QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from _______ to _______ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
x | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | |||
Emerging growth company |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 6. | ||
Item 1. | Financial Statements |
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, net of allowance for doubtful accounts of $9,452 and $9,412 as of June 30, 2019 and December 31, 2018, respectively | |||||||
Inventories | |||||||
Prepaid and other current assets | |||||||
Assets held for sale | |||||||
Total current assets | |||||||
Property, plant and equipment, at cost | |||||||
Accumulated depreciation and amortization | ( | ) | ( | ) | |||
Property, plant and equipment, net | |||||||
Intangible assets, net | |||||||
Goodwill | |||||||
Other long-term assets, net | |||||||
Total assets | $ | $ | |||||
Liabilities, Mezzanine Equity and Partners’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | $ | |||||
Short-term debt and current portion of finance leases | |||||||
Accrued interest payable | |||||||
Accrued liabilities | |||||||
Taxes other than income tax | |||||||
Income tax payable | |||||||
Liabilities held for sale | |||||||
Total current liabilities | |||||||
Long-term debt | |||||||
Deferred income tax liability | |||||||
Other long-term liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 6) | |||||||
Series D preferred limited partners (23,246,650 preferred units outstanding as of June 30, 2019 and December 31, 2018) (Note 9) | |||||||
Partners’ equity (Note 10): | |||||||
Preferred limited partners | |||||||
Series A (9,060,000 units outstanding as of June 30, 2019 and December 31, 2018) | |||||||
Series B (15,400,000 units outstanding as of June 30, 2019 and December 31, 2018) | |||||||
Series C (6,900,000 units outstanding as of June 30, 2019 and December 31, 2018) | |||||||
Common limited partners (107,763,033 and 107,225,156 common units outstanding as of June 30, 2019 and December 31, 2018, respectively) | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total partners’ equity | |||||||
Total liabilities, mezzanine equity and partners’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Service revenues | $ | $ | $ | $ | |||||||||||
Product sales | |||||||||||||||
Total revenues | |||||||||||||||
Costs and expenses: | |||||||||||||||
Costs associated with service revenues: | |||||||||||||||
Operating expenses (excluding depreciation and amortization expense) | |||||||||||||||
Depreciation and amortization expense | |||||||||||||||
Total costs associated with service revenues | |||||||||||||||
Cost of product sales | |||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense) | |||||||||||||||
Other depreciation and amortization expense | |||||||||||||||
Total costs and expenses | |||||||||||||||
Operating income | |||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Other income, net | |||||||||||||||
Income from continuing operations before income tax expense | |||||||||||||||
Income tax expense | |||||||||||||||
Income from continuing operations, net of tax | |||||||||||||||
(Loss) income from discontinued operations, net of tax | ( | ) | ( | ) | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | |||||||||
Basic net income (loss) per common unit (Note 11): | |||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||
Discontinued operations | ( | ) | ( | ) | |||||||||||
Total net income (loss) per common unit | $ | $ | $ | ( | ) | $ | |||||||||
Basic weighted-average common units outstanding | |||||||||||||||
Comprehensive income (loss) | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash Flows from Operating Activities: | |||||||
Net (loss) income | $ | ( | ) | $ | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Depreciation and amortization expense | |||||||
Unit-based compensation expense | |||||||
Amortization of debt related items | |||||||
Gain from sale or disposition of assets | ( | ) | ( | ) | |||
Asset impairment losses | |||||||
Goodwill impairment loss | |||||||
Gain from insurance recoveries | ( | ) | |||||
Deferred income tax (benefit) expense | ( | ) | |||||
Changes in current assets and current liabilities (Note 12) | ( | ) | |||||
Decrease (increase) in other long-term assets | ( | ) | |||||
Increase (decrease) in other long-term liabilities | ( | ) | |||||
Other, net | ( | ) | ( | ) | |||
Net cash provided by operating activities | |||||||
Cash Flows from Investing Activities: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Change in accounts payable related to capital expenditures | ( | ) | |||||
Proceeds from sale or disposition of assets | |||||||
Proceeds from insurance recoveries | |||||||
Acquisitions | ( | ) | |||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash Flows from Financing Activities: | |||||||
Proceeds from long-term debt borrowings | |||||||
Proceeds from short-term debt borrowings | |||||||
Proceeds from note offering, net of issuance costs | |||||||
Long-term debt repayments | ( | ) | ( | ) | |||
Short-term debt repayments | ( | ) | ( | ) | |||
Proceeds from issuance of Series D preferred units | |||||||
Payment of issuance costs for Series D preferred units | ( | ) | |||||
Proceeds from issuance of common units | |||||||
Distributions to preferred unitholders | ( | ) | ( | ) | |||
Distributions to common unitholders and general partner | ( | ) | ( | ) | |||
Proceeds from termination of interest rate swaps | |||||||
Payment of tax withholding for unit-based compensation | ( | ) | ( | ) | |||
Decrease in cash book overdrafts | ( | ) | ( | ) | |||
Other, net | ( | ) | ( | ) | |||
Net cash provided by (used in) financing activities | ( | ) | |||||
Effect of foreign exchange rate changes on cash | ( | ) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | |||||
Cash, cash equivalents and restricted cash as of the beginning of the period | |||||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | $ |
Limited Partners | Mezzanine Equity | ||||||||||||||||||||||||||
Preferred | Common | General Partner | Accumulated Other Comprehensive Loss | Total Partners’ Equity (Note 10) | Series D Preferred Limited Partners (Note 9) | Total | |||||||||||||||||||||
Balance as of March 31, 2019 | $ | $ | $ | — | $ | ( | ) | $ | $ | $ | |||||||||||||||||
Net income | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||||
Distributions to partners: | |||||||||||||||||||||||||||
Series A, B and C preferred | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Common ($0.60 per unit) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Series D preferred | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||
Unit-based compensation | — | — | |||||||||||||||||||||||||
Series D preferred unit accretion | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Other | — | ( | ) | ( | ) | ||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | — | $ | ( | ) | $ | $ | $ |
Balance as of March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Net income | |||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | — | ( | ) | ||||||||||||||||||||
Distributions to partners: | |||||||||||||||||||||||||||
Series A, B and C preferred | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Common ($0.60 per unit) and general partner | — | ( | ) | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||
Series D preferred | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||
Issuance of common units, including contribution from general partner | — | ||||||||||||||||||||||||||
Issuance of Series D preferred units | — | — | — | — | — | ||||||||||||||||||||||
Unit-based compensation | — | ||||||||||||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Balance as of June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ |
Limited Partners | Mezzanine Equity | ||||||||||||||||||||||||||
Preferred | Common | General Partner | Accumulated Other Comprehensive Loss | Total Partners’ Equity (Note 10) | Series D Preferred Limited Partners (Note 9) | Total | |||||||||||||||||||||
Balance as of January 1, 2019 | $ | $ | $ | — | $ | ( | ) | $ | $ | $ | |||||||||||||||||
Net income (loss) | ( | ) | — | ( | ) | ( | ) | ||||||||||||||||||||
Other comprehensive loss | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||||
Distributions to partners: | |||||||||||||||||||||||||||
Series A, B and C preferred | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Common ($1.20 per unit) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Series D preferred | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||
Unit-based compensation | — | — | |||||||||||||||||||||||||
Series D preferred unit accretion | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||
Other | ( | ) | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | — | $ | ( | ) | $ | $ | $ |
Balance as of January 1, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Net income | |||||||||||||||||||||||||||
Other comprehensive income | — | ||||||||||||||||||||||||||
Distributions to partners: | |||||||||||||||||||||||||||
Series A, B and C preferred | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Common ($1.695 per unit) and general partner | — | ( | ) | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||
Series D preferred | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||
Issuance of common units, including contribution from general partner | — | ||||||||||||||||||||||||||
Issuance of Series D preferred units | — | — | — | — | — | ||||||||||||||||||||||
Unit-based compensation | — | ||||||||||||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Balance as of June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues | |||||||||||||||
Impairment losses | |||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense) | |||||||||||||||
Other depreciation and amortization expense | |||||||||||||||
Total costs and expenses | |||||||||||||||
Operating (loss) income | ( | ) | ( | ) | |||||||||||
Interest income (expense), net | ( | ) | ( | ) | |||||||||||
Other income (expense), net | ( | ) | |||||||||||||
(Loss) income from discontinued operations before income tax expense | ( | ) | ( | ) | |||||||||||
Income tax expense | |||||||||||||||
(Loss) income from discontinued operations, net of tax | $ | ( | ) | $ | $ | ( | ) | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(Thousands of Dollars) | |||||||
Capital expenditures | $ | ( | ) | $ | ( | ) | |
Significant noncash operating activities: | |||||||
Depreciation and amortization expense | $ | $ | |||||
Asset impairment losses | $ | $ | |||||
Goodwill impairment loss | $ | $ | |||||
Gain from insurance recoveries | $ | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||
(Thousands of Dollars) | |||||||
Total current assets | $ | $ | |||||
Property, plant and equipment, net | |||||||
Goodwill | |||||||
Other long-term assets, net | |||||||
Assets held for sale | $ | $ | |||||
Total current liabilities | $ | $ | |||||
Total long-term liabilities | |||||||
Liabilities held for sale | $ | $ |
2019 | 2018 | ||||||||||||||
Contract Assets | Contract Liabilities | Contract Assets | Contract Liabilities | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
Balances as of January 1: | |||||||||||||||
Current portion | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
Noncurrent portion | ( | ) | ( | ) | |||||||||||
Held for sale | ( | ) | ( | ) | |||||||||||
Total | ( | ) | ( | ) | |||||||||||
Activity: | |||||||||||||||
Additions | ( | ) | ( | ) | |||||||||||
Transfer to accounts receivable | ( | ) | — | ( | ) | — | |||||||||
Transfer to revenues, including amounts reported in discontinued operations | — | — | |||||||||||||
Total | ( | ) | |||||||||||||
Balances as of June 30: | |||||||||||||||
Current portion | ( | ) | ( | ) | |||||||||||
Noncurrent portion | ( | ) | ( | ) | |||||||||||
Held for sale | ( | ) | |||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) |
2019 (remaining) | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
Pipeline segment: | |||||||||||||||
Crude oil pipelines | $ | $ | $ | $ | |||||||||||
Refined products and ammonia pipelines | |||||||||||||||
Total pipeline segment revenues from contracts with customers | |||||||||||||||
Lessor revenues | |||||||||||||||
Total pipeline segment revenues | |||||||||||||||
Storage segment: | |||||||||||||||
Throughput terminals | |||||||||||||||
Storage terminals | |||||||||||||||
Total storage segment revenues from contracts with customers | |||||||||||||||
Lessor revenues | |||||||||||||||
Total storage segment revenues | |||||||||||||||
Fuels marketing segment: | |||||||||||||||
Revenues from contracts with customers | |||||||||||||||
Consolidation and intersegment eliminations | ( | ) | ( | ) | ( | ) | |||||||||
Total revenues | $ | $ | $ | $ |
• | the package of practical expedients, which, among other things, allowed us to carry forward historical lease classification; |
• | the practical expedient specifically related to land easements, which, among other things, allowed us to carry forward our historical accounting treatment for existing land easement agreements; |
• | the lessee practical expedient to combine lease and non-lease components for all of our asset classes except the other pipeline and terminal equipment asset class; and |
• | the lessor practical expedient to combine lease and non-lease components and to account for the transaction based on the predominant component (i.e., ASC Topic 842 or ASC Topic 606, “Revenue from Contracts with Customers”). We apply this expedient to certain contracts in which we agree to provide both storage capacity and optional services to customers. |
• | dockage and wharfage charges, which are based on volumes moved over leased docks and are included in our calculation of our lease payments based on minimum throughput volume requirements. We recognize charges on excess throughput volumes in profit or loss in the period in which the obligation for those payments is incurred; and |
• | consumer price index adjustments, which are measured and included in the calculation of our lease payments based on the consumer price index at the adoption date or, after adoption, at the commencement date. We recognize changes in lease payments as a result of changes in the consumer price index in profit or loss in the period in which those payments are made. |
Balance Sheet Location | June 30, 2019 | |||||
(Thousands of Dollars) | ||||||
Right-of-Use Assets: | ||||||
Operating | Other long-term assets, net | $ | ||||
Operating | Assets held for sale | $ | ||||
Finance | Property, plant and equipment, net of accumulated amortization of $1,741 | $ | ||||
Lease Liabilities: | ||||||
Operating: | ||||||
Current | Accrued liabilities | $ | ||||
Current | Liabilities held for sale | |||||
Noncurrent | Other long-term liabilities | |||||
Total operating lease liabilities | $ | |||||
Finance: | ||||||
Current | Short-term debt and current portion of finance leases | $ | ||||
Noncurrent | Long-term debt | |||||
Total finance lease liabilities | $ |
