Tulsa-based SemGroup Corp.’s takeover by Energy Transfer LP this week means SemGroup has been removed from the Tortoise North American Pipeline Index.
The announcement was made Thursday by the Index based in Leawood, Kansas. The Index is a float-adjusted, capitalization weighted index of pipeline companies organized with their principal places of business in the U.S. and Canada.
A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines.