News Release
NuStar Energy L.P. Reports Solid Third Quarter 2023 Earnings Results
Redemption of Series D Preferred Units Completed Two Years Ahead of Original Schedule
Pipeline Segment’s Operating Income Up 14 Percent Quarter-Over-Quarter
NuStar Receives Credit Rating Upgrade Due to Strengthened Balance Sheet
Positive Outlook for Remainder of 2023
“I am pleased to report that we have delivered another quarter of solid earnings results and made significant progress on all of our strategic initiatives this year,” said
“One of our top stated priorities for 2023 has been to continue to strengthen our balance sheet, and I am very proud to say that we made a huge step forward in that regard,” Barron said. “In August, we successfully issued common equity and raised
“NuStar reported net income of
Operations Continue to Perform Well
NuStar’s Pipeline Segment generated operating income of
“Our refined products systems along with our Ammonia System continued to generate solid, dependable revenue in the third quarter of 2023 as total throughputs were up around seven percent compared to the same period in 2022, reflecting the strength of these assets and our strong position in the markets we serve in the mid-Continent and throughout Texas,” said Barron. “Our McKee System performed very well this quarter, with higher revenues and throughputs versus the same period last year. And our
NuStar’s Storage Segment generated operating income of
“The decrease in our Storage Segment was mostly due to an amendment and extension of a customer contract at our Corpus
Barron highlighted the strong performances of NuStar’s Fuels Marketing Segment and West Coast Renewable Fuels Strategy.
“After a near record-breaking 2022, our Fuels Marketing Segment has turned in another strong quarter, generating operating income and EBITDA of
NuStar’s Permian Crude System volumes averaged 523,000 barrels per day (BPD), down from the third quarter volumes of 2022 but up compared to the 508,000 BPD in the second quarter of 2023.
“As we have said on prior calls, our Permian volumes so far in 2023 have reflected some producer-specific operational issues and delays, but as some of those issues have been resolved, volumes have averaged 533,000 BPD in October,” said Barron. “As a result, we now expect our fourth quarter volumes to average around 540,000 BPD and we are expecting the system’s full-year 2023 revenue to come in comparable to 2022’s.”
Balance Sheet Continues to Strengthen/NuStar Receives Credit Rating Upgrade
“We ended the third quarter of 2023 with a healthy debt-to-EBITDA ratio of 3.83 times with
Shoaf also commented that the credit rating agencies have taken notice of NuStar’s strengthened balance sheet.
“We are pleased that after the redemption of the Series D preferred units in September, Fitch Ratings upgraded our credit rating by one notch to ‘BB’ while S&P Global upgraded their outlook from ‘stable’ to ‘positive,’” Shoaf noted.
Positive Outlook for Remainder of 2023
Shoaf also gave an update on full-year guidance for net income and adjusted EBITDA, as well as strategic capital and reliability capital for 2023.
“We expect to generate full-year 2023 net income in the range of
He also noted that
“We continue to expect spending for our Permian System to be in the range of
“In addition, we expect to spend between
Shoaf also noted that in 2023
Ammonia System Provides Tremendous New Growth Platform
Barron closed by highlighting potential growth opportunities on NuStar’s Ammonia Pipeline System and at its
“As we have discussed previously, ammonia is an incredibly important chemical,” said Barron. “Ammonia is the basis for nitrogen fertilizers, which support about 50 percent of global food production and is also vital to a long, diverse list of other industries.
“Currently, since about 99 percent of global ammonia is produced using fossil fuels, there has been and continues to be growing interest in de-carbonizing ammonia production to reduce the industry’s contribution to global emissions, either through capturing the emissions associated with traditional production, also referred to as ‘blue’ ammonia, or by utilizing electrolysis powered by sun and wind to produce ‘green’ ammonia.”
