DEI_Document
DEI Document | 3 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Abstract] | ' | ' |
Entity Registrant Name | 'NuStar Energy L.P. | ' |
Entity Central Index Key | '0001110805 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ns | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 77,886,078 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $24,519 | $83,602 |
Accounts receivable, net of allowance for doubtful accounts of $959 and $808 as of September 30, 2013 and December 31, 2012, respectively | 242,203 | 387,943 |
Receivable from related parties | 26,529 | 109,833 |
Inventories | 122,998 | 173,228 |
Income tax receivable | 25 | 1,265 |
Other current assets | 41,188 | 65,238 |
Assets held for sale | 2,847 | 118,334 |
Total current assets | 460,309 | 939,443 |
Property, plant and equipment, at cost | 4,528,950 | 4,287,859 |
Accumulated depreciation and amortization | -1,167,100 | -1,049,399 |
Property, plant and equipment, net | 3,361,850 | 3,238,460 |
Intangible assets, net | 81,710 | 92,435 |
Goodwill | 950,963 | 951,024 |
Investment in joint ventures | 70,812 | 102,945 |
Deferred income tax asset | 5,088 | 3,108 |
Note receivable from related party | 146,472 | 95,711 |
Other long-term assets, net | 165,456 | 189,963 |
Total assets | 5,242,660 | 5,613,089 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 33,982 | 286,422 |
Accounts payable | 222,360 | 397,633 |
Payable to related party | 19,589 | 1,408 |
Accrued interest payable | 26,384 | 23,741 |
Accrued liabilities | 37,444 | 124,203 |
Taxes other than income tax | 13,066 | 9,893 |
Income tax payable | 3,878 | 2,671 |
Total current liabilities | 356,703 | 845,971 |
Long-term debt, less current portion | 2,439,696 | 2,124,582 |
Long-term payable to related party | 29,637 | 18,071 |
Deferred income tax liability | 29,455 | 32,114 |
Other long-term liabilities | 6,190 | 7,356 |
Commitments and contingencies (Note 5) | ' | ' |
Partners' equity: | ' | ' |
Limited partners (77,886,078 common units outstanding as of September 30, 2013 and December 31, 2012) | 2,374,962 | 2,573,263 |
General partner | 53,277 | 57,986 |
Accumulated other comprehensive (loss) | -57,665 | -58,865 |
Total NuStar Energy L.P. partners' equity | 2,370,574 | 2,572,384 |
Noncontrolling interest | 10,405 | 12,611 |
Total partners’ equity | 2,380,979 | 2,584,995 |
Total liabilities and partners' equity | $5,242,660 | $5,613,089 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $959 | $808 |
Limited partners common units outstanding | 77,886,078 | 77,886,078 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Service revenues | $245,577 | $225,068 | $706,493 | $646,444 |
Product sales | 534,433 | 1,368,688 | 1,977,423 | 4,324,465 |
Total revenues | 780,010 | 1,593,756 | 2,683,916 | 4,970,909 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product sales | 527,217 | 1,329,377 | 1,928,237 | 4,211,966 |
Operating expenses: | ' | ' | ' | ' |
Third parties | 88,974 | 105,165 | 255,490 | 293,012 |
Related party | 31,517 | 36,872 | 97,647 | 108,636 |
Total operating expenses | 120,491 | 142,037 | 353,137 | 401,648 |
General and administrative expenses: | ' | ' | ' | ' |
Third parties | 8,336 | 8,773 | 24,171 | 26,566 |
Related party | 10,495 | 16,180 | 41,807 | 48,688 |
Total general and administrative expenses | 18,831 | 24,953 | 65,978 | 75,254 |
Depreciation and amortization expense | 47,597 | 38,037 | 137,185 | 125,538 |
Asset impairment loss | 0 | 0 | 0 | 249,646 |
Goodwill impairment loss | 0 | 0 | 0 | 22,132 |
Gain on legal settlement | 0 | 0 | 0 | -28,738 |
Total costs and expenses | 714,136 | 1,534,404 | 2,484,537 | 5,057,446 |
Operating income (loss) | 65,874 | 59,352 | 199,379 | -86,537 |
Equity in (loss) earnings of joint ventures | -5,358 | -951 | -26,629 | 3,816 |
Interest expense, net | -31,078 | -23,894 | -93,601 | -68,118 |
Interest income from related party | 1,828 | 0 | 4,560 | 0 |
Other income (expense), net | 1,407 | -19,943 | 3,978 | -21,392 |
Income (loss) from continuing operations before income tax expense | 32,673 | 14,564 | 87,687 | -172,231 |
Income tax (benefit) expense | -563 | 599 | 6,147 | 20,318 |
Income (loss) from continuing operations | 33,236 | 13,965 | 81,540 | -192,549 |
Income (loss) from discontinued operations, net of tax | 0 | -9,623 | 9,069 | -23,665 |
Net income (loss) | 33,236 | 4,342 | 90,609 | -216,214 |
Less net (loss) income attributable to noncontrolling interest | -161 | -47 | -439 | -217 |
Net income (loss) attributable to NuStar Energy L.P. | 33,397 | 4,389 | 91,048 | -215,997 |
Net income (loss) per unit applicable to limited partners: | ' | ' | ' | ' |
Continuing operations | $0.28 | $0.04 | $0.61 | ($3.07) |
Discontinued operations | $0 | ($0.13) | $0.12 | ($0.33) |
Total (Note 10) | $0.28 | ($0.09) | $0.73 | ($3.40) |
Weighted-average limited partner units outstanding | 77,886,078 | 72,383,578 | 77,886,078 | 71,302,538 |
