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Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P.

Nustar Energy L.P. · Mar 3, 2020 · 46 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. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 1
    2020 Barclays M i d s t re a m & I n f ra s t r u c t u r e C o r p o ra t e A c c e s s D ay s March 3-4, 2020
  2. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 2
    The Permian Basin: Introduction Phenomenal Growth Driving Midstream Opportunities
  3. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 3
    We Have Completed Our Stepped Plan to Achieve MLP Investor Priorities Strong Coverage Lower Leverage Common Unit Price(1): 22.70 Distribution/CU/Year: 2.40 Yield(1): 10.6% Market Cap(1): 2 billion Credit Ratings: Simplified…
  4. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 4
    Thi In 2019, Thanks to Our Employees Hard Work and Focus, We Met or Surpassed Each of Our Core Operational Goals 2019 Projects Completed 1- Selby Renewable Diesel Effective project Stockton Biodiesel Permian Sunrise Connection…
  5. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 5
    And We Also Achieved or Beat Our Financial Targets in 2019 Previous Revised Actual Guidance Guidance 2019 DCF COVERAGE 1.2-1.3X 1.3-1.4X 1.33X 2019 Debt-to-EBITDA 4.3X 4.0X 3.88X 1 - Please see Appendix for…
  6. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 6
    And We Generated Healthy Growth Across Our Footprint in 2019 2018 2019 Pipeline EBITDA DCF (Continuing (Continuing Throughputs Operations) Operations) YE 2018 YE 2019 Debt-to- Debt-to- EBITDA EBITDA 4.05X2 3.88X2 1 -…
  7. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 7
    We are Proud of the Strong Results That We Delivered in 2019, and We Have Forecasted an Even Stronger 2020 2019 Results 2020 Guidance EBITDA from 668MM 715-765MM 11% Continuing Operations DCF Coverage from 1.33X 1.4-1.6X…
  8. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 8
    Our 2020 Strategic Spending Program is Focused on Low-multiple Projects to Build Upon NuStars Sweet Spots Total Total Estimated 2019 2020 Strategic Spending: Strategic Spending: 467MM 300-350MM 30% lower than 2019 West Coast…
  9. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 9
    Beyond Our Sweet Spots, Our Optimization Program has Made Small but Meaningful Improvements Across Our Assets to Assure Steady Returns As a result of our five-year plan for optimization of our assets across NuStars East Pipeline 80…
  10. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 10
    And Our Diverse Asset Base, Creditworthy Customers and Long- Term Contracts Provide Cross-Cyclical Balance NuStar Pipeline and Storage Segment Revenues NuStar Investment-Grade (IG) Customers (% 2019 Revenues) (% 2019 Revenues)…
  11. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 11
    This Year and in Future Years, We Intend to Stay Focused on Meeting Our Objectives for Building Unitholder Value, Across Cycles Maintain Our Industry-Leading Health and Safety Record Stay Safe Take Measures Necessary Allocate…
  12. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 12
    Permian Crude System
  13. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 13
    The Permian Basin Has Been, and Is Expected to Continue to be, the Largest and Most Resilient U.S. Shale Play MMBPD Projected Permian Production Even with widely publicized 7 (Annual Average) concerns regarding public 6 5.4 5.7…
  14. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 14
    We Acquired Our System Because It Sits Squarely Over the Midland Basins Hot Spot MOST ACCESSIBLE, BEST RECOVERIES AND S TA C K E D F O R M AT I O N S SUPERIOR GORs Fairway Outlines MBOE 500+ NuStar Pipeline 300 Spraberry 200…
  15. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 15
    And the Epicenter of Midland Basin Drilling Activity Now Sits Squarely Over Our System The geological superiority of our systems location, as well as our producers improvements in technique, has proven out as drilling activity has…
  16. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 16
    Our Core of the Core Location has Attracted Our Top-Tier Customers The quality of geological formations underlying our system attracts the strongest customers Our creditworthy customers include majors and the most prolific E&Ps, both…
  17. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 17
    Our Top-Tier Customers Continue to Drive Our Systems Strong Performance Rig Counts System Throughput Growth is Outpacing the Cumulative Monthly Growth (%) Permian Basin 278% (Jan 2020 YoY) 280% 240% Midland 200% Permian…
  18. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 18
    We Are Continuing to EXPAND and CONNECT Our Permian Crude System to Texas NewWithShale Wells andPipeline the + Export Backbone Projects: ofPipelines- to Third-Party Our WeStep System in AreWith Continuing Complete, OurWe to…
  19. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 19
    Gulf Coast Exports: Corpus Christi Continued & St. James Improvement: Our 2019 Plan
  20. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 20
