Delaware
|
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74-2956831
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
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19003 IH-10 West
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78257
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San Antonio, Texas
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(Zip Code)
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(Address of principal executive offices)
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Large accelerated filer
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[X]
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Accelerated filer
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[ ]
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|
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[ ]
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Emerging growth company
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[ ]
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PART I
|
||
Items 1., 1A. & 2.
|
||
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Item 1B.
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Item 3.
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Item 4.
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PART II
|
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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||
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Item 9.
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Item 9A.
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Item 9B.
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||
|
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PART III
|
||
Item 10.
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||
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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||
|
||
PART IV
|
||
Item 15.
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||
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Item 16.
|
||
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|
ITEMS 1., 1A. and 2.
|
BUSINESS, RISK FACTORS AND PROPERTIES
|
|
Year Ended
December 31, 2018
|
||
|
(Thousands of Dollars)
|
||
Pipeline
|
$
|
272,695
|
|
Storage
|
$
|
181,471
|
|
Fuels marketing
|
$
|
24,440
|
|
•
|
tariffs for transporting crude oil, refined products and anhydrous ammonia through our pipelines;
|
•
|
fees for the use of our terminal and storage facilities and related ancillary services; and
|
•
|
sales of petroleum products.
|
•
|
enhancing our existing assets through strategic internal growth projects that expand our business with current and new customers;
|
•
|
pursuing strategic projects to expand and optimize our existing assets and to construct new assets;
|
•
|
improving our operations, including safety and environmental stewardship, cost control and asset reliability; and
|
•
|
identifying strategic acquisition targets that meet our financial criteria.
|
•
|
refined product pipelines with an aggregate length of
3,130
miles and crude oil pipelines with an aggregate length of
2,070
miles in Texas, Oklahoma, Kansas, Colorado and New Mexico (collectively, the Central West System);
|
•
|
a
2,150
-mile refined product pipeline originating in southern Kansas and terminating at Jamestown, North Dakota, with a western extension to North Platte, Nebraska and an eastern extension into Iowa (the East Pipeline);
|
•
|
a
450
-mile refined product pipeline originating at Marathon Petroleum Corporation’s (Marathon) Mandan, North Dakota refinery and terminating in Minneapolis, Minnesota (the North Pipeline); and
|
•
|
a
2,000
-mile anhydrous ammonia pipeline originating in the Louisiana delta area that travels north through the Midwestern United States to Missouri before forking east and west to terminate in Indiana and Nebraska (the Ammonia Pipeline).
|
|
|
|
|
|
Throughput
For the year ended December 31,
|
||||||
Region / Pipeline System
|
Length
|
|
Tank Capacity
|
|
2018
|
|
2017
|
||||
|
(Miles)
|
|
(Barrels)
|
|
(Barrels/Day)
|
||||||
Central West System:
|
|
|
|
|
|
|
|
||||
McKee System
|
2,276
|
|
|
—
|
|
|
193,396
|
|
|
171,815
|
|
Three Rivers System
|
373
|
|
|
—
|
|
|
81,174
|
|
|
78,165
|
|
Other
|
481
|
|
|
—
|
|
|
51,130
|
|
|
53,829
|
|
Central West Refined Products Pipelines
|
3,130
|
|
|
—
|
|
|
325,700
|
|
|
303,809
|
|
South Texas Crude System
|
328
|
|
|
2,157,000
|
|
|
144,976
|
|
|
114,920
|
|
Other
|
200
|
|
|
—
|
|
|
70,251
|
|
|
52,969
|
|
Eagle Ford System
|
528
|
|
|
2,157,000
|
|
|
215,227
|
|
|
167,889
|
|
McKee System
|
598
|
|
|
1,039,000
|
|
|
154,718
|
|
|
137,675
|
|
Ardmore System
|
119
|
|
|
824,000
|
|
|
70,967
|
|
|
84,801
|
|
Permian Crude System
|
825
|
|
|
1,000,000
|
|
|
435,743
|
|
|
192,958
|
|
Central West Crude Oil Pipelines
|
2,070
|
|
|
5,020,000
|
|
|
876,655
|
|
|
583,323
|
|
Total Central West System
|
5,200
|
|
|
5,020,000
|
|
|
1,202,355
|
|
|
887,132
|
|
|
|
|
|
|
|
|
|
||||
Central East System:
|
|
|
|
|
|
|
|
||||
East Pipeline
|
2,150
|
|
|
5,851,000
|
|
|
150,635
|
|
|
139,317
|
|
North Pipeline
|
450
|
|
|
1,494,000
|
|
|
50,180
|
|
|
41,438
|
|
Ammonia Pipeline
|
2,000
|
|
|
—
|
|
|
30,529
|
|
|
32,172
|
|
Total Central East System
|
4,600
|
|
|
7,345,000
|
|
|
231,344
|
|
|
212,927
|
|
|
|
|
|
|
|
|
|
||||
Total
|
9,800
|
|
|
12,365,000
|
|
|
1,433,699
|
|
|
1,100,059
|
|
•
|
40
terminal and storage facilities in the United States and one terminal in Nuevo Laredo, Mexico, with total storage capacity of
53.8 million
barrels;
|
•
|
A terminal on the island of St. Eustatius with tank capacity of
14.3 million
barrels and a transshipment facility; and
|
•
|
A terminal located in Point Tupper, Canada with tank capacity of
7.8 million
barrels and a transshipment facility.
|
Facility
|
Tank Capacity
|
|
|
(Barrels)
|
|
Colorado Springs, CO
|
328,000
|
|
Denver, CO
|
110,000
|
|
Albuquerque, NM
|
251,000
|
|
Rosario, NM
|
166,000
|
|
Catoosa, OK
|
358,000
|
|
Abernathy, TX
|
160,000
|
|
Amarillo, TX
|
269,000
|
|
Corpus Christi, TX
|
491,000
|
|
Corpus Christi, TX (North Beach)
|
3,339,000
|
|
Edinburg, TX
|
340,000
|
|
El Paso, TX (a)
|
419,000
|
|
Harlingen, TX
|
286,000
|
|
Laredo, TX
|
215,000
|
|
San Antonio, TX (b)
|
375,000
|
|
Southlake, TX
|
569,000
|
|
Nuevo Laredo, Mexico
|
35,000
|
|
Central West Terminals
|
7,711,000
|
|
|
|
|
|
|
Facility
|
Tank Capacity
|
|
|
(Barrels)
|
|
Jacksonville, FL
|
2,593,000
|
|
St. James, LA
|
9,917,000
|
|
Houston, TX
|
86,000
|
|
Texas City, TX (b)
|
2,964,000
|
|
Gulf Coast Terminals
|
15,560,000
|
|
|
|
|
Blue Island, IL
|
690,000
|
|
Andrews AFB, MD (c)
|
75,000
|
|
Baltimore, MD
|
813,000
|
|
Piney Point, MD
|
5,402,000
|
|
Linden, NJ (b)
|
5,134,000
|
|
Paulsboro, NJ
|
74,000
|
|
Virginia Beach, VA (c)
|
41,000
|
|
North East Terminals
|
12,229,000
|
|
|
|
|
Los Angeles, CA
|
608,000
|
|
Pittsburg, CA
|
398,000
|
|
Selby, CA
|
3,074,000
|
|
Stockton, CA
|
816,000
|
|
Portland, OR
|
1,345,000
|
|
Tacoma, WA
|
391,000
|
|
Vancouver, WA (b)
|
774,000
|
|
West Coast Terminals
|
7,406,000
|
|
|
|
|
Benicia, CA
|
3,683,000
|
|
Corpus Christi, TX
|
4,030,000
|
|
Texas City, TX
|
3,141,000
|
|
Refinery Storage Tanks
|
10,854,000
|
|
|
|
|
St. Eustatius, the Netherlands
|
14,256,000
|
|
Point Tupper, Canada
|
7,778,000
|
|
International Terminals
|
22,034,000
|
|
|
|
|
Total
|
75,794,000
|
|
(a)
|
We own a 67% undivided interest in the El Paso refined product terminal. The tank capacity represents the proportionate share of capacity attributable to our ownership interest.
|
(b)
|
Location includes two terminal facilities.
|
(c)
|
Terminal facility also includes pipelines to U.S. government military base locations.
|
•
|
throughput volumes transported in our pipelines;
|
•
|
storage contract renewals or throughput volumes in our terminals and storage facilities;
|
•
|
tariff rates and fees we charge and the revenue we realize for our services;
|
•
|
demand for and supply of crude oil, refined products and anhydrous ammonia;
|
•
|
the effect of worldwide energy conservation measures;
|
•
|
our operating costs;
|
•
|
the costs to comply with environmental, health, safety and security laws and regulations;
|
•
|
weather conditions;
|
•
|
domestic and foreign governmental laws, regulations, sanctions, embargoes and taxes;
|
•
|
prevailing economic conditions; and
|
•
|
the results of our marketing, trading and hedging activities, which fluctuate depending upon the relationship between refined product prices and prices of crude oil and other feedstocks.
|
•
|
our debt service requirements and restrictions on distributions contained in our current or future financing agreements;
|
•
|
our capital expenditures;
|
•
|
issuances of debt and equity securities and ability to access the capital markets;
|
•
|
fluctuations in our working capital needs;
|
•
|
adjustments in cash reserves made by our board of directors, in its discretion; and
|
•
|
the sources of cash used to fund our acquisitions, if any.
|
•
|
a recession or other adverse economic condition that results in lower spending by consumers on gasoline, diesel and travel;
|
•
|
higher fuel taxes or other governmental or regulatory actions that increase, directly or indirectly, the cost of gasoline;
|
•
|
an increase in aggregate automotive engine fuel economy;
|
•
|
new regulations or court decisions requiring the phase out or reduced use of gasoline-fueled vehicles;
|
•
|
the increased use of alternative fuel sources;
|
•
|
an increase in the market price of crude oil that increases refined product prices, which may reduce demand for refined products and drive demand for alternative products; and
|
•
|
a decrease in corn acres planted for ethanol, which may reduce demand for anhydrous ammonia.
|
•
|
prolonged periods of low prices for crude oil and refined products, which could lead to a decrease in exploration and development activity and reduced production in markets served by our pipelines and storage terminals;
|
•
|
a lack of drilling services or equipment available to producers to accommodate production needs;
|
•
|
changes in laws, regulations, sanctions or taxation that directly or indirectly delay supply or production or increase the cost of production of refined products; and
|
•
|
macroeconomic forces affecting, or actions taken by, foreign oil and gas producing nations that impact supply of and prices for crude oil and refined products.
|
•
|
non-performance or delay by, or disputes with, counterparties, vendors, suppliers, contractors or sub-contractors involved with a project;
|
•
|
denial or delay in issuing requisite regulatory approvals and/or permits;
|
•
|
protests and other activist interference with planned or in-process projects;
|
•
|
unplanned increases in the cost of construction materials or labor;
|
•
|
disruptions in transportation of modular components and/or construction materials;
|
•
|
severe adverse weather conditions, natural disasters or other events (such as hurricanes, equipment malfunctions, explosions, fires or spills) affecting our facilities, or those of vendors and suppliers;
|
•
|
shortages of sufficiently skilled labor, or labor disagreements resulting in unplanned work stoppages; or
|
•
|
market-related increases in a project’s debt or equity financing costs.
|
•
|
continued low crude oil prices;
|
•
|
a material decrease in the supply or price of crude oil;
|
•
|
a material decrease in demand for refined products in the markets served by our pipelines and terminals;
|
•
|
political, social or economic instability in another country impacting a customer based there;
|
•
|
competition for customers from companies with comparable assets and capabilities;
|
•
|
scheduled turnarounds or unscheduled maintenance at refineries we serve;
|
•
|
operational problems or catastrophic events affecting our assets or a refinery we serve;
|
•
|
environmental proceedings or other litigation that compel the cessation of all or a portion of the operations of our assets or a refinery we serve;
|
•
|
increasingly stringent environmental, health, safety and security regulations;
|
•
|
a decision by our current customers to redirect refined products transported in our pipelines to markets not served by our pipelines or to transport crude oil or refined products by means other than our pipelines; or
|
•
|
a decision by our current customers to sell one or more of the refineries we serve to a purchaser that elects not to use our pipelines and terminals.
|
•
|
we may not be able to obtain the cost savings and financial improvements we anticipate or acquired assets may not perform as we expect;
|
•
|
we may not be able to successfully integrate the assets, management teams or employees of the businesses we acquire with our assets and management team, or such integration may be significantly delayed;
|
•
|
we may fail or be unable to discover some of the liabilities of businesses that we acquire, including liabilities resulting from a prior owner’s noncompliance with applicable federal, state or local laws;
|
•
|
we may have assumed prior known or unknown liabilities for which we may not be indemnified or have adequate insurance;
|
•
|
acquisitions may divert the attention of our senior management from focusing on our core business;
|
•
|
we may experience a decrease in our liquidity by using a significant portion of our available cash or borrowing capacity to finance acquisitions; and
|
•
|
we may face the risk that our existing financial controls, information systems, management resources and human resources will need to grow to support future growth.
|
•
|
our unitholders’ proportionate ownership interest in us will decrease;
|
•
|
the amount of cash available for distribution on each unit may decrease;
|
•
|
the ratio of taxable income to distributions may increase;
|
•
|
the relative voting strength of each previously outstanding unit may be diminished; and
|
•
|
the market price of our common units and preferred units may decline.
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON UNITS, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
Cash Distributions
|
||||||
|
Amount Per
Common Unit
|
|
Record Date
|
|
Payment Date
|
||
Year 2018
|
|
|
|
|
|
||
4th Quarter
|
$
|
0.60
|
|
|
February 8, 2019
|
|
February 13, 2019
|
3rd Quarter
|
$
|
0.60
|
|
|
November 8, 2018
|
|
November 14, 2018
|
2nd Quarter
|
$
|
0.60
|
|
|
August 7, 2018
|
|
August 13, 2018
|
1st Quarter
|
$
|
0.60
|
|
|
May 8, 2018
|
|
May 14, 2018
|
Year 2017
|
|
|
|
|
|
||
4th Quarter
|
$
|
1.095
|
|
|
February 8, 2018
|
|
February 13, 2018
|
3rd Quarter
|
$
|
1.095
|
|
|
November 9, 2017
|
|
November 14, 2017
|
2nd Quarter
|
$
|
1.095
|
|
|
August 7, 2017
|
|
August 11, 2017
|
1st Quarter
|
$
|
1.095
|
|
|
May 8, 2017
|
|
May 12, 2017
|
|
|
Percentage of Distribution
|
||
Quarterly Distribution Amount Per Common Unit
|
|
Common
Unitholders
|
|
General
Partner Including Incentive Distributions
|
Up to $0.60
|
|
98%
|
|
2%
|
Above $0.60 up to $0.66
|
|
90%
|
|
10%
|
Above $0.66
|
|
75%
|
|
25%
|
Units
|
|
Fixed Distribution Rate Per Annum (as a Percentage of the $25.00 Liquidation Preference Per Unit)
|
|
Fixed Distribution Rate Per Unit Per Annum
|
|
Fixed Distribution Per Annum
|
|
Optional Redemption Date/Date at Which Distribution Rate Becomes Floating
|
|
Floating Annual Rate (as a Percentage of the
$25.00 Liquidation
Preference Per Unit)
|
||||
|
|
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
Series A Preferred Units
|
|
8.50%
|
|
$
|
2.125
|
|
|
$
|
19,253
|
|
|
December 15, 2021
|
|
Three-month LIBOR plus 6.766%
|
Series B Preferred Units
|
|
7.625%
|
|
$
|
1.90625
|
|
|
$
|
29,357
|
|
|
June 15, 2022
|
|
Three-month LIBOR plus 5.643%
|
Series C Preferred Units
|
|
9.00%
|
|
$
|
2.25
|
|
|
$
|
15,525
|
|
|
December 15, 2022
|
|
Three-month LIBOR plus 6.88%
|
|
12/13
|
12/14
|
12/15
|
12/16
|
12/17
|
12/18
|
||||||
NuStar Energy L.P.
|
100.00
|
|
122.10
|
|
91.73
|
|
126.25
|
|
84.24
|
|
65.60
|
|
S&P 500 Index
|
100.00
|
|
113.69
|
|
115.26
|
|
129.05
|
|
157.22
|
|
150.33
|
|
Alerian MLP Index
|
100.00
|
|
104.80
|
|
70.65
|
|
83.58
|
|
78.13
|
|
68.43
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||||||||||
Statement of Income Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues (a)
|
$
|
1,961,757
|
|
|
$
|
1,814,019
|
|
|
$
|
1,756,682
|
|
|
$
|
2,084,040
|
|
|
$
|
3,075,118
|
|
Operating income
|
$
|
363,563
|
|
|
$
|
336,278
|
|
|
$
|
359,109
|
|
|
$
|
390,704
|
|
|
$
|
346,901
|
|
Income from continuing operations (b)
|
$
|
205,794
|
|
|
$
|
147,964
|
|
|
$
|
150,003
|
|
|
$
|
305,946
|
|
|
$
|
214,169
|
|
(Loss) income from continuing operations per
common unit (b)
|
$
|
(2.77
|
)
|
|
$
|
0.64
|
|
|
$
|
1.27
|
|
|
$
|
3.29
|
|
|
$
|
2.14
|
|
Cash distributions per unit applicable
to common limited partners (c)
|
$
|
2.40
|
|
|
$
|
4.38
|
|
|
$
|
4.38
|
|
|
$
|
4.38
|
|
|
$
|
4.38
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017 (d)
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Thousands of Dollars)
|
||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment, net
|
$
|
4,288,622
|
|
|
$
|
4,300,933
|
|
|
$
|
3,722,283
|
|
|
$
|
3,683,571
|
|
|
$
|
3,460,732
|
|
Total assets
|
$
|
6,349,140
|
|
|
$
|
6,535,233
|
|
|
$
|
5,030,545
|
|
|
$
|
5,125,525
|
|
|
$
|
4,918,796
|
|
Long-term debt, less current portion
|
$
|
3,111,996
|
|
|
$
|
3,263,069
|
|
|
$
|
3,014,364
|
|
|
$
|
3,055,612
|
|
|
$
|
2,749,452
|
|
Total partners’ equity
|
$
|
2,257,731
|
|
|
$
|
2,480,089
|
|
|
$
|
1,611,617
|
|
|
$
|
1,609,844
|
|
|
$
|
1,716,210
|
|
(a)
|
On January 1, 2018, we adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (ASC Topic 606) using the modified retrospective method and applying ASC Topic 606 to all revenue contracts with customers. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under ASC Topic 605, “Revenue Recognition.”
|
(b)
|
Includes the impact of a
$78.8 million
gain from hurricane insurance proceeds received in 2018, a
$43.4 million
non-cash loss associated with the sale of our European operations in 2018, a
$58.7 million
non-cash impairment charge on the term loan to Axeon Specialty Products, LLC in 2016 and a
$56.3 million
non-cash gain associated with the Linden terminal acquisition in 2015. (Loss) income from continuing operations per common unit also includes the impact of a
$377.1 million
loss as a result of the July 2018 merger with our general partner. Please refer to Notes
4
and
21
of the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” for further discussion.
|
(c)
|
The board of directors of NuStar GP, LLC reset our quarterly distribution per common unit to
$0.60
(
$2.40
on an annualized basis), starting with the distribution for the first quarter of 2018.
|
(d)
|
The significant increases in balance sheet data and income statement data are primarily due to our acquisition of Navigator Energy Services, LLC for approximately
$1.5 billion
in May 2017.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Overview
|
•
|
Results of Operations
|
•
|
Trends and Outlook
|
•
|
Liquidity and Capital Resources
|
•
|
Related Party Transactions
|
•
|
Critical Accounting Policies
|
•
|
New Accounting Pronouncements
|
•
|
company-specific factors, such as facility integrity issues and maintenance requirements that impact the throughput rates of our assets;
|
•
|
seasonal factors that affect the demand for products transported by and/or stored in our assets and the demand for products we sell;
|
•
|
industry factors, such as changes in the prices of petroleum products that affect demand and the operations of our competitors;
|
•
|
economic factors, such as commodity price volatility, that impact our fuels marketing segment; and
|
•
|
factors that impact the operations served by our pipeline and storage assets, such as utilization rates and maintenance turnaround schedules of our refining company customers and drilling activity by our crude oil production customers.
