x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended September 30, 2017
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _______ to _______
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Delaware
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85-0470977
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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19003 IH-10 West
San Antonio, Texas |
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78257
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Emerging growth company
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o
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 1.
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Financial Statements
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September 30,
2017 |
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December 31,
2016 |
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(Unaudited)
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Assets
|
|
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|
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Current assets:
|
|
|
|
||||
Cash and cash equivalents
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$
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218
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$
|
207
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Income tax receivable
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303
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303
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Prepaid expenses and other current assets
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282
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292
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Total current assets
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803
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802
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Investment in NuStar Energy L.P.
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293,519
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268,742
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Deferred income tax assets, net
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5,283
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5,086
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Total assets
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$
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299,605
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$
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274,630
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Liabilities and Members’ Equity
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|
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Current liabilities:
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Short-term debt
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$
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42,500
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$
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30,000
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Payable to related party
|
81
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|
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317
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Accounts payable
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2
|
|
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1
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Accrued liabilities
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361
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|
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460
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Taxes other than income tax
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71
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64
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Total current liabilities
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43,015
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30,842
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Commitments and contingencies (Note 8)
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|
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|
||||
Members’ equity (42,951,749 common units outstanding
as of September 30, 2017 and December 31, 2016)
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267,230
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|
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257,662
|
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Accumulated other comprehensive loss
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(10,640
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)
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(13,874
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)
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Total members’ equity
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256,590
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|
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243,788
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Total liabilities and members’ equity
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$
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299,605
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$
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274,630
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Equity in earnings of NuStar Energy L.P.
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$
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12,177
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$
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16,130
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|
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$
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41,252
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|
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$
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49,425
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|
|
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|
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|
||||||||
General and administrative expenses:
|
|
|
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|
|
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||||||||
Third parties
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(660
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)
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(454
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)
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(1,860
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)
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(1,794
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)
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||||
Related party
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(242
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)
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(250
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)
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(725
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)
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(583
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)
|
||||
Total general and administrative expenses
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(902
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)
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(704
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)
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(2,585
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)
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(2,377
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)
|
||||
Other income, net
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—
|
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2,142
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|
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41,603
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|
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2,755
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|
||||
Interest expense, net
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(448
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)
|
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(276
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)
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(1,134
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)
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(789
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)
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||||
Income before income tax benefit
|
10,827
|
|
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17,292
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|
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79,136
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49,014
|
|
||||
Income tax benefit
|
203
|
|
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28
|
|
|
197
|
|
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55
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|
||||
Net income
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$
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11,030
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$
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17,320
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$
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79,333
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$
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49,069
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Net income per unit
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$
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0.26
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$
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0.40
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$
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1.84
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$
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1.14
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Weighted-average number of common units outstanding
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42,951,749
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42,931,242
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42,951,749
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42,930,951
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Comprehensive income
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$
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11,782
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$
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17,076
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$
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82,567
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$
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38,641
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Nine Months Ended September 30,
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||||||
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2017
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2016
|
||||
Cash Flows from Operating Activities:
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Net income
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$
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79,333
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$
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49,069
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Adjustments to reconcile net income to net cash provided by operating activities:
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|
||||
Equity in earnings of NuStar Energy L.P.
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(41,252
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)
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(49,425
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)
|
||
Distributions of equity in earnings from NuStar Energy L.P.
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41,252
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|
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49,425
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|
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Gain related to NuStar Energy L.P.’s issuance of common limited partner units
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(41,603
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)
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(2,142
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)
|
||
Gain on sale of NuStar Energy L.P. common limited partner units in connection
with unit-based compensation
|
—
|
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(613
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)
|
||
Unit-based compensation expense
|
615
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|
|
460
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|
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Amortization of deferred debt costs
|
134
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|
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126
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|
||
Deferred income tax benefit
|
(197
|
)
|
|
(63
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)
|
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Changes in current assets and liabilities (Note 6)
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(286
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)
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(3,532
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)
|
||
Increase in long-term receivable from related party
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—
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(899
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)
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Increase in long-term liabilities
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—
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1,183
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Net cash provided by operating activities
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37,996
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43,589
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Cash Flows from Investing Activities:
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Distributions in excess of equity in earnings from NuStar Energy L.P.
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33,658
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22,431
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Investment in NuStar Energy L.P.
