Commodity Margin is a key operational measure of profit reviewed by our chief operating decision maker to assess the performance of our segments. The tables below show financial data for our segments (including a reconciliation of Commodity Margin to income (loss) from operations by segment) for the periods indicated (in millions):



	Three Months Ended June 30, 2020
	Wholesale										Consolidation
	West		Texas			East			Retail		Elimination			Total
Total operating revenues⁽¹⁾	$	470	$	620		$	244		$	720	$	(310	)	$	1,744

Commodity Margin	$	269	$	172		$	193		$	89	$	—		$	723
Add: Mark-to-market commodity activity, net and other⁽²⁾	67		(17		)	(38		)	56		(9		)	59
Less:
Operating and maintenance expense	96		73			71			35		(9		)	266
Depreciation and amortization expense	56		50			45			12		—			163
General and other administrative expense	6		13			8			4		—			31
Other operating expenses	7		1			6			—		—			14
(Income) from unconsolidated subsidiaries	—		—			(4		)	—		—			(4		)
Income from operations	171		18			29			94		—			312
Interest expense														167
Gain (loss) on extinguishment of debt and other (income) expense, net														13
Income before income taxes														$	132



	Three Months Ended June 30, 2019
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽¹⁾	$	649	$	899	$	646		$	1,082		$	(677	)	$	2,599

Commodity Margin	$	251	$	173	$	235		$	93		$	—		$	752
Add: Mark-to-market commodity activity, net and other⁽²⁾	58		240		94			(182		)	(10		)	200
Less:
Operating and maintenance expense	84		66		72			33			(10		)	245
Depreciation and amortization expense	60		54		48			13			—			175
General and other administrative expense	5		15		10			4			—			34
Other operating expenses	7		1		11			—			—			19
Impairment losses	—		—		40			—			—			40
(Income) from unconsolidated subsidiaries	—		—		(6		)	1			—			(5		)
Income (loss) from operations	153		277		154			(140		)	—			444
Interest expense														157
Gain (loss) on extinguishment of debt and other (income) expense, net														8
Income before income taxes														$	279



	Six Months Ended June 30, 2020
	Wholesale									Consolidation
	West		Texas		East			Retail		Elimination			Total
Total operating revenues⁽³⁾	$	1,175	$	1,270	$	786		$	1,628	$	(823	)	$	4,036

Commodity Margin	$	503	$	285	$	343		$	180	$	—		$	1,311
Add: Mark-to-market commodity activity, net and other⁽⁴⁾	121		84		44			40		(17		)	272
Less:
Operating and maintenance expense	182		139		134			68		(17		)	506
Depreciation and amortization expense	112		100		91			24		—			327
General and other administrative expense	14		24		16			8		—			62
Other operating expenses	15		3		13			—		—			31
(Income) from unconsolidated subsidiaries	—		—		(4		)	—		—			(4		)
Income from operations	301		103		137			120		—			661
Interest expense													336
Gain (loss) on extinguishment of debt and other (income) expense, net													17
Income before income taxes													$	308



	Six Months Ended June 30, 2019
	Wholesale										Consolidation
	West		Texas		East			Retail			Elimination			Total
Total operating revenues⁽³⁾	$	1,331	$	1,642	$	1,335		$	2,080		$	(1,190	)	$	5,198

Commodity Margin	$	515	$	335	$	500		$	181		$	—		$	1,531
Add: Mark-to-market commodity activity, net and other⁽⁴⁾	114		284		107			(235		)	(18		)	252
Less:
Operating and maintenance expense	165		131		139			67			(18		)	484
Depreciation and amortization expense	133		99		91			26			—			349
General and other administrative expense	12		27		19			8			—			66
Other operating expenses	16		3		19			—			—			38
Impairment losses	—		—		55			—			—			55
(Income) from unconsolidated subsidiaries	—		—		(12		)	1			—			(11		)
Income (loss) from operations	303		359		296			(156		)	—			802
Interest expense														306
Gain (loss) on extinguishment of debt and other (income) expense, net														27
Income before income taxes														$	469

_________


(1)	Includes intersegment revenues of $70 million and $100 million in the West, $214 million and $348 million in Texas, $24 million and $228 million in the East and $2 million and $1 million in Retail for the three months ended June 30, 2020 and 2019, respectively.


(2)	Includes $(22) million and $(19) million of lease levelization and $9 million and $18 million of amortization expense for the three months ended June 30, 2020 and 2019, respectively.


(3)	Includes intersegment revenues of $189 million and $262 million in the West, $432 million and $559 million in Texas, $199 million and $365 million in the East and $3 million and $4 million in Retail for the six months ended June 30, 2020 and 2019, respectively.


(4)	Includes $(40) million and $(35) million of lease levelization and $25 million and $39 million of amortization expense for the six months ended June 30, 2020 and 2019, respectively.