SemGroup Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Revises Earnings Guidance for the Year 2017
For the nine months, the company reported consolidated revenues of $1,475,111,000 against $929,992,000 a year ago. Operating income was $24,127,000 against $83,659,000 a year ago. Loss from continuing operations before income taxes was $53.298 million against $3.591 million a year ago. Loss from continuing operations was $19,769,000 against income of $1,260,000 a year ago. Net loss attributable to the company $19,769,000 or $0.29 per basic and diluted share against $9,908,000 or $0.21 per basic and diluted share a year ago. EBITDA was $107,093,000 against $124,541,000 a year ago. Adjusted EBITDA was $216,810,000 against $216,585,000 a year ago.
The company continues to expect its full-year 2017 Adjusted EBITDA to be between approximately $315 million and $330 million primarily due to weaker than expected margins from Crude Supply & Logistics and Crude Field Services, as well as the timing of earnings contributions from HFOTCO and Maurepas Pipeline. The company continues to expect 2017 capital expenditure guidance of $575 million, including approximately $50 million related to maintenance projects.