NuStar GP Holdings, LLC (NYSE: NSH) today announced that distributable cash flow available to unitholders for the third quarter of 2011 was $21.1 million, or $0.50 per unit, compared to $20.7 million, or $0.49 per unit, for the third quarter of 2010. Third quarter 2011 net income was $18.4 million, or $0.43 per unit, compared to $17.8 million, or $0.42 per unit, for the third quarter of 2010.
In addition, the company announced that its board of directors has declared a third quarter 2011 distribution of $0.495 per unit. The third quarter 2011 distribution will be paid on November 16, 2011, to holders of record as of November 8, 2011.
“NuStar GP Holdings, LLC should benefit from a couple of internal growth projects completed by NuStar Energy L.P. during the third quarter,” said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “These projects should increase NuStar GP Holdings, LLC’s future distributable cash flows and net income.”
A conference call with management is scheduled for 11:00 a.m. ET (10:00 a.m. CT) today, October 28, 2011, to discuss the financial results for the third quarter of 2011. Investors interested in listening to the presentation may call 800/622-7620, passcode 13712546. International callers may access the presentation by dialing 706/645-0327, passcode 13712546. The company intends to have a playback available following the presentation, which may be accessed by calling 800/585-8367, passcode 13712546. A live broadcast of the conference call will also be available on the company’s Web site at www.nustargpholdings.com.NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 15.6 percent limited partner interest and the incentive distribution rights in NuStar Energy L.P., one of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation with operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. For more information, visit NuStar GP Holdings, LLC’s Web site at www.nustargpholdings.com. This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.