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NuStar Energy Reports Earnings Results For Third Quarter Of 2012

NuStar Energy L.P. (NYSE: NS) today announced third quarter distributable cash flow available to limited partners of $54.6 million, or $0.75 per unit, compared to 2011 third quarter distributable cash flow of $80.3 million, or $1.24 per unit. For the nine months ended September 30, 2012, distributable cash flow available to limited partners was $114.2 million, or $1.59 per unit, compared to $244.8 million, or $3.79 per unit for the nine months ended September 30, 2011.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $69.5 million for the third quarter of 2012 compared to $138.8 million for the third quarter of 2011. For the nine months ended September 30, 2012, EBITDA was $5.1 million, compared to $391.7 million for the nine months ended September 30, 2011.

The company reported a third quarter net loss applicable to limited partners of $6.5 million, or $0.09 per unit, compared to net income applicable to limited partners of $59.8 million, or $0.92 per unit, earned in the third quarter of 2011. For the nine months ended September 30, 2012, the company reported a net loss applicable to limited partners of $242.1 million, or $3.40 per unit, compared to net income applicable to limited partners of $160.9 million, or $2.49 per unit, for the nine months ended September 30, 2011.

The partnership also announced that its board of directors has declared a third quarter 2012 distribution of $1.095 per unit. The third quarter 2012 distribution will be paid on November 14, 2012, to holders of record as of November 9, 2012. Distributable cash flow available to limited partners covers the distribution to the limited partners by 0.68 times for the third quarter of 2012.

“Our storage and transportation segments continue to perform better than last year as we realize the benefits of completing several internal growth capital projects over the past year," said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “However losses in our Asphalt and Fuels Marketing segment as a result of continued high crude oil prices and weak demand in our asphalt operations, hedging losses associated with the company’s San Antonio refinery and reduced margins on the sales of products in the company’s fuels marketing operations more than offset the improved performance in our storage and transportation segments causing NuStar’s third quarter results to be lower than last year.”

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