Tulsa World: SemGroup Energy has loss

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SemGroup Energy has loss
The company quietly files a first-quarter net loss of $1.7 million.

By ROD WALTON World Staff Writer
Published: 8/11/2009 2:26 AM
Last Modified: 8/11/2009 6:40 AM

Complete coverage: Read all the stories and documents related to the SemGroup collapse.

SemGroup Energy Partners LP quietly and belatedly announced a first-quarter net loss of $1.7 million, according to a report filed with the U.S. Securities and Exchange Commission.

The onetime subsidiary of bankrupt SemGroup LP filed the report Friday with the SEC but did not issue a press release. The Tulsa-based company's Web site does not mention the second-quarter earnings statement.

SemGroup Energy Partners, also known as SGLP, was due to release its second-quarter report by May. The midstream energy company, however, has been hobbled by financial issues related to the bankruptcy of its former parent.

In fact, SGLP's second-quarter earnings will have to be announced this month to meet guidelines for stock exchanges such as Nasdaq. Nasdaq delisted SGLP earlier this year after the company did not file its quarterlies for 10 months.

The weekend report indicated that net income was down more than $10 million from the $9.76 million profit in 2008's second quarter. That quarter, however, included SemGroup LP's financial collapse and bankruptcy in July 2008.

For its first quarter, SGLP has locked up third-party storage agreements for 45 of its 46 asphalt terminal facilities. The company still received 42 percent of its overall revenue from the

parent SemGroup for the three months ending March 31.

Third-party revenue for crude oil storage and gathering services more than doubled to $14 million in the second quarter, compared with $5 million in the same period last year.

SGLP executives have not held a conference call to discuss earnings or any other company issues since August 2008.

Spokesman Brian Cropper said SGLP hopes to include a press release with its second-quarter earnings report in the "upcoming weeks ahead," according to an e-mail sent Monday to the Tulsa World.

Rod Walton 581-8457
rod.walton@tulsaworld.com By ROD WALTON World Staff Writer

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Some reader comments for this story were copied from "SemGroup Energy Partners loses $1.7 million in first quarter," which was published on 8/10/2009.

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