SemGroup Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the fourth quarter 2016, the company reported revenues of USD 402.172 million with net income attributable to the company of USD 12.0 million, or USD 0.18 per basic and diluted share. This compares with fourth quarter 2015 revenues totaled USD 382.493 million with net income attributable to the company of USD 0.684 million, or USD 0.02 per basic and diluted share. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were USD 66.205 million, compared to USD 79.293 million a year ago. Earnings from equity method investments were USD 17.763 million against USD 20.687 million a year ago. Operating income was USD 37.928 million against USD 22.027 million a year ago. Income from continuing operations before income taxes was USD 28.119 million against USD 2.945 million a year ago. Income from continuing operations was USD 12.000 million against loss from continuing operations of USD 0.976 million a year ago. EBITDA was USD 61.440 million against USD 48.488 million a year ago.

For the year ended December 31, 2016, the company reported revenues of USD 1,332.164 million with net income attributable to the company of USD 2.095 million, or USD 0.04 per basic and diluted share, compared to revenues of USD 1,455.094 million with a net income attributable to the company of USD 30.320 million, or USD 0.69 per basic and diluted share, for the same period in 2015. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were USD 282.795 million, compared to USD 305.282 million a year ago. Earnings from equity method investments were USD 73.757 million against USD 81.386 million a year ago. Operating income was USD 121.590 million against USD 129.153 million a year ago. Income from continuing operations before income taxes was USD 24.531 million against USD 76.346 million a year ago. Income from continuing operations was USD 13.263 million against USD 42.816 million a year ago. EBITDA was USD 185.984 million against USD 246.899 million a year ago. Capital expenditures for 2016 also came in within expectations with a portion of CapEx being pushed out to 2017, related to the timing of certain projects. Capital expenditure was over USD 300 million, including USD 52 million related to maintenance CapEx. Non-operating factors negatively impacting 2016 results compared to guidance included the absence of NGL Energy Partners cash distribution of approximately USD 16 million and unfavorable foreign currency impact of USD 4 million.

For the full year 2017, the company anticipates 2017 adjusted EBITDA of between USD 270 million and USD 310 million. The company does not provide guidance for net income, the GAAP financial measure most directly comparable to the non-GAAP financial measure adjusted EBITDA, because net income includes items such as unrealized gains or losses on derivative activities or similar items which, because of their nature, cannot be accurately forecasted. The company does not expect that such amounts would be significant to Adjusted EBITDA as they are largely non-cash items. Management expects to deploy approximately USD 500 million of capital expenditures in 2017, which includes approximately USD 60 million of maintenance projects.