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(13,597
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)
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(737
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)
|
||
Proceeds from sale of NuStar Energy L.P. common units in connection
with unit-based compensation
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—
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1,319
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|
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Net cash provided by investing activities
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20,061
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23,013
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|
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Cash Flows from Financing Activities:
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|
||||
Proceeds from short-term debt borrowings
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15,500
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|
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4,000
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|
||
Repayment of short-term debt
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(3,000
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)
|
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—
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|
||
Distributions to unitholders
|
(70,225
|
)
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(70,192
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)
|
||
Other, net
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(321
|
)
|
|
(84
|
)
|
||
Net cash used in financing activities
|
(58,046
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)
|
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(66,276
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)
|
||
Net increase in cash and cash equivalents
|
11
|
|
|
326
|
|
||
Cash and cash equivalents as of the beginning of the period
|
207
|
|
|
34
|
|
||
Cash and cash equivalents as of the end of the period
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$
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218
|
|
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$
|
360
|
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•
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the general partner interest;
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•
|
100%
of the incentive distribution rights (IDRs) issued by NuStar Energy, which entitle us to receive increasing percentages of the cash distributed by NuStar Energy, currently at the maximum percentage of
23%
; and
|
•
|
10,214,626
common units of NuStar Energy.
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September 30,
2017 |
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December 31,
2016 |
||||
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(Thousands of Dollars)
|
||||||
Balance Sheet Information:
|
|
|
|
||||
Current assets
|
$
|
233,872
|
|
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$
|
377,183
|
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Property, plant and equipment, net
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4,188,149
|
|
|
3,722,283
|
|
||
Goodwill
|
1,095,943
|
|
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696,637
|
|
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Intangible assets, net
|
797,339
|
|
|
127,083
|
|
||
Other non-current assets
|
103,465
|
|
|
107,359
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|
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Total assets
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$
|
6,418,768
|
|
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$
|
5,030,545
|
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Current liabilities
|
$
|
641,067
|
|
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$
|
289,396
|
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Long-term debt, net of current portion
|
3,232,599
|
|
|
3,014,364
|
|
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Other non-current liabilities
|
125,240
|
|
|
115,168
|
|
||
Total liabilities
|
3,998,906
|
|
|
3,418,928
|
|
||
NuStar Energy partners’ equity
|
2,419,862
|
|
|
1,611,617
|
|
||
Total liabilities and partners’ equity
|
$
|
6,418,768
|
|
|
$
|
5,030,545
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands of Dollars)
|
||||||||||||||
Statement of Comprehensive Income Information:
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
440,566
|
|
|
$
|
441,418
|
|
|
$
|
1,363,484
|
|
|
$
|
1,284,925
|
|
Operating income
