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SEC Filings
10-Q
NUSTAR ENERGY L.P. filed this Form 10-Q on 05/15/2002
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                VALERO L.P. AND VALERO LOGISTICS OPERATIONS, L.P.
               CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
                            (unaudited, in thousands)

                                                                          Three Months Ended March 31,
                                                                          ----------------------------
                                                                          2002                    2001
                                                                          ----                    ----
Cash Flows from Operating Activities:
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Net income .......................................................     $  10,423              $  8,786
Adjustments to reconcile net income to
   net cash provided by operating activities:
   Depreciation and amortization..................................         4,355                 3,238
   Equity income from Skelly-Belvieu Pipeline Company.............          (678)                 (669)
   Deferred income tax expense....................................            54                     -
   Compensation recognized under the restricted unit plan.........           132                     -
   Changes in operating assets and liabilities:
     Increase in receivable from parent...........................           (35)               (7,780)
     Decrease (increase) in accounts receivable...................           259                  (674)
     Increase in other current assets.............................          (460)                 (555)
     Decrease in accounts payable, accrued liabilities
      and taxes other than income taxes...........................          (782)               (2,078)
   Distributions received from Skelly-Belvieu Pipeline Company....           771                   639
   Decrease in other long-term liabilities........................            (2)                    -
                                                                         -------                ------
         Net cash provided by operating activities................        14,037                   907
                                                                         -------                ------
Cash Flows from Investing Activities:
Maintenance capital expenditures..................................          (789)                 (745)
Expansion capital expenditures....................................        (1,009)                 (162)
Acquisition of the Wichita Falls Business.........................       (64,000)                    -
                                                                         -------                ------
         Net cash used in investing activities....................       (65,798)                 (907)
                                                                         -------                ------
Cash Flows from Financing Activities:
Proceeds from long-term debt borrowings...........................        64,000                     -
Repayment of long-term debt.......................................           (46)                    -
Distribution to Valero Energy in January 2002 related to the
  Wichita Falls Business..........................................          (512)                    -
Payment of distributions to unitholders...........................       (11,788)                    -
                                                                         -------                ------
         Net cash provided by financing activities................        51,654                     -
                                                                         -------                ------

Net decrease in cash and cash equivalents.........................          (107)                    -
Cash and cash equivalents as of the beginning of the period.......         7,796                     4
                                                                         -------                ------
Cash and cash equivalents as of the end of the period.............     $   7,689              $      4
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    See accompanying notes to consolidated and combined financial statements.



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