What is the primary revenue model for SemCAMS?

SemCAMS operates primarily on a fee-based model. According to slide 5, 97% of their total Last Twelve Months (LTM) gross margin comes from fee-based cash flows, including 'Take-or-Pay' and 'Fixed Fee' arrangements. This provides significant insulation from commodity price volatility, which is a critical selling point for infrastructure investors seeking predictable returns.

How does SemCAMS differentiate itself from other midstream providers?

Their primary differentiator is the ability to process sour gas (gas containing H2S). Slide 25 explains that this is a major barrier to entry due to the toxic nature of H2S, requiring specialized materials, direct-to-flare emergency systems, and underground injection for acid gas handling. They cite 45 years of experience and top-quartile safety performance as proof of their operational moat.

What are the key growth projects mentioned in the deck?

The deck highlights several major initiatives, most notably the 'Montney to Market' (M2M) Pipeline. Slide 21 details this as a joint project with Plains Midstream Canada, aiming for an initial capacity of 100,000 bbl/d with a completion target of Q4 2020. Other projects include the Wapiti and Smoke Lake plants, which were under construction at the time of the presentation.

Who are the typical customers for SemCAMS?

While specific names aren't listed on the provided slides, slide 5 notes that 72% of their pro forma revenue is derived from investment-grade counterparties. These are typically large exploration and production (E&P) companies operating in the Montney and Duvernay plays who require reliable processing and takeaway capacity for their gas and liquids.

What is the financial health of the parent company, SemGroup?

Slide 29 provides a detailed Non-GAAP Adjusted EBITDA reconciliation. For the year-to-date (YTD) period ending in 2018, SemGroup reported an Adjusted EBITDA of $192.38 million. Despite a net loss of $35.76 million in the same period, the high depreciation ($102.29M) and interest expenses ($78.36M) are typical for capital-intensive infrastructure firms.

SemCAMS Pitch Deck: All 31 Slides + Teardown

See all 31 slides of the SemCAMS pitch deck — a 2018 deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

The SemCAMS investor presentation from September 2018 is a highly technical, asset-heavy deck designed for institutional investors at the Alta Corp Capital Conference. As a business unit of the NYSE-listed SemGroup (SEMG), the deck focuses on 'hard' competitive advantages: physical infrastructure, regulatory barriers, and long-term contracts. The company highlights that 97% of its LTM gross margin comes from fee-based cash flows, with 72% of revenue derived from investment-grade counterparties. The core value proposition lies in their unique footprint in Alberta, specifically their specialize…

Key takeaways

The company maintains a highly stable financial profile, with 97% of LTM gross margin derived from fee-based cash flows as of June 30, 2018 (Slide 5).
Counterparty risk is mitigated by the fact that 72% of pro forma revenue comes from investment-grade entities (Slide 5).
SemCAMS operates a vast network including 600 miles of pipelines and a licensed capacity of 1.5 bcf/d in the Montney and Duvernay plays (Slide 9).
Market demand is supported by a growing shortfall in local condensate supply, necessitating increased imports and production growth (Slide 13).
The 'Montney to Market' (M2M) pipeline project, a joint venture with Plains Midstream Canada, targets an initial capacity of 100,000 bbl/d by Q4 2020 (Slide 21).
Sour gas processing serves as a significant moat, with capital costs for new plants ranging from $1.5M to $2.5M per mmcf/d compared to $1M for sweet gas (Slide 25).
The company reported a Non-GAAP Adjusted EBITDA of $192.38 million for the first half of 2018 (Slide 29).
Safety and regulatory compliance are positioned as competitive advantages, citing 45 years of safe sour gas processing (Slide 25).

Introduction: The Infrastructure Powerhouse

The SemCAMS investor presentation from September 2018, delivered at the Alta Corp Capital Conference, is a comprehensive look at a mature midstream energy business. Unlike early-stage venture decks that sell a vision, this deck sells assets, cash flow stability, and geographical dominance. SemCAMS, a business unit of SemGroup Corporation (NYSE: SEMG), focuses on the 'plumbing' of the energy sector in Western Canada.

