

DJ Basin

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(1) Average remaining contract life as of 9/30/2016(2) Weighted average rate ($/bbl)(3) FERC Filing No. 4.4.0(4) Shipper receives credit for the committed volumes towards their uncommitted volume incentive rate

White Cliffs Pipeline Contract & Rate Structure

Committed Take or Pay Volumes

Origination Volumes (bpd) Rate ($/bbl)Wtd. Avg.

Remaining Contract Life(1)

Platteville, CO 72,000 $5.20 ~ 3.3 yearsHealy, KS 5,000 $2.09 ~ 4.8 years

77,000 $5.00(2) ~ 3.4 years

Uncommitted Volumes(3)

Volumes (bpd) Incentive Rate ($/bbl)

0 – 9,999 $4.90 10,000 – 19,999 $4.65 20,000 – 29,999 $4.40 30,000 – 39,999 $4.15 40,000 – 49,999 $3.90 50,000 and up $3.25

Shipper Example - 1 Month51,000 bpd shipped during the month, 10,000 of those barrels are committed volumes

Below is an example the shipper’s tariff structure

Total Volumes (bpd) Rate ($/bbl)

Committed Volumes 10,000 $5.20

Uncommitted Volumes 41,000 $3.25(4)

51,000 $3.63(2)

All Uncommitted Volumes Shipped At Lowest Applicable Incentive Rate

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Crude Business Overview

Cushing Storage 7.6 million barrels of storage 82% under long-term fixed fee contracts with first

expiration 2017 2016 average storage rate of $0.34 per month Connectivity to all major inbound/outbound pipelines

Kansas/Oklahoma System 400-mile gathering and transportation pipeline system Connects to third-party pipelines, Kansas and

Oklahoma refineries and Cushing terminal More than 630,000 barrels of storage capacity Analyzing various opportunities that may result in a

sale, joint venture and/or write down of the asset

Oklahoma/Kansas Assets

Field ServicesCrude Oil Trucking Fleet Fleet of more than 250 crude oil transport trucks Servicing the Bakken, DJ/Niobrara, Eagle Ford,

Granite Wash, Mississippi Lime & Utica plays

Glass Mountain Pipeline – 50% ownership 215-mile pipeline 140,000 bpd current capacity Two laterals – Granite Wash and Mississippi Lime Play join

and terminate in Cushing 440,000 barrels of storage capacity

Isabel Pipeline 48 mile, 8-inch crude oil pipeline from Isabel Junction, KS

to Alva, OK Connects Kansas barrels to Glass Mountain Pipeline

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2015 2016

Crude Key Performance Metrics

(1) Weighted average term of storage contracts(2) Prior period volumes recast to include intersegment volumes for comparability(3) Volumes on 100% owned pipelines(4) Reflects 100% throughput on Joint Venture pipelines

Transportation Volumes(Thousand Barrels per Day)

Supply and Logistics Volumes(2)

(Thousand Barrels per Day)Facilities - Cushing Storage

7.6 million Barrels Capacity

Joint Venture Transportation Volumes(Thousand Barrels per Day)(4)

Third-party contracted(1) Operational / Marketing Uncontracted

White Cliffs Pipeline Glass Mountain Pipeline

2015 2016

2015 2016 Pipelines(3) Field Services

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Maurepas Pipeline Overview

Project Construct, own and operate three pipelines for Motiva Enterprises, LLC in St. James, LA connecting Motiva's refineries

– 24-inch, 34 mile crude oil pipeline connected to LOCAP, crossing the Mississippi River and terminating at Motiva's Norco refinery;– 12-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries; – 6-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries

This pipeline project is supported by multi-decade transportation agreements with Motiva and is part of an overall refinery optimization project

Strategic Rationale First step in establishing a SemGroup presence in US Gulf Coast crude markets and it provides a more balanced risk

profile through geographic diversity, new customer base and potential for product expansion Platform for future participation in the build-out of infrastructure in the Gulf Coast Accomplishes strategic goal of becoming more refinery facing

