{"id":754734,"date":"2023-05-04T07:19:04","date_gmt":"2023-05-04T11:19:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\/"},"modified":"2023-05-04T07:19:04","modified_gmt":"2023-05-04T11:19:04","slug":"nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\/","title":{"rendered":"NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results"},"content":{"rendered":"

<\/p>\n

NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results<\/b><\/p>\n

Net Income, EPU, EBITDA and DCF All Up Quarter-Over-Quarter as Operations Continue to Perform Well<\/i><\/b><\/p>\n

Pipeline Segment Operating Income Up 25 Percent<\/i><\/b><\/p>\n

West Coast Region\u2019s Revenues Up 33 Percent Compared to 1Q 2022<\/i><\/b><\/p>\n

Balance Sheet Continues to Strengthen as Planned Redemption of Series D Preferred Units is Two Years Ahead of Schedule<\/i><\/b><\/p>\n

Positive Outlook for Remainder of 2023<\/i><\/b><\/p>\n

Highlights New Ammonia Contract\/Outlines Emerging Ammonia Market Opportunities<\/i><\/b><\/p>\n

SAN ANTONIO–(BUSINESS WIRE<\/a>)–NuStar Energy L.P. (NYSE: NS) <\/b>today announced strong results for the first quarter of 2023 fueled by strong volumes in its refined products and crude oil pipelines.<\/p>\n

\n\u201cI am pleased to report another strong quarter of financial results where net income, earnings per unit (EPU), earnings before interest, taxes, depreciation and amortization (EBITDA) and distributable cash flow (DCF) were all up quarter-over-quarter and once again demonstrated the stability and strength of NuStar\u2019s assets,\u201d said NuStar Chairman and CEO Brad Barron.<\/p>\n

\nNuStar reported net income of $106 million for the first quarter of 2023, or $0.61 per unit, compared to net income of $12 million, or a $0.22 net loss per unit, for the first quarter of 2022. Results for the first quarter of 2023 include a $41 million gain related to a structured financing arrangement to monetize a portion of the real estate at NuStar\u2019s corporate headquarters. In addition, results for the first quarter of 2022 included a non-cash charge related to the divestiture of the Point Tupper terminal facility in Canada last year. Excluding the effects of these items, adjusted net income was $65 million for the first quarter of 2023, or $0.24 per unit, compared to adjusted net income of $57 million, or $0.19 per unit, for the first quarter of 2022.<\/p>\n

\nNuStar also reported adjusted EBITDA of $187 million for the first quarter of 2023, which is up eight percent compared to first quarter of 2022 adjusted EBITDA of $173 million.<\/p>\n

\nAdjusted DCF was $101 million for the first quarter of 2023, up 11 percent compared to first quarter of 2022 DCF of $91 million, and the adjusted distribution coverage ratio was a strong 2.27 times.<\/p>\n

Operations Continue to Perform Well<\/span><\/i><\/b><\/p>\n

\nNuStar\u2019s Pipeline Segment generated operating income of $120 million and EBITDA of $163 million in the first quarter of 2023, compared to operating income of $96 million and EBITDA of $141 million in the first quarter of 2022.<\/p>\n

\n\u201cOur refined products systems and our Ammonia System continued to deliver solid, dependable revenue contributions, with throughput up six percent in the first quarter of 2023 compared to the first quarter of 2022, which reflects the strength of these assets and our position in the markets we serve in the mid-Continent and throughout Texas,\u201d said Barron. \u201cOur Central West Pipeline Systems, particularly our McKee System, also performed well last quarter with higher revenues and throughputs compared to the first quarter of 2022, mainly due to increased demand into the Denver market.\u201d<\/p>\n

\nBarron also noted that NuStar\u2019s Permian Crude System volumes averaged 543,000 barrels per day (BPD), up six percent over first quarter of 2022 volumes, and its Corpus Christi Crude System throughputs averaged 369,000 BPD, which is eight percent higher than volumes in the first quarter of 2022.<\/p>\n

\n\u201cIn addition, after a near record-breaking 2022, our Fuels Marketing Segment kicked off 2023 with a strong first quarter by generating operating income and EBITDA of $7 million, which is comparable to the segment\u2019s strong first quarter of 2022 results. And, we are also pleased that our West Coast region delivered another strong quarter, with revenues up about 33 percent compared to the first quarter of 2022, driven in large part by our West Coast renewable fuels strategy,\u201d said Barron.<\/p>\n