Slide 1: Title and Context

The cover slide establishes the professional, corporate tone of the presentation. It identifies the event (Alta Corp Capital Conference) and the date (September 2018). The imagery of industrial towers reinforces the asset-heavy nature of the business. Crucially, it identifies SemCAMS as a business unit of SemGroup Corporation, signaling to investors that this is part of a larger, publicly traded entity.

Slide 5: Financial Stability and Counterparty Strength

This is a foundational slide for any infrastructure investment. It breaks down the 'SemGroup Strengths' into two categories: Stable Cash Flows and Counterparty Strength. Slide 5 states that 97% of total LTM gross margin comes from fee-based cash flows. A bar chart shows the evolution from 2014 to 2018, showing a shift toward 'Take-or-Pay' (57% in 2018) and 'Fixed Fee' (40% in 2018) structures, with 'POP/Marketing' shrinking to just 3%. The right side of the slide features a pie chart showing that 72% of revenue comes from investment-grade counterparties, which is a critical metric for de-risking the investment for debt and equity holders.

Slide 9: The Geographic Moat

Titled 'Unique Footprint Difficult to Replicate,' this slide focuses on the physical assets in Alberta. The company claims a total combined operating capacity of ~1 bcf/d and a licensed capacity of 1.5 bcf/d. It lists four major gas plants: Kaybob South #3, Kaybob Amalgamated, West Fox Creek, and West Whitecourt. The slide also mentions 600 miles of gathering pipelines. The map on the right visualizes these assets within the Montney and Duvernay plays, showing how their infrastructure connects producers to major takeaway options like TransCanada and Alliance.

Slide 13: Market Dynamics and Condensate Demand

This slide addresses the 'Why Now?' and the macro tailwinds. It uses data from RBC Capital Markets to show a widening gap between condensate demand and local production in Western Canada. The chart shows 'Implied Condensate Imports' growing significantly through 2020. By highlighting that 'Western Canada will likely remain short condensate for the foreseeable future,' SemCAMS justifies its investment in takeaway and processing infrastructure to bridge this gap.

Slide 17 & 21: Growth Strategy and the M2M Pipeline

Slide 17 serves as a transition to 'Announced Growth Projects.' Slide 21 provides specifics on the 'Montney to Market Pipeline (M2M).' This is a joint venture with Plains Midstream Canada, announced in August 2018. Key metrics include an initial capacity of 100,000 bbl/d (expandable to 200,000 bbl/d) and a proposed completion date of ~4Q 2020. This slide is vital for showing investors where the next leg of revenue growth will come from.

Slide 25: The Technical Moat - Sour Gas Processing

This is perhaps the most important slide for understanding the company's competitive advantage. It compares 'Sweet' vs. 'Sour' gas processing. Sour gas contains H2S, which is toxic and corrosive. Slide 25 notes that SemCAMS has been safely processing sour gas for over 45 years. The table shows that sour gas processing requires significantly higher capital costs ($1.5MM to $2.5MM per mmcf/d vs. $1MM for sweet gas) and involves complex regulatory and safety requirements. This high barrier to entry prevents new competitors from easily entering the market.

Slide 29: Financial Reconciliation

The final slide provided is a detailed 'Non-GAAP Adjusted EBITDA Calculation.' It provides a quarter-by-quarter breakdown for 2017 and the first half of 2018. For YTD 2018, the company shows an Adjusted EBITDA of $192,381 (in thousands). This slide is essential for institutional analysts to understand the underlying cash-generating power of the business, stripping away non-cash items like depreciation ($102,291 YTD) and unrealized losses on derivatives.

What Works in This Deck

Clarity of Revenue Quality: By emphasizing the 97% fee-based margin, the deck speaks directly to the primary concern of infrastructure investors: predictability. · Asset Mapping: The use of maps to show the proximity of plants to the 'prolific Montney and Duvernay plays' makes the geographic moat tangible. · Technical Differentiation: The detailed comparison of sour vs. sweet gas processing (Slide 25) clearly articulates why a competitor cannot simply build a plant next door and steal market share. · Third-Party Validation: Citing RBC Capital Markets for market demand forecasts adds credibility to the growth thesis.

What Is Missing

Team Slide: While this is a corporate presentation for a business unit, there is no mention of the specific management team leading SemCAMS. Investors in these units often want to know who is executing the local strategy. · Unit Economics: While EBITDA is provided at a high level, the deck lacks a breakdown of margins per plant or per mile of pipeline, which would allow for deeper benchmarking. · ESG Metrics: Given the focus on sour gas and toxic H2S, modern investors would expect more detailed environmental and social governance metrics, though this was less standard in 2018. · Specific 'Ask': As a conference presentation, it lacks a specific funding request, though the growth projects imply a need for ongoing capital expenditure.

What Founders Should Copy

The 'Moat' Slide: Every founder should have a slide like Slide 25 that explains the technical or regulatory barriers that prevent others from doing what they do. · Counterparty Analysis: If you sell to businesses, showing the 'credit-worthiness' or 'brand name' of your customers (as seen on Slide 5) is a powerful way to de-risk your revenue. · Macro-to-Micro Logic: The deck moves from broad market demand (Slide 13) to specific geographic assets (Slide 9) to specific growth projects (Slide 21). This logical flow is highly effective for building a narrative.

Frequently asked questions

What is the primary revenue model for SemCAMS?: SemCAMS operates primarily on a fee-based model. According to slide 5, 97% of their total Last Twelve Months (LTM) gross margin comes from fee-based cash flows, including 'Take-or-Pay' and 'Fixed Fee' arrangements. This provides significant insulation from commodity price volatility, which is a critical selling point for infrastructure investors seeking predictable returns.
How does SemCAMS differentiate itself from other midstream providers?: Their primary differentiator is the ability to process sour gas (gas containing H2S). Slide 25 explains that this is a major barrier to entry due to the toxic nature of H2S, requiring specialized materials, direct-to-flare emergency systems, and underground injection for acid gas handling. They cite 45 years of experience and top-quartile safety performance as proof of their operational moat.
What are the key growth projects mentioned in the deck?: The deck highlights several major initiatives, most notably the 'Montney to Market' (M2M) Pipeline. Slide 21 details this as a joint project with Plains Midstream Canada, aiming for an initial capacity of 100,000 bbl/d with a completion target of Q4 2020. Other projects include the Wapiti and Smoke Lake plants, which were under construction at the time of the presentation.
Who are the typical customers for SemCAMS?: While specific names aren't listed on the provided slides, slide 5 notes that 72% of their pro forma revenue is derived from investment-grade counterparties. These are typically large exploration and production (E&P) companies operating in the Montney and Duvernay plays who require reliable processing and takeaway capacity for their gas and liquids.
What is the financial health of the parent company, SemGroup?: Slide 29 provides a detailed Non-GAAP Adjusted EBITDA reconciliation. For the year-to-date (YTD) period ending in 2018, SemGroup reported an Adjusted EBITDA of $192.38 million. Despite a net loss of $35.76 million in the same period, the high depreciation ($102.29M) and interest expenses ($78.36M) are typical for capital-intensive infrastructure firms.

Cover slide of the SemCAMS (a business unit of SemGroup Corporation) pitch deck — 2018 — SemCAMS (a business unit of SemGroup Corporation) pitch deck, slide 1 (2018)

SemCAMS (a business unit of SemGroup Corporation) pitch deck: the facts

Company: SemCAMS (a business unit of SemGroup Corporation)
Year: 2018
Stage: Publicly Traded (Parent: NYSE: SEMG)
Slides: 31
Sector: Midstream Energy Infrastructure
Deck type: Investor Presentation / Conference Deck
Outcome: Acquired (SemGroup was acquired by Energy Transfer LP in 2019)
Headquarters: Calgary, Alberta, Canada (SemCAMS) / Tulsa, Oklahoma (SemGroup)