Barron continued, “Around the world, governments, as well as the private sector, are developing new uses for low-carbon ammonia and global demand for low-carbon ammonia is expected to grow significantly, starting as early as 2025. In fact, projects have been announced for construction in the
“In addition to the connection on our Ammonia System to OCI’s state-of-the-art ammonia products facility in
NuStar Remains Committed to its Core Strategic Priorities
In closing, Barron noted that
Conference Call Details
A conference call with management is scheduled for
The conference call may also be accessed through the “Investors” section of NuStar Energy L.P.’s website at https://investor.nustarenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes, and the related conference call will include, forward-looking statements regarding future events and expectations, such as NuStar’s future performance, plans and expenditures. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to
Consolidated Financial Information (Unaudited, Thousands of Dollars, Except Unit, Per Unit and Ratio Data) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Statement of Income Data: |
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Service revenues |
$ |
289,945 |
|
|
$ |
277,380 |
|
|
$ |
850,578 |
|
|
$ |
820,752 |
|
Product sales |
|
120,355 |
|
|
|
135,863 |
|
|
|
331,923 |
|
|
|
432,511 |
|
Total revenues |
|
410,300 |
|
|
|
413,243 |
|
|
|
1,182,501 |
|
|
|
1,253,263 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Costs associated with service revenues: |
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
94,052 |
|
|
|
91,286 |
|
|
|
276,577 |
|
|
|
272,636 |
|
Depreciation and amortization expense |
|
63,215 |
|
|
|
63,140 |
|
|
|
187,799 |
|
|
|
188,683 |
|
Total costs associated with service revenues |
|
157,267 |
|
|
|
154,426 |
|
|
|
464,376 |
|
|
|
461,319 |
|
Costs associated with product sales |
|
101,572 |
|
|
|
117,324 |
|
|
|
281,947 |
|
|
|
378,217 |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,122 |
|
General and administrative expenses |
|
35,083 |
|
|
|
27,676 |
|
|
|
95,428 |
|
|
|
82,656 |
|
Other depreciation and amortization expense |
|
1,080 |
|
|
|
1,935 |
|
|
|
3,672 |
|
|
|
5,582 |
|
Total costs and expenses |
|
295,002 |
|
|
|
301,361 |
|
|
|
845,423 |
|
|
|
973,896 |
|
Gain on sale of assets |
|
— |
|
|
|
— |
|
|
|
41,075 |
|
|
|
— |
|
Operating income |
|
115,298 |
|
|
|
111,882 |
|
|
|
378,153 |
|
|
|
279,367 |
|
Interest expense, net |
|
(63,125 |
) |
|
|
(52,294 |
) |
|
|
(178,666 |
) |
|
|
(153,053 |
) |
Other income, net |
|
156 |
|
|
|
1,475 |
|
|
|
7,298 |
|
|
|
7,158 |
|
Income before income tax expense |
|
52,329 |
|
|
|
61,063 |
|
|
|
206,785 |
|
|
|
133,472 |
|
Income tax expense |
|
1,134 |
|
|
|
1,430 |
|
|
|
3,513 |
|
|
|
2,328 |
|
Net income |
$ |
51,195 |
|
|
$ |
59,633 |
|
|
$ |
203,272 |
|
|
$ |
131,144 |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net (loss) income per common unit |
$ |
(0.07 |
) |
|
$ |
0.20 |
|
|
$ |
0.34 |
|
|
$ |
0.18 |
|
Basic and diluted weighted-average common units outstanding |
|
119,218,622 |
|
|
|
110,310,921 |
|
|
|
113,698,898 |
|
|
|
110,265,359 |
|
|
|
|
|
|
|
|
|
||||||||
Other Data (Note 1): |
|
|
|
|
|
|
|