Comprehensive income (loss) | 38,790 | -4,018 | 90,042 | -268,791 |
Less comprehensive (loss) income attributable to noncontrolling interest | -729 | 66 | -2,206 | 780 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | $39,519 | ($4,084) | $92,248 | ($269,571) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $90,609 | ($216,214) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 137,185 | 129,943 |
Amortization of debt related items | 1,721 | -5,718 |
Gain (loss) from sale or disposition of assets | -8,739 | 19,828 |
Asset and goodwill impairment loss | 0 | 271,778 |
Gain on legal settlement | 0 | -28,738 |
Deferred income tax (benefit) expense | -3,815 | 1,403 |
Equity in (loss) earnings of joint ventures | 26,629 | -3,816 |
Distributions of equity in earnings of joint ventures | 5,787 | 6,364 |
Changes in current assets and current liabilities (Note 11) | 116,838 | 108,750 |
Other, net | 12,325 | -11,701 |
Net cash provided by operating activities | 378,540 | 271,879 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -260,701 | -320,778 |
Change in accounts payable related to capital expenditures | -2,879 | 0 |
Investment in other long-term assets | 0 | -2,364 |
Proceeds from sale or disposition of assets | 116,467 | 471,823 |
Increase in note receivable from related party | -50,761 | -170,711 |
Other, net | 156 | 0 |
Net cash used in investing activities | -197,718 | -22,030 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term debt borrowings | 1,299,220 | 1,805,168 |
Proceeds from short-term debt borrowings | 0 | 71,880 |
Proceeds from note offering, net of issuance costs | 687,151 | 247,408 |
Long-term debt repayments | -1,897,182 | -2,287,178 |
Short-term debt repayments | 0 | -71,880 |
Proceeds from issuance of common units, net of issuance costs | 0 | 336,662 |
Contributions from general partner | 0 | 7,121 |
Distributions to unitholders and general partner | -294,153 | -267,228 |
Payments for termination of interest rate swaps | -33,697 | -5,678 |
Other, net | 3,168 | 363 |
Net cash used in financing activities | -235,493 | -163,362 |
Effect of foreign exchange rate changes on cash | -4,412 | 3,472 |
Net (decrease) increase in cash and cash equivalents | -59,083 | 89,959 |
Cash and cash equivalents as of the beginning of the period | 83,602 | 17,497 |
Cash and cash equivalents as of the end of the period | $24,519 | $107,456 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Organization and Operations | |
NuStar Energy L.P. (NuStar Energy) (NYSE: NS) is engaged in the terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and fuels marketing. Unless otherwise indicated, the terms “NuStar Energy,” “the Partnership,” “we,” “our” and “us” are used in this report to refer to NuStar Energy L.P., to one or more of our consolidated subsidiaries or to all of them taken as a whole. NuStar GP Holdings, LLC (NuStar GP Holdings) (NYSE: NSH) owns our general partner, Riverwalk Logistics, L.P., and owns a 15.0% total interest in us as of September 30, 2013. | |
We conduct our operations through our subsidiaries, primarily NuStar Logistics, L.P. (NuStar Logistics) and NuStar Pipeline Operating Partnership L.P. (NuPOP). We have three business segments: storage, pipeline and fuels marketing. | |
Basis of Presentation | |
These unaudited condensed consolidated financial statements include the accounts of the Partnership and subsidiaries in which the Partnership has a controlling interest. Noncontrolling interests are separately disclosed on the financial statements. Inter-partnership balances and transactions have been eliminated in consolidation. We account for investments in 50% or less-owned entities using the equity method. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, and all disclosures are adequate. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and nine months ended September 30, 2013 and 2012 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
New Accounting Pronouncements | |
Balance Sheet Offsetting. In December 2011, the Financial Accounting Standards Board (FASB) amended the disclosure requirements with respect to offsetting assets and liabilities. The amended guidance requires new disclosures to enable users of financial statements to reconcile differences in the offsetting requirements under U.S. GAAP and International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB further amended and clarified the scope of balance sheet offsetting disclosure requirements. The amended guidance limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. The disclosures are required irrespective of whether the transactions are offset in the consolidated balance sheets. The amended guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013, and retrospective application is required. Accordingly, we adopted the amended guidance January 1, 2013, and it did not have a material impact on our disclosures. | |