|
|
Year Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Statement of Income Data:
|
|
|
|
||||||||
Revenues:
|
|
|
|
|
|
||||||
Service revenues
|
$
|
1,206,981
|
|
|
$
|
1,128,726
|
|
|
$
|
78,255
|
|
Product sales
|
754,776
|
|
|
685,293
|
|
|
69,483
|
|
|||
Total revenues
|
1,961,757
|
|
|
1,814,019
|
|
|
147,738
|
|
|||
|
|
|
|
|
|
||||||
Costs and expenses:
|
|
|
|
|
|
||||||
Costs associated with service revenues
|
777,173
|
|
|
705,204
|
|
|
71,969
|
|
|||
Cost of product sales
|
705,946
|
|
|
651,599
|
|
|
54,347
|
|
|||
General and administrative expenses
|
106,200
|
|
|
112,240
|
|
|
(6,040
|
)
|
|||
Other depreciation and amortization expense
|
8,875
|
|
|
8,698
|
|
|
177
|
|
|||
Total costs and expenses
|
1,598,194
|
|
|
1,477,741
|
|
|
120,453
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
363,563
|
|
|
336,278
|
|
|
27,285
|
|
|||
Interest expense, net
|
(186,237
|
)
|
|
(173,083
|
)
|
|
(13,154
|
)
|
|||
Other income (expense), net
|
39,876
|
|
|
(5,294
|
)
|
|
45,170
|
|
|||
Income before income tax expense
|
217,202
|
|
|
157,901
|
|
|
59,301
|
|
|||
Income tax expense
|
11,408
|
|
|
9,937
|
|
|
1,471
|
|
|||
Net income
|
$
|
205,794
|
|
|
$
|
147,964
|
|
|
$
|
57,830
|
|
Basic and diluted net (loss) income per common unit
|
$
|
(2.77
|
)
|
|
$
|
0.64
|
|
|
$
|
(3.41
|
)
|
|
Year Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
Pipeline:
|
|
|
|
|
|
||||||
Refined products and ammonia pipelines throughput (barrels/day)
|
557,044
|
|
|
516,736
|
|
|
40,308
|
|
|||
Crude oil pipelines throughput (barrels/day)
|
876,655
|
|
|
583,323
|
|
|
293,332
|
|
|||
Total throughput (barrels/day)
|
1,433,699
|
|
|
1,100,059
|
|
|
333,640
|
|
|||
Throughput and other revenues
|
$
|
611,065
|
|
|
$
|
516,288
|
|
|
$
|
94,777
|
|
Operating expenses
|
184,427
|
|
|
156,432
|
|
|
27,995
|
|
|||
Depreciation and amortization expense
|
153,943
|
|
|
128,061
|
|
|
25,882
|
|
|||
Segment operating income
|
$
|
272,695
|
|
|
$
|
231,795
|
|
|
$
|
40,900
|
|
|
|
|
|
|
|
||||||
Storage:
|
|
|
|
|
|
||||||
Throughput (barrels/day)
|
341,396
|
|
|
325,194
|
|
|
16,202
|
|
|||
Throughput terminal revenues
|
$
|
83,157
|
|
|
$
|
85,927
|
|
|
$
|
(2,770
|
)
|
Storage terminal revenues
|
522,793
|
|
|
531,026
|
|
|
(8,233
|
)
|
|||
Total revenues
|
605,950
|
|
|
616,953
|
|
|
(11,003
|
)
|
|||
Operating expenses
|
289,423
|
|
|
270,041
|
|
|
19,382
|
|
|||
Depreciation and amortization expense
|
135,056
|
|
|
127,473
|
|
|
7,583
|
|
|||
Segment operating income
|
$
|
181,471
|
|
|
$
|
219,439
|
|
|
$
|
(37,968
|
)
|
|
|
|
|
|
|
||||||
Fuels Marketing:
|
|
|
|
|
|
||||||
Product sales and other revenue
|
$
|
752,312
|
|
|
$
|
692,884
|
|
|
$
|
59,428
|
|
Cost of product sales
|
713,031
|
|
|
660,844
|
|
|
52,187
|
|
|||
Gross margin
|
39,281
|
|
|
32,040
|
|
|
7,241
|
|
|||
Operating expenses
|
14,841
|
|
|
26,057
|
|
|
(11,216
|
)
|
|||
Segment operating income
|
$
|
24,440
|
|
|
$
|
5,983
|
|
|
$
|
18,457
|
|
|
|
|
|
|
|
||||||
Consolidation and Intersegment Eliminations:
|
|
|
|
|
|
||||||
Revenues
|
$
|
(7,570
|
)
|
|
$
|
(12,106
|
)
|
|
$
|
4,536
|
|
Cost of product sales
|
(7,085
|
)
|
|
(9,245
|
)
|
|
2,160
|
|
|||
Operating expenses
|
(517
|
)
|
|
(2,860
|
)
|
|
2,343
|
|
|||
Total
|
$
|
32
|
|
|
$
|
(1
|
)
|
|
$
|
33
|
|
|
|
|
|
|
|
||||||
Consolidated Information:
|
|
|
|
|
|
||||||
Revenues
|
$
|
1,961,757
|
|
|
$
|
1,814,019
|
|
|
$
|
147,738
|
|
Costs associated with service revenues:
|
|
|
|
|
|
||||||
Operating expenses
|
488,174
|
|
|
449,670
|
|
|
38,504
|
|
|||
Depreciation and amortization expense
|
288,999
|
|
|
255,534
|
|
|
33,465
|
|
|||
Total costs associated with service revenues
|
777,173
|
|
|
705,204
|
|
|
71,969
|
|
|||
Cost of product sales
|
705,946
|
|
|
651,599
|
|
|
54,347
|
|
|||
Segment operating income
|
478,638
|
|
|
457,216
|
|
|
21,422
|
|
|||
General and administrative expenses
|
106,200
|
|
|
112,240
|
|
|
(6,040
|
)
|
|||
Other depreciation and amortization expense
|
8,875
|
|
|
8,698
|
|
|
177
|
|
|||
Consolidated operating income
|
$
|
363,563
|
|
|
$
|
336,278
|
|
|
$
|
27,285
|
|
•
|
an increase in revenues of $68.4 million and an increase in throughputs of 242,785 barrels per day resulting from increased customer production supplying our Permian Crude System, completion of pipeline expansion projects and owning and operating the system for the entire period in 2018;
|
•
|
an increase in revenues of $16.0 million and an increase in throughputs of 38,624 barrels per day due to a turnaround in the fourth quarter of 2017 at the refinery served by our McKee System pipelines;
|
•
|
an increase in revenues of $13.0 million and an increase in throughputs of 11,318 barrels per day on our East Pipeline due to higher diesel throughputs, an increase in long-haul deliveries resulting in higher average tariffs and the Council Bluffs Acquisition; and
|
•
|
an increase in revenues of $10.8 million and an increase in throughputs of 8,742 barrels per day, mainly due to a turnaround at the refinery served by our North Pipeline in the second quarter of 2017, as well as turnaround activity at a neighboring refinery in 2018, resulting in higher demand on the North Pipeline.
|
•
|
a decrease in revenues of $10.8 million on our Eagle Ford System, mainly due to contract renewals at lower rates, which more than offset an increase in throughputs of 47,338 barrels per day; and
|
•
|
a decrease in revenues of $3.4 million and a decrease in throughputs of 13,834 barrels per day on our Ardmore System, mainly due to a customer’s refinery turnaround in 2018, as well as an increase in short-haul deliveries, which result in lower average tariffs.
|
•
|
increased operating expenses of $16.5 million as a result of owning the Permian Crude System for the entire period in 2018 and consistent with the increase in throughputs;
|
•
|
an increase of $3.1 million resulting from the Council Bluffs Acquisition;
|
•
|
an increase of $2.7 million in salaries and wages; and
|
•
|
an increase in power expenses of $2.6 million, mainly due to increased throughputs.
|
•
|
a decrease of $15.5 million at our Gulf Coast Terminals, mainly due to a backwardated market resulting in the non-renewal at expiration of certain customer contracts and lower throughput and associated handling fees;
|
•
|
a decrease of $7.1 million at our St. Eustatius terminal, primarily due to renewal of contracts at lower rates, tanks out of service and lower throughput and handling fees;
|
•
|
a decrease of $4.4 million due to the sale of our European terminals in the fourth quarter of 2018; and
|
•
|
a decrease of $1.9 million due to lower throughput and handling fees at our Point Tupper terminal.
|
•
|
an increase of $9.4 million at our West Coast Terminals, mainly due to project completions, rate escalations and higher throughput and associated handling fees;
|
•
|
an increase of $8.1 million at our North East Terminals, mainly due to an adjustment to revenues resulting from a change in the term of a contract and the completion of a tank expansion project at our Linden terminal, partially offset by a decrease in revenues at our Piney Point terminal due to the non-renewal at expiration of certain customer contracts. Please refer to Note
6
of the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” for further discussion of the revenue adjustment; and
|
•
|
an increase of $1.9 million due to higher reimbursable revenues at our Point Tupper terminal.
|
•
|
an increase in salaries and wages of $6.0 million, and an increase in maintenance and regulatory expenses of $2.0 million, both spread across various regions;
|
•
|
an increase in reimbursable expenses of $4.9 million at various terminals, primarily due to tank cleanings at our Point Tupper and Corpus Christi North Beach terminals, which was offset by a corresponding increase in reimbursable revenues;
|
•
|
an increase in rent expense of $4.4 million, mainly due to additional marine vessel costs at our St. Eustatius terminal;
|
•
|
an increase of $1.9 million for contractor services and an increase of $1.8 million in power costs, mainly due to increased dive inspection costs and higher gas consumption, respectively, at our St. Eustatius terminal; and
|
•
|
an increase in insurance expense of $1.7 million across all terminals due to premium increases.
|
|
Year Ended December 31,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Statement of Income Data:
|
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Service revenues
|
$
|
1,128,726
|
|
|
$
|
1,083,165
|
|
|
$
|
45,561
|
|
Product sales
|
685,293
|
|
|
673,517
|
|
|
11,776
|
|
|||
Total revenues
|
1,814,019
|
|
|
1,756,682
|
|
|
57,337
|
|
|||
|
|
|
|
|
|
||||||
Costs and expenses:
|
|
|
|
|
|
||||||
Costs associated with service revenues
|
705,204
|
|
|
656,584
|
|
|
48,620
|
|
|||
Cost of product sales
|
651,599
|
|
|
633,653
|
|
|
17,946
|
|
|||
General and administrative expenses
|
112,240
|
|
|
98,817
|
|
|
13,423
|
|
|||
Other depreciation and amortization expense
|
8,698
|
|
|
8,519
|
|
|
179
|
|
|||
Total costs and expenses
|
1,477,741
|
|
|
1,397,573
|
|
|
80,168
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
336,278
|
|
|
359,109
|
|
|
(22,831
|
)
|
|||
Interest expense, net
|
(173,083
|
)
|
|
(138,350
|
)
|
|
(34,733
|
)
|
|||
Other expense, net
|
(5,294
|
)
|
|
(58,783
|
)
|
|
53,489
|
|
|||
Income before income tax expense
|
157,901
|
|
|
161,976
|
|
|
(4,075
|
)
|
|||
Income tax expense
|
9,937
|
|
|
11,973
|
|
|
(2,036
|
)
|
|||
Net income
|
$
|
147,964
|
|
|
$
|
150,003
|
|
|
$
|
(2,039
|
)
|
Basic and diluted net income per common unit:
|
$
|
0.64
|
|
|
$
|
1.27
|
|
|
$
|
(0.63
|
)
|
|
Year Ended December 31,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Pipeline:
|
|
|
|
|
|
||||||
Refined products and ammonia pipelines throughput (barrels/day)
|
516,736
|
|
|
535,946
|
|
|
(19,210
|
)
|
|||
Crude oil pipelines throughput (barrels/day)
|
583,323
|
|
|
392,181
|
|
|
191,142
|
|
|||
Total throughput (barrels/day)
|
1,100,059
|
|
|
928,127
|
|
|
171,932
|
|
|||
Throughput revenues
|
$
|
516,288
|
|
|
$
|
485,650
|
|
|
$
|
30,638
|
|
Operating expenses
|
156,432
|
|
|
147,858
|
|
|
8,574
|
|
|||
Depreciation and amortization expense
|
128,061
|
|
|
89,554
|
|
|
38,507
|
|
|||
Segment operating income
|
$
|
231,795
|
|
|
$
|
248,238
|
|
|
$
|
(16,443
|
)
|
|
|
|
|
|
|
||||||
Storage:
|
|
|
|
|
|
||||||
Throughput (barrels/day)
|
325,194
|
|
|
789,065
|
|
|
(463,871
|
)
|
|||
Throughput terminal revenues
|
$
|
85,927
|
|
|
$
|
117,586
|
|
|
$
|
(31,659
|
)
|
Storage terminal revenues
|
531,026
|
|
|
492,456
|
|
|
38,570
|
|
|||
Total revenues
|
616,953
|
|
|
610,042
|
|
|
6,911
|
|
|||
Operating expenses
|
270,041
|
|
|
276,578
|
|
|
(6,537
|
)
|
|||
Depreciation and amortization expense
|
127,473
|
|
|
118,663
|
|
|
8,810
|
|
|||
Segment operating income
|
$
|
219,439
|
|
|
$
|
214,801
|
|
|
$
|
4,638
|
|
|
|
|
|
|
|
||||||
Fuels Marketing:
|
|
|
|
|
|
||||||
Product sales and other revenue
|
$
|
692,884
|
|
|
$
|
681,934
|
|
|
$
|
10,950
|
|
Cost of product sales
|
660,844
|
|
|
645,355
|
|
|
15,489
|
|
|||
Gross margin
|
32,040
|
|
|
36,579
|
|
|
(4,539
|
)
|
|||
Operating expenses
|
26,057
|
|
|
33,173
|
|
|
(7,116
|
)
|
|||
Segment operating income
|
$
|
5,983
|
|
|
$
|
3,406
|
|
|
$
|
2,577
|
|
|
|
|
|
|
|
||||||
Consolidation and Intersegment Eliminations:
|
|
|
|
|
|
||||||
Revenues
|
$
|
(12,106
|
)
|
|
$
|
(20,944
|
)
|
|
$
|
8,838
|
|
Cost of product sales
|
(9,245
|
)
|
|
(11,702
|
)
|
|
2,457
|
|
|||
Operating expenses
|
(2,860
|
)
|
|
(9,242
|
)
|
|
6,382
|
|
|||
Total
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
||||||
Consolidated Information:
|
|
|
|
|
|
||||||
Revenues
|
$
|
1,814,019
|
|
|
$
|
1,756,682
|
|
|
$
|
57,337
|
|
Costs associated with service revenues:
|
|
|
|
|
|
||||||
Operating expenses
|
449,670
|
|
|
448,367
|
|
|
1,303
|
|
|||
Depreciation and amortization expense
|
255,534
|
|
|
208,217
|
|
|
47,317
|
|
|||
Total costs associated with service revenues
|
705,204
|
|
|
656,584
|
|
|
48,620
|
|
|||
Cost of product sales
|
651,599
|
|
|
633,653
|
|
|
17,946
|
|
|||
Segment operating income
|
457,216
|
|
|
466,445
|
|
|
(9,229
|
)
|
|||
General and administrative expenses
|
112,240
|
|
|
98,817
|
|
|
13,423
|
|
|||
Other depreciation and amortization expense
|
8,698
|
|
|
8,519
|
|
|
179
|
|
|||
Consolidated operating income
|
$
|
336,278
|
|
|
$
|
359,109
|
|
|
$
|
(22,831
|
)
|
•
|
an increase in revenues of $42.6 million and an increase in throughputs of 192,958 barrels per day from our Permian Crude System acquired in May 2017;
|
•
|
an increase in revenues of $5.5 million and an increase in throughputs of 2,929 barrels per day due to maintenance downtime in 2016 on a portion of the Ammonia Pipeline, as well as operational issues in 2016 at certain plants served by the pipeline; and
|
•
|
an increase in revenues of $3.4 million, despite a decrease in throughputs of 4,129 barrels per day, on our East Pipeline due to the completion of various storage projects along the pipeline, as well as an increase in long-haul deliveries resulting in higher average tariffs. A turnaround and operational issues at the refineries served by the East Pipeline in 2017 contributed to the decrease in throughputs.
|
•
|
a decrease in revenues of $10.4 million and a decrease in throughputs of 16,839 barrels per day due to a turnaround in the fourth quarter of 2017 at the refinery served by our McKee System pipelines;
|
•
|
a decrease in revenues of $6.8 million and a decrease in throughputs of 15,561 barrels per day on our Eagle Ford System, mainly due to reduced production in a sustained low crude oil price environment; and
|
•
|
a decrease in revenues of $4.8 million and a decrease in throughputs of 6,905 barrels per day due to a turnaround in the second quarter of 2017 at the refinery served by the North Pipeline.
|
•
|
a decrease of $8.7 million in maintenance and regulatory expenses, primarily at our St. Eustatius, North East and Point Tupper terminals; and
|
•
|
a decrease of $6.1 million in reimbursable expenses, mainly at our Texas City, TX and Point Tupper terminals, consistent with the decrease in reimbursable revenues.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
544,207
|
|
|
$
|
406,799
|
|
|
$
|
436,761
|
|
Investing activities
|
(153,778
|
)
|
|
(1,696,441
|
)
|
|
(311,078
|
)
|
|||
Financing activities
|
(399,867
|
)
|
|
1,276,272
|
|
|
(211,324
|
)
|
|||
Effect of foreign exchange rate changes on cash
|
(1,210
|
)
|
|
1,720
|
|
|
2,721
|
|
|||
Net decrease in cash and cash equivalents
|
$
|
(10,648
|
)
|
|
$
|
(11,650
|
)
|
|
$
|
(82,920
|
)
|
•
|
$365.4 million
in revenue bonds pursuant to the Gulf Opportunity Zone Act of 2005 (the GoZone Bonds), with
$42.9 million
remaining in trust as of
December 31, 2018
, supported by
$370.2 million
in letters of credit; and
|
•
|
one short-term line of credit agreement with an uncommitted borrowing capacity of up to
$35.0 million
, with
$18.5 million
of borrowings outstanding as of
December 31, 2018
.
|
•
|
strategic capital expenditures, such as those to expand or upgrade the operating capacity, increase efficiency or increase the earnings potential of existing assets, whether through construction or acquisition, as well as certain capital expenditures related to support functions; and
|
•
|
reliability capital expenditures, such as those required to maintain the current operating capacity of existing assets or extend their useful lives, as well as those required to maintain equipment reliability and safety.
|
|
Strategic
|
|
|
|
|
||||||||||
|
Acquisitions
|
|
Capital Expenditures
|
|
Reliability Capital
Expenditures
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
For the year ended December 31:
|
|
|
|
|
|
|
|
||||||||
2018
|
$
|
37,502
|
|
|
$
|
380,298
|
|
|
$
|
77,154
|
|
|
$
|
494,954
|
|
2017
|
$
|
1,461,719
|
|
|
$
|
327,141
|
|
|
$
|
57,497
|
|
|
$
|
1,846,357
|
|
2016
|
$
|
95,657
|
|
|
$
|
166,203
|
|
|
$
|
38,155
|
|
|
$
|
300,015
|
|
|
|
|
|
|
|
|
|
||||||||
Expected for the year ended December 31, 2019
|
|
|
$ 500,000 - 550,000
|
|
|
$ 70,000 - 90,000
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||
General partner interest
|
$
|
1,141
|
|
|
$
|
9,252
|
|
|
$
|
7,877
|
|
General partner incentive distribution
|
—
|
|
|
45,669
|
|
|
43,407
|
|
|||
Total general partner distribution
|
1,141
|
|
|
54,921
|
|
|
51,284
|
|
|||
Common limited partners’ distribution
|
248,705
|
|
|
407,681
|
|
|
342,598
|
|
|||
Total cash distributions
|
$
|
249,846
|
|
|
$
|
462,602
|
|
|
$
|
393,882
|
|
|
|
|
|
|
|
||||||
Cash distributions per unit applicable to common limited partners
|
$
|
2.40
|
|
|
$
|
4.38
|
|
|
$
|
4.38
|
|
Quarter Ended
|
|
Cash Distributions Per Unit
|
|
Total Cash Distributions
|
|
Record Date
|
|
Payment Date
|
||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
December 31, 2018
|
|
$
|
0.60
|
|
|
$
|
64,336
|
|
|
February 8, 2019
|
|
February 13, 2019
|
September 30, 2018
|
|
$
|
0.60
|
|
|
$
|
64,248
|
|
|
November 8, 2018
|
|
November 14, 2018
|
June 30, 2018
|
|
$
|
0.60
|
|
|
$
|
64,205
|
|
|
August 7, 2018
|
|
August 13, 2018
|
March 31, 2018
|
|
$
|
0.60
|
|
|
$
|
57,057
|
|
|
May 8, 2018
|
|
May 14, 2018
|
Units
|
|
Fixed Distribution Rate Per Annum (as a Percentage of the $25.00 Liquidation Preference Per Unit)
|
|
Fixed Distribution Rate Per Unit Per Annum
|
|
Fixed Distribution Per Annum
|
|
Optional Redemption Date/Date at Which Distribution Rate Becomes Floating
|
|
Floating Annual Rate (as a Percentage of the
$25.00 Liquidation
Preference Per Unit)
|
||||
|
|
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
Series A Preferred Units
|
|
8.50%
|
|
$
|
2.125
|
|
|
$
|
19,253
|
|
|
December 15, 2021
|
|
Three-month LIBOR plus 6.766%
|
Series B Preferred Units
|
|
7.625%
|
|
$
|
1.90625
|
|
|
$
|
29,357
|
|
|
June 15, 2022
|
|
Three-month LIBOR plus 5.643%
|
Series C Preferred Units
|
|
9.00%
|
|
$
|
2.25
|
|
|
$
|
15,525
|
|
|
December 15, 2022
|
|
Three-month LIBOR plus 6.88%
|
•
|
Revolving Credit Agreement due
October 29, 2020
, with
$745.0 million
of borrowings outstanding as of
December 31, 2018
;
|
•
|
4.80% senior notes due September 1, 2020 with a face value of $450.0 million; 6.75% senior notes due
February 1, 2021
with a face value of $300.0 million; 4.75% senior notes due February 1, 2022 with a face value of $250.0 million; 5.625% senior notes due April 28, 2027 with a face value of $550.0 million; and subordinated notes due January 15, 2043 with a face value of $402.5 million and a floating interest rate;
|
•
|
$365.4 million
in GoZone Bonds due from 2038 to 2041;
|
•
|
Line of credit agreement with
$18.5 million
of borrowings outstanding as of
December 31, 2018
; and
|
•
|
Receivables Financing Agreement due September 20, 2020, with
$61.8 million
of borrowings outstanding as of
December 31, 2018
.
