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Segment Information (Tables)
6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Company Reportable Segment
Summarized financial information concerning the Company’s reportable segments is shown in the following tables:
 
Texas
 
Louisiana
 
Oklahoma
 
Crude and Condensate
 
Corporate
 
Totals
 
(In millions)
Three Months Ended June 30, 2015
 

 
 

 
 

 
 

 
 

 
 

Product sales
$
81.2

 
$
401.2

 
$
0.1

 
$
473.7

 
$

 
$
956.2

Product sales-affiliates
35.0

 
17.0

 
1.7

 
14.0

 
(36.0
)
 
31.7

Midstream services
36.0

 
63.2

 
9.8

 
26.9

 

 
135.9

Midstream services-affiliates
115.8

 
0.3

 
29.1

 
4.3

 

 
149.5

Cost of sales
(118.4
)
 
(418.2
)
 
(2.0
)
 
(465.6
)
 
36.0

 
(968.2
)
Operating expenses
(45.5
)
 
(27.2
)
 
(9.1
)
 
(27.3
)
 

 
(109.1
)
Gain on derivative activity

 

 

 

 
1.2

 
1.2

Segment profit
$
104.1

 
$
36.3

 
$
29.6

 
$
26.0

 
$
1.2

 
$
197.2

Depreciation and amortization
$
(42.8
)
 
$
(26.9
)
 
$
(11.8
)
 
$
(14.5
)
 
$
(1.7
)
 
$
(97.7
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
80.9

 
$
14.7

 
$
12.3

 
$
54.4

 
$
2.5

 
$
164.8

Three Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
68.6

 
$
514.2

 
$

 
$
105.1

 
$

 
$
687.9

Product sales-affiliates
19.3

 
1.7

 

 

 
(21.0
)
 

Midstream services
14.6

 
37.9

 

 
14.6

 

 
67.1

Midstream services-affiliates
126.6

 

 
47.2

 

 

 
173.8

Cost of sales
(76.1
)
 
(508.1
)
 

 
(98.7
)
 
21.0

 
(661.9
)
Operating expenses
(38.6
)
 
(16.5
)
 
(7.3
)
 
(11.5
)
 

 
(73.9
)
Loss on derivative activity

 

 

 

 
(1.6
)
 
(1.6
)
Segment profit
$
114.4

 
$
29.2

 
$
39.9

 
$
9.5

 
$
(1.6
)
 
$
191.4

Depreciation and amortization
$
(32.8
)
 
$
(19.1
)
 
$
(11.6
)
 
$
(10.7
)
 
$
(0.8
)
 
$
(75.0
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
75.4

 
$
121.2

 
$
(2.2
)
 
$
33.9

 
$
3.2

 
$
231.5

 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
131.0

 
$
773.4

 
$
0.1

 
$
722.4

 
$

 
$
1,626.9

Product sales-affiliates
60.9

 
24.1

 
5.4

 
14.0

 
(56.5
)
 
47.9

Midstream services
55.6

 
121.1

 
20.5

 
41.1

 

 
238.3

Midstream services-affiliates
231.3

 
0.4

 
60.3

 
8.5

 

 
300.5

Cost of sales
(185.6
)
 
(789.1
)
 
(7.1
)
 
(700.3
)
 
56.5

 
(1,625.6
)
Operating expenses
(92.6
)
 
(51.5
)
 
(16.1
)
 
(47.4
)
 

 
(207.6
)
Gain on derivative activity

 

 

 

 
1.4

 
1.4

Segment profit
$
200.6

 
$
78.4

 
$
63.1

 
$
38.3

 
$
1.4

 
$
381.8

Depreciation and amortization
$
(79.2
)
 
$
(54.4
)
 
$
(25.3
)
 
$
(26.9
)
 
$
(3.2
)
 
$
(189.0
)
Goodwill
$
1,185.0

 
$
786.8

 
$
190.3

 
$
142.1

 
$
1,427.0

 
$
3,731.2

Capital expenditures
$
154.4

 
$
29.9

 
$
17.5

 
$
132.0

 
$
6.7

 
$
340.5

Six Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Product sales
$
114.5

 
$
649.1

 
$
11.5

 
$
126.2

 
$

 
$
901.3

Product sales-affiliates
311.9

 
2.3

 
147.9

 

 
(25.7
)
 
436.4

Midstream services
19.5

 
48.4

 

 
18.3

 

 
86.2

Midstream services-affiliates
167.0

 

 
62.3

 

 

 
229.3

Cost of sales
(333.4
)
 
(641.6
)
 
(133.9
)
 
(117.6
)
 
25.7

 
(1,200.8
)
Operating expenses
(70.3
)
 
(21.6
)
 
(14.0
)
 
(14.7
)
 

 
(120.6
)
Loss on derivative activity

 

 

 

 
(2.9
)
 
(2.9
)
Segment profit
$
209.2

 
$
36.6

 
$
73.8

 
$
12.2

 
$
(2.9
)
 
$
328.9

Depreciation and amortization
$
(60.1
)
 
$
(24.3
)
 
$
(25.8
)
 
$
(12.4
)
 
$
(0.9
)
 
$
(123.5
)
Goodwill
$
1,168.1

 
$
786.7

 
$
190.3

 
$
118.0

 
$
1,430.4

 
$
3,693.5

Capital expenditures
$
100.5

 
$
143.3

 
$
8.0

 
$
45.0

 
$
8.7

 
$
305.5

Segment Table Reconciliation to Condensed Consolidated Financial Statement
The table below presents information about segment assets as of June 30, 2015 and December 31, 2014:
 
June 30,
2015
 
December 31,
2014
Segment Identifiable Assets:
(In millions)
Texas
$
4,011.7

 
$
3,303.0

Louisiana
3,195.5

 
3,316.5

Oklahoma
885.5

 
892.8

Crude and Condensate
1,210.6

 
871.9

Corporate
1,825.2

 
1,822.5

Total identifiable assets
$
11,128.5

 
$
10,206.7

Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table reconciles the segment profits reported above to the operating income as reported in the condensed consolidated statements of operations (in millions):

Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Segment profits
$
197.2

 
$
191.4

 
$
381.8

 
$
328.9

General and administrative expenses
(28.1
)
 
(26.6
)
 
(70.8
)
 
(42.5
)
Depreciation and amortization
(97.7
)
 
(75.0
)
 
(189.0
)
 
(123.5
)
Operating income
$
71.4

 
$
89.8

 
$
122.0

 
$
162.9