Full Year Adjusted EBITDA Increased 37%
Year-Over-Year
Rose Rock Midstream®, L.P. (NYSE:RRMS) today announced its
financial results for the three months and twelve months ended
December 31, 2015.
Rose Rock Midstream's Adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA) was $46.6 million
for the fourth quarter 2015, up 3% as compared to fourth quarter
2014 results of $45.1 million, and up nearly 11% as compared to
third quarter 2015 results of $41.9 million.
For full-year 2015, Rose Rock reported $175.3 million in
Adjusted EBITDA, a 37% increase as compared to $127.9 million for
the same period last year.
"Rose Rock finished the year on a solid note, increasing
Adjusted EBITDA by 37% year-over-year in the face of significant
industry headwinds," said Carlin Conner, chief executive officer of
Rose Rock Midstream’s general partner. "While the midstream sector
continues to face turbulent market conditions, we remain confident
in our ability to weather the storm based on our solid future cash
flows underpinned by a majority of take-or-pay contracts with
investment grade companies."
Adjusted gross margin, which excludes Rose Rock's equity
earnings in White Cliffs Pipeline and Glass Mountain Pipeline, was
$43.8 million for the fourth quarter 2015, compared to $48.2
million for the fourth quarter 2014, and $41.3 million for the
third quarter 2015. For the twelve months ended December 31, 2015,
Rose Rock reported Adjusted gross margin of $174.8 million, up 6%
from $165.1 million for the same period in 2014. Adjusted gross
margin and Adjusted EBITDA, which are non-GAAP measures, are
reconciled to their most directly comparable GAAP measures
below.
Fourth quarter 2015 Rose Rock reported net income of $1.6
million, compared to $15.1 million for the fourth quarter 2014 and
$16.4 million for the third quarter 2015. Fourth quarter 2015 net
income was negatively impacted by non-cash expenses of $9.5 million
for goodwill impairment. For the twelve months ended December 31,
2015, net income attributable to Rose Rock totaled $49.7 million,
compared to $55.2 million for the same period in 2014.
Rose Rock Midstream's distributable cash flow for the three
months ended December 31, 2015 was $32.5 million. On January 11,
2016, Rose Rock Midstream announced the partnership's quarterly
cash distribution of $0.66 per unit. This distribution represents
an increase of more than 6% compared to the distribution of $0.62
per unit with respect to the fourth quarter of 2014. The
distribution was paid on February 12, 2016 to all unitholders of
record on February 2, 2016. Distributable cash flow, which is a
non-GAAP measure, is reconciled to its most directly comparable
GAAP measure
below.
2016 Adjusted EBITDA and Capex GuidanceRose Rock's
2016 consolidated Adjusted EBITDA guidance is between $165 and $185
million, compared to 2015 results of $175.3 million. The
partnership expects to maintain its current distribution and
distribution coverage of 1.0 times or greater throughout 2016,
representing a 1.3% increase year-over-year. The partnership also
expects to deploy approximately $35 million in capital investments
in 2016.
Earnings Conference CallRose Rock Midstream
will host a joint conference call with SemGroup® Corporation
(NYSE:SEMG) for investors tomorrow, February 26, 2016, at 11 a.m.
ET. The call can be accessed live over the telephone by dialing
1.855.239.1101, or for international callers, 1.412.524.4117.
Interested parties may also listen to a simultaneous webcast of the
conference call by logging onto Rose Rock Midstream's Investor
Relations website at ir.rrmidstream.com. A replay of the webcast
will also be available for a year following the call at
ir.rrmidstream.com on the Calendar of Events-Past Events page. The
fourth quarter 2015 earnings slide deck will be posted under
Presentations.
About Rose Rock MidstreamRose Rock Midstream®,
L.P. (NYSE:RRMS) is a growth-oriented Delaware limited partnership
formed by SemGroup® Corporation (NYSE:SEMG) to own, operate,
develop and acquire a diversified portfolio of midstream energy
assets. Headquartered in Tulsa, OK, Rose Rock Midstream provides
crude oil gathering, transportation, storage and marketing services
with the majority of its assets strategically located in or
connected to the Cushing, Oklahoma crude oil marketing hub.