Project Progress Construction has begun on all fronts Expected to be operational in 2Q 2017

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Maurepas Pipeline Construction

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Maurepas Pipeline Area Map

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SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d)

Located in liquids rich oil plays Four processing facilities - 595 mmcf/d of current capacity ~1,000 miles of gathering lines Inventory of drilled but uncompleted wells to support production volumes N. Oklahoma 4Q 2016 expected volumes – 300 mmcf/d

SemGas Natural Gas Business

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SemCAMS Natural Gas BusinessSemCAMS Areas of OperationAverage Throughput Volume (mmcf/d)

600 miles of transport and gathering lines Strong incumbent position to serve industry’s growing infrastructure

needs During 4Q 2016, expect to finalize an agreement in which

SemCAMS would make a one-time incentive payment of up to $5mm to a customer to continue production of gas flowing into our K3 plant, agreement is subject to a partial clawback provision through 2018

(1) Lower volumes related to an unplanned shutdown at our K3 plant during June

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Wapiti Sour Gas Plant in the Liquids-Rich Montney PlaySemCAMS uniquely advantaged, leading the way with sour gas solution in the Wapiti

New 200 mmcf/d sour gas processing Wapiti plant will be integrated with our existing infrastructure to optimize & leverage current operations on the Wapiti Pipeline System and K3 plant located in the Kaybob region‒ Supported by a 120 mmcf/d, 15 year contract with NuVista‒ Total project cost ~ $225 - $250 million‒ Plant completion estimated mid-2019

Active Wapiti ProducersBirchcliff OrlensBlackbird ParamountEncana RMP-ChinookGrafton/Riverstone Seven GenerationsInception ShellNuVista Sinopec Daylight

(1)

(1) Expected completion mid-2019

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2016 Capital Expenditures Updated Guidance

2016 Capital Expenditures – $350 million~$100 million reduction due to timing of Maurepas Pipeline

Maurepas Pipeline Crude Natural Gas Other Growth Projects Maintenance(2)

$220

13% 63%

1% 16%

$45

$5 $55 Key Committed Projects

‒ Crude Projects• Maurepas Pipeline (expected completion 2Q 2017): $220 million• Isabel Pipeline (completed 1Q 2016): $9 million

‒ Natural Gas Projects• Northern OK well connects & compression: $15 million• KA Plant Projects: $18 million • Wapiti Pipeline Expansion (completed 3Q 2016): $9 million

Capital Spend to Date: $206 million(1)

Focus on completing projects & maintain existing assets

Prudent organic capital investments at attractive returns

$257%

(in millions)

(1) As of 9/30/2016(2) 3Q 2016 maintenance capital spend approximately $9mm

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SEMG Adjusted EBITDA(in millions)

Third Quarter 2016 Results

$305$287$270 - $320

3Q 2016(1) 2Q 2016 1Q 2016

Net Income $(7.4) million $8.0 million $(15.3) millionAdjusted EBITDA(2) $71.3 million $67.6 million $77.7 millionDividend per share $0.45 $0.45 $0.45

(1) 3Q 2016 cash interest expense of approximately $18mm and cash taxes of ($3mm)(2) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation

Maurepas Pipeline Construction - October 2016

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Third Quarter 2016 Results

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

Segment Adjusted EBITDA(in millions, unaudited) 3Q 2016 2Q 2016 1Q 2016

Crude - Transportation $27.8 $27.1 $32.0Crude - Facilities 9.7 9.4 9.6Crude - Supply and Logistics 3.1 10.1 9.3SemGas 16.3 12.5 12.4SemCAMS 13.2 9.3 10.3SemLogistics 3.4 2.2 2.8SemMaterials Mexico 2.9 2.6 2.6Corporate and Other (5.1) (5.6) (1.3)