Operating Leases | Finance Leases | |||||||
(Thousands of Dollars) | ||||||||
2019 (remaining) | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
Thereafter | ||||||||
Total lease payments | $ | $ | ||||||
Less: Interest | ||||||||
Present value of lease liabilities | $ | $ |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||||
(Thousands of Dollars) | ||||||||
Operating lease cost | $ | $ | ||||||
Finance lease cost: | ||||||||
Amortization of right-of-use assets | ||||||||
Interest expense on lease liability | ||||||||
Short-term lease cost | ||||||||
Variable lease cost | ||||||||
Total lease cost | $ | $ |
Operating Leases | Finance Leases | |||||||
(Thousands of Dollars, Except Term and Rate Data) | ||||||||
For the six months ended June 30, 2019: | ||||||||
Cash outflows from operating activities | $ | $ | ||||||
Cash outflows from financing activities | $ | |||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | $ | ||||||
As of June 30, 2019: | ||||||||
Weighted-average remaining lease term (in years) | ||||||||
Weighted-average discount rate | % | % |
Asset Derivatives | Liability Derivatives | |||||||||||||||
Balance Sheet Location | June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other long-term assets, net | $ | $ | $ | $ | ||||||||||||
Other long-term liabilities | $ | $ | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
(Loss) gain recognized in other comprehensive income (loss) on derivative | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Loss reclassified from AOCI into interest expense, net | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||
(Thousands of Dollars) | |||||||
Fair value | $ | $ | |||||
Carrying amount | $ | $ |
Units | Fixed Distribution Rate Per Unit Per Quarter | Fixed Distribution Per Quarter | Date at Which Distribution Rate Becomes Floating | |||||||
(Thousands of Dollars) | ||||||||||
Series A Preferred Units | $ | $ | December 15, 2021 | |||||||
Series B Preferred Units | $ | $ | June 15, 2022 | |||||||
Series C Preferred Units | $ | $ | December 15, 2022 |
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions | Record Date | Payment Date | ||||||||
(Thousands of Dollars) | ||||||||||||
June 30, 2019 | $ | $ | ||||||||||
March 31, 2019 | $ | $ |
Foreign Currency Translation | Cash Flow Hedges | Pension and Other Postretirement Benefits | Total | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
Balance as of January 1, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive income (loss): | |||||||||||||||
Other comprehensive income (loss) before reclassification adjustments | ( | ) | ( | ) | |||||||||||
Net gain on pension costs reclassified into other income, net | ( | ) | ( | ) | |||||||||||
Net loss on cash flow hedges reclassified into interest expense, net | |||||||||||||||
Other | |||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars, Except Unit and Per Unit Data) | |||||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | |||||||||
Distributions to preferred limited partners | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Distributions to general partner | ( | ) | |||||||||||||
Distributions to common limited partners | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Distribution equivalent rights to restricted units | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Distributions (in excess of) less than income (loss) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||
Distributions to common limited partners | $ | $ | $ | $ | |||||||||||
Allocation of distributions (in excess of) less than income (loss) | ( | ) | ( | ) | ( | ) | |||||||||
Series D Preferred Unit accretion | ( | ) | ( | ) | |||||||||||
Net income (loss) attributable to common units | $ | $ | $ | ( | ) | $ | |||||||||
Basic weighted-average common units outstanding | |||||||||||||||
Basic net income (loss) per common unit | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(Thousands of Dollars) | |||||||
Decrease (increase) in current assets: | |||||||
Accounts receivable | $ | ( | ) | $ | |||
Receivable from related party | |||||||
Inventories | ( | ) | |||||
Other current assets | ( | ) | ( | ) | |||
Increase (decrease) in current liabilities: | |||||||
Accounts payable | |||||||
Accrued interest payable | ( | ) | |||||
Accrued liabilities | ( | ) | |||||
Taxes other than income tax | ( | ) | |||||
Income tax payable | ( | ) | ( | ) | |||
Changes in current assets and current liabilities | $ | ( | ) | $ |
• | the change in the amount accrued for capital expenditures; |
• | the effect of foreign currency translation; |
• | changes in the fair values of our interest rate swap agreements; |
• | the recognition of lease liabilities upon the adoption of ASC Topic 842; and |
• | the reclassification of certain assets and liabilities to “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheets (please refer to Note 3 for additional discussion). |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(Thousands of Dollars) | |||||||
Cash paid for interest, net of amount capitalized | $ | $ | |||||
Cash paid for income taxes, net of tax refunds received | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
(Thousands of Dollars) | |||||||
Cash and cash equivalents | $ | $ | |||||
Prepaid and other current assets | |||||||
Assets held for sale | |||||||
Cash, cash equivalents and restricted cash | $ | $ |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
For the three months ended June 30: | |||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Expected return on assets | ( | ) | ( | ) | |||||||||||
Amortization of prior service credit | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Amortization of net loss | |||||||||||||||
Net periodic benefit cost (income) | $ | $ | $ | ( | ) | $ | |||||||||
For the six months ended June 30: | |||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Expected return on assets | ( | ) | ( | ) | |||||||||||
Amortization of prior service credit | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Amortization of net loss | |||||||||||||||
Net periodic benefit cost (income) | $ | $ | $ | ( | ) | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Thousands of Dollars) | |||||||||||||||
Revenues: | |||||||||||||||
Pipeline | $ | $ | $ | $ | |||||||||||
Storage: | |||||||||||||||
Third parties | |||||||||||||||
Intersegment | |||||||||||||||
Total storage | |||||||||||||||
Fuels marketing | |||||||||||||||
Consolidation and intersegment eliminations | ( | ) | ( | ) | ( | ) | |||||||||
Total revenues | $ | $ | $ | $ | |||||||||||
Operating income: | |||||||||||||||
Pipeline | $ | $ | $ | $ | |||||||||||
Storage | |||||||||||||||
Fuels marketing | |||||||||||||||
Consolidation and intersegment eliminations | ( | ) | |||||||||||||
Total segment operating income | |||||||||||||||
General and administrative expenses | |||||||||||||||
Other depreciation and amortization expense | |||||||||||||||
Total operating income | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
(Thousands of Dollars) | |||||||
Pipeline | $ | $ | |||||
Storage | |||||||
Fuels marketing | |||||||
Total segment assets | |||||||
Assets held for sale | |||||||
Other partnership assets | |||||||
Total consolidated assets | $ | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Receivables, net | |||||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Prepaid and other current assets | |||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||
Intercompany receivable | ( | ) | |||||||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Investment in wholly owned subsidiaries | ( | ) | |||||||||||||||||||||
Other long-term assets, net | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Liabilities, Mezzanine Equity and Partners’ Equity | |||||||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Short-term debt and current portion of finance leases | |||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||
Taxes other than income tax | |||||||||||||||||||||||
Income tax payable | |||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||
Intercompany payable | ( | ) | |||||||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Deferred income tax liability | |||||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Series D preferred units | |||||||||||||||||||||||
Total partners’ equity | ( | ) | |||||||||||||||||||||
Total liabilities, mezzanine equity and partners’ equity | $ | $ | $ | $ | $ | ( | ) | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Receivables, net | |||||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Prepaid and other current assets | |||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||
Intercompany receivable | ( | ) | |||||||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Investment in wholly owned subsidiaries | ( | ) | |||||||||||||||||||||
Other long-term assets, net | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Liabilities, Mezzanine Equity and Partners’ Equity | |||||||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Short-term debt | |||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||
Taxes other than income tax | |||||||||||||||||||||||
Income tax payable | |||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||
Intercompany payable | ( | ) | |||||||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Deferred income tax liability | |||||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Series D preferred units | |||||||||||||||||||||||
Total partners’ equity | ( | ) | |||||||||||||||||||||
Total liabilities, mezzanine equity and partners’ equity | $ | $ | $ | $ | $ | ( | ) | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Costs and expenses | ( | ) | |||||||||||||||||||||
Operating (loss) income | ( | ) | |||||||||||||||||||||
Equity in earnings of subsidiaries | ( | ) | |||||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other income (expense), net | ( | ) | |||||||||||||||||||||
Income from continuing operations before income tax expense (benefit) | ( | ) | |||||||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||||||
Income from continuing operations, net of tax | ( | ) | |||||||||||||||||||||
(Loss) income from discontinued operations, net of tax (a) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net income | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Costs and expenses | ( | ) | |||||||||||||||||||||
Operating (loss) income | ( | ) | |||||||||||||||||||||
Equity in earnings of subsidiaries | ( | ) | |||||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other income (expense), net | ( | ) | |||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | ( | ) | ( | ) | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | ( | ) | ( | ) | |||||||||||||||||||
Income from discontinued operations, net of tax (a) | ( | ) | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Comprehensive income (loss) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Costs and expenses | ( | ) | |||||||||||||||||||||
Operating (loss) income | ( | ) | |||||||||||||||||||||
Equity in earnings of subsidiaries | ( | ) | |||||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other income (expense), net | ( | ) | |||||||||||||||||||||
Income from continuing operations before income tax expense (benefit) | ( | ) | |||||||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||||||
Income from continuing operations, net of tax | ( | ) | |||||||||||||||||||||
(Loss) income from discontinued operations, net of tax (a) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net (loss) income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Comprehensive (loss) income | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Costs and expenses | ( | ) | |||||||||||||||||||||
Operating (loss) income | ( | ) | |||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | ( | ) | ( | ) | |||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | ( | ) | ( | ) | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | ( | ) | ( | ) | |||||||||||||||||||
Income from discontinued operations, net of tax (a) | ( | ) | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Change in accounts payable related to capital expenditures | |||||||||||||||||||||||
Proceeds from sale or disposition of assets | |||||||||||||||||||||||
Investment in subsidiaries | ( | ) | |||||||||||||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Debt borrowings | |||||||||||||||||||||||
Debt repayments | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Note offering, net of issuance costs | |||||||||||||||||||||||
Distributions to preferred unitholders | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Distributions to common unitholders | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Contributions from affiliates | ( | ) | |||||||||||||||||||||
Net intercompany activity | ( | ) | |||||||||||||||||||||
Payment of tax withholding for unit-based compensation | ( | ) | ( | ) | |||||||||||||||||||
Other, net | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Net cash (used in) provided by financing activities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Effect of foreign exchange rate changes on cash | |||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ) | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash as of the beginning of the period | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | $ | $ | $ | $ | $ |
NuStar Energy | NuStar Logistics | NuPOP | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Change in accounts payable related to capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Proceeds from sale or disposition of assets | |||||||||||||||||||||||
Proceeds from insurance recoveries | |||||||||||||||||||||||
Acquisitions | ( | ) | ( | ) | |||||||||||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Debt borrowings | |||||||||||||||||||||||
Debt repayments | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Issuance of Series D preferred units | |||||||||||||||||||||||
Payment of issuance costs for Series D preferred units | ( | ) | ( | ) | |||||||||||||||||||
Issuance of common units | |||||||||||||||||||||||
Distributions to preferred unitholders | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Distributions to common unitholders and general partner | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Proceeds from termination of interest rate swaps | |||||||||||||||||||||||
Net intercompany activity | ( | ) | |||||||||||||||||||||
Other, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Effect of foreign exchange rate changes on cash | ( | ) | ( | ) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | |||||||||||||||||||
Cash and cash equivalents as of the beginning of the period | |||||||||||||||||||||||
Cash and cash equivalents as of the end of the period | $ | $ | $ | $ | $ | $ |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Overview |
• | Results of Operations |
• | Trends and Outlook |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies |
• | New Accounting Pronouncements |