Rose Rock uses its Investor Relations website and social media
outlets as channels of distribution of material company
information. Such information is routinely posted and accessible on
our Investor Relations website at ir.rrmidstream.com, our Twitter
account and LinkedIn account.
Non-GAAP Financial MeasuresThis Press Release
and the accompanying schedules include the non-GAAP financial
measures of Adjusted gross margin, Adjusted EBITDA and
distributable cash flow, which may be used periodically by
management when discussing our financial results with investors and
analysts. The accompanying schedules of this Press Release
provide reconciliations of these non-GAAP financial measures to
their most directly comparable financial measures calculated and
presented in accordance with generally accepted accounting
principles in the United States of America (GAAP). Adjusted
gross margin, Adjusted EBITDA and distributable cash flow are
presented as management believes they provide additional
information and metrics relative to the performance of our
business.
Operating income (loss) is the GAAP measure most directly
comparable to Adjusted gross margin, net income (loss) and cash
provided by (used in) operating activities are the GAAP measures
most directly comparable to Adjusted EBITDA, and net income (loss)
is the GAAP measure most directly comparable to distributable cash
flow. Our non-GAAP financial measures should not be considered as
alternatives to the most directly comparable GAAP financial
measures. These non-GAAP financial measures have important
limitations as analytical tools because they exclude some, but not
all, items that affect the most directly comparable GAAP financial
measures. You should not consider Adjusted gross margin, Adjusted
EBITDA or distributable cash flow in isolation or as substitutes
for analysis of our results as reported under GAAP. Because
Adjusted gross margin, Adjusted EBITDA and distributable cash flow
may be defined differently by other companies in our industry, our
definitions of these non-GAAP financial measures may not be
comparable to similarly titled measures of other companies, thereby
diminishing their utility.
Management compensates for the limitation of Adjusted gross
margin, Adjusted EBITDA and distributable cash flow as analytical
tools by reviewing the comparable GAAP measures, understanding the
differences between Adjusted gross margin, Adjusted EBITDA and
distributable cash flow, on the one hand, and operating income
(loss), net income (loss) and net cash provided by (used in)
operating activities, on the other hand, and incorporating this
knowledge into its decision-making processes. We believe that
investors benefit from having access to the same financial measures
that our management uses in evaluating our operating results.
Forward-Looking StatementsCertain matters
contained in this Press Release include “forward-looking
statements.” All statements, other than statements of
historical fact, included in this Press Release including the
prospects of our industry, our anticipated financial performance,
including distributable cash flow, cash distributions, management's
plans and objectives for future operations, capital investments,
business prospects, outcome of regulatory proceedings, market
conditions and other matters, may constitute forward-looking
statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure
you that these expectations will prove to be correct. These
forward-looking statements are subject to certain known and unknown
