INVESTMENT IN NUSTAR ENERGY (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

NuStar Energy's Balance Sheet Information

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

	March 31, 2015		December 31, 2014
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	336,208	$	389,147
Property, plant and equipment, net	3,592,286		3,460,732
Goodwill	704,488		617,429
Other non-current assets	451,165		451,488
Total assets	$	5,084,147	$	4,918,796
Current liabilities	$	260,285	$	365,192
Long-term debt	2,987,413		2,749,452
Other non-current liabilities	110,492		87,942
Total liabilities	3,358,190		3,202,586
NuStar Energy partners’ equity	1,725,957		1,716,210
Total liabilities and partners’ equity	$	5,084,147	$	4,918,796

NuStar Energy's Statement of Comprehensive Income Information

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

	Three Months Ended March 31,
	2015		2014
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	554,944	$	849,213
Operating income	$	99,281	$	81,103
Income from continuing operations	$	127,125	$	42,996
Income (loss) from discontinued operations, net of tax	774		(3,359		)
Net income	$	127,899	$	39,637

Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy

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

	March 31, 2015			December 31, 2014
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	1,725,957		$	1,716,210
NuStar GP Holdings’ ownership interest in NuStar Energy	14.9		%	14.9		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	257,168			255,715
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	71,461			71,267
Investment in NuStar Energy	$	328,629		$	326,982