SemGroup $71.3 $67.6 $77.7

As Reported (in millions, excluding EPS, unaudited) 3Q 2016 2Q 2016 1Q 2016

Net income attributable to SemGroup $ (7.4) $ 8.0 $ (15.3)

Net income per share - diluted $ (0.14) $ 0.18 $ (0.35)

EBITDA(1) $ 50.7 $ 58.5 $ 15.3

Selected Non-Cash Items and Other Items Impacting Comparability(1) $ 20.6 $ 9.1 $ 62.4

Adjusted EBITDA(1) $ 71.3 $ 67.6 $ 77.7

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Leverage & Liquidity

(in millions, unaudited) September 30, 2016$1 billion revolver - 2021 $0.0

7.500% Senior unsecured notes - 2021 $300.05.625% Senior unsecured notes - 2022 400.05.625% Senior unsecured notes - 2023 350.0

Total consolidated debt $1,050.0

Compliance leverage ratio(1) 3.0x

Target leverage <4.5x

Liquidity:Cash and cash equivalents(2) $140.0Revolver availability(3) 962.5

Total liquidity $1,102.5

(1) Calculated per revolving credit agreement definitions, which includes material project adjustments; maximum total leverage covenant of 5.5x(2) Cash excludes SemMaterials Mexico(3) Revolver availability excludes outstanding letters of credit

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A Look Ahead

Strong Balance Sheet

High Return Growth Projects & Strategic

Acquisitions

Focus on Portfolio Balance and Secure

Cash Flows

Dividend Growth Beyond 2016

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APPENDIX

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Consolidated Balance Sheets

(in thousands, unaudited, condensed) September 30, 2016

December 31, 2015

ASSETSCurrent assets $ 612,484 $ 480,381Property, plant and equipment, net 1,696,010 1,566,821Goodwill and other intangible assets 188,271 210,255Equity method investments 438,194 551,078Other noncurrent assets, net 51,573 45,374Total assets $ 2,986,532 $ 2,853,909

LIABILITIES AND OWNERS' EQUITYCurrent liabilities:

Current portion of long-term debt $ 25 $ 31Other current liabilities 415,742 376,996

Total current liabilities 415,767 377,027

Long-term debt, excluding current portion 1,030,140 1,057,816Other noncurrent liabilities 73,293 222,710Total liabilities 1,519,200 1,657,553

Total owners' equity 1,467,332 1,196,356Total liabilities and owners' equity $ 2,986,532 $ 2,853,909

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Consolidated Statements of Operations and Comprehensive Income(in thousands, except per share amounts, unaudited, condensed) Three Months Ended Nine Months Ended

September 30, June 30, September 30,2016 2015 2016 2016 2015

Revenues $ 327,764 $ 397,065 $ 287,377 $ 929,992 $ 1,072,601Expenses:

Costs of products sold, exclusive of depreciation and amortization shown below 218,503 274,639 176,842 592,292 710,869Operating 52,636 53,267 54,707 157,537 167,157General and administrative 20,583 23,045 20,775 62,419 78,272Depreciation and amortization 24,912 26,022 25,048 74,007 74,430Loss (income) on disposal or impairment, net 1,018 (951) 1,685 16,010 1,479Total expenses 317,652 376,022 279,057 902,265 1,032,207

Earnings from equity method investments 15,845 16,237 17,078 55,994 60,699Gain (loss) on issuance of common units by equity method investee — 136 — (41) 6,033Operating income 25,957 37,416 25,398 83,680 107,126Other expenses, net 21,199 17,829 10,807 91,987 33,725Income (loss) from continuing operations before income taxes 4,758 19,587 14,591 (8,307) 73,401Income tax expense (benefit) 11,898 10,006 4,658 (4,851) 29,609Income (loss) from continuing operations (7,140) 9,581 9,933 (3,456) 43,792Loss from discontinued operations, net of income taxes — (1) (2) (1) (3)Net income (loss) (7,140) 9,580 9,931 (3,457) 43,789