|
$
|
91,717
|
|
|
$
|
87,954
|
|
|
$
|
262,260
|
|
|
$
|
273,736
|
|
Net income
|
$
|
38,592
|
|
|
$
|
51,141
|
|
|
$
|
122,782
|
|
|
$
|
161,059
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(Thousands of Dollars)
|
||||||
NuStar Energy’s partners’ equity
|
$
|
2,419,862
|
|
|
$
|
1,611,617
|
|
Less NuStar Energy’s preferred limited partners’ equity
|
589,920
|
|
|
218,400
|
|
||
NuStar Energy’s partners’ equity, excluding preferred limited partners’ equity
|
1,829,942
|
|
|
1,393,217
|
|
||
NuStar GP Holdings’ ownership interest in NuStar Energy
|
12.8
|
%
|
|
14.7
|
%
|
||
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity
|
234,233
|
|
|
204,803
|
|
||
Step-up in basis related to NuStar Energy’s assets and liabilities,
including equity method goodwill, and other
|
59,286
|
|
|
63,939
|
|
||
Investment in NuStar Energy
|
$
|
293,519
|
|
|
$
|
268,742
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||||||
General partner interest
|
$
|
2,302
|
|
|
$
|
1,976
|
|
|
$
|
6,947
|
|
|
$
|
5,898
|
|
General partner IDRs
|
10,912
|
|
|
10,890
|
|
|
34,736
|
|
|
32,500
|
|
||||
Total general partner distribution
|
13,214
|
|
|
12,866
|
|
|
41,683
|
|
|
38,398
|
|
||||
Common limited partner distribution
|
11,185
|
|
|
11,185
|
|
|
33,555
|
|
|
33,514
|
|
||||
Total distributions to NuStar GP Holdings
|
24,399
|
|
|
24,051
|
|
|
75,238
|
|
|
71,912
|
|
||||
Public common limited partners’ distribution
|
90,685
|
|
|
74,758
|
|
|
272,097
|
|
|
222,999
|
|
||||
Total cash distributions
|
$
|
115,084
|
|
|
$
|
98,809
|
|
|
$
|
347,335
|
|
|
$
|
294,911
|
|
Cash distributions per unit applicable to common limited partners
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
3.285
|
|
|
$
|
3.285
|
|
Quarter Ended
|
|
Cash Distributions Per Common Unit
|
|
Total Cash Distributions
|
|
Record Date
|
|
Payment Date
|
||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
September 30, 2017 (a)
|
|
$
|
1.095
|
|
|
$
|
115,084
|
|
|
November 9, 2017
|
|
November 14, 2017
|
June 30, 2017
|
|
$
|
1.095
|
|
|
$
|
115,083
|
|
|
August 7, 2017
|
|
August 11, 2017
|
March 31, 2017
|
|
$
|
1.095
|
|
|
$
|
117,168
|
|
|
May 8, 2017
|
|
May 12, 2017
|
December 31, 2016
|
|
$
|
1.095
|
|
|
$
|
98,971
|
|
|
February 8, 2017
|
|
February 13, 2017
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(Thousands of Dollars)
|
||||||
Decrease (increase) in current assets:
|
|
|
|
||||
Receivable from related party, net
|
$
|
—
|
|
|
$
|
(1,227
|
)
|
Income tax receivable
|
—
|
|
|
909
|
|
||
Other receivables
|
—
|
|
|
(32
|
)
|
||
Prepaid expenses and other current assets
|
41
|
|
|
(21
|
)
|
||
Increase (decrease) in current liabilities:
|
|
|
|
||||
Payable to related party
|
(236
|
)
|
|
—
|
|
||
Accounts payable
|
1
|
|
|
(221
|
)
|
||
Accrued compensation expense
|
—
|
|
|
(1,339
|
)
|
||
Accrued liabilities
|
(99
|
)
|
|
11
|
|
||
Taxes other than income tax
|
7
|
|
|
(1,612
|
)
|
||
Changes in current assets and current liabilities
|
$
|
(286
|
)
|
|
$
|
(3,532
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(Thousands of Dollars)
|
||||||
Cash paid for interest
|
$
|
990
|
|
|
$
|
655
|
|
Cash refunded for income tax
|
$
|
—
|
|
|
$
|
(900
|
)
|
Balance as of January 1, 2017
|
$
|
243,788
|
|
Net income
|
79,333
|
|
|
Distributions to unitholders
|
(70,225
|
)
|
|
Share of NuStar Energy’s other comprehensive income
|
3,234
|
|
|
Unit-based compensation
|
460
|
|
|
Balance as of September 30, 2017
|
$
|
256,590
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||||||
Cash distributions per unit
|
$
|
0.545
|
|
|
$
|
0.545
|
|
|
$
|
1.635
|
|
|
$
|
1.635
|
|
Total cash distributions
|
$
|
23,409
|
|
|
$
|
23,398
|
|
|
$
|
70,226
|
|
|
$
|
70,193
|
|
Quarter Ended
|
|
Cash Distributions Per Unit
|
|
Total Cash Distributions
|
|
Record Date
|
|
Payment Date
|
||||
|
|
|
|
(Thousands of Dollars)
|
|
|
|
|
||||
September 30, 2017 (a)
|
|
$
|
0.545
|
|
|
$
|
23,409
|
|
|
November 9, 2017
|
|
November 16, 2017
|
June 30, 2017
|
|
$
|
0.545
|
|
|
$
|
23,408
|
|
|
August 7, 2017
|
|
August 15, 2017
|
March 31, 2017
|
|
$
|
0.545
|
|
|
$
|
23,409
|
|
|
May 8, 2017
|
|
May 16, 2017
|
December 31, 2016
|
|
$
|
0.545
|
|
|
$
|
23,408
|
|
|
February 8, 2017
|
|
February 15, 2017
|
(a)
|
The distribution was announced on
October 18, 2017
.
|
Item 2.
|
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
|
•
|
the general partner interest;
|
•
|
100% of the incentive distribution rights (IDRs) issued by NuStar Energy, which entitle us to receive increasing percentages of the cash distributed by NuStar Energy, currently at the maximum percentage of 23%; and
|
•
|
10,214,626
common units of NuStar Energy.