SemCAMS (a business unit of SemGroup Corporation) pitch deck PDF

The full SemCAMS (a business unit of SemGroup Corporation) deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the SemCAMS Midstream ULC pitch deck was used for

This deck is a **September 2018 SemCAMS investor presentation** prepared by SemGroup Corporation for an AltaCorp Capital conference, focused on SemCAMS’ role as a major sour gas processor in Alberta’s Montney and Duvernay plays. At that time SemCAMS was SemGroup’s Canadian midstream subsidiary and one of Alberta’s largest licensed sour‑gas processors, with plants near Whitecourt and Fox Creek and additional plants under construction. Within months of the deck, SemGroup and KKR announced the formation of **SemCAMS Midstream ULC**, a Canadian joint venture platform in which SemGroup contributed SemCAMS and KKR contributed capital. The deck therefore functioned as a pre‑transaction investor presentation highlighting SemCAMS’ asset base, fee‑based cash flows and growth projects ahead of the 2019 SemCAMS Midstream JV and subsequent Meritage Midstream acquisition.

Business model: SemCAMS is a Canadian **natural gas gathering and sour‑gas processing midstream business** that provides infrastructure solutions to producers in the Montney and Duvernay resource plays in Alberta.

Year: 2019
Lead investor: KKR (capital provider for the SemCAMS Midstream ULC joint venture and preferred shares).
Investors: SemGroup Corporation, KKR (through KKR Global Infrastructure Investors III and affiliated vehicles)
Headquarters: Calgary, Alberta, Canada.

Round: Joint venture / infrastructure platform financing linked to a publicly traded parent (SemGroup Corporation, NYSE: SEMG).

Raised: C$1.115 billion total new capital into SemCAMS Midstream ULC via KKR: C$815 million cash for common equity plus C$300 million in perpetual preferred shares.

Industry: Midstream energy infrastructure (natural gas gathering and processing, sour gas plants, pipelines) in Western Canada.

Use of funds as presented: To create the **SemCAMS Midstream ULC** Canadian midstream platform, monetize SemGroup’s SemCAMS subsidiary (C$615 million cash to SemGroup), and fund the **C$600 million acquisition of Meritage Midstream ULC** and other growth projects in the Montney and Duvernay.

What happened after the SemCAMS Midstream ULC deck

Following the September 2018 investor presentation, SemCAMS was contributed by SemGroup into the newly formed **SemCAMS Midstream ULC** joint venture with KKR in January 2019, at a C$1.15 billion asset valuation with significant cash proceeds to SemGroup. The JV then executed and closed a **C$600 million acquisition of Meritage Midstream ULC** in early 2019, expanding its Montney infrastructure fo

January 10, 2019: SemGroup and KKR announce the formation of **SemCAMS Midstream ULC**, a Canadian midstream joint ventu
January 10, 2019: SemCAMS Midstream signs a definitive agreement to acquire **Meritage Midstream ULC** and its midstream
February 25, 2019: SemCAMS Midstream completes the acquisition of Meritage Midstream ULC’s midstream infrastructure asse
October 10, 2019: TransAlta Corporation and SemCAMS Midstream ULC announce agreements to construct and jointly own a new
December 5, 2019: Energy Transfer acquires a **51% interest in SemCAMS Midstream ULC** and later completes integration a
September 16, 2019: SemGroup Corporation announces its **approximately $5 billion merger** with Energy Transfer LP, brin