||||||||
Adjusted net income |
$ |
51,195 |
|
|
$ |
59,633 |
|
|
$ |
162,197 |
|
|
$ |
174,558 |
|
Adjusted net income per common unit |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
EBITDA |
$ |
179,749 |
|
|
$ |
178,432 |
|
|
$ |
576,922 |
|
|
$ |
480,790 |
|
Adjusted EBITDA |
$ |
179,749 |
|
|
$ |
178,432 |
|
|
$ |
535,847 |
|
|
$ |
525,348 |
|
DCF |
$ |
21,322 |
|
|
$ |
93,485 |
|
|
$ |
199,724 |
|
|
$ |
267,545 |
|
Adjusted DCF |
$ |
92,760 |
|
|
$ |
93,485 |
|
|
$ |
266,419 |
|
|
$ |
267,545 |
|
Distribution coverage ratio |
0.42x |
|
2.12x |
|
1.44x |
|
2.02x |
||||||||
Adjusted distribution coverage ratio |
1.84x |
|
2.12x |
|
1.92x |
|
2.02x |
|
For the Four Quarters Ended |
||
|
2023 |
|
2022 |
Consolidated Debt Coverage Ratio |
3.83x |
|
3.79x |
Consolidated Financial Information - Continued (Unaudited, Thousands of Dollars, Except Barrel Data) |
|||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Pipeline: |
|
|
|
|
|
|
|
||||||
Crude oil pipelines throughput (barrels/day) |
|
1,200,582 |
|
|
1,335,336 |
|
|
1,211,871 |
|
|
|
1,288,489 |
|
Refined products and ammonia pipelines throughput (barrels/day) |
|
600,740 |
|
|
560,202 |
|
|
597,860 |
|
|
|
568,533 |
|
Total throughput (barrels/day) |
|
1,801,322 |
|
|
1,895,538 |
|
|
1,809,731 |
|
|
|
1,857,022 |
|
|
|
|
|
|
|
|
|
||||||
Throughput and other revenues |
$ |
225,364 |
|
$ |
209,008 |
|
$ |
645,248 |
|
|
$ |
598,256 |
|
Operating expenses |
|
55,180 |
|
|
53,837 |
|
|
159,997 |
|
|
|
157,110 |
|
Depreciation and amortization expense |
|
44,231 |
|
|
44,806 |
|
|
131,636 |
|
|
|
134,076 |
|
Segment operating income |
$ |
125,953 |
|
$ |
110,365 |
|
$ |
353,615 |
|
|
$ |
307,070 |
|
Storage: |
|
|
|
|
|
|
|
||||||
Throughput (barrels/day) (a) |
|
410,472 |
|
|
479,110 |
|
|
434,557 |
|
|
|
469,219 |
|
|
|
|
|
|
|
|
|
||||||
Throughput terminal revenues |
$ |
21,868 |
|
$ |
26,933 |
|
$ |
73,022 |
|
|
$ |
84,303 |
|
Storage terminal revenues |
|
53,336 |
|
|
51,459 |
|
|
161,048 |
|
|
|
170,793 |
|
Total revenues |
|
75,204 |
|
|
78,392 |
|
|
234,070 |
|
|
|
255,096 |
|
Operating expenses |
|
38,872 |
|
|
37,449 |
|
|
116,580 |
|
|
|
115,526 |
|
Depreciation and amortization expense |
|
18,984 |
|
|
18,334 |
|
|
56,163 |
|
|
|
54,607 |
|
Impairment loss |
|
— |
|
|
— |
|
|
— |
|
|
|
46,122 |
|
Segment operating income |
$ |
17,348 |
|
$ |
22,609 |
|
$ |
61,327 |
|
|
$ |
38,841 |
|
Fuels Marketing: |
|
|
|
|
|
|
|
||||||
Product sales |
$ |
109,732 |
|
$ |
125,843 |
|
$ |
303,185 |
|
|
$ |
399,912 |
|
Cost of goods |
|
101,056 |
|
|
116,763 |
|
|
280,591 |
|
|
|
376,627 |
|
Gross margin |
|
8,676 |
|
|
9,080 |
|
|
22,594 |
|
|
|
23,285 |
|
Operating expenses |
|
516 |
|
|
561 |
|
|
1,358 |
|
|
|
1,591 |
|
Segment operating income |
$ |
8,160 |
|
$ |
8,519 |
|
$ |
21,236 |
|
|
$ |
21,694 |
|
Consolidation and Intersegment Eliminations: |
|
|
|
|
|
|
|
||||||
Revenues |
$ |
— |
|
$ |
— |
|
$ |
(2 |
) |
|
$ |
(1 |
) |
Cost of goods |
|
— |
|
|
— |
|
|
(2 |
) |
|
|
(1 |
) |
Total |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
Consolidated Information: |
|
|
|
|
|
|
|
||||||
Revenues |
$ |
410,300 |
|
$ |
413,243 |
|
$ |
1,182,501 |
|
|
$ |
1,253,263 |
|
Costs associated with service revenues: |
|
|
|
|
|
|
|
||||||