risks and uncertainties, as well as assumptions that could cause
actual results to differ materially from those reflected in these
forward-looking statements. Factors that might cause actual results
to differ include, but are not limited to, insufficient cash from
operations following the establishment of cash reserves and payment
of fees and expenses to pay current, expected or minimum quarterly
distributions; any sustained reduction in demand for, or supply of,
crude oil in markets served by our midstream assets; the effect of
our debt level on our future financial and operating flexibility,
including our ability to obtain additional capital on terms that
are favorable to us; our ability to access the debt and equity
markets, which will depend on general market conditions and the
credit ratings for our debt obligations and equity; the loss of, or
a material nonpayment or nonperformance by, any of our key
customers; our ability to renew or replace expiring storage,
transportation and related contracts; the amount of cash
distributions, capital requirements, and performance of our
investments and joint ventures; the amount of collateral required
to be posted from time to time in our purchase, sale or derivative
transactions; the impact of operational and developmental hazards
and unforeseen interruptions; our ability to obtain new sources of
supply of crude oil; competition from other midstream energy
companies; our ability to comply with the covenants contained in
our credit facility and the indentures governing our senior notes,
including requirements under our credit facility to maintain
certain financial ratios; the overall forward market for crude oil;
the possibility that our hedging activities may result in losses or
may have a negative impact on our financial results; weather and
other natural phenomena, including climate conditions; a cyber
attack involving our information systems and related
infrastructure, or that of our business associates; costs of, or
changes in, laws and regulations and our failure to comply with new
or existing laws or regulations, particularly with regard to taxes,
safety and protection of the environment; the possibility that the
construction or acquisition of new assets may not result in the
corresponding anticipated revenue increases; general economic,
market and business conditions; as well as other risk factors
discussed from time to time in each of our documents and reports
filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this Press Release, which
reflect management's opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
Condensed
Consolidated Balance Sheets |
|
|
|
(in thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
December 31, |
|
|
2015 |
2014(1) |
|
ASSETS |
|
|
|
Current assets |
$ |
319,614 |
|
$ |
274,769 |
|
|
Property, plant and
equipment, net |
441,596 |
|
396,066 |
|
|
Equity method
investments |
438,291 |
|
269,635 |
|
|
Other noncurrent
assets, net |
58,330 |
|
65,793 |
|
|
Total assets |
$ |
1,257,831 |
|
$ |
1,006,263 |
|
|
|
|
|
|
LIABILITIES AND
PARTNERS' CAPITAL |
|
|
|
Current
liabilities |
$ |
283,029 |
|
$ |
265,682 |
|
|
Long-term debt |
744,597 |
|
432,092 |
|
|
Total liabilities |
1,027,626 |
|
697,774 |
|
|
|
|
|
|
Partners' capital |
230,205 |
|
308,489 |
|
|
Total liabilities and
partners' capital |
$ |
1,257,831 |
|
$ |
1,006,263 |
|
|
|
|
|
|
|
(1) Prior period financial information has been recast to
reflect the effects of the dropdown of the Wattenberg Oil
