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 equity 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.

During the year ended December 31, 2015, management made the decision to disaggregate certain activities and functions within the domestic crude oil business to provide additional granularity, both internally and externally, to our operating results. As such, the prior period results of the former Crude segment have been recast to reflect the resulting reportable segments: Crude Transportation, Crude Facilities and Crude Supply and Logistics. Certain amounts formerly included in the Crude segment have been included in Corporate and Other in the current presentation. No other segments were impacted. Additionally, current year activity includes intersegment revenues generated by our Crude Transportation and Crude Facilities segments for services provided to our Crude Supply and Logistics segment. With the exception of intersegment trucking revenues of our Crude Transportation segment, these intersegment charges did not exist in the prior year.

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 were allocated to the segments based on our allocation policies in effect at the time.

Our results by segment are presented in the tables below (in thousands):



	Three Months Ended March 31,
	2016			2015
Revenues:
Crude Transportation
External	$	17,196		$	20,327
Intersegment	7,213			3,721
Crude Facilities
External	10,133			11,405
Intersegment	2,746			—
Crude Supply and Logistics
External	176,622			102,961
SemGas
External	43,520			60,276
Intersegment	2,746			5,981
SemCAMS
External	30,866			29,724
SemLogistics
External	6,380			5,152
SemMexico
External	30,134			61,490
Corporate and Other
External	—			6,975
Intersegment	(12,705		)	(9,702		)
Total Revenues	$	314,851		$	298,310

	Three Months Ended March 31,
	2016			2015
Earnings from equity method investments:
Crude Transportation	$	20,839		$	20,864
SemStream⁽¹⁾	2,191			(305		)
Total earnings from equity method investments	$	23,030		$	20,559
(1) SemStream earnings from equity method investments includes gain (loss) on issuance of common units by equity method investee. Gains and losses on the disposal or impairment of equity investments are not reported within "earnings from equity method investments" in the condensed consolidated statements of operations and comprehensive income (loss).



	Three Months Ended March 31,
	2016			2015
Depreciation and amortization:
Crude Transportation	$	5,859		$	8,618
Crude Facilities	1,884			1,369
Crude Supply and Logistics	40			39
SemGas	8,922			7,138
SemCAMS	3,951			3,066
SemLogistics	1,960			2,040
SemMexico	941			1,053
Corporate and Other	490			411
Total depreciation and amortization	$	24,047		$	23,734

	Three Months Ended March 31,
	2016			2015
Income tax expense (benefit):
SemCAMS	$	965		$	551
SemLogistics	59			(369		)
SemMexico	607			990
Corporate and other	(23,038		)	3,570
Total income tax expense (benefit)	$	(21,407	)	$	4,742

	Three Months Ended March 31,
	2016			2015
Segment profit ⁽¹⁾:
Crude Transportation	$	25,418		$	24,524
Crude Facilities	9,587			8,402
Crude Supply and Logistics	9,093			5,181
SemGas	(992		)	14,880
SemCAMS	9,904			7,885
SemStream	2,181			(308		)
SemLogistics	2,659			861
SemMexico	2,318			5,123
Corporate and Other	(8,341		)	(23,564		)
Total segment profit	$	51,827		$	42,984
(1) Segment profit represents revenues excluding unrealized gains (losses) related to derivative instruments plus earnings from equity method investments less cost of sales excluding depreciation and amortization and less operating and general and administrative expenses.

	Three Months Ended March 31,
	2016			2015
Reconciliation of segment profit to net income:
Total segment profit	$	51,827		$	42,984
Less:
Net unrealized loss (gain) related to derivative instruments	(4,548		)	2,645
Depreciation and amortization	24,047			23,734



Interest expense	18,935			14,591
Foreign currency transaction gain (loss)	1,469			(519		)
Loss (gain) on sale or impairment of equity method investment	39,764			(7,894		)
Other income, net	(187		)	(91		)
Income tax expense	(21,407		)	4,742
Loss from discontinued operations, net of taxes	2			—
Net income	$	(6,248	)	$	5,776

	March 31, 2016			December 31, 2015
Total assets (excluding intersegment receivables):
Crude Transportation	$	900,365		$	877,017
Crude Facilities	152,361			155,186
Crude Supply and Logistics	297,163			328,419
SemGas	700,881			719,789
SemCAMS	372,467			331,749
SemLogistics	153,939			155,794
SemMexico	86,453			89,608
SemStream	70,342			112,787
Corporate and Other	67,861			83,560
Total	$	2,801,832		$	2,853,909

	March 31, 2016			December 31, 2015
Equity investments:
Crude Transportation	$	433,572		$	438,291
SemStream	70,342			112,787
Total equity investments	$	503,914		$	551,078