INVESTMENT IN NUSTAR ENERGY (Tables)

6 Months Ended

Jun. 30, 2013

INVESTMENT IN NUSTAR ENERGY [Abstract]

NuStar Energy's Balance Sheet Information

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

	June 30, 2013		December 31, 2012
	(Unaudited)
Balance Sheet Information:
Current assets	$	620,792	$	939,443
Property, plant and equipment, net	3,300,089		3,238,460
Goodwill	948,754		951,024
Other long-term assets, net	543,763		484,162
Total assets	$	5,413,398	$	5,613,089
Current liabilities	$	440,702	$	845,971
Long-term debt, less current portion	2,469,062		2,124,582
Other long-term liabilities	63,368		57,541
Total liabilities	2,973,132		3,028,094
NuStar Energy partners’ equity	2,429,132		2,572,384
Noncontrolling interest	11,134		12,611
Total liabilities and partners’ equity	$	5,413,398	$	5,613,089

NuStar Energy's Statement of Comprehensive (Loss) Income Information

	Three Months Ended June 30,					Six Months Ended June 30,
	2013		2012			2013		2012
	(Thousands of Dollars)
Statement of Comprehensive Income (Loss) Information:
Revenues	$	904,196	$	1,767,748		$	1,903,906	$	3,377,153
Operating income (loss)	$	74,043	$	(204,908	)	$	133,505	$	(145,889	)
Income (loss) from continuing operations	$	32,266	$	(244,466	)	$	48,304	$	(206,514	)
Income (loss) from discontinued operations, net of tax	703		(2,344		)	9,069		(14,042		)
Net income (loss)	$	32,969	$	(246,810	)	$	57,373	$	(220,556	)

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

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

	June 30, 2013			December 31, 2012
	(Thousands of Dollars)
NuStar Energy’s total partners’ equity	$	2,429,132		$	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	364,370			385,858
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	76,170			79,123
Investment in NuStar Energy	$	440,540		$	464,981