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Mizuho Energy Summit – Nustar Energy L.P.

Nustar Energy L.P. · Apr 1, 2019 · 40 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. Mizuho Energy Summit – Nustar Energy L.P. – slide 1
    Wells Fargo Mizuho Securities Research, Economics & Strategy Midstream and Utility Symposium Energy Summit April 1-2, 2019 December 5, 2018
  2. Mizuho Energy Summit – Nustar Energy L.P. – slide 2
    Introduction
  3. Mizuho Energy Summit – Nustar Energy L.P. – slide 3
    Last Year, NuStar Completed Its Stepped Plan to Achieve the Characteristics Demanded by the MLP Sector Strong Coverage Lower Leverage IPO Date: 4/16/2001 Common Unit Price (3/29/19): 26.89 Annualized Distribution/Common…
  4. Mizuho Energy Summit – Nustar Energy L.P. – slide 4
    In 2018, We Met, or Surpassed, All of Our Goals We surpassed our year-end coverage target We lowered our leverage to our three-year target in a single year We executed on our 2018 strategic capital program, efficiently and…
  5. Mizuho Energy Summit – Nustar Energy L.P. – slide 5
    With Our High-Quality Assets, NuStar is Now Poised to Execute on Permian- Driven Growth Opportunities and to Continue Optimizing Our Legacy Assets Current Profile Total Enterprise Value: 7 B Total Assets: 7 B Total Pipeline Miles:…
  6. Mizuho Energy Summit – Nustar Energy L.P. – slide 6
    The Permian Basin: Phenomenal Growth Driving Midstream Opportunities
  7. Mizuho Energy Summit – Nustar Energy L.P. – slide 7
    The U.S. is Now the Global Leader in Crude Production, Thanks in Large Part to the Permian Basins Tremendous Growth U.S. total crude production grew to 11.0 MMBPD in 2018, U.S. Shale Crude Production exceeding Russia and Saudi…
  8. Mizuho Energy Summit – Nustar Energy L.P. – slide 8
    An Oil Basin of Epic Proportions If the Permian Basin were a country, it would rank 7 among the worlds top liquids producers A pool of more recoverable oil than any field in the world except for Saudi Arabias Ghawar 250 miles…
  9. Mizuho Energy Summit – Nustar Energy L.P. – slide 9
    Even at 50 WTI, the Permian is Projected to Continue to Grow, in 2019 and Beyond 2019 Pricing Forecasts 70.00 Forecasted oil prices for 65.00 the rest of 2019 remain 60.00 above, and in some 55.00 cases, well above, 50.00…
  10. Mizuho Energy Summit – Nustar Energy L.P. – slide 10
    Producers in the Basin Remain Bullish on Permian Growth, Strength & Resiliency Moving to 2019, we trimmed our capital budget We delivered an ROCE for the year of about 9%. Thats versus previously described expectations in…
  11. Mizuho Energy Summit – Nustar Energy L.P. – slide 11
    The Permians Track Record, Along With Its Projected Growth, is Driving Midstream Growth Opportunities, In the Basin and Beyond With a track record like the Permians, its no surprise the Basin is the genesis for the majority of, as…
  12. Mizuho Energy Summit – Nustar Energy L.P. – slide 12
    INTRA-BASIN OPPORTUNITIES : Our Permian Crude System Continues to Outpace the Permian Basin and Prove Itself Core of the Core Our system spans five of the six most active counties in the System Throughput Growth is Outpacing the…
  13. Mizuho Energy Summit – Nustar Energy L.P. – slide 13
    INTRA-BASIN OPPORTUNITIES: Our Permian Systems Receipts and EBITDA Are Growing Rapidly We expect to achieve throughput of 450MBPD by year-end 2019 30 NuStars Permian 327 350 314 Crude System Performance (by Quarter) 300 25…
  14. Mizuho Energy Summit – Nustar Energy L.P. – slide 14
    EXPORT OPPORTUNITIES: Long-Haul Pipelines Will Bring an Additional 2.0MMBPD Capacity to Corpus Christi By mid-2020, Cactus II, Gray Oak Cactus II (900 MBPD) and EPIC are scheduled to bring EPIC (440 MBPD) Gray Oak (670 MBPD) an…
  15. Mizuho Energy Summit – Nustar Energy L.P. – slide 15
    EXPORT OPPORTUNITIES: And Those Incremental Permian Barrels Are Expected to be Exported From the Port of Corpus Christi While the Gulf Coast is home to 45% of U.S. Gulf Coast Oil Exports by Hub U.S. refining capacity, regional…
  16. Mizuho Energy Summit – Nustar Energy L.P. – slide 16
    EXPORT OPPORTUNITIES : Our Corpus Christi Dock Facility Positions NuStar as a First Mover for the Last Mile for Permian Long-Haul Barrels... NuStars Corpus Christi North Beach (CCNB) facility has the current capacity- both storage and…
  17. Mizuho Energy Summit – Nustar Energy L.P. – slide 17
    EXPORT OPPORTUNITIES : ...And Our Project for Trafigura Utilizes Our Existing Assets While Expanding Our Ability to Meet Growing Export Demand Trafiguras four-year commitment to transport and store WTI on our South Texas System and…
  18. Mizuho Energy Summit – Nustar Energy L.P. – slide 18
    EXPORT OPPORTUNITIES : Our Connection Facility in Taft Will Establish Our Footprint in Taft, Texas, the Emerging South Texas Crude Oil Hub The Permian long-haul Taft pipeline projects were developed to maximize shippers Ingleside…
  19. Mizuho Energy Summit – Nustar Energy L.P. – slide 19
