NuStar Energy L.P. Declares First Quarter 2020 Unit Distributions
Affirms Reductions in Spending
To Announce First Quarter 2020 Earnings Results on
“The change in our distribution policy is the most recent of several actions we have taken to preserve cash and strengthen our balance sheet in light of the many challenges resulting from the COVID-19 pandemic. We have also entered into a
In addition to this distribution policy change, NuStar previously announced significant cuts to capital spending and expenses, including a 45 percent reduction in its 2020 strategic capital program and a reduction of between
“Through these trying times, we have been focused on our primary goals: protecting our employees by making sure they stay safe, healthy and productive; protecting our communities by continuing to provide the critical energy frontline workers need to fight the pandemic effectively; and protecting our business by ensuring we have the financial flexibility to navigate through these difficult market conditions.
“While these are unprecedented times and in the short term we need to do everything possible to ensure that we have the liquidity to succeed in these difficult circumstances, we strongly believe that NuStar’s `best-in-class,' diversified assets combine to create a very resilient company capable of weathering this storm and recovering quickly once the economy gets going again,” said Barron. “Of course, this is only strengthened by our strong, creditworthy customers, along with the cash preservation measures we have implemented over the past few weeks.
“And, while forecasting in a volatile market is always difficult, we will offer our view on the full year, along with our first-quarter results, on our upcoming earnings call on May 5,” Barron said.
NuStar today also announced that its Board of Directors declared a first quarter 2020 Series A preferred unit distribution of
A conference call with management is scheduled for
Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/up3ujir8 or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.
This press release includes forward-looking statements regarding future events, such as the partnership’s future performance, plans, capital expenditures and expense reductions. All forward-looking statements are based on the partnership’s beliefs as well as assumptions made by and information currently available to the partnership. These statements reflect the partnership’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2019 annual report on Form 10-K and subsequent filings with the
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a
Investor Relations: 210-918-INVR (4687)
Corporate Communications: 210-918-2314