Trunkline. The impact to prior periods was not
significant.
Condensed Consolidated Statements of Income |
|
|
|
(in thousands, except
per unit data, unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended |
Year Ended |
|
December 31, |
September 30, |
December 31, |
|
2015 |
2014(1) |
2015 |
2015 |
2014(1) |
Revenues, including
revenues from affiliates: |
|
|
|
|
|
Product |
$ |
218,020 |
|
$ |
305,583 |
|
$ |
211,881 |
|
$ |
729,993 |
|
$ |
1,185,456 |
|
Service |
27,609 |
|
30,988 |
|
29,205 |
|
114,718 |
|
112,641 |
|
Total revenues |
245,629 |
|
336,571 |
|
241,086 |
|
844,711 |
|
1,298,097 |
|
Expenses, including
expenses from affiliates: |
|
|
|
|
|
Costs of products sold, exclusive
of depreciation and amortization |
207,155 |
|
287,434 |
|
195,244 |
|
671,769 |
|
1,131,362 |
|
Operating |
19,603 |
|
25,607 |
|
19,054 |
|
83,134 |
|
80,160 |
|
General and administrative |
4,797 |
|
5,033 |
|
4,339 |
|
21,085 |
|
19,415 |
|
Depreciation and amortization |
10,613 |
|
12,882 |
|
10,634 |
|
41,998 |
|
40,035 |
|
Loss on disposal or impairment,
net |
10,100 |
|
89 |
|
27 |
|
10,257 |
|
319 |
|
Total expenses |
252,268 |
|
331,045 |
|
229,298 |
|
828,243 |
|
1,271,291 |
|
Earnings from equity
method investments |
20,693 |
|
17,718 |
|
17,115 |
|
76,355 |
|
57,378 |
|
Operating income |
14,054 |
|
23,244 |
|
28,903 |
|
92,823 |
|
84,184 |
|
Other expenses: |
|
|
|
|
|
Interest expense |
12,494 |
|
8,152 |
|
12,491 |
|
43,188 |
|
21,279 |
|
Other expense (income), net |
(24 |
) |
1 |
|
(9 |
) |
(38 |
) |
(20 |
) |
Total other expenses, net |
12,470 |
|
8,153 |
|
12,482 |
|
43,150 |
|
21,259 |
|
Net income |
1,584 |
|
15,091 |
|
16,421 |
|
49,673 |
|
62,925 |
|
Less: net income
attributable to noncontrolling interests |
— |
|
— |
|
— |
|
— |
|
7,758 |
|
Net income attributable
to Rose Rock Midstream, L.P. |
$ |
1,584 |
|
$ |
15,091 |
|
$ |
16,421 |
|
$ |
49,673 |
|
$ |
55,167 |
|
Net income allocated to general
partner |
$ |
5,366 |
|
$ |
4,077 |
|
$ |
5,658 |
|
$ |
21,089 |
|
$ |
8,142 |
|
Net income allocated to common
unitholders |
$ |
(3,782 |
) |
$ |
6,925 |
|
$ |
10,763 |
|
$ |
28,584 |
|
$ |
32,914 |
|
Net income allocated to
subordinated unitholders |
$ |
— |
|
$ |
2,826 |
|
$ |
— |
|
$ |
— |
|
$ |
13,912 |
|
Net income allocated to Class A
unitholders |
$ |
— |
|
$ |
1,263 |
|
$ |
— |
|
$ |
— |
|
$ |
199 |
|
Net income
(loss) per limited partner unit: |
|
|
|
|
|
Common unit (basic) |
$ |
(0.10 |
) |
$ |
0.34 |
|
$ |
0.29 |
|
$ |
0.79 |
|
$ |
1.69 |
|
Common unit (diluted) |
$ |
(0.10 |
) |
$ |
0.34 |
|
$ |
0.29 |
|
$ |
0.79 |
|
$ |
1.69 |
|
Subordinated unit (basic and
diluted) |
$ |
— |
|
$ |
0.34 |
|
$ |
— |
|
$ |
— |
|
$ |
1.66 |
|
Class A unit (basic and
diluted) |
$ |
— |
|
$ |
0.34 |
|
$ |
— |
|
$ |
— |
|
$ |
0.06 |
|
Basic weighted
average number of limited partner units outstanding: |
|
|
|
|
|
Common units |
36,796 |
|
20,576 |
|
36,792 |
|
36,302 |
|
19,419 |
|
Subordinated units |
— |
|
8,390 |
|
— |
|
— |
|
8,390 |
|
Class A units |
— |
|
3,750 |
|
— |
|
— |
|
3,154 |
|
Diluted
weighted average number of limited partner units
outstanding: |
|
|
|
|
|
Common units |
36,831 |
|
20,647 |
|
36,831 |
|
36,343 |
|
19,484 |
|
Subordinated units |
— |
|
8,390 |
|
— |
|
— |
|
8,390 |
|
Class A units |
— |
|
3,750 |
|
— |
|
— |
|
3,154 |
|
|
(1) Prior period financial information has been recast to
reflect the effects of the dropdown of the Wattenberg Oil
Trunkline. The impact to prior periods was not
significant. The prior period earnings impact was allocated