|
|
Three Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Equity in earnings of NuStar Energy
|
$
|
12,177
|
|
|
$
|
16,130
|
|
|
$
|
(3,953
|
)
|
|
|
|
|
|
|
||||||
General and administrative expenses
|
(902
|
)
|
|
(704
|
)
|
|
(198
|
)
|
|||
Other income, net
|
—
|
|
|
2,142
|
|
|
(2,142
|
)
|
|||
Interest expense, net
|
(448
|
)
|
|
(276
|
)
|
|
(172
|
)
|
|||
Income before income tax benefit
|
10,827
|
|
|
17,292
|
|
|
(6,465
|
)
|
|||
Income tax benefit
|
203
|
|
|
28
|
|
|
175
|
|
|||
Net income
|
$
|
11,030
|
|
|
$
|
17,320
|
|
|
$
|
(6,290
|
)
|
Net income per unit
|
$
|
0.26
|
|
|
$
|
0.40
|
|
|
$
|
(0.14
|
)
|
|
Three Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(Unaudited, Thousands of Dollars, Except Per Unit Data)
|
||||||||||
Revenues
|
$
|
440,566
|
|
|
$
|
441,418
|
|
|
$
|
(852
|
)
|
Cost of product sales
|
138,078
|
|
|
155,129
|
|
|
(17,051
|
)
|
|||
Operating expenses
|
116,590
|
|
|
117,432
|
|
|
(842
|
)
|
|||
Depreciation and amortization expense
|
66,989
|
|
|
51,853
|
|
|
15,136
|
|
|||
Segment operating income
|
118,909
|
|
|
117,004
|
|
|
1,905
|
|
|||
General and administrative expenses
|
25,003
|
|
|
26,957
|
|
|
(1,954
|
)
|
|||
Other depreciation and amortization expense
|
2,189
|
|
|
2,093
|
|
|
96
|
|
|||
Operating income
|
$
|
91,717
|
|
|
$
|
87,954
|
|
|
$
|
3,763
|
|
|
|
|
|
|
|
||||||
Net income
|
$
|
38,592
|
|
|
$
|
51,141
|
|
|
$
|
(12,549
|
)
|
|
|
|
|
|
|
||||||
Net income per unit applicable to common limited partners
|
$
|
0.15
|
|
|
$
|
0.49
|
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
||||||
Cash distributions per unit applicable to common limited partners
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
—
|
|
|
Three Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(Thousands of Dollars)
|
||||||||||
NuStar GP Holdings’ Equity in Earnings of NuStar Energy:
|
|
|
|
|
|
||||||
General partner interest
|
$
|
311
|
|
|
$
|
805
|
|
|
$
|
(494
|
)
|
General partner IDRs
|
10,912
|
|
|
10,890
|
|
|
22
|
|
|||
General partner’s interest in earnings and incentive distributions
of NuStar Energy
|
11,223
|
|
|
11,695
|
|
|
(472
|
)
|
|||
Common limited partner interest in earnings of NuStar Energy
|
1,675
|
|
|
5,156
|
|
|
(3,481
|
)
|
|||
Amortization of step-up in basis related to NuStar Energy’s assets
and liabilities
|
(721
|
)
|
|
(721
|
)
|
|
—
|
|
|||
Equity in earnings of NuStar Energy
|
$
|
12,177
|
|
|
$
|
16,130
|
|
|
$
|
(3,953
|
)
|
|
Nine Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Equity in earnings of NuStar Energy
|
$
|
41,252
|
|
|
$
|
49,425
|
|
|
$
|
(8,173
|
)
|
General and administrative expenses
|
(2,585
|
)
|
|
(2,377
|
)
|
|
(208
|
)
|
|||
Other income, net
|
41,603
|
|
|
2,755
|
|
|
38,848
|
|
|||
Interest expense, net
|
(1,134
|
)
|
|
(789
|
)
|
|
(345
|
)
|
|||
Income before income tax benefit
|
79,136
|
|
|
49,014
|
|
|
30,122
|
|
|||
Income tax benefit
|
197
|
|
|
55
|
|
|
142
|
|
|||
Net income
|
$
|
79,333
|
|
|
$
|
49,069
|
|
|
$
|
30,264
|
|
Net income per unit
|
$
|
1.84
|
|
|
$
|
1.14
|
|
|
$
|
0.70
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(Unaudited, Thousands of Dollars, Except Per Unit Data)
|
||||||||||
Revenues
|
$
|
1,363,484
|
|
|
$
|
1,284,925
|
|
|
$
|
78,559
|
|
Cost of product sales
|
490,363
|
|
|
441,736
|
|
|
48,627
|
|
|||
Operating expenses
|
334,016
|
|
|
335,315
|
|
|
(1,299
|
)
|
|||
Depreciation and amortization expense
|
187,062
|
|
|
154,357
|
|
|
32,705
|
|
|||
Segment operating income
|
352,043
|
|
|
353,517
|
|
|
(1,474
|
)
|
|||
General and administrative expenses
|
83,202
|
|
|
73,399
|
|
|
9,803
|
|
|||
Other depreciation and amortization expense
|
6,581
|
|
|
6,382
|
|
|
199
|
|
|||
Operating income
|
$
|
262,260
|
|
|
$
|
273,736
|
|
|
$
|
(11,476
|
)
|
|
|
|
|
|
|
||||||
Net income
|
$
|
122,782
|
|
|
$
|
161,059
|
|
|
$
|
(38,277
|
)
|
|
|
|
|
|
|
||||||
Net income per unit applicable to common limited partners
|
$
|
0.65
|
|
|
$
|
1.58
|
|
|
$
|
(0.93
|
)
|
|
|
|
|
|
|
||||||
Cash distributions per unit applicable to common limited partners
|
$
|
3.285
|
|
|
$
|
3.285
|
|
|
$
|
—
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(Thousands of Dollars)
|
||||||||||
NuStar GP Holdings’ Equity in Earnings of NuStar Energy:
|
|
|
|
|
|
||||||
General partner interest
|
$
|
1,223
|
|
|
$
|
2,571
|
|
|
$
|
(1,348
|
)
|
General partner IDRs
|
34,736
|
|
|
32,500
|
|
|
2,236
|
|
|||
General partner’s interest in earnings and incentive distributions of NuStar Energy
|
35,959
|
|
|
35,071
|
|
|
888
|
|
|||
Common limited partner interest in earnings of NuStar Energy
|
7,456
|
|
|
16,517
|
|
|
(9,061
|
)
|
|||
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities
|
(2,163
|
)
|
|
(2,163
|
)
|
|
—
|
|
|||
Equity in earnings of NuStar Energy
|
$
|
41,252
|
|
|
$
|
49,425
|
|
|
$
|
(8,173
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands of Dollars, Except Per Unit and Percentage Data)
|
||||||||||||||
Cash distributions per unit applicable to common limited partners
|
$
|
1.095
|
|
|
$
|
1.095
|
|
|
$
|
3.285
|
|
|
$
|
3.285
|
|
Total cash distributions by NuStar Energy to its general partner and common limited partners
|
$
|
115,084
|
|
|
$
|
98,809
|
|
|
$
|
347,335
|
|
|
$
|
294,911
|
|
Cash distributions we received from NuStar Energy:
|
|
|
|
|
|
|
|
||||||||
General partner interest
|
$
|
2,302
|
|
|
$
|
1,976
|
|
|
$
|
6,947
|
|
|
$
|
5,898
|
|
General partner IDRs
|
10,912
|
|
|
10,890
|
|
|
34,736
|
|
|
32,500
|
|
||||
Limited partner interest – common units
|
11,185
|
|
|
11,185
|
|
|
33,555
|
|
|
33,514
|
|
||||
Total cash distributions to us
|
$
|
24,399
|
|
|
$
|
24,051
|
|
|
$
|
75,238
|
|
|
$
|
71,912
|
|
Distributions to us as a percentage of total cash
distributions to NuStar Energy’s general partner
and common limited partners
|
21.2
|
%
|
|
24.3
|
%
|
|
21.7
|
%
|
|
24.4
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands of Dollars, Except Per Unit Data)
|
||||||||||||||
Cash distributions per unit
|
$
|
0.545
|
|
|
$
|
0.545
|
|
|
$
|
1.635
|
|
|
$
|
1.635
|
|
Total cash distributions
|
$
|
23,409
|
|
|
$
|
23,398
|
|
|
$
|
70,226
|
|
|
$
|
70,193
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
(a)
|
Evaluation of disclosure controls and procedures.
|
(b)
|
Changes in internal control over financial reporting.
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
By:
|
|
/s/ Bradley C. Barron
|
|
|
Bradley C. Barron
|
|
|
President and Chief Executive Officer
|
|
|
November 8, 2017
|
|
|
|
By:
|
|
/s/ Thomas R. Shoaf
|
|
|
Thomas R. Shoaf
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
November 8, 2017
|
|
|
|
By:
|
|
/s/ Jorge A. del Alamo
|
|
|
Jorge A. del Alamo
|
|
|
Senior Vice President and Controller
|
|
|
November 8, 2017
|
NUSTAR GP HOLDINGS, LLC
|
|
|
|
By:
|
/s/ Bradley C. Barron
|
Name:
|
Bradley C. Barron
|
Title:
|
President and Chief Executive Officer
|
/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 Company.
|
/s/ Bradley C. Barron
|
Bradley C. Barron
|
President and Chief Executive Officer
|
November 8, 2017
|
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 Company.
|
/s/ Thomas R. Shoaf
|
Thomas R. Shoaf
|
Executive Vice President and Chief Financial Officer
|
November 8, 2017
|