INVESTMENT IN NUSTAR ENERGY

3 Months Ended

Mar. 31, 2013

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, 2013		December 31, 2012
	(Unaudited)
Balance Sheet Information:
Current assets	$	820,648	$	939,443
Property, plant and equipment, net	3,239,555		3,238,460
Goodwill	950,586		951,024
Note receivable from related party	159,200		95,711
Other long-term assets, net	377,041		388,451
Total assets	$	5,547,030	$	5,613,089
Current liabilities	$	846,370	$	845,971
Long-term debt, less current portion	2,136,072		2,124,582
Other long-term liabilities	55,408		57,541
Total liabilities	3,037,850		3,028,094
NuStar Energy partners' equity	2,497,017		2,572,384
Noncontrolling interest	12,163		12,611
Total liabilities and partners’ equity	$	5,547,030	$	5,613,089

	Three Months Ended March 31,
	2013		2012
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	999,710	$	1,609,405
Operating income	$	59,462	$	59,019
Income from continuing operations	$	16,038	$	37,952
Income (loss) from discontinued operations, net of tax	8,366		(11,698		)
Net income	$	24,404	$	26,254

Other

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

	March 31, 2013			December 31, 2012
	(Thousands of Dollars)
NuStar Energy’s total partners’ equity	$	2,497,017		$	2,572,384
NuStar GP Holdings’ ownership interest in NuStar Energy	15.0		%	15.0		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	374,553			385,858
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	77,320			79,123
Investment in NuStar Energy	$	451,873		$	464,981