|
|
S&P
Global Ratings
|
|
Moody’s Investor
Service Inc.
|
|
Fitch, Inc.
|
Ratings
|
BB
|
|
Ba2
|
|
BB
|
Outlook
|
Negative
|
|
Negative
|
|
Negative
|
|
Payments Due by Period
|
|
|
|
|
||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(Thousands of Dollars)
|
||||||||||||||||||||||||||
Long-term debt maturities
|
$
|
—
|
|
|
$
|
1,256,800
|
|
|
$
|
300,000
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
1,317,940
|
|
|
$
|
3,124,740
|
|
Interest payments (a)
|
173,827
|
|
|
168,148
|
|
|
104,870
|
|
|
88,616
|
|
|
83,303
|
|
|
1,118,699
|
|
|
1,737,463
|
|
|||||||
Operating leases (b)
|
34,900
|
|
|
20,787
|
|
|
14,904
|
|
|
9,280
|
|
|
6,870
|
|
|
28,552
|
|
|
115,293
|
|
|||||||
Purchase obligations (c)
|
10,896
|
|
|
7,958
|
|
|
7,011
|
|
|
4,970
|
|
|
602
|
|
|
2,624
|
|
|
34,061
|
|
|||||||
Total
|
$
|
219,623
|
|
|
$
|
1,453,693
|
|
|
$
|
426,785
|
|
|
$
|
352,866
|
|
|
$
|
90,775
|
|
|
$
|
2,467,815
|
|
|
$
|
5,011,557
|
|
(a)
|
The interest payments calculated for our variable-rate, long-term debt are based on interest rates and the outstanding borrowings as of
December 31, 2018
. The interest payments on our fixed-rate debt are based on the stated interest rates and the outstanding borrowings as of
December 31, 2018
.
|
(b)
|
Our operating leases consist primarily of leases for tugs and barges utilized at our St. Eustatius facility and land and dock leases at various terminal facilities, including a build-to-suit lease with an initial term of five years and four additional five-year renewal periods that also includes a commitment for minimum dockage and wharfage throughput volumes.
|
(c)
|
A purchase obligation is an enforceable and legally binding agreement to purchase goods or services that specifies significant terms, including (i) fixed or minimum quantities to be purchased, (ii) fixed, minimum or variable price provisions and (iii) the approximate timing of the transaction.
|
•
|
whether there is an event or circumstance that may indicate that the carrying amount of an asset may not be recoverable;
|
•
|
the grouping of assets;
|
•
|
the intention of holding, abandoning or selling an asset;
|
•
|
the forecast of undiscounted expected future cash flows with respect to an asset or asset group; and
|
•
|
if an impairment exists, the fair value of the asset or asset group.
|
•
|
crude oil pipelines;
|
•
|
refined product pipelines;
|
•
|
terminals, excluding our St. Eustatius and Point Tupper facilities and our refinery crude storage tanks; and
|
•
|
bunkering activity at our St. Eustatius and Point Tupper facilities.
|
|
Pension
Benefits
|
|
Other
Postretirement
Benefits
|
||||
Increase in benefit obligation as of December 31, 2018 from:
|
|
|
|
||||
Discount rate decrease
|
$
|
4,800
|
|
|
$
|
400
|
|
Compensation rate increase
|
$
|
1,500
|
|
|
n/a
|
|
|
Increase in net periodic benefit cost for the year ending
December 31, 2019 resulting from:
|
|
|
|
||||
Discount rate decrease
|
$
|
300
|
|
|
$
|
100
|
|
Expected long-term rate of returns on plan assets decrease
|
$
|
300
|
|
|
n/a
|
|
|
Compensation rate increase
|
$
|
400
|
|
|
n/a
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||
|
Expected Maturity Dates
|
|
|
|
|
||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
There-
after
|
|
Total
|
|
Fair
Value
|
||||||||||||||||
|
(Thousands of Dollars, Except Interest Rates)
|
||||||||||||||||||||||||||||||
Long-term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed-rate
|
$
|
—
|
|
|
$
|
450,000
|
|
|
$
|
300,000
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
550,000
|
|
|
$
|
1,550,000
|
|
|
$
|
1,499,920
|
|
Weighted-average
rate
|
—
|
|
|
4.8
|
%
|
|
6.8
|
%
|
|
4.8
|
%
|
|
—
|
|
|
5.6
|
%
|
|
5.5
|
%
|
|
—
|
|
||||||||
Variable-rate
|
$
|
—
|
|
|
$
|
806,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
767,940
|
|
|
$
|
1,574,740
|
|
|
$
|
1,556,784
|
|
Weighted-average
rate
|
—
|
|
|
4.4
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
%
|
|
5.0
|
%
|
|
—
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
Expected Maturity Dates
|
|
|
|
|
||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
There-
after
|
|
Total
|
|
Fair
Value
|
||||||||||||||||
|
(Thousands of Dollars, Except Interest Rates)
|
||||||||||||||||||||||||||||||
Long-term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed-rate
|
$
|
350,000
|
|
|
$
|
—
|
|
|
$
|
450,000
|
|
|
$
|
300,000
|
|
|
$
|
250,000
|
|
|
$
|
952,500
|
|
|
$
|
2,302,500
|
|
|
$
|
2,355,535
|
|
Weighted-average
rate
|
8.4
|
%
|
|
—
|
|
|
4.8
|
%
|
|
6.8
|
%
|
|
4.8
|
%
|
|
6.5
|
%
|
|
6.3
|
%
|
|
—
|
|
||||||||
Variable-rate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
955,611
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
365,440
|
|
|
$
|
1,321,051
|
|
|
$
|
1,322,087
|
|
Weighted-average
rate
|
—
|
|
|
—
|
|
|
3.1
|
%
|
|
—
|
|
|
—
|
|
|
1.7
|
%
|
|
2.7
|
%
|
|
—
|
|
Notional Amount as of December 31,
|
|
Period of Hedge
|
|
Weighted-Average Fixed Rate
|
|
Fair Value as of December 31,
|
|||||||||||||
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|||||||||||
(Thousands of Dollars)
|
|
|
|
|
|
(Thousands of Dollars)
|
|||||||||||||
$
|
—
|
|
|
$
|
350,000
|
|
|
04/2018 - 04/2028
|
|
2.6
|
%
|
|
$
|
—
|
|
|
$
|
(5,394
|
)
|
250,000
|
|
|
250,000
|
|
|
09/2020 - 09/2030
|
|
2.8
|
%
|
|
(124
|
)
|
|
(4,594
|
)
|
||||
$
|
250,000
|
|
|
$
|
600,000
|
|
|
|
|
|
|
$
|
(124
|
)
|
|
$
|
(9,988
|
)
|
|
December 31, 2018
|
|||||||||||||
|
Contract
Volumes
|
|
Weighted Average
|
|
Fair Value of
Current
Asset (Liability)
|
|||||||||
Pay Price
|
|
Receive Price
|
|
|||||||||||
|
(Thousands
of Barrels)
|
|
|
|
|
|
(Thousands
of Dollars)
|
|||||||
Fair Value Hedges:
|
|
|
|
|
|
|
|
|||||||
Futures - long
|
7
|
|
|
$
|
69.74
|
|
|
N/A
|
|
|
$
|
6
|
|
|
Futures - short
|
50
|
|
|
N/A
|
|
|
$
|
72.61
|
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
|
|||||||
Economic Hedges and Other Derivatives:
|
|
|
|
|
|
|
|
|||||||
Futures - short
|
1
|
|
|
N/A
|
|
|
$
|
72.61
|
|
|
$
|
2
|
|
|
Swaps - long
|
143
|
|
|
$
|
50.13
|
|
|
N/A
|
|
|
$
|
(454
|
)
|
|
Swaps - short
|
103
|
|
|
N/A
|
|
|
$
|
50.46
|
|
|
$
|
333
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total fair value of open positions exposed to
commodity price risk
|
|
|
|
|
|
|
$
|
(9
|
)
|
|
December 31, 2017
|
|||||||||||||
|
Contract
Volumes
|
|
Weighted Average
|
|
Fair Value of
Current
Asset (Liability)
|
|||||||||
Pay Price
|
|
Receive Price
|
|
|||||||||||
|
(Thousands
of Barrels)
|
|
|
|
|
|
(Thousands
of Dollars)
|
|||||||
Fair Value Hedges:
|
|
|
|
|
|
|
|
|||||||
Futures - long
|
2
|
|
|
$
|
86.88
|
|
|
N/A
|
|
|
$
|
—
|
|
|
Futures - short
|
5
|
|
|
N/A
|
|
|
$
|
85.59
|
|
|
$
|
(6
|
)
|
|
Swaps - short
|
149
|
|
|
N/A
|
|
|
$
|
55.79
|
|
|
$
|
(106
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Economic Hedges and Other Derivatives:
|
|
|
|
|
|
|
|
|||||||
Futures - long
|
10
|
|
|
$
|
86.13
|
|
|
N/A
|
|
|
$
|
7
|
|
|
Futures - short
|
14
|
|
|
N/A
|
|
|
$
|
85.76
|
|
|
$
|
(16
|
)
|
|
Swaps - long
|
196
|
|
|
$
|
55.05
|
|
|
N/A
|
|
|
$
|
264
|
|
|
Swaps - short
|
199
|
|
|
N/A
|
|
|
$
|
53.76
|
|
|
$
|
(525
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Total fair value of open positions exposed to
commodity price risk
|
|
|
|
|
|
|
$
|
(382
|
)
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
13,644
|
|
|
$
|
24,292
|
|
Accounts receivable, net of allowance for doubtful accounts of $9,412 and $9,948
as of December 31, 2018 and 2017, respectively
|
148,308
|
|
|
176,570
|
|
||
Receivable from related party
|
—
|
|
|
205
|
|
||
Inventories
|
22,713
|
|
|
26,857
|
|
||
Prepaid and other current assets
|
17,493
|
|
|
22,508
|
|
||
Total current assets
|
202,158
|
|
|
250,432
|
|
||
Property, plant and equipment, at cost
|
6,338,312
|
|
|
6,243,481
|
|
||
Accumulated depreciation and amortization
|
(2,049,690
|
)
|
|
(1,942,548
|
)
|
||
Property, plant and equipment, net
|
4,288,622
|
|
|
4,300,933
|
|
||
Intangible assets, net
|
733,056
|
|
|
784,479
|
|
||
Goodwill
|
1,036,976
|
|
|
1,097,475
|
|
||
Deferred income tax asset
|
—
|
|
|
233
|
|
||
Other long-term assets, net
|
88,328
|
|
|
101,681
|
|
||
Total assets
|
$
|
6,349,140
|
|
|
$
|
6,535,233
|
|
Liabilities, Mezzanine Equity and Partners’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
143,121
|
|
|
$
|
145,932
|
|
Short-term debt
|
18,500
|
|
|
35,000
|
|
||
Current portion of long-term debt
|
—
|
|
|
349,990
|
|
||
Accrued interest payable
|
36,293
|
|
|
40,449
|
|
||
Accrued liabilities
|
101,993
|
|
|
61,578
|
|
||
Taxes other than income tax
|
19,083
|
|
|
14,385
|
|
||
Income tax payable
|
4,445
|
|
|
4,172
|
|
||
Total current liabilities
|
323,435
|
|
|
651,506
|
|
||
Long-term debt, less current portion
|
3,111,996
|
|
|
3,263,069
|
|
||
Deferred income tax liability
|
12,428
|
|
|
22,272
|
|
||
Other long-term liabilities
|
79,558
|
|
|
118,297
|
|
||
Total liabilities
|
3,527,417
|
|
|
4,055,144
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 15)
|
|
|
|
||||
|
|
|
|
||||
Series D preferred limited partners (23,246,650 preferred units outstanding as of
December 31, 2018) (Note 19) |
563,992
|
|
|
—
|
|
||
|
|
|
|
||||
Partners’ equity (Note 20):
|
|
|
|
||||
Preferred limited partners (9,060,000 Series A preferred units, 15,400,000 Series B preferred units and 6,900,000 Series C preferred units outstanding as of
December 31, 2018 and 2017)
|
756,301
|
|
|
756,603
|
|
||
Common limited partners (107,225,156 and 93,176,683 common units outstanding
as of December 31, 2018 and 2017, respectively) |
1,556,308
|
|
|
1,770,587
|
|
||
General partner
|
—
|
|
|
37,826
|
|
||
Accumulated other comprehensive loss
|
(54,878
|
)
|
|
(84,927
|
)
|
||
Total partners’ equity
|
2,257,731
|
|
|
2,480,089
|
|
||
Total liabilities, mezzanine equity and partners’ equity
|
$
|
6,349,140
|
|
|
$
|
6,535,233
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Service revenues
|
$
|
1,206,981
|
|
|
$
|
1,128,726
|
|
|
$
|
1,083,165
|
|
Product sales
|
754,776
|
|
|
685,293
|
|
|
673,517
|
|
|||
Total revenues
|
1,961,757
|
|
|
1,814,019
|
|
|
1,756,682
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Costs associated with service revenues:
|
|
|
|
|
|
||||||
Operating expenses (excluding depreciation and amortization expense):
|
|
|
|
|
|
||||||
Third parties
|
488,174
|
|
|
449,670
|
|
|
426,686
|
|
|||
Related party
|
—
|
|
|
—
|
|
|
21,681
|
|
|||
Total operating expenses
|
488,174
|
|
|
449,670
|
|
|
448,367
|
|
|||
Depreciation and amortization expense
|
288,999
|
|
|
255,534
|
|
|
208,217
|
|
|||
Total costs associated with service revenues
|
777,173
|
|
|
705,204
|
|
|
656,584
|
|
|||
Cost of product sales
|
705,946
|
|
|
651,599
|
|
|
633,653
|
|
|||
General and administrative expenses (excluding depreciation and amortization expense):
|
|
|
|
|
|
||||||
Third parties
|
106,200
|
|
|
112,240
|
|
|
88,324
|
|
|||
Related party
|
—
|
|
|
—
|
|
|
10,493
|
|
|||
Total general and administrative expenses
|
106,200
|
|
|
112,240
|
|
|
98,817
|
|
|||
Other depreciation and amortization expense
|
8,875
|
|
|
8,698
|
|
|
8,519
|
|
|||
Total costs and expenses
|
1,598,194
|
|
|
1,477,741
|
|
|
1,397,573
|
|
|||
Operating income
|
363,563
|
|
|
336,278
|
|
|
359,109
|
|
|||
Interest expense, net
|
(186,237
|
)
|
|
(173,083
|
)
|
|
(138,350
|
)
|
|||
Other income (expense), net
|
39,876
|
|
|
(5,294
|
)
|
|
(58,783
|
)
|
|||
Income before income tax expense
|
217,202
|
|
|
157,901
|
|
|
161,976
|
|
|||
Income tax expense
|
11,408
|
|
|
9,937
|
|
|
11,973
|
|
|||
Net income
|
$
|
205,794
|
|
|
$
|
147,964
|
|
|
$
|
150,003
|
|
|
|
|
|
|
|
||||||
Basic and diluted net (loss) income per common unit (Note 21)
|
$
|
(2.77
|
)
|
|
$
|
0.64
|
|
|
$
|
1.27
|
|
Basic weighted-average common units outstanding
|
99,490,495
|
|
|
88,825,964
|
|
|
78,080,484
|
|
|||
Diluted weighted-average common units outstanding
|
99,531,172
|
|
|
88,825,964
|
|
|
78,113,002
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
205,794
|
|
|
$
|
147,964
|
|
|
$
|
150,003
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
4,304
|
|
|
17,466
|
|
|
(8,243
|
)
|
|||
Net gain (loss) on pension and other postretirement benefit adjustments, net of income tax (expense) benefit of ($94), $184 and $60
|
2,334
|
|
|
(6,170
|
)
|
|
(2,850
|
)
|
|||
Net gain (loss) on cash flow hedges
|
23,411
|
|
|
(2,046
|
)
|
|
5,710
|
|
|||
Total other comprehensive income (loss)
|
30,049
|
|
|
9,250
|
|
|
(5,383
|
)
|
|||
Comprehensive income
|
$
|
235,843
|
|
|
$
|
157,214
|
|
|
$
|
144,620
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
205,794
|
|
|
$
|
147,964
|
|
|
$
|
150,003
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization expense
|
297,874
|
|
|
264,232
|
|
|
216,736
|
|
|||
Unit-based compensation expense
|
12,004
|
|
|
8,132
|
|
|
7,579
|
|
|||
Amortization of debt related items
|
7,388
|
|
|
6,147
|
|
|
7,477
|
|
|||
Loss from sale of European operations
|
43,366
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss from sale or disposition of assets
|
(2,094
|
)
|
|
4,984
|
|
|
64
|
|
|||
Gain from insurance recoveries
|
(78,756
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment loss
|
—
|
|
|
—
|
|
|
58,655
|
|
|||
Deferred income tax expense (benefit)
|
2,043
|
|
|
6
|
|
|
(469
|
)
|
|||
Changes in current assets and current liabilities (Note 22)
|
78,262
|
|
|
(26,493
|
)
|
|
3,716
|
|
|||
(Increase) decrease in other long-term assets
|
(3,029
|
)
|
|
943
|
|
|
18,021
|
|
|||
(Decrease) increase in other long-term liabilities
|
(17,832
|
)
|
|
2,414
|
|
|
(23,408
|
)
|
|||
Other, net
|
(813
|
)
|
|
(1,530
|
)
|
|
(1,613
|
)
|
|||
Net cash provided by operating activities
|
544,207
|
|
|
406,799
|
|
|
436,761
|
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(457,452
|
)
|
|
(384,638
|
)
|
|
(204,358
|
)
|
|||
Change in accounts payable related to capital expenditures
|
(7,683
|
)
|
|
36,903
|
|
|
(11,063
|
)
|
|||
Acquisitions
|
(37,502
|
)
|
|
(1,461,719
|
)
|
|
(95,657
|
)
|
|||
Proceeds from Axeon term loan
|
—
|
|
|
110,000
|
|
|
—
|
|
|||
Proceeds from insurance recoveries
|
78,419
|
|
|
977
|
|
|
—
|
|
|||
Proceeds from sale of European operations
|
266,740
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale or disposition of assets
|
3,700
|
|
|
2,036
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(153,778
|
)
|
|
(1,696,441
|
)
|
|
(311,078
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Proceeds from long-term debt borrowings
|
1,254,153
|
|
|
1,465,767
|
|
|
752,729
|
|
|||
Proceeds from short-term debt borrowings
|
618,500
|
|
|
1,051,000
|
|
|
654,000
|
|
|||
Proceeds from note offering, net of issuance costs
|
—
|
|
|
543,333
|
|
|
—
|
|
|||
Long-term debt repayments
|
(1,746,776
|
)
|
|
(1,417,539
|
)
|
|
(772,152
|
)
|
|||
Short-term debt repayments
|
(635,000
|
)
|
|
(1,070,000
|
)
|
|
(684,000
|
)
|
|||
Proceeds from issuance of Series D preferred units
|
590,000
|
|
|
—
|
|
|
—
|
|
|||
Payment of issuance costs for Series D preferred units
|
(34,203
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of other preferred units, net of issuance costs
|
—
|
|
|
538,560
|
|
|
218,400
|
|
|||
Proceeds from issuance of common units, net of issuance costs
|
10,000
|
|
|
643,878
|
|
|
27,710
|
|
|||
Contributions from general partner
|
204
|
|
|
13,737
|
|
|
680
|
|
|||
Distributions to preferred unitholders
|
(90,670
|
)
|
|
(38,833
|
)
|
|
—
|
|
|||
Distributions to common unitholders and general partner
|
(300,777
|
)
|
|
(446,306
|
)
|
|
(392,962
|
)
|
|||
Cash consideration for Merger (Note 4)
|
(67,795
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from termination of interest rate swaps
|
8,048
|
|
|
—
|
|
|
—
|
|
|||
Increase (decrease) in cash book overdrafts
|
2,935
|
|
|
1,736
|
|
|
(11,237
|
)
|
|||
Other, net
|
(8,486
|
)
|
|
(9,061
|
)
|
|
(4,492
|
)
|
|||
Net cash (used in) provided by financing activities
|
(399,867
|
)
|
|
1,276,272
|
|
|
(211,324
|
)
|
|||
Effect of foreign exchange rate changes on cash
|
(1,210
|
)
|
|
1,720
|
|
|
2,721
|
|
|||
Net decrease in cash and cash equivalents
|
(10,648
|
)
|
|
(11,650
|
)
|
|
(82,920
|
)
|
|||
Cash and cash equivalents as of the beginning of the period
|
24,292
|
|
|
35,942
|
|
|
118,862
|
|
|||
Cash and cash equivalents as of the end of the period
|
$
|
13,644
|
|
|
$
|
24,292
|
|
|
$
|
35,942
|
|
•
|
crude oil pipelines;
|
•
|
refined product pipelines;
|
•
|
terminals, excluding our St. Eustatius and Point Tupper facilities and our refinery crude storage tanks; and
|
•
|
bunkering activity at our St. Eustatius and Point Tupper facilities.