Balance Sheet Continues to Strengthen<\/span><\/i><\/b><\/p>\n

\nNuStar Executive Vice President and Chief Financial Officer Tom Shoaf gave a positive update on the company\u2019s continued progress in reducing its debt and building its financial strength and flexibility.<\/p>\n

\n\u201cIn March, we entered into a structured financing arrangement to monetize a portion of our real estate at our corporate headquarters, which provided approximately $100 million of lower-priced financing,\u201d said Shoaf. \u201cBy doing so, we were able to deploy the proceeds to reduce debt, which facilitates our redemption of another portion of the Series D preferred units later this year. As we have mentioned on prior calls, we are planning to redeem all of the remaining Series D units by the end of 2024, or about two years ahead of our original schedule.<\/p>\n

\n\u201cThanks to that transaction, along with our strong first quarter EBITDA, we ended the first quarter of 2023 with a debt-to-EBITDA ratio of 3.46 times,\u201d said Shoaf. \u201cOur total debt balance was $3.1 billion, and our revolver facility availability was $940 million of the facility\u2019s $1 billion capacity.\u201d<\/p>\n

Positive Outlook for Remainder of 2023<\/span><\/i><\/b><\/p>\n

\nShoaf also gave an update on full-year guidance for net income and adjusted EBITDA, as well as strategic capital and reliability capital for 2023.<\/p>\n

\n\u201cWhile high inflation and volatility that distinguished 2022 have persisted so far this year, we expect to generate full-year 2023 net income in the range of $257 to $295 million and full-year 2023 adjusted EBITDA in the range of $700 to $760 million,\u201d said Shoaf.<\/p>\n

\nHe also noted that NuStar still plans to spend $130 to $150 million in strategic capital in 2023.<\/p>\n

\n\u201cDepending on the activity of our Permian producers over the course of the rest of the year, we expect to allocate between $45 and $60 million to growing our Permian system,\u201d said Shoaf. \u201cWe continue to expect to spend around $25 million to expand our West Coast Renewable Fuels Network.<\/p>\n

\n\u201cIn addition, we still expect to spend between $25 and $35 million on reliability this year.\u201d<\/p>\n

\nBarron stated that NuStar expects to once again self-fund all of its cash requirements, including all of its growth capital spending and its distributions.<\/p>\n

\n\u201cWhat\u2019s more, even with our planned Series D redemption later this year, we are still on track to finish 2023 with a healthy debt-to-EBITDA ratio of below four times,\u201d said Barron.<\/p>\n

\nBarron closed by highlighting an agreement that was jointly announced by NuStar and OCI Global yesterday that will involve NuStar transporting ammonia on a new segment of its existing 2,000-mile anhydrous ammonia pipeline to OCI\u2019s state-of-the-art ammonia products facility in Iowa.<\/p>\n

\n\u201cWe expect this healthy-return, low-capital project will meaningfully increase utilization of our Ammonia System,\u201d said Barron. \u201cAnd we expect this project to be just the first of several, as we are actively working with a number of potential customers interested in connections to our system, across our footprint, for a variety of different opportunities.\u201d<\/p>\n

\nBarron continued, \u201cAs you may know, about 90 percent of ammonia is used to support agricultural production and more than half of the world\u2019s food production is dependent on this key chemical. Because of its importance, there is increasing focus on de-carbonizing the process used to make ammonia, either by capturing emissions or by utilizing electrolysis fueled by solar or wind to lower emissions, referred to, respectively, as \u2018blue\u2019 and \u2018green\u2019 ammonia.<\/p>\n

\n\u201cWe are seeing growing interest in lower carbon ammonia from many different companies and potential customers. In addition to the \u2018greening\u2019 of ammonia expanding the market domestically, international demand is also driving interest in ammonia export, which could drive additional utilization of not only our Ammonia System but also, potentially, our St. James facility, which has dock capacity that could support ammonia export. So as you can see, this growing interest in ammonia \u2013 to reduce emissions and supply the globe \u2013 is generating opportunities for attractive return, low-spend projects that we are confident will increase our system utilization significantly, across our footprint, over the next several years,\u201d Barron concluded.<\/p>\n

Conference Call Details<\/span><\/i><\/b><\/p>\n

\nA conference call with management is scheduled for 9:00 a.m. CT on Thursday, May 4, 2023, to discuss the financial and operational results for the first quarter of 2023. Persons interested in listen-only participation may access the conference call directly at https:\/\/edge.media-server.com\/mmc\/p\/fnk2v7x2<\/a>. Persons interested in Q&A participation may pre-register for the conference call and obtain a dial-in number and passcode at https:\/\/register.vevent.com\/register\/BI3c790e56797c443d95909ed3a22b5f52<\/a>. A recorded version will be available two hours after the conclusion of the conference call at https:\/\/edge.media-server.com\/mmc\/p\/fnk2v7x2<\/a>.<\/p>\n

\nThe conference call may also be accessed through the \u201cInvestors\u201d section of NuStar Energy L.P.\u2019s website at https:\/\/investor.nustarenergy.com<\/a>.<\/p>\n

\nNuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership\u2019s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.\u2019s website at www.nustarenergy.com<\/a> and its Sustainability page at https:\/\/sustainability.nustarenergy.com\/<\/a>.<\/p>\n

Cautionary Statement Regarding Forward-Looking Statements<\/span><\/i><\/b><\/p>\n

This press release includes, and the related conference call will include, forward-looking statements regarding future events and expectations, such as NuStar\u2019s future performance, plans and expenditures. All forward-looking statements are based on NuStar\u2019s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar\u2019s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.\u2019s 2022 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

NuStar Energy L.P. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Financial Information<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited, Thousands of Dollars, Except Unit, Per Unit and Ratio Data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Statement of Income Data:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nService revenues<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n285,266<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n265,305<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProduct sales<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n108,601<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n144,558<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenues<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n393,867<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n409,863<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts and expenses:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts associated with service revenues:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n89,162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n86,402<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n62,054<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n63,303<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal costs associated with service revenues<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n151,216<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,705<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts associated with product sales<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n93,461<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n126,715<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,725<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,071<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther depreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,555<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,824<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal costs and expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n274,957<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n351,437<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41,075<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n159,985<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n58,426<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(57,371<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(49,818<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,509<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,671<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome before income tax expense (benefit)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n107,123<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,279<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense (benefit)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,187<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(33<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n105,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n12,312<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic and diluted net income (loss) per common unit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(0.22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic and diluted weighted-average common units outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n110,880,981<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n110,177,045<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other Data (Note 1):<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n64,861<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n57,290<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income per common unit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.19<\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n228,103<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n127,224<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n187,028<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n173,346<\/p>\n<\/td>\n<\/tr>\n

\n

\nDCF<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n141,810<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n91,058<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted DCF<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n100,735<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n91,058<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistribution coverage ratio<\/p>\n<\/td>\n

\n

\n3.19x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.06x<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted distribution coverage ratio<\/p>\n<\/td>\n

\n

\n2.27x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.06x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

For the Four Quarters Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated Debt Coverage Ratio<\/p>\n<\/td>\n

\n

\n3.46x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3.92x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

NuStar Energy L.P. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Financial Information – Continued<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited, Thousands of Dollars, Except Barrel Data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Pipeline:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCrude oil pipelines throughput (barrels\/day)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,325,282<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,309,085<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRefined products and ammonia pipelines throughput (barrels\/day)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n595,622<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n563,248<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal throughput (barrels\/day)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,920,904<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,872,333<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThroughput and other revenues<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n213,183<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n188,683<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49,775<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n48,103<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43,550<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44,828<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment operating income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n119,858<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n95,752<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Storage:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThroughput (barrels\/day) (a)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n502,717<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n482,526<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nThroughput terminal revenues<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n27,315<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n26,441<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nStorage terminal revenues<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53,342<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n61,480<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenues<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n80,657<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n87,921<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n39,387<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38,299<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,504<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,475<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment operating income (loss)<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,766<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(14,975<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Fuels Marketing:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProduct sales<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n100,027<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n133,260<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of goods<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n93,186<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n126,123<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGross margin<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,841<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,137<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n275<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n593<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment operating income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,566<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,544<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Consolidation and Intersegment Eliminations:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of goods<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Information:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n393,867<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n409,863<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts associated with service revenues:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n89,162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n86,402<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n62,054<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n63,303<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal costs associated with service revenues<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n151,216<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,705<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCosts associated with product sales<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n93,461<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n126,715<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment operating income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,190<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n87,321<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41,075<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n28,725<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27,071<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther depreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,555<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,824<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated operating income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n159,985<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n58,426<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n(a)<\/p>\n<\/td>\n

\n\n

\nPrior period throughputs for our Corpus Christi North Beach terminal in the storage segment were restated consistent with current period presentation.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

NuStar Energy L.P. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of Non-GAAP Financial Information<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited, Thousands of Dollars, Except Ratio Data)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Note 1: <\/b>NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership\u2019s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures to enhance the comparability of our performance across periods.<\/p>\n

\nOur board of directors and management use EBITDA and\/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.<\/p>\n

\nNone of these financial measures are presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.<\/p>\n

\nThe following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n105,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n12,312<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n57,371<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49,818<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense (benefit)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,187<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(33<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n63,609<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n65,127<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n228,103<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n127,224<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense, net<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(57,371<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(49,818<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nReliability capital expenditures<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,356<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(6,709<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax (expense) benefit<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,187<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term incentive equity awards (a)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,968<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,829<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPreferred unit distributions<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(32,733<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(31,092<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax benefit related to impairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,144<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther items<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,386<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,613<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDCF<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n141,810<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n91,058<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions applicable to common limited partners<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n44,396<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n44,165<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistribution coverage ratio (b)<\/p>\n<\/td>\n

\n

\n3.19x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.06x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n(a)<\/p>\n<\/td>\n

\n\n

\nWe intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(b)<\/p>\n<\/td>\n

\n\n

\nDistribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

NuStar Energy L.P. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of Non-GAAP Financial Information – Continued<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited, Thousands of Dollars, Except per Unit and Ratio Data)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

For the Four Quarters Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n510,372<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n196,591<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n257,718<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n269,042<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill impairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n34,060<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther impairment losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n201,030<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAmortization expense of equity-based awards<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,997<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,750<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro forma effect of disposition (a)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(14,688<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(3,230<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,081<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated EBITDA, as defined in the Revolving Credit Agreement<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n778,857<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n701,866<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term debt, less current portion of finance leases<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n3,113,074<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n3,168,425<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFinance leases (long-term)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(50,712<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(52,510<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnamortized debt issuance costs<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n31,878<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n37,225<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNuStar Logistics’ floating rate subordinated notes<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(402,500<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(402,500<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated Debt, as defined in the Revolving Credit Agreement<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n2,691,740<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n2,750,640<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)<\/p>\n<\/td>\n

\n

\n3.46x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3.92x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
(a)<\/td>\n\n\n

\nThis adjustment represents the pro forma effect of the disposition of the Eastern U.S. terminals, which were sold in October 2021.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following is a reconciliation of net income \/ net income (loss) per common unit to adjusted net income \/ adjusted net income per common unit.<\/p>\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income \/ net income (loss) per common unit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n105,936<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n12,312<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(0.22<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(41,075<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.37<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.42<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax benefit related to impairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,144<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.01<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net income \/ adjusted net income per common unit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n64,861<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n57,290<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.19<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following is a reconciliation of EBITDA to adjusted EBITDA.<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n228,103<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n127,224<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(41,075<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n187,028<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n173,346<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

NuStar Energy L.P. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of Non-GAAP Financial Information – Continued<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited, Thousands of Dollars, Except Ratio Data)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following is a reconciliation of DCF to adjusted DCF and adjusted distribution coverage ratio.<\/p>\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nDCF<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n141,810<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n91,058<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(41,075<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted DCF<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n100,735<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n91,058<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions applicable to common limited partners<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n44,396<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n44,165<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted distribution coverage ratio (a)<\/p>\n<\/td>\n

\n

\n2.27x<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.06x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
(a)<\/td>\n\n\n

\nAdjusted distribution coverage ratio is calculated by dividing adjusted DCF by distributions applicable to common limited partners.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following is a reconciliation of projected net income to EBITDA and adjusted EBITDA.<\/p>\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Projected for the Year Ended
\n
December 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n257,000 – 295,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense, net<\/p>\n<\/td>\n

\n\n

\n230,000 – 240,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense<\/p>\n<\/td>\n

\n\n

\n4,000 – 6,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n\n

\n250,000 – 260,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nEBITDA<\/p>\n<\/td>\n

\n\n

\n741,000 – 801,000<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of assets<\/p>\n<\/td>\n

\n\n

\n(41,000)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n700,000 – 760,000<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe following are reconciliations for our reported segments of operating income (loss) to segment EBITDA and adjusted segment EBITDA.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Pipeline<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Storage<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Fuels Marketing<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n119,858<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,766<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,566<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43,550<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,504<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment EBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n163,408<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n41,270<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,566<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Pipeline<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Storage<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Fuels Marketing<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income (loss)<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n95,752<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n(14,975<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,544<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n44,828<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,475<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nSegment EBITDA<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n140,580<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,500<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,544<\/p>\n<\/td>\n<\/tr>\n

\n

\nImpairment loss<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted segment EBITDA<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n140,580<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n49,622<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,544<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230503006094\/en\/<\/a><\/span><\/p>\n

\nInvestors, Pam Schmidt, Vice President, Investor Relations
\n
Investor Relations: 210-918-INVR (4687)
\n
or
\n
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
\n
Corporate Communications: 210-918-2314<\/p>\n

KEYWORDS:<\/b> Texas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Energy Other Energy Utilities Oil\/Gas<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results Net Income, EPU, EBITDA and DCF All Up Quarter-Over-Quarter as Operations Continue to Perform Well Pipeline Segment Operating Income Up 25 Percent West Coast Region\u2019s Revenues Up 33 Percent Compared to 1Q 2022 Balance Sheet Continues to Strengthen as Planned Redemption of Series D Preferred Units is Two Years Ahead of Schedule Positive Outlook for Remainder of 2023 Highlights New Ammonia Contract\/Outlines Emerging Ammonia Market Opportunities SAN ANTONIO–(BUSINESS WIRE)–NuStar Energy L.P. (NYSE: NS) today announced strong results for the first quarter of 2023 fueled by strong volumes in its refined products and crude oil pipelines. \u201cI am pleased to report another strong quarter of financial results where net income, earnings … <\/p>\n

Continue reading “NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-754734","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nNuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results Net Income, EPU, EBITDA and DCF All Up Quarter-Over-Quarter as Operations Continue to Perform Well Pipeline Segment Operating Income Up 25 Percent West Coast Region\u2019s Revenues Up 33 Percent Compared to 1Q 2022 Balance Sheet Continues to Strengthen as Planned Redemption of Series D Preferred Units is Two Years Ahead of Schedule Positive Outlook for Remainder of 2023 Highlights New Ammonia Contract\/Outlines Emerging Ammonia Market Opportunities SAN ANTONIO–(BUSINESS WIRE)–NuStar Energy L.P. (NYSE: NS) today announced strong results for the first quarter of 2023 fueled by strong volumes in its refined products and crude oil pipelines. \u201cI am pleased to report another strong quarter of financial results where net income, earnings … Continue reading "NuStar Energy L.P. Reports Strong First Quarter 2023 Earnings Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-04T11:19:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230503006094r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/nustar-energy-l-p-reports-strong-first-quarter-2023-earnings-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"NuStar Energy L.P. 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Reports Strong First Quarter 2023 Earnings Results Net Income, EPU, EBITDA and DCF All Up Quarter-Over-Quarter as Operations Continue to Perform Well Pipeline Segment Operating Income Up 25 Percent West Coast Region\u2019s Revenues Up 33 Percent Compared to 1Q 2022 Balance Sheet Continues to Strengthen as Planned Redemption of Series D Preferred Units is Two Years Ahead of Schedule Positive Outlook for Remainder of 2023 Highlights New Ammonia Contract\/Outlines Emerging Ammonia Market Opportunities SAN ANTONIO–(BUSINESS WIRE)–NuStar Energy L.P. (NYSE: NS) today announced strong results for the first quarter of 2023 fueled by strong volumes in its refined products and crude oil pipelines. \u201cI am pleased to report another strong quarter of financial results where net income, earnings … Continue reading \"NuStar Energy L.P. 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