Operating expenses |
|
94,052 |
|
|
91,286 |
|
|
276,577 |
|
|
|
272,636 |
|
Depreciation and amortization expense |
|
63,215 |
|
|
63,140 |
|
|
187,799 |
|
|
|
188,683 |
|
Total costs associated with service revenues |
|
157,267 |
|
|
154,426 |
|
|
464,376 |
|
|
|
461,319 |
|
Costs associated with product sales |
|
101,572 |
|
|
117,324 |
|
|
281,947 |
|
|
|
378,217 |
|
Impairment loss |
|
— |
|
|
— |
|
|
— |
|
|
|
46,122 |
|
Segment operating income |
|
151,461 |
|
|
141,493 |
|
|
436,178 |
|
|
|
367,605 |
|
Gain on sale of assets |
|
— |
|
|
— |
|
|
41,075 |
|
|
|
— |
|
General and administrative expenses |
|
35,083 |
|
|
27,676 |
|
|
95,428 |
|
|
|
82,656 |
|
Other depreciation and amortization expense |
|
1,080 |
|
|
1,935 |
|
|
3,672 |
|
|
|
5,582 |
|
Consolidated operating income |
$ |
115,298 |
|
$ |
111,882 |
|
$ |
378,153 |
|
|
$ |
279,367 |
|
(a) |
Prior period throughputs for our Corpus |
Reconciliation of Non-GAAP Financial Information
(Unaudited, Thousands of Dollars, Except Ratio Data)
Note 1:
Our board of directors and management use EBITDA and/or DCF when assessing the following (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.
None of these financial measures are presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.
The following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio.
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
51,195 |
|
|
$ |
59,633 |
|
|
$ |
203,272 |
|
|
$ |
131,144 |
|
Interest expense, net |
|
63,125 |
|
|
|
52,294 |
|
|
|
178,666 |
|
|
|
153,053 |
|
Income tax expense |
|
1,134 |
|
|
|
1,430 |
|
|
|
3,513 |
|
|
|
2,328 |
|
Depreciation and amortization expense |
|
64,295 |
|
|
|
65,075 |
|
|
|
191,471 |
|
|
|
194,265 |
|
EBITDA |
|
179,749 |
|
|
|
178,432 |
|
|
|
576,922 |
|
|
|
480,790 |
|
Interest expense, net |
|
(63,125 |
) |
|
|
(52,294 |
) |
|
|
(178,666 |
) |
|
|
(153,053 |
) |
Reliability capital expenditures |
|
(9,756 |
) |
|
|
(11,252 |
) |
|
|
(20,491 |
) |
|
|
(24,657 |
) |
Income tax expense |
|
(1,134 |
) |
|
|
(1,430 |
) |
|
|
(3,513 |
) |
|
|
(2,328 |
) |
Long-term incentive equity awards (a) |
|
3,691 |
|
|
|
2,534 |
|
|
|
9,677 |
|
|
|
8,097 |
|
Preferred unit distributions |
|
(26,535 |
) |
|
|
(32,463 |
) |
|
|
(91,394 |
) |
|
|
(95,078 |
) |
Impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,122 |
|
Income tax benefit related to impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,144 |
) |
Premium on redemption of Series D Cumulative Convertible Preferred Units |
|
(71,438 |
) |
|
|
— |
|
|
|
(107,770 |
) |
|
|
— |
|
Other items |
|
9,870 |
|
|
|
9,958 |
|
|
|
14,959 |
|
|
|
8,796 |
|
DCF |
$ |
21,322 |
|
|
$ |
93,485 |
|
|
$ |
199,724 |
|
|
$ |
267,545 |
|
|
|
|
|
|
|
|
|
||||||||
Distributions applicable to common limited partners |
$ |
50,358 |
|
|
$ |
44,125 |
|
|
$ |
139,117 |
|
|
$ |
132,418 |
|
Distribution coverage ratio (b) |
0.42x |
|
2.12x |
|
1.44x |
|
2.02x |
(a) |
We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF. |
|
(b) |
Distribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners. |
Reconciliation of Non-GAAP Financial Information - Continued
(Unaudited, Thousands of Dollars, Except per Unit and Ratio Data)
The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement).
