Newspaper article THE JOURNAL RECORD

SemGroup Reports Net Income Drop of More Than 90 Percent

Newspaper article THE JOURNAL RECORD

SemGroup Reports Net Income Drop of More Than 90 Percent

Article excerpt

TULSA (JR) - SemGroup Corp. on Thursday reported net income attributable to SemGroup of $684,000, compared with net income of $8.1 million for 2014.

Results for the fourth quarter of 2015 included a non-cash impairment charge of $9.5 million.

Revenue for the quarter totaled $382.5 million, down from $547.2 million a year earlier.

The Tulsa-based energy industry service company reported net income attributable to SemGroup for 2015 of $30.3 million, up slightly from $29.2 million for 2014.

Revenue for 2015 totaled $1.5 billion, down from $2.1 billion for 2014.

"SemGroup made significant strides towards achieving our strategic goals in 2015, against the backdrop of weakened and volatile commodity prices," said Carlin Conner, president and CEO. "While industry headwinds resulted in slower growth, our prudent capital investment and strong balance sheet demonstrated SemGroup's resiliency in the face of a significant down cycle. …

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