Reuters: Financial Services and Real Estate: UPDATE 1-SemGroup posts loss

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UPDATE 1-SemGroup posts loss May 9th 2012, 13:25 Wed May 9, 2012 9:25am EDT * SemGroup Q1 loss $0.03/shr vs $0.00/share last year * SemGroup Q1 revenue down 22 pct May 9 (Reuters) - Oil and gas infrastructure company SemGroup Corp posted a loss for the first quarter, hurt by weak performance at its storage business and a loss of revenue from its unit SemStream. SemGroup, which recently staved off a buyout bid from bigger rival Plains All American Pipeline LP, sold SemStream to NGL Energy last year. Net loss attributable to SemGroup Corp was $1.4 million, or 3 cents per share, compared with net profit of $0.03 million, or breakeven per share, last year. Revenue for the company, which purchases, transports, stores and distributes natural gas liquids, fell 22 percent to $317.7 million. Analysts expected earnings of 20 cents a share, on revenue of $364.7 million, according to Thomson Reuters I/B/E/S. Rose Rock Midstream LP, a limited partnership formed by SemGroup, posted a 2 percent rise in net income at $7.8 million, or 45 cents per share. Tulsa, Oklahoma-based SemGroup's shares, which touched a year high of $31.99 early this month, closed at $29.95 on Tuesday on the New York Stock Exchange. Link this Share this Digg this Email Reprints

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