|
For the Four Quarters Ended |
||||||
|
|
2023 |
|
|
|
2022 |
|
Operating income |
$ |
507,599 |
|
|
$ |
381,112 |
|
Depreciation and amortization expense |
|
256,442 |
|
|
|
259,296 |
|
Impairment loss |
|
— |
|
|
|
46,122 |
|
Amortization expense of equity-based awards |
|
15,572 |
|
|
|
13,607 |
|
Pro forma effect of dispositions (a) |
|
— |
|
|
|
(1,613 |
) |
Other |
|
(2,287 |
) |
|
|
(15 |
) |
Consolidated EBITDA, as defined in the Revolving Credit Agreement |
$ |
777,326 |
|
|
$ |
698,509 |
|
|
|
|
|
||||
Long-term debt, less current portion of finance leases |
$ |
3,398,006 |
|
|
$ |
3,068,055 |
|
Finance leases (long-term) |
|
(50,000 |
) |
|
|
(51,619 |
) |
Unamortized debt issuance costs |
|
29,234 |
|
|
|
34,604 |
|
NuStar Logistics’ floating rate subordinated notes |
|
(402,500 |
) |
|
|
(402,500 |
) |
Consolidated Debt, as defined in the Revolving Credit Agreement |
$ |
2,974,740 |
|
|
$ |
2,648,540 |
|
|
|
|
|
||||
Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) |
3.83x |
|
3.79x |
(a) |
This adjustment represents the pro forma effects of the dispositions of the Point Tupper terminal, which was sold in |
The following are reconciliations of net income / net (loss) income per common unit to adjusted net income / adjusted net income per common unit.
|
Three Months Ended |
|||||||||||
|
2023 |
|
2022 |
|||||||||
Net income / net (loss) income per common unit |
$ |
51,195 |
|
$ |
(0.07 |
) |
|
$ |
59,633 |
|
$ |
0.20 |
Premium on redemption of Series D Cumulative Convertible Preferred Units |
|
— |
|
|
0.27 |
|
|
|
— |
|
|
— |
Adjusted net income / adjusted net income per common unit |
$ |
51,195 |
|
$ |
0.20 |
|
|
$ |
59,633 |
|
$ |
0.20 |
|
Nine Months Ended |
||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||
Net income / net income per common unit |
$ |
203,272 |
|
|
$ |
0.34 |
|
|
$ |
131,144 |
|
|
$ |
0.18 |
|
Premium on redemption of Series D Cumulative Convertible Preferred Units |
|
— |
|
|
|
0.57 |
|
|
|
— |
|
|
|
— |
|
Gain on sale of assets |
|
(41,075 |
) |
|
|
(0.37 |
) |
|
|
(1,564 |
) |
|
|
(0.01 |
) |
Impairment loss |
|
— |
|
|
|
— |
|
|
|
46,122 |
|
|
|
0.42 |
|
Income tax benefit related to impairment loss |
|
— |
|
|
|
— |
|
|
|
(1,144 |
) |
|
|
(0.01 |
) |
Adjusted net income / adjusted net income per common unit |
$ |
162,197 |
|
|
$ |
0.54 |
|
|
$ |
174,558 |
|
|
$ |
0.58 |
|
Reconciliation of Non-GAAP Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio Data)
The following is a reconciliation of EBITDA to adjusted EBITDA.
