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. 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, 2015
	Crude		SemStream			SemCAMS		SemGas			SemLogistics			SemMexico			Corporate and Other			Consolidated
								(dollars in thousands)
Revenues:
External	$	141,668	$	—		$	29,724	$	60,276		$	5,152		$	61,490		$	—		$	298,310
Intersegment	—		—			—		5,981			—			—			(5,981		)	—
Total revenues	141,668		—			29,724		66,257			5,152			61,490			(5,981		)	298,310
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below	105,145		—			132		41,269			—			51,507			(5,981		)	192,072
Operating	21,162		—			18,331		8,046			2,614			2,937			—			53,090
General and administrative	5,622		3			3,376		2,063			1,677			1,942			17,627			32,310
Depreciation and amortization	10,143		—			3,066		7,138			2,040			1,053			294			23,734
Loss (gain) on disposal or impairment of long-lived assets, net	152		—			—		(1		)	—			(19		)	926			1,058
Total expenses	142,224		3			24,905		58,515			6,331			57,420			12,866			302,264
Earnings (losses) from equity method investments	20,864		(305		)	—		—			—			—			—			20,559
Operating income (loss)	20,308		(308		)	4,819		7,742			(1,179		)	4,070			(18,847		)	16,605
Other expenses (income), net	10,646		(9,216		)	3,069		2,851			1,116			69			(2,448		)	6,087
Income (loss) from continuing operations before income taxes	$	9,662	$	8,908		$	1,750	$	4,891		$	(2,295	)	$	4,001		$	(16,399	)	$	10,518
Total assets at March 31, 2015 (excluding intersegment receivables)	$	1,188,963	$	135,808		$	275,308	$	686,665		$	143,778		$	98,546		$	332,472		$	2,861,540



	Three Months Ended March 31, 2014
	Crude			SemStream			SemCAMS		SemGas		SemLogistics			SemMexico			Corporate and Other			Consolidated
									(dollars in thousands)
Revenues:
External	$	292,514		$	—		$	39,283	$	90,686	$	4,790		$	71,610		$	—		$	498,883
Intersegment	—			—			—		9,892		—			—			(9,892		)	—
Total revenues	292,514			—			39,283		100,578		4,790			71,610			(9,892		)	498,883
Expenses:
Costs of products sold, exclusive of depreciation and amortization shown below	254,537			—			67		78,582		350			61,469			(9,892		)	385,113
Operating	15,139			—			23,666		7,444		2,080			2,449			—			50,778
General and administrative	3,942			113			3,980		1,972		1,422			2,751			4,556			18,736
Depreciation and amortization	11,482			—			2,829		4,969		2,495			1,427			435			23,637
Loss (gain) on disposal of long-lived assets, net	(34		)	—			—		4		—			(28		)	—			(58		)
Total expenses	285,066			113			30,542		92,971		6,347			68,068			(4,901		)	478,206
Earnings from equity method investments	11,371			3,591			—		—		—			—			—			14,962
Gain on issuance of common units by equity method investee	—			8,127			—		—		—			—			—			8,127
Operating income (loss)	18,819			11,605			8,741		7,607		(1,557		)	3,542			(4,991		)	43,766
Other expenses (income), net	4,663			(1,264		)	4,155		1,689		251			(45		)	(1,952		)	7,497
Income (loss) from continuing operations before income taxes	$	14,156		$	12,869		$	4,586	$	5,918	$	(1,808	)	$	3,587		$	(3,039	)	$	36,269