FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2012

Liabilities measured at fair value on a recurring basis



	March 31, 2012
	Level 1		Level 2		Level 3		Total
	(Thousands of Dollars)
Accrued compensation expense:
NuStar Energy restricted units and performance awards	$	16,053	$	—	$	—	$	16,053
NuStar Energy unit options	—		2,060		—		2,060
Total	$	16,053	$	2,060	$	—	$	18,113

	December 31, 2011
	Level 1		Level 2		Level 3		Total
	(Thousands of Dollars)
Accrued compensation expense:
NuStar Energy restricted units and performance awards	$	13,622	$	—	$	—	$	13,622
NuStar Energy unit options	—		1,953		—		1,953
Total	$	13,622	$	1,953	$	—	$	15,575

Weighted-average assumptions used in Black-Scholes Option-Pricing Model



	March 31, 2012		December 31, 2011
Expected life in years	6.0		6.3
Expected volatility	20.2	%	20.3	%
Expected distribution yield	7.4	%	7.7	%
Risk-free interest rate	0.2	%	0.1	%

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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