“We are particularly excited about all of the great growth opportunities in our Transportation segment, especially in the Eagle Ford Shale, as these projects have the potential to significantly increase our earnings in the years to come,” Anastasio commented.
In the last half of 2012 the company expects to benefit from the completion of two pipeline projects in the Eagle Ford Shale. One of these projects, the connection of one of NuStar’s existing pipelines to a newly constructed 3 rd party pipeline, was completed earlier this week. The second project, the construction of a new twelve inch pipeline, should be completed by the end of September 2012. These projects should contribute to higher EBITDA in the last half of 2012 when compared to the last half of 2011.
The company continues to identify and pursue growth opportunities in both the storage and transportation segments that should cause EBITDA to grow significantly in 2013. Based on the company’s earnings expectations for the remainder of the year and 2013, NuStar plans to recommend that its Board of Directors approve a distribution of $1.095 per unit for the second quarter of 2012.
As previously announced, the company will host a conference call on Friday, July 27, 2012 at 9:00 a.m. Central Time to discuss the second quarter 2012 earnings results, which will be released earlier that day, and provide an update on the operations of the companies.NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 8,420 miles of pipeline; 84 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids; and two asphalt refineries and a fuels refinery with a combined throughput capacity of 118,500 barrels per day. The partnership’s combined system has approximately 96 million barrels of storage capacity. One of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation, NuStar has 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 Energy L.P.'s Web site at www.nustarenergy.com. Cautionary Statement Regarding Forward-Looking Statements This press release includes forward-looking statements regarding future events. All forward-looking statements are based on the partnership and company's beliefs as well as assumptions made by and information currently available to the partnership and company. These statements reflect the partnership and company's current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P. and NuStar GP Holdings, LLC’s 2011 annual reports on Form 10-K and subsequent filings with the Securities and Exchange Commission. Non-GAAP Financial Information Please see the Investors section of the NuStar Energy L.P. Web site at www.nustarenergy.com for a financial reconciliation of the Non-GAAP term EBITDA mentioned in this press release.
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