NuStar Energy L.P. (NYSE: NS) today announced second quarter distributable cash flow available to limited partners of $16.9 million, or $0.24 per unit, compared to 2011 second quarter distributable cash flow of $119.4 million, or $1.85 per unit. Second quarter earnings before interest, taxes, depreciation and amortization (EBITDA) was negative $161.2 million compared to second quarter 2011 EBITDA of $160.0 million.
The company reported a second quarter net loss applicable to limited partners of $251.6 million, or $3.56 per unit, compared to net income applicable to limited partners of $81.8 million, or $1.27 per unit, earned in the second quarter of 2011. Without certain adjustments in the second quarters of both years, as described below, the second quarter of 2012 would have generated adjusted net income applicable to limited partners of $4.4 million, or $0.06 per unit, compared to the second quarter 2011 adjusted net income applicable to limited partners of $86.4 million, or $1.34 per unit.
For the six months ended June 30, 2012, the company reported a net loss applicable to limited partners of $235.6 million, or $3.33 per unit, compared to net income applicable to limited partners of $101.1 million, or $1.57 per unit, for the six months ended June 30, 2011.
The partnership also announced that its board of directors has declared a second quarter 2012 distribution of $1.095 per unit. The second quarter 2012 distribution will be paid on August 10, 2012, to holders of record as of August 7, 2012. Distributable cash flow available to limited partners covers the distribution to the limited partners by 0.22 times for the second quarter of 2012.
“We have several transactions and internal growth projects in the works that we’re confident will improve our earnings going forward," said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “We remain committed to growing our distributions to our unitholders so we have been very focused on minimizing our earnings volatility and reducing our debt in order to invest in more stable, high-return pipeline and terminal projects.”