INVESTMENT IN NUSTAR ENERGY (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT IN NUSTAR ENERGY [Abstract]

NuStar Energy's Balance Sheet Information

	December 31,
	2012		2011
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	939,443	$	1,200,923
Property, plant and equipment, net	3,238,460		3,430,468
Goodwill	951,024		846,717
Other long-term assets, net	484,162		403,082
Total assets	$	5,613,089	$	5,881,190
Current liabilities	$	845,971	$	943,800
Long-term debt, less current portion	2,124,582		1,928,071
Other long-term liabilities	57,541		144,984
Total liabilities	3,028,094		3,016,855
NuStar Energy partners’ equity	2,572,384		2,852,201
Noncontrolling interest	12,611		12,134
Total liabilities and partners’ equity	$	5,613,089	$	5,881,190

NuStar Energy's Statement of Income Information

	Year Ended December 31,
	2012			2011		2010
	(Thousands of Dollars)
Statement of Income Information:
Revenues	$	5,955,676		$	6,271,815	$	4,403,061
Operating (loss) income	$	(30,079	)	$	301,812	$	302,557
(Loss) income from continuing operations	$	(178,132	)	$	211,487	$	238,970
(Loss) income from discontinued operations, net of tax	(49,105		)	10,114		—
Net (loss) income	$	(227,237	)	$	221,601	$	238,970

Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy

	December 31,
	2012			2011
	(Thousands of Dollars)
NuStar Energy’s total partners’ equity	$	2,572,384		$	2,852,201
NuStar GP Holdings’ ownership interest in NuStar Energy	15.0		%	16.3		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	385,858			464,909
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	79,123			82,321
Investment in NuStar Energy	$	464,981		$	547,230

Summary of Equity in Earnings of NuStar Energy

	Year Ended December 31,
	2012			2011			2010
	(Thousands of Dollars)
NuStar GP Holdings’ Equity in (Loss) Earnings of NuStar Energy:
General partner interest	$	(5,356	)	$	3,703		$	4,113
General partner incentive distribution (a)	41,242			36,319			33,304
General partner’s interest in earnings and incentive distributions of NuStar Energy	35,886			40,022			37,417
Limited partner interest in (loss) earnings of NuStar Energy	(37,580		)	28,645			32,326
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities	(2,884		)	(2,884		)	(2,884		)
Equity in (loss) earnings of NuStar Energy	$	(4,578	)	$	65,783		$	66,859

(a) Our equity in (loss) earnings of NuStar Energy allocated to the general partner incentive distribution is less than the actual distribution made with respect to 2011, due to NuStar Energy’s issuance of common units after the end of the third quarter, but before the record date.