    SPILLOVER OPPORTUNITIES: Beyond Its Role in Our Corpus Export Project, Our South Texas Crude System Benefits From the Inland WTI Price Differentials, Along With the Systems Contracted Eagle Ford T&D Volumes Last year, differentials…
  20. Mizuho Energy Summit – Nustar Energy L.P. – slide 20
    SPILLOVER OPPORTUNITIES : We Are Supplying Permian Barrels to the Ardmore and McKee Refineries from Plains Sunrise II Pipeline In 2018, we provided our customer with optionality to supply the Ardmore and McKee refineries with Permian…
  21. Mizuho Energy Summit – Nustar Energy L.P. – slide 21
    SPILLOVER plus EXPORT OPPORTUNITIES: Our St. James Terminal is a World-class Terminal Located in the Heart of the St. James Hub NuStars St. James facility has the capacity to handle the changing crude flows in the region with:…
  22. Mizuho Energy Summit – Nustar Energy L.P. – slide 22
    SPILLOVER plus EXPORT OPPORTUNITIES: St. James is Benefiting From Price Dislocations Now and is Positioned to Participate in Export Growth in the Future We have executed contracts for unit train off-loading driven by widening…
  23. Mizuho Energy Summit – Nustar Energy L.P. – slide 23
    Optimizing Our Legacy Assets
  24. Mizuho Energy Summit – Nustar Energy L.P. – slide 24
    We Are Also Optimizing Our Mature Systems to Profit From Evolving Market Demand We continue to identify micro- dislocations on our West Coast Biofuel : Central East Council Bluffs: mature systems, and Estimated Investment: 2018…
  25. Mizuho Energy Summit – Nustar Energy L.P. – slide 25
    Our Projects to Facilitate Export of Refined Products to Supply Northern Mexico Are Progressing on Schedule Northern Mexico Several years ago, we recognized the Supply: growing need for refined products Estimated Investment: to…
  26. Mizuho Energy Summit – Nustar Energy L.P. – slide 26
    The West Coasts Aggressive Carbon Emissions Reduction Goals Have Catalyzed Market Dislocations That Our West Coast Assets Are Well-Positioned to Address West Coast Biofuel : Regulatory priorities on the West Coast are dramatically…
  27. Mizuho Energy Summit – Nustar Energy L.P. – slide 27
    We Have Worked With Key Customers to Develop Low-Capital Renewable Fuels Storage Projects at Several of Our West Coast Facilities to Meet Regional LCFS Mandates Together, these projects comprise a renewable diesel/biodiesel…
  28. Mizuho Energy Summit – Nustar Energy L.P. – slide 28
    We Have Increased EBITDA and Market Share For Our Central East-Refined Products System With Targeted, Low-Capital Projects In the past six years, we have been able to increase the systems EBITDA by over 60%, with limited capital…
  29. Mizuho Energy Summit – Nustar Energy L.P. – slide 29
    Potential Up-Side for Legacy Storage Assets From IMO 2020 While the full implications remain to be seen, IMO 2020 may present storage opportunities, through additional segregations, that we have not forecasted These restrictions may…
  30. Mizuho Energy Summit – Nustar Energy L.P. – slide 30
    Good Corporate Citizenship has Always Been the Foundation of NuStars Culture of Excellence, and We Remain Committed to Responsible Stewardship Safe and responsible operations : Our statistics reflect our commitment In 2018, we had an…
  31. Mizuho Energy Summit – Nustar Energy L.P. – slide 31
    Summary
  32. Mizuho Energy Summit – Nustar Energy L.P. – slide 32
    This Year, We Will Continue Building on Our Foundational Strengths to Ensure Strong, Stable Growth in the Future Strong Coverage Low Leverage Maximum Self-Funding Simplified Structure No IDRs Disciplined Project Management…
  33. Mizuho Energy Summit – Nustar Energy L.P. – slide 33
    Appendix
  34. Mizuho Energy Summit – Nustar Energy L.P. – slide 34
    Our Permian Crude System is Core of the Core 35
  35. Mizuho Energy Summit – Nustar Energy L.P. – slide 35
    Our Work in 2018 Positioned NuStar For Growth; in 2019, We Are Focused on Disciplined Spending and Project Execution and Continuing to Improve Our Metrics We are carefully evaluating projects and managing costs to ensure two things:…
  36. Mizuho Energy Summit – Nustar Energy L.P. – slide 36
    We Have No Significant Debt Maturities Until 2020 1,500 Debt Maturities 1,257 (As of 12/31/2018) Receivables Financing (MM) 1,250 62 Sub Notes GO Zone Financing 1,000 450 Senior Unsecured Notes Revolver 750 500 745 250…
  37. Mizuho Energy Summit – Nustar Energy L.P. – slide 37
    Capital Structure as of December 31, 2018 ( in Millions) 1.4B Credit Facility 745 Series D Preferred Units 564 NuStar Logistics Notes (4.75%) 250 Series A, B and C Preferred Units 756 NuStar Logistics Notes (4.80%) 450 Common…
  38. Mizuho Energy Summit – Nustar Energy L.P. – slide 38
    Reconciliation of Non-GAAP Financial Information 39
  39. Mizuho Energy Summit – Nustar Energy L.P. – slide 39
    Reconciliation of Non-GAAP Financial Information (continued) 40
  40. Mizuho Energy Summit – Nustar Energy L.P. – slide 40
    Reconciliation of Non-GAAP Financial Information (continued) 41

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