(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Exhibit | |||||||
Press Release dated November 4, 2021. | ||||||||
Exhibit 104 | Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101 |
NUSTAR ENERGY L.P. | ||||||||||||||
By: | Riverwalk Logistics, L.P. | |||||||||||||
its general partner | ||||||||||||||
By: | NuStar GP, LLC | |||||||||||||
its general partner | ||||||||||||||
Date: November 4, 2021 | By: | /s/ Amy L. Perry | ||||||||||||
Name: | Amy L. Perry | |||||||||||||
Title: | Executive Vice President-Strategic Development and General Counsel |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Statement of Income Data: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Service revenues | $ | 296,473 | $ | 295,621 | $ | 869,144 | $ | 896,518 | |||||||||||||||
Product sales | 115,872 | 66,970 | 331,940 | 198,404 | |||||||||||||||||||
Total revenues | 412,345 | 362,591 | 1,201,084 | 1,094,922 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Costs associated with service revenues: | |||||||||||||||||||||||
Operating expenses | 100,143 | 95,528 | 287,923 | 296,788 | |||||||||||||||||||
Depreciation and amortization expense | 66,126 | 70,480 | 203,508 | 207,755 | |||||||||||||||||||
Total costs associated with service revenues | 166,269 | 166,008 | 491,431 | 504,543 | |||||||||||||||||||
Costs associated with product sales | 107,047 | 63,977 | 300,801 | 182,103 | |||||||||||||||||||
Asset impairment losses | 154,908 | — | 154,908 | — | |||||||||||||||||||
Goodwill impairment losses | 34,060 | — | 34,060 | 225,000 | |||||||||||||||||||
General and administrative expenses | 27,365 | 25,457 | 79,334 | 72,128 | |||||||||||||||||||
Other depreciation and amortization expense | 1,881 | 2,105 | 5,841 | 6,462 | |||||||||||||||||||
Total costs and expenses | 491,530 | 257,547 | 1,066,375 | 990,236 | |||||||||||||||||||
Operating (loss) income | (79,185) | 105,044 | 134,709 | 104,686 | |||||||||||||||||||
Interest expense, net | (53,513) | (64,165) | (162,211) | (171,158) | |||||||||||||||||||
Loss on extinguishment of debt | — | (137,904) | — | (141,746) | |||||||||||||||||||
Other income (expense), net | 8,450 | (1,398) | 11,744 | (5,671) | |||||||||||||||||||
Loss before income tax expense (benefit) | (124,248) | (98,423) | (15,758) | (213,889) | |||||||||||||||||||
Income tax expense (benefit) | 685 | (1,783) | 3,535 | 626 | |||||||||||||||||||
Net loss | $ | (124,933) | $ | (96,640) | $ | (19,293) | $ | (214,515) | |||||||||||||||
Basic and diluted net loss per common unit | $ | (1.48) | $ | (1.22) | $ | (1.18) | $ | (2.96) | |||||||||||||||
Basic and diluted weighted-average common units outstanding | 109,532,381 | 109,195,358 | 109,522,849 | 109,096,190 | |||||||||||||||||||
Other Data (Note 1): | |||||||||||||||||||||||
Adjusted net income | $ | 54,663 | $ | 45,227 | $ | 160,303 | $ | 156,194 | |||||||||||||||
Adjusted net income per common unit | $ | 0.16 | $ | 0.08 | $ | 0.46 | $ | 0.44 | |||||||||||||||
EBITDA | $ | (2,728) | $ | 38,327 | $ | 355,802 | $ | 171,486 | |||||||||||||||
Adjusted EBITDA | $ | 176,868 | $ | 180,194 | $ | 535,398 | $ | 542,195 | |||||||||||||||
DCF | $ | 92,067 | $ | (53,950) | $ | 269,987 | $ | 130,860 | |||||||||||||||
Adjusted DCF | $ | 92,067 | $ | 83,954 | $ | 269,987 | $ | 272,606 | |||||||||||||||
Distribution coverage ratio | 2.10x | n/a | 2.05x | 1.00x | |||||||||||||||||||
Adjusted distribution coverage ratio | 2.10x | 1.92x | 2.05x | 2.08x |
For the Four Quarters Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Consolidated Debt Coverage Ratio | 4.10x | 4.13x |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Pipeline: | |||||||||||||||||||||||
Crude oil pipelines throughput (barrels/day) | 1,374,909 | 1,235,176 | 1,241,152 | 1,276,834 | |||||||||||||||||||
Refined products and ammonia pipelines throughput (barrels/day) | 599,423 | 516,295 | 572,040 | 521,118 | |||||||||||||||||||
Total throughput (barrels/day) | 1,974,332 | 1,751,471 | 1,813,192 | 1,797,952 | |||||||||||||||||||
Throughput and other revenues | $ | 196,207 | $ | 176,210 | $ | 558,341 | $ | 537,999 | |||||||||||||||
Operating expenses | 51,303 | 47,121 | 147,762 | 147,466 | |||||||||||||||||||