to the general partner.
Non-GAAP
Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
(in thousands,
unaudited) |
Three Months Ended |
Year Ended |
|
December 31, |
September 30, |
December 31, |
|
2015 |
2014(1) |
2015 |
2015 |
2014(1) |
Reconciliation
of operating income to Adjusted gross margin: |
|
|
|
|
|
Operating income |
$ |
14,054 |
|
$ |
23,244 |
|
$ |
28,903 |
|
$ |
92,823 |
|
$ |
84,184 |
|
Add: |
|
|
|
|
|
Operating expense |
19,603 |
|
25,607 |
|
19,054 |
|
83,134 |
|
80,160 |
|
General and administrative
expense |
4,797 |
|
5,033 |
|
4,339 |
|
21,085 |
|
19,415 |
|
Depreciation and amortization
expense |
10,613 |
|
12,882 |
|
10,634 |
|
41,998 |
|
40,035 |
|
Loss on disposal or impairment,
net |
10,100 |
|
89 |
|
27 |
|
10,257 |
|
319 |
|
Less: |
|
|
|
|
|
Earnings from equity method
investments |
20,693 |
|
17,718 |
|
17,115 |
|
76,355 |
|
57,378 |
|
Non-cash unrealized gain (loss) on
derivatives, net |
(5,330 |
) |
965 |
|
4,546 |
|
(1,900 |
) |
1,621 |
|
Adjusted gross
margin |
$ |
43,804 |
|
$ |
48,172 |
|
$ |
41,296 |
|
$ |
174,842 |
|
$ |
165,114 |
|
|
|
|
|
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
|
|
Net income |
$ |
1,584 |
|
$ |
15,091 |
|
$ |
16,421 |
|
$ |
49,673 |
|
$ |
62,925 |
|
Add: |
|
|
|
|
|
Interest expense |
12,494 |
|
8,152 |
|
12,491 |
|
43,188 |
|
21,279 |
|
Depreciation and amortization
expense |
10,613 |
|
12,882 |
|
10,634 |
|
41,998 |
|
40,035 |
|
Cash distributions from equity
method investments |
25,241 |
|
21,687 |
|
23,602 |
|
100,468 |
|
66,768 |
|
Inventory valuation adjustment |
1,355 |
|
5,667 |
|
— |
|
2,590 |
|
5,667 |
|
Provision for doubtful accounts
receivable |
257 |
|
— |
|
— |
|
257 |
|
— |
|
Non-cash equity compensation |
341 |
|
238 |
|
358 |
|
1,354 |
|
943 |
|
Loss on disposal or impairment,
net |
10,100 |
|
89 |
|
27 |
|
10,257 |
|
319 |
|
Less: |
|
|
|
|
|
Earnings from equity method
investments |
20,693 |
|
17,718 |
|
17,115 |
|
76,355 |
|
57,378 |
|
White Cliffs cash distributions
attributable to noncontrolling interests |
— |
|
— |
|
— |
|
— |
|
11,008 |
|
Impact from derivative
instruments: |
|
|
|
|
|
Total gain on derivatives, net |
4,955 |
|
16,053 |
|
6,036 |
|
8,145 |
|
17,351 |
|
Total realized gain (cash flow) on
derivatives, net |
(10,285 |
) |
(15,088 |
) |
(1,490 |
) |
(10,045 |
) |
(15,730 |
) |
Non-cash unrealized gain (loss) on
derivatives, net |
(5,330 |
) |
965 |
|
4,546 |
|
(1,900 |
) |
1,621 |
|
Adjusted EBITDA |
$ |
46,622 |
|
$ |
45,123 |
|
$ |
41,872 |
|
$ |
175,330 |
|
$ |
127,929 |
|
|
|
|
|
|
|
Reconciliation
of net cash provided by operating activities to Adjusted
EBITDA: |
|
|
|
|
|
Net cash provided by
operating activities |
$ |
30,549 |
|
$ |
64,823 |
|
$ |
32,431 |
|
$ |
82,851 |
|
$ |
111,093 |
|
Less: |
|
|
|
|
|
Changes in operating assets and
liabilities, net |
140 |
|
31,295 |
|
8,710 |
|
(28,044 |
) |
1,296 |
|
White Cliffs cash distributions
attributable to noncontrolling interests |
— |
|
— |
|
— |
|
— |
|
11,008 |
|
Add: |
|
|
|
|
|
Interest expense, excluding
amortization of debt issuance costs |
11,664 |
|
7,626 |
|
11,664 |
|
40,322 |
|
19,750 |
|
Distributions from equity method
investments in excess of equity in earnings |
4,549 |
|
3,969 |
|
6,487 |
|
24,113 |
|
9,390 |
|
Adjusted EBITDA |
$ |
46,622 |
|
$ |
45,123 |
|
$ |
41,872 |
|
$ |
175,330 |
|
$ |
127,929 |
|
|
|
|
|
|
|
(1) Prior period financial information has been recast to
reflect the effects of the dropdown of the Wattenberg Oil
Trunkline. The impact to prior periods was not
significant.
