INVESTMENT IN NUSTAR ENERGY

3 Months Ended

Mar. 31, 2012

INVESTMENT IN NUSTAR ENERGY [Abstract]

INVESTMENT IN NUSTAR ENERGY

INVESTMENT IN NUSTAR ENERGY

Summary Financial Information

Condensed consolidated financial information reported by NuStar Energy is presented below (in thousands of dollars):

	March 31, 2012		December 31, 2011
	(Unaudited)
Balance Sheet Information:
Current assets	$	1,368,396	$	1,200,923
Property, plant and equipment, net	3,499,629		3,430,468
Goodwill	849,040		846,717
Other long-term assets, net	366,363		403,082
Total assets	$	6,083,428	$	5,881,190
Current liabilities	$	1,492,690	$	943,800
Long-term debt, less current portion	1,690,038		1,928,071
Other long-term liabilities	136,482		144,984
Total liabilities	3,319,210		3,016,855
NuStar Energy partners' equity	2,751,062		2,852,201
Noncontrolling interest	13,156		12,134
Total liabilities and partners’ equity	$	6,083,428	$	5,881,190

	Three Months Ended March 31,
	2012		2011
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	1,735,692	$	1,234,616
Operating income	48,321		55,731
Net income	26,254		28,516

Other

Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows:

	March 31, 2012			December 31, 2011
	(Thousands of Dollars)
NuStar Energy’s total partners’ equity	$	2,751,062		$	2,852,201
NuStar GP Holdings’ ownership interest in NuStar Energy	16.2		%	16.3		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	445,672			464,909
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	82,316			82,321
Investment in NuStar Energy	$	527,988		$	547,230