• | company-specific factors, such as facility integrity issues and maintenance requirements that impact the throughput rates of our assets; |
• | seasonal factors that affect the demand for products transported by and/or stored in our assets and the demand for products we sell; |
• | industry factors, such as changes in the prices of petroleum products that affect demand and the operations of our competitors; |
• | economic factors, such as commodity price volatility, that impact our fuels marketing segment; and |
• | factors that impact the operations served by our pipeline and storage assets, such as utilization rates and maintenance turnaround schedules of our refining company customers and drilling activity by our crude oil production customers. |
Three Months Ended June 30, | Change | ||||||||||
2019 | 2018 | ||||||||||
Statement of Income Data: | |||||||||||
Revenues: | |||||||||||
Service revenues | $ | 282,472 | $ | 259,599 | $ | 22,873 | |||||
Product sales | 89,973 | 129,657 | (39,684 | ) | |||||||
Total revenues | 372,445 | 389,256 | (16,811 | ) | |||||||
Costs and expenses: | |||||||||||
Costs associated with service revenues | 166,086 | 164,018 | 2,068 | ||||||||
Cost of product sales | 86,389 | 119,939 | (33,550 | ) | |||||||
General and administrative expenses | 24,868 | 26,754 | (1,886 | ) | |||||||
Other depreciation and amortization expense | 1,819 | 2,158 | (339 | ) | |||||||
Total costs and expenses | 279,162 | 312,869 | (33,707 | ) | |||||||
Operating income | 93,283 | 76,387 | 16,896 | ||||||||
Interest expense, net | (45,693 | ) | (48,389 | ) | 2,696 | ||||||
Other income, net | 621 | 1,607 | (986 | ) | |||||||
Income from continuing operations before income tax expense | 48,211 | 29,605 | 18,606 | ||||||||
Income tax expense | 1,296 | 2,696 | (1,400 | ) | |||||||
Income from continuing operations, net of tax | 46,915 | 26,909 | 20,006 | ||||||||
(Loss) income from discontinued operations, net of tax | (964 | ) | 2,490 | (3,454 | ) | ||||||
Net income | $ | 45,951 | $ | 29,399 | $ | 16,552 | |||||
Basic net income (loss) per common unit: | |||||||||||
Continuing operations | $ | 0.11 | $ | 0.12 | $ | (0.01 | ) | ||||
Discontinued operations | (0.01 | ) | 0.03 | (0.04 | ) | ||||||
Total | $ | 0.10 | $ | 0.15 | $ | (0.05 | ) |
Three Months Ended June 30, | Change | ||||||||||
2019 | 2018 | ||||||||||
Pipeline: | |||||||||||
Crude oil pipelines throughput (barrels/day) | 1,089,848 | 839,574 | 250,274 | ||||||||
Refined products and ammonia pipelines throughput (barrels/day) | 569,820 | 565,740 | 4,080 | ||||||||
Total throughput (barrels/day) | 1,659,668 | 1,405,314 | 254,354 | ||||||||
Throughput revenues | $ | 172,493 | $ | 150,276 | $ | 22,217 | |||||
Operating expenses | 52,930 | 48,706 | 4,224 | ||||||||
Depreciation and amortization expense | 40,851 | 38,591 | 2,260 | ||||||||
Segment operating income | $ | 78,712 | $ | 62,979 | $ | 15,733 | |||||
Storage: | |||||||||||
Throughput (barrels/day) | 395,512 | 331,917 | 63,595 | ||||||||
Throughput terminal revenues | $ | 23,170 | $ | 20,141 | $ | 3,029 | |||||
Storage terminal revenues | 87,233 | 94,679 | (7,446 | ) | |||||||
Total revenues | 110,403 | 114,820 | (4,417 | ) | |||||||
Operating expenses | 48,165 | 52,853 | (4,688 | ) | |||||||
Depreciation and amortization expense | 24,140 | 23,186 | 954 | ||||||||
Segment operating income | $ | 38,098 | $ | 38,781 | $ | (683 | ) | ||||
Fuels Marketing: | |||||||||||
Product sales and other revenue | $ | 89,549 | $ | 124,293 | $ | (34,744 | ) | ||||
Cost of goods | 85,802 | 119,942 | (34,140 | ) | |||||||
Gross margin | 3,747 | 4,351 | (604 | ) | |||||||
Operating expenses | 587 | 815 | (228 | ) | |||||||
Segment operating income | $ | 3,160 | $ | 3,536 | $ | (376 | ) | ||||
Consolidation and Intersegment Eliminations: | |||||||||||
Revenues | $ | — | $ | (133 | ) | $ | 133 | ||||
Cost of goods | — | (3 | ) | 3 | |||||||
Operating expenses | — | (133 | ) | 133 | |||||||
Total | $ | — | $ | 3 | $ | (3 | ) | ||||
Consolidated Information: | |||||||||||
Revenues | $ | 372,445 | $ | 389,256 | $ | (16,811 | ) | ||||
Costs associated with service revenues: | |||||||||||
Operating expenses | 101,095 | 102,241 | (1,146 | ) | |||||||
Depreciation and amortization expense | 64,991 | 61,777 | 3,214 | ||||||||
Total costs associated with service revenues | 166,086 | 164,018 | 2,068 | ||||||||
Cost of product sales | 86,389 | 119,939 | (33,550 | ) | |||||||
Segment operating income | 119,970 | 105,299 | 14,671 | ||||||||
General and administrative expenses | 24,868 | 26,754 | (1,886 | ) | |||||||
Other depreciation and amortization expense | 1,819 | 2,158 | (339 | ) | |||||||
Consolidated operating income | $ | 93,283 | $ | 76,387 | $ | 16,896 |
• | an increase in revenues of $14.1 million and an increase in throughputs of 115,286 barrels per day resulting from increased customer production supplying our Permian Crude System and the completion of new pipeline connections and expansion projects; |
• | an increase in revenues of $3.2 million and an increase in throughputs of 2,384 barrels per day on our Ardmore System, mainly due to an increase in long-haul deliveries resulting in higher average tariffs and the completion of new pipeline connections that began delivering incremental Permian crude oil in the second quarter of 2019 from Wichita Falls to local refiners and a connected carrier; |
• | an increase in revenues of $2.3 million on our Houston pipeline, as a customer began leasing a portion of the pipeline on January 1, 2019; |
• | an increase in revenues of $1.5 million on our Ammonia Pipeline mainly due to a tariff rate increase in 2019; |
• | an increase in revenues of $1.2 million and an increase in throughputs of 4,512 barrels per day on our North Pipeline, primarily due to favorable market conditions in locations served by the North Pipeline; and |
• | an increase in revenues of $1.2 million on our McKee System pipelines, mainly due to an increase in long-haul deliveries resulting in higher average tariffs. |
• | a decrease in revenues of $2.8 million, despite a slight increase in throughputs on our East Pipeline, due to a decrease in other product sales and lower average tariffs; and |
• | a decrease in revenues of $0.7 million on our Eagle Ford System, mainly due to lower rates, which more than offset an increase in throughputs of 136,538 barrels per day. |
• | an increase in power costs of $1.7 million, spread across various pipeline systems as a result of higher throughputs; |
• | an increase of $0.8 million due to ad valorem tax rate increases across all pipeline systems; and |
• | an increase in salaries and wages of $0.7 million. |
• | a decrease in revenues of $10.3 million at our North East Terminals, mainly due to the re-contracting of certain customer contracts in a backwardated market and an adjustment to revenues in 2018 resulting from a change in the term of a contract at our Linden terminal; and |
• | a decrease in revenues of $1.1 million at our Point Tupper terminal, primarily due to a decrease in throughput and handling fees. |
Six Months Ended June 30, | Change | ||||||||||
2019 | 2018 | ||||||||||
Statement of Income Data: | |||||||||||
Revenues: | |||||||||||
Service revenues | $ | 541,499 | $ | 507,668 | $ | 33,831 | |||||
Product sales | 178,772 | 258,315 | (79,543 | ) | |||||||
Total revenues | 720,271 | 765,983 | (45,712 | ) | |||||||
Costs and expenses: | |||||||||||
Costs associated with service revenues | 326,315 | 311,921 | 14,394 | ||||||||
Cost of product sales | 172,571 | 245,089 | (72,518 | ) | |||||||
General and administrative expenses | 50,559 | 44,896 | 5,663 | ||||||||
Other depreciation and amortization expense | 3,938 | 4,197 | (259 | ) | |||||||
Total costs and expenses | 553,383 | 606,103 | (52,720 | ) | |||||||
Operating income | 166,888 | 159,880 | 7,008 | ||||||||
Interest expense, net | (89,984 | ) | (95,777 | ) | 5,793 | ||||||
Other income, net | 1,412 | 2,623 | (1,211 | ) | |||||||
Income from continuing operations before income tax expense | 78,316 | 66,726 | 11,590 | ||||||||
Income tax expense | 2,478 | 6,584 | (4,106 | ) | |||||||
Income from continuing operations, net of tax | 75,838 | 60,142 | 15,696 | ||||||||
(Loss) income from discontinued operations, net of tax | (307,750 | ) | 95,390 | (403,140 | ) | ||||||
Net (loss) income | $ | (231,912 | ) | $ | 155,532 | $ | (387,444 | ) | |||
Basic net income (loss) per common unit: | |||||||||||
Continuing operations | $ | 0.05 | $ | 0.30 | $ | (0.25 | ) | ||||
Discontinued operations | (2.86 | ) | 1.00 | (3.86 | ) | ||||||
Total | $ | (2.81 | ) | $ | 1.30 | $ | (4.11 | ) |
Six Months Ended June 30, | Change | ||||||||||
2019 | 2018 | ||||||||||
Pipeline: | |||||||||||
Crude oil pipelines throughput (barrels/day) | 1,054,425 | 815,568 | 238,857 | ||||||||
Refined products and ammonia pipelines throughput (barrels/day) | 536,836 | 548,910 | (12,074 | ) | |||||||
Total throughput (barrels/day) | 1,591,261 | 1,364,478 | 226,783 | ||||||||
Throughput revenues | $ | 328,744 | $ | 287,066 | $ | 41,678 | |||||
Operating expenses | 101,028 | 91,047 | 9,981 | ||||||||
Depreciation and amortization expense | 81,700 | 75,246 | 6,454 | ||||||||
Segment operating income | $ | 146,016 | $ | 120,773 | $ | 25,243 | |||||
Storage: | |||||||||||
Throughput (barrels/day) | 380,267 | 337,892 | 42,375 | ||||||||
Throughput terminal revenues | $ | 44,856 | $ | 40,157 | $ | 4,699 | |||||
Storage terminal revenues | 169,047 | 186,083 | (17,036 | ) | |||||||
Total revenues | 213,903 | 226,240 | (12,337 | ) | |||||||
Operating expenses | 95,478 | 98,017 | (2,539 | ) | |||||||
Depreciation and amortization expense | 48,109 | 46,355 | 1,754 | ||||||||
Segment operating income | $ | 70,316 | $ | 81,868 | $ | (11,552 | ) | ||||
Fuels Marketing: | |||||||||||
Product sales and other revenue | $ | 177,628 | $ | 252,951 | $ | (75,323 | ) | ||||
Cost of goods | 171,303 | 245,107 | (73,804 | ) | |||||||
Gross margin | 6,325 | 7,844 | (1,519 | ) | |||||||
Operating expenses | 1,240 | 1,512 | (272 | ) | |||||||
Segment operating income | $ | 5,085 | $ | 6,332 | $ | (1,247 | ) | ||||
Consolidation and Intersegment Eliminations: | |||||||||||
Revenues | $ | (4 | ) | $ | (274 | ) | $ | 270 | |||
Cost of goods | 28 | (18 | ) | 46 | |||||||
Operating expenses | — | (256 | ) | 256 | |||||||
Total | $ | (32 | ) | $ | — | $ | (32 | ) | |||
Consolidated Information: | |||||||||||
Revenues | $ | 720,271 | $ | 765,983 | $ | (45,712 | ) | ||||
Costs associated with service revenues: | |||||||||||
Operating expenses | 196,506 | 190,320 | 6,186 | ||||||||
Depreciation and amortization expense | 129,809 | 121,601 | 8,208 | ||||||||
Total costs associated with service revenues | 326,315 | 311,921 | 14,394 | ||||||||
Cost of product sales | 172,571 | 245,089 | (72,518 | ) | |||||||
Segment operating income | 221,385 | 208,973 | 12,412 | ||||||||
General and administrative expenses | 50,559 | 44,896 | 5,663 | ||||||||
Other depreciation and amortization expense | 3,938 | 4,197 | (259 | ) | |||||||
Consolidated operating income | $ | 166,888 | $ | 159,880 | $ | 7,008 |
• | an increase in revenues of $30.2 million and an increase in throughputs of 131,973 barrels per day resulting from increased customer production supplying our Permian Crude System and the completion of new pipeline connections and expansion projects; |
• | an increase in revenues of $7.0 million on our Ardmore System, despite throughputs that remained flat, mainly due to an increase in long-haul deliveries resulting in higher average tariffs and the completion of new pipeline connections that began delivering incremental Permian crude oil in the second quarter of 2019 from Wichita Falls to local refiners and a connected carrier; |
• | an increase in revenues of $5.0 million on our Houston pipeline, as a customer began leasing a portion of the pipeline on January 1, 2019; |
• | an increase in revenues of $2.2 million on our Ammonia Pipeline mainly due to a tariff rate increase in 2019; |
• | an increase in revenues of $1.9 million and an increase in throughputs of 11,963 barrels per day on our Three Rivers System, mainly due to increased demand; and |
• | an increase in revenues of $1.6 million and an increase in throughputs of 2,907 barrels per day on our North Pipeline, primarily due to favorable market conditions in locations served by the North Pipeline. |
• | a decrease in revenues of $5.1 million and a decrease in throughputs of 51,400 barrels per day due to operational issues at the refinery served by our McKee System pipelines in the first quarter of 2019; and |
• | a decrease in revenues of $3.7 million on our Eagle Ford System, mainly due to lower rates, which more than offset an increase in throughputs of 125,356 barrels per day. |
• | an increase in operating expenses of $6.6 million on our Permian Crude System, mainly due to higher power costs resulting from higher throughputs, as well as higher bad debt expense; and |
• | an increase in operating costs of $1.5 million due to owning the assets associated with the Council Bluffs Acquisition for the entire period in 2019. |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(Thousands of Dollars) | |||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | 240,894 | $ | 243,850 | |||
Investing activities | (303,674 | ) | (224,827 | ) | |||
Financing activities | 73,757 | (22,550 | ) | ||||
Effect of foreign exchange rate changes on cash | 261 | (421 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 11,238 | $ | (3,948 | ) |
Fitch, Inc. | Moody’s Investor Service Inc. | S&P Global Ratings | |||
Ratings | BB | Ba2 | BB- | ||
Outlook | Stable | Stable | Stable |
• | $365.4 million in revenue bonds pursuant to the Gulf Opportunity Zone Act of 2005 (the GoZone Bonds), with $43.1 million remaining in trust as of June 30, 2019, supported by $370.2 million in letters of credit; and |
• | one short-term line of credit agreement with an uncommitted borrowing capacity of up to $35.0 million, with $6.0 million of borrowings outstanding as of June 30, 2019. |
• | strategic capital expenditures, such as those to expand or upgrade the operating capacity, increase efficiency or increase the earnings potential of existing assets, whether through construction or acquisition, as well as certain capital expenditures related to support functions; and |
• | reliability capital expenditures, such as those required to maintain the current operating capacity of existing assets or extend their useful lives, as well as those required to maintain equipment reliability and safety. |
Strategic Acquisitions and Capital Expenditures | Reliability Capital Expenditures | Total | |||||||||
(Thousands of Dollars) | |||||||||||
For the six months ended June 30: | |||||||||||
2019 | $ | 292,785 | $ | 27,176 | $ | 319,961 | |||||
2018 | $ | 244,228 | $ | 41,795 | $ | 286,023 | |||||
Expected for the year ended December 31, 2019 | $ 500,000 - 550,000 | $ 60,000 - 80,000 |
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions | Record Date | Payment Date | ||||||||
