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2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P.

Nustar Energy L.P. · Jan 14, 2020 · 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. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 1
    2020 UBS M i d s t re a m , M L P & U t i l i t i e s O n e - o n - O n e C o n fe r e n c e January 14-15, 2020
  2. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 2
    The Permian Basin: Introduction Phenomenal Growth Driving Midstream Opportunities
  3. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 3
    In 2018, We Completed Our Stepped Plan to Achieve the Characteristics the MLP Sector Demands Strong Coverage Lower Leverage Common Unit Price(1): 27.65 Distribution/CU/Year: 2.40 Yield(1): 8.7% Market Cap(1): 3 billion Credit…
  4. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 4
    Thi In 2019, We Met or Surpassed Each of Our Core Operational Goals 1- 2019 Project Completion Selby Renewable Diesel Effective project Stockton Biodiesel execution Permian Sunrise Connection Midland Connection Projects…
  5. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 5
    NuStars Third Quarter 2019 Results Demonstrated Our Consistent Progress and Solid Growth in 2019 Q3 Q3 2018 2019 Pipeline EBITDA DCF (Continuing (Continuing Q318 Throughputs Operations) Operations) Q319 Debt-to- Debt-to- EBITDA…
  6. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 6
    And We Expect to Meet or Surpass All Our 2019 Financial Goals In July, we closed on the sale of the St. Eustatius operations for a healthy double-digit multiple, and we deployed those proceeds to lower our debt further and to help…
  7. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 7
    We Expect to Report Strong Results for 2019, and 2020 Looks Even Stronger 2019 2020 EBITDA from 625-675MM 715-765MM 14% Continuing Operations DCF Coverage 1.3-1.4X 1.4-1.6X 11% 1 - Please see Appendix for…
  8. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 8
    Our 2020 Strategic Spending Will Target Low-multiple Projects to Continue to Expand on NuStars Sweet Spots Total Estimated Total Estimated 2019 2020 Strategic Spending: Strategic Spending: 485-515MM 300-350MM 35% West Coast…
  9. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 9
    Permian Crude System
  10. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 10
    The U.S. is Now the Global Leader in Crude Production Permian (shale + conv) U.S. Crude Production Annual Average-2014 - 2024 U.S. total crude Rest of Major Shale Rest of U.S. production is now 16.0 Federal GOM expected to grow…
  11. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 11
    The Permian Basin Has Been, and Is Expected to Continue to be, the Largest and Most Resilient U.S. Shale Play Even with widely publicized concerns MMBPD Projected Permian Production regarding E&P capital spending cuts, the 7 (Annual…
  12. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 12
    And NuStars System Continues to Outperform the Permian Basin NS System vs. Permian Basin Throughput Growth Rig Counts (2019 YoY) NuStar 260% 259% Cumulative Monthly Growth (%) 240% 220% Permian Acreage 200% 180% U.S. Basin…
  13. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 13
    Our Systems Strong Performance Demonstrates Our Core of the Core Location and Our Top-Tier, Creditworthy Customers The quality of geological formations underlying our system attracts the strongest customers Our creditworthy customers…
  14. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 14
    We Plan to Continue to Expand and Connect Our Permian Crude System, in Step With Our Customers Needs May 2017 Current Projected Dedicated Acres 500,000 2021 AMI 5,000,000 System Capacity 220,000 560,000 700,000 PAA SUNRISE II…
  15. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 15
    Gulf Coast Exports: Corpus Christi Continued & St. James Improvement: Our 2019 Plan
  16. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 16
    U.S. Crude Exports are Expected to Ramp Dramatically as Permian Production Exceeds U.S. Refiners Demands U.S. Export Growth 2.2MMbpd New capacity from Permian 2019 - 2024 long-haul projects in-service late 2019 and early 2020…
  17. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 17
    The Port of Corpus Christi has Become the Largest U.S. Crude Export Hub Regional refiners consumption has MMBPD U.S. Gulf Coast Oil Exports by Hub topped out, which means that a 7 significant proportion of the volumes 6.2 to be…
  18. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 18
    We Have Expanded on Our Existing Assets in South Texas to Export Permian Barrels for Trafigura From Our Corpus Christi Facility We have completed our project for Trafigura to connect our existing South Texas Crude System with PAAs…
  19. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 19
