NuStar Energy FY24 Outlook: Net Income $220M-$260M, EBITDA $720M-$780M

2/15/24 6:48:44 AM ET

Natural Gas Distribution

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Positive Outlook for 2024

Although the pending merger with Sunoco LP is expected to close as early as the second quarter of 2024, we want to provide our 2024 financial expectations for NuStar on a stand-alone basis. We expect to generate full-year 2024 net income in the range of $220 to $260 million and full-year 2024 EBITDA in the range of $720 to $780 million.

NuStar once again expects to self-fund all of its operational expenses, growth capital and distributions, and continues to target a healthy year-end debt-to-EBITDA ratio below four times.

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Recent Analyst Ratings for
$NS

Date	Price Target	Rating	Analyst
1/10/2024	$19.00	Neutral → Underweight	JP Morgan
10/6/2023	$17.00	Neutral	Citigroup
4/21/2023	$20.00	Mkt Perform → Outperform	Raymond James
3/7/2023	$20.00 → $19.50	Hold → Buy	Stifel
12/16/2022	$18.00 → $16.00	Overweight → Underweight	Wells Fargo
5/31/2022	$17.00 → $18.00	Equal Weight → Overweight	Wells Fargo
2/7/2022	$17.00	Overweight → Equal-Weight	Wells Fargo
12/16/2021	$19.00 → $17.00	Overweight	Wells Fargo

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NuStar Energy L.P. Reports Solid Fourth Quarter and Full-Year 2023 Earnings Results
NuStar Energy L.P. (NYSE:NS) today announced solid results for the fourth quarter and full-year 2023 fueled by strong revenues and volumes in its refined products pipelines and strong performance in its Fuels Marketing Segment. NuStar reported net income of $70 million for the fourth quarter of 2023, or $0.37 per unit, compared to net income of $92 million, or $0.18 per unit, for the fourth quarter of 2022. Results for the fourth quarter of 2022 include a gain from insurance proceeds to rebuild tanks at its Selby terminal. Earnings per unit (EPU) for the fourth quarter of 2022 also included a $0.31 per unit premium related to the repurchase of a portion of the Series D preferred units. Ex
2/15/24 6:45:00 AM ET
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Sunoco LP to Acquire NuStar Energy L.P. in Transaction Valued at $7.3 Billion
Sunoco LP (NYSE:SUN) ("Sunoco" or the "Partnership") and NuStar Energy L.P. (NYSE:NS) ("NuStar") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire NuStar in an all-equity transaction valued at approximately $7.3 billion, including assumed debt. Transaction Details Under the terms of the agreement, NuStar common unitholders will receive 0.400 Sunoco common units for each NuStar common unit, implying a 24% premium based on the 30-day VWAP's of both NuStar and Sunoco as of January 19, 2024. Sunoco has secured a $1.6 billion 364-day bridge term loan to refinance NuStar's Series A, B and C Preferred Units, Subordinated Notes, Revolving Cred
1/22/24 7:45:00 AM ET
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NuStar Energy L.P. to Announce Fourth Quarter 2023 Earnings Results on February 15, 2024
NuStar Energy L.P. (NYSE:NS) today announced that it will host a conference call on Thursday, February 15, 2024 at 9:00 a.m. Central Time to discuss the fourth quarter 2023 earnings results, which will be released earlier that day. Persons interested in listen-only participation may access the conference call directly at https://edge.media-server.com/mmc/p/ix273q3o. Persons interested in Q&A participation may pre-register for the conference call and obtain a dial-in number and passcode at https://register.vevent.com/register/BIee1568b1e27845da9c4719be0beac3c5. A recorded version will be available two hours after the conclusion of the conference call at https://edge.media-server.com/mmc/p/ix
1/9/24 5:17:00 PM ET
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Tortoise Announces Revision of Treatment of Constituent Changes Due to Corporate Action
OVERLAND PARK, KS / ACCESSWIRE / May 3, 2024 / Tortoise today announced a revision to the corporate action treatment for the Tortoise North American Pipeline IndexSM (TNAP). As previously stated, NuStar Energy LP (NYSE:NS) will be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) as a result of the approved acquisition by Sunoco LP (NYSE:SUN). Due to the acquisition, NS will be removed from indices at market open on Friday, May 3, 2024.For the Tortoise MLP Index® (TMLP), NS will be removed with a special rebalancing.Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in
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Tortoise Announces Constituent Changes Due to Corporate Action
OVERLAND PARK, KS / ACCESSWIRE / May 2, 2024 / Tortoise today announced that NuStar Energy LP (NYSE:NS) will be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) as a result of the approved acquisition by Sunoco LP (NYSE:SUN). Due to the acquisition, NS will be removed from indices at market open on Friday, May 3, 2024.For the Tortoise MLP Index® (TMLP), NS will be removed with a special rebalancing.Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's 7.5% threshold and the target constituent weight
5/2/24 4:00:00 PM ET
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Sunoco LP and NuStar Energy L.P. Announce NuStar's Unitholder Approval of the Sunoco Transaction
Sunoco LP (NYSE:SUN) ("Sunoco" or "SUN") and NuStar Energy L.P. (NYSE:NS) ("NuStar" or "NS") announced the approval by NuStar unitholders of the previously announced merger, pursuant to which NuStar will merge with and into a merger subsidiary of Sunoco. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501484326/en/ NuStar's Special Meeting was held at 9:00 a.m. Central Time on May 1, 2024. According to preliminary results of the Special Meeting, approximately 69% of the outstanding common units of NuStar voted in favor of the transaction. NuStar will disclose the final vote result of the Special Meeting on a Form 8-K filed wit
5/1/24 4:30:00 PM ET
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Sunoco LP And NuStar Energy L.P. Announced The Approval By Nustar Unitholders Of The Previously Announced Merger, Pursuant To Which Nustar Will Merge With And Into A Merger Subsidiary Of Sunoco
Sunoco LP (NYSE:SUN) ("Sunoco" or "SUN") and NuStar Energy L.P. (NYSE:NS) ("NuStar" or "NS") announced the approval by NuStar unitholders of the previously announced merger, pursuant to which NuStar will merge with and into a merger subsidiary of Sunoco.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501484326/en/NuStar's Special Meeting was held at 9:00 a.m. Central Time on May 1, 2024. According to preliminary results of the Special Meeting, approximately 69% of the outstanding common units of NuStar voted in favor of the transaction. NuStar will disclose the final vote result of the Special Meeting on a Form 8-K filed with th
5/1/24 5:32:48 PM ET
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NuStar Energy Declares Conditional Special Distribution Of $0.212 Per Unit
The special distribution will be paid on May 2, 2024 to holders of record of NuStar Energy L.P. common units as of April 26, 2024. Payment of the special distribution is subject to and conditioned upon holders of NuStar Energy L.P.'s common units approving its previously announced acquisition by Sunoco LP (NYSE: SUN) at NuStar Energy L.P.'s special meeting, which will be held at 9:00 a.m. Central Time on May 1, 2024, and the merger agreement with respect to the acquisition not having been terminated.
4/15/24 4:54:50 PM ET
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Sunoco And NuStar Energy Announce Expiration Of Hart-Scott-Rodino Act Waiting Period
The expiry is in connection with Sunoco's pending acquisition of NuStar. The expiration of the waiting period under the HSR Act satisfies an important condition necessary for the completion of the transaction.
4/9/24 7:06:42 AM ET
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NuStar Energy FY24 Outlook: Net Income $220M-$260M, EBITDA $720M-$780M

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Nustar Energy L.P. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

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