Less: net income attributable to noncontrolling interests 225 4,707 1,922 11,167 14,153Net income (loss) attributable to SemGroup Corporation $ (7,365) $ 4,873 $ 8,009 $ (14,624) $ 29,636Net income (loss) attributable to SemGroup Corporation $ (7,365) $ 4,873 $ 8,009 $ (14,624) $ 29,636Other comprehensive income (loss), net of income taxes (7,051) (20,210) 6,591 (4,569) (23,750)Comprehensive income (loss) attributable to SemGroup Corporation $ (14,416) $ (15,337) $ 14,600 $ (19,193) $ 5,886Net income (loss) per common share:

Basic $ (0.14) $ 0.11 $ 0.18 $ (0.31) $ 0.68Diluted $ (0.14) $ 0.11 $ 0.18 $ (0.31) $ 0.67

Weighted average shares (thousands):Basic 52,642 43,808 45,236 47,269 43,775Diluted 52,642 43,971 45,647 47,269 43,969

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Non-GAAP Adjusted EBITDA Calculation(in thousands, unaudited) Three Months Ended Nine Months Ended

September 30, June 30, September 30,Reconciliation of net income to Adjusted EBITDA: 2016 2015 2016 2016 2015Net income (loss) $ (7,140) $ 9,580 $ 9,931 $ (3,457) $ 43,789

Add: Interest expense 21,032 19,170 18,875 58,842 50,583Add: Income tax expense (benefit) 11,898 10,006 4,658 (4,851) 29,609Add: Depreciation and amortization expense 24,912 26,022 25,048 74,007 74,430

EBITDA 50,702 64,778 58,512 124,541 198,411

Selected Non-Cash Items and Other Items Impacting Comparability 20,588 11,171 9,121 92,046 27,546

Adjusted EBITDA $ 71,290 $ 75,949 $ 67,633 $ 216,587 $ 225,957

Selected Non-Cash Items andOther Items Impacting ComparabilityLoss (gain) on disposal or impairment, net $ 1,018 $ (951) $ 1,685 $ 16,010 $ 1,479Loss from discontinued operations, net of income taxes — 1 2 1 3Foreign currency transaction (gain) loss 659 (385) 1,543 3,671 (1,199)Remove NGL equity losses (earnings) including loss (gain) on issuance of common units 38 742 — (2,153) (11,070)Remove loss (gain) on sale or impairment of NGL units — — (9,120) 30,644 (14,517)NGL cash distribution — 4,752 — 4,873 14,235M&A transaction related costs 3,269 — — 3,269 10,000Inventory valuation adjustments including equity method investees — 142 — — 1,377Employee severance and relocation expense 534 21 836 1,629 42Unrealized loss (gain) on derivative activities 6,167 (4,546) 4,477 6,096 (3,316)Depreciation and amortization included within equity earnings 7,283 6,412 7,138 20,960 19,134Bankruptcy related expenses — 33 — — 224Legal settlement expense — 3,394 — — 3,394Non-cash equity compensation 1,620 1,556 2,560 7,046 7,760

Selected Non-Cash items andOther Items Impacting Comparability $ 20,588 $ 11,171 $ 9,121 $ 92,046 $ 27,546

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Non-GAAP Financial Data Reconciliations

(in thousands, unaudited) Three Months Ended Nine Months EndedSeptember 30, June 30, September 30,

2016 2015 2016 2016 2015Net income $ 13,054 $ 12,120 $ 11,797 $ 44,147 $ 38,714

Add: Interest expense 154 267 193 611 524Add: Depreciation and amortization expense 6,307 9,022 6,171 18,337 26,678

EBITDA 19,515 21,409 18,161 63,095 65,916Selected Non-Cash Items and

Other Items Impacting Comparability 8,334 6,587 8,954 23,894 19,463Adjusted EBITDA $ 27,849 $ 27,996 $ 27,115 $ 86,989 $ 85,379

