INVESTMENT IN NUSTAR ENERGY (Tables)

6 Months Ended

Jun. 30, 2017

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



	June 30, 2017		December 31, 2016
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	230,862	$	377,183
Property, plant and equipment, net	4,147,333		3,722,283
Goodwill	1,023,359		696,637
Intangible assets, net	857,616		127,083
Other non-current assets	100,154		107,359
Total assets	$	6,359,324	$	5,030,545
Current liabilities	$	654,517	$	289,396
Long-term debt	3,073,864		3,014,364
Other non-current liabilities	129,894		115,168
Total liabilities	3,858,275		3,418,928
NuStar Energy partners’ equity	2,501,049		1,611,617
Total liabilities and partners’ equity	$	6,359,324	$	5,030,545

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(Thousands of Dollars)
Statement of Comprehensive Income Information:
Revenues	$	435,488	$	437,804	$	922,918	$	843,507
Operating income	$	73,404	$	91,217	$	170,543	$	185,782
Net income	$	26,250	$	52,517	$	84,190	$	109,918

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



	June 30, 2017			December 31, 2016
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	2,501,049		$	1,611,617
Less NuStar Energy’s preferred limited partners’ equity	589,953			218,400
NuStar Energy’s partners’ equity, excluding preferred limited partners’ equity	1,911,096			1,393,217
NuStar GP Holdings’ ownership interest in NuStar Energy	12.8		%	14.7		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	244,620			204,803
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	60,369			63,939
Investment in NuStar Energy	$	304,989		$	268,742