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. 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. Prior period segment disclosures have been recast to include the SemMexico and SemLogistics segments within Corporate and Other, as these businesses are no longer significant and are not expected to be significant in the future. Eliminations of transactions between segments are also included within Corporate and Other in the tables below.

During the fourth quarter of 2017, we changed our definition of segment profit to focus on the results of each segment exclusive of general and administrative costs and related overhead allocations. Segment Profit is defined as revenue, less cost of products sold (exclusive of depreciation and amortization) and operating expenses, plus equity earnings and is adjusted to remove unrealized gains and losses on commodity derivatives and to reflect equity earnings on an earnings before interest, taxes and depreciation and amortization (“EBITDA”) basis. Reflecting equity earnings on an EBITDA basis is achieved by adjusting equity earnings to exclude our percentage of interest, taxes, depreciation and amortization from equity earnings for operated equity method investees. For our investment in NGL Energy, we exclude equity earnings and include cash distributions received. Prior period segment profit has been recast to be consistent with the revised definition.

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.

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



	Three Months Ended March 31,
	2018		2017
Revenues:
Crude Transportation
External	$	26,068	$	13,979
Intersegment	8,208		6,554
Crude Facilities
External	9,284		9,635
Intersegment	2,993		2,506
Crude Supply and Logistics
External	443,399		297,471
HFOTCO
External	44,198		—
SemGas
External	52,237		57,752
Intersegment	3,658		3,911
SemCAMS
External	45,145		36,798
Corporate and Other
External	41,278		40,465



Intersegment	(14,859		)	(12,971		)
Total Revenues	$	661,609		$	456,100



	Three Months Ended March 31,
	2018		2017
Earnings from equity method investments:
Crude Transportation	$	12,605	$	17,088
Corporate and Other	9		3
Total earnings from equity method investments	$	12,614	$	17,091



	Three Months Ended March 31,
	2018		2017
Depreciation and amortization:
Crude Transportation	$	12,476	$	5,927
Crude Facilities	2,132		1,944
Crude Supply and Logistics	193		62
HFOTCO	19,306		—
SemGas	10,449		8,927
SemCAMS	5,238		4,496
Corporate and Other	742		3,243
Total depreciation and amortization	$	50,536	$	24,599



	Three Months Ended March 31,
	2018		2017
Income tax expense (benefit):
HFOTCO	$	209	$	—
SemCAMS	2,970		1,424
Corporate and Other⁽¹⁾	19,904		(1,329		)
Total income tax expense (benefit)	$	23,083	$	95
(1) Corporate and Other includes the impact of intra-period tax allocation.



	Three Months Ended March 31,
	2018			2017
Segment profit:
Crude Transportation	$	34,310		$	28,251
Crude Facilities	9,341			9,564
Crude Supply and Logistics	(6,583		)	(2,428		)
HFOTCO	30,988			—
SemGas	14,277			18,227
SemCAMS	22,113			16,865
Corporate and Other	10,963			8,367
Total segment profit	$	115,409		$	78,846



	Three Months Ended March 31,
	2018			2017
Reconciliation of segment profit to net loss:
Total segment profit	$	115,409		$	78,846
Less:
Adjustment to reflect equity earnings on an EBITDA basis	4,883			6,709
Net unrealized loss related to commodity derivative instruments	2,226			27
General and administrative expense	26,477			21,712
Depreciation and amortization	50,536			24,599
Loss on disposal or impairment, net	(3,566		)	2,410
Interest expense	42,461			13,867
Loss on early extinguishment of debt	—			19,922
Foreign currency transaction loss	3,294			—
Other income, net	(950		)	(218		)
Income tax expense	23,083			95
Net loss	$	(33,035	)	$	(10,277	)



	March 31, 2018		December 31, 2017
Total assets (excluding intersegment receivables):
Crude Transportation	$	1,032,730	$	1,039,399
Crude Facilities	148,520		153,953
Crude Supply and Logistics	545,551		674,684
HFOTCO	2,011,823		2,003,298
SemGas	720,827		714,777
SemCAMS	561,857		518,900
Corporate and Other	418,017		271,806
Total assets	$	5,439,325	$	5,376,817



	March 31, 2018		December 31, 2017
Equity investments:
Crude Transportation	$	260,126	$	266,362
Corporate and Other	18,928		18,919
Total equity investments	$	279,054	$	285,281