Selected Non-Cash Items and Other Items Impacting Comparability

Loss on disposal or impairment, net $ 1,018 $ 27 $ 1,714 $ 2,799 $ 160Inventory valuation adjustments including equity method investees — 142 — — 142Employee severance and relocation expense 33 6 102 135 27Depreciation and amortization included within

equity earnings 7,283 6,412 7,138 20,960 19,134Selected Non-Cash items and

Other Items Impacting Comparability $ 8,334 $ 6,587 $ 8,954 $ 23,894 $ 19,463

Crude - Transportation Segment

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2016 2015 2016 2016 2015Net income $ 7,692 $ 7,633 $ 7,450 $ 22,845 $ 21,223

Add: Depreciation and amortization expense 1,987 1,451 1,921 5,792 4,226EBITDA 9,679 9,084 9,371 28,637 25,449

Selected Non-Cash Items and Other Items Impacting Comparability 2 — 4 6 —

Adjusted EBITDA $ 9,681 $ 9,084 $ 9,375 $ 28,643 $ 25,449


Employee severance expense $ 2 $ — $ 4 $ 6 $ —Selected Non-Cash items and

Other Items Impacting Comparability $ 2 $ — $ 4 $ 6 $ —

Crude - Facilities Segment

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2016 2015 2016 2016 2015Net income (loss) $ (3,248) $ 10,216 $ 5,370 $ 15,583 $ 24,969

Add: Interest expense 186 119 182 508 330Add: Depreciation and amortization expense 46 40 40 126 119

EBITDA (3,016) 10,375 5,592 16,217 25,418Selected Non-Cash Items and

Other Items Impacting Comparability 6,167 (4,546) 4,477 6,323 (2,198)Adjusted EBITDA $ 3,151 $ 5,829 $ 10,069 $ 22,540 $ 23,220


Loss (gain) on disposal or impairment, net $ — $ — $ — $ 227 $ (3)Unrealized loss (gain) on derivative activities 6,167 (4,546) 4,477 6,096 (3,430)Inventory valuation adjustments — — — — 1,235Selected Non-Cash items and

Other Items Impacting Comparability $ 6,167 $ (4,546) $ 4,477 $ 6,323 $ (2,198)

Crude - Supply and Logistics Segment

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2016 2015 2016 2016 2015Net income (loss) $ 3,763 $ 4,754 $ (321) $ (10,027) $ 16,688

Add: Interest expense 3,367 3,504 3,431 10,353 9,624Add: Depreciation and amortization expense 9,066 8,601 9,194 27,182 23,098


Other Items Impacting Comparability 125 561 256 13,772 2,539Adjusted EBITDA $ 16,321 $ 17,420 $ 12,560 $ 41,280 $ 51,949


Loss (gain) on disposal or impairment, net $ — $ 445 $ (1) $ 13,051 $ 1,894Employee severance expense — — 13 13 —Non-cash equity compensation 125 116 244 708 645Selected Non-Cash items and

Other Items Impacting Comparability $ 125 $ 561 $ 256 $ 13,772 $ 2,539

SemGas Segment

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2016 2015 2016 2016 2015Net income $ 5,006 $ 2,119 $ 2,021 $ 9,783 $ 4,233

Add: Interest expense 2,249 2,270 2,235 6,710 8,499Add: Income tax expense 1,573 2,361 451 2,989 3,528Add: Depreciation and amortization expense 4,239 3,198 4,294 12,484 9,451


Other Items Impacting Comparability 124 (745) 381 888 376Adjusted EBITDA $ 13,191 $ 9,203 $ 9,382 $ 32,854 $ 26,087


Gain on disposal or impairment, net $ — $ (917) $ — $ — $ (917)Foreign currency transaction (gain) loss — 3 (1) 5 104Employee severance 1 — — 1 —Non-cash equity compensation 123 169 382 882 1,189Selected Non-Cash items and

