nustar energy lp (NS) Key Developments
NuStar Energy LP Announces Management Changes
Nov 27 13
NuStar Energy LP announced that its board of directors selected Brad Barron as the president and chief executive officer (CEO), succeeding Curt Anastasio who will retire from these roles at the company and NuStar GP Holdings, as of December 31, 2013. Most recently, Barron was the company's executive vice president and general counsel and began his career with NuStar 12 years ago. The company added that besides Barron's work of overseeing all of NuStar's governance, contractual issues and legal defences, he has been responsible for Human Resources in the past and works closely with the company's Financial and Corporate Development groups on all mergers and acquisitions. He is also in charge of the Right of Way and Health, Safety & Environmental departments and has worked closely with the Operations, Engineering and Business Development groups.
NuStar Energy L.P. and NuStar GP Holdings, LLC Announce Management Changes, Effective December 31, 2013
Nov 26 13
NuStar Energy L.P. announced that Curt Anastasio, President and CEO of NuStar Energy L.P. and NuStar GP Holdings, plans to retire from the company effective December 31, 2013. The company's board of directors has selected Brad Barron, NuStar's Executive Vice President and General Counsel, to assume the position of President and CEO upon Anastasio's retirement. Brad Barron, NuStar's Executive Vice President & General Counsel, will assume the role of President & CEO of the company. Barron has more than 20 years of experience, and he began his career with NuStar 12 years ago. He has served as NuStar's General Counsel for over six years and based on his many contributions to the company's success, he was promoted to Executive Vice President in 2012. Prior to joining NuStar, Barron served as Managing Counsel of Valero Energy Corporation, and he started his career with Vinson & Elkins LLP.
NuStar Energy L.P. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013 and Full Year of 2013 and 2014
Nov 12 13
NuStar Energy L.P. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company has posted total revenues of $780,010,000 against $1,593,756 a year ago. Operating income was $65,874,000 against $59,352,000 a year ago. Income from continuing operations was $33,236,000 or $0.28 per share against $13,965,000 or $0.04 per share a year ago. Net income applicable to limited partners was $21,924,000 or $0.28 diluted per share against net loss applicable to limited partners of $6,503,000 or $0.09 per share a year ago.
For the nine months, the company has posted total revenues of $2,683,916,000 against $4,970,909,000 a year ago. Operating income was $199,379,000 against net loss of $86,537,000 a year ago. Income from continuing operations was $81,540,000 or $0.61 per share against loss from continuing operations of $192,549,000 or $3.07 per share a year ago. Net income applicable to limited partners was $56,811,000 or $0.73 diluted per share against net loss applicable to limited partners of $242,113,000 or $3.40 per share a year ago.
For the fourth quarter of 2013, the company earnings per unit should be $0.20 to $0.30 per unit, while distributable cash flow from continuing operations per limited partner unit should be in the range of $0.80 to $0.90 per unit.
For the year 2013, the company's pipeline segment EBITDA should be $60 million to $70 million higher than last year and storage segment EBITDA is now expected to be $5 million to $15 million lower than 2012. The company expects fuels marketing segment to generate EBITDA of up to $10 million in 2013. Reliability capital spending should be $35 million to $45 million, while strategic capital is now projected to be in the range of $300 million to $325 million, lower than previous guidance due to spending on a couple of projects being deferred into 2014.
Looking ahead to 2014, increased crude oil throughputs in the Eagle Ford Shale region should increase pipeline segment's EBITDA by an additional $40 million to $60 million next year. The company expects storage segment to be comparable to 2013's results. The company project fuels marketing segment results to improve in 2014 with EBITDA expected to be in the range of $10 million to $30 million. The company plan to spend $350 million to $375 million in 2014. Reliability capital spending should be in the range of $35 to $45 million in 2013 and in 2014.
Nustar Energy L.P. Signs Mutual Agreement Terminating its Crude Supply Contract with PDVSA Before Original Date
Nov 11 13
NuStar Energy LP disclosed that it mutually agreed to terminate its crude oil supply agreement with Petroleos de Venezuela SA (PDVSA) as of 1 January 2014, ahead of the original termination date of March 2015. The original agreement was signed with PDVSA in 2008 to supply the two US East Coast asphalt refineries the company bought that year from CITGO and although it spun off its asphalt refining operations into a joint venture, NuStar Asphalt Refining LLC when it sold 50% of the voting interest in these operations in September 2012, it was still obligated to buy crude under the original agreement.
NuStar Energy L.P. Declares Third Quarter 2013 Distribution, Payable on November 14, 2013
Oct 31 13
NuStar Energy L.P. announced that its board of directors has declared a third quarter 2013 distribution of $1.095 per unit. The third quarter distribution will be paid on November 14, 2013 to holders of record as of November 11, 2013.