Other Comprehensive Income. In February 2013, the FASB further amended the disclosure requirements for the presentation of comprehensive income. The amended guidance requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The amended guidance is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. Accordingly, we adopted the amended guidance January 1, 2013, and it did not have a material impact on our disclosures. |
DISPOSITIONS
DISPOSITIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
DISPOSITIONS | ' | |||||||||||||||
DISPOSITIONS | ||||||||||||||||
San Antonio Refinery | ||||||||||||||||
On January 1, 2013, we sold our fuels refinery in San Antonio, Texas (the San Antonio Refinery) and related assets, which included inventory, a terminal in Elmendorf, Texas and a pipeline connecting the terminal and refinery for approximately $117.0 million (the San Antonio Refinery Sale), and the purchaser assumed certain related liabilities. We have presented the results of operations for the San Antonio Refinery and related assets, previously reported in the fuels marketing and pipeline segments, as discontinued operations for all periods presented. For the three and nine months ended September 30, 2012, we allocated interest expense of $1.0 million and $2.9 million, respectively, to discontinued operations based on the ratio of net assets sold to consolidated net assets. We recognized a gain of $9.3 million on the sale, which is included in discontinued operations for the nine months ended September 30, 2013. | ||||||||||||||||
The following table summarizes the results from discontinued operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | — | $ | 151,010 | $ | 185 | $ | 411,454 | ||||||||
Income (loss) before income tax expense | $ | — | $ | (9,600 | ) | $ | 9,069 | $ | (23,629 | ) | ||||||
As of December 31, 2012, we reclassified the assets related to the San Antonio Refinery as “Assets held for sale” on the consolidated balance sheet. The liabilities held for sale related to the San Antonio Refinery are included within “Accrued liabilities” on the consolidated balance sheet. The total assets and liabilities held for sale consisted of the following: | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Inventories | $ | 15,939 | ||||||||||||||
Property, plant and equipment, net | 93,899 | |||||||||||||||
Other long-term assets, net | 5,650 | |||||||||||||||
Assets held for sale | $ | 115,488 | ||||||||||||||
Accrued liabilities (environmental reserve) | $ | 289 | ||||||||||||||
Other long-term liabilities (environmental reserve) | 7,621 | |||||||||||||||
Liabilities held for sale | $ | 7,910 | ||||||||||||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 8,112 | $ | 447 | ||||
Finished products | 106,997 | 164,894 | ||||||
Materials and supplies | 7,889 | 7,887 | ||||||
Total | $ | 122,998 | $ | 173,228 | ||||
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
DEBT | ' |
DEBT | |
Revolving Credit Agreement | |
During the nine months ended September 30, 2013, our $1.5 billion five-year revolving credit agreement (the 2012 Revolving Credit Agreement) was reduced by $154.3 million, primarily as a result of applying a portion of the proceeds from the issuance of NuStar Logistics’ 6.75% senior notes in August 2013. The 2012 Revolving Credit Agreement bears interest, at our option, based on either an alternative base rate or a LIBOR-based rate. The interest rate on the 2012 Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or subsequently upgraded) by certain credit rating agencies. As of September 30, 2013, our weighted average interest rate was 2.4%. | |
The 2012 Revolving Credit Agreement contains customary restrictive covenants, including requiring us to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated indebtedness to consolidated EBITDA, as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. The requirement not to exceed a maximum consolidated debt coverage ratio may limit the amount we can borrow under the 2012 Revolving Credit Agreement to an amount less than the total amount available for borrowing. As of September 30, 2013, our consolidated debt coverage ratio was 4.3x, and we had $1,055.5 million available for borrowing. | |
6.75% Senior Notes | |
On August 19, 2013, NuStar Logistics issued $300.0 million of 6.75% senior notes due February 1, 2021 (the 6.75% Senior Notes). We received proceeds of approximately $296.3 million, net of the underwriters’ discount and deferred issuance costs of $3.7 million, which we used for general partnership purposes, including repayment of outstanding borrowings under our 2012 Revolving Credit Agreement. The interest on the 6.75% Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year beginning on February 1, 2014. | |