Other Items Impacting Comparability $ 124 $ (745) $ 381 $ 888 $ 376

SemCAMS Segment

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2016 2015 2016 2016 2015Net income (loss) $ 948 $ (1,077) $ (1,447) $ (745) $ (2,900)

Add: Interest expense 456 433 353 1,185 1,341Add: Income tax expense (benefit) (601) (170) (273) (815) (372)Add: Depreciation and amortization expense 1,880 2,173 1,983 5,823 6,367

EBITDA 2,683 1,359 616 5,448 4,436Selected Non-Cash Items and

Other Items Impacting Comparability 686 670 1,562 2,935 801Adjusted EBITDA $ 3,369 $ 2,029 $ 2,178 $ 8,383 $ 5,237


Foreign currency transaction loss $ 647 $ 596 $ 1,391 $ 2,548 $ 374Non-cash equity compensation 39 74 171 387 427Selected Non-Cash items and

Other Items Impacting Comparability $ 686 $ 670 $ 1,562 $ 2,935 $ 801

SemLogistics Segment

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2016 2015 2016 2016 2015Net income $ 1,491 $ 2,473 $ 1,187 $ 3,374 $ 8,683

Add: Interest expense 43 44 — 43 46Add: Income tax expense 349 642 194 1,150 2,396Add: Depreciation and amortization expense 932 993 949 2,822 3,083


Other Items Impacting Comparability 72 480 244 686 959Adjusted EBITDA $ 2,887 $ 4,632 $ 2,574 $ 8,075 $ 15,167


Loss (gain) on disposal of long-lived assets, net $ — $ 124 $ (28) $ (67) $ 105Foreign currency transaction loss 30 269 153 439 494Non-cash equity compensation 42 87 119 314 360Selected Non-Cash items and

Other Items Impacting Comparability $ 72 $ 480 $ 244 $ 686 $ 959

SemMaterials México Segment

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2016 2015 2016 2016 2015Net loss $ (35,846) $ (28,658) $ (16,126) $ (88,417) $ (67,821)

Add: Interest expense 14,577 12,533 12,481 39,432 30,219Add: Income tax expense (benefit) 10,577 7,173 4,286 (8,175) 24,057Add: Depreciation and amortization expense 455 544 496 1,441 1,408

EBITDA (10,237) (8,408) 1,137 (55,719) (12,137)Selected Non-Cash Items and

Other Items Impacting Comparability 5,078 8,164 (6,757) 43,542 5,606Adjusted EBITDA $ (5,159) $ (244) $ (5,620) $ (12,177) $ (6,531)


Loss (gain) on disposal or impairment, net $ — $ (630) $ — $ — $ 240Loss from discontinued operations, net of income taxes — 1 2 1 3Foreign currency transaction (gain) loss (18) (1,253) — 679 (2,171)Remove NGL equity losses (earnings) including gain on issuance of common units 38 742 — (2,153) (11,070)Remove loss (gain) on impairment or sale of NGL units — — (9,120) 30,644 (14,517)NGL cash distribution — 4,752 — 4,873 14,235M&A transaction related costs 3,269 — — 3,269 10,000Employee severance and relocation expense 498 15 717 1,474 15Unrealized loss on derivative activities — — — — 114Bankruptcy related expenses — 33 — — 224Legal settlement expense — 3,394 — — 3,394Non-cash equity compensation 1,291 1,110 1,644 4,755 5,139Selected Non-Cash items and

Other Items Impacting Comparability $ 5,078 $ 8,164 $ (6,757) $ 43,542 $ 5,606

Corporate & Other Segment

DRAFT

Confidential34

2016 Adjusted EBITDA Guidance

(1) Net income in our guidance reconciliation does not include unrealized gains or losses on derivative activities or other similar items which, due to their nature, cannot be accurately forecasted. Net income, as presented in the reconciliation, is based on the best information available but is not intended to represent guidance for net income and should not be relied on as such

