INVESTMENT IN NUSTAR ENERGY

6 Months Ended

Jun. 30, 2014

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):

	June 30, 2014		December 31, 2013
	(Unaudited)
Balance Sheet Information:
Current assets	$	468,118	$	633,549
Property, plant and equipment, net	3,345,136		3,310,653
Goodwill	617,429		617,429
Other non-current assets	465,096		470,555
Total assets	$	4,895,779	$	5,032,186
Current liabilities	$	271,748	$	392,572
Long-term debt	2,726,629		2,655,553
Other non-current liabilities	88,043		80,267
Total liabilities	3,086,420		3,128,392
NuStar Energy partners’ equity	1,808,370		1,902,136
Noncontrolling interest	989		1,658
Total liabilities and partners’ equity	$	4,895,779	$	5,032,186

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	749,745		$	902,014		$	1,598,958		$	1,900,200
Operating income	$	89,354		$	76,972		$	170,457		$	140,330
Income from continuing operations	$	57,187		$	34,712		$	100,183		$	54,311
(Loss) income from discontinued operations, net of tax	(1,788		)	(1,743		)	(5,147		)	3,062
Net income	$	55,399		$	32,969		$	95,036		$	57,373

Other

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

	June 30, 2014			December 31, 2013
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	1,808,370		$	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	269,447			283,418
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	73,796			74,038
Investment in NuStar Energy	$	343,243		$	357,456