During the course of this call, we will also make reference to certain non-GAAP financial measures. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures. Reconciliations of these non-GAAP financial measures to U.S. GAAP maybe found either in our earnings press release or on our website under the Investor Relations tab.
Now, let me turn the call over to Curt.
Curt Anastasio – President and Chief Executive Officer
Good morning, and thanks for joining us today. Although the U.S. and global economic conditions continue to be very challenging this past year and oil and gas volatility remained high. NuStar was able to generate more distributable cash flow, more EBITDA, and operating income in 2011 compared to 2010.In addition, we continue to grow our asset base to internal growth capital projects and acquisitions, improve the condition of our balance sheet, continued to realize outstanding safety results, and we are named the 15th best company in America to work for by Fortune Magazine. During the year, NuStar completed 16 internal growth projects with a total project cost of about $200 million. We expect these projects to generate EBITDA at a 5 to 6 times multiple and contribute to the results of all three of our business segments during 2012. The St. James, Louisiana Phase I terminal expansion and the reactivation of two pipelines in the Eagle Ford Shale with major internal growth projects completed during the past year. The St. James terminal expansion project increased the storage capacity of the terminal by 3.2 million barrels to 8.2 million barrels making that facility NuStar’s second largest storage terminal asset, second only to our St. Eustatius terminal located in the Caribbean. Our two reactivated pipeline projects are currently transporting about 60,000 barrels a day of Eagle Ford Shale crude. Both of those projects should contribute to increased pipeline transportation segment EBITDA in 2012. We spent about $100 million for two acquisitions, which combined generated EBITDA at close to a six times multiple during 2011. We are implementing profit improvement initiatives at both acquisition locations that should allow us to improve the performance of those assets in 2012 and in future years.
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