    Our Connection Facility Establishes Our Footprint in Taft, Texas, the Emerging South Texas Crude Oil Hub The Permian long-haul 2.1MMbpd Taft pipeline projects were from the developed to maximize 15 miles to Permian shippers…
  20. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 20
    NuStars Corpus Christi North Beach Terminal is Now Exporting Permian Long-haul Barrels 100 Series 1.0MMbbl 400 Series 200 Series 1.7MMbbl 0.8MMbbl +0.4MMbbl Remaining Footprint +0.4MMbbl Under Construction Dock 15 Dock 16 Dock 2…
  21. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 21
    St. James, Formerly the Heart of U.S. Crude Import Infrastructure, has Evolved as North American Shale Production is Reversing Crude Flows to Favor Regional Supply and Export Pre-shale play revolution, St. James, LA became the heart…
  22. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 22
    Our St. James Terminal is a World-class Facility That We Continue to Connect and Equip for the Next Opportunities as the Hub Evolves St. James is evolving into a hub for regional crude distribution and storage and for U.S. exports…
  23. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 23
    Our St. James Facility is Benefiting From Price Dislocations in the Near-Term and Positioned to Participate in Export Growth in the Future A major dislocation between WCS production and the Gulf Coast from a lack of long-haul…
  24. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 24
    Northern Mexico Refined Products Supply
  25. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 25
    Mexicos Refined Product Demand is Expected to Continue to Exceed Its Infrastructures Capacity Mexico refineries currently MBPD Gasoline and Diesel Production at Pemex Refineries 500 operate around 35% of nameplate capacity due to…
  26. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 26
    We Completed Two Projects in 2019, and Will Bring Another Into Service in Early 2020, to Help Remedy This Supply Imbalance In 3Q 2019, we completed service on two projects we developed to address the supply imbalance in Northern…
  27. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 27
    West Coast Bio-Fuels
  28. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 28
    Aggressive West Coast Carbon Emissions Reduction Goals Continue to Generate Growing Demand and Market Dislocations That Require Midstream Solutions Regulatory priorities on the West Coast are dramatically International increasing…
  29. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 29
    NuStar is Partnering With Key Customers to Develop Necessary Bio-Fuels Storage at Several of Our West Coast Facilities We have developed and completed a number NS West Caost Terminal's Bio-fuel of bio-fuels projects with our…
  30. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 30
    HSE Excellence is NuStars 1 Priority 31
  31. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 31
    Safe, Responsible and Efficient Operations are NuStars 1 Priority Our safety statistics reflect our commitment to safe, responsible operations In 2019, as in years past, our safety statistics were substantially better than our…
  32. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 32
    And, in 2020, We Will Continue to Take Care of Our Employees and Our Communities Across North America NuStar has been recognized for its strong corporate culture with numerous awards NuStar employees contributed 90,000 volunteer…
  33. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 33
    APPENDIX 34
  34. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 34
    Debt Maturity Schedule We have applied 500MM proceeds from recent dispositions to our revolver balance, which has allowed us to reduce leverage and redeploy capital to invest in low-multiple projects Receivables Financing 1,000…
  35. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 35
    Capital Structure as of September 30, 2019 ( in Millions) 1.2B Credit Facility 445 Series D Preferred Units 577 NuStar Logistics Notes (4.80%) 450 Series A, B and C Preferred Units 756 NuStar Logistics Notes (4.75%) 250 Common…
  36. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 36
    Reconciliation of Non-GAAP Financial Information 37
  37. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 37
    Reconciliation of Non-GAAP Financial Information (continued) 38
  38. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 38
    Reconciliation of Non-GAAP Financial Information (continued) 39
  39. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 39
    Reconciliation of Non-GAAP Financial Information (continued) 40
  40. 2020 UBS Midstream MLP and Utilities One on One Conference – Nustar Energy L.P. – slide 40
    Reconciliation of Non-GAAP Financial Information (continued) 41

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