(Thousands of Dollars) | ||||||||||||
June 30, 2019 | $ | 0.60 | $ | 64,658 | August 7, 2019 | August 13, 2019 | ||||||
March 31, 2019 | $ | 0.60 | $ | 64,690 | May 8, 2019 | May 14, 2019 |
Units | Fixed Distribution Rate Per Annum (as a Percentage of the $25.00 Liquidation Preference Per Unit) | Fixed Distribution Rate Per Unit Per Annum | Fixed Distribution Per Annum | Optional Redemption Date/Date at Which Distribution Rate Becomes Floating | Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference Per Unit) | |||||||||
(Thousands of Dollars) | ||||||||||||||
Series A Preferred Units | 8.50% | $ | 2.125 | $ | 19,253 | December 15, 2021 | Three-month LIBOR plus 6.766% | |||||||
Series B Preferred Units | 7.625% | $ | 1.90625 | $ | 29,357 | June 15, 2022 | Three-month LIBOR plus 5.643% | |||||||
Series C Preferred Units | 9.00% | $ | 2.25 | $ | 15,525 | December 15, 2022 | Three-month LIBOR plus 6.88% |
• | Revolving Credit Agreement due October 29, 2020, with $543.0 million of borrowings outstanding as of June 30, 2019; |
• | 4.80% senior notes due September 1, 2020 with a face value of $450.0 million; 6.75% senior notes due February 1, 2021 with a face value of $300.0 million; 4.75% senior notes due February 1, 2022 with a face value of $250.0 million; 6.0% senior notes due June 1, 2026 with a face value of $500.0 million; 5.625% senior notes due April 28, 2027 with a face value of $550.0 million; and subordinated notes due January 15, 2043 with a face value of $402.5 million and a floating interest rate, which was 9.3% as of June 30, 2019; |
• | $365.4 million in GoZone Bonds due from 2038 to 2041; |
• | Line of credit agreement with $6.0 million of borrowings outstanding as of June 30, 2019; and |
• | Receivables Financing Agreement due September 20, 2021, with $62.8 million of borrowings outstanding as of June 30, 2019. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
June 30, 2019 | |||||||||||||||||||||||||||||||
Expected Maturity Dates | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | There- after | Total | Fair Value | ||||||||||||||||||||||||
(Thousands of Dollars, Except Interest Rates) | |||||||||||||||||||||||||||||||
Long-term Debt: | |||||||||||||||||||||||||||||||
Fixed-rate | $ | — | $ | 450,000 | $ | 300,000 | $ | 250,000 | $ | — | $ | 1,050,000 | $ | 2,050,000 | $ | 2,098,945 | |||||||||||||||
Weighted-average rate | — | 4.8 | % | 6.8 | % | 4.8 | % | — | 5.8 | % | 5.6 | % | |||||||||||||||||||
Variable-rate | $ | — | $ | 543,000 | $ | 62,800 | $ | — | $ | — | $ | 767,940 | $ | 1,373,740 | $ | 1,374,861 | |||||||||||||||
Weighted-average rate | — | 4.4 | % | 3.3 | % | — | — | 5.8 | % | 5.1 | % |
December 31, 2018 | |||||||||||||||||||||||||||||||
Expected Maturity Dates | |||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | There- after | Total | Fair Value | ||||||||||||||||||||||||
(Thousands of Dollars, Except Interest Rates) | |||||||||||||||||||||||||||||||
Long-term Debt: | |||||||||||||||||||||||||||||||
Fixed-rate | $ | — | $ | 450,000 | $ | 300,000 | $ | 250,000 | $ | — | $ | 550,000 | $ | 1,550,000 | $ | 1,499,920 | |||||||||||||||
Weighted-average rate | — | 4.8 | % | 6.8 | % | 4.8 | % | — | 5.6 | % | 5.5 | % | |||||||||||||||||||
Variable-rate | $ | — | $ | 806,800 | $ | — | $ | — | $ | — | $ | 767,940 | $ | 1,574,740 | $ | 1,556,784 | |||||||||||||||
Weighted-average rate | — | 4.4 | % | — | — | — | 5.6 | % | 5.0 | % |
Notional Amount | Weighted-Average Fixed Rate | Fair Value | |||||||||||||||||
June 30, 2019 | December 31, 2018 | Period of Hedge | June 30, 2019 | December 31, 2018 | |||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | ||||||||||||||||||
$ | 250,000 | $ | 250,000 | 09/2020 - 09/2030 | 2.8 | % | $ | (16,716 | ) | $ | (124 | ) |
Item 4. | Controls and Procedures |
(a) | Evaluation of disclosure controls and procedures. |
(b) | Changes in internal control over financial reporting. |
Item 6. | Exhibits |
Exhibit Number | Description | ||
10.01 | |||
10.02 | |||
10.03 | |||
10.04 | |||
10.05 | |||
*10.06 | |||
*10.07 | |||
*31.01 | |||
*31.02 | |||
**32.01 | |||
**32.02 | |||
*101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
*101.SCH | XBRL Taxonomy Extension Schema Document | ||
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
*101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
*104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
* | Filed herewith. | ||
** | Furnished herewith. |
By: | /s/ Bradley C. Barron | |
Bradley C. Barron | ||
President and Chief Executive Officer | ||
August 9, 2019 | ||
By: | /s/ Thomas R. Shoaf | |
Thomas R. Shoaf | ||
Executive Vice President and Chief Financial Officer | ||
August 9, 2019 | ||
By: | /s/ Jorge A. del Alamo | |
Jorge A. del Alamo | ||
Senior Vice President and Controller | ||
August 9, 2019 |
Name: | Thomas R. Shoaf |
Title: | Executive Vice President and Chief Financial Officer |
Name: | Thomas R. Shoaf |
Title: | Executive Vice President and Chief Financial Officer |
By: | NuStar Pipeline Company, LLC, |
Name: | Thomas R. Shoaf |
Title: | Executive Vice President and |
Name: | Michael Maguire |
Title: | Executive Director |
Name: | Todd Vaubel |
Title: | Director |
Subsidiary | Jurisdiction of Organization | Restricted/ Unrestricted/Material | Ownership Percentage |
Bicen Development Corporation N.V. | Netherlands | Restricted | 100% |
Cooperatie NuStar Holdings U.A. | Netherlands | Restricted | 100% |
LegacyStar Services, LLC | Delaware | Restricted | 100% |
NS Security Services, LLC | Delaware | Restricted | 100% |
NuStar Caribe Terminals, Inc. | Delaware | Restricted | 100% |
NuStar Energy Services, Inc. | Delaware | Restricted | 100% |
NuStar Finance LLC | Delaware | Restricted | 100% |
NuStar GP Holdings, LLC | Delaware | Restricted | 100% |
NuStar GP, Inc. | Delaware | Restricted | 100% |
NuStar GP, LLC | Delaware | Restricted | 100% |
NuStar Holdings B.V. | Netherlands | Restricted | 100% |
NuStar Internacional, S de R.L. de C.V. | Mexico | Restricted | 100% |
NuStar Logistics, L.P. | Delaware | Restricted - Material | 100% |
NuStar Permian Crude Logistics, LLC | Delaware | Restricted | 100% |
NuStar Permian Holdings, LLC | Delaware | Restricted | 100% |
NuStar Permian Transportation and Storage, LLC | Delaware | Restricted - Material | 100% |
NuStar Pipeline Company, LLC | Delaware | Restricted | 100% |
NuStar Pipeline Holding Company, LLC | Delaware | Restricted | 100% |
NuStar Pipeline Operating Partnership L.P. | Delaware | Restricted - Material | 100% |
NuStar Pipeline Partners L.P. | Delaware | Restricted | 100% |
NuStar Services Company LLC | Delaware | Restricted | 100% |
NuStar Supply & Trading LLC | Delaware | Restricted | 100% |
NuStar Terminals Canada Co. | Canada | Restricted | 100% |
NuStar Terminals Canada Holdings Co. | Canada | Restricted | 100% |
NuStar Terminals Canada Partnership | Canada | Restricted | 100% |
NuStar Terminals Corporation N.V. | Curacao | Restricted | 100% |
NuStar Terminals Delaware, Inc. | Delaware | Restricted | 100% |
NuStar Terminals International N.V. | Curacao | Restricted | 100% |
NuStar Terminals Marine Services N.V. | Netherlands | Restricted | 100% |
NuStar Terminals New Jersey, Inc. | Delaware | Restricted | 100% |
NuStar Terminals N.V. | Netherlands | Restricted - Material | 100% |
NuStar Terminals Operations Partnership L.P. | Delaware | Restricted | 100% |
NuStar Terminals Partners TX L.P. | Delaware | Restricted | 100% |
NuStar Terminals Services, Inc. | Delaware | Restricted | 100% |
NuStar Terminals Texas, Inc. | Delaware | Restricted | 100% |
NuStar Texas Holdings, Inc. | Delaware | Restricted | 100% |
Point Tupper Marine Services Co. | Canada | Restricted | 100% |
Riverwalk Logistics, L.P. | Delaware | Restricted | 100% |
Saba Company N.V. | Netherlands | Restricted | 100% |
Seven Seas Steamship Company (Sint Eustatius) N.V. | Netherlands | Restricted | 100% |
Shore Terminals LLC | Delaware | Restricted | 100% |
ST Linden Terminal, LLC | Delaware | Restricted | 100% |
Star Creek Ranch, LLC | Delaware | Restricted | 100% |
1. | Grant of Performance Units. The Compensation Committee (the “Committee”) of the Board of Directors of NuStar GP, LLC (the “Company”) hereby grants, pursuant to Section 6.3 of the Plan, to Participant the number of Performance Units under the Plan communicated to the Participant by the Participant’s manager, which represents the target number of Performance Units subject to this Agreement, which grant is subject to the terms and conditions of this Agreement and the Plan. A “Performance Unit” is an unfunded, unsecured contractual right (commonly referred to as a “phantom unit”) which, upon vesting, entitles Participant to receive a Unit of the Partnership. No DERs are granted in connection with this Award of Performance Units. |
2. | Performance Period. Except as provided below with respect to a Change of Control and as the Committee may provide with respect to TUR (as defined in Section 4A), the performance period for any Performance Units eligible to vest on any given Vesting Date (as defined below) shall be the calendar year ending on the December 31 immediately preceding such Vesting Date (each, a “Performance Period” and specifically, with respect to each of 2019, 2020 and 2021, the “Year 1 Performance Period,” the “Year 2 Performance Period,” and the “Year 3 Performance Period,” respectively). |
3. | Vesting and Settlement. |
A. | Vesting. Except as otherwise provided in this Agreement, the Performance Units granted hereunder shall be eligible to vest, subject to Section 4, over a period of three years in equal, one-third increments (provided, however, that if such increments would otherwise result in a fractional Performance Unit with respect to the applicable Annual Tranche, such fractional Performance Unit shall be rounded to the nearest whole number) (each increment, an “Annual Tranche” and specifically, with respect to the applicable Performance Period for each of the periods ending on December 31, 2019, 2020 and 2021, the “Year 1 Annual Tranche,” the “Year 2 Annual Tranche,” and the “Year 3 Annual Tranche,” respectively). Except as otherwise provided in this Agreement, the applicable portion, if any, of each Annual Tranche shall vest on the date that the Committee certifies the attainment of the Performance Goals established by Committee (“Performance Measures”) for the applicable Performance Period in accordance with Section 4 following completion of the applicable Performance Period (each of these three vesting dates is referred to as a “Vesting Date”). Except as provided below in Section 3C, Performance Units subject to an Annual Tranche that do not vest as of the Vesting Date for such Annual Tranche shall be automatically and immediately forfeited for no consideration. In no event shall a number of Performance Units greater than 200% of the number of Performance Units subject to this Agreement vest under any circumstances. |
B. | Settlement. Except as provided otherwise in Section 6, any Performance Units that vest pursuant to this Agreement shall be settled as soon as reasonably practical after the applicable Vesting Date and in all events no later than March 15 of the calendar year following the end of the applicable Performance Period. This Agreement and the Award evidenced hereby are intended to comply with or otherwise be exempt from, and shall be administered consistently in all respects with, Section 409A of the Code and the regulations promulgated thereunder and each payment hereunder shall be considered a separate payment under Section 409A of the Code. If necessary in order to attempt to ensure such compliance, this Agreement may be reformed, to the extent possible, unilaterally by the Partnership consistent with guidance issued by the Internal Revenue Service. Participant agrees that the Units to which Participant will be entitled in connection with the vesting, if any, of each Performance Unit may be in uncertificated form and recorded with the Partnership’s or its Affiliates’ service provider. |
C. | Additional Vesting Opportunity for Carried Forward Units. With respect to each Annual Tranche, any Performance Units that do not vest on the original Vesting Date for such Annual Tranche and that would otherwise be forfeited pursuant to Section 3A (the “Carried Forward Units”) shall not be forfeited pursuant to Section 3A and shall again be eligible to vest on the Vesting Date for the immediately following Performance Period. The portion of the Carried Forward Units that vest, if at all, shall be based on the attainment of the Performance Measures for such immediately following Performance Period; provided, however, that regardless of the level of Performance Measures achieved for the immediately following Performance Period, no more than 100% of the Carried Forward Units shall be eligible to vest. Any Carried Forward Units that do not vest on the Vesting Date for the immediately following Performance Period shall be automatically and immediately forfeited for no consideration. |
4. | Performance Measures. |
A. | Performance Unit Vesting for the Year 1 Performance Period. The number of Performance Units in the Year 1 Annual Tranche that will vest on the applicable Vesting Date shall be determined by multiplying (1) the average of the DCR Vesting Percentage for the Year 1 Annual Tranche and the TUR Vesting Percentage for the Year 1 Annual Tranche (each, as defined below) by (2) the number of Performance Units in the Year 1 Annual Tranche. |
I. | DCR Vesting Percentage for the Year 1 Annual Tranche. The DCR Vesting Percentage for the Year 1 Annual Tranche shall be based on the distribution coverage ratio (“DCR”) achieved by the Partnership during the Year 1 Performance Period as follows: |
Level | DCR | DCR Vesting Percentage for Year 1 Annual Tranche |
Threshold | 1.10 : 1 | 50% |
Target | 1.21 : 1 | 100% |
Exceeds Target | 1.33 : 1 | 150% |
Maximum | 1.45 : 1 | 200% |
II. | TUR Vesting Percentage for the Year 1 Annual Tranche. The TUR Vesting Percentage for the Year 1 Annual Tranche shall be based on the Partnership’s total unitholder return (“TUR”) relative to the TURs of the peer group of companies set forth on Appendix B (the “Target Group”) during the period beginning on July 31, 2018 and ending on December 31, 2019 (“Year 1 TUR Period”). |
a. | Total Unitholder Return (TUR). The TUR for each company in the Target Group (including the Partnership) is measured by dividing the sum of (i) the cash distributions on the common shares or common units of such company during the Year 1 TUR Period, assuming cash distribution reinvestment and (ii) the difference between the price of a common share or common unit of such company at the end and at the beginning of the Year 1 TUR Period (appropriately adjusted for any share or unit dividend, share or unit split, spin-off, merger or other similar corporate events) by (iii) the price of a common share or common unit of such company at the beginning of the Year 1 TUR Period. |
