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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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PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements

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                VALERO L.P. AND VALERO LOGISTICS OPERATIONS, L.P.
                    CONSOLIDATED AND COMBINED BALANCE SHEETS
                   (unaudited, in thousands, except unit data)

                                                                                             Restated
                                                                             March 31,      December 31,
                                                                               2002             2001
                                                                               ----             ---
                                                                                              (note 2)
                                Assets
Current assets:
<S>                                                                        <C>              <C>
   Cash and cash equivalents........................................        $   7,689        $   7,796
   Receivable from parent...........................................            6,327            6,292
   Accounts receivable..............................................            2,596            2,855
   Other current assets.............................................              460                -
                                                                              -------         -------
      Total current assets..........................................           17,072           16,943
                                                                              -------         -------

Property, plant and equipment.......................................          472,039          470,401
Less accumulated depreciation and amortization......................         (125,584)        (121,389)
                                                                              -------          -------
   Property, plant and equipment, net...............................          346,455          349,012
Goodwill, net.......................................................            4,715            4,715
Investment in Skelly-Belvieu Pipeline Company.......................           16,399           16,492
Other noncurrent assets, net........................................              384              384
                                                                              -------          -------
    Total assets....................................................        $ 385,025        $ 387,546
                                                                              =======          =======


                   Liabilities and Partners' Equity
Current liabilities:
   Current portion of long-term debt................................        $     416        $     462
   Accounts payable and accrued liabilities.........................            4,107            4,215
   Taxes other than income taxes....................................            1,190            1,894
                                                                              -------          -------
      Total current liabilities.....................................            5,713            6,571

Long-term debt, less current portion................................           89,660           25,660
Other long-term liabilities.........................................                -                2
Deferred income tax liabilities.....................................                -           13,147
Commitments and contingencies

Partners' equity:
   Common units (9,654,572 and 9,599,322 outstanding as of 2002
     and 2001, respectively)........................................          168,433          169,305
   Subordinated units (9,599,322 outstanding as of 2002 and 2001)...          115,429          116,399
   General partner's equity.........................................            5,790            5,831
   Net parent investment in the Wichita Falls Business..............                -           50,631
                                                                              -------          -------
     Total partners' equity.........................................          289,652          342,166
                                                                              -------          -------
     Total liabilities and partners' equity.........................        $ 385,025        $ 387,546
                                                                              =======          =======
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    See accompanying notes to consolidated and combined financial statements.



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