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SEC Filings
10-Q
NUSTAR ENERGY L.P. filed this Form 10-Q on 05/15/2002
Entire Document
 
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Operating Data:

The following table reflects  throughput barrels for the Partnership's crude oil
and refined  product  pipelines and the total  throughput for all of the refined
product terminals for the three months ended March 31, 2002 and 2001.

<TABLE>
<CAPTION>

                                                                      Three Months Ended
                                                                          March 31,
                                                                          ---------
                                                                    2002                 2001          % Change
                                                                    ----                 ----          --------
                                                                    (in thousands of barrels)
<S>                                                                <C>                  <C>                 <C>
        Crude oil pipeline throughput:
           Dixon to McKee..................................         4,179                5,459            (23)%
           Wichita Falls to McKee..........................         5,441                    -              -
           Wasson to Ardmore...............................         5,699                7,393            (23)%
           Ringgold to Wasson..............................         1,949                2,911            (33)%
           Corpus Christi to Three Rivers..................         5,558                7,973            (30)%
           Other crude oil pipelines.......................         5,289                4,012             32 %
                                                                   ------               ------
             Total crude oil pipelines.....................        28,115               27,748              1 %
                                                                   ======               ======

        Refined product pipeline throughput:
           McKee to Colorado Springs to Denver.............         1,630                2,261            (28)%
           McKee to El Paso................................         5,616                5,758             (2)%
           McKee to Amarillo to Abernathy..................         3,172                3,846            (18)%
           Amarillo to Albuquerque.........................           965                1,176            (18)%
           McKee to Denver.................................         1,025                1,081             (5)%
           Ardmore to Wynnewood............................         3,813                5,487            (31)%
           Three Rivers to Laredo..........................         1,098                1,085              1 %
           Three Rivers to San Antonio.....................         2,258                2,455             (8)%
           Other refined product pipelines.................         4,081                5,423            (25)%
                                                                   ------               ------
             Total refined product pipelines...............        23,658               28,572            (17)%
                                                                   ======               ======

        Refined product terminal throughput................        15,823               15,103              5 %
                                                                   ======               ======
</TABLE>


Net income for the quarter ended March 31, 2002 was  $10,423,000  as compared to
$8,786,000  for the quarter ended March 31, 2001.  The increase of $1,637,000 is
primarily  attributable  to the additional  net income  generated from the three
acquisitions  completed  since  July  of 2001  (the  Southlake  refined  product
terminal,  the  Ringgold  crude  oil  storage  facility  and the  Wichita  Falls
Business) and lower interest expense in the first quarter of 2002 as a result of
repaying the  $107,676,000  of debt due to parent in April of 2001. The increase
was partially  offset by the impact of lower throughput  barrels  resulting from
economic-based  refinery  production cuts at the three Valero Energy  refineries
served by the  Partnership's  pipelines and  terminals.  Net income in the first
quarter of 2002  includes  $650,000 of net income  related to the Wichita  Falls
Business for the month ended January 31, 2002,  which was allocated  entirely to
Valero Energy, the Business' parent.

Revenues for the quarter  ended March 31, 2002 were  $26,024,000  as compared to
$23,422,000  for the  quarter  ended  March 31,  2001,  an  increase  of 11%, or
$2,602,000.  This increase is due primarily to the addition of the Wichita Falls
crude oil pipeline  revenues in the first quarter of 2002,  partially  offset by
decreases in revenues on most of the  Partnership's  other pipelines  during the
quarter. The following discusses  significant revenue increases and decreases by
pipeline:

o    revenues  in the first  quarter  of 2002  include  $4,733,000  of  revenues
     related to the Wichita  Falls  Business,  including  $1,740,000 of revenues
     (2,000,000  barrels of  throughput)  related to the month ended January 31,
     2002 as a result of the common control  transfer  between Valero Energy and
     the Partnership;

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