Our reportable business segments consist of the pipeline, storage and fuels marketing segments. Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Our principal operations include the transportation of petroleum products and anhydrous ammonia, and the terminalling, storage and marketing of petroleum products. Intersegment revenues result from storage agreements with wholly owned subsidiaries of NuStar Energy at rates consistent with the rates charged to third parties for storage.



	Year Ended December 31,
	2019			2018			2017
	(Thousands of Dollars)
Revenues:
Pipeline	$	701,830		$	611,065		$	516,288
Storage:
Third parties	453,976			443,546			438,677
Intersegment	25			42			4,339
Total storage	454,001			443,588			443,016
Fuels marketing	342,215			465,651			489,807
Consolidation and intersegment eliminations	(25		)	(42		)	(4,339		)
Total revenues	$	1,498,021		$	1,520,262		$	1,444,772

Depreciation and amortization expense:
Pipeline	$	166,991		$	153,943		$	128,061
Storage	97,573			93,345			91,696
Total segment depreciation and amortization expense	264,564			247,288			219,757
Other depreciation and amortization expense	8,360			8,604			8,435
Total depreciation and amortization expense	$	272,924		$	255,892		$	228,192

Operating income:
Pipeline	$	332,480		$	272,695		$	231,795
Storage	154,105			155,708			172,720
Fuels marketing	20,578			15,964			1,987
Consolidation and intersegment eliminations	(32		)	32			(1		)
Total segment operating income	507,131			444,399			406,501
General and administrative expenses	107,855			100,067			107,556
Other depreciation and amortization expense	8,360			8,604			8,435
Total operating income	$	390,916		$	335,728		$	290,510

For the years ended December 31, 2019, 2018 and 2017, Valero Energy Corporation accounted for approximately 21%, or $307.2 million, 20%, or $303.7 million, and 20%, or $294.5 million, of our revenues, respectively. These revenues were included in all of our reportable business segments. No other single customer accounted for 10% or more of our consolidated revenues.



	December 31,
	2019		2018
	(Thousands of Dollars)
Pipeline	$	3,884,819	$	3,637,226
Storage	2,082,832		1,902,764
Fuels marketing	31,064		37,252
Total segment assets	5,998,715		5,577,242
Assets held for sale	—		599,347
Other partnership assets	187,277		172,551
Total consolidated assets	$	6,185,992	$	6,349,140



	Year Ended December 31,
	2019		2018		2017
	(Thousands of Dollars)
Pipeline	$	387,702	$	288,035	$	1,596,311
Storage	141,972		202,782		244,398
Other partnership assets	3,894		4,137		5,648
Total capital expenditures	$	533,568	$	494,954	$	1,846,357

Capital expenditures have not been adjusted to separately disclose those capital expenditures related to discontinued operations, which are included in the storage segment totaling $28.0 million, $114.8 million, and $153.8 million for the years ended December 31, 2019, 2018 and 2017, respectively.