SemGroup hit with 3Q net loss
BY ROD WALTON World Staff Writer
Thursday, November 08, 2012
SemGroup Corp. suffered a $2.8 million net loss for its third quarter, as the Tulsa-based oil and gas storage and transport firm’s higher crude oil volumes were offset by a nearly $60 million decrease in revenues year over year.
The company’s earnings report released Thursday afternoon indicated raw earnings $3 million above the same period last year. However, overall revenues fell to $277.9 million for the three months ending Sept. 30, compared with $331 million in 2011’s third quarter.
SemGroup’s WhiteCliffs Pipeline just completed a successful open season for shipper commitments, officials pointed out. WhiteCliff is a crude oil line running from Colorado to the Cushing hub in central Oklahoma.