The 6.75% Senior Notes rank equally with existing senior unsecured indebtedness of NuStar Logistics and do not have sinking fund requirements. The 6.75% Senior Notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. NuPOP will be released from its guarantee when it no longer guarantees any obligations of NuStar Energy, or any of its subsidiaries, including NuStar Logistics, under any bank facility or public debt instrument. The 6.75% Senior Notes contain restrictions on NuStar Logistics’ ability to incur secured indebtedness unless the same security is also provided for the benefit of holders of the notes. In addition, the 6.75% Senior Notes limit NuStar Logistics’ ability to incur indebtedness secured by certain liens, to engage in certain sale-leaseback transactions and to engage in certain consolidations, mergers or asset sales. At the option of NuStar Logistics, the 6.75% Senior Notes may be redeemed in whole or in part at any time at a redemption price, which may include a make-whole premium, plus accrued and unpaid interest to the redemption date. | |
7.625% Fixed-to-Floating Rate Subordinated Notes | |
On January 22, 2013, NuStar Logistics issued $402.5 million of 7.625% fixed-to-floating rate subordinated notes due January 15, 2043 (the Subordinated Notes), including the underwriters’ option to purchase up to an additional $52.5 million principal amount of the notes, which was exercised in full. We received proceeds of approximately $390.9 million, net of $11.6 million of deferred issuance costs, which we used for general partnership purposes, including repayment of outstanding borrowings under our 2012 Revolving Credit Agreement. The Subordinated Notes are fully and unconditionally guaranteed on an unsecured and subordinated basis by NuStar Energy and NuPOP. | |
The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. NuStar Logistics may elect to defer interest payments on the Subordinated Notes on one or more occasions for up to five consecutive years. Deferred interest will accumulate additional interest at a rate equal to the interest rate then applicable to the Subordinated Notes until paid. If NuStar Logistics elects to defer interest payments, NuStar Energy cannot declare or make cash distributions to its unitholders during the period interest is deferred. | |
The Subordinated Notes do not have sinking fund requirements and are subordinated to existing senior unsecured indebtedness of NuStar Logistics and NuPOP. The Subordinated Notes do not contain restrictions on NuStar Logistics’ ability to incur additional indebtedness, including debt that ranks senior in priority of payment to the notes. In addition, the Subordinated Notes do not limit NuStar Logistics’ ability to incur indebtedness secured by certain liens or to engage in certain sale-leaseback transactions. At the option of NuStar Logistics, the Subordinated Notes may be redeemed in whole or in part at any time at a redemption price, which may include a make-whole premium, plus accrued and unpaid interest to the redemption date. | |
Gulf Opportunity Zone Revenue Bonds | |
In 2008, 2010 and 2011, the Parish of St. James, Louisiana issued, pursuant to the Gulf Opportunity Zone Act of 2005, tax-exempt revenue bonds (the GoZone Bonds) associated with our St. James, Louisiana terminal expansions. The GoZone Bonds bear interest based on a weekly tax-exempt bond market interest rate, and we pay interest monthly. The interest rate was 0.1% as of September 30, 2013. Following the issuance, the proceeds were deposited with a trustee and are disbursed to us upon our request for reimbursement of expenditures related to our St. James terminal expansions. We include the amount remaining in trust in “Other long-term assets, net,” and we include the amount of bonds issued in “Long-term debt, less current portion” on the consolidated balance sheets. For the nine months ended September 30, 2013, we received $38.5 million from the trustee. As of September 30, 2013, the amount remaining in trust totaled $88.1 million. | |
Other | |
In February 2013, we repaid the remaining principal balance of $0.6 million on our $12.0 million note payable due to the Port of Corpus Christi Authority of Nueces County, Texas. During the nine months ended September 30, 2013, we repaid NuStar Logistics’ $229.9 million of 6.05% senior notes due March 15, 2013 and NuPOP’s $250.0 million of 5.875% senior notes due June 1, 2013 with borrowings under our 2012 Revolving Credit Agreement. | |
In January 2013, Moody’s Investor Service lowered our credit rating to Ba1 from Baa3. This downgrade caused the interest rates on the 2012 Revolving Credit Agreement, NuStar Terminals Limited’s £21 million amended and restated term loan agreement and NuStar Logistics’ $350.0 million of 7.65% senior notes due 2018 to increase by 0.375%, 0.375% and 0.25%, respectively, effective January 2013. This downgrade may also require us to provide additional credit support for certain contracts, although as of September 30, 2013, we have not been required to provide any additional credit support. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Contingencies | |