(in millions, unaudited) 2016 Guidance

Mid-point

Net income(1) $ 34.0

Add: Interest expense 83.0

Add: Income tax expense 10.0

Add: Depreciation and amortization 126.0

EBITDA $ 253.0

Selected Non-Cash and Other Items Impacting Comparability 42.0Adjusted EBITDA $ 295.0

Selected Non-Cash and Other Items Impacting Comparability

Depreciation and amortization included within equity earnings $ 28.0

Non-cash equity compensation 14.0

Selected Non-Cash and Other Items Impacting Comparability $ 42.0

DRAFT

Confidential35

(in thousands, unaudited) Three Months EndedMarch 31, 2016

Crude -Transportation

Crude -Facilities

Crude -Supply and Logistics SemCAMS SemLogistics SemMexico SemGas

Corporate and other Consolidated

Net income (loss) $ 19,296 $ 7,703 $ 13,461 $ 2,756 $ (246) $ 696 $ (13,469) $ (36,445) $ (6,248)Add: Interest expense 264 — 140 2,226 376 — 3,555 12,374 18,935Add: Income tax expense (benefit) — — — 965 59 607 — (23,038) (21,407)Add: Depreciation and amortization expense 5,859 1,884 40 3,951 1,960 941 8,922 490 24,047EBITDA 25,419 9,587 13,641 9,898 2,149 2,244 (992) (46,619) 15,327Selected Non-Cash Items and

Other Items Impacting Comparability 6,606 — (4,321) 383 687 370 13,391 45,224 62,340Adjusted EBITDA $ 32,025 $ 9,587 $ 9,320 $ 10,281 $ 2,836 $ 2,614 $ 12,399 $ (1,395) $ 77,667


Loss (gain) on disposal of long-lived assets, net $ 67 $ — $ 227 $ — $ — $ (39) $ 13,052 $ — $ 13,307Loss from discontinued operations, net of income taxes — — — — — — — 2 2Foreign currency transaction loss — — — 6 510 256 — 697 1,469Remove NGL equity earnings including gain on issuance of common units — — — — — — — (2,191) (2,191)Remove gain on sale of NGL units — — — — — — — 39,764 39,764NGL cash distribution — — — — — — — 4,873 4,873Employee severance and relocation expense — — — — — — — 259 259Unrealized gain on derivative activities — — (4,548) — — — — — (4,548)Depreciation and amortization included within

equity earnings 6,539 — — — — — — — 6,539Non-cash equity compensation — — — 377 177 153 339 1,820 2,866

Selected Non-Cash Items andOther Items Impacting Comparability $ 6,606 $ — $ (4,321) $ 383 $ 687 $ 370 $ 13,391 $ 45,224 $ 62,340

Reconciliation of Net Income to Adjusted EBITDA

DRAFT

Confidential36

(in thousands, unaudited) Year EndedDecember 31, 2015


Crude -Facilities



Net income (loss) $ 44,771 $ 27,928 $ 27,567 $ 7,879 $ (1,624) $ 8,725 $ 16,704 $ (90,425) $ 41,525Add: Interest expense (income) 778 — 462 10,742 1,746 46 13,162 42,739 69,675Add: Income tax expense (benefit) — — — 4,847 (2,195) 2,611 — 29,554 34,817Add: Depreciation and amortization expense 35,500 5,829 159 12,940 8,543 4,076 31,803 2,032 100,882EBITDA 81,049 33,757 28,188 36,408 6,470 15,458 61,669 (16,100) 246,899Selected Non-Cash Items and

Other Items Impacting Comparability 35,600 — 4,491 773 1,399 1,193 2,777 12,150 58,383Adjusted EBITDA $ 116,649 $ 33,757 $ 32,679 $ 37,181 $ 7,869 $ 16,651 $ 64,446 $ (3,950) $ 305,282


