SemGroup
 |
|
| Public | |
| Traded as | : SEMG |
| Industry | Oil and gas industry |
| Founded | 2001 |
| Founder |
Thomas L. Kivisto Gregory C. Wallace |
| Headquarters | Tulsa, Oklahoma, United States |
|
Area served
|
Worldwide |
|
Key people
|
Carlin Conner CEO |
| Products |
Pipeline transport Asphalt |
| Services | Oil transportation and storage |
| Revenue |
 US$ 1.24 billion (FY 2012)
|
 US$ 57.35 million (FY 2012)
|
|
|
US$ 22.10 million (FY 2012)
|
|
| Total assets |
US$ 1.75 billion (FY 2012)
|
| Total equity |
US$ 892.4 million (FY 2012)
|
|
Number of employees
|
690 |
| Subsidiaries |
Subsidiaries
|
| Website | www |
|
Footnotes / references |
|
SemGroup headquartered in Tulsa, Oklahoma, is a transporter of oil and natural gas through pipelines from refineries to end users, as well as the manufacturer and seller of asphalt. The company as of 2007 was the 18th largest private company in the US, but filed for bankruptcy in 2008. As of December 2009, the company had restructured and emerged from bankruptcy at a reduced size.
SemGroup LP was founded in February 2001. On July 9, 2007 SemGroup announced that it would establish a publicly traded affiliate, SemGroup Energy Partners LP, who would be traded on NASDAQ, under the symbol SGLP. This affiliate company was delisted from NASDAQ effective February 20, 2009.
In July 2008, SemGroup ran into liquidity problems and warned that it may have to file for bankruptcy as part of a financial restructuring. Adding to SemGroup's troubles, hedge funds run by Alerian Capital Management and Elliot Associates exercised the terms of a secured loan made to SemGroup and took over the general partnership interest in SemGroup Energy Partners LP. On July 22, 2008, Semgroup, LP filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Delaware. The company listed both debts and assets of more than $1 billion.
New York billionaire John Catsimatidis then became engaged in efforts to take over SemGroup, and he gained control over a majority of the company's management committee. He was met by opposition from the company's existing management, who argued for selling off at least some of the company's assets, while Catsimatidis stated his intention to keep the company together. On February 11, 2009 Catsimatidis was sued by a group of SemGroup executives, seeking removal of Catsimatidis and his allies from the committee. In turn, the company and its unsecured creditors committee sued former CEO Tom Kivisto and former CFO Gregory C. Wallace, seeking return of $362 million that they claim the defendants used for their own transactions and benefits.
In April, 2009, former FBI director Louis Freeh released a report on the circumstances surrounding the SemGroup bankruptcy. In July, Catsimatidis and the company reached a settlement, pursuant to which Catsimatidis acquired a piece of SemGroup's asphalt business and dropped his competing plan for the company's proposed reorganization.
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Wikipedia