UBS 2017 MLP One-on-One Conference January 10 and 11, 2017
NuStar Overview
Two Publicly Traded Companies Other William E. Greehey Public Unitholders 9.0 million NSH Units 33.9 million NSH Units 21.0% Membership Interest 79.0% Membership Interest G.P. Interest in NS IPO Date: 4/16/2001 13% Common L.P.…
Large and Diverse Geographic Footprint with Assets in Key Locations Pt. Tupper, Nova Scotia 7.8MM bbls Linden, NJ 4.6MM bbls St. James, LA 9.9MM bbls Corpus Christi, TX Destination for South Texas Crude Oil Pipeline…
NuStar Has Outperformed the Alerian Since the Beginning of the Crude Downturn (% change) Total Return as of 1/5/17 and in 2016 (through 12/31/16) 20.0% Returns 0.0% NuStar Energy L.P. 37.6% -20.0% NuStar GP Holdings, LLC 51.2%…
Our 2016 Accomplishments in the Face of Challenges We succeeded during the year by leveraging our strengths Diverse assets: type (pipelines and terminals), market (refined products and crude) and geography Disciplined financial…
Resilient and Strong Core Operations, No Matter the Price of a Barrel of Crude Coverage Ratio1 (Trailing Twelve Months) vs Price of Crude (July 2014 September 2016) 1.3 110 100 1.2 90 1.12x 1.12x 1.12x 1.11x 1.1 1.08x 1.08x…
Majority of Segment EBITDA Generated by Fee-Based Pipeline and Storage Segments Percentage of Expected 2016 Annual Segment EBITDA Pipeline: 49% 49% Refined Product Pipelines Crude Oil Pipelines Ammonia Pipeline Storage: 49%…
Guidance Summary 2016 Annual Guidance 4th Quarter 2016 Guidance 2017 Annual Guidance Pipeline Segment EBITDA1 325 - 345 million Lower than 4Q 2015 Storage Segment EBITDA1 330 - 350 million Lower than 4Q 2015 Fuels Marketing Segment…
Building on Our Strengths - Stable, Diversified Business Foundation for Future Growth Contracted fee-based storage and pipeline assets provide stable cash flows Storage terminals effectively full 75% of pipeline revenues are…
On Track for 253 to 273 Million of Strategic Spending in 2016 and Expect 530 to 550 Million of Strategic Spending in 2017 (Dollars in Millions) TexStar 800 Acquisition 700 690 Linden JV Martin Acquisition Terminal 600 2012 to…
Pursuing Pipeline and Storage Opportunities Included in 2016 & 2017 Spending Guidance Construction of 260M Currently Evaluating bbls of New Storage in the Central East Linden Terminal West Coast Terminal Expansion Expansions…
No Debt Maturities until 2018 (LTD Maturity Profile as of September 30, 2016, Dollars in Millions) 1,250 Receivables Financing Sub Notes 1,000 Callable in 2018, but GO Zone Financing final maturity in 2043 796 43 Senior…
NuStar Energy Recently Issued 226.5 Million of Perpetual Preferred Equity On November 25, 2016, NuStar Energy issued 8 million 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Preferred Units) at a…
Axeon Term Loan Update The owners of Axeon have informed us that they have entered into an agreement to sell Axeons retail asphalt sales and distribution business Axeon expects to close its transaction by the end of the 2nd quarter of…
Pipeline Segment
Pipeline Segment Overview Pipeline Segment EBITDA1 Pipeline Receipts by Commodity ( in millions) TTM as of 9/30/16 355 325 to 345 323 Other 10% 277 Distillate Crude 211 17% 190 199 198 42% 186 Gasoline 31% 2008 2009…
NuStars South Texas Crude Oil Pipeline Presence Pawnee to Oakville PL 12 Second Phase of Expansion 12 Choke Canyon PL 12 Pettus South 10 Three Rivers Supply 12 Corpus-Odem-3R 8 Oakville to Corpus 16 20
Working with Pemex to Develop Project to Transport LPGs and Refined Products from the U.S. Into Northern Mexico Delays due to organizational changes within Pemex Originally planned 125 million spend in 2016. Due to project delay,…
NuStar Expanding Mid-Continent Pipeline and Terminal Network Several projects have been completed or are under development with a key customer to increase distillate and propane supply throughout the Upper Midwest for an investment…
Building Our Strategic Alliances in Europe For Future Growth As the European market changes, we continue to expand on strategic alliances with our current customers to drive growth through: Clydebank Working on a long-term…
We Are Exploring Expansion in the New York Harbor Acquiring control of the Linden Terminal in 2015 has freed us to develop opportunities that will increase our capability to serve the New York Harbor (NYH), which is one of the largest…
Piney Point Terminal Back in Service Piney Point Terminal 5.4 million-barrel storage facility located in Piney Point, Maryland, along the Potomac River Primary storage capabilities include gasoline, distillates and other clean…
Majority of St. Eustatius Terminal Tankage Recently Leased through 1st Quarter of 2020 St. Eustatius Terminal 14.4 million-barrel storage facility located on the island of St. Eustatius in the Caribbean Primary storage capabilities…
We Are Adapting to Market Flows: Renewables Opportunities on the West Coast The West Coast: In a mature fuel supply market, biofuels provide opportunities for growth Low carbon initiatives on the West Coast (e.g. Californias Low…
Recently Closed Corpus Christi Terminal Acquisition from Martin Midstream Martin Midstream terminal assets 1.15 million barrels of storage (900,000 barrels of crude and 250,000 barrels of refined product storage), located in Corpus…
Appendix
Capital Structure after Perpetual Preferred Equity Issuance ( in Millions) As of September 30, 2016 Actual As Adjusted (Unaudited) 1.5 billion Credit Facility 992 773 NuStar Logistics Notes (4.75%) 250 250 NuStar Logistics Notes…
Reconciliation of Non-GAAP Financial Information NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage…
Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of projected operating income to projected EBITDA for the year ended December 31, 2016 (in thousands of dollars): Fuels Marketing Pipeline…
Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of income from continuing operations to EBITDA from continuing operations and DCF from continuing operations (in thousands of dollars, except…
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