INVESTMENT IN NUSTAR ENERGY (Tables)

3 Months Ended

Mar. 31, 2014

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



	March 31, 2014		December 31, 2013
	(Unaudited)
Balance Sheet Information:
Current assets	$	509,739	$	633,549
Property, plant and equipment, net	3,320,118		3,310,653
Goodwill	617,429		617,429
Other non-current assets	467,348		470,555
Total assets	$	4,914,634	$	5,032,186
Current liabilities	$	281,405	$	392,572
Long-term debt	2,710,117		2,655,553
Other non-current liabilities	79,628		80,267
Total liabilities	3,071,150		3,128,392
NuStar Energy partners’ equity	1,842,378		1,902,136
Noncontrolling interest	1,106		1,658
Total liabilities and partners’ equity	$	4,914,634	$	5,032,186

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



	Three Months Ended March 31,
	2014			2013
	(Thousands of Dollars)
Statement of Comprehensive Income (Loss) Information:
Revenues	$	849,213		$	998,186
Operating income (loss)	$	81,103		$	63,358

Income (loss) from continuing operations	$	42,996		$	19,599
Income (loss) from discontinued operations, net of tax	(3,359		)	4,805
Net income (loss)	$	39,637		$	24,404

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



	March 31, 2014			December 31, 2013
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	1,842,378		$	1,902,136
NuStar GP Holdings’ ownership interest in NuStar Energy	14.9		%	14.9		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	274,514			283,418
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	74,070			74,038
Investment in NuStar Energy	$	348,584		$	357,456