SemGroup Energy Partners Conference Call

SemGroup Energy Partners broke a nearly month long silence on Wednesday afternoon.

Wednesday, August 20th 2008, 12:21 pm

By: News On 6


SemGroup Energy Partners broke a nearly month long silence on Wednesday afternoon.  The News On 6's Dan Bewley reports the publically traded arm of SemGroup held a conference call.

Chief Executive Officer Kevin Foxx told investors SemGroup Energy Partners has had many positive developments in the past few weeks.  He was also quick to say that SemGroup Energy Partners is on the road to becoming an independent company and working to distance itself from its parent company SemGroup LP.

Some of the developments include adding more third party contracts to end its reliance on the parent company.           

Foxx cited that SemGroup Energy Partners now has a total of four third party contracts for crude oil storage, accounting for five-million of the nearly seven-million barrels of crude it has in storage.

He also stated that 85% of the crude SemGroup Energy ships on its pipeline is third party crude, meaning oil coming from somewhere other than SemGroup LP.

SemGroup Energy had previously done more than 80% of its business with its parent company.  But, since SemGroup LP filed for bankruptcy protection a month ago, Foxx says both companies have been working to realign their relationship.

"We feel the frustration that the private companies customers, vendors, and service providers have and we want to do everything we can to try to get their product to market and give them a transportation solution on which they can depend," said SemGroup Energy Partners CEO Kevin Foxx.     

The News On 6 has also learned that SemGroup founder and former CEO Tom Kivisto has resigned his position on the University of Tulsa Board of Trustees.  He's still listed as a member of the Saint Francis Health System Board of Directors, according to its website.

 

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