2020 Wells Fargo Midstream & Upstream Symposium December 8 - 9, 2020 North Beach Corpus Christi, TX 1
Forward-Looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are…
Introduction South Texas Crude System 3
After a Strong 2019, at the Start of This Year, We Were Positioned for an Even Stronger 2020 Strong Coverage Lower Leverage Common Unit Price(1): 16.17 Distribution/CU/Year: 1.60 Yield(1): 9.9% Market Cap : (1) 2 billion…
In 2020, Faced With Historically Difficult Times, We Have Taken Decisive Action While Staying Focused on Our Priorities 5
Even Through Unprecedented Challenges, We Delivered Solid and Stable Financial Results Again This Past Quarter... Operating Income 3Q 3Q 2019 2020 Adjusted EBITDA (Continuing Operations) 1 - Please see Appendix for…
With Strong Operational Performance Across Our Footprint Our pipeline systems have rebounded strongly, and several of our terminals will continue to benefit from spring contango in 2021 PIPELINE SEGMENT West Coast- 100% Point…
Thanks to Hard Work and Solid Performance in 2020, We Expect Solid Full-Year Results 2020 Actions 2020 Maintained Reliable Operations & Industry-leading Health & Safety Guidance Record Reduced 2020 Strategic Capital Spending…
And We Expect to Continue to Demonstrate Financial Strength and Stability in 2021 Expect to Generate 2021 EBITDA Comparable to 2020 Adjusted EBITDA 2021 Expectations & Expect to Fund All NuStars 2021 Spending From Our…
In 2021, We Also Intend to Produce NuStars First Sustainability Report to Tout NuStars Proud Tradition of ESG Excellence 10
For 20 Years, NuStar has Been Protecting Our Employees, the Environment and Our Communities Because We Truly Believe Thats the Right Thing to Do Our safety statistics reflect our commitment to safe, responsible operations In 2019,…
And Pipelines are the Safest, Most Energy Efficient Mode of Energy Transportation, Generating Only a Small Proportion of GHG Emissions PIPELINES ARE LOW GHG EMITTERS RELATIVE TO THE REST OF THE VALUE CHAIN 0.7% 0.5% And…
In Our Report, We Plan to Share More About the Statistics, Record and Rankings That Reflect How Much NuStar Cares, Contributes and Shares Ranked Ranked Ranked 13 62 46 NuStar has been recognized for its strong corporate culture…
And Demonstrate Further That NuStars Governance is Aligned With Our Unitholders Interests No IDRs Annual Unitholder Meetings NS Board of Directors 98% Attendance for 2019 Board & Committee Meetings 78% Independent Directors 11%…
We Will Stay Focused on Our Priorities, for the Rest of 2020 and Throughout 2021 Working to Fund Continuing to Promoting Spending Take Steps to NuStars From Internally Improve Our ESG Generated Debt Metrics Excellence Cash…
We are Confident That the Product Demand Recovery We Have Seen is the First Step on the Road Back to Shale Production Growth in 2021-2022 U.S. Shale Production Growth Higher 2021-22 Crude Prices Crude Demand Recovery…
Overall U.S. Gasoline and Diesel Demand is Expected to Recover to 94% of Pre-COVID Levels by Year-end In the second quarter, U.S. refined products U.S. Refined Product Demand demand dropped by (as a % of Pre-COVID Demand) 21%…
And We Have Definitely Seen Resilience in Refined Products Demand in the Markets NuStar Serves 100% 90% 85% 80% 105% 100% 80% 65% 65% 2020 EBITDA guidance range assumes 85% recovery for the remainder of the year Slight…
U.S. Refinery Utilization has Continued to Recover, Led by Refiners in PADD 2 and PADD 3, Which NuStars Pipeline Systems Serve U.S. Refinery Utilization by PADD NuStars pipeline assets are primarily located in in PADD 2, PADD 4…
The Permian- the Worlds Largest, Most Resilient Shale Play- is Expected to Resume Growth in 2022, and Our System has Already Rebounded Ahead of the Rest of the Permian Basin Because of its superior geology and breakeven costs, the…