b. | Performance Ranking. The TUR for the Year 1 TUR Period for the Partnership and each company in the Target Group shall be arranged by rank from best to worst according to the TUR achieved by each company. The total number of companies so ranked shall then be divided into four groups (“Quartiles” and each a “Quartile”). For purposes of assigning companies to Quartiles (with the 1st Quartile being the best and the 4th Quartile being the worst), the total number of companies ranked (including the Partnership) shall be divided into four groups as nearly equal in number as possible. The number of companies in each group shall be the total number contained in the Target Group divided by four. If the total number of companies is not evenly divisible by four, so that there is a fraction contained in such quotient, the extra company(ies) represented by such fraction will be included in one or more Quartiles as follows: |
Fraction | Extra Company(ies) |
¼ | 1st Quartile |
½ | 1st Quartile 2nd Quartile |
¾ | 1st Quartile 2nd Quartile 3rd Quartile |
c. | Vesting Percentage. The TUR Vesting Percentage for the Year 1 Annual Tranche shall be determined based on where the Partnership’s TUR during the Year 1 TUR Period falls within the following ranges: |
Partnership TUR Position | TUR Vesting Percentage for Year 1 Annual Tranche |
4th Quartile | 0% |
3rd Quartile | 50% |
2nd Quartile | 100% |
1st Quartile | 150% |
If the Partnership’s TUR is the highest achieved in the 1st Quartile | 200% |
B. | Performance Unit Vesting for the Year 2 and Year 3 Performance Periods. The Committee will designate the Performance Measures that will apply for the Year 2 Performance Period and the Year 3 Performance Period (the “Year 2 Performance Measures” and the “Year 3 Performance Measures,” respectively) during the applicable year. Within the Committee’s discretion, the Year 2 Performance Measures and the Year 3 Performance Measures may result in the vesting of greater than 100% (up to 200%) of the Year 2 Annual Tranche and the Year 3 Annual Tranche, respectively. The Year 2 Performance Measures and the Year 3 Performance Measures shall be applied to the Year 2 Annual Tranche and the Year 3 Annual Tranche, respectively, to determine the Performance Units that vest with respect to the applicable Performance Period. Notwithstanding the foregoing, the Committee has full discretion to vest between 0% and 200% of the applicable Annual Tranche, regardless of the level of Performance Measures achieved for the applicable year. |
5. | Termination of Employment. |
A. | Voluntary Termination and Termination for Cause. Except for a Change of Control, if Participant’s employment is voluntarily terminated by Participant (other than through Participant’s death), or is terminated by the Company, the Partnership or any of their respective Affiliates for Cause, any Annual Tranche for a Performance Period not completed as of the date of termination shall be automatically forfeited for no consideration; provided, however, that a Participant who remains continuously employed with the Company, the Partnership or any of their respective Affiliates from the Grant Date through the last day of a Performance Period will be entitled to the Performance Units (i.e., the Performance Units in the Annual Tranche for such completed Performance Period in accordance with Section 4 and any Carried Forward Units from the immediately preceding Performance Period which are eligible to vest with respect to such completed Performance Period), whether or not Participant remains employed by the Company, the Partnership or any of their respective Affiliates until the Vesting Date applicable to the completed Performance Period. |
B. | Death, Disability and Termination Other Than for Cause. Except for a Change of Control, if Participant experiences a Disability (as defined below) or if Participant’s employment with the Company, the Partnership or any of their respective Affiliates is terminated by the Company, the Partnership or such Affiliate other than for Cause (at a time when Participant is otherwise willing and able to continue providing services) or as a result of Participant’s death (each, a “Triggering Event”), and the then-current Performance Period will be completed in fewer than 30 days after such Triggering Event, the Annual Tranche applicable to the then-current Performance Period (and any Carried Forward Units which are eligible to vest with respect to the then-current Performance Period) shall vest and be settled in accordance with Sections 3 and 4 as if Participant had remained employed through the last day of the Performance Period. Any Performance Units (including any Carried Forward Units) that fail to vest for the then-current Performance Period after the application of the previous sentence, including any Performance Units for any Performance Periods that would otherwise have commenced following the Triggering Date, shall be automatically and immediately forfeited for no consideration. Any Performance Units that vest pursuant to this Section 5B shall be settled as soon as administratively practicable after the Vesting Date for the then-current Performance Period and in all events no later than March 15 of the calendar year following the end of the calendar year in which the applicable Triggering Event occurs. For purposes of this Agreement, “Disabled” or “Disability” means (i) the inability of Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) the receipt of income replacements by Participant, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, for a period of not less than three (3) months under the accident and health plan of the Company, the Partnership or an applicable Affiliate thereof. |
6. | Change of Control. Upon a Change of Control, with respect to then-outstanding Performance Units, all applicable Performance Measures will be deemed achieved at the maximum levels applicable to such Performance Units and all such Performance Units shall automatically vest in full. Any Performance Units that vest pursuant to this Section 6 shall be settled as soon as administratively practicable after the Change of Control and in all events no later than March 15 of the calendar year following the end of the calendar year in which the Change of Control occurs. |
7. | Withholding. The Company, the Partnership or an applicable Affiliate will withhold any taxes due from Participant’s grant as the Company, the Partnership or an applicable Affiliate determines is required by law, which, in the sole discretion of the Committee, may include withholding a number of Performance Units or the Units issuable thereunder otherwise payable to Participant. |
8. | Acceptance and Acknowledgement. Participant hereby accepts and agrees to be bound by all of the terms, provisions, conditions and limitations of the Plan and any subsequent amendment or amendments thereto, as if it had been set forth verbatim in this Award. Participant shall be deemed to have timely accepted this Agreement and the terms hereof if Participant has not explicitly rejected this Agreement in writing to the Partnership within sixty (60) days after the Grant Date. Participant hereby acknowledges receipt of a copy of the Plan, this Agreement and Appendix A. Participant has read and understands the terms and provisions thereof, and accepts the Performance Units subject to all of the terms and conditions of the Plan and this Agreement. Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance Units or disposition of the underlying Units and that Participant has been advised to consult a tax advisor prior to such vesting, settlement or disposition. |
9. | Plan and Appendix Incorporated by Reference. The Plan and Appendix A are incorporated into this Agreement by this reference and are made a part hereof for all purposes; provided, however, that, in the event of a conflict between the Plan and this Agreement or between the Plan and Appendix A, the Plan shall control. |
10. | Restrictions. This Agreement and Participant’s interest in the Performance Units granted by this Agreement are of a personal nature and, except as expressly provided in this Agreement or the Plan, Participant’s rights with respect thereto may not be sold, mortgaged, pledged, assigned, alienated, transferred, conveyed or otherwise disposed of or encumbered in any manner by Participant. Any such attempted sale, mortgage, pledge, assignment, alienation, transfer, conveyance, disposition or encumbrance shall be void, and the Partnership and its Affiliates shall not be bound thereby. |
1. | No Guarantee of Tax Consequences. None of the Board, the Company, the Partnership or any Affiliate of any of the foregoing makes any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to Participant (or to any person claiming through or on behalf of Participant) or assumes any liability or responsibility with respect to taxes and penalties and interest thereon arising hereunder with respect to Participant (or to any person claiming through or on behalf of Participant). |
2. | Successors and Assigns. The Partnership and its Affiliates may assign any of their respective rights under this Agreement and it shall be binding and inure to the benefit of such successors and assigns. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon Participant and Participant’s beneficiaries, executors, administrators and the person(s) to whom the Performance Units may be transferred by will or the laws of descent or distribution. |
3. | Governing Law. The validity, construction and effect of this Agreement shall be determined by the laws of the State of Delaware without regard to conflict of laws principles. |
4. | No Rights as Unitholder. Neither Participant nor any person claiming by, through or under Participant with respect to the Performance Units shall have any rights as a unitholder of the Partnership (including, without limitation, voting rights) unless and until the Performance Units vest and are settled by the issuance of Units. |
5. | Amendment. The Committee has the right to amend or alter this Agreement and/or the Performance Units; provided, that no such amendment shall adversely affect Participant’s material rights under this Agreement without Participant’s consent. |
6. | No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon Participant any right to be retained in any position, as an Employee, Consultant or Director of the Company, the Partnership or any Affiliate thereof. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company, the Partnership or any Affiliate thereof to terminate Participant’s service at any time, with or without Cause. |
7. | Notices. Any notice required to be delivered to the Partnership under this Agreement shall be in writing and addressed to the Secretary of the Company at the Company’s principal offices. Any notice required to be delivered to Participant under this Agreement shall be in writing and addressed to Participant at Participant’s address as then shown in the records of the Company, the Partnership or the applicable Affiliate. Any party hereto may designate another address in writing (or by such other method approved by the Partnership) from time to time. |
8. | Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by such party to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the parties hereto. |
9. | Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. |
Buckeye Partners, L.P. |
Crestwood Equity Partners LP |
DCP Midstream, LP |
Enable Midstream Partners, L.P. |
Energy Transfer LP |
EnLink Midstream Partners, LP |
Enterprise Products Partners, LP |
Genesis Energy, L.P. |
Magellan Midstream Partners, L.P. |
MPLX LP |
NuStar Energy L.P. |
ONEOK, Inc |
Plains All American Pipeline, L.P. |
SEMGroup Corporation |
Targa Resources Corp. |
/s/ Bradley C. Barron |
Bradley C. Barron |
President and Chief Executive Officer |
/s/ Thomas R. Shoaf |
Thomas R. Shoaf |
Executive Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
/s/ Bradley C. Barron |
Bradley C. Barron |
President and Chief Executive Officer |
August 9, 2019 |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
/s/ Thomas R. Shoaf |
Thomas R. Shoaf |
Executive Vice President and Chief Financial Officer |
August 9, 2019 |
CONSOLIDATED BALANCE SHEETS Non-Printing - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Allowance for doubtful accounts | $ 9,452 | $ 9,412 |
Series D preferred units outstanding | 23,246,650 | 23,246,650 |
Limited partners common units outstanding (in units) | 107,763,033 | 107,225,156 |
Series A Preferred Limited Partner [Member] | ||
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Preferred units outstanding | 6,900,000 | 6,900,000 |
ORGANIZATION AND BASIS OF PRESENTATION |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization and Operations NuStar Energy L.P. (NYSE: NS) is a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, and the terminalling, storage and marketing of petroleum products. Unless otherwise indicated, the terms “NuStar Energy,” “NS,” “the Partnership,” “we,” “our” and “us” are used in this report to refer to NuStar Energy L.P., to one or more of our consolidated subsidiaries or to all of them taken as a whole. On July 20, 2018, we completed the merger of NuStar GP Holdings, LLC (NuStar GP Holdings or NSH) with a subsidiary of NS. Consequently, NSH, which indirectly owns our general partner, became a wholly owned subsidiary of ours. Under the terms of the merger agreement, NSH unitholders received 0.55 of a common unit representing a limited partner interest in NS in exchange for each NSH unit owned at the effective time of the merger, resulting in approximately 13.4 million incremental NS common units outstanding after the merger. We conduct our operations through our subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). We have three business segments: pipeline, storage and fuels marketing. Recent Developments On July 29, 2019, we closed on the sale of the equity interests in our wholly owned subsidiaries that own the St. Eustatius terminal and bunkering operations for approximately $250.0 million, subject to adjustment. Please refer to Note 3 for additional discussion. Basis of Presentation These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Inter-partnership balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. We have reclassified certain previously reported amounts in the consolidated financial statements and notes to conform to current-period presentation. As further discussed in Note 3, we reclassified certain balances to assets and liabilities held for sale and certain revenues and expenses to discontinued operations. The consolidated statements of cash flows have not been adjusted to separately disclose cash flows related to discontinued operations. New Accounting Policy As of June 30, 2019, we have restricted cash representing legally restricted funds that are unavailable for general use totaling $8.7 million, which is included in “Prepaid and other current assets” on the consolidated balance sheet.
