Key Developments: Rose Rock Midstream LP (RRMS.N)
38.64USD
17 May 2013
$-0.35 (-0.90%)
$38.99
$39.07
$39.20
$38.64
1,049
3,082
$42.18
$22.20
Latest Key Developments (Source: Significant Developments)
Rose Rock Midstream LP Reaffirms FY 2013 EBITDA Guidance
Rose Rock Midstream LP reaffirmed fiscal 2013 guidance and expects adjusted EBITDA of $56 million to $60 million. Full Article
Rose Rock Midstream LP Increases Distributions On Limited Partner Units
Rose Rock Midstream LP announced that Board of Directors of its general partner has declared a cash distribution for the first quarter of 2013 of $0.43 per unit, or $1.72 per unit on an annualized basis. This distribution represents an increase of approximately 15% over the first quarter of 2012 quarterly distribution of $0.3725 per unit, and an approximately 7% increase over the prior quarter's distribution. Full Article
Rose Rock Midstream LP Issues FY 2013 EBITDA Guidance Below Analysts' Estimates
Rose Rock Midstream LP announced that for fiscal 2013, it expects adjusted EBITDA of $56 million to $60 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $70 million for fiscal 2013. Full Article
Rose Rock Midstream LP Increases Distributions on Limited Partner Units
Rose Rock Midstream LP announced that the Board of Directors of its general partner has declared a cash distribution for the fourth quarter of 2012 of $0.4025 per unit, or $1.61 per unit on an annualized basis. This distribution represents an increase of approximately 11% over the fourth quarter of 2011 quarterly distribution of $0.3625 per unit, and an approximately 2.5% increase over the prior quarter's distribution. Full Article
Rose Rock Midstream LP Agrees To Acquire Interest In White Cliffs Pipeline From SemGroup Corporation
Rose Rock Midstream LP and Semgroup Corp announced that Rose Rock Midstream has agreed to acquire a 33.3% interest in SemCrude Pipeline, L.L.C., which owns 51% of the White Cliffs Pipeline, from SemGroup for $273.9 million. Following the acquisition, Rose Rock Midstream will effectively own 17% of White Cliffs Pipeline. The White Cliffs Pipeline is a 527-mile common carrier, crude oil pipeline system that originates in Colorado and terminates in Cushing, Oklahoma. It has a current capacity of 70,000 barrels per day and has announced an expansion project for an additional 80,000 barrels per day resulting in total capacity of 150,000 barrels per day. This expansion is expected to be completed in the first half of 2014. Full Article
Rose Rock Midstream LP Issues FY 2012 EBITDA Guidance Below Analysts' Estimates
Rose Rock Midstream LP announced that for fiscal 2012, it expects Adjusted EBITDA to be between $38 and $40 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $42 million for fiscal 2012. Full Article
Rose Rock Midstream LP Increases Distributions On Limited Partner Units
Rose Rock Midstream LP announced that the Board of Directors of its general partner has declared a cash distribution for the third quarter of 2012 of $0.3925 per unit, or $1.57 per unit on an annualized basis. This is a 2.6% increase over the prior quarter and marks the third increase in the distribution to RRMS limited partner unitholders. For the prior quarter, the cash distribution was $.3825 per limited partnership unit, or $1.53 on an annualized basis. The distribution will be paid on November 14, 2012 to all unitholders of record on November 5, 2012. Full Article
Rose Rock Midstream LP Announces Pricing of Initial Public Offering
Rose Rock Midstream LP announced the pricing of its previously announced initial public offering of 7,000,000 of its common units representing limited partner interests at $20 per unit. Rose Rock Midstream has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 common units to cover over-allotments, if any. The common units will begin trading on the New York Stock Exchange on December 9, 2011 under the symbol RRMS. The offering is expected to close on or about December 14, 2011. The common units offered to the public will represent an approximate 40.9% limited partner interest in Rose Rock Midstream, or an approximate 47.0% limited partner interest if the underwriters exercise their over-allotment option in full. SemGroup Corporation will indirectly own the remaining equity interests in Rose Rock Midstream, including the general partner interest and the related incentive distribution rights. Barclays Capital, Citigroup and Deutsche Bank Securities are acting as joint book-running managers for the offering. In addition, UBS Investment Bank is acting as senior co-manager and Baird, BNP PARIBAS, BOSC, Inc., Credit Agricole CIB, Natixis, RBS, and Scotia Capital are acting as co-managers for the offering. Full Article
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