We have contingent liabilities resulting from various litigation, claims and commitments. We record accruals for loss contingencies when losses are considered probable and can be reasonably estimated. Legal fees associated with defending the Partnership in legal matters are expensed as incurred. As of September 30, 2013, we have accrued $0.6 million for contingent losses. The amount that will ultimately be paid related to these matters may differ from the recorded accruals, and the timing of such payments is uncertain. In addition, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our results of operations, financial position or liquidity. | |
Commitments | |
On November 6, 2013, we came to a mutual agreement with PDVSA-Petróleo S.A. (PDVSA) to terminate that certain Crude Oil Sales Agreement dated effective as of March 1, 2008 (the CSA). We previously amended the CSA to reduce the crude oil purchase obligations from 75,000 barrels per day to 30,000 barrels per day, which remains in effect for the remainder the year. The termination is effective January 1, 2014, and will also terminate our crude oil supply agreement with NuStar Asphalt LLC (Asphalt JV) effective January 1, 2014. See Note 8. Related Party Transactions for a discussion of our crude oil supply agreement with Asphalt JV. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
We segregate the inputs used in measuring fair value into three levels: Level 1, defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists. We consider counterparty credit risk and our own credit risk in the determination of all estimated fair values. | ||||||||||||||||
Product Imbalances. We value our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date. | ||||||||||||||||
Interest Rate Swaps. We estimate the fair value of both our fixed-to-floating and forward-starting interest rate swaps using discounted cash flows, which used observable inputs such as time to maturity and market interest rates. | ||||||||||||||||
Commodity Derivatives. We base the fair value of certain of our commodity derivative instruments on quoted prices on an exchange; accordingly, we include these items in Level 1 of the fair value hierarchy. We also have derivative instruments for which we determine fair value using industry pricing services and other observable inputs, such as quoted prices on an exchange for similar derivative instruments. Therefore, we include these derivative instruments in Level 2 of the fair value hierarchy. See Note 7. Derivatives and Risk Management Activities for a discussion of our derivative instruments. | ||||||||||||||||
The following assets and liabilities are measured at fair value: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 970 | $ | — | $ | — | $ | 970 | ||||||||
Commodity derivatives | 202 | 4,200 | — | 4,402 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 6,575 | — | 6,575 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,476 | ) | — | — | (1,476 | ) | ||||||||||
Commodity derivatives | — | (5,006 | ) | — | (5,006 | ) | ||||||||||
Contingent consideration | — | — | (2,818 | ) | (2,818 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (208 | ) | — | (208 | ) | ||||||||||
Total | $ | (304 | ) | $ | 5,561 | $ | (2,818 | ) | $ | 2,439 | ||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,232 | $ | — | $ | — | $ | 1,232 | ||||||||
Commodity derivatives | 1,001 | 8,357 | — | 9,358 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 9,206 | — | 9,206 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,686 | ) | — | — | (1,686 | ) | ||||||||||
Commodity derivatives | — | (19,210 | ) | — | (19,210 | ) | ||||||||||
Interest rate swaps | — | (40,911 | ) | — | (40,911 | ) | ||||||||||
Contingent consideration | — | — | (9,600 | ) | (9,600 | ) | ||||||||||
Total | $ | 547 | $ | (42,558 | ) | $ | (9,600 | ) | $ | (51,611 | ) | |||||
Contingent Consideration | ||||||||||||||||
On December 13, 2012, NuStar Logistics acquired certain assets, including 100% of the partnership interest in TexStar Crude Oil Pipeline, LP, from TexStar Midstream Services, LP and certain of its affiliates (collectively, TexStar) for approximately $325.0 million (the TexStar Asset Acquisition), including contingent consideration. | ||||||||||||||||
In connection with the TexStar Asset Acquisition, we could be obligated to pay additional consideration to TexStar. Such obligations are dependent upon the cost of work required to complete certain assets and obtain outstanding real estate rights (collectively, the Contingent Consideration). We estimated the fair value of the Contingent Consideration using a probability-weighted discounted cash flow model, which reflects possible outcomes and our estimates of the probabilities of those outcomes. Our estimate of the fair value is based on significant inputs not observable in the market and thus falls within Level 3 of the fair value hierarchy. The probability-weighted cash flows were discounted using a discount rate of 11%. | ||||||||||||||||