Our 2020 and 2021 Trimmed-Down Strategic Spending Program Focuses on Low-multiple Projects to Enhance Our Existing Footprint Total Estimated West Coast 2020 Renewable Fuels Strategic Storage Spending: 20MM in 2020 (50MM in 2021)…
WEST COAST RENEWABLE FUELS STORAGE Aggressive West Coast Carbon Emissions Reduction Goals Continue to Generate Growing Demand and Dislocations That Require Midstream Solutions Regulatory priorities on the West Coast are…
WEST COAST RENEWABLE FUELS STORAGE NuStar has Partnered With Key Customers to Develop Necessary Renewable Fuels Storage Projects at Several of Our West Coast Facilities We have established ourselves as an early mover and leader in…
WEST COAST RENEWABLE FUELS STORAGE We Handle and Store a Significant Proportion of the Total Low- Carbon Fuels Volumes Utilized in California, the Largest Driving State in the Nation NuStars Proportionate Share of Californias…
PERMIAN CRUDE PIPELINE SYSTEM With the Backbone of Our Now-700K-BPD System Complete, Our Permian Spending Will Scale With Our Producers Gathering Needs May 2017 Current Dedicated Acres 500,000 Scurry Borden AMI 5,000,000 Colorado…
PERMIAN CRUDE PIPELINE SYSTEM Our Core of the Core Location has Attracted Top-Tier Customers, Whose Large DUC Inventories Should Support Continued Recovery in 2021 The quality of geological formations underlying our system attracts…
GULF COAST STORAGE & EXPORT Gulf Coast Exports Held Up Well Through 3Q, and the Port of Corpus Christi Remains the Leading U.S. Crude Export Hub A significant proportion of the volumes transported on the additional 2.1MMBPD of new…
GULF COAST STORAGE & EXPORT We Continue to Export Permian Long-haul and Eagle Ford Barrels From Our Corpus Christi North Beach Terminal 100 Series 1.0MMbbl . 400 Series 1.7MMbbl 200 Series +0.4MMbbl Remaining Footprint…
GULF COAST STORAGE & EXPORT Our Unit Train Facility Benefits From WCS/Bakken Price Dislocations From Pipeline Constraints, and We Will Benefit From Export Growth as Those Constraints are Resolved Prior to March, the lack of…
N . M E X I C O R E F I N E D P R O D U C T S S U P P LY We Have Completed Two Projects to Help Remedy Mexicos Supply Shortfall We recently completed service on two projects that address the supply imbalance in Northern Mexico:…
APPENDIX South Texas Crude System 31
Long-term Commitments From Creditworthy Customers Pipeline Segment Contracted1 Revenues (% Q3 2020 Revenues) NuStar Investment-Grade (IG) Customers Take or Pay (% Q3 2020 Revenues) Contractual 45% Structurally Exclusive 40%…
The Balance of Our Business and the Location of Our Assets NuStar Pipeline and Storage NuStar Refined Products and Segment Revenues Crude Revenues (% 3Q 2020 Revenues) (% 3Q 2020 Revenues) 59% 46% 54% 41% Pipeline Segment…
PERMIAN CRUDE PIPELINE SYSTEM We Acquired Our Permian Crude System Because It Sits Squarely Over the Midland Basins Most Geologically Advantaged Acreage MOST ACCESSIBLE, BEST RECOVERIES AND STACKED FORMATIONS SUPERIOR GORs…
Debt Maturity Schedule In March 2020, we renewed our revolver through October of 2023 In April 2020, we entered into a three-year, 750 million unsecured term loan agreement with Oaktree Capital Management, L.P. to increase our…
Capital Structure as of September 30, 2020 ( in Millions) 1.0B Credit Facility 0 Series D Preferred Units 596 NuStar Logistics Notes (4.75%) 250 Series A, B and C Preferred Units 756 NuStar Logistics Notes (5.625%) 550 Common…
Reconciliation of Non-GAAP Financial Information 37
Reconciliation of Non-GAAP Financial Information (continued) 38
Reconciliation of Non-GAAP Financial Information (continued) 39
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