SEGMENT INFORMATION The operations of Vistra Energy are aligned into six reportable business segments: (i) Retail, (ii) ERCOT, (iii) PJM, (iv) NY/NE, (v) MISO and (vi) Asset Closure. Our chief operating decision maker reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. The Retail segment is engaged in retail sales of electricity and related services to residential, commercial and industrial customers. Substantially all of these activities are conducted by TXU Energy and Value Based Brands in Texas, Dynegy Energy Services in Massachusetts, Ohio, Illinois and Pennsylvania and Homefield Energy in Illinois. The ERCOT, PJM, NY/NE (comprising NYISO and ISO-NE) and MISO segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management, all largely within their respective RTO/ISO market. The PJM, NY/NE and MISO segments were established on the Merger Date to reflect markets served by businesses acquired in the Merger. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines. Separately reporting the Asset Closure segment provides management with better information related to the performance and earnings power of Vistra Energy's ongoing operations and facilitates management's focus on minimizing the cost associated with decommissioning and reclamation of retired plants and mines. We have not allocated any unrealized gains or losses on commodity risk management activities to the Asset Closure segment for the generation plants that were retired in January, February and May 2018. Corporate and Other represents the remaining non-segment operations consisting primarily of (i) general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments and (ii) CAISO operations. Except as noted in Note 1, the accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 . Our chief operating decision maker uses more than one measure to assess segment performance, including segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on U.S. GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments. Three Months Ended March 31, 2019 2018 Operating revenues (a) Retail $ 1,386 $ 972 ERCOT 954 (533 ) PJM 705  NY/NE 344  MISO 254  Asset Closure  28 Corporate and Other (b) 118  Eliminations (838 ) 298 Consolidated operating revenues $ 2,923 $ 765 Depreciation and amortization Retail $ (59 ) $ (76 ) ERCOT (132 ) (64 ) PJM (130 )  NY/NE (64 )  MISO (3 )  Asset Closure   Corporate and Other (b) (17 ) (12 ) Eliminations  (1 ) Consolidated depreciation and amortization $ (405 ) $ (153 ) Operating income (loss) Retail (c) $ 18 $ 757 ERCOT 288 (1,087 ) PJM 164  NY/NE 16  MISO 12  Asset Closure (14 ) (23 ) Corporate and Other (b) 6 (40 ) Eliminations  (1 ) Consolidated operating income $ 490 $ (394 ) Net income (loss) Retail (c) $ 15 $ 771 ERCOT 301 (1,086 ) PJM 162  NY/NE 21  MISO 11  Asset Closure (14 ) (22 ) Corporate and Other (b) (272 ) 31 Consolidated net income $ 224 $ (306 ) ____________ (a) The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues: Three Months Ended March 31, 2019 2018 Retail $ (1 ) $ 12 ERCOT 237 (1,069 ) PJM 91  NY/NE 1  MISO (21 )  Corporate and Other (b) 16  Eliminations (1) (165 ) 642 Consolidated unrealized net gains (losses) from mark-to-market valuations of commodity positions included in operating revenues $ 158 $ (415 ) ____________ (1) Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Other includes CAISO operations. Income tax expense is not reflected in net income of the segments but is reflected entirely in Corporate net income. (c) For the three months ended March 31, 2018 , Retail operating income and net income is driven by unrealized gains from mark-to-market valuations of commodity positions included in fuel, purchased power costs and delivery fees. March 31, 2019 December 31, 2018 Total assets Retail $ 7,793 $ 7,699 ERCOT 9,251 9,347 PJM 7,044 7,188 NY/NE 2,723 2,722 MISO 891 836 Asset Closure 255 254 Corporate and Other and Eliminations (2,389 ) (2,022 ) Consolidated total assets $ 25,568 $ 26,024