Based on our assessment of the costs necessary to complete the assets in accordance with our agreement with TexStar, and considering the probability of possible outcomes, we determined that it is unlikely we would be obligated to pay a portion of the Contingent Consideration. The undiscounted amount of potential future payments that we could be required to make under the applicable agreements is between $0 and $9.3 million. | ||||||||||||||||
The following table summarizes the activity in our Level 3 liabilities for contingent consideration: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 9,600 | ||||||||||||||
Amounts settled | (1,114 | ) | ||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (6,500 | ) | ||||||||||||||
Interest expense, net | 832 | |||||||||||||||
Ending balance | $ | 2,818 | ||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We recognize cash equivalents, receivables, note receivables from related parties, payables and debt in our consolidated balance sheets at their carrying amount. The fair values of these financial instruments, except for a note receivable from related party and debt, approximate their carrying amounts. The estimated fair value and carrying amounts of the note receivable from related party and debt were as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Debt | $ | 2,429,001 | $ | 2,473,678 | $ | 2,377,120 | $ | 2,411,004 | ||||||||
Note receivable from related party | $ | 109,505 | $ | 146,472 | $ | 91,705 | $ | 95,711 | ||||||||
We estimated the fair value of our publicly-traded senior notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded senior notes falls in Level 1 of the fair value hierarchy. For our other debt, for which a quoted market price is not available, we estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy. | ||||||||||||||||
We estimated the fair value of the note receivable from related party using discounted cash flows, which use inputs such as time to maturity and estimated market interest rates, and determined the fair value falls in Level 3 of the fair value hierarchy. See Note 8. Related Party Transactions for additional information on the note receivable from Asphalt JV. |
DERIVATIVES_AND_RISK_MANAGEMEN
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | ' | |||||||||||||||||
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES | ||||||||||||||||||
We utilize various derivative instruments to manage our exposure to commodity price risk and interest rate risk. Our risk management policies and procedures are designed to monitor interest rates, futures and swap positions and over-the-counter positions, as well as physical volumes, grades, locations and delivery schedules, to help ensure that our hedging activities address our market risks. Our risk management committee oversees our trading controls and procedures and certain aspects of commodity and trading risk management. Our risk management committee also reviews all new commodity and trading risk management strategies in accordance with our risk management policy, as approved by our board of directors. | ||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||
We were a party to certain interest rate swap agreements to manage our exposure to changes in interest rates, which included forward-starting interest rate swap agreements related to the interest payments associated with forecasted probable debt issuances in 2013. We entered into these swaps in order to hedge the risk of changes in the interest payments attributable to changes in the benchmark interest rate during the period from the effective date of the swap to the issuance of the forecasted debt. These swaps qualified, and we designated them, as cash flow hedges of future interest payments associated with forecasted debt issuances. In connection with the maturity of the 6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013, we terminated forward-starting interest rate swap agreements with an aggregate notional amount of $275.0 million. We paid $33.7 million in connection with the terminations, which we reclassify out of “Accumulated other comprehensive loss” and into “Interest expense, net” as the interest payments occur or if the interest payments are probable not to occur. During the second quarter of 2013, we determined that one forecasted interest payment was probable not to occur, and we reclassified $2.0 million out of “Accumulated other comprehensive loss” to “Interest expense, net.” As of September 30, 2013, we had no forward-starting interest rate swaps. | ||||||||||||||||||
We were also a party to fixed-to-floating interest rate swap agreements associated with a portion of our fixed-rate senior notes, which we accounted for as fair value hedges. We terminated all remaining fixed-to-floating interest rate swap agreements during the year ended December 31, 2012. | ||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||