What the SemCAMS Midstream ULC deck got right

Scale and specialization in sour gas processing. External sources confirm SemCAMS as **"one of Alberta’s largest licensed sour gas processors"** with facilities in the Montney and Duvernay and plants under construction in Smoke Lake and Wapiti, which aligns with the deck’s positioning around high barriers to entry and scale in sour gas processing.
Fee‑based midstream revenue model. The January 2019 JV announcement describes SemCAMS’ business as providing midstream solutions through gathering and processing in Western Canada, which underpins the deck’s emphasis on **stable, fee‑based cash flows** from long‑term processing agreements and infrastructure contracts.
Demonstrated asset valuation through JV with KKR. SemGroup and KKR structured SemCAMS Midstream so SemGroup received **C$615 million cash** while retaining 51% common equity, evidencing that the asset base and cash‑flow profile presented in the 2018 deck were sufficiently compelling to support a C$1.15 billion valuation.
Clear growth trajectory via acquisitions. The rapid follow‑on **C$600 million acquisition of Meritage Midstream ULC** by SemCAMS Midstream indicates that the platform described in the deck had credible growth optionality and access to capital to expand its Montney footprint.
Ability to layer additional contracted EBITDA onto core plants. The later partnership with TransAlta to build a **$105 million cogeneration facility** at Kaybob, expected to generate **$18 million in annual EBITDA**, supports the deck’s narrative of leveraging SemCAMS’ plants to add incremental, contracted cash flows and enhance returns.
Strategic appeal to larger midstream consolidator. Integration of SemCAMS Midstream into Energy Transfer Canada following Energy Transfer’s 51% interest acquisition and SemGroup’s $5 billion merger demonstrates that the platform was strategically attractive to a large North American midstream operator, validating the strategic narrative in the deck.

What could have been stronger

Limited visible quantitative detail in public deck copy. The publicly accessible SlideShare entry and snippets identify the deck as an AltaCorp Capital investor presentation but do not show clear, slide‑level disclosure of historical financials, throughput volumes, or contract breakdowns—limiting an investor’s ability to independently validate the claim of "stable, fee‑based cash flows."
Unclear treatment of commodity and volume risk. While external sources emphasize SemCAMS as one of Alberta’s largest sour gas processors with multiple plants under construction, the deck snippets do not indicate that it provided scenario analysis or sensitivity to commodity price cycles and producer activity in the Montney and Duvernay, which are key risk factors in Western Canadian gas plays.
Fee‑based contract structures not clearly evidenced in accessible materials. Contemporaneous news releases show SemCAMS signing long‑term processing agreements and announcing new sour gas plants in late 2017, but the deck snippets do not confirm whether specific contract tenors, counterparties, or minimum volume commitments were transparently summarized for investors.

How an investor would read this deck

What draws attention

How SemCAMS’ sour gas processing footprint and gathering pipelines position it as **one of Alberta’s largest licensed sour gas processors** serving the Montney and Duvernay resource plays.
The transition from a wholly owned SemGroup subsidiary to **SemCAMS Midstream ULC**, a JV platform with KKR, including the C$1.15 billion valuation of contributed SemCAMS assets and associated cash proceeds and equity split.
Growth projects such as plants under construction at Smoke Lake and Wapiti, and the strategic rationale for the **C$600 million acquisition of Meritage Midstream ULC**.
The emphasis on **stable, fee‑based cash flows** backed by long‑term processing agreements and cogeneration partnerships such as the Kaybob South No. 3 cogeneration facility announced with TransAlta.

Risks that stand out

Exposure to Western Canadian gas fundamentals, including producer drilling activity in the Montney and Duvernay and regional takeaway capacity, which can affect volumes even under fee‑based contracts.
Operational and regulatory complexity associated with being one of Alberta’s largest licensed sour gas processors, including safety, emissions, and environmental compliance obligations.
Execution risk around multiple concurrent capital projects, such as plants under construction at Smoke Lake and Wapiti and the integration of the Meritage Midstream assets into SemCAMS Midstream.
Ownership and strategic change risk stemming from the transition to a JV with KKR and the later acquisition of SemGroup by Energy Transfer, which may alter capital structure, distribution policy and growth priorities.

