
4.	SEGMENTS

Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated, other than White Cliffs, which has been included within the Crude segment. Our investment in NGL Energy is included within the SemStream segment. Although “Corporate and Other” does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. Eliminations of transactions between segments are also included within “Corporate and Other” in the tables below.

The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Certain general and administrative and interest expenses incurred at the corporate level are allocated to the segments, based on our allocation policies in effect at the time.



	Three Months Ended March 31, 2013
	Crude		SemStream			SemCAMS			SemGas			SemLogistics			SemMexico			Corporate and Other			Consolidated
									(dollars in thousands)
Revenues:
External	$	171,232	$	—		$	35,781		$	34,654		$	3,035		$	42,994		$	—		$	287,696
Intersegment	—		—			—			4,085			—			—			(4,085		)	—
Total revenues	171,232		—			35,781			38,739			3,035			42,994			(4,085		)	287,696
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below	148,451		—			183			29,171			—			38,649			(4,085		)	212,369
Operating	5,738		1			26,884			4,144			1,839			2,165			—			40,771
General and administrative	3,850		156			4,145			1,591			1,120			2,222			3,953			17,037
Depreciation and amortization	3,507		—			2,656			2,128			2,340			1,480			525			12,636
(Gain) loss on disposal of long-lived assets, net	—		6			—			(2		)	—			(166		)	—			(162		)
Total expenses	161,546		163			33,868			37,032			5,299			44,350			393			282,651
Earnings from equity method investments	10,429		6,916			—			—			—			—			—			17,345
Operating income (loss)	20,115		6,753			1,913			1,707			(2,264		)	(1,356		)	(4,478		)	22,390
Other expenses (income), net	3,171		(968		)	4,711			593			756			(471		)	20,070			27,862
Income (loss) from continuing operations before income taxes	$	16,944	$	7,721		$	(2,798	)	$	1,114		$	(3,020	)	$	(885	)	$	(24,548	)	$	(5,472	)
Total assets at March 31, 2013 (excluding intersegment receivables)	$	820,561	$	177,043		$	301,034		$	137,637		$	161,933		$	100,675		$	110,325		$	1,809,208



	Three Months Ended March 31, 2012
	Crude			SemStream			SemCAMS			SemGas		SemLogistics			SemMexico			Corporate and Other			Consolidated
										(dollars in thousands)
Revenues:
External	$	179,715		$	6		$	35,165		$	30,710	$	3,784		$	62,651		$	—		$	312,031
Intersegment	—			—			—			2,730		—			—			(2,730		)	—
Total revenues	179,715			6			35,165			33,440		3,784			62,651			(2,730		)	312,031
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below	160,508			34			119			26,549		—			57,041			(2,730		)	241,521
Operating	5,454			(6		)	26,236			2,853		1,454			2,000			—			37,991
General and administrative	2,718			51			4,418			1,843		1,811			2,688			6,301			19,830
Depreciation and amortization	2,967			—			2,573			1,630		2,318			1,561			676			11,725
Total expenses	171,647			79			33,346			32,875		5,583			63,290			4,247			311,067
Earnings from equity method investments	6,571			927			—			—		—			—			—			7,498
Operating income (loss)	14,639			854			1,819			565		(1,799		)	(639		)	(6,977		)	8,462
Other expenses (income), net	(237		)	38			5,203			532		1,279			(110		)	911			7,616
Income (loss) from continuing operations before income taxes	$	14,876		$	816		$	(3,384	)	$	33	$	(3,078	)	$	(529	)	$	(7,888	)	$	846

Segment information for the three months ended March 31, 2012 has been recast to reflect SemStream's Arizona residential business as a discontinued operation. As result, the total revenues, total expenses, operating income and income from continuing operations before income taxes reported above has decreased from amounts previously reported by $5.6 million, $5.4 million, $0.3 million and $0.3 million, respectively.