TULSA — Earnings rose in the fourth quarter at SemGroup Corp. on some higher pipeline volumes, the company said Thursday. SemGroup had net income of $21.1 million, or 50 cents per diluted share, compared to net income of $305,000, or one cent per diluted share, in the fourth quarter of 2011. Revenues fell to $316 million in the fourth quarter, down from $330 million in the year-earlier quarter. “SemGroup delivered exceptional performance during 2012, wrapping up a multi-quarter trend with continued strong results in the fourth quarter,” said Norm Szydlowski, president and CEO of SemGroup. “We continue to invest significantly in organic growth projects, which are all currently on schedule and on budget.”
ROSE ROCK MIDSTREAM LP
TULSA — Profits fell in the fourth quarter of 2012 at Rose Rock Midstream LP to $4.6 million, down from $6.8 million in the fourth quarter of 2011, the partnership said Thursday. It increased the partnership's quarterly cash distribution to 40.25 cents per unit, up from 39.25 cents per unit in the third quarter of 2012. “We continue our focus on organic growth driven by opportunities like the White Cliffs Pipeline, a tremendous asset with substantial volume growth and expansion work already in progress,” said Norm Szydlowski, chief executive officer of Rose Rock Midstream's general partner. Rose Rock is a crude oil pipeline and storage partnership that is majority owned by SemGroup Corp.
From staff reports