Business segment data

The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The vast majority of the Company's operations are located within the United States.

The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.

The pipeline and midstream segment provides natural gas transportation, underground storage and gathering services through regulated and nonregulated pipeline systems primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides cathodic protection and other energy-related services. For information on the Company's natural gas and oil gathering and processing facility sold on January 1, 2017, see Note 8.

The construction materials and contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated contracting services. This segment operates in the central, southern and western United States and Alaska and Hawaii.

The construction services segment provides utility construction services specializing in constructing and maintaining electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization. This segment also provides utility excavation and inside electrical and mechanical services, and manufactures and distributes transmission line construction equipment and other supplies.

The Other category includes the activities of Centennial Capital, which insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the deductible layers of the insured companies' general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. The Other category also includes certain general and administrative costs (reflected in operation and maintenance expense) and interest expense which were previously allocated to the refining business and Fidelity and do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in Brazil.

Discontinued operations includes the results and supporting activities of Dakota Prairie Refining and Fidelity other than certain general and administrative costs and interest expense as described above. Dakota Prairie Refining refined crude oil and produced and sold diesel fuel, naphtha, ATBs and other by-products of the production process. In the second quarter of 2016, the Company sold all of the outstanding membership interests in Dakota Prairie Refining. Fidelity engaged in oil and natural gas development and production activities in the Rocky Mountain and Mid-Continent/Gulf States regions of the United States. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. For more information on discontinued operations, see Note 8.

The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2016 Annual Report. Information on the Company's businesses was as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
	(In thousands)
External operating revenues:
Regulated operations:
Electric	$	74,574		$	73,832		$	162,799		$	156,755
Natural gas distribution	131,592			112,770			474,111			412,165
Pipeline and midstream	19,319			19,450			22,190			22,998
	225,485			206,052			659,100			591,918
Nonregulated operations:
Pipeline and midstream	4,520			10,268			8,163			18,966
Construction materials and contracting	501,426			541,257			702,203			751,108
Construction services	336,009			285,924			635,580			541,424
Other	199			447			519			747
	842,154			837,896			1,346,465			1,312,245
Total external operating revenues	$	1,067,639		$	1,043,948		$	2,005,565		$	1,904,163

Intersegment operating revenues:
Regulated operations:
Electric	$	—		$	—		$	—		$	—
Natural gas distribution	—			—			—			—
Pipeline and midstream	6,353			6,594			27,841			27,691
	6,353			6,594			27,841			27,691
Nonregulated operations:
Pipeline and midstream	59			36			93			119
Construction materials and contracting	172			97			258			215
Construction services	295			77			301			539
Other	1,758			1,669			3,501			3,338
	2,284			1,879			4,153			4,211
Intersegment eliminations	(8,637		)	(8,473		)	(31,994		)	(31,902		)
Total intersegment operating revenues	$	—		$	—		$	—		$	—



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
	(In thousands)
Earnings (loss) on common stock:
Regulated operations:
Electric	$	7,859		$	8,022		$	22,191		$	19,141
Natural gas distribution	(2,797		)	(7,777		)	25,064			17,464
Pipeline and midstream	5,492			5,564			10,048			10,852
	10,554			5,809			57,303			47,457
Nonregulated operations:
Pipeline and midstream	(238		)	737			(865		)	739
Construction materials and contracting	21,168			33,696			1,255			19,225
Construction services	12,391			6,990			19,753			12,964
Other	(2,163		)	(1,105		)	(2,440		)	(2,564		)
	31,158			40,318			17,703			30,364
Intersegment eliminations*	2,093			—			4,266			—
Earnings on common stock before loss from discontinued operations	43,805			46,127			79,272			77,821
Loss from discontinued operations, net of tax*	(3,190		)	(276,102		)	(1,504		)	(294,138		)
Loss from discontinued operations attributable to noncontrolling interest	—			(120,651		)	—			(131,691		)
Total earnings (loss) on common stock	$	40,615		$	(109,324	)	$	77,768		$	(84,626	)

* Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations.