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MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P.

Nustar Energy L.P. · Mar 4, 2014 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 1
    2012 Master Morgan Limited Partnership Stanley Midstream MLP and Diversified Natural Investor Gas Corporate Conference Access Event March 4 & 5, 2014 Curt Anastasio, President and CEO May 24, 2012
  2. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 2
    NuStar Overview 3
  3. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 3
    Two Publicly Traded Companies Public Unitholders William E. Greehey NuStar Energy L.P. (NYSE: NS) is 34.5 million NSH Units 8.1 million NSH Units a publicly traded partnership with a 18.9% 81.1% Membership market capitalization of…
  4. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 4
    Large and Diverse Geographic Footprint with Assets in Key Locations Asset Stats: Operations in the U.S., Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. Own 87 terminal…
  5. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 5
    Majority of Operating Income Generated by Fee-Based Storage and Pipeline Segments Percentage of Estimated 2014 Segment Operating Income Storage: 41% Refined Product Terminals Crude Oil Storage 41% Pipeline: 54% Refined Product…
  6. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 6
    Achieved Top Goals for 1st Quarter Significantly Bolsters Primary Goals for 2014 To Improve Profitability & Return to a 1.0x Coverage Ratio Closed on Asphalt JV divestiture No more impact to earnings after 1st quarter Signed…
  7. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 7
    Recent Developments 8
  8. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 8
    Divested Remaining 50% Interest in Asphalt JV Transaction closed on February 26, 2014 As a result of this transaction: Our financial liability related to asphalt refining and margin-based operations is reduced significantly…
  9. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 9
    Completed Construction of New Dock at Corpus Christi North Beach Terminal Construction completed two months earlier than anticipated First vessel loaded on February 13, 2014 New state-of-the-art dock more than doubled our loading…
  10. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 10
    Leased Five Million Barrels of Idle Tankage at our St. Eustatius Terminal Last week, we signed a long-term agreement to lease five million barrels of idle storage tankage at our St. Eustatius terminal facility. These tanks had been…
  11. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 11
    Entered into Lease Agreement for Pt. Tupper Storage Coming Off-lease in July 2014 Earlier this week, we re-signed a major U.S. oil company that will be leasing 3 million barrels of light crude oil storage Lease will go into effect…
  12. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 12
    Pipeline Segment Update 13
  13. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 13
    Growth in Eagle Ford Shale Region Expected to Lead to Future Growth in Pipeline Segment EBITDA Pipeline Segment EBITDA ( in Millions)1 Pipeline Receipts by Commodity 277 Other 10% 190 199 198 211 176 186 Distillate Crude 18%…
  14. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 14
    To Date NuStar has Spent over 500 Million on High Return Growth Projects in the Eagle Ford Shale Major Eagle Ford Pipeline internal growth projects completed to date include: Reactivation of Pettus to Corpus Christi pipeline Reversal…
  15. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 15
    Additional Growth Capital to be spent on the South Texas Crude Oil Pipeline System Project Project includes pipeline capacity upgrades to segments of our South Texas Crude Oil Pipeline System Capacity upgrades will occur in two…
  16. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 16
    Reactivation of an Idle 12-inch Pipeline should increase EBITDA by 23 million1 Signed long-term agreement with Occidental Petroleum (Oxy) in February 2014. Oxy will ship NGLs on our idled, 200-mile 12-inch pipeline between Mont…
  17. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 17
    Current NuStar Eagle Ford Presence Pawnee to Oakville PL 12 Second Phase of Expansion 12 Choke Canyon PL 12 Pettus South 10 Laredo PL 8 Houston 12 Corpus-Odem-3R 8 Oakville to Corpus 16 Valley PL…
  18. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 18
    Storage Segment Update 19
  19. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 19
    Expect 2014 Storage Segment EBITDA to be comparable with 2013 Adjusted Storage Segment EBITDA Storage Contract Renewals (% as 01/21/2014) ( in Millions)1 279 287 277 256 36% 242 208 30% 177 19% 15% 2007 2008 2009 2010 2011…
  20. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 20
    Pursuing other Storage Terminal Opportunities Potential Pt. Tupper rail offloading facility for crude oil and/or LPG Exploring crude-by-rail projects on the West Coast Expanding unit train volumes at the St. James Terminal…
  21. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 21
    Fuels Marketing Segment Update 22
  22. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 22
    Going Forward Expect Less Volatility and Reduced Working Capital Requirements in Fuels Marketing Segment Segment comprised of the following operations Bunkering and Fuel Oil Marketing Crude Oil Trading Refined products marketing…
  23. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 23
    Financial Overview 24
  24. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 24
    Capital Structure as of December 31, 2013 (Dollars in Millions) 1.5 billion Credit Facility 503 NuStar Logistics Notes (4.75%) 250 NuStar Logistics Notes (4.80%) 450 NuStar Logistics Notes (6.75%) 300 NuStar Logistics Notes…
  25. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 25
    Debt Maturity Profile as of December 31, 2013 (Dollars in Millions) Callable in 2018 but final maturity 2043 No Significant Debt Maturities until 2017 Debt structure 67% fixed rate 33% variable rate 26
  26. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 26
    Internal growth spending should be in the 370 to 390 million range in 2014 (Dollars in Millions) 27
  27. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 27
    NuStar Highlights Re-focused on growing our fee-based storage and pipeline operations High - quality, large and diverse asset footprint supporting energy infrastructure both in the U.S. and internationally Contracted fee-based…
  28. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 28
    2013 UBS MLP One-on-One Conference 2012 NuStar Bank Meeting November 7,January 2012 15th & 16th 2013 Appendix
  29. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 29
    Reconciliation of Non-GAAP Financial Information: Pipeline Segment NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF), adjusted…
  30. MORGAN STANLEY MIDSTREAM MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Nustar Energy L.P. – slide 30
    Reconciliation of Non-GAAP Financial Information: Storage and Fuels Marketing Segments NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash…

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