SemGroup Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Year of 2016
For the six months, the company reported revenues of $602,228,000 compared to $675,536,000 a year ago. Operating income was $57,726,000 compared to $69,710,000 a year ago. Income from continuing operations before income taxes was $3,687,000 compared to $34,211,000 a year ago. Net loss attributable to the company was $7,259,000 or $0.16 per diluted share compared to net income attributable to the company of $24,763,000 or $0.56 per diluted share a year ago. Adjusted EBITDA was $145,300,000 compared to $150,008,000 a year ago.
For the year, the company expects net income of $34 million, interest expense of $83.0 million, income tax expense of $10.0 million, depreciation and amortization of $126.0 million, EBITDA of $253.0 million. For 2016, the company expects total capital expenditures of $455 million for SemGroup with $400 million committed to growth CapEx and the remaining $55 million for maintenance capital. The company reaffirms 2016 consolidated Adjusted EBITDA guidance of between $270 and $320 million. Due primarily to the company's recent sale of NGL Energy limited partner units, the company expects to come in below the midpoint of its guidance range.