INVESTMENT IN NUSTAR ENERGY

6 Months Ended

Jun. 30, 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):

	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

	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	)

Other

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