|
Consideration transferred:
|
|
|
||
Fair value of incremental NS common units issued
|
|
$
|
335,106
|
|
NSH debt and assumed net current liabilities
|
|
52,075
|
|
|
Transaction costs
|
|
15,897
|
|
|
Total consideration
|
|
403,078
|
|
|
|
|
|
||
Carrying value of general partner interest
|
|
25,999
|
|
|
Loss to common unitholders attributable to the Merger
|
|
$
|
(377,079
|
)
|
|
|
|
||
For the year ended December 31, 2018:
|
|
|
||
Basic weighted-average common units outstanding
|
|
99,490,495
|
|
|
Loss per common unit attributable to the Merger
|
|
$
|
(3.79
|
)
|
|
Purchase Price Allocation
|
||
|
(Thousands of Dollars)
|
||
Accounts receivable
|
$
|
4,747
|
|
Other current assets
|
2,359
|
|
|
Property, plant and equipment, net
|
376,690
|
|
|
Intangible assets (a)
|
700,000
|
|
|
Goodwill (b)
|
398,024
|
|
|
Other long-term assets, net
|
2,199
|
|
|
Current liabilities
|
(22,300
|
)
|
|
Purchase price allocation, net of cash acquired
|
$
|
1,461,719
|
|
(a)
|
Intangible assets, which consist of customer contracts and relationships, are amortized on a straight-line basis over a period of
20 years
.
|
(b)
|
The goodwill acquired represents the expected benefit from entering new geographic areas and the anticipated opportunities to generate future cash flows from the assets acquired and potential future projects.
|
•
|
we completed the Navigator Acquisition on January 1, 2016;
|
•
|
we issued approximately
14.4 million
common units;
|
•
|
we received a contribution from our general partner of
$13.6 million
to maintain the
2%
general partner economic interest it owned at that time;
|
•
|
we issued
15.4 million
Series B Preferred Units;
|
•
|
we issued
$550.0 million
of
5.625%
senior notes;
|
•
|
additional depreciation and amortization that would have been incurred assuming the fair value adjustments to property, plant and equipment and intangible assets reflected in the purchase price allocation above; and
|
•
|
we satisfied Navigator’s outstanding obligations under its revolving credit agreement.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||
Revenues
|
$
|
1,828,418
|
|
|
$
|
1,782,932
|
|
Net income
|
$
|
127,433
|
|
|
$
|
78,664
|
|
|
|
|
|
||||
Basic and diluted net income per common unit
|
$
|
0.31
|
|
|
$
|
0.01
|
|
|
As Reported
|
|
Without Adoption of ASC Topic 606
|
|
Effect of Change
Higher/(Lower)
|
||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||
For the year ended December 31, 2018:
|
|
|
|
|
|
||||||
Revenues
|
$
|
1,961,757
|
|
|
$
|
1,967,942
|
|
|
$
|
(6,185
|
)
|
Operating income
|
$
|
363,563
|
|
|
$
|
369,748
|
|
|
$
|
(6,185
|
)
|
Net income
|
$
|
205,794
|
|
|
$
|
211,979
|
|
|
$
|
(6,185
|
)
|
Basic net loss per common unit
|
$
|
(2.77
|
)
|
|
$
|
(2.70
|
)
|
|
$
|
(0.07
|
)
|
|
Contract Assets
|
|
Contract Liabilities
|
||||
|
(Thousands of Dollars)
|
||||||
Balance as of January 1, 2018
|
$
|
2,127
|
|
|
$
|
(60,464
|
)
|
|
|
|
|
||||
Additions
|
3,281
|
|
|
(83,243
|
)
|
||
Transfer to accounts receivable
|
(2,803
|
)
|
|
—
|
|
||
Transfer to revenues
|
—
|
|
|
57,826
|
|
||
Total activity
|
478
|
|
|
(25,417
|
)
|
||
|
|
|
|
||||
|
|
|
|
||||
Balance as of December 31, 2018
|
2,605
|
|
|
(85,881
|
)
|
||
Less current portion
|
2,066
|
|
|
(46,936
|
)
|
||
Noncurrent portion
|
$
|
539
|
|
|
$
|
(38,945
|
)
|
2019
|
|
$
|
473,027
|
|
2020
|
|
383,889
|
|
|
2021
|
|
261,900
|
|
|
2022
|
|
210,772
|
|
|
2023
|
|
162,952
|
|
|
Thereafter
|
|
361,153
|
|
|
Total
|
|
$
|
1,853,693
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Pipeline segment:
|
|
|
|
|
|
||||||
Crude oil pipelines (excluding lessor revenues)
|
$
|
248,261
|
|
|
$
|
187,874
|
|
|
$
|
154,543
|
|
Refined products and ammonia pipelines
|
362,750
|
|
|
328,414
|
|
|
331,107
|
|
|||
Total pipeline segment revenues from contracts with customers
|
611,011
|
|
|
516,288
|
|
|
485,650
|
|
|||
Lessor revenues
|
54
|
|
|
—
|
|
|
—
|
|
|||
Total pipeline segment revenues
|
611,065
|
|
|
516,288
|
|
|
485,650
|
|
|||
|
|
|
|
|
|
||||||
Storage segment:
|
|
|
|
|
|
||||||
Throughput terminals
|
83,157
|
|
|
85,927
|
|
|
117,586
|
|
|||
Storage terminals (excluding lessor revenues)
|
482,944
|
|
|
491,900
|
|
|
492,456
|
|
|||
Total storage segment revenues from contracts with customers
|
566,101
|
|
|
577,827
|
|
|
610,042
|
|
|||
Lessor revenues
|
39,849
|
|
|
39,126
|
|
|
—
|
|
|||
Total storage segment revenues
|
605,950
|
|
|
616,953
|
|
|
610,042
|
|
|||
|
|
|
|
|
|
||||||
Fuels marketing segment revenues from contracts with customers
|
752,312
|
|
|
692,884
|
|
|
681,934
|
|
|||
|
|
|
|
|
|
||||||
Consolidation and intersegment eliminations
|
(7,570
|
)
|
|
(12,106
|
)
|
|
(20,944
|
)
|
|||
|
|
|
|
|
|
||||||
Total revenues
|
$
|
1,961,757
|
|
|
$
|
1,814,019
|
|
|
$
|
1,756,682
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Balance as of beginning of year
|
$
|
9,948
|
|
|
$
|
7,756
|
|
|
$
|
8,473
|
|
Increase in allowance, net
|
755
|
|
|
2,217
|
|
|
24
|
|
|||
Accounts charged against the allowance
|
(1,291
|
)
|
|
(25
|
)
|
|
(741
|
)
|
|||
Balance as of end of year
|
$
|
9,412
|
|
|
$
|
9,948
|
|
|
$
|
7,756
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Petroleum products
|
$
|
12,689
|
|
|
$
|
17,027
|
|
Materials and supplies
|
10,024
|
|
|
9,830
|
|
||
Total
|
$
|
22,713
|
|
|
$
|
26,857
|
|
|
Estimated Useful Lives
|
|
December 31,
|
||||||||
|
|
2018
|
|
2017
|
|||||||
|
(Years)
|
|
(Thousands of Dollars)
|
||||||||
Land
|
|
-
|
|
|
$
|
143,477
|
|
|
$
|
143,527
|
|
Land and leasehold improvements
|
5
|
-
|
40
|
|
215,796
|
|
|
203,085
|
|
||
Buildings
|
15
|
-
|
40
|
|
160,069
|
|
|
151,702
|
|
||
Pipelines, storage and terminals
|
15
|
-
|
40
|
|
5,315,201
|
|
|
5,080,795
|
|
||
Rights-of-way
|
20
|
-
|
40
|
|
301,739
|
|
|
264,170
|
|
||
Construction in progress
|
|
-
|
|
|
202,030
|
|
|
400,202
|
|
||
Total
|
|
|
|
|
6,338,312
|
|
|
6,243,481
|
|
||
Less accumulated depreciation and amortization
|
|
|
|
|
(2,049,690
|
)
|
|
(1,942,548
|
)
|
||
Property, plant and equipment, net
|
|
|
|
|
$
|
4,288,622
|
|
|
$
|
4,300,933
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Weighted-Average Amortization Period
|
|
Cost
|
|
Accumulated
Amortization
|
|
Cost
|
|
Accumulated
Amortization
|
||||||||
|
(Years)
|
|
(Thousands of Dollars)
|
||||||||||||||
Customer contracts and relationships
|
18
|
|
$
|
863,950
|
|
|
$
|
(132,509
|
)
|
|
$
|
863,950
|
|
|
$
|
(81,136
|
)
|
Other
|
47
|
|
2,359
|
|
|
(744
|
)
|
|
2,359
|
|
|
(694
|
)
|
||||
Total
|
|
|
$
|
866,309
|
|
|
$
|
(133,253
|
)
|
|
$
|
866,309
|
|
|
$
|
(81,830
|
)
|
|
Pipeline
|
|
Storage
|
|
Fuels
Marketing
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Balances as of January 1, 2017:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
306,207
|
|
|
$
|
663,760
|
|
|
$
|
31,123
|
|
|
$
|
1,001,090
|
|
Accumulated impairment losses
|
—
|
|
|
(304,453
|
)
|
|
—
|
|
|
(304,453
|
)
|
||||
Net goodwill
|
306,207
|
|
|
359,307
|
|
|
31,123
|
|
|
696,637
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Activity for the year ended December 31, 2017:
|
|
|
|
|
|
|
|
||||||||
Navigator Acquisition preliminary purchase price allocation (a)
|
400,838
|
|
|
—
|
|
|
—
|
|
|
400,838
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Balances as of December 31, 2017:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
707,045
|
|
|
663,760
|
|
|
31,123
|
|
|
1,401,928
|
|
||||
Accumulated impairment losses
|
—
|
|
|
(304,453
|
)
|
|
—
|
|
|
(304,453
|
)
|
||||
Net goodwill
|
707,045
|
|
|
359,307
|
|
|
31,123
|
|
|
1,097,475
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Activity for the year ended December 31, 2018:
|
|
|
|
|
|
|
|
||||||||
Navigator Acquisition purchase price allocation adjustments (a)
|
(2,814
|
)
|
|
—
|
|
|
—
|
|
|
(2,814
|
)
|
||||
Adjustment due to the sale of our European operations (a)
|
—
|
|
|
(57,685
|
)
|
|
—
|
|
|
(57,685
|
)
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Balances as of December 31, 2018:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
704,231
|
|
|
606,075
|
|
|
31,123
|
|
|
1,341,429
|
|
||||
Accumulated impairment losses
|
—
|
|
|
(304,453
|
)
|
|
—
|
|
|
(304,453
|
)
|
||||
Net goodwill
|
$
|
704,231
|
|
|
$
|
301,622
|
|
|
$
|
31,123
|
|
|
$
|
1,036,976
|
|
(a)
|
See Note
5
for discussion of the Navigator Acquisition and the sale of our European operations.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Employee wages and benefit costs
|
$
|
30,720
|
|
|
$
|
16,963
|
|
Revenue contract liabilities
|
46,936
|
|
|
—
|
|
||
Deferred revenue
|
—
|
|
|
18,243
|
|
||
Other
|
24,337
|
|
|
26,372
|
|
||
Accrued liabilities
|
$
|
101,993
|
|
|
$
|
61,578
|
|
|
|
|
|
|
December 31,
|
||||||
|
Maturity
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
(Thousands of Dollars)
|
||||||
Revolving Credit Agreement
|
|
2020
|
|
|
$
|
745,000
|
|
|
$
|
893,311
|
|
7.65% senior notes
|
|
2018
|
|
|
—
|
|
|
350,000
|
|
||
4.80% senior notes
|
|
2020
|
|
|
450,000
|
|
|
450,000
|
|
||
6.75% senior notes
|
|
2021
|
|
|
300,000
|
|
|
300,000
|
|
||
4.75% senior notes
|
|
2022
|
|
|
250,000
|
|
|
250,000
|
|
||
5.625% senior notes
|
|
2027
|
|
|
550,000
|
|
|
550,000
|
|
||
Subordinated Notes
|
|
2043
|
|
|
402,500
|
|
|
402,500
|
|
||
GoZone Bonds
|
2038
|
thru
|
2041
|
|
365,440
|
|
|
365,440
|
|
||
Receivables Financing Agreement
|
|
2020
|
|
|
61,800
|
|
|
62,300
|
|
||
Net fair value adjustments, unamortized discounts and unamortized debt issuance costs
|
|
N/A
|
|
|
(12,744
|
)
|
|
(10,492
|
)
|
||
Total long-term debt
|
|
|
|
|
3,111,996
|
|
|
3,613,059
|
|
||
Less current portion
|
|
|
|
|
—
|
|
|
349,990
|
|
||
Long-term debt, less current portion
|
|
|
|
|
$
|
3,111,996
|
|
|
$
|
3,263,069
|
|
2019
|
$
|
—
|
|
2020
|
1,256,800
|
|
|
2021
|
300,000
|
|
|
2022
|
250,000
|
|
|
2023
|
—
|
|
|
Thereafter
|
1,317,940
|
|
|
Total repayments
|
3,124,740
|
|
|
Net fair value adjustments, unamortized discounts and unamortized debt issuance costs
|
(12,744
|
)
|
|
Total long-term debt
|
$
|
3,111,996
|
|
Date Issued
|
|
Maturity Date
|
|
Amount
Outstanding
|
|
Amount of
Letter of
Credit
|
|
Amount Received from
Trustee
|
|
Amount Remaining in
Trust (a)
|
|
Interest Rate (b)
|
|||||||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|||||||||||||||
June 26, 2008
|
|
June 1, 2038
|
|
$
|
55,440
|
|
|
$
|
56,169
|
|
|
$
|
55,440
|
|
|
$
|
—
|
|
|
1.8
|
%
|
July 15, 2010
|
|
July 1, 2040
|
|
100,000
|
|
|
101,315
|
|
|
100,000
|
|
|
—
|
|
|
1.8
|
%
|
||||
October 7, 2010
|
|
October 1, 2040
|
|
50,000
|
|
|
50,658
|
|
|
43,741
|
|
|
6,596
|
|
|
1.8
|
%
|
||||
December 29, 2010
|
|
December 1, 2040
|
|
85,000
|
|
|
86,118
|
|
|
49,782
|
|
|
36,271
|
|
|
1.8
|
%
|
||||
August 29, 2011
|
|
August 1, 2041
|
|
75,000
|
|
|
75,986
|
|
|
75,000
|
|
|
—
|
|
|
1.8
|
%
|
||||
|
|
Total
|
|
$
|
365,440
|
|
|
$
|
370,246
|
|
|
$
|
323,963
|
|
|
$
|
42,867
|
|
|
|
(a)
|
Amount remaining in trust includes accrued interest.
|
(b)
|
For the year ended
December 31, 2018
, our weighted-average interest rate on borrowings was
1.4%
.
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Balance as of the beginning of year
|
$
|
5,683
|
|
|
$
|
5,120
|
|
Additions to accrual
|
5,160
|
|
|
3,186
|
|
||
Payments
|
(3,058
|
)
|
|
(2,675
|
)
|
||
Foreign currency translation
|
(32
|
)
|
|
52
|
|
||
Balance as of the end of year
|
$
|
7,753
|
|
|
$
|
5,683
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Accrued liabilities
|
$
|
4,349
|
|
|
$
|
3,054
|
|
Other long-term liabilities
|
3,404
|
|
|
2,629
|
|
||
Accruals for environmental matters
|
$
|
7,753
|
|
|
$
|
5,683
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
There-
after
|
|
Total
|
||||||||||||||
|
(Thousands of Dollars)
|
||||||||||||||||||||||||||
Operating leases
|
$
|
34,900
|
|
|
$
|
20,787
|
|
|
$
|
14,904
|
|
|
$
|
9,280
|
|
|
$
|
6,870
|
|
|
$
|
28,552
|
|
|
$
|
115,293
|
|
Purchase obligations
|
$
|
10,896
|
|
|
$
|
7,958
|
|
|
$
|
7,011
|
|
|
$
|
4,970
|
|
|
$
|
602
|
|
|
$
|
2,624
|
|
|
$
|
34,061
|
|
•
|
two leases for tugs and barges utilized at our St. Eustatius facility for bunker fuel sales, with original terms of nine and ten years
; and
|
•
|
land and dock leases at various terminal facilities, with original terms generally ranging from 5 to 40 years, including a build-to-suit lease with an initial term of five years and four additional five-year renewal periods that also includes a commitment for minimum dockage and wharfage throughput volumes.