Depreciation and amortization expense | 45,506 | 45,268 | 135,290 | 132,655 | |||||||||||||||||||
Asset impairment loss | 59,197 | — | 59,197 | — | |||||||||||||||||||
Goodwill impairment loss | — | — | — | 225,000 | |||||||||||||||||||
Segment operating income | $ | 40,201 | $ | 83,821 | $ | 216,092 | $ | 32,878 | |||||||||||||||
Storage: | |||||||||||||||||||||||
Throughput (barrels/day) | 462,094 | 466,229 | 416,288 | 497,634 | |||||||||||||||||||
Throughput terminal revenues | $ | 30,771 | $ | 29,260 | $ | 90,708 | $ | 100,182 | |||||||||||||||
Storage terminal revenues | 77,371 | 93,175 | 245,256 | 264,877 | |||||||||||||||||||
Total revenues | 108,142 | 122,435 | 335,964 | 365,059 | |||||||||||||||||||
Operating expenses | 48,840 | 48,407 | 140,161 | 149,322 | |||||||||||||||||||
Depreciation and amortization expense | 20,620 | 25,212 | 68,218 | 75,100 | |||||||||||||||||||
Asset impairment loss | 95,711 | — | 95,711 | — | |||||||||||||||||||
Goodwill impairment loss | 34,060 | — | 34,060 | — | |||||||||||||||||||
Segment operating (loss) income | $ | (91,089) | $ | 48,816 | $ | (2,186) | $ | 140,637 | |||||||||||||||
Fuels Marketing: | |||||||||||||||||||||||
Product sales | $ | 107,996 | $ | 63,946 | $ | 306,790 | $ | 191,873 | |||||||||||||||
Cost of goods | 106,478 | 63,161 | 300,944 | 180,230 | |||||||||||||||||||
Gross margin | 1,518 | 785 | 5,846 | 11,643 | |||||||||||||||||||
Operating expenses | 569 | 816 | (132) | 1,882 | |||||||||||||||||||
Segment operating income (loss) | $ | 949 | $ | (31) | $ | 5,978 | $ | 9,761 | |||||||||||||||
Consolidation and Intersegment Eliminations: | |||||||||||||||||||||||
Revenues | $ | — | $ | — | $ | (11) | $ | (9) | |||||||||||||||
Cost of goods | — | — | (11) | (9) | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Consolidated Information: | |||||||||||||||||||||||
Revenues | $ | 412,345 | $ | 362,591 | $ | 1,201,084 | $ | 1,094,922 | |||||||||||||||
Costs associated with service revenues: | |||||||||||||||||||||||
Operating expenses | 100,143 | 95,528 | 287,923 | 296,788 | |||||||||||||||||||
Depreciation and amortization expense | 66,126 | 70,480 | 203,508 | 207,755 | |||||||||||||||||||
Total costs associated with service revenues | 166,269 | 166,008 | 491,431 | 504,543 | |||||||||||||||||||
Cost of product sales | 107,047 | 63,977 | 300,801 | 182,103 | |||||||||||||||||||
Asset impairment losses | 154,908 | — | 154,908 | — | |||||||||||||||||||
Goodwill impairment losses | 34,060 | — | 34,060 | 225,000 | |||||||||||||||||||
Segment operating (loss) income | (49,939) | 132,606 | 219,884 | 183,276 | |||||||||||||||||||
General and administrative expenses | 27,365 | 25,457 | 79,334 | 72,128 | |||||||||||||||||||
Other depreciation and amortization expense | 1,881 | 2,105 | 5,841 | 6,462 | |||||||||||||||||||
Consolidated operating (loss) income | $ | (79,185) | $ | 105,044 | $ | 134,709 | $ | 104,686 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (124,933) | $ | (96,640) | $ | (19,293) | $ | (214,515) | |||||||||||||||
Interest expense, net | 53,513 | 64,165 | 162,211 | 171,158 | |||||||||||||||||||
Income tax expense (benefit) | 685 | (1,783) | 3,535 | 626 | |||||||||||||||||||
Depreciation and amortization expense | 68,007 | 72,585 | 209,349 | 214,217 | |||||||||||||||||||
EBITDA | (2,728) | 38,327 | 355,802 | 171,486 | |||||||||||||||||||
Interest expense, net | (53,513) | (64,165) | (162,211) | (171,158) | |||||||||||||||||||
Reliability capital expenditures | (10,806) | (7,279) | (28,238) | (18,330) | |||||||||||||||||||
Income tax (expense) benefit | (685) | 1,783 | (3,535) | (626) | |||||||||||||||||||
Long-term incentive equity awards (a) | 2,730 | 2,416 | 8,737 | 6,402 | |||||||||||||||||||
Preferred unit distributions | (31,889) | (31,888) | (95,663) | (92,995) | |||||||||||||||||||
Asset impairment losses | 154,908 | — | 154,908 | — | |||||||||||||||||||
Goodwill impairment losses | 34,060 | — | 34,060 | 225,000 | |||||||||||||||||||
Other items | (10) | 6,856 | 6,127 | 11,081 | |||||||||||||||||||
DCF | $ | 92,067 | $ | (53,950) | $ | 269,987 | $ | 130,860 | |||||||||||||||
Distributions applicable to common limited partners | $ | 43,814 | $ | 43,678 | $ | 131,462 | $ | 131,086 | |||||||||||||||
