Big overlap between SemGroup LP and SemGroup Energy Partners execs

It’s not clear what impact SemGroup LP’s bankruptcy ultimately will have on its publicly traded subsidiary, SemGroup Energy Partners. What is clear, though, is how closely the companies share executives.

At least six executives, including former SemGroup LP CEO Tom Kivisto, had important roles at both companies. One executive — Alex Stallings — has the same title at both companies, chief accounting officer. See the Muckety Map above for the common relationships.

Some news reports say 80 percent of SemGroup Energy Partners’ business came from SemGroup LP, which was one of the largest privately held companies in the United States.

“Our name is symbolic of unity, teamwork and collective IQ,” Kivisto told Tulsa People magazine last year, explaining why “Sem” is used as a prefix for each operating entity. Kivisto was named Tulsan of the Year by the magazine. One of SemGroup’s activities is oil transportation and storage.

Kivisto broke his silence over the weekend for the first time since the company declared bankruptcy July 22. He stepped aside as CEO and president the previous week. Saturday, he read from a prepared statement for about three minutes at a press conference in Tulsa, expressing concern for company employees and asking for patience in judging what went wrong. He took no questions.

SemGroup lost $2.4 billion from wrong bets on energy contracts traded on the New York Mercantile Exchange and has another $850 million in unrealized losses from over-the-counter trades, The Wall Street Journal reported. Bank of America also sued Kivisto and a trust he controls for more than $12 million.

Kivisto, 46, is a large contributor to the University of Kansas and other charitable causes, such as the Tulsa Ballet. He played on Kansas’ 1974 NCAA Final Four basketball team. The football field at the stadium is named after him.

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