    U.S. Crude Exports are Expected to Continue to Grow as North American Production Exceeds Refiner Demand U.S. Export Growth 2.2MMbpd New capacity from Permian Mid 2019 - 2024 long-haul projects in-service 2H 2019 and early 2020…
  21. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 21
    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 6.1 6.2…
  22. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 22
    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…
  23. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 23
    Our Connection Facility in Taft, Texas Establishes Our Footprint in this 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…
  24. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 24
    We are Exporting Permian Long-haul Barrels at Our Corpus Christi North Beach Terminal 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…
  25. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 25
    St. James, Formerly the Heart of U.S. Crude Import Infrastructure, is Evolving With Changing Crude Flows to Facilitate Regional Refinery Supply, Domestic Marine Deliveries and International Export Pre-shale play revolution, St.…
  26. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 26
    Our St. James Terminal is a World-class Facility That We Continue to Connect and Equip for the Next Opportunities as the Hub Evolves We are developing projects to ensure that, as in-bound pipeline volumes grow, we have the…
  27. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 27
    Our St. James Facility Continues to Benefit From Price Dislocations That Incentivize Rail and is Positioned to Participate in Export Growth in the Future When Pipeline Constraints Resolve A major dislocation between WCS production…
  28. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 28
    Northern Mexico Refined Products Supply
  29. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 29
    Mexicos Refined Product Demand is Expected to Continue to Exceed Its Infrastructures Capacity Mexico refineries currently operate around MBPD Gasoline and Diesel Production at Pemex Refineries 35% of nameplate capacity due to…
  30. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 30
    We Completed Two Projects in 2019, and Will Bring Another Into Service in Early 2020, to Help Remedy Mexicos Supply Shortfall In 3Q 2019, we completed service on two projects we developed to address the supply imbalance in Northern…
  31. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 31
    West Coast Bio-Fuels
  32. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 32
    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…
  33. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 33
    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 Coast Terminal's Bio-fuel of bio-fuels projects with our…
  34. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 34
    NuStars Corporate Citizenship 35
  35. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 35
    At NuStar, We Have Always Believed That Nurturing Our Caring & Sharing Culture is Integral to Building Unitholder Value We recognize that building long-term, steady, solid growth for our unitholders takes more than great capital assets…
  36. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 36
    Our Governance is Aligned With Our Unitholders Interest No IDRs Annual Unitholder Meetings NS Board of Directors 98% Attendance for 2019 Board & Committee Meetings 78% Independent Directors 11% Women Nominating,…
  37. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 37
    Protecting Our People and Our Environment Through Safe, Responsible Operations is NuStars 1 Priority Our safety statistics reflect our commitment to safe, responsible operations In 2019, as in years past, we performed substantially…
  38. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 38
    And We Continue to Prioritize Taking Care of Our Employees and Contributing to Our Communities NuStar has been recognized for its strong corporate culture with numerous awards NuStar has been recognized 11 times in Fortunes Annual…
  39. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 39
    APPENDIX 40
  40. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 40
    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 1,000 Receivables Financing…
  41. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 41
    Capital Structure as of December 31, 2019 ( in Millions) 1.2B Credit Facility 475 Series D Preferred Units 582 NuStar Logistics Notes (4.80%) 450 Series A, B and C Preferred Units 756 NuStar Logistics Notes (4.75%) 250 Common…
  42. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 42
    Reconciliation of Non-GAAP Financial Information 43
  43. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 43
    Reconciliation of Non-GAAP Financial Information (continued) 44
  44. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 44
    Reconciliation of Non-GAAP Financial Information (continued) 45
  45. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 45
    Reconciliation of Non-GAAP Financial Information (continued) 46
  46. Barclays Midstream and Infrastructure Corporate Access Days – Nustar Energy L.P. – slide 46
    Reconciliation of Non-GAAP Financial Information (continued) 47

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