|
|
December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Other current assets:
|
|
|
|
|
|
|
|
||||||||
Commodity derivatives
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
130
|
|
Other long-term assets, net:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
627
|
|
|
—
|
|
|
627
|
|
||||
Total assets
|
$
|
130
|
|
|
$
|
627
|
|
|
$
|
—
|
|
|
$
|
757
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Other long-term liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
(751
|
)
|
|
$
|
—
|
|
|
$
|
(751
|
)
|
|
December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Other current assets:
|
|
|
|
|
|
|
|
||||||||
Product imbalances
|
$
|
3,890
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,890
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities:
|
|
|
|
|
|
|
|
||||||||
Product imbalances
|
$
|
(1,534
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,534
|
)
|
Commodity derivatives
|
(878
|
)
|
|
—
|
|
|
—
|
|
|
(878
|
)
|
||||
Interest rate swaps
|
—
|
|
|
(5,394
|
)
|
|
—
|
|
|
(5,394
|
)
|
||||
Other long-term liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
(4,594
|
)
|
|
—
|
|
|
(4,594
|
)
|
||||
Total liabilities
|
$
|
(2,412
|
)
|
|
$
|
(9,988
|
)
|
|
$
|
—
|
|
|
$
|
(12,400
|
)
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(Thousands of Dollars)
|
||||||
Fair value
|
$
|
3,056,704
|
|
|
$
|
3,677,622
|
|
Carrying amount
|
$
|
3,111,996
|
|
|
$
|
3,613,059
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
|
Balance Sheet Location
|
|
December 31,
|
||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
|
|
|
(Thousands of Dollars)
|
||||||||||||||
Derivatives Designated as
Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
Other current assets
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps
|
Other long-term assets, net
|
|
627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commodity contracts
|
Accrued liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(112
|
)
|
||||
Interest rate swaps
|
Accrued liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,394
|
)
|
||||
Interest rate swaps
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
(751
|
)
|
|
(4,594
|
)
|
||||
Total
|
|
|
736
|
|
|
—
|
|
|
(751
|
)
|
|
(10,100
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives Not Designated
as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
Other current assets
|
|
1,652
|
|
|
—
|
|
|
(1,631
|
)
|
|
—
|
|
||||
Commodity contracts
|
Accrued liabilities
|
|
—
|
|
|
742
|
|
|
—
|
|
|
(1,508
|
)
|
||||
Total
|
|
|
1,652
|
|
|
742
|
|
|
(1,631
|
)
|
|
(1,508
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Total Derivatives
|
|
|
$
|
2,388
|
|
|
$
|
742
|
|
|
$
|
(2,382
|
)
|
|
$
|
(11,608
|
)
|
|
|
December 31,
|
||||||
Commodity Contracts
|
|
2018
|
|
2017
|
||||
|
|
(Thousands of Dollars)
|
||||||
Net amounts of assets presented in the consolidated balance sheets
|
|
$
|
130
|
|
|
$
|
—
|
|
Net amounts of liabilities presented in the consolidated balance sheets
|
|
$
|
—
|
|
|
$
|
(878
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(Thousands of Dollars)
|
||||||||||
Derivatives Designated as Fair Value Hedging Instruments:
|
|
|
|
|
|
|
||||||
(Loss) gain recognized in income on derivative
|
|
$
|
(535
|
)
|
|
$
|
806
|
|
|
$
|
(11,254
|
)
|
(Loss) gain recognized in income on hedged item
|
|
(181
|
)
|
|
(656
|
)
|
|
15,295
|
|
|||
(Loss) gain recognized in income for ineffective portion
|
|
$
|
(716
|
)
|
|
$
|
150
|
|
|
$
|
4,041
|
|
|
|
|
|
|
|
|
||||||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||||
(Loss) gain recognized in income on derivative
|
|
$
|
(601
|
)
|
|
$
|
(668
|
)
|
|
$
|
225
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(Thousands of Dollars)
|
||||||||||
Derivatives Designated as Cash Flow Hedging Instruments:
|
|
|
|
|
|
|
||||||
Gain (loss) recognized in other comprehensive income (loss) on
derivative (effective portion)
|
|
$
|
17,912
|
|
|
$
|
(8,670
|
)
|
|
$
|
(2,621
|
)
|
Loss reclassified from AOCI into interest expense, net
(effective portion)
|
|
$
|
(5,499
|
)
|
|
$
|
(6,624
|
)
|
|
$
|
(8,331
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Gain (loss) related to hurricane activity
|
$
|
78,756
|
|
|
$
|
(5,000
|
)
|
|
$
|
—
|
|
Impairment loss on Axeon Term Loan
|
—
|
|
|
—
|
|
|
(58,655
|
)
|
|||
Loss on sale of European operations
|
(43,366
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
4,486
|
|
|
(294
|
)
|
|
(128
|
)
|
|||
Other income (expense), net
|
$
|
39,876
|
|
|
$
|
(5,294
|
)
|
|
$
|
(58,783
|
)
|
Period
|
|
Cash Distributions Per Unit
|
|
Total Cash Distributions
|
|
Record Date
|
|
Payment Date
|
||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
December 15, 2018 - March 14, 2019
|
|
$
|
0.619
|
|
|
$
|
14,390
|
|
|
March 1, 2019
|
|
March 15, 2019
|
September 15, 2018 - December 14, 2018
|
|
$
|
0.619
|
|
|
$
|
14,390
|
|
|
December 3, 2018
|
|
December 17, 2018
|
July 13, 2018 - September 14, 2018 (a)
|
|
$
|
0.431
|
|
|
$
|
3,227
|
|
|
September 4, 2018
|
|
September 17, 2018
|
June 29, 2018 - September 14, 2018 (b)
|
|
$
|
0.525
|
|
|
$
|
8,274
|
|
|
September 4, 2018
|
|
September 17, 2018
|
(a)
|
Second issuance of
7,486,209
units.
|
(b)
|
First issuance of
15,760,441
units.
|
Units
|
|
Original
Issuance Date
|
|
Number of Units Issued and Outstanding
|
|
Price per Unit
|
|
Net Proceeds (in millions)
|
|
Fixed Distribution Rate per Annum (as a Percentage of the $25.00 Liquidation Preference per Unit)
|
|
Fixed Distribution Rate per Unit per Annum
|
|
Optional Redemption Date/Date at Which Distribution Rate Becomes Floating
|
|
Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit)
|
|||||||
Series A
Preferred Units
|
|
November 25, 2016
|
|
9,060,000
|
|
$
|
25.00
|
|
|
$
|
218.4
|
|
|
8.50
|
%
|
|
$
|
2.125
|
|
|
December 15, 2021
|
|
Three-month LIBOR plus 6.766%
|
Series B
Preferred Units
|
|
April 28, 2017
|
|
15,400,000
|
|
$
|
25.00
|
|
|
$
|
371.8
|
|
|
7.625
|
%
|
|
$
|
1.90625
|
|
|
June 15, 2022
|
|
Three-month LIBOR plus 5.643%
|
Series C
Preferred Units
|
|
November 30, 2017
|
|
6,900,000
|
|
$
|
25.00
|
|
|
$
|
166.7
|
|
|
9.00
|
%
|
|
$
|
2.25
|
|
|
December 15, 2022
|
|
Three-month LIBOR plus 6.88%
|
|
Preferred Limited Partners
|
|
|
||||||||||||
|
Series A
|
|
Series B
|
|
Series C
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Balance as of January 1, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Issuance of units
|
218,400
|
|
|
—
|
|
|
—
|
|
|
218,400
|
|
||||
Net income
|
1,925
|
|
|
—
|
|
|
—
|
|
|
1,925
|
|
||||
Distributions to partners
|
(1,925
|
)
|
|
—
|
|
|
—
|
|
|
(1,925
|
)
|
||||
Balance as of December 31, 2016
|
218,400
|
|
|
—
|
|
|
—
|
|
|
218,400
|
|
||||
Issuance of units
|
—
|
|
|
371,823
|
|
|
166,737
|
|
|
538,560
|
|
||||
Net income
|
19,253
|
|
|
19,815
|
|
|
1,380
|
|
|
40,448
|
|
||||
Distributions to partners
|
(19,253
|
)
|
|
(19,815
|
)
|
|
(1,380
|
)
|
|
(40,448
|
)
|
||||
Other
|
(93
|
)
|
|
(189
|
)
|
|
(75
|
)
|
|
(357
|
)
|
||||
Balance as of December 31, 2017
|
218,307
|
|
|
371,634
|
|
|
166,662
|
|
|
756,603
|
|
||||
Net income
|
19,253
|
|
|
29,357
|
|
|
15,481
|
|
|
64,091
|
|
||||
Distributions to partners
|
(19,253
|
)
|
|
(29,357
|
)
|
|
(15,481
|
)
|
|
(64,091
|
)
|
||||
Other
|
—
|
|
|
(158
|
)
|
|
(144
|
)
|
|
(302
|
)
|
||||
Balance as of December 31, 2018
|
$
|
218,307
|
|
|
$
|
371,476
|
|
|
$
|
166,518
|
|
|
$
|
756,301
|
|
|
|
Cash Distributions Per Unit
|
||||||||||
Period
|
|
Series A
|
|
Series B
|
|
Series C
|
||||||
December 15, 2018 - March 14, 2019
|
|
$
|
0.53125
|
|
|
$
|
0.47657
|
|
|
$
|
0.56250
|
|
September 15, 2018 - December 14, 2018
|
|
$
|
0.53125
|
|
|
$
|
0.47657
|
|
|
$
|
0.56250
|
|
June 15, 2018 - September 14, 2018
|
|
$
|
0.53125
|
|
|
$
|
0.47657
|
|
|
$
|
0.56250
|
|
March 15, 2018 - June 14, 2018
|
|
$
|
0.53125
|
|
|
$
|
0.47657
|
|
|
$
|
0.56250
|
|
December 15, 2017 - March 14, 2018
|
|
$
|
0.53125
|
|
|
$
|
0.47657
|
|
|
N/A
|
|
|
November 30, 2017 - March 14, 2018
|
|
N/A
|
|
|
N/A
|
|
|
$
|
0.65625
|
|
|
|
Percentage of Distribution
|
||
Quarterly Distribution Amount Per Common Unit
|
|
Common
Unitholders
|
|
General Partner
Including Incentive Distributions
|
Up to $0.60
|
|
98%
|
|
2%
|
Above $0.60 up to $0.66
|
|
90%
|
|
10%
|
Above $0.66
|
|
75%
|
|
25%
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||
General partner interest
|
$
|
1,141
|
|
|
$
|
9,252
|
|
|
$
|
7,877
|
|
General partner incentive distribution
|
—
|
|
|
45,669
|
|
|
43,407
|
|
|||
Total general partner distribution
|
1,141
|
|
|
54,921
|
|
|
51,284
|
|
|||
Common limited partners’ distribution
|
248,705
|
|
|
407,681
|
|
|
342,598
|
|
|||
Total cash distributions
|
$
|
249,846
|
|
|
$
|
462,602
|
|
|
$
|
393,882
|
|
|
|
|
|
|
|
||||||
Cash distributions per unit applicable to common limited partners
|
$
|
2.40
|
|
|
$
|
4.38
|
|
|
$
|
4.38
|
|
Quarter Ended
|
|
Cash Distributions Per Unit
|
|
Total Cash Distributions
|
|
Record Date
|
|
Payment Date
|
||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
December 31, 2018
|
|
$
|
0.60
|
|
|
$
|
64,336
|
|
|
February 8, 2019
|
|
February 13, 2019
|
September 30, 2018
|
|
$
|
0.60
|
|
|
$
|
64,248
|
|
|
November 8, 2018
|
|
November 14, 2018
|
June 30, 2018
|
|
$
|
0.60
|
|
|
$
|
64,205
|
|
|
August 7, 2018
|
|
August 13, 2018
|
March 31, 2018
|
|
$
|
0.60
|
|
|
$
|
57,057
|
|
|
May 8, 2018
|
|
May 14, 2018
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(Thousands of Dollars)
|
||||||
Net income attributable to NuStar Energy L.P.
|
$
|
147,964
|
|
|
$
|
150,003
|
|
Less preferred limited partner interest
|
40,448
|
|
|
1,925
|
|
||
Less general partner incentive distribution
|
45,669
|
|
|
43,407
|
|
||
Net income after general partner incentive distribution and preferred
limited partner interest
|
61,847
|
|
|
104,671
|
|
||
General partner interest allocation
|
2
|
%
|
|
2
|
%
|
||
General partner interest allocation of net income
|
1,237
|
|
|
2,091
|
|
||
General partner incentive distribution
|
45,669
|
|
|
43,407
|
|
||
Net income applicable to general partner
|
$
|
46,906
|
|
|
$
|
45,498
|
|
|
Foreign
Currency
Translation
|
|
Cash Flow Hedges
|
|
Pension and
Other
Postretirement
Benefits
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Balance as of January 1, 2016
|
$
|
(60,826
|
)
|
|
$
|
(27,968
|
)
|
|
$
|
—
|
|
|
$
|
(88,794
|
)
|
Employee Transfer
|
—
|
|
|
—
|
|
|
4,201
|
|
|
4,201
|
|
||||
Deferred income tax adjustments
|
—
|
|
|
—
|
|
|
2,414
|
|
|
2,414
|
|
||||
Other comprehensive loss before
reclassification adjustments
|
(8,243
|
)
|
|
(2,621
|
)
|
|
(7,852
|
)
|
|
(18,716
|
)
|
||||
Net gain on pension costs reclassified into operating
expense |
—
|
|
|
—
|
|
|
(1,200
|
)
|
|
(1,200
|
)
|
||||
Net gain on pension costs reclassified into general and
administrative expense |
—
|
|
|
—
|
|
|
(413
|
)
|
|
(413
|
)
|
||||
Net loss on cash flow hedges reclassified into interest
expense, net
|
—
|
|
|
8,331
|
|
|
—
|
|
|
8,331
|
|
||||
Other comprehensive (loss) income
|
(8,243
|
)
|
|
5,710
|
|
|
(2,850
|
)
|
|
(5,383
|
)
|
||||
Balance as of December 31, 2016
|
(69,069
|
)
|
|
(22,258
|
)
|
|
(2,850
|
)
|
|
(94,177
|
)
|
||||
Other comprehensive income (loss) before
reclassification adjustments
|
17,466
|
|
|
(8,670
|
)
|
|
(4,641
|
)
|
|
4,155
|
|
||||
Net gain on pension costs reclassified into operating
expense
|
—
|
|
|
—
|
|
|
(1,143
|
)
|
|
(1,143
|
)
|
||||
Net gain on pension costs reclassified into general and
administrative expense
|
—
|
|
|
—
|
|
|
(386
|
)
|
|
(386
|
)
|
||||
Net loss on cash flow hedges reclassified into interest
expense, net
|
—
|
|
|
6,624
|
|
|
—
|
|
|
6,624
|
|
||||
Other comprehensive income (loss)
|
17,466
|
|
|
(2,046
|
)
|
|
(6,170
|
)
|
|
9,250
|
|
||||
Balance as of December 31, 2017
|
(51,603
|
)
|
|
(24,304
|
)
|
|
(9,020
|
)
|
|
(84,927
|
)
|
||||
Other comprehensive income before
reclassification adjustments
|
(13,880
|
)
|
|
17,912
|
|
|
3,282
|
|
|
7,314
|
|
||||
Sale of European operations reclassified into other income, net
|
18,124
|
|
|
—
|
|
|
—
|
|
|
18,124
|
|
||||
Net gain on pension costs reclassified into other income, net
|
—
|
|
|
—
|
|
|
(814
|
)
|
|
(814
|
)
|
||||
Net loss on cash flow hedges reclassified into interest
expense, net
|
—
|
|
|
5,499
|
|
|
—
|
|
|
5,499
|
|
||||
Other
|
60
|
|
|
—
|
|
|
(134
|
)
|
|
(74
|
)
|
||||
Other comprehensive income
|
4,304
|
|
|
23,411
|
|
|
2,334
|
|
|
30,049
|
|
||||
Balance as of December 31, 2018
|
$
|
(47,299
|
)
|
|
$
|
(893
|
)
|
|
$
|
(6,686
|
)
|
|
$
|
(54,878
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Decrease (increase) in current assets:
|
|
|
|
|
|
||||||
Accounts receivable
|
$
|
22,482
|
|
|
$
|
(865
|
)
|
|
$
|
(23,234
|
)
|
Receivable from related parties
|
160
|
|
|
112
|
|
|
(317
|
)
|
|||
Inventories
|
3,819
|
|
|
11,936
|
|
|
940
|
|
|||
Prepaid and other current assets
|
3,694
|
|
|
3,393
|
|
|
8,128
|
|
|||
Increase (decrease) in current liabilities:
|
|
|
|
|
|
||||||
Accounts payable
|
8,003
|
|
|
(30,409
|
)
|
|
14,071
|
|
|||
Payable to related party
|
—
|
|
|
—
|
|
|
894
|
|
|||
Accrued interest payable
|
(4,279
|
)
|
|
6,489
|
|
|
(256
|
)
|
|||
Accrued liabilities
|
39,577
|
|
|
(11,157
|
)
|
|
161
|
|
|||
Taxes other than income tax
|
4,521
|
|
|
(3,529
|
)
|
|
2,690
|
|
|||
Income tax payable
|
285
|
|
|
(2,463
|
)
|
|
639
|
|
|||
Changes in current assets and current liabilities
|
$
|
78,262
|
|
|
$
|
(26,493
|
)
|
|
$
|
3,716
|
|
•
|
current assets and current liabilities acquired and disposed of during the period;
|
•
|
the change in the amount accrued for capital expenditures;
|
•
|
the effect of foreign currency translation;
|
•
|
reclassification of the Axeon Term Loan to other current assets from other long-term assets, net in 2016;
|
•
|
changes in the fair values of our interest rate swap agreements; and
|
•
|
non-cash related party transactions associated with the Employee Transfer.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Cash paid for interest, net of amount capitalized
|
$
|
183,078
|
|
|
$
|
158,089
|
|
|
$
|
142,663
|
|
Cash paid for income taxes, net of tax refunds received
|
$
|
8,535
|
|
|
$
|
11,338
|
|
|
$
|
11,847
|
|
|
Pension Plans
|
|
Other Postretirement
Benefit Plans
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation, January 1
|
$
|
149,817
|
|
|
$
|
127,402
|
|
|
$
|
12,410
|
|
|
$
|
11,061
|
|
Service cost
|
9,621
|
|
|
8,955
|
|
|
504
|
|
|
456
|
|
||||
Interest cost
|
4,824
|
|
|
4,507
|
|
|
429
|
|
|
430
|
|
||||
Benefits paid
|
(7,929
|
)
|
|
(5,941
|
)
|
|
(255
|
)
|
|
(342
|
)
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
87
|
|
|
215
|
|
||||
Actuarial (gain) loss
|
(14,500
|
)
|
|
14,894
|
|
|
(2,267
|
)
|
|
590
|
|
||||
Benefit obligation, December 31
|
$
|
141,833
|
|
|
$
|
149,817
|
|
|
$
|
10,908
|
|
|
$
|
12,410
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Plan assets at fair value, January 1
|
$
|
129,878
|
|
|
$
|
107,644
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
(6,034
|
)
|
|
17,070
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
11,034
|
|
|
11,105
|
|
|
168
|
|
|
127
|
|
||||
Benefits paid
|
(7,929
|
)
|
|
(5,941
|
)
|
|
(255
|
)
|
|
(342
|
)
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
87
|
|
|
215
|
|
||||
Plan assets at fair value, December 31
|
$
|
126,949
|
|
|
$
|
129,878
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Reconciliation of funded status:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at December 31
|
$
|
126,949
|
|
|
$
|
129,878
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Less: Benefit obligation at December 31
|
141,833
|
|
|
149,817
|
|
|
10,908
|
|
|
12,410
|
|
||||
Funded status at December 31
|
$
|
(14,884
|
)
|
|
$
|
(19,939
|
)
|
|
$
|
(10,908
|
)
|
|
$
|
(12,410
|
)
|
Amounts recognized in the consolidated balance sheets (a):
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities
|
$
|
(267
|
)
|
|
$
|
(210
|
)
|
|
$
|
(362
|
)
|
|
$
|
(376
|
)
|
Other long-term liabilities
|
(14,617
|
)
|
|
(19,729
|
)
|
|
(10,546
|
)
|
|
(12,034
|
)
|
||||
Net pension liability
|
$
|
(14,884
|
)
|
|
$
|
(19,939
|
)
|
|
$
|
(10,908
|
)
|
|
$
|
(12,410
|
)
|
(a)
|
For the Pension Plan, since assets exceed the present value of expected benefit payments for the next 12 months, all of the liability is noncurrent. For the Excess Pension Plan and the other postretirement benefit plans, since there are no assets, the current liability is the present value of expected benefit payments for the next 12 months; the remainder is noncurrent.