Non-GAAP
Reconciliations (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands,
unaudited) |
Three Months Ended |
Year Ended |
|
December 31, |
September 30, |
December 31, |
|
2015 |
|
2014(2) |
2015 |
2015 |
2014(2) |
Reconciliation
of net income to distributable cash flow: |
|
|
|
|
|
|
Net income |
$ |
1,584 |
|
|
$ |
15,091 |
|
$ |
16,421 |
|
$ |
49,673 |
|
$ |
62,925 |
|
Add: |
|
|
|
|
|
|
Interest expense |
12,494 |
|
|
8,152 |
|
12,491 |
|
43,188 |
|
21,279 |
|
Depreciation and amortization
expense |
10,613 |
|
|
12,882 |
|
10,634 |
|
41,998 |
|
40,035 |
|
EBITDA |
24,691 |
|
|
36,125 |
|
39,546 |
|
134,859 |
|
124,239 |
|
Add: |
|
|
|
|
|
|
Loss on disposal or impairment,
net |
10,100 |
|
|
89 |
|
27 |
|
10,257 |
|
319 |
|
Cash distributions from equity
method investments |
25,241 |
|
|
21,687 |
|
23,602 |
|
100,468 |
|
66,768 |
|
Inventory valuation adjustment |
1,355 |
|
|
5,667 |
|
— |
|
2,590 |
|
5,667 |
|
Provision for doubtful accounts
receivable |
257 |
|
|
— |
|
— |
|
257 |
|
— |
|
Non-cash equity compensation |
341 |
|
|
238 |
|
358 |
1,354 |
|
943 |
|
Less: |
|
|
|
|
|
|
Earnings from equity method
investments |
20,693 |
|
|
17,718 |
|
17,115 |
|
76,355 |
|
57,378 |
|
White Cliffs cash distributions
attributable to noncontrolling interests |
— |
|
|
— |
|
— |
|
— |
|
11,008 |
|
Non-cash unrealized gain (loss) on
derivatives, net |
(5,330 |
) |
|
965 |
|
4,546 |
|
(1,900 |
) |
1,621 |
|
Adjusted EBITDA |
$ |
46,622 |
|
|
$ |
45,123 |
|
$ |
41,872 |
|
$ |
175,330 |
|
$ |
127,929 |
|
Less: |
|
|
|
|
|
|
Cash interest expense |
11,640 |
|
|
7,601 |
|
11,364 |
|
40,222 |
|
19,650 |
|
Maintenance capital
expenditures |
2,458 |
|
|
2,275 |
|
2,892 |
|
11,132 |
|
6,511 |
|
Distributable cash
flow |
$ |
32,524 |
|
|
$ |
35,247 |
|
$ |
27,616 |
|
$ |
123,976 |
|
$ |
101,768 |
|
|
|
|
|
|
|
|
Distribution
declared |
$ |
30,224 |
|
|
(1 |
) |
$ |
24,269 |
|
$ |
30,221 |
|
$ |
118,307 |
|
$ |
73,756 |
|
|
|
|
|
|
|
|
Distribution coverage
ratio |
|
1.08x |
|
|
|
1.45x |
|
|
0.91x |
|
|
1.05x |
|
|
1.38x |
|
|
|
|
|
|
|
|
(1) The distribution declared January 11, 2016 represents $0.66
per unit, or $2.64 per unit on an annualized basis. (2) Prior
period financial information has been recast to reflect the effects
of the dropdown of the Wattenberg Oil Trunkline. The impact
to prior periods was not significant.
2016 Adjusted
EBITDA Guidance |
|
Reconciliation |
|
|
|
(millions,
unaudited) |
|
|
Mid-point |
Net income |
$ |
48.5 |
|
Add: Interest expense |
51.0 |
|
Add: Depreciation and
amortization |
49.0 |
|
EBITDA |
$ |
148.5 |
|
Non-Cash and Other
Adjustments |
26.5 |
|
Adjusted EBITDA |
$ |
175.0 |
|
|
|
Less: |
|
Cash interest expense |
48.0 |
|
Maintenance capital
expenditures |
10.0 |
|
Add: |
|
General Partner support |
4.0 |
|
Distributable cash
flow |
$ |
121.0 |
|
|
|
Expected cash
distributions declared |
$ |
121.0 |
|
|
|
Coverage |
1.0 |
x |
|
|
Non-Cash and
Other Adjustments |
|
Earnings from equity
method investments |
$ |
(77.0 |
) |
Cash distributions from
equity method investments |
102.0 |
|
Non-cash equity
compensation |
1.5 |
|
Non-Cash and Other Adjustments |
$ |
26.5 |
|
|
|
Contacts:
Investor Relations:
Alisa Perkins
918-524-8081
roserockir@rrmidstream.com
Media:
Kiley Roberson
918-524-8594
kroberson@rrmidstream.com
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