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NEW ACCOUNTING PRONOUNCEMENTS |
6 Months Ended |
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Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Securities and Exchange Commission Disclosure Update and Simplification In August 2018, the Securities and Exchange Commission (SEC) issued final rules regarding disclosure requirements that were redundant, duplicative, overlapping or superseded by other SEC requirements or GAAP. The final rules primarily eliminated or reduced certain disclosure requirements, although they also required some additional disclosures. The guidance became effective on November 5, 2018, with an exception for the new disclosure requirement to present changes in partners’ equity in interim periods, which permits entities to begin disclosing this information in the quarter that begins after the effective date of the final rules. We elected to utilize this exception, and began presenting statements of partners’ equity on an interim basis beginning with the quarter ending March 31, 2019. These final rules did not have an impact on our financial position or results of operations. Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (FASB) issued guidance addressing a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is considered a service contract. Under the new guidance, implementation costs for a CCA should be evaluated for capitalization using the same approach as implementation costs associated with internal-use software and expensed over the term of the hosting arrangement. The guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. Prospective adoption for eligible costs incurred on or after the date of adoption or retrospective adoption are permitted. We are currently evaluating whether we will adopt these provisions early and whether we will elect prospective or retrospective adoption, but we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Disclosures for Defined Benefit Plans In August 2018, the FASB issued amended guidance that makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, using a retrospective approach. We are currently evaluating whether we will adopt these provisions early, but we do not expect the guidance to have a material impact on our financial position, results of operations or disclosures. Goodwill In January 2017, the FASB issued amended guidance that simplifies the accounting for goodwill impairment by eliminating step 2 of the goodwill impairment test. Under the amended guidance, goodwill impairment will be measured as the excess of the reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill for that reporting unit. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We adopted the amended guidance during the first quarter of 2019 and applied the guidance to the goodwill impairment discussed in Note 3. Credit Losses In June 2016, the FASB issued amended guidance that requires the use of a “current expected loss” model for financial assets measured at amortized cost and certain off-balance sheet credit exposures. Under this model, entities will be required to estimate the lifetime expected credit losses on such instruments based on historical experience, current conditions, and reasonable and supportable forecasts. This amended guidance also expands the disclosure requirements to enable users of financial statements to understand an entity’s assumptions, models and methods for estimating expected credit losses. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied using a modified retrospective approach. We currently expect to adopt the amended guidance on January 1, 2020, and we are assessing the impact of this amended guidance on our financial position, results of operations and disclosures. We plan to provide additional information about the expected impact at a future date. Leases In February 2016, the FASB issued amended guidance that requires lessees to recognize the assets and liabilities that arise from most leases on the balance sheet. For lessors, this amended guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The changes are effective for annual and interim periods beginning after December 15, 2018, and amendments should be applied using one of two modified retrospective transition methods. We adopted these provisions on January 1, 2019 through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The transition adjustment related to the adoption was immaterial, and we do not expect the adoption of this guidance to impact the results of our operations going forward. Please refer to Note 7 for further discussion.
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DISCONTINUED OPERATIONS AND IMPAIRMENTS |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS AND IMPAIRMENTS | DISCONTINUED OPERATIONS AND IMPAIRMENTS On May 9, 2019, we entered into a Share Purchase and Sale Agreement to sell the equity interests in our wholly owned subsidiaries that own the St. Eustatius terminal and bunkering operations (the St. Eustatius Operations), for approximately $250.0 million, subject to adjustment (the St. Eustatius Disposition). The St. Eustatius Disposition included a 14.3 million barrel storage and terminalling facility and related assets on the island of St. Eustatius in the Caribbean Netherlands. We closed the sale on July 29, 2019 and received net proceeds of approximately $234.0 million. We previously reported the terminal operations in our storage segment and the bunkering operations in our fuels marketing segment. On November 30, 2018, we sold our European operations, which consisted of six liquids storage terminals in the United Kingdom and one facility in Amsterdam and related assets that were previously reported in our storage segment (the European Operations), for approximately $270.0 million (the European Disposition). During the second quarter of 2019, we determined the assets and liabilities associated with the St. Eustatius Operations met the criteria to be classified as held for sale. We also determined the St. Eustatius Operations and the European Operations met the requirements to be reported as discontinued operations since the St. Eustatius Disposition and the European Disposition together represent a strategic shift that will have a major impact on our operations and financial results. These sales are part of our plan to improve our debt metrics and partially fund capital projects to grow our core business in North America. Accordingly, the consolidated balance sheets reflect the assets and liabilities associated with the St. Eustatius Operations as held for sale for all periods presented, and the condensed consolidated statements of comprehensive income reflect the St. Eustatius Operations and the European Operations as discontinued operations for all applicable periods presented. Discontinued Operations The following is a reconciliation of the major classes of line items included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss):
The following table presents selected cash flow information associated with our discontinued operations:
Impairments On January 28, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control added Petroleos de Venezuela, S.A. (PDVSA), at the time a customer at our St. Eustatius facility, to its List of Specially Designated Nationals and Blocked Persons (the SDN List). The inclusion of PDVSA on the SDN List required us to wind down our contracts with PDVSA. Prior to winding down such contracts, PDVSA was the St. Eustatius terminal’s largest customer. The effect of the sanctions issued against PDVSA, combined with the progression in the sale negotiations that occurred during March 2019, resulted in triggering events that caused us to evaluate the long-lived assets and goodwill associated with the St. Eustatius terminal and bunkering operations for potential impairment. With respect to the terminal operations long-lived assets, our estimates of future expected cash flows included the possibility of a near-term sale, as well as continuing to operate the terminal. The carrying value of the terminal’s long-lived assets exceeded our estimate of the total expected cash flows, indicating the long-lived assets were potentially impaired. To determine an impairment amount, we estimated the fair value of the long-lived assets for comparison to the carrying amount of those assets. Our estimate of the fair value considered the expected sales price as well as estimates generated from income and market approaches using a market participant’s assumptions. The estimated fair values resulting from the market and income approaches were consistent with the expected sales price. Therefore, we concluded that the estimated sales price, which was less than the carrying amount of the long-lived assets, represented the best estimate of fair value at March 31, 2019, and we recorded a long-lived asset impairment charge of $297.3 million in the first quarter of 2019 to reduce the carrying value of the assets to their estimated fair value. We recorded an additional impairment charge of $8.4 million in the second quarter of 2019, mainly due to additional capital expenditures incurred in the second quarter. Our estimate of the fair value is based on a transaction price in a market that is not active and thus falls within Level 2 of the fair value hierarchy. With respect to the goodwill in the Statia Bunkering reporting unit, which consists of our bunkering operations at our St. Eustatius terminal facility, we estimated the fair value based on the expected sales price discussed above, which is inclusive of the bunkering operations. As a result, we concluded the goodwill was impaired. Consistent with FASB’s amended goodwill impairment guidance discussed in Note 2, which we adopted in the first quarter of 2019, we measured the goodwill impairment as the difference between the reporting unit’s carrying value and its fair value. Therefore, we recognized a goodwill impairment charge of $31.1 million in the first quarter of 2019 to reduce the goodwill to $0. The impairment charges are included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss). Assets and Liabilities Held for Sale The following is a reconciliation of the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheets:
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REVENUE FROM CONTRACTS WITH CUSTOMERS |
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REVENUE FROM CONTRACTS WITH CUSTOMERS [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Assets and Contract Liabilities The following table provides information about contract assets and contract liabilities from contracts with customers:
As previously discussed in Note 3, the inclusion of PDVSA on the SDN List prevents us from providing services to PDVSA until such time as these sanctions are lifted or otherwise modified. As a result, in the first quarter of 2019 we accelerated the recognition of revenue totaling $16.3 million, representing the amount remaining from a third quarter 2018 settlement we entered into with PDVSA. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of June 30, 2019 (in thousands of dollars):
Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to service customer contracts that have fixed pricing and fixed volume terms and conditions, generally including contracts with payment obligations for take-or-pay minimum volume commitments. The revenue shown above includes $9.4 million relating to the St. Eustatius Operations that were sold on July 29, 2019. Disaggregation of Revenues The following table disaggregates our revenues:
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DEBT |
6 Months Ended |
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Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Agreement As of June 30, 2019, we had $543.0 million outstanding under our $1.4 billion revolving credit agreement (the Revolving Credit Agreement). The Revolving Credit Agreement bears interest, at our option, based on an alternative base rate, a LIBOR-based rate or a EURIBOR-based rate. The interest rate on the Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. In the second quarter of 2019, our credit rating was downgraded by S&P Global Ratings from BB to BB-, and our outlook was changed from negative to stable by S&P Global Ratings, Moody’s Investor Service Inc. and Fitch, Inc. However, per the terms of the Revolving Credit Agreement, these changes did not impact the interest rate on our Revolving Credit Agreement, which is the only debt arrangement with an interest rate that is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of June 30, 2019, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 4.4%. For the rolling period of four quarters ending June 30, 2019, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) could not exceed 5.00-to-1.00 and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. The maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio requirements may limit the amount we can borrow under the Revolving Credit Agreement to an amount less than the total amount available for borrowing. As of June 30, 2019, we had $853.5 million available for borrowing, and we believe that we are in compliance with the covenants in the Revolving Credit Agreement. Receivables Financing Agreement NuStar Energy and NuStar Finance LLC (NuStar Finance), a special purpose entity and wholly owned subsidiary of NuStar Energy, are parties to a $125.0 million receivables financing agreement with third-party lenders (the Receivables Financing Agreement) and agreements with certain of NuStar Energy’s wholly owned subsidiaries (collectively with the Receivables Financing Agreement, the Securitization Program). On April 29, 2019, we amended the Receivables Financing Agreement to extend the scheduled termination date from September 20, 2020 to September 20, 2021 and to amend certain provisions with respect to receivables related to certain customers. NuStar Finance’s sole activity consists of purchasing receivables from NuStar Energy’s wholly owned subsidiaries that participate in the Securitization Program and providing these receivables as collateral for NuStar Finance’s revolving borrowings under the Securitization Program. NuStar Finance is a separate legal entity and the assets of NuStar Finance, including these accounts receivable, are not available to satisfy the claims of creditors of NuStar Energy, its subsidiaries selling receivables under the Securitization Program or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. Borrowings by NuStar Finance under the Receivables Financing Agreement bear interest at the applicable bank rate, as defined under the Receivables Financing Agreement. The weighted average interest rate related to outstanding borrowings under the Securitization Program as of June 30, 2019 was 3.3%. As of June 30, 2019, $100.3 million of our accounts receivable are included in the Securitization Program. The amount of borrowings outstanding under the Receivables Financing Agreement totaled $62.8 million as of June 30, 2019, which is included in “Long-term debt” on the consolidated balance sheet. Issuance of Debt On May 22, 2019, NuStar Logistics issued $500.0 million of 6.0% senior notes due June 1, 2026. We received net proceeds of approximately $491.7 million, which we initially used to repay outstanding borrowings under our Revolving Credit Agreement. The interest on the 6.0% senior notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2019. The 6.0% senior notes do not have sinking fund requirements. These notes rank equally with existing senior unsecured indebtedness and senior to existing subordinated indebtedness of NuStar Logistics. The 6.0% senior notes contain restrictions on NuStar Logistics’ ability to incur secured indebtedness unless the same security is also provided for the benefit of holders of the senior notes. In addition, the senior notes limit NuStar Logistics’ ability to incur indebtedness secured by certain liens, engage in certain sale-leaseback transactions and engage in certain consolidations, mergers or asset sales. The 6.0% senior notes are fully and unconditionally guaranteed by NuStar Energy and NuPOP. At the option of NuStar Logistics, the 6.0% senior notes may be redeemed in whole or in part at any time at a redemption price, plus accrued and unpaid interest to the redemption date. If we undergo a change of control, as defined in the supplemental indenture, each holder of the notes may require us to repurchase all or a portion of its notes at a price equal to 101% of the principal amount of the notes repurchased, plus any accrued and unpaid interest to the date of repurchase.
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
LEASE ASSETS AND LIABILITIES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASE ASSETS AND LIABILITIES [Text Block] | LEASE ASSETS AND LIABILITIES Transition On January 1, 2019, we adopted Accounting Standards Codification Topic 842, “Leases” (ASC Topic 842) using the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 842. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under ASC Topic 840, “Leases.” As a result of the adoption of ASC Topic 842, we recorded right-of-use assets and lease liabilities of approximately $207.0 million and $192.0 million, respectively, as of January 1, 2019. The adoption of ASC Topic 842 had an immaterial impact on our results of operations and cash flows. We elected the following practical expedients permitted under the transition guidance within the new standard:
We record all leases on our consolidated balance sheet except for those leases with an initial term of 12 months or less, which are expensed on a straight-line basis over the lease term. We use judgment in determining the reasonably certain lease term and consider factors such as the nature and utility of the leased asset, as well as the importance of the leased asset to our operations. We calculate the present value of our lease liabilities based upon our incremental borrowing rate unless the rate implicit in the lease is readily determinable. Lessee Arrangements Our operating leases consist primarily of leases for tugs and barges utilized at the St. Eustatius facility for bunker fuel sales and land and dock leases at various terminal facilities. Tug and barge leases have remaining terms of 1 year to 9 years and include options to extend up to 10 years, and land and dock leases have remaining terms generally ranging from 3 years to 17 years and include options to extend up to 15 years. We are reasonably certain to exercise options to extend our land and dock leases. The primary component of our finance lease portfolio is a dock at a terminal facility, which includes a commitment for minimum dockage and wharfage throughput volumes. The dock lease has a remaining initial term of 2 years and four additional five-year renewal periods, all of which we are reasonably certain to exercise. We historically accounted for the dock lease under legacy build-to-suit accounting guidance, which was eliminated by ASC Topic 842. Certain of our leases are subject to variable payment arrangements, the most notable of which include:
As of June 30, 2019, right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows:
As of June 30, 2019, maturities of our operating and finance lease liabilities were as follows:
Costs incurred for leases were as follows:
The table below presents additional information regarding our leases:
Lessor Arrangements We have entered into certain revenue arrangements where we are considered to be the lessor. Under the largest of these arrangements, we lease certain of our storage tanks in exchange for a fixed fee, subject to an annual consumer price index adjustment. The operating leases commenced on January 1, 2017, and have initial terms of 10 years with successive automatic renewal terms. We recognized lease revenues from these leases of $20.4 million for the six months ended June 30, 2019, which are included in “Service revenues” in the consolidated statements of income. As of June 30, 2019, we expect to receive minimum lease payments totaling $293.0 million, based upon the consumer price index as of the adoption date. We will recognize these payments ratably over the remaining initial lease term. As of June 30, 2019, the cost and accumulated depreciation of lease storage assets, which are included in our “Pipeline, storage and terminals” asset class within property, plant and equipment and have an estimated useful life of 30 years, total $233.4 million and $117.3 million, respectively.