|
|
Pension Plans
|
|
Other Postretirement
Benefit Plans
|
||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
|
(Thousands of Dollars)
|
||||||||||||||||||||||
Service cost
|
$
|
9,621
|
|
|
$
|
8,955
|
|
|
$
|
7,703
|
|
|
$
|
504
|
|
|
$
|
456
|
|
|
$
|
419
|
|
Interest cost
|
4,824
|
|
|
4,507
|
|
|
4,023
|
|
|
429
|
|
|
430
|
|
|
401
|
|
||||||
Expected return on plan assets
|
(7,417
|
)
|
|
(6,411
|
)
|
|
(5,407
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service credit
|
(2,057
|
)
|
|
(2,059
|
)
|
|
(2,063
|
)
|
|
(1,145
|
)
|
|
(1,145
|
)
|
|
(1,145
|
)
|
||||||
Amortization of net actuarial loss
|
2,174
|
|
|
1,484
|
|
|
1,091
|
|
|
214
|
|
|
191
|
|
|
181
|
|
||||||
Net periodic benefit cost (income)
|
$
|
7,145
|
|
|
$
|
6,476
|
|
|
$
|
5,347
|
|
|
$
|
2
|
|
|
$
|
(68
|
)
|
|
$
|
(144
|
)
|
|
Pension Plans
|
|
Other Postretirement
Benefit Plans
|
||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
|
(Thousands of Dollars)
|
||||||||||||||||||||||
Net unrecognized gain (loss) arising during the year:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial gain (loss)
|
$
|
1,049
|
|
|
$
|
(4,235
|
)
|
|
$
|
(7,544
|
)
|
|
$
|
2,267
|
|
|
$
|
(590
|
)
|
|
$
|
(368
|
)
|
Net (gain) loss reclassified into income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of prior service credit
|
(2,057
|
)
|
|
(2,059
|
)
|
|
(2,063
|
)
|
|
(1,145
|
)
|
|
(1,145
|
)
|
|
(1,145
|
)
|
||||||
Amortization of net actuarial loss
|
2,174
|
|
|
1,484
|
|
|
1,091
|
|
|
214
|
|
|
191
|
|
|
181
|
|
||||||
Net loss (gain) reclassified into income
|
117
|
|
|
(575
|
)
|
|
(972
|
)
|
|
(931
|
)
|
|
(954
|
)
|
|
(964
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification of stranded tax effects
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Income tax (expense) benefit
|
(69
|
)
|
|
162
|
|
|
57
|
|
|
(25
|
)
|
|
22
|
|
|
3
|
|
||||||
Total changes to other
comprehensive income (loss)
|
$
|
1,023
|
|
|
$
|
(4,648
|
)
|
|
$
|
(8,459
|
)
|
|
$
|
1,311
|
|
|
$
|
(1,522
|
)
|
|
$
|
(1,329
|
)
|
|
Pension Plans
|
|
Other Postretirement
Benefit Plans
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Unrecognized actuarial loss
|
$
|
(27,955
|
)
|
|
$
|
(31,178
|
)
|
|
$
|
(1,673
|
)
|
|
$
|
(4,154
|
)
|
Prior service credit
|
14,547
|
|
|
16,604
|
|
|
8,319
|
|
|
9,464
|
|
||||
Deferred tax asset
|
76
|
|
|
219
|
|
|
—
|
|
|
25
|
|
||||
Accumulated other comprehensive (loss) income,
net of tax
|
$
|
(13,332
|
)
|
|
$
|
(14,355
|
)
|
|
$
|
6,646
|
|
|
$
|
5,335
|
|
|
Pension Plans
|
|
Other
Postretirement
Benefit Plans
|
||||
|
(Thousands of Dollars)
|
||||||
Actuarial loss
|
$
|
846
|
|
|
$
|
42
|
|
Prior service credit
|
$
|
(2,057
|
)
|
|
$
|
(1,145
|
)
|
|
December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Cash equivalent securities
|
$
|
608
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
608
|
|
Equity securities:
|
|
|
|
|
|
|
|
||||||||
U.S. large cap equity fund (a)
|
—
|
|
|
70,525
|
|
|
—
|
|
|
70,525
|
|
||||
International stock index fund (b)
|
13,391
|
|
|
—
|
|
|
—
|
|
|
13,391
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
Bond market index fund (c)
|
42,425
|
|
|
—
|
|
|
—
|
|
|
42,425
|
|
||||
Total
|
$
|
56,424
|
|
|
$
|
70,525
|
|
|
$
|
—
|
|
|
$
|
126,949
|
|
|
December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Cash equivalent securities
|
$
|
381
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
381
|
|
Equity securities:
|
|
|
|
|
|
|
|
||||||||
U.S. large cap equity fund (a)
|
—
|
|
|
75,353
|
|
|
—
|
|
|
75,353
|
|
||||
International stock index fund (b)
|
14,480
|
|
|
—
|
|
|
—
|
|
|
14,480
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
Bond market index fund (c)
|
39,664
|
|
|
—
|
|
|
—
|
|
|
39,664
|
|
||||
Total
|
$
|
54,525
|
|
|
$
|
75,353
|
|
|
$
|
—
|
|
|
$
|
129,878
|
|
(a)
|
This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.
|
(b)
|
This fund tracks the performance of the Total International Composite Index.
|
(c)
|
This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index.
|
|
Pension Plans
|
|
Other
Postretirement
Benefit Plans
|
||||
|
(Thousands of Dollars)
|
||||||
2019
|
$
|
9,454
|
|
|
$
|
362
|
|
2020
|
$
|
10,309
|
|
|
$
|
390
|
|
2021
|
$
|
11,072
|
|
|
$
|
423
|
|
2022
|
$
|
11,593
|
|
|
$
|
475
|
|
2023
|
$
|
12,274
|
|
|
$
|
503
|
|
Years 2024-2028
|
$
|
68,198
|
|
|
$
|
3,200
|
|
|
Pension Plans
|
|
Other
Postretirement
Benefit Plans
|
||||||||
|
December 31,
|
|
December 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Discount rate
|
4.40
|
%
|
|
3.72
|
%
|
|
4.53
|
%
|
|
3.82
|
%
|
Rate of compensation increase
|
3.51
|
%
|
|
3.51
|
%
|
|
n/a
|
|
|
n/a
|
|
|
Pension Plans
|
|
Other Postretirement
Benefit Plans
|
||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||
Discount rate
|
3.72
|
%
|
|
4.33
|
%
|
|
4.61
|
%
|
|
3.82
|
%
|
|
4.49
|
%
|
|
4.75
|
%
|
Expected long-term rate of
return on plan assets
|
6.50
|
%
|
|
6.00
|
%
|
|
6.25
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Rate of compensation increase
|
3.51
|
%
|
|
3.51
|
%
|
|
3.51
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||
Health care cost trend rate assumed for next year
|
6.84
|
%
|
|
6.84
|
%
|
Rate to which the cost trend rate was assumed to decrease (the ultimate trend rate)
|
5.00
|
%
|
|
5.00
|
%
|
Year that the rate reaches the ultimate trend rate
|
2028
|
|
|
2028
|
|
|
Units Outstanding
December 31,
|
|
Compensation Expense
Year Ended December 31,
|
|||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
|||||||||
|
|
|
|
|
|
|
(Thousands of Dollars)
|
|||||||||||||
Restricted Units:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Domestic employees
|
1,028,484
|
|
|
736,746
|
|
|
647,340
|
|
|
$
|
8,233
|
|
|
$
|
7,881
|
|
|
$
|
5,980
|
|
Non-employee directors (NEDs)
|
59,752
|
|
|
27,097
|
|
|
18,134
|
|
|
524
|
|
|
251
|
|
|
388
|
|
|||
International employees
|
30,918
|
|
|
58,107
|
|
|
50,609
|
|
|
1,158
|
|
|
595
|
|
|
715
|
|
|||
Performance Units
|
158,326
|
|
|
80,961
|
|
|
77,014
|
|
|
1,889
|
|
|
—
|
|
|
1,211
|
|
|||
Unit Awards
|
—
|
|
|
—
|
|
|
—
|
|
|
1,358
|
|
|
—
|
|
|
—
|
|
|||
Total
|
1,277,480
|
|
|
902,911
|
|
|
793,097
|
|
|
$
|
13,162
|
|
|
$
|
8,727
|
|
|
$
|
8,294
|
|
|
Domestic Employees
|
|
|
|
|
|||||||
|
Number of Restricted
Units
|
|
Weighted-
Average
Grant-Date
Fair Value
Per Unit
|
|
Number of Restricted
Units to
NEDs
|
|
Number of Restricted
Units to International Employees
|
|||||
Nonvested units as of January 1, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Transferred on March 1, 2016
|
586,524
|
|
|
35.03
|
|
|
17,629
|
|
|
49,121
|
|
|
Granted
|
246,070
|
|
|
47.70
|
|
|
8,730
|
|
|
20,107
|
|
|
Vested
|
(180,724
|
)
|
|
35.50
|
|
|
(8,225
|
)
|
|
(14,812
|
)
|
|
Forfeited
|
(4,530
|
)
|
|
35.03
|
|
|
—
|
|
|
(3,807
|
)
|
|
Nonvested units as of December 31, 2016
|
647,340
|
|
|
39.72
|
|
|
18,134
|
|
|
50,609
|
|
|
Granted
|
307,009
|
|
|
29.56
|
|
|
17,110
|
|
|
24,533
|
|
|
Vested
|
(201,466
|
)
|
|
38.74
|
|
|
(8,147
|
)
|
|
(16,440
|
)
|
|
Forfeited
|
(16,137
|
)
|
|
40.00
|
|
|
—
|
|
|
(595
|
)
|
|
Nonvested units as of December 31, 2017
|
736,746
|
|
|
35.95
|
|
|
27,097
|
|
|
58,107
|
|
|
Converted on July 20, 2018
|
53,447
|
|
|
24.99
|
|
|
18,915
|
|
|
—
|
|
|
Granted
|
518,282
|
|
|
24.07
|
|
|
34,303
|
|
|
16,197
|
|
|
Vested
|
(235,746
|
)
|
|
35.12
|
|
|
(20,563
|
)
|
|
(41,406
|
)
|
|
Forfeited
|
(44,245
|
)
|
|
36.05
|
|
|
—
|
|
|
(1,980
|
)
|
|
Nonvested units as of December 31, 2018
|
1,028,484
|
|
|
$
|
29.47
|
|
|
59,752
|
|
|
30,918
|
|
|
|
|
Granted for Accounting Purposes
|
||||||
|
Total Performance
Units Awarded
|
|
Performance Units
|
|
Weighted-Average Grant Date Fair Value per Unit
|
||||
Outstanding as of January 1, 2017
|
77,014
|
|
|
35,373
|
|
|
$
|
31.75
|
|
Granted
|
39,320
|
|
|
38,865
|
|
|
50.04
|
|
|
Additional grant upon conversion (related to
2016 performance)
|
17,690
|
|
|
17,690
|
|
|
31.75
|
|
|
Vested (related to 2016 performance)
|
(53,063
|
)
|
|
(53,063
|
)
|
|
31.75
|
|
|
Outstanding as of December 31, 2017
|
80,961
|
|
|
38,865
|
|
|
$
|
50.04
|
|
Granted
|
116,230
|
|
|
80,690
|
|
|
$
|
23.43
|
|
Vested
|
—
|
|
|
—
|
|
|
—
|
|
|
Forfeitures
|
(38,865
|
)
|
|
(38,865
|
)
|
|
$
|
50.04
|
|
Outstanding as of December 31, 2018
|
158,326
|
|
|
80,690
|
|
|
23.43
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
U.S.
|
$
|
4,515
|
|
|
$
|
3,117
|
|
|
$
|
2,280
|
|
Foreign
|
4,658
|
|
|
6,335
|
|
|
6,329
|
|
|||
Foreign withholding tax
|
192
|
|
|
479
|
|
|
3,833
|
|
|||
Total current
|
9,365
|
|
|
9,931
|
|
|
12,442
|
|
|||
|
|
|
|
|
|
||||||
Deferred:
|
|
|
|
|
|
||||||
U.S.
|
1,403
|
|
|
1,468
|
|
|
2,680
|
|
|||
Foreign
|
394
|
|
|
(1,065
|
)
|
|
(1,122
|
)
|
|||
Foreign withholding tax
|
246
|
|
|
(397
|
)
|
|
(2,027
|
)
|
|||
Total deferred
|
2,043
|
|
|
6
|
|
|
(469
|
)
|
|||
|
|
|
|
|
|
||||||
Total income tax expense
|
$
|
11,408
|
|
|
$
|
9,937
|
|
|
$
|
11,973
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Deferred income tax assets:
|
|
|
|
||||
Net operating losses
|
$
|
21,009
|
|
|
$
|
20,688
|
|
Employee benefits
|
362
|
|
|
483
|
|
||
Environmental and legal reserves
|
239
|
|
|
185
|
|
||
Allowance for bad debt
|
1,970
|
|
|
1,982
|
|
||
Other
|
1,796
|
|
|
2,050
|
|
||
Total deferred income tax assets
|
25,376
|
|
|
25,388
|
|
||
Less: Valuation allowance
|
(12,442
|
)
|
|
(11,251
|
)
|
||
Net deferred income tax assets
|
12,934
|
|
|
14,137
|
|
||
|
|
|
|
||||
Deferred income tax liabilities:
|
|
|
|
||||
Property, plant and equipment
|
(25,128
|
)
|
|
(36,176
|
)
|
||
Foreign withholding tax
|
(234
|
)
|
|
—
|
|
||
Total deferred income tax liabilities
|
(25,362
|
)
|
|
(36,176
|
)
|
||
|
|
|
|
||||
Net deferred income tax liability
|
$
|
(12,428
|
)
|
|
$
|
(22,039
|
)
|
|
|
|
|
||||
Reported on the consolidated balance sheets as:
|
|
|
|
||||
Deferred income tax asset
|
$
|
—
|
|
|
$
|
233
|
|
Deferred income tax liability
|
(12,428
|
)
|
|
(22,272
|
)
|
||
Net deferred income tax liability
|
$
|
(12,428
|
)
|
|
$
|
(22,039
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Pipeline
|
$
|
611,065
|
|
|
$
|
516,288
|
|
|
$
|
485,650
|
|
Storage:
|
|
|
|
|
|
||||||
Third parties
|
598,380
|
|
|
604,847
|
|
|
589,098
|
|
|||
Intersegment
|
7,570
|
|
|
12,106
|
|
|
20,944
|
|
|||
Total storage
|
605,950
|
|
|
616,953
|
|
|
610,042
|
|
|||
Fuels marketing
|
752,312
|
|
|
692,884
|
|
|
681,934
|
|
|||
Consolidation and intersegment eliminations
|
(7,570
|
)
|
|
(12,106
|
)
|
|
(20,944
|
)
|
|||
Total revenues
|
$
|
1,961,757
|
|
|
$
|
1,814,019
|
|
|
$
|
1,756,682
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization expense:
|
|
|
|
|
|
||||||
Pipeline
|
$
|
153,943
|
|
|
$
|
128,061
|
|
|
$
|
89,554
|
|
Storage
|
135,056
|
|
|
127,473
|
|
|
118,663
|
|
|||
Total segment depreciation and amortization expense
|
288,999
|
|
|
255,534
|
|
|
208,217
|
|
|||
Other depreciation and amortization expense
|
8,875
|
|
|
8,698
|
|
|
8,519
|
|
|||
Total depreciation and amortization expense
|
$
|
297,874
|
|
|
$
|
264,232
|
|
|
$
|
216,736
|
|
|
|
|
|
|
|
||||||
Operating income:
|
|
|
|
|
|
||||||
Pipeline
|
$
|
272,695
|
|
|
$
|
231,795
|
|
|
$
|
248,238
|
|
Storage
|
181,471
|
|
|
219,439
|
|
|
214,801
|
|
|||
Fuels marketing
|
24,440
|
|
|
5,983
|
|
|
3,406
|
|
|||
Consolidation and intersegment eliminations
|
32
|
|
|
(1
|
)
|
|
—
|
|
|||
Total segment operating income
|
478,638
|
|
|
457,216
|
|
|
466,445
|
|
|||
General and administrative expenses
|
106,200
|
|
|
112,240
|
|
|
98,817
|
|
|||
Other depreciation and amortization expense
|
8,875
|
|
|
8,698
|
|
|
8,519
|
|
|||
Total operating income
|
$
|
363,563
|
|
|
$
|
336,278
|
|
|
$
|
359,109
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
United States
|
$
|
1,481,863
|
|
|
$
|
1,406,626
|
|
|
$
|
1,352,936
|
|
Netherlands
|
398,382
|
|
|
322,251
|
|
|
313,395
|
|
|||
Other
|
81,512
|
|
|
85,142
|
|
|
90,351
|
|
|||
Consolidated revenues
|
$
|
1,961,757
|
|
|
$
|
1,814,019
|
|
|
$
|
1,756,682
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
United States
|
$
|
3,687,910
|
|
|
$
|
3,519,965
|
|
Netherlands
|
514,541
|
|
|
572,817
|
|
||
Other
|
86,171
|
|
|
208,151
|
|
||
Consolidated long-lived assets
|
$
|
4,288,622
|
|
|
$
|
4,300,933
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Thousands of Dollars)
|
||||||
Pipeline
|
$
|
3,637,226
|
|
|
$
|
3,492,417
|
|
Storage
|
2,424,342
|
|
|
2,735,563
|
|
||
Fuels marketing
|
112,906
|
|
|
118,746
|
|
||
Total segment assets
|
6,174,474
|
|
|
6,346,726
|
|
||
Other partnership assets
|
174,666
|
|
|
188,507
|
|
||
Total consolidated assets
|
$
|
6,349,140
|
|
|
$
|
6,535,233
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Thousands of Dollars)
|
||||||||||
Pipeline
|
$
|
288,035
|
|
|
$
|
1,596,311
|
|
|
$
|
88,373
|
|
Storage
|
202,782
|
|
|
244,398
|
|
|
206,641
|
|
|||
Other partnership assets
|
4,137
|
|
|
5,648
|
|
|
5,001
|
|
|||
Total capital expenditures
|
$
|
494,954
|
|
|
$
|
1,846,357
|
|
|
$
|
300,015
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
1,255
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
12,338
|
|
|
$
|
—
|
|
|
$
|
13,644
|
|
Receivables, net
|
—
|
|
|
2,212
|
|
|
—
|
|
|
146,096
|
|
|
—
|
|
|
148,308
|
|
||||||
Inventories
|
—
|
|
|
1,741
|
|
|
5,237
|
|
|
15,735
|
|
|
—
|
|
|
22,713
|
|
||||||
Prepaid and other current assets
|
61
|
|
|
14,422
|
|
|
908
|
|
|
2,102
|
|
|
—
|
|
|
17,493
|
|
||||||
Intercompany receivable
|
—
|
|
|
1,327,833
|
|
|
—
|
|
|
500,583
|
|
|
(1,828,416
|
)
|
|
—
|
|
||||||
Total current assets
|
1,316
|
|
|
1,346,259
|
|
|
6,145
|
|
|
676,854
|
|
|
(1,828,416
|
)
|
|
202,158
|
|
||||||
Property, plant and equipment, net
|
—
|
|
|
1,858,264
|
|
|
615,549
|
|
|
1,814,809
|
|
|
—
|
|
|
4,288,622
|
|
||||||
Intangible assets, net
|
—
|
|
|
49,107
|
|
|
—
|
|
|
683,949
|
|
|
—
|
|
|
733,056
|
|
||||||
Goodwill
|
—
|
|
|
149,453
|
|
|
170,652
|
|
|
716,871
|
|
|
—
|
|
|
1,036,976
|
|
||||||
Investment in wholly owned
subsidiaries
|
3,355,636
|
|
|
1,750,256
|
|
|
1,425,283
|
|
|
857,485
|
|
|
(7,388,660
|
)
|
|
—
|
|
||||||
Other long-term assets, net
|
304
|
|
|
54,429
|
|
|
26,716
|
|
|
6,879
|
|
|
—
|
|
|
88,328
|
|
||||||
Total assets
|
$
|
3,357,256
|
|
|
$
|
5,207,768
|
|
|
$
|
2,244,345
|
|
|
$
|
4,756,847
|
|
|
$
|
(9,217,076
|
)
|
|
$
|
6,349,140
|
|
Liabilities, Mezzanine Equity and Partners’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
$
|
6,460
|
|
|
$
|
39,680
|
|
|
$
|
6,331
|
|
|
$
|
90,650
|
|
|
$
|
—
|
|
|
$
|
143,121
|
|
Short-term debt
|
—
|
|
|
18,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,500
|
|
||||||
Accrued interest payable
|
—
|
|
|
36,253
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
36,293
|
|
||||||
Accrued liabilities
|
1,280
|
|
|
24,858
|
|
|
8,082
|
|
|
67,773
|
|
|
—
|
|
|
101,993
|
|
||||||
Taxes other than income tax
|
125
|
|
|
7,285
|
|
|
4,718
|
|
|
6,955
|
|
|
—
|
|
|
19,083
|
|
||||||
Income tax payable
|
—
|
|
|
457
|
|
|
2
|
|
|
3,986
|
|
|
—
|
|
|
4,445
|
|
||||||
Intercompany payable
|
472,790
|
|
|
—
|
|
|
1,355,626
|
|
|
—
|
|
|
(1,828,416
|
)
|
|
—
|
|
||||||
Total current liabilities
|
480,655
|
|
|
127,033
|
|
|
1,374,759
|
|
|
169,404
|
|
|
(1,828,416
|
)
|
|
323,435
|
|
||||||
Long-term debt
|
—
|
|
|
3,050,531
|
|
|
—
|
|
|
61,465
|
|
|
—
|
|
|
3,111,996
|
|
||||||
Deferred income tax liability
|
—
|
|
|
1,675
|
|
|
9
|
|
|
10,744
|
|
|
—
|
|
|
12,428
|
|
||||||
Other long-term liabilities
|
—
|
|
|
28,392
|
|
|
12,348
|
|
|
38,818
|
|
|
—
|
|
|
79,558
|
|
||||||
Series D preferred units
|
563,992
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
563,992
|
|
||||||
Total partners’ equity
|
2,312,609
|
|
|
2,000,137
|
|
|
857,229
|
|
|
4,476,416
|
|
|
(7,388,660
|
)
|
|
2,257,731
|
|
||||||
Total liabilities, mezzanine equity and partners’ equity
|
$
|
3,357,256
|
|
|
$
|
5,207,768
|
|
|
$
|
2,244,345
|
|
|
$
|
4,756,847
|
|
|
$
|
(9,217,076
|
)
|
|
$
|
6,349,140
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
885
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
23,378
|
|
|
$
|
—
|
|
|
$
|
24,292
|
|
Receivables, net
|
—
|
|
|
280
|
|
|
—
|
|
|
176,495
|
|
|
—
|
|
|
176,775
|
|
||||||
Inventories
|
—
|
|
|
1,686
|
|
|
8,611
|
|
|
16,560
|
|
|
—
|
|
|
26,857
|
|
||||||
Prepaid and other current assets
|
61
|
|
|
11,412
|
|
|
4,191
|
|
|
6,844
|
|
|
—
|
|
|
22,508
|
|
||||||
Intercompany receivable
|
—
|
|
|
3,112,164
|
|
|
—
|
|
|
—
|
|
|
(3,112,164
|
)
|
|
—
|
|
||||||
Total current assets
|
946
|
|
|
3,125,571
|
|
|
12,802
|
|
|
223,277
|
|
|
(3,112,164
|
)
|
|
250,432
|
|
||||||
Property, plant and equipment, net
|
—
|
|
|
1,893,720
|
|
|
591,070
|
|
|
1,816,143
|
|
|
—
|
|
|
4,300,933
|
|
||||||
Intangible assets, net
|
—
|
|
|
58,530
|
|
|
—
|
|
|
725,949
|
|
|
—
|
|
|
784,479
|
|
||||||
Goodwill
|
—
|
|
|
149,453
|
|
|
170,652
|
|
|
777,370
|
|
|
—
|
|
|
1,097,475
|
|
||||||
Investment in wholly owned
subsidiaries
|
2,891,371
|
|
|
24,162
|
|
|
1,301,717
|
|
|
790,882
|
|
|
(5,008,132
|
)
|
|
—
|
|
||||||
Deferred income tax asset
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
—
|
|
|
233
|
|
||||||
Other long-term assets, net
|
303
|
|
|
65,684
|
|
|
27,493
|
|
|
8,201
|
|
|
—
|
|
|
101,681
|
|
||||||
Total assets
|
$
|
2,892,620
|
|
|
$
|
5,317,120
|
|
|
$
|
2,103,734
|
|
|
$
|
4,342,055
|
|
|
$
|
(8,120,296
|
)
|
|
$
|
6,535,233
|
|
Liabilities and Partners’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
$
|
4,078
|
|
|
$
|
27,642
|
|
|
$
|
13,160
|
|
|
$
|
101,052