Questions this deck invites

How are SemCAMS’ processing and gathering revenues split between firm fee‑based contracts and more volumetric or commodity‑sensitive arrangements, and what are the weighted average contract tenors across its Montney and Duvernay plants?
What throughput and utilization levels were being realized at key SemCAMS facilities (e.g., Kaybob, Wapiti, Smoke Lake) around 2017–2019, and how did these compare to design capacity under various commodity price scenarios?
How did the C$1.15 billion valuation assigned to SemCAMS in the January 2019 JV relate to its EBITDA, growth capital backlog and risk profile, and what multiples were implied versus comparable Western Canadian midstream assets?
What integration and operational risks were identified in connection with the C$600 million Meritage Midstream acquisition, including producer concentration, regulatory approvals, and environmental obligations relating to sour gas processin
How did the subsequent acquisition of SemGroup by Energy Transfer and the rebranding of SemCAMS assets to Energy Transfer Canada affect governance, capital allocation, and long‑term strategy for the SemCAMS Midstream platform?

What founders can take from the SemCAMS Midstream ULC deck

A midstream subsidiary can be positioned as a **platform asset** for institutional capital by clearly articulating its scale ("one of Alberta’s largest sour gas processors"), geographic focus (Montney/Duvernay) and growth pipeline of new plants.
Structuring communications around a forthcoming transaction—here, SemGroup’s contribution of SemCAMS into SemCAMS Midstream with KKR—can highlight both asset value (C$1.15 billion) and cash proceeds (C$615 million) to the parent, which is compelling to public‑market investors.
Combining a clearly defined fee‑based business (long‑term processing agreements, cogeneration contracts) with an identified acquisition (Meritage Midstream for C$600 million) demonstrates how a platform will deploy fresh capital for growth.
Using an investor conference presentation ahead of a major JV allows management to socialize the narrative of **stable cash flows plus high‑barrier sour gas infrastructure**, setting expectations for the structure that is later announced.
Highlighting joint‑venture partnerships (with KKR for SemCAMS Midstream and with TransAlta for cogeneration) shows how a midstream operator can align with financial and strategic partners to expand its asset base and EBITDA profile.
Positioning assets in well‑known resource plays like the Montney and Duvernay helps investors quickly situate the opportunity within a broader macro story of LNG‑linked Western Canadian gas development.

SemCAMS Midstream ULC pitch deck: common questions

What does SemCAMS do and where does it operate?

SemCAMS (later SemCAMS Midstream ULC) is a **natural gas gathering and processing business** in Western Canada, focused on sour gas from the Montney and Duvernay formations in Alberta. It operates plants and pipelines near Whitecourt and Fox Creek and had additional plants under construction in areas such as Smoke Lake and Wapiti south of Grande Prairie.

What is the SemCAMS September 2018 investor presentation deck?

The available investor presentation is an **AltaCorp Capital Conference Investor Presentation from September 2018** titled "SemCAMS Investor Presentation Master September 2018," published on SlideShare by SemGroup Corporation. It contains 31 slides and was aimed at institutional investors assessing SemCAMS’ midstream asset base and growth plans in the Montney and Duvernay plays.

What major financing or transaction was associated with SemCAMS after this 2018 deck?

In **January 2019**, SemGroup and KKR announced the formation of **SemCAMS Midstream ULC**, a Canadian midstream joint venture platform. SemGroup contributed the shares and assets of its Canadian subsidiary SemCAMS, valued at **C$1.15 billion**, in exchange for **C$615 million cash** and **51% common equity** in SemCAMS Midstream, while KKR contributed **C$815 million cash** for **49% common equity** plus **C$300 million** of perpetual preferred shares.

How large was SemCAMS’ sour gas processing business around 2018–2019?

At the time of the January 2019 JV announcement, SemCAMS was described as **"one of Alberta's largest licensed sour gas processors"** with Duvernay and Montney facilities near Whitecourt and Fox Creek and **two plants under construction** in the Smoke Lake and Wapiti areas. This confirms the deck’s positioning of SemCAMS as a scale sour‑gas midstream operator in the Montney/Duvernay plays.

What happened to SemCAMS Midstream after the 2019 joint venture?