Distribution coverage ratio (b) | 2.10x | n/a | 2.05x | 1.00x |
For the Four Quarters Ended September 30, | Projected for the Year Ended December 31, 2021 | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operating income | $ | 239,125 | $ | 228,742 | $ 225,000 - 245,000 | ||||||||||||
Depreciation and amortization expense | 280,233 | 284,846 | 270,000 - 278,000 | ||||||||||||||
Asset impairment losses | 154,908 | — | 155,000 | ||||||||||||||
Goodwill impairment losses | 34,060 | 225,000 | 34,000 | ||||||||||||||
Equity awards (a) | 13,842 | 12,424 | 12,000 - 15,000 | ||||||||||||||
Other | 5,814 | 12,727 | (13,000) - (3,000) | ||||||||||||||
Consolidated EBITDA, as defined in the Revolving Credit Agreement | $ | 727,982 | $ | 763,739 | $ 683,000 - 724,000 | ||||||||||||
Total consolidated debt | $ | 3,387,240 | $ | 3,585,140 | $ 3,100,000 - 3,300,000 | ||||||||||||
NuStar Logistics' floating rate subordinated notes | (402,500) | (402,500) | (402,500) | ||||||||||||||
Available Cash Netting Amount, as defined in the Revolving Credit Agreement | — | (30,494) | — | ||||||||||||||
Consolidated Debt, as defined in the Revolving Credit Agreement | $ | 2,984,740 | $ | 3,152,146 | $ 2,697,500 - 2,897,500 | ||||||||||||
Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) | 4.10x | 4.13x | 3.95x - 4.0x |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2021 | ||||||||||||||||||||||
Net loss / net loss per common unit | $ | (124,933) | $ | (1.48) | $ | (19,293) | $ | (1.18) | |||||||||||||||
Asset impairment losses | 154,908 | 1.41 | 154,908 | 1.41 | |||||||||||||||||||
Goodwill impairment loss | 34,060 | 0.31 | 34,060 | 0.31 | |||||||||||||||||||
Gain from insurance recoveries | (9,372) | (0.08) | (9,372) | (0.08) | |||||||||||||||||||
Adjusted net income / adjusted net income per common unit | $ | 54,663 | $ | 0.16 | $ | 160,303 | $ | 0.46 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2020 | ||||||||||||||||||||||
Net loss / net loss per common unit | $ | (96,640) | $ | (1.22) | $ | (214,515) | $ | (2.96) | |||||||||||||||
Goodwill impairment loss | — | — | 225,000 | 2.06 | |||||||||||||||||||
Loss on extinguishment of debt | 137,904 | 1.26 | 141,746 | 1.30 | |||||||||||||||||||
Other | 3,963 | 0.04 | 3,963 | 0.04 | |||||||||||||||||||
Adjusted net income / adjusted net income per common unit | $ | 45,227 | $ | 0.08 | $ | 156,194 | $ | 0.44 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
EBITDA | $ | (2,728) | $ | 38,327 | $ | 355,802 | $ | 171,486 | |||||||||||||||
Asset impairment losses | 154,908 | — | 154,908 | — | |||||||||||||||||||
Goodwill impairment losses | 34,060 | — | 34,060 | 225,000 | |||||||||||||||||||
Loss on extinguishment of debt | — | 137,904 | — | 141,746 | |||||||||||||||||||
Gain from insurance recoveries | (9,372) | — | (9,372) | — | |||||||||||||||||||
Other | — | 3,963 | — | 3,963 | |||||||||||||||||||
Adjusted EBITDA | $ | 176,868 | $ | 180,194 | $ | 535,398 | $ | 542,195 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2020 | |||||||||||
DCF | $ | (53,950) | $ | 130,860 | |||||||
Loss on extinguishment of debt | 137,904 | 141,746 | |||||||||
Adjusted DCF | $ | 83,954 | $ | 272,606 | |||||||
Distributions applicable to common limited partners | $ | 43,678 | $ | 131,086 | |||||||
Adjusted distribution coverage ratio (a) | 1.92x | 2.08x |
Projected for the Year Ended December 31, 2021 | ||||||||
Net income | $ 23,000 - 32,000 | |||||||
Interest expense, net | 210,000 - 220,000 | |||||||
Income tax expense | 2,000 - 5,000 | |||||||
Depreciation and amortization expense | 270,000 - 278,000 | |||||||
EBITDA | 505,000 - 535,000 | |||||||
Asset impairment losses | 155,000 | |||||||
Goodwill impairment loss | 34,000 | |||||||
Gain from insurance recoveries | (9,000) | |||||||
Adjusted EBITDA | $ 685,000 - 715,000 | |||||||
Three Months Ended September 30, 2019 | |||||
Net income | $ | 47,811 | |||
Interest expense, net | 46,902 | ||||
Income tax expense | 1,090 | ||||
Depreciation and amortization expense | 68,548 | ||||
EBITDA | 164,351 | ||||
Other | 3,942 | ||||
Adjusted EBITDA | $ | 168,293 |
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