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DERIVATIVES AND FAIR VALUE MEASUREMENTS |
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DERIVATIVES AND FAIR VALUE MEASUREMENTS | DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivative Instruments We utilize various derivative instruments to manage our exposure to interest rate risk and commodity price risk. Our risk management policies and procedures are designed to monitor interest rates, futures and swap positions and over-the-counter positions, as well as physical commodity volumes, grades, locations and delivery schedules, to help ensure that our hedging activities address our market risks. Derivative financial instruments associated with commodity price risk with respect to our petroleum product inventories and related firm commitments to purchase and/or sell such inventories were not material for any periods presented. Interest Rate Risk. We are a party to certain interest rate swap agreements to manage our exposure to changes in interest rates, which include forward-starting interest rate swap agreements related to a forecasted debt issuance in 2020. We entered into these swaps in order to hedge the risk of fluctuations in the required interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. Under the terms of the swaps, we pay a fixed rate and receive a rate based on the three-month USD LIBOR. These swaps qualify as cash flow hedges, and we designate them as such. We record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive loss” (AOCI), and the amount in AOCI will be recognized in “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. As of June 30, 2019 and December 31, 2018, the aggregate notional amount of forward-starting interest rate swaps totaled $250.0 million. The fair values of our interest rate swaps included in our consolidated balance sheets were as follows:
Our interest rate swaps had the following impact on earnings:
As of June 30, 2019, we expect to reclassify a loss of $3.0 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. Fair Value Measurements We segregate the inputs used in measuring fair value into three levels: Level 1, defined as observable inputs, such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists. We consider counterparty credit risk and our own credit risk in the determination of all estimated fair values. Recurring Fair Value Measurements. Because we estimate the fair value of our forward-starting interest rate swaps using discounted cash flows, which use observable inputs such as time to maturity and market interest rates, we include interest rate swaps in Level 2 of the fair value hierarchy. Non-recurring Fair Value Measurements. Please refer to Note 3 for a discussion of the non-recurring fair value measurement associated with the impairment of long-lived assets related to our St. Eustatius terminal. Fair Value of Financial Instruments We recognize cash equivalents, receivables, payables and debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments, except for long-term debt other than finance leases, approximate their carrying amounts. The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows:
We have estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. With regard to our other debt, for which a quoted market price is not available, we have estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy.
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SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS |
6 Months Ended |
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Jun. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
SERIES D CUMULATIVE COVERTIBLE PREFERRED UNITS | SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Distributions on the Series D Cumulative Convertible Preferred Units (Series D Preferred Units) are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December, beginning September 17, 2018 to holders of record on the first business day of each payment month. The distribution rate on the Series D Preferred Units is: (i) 9.75% per annum (or $0.619 per unit per distribution period) for the first two years; (ii) 10.75% per annum (or $0.682 per unit per distribution period) for years three through five; and (iii) the greater of 13.75% per annum (or $0.872 per unit per distribution period) or the distribution per common unit thereafter. While the Series D Preferred Units are outstanding, the Partnership will be prohibited from paying distributions on any junior securities, including the common units, unless full cumulative distributions on the Series D Preferred Units (and any parity securities) have been, or contemporaneously are being, paid or set aside for payment through the most recent Series D Preferred Unit distribution payment date. Any Series D Preferred Unit distributions in excess of $0.635 per unit may be paid, in the Partnership’s sole discretion, in additional Series D Preferred Units, with the remainder paid in cash. In July 2019, our board of directors declared distributions of $0.619 per Series D Preferred Unit to be paid on September 16, 2019. In July 2018, our board of directors declared an initial distribution of $0.525 per Series D Preferred Unit issued on June 29, 2018 and an initial distribution of $0.431 per Series D Preferred Unit issued on July 13, 2018, which were both paid on September 17, 2018.
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PARTNERS' EQUITY |
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Partners' Capital Notes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PARTNERS' EQUITY | PARTNERS' EQUITY Series A, B and C Preferred Units We allocate net income to our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (collectively, the Series A, B and C Preferred Units) based on their respective rights to receive distributions earned during the period. Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month as follows (until the distribution rate changes to a floating rate):
In July 2019, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on September 16, 2019. Common Limited Partners We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units, and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on our preferred units. The following table summarizes information about quarterly cash distributions declared for our common limited partners:
Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows:
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NET INCOME (LOSS) PER COMMON UNIT |
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NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT Basic net income (loss) per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plans. We compute basic net income (loss) per common unit by dividing net (loss) income attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit is computed by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. Dilutive potential common units may include contingently issuable performance unit awards and the Series D Preferred Units. The Series D Preferred Units are convertible into common units at the option of the holder at any time on or after June 29, 2028. As such, we calculated the dilutive effect of the Series D Preferred Units using the if-converted method. The effect of the assumed conversion of the Series D Preferred Units outstanding as of the end of each period presented was antidilutive; therefore, we did not include such conversion in the computation of diluted net income (loss) per common unit. The following table details the calculation of net income (loss) per common unit:
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STATEMENTS OF CASH FLOWS |
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Statement of Cash Flows [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF CASH FLOWS | STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows:
The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to:
Cash flows related to interest and income taxes were as follows:
As of June 30, 2019, restricted cash is included in "Prepaid and other current assets" on the consolidated balance sheet. “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows were included in the consolidated balance sheets as follows:
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EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans and Unit-Based Compensation [Text Block] | EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Employee Benefit Plans NuStar’s Pension Plan is a qualified non-contributory defined benefit pension plan that provides eligible U.S. employees with retirement income as calculated under a cash balance formula. NuStar’s Excess Pension Plan is a nonqualified deferred compensation plan that provides benefits to a select group of management or other highly compensated employees. The Pension Plan and Excess Pension Plan are collectively referred to as the Pension Plans. Our other postretirement benefit plans include a contributory medical benefits plan for U.S. employees who retired prior to April 1, 2014, and for employees who retire on or after April 1, 2014, a partial reimbursement for eligible third-party health care premiums. The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans were as follows:
The service cost component of net periodic benefit cost (income) is presented in the same income statement line items as other current employee compensation costs, but the remaining components of net periodic benefit cost (income) are reported on the consolidated statements of comprehensive income in “Other income, net.” Unit-Based Compensation In April 2019, our common unitholders approved the 2019 Long-Term Incentive Plan (2019 LTIP) for eligible employees, consultants and directors of NuStar Energy L.P., and of NuStar GP, LLC, and their respective affiliates who perform services for us and our subsidiaries. The 2019 LTIP allows for the awarding of (i) options; (ii) restricted units; (iii) distribution equivalent rights; (iv) performance cash; (v) performance units; and (vi) unit awards. The 2019 LTIP permits the granting of awards totaling an aggregate of 2,500,000 common units, subject to adjustment as provided in the 2019 LTIP. The 2019 LTIP generally will be administered by the compensation committee of our board of directors.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable business segments consist of the pipeline, storage and fuels marketing segments. Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Our principal operations include the transportation of petroleum products and anhydrous ammonia, and the terminalling, storage and marketing of petroleum products. Results of operations for the reportable segments were as follows:
Total assets by reportable segment were as follows:
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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS NuStar Energy has no operations, and its assets consist mainly of its investments in 100% indirectly owned subsidiaries, NuStar Logistics and NuPOP. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. Condensed Consolidating Balance Sheets June 30, 2019 (Thousands of Dollars)
Condensed Consolidating Balance Sheets December 31, 2018 (Thousands of Dollars)
Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2019 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2018 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019 (Thousands of Dollars)
Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018 (Thousands of Dollars)
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ORGANIZATION AND BASIS OF PRESENTATION (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Cash [Policy Text Block] | As of June 30, 2019, we have restricted cash representing legally restricted funds that are unavailable for general use totaling $8.7 million, which is included in “Prepaid and other current assets” on the consolidated balance sheet.
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LEASE ASSETS AND LIABILITIES Leases (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||
Leases [Policy Text Block] | We elected the following practical expedients permitted under the transition guidance within the new standard:
We record all leases on our consolidated balance sheet except for those leases with an initial term of 12 months or less, which are expensed on a straight-line basis over the lease term. We use judgment in determining the reasonably certain lease term and consider factors such as the nature and utility of the leased asset, as well as the importance of the leased asset to our operations. We calculate the present value of our lease liabilities based upon our incremental borrowing rate unless the rate implicit in the lease is readily determinable.
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DISCONTINUED OPERATIONS AND IMPAIRMENTS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations, Supplemental Income Statement Disclosures [Table Text Block] | The following is a reconciliation of the major classes of line items included in “(Loss) income from discontinued operations, net of tax” on the condensed consolidated statements of comprehensive income (loss):
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Discontinued Operations, Selected Cash Flow Information | The following table presents selected cash flow information associated with our discontinued operations:
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Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a reconciliation of the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheets:
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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers:
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of June 30, 2019 (in thousands of dollars):
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Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues:
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LEASE ASSETS AND LIABILITIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Right-of-Use Assets and Lease Liabilities | As of June 30, 2019, right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows:
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Maturity Analysis of Lease Liabilities | As of June 30, 2019, maturities of our operating and finance lease liabilities were as follows:
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Lease Cost | Costs incurred for leases were as follows:
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Additional Lease Information | The table below presents additional information regarding our leases:
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DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair values of our interest rate swaps included in our consolidated balance sheets were as follows:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | Our interest rate swaps had the following impact on earnings:
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Fair Value and Carrying Value of Debt [Table Text Block] | The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows:
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PARTNERS' EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table summarizes information about quarterly cash distributions declared for our common limited partners: Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month as follows (until the distribution rate changes to a floating rate):
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in the components included in AOCI were as follows:
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NET INCOME (LOSS) PER COMMON UNIT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income (Loss) Per Common Unit | The following table details the calculation of net income (loss) per common unit:
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STATEMENTS OF CASH FLOWS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Current Assets and Liabilities [Table Text Block] | Changes in current assets and current liabilities were as follows:
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Schedule of Supplemental Cash Flow Information [Table Text Block] | “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows were included in the consolidated balance sheets as follows:
Cash flows related to interest and income taxes were as follows:
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EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans were as follows:
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Results of operations for the reportable segments were as follows:
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows:
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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets [Text Block] | Condensed Consolidating Balance Sheets June 30, 2019 (Thousands of Dollars)
Condensed Consolidating Balance Sheets December 31, 2018 (Thousands of Dollars)
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Condensed Consolidating Statements of Comprehensive Income (Loss) [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2019 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2019 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations. Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2018 (Thousands of Dollars)
(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations.