Loss (gain) on disposal of long-lived assets, net $ 9,621 $ — $ (3) $ (917) $ — $ 85 $ 1,832 $ 854 $ 11,472Loss from discontinued operations, net of income taxes — — — — — — — 4 4Foreign currency transaction (gain) loss — — — 103 799 605 — (2,574) (1,067)Remove NGL equity earnings including gain on issuance of common units — — — — — — — (11,416) (11,416)Remove gain on sale of NGL units — — — — — — — (14,517) (14,517)NGL cash distribution — — — — — — — 19,074 19,074Employee severance expense 75 — 4 — — — — 11 90Unrealized loss (gain) on derivative activities — — 1,900 — — — — 114 2,014M&A transaction related costs — — — — — — — 10,000 10,000Depreciation and amortization included within

equity earnings 25,307 — — — — — — — 25,307Inventory valuation adjustment including equity method investees 597 — 2,590 — — — — — 3,187Bankruptcy related expenses — — — — — — — 224 224Legal settlement — — — — — — — 3,394 3,394Non-cash equity compensation — — — 1,587 600 503 945 6,982 10,617Selected Non-Cash Items and

Other Items Impacting Comparability $ 35,600 $ — $ 4,491 $ 773 $ 1,399 $ 1,193 $ 2,777 $ 12,150 $ 58,383


DRAFT

Confidential37

(in thousands, unaudited) Year EndedDecember 31, 2014


Crude -Facilities



Net income (loss) $ 31,301 $ 26,921 $ 24,610 $ 14,318 $ (10,072) $ 5,900 $ 6,792 $ (47,713) $ 52,057Add: Interest expense (income) 11,727 — 502 13,558 1,528 166 8,570 12,993 49,044Add: Income tax expense (benefit) — — — 3,135 (2,231) 4,053 — 41,556 46,513Add: Depreciation and amortization expense 33,679 5,365 549 14,295 10,005 6,031 26,353 2,120 98,397EBITDA 76,707 32,286 25,661 45,306 (770) 16,150 41,715 8,956 246,011Selected Non-Cash Items and

Other Items Impacting Comparability 21,582 (34) 4,004 590 (1,083) 621 21,053 (5,303) 41,430Adjusted EBITDA $ 98,289 $ 32,252 $ 29,665 $ 45,896 $ (1,853) $ 16,771 $ 62,768 $ 3,653 $ 287,441


Loss (gain) on disposal of long-lived assets, net $ 467 $ (34) $ (42) $ (950) $ (2,490) $ (53) $ 20,092 $ 15,602 $ 32,592Loss (income) from discontinued operations, net of income taxes — — — — (1) — — 2 1Foreign currency transaction (gain) loss — — — 42 821 279 — (1,228) (86)Remove NGL equity earnings including gain on issuance of common units — — — — — — — (31,363) (31,363)Remove gain on sale of NGL units — — — — — — — (34,211) (34,211)NGL cash distribution — — — — — — — 23,404 23,404Employee severance expense 9 — — 150 — — 41 20 220Unrealized loss (gain) on derivative activities — — (1,621) — — — — (113) (1,734)Change in fair value of warrants — — — — — — — 13,423 13,423Depreciation and amortization included within

equity earnings 18,992 — — — — — — — 18,992Inventory valuation adjustment including equity method investees 2,114 — 5,667 — — — — — 7,781Recovery of receivables written off at emergence — — — (664) — — — — (664)Bankruptcy related expenses — — — — — — 150 1,160 1,310Charitable contributions — — — — — — — 3,379 3,379Non-cash equity compensation — — — 2,012 587 395 770 4,622 8,386Selected Non-Cash Items and

Other Items Impacting Comparability $ 21,582 $ (34) $ 4,004 $ 590 $ (1,083) $ 621 $ 21,053 $ (5,303) $ 41,430


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