The Board of Directors of SemGroup Corporation declared a quarterly cash dividend to common shareholders of $0.45 per share, resulting in an annualized dividend of $1.80 per share. The dividend will be paid on August 28, 2017 to all common shareholders of record on August 18, 2017.

The management reaffirms that dividends will be reviewed annually in December of each year targeting a 10% dividend CAGR through 2020. In December 2017, management expects to recommend to the Board of Directors a dividend increase of 10% on an annualized basis.

The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenues of $473,089,000 against $287,377,000 a year ago. Operating income was $25,269,000 against $25,391,000 a year ago. Income from continuing operations before income taxes was $13,236,000 against $15,447,000 a year ago. Income from continuing operations was $9,611,000 against $10,789,000 a year ago. Net income attributable to the company was $9,611,000 or $0.15 per diluted share $8,865,000 or $0.19 per diluted share a year ago. EBITDA was $52,315,000 against $58,511,000 a year ago. Adjusted EBITDA was $65,410,000 against $67,632,000 a year ago.

For the six months, the company reported revenues of $929,189,000 against $602,228,000 a year ago. Operating income was $48,726,000 against $57,715,000 a year ago. Income from continuing operations before income taxes was $3,054,000 against loss from continuing operations before income taxes of $10,851,000 a year ago. Loss from continuing operations was $666,000 against income from continuing operations of $5,898,000 a year ago. Net Loss attributable to the company was $666,000 or $0.01 per basic and diluted share against $5,048,000 or $0.11 per basic and diluted share a year ago. EBITDA was $80,599,000 against $73,839,000 a year ago. Adjusted EBITDA was $126,077 against $145,300,000 a year ago.

The company is narrowing its initial Adjusted EBITDA guidance range of between $270 million and $310 million to $270 million and $290 million due primarily to the delay in the completion of the Maurepas Pipeline and continued pressure on Crude Supply & Logistic differentials. With the expected addition of $60 million of Adjusted EBITDA in connection with the HFOTCO acquisition, the company now expects Adjusted EBITDA of between $330 million and $350 million in 2017. Capital expenditure guidance to $575 million, which now includes approximately $75 million in growth projects at HFOTCO and approximately $60 million related to maintenance projects.