|
|
|
$
|
—
|
|
|
$
|
145,932
|
|
Short-term debt
|
—
|
|
|
35,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,000
|
|
||||||
Current portion of long-term debt
|
—
|
|
|
349,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
349,990
|
|
||||||
Accrued interest payable
|
—
|
|
|
40,402
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
40,449
|
|
||||||
Accrued liabilities
|
1,105
|
|
|
17,628
|
|
|
9,450
|
|
|
33,395
|
|
|
—
|
|
|
61,578
|
|
||||||
Taxes other than income tax
|
125
|
|
|
7,110
|
|
|
3,794
|
|
|
3,356
|
|
|
—
|
|
|
14,385
|
|
||||||
Income tax payable
|
—
|
|
|
732
|
|
|
4
|
|
|
3,436
|
|
|
—
|
|
|
4,172
|
|
||||||
Intercompany payable
|
322,296
|
|
|
—
|
|
|
1,277,691
|
|
|
1,512,177
|
|
|
(3,112,164
|
)
|
|
—
|
|
||||||
Total current liabilities
|
327,604
|
|
|
478,504
|
|
|
1,304,099
|
|
|
1,653,463
|
|
|
(3,112,164
|
)
|
|
651,506
|
|
||||||
Long-term debt, less current portion
|
—
|
|
|
3,201,220
|
|
|
—
|
|
|
61,849
|
|
|
—
|
|
|
3,263,069
|
|
||||||
Deferred income tax liability
|
—
|
|
|
1,262
|
|
|
12
|
|
|
20,998
|
|
|
—
|
|
|
22,272
|
|
||||||
Other long-term liabilities
|
—
|
|
|
58,806
|
|
|
8,861
|
|
|
50,630
|
|
|
—
|
|
|
118,297
|
|
||||||
Total partners’ equity
|
2,565,016
|
|
|
1,577,328
|
|
|
790,762
|
|
|
2,555,115
|
|
|
(5,008,132
|
)
|
|
2,480,089
|
|
||||||
Total liabilities and
partners’ equity
|
$
|
2,892,620
|
|
|
$
|
5,317,120
|
|
|
$
|
2,103,734
|
|
|
$
|
4,342,055
|
|
|
$
|
(8,120,296
|
)
|
|
$
|
6,535,233
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
485,603
|
|
|
$
|
260,679
|
|
|
$
|
1,216,180
|
|
|
$
|
(705
|
)
|
|
$
|
1,961,757
|
|
Costs and expenses
|
2,407
|
|
|
317,286
|
|
|
163,667
|
|
|
1,115,539
|
|
|
(705
|
)
|
|
1,598,194
|
|
||||||
Operating (loss) income
|
(2,407
|
)
|
|
168,317
|
|
|
97,012
|
|
|
100,641
|
|
|
—
|
|
|
363,563
|
|
||||||
Equity in earnings of subsidiaries
|
207,973
|
|
|
17,167
|
|
|
121,913
|
|
|
212,249
|
|
|
(559,302
|
)
|
|
—
|
|
||||||
Interest income (expense), net
|
228
|
|
|
(191,835
|
)
|
|
(7,127
|
)
|
|
12,497
|
|
|
—
|
|
|
(186,237
|
)
|
||||||
Other income, net
|
—
|
|
|
3,876
|
|
|
446
|
|
|
35,554
|
|
|
—
|
|
|
39,876
|
|
||||||
Income (loss) before income tax expense (benefit)
|
205,794
|
|
|
(2,475
|
)
|
|
212,244
|
|
|
360,941
|
|
|
(559,302
|
)
|
|
217,202
|
|
||||||
Income tax expense (benefit)
|
—
|
|
|
588
|
|
|
(3
|
)
|
|
10,823
|
|
|
—
|
|
|
11,408
|
|
||||||
Net income (loss)
|
$
|
205,794
|
|
|
$
|
(3,063
|
)
|
|
$
|
212,247
|
|
|
$
|
350,118
|
|
|
$
|
(559,302
|
)
|
|
$
|
205,794
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
496,454
|
|
|
$
|
221,125
|
|
|
$
|
1,097,458
|
|
|
$
|
(1,018
|
)
|
|
$
|
1,814,019
|
|
Costs and expenses
|
1,868
|
|
|
317,871
|
|
|
146,243
|
|
|
1,012,777
|
|
|
(1,018
|
)
|
|
1,477,741
|
|
||||||
Operating (loss) income
|
(1,868
|
)
|
|
178,583
|
|
|
74,882
|
|
|
84,681
|
|
|
—
|
|
|
336,278
|
|
||||||
Equity in earnings (loss)
of subsidiaries
|
149,775
|
|
|
(10,616
|
)
|
|
89,405
|
|
|
158,700
|
|
|
(387,264
|
)
|
|
—
|
|
||||||
Interest income (expense), net
|
57
|
|
|
(176,897
|
)
|
|
(5,587
|
)
|
|
9,344
|
|
|
—
|
|
|
(173,083
|
)
|
||||||
Other income (expense), net
|
—
|
|
|
145
|
|
|
3
|
|
|
(5,442
|
)
|
|
—
|
|
|
(5,294
|
)
|
||||||
Income (loss) before income tax (benefit) expense
|
147,964
|
|
|
(8,785
|
)
|
|
158,703
|
|
|
247,283
|
|
|
(387,264
|
)
|
|
157,901
|
|
||||||
Income tax (benefit) expense
|
—
|
|
|
(820
|
)
|
|
2
|
|
|
10,755
|
|
|
—
|
|
|
9,937
|
|
||||||
Net income (loss)
|
$
|
147,964
|
|
|
$
|
(7,965
|
)
|
|
$
|
158,701
|
|
|
$
|
236,528
|
|
|
$
|
(387,264
|
)
|
|
$
|
147,964
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
511,650
|
|
|
$
|
224,966
|
|
|
$
|
1,021,804
|
|
|
$
|
(1,738
|
)
|
|
$
|
1,756,682
|
|
Costs and expenses
|
1,806
|
|
|
302,099
|
|
|
150,384
|
|
|
945,022
|
|
|
(1,738
|
)
|
|
1,397,573
|
|
||||||
Operating (loss) income
|
(1,806
|
)
|
|
209,551
|
|
|
74,582
|
|
|
76,782
|
|
|
—
|
|
|
359,109
|
|
||||||
Equity in earnings (loss)
of subsidiaries
|
151,794
|
|
|
(13,769
|
)
|
|
82,202
|
|
|
156,036
|
|
|
(376,263
|
)
|
|
—
|
|
||||||
Interest (expense) income, net
|
—
|
|
|
(139,827
|
)
|
|
(744
|
)
|
|
2,221
|
|
|
—
|
|
|
(138,350
|
)
|
||||||
Other income (expense), net
|
18
|
|
|
(58,264
|
)
|
|
(26
|
)
|
|
(511
|
)
|
|
—
|
|
|
(58,783
|
)
|
||||||
Income (loss) before income
tax expense (benefit)
|
150,006
|
|
|
(2,309
|
)
|
|
156,014
|
|
|
234,528
|
|
|
(376,263
|
)
|
|
161,976
|
|
||||||
Income tax expense (benefit)
|
3
|
|
|
1,607
|
|
|
(23
|
)
|
|
10,386
|
|
|
—
|
|
|
11,973
|
|
||||||
Net income (loss)
|
$
|
150,003
|
|
|
$
|
(3,916
|
)
|
|
$
|
156,037
|
|
|
$
|
224,142
|
|
|
$
|
(376,263
|
)
|
|
$
|
150,003
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
205,794
|
|
|
$
|
(3,063
|
)
|
|
$
|
212,247
|
|
|
$
|
350,118
|
|
|
$
|
(559,302
|
)
|
|
$
|
205,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
4,304
|
|
|
—
|
|
|
4,304
|
|
||||||
Net gain on pension and other postretirement benefit adjustments, net of tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
2,334
|
|
|
—
|
|
|
2,334
|
|
||||||
Net gain on cash flow hedges
|
—
|
|
|
23,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,411
|
|
||||||
Total other comprehensive income
|
—
|
|
|
23,411
|
|
|
—
|
|
|
6,638
|
|
|
—
|
|
|
30,049
|
|
||||||
Comprehensive income
|
$
|
205,794
|
|
|
$
|
20,348
|
|
|
$
|
212,247
|
|
|
$
|
356,756
|
|
|
$
|
(559,302
|
)
|
|
$
|
235,843
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
147,964
|
|
|
$
|
(7,965
|
)
|
|
$
|
158,701
|
|
|
$
|
236,528
|
|
|
$
|
(387,264
|
)
|
|
$
|
147,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
17,466
|
|
|
—
|
|
|
17,466
|
|
||||||
Net loss on pension and other postretirement benefit adjustments, net of tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,170
|
)
|
|
—
|
|
|
(6,170
|
)
|
||||||
Net loss on cash flow hedges
|
—
|
|
|
(2,046
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,046
|
)
|
||||||
Total other comprehensive (loss)
income
|
—
|
|
|
(2,046
|
)
|
|
—
|
|
|
11,296
|
|
|
—
|
|
|
9,250
|
|
||||||
Comprehensive income (loss)
|
$
|
147,964
|
|
|
$
|
(10,011
|
)
|
|
$
|
158,701
|
|
|
$
|
247,824
|
|
|
$
|
(387,264
|
)
|
|
$
|
157,214
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
150,003
|
|
|
$
|
(3,916
|
)
|
|
$
|
156,037
|
|
|
$
|
224,142
|
|
|
$
|
(376,263
|
)
|
|
$
|
150,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,243
|
)
|
|
—
|
|
|
(8,243
|
)
|
||||||
Net loss on pension and other postretirement benefit adjustments, net of tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,850
|
)
|
|
—
|
|
|
(2,850
|
)
|
||||||
Net gain on cash flow hedges
|
—
|
|
|
5,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,710
|
|
||||||
Total other comprehensive
income (loss)
|
—
|
|
|
5,710
|
|
|
—
|
|
|
(11,093
|
)
|
|
—
|
|
|
(5,383
|
)
|
||||||
Comprehensive income
|
$
|
150,003
|
|
|
$
|
1,794
|
|
|
$
|
156,037
|
|
|
$
|
213,049
|
|
|
$
|
(376,263
|
)
|
|
$
|
144,620
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by operating
activities
|
$
|
444,233
|
|
|
$
|
100,385
|
|
|
$
|
179,512
|
|
|
$
|
514,936
|
|
|
$
|
(694,859
|
)
|
|
$
|
544,207
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(71,044
|
)
|
|
(19,152
|
)
|
|
(367,256
|
)
|
|
—
|
|
|
(457,452
|
)
|
||||||
Change in accounts payable
related to capital expenditures
|
—
|
|
|
11,101
|
|
|
(5,161
|
)
|
|
(13,623
|
)
|
|
—
|
|
|
(7,683
|
)
|
||||||
Acquisitions
|
—
|
|
|
—
|
|
|
(37,502
|
)
|
|
—
|
|
|
—
|
|
|
(37,502
|
)
|
||||||
Proceeds from insurance recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
78,419
|
|
|
—
|
|
|
78,419
|
|
||||||
Proceeds from sale of European operations
|
—
|
|
|
—
|
|
|
—
|
|
|
266,740
|
|
|
—
|
|
|
266,740
|
|
||||||
Proceeds from sale or disposition
of assets
|
—
|
|
|
2,674
|
|
|
31
|
|
|
995
|
|
|
—
|
|
|
3,700
|
|
||||||
Investment in subsidiaries
|
(708,600
|
)
|
|
(1,711,975
|
)
|
|
(54,600
|
)
|
|
(54,665
|
)
|
|
2,529,840
|
|
|
—
|
|
||||||
Net cash used in investing activities
|
(708,600
|
)
|
|
(1,769,244
|
)
|
|
(116,384
|
)
|
|
(89,390
|
)
|
|
2,529,840
|
|
|
(153,778
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt borrowings
|
—
|
|
|
1,840,853
|
|
|
—
|
|
|
31,800
|
|
|
—
|
|
|
1,872,653
|
|
||||||
Debt repayments
|
—
|
|
|
(2,349,476
|
)
|
|
—
|
|
|
(32,300
|
)
|
|
—
|
|
|
(2,381,776
|
)
|
||||||
Issuance of Series D preferred units
|
590,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
590,000
|
|
||||||
Payment of issuance costs for
Series D preferred units
|
(34,203
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,203
|
)
|
||||||
Issuance of common units, net of
issuance costs
|
10,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
||||||
General partner contribution
|
204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
204
|
|
||||||
Distributions to preferred unitholders
|
(90,670
|
)
|
|
(45,336
|
)
|
|
(45,336
|
)
|
|
(45,335
|
)
|
|
136,007
|
|
|
(90,670
|
)
|
||||||
Distributions to common unitholders
and general partner
|
(300,777
|
)
|
|
(150,388
|
)
|
|
(150,388
|
)
|
|
(150,408
|
)
|
|
451,184
|
|
|
(300,777
|
)
|
||||||
Cash consideration for Merger
(Note 4)
|
(67,936
|
)
|
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
(67,795
|
)
|
||||||
Proceeds from termination of interest rate swaps
|
—
|
|
|
8,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,048
|
|
||||||
Contributions from affiliates
|
—
|
|
|
599,400
|
|
|
54,600
|
|
|
1,768,172
|
|
|
(2,422,172
|
)
|
|
—
|
|
||||||
Net intercompany activity
|
162,498
|
|
|
1,766,881
|
|
|
77,996
|
|
|
(2,007,375
|
)
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
(4,379
|
)
|
|
(1,101
|
)
|
|
—
|
|
|
(71
|
)
|
|
—
|
|
|
(5,551
|
)
|
||||||
Net cash provided by (used in)
financing activities
|
264,737
|
|
|
1,668,881
|
|
|
(63,128
|
)
|
|
(435,376
|
)
|
|
(1,834,981
|
)
|
|
(399,867
|
)
|
||||||
Effect of foreign exchange rate
changes on cash
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,210
|
)
|
|
—
|
|
|
(1,210
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
370
|
|
|
22
|
|
|
—
|
|
|
(11,040
|
)
|
|
—
|
|
|
(10,648
|
)
|
||||||
Cash and cash equivalents as of the
beginning of the period
|
885
|
|
|
29
|
|
|
—
|
|
|
23,378
|
|
|
—
|
|
|
24,292
|
|
||||||
Cash and cash equivalents as of the
end of the period
|
$
|
1,255
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
12,338
|
|
|
$
|
—
|
|
|
$
|
13,644
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by operating
activities
|
$
|
483,481
|
|
|
$
|
152,101
|
|
|
$
|
102,405
|
|
|
$
|
405,950
|
|
|
$
|
(737,138
|
)
|
|
$
|
406,799
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(47,600
|
)
|
|
(35,041
|
)
|
|
(301,997
|
)
|
|
—
|
|
|
(384,638
|
)
|
||||||
Change in accounts payable
related to capital expenditures
|
—
|
|
|
(1,988
|
)
|
|
5,964
|
|
|
32,927
|
|
|
—
|
|
|
36,903
|
|
||||||
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,461,719
|
)
|
|
—
|
|
|
(1,461,719
|
)
|
||||||
Proceeds from Axeon term loan
|
—
|
|
|
110,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,000
|
|
||||||
Proceeds from insurance recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
977
|
|
|
—
|
|
|
977
|
|
||||||
Proceeds from sale or disposition
of assets
|
—
|
|
|
1,955
|
|
|
18
|
|
|
63
|
|
|
—
|
|
|
2,036
|
|
||||||
Investment in subsidiaries
|
(1,262,000
|
)
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
1,262,126
|
|
|
—
|
|
||||||
Net cash (used in) provided by investing activities
|
(1,262,000
|
)
|
|
62,367
|
|
|
(29,059
|
)
|
|
(1,729,875
|
)
|
|
1,262,126
|
|
|
(1,696,441
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt borrowings
|
—
|
|
|
2,969,400
|
|
|
—
|
|
|
90,700
|
|
|
—
|
|
|
3,060,100
|
|
||||||
Debt repayments
|
—
|
|
|
(2,400,739
|
)
|
|
—
|
|
|
(86,800
|
)
|
|
—
|
|
|
(2,487,539
|
)
|
||||||
Issuance of preferred units, net of
issuance costs |
538,560
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
538,560
|
|
||||||
Issuance of common units, net of
issuance costs |
643,878
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
643,878
|
|
||||||
General partner contribution
|
13,737
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,737
|
|
||||||
Distributions to preferred unitholders
|
(38,833
|
)
|
|
(19,417
|
)
|
|
(19,416
|
)
|
|
(19,418
|
)
|
|
58,251
|
|
|
(38,833
|
)
|
||||||
Distributions to common unitholders
and general partner
|
(446,306
|
)
|
|
(223,153
|
)
|
|
(223,153
|
)
|
|
(223,176
|
)
|
|
669,482
|
|
|
(446,306
|
)
|
||||||
Contributions from
(distributions to) affiliates
|
—
|
|
|
1,262,000
|
|
|
—
|
|
|
(9,279
|
)
|
|
(1,252,721
|
)
|
|
—
|
|
||||||
Net intercompany activity
|
73,206
|
|
|
(1,801,218
|
)
|
|
169,223
|
|
|
1,558,789
|
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
(5,708
|
)
|
|
(1,317
|
)
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(7,325
|
)
|
||||||
Net cash provided by (used in) financing activities
|
778,534
|
|
|
(214,444
|
)
|
|
(73,346
|
)
|
|
1,310,516
|
|
|
(524,988
|
)
|
|
1,276,272
|
|
||||||
Effect of foreign exchange rate
changes on cash
|
—
|
|
|
—
|
|
|
—
|
|
|
1,720
|
|
|
—
|
|
|
1,720
|
|
||||||
Net increase (decrease) in cash and
cash equivalents
|
15
|
|
|
24
|
|
|
—
|
|
|
(11,689
|
)
|
|
—
|
|
|
(11,650
|
)
|
||||||
Cash and cash equivalents as of the
beginning of the period
|
870
|
|
|
5
|
|
|
—
|
|
|
35,067
|
|
|
—
|
|
|
35,942
|
|
||||||
Cash and cash equivalents as of the
end of the period
|
$
|
885
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
23,378
|
|
|
$
|
—
|
|
|
$
|
24,292
|
|
|
NuStar
Energy
|
|
NuStar
Logistics
|
|
NuPOP
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by operating
activities
|
$
|
391,773
|
|
|
$
|
167,900
|
|
|
$
|
211,816
|
|
|
$
|
359,283
|
|
|
$
|
(694,011
|
)
|
|
$
|
436,761
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(64,334
|
)
|
|
(52,637
|
)
|
|
(87,387
|
)
|
|
—
|
|
|
(204,358
|
)
|
||||||
Change in accounts payable
related to capital expenditures
|
—
|
|
|
(10,076
|
)
|
|
(285
|
)
|
|
(702
|
)
|
|
—
|
|
|
(11,063
|
)
|
||||||
Acquisitions
|
—
|
|
|
(95,657
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95,657
|
)
|
||||||
Investment in subsidiaries
|
—
|
|
|
—
|
|
|
(212,900
|
)
|
|
—
|
|
|
212,900
|
|
|
—
|
|
||||||
Net cash used in investing activities
|
—
|
|
|
(170,067
|
)
|
|
(265,822
|
)
|
|
(88,089
|
)
|
|
212,900
|
|
|
(311,078
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt borrowings
|
—
|
|
|
1,365,529
|
|
|
—
|
|
|
41,200
|
|
|
—
|
|
|
1,406,729
|
|
||||||
Debt repayments
|
—
|
|
|
(1,419,852
|
)
|
|
—
|
|
|
(36,300
|
)
|
|
—
|
|
|
(1,456,152
|
)
|
||||||
Issuance of preferred units, net of
issuance costs |
218,400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218,400
|
|
||||||
Issuance of common units, net of
issuance costs |
27,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,710
|
|
||||||
General partner contribution
|
680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
680
|
|
||||||
Distributions to common unitholders
and general partner
|
(392,962
|
)
|
|
(196,481
|
)
|
|
(196,481
|
)
|
|
(196,501
|
)
|
|
589,463
|
|
|
(392,962
|
)
|
||||||
Contributions from affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
108,352
|
|
|
(108,352
|
)
|
|
—
|
|
||||||
Net intercompany activity
|
(241,131
|
)
|
|
255,326
|
|
|
250,487
|
|
|
(264,682
|
)
|
|
—
|
|
|
—
|
|
||||||
Other, net
|
(4,485
|
)
|
|
(2,354
|
)
|
|
—
|
|
|
(8,890
|
)
|
|
—
|
|
|
(15,729
|
)
|
||||||
Net cash (used in) provided by financing activities
|
(391,788
|
)
|
|
2,168
|
|
|
54,006
|
|
|
(356,821
|
)
|
|
481,111
|
|
|
(211,324
|
)
|
||||||
Effect of foreign exchange rate
changes on cash
|
—
|
|
|
—
|
|
|
—
|
|
|
2,721
|
|
|
—
|
|
|
2,721
|
|
||||||
Net (decrease) increase in cash and
cash equivalents
|
(15
|
)
|
|
1
|
|
|
—
|
|
|
(82,906
|
)
|
|
—
|
|
|
(82,920
|
)
|
||||||
Cash and cash equivalents as of the
beginning of the period
|
885
|
|
|
4
|
|
|
—
|
|
|
117,973
|
|
|
—
|
|
|
118,862
|
|
||||||
Cash and cash equivalents as of the
end of the period
|
$
|
870
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
35,067
|
|
|
$
|
—
|
|
|
$
|
35,942
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
||||||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||||||||||
2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
475,881
|
|
|
$
|
486,204
|
|
|
$
|
490,363
|
|
|
$
|
509,309
|
|
|
$
|
1,961,757
|
|
Operating income
|
$
|
98,480
|
|
|
$
|
79,838
|
|
|
$
|
95,277
|
|
|
$
|
89,968
|
|
|
$
|
363,563
|
|
Net income
|
$
|
126,133
|
|
|
$
|
29,399
|
|
|
$
|
48,136
|
|
|
$
|
2,126
|
|
|
$
|
205,794
|
|
Basic and diluted net income (loss) per common unit
|
$
|
1.15
|
|
|
$
|
0.15
|
|
|
$
|
(3.49
|
)
|
|
$
|
(0.31
|
)
|
|
$
|
(2.77
|
)
|
Cash distributions per unit applicable to common limited partners
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
487,430
|
|
|
$
|
435,488
|
|
|
$
|
440,566
|
|
|
$
|
450,535
|
|
|
$
|
1,814,019
|
|
Operating income
|
$
|
97,139
|
|
|
$
|
73,404
|
|
|
$
|
91,717
|
|
|
$
|
74,018
|
|
|
$
|
336,278
|
|
Net income
|
$
|
57,940
|
|
|
$
|
26,250
|
|
|
$
|
38,592
|
|
|
$
|
25,182
|
|
|
$
|
147,964
|
|
Basic and diluted net income per common unit
|
$
|
0.49
|
|
|
$
|
0.05
|
|
|
$
|
0.15
|
|
|
$
|
0.00
|
|
|
$
|
0.64
|
|
Cash distributions per unit applicable to common limited partners
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
4.380
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
(a)
|
Management’s Report on Internal Control over Financial Reporting.
