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2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P.

Nustar Energy L.P. · Dec 6, 2017 · 29 slides

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Slides

  1. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 1
    2017 Wells Fargo Pipeline, MLP and Utility Symposium December 6, 2017
  2. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 2
    NuStar Overview
  3. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 3
    Two Publicly Traded Companies Other William E. Greehey Public Unitholders 9.2 million NSH Units 33.8 million NSH Units 21.4% Membership Interest 78.6% Membership Interest IPO Date: 4/16/2001 G.P. Interest in NS Common Unit…
  4. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 4
    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 Permian Crude System (Midland Basin) Crude Oil Gathering,…
  5. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 5
    Focus Has Been on De-Risking the Business
  6. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 6
    De-Risk the Business and put Ourselves in a Position to Grow Starting in 2014, we began to focus on... Refocusing On Restoring Our Strengthening De-Risking Our Our Core Pipeline Distribution Our Balance Business and Storage…
  7. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 7
    Successfully De-Risked the Partnership - Exited the Majority of our Margin-Based Businesses Percentage of Annual Segment EBITDA1 2011 2014 2016 17% 4% 50% 51% 34% 45% 49% 49% Pipeline Storage Refined Product Pipelines…
  8. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 8
    Pipeline Segment Committed and Diversified Pipeline Receipts by Commodity Committed Pipeline Revenues (TTM as of 9/30/17) (As of 9/30/17) Other Other 9% 7% 93% committed Take or Pay through take or pay Contractual - contracts…
  9. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 9
    Storage Segment Effectively Full Storage Lease Utilization Storage Lease Renewals (as of 9/30/2017) (% as of 9/30/2017) 42% 38% 20% 96% of Leasable Storage Effectively Full < 1 Year 1 to 3 Years 3 Years 10
  10. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 10
    Base Business EBITDA Consistent Performance in Various Market Conditions Historical Pipeline and Storage Segment EBITDA1 ( in millions) Oil Price Crash 690 671 610 Great Recession 554 355 338 498 323 477 455 277 432 198…
  11. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 11
    Acquisition Overview Permian Crude System Overview
  12. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 12
    Permian Crude System Overview On May 4, NuStar acquired the Permian Crude System from First Reserve Energy Infrastructure Fund for 1.5 billion in cash Our system is a leading crude oil gathering, transportation and storage system in…
  13. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 13
    Our System is Located in the Center of the Permian Basin, the U.S. Basin With the Strongest Performance and Growth Outlook Permian rig counts continue to rise, now up 190% (148% increase in the Midland) since the low in May 2016…
  14. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 14
    Our Permian Crude System is in the Most Active Areas of the Midland Permian Basin has Rigs by Top U.S. Play Rigs by Permian Rigs by Midland 380 rigs operating, Sub-Basin Counties representing 42% of 380 Midland 43 all U.S. onshore…
  15. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 15
    Our Permian Crude System is an Integrated Crude System 16
  16. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 16
    South Texas Crude Pipeline System
  17. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 17
    South Texas Crude Pipeline System Update As expected, the Eagle Ford has seen a modest recovery, with rig counts up a significant 35 rigs from its low on July 29, 2016 (Source: Baker Hughes) Even with this recovery, pipeline capacity…
  18. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 18
    Finance Update
  19. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 19
    Internal Growth Spending Expected to be 360 to 380 Million in 2017 and 360 to 390 Million in 2018 (Dollars in Millions) Navigator 2,000 Acquisition 2012 to 2018 1,500 Average Internal Growth Spend 313 Million per Year Martin…
  20. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 20
    Growth Projects Currently Evaluating 1.0 to 1.5 Billion Crude Oil Expansion of our Permian Crude System operations Pipeline Expansion of our South Texas Crude Oil Pipeline System Expansion Pursuing a solution to link the two systems…
  21. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 21
    Just 350 Million of Debt Maturing Before 2020 (Dollars in Millions) 1,374 46 1,250 Receivables Financing Sub Notes 450 1,000 Callable in 2018, but GO Zone Financing final maturity in 2043 Senior Unsecured Notes 806 Revolver…
  22. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 22
    2017 & 2018 Guidance Summary G&A Reliability Capital Strategic Capital ( in Millions) Annual EBITDA1 Expenses Spending Spending 2017 Guidance 575 - 625 110 - 120 50 - 70 360 - 380 2018 Guidance 675 - 725 100 - 110 65 - 85 360 -…
  23. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 23
    Appendix
  24. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 24
    Capital Structure ( in Millions) As of September 30, 2017 (Unaudited) 1.5 billion Credit Facility 878 NuStar Logistics Notes (4.75%) 250 NuStar Logistics Notes (4.80%) 450 NuStar Logistics Notes (5.625%) 550 NuStar Logistics…
  25. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 25
    Capital Structure (continued) ( in Millions) As of September 30, 2017 (Unaudited) Partners Equity Series A Preferred Units 218 Series B Preferred Units 372 Common Equity, General Partner and AOCI 1,830 Total Partners Equity…
  26. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 26
    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…
  27. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 27
    Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of operating income to EBITDA for the pipeline segment (in thousands of dollars): Year Ended December 31, 2008 2009 2010 2011 2012 2013…
  28. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 28
    Reconciliation of Non-GAAP Financial Information (continued) The following are the non-GAAP reconciliations of income from continuing operations to EBITDA from continuing operations and for the calculation of EBITDA for each of our…
  29. 2017 Wells Fargo Pipeline MLP and Utility Symposium – Nustar Energy L.P. – slide 29
    Reconciliation of Non-GAAP Financial Information (continued) The following are reconciliations of projected net income to projected EBITDA (in thousands of dollars): Year Ended December 31, 2017 2018 Projected net income 140,000 -…

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