SemGroup Reports Loss

Revenues decreased 19 percent, or a decrease of $15.8 million, for the six months ending June 30, reported SemGroup Energy Partners LP.
Revenues were $79.7 million, compared with $95.5 million for the 2008 six-month period.
SGLP generated $30.9 million in earnings before interest, taxes, depreciation and amortization, for the first six months this year. That is compared to $46.2 million for the first six months of 2008.
SGLP recorded a net loss of $5.1 million for the six months of 2009, compared to net income of $31.4 million for the six months of 2008.
Third party revenues for the first six months ended June 30, increased to 68.5 percent of total revenues as compared to 11.2 percent for the first six months ended June 30, 2008, which illustrates the dramatic shift from related party revenues to third party revenues resulting from SemGroup LP’s bankruptcy filing in July 2008.
For the quarter ended June 30, SGLP had a net loss of $3.5 million on total revenues of $37.5 million, as compared to net income of $21.6 million on total revenues of $55.3 million for the quarter ended June 30, 2008.
SGLP generated EBITDA of $13.9 million for the second quarter of 2009, as compared to $27.2 million for the second quarter of 2008. Third party revenues for the three months ended June 30, were 81.3 percent of total revenues as compared to 10.9 percent for the three months ended June 30, 2008.



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