INVESTMENT IN NUSTAR ENERGY (Tables)

9 Months Ended

Sep. 30, 2014

Condensed consolidated financial information reported by NuStar Energy is presented below:



	September 30, 2014		December 31, 2013
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	407,949	$	633,549
Property, plant and equipment, net	3,391,430		3,310,653
Goodwill	617,429		617,429
Other non-current assets	460,559		470,555
Total assets	$	4,877,367	$	5,032,186
Current liabilities	$	299,122	$	392,572
Long-term debt	2,731,551		2,655,553
Other non-current liabilities	78,049		80,267
Total liabilities	3,108,722		3,128,392
NuStar Energy partners’ equity	1,768,645		1,902,136
Noncontrolling interest	—		1,658
Total liabilities and partners’ equity	$	4,877,367	$	5,032,186

Condensed consolidated financial information reported by NuStar Energy is presented below:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	794,422	$	778,145		$	2,393,380		$	2,678,345
Operating income	$	95,098	$	68,751		$	265,555		$	209,081

Income from continuing operations	$	59,117	$	35,682		$	159,300		$	89,993
Income (loss) from discontinued operations, net of tax	2,831		(2,446		)	(2,316		)	616
Net income	$	61,948	$	33,236		$	156,984		$	90,609

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



	September 30, 2014			December 31, 2013
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	1,768,645		$	1,902,136
NuStar GP Holdings’ ownership interest in NuStar Energy	15.1		%	14.9		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	267,065			283,418
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	79,982			74,038
Investment in NuStar Energy	$	347,047		$	357,456