Exit of Asphalt Refining Business to Significantly Reduce NuStar’s
Earnings Volatility
Allows NuStar to Focus on more Stable Storage and Pipeline
Fee-Based Operations
SAN ANTONIO--(BUSINESS WIRE)--Feb. 27, 2014--
NuStar Energy L.P. (NYSE: NS) today announced that it has closed on a
transaction with an affiliate of Lindsay Goldberg LLC, a private
investment firm, to divest all of its 50% voting interest in an asphalt
joint venture that owns a refinery located in Paulsboro, New Jersey, a
terminal located in Savannah, Georgia, and the related working capital.
After closing, Lindsay Goldberg LLC now owns a 100% voting interest in
the asphalt business.
“This transaction is one of the final steps in our efforts to reduce our
exposure to margin-based operations,” said Brad Barron, President and
CEO of NuStar Energy. “Going forward, we can fully concentrate on
growing our more stable storage and pipeline fee-based operations.”
Barron went on to say, “After closing, our financial liability related
to asphalt refining and margin-based operations has been reduced
significantly. In addition, our earnings will no longer be burdened by
the volatility and losses generated by the asphalt joint venture.”
About NuStar Energy
NuStar Energy L.P., a publicly traded master limited partnership based
in San Antonio, is one of the largest independent liquids terminal and
pipeline operators in the nation. NuStar currently has 8,643 miles of
pipeline and 87 terminal and storage facilities that store and
distribute crude oil, refined products and specialty liquids. The
partnership’s combined system has approximately 94 million barrels of
storage capacity, and NuStar has operations in the United States,
Canada, Mexico, the Netherlands, including St. Eustatius in the
Caribbean, the United Kingdom and Turkey. For more information, visit
NuStar Energy L.P.'s Web site at www.nustarenergy.com.
Source: NuStar Energy L.P.
NuStar Energy, L.P., San Antonio
Investors, Chris Russell,
Treasurer and Vice President Investor Relations
Investor Relations:
210-918-3507
or
Media, Mary Rose Brown, Executive Vice
President,
Corporate Communications: 210-918-2314
Web site: http://www.nustarenergy.com