Following the formation of SemCAMS Midstream, the JV signed and completed a **C$600 million acquisition of Meritage Midstream ULC** and its Montney midstream infrastructure assets, closing in February 2019. Later, Energy Transfer acquired a 51% interest in SemCAMS Midstream ULC and integrated and rebranded the legacy SemCAMS assets under Energy Transfer Canada.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

SemCAMS (a business unit of SemGroup Corporation) pitch deck slides

SemCAMS (a business unit of SemGroup Corporation) pitch deck slide 1 of 31 — SemCAMS (a business unit of SemGroup Corporation) pitch deck — slide 1 of 31

SemCAMS (a business unit of SemGroup Corporation) pitch deck slide 2 of 31 — SemCAMS (a business unit of SemGroup Corporation) pitch deck — slide 2 of 31

SemCAMS (a business unit of SemGroup Corporation) pitch deck slide 3 of 31 — SemCAMS (a business unit of SemGroup Corporation) pitch deck — slide 3 of 31

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SemCAMS (a business unit of SemGroup Corporation) pitch deck slide 5 of 31 — SemCAMS (a business unit of SemGroup Corporation) pitch deck — slide 5 of 31

SemCAMS (a business unit of SemGroup Corporation) pitch deck slide 6 of 31 — SemCAMS (a business unit of SemGroup Corporation) pitch deck — slide 6 of 31

What each slide of the SemCAMS (a business unit of SemGroup Corporation) pitch deck says

Slide 1

XN & SemCAMS CN PANS = 4 September 2018 55\ ¥ Z> sd 3 Wh Alta Corp Capital Conference nt . guild i Investor Presentation LH |

Slide 2

Non-GAAP Financial Measures ‘SemGroup's non-GAAP measures, Adjusted EBITDA, Cash Available for Dividends (CAFD) and Total Segment Profit, are not GAAP measures and are not intended to be used in lieu of GAAP presentation of their most closely associated GAAP measures, net income (loss) for Adjusted EBITDA and GAFD and operating income for Total Segment Profit. Adjusted EBITDA represents earings 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 compara…

Slide 3

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 1996. All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance, our anticipated ‘market conditions and other matters, may constitute forward-looking statements. Although we believe that…

Slide 4

SemGroup Operations Across Midstream Value Chain ; . CANADA i Unique platform in liquids-rich Montney and Duvernay 3 $ _ + 4 natural gas processing plants b | + 600 miles natural gas gathering pipelines MID-CONTINENT ee + 200 mmcf/d Wapiti Gas Plant under construction { . § DJ Basin, STACK, Cushing and | Smoke Lake Plant under construction Northeast OK | + 1 bef/d combined operating capacity") with significant sulfur recovery * 1,700 miles crude pipelines “iin WE A + 8.8 million barrels crude oil storage | =~ foes GULF COAST capacity Strategic position in North America’s largest energy complex + 200 crude oil trucks/trailers Laas + 330 acres on Houston Ship Channel + 1,000 miles gas gatheri…

Slide 5

Stable Cash Flows Counterparty Strength(? 97% of total LTM gross margin from Over 70% of SemGroup's pro forma revenue is fee-based cash flows derived from investment grade counterparties 5% 3% 13% 1% 1% a 40% 51% Fo, 59% 72% » 0% 57% 28% 23% 30% oB% 2014 2015 2016 2017 2018" Take-or-P; Fixed Fi Bl POP/Marketi W Taeay 0 iemadres Ae BW Investment Grade BW Non-Investment Grade SemGroup derives a significant portion of cash flows from fixed-fee, contracted arrangements from credit-worthy counterparties Th & ull-year Hi Juisit ind Maur ir NYSE: SEMG

Slide 6

SemGroup Financial Growth Aligned with Stable Fee-Based Assets pmmm—————— we Lit fa $400 $350 $328 80% $305 < $300 $287 $283 E a a j= » $200 0 T° $100 0 20% $50 $0 0% 2014 2015 2016 2017 2018" -«~Take-or-Pay % of Gross Margin NOTE: Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation NYSE: SEMG EI 5h dE semgroupcorp.com senor

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