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
EBITDA |
$ |
179,749 |
|
$ |
178,432 |
|
$ |
576,922 |
|
|
$ |
480,790 |
|
Gain on sale of assets |
|
— |
|
|
— |
|
|
(41,075 |
) |
|
|
(1,564 |
) |
Impairment loss |
|
— |
|
|
— |
|
|
— |
|
|
|
46,122 |
|
Adjusted EBITDA |
$ |
179,749 |
|
$ |
178,432 |
|
$ |
535,847 |
|
|
$ |
525,348 |
|
The following is a reconciliation of DCF to adjusted DCF and adjusted distribution coverage ratio.
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
DCF |
$ |
21,322 |
|
$ |
93,485 |
|
$ |
199,724 |
|
|
$ |
267,545 |
Premium on redemption of Series D Cumulative Convertible Preferred Units |
|
71,438 |
|
|
— |
|
|
107,770 |
|
|
|
— |
Gain on sale of assets |
|
— |
|
|
— |
|
|
(41,075 |
) |
|
|
— |
Adjusted DCF |
$ |
92,760 |
|
$ |
93,485 |
|
$ |
266,419 |
|
|
$ |
267,545 |
|
|
|
|
|
|
|
|
|||||
Distributions applicable to common limited partners |
$ |
50,358 |
|
$ |
44,125 |
|
$ |
139,117 |
|
|
$ |
132,418 |
Adjusted distribution coverage ratio (a) |
1.84x |
|
2.12x |
|
1.92x |
|
2.02x |
(a) |
Adjusted distribution coverage ratio is calculated by dividing adjusted DCF by distributions applicable to common limited partners. |
The following are reconciliations for our reported segments of operating income to segment EBITDA.
|
Three Months Ended |
|||||||
|
Pipeline |
|
Storage |
|
Fuels Marketing |
|||
Operating income |
$ |
125,953 |
|
$ |
17,348 |
|
$ |
8,160 |
Depreciation and amortization expense |
|
44,231 |
|
|
18,984 |
|
|
— |
Segment EBITDA |
$ |
170,184 |
|
$ |
36,332 |
|
$ |
8,160 |
|
|
|
|
|
|
|||
|
Three Months Ended |
|||||||
|
Pipeline |
|
Storage |
|
Fuels Marketing |
|||
Operating income |
$ |
110,365 |
|
$ |
22,609 |
|
$ |
8,519 |
Depreciation and amortization expense |
|
44,806 |
|
|
18,334 |
|
|
— |
Segment EBITDA |
$ |
155,171 |
|
$ |
40,943 |
|
$ |
8,519 |
The following is a reconciliation of projected net income to EBITDA and adjusted EBITDA.
|
Projected for the Year Ended |
||
Net income |
$ |
261,000 - 273,000 |
|
Interest expense, net |
|
242,000 - 245,000 |
|
Income tax expense |
|
4,000 - 6,000 |
|
Depreciation and amortization expense |
|
254,000 - 257,000 |
|
EBITDA |
|
761,000 - 781,000 |
|
Gain on sale of assets |
|
(41,000) |
|
Adjusted EBITDA |
$ |
720,000 - 740,000 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101430146/en/
Media:
210-918-2314
maryrose.brown@nustarenergy.com
Investors:
210-918-2854
pam.schmidt@nustarenergy.com
Source: