INVESTMENT IN NUSTAR ENERGY

9 Months Ended

Sep. 30, 2013

Equity Method Investments and Joint Ventures [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):

	September 30, 2013		December 31, 2012
	(Unaudited)
Balance Sheet Information:
Current assets	$	460,309	$	939,443
Property, plant and equipment, net	3,361,850		3,238,460
Goodwill	950,963		951,024
Other non-current assets	469,538		484,162
Total assets	$	5,242,660	$	5,613,089
Current liabilities	$	356,703	$	845,971
Long-term debt, less current portion	2,439,696		2,124,582
Other non-current liabilities	65,282		57,541
Total liabilities	2,861,681		3,028,094
NuStar Energy partners’ equity	2,370,574		2,572,384
Noncontrolling interest	10,405		12,611
Total liabilities and partners’ equity	$	5,242,660	$	5,613,089

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013		2012
	(Thousands of Dollars)
Statement of Comprehensive Income (Loss) Information:
Revenues	$	780,010	$	1,593,756		$	2,683,916	$	4,970,909
Operating income (loss)	$	65,874	$	59,352		$	199,379	$	(86,537	)
Income (loss) from continuing operations	$	33,236	$	13,965		$	81,540	$	(192,549	)
Income (loss) from discontinued operations, net of tax	—		(9,623		)	9,069		(23,665		)
Net income (loss)	$	33,236	$	4,342		$	90,609	$	(216,214	)

Other

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

	September 30, 2013			December 31, 2012
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	2,370,574		$	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	355,586			385,858
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	75,163			79,123
Investment in NuStar Energy	$	430,749		$	464,981