|
(b)
|
Attestation Report of the Registered Public Accounting Firm.
|
(c)
|
Changes in Internal Control over Financial Reporting.
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
(a)
|
|
(1
|
)
|
|
Financial Statements
. The following consolidated financial statements of NuStar Energy L.P. and its subsidiaries are included in Part II, Item 8 of this Form 10-K:
|
|
|
|
|
||
|
|
(2
|
)
|
|
Financial Statement Schedules and Other Financial Information.
No financial statement schedules are submitted because either they are inapplicable or because the required information is included in the consolidated financial statements or notes thereto.
|
|
|
(3
|
)
|
|
Exhibits.
|
|
|
|
|
The following are filed or furnished, as applicable, as part of this Form 10-K:
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
2.01
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed April 11, 2017 (File No. 001-16417), Exhibit 2.1
|
|
|
|
|
|
|
|
2.02
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed February 8, 2018 (File No. 001-16417), Exhibit 2.1
|
|
|
|
|
|
|
|
3.01
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.3
|
|
|
|
|
|
|
|
3.02
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed March 27, 2007 (File No. 001-16417), Exhibit 3.01
|
|
|
|
|
|
|
|
3.03
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 20, 2018 (File No. 001-16417), Exhibit 3.1
|
|
|
|
|
|
|
|
3.04
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.8
|
|
|
|
|
|
|
|
3.05
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2007 (File No. 001-16417), Exhibit 3.03
|
|
|
|
|
|
|
|
3.06
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2014 (File No. 001-16417), Exhibit 3.09
|
|
|
|
|
|
|
|
3.07
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
3.08
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2001 (File No. 001-16417), Exhibit 4.1
|
|
|
|
|
|
|
|
3.09
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.10
|
|
|
|
|
|
|
|
3.10
|
|
|
|
NuStar Energy L.P.’s Registration Statement on Form S-1 filed August 14, 2000 (File No. 333-43668), Exhibit 3.7
|
|
|
|
|
|
|
|
3.11
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.16
|
|
|
|
|
|
|
|
3.12
|
|
|
|
NuStar Energy L.P.’s Registration Statement on Form S-1 filed August 14, 2000 (File No. 333-43668), Exhibit 3.9
|
|
|
|
|
|
|
|
3.13
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2001 (File No. 001-16417), Exhibit 3.14
|
|
|
|
|
|
|
|
3.14
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2007 (File No. 001-16417), Exhibit 3.02
|
|
|
|
|
|
|
|
3.15
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 20, 2018 (File No. 001-16417), Exhibit 3.2
|
|
|
|
|
|
|
|
4.01
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 15, 2002 (File No. 001-16417), Exhibit 4.1
|
|
|
|
|
|
|
|
4.02
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2005 (File No. 001-16417), Exhibit 4.02
|
|
|
|
|
|
|
|
4.03
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2008 (File No. 001-16417), Exhibit 4.05
|
|
|
|
|
|
|
|
4.04
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed August 16, 2010 (File No. 001-16417), Exhibit 4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
4.05
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed February 7, 2012 (File No. 001-16417), Exhibit 4.3
|
|
|
|
|
|
|
|
4.06
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed August 23, 2013 (File No. 001-16417), Exhibit 4.3
|
|
|
|
|
|
|
|
4.07
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed April 28, 2017 (File No. 001-16417), Exhibit 4.4
|
|
|
|
|
|
|
|
4.08
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed January 22, 2013 (File No. 001-16417), Exhibit 4.1
|
|
|
|
|
|
|
|
4.09
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed January 22, 2013 (File No. 001-16417), Exhibit 4.2
|
|
|
|
|
|
|
|
4.10
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 29, 2018 (File No. 001-16417), Exhibit 4.2
|
|
|
|
|
|
|
|
10.01
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed October 31, 2014 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.02
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2015 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
10.03
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed August 22, 2017 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.04
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed November 22, 2017 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.05
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed March 28, 2018 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.06
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 29, 2018 (File No. 001-16417), Exhibit 10.3
|
|
|
|
|
|
|
|
10.07
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 21, 2010 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.08
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 12, 2012 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.09
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 6, 2012 (File No. 001-16417), Exhibit 10.2
|
|
|
|
|
|
|
|
10.10
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2014 (File No. 001-16417), Exhibit 10.10
|
|
|
|
|
|
|
|
10.11
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2014 (File No. 001-16417), Exhibit 10.11
|
|
|
|
|
|
|
|
10.12
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2014 (File No. 001-16417), Exhibit 10.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
10.13
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2014 (File No. 001-16417), Exhibit 10.13
|
|
|
|
|
|
|
|
10.14
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed November 6, 2014 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.15
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2015 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.16
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2016 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.17
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2017 (File No. 001-16417), Exhibit 10.03
|
|
|
|
|
|
|
|
10.18
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2018 (File No. 001-16417), Exhibit 10.07
|
|
|
|
|
|
|
|
10.19
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed December 30, 2010 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.20
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed September 9, 2014 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.21
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed November 6, 2014 (File No. 001-16417), Exhibit 10.3
|
|
|
|
|
|
|
|
10.22
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2015 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
10.23
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2016 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.24
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2017 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.25
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended June 30, 2018 (File No. 001-16417), Exhibit 10.05
|
|
|
|
|
|
|
|
10.26
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed August 10, 2011 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.27
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 11, 2013 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.28
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed November 6, 2014 (File No. 001-16417), Exhibit 10.2
|
|
|
|
|
|
|
|
10.29
|
|
|
|
NuStar Energy L.P.'s Current Report on Form 8-K filed June 19, 2015 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.30
|
|
|
|
NuStar Energy L.P.'s Current Report on Form 8-K filed June 19, 2015 (File No. 001-16417), Exhibit 10.2
|
|
|
|
|
|
|
|
10.31
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2015 (File No. 001-16417), Exhibit 10.26
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
10.32
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed September 20, 2017 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.33
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed September 20, 2017 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.34
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed March 28, 2018 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
10.35
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 29, 2018 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.36
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed June 29, 2018 (File No. 001-16417), Exhibit 10.2
|
|
|
|
|
|
|
|
+10.37
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2017 (File No. 001-16417), Exhibit 10.30
|
|
|
|
|
|
|
|
+10.38
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2017 (File No. 001-16417), Exhibit 10.31
|
|
|
|
|
|
|
|
+10.39
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2013 (File No. 001-16417), Exhibit 10.15
|
|
|
|
|
|
|
|
+10.40
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2016 (File No. 001-16417), Exhibit 10.28
|
|
|
|
|
|
|
|
+10.41
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2017 (File No. 001-16417), Exhibit 10.01
|
|
|
|
|
|
|
|
+10.42
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 25, 2018 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
+10.43
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2016 (File No. 001-16417), Exhibit 10.31
|
|
|
|
|
|
|
|
+10.44
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2018 (File No. 001-16417), Exhibit 10.08
|
|
|
|
|
|
|
|
+10.45
|
|
|
|
NuStar GP Holdings, LLC’s Quarterly Report on Form 10-Q for quarter ended June 30, 2007 (File No. 001-32040), Exhibit 10.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
+10.46
|
|
|
|
NuStar GP Holdings, LLC’s Annual Report on Form 10-K for year ended December 31, 2017 (File No. 001-32040), Exhibit 10.46
|
|
|
|
|
|
|
|
+10.47
|
|
|
|
NuStar GP Holdings, LLC’s Annual Report on Form 10-K for year ended December 31, 2013 (File No. 001-32040), Exhibit 10.30
|
|
|
|
|
|
|
|
+10.48
|
|
|
|
NuStar GP Holdings, LLC’s Annual Report on Form 10-K for year ended December 31, 2016 (File No. 001-32040), Exhibit 10.40
|
|
|
|
|
|
|
|
+10.49
|
|
|
|
NuStar GP Holdings, LLC’s Annual Report on Form 10-K for year ended December 31, 2016 (File No. 001-32040), Exhibit 10.42
|
|
|
|
|
|
|
|
+10.50
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed July 20, 2018 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
+10.51
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2018 (File No. 001-16417), Exhibit 10.06
|
|
|
|
|
|
|
|
+10.52
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2018 (File No. 001-16417), Exhibit 10.07
|
|
|
|
|
|
|
|
+10.53
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2006 (File No. 001-16417), Exhibit 10.18
|
|
|
|
|
|
|
|
+10.54
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed August 4, 2016 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
+10.55
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2017 (File No. 001-16417), Exhibit 10.39
|
|
|
|
|
|
|
|
+10.56
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2017 (File No. 001-16417), Exhibit 10.40
|
|
|
|
|
|
|
|
+10.57
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2015 (File No. 001-16417), Exhibit 10.45
|
|
|
|
|
|
|
|
+10.58
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2018 (File No. 001-16417), Exhibit 10.04
|
|
|
|
|
|
|
|
+10.59
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2008 (File No. 001-16417), Exhibit 10.30
|
|
|
|
|
|
|
|
+10.60
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended March 31, 2017 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
+10.61
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2018 (File No. 001-16417), Exhibit 10.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by Reference
to the Following Document
|
|
|
|
|
|
|
|
10.62
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed March 1, 2016 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
10.63
|
|
|
|
NuStar Energy L.P.’s Annual Report on Form 10-K for year ended December 31, 2009 (File No. 001-16417), Exhibit 10.24
|
|
|
|
|
|
|
|
10.64
|
|
|
|
NuStar Energy L.P.’s Quarterly Report on Form 10-Q for quarter ended September 30, 2017 (File No. 001-16417), Exhibit 10.02
|
|
|
|
|
|
|
|
10.65
|
|
|
|
NuStar Energy L.P.’s Current Report on Form 8-K filed February 8, 2018 (File No. 001-16417), Exhibit 10.1
|
|
|
|
|
|
|
|
21.01
|
|
|
|
*
|
|
|
|
|
|
|
|
23.01
|
|
|
|
*
|
|
|
|
|
|
|
|
24.01
|
|
|
|
*
|
|
|
|
|
|
|
|
31.01
|
|
|
|
*
|
|
|
|
|
|
|
|
31.02
|
|
|
|
*
|
|
|
|
|
|
|
|
32.01
|
|
|
|
**
|
|
|
|
|
|
|
|
32.02
|
|
|
|
**
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
|
*
|
|
|
|
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
*
|
|
|
|
|
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
*
|
|
|
|
|
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
*
|
|
|
|
|
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
*
|
|
|
|
|
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
*
|
*
|
Filed herewith.
|
|
|
**
|
Furnished herewith.
|
|
|
+
|
Identifies management contracts or compensatory plans or arrangements required to be filed as an exhibit hereto pursuant to Item 15(c) of Form 10-K.
|
|
|
NUSTAR ENERGY L.P.
|
|
(Registrant)
|
|
|
|
By:
|
Riverwalk Logistics, L.P., its general partner
|
|
By: NuStar GP, LLC, its general partner
|
|
|
By:
|
/s/ Bradley C. Barron
|
|
Bradley C. Barron
|
|
President and Chief Executive Officer
|
|
February 28, 2019
|
|
|
By:
|
/s/ Thomas R. Shoaf
|
|
Thomas R. Shoaf
|
|
Executive Vice President and Chief Financial Officer
|
|
February 28, 2019
|
|
|
By:
|
/s/ Jorge A. del Alamo
|
|
Jorge A. del Alamo
|
|
Senior Vice President and Controller
|
|
February 28, 2019
|
Signature
|
Title
|
Date
|
|
|
|
/s/ William E. Greehey
|
Chairman of the Board
|
February 28, 2019
|
William E. Greehey
|
|
|
|
|
|
/s/ Bradley C. Barron
|
President, Chief Executive
|
February 28, 2019
|
Bradley C. Barron
|
Officer and Director
(Principal Executive Officer)
|
|
|
|
|
/s/ Thomas R. Shoaf
|
Executive Vice President
|
February 28, 2019
|
Thomas R. Shoaf
|
and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
/s/ Jorge A. del Alamo
|
Senior Vice President and Controller
|
February 28, 2019
|
Jorge A. del Alamo
|
(Principal Accounting Officer)
|
|
|
|
|
/s/ J. Dan Bates
|
Director
|
February 28, 2019
|
J. Dan Bates
|
|
|
|
|
|
/s/ William B. Burnett
|
Director
|
February 28, 2019
|
William B. Burnett
|
|
|
|
|
|
/s/ James F. Clingman, Jr.
|
Director
|
February 28, 2019
|
James F. Clingman, Jr.
|
|
|
|
|
|
/s/ Dan J. Hill
|
Director
|
February 28, 2019
|
Dan J. Hill
|
|
|
|
|
|
/s/ Jelynne LeBlanc-Burley
|
Director
|
February 28, 2019
|
Jelynne LeBlanc-Burley
|
|
|
|
|
|
/s/ Robert J. Munch
|
Director
|
February 28, 2019
|
Robert J. Munch
|
|
|
|
|
|
/s/ W. Grady Rosier
|
Director
|
February 28, 2019
|
W. Grady Rosier
|
|
|
Name of Entity
|
Jurisdiction of Organization
|
Bicen Development Corporation N.V.
|
Netherlands
|
Cooperatie NuStar Holdings U.A.
|
Netherlands
|
LegacyStar Services, LLC
|
Delaware
|
NS Security Services, LLC
|
Delaware
|
NuStar Burgos, LLC
|
Delaware
|
NuStar Caribe Terminals, Inc.
|
Delaware
|
NuStar Energy Services, Inc.
|
Delaware
|
NuStar Finance LLC
|
Delaware
|
NuStar GP, Inc.
|
Delaware
|
NuStar GP, LLC
|
Delaware
|
NuStar GP Holdings, LLC
|
Delaware
|
NuStar Holdings B.V.
|
Netherlands
|
NuStar Internacional, S de R.L. de C.V.
|
Mexico
|
NuStar Logistics, L.P.
|
Delaware
|
NuStar Permian Crude Logistics, LLC
|
Delaware
|
NuStar Permian Holdings, LLC
|
Delaware
|
NuStar Permian Transportation and Storage, LLC
|
Delaware
|
NuStar Pipeline Company, LLC
|
Delaware
|
NuStar Pipeline Holding Company, LLC
|
Delaware
|
NuStar Pipeline Operating Partnership L.P.
|
Delaware
|
NuStar Pipeline Partners L.P.
|
Delaware
|
NuStar Refining, LLC
|
Delaware
|
NuStar Services Company LLC
|
Delaware
|
NuStar Supply & Trading LLC
|
Delaware
|
NuStar Terminals Canada Co.
|
Canada
|
NuStar Terminals Canada Holdings Co.
|
Canada
|
NuStar Terminals Canada Partnership
|
Canada
|
NuStar Terminals Corporation N.V.
|
Curacao
|
NuStar Terminals Delaware, Inc.
|
Delaware
|
NuStar Terminals International N.V.
|
Curacao
|
NuStar Terminals Marine Services N.V.
|
Netherlands
|
NuStar Terminals New Jersey, Inc.
|
Delaware
|
NuStar Terminals N.V.
|
Netherlands
|
NuStar Terminals Operations Partnership L.P.
|
Delaware
|
NuStar Terminals Partners TX L.P.
|
Delaware
|
NuStar Terminals Services, Inc.
|
Delaware
|
NuStar Terminals Texas, Inc.
|
Delaware
|
NuStar Texas Holdings, Inc.
|
Delaware
|
Point Tupper Marine Services Co.
|
Canada
|
|
|
|
|
Name of Entity
|
Jurisdiction of Organization
|
Riverwalk Holdings, LLC
|
Delaware
|
Riverwalk Logistics, L.P.
|
Delaware
|
Saba Company N.V.
|
Netherlands
|
Seven Seas Steamship Company (Sint Eustatius) N.V.
|
Netherlands
|
Shore Terminals LLC
|
Delaware
|
ST Linden Terminal, LLC
|
Delaware
|
Star Creek Ranch, LLC
|
Delaware
|
/s/ Bradley C. Barron
|
Bradley C. Barron
|
President and Chief Executive Officer
|
/s/ Thomas R. Shoaf
|
Thomas R. Shoaf
|
Executive Vice President and Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
/s/ Bradley C. Barron
|
Bradley C. Barron
|
President and Chief Executive Officer
|
February 28, 2019
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
/s/ Thomas R. Shoaf
|
Thomas R. Shoaf
|
Executive Vice President and Chief Financial Officer
|
February 28, 2019
|