XML 49 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited) QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2018 is shown below (in thousands, except per share amounts):
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
Total revenues
$
661,609

 
$
595,794

 
$
633,996

 
$
611,863

 
$
2,503,262

Loss (gain) on disposal or impairment, net
(3,566
)
 
1,824

 
(383
)
 
(1,438
)
 
(3,563
)
Other operating costs and expenses
642,936

 
576,975

 
609,208

 
579,567

 
2,408,686

Total expenses
639,370

 
578,799

 
608,825

 
578,129

 
2,405,123

Earnings from equity method investments
12,614

 
14,351

 
14,528

 
16,179

 
57,672

Operating income
34,853

 
31,346

 
39,699

 
49,913

 
155,811

Other expenses, net
44,805

 
37,685

 
33,935

 
40,410

 
156,835

Income (loss) before income taxes
(9,952
)
 
(6,339
)
 
5,764

 
9,503

 
(1,024
)
Income tax expense (benefit)
23,083

 
(3,613
)
 
(2,697
)
 
6,531

 
23,304

Net income (loss)
(33,035
)
 
(2,726
)
 
8,461

 
2,972

 
(24,328
)
Less: net income attributable to noncontrolling interest
—

 
—

 
—

 
2,421

 
2,421

Net income (loss) attributable to SemGroup
(33,035
)
 
(2,726
)
—

8,461

 
551

 
(26,749
)
Less: cumulative preferred stock dividends
4,832

 
6,211

 
6,317

 
6,430

 
23,790

Net income (loss) attributable to common shareholders
$
(37,867
)
 
$
(8,937
)
 
$
2,144

 
$
(5,879
)
 
$
(50,539
)
Earnings (loss) per share—basic
$
(0.48
)
 
$
(0.11
)
 
$
0.03

 
$
(0.08
)
 
$
(0.65
)
Earnings (loss) per share—diluted
$
(0.48
)
 
$
(0.11
)
 
$
0.03

 
$
(0.08
)
 
$
(0.65
)

Summarized information on our consolidated results of operations for the quarters during the year ended December 31, 2017 is shown below (in thousands, except per share amounts):
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
Total revenues
$
456,100

 
$
473,089

 
$
545,922

 
$
606,806

 
$
2,081,917

Loss (gain) on disposal or impairment, net
2,410

 
(234
)
 
41,625

 
(30,468
)
 
13,333

Other operating costs and expenses
447,392

 
465,874

 
549,442

 
579,147

 
2,041,855

Total expenses
449,802

 
465,640

—

591,067

—

548,679

—

2,055,188

Earnings from equity method investments
17,091

 
17,753

 
17,367

 
15,120

 
67,331

Operating income (loss)
23,389

 
25,202

—

(27,778
)
—

73,247

—

94,060

Other expenses, net
33,571

 
11,966

 
28,574

 
39,487

 
113,598

Income (loss) from continuing operations before income taxes
(10,182
)
—

13,236

—

(56,352
)
—

33,760

—

(19,538
)
Income tax expense (benefit)
95

 
3,625

 
(37,249
)
 
31,141

 
(2,388
)
Net income (loss)
$
(10,277
)
 
$
9,611

 
$
(19,103
)
 
$
2,619

 
$
(17,150
)
Earnings (loss) per share—basic
$
(0.16
)
 
$
0.15

 
$
(0.25
)
 
$
0.03

 
$
(0.24
)
Earnings (loss) per share—diluted
$
(0.16
)
 
$
0.15

 
$
(0.25
)
 
$
0.03

 
$
(0.24
)

The first quarter in the table above includes a $4.5 million out of period loss on disposal of rights-of-way related to immaterial prior period errors. The third and fourth quarters in the table above include the impact of our third quarter acquisition of HFOTCO (Note 5). The third quarter includes the impairment of goodwill and intangible assets related to our crude oil trucking operations of $26.6 million and $12.1 million, respectively. The fourth quarter includes the write-down of our Mexican asphalt and U.K. businesses to net realizable value (Note 4). We recorded impairments of $13.5 million and $76.7 million for the Mexican asphalt and U.K. businesses, respectively. The fourth quarter also includes a $150.3 million gain on the sale of Glass Mountain (Note 6).