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2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P.

Nustar Energy L.P. · May 23, 2018 · 31 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. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 1
    2018 MLP & ENERGY INFRASTRUCTURE CONFERENCE MAY 23 24, 2018
  2. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 2
    NuStar Overview
  3. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 3
    Currently, Our Structure Includes 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…
  4. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 4
    NuStar Has a Broad, Diverse Portfolio of Assets Current Profile Volumes Handled(1): 1.3MM BPD pipeline volumes 350M BPD storage volumes Total Pipeline Miles: 9,400 Total Storage Capacity:97MM bbls Total Enterprise Value: 7B(2)…
  5. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 5
    .Providing a Well-Balanced Menu of Crude and Refined Products Storage and Pipeline Services 2017 Segment EBITDA1 Pipeline Storage 50% 49% Crude Refined Refined 33% Products Crude and Other Products 53% and Other 47%…
  6. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 6
    Our Balanced and Diverse Assets Have Performed Consistently, Through Market Challenges Historical Pipeline and Storage Segment EBITDA1 ( in millions) 690 707 671 610 554 Oil Price Crash Great Recession 498 360 355 477 338…
  7. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 7
    Permian Crude System Growth Platform
  8. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 8
    In 2014, We Targeted Acquiring a Footprint In the Permian Because It Is the Most Resilient U.S. Shale Play With the Strongest Growth Projections Permian Basin rig count, now 458, has grown from 342 (34%) since we acquired our system…
  9. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 9
    In May 2017, We Acquired a System in the Core of the Core of the Most Active Areas of the Midland Basin Our system is located in 5 of the 6 most active counties in the prolific Midland Basin We acquired a fully integrated, newly…
  10. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 10
    Producers Remain Bullish on Permian Growth, Strength & Resiliency May 2, 2018 First Quarter 2018 Conference Call May 9, 2018 First Quarter 2018 Conference Call From operational, financial and asset-building perspectives, I can't…
  11. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 11
    Since May 2017, Our Permian System Has Outpaced the Permian Basin Our system throughput is now 264,000 BPD, up 110% since the acquisition Permian overall up 39% in same period Based on our producer projections, we expect our 2018…
  12. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 12
    Growing Our Business
  13. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 13
    Beyond the Permian, We Have Executed Contracts to Support Northern Mexico Supply Projects Valero Energy and Howard Energy Partners have recently announced their plans related to our expansions. Other committed shippers will make…
  14. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 14
    In April, We Closed on an Immediately Accretive 38MM Acquisition of a Bolt-On System to Our Central East Pipeline CHS Council Bluffs system consists of a 227-mile pipeline and 18 storage tanks This bolt-on system enhances our…
  15. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 15
    As Our T&D Commitments Expire in South Texas, We Will Compete For Shippers With Our Excellent Service and Flexibility We currently have 133,250 BPD of T&D contracts Commitments totaling 63,750 BPD are set to expire in August 2018 We…
  16. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 16
    Other Opportunities Across our Footprint Widening differentials out of the St. James Permian Basin could lead to a return of unit train activity Likely to be among the first of our Terminal facilities to benefit from a return to…
  17. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 17
    Finance Update
  18. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 18
    We Project 2018 Strategic Capital Spending Needs In the Range of 360 to 390 Million New Permian takeaway projects comprise a significant portion of 2018 CAPEX: New Northern Mexico supply projects did not increase estimated capex…
  19. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 19
    Debt Maturity Schedule We have no significant maturities until 2020 We repaid our 350 million 7.65% senior unsecured notes that matured in April with our revolver, but we plan to issue up to 500 million new senior unsecured notes A…
  20. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 20
    By Issuing 400-600MM of Preferred Equity and Divesting Non-Strategic Assets This Year, We Expect to Self-Fund Thereafter Through 2021 We see the preferred as a lower cost alternative to the public equity markets: Rating agencies…
  21. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 21
    Improving Metrics Through Simplification
  22. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 22
    We Have a Solid Plan to Drive Long-Term Unitholder Value in the New MLP Paradigm NuStars plan to simplify is Lower unique and achieves objectives Cost of that are important in the Reduced Capital changed MLP space, while Capital…
  23. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 23
    Our Simplification Transaction Will Result in A Single Publicly Traded Entity NS and NSH will combine through a merger NSH unitholders will exchange all of Post-Simplification their outstanding units for 0.55 NS units per NSH unit…
  24. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 24
    We Believe That the Combination of the Simplification and NS Reset Significantly Improve NuStars Metrics, In the Near- and Longer-Term Lowers NuStars cost of capital through the elimination of IDRs Reduced Cost Allows NuStar to…
  25. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 25
    Appendix
  26. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 26
    Current Capital Structure as of March 31, 2018 ( in Millions) 1.75 billion Credit Facility 941 Partners Equity NuStar Logistics Notes (4.75%) 250 Series A Preferred Units 218 NuStar Logistics Notes (4.80%) 450 Series B Preferred…
  27. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 27
    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…
  28. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 28
    Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of EBITDA, DCF and distribution coverage ratio (in thousands of dollars, except ratio data): Projected for the Years Ended December 31, 2018…
  29. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 29
    Reconciliation of Non-GAAP Financial Information (continued) The following is the non-GAAP reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our 1.75 billion revolving credit agreement (the…
  30. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 30
    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): Years Ended December 31, 2008 2009 2010 2011 2012 2013…
  31. 2018 MLP and Energy Infrastructure Conference – Nustar Energy L.P. – slide 31
    Reconciliation of Non-GAAP Financial Information (continued) The following are the non-GAAP reconciliations of net income to EBITDA and for the calculation of EBITDA for each of our segments as a percentage of total segment EBITDA (in…

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