SemGroup (SEMG) Misses Q3 EPS by 10c, Revenues Beat

SemGroup (NYSE: SEMG) reported Q3 EPS of $0.03, $0.10 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $634 million versus the consensus estimate of $587.51 million.

"I am pleased with the improved earnings in three of our segments this quarter, including contributions from the new crude storage tanks at HFOTCO," said SemGroup President and Chief Executive Officer Carlin Conner. "Although the quarter reflects startup costs associated with the HFOTCO tanks and losses related to inventory cost timing in Crude Supply & Logistics, we are seeing high demand for our assets. In Canada, we contracted to build the Pipestone Pipeline to bring Pipestone area gas volumes south to our new Wapiti Plant, and on the Gulf Coast we committed to construct Moore Road Pipeline to interconnect numerous pipeline systems, including ones bringing volumes down from Canada, to our HFOTCO terminal. In addition, we have been very effective in executing our plans to strengthen our balance sheet and fund capital expenditures by raising over $1 billion in less than one year, including the recently closed sale of an interest in Maurepas Pipeline."

For earnings history and earnings-related data on SemGroup (SEMG) click here.

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