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Condensed Consolidating Statements of Cash Flows [Text Block] | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019 (Thousands of Dollars)
Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018 (Thousands of Dollars)
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ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) shares in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Sep. 30, 2018
shares
|
Jun. 30, 2019 |
Jul. 20, 2018
Rate
|
|
Class of Stock [Line Items] | |||
Common unit conversion rate | Rate | 55.00% | ||
Number of business segments | 3 | ||
Common Limited Partner [Member] | |||
Class of Stock [Line Items] | |||
Issuance of NuStar Energy common units as a result of the Merger, incremental units issued | shares | 13.4 |
ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 (Details) $ in Millions |
May 09, 2019
USD ($)
|
---|---|
The St. Eustatius Disposition [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Divestiture of business, sales price, St. Eustatius terminal and bunkering operations | $ 250.0 |
ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Prepaid and other current assets | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted cash | $ 8.7 |
NEW ACCOUNTING PRONOUNCEMENTS Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Leases [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Transition adjustment | The transition adjustment related to the adoption was immaterial |
DISCONTINUED OPERATIONS AND IMPAIRMENTS Narrative 1 (Details) - The St. Eustatius Disposition [Member] - USD ($) $ in Millions |
Jul. 29, 2019 |
May 09, 2019 |
---|---|---|
Subsequent Event [Line Items] | ||
Divestiture of business, sales price, St. Eustatius terminal and bunkering operations | $ 250.0 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Net sales proceeds | $ 234.0 | |
Description of assets sold | The St. Eustatius Disposition included a 14.3 million barrel storage and terminalling facility and related assets on the island of St. Eustatius in the Caribbean Netherlands. |
DISCONTINUED OPERATIONS AND IMPAIRMENTS Narrative 2 (Details) - The European Disposition [Member] $ in Millions |
Nov. 30, 2018
USD ($)
|
---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Description of assets sold | European operations, which consisted of six liquids storage terminals in the United Kingdom and one facility in Amsterdam and related assets |
Net sales proceeds | $ 270.0 |
DISCONTINUED OPERATIONS AND IMPAIRMENTS Table 2 (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment losses | $ 8,400 | $ 297,300 | $ 305,715 | $ 0 |
Goodwill impairment loss | 31,123 | 0 | ||
Gain from insurance recoveries | 0 | (78,756) | ||
Discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | (23,635) | (82,111) | ||
Depreciation and amortization expense | 8,536 | 22,081 | ||
Asset impairment losses | 305,715 | 0 | ||
Goodwill impairment loss | 31,123 | 0 | ||
Gain from insurance recoveries | $ 0 | $ (78,756) |
DISCONTINUED OPERATIONS AND IMPAIRMENTS Narrative 3 (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset impairment losses | $ 8,400,000 | $ 297,300,000 | $ 305,715,000 | $ 0 | |
Goodwill impairment loss | 31,123,000 | $ 0 | |||
Goodwill | $ 1,005,853,000 | $ 1,005,853,000 | $ 1,005,853,000 | ||
St. Eustatius Bunkers [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment loss | 31,100,000 | ||||
Goodwill | $ 0 |
DISCONTINUED OPERATIONS AND IMPAIRMENTS Table 3 (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 301,529 | $ 599,347 |
Liabilities held for sale | 68,616 | 69,834 |
Discontinued operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | 46,826 | 54,404 |
Property, plant and equipment, net | 223,723 | 513,820 |
Goodwill | 0 | 31,123 |
Other long-term assets, net | 30,980 | 0 |
Total current liabilities | 44,625 | 69,834 |
Total long-term liabilities | $ 23,991 | $ 0 |
REVENUE FROM CONTRACTS WITH CUSTOMERS Narrative 1 (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenue recognized | $ 46,757 | $ 28,466 | |
Petroleos de Venezuela, S.A. (PDVSA) [Member] | |||
Revenue recognized | $ 16,300 |
REVENUE FROM CONTRACTS WITH CUSTOMERS Narrative 2 (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
The St. Eustatius Disposition [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Remaining performance obligation | $ 9.4 |
DEBT Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 22, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | |||||
Long-term debt | $ 3,401,220 | $ 3,401,220 | $ 3,111,996 | ||
Logistics revolving credit agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 543,000 | 543,000 | |||
Maximum borrowing capacity | $ 1,400,000 | $ 1,400,000 | |||
Interest rate at period end - Revolving Credit Agreement | 4.40% | 4.40% | |||
Covenant terms | For the rolling period of four quarters ending June 30, 2019, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) could not exceed 5.00-to-1.00 and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. | ||||
Current remaining borrowing capacity | $ 853,500 | $ 853,500 | |||
Receivables Financing Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 62,800 | 62,800 | |||
Maximum borrowing capacity | $ 125,000 | $ 125,000 | |||
Weighted average interest rate | 3.30% | 3.30% | |||
Collateral amount | $ 100,300 | $ 100,300 | |||
Logistics Notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500,000 | ||||
Stated interest rate | 6.00% | 6.00% | |||
Debt instrument, maturity date | Jun. 01, 2026 | ||||
Proceeds from note offering, net of issuance costs | $ 491,700 | ||||
Debt instrument, redemption, description | At the option of NuStar Logistics, the 6.0% senior notes may be redeemed in whole or in part at any time at a redemption price, plus accrued and unpaid interest to the redemption date. If we undergo a change of control, as defined in the supplemental indenture, each holder of the notes may require us to repurchase all or a portion of its notes at a price equal to 101% of the principal amount of the notes repurchased, plus any accrued and unpaid interest to the date of repurchase. | ||||
Standard & Poor's, BB Rating [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit rating | BB | ||||
Standard & Poor's, BB- Rating [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit rating | BB- |
COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 2.8 | $ 2.8 |
LEASE ASSETS AND LIABILITIES Narrative 1 (Details) $ in Millions |
Jan. 01, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Right-of-use assets recognized at transition | $ 207.0 |
Lease liabilities recognized at transition | $ 192.0 |
LEASE ASSETS AND LIABILITIES Table 1 - Schedule of Right-of-Use Assets and Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Right-of-Use Assets: | |
Accumulated amortization on finance right-of-use asset | $ 1,741 |
Lease Liabilities: | |
Total operating lease liabilities | 117,236 |
Total finance lease liabilities | 59,328 |
Other long-term assets, net | |
Right-of-Use Assets: | |
Operating lease | 86,414 |
Assets held for sale | |
Right-of-Use Assets: | |
Operating lease | 30,980 |
Property, plant and equipment, net of accumulated amortization | |
Right-of-Use Assets: | |
Finance lease | 73,982 |
Accrued liabilities | |
Lease Liabilities: | |
Operating lease, current | 11,832 |
Liabilities held for sale | |
Lease Liabilities: | |
Operating lease, current | 31,681 |
Other long-term liabilities | |
Lease Liabilities: | |
Operating lease, noncurrent | 73,723 |
Short-term debt and current portion of finance leases | |
Lease Liabilities: | |
Finance lease, current | 4,087 |
Long-term debt | |
Lease Liabilities: | |
Finance lease, noncurrent | $ 55,241 |
LEASE ASSETS AND LIABILITIES Table 2 - Maturity Analysis of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 (remaining) | $ 13,042 |
2020 | 17,053 |
2021 | 13,180 |
2022 | 12,622 |
2023 | 11,654 |
Thereafter | 79,789 |
Total lease payments | 147,340 |
Less: Interest | 30,104 |
Present value of lease liabilities | 117,236 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
2019 (remaining) | 3,022 |
2020 | 6,044 |
2021 | 4,594 |
2022 | 3,939 |
2023 | 3,896 |
Thereafter | 63,281 |
Total lease payments | 84,776 |
Less: Interest | 25,448 |
Present value of lease liabilities | $ 59,328 |
LEASE ASSETS AND LIABILITIES Table 3 - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||
Operating lease cost | $ 9,477 | $ 18,941 |
Amortization of right-of-use assets | 900 | 1,741 |
Interest expense on lease liability | 550 | 1,099 |
Short-term lease cost | 5,609 | 9,923 |
Variable lease cost | 977 | 1,788 |
Total lease cost | $ 17,513 | $ 33,492 |
LEASE ASSETS AND LIABILITIES Table 4 - Additional Lease Information (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
Rate
| |
Leases, Operating [Abstract] | |
Cash outflows from operating activities | $ 18,710 |
Right-of-use assets obtained in exchange for lease liabilities | $ 1,352 |
Weighted-average remaining lease term (in years) | 13 years |
Weighted-average discount rate | Rate | 3.60% |
Leases, Finance [Abstract] | |
Cash outflows from operating activities | $ 916 |
Cash outflows from financing activities | 1,569 |
Right-of-use assets obtained in exchange for lease liabilities | $ 1,452 |
Weighted-average remaining lease term (in years) | 22 years |
Weighted-average discount rate | Rate | 3.70% |
LEASE ASSETS AND LIABILITIES Narrative 3 (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Operating Leased Assets [Line Items] | |
Lessor, operating lease, term of contract | 10 years |
Lessor, operating lease, expected minimum lease payments | $ 293.0 |
Pipeline, storage and terminals | |
Operating Leased Assets [Line Items] | |
Lease storage assets, estimated useful life | 30 years |
Lease storage assets, cost | $ 233.4 |
Lease storage assets, accumulated depreciation | 117.3 |
Service revenues [Member] | |
Operating Leased Assets [Line Items] | |
Lessor, operating lease, lease revenues | $ 20.4 |
DERIVATIVES AND FAIR VALUE MEASUREMENTS Narrative (Details) - Interest rate swaps - Cash Flow Hedges - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate swaps interest rate received | receive a rate based on the three-month USD LIBOR. | |
Notional amount of forward-starting interest rate swaps | $ 250.0 | $ 250.0 |
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 1 - Fair Values of Derivative Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - Interest rate swaps - Designated as Hedging Instruments - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Other long-term assets, net | ||
Derivatives, Fair Value | ||
Asset Derivatives | $ 0 | $ 627 |
Liability Derivatives | 0 | 0 |
Other long-term liabilities | ||
Derivatives, Fair Value | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | $ (16,716) | $ (751) |
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 2 - Impact of Derivatives on Earnings (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps | $ (3,000) | $ (3,000) | ||
Interest rate swaps | Other comprehensive income | Designated as Hedging Instruments | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive income (loss) on derivative | (9,784) | $ 5,106 | (16,592) | $ 22,527 |
Interest rate swaps | Interest expense, net | Designated as Hedging Instruments | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified from AOCI into interest expense, net | $ (1,005) | $ (1,162) | $ (2,083) | $ (2,552) |
DERIVATIVES AND FAIR VALUE MEASUREMENTS Table 3 - Estimated Fair Values and Carrying Amounts of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value, long-term debt | $ 3,473,806 | $ 3,056,704 |
Long-term debt | $ 3,401,220 | $ 3,111,996 |
PARTNERS' EQUITY Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Class of Stock [Line Items] | |
Percent of available cash distributed | 100.00% |
Number of days within which distribution is paid to common unitholders | 45 |
PARTNERS' EQUITY Table 2 - Cash Distributions Declared - Common Limited Partners (Details) - Common Limited Partner [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
|
Distribution Made to Common Limited Partners [Line Items] | ||
Cash distributions per unit | $ 0.60 | $ 0.60 |
Cash distributions applicable to common unitholders (distribution earned) | $ 64,658 | $ 64,690 |
Distribution date of record (distribution earned) | Aug. 07, 2019 | May 08, 2019 |
Distribution payment date (distribution earned) | Aug. 13, 2019 | May 14, 2019 |
NET INCOME (LOSS) PER COMMON UNIT Table - Net Income (Loss) per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 45,951 | $ 29,399 | $ (231,912) | $ 155,532 |
Distributions to preferred limited partners | (30,423) | (16,245) | (60,846) | (32,235) |
Distributions to general partner | 0 | 0 | 0 | (1,141) |
Distributions to common limited partners | (64,658) | (64,205) | (129,348) | (120,121) |
Distribution equivalent rights to restricted units | (642) | (480) | (1,285) | (925) |
Distributions (in excess of) less than income (loss) | (49,772) | (51,531) | (423,391) | 1,110 |
Distributions to common limited partners | 64,658 | 64,205 | 129,348 | 120,121 |
Allocation of distributions (in excess of) less than income (loss) | (49,772) | (50,500) | (423,391) | 1,079 |
Series D Preferred Unit accretion | (4,446) | 0 | (8,748) | 0 |
Net income (loss) attributable to common units | $ 10,440 | $ 13,705 | $ (302,791) | $ 121,200 |
Basic weighted-average common units outstanding | 107,763,016 | 93,192,238 | 107,647,957 | 93,187,038 |
Basic net (loss) income per common unit | $ 0.10 | $ 0.15 | $ (2.81) | $ 1.30 |
STATEMENTS OF CASH FLOWS Table 1 - Changes in Current Assets and Current Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Decrease (increase) in current assets: | ||
Accounts receivable | $ (3,146) | $ 34,518 |
Receivable from related party | 0 | 130 |
Inventories | 1,551 | (1,233) |
Other current assets | (4,075) | (2,494) |
Increase (decrease) in current liabilities: | ||
Accounts payable | 7,704 | 5,149 |
Accrued interest payable | 2,636 | (4,325) |
Accrued liabilities | (34,814) | 10,476 |
Taxes other than income tax | (3,556) | 1,329 |
Income tax payable | (2,529) | (817) |
Changes in current assets and current liabilities | $ (36,229) | $ 42,733 |
STATEMENTS OF CASH FLOWS Table 2 - Cash Flows Related to Interest and Income Taxes (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Cash Flows [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 84,677 | $ 96,761 |
Cash paid for income taxes, net of tax refunds received | $ 6,557 | $ 7,973 |
STATEMENTS OF CASH FLOWS Table 3 - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 24,882 | $ 13,644 | $ 20,344 | $ 24,292 |
Cash and cash equivalents [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | 15,299 | 11,529 | ||
Prepaid and other current assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | 8,744 | 0 | ||
Assets held for sale | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash, cash equivalents and restricted cash | $ 839 | $ 2,115 |
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Table - Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,387 | $ 2,405 | $ 4,775 | $ 4,811 |
Interest cost | 1,370 | 1,206 | 2,740 | 2,412 |
Expected return on assets | (2,003) | (1,854) | (4,007) | (3,709) |
Amortization of prior service credit | (514) | (514) | (1,028) | (1,028) |
Amortization of net loss | 212 | 543 | 423 | 1,087 |
Net periodic benefit cost (income) | 1,452 | 1,786 | 2,903 | 3,573 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 108 | 126 | 215 | 252 |
Interest cost | 113 | 107 | 227 | 215 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service credit | (286) | (286) | (573) | (573) |
Amortization of net loss | 10 | 53 | 21 | 107 |
Net periodic benefit cost (income) | $ (55) | $ 0 | $ (110) | $ 1 |
EMPLOYEE BENEFIT PLANS AND UNIT-BASED COMPENSATION Narrative (Details) |
Apr. 23, 2019
shares
|
---|---|
Unit-Based Compensation 2019 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unit-based compensation, number of units authorized | 2,500,000 |
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Information | ||
Total assets | $ 6,379,691 | $ 6,349,140 |
Total segment assets | ||
Segment Information | ||
Total assets | 5,892,367 | 5,577,242 |
Total segment assets | Pipeline Segment | ||
Segment Information | ||
Total assets | 3,824,047 | 3,637,226 |
Total segment assets | Storage Segment | ||
Segment Information | ||
Total assets | 2,028,427 | 1,902,764 |
Total segment assets | Fuels Marketing Segment | ||
Segment Information | ||
Total assets | 39,893 | 37,252 |
Assets held for sale | ||
Segment Information | ||
Total assets | 301,529 | 599,347 |
Other partnership assets | ||
Segment Information | ||
Total assets | $ 185,795 | $ 172,551 |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details) - NuStar Energy |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
NuPOP | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
NuStar Logistics | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
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