We are exposed to market risks related to the volatility of crude oil and refined product prices. In order to reduce the risk of commodity price fluctuations with respect to our crude oil and finished product inventories and related firm commitments to purchase and/or sell such inventories, we utilize commodity futures and swap contracts, which qualify, and we designate as, fair value hedges. Derivatives that are intended to hedge our commodity price risk, but fail to qualify as fair value or cash flow hedges, are considered economic hedges, and we record associated gains and losses in net income. | ||||||||||||||||||
To determine the volume represented by commodity contracts, we combined the volume of our long and short open positions on an absolute basis, which totaled 20.9 million barrels and 22.7 million barrels as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we had $4.5 million and $6.2 million, respectively, of margin deposits related to our derivative instruments. | ||||||||||||||||||
The fair values of our derivative instruments included in our consolidated balance sheets were as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet Location | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||||||||||
2013 | 2013 | |||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 412 | $ | 1,471 | $ | — | $ | (811 | ) | ||||||||
Interest rate swaps | Accrued liabilities | — | — | — | (40,911 | ) | ||||||||||||
Total | 412 | 1,471 | — | (41,722 | ) | |||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 19,120 | 22,269 | (15,130 | ) | (13,571 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 18,034 | 39,322 | (11,459 | ) | (30,116 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 7,199 | 17,406 | (12,205 | ) | (36,616 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 7,165 | — | (7,373 | ) | — | ||||||||||||
Total | 51,518 | 78,997 | (46,167 | ) | (80,303 | ) | ||||||||||||
Total Derivatives | $ | 51,930 | $ | 80,468 | $ | (46,167 | ) | $ | (122,025 | ) | ||||||||
Certain of our derivative instruments are eligible for offset in the consolidated balance sheets and subject to master netting arrangements. Under our master netting arrangements, there is a legally enforceable right to offset amounts, and we intend to settle such amounts on a net basis. The following are the net amounts presented on the consolidated balance sheets: | ||||||||||||||||||
Commodity Contracts | September 30, | 31-Dec-12 | ||||||||||||||||
2013 | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 10,977 | $ | 18,564 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (5,214 | ) | $ | (19,210 | ) | ||||||||||||
The earnings impact of our derivative activity was as follows: | ||||||||||||||||||
Derivatives Designated as Fair Value Hedging Instruments | Income Statement | Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||
Location | (Loss) Recognized | (Loss) | (Loss) Recognized | |||||||||||||||
in Income on | Recognized in | in Income on | ||||||||||||||||
Derivative | Income on | Derivative | ||||||||||||||||
(Effective Portion) | Hedged Item | (Ineffective Portion) | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (3,853 | ) | $ | 4,184 | $ | 331 | ||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (23,131 | ) | $ | 22,505 | $ | (626 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 4,059 | $ | (6,298 | ) | $ | (2,239 | ) | |||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | (17,345 | ) | $ | 17,345 | $ | — | ||||||||||
Commodity contracts | Cost of product sales | (20,496 | ) | 19,058 | (1,438 | ) | ||||||||||||
Total | $ | (37,841 | ) | $ | 36,403 | $ | (1,438 | ) | ||||||||||
Derivatives Designated as Cash Flow Hedging Instruments | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain | ||||||||||||||
(Loss) Recognized | Location (a) | (Loss) Reclassified | (Loss) Recognized | |||||||||||||||
in OCI | from | in Income on | ||||||||||||||||
on Derivative | Accumulated OCI | Derivative | ||||||||||||||||
(Effective Portion) | into Income | (Ineffective | ||||||||||||||||
(Effective Portion) | Portion) | |||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (1,653 | ) | $ | — | ||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (3,825 | ) | Interest expense, net | $ | (645 | ) | $ | — | |||||||||
Commodity contracts | (20,629 | ) | Income (loss) from discontinued operations | (8,728 | ) | 277 | ||||||||||||
Total | $ | (24,454 | ) | $ | (9,373 | ) | $ | 277 | ||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (4,615 | ) | $ | — | ||||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (17,276 | ) | Interest expense, net | $ | (1,697 | ) | $ | — | |||||||||
Commodity contracts | (73,289 | ) | Income (loss) from discontinued operations | (24,590 | ) | 4,287 | ||||||||||||
Total | $ | (90,565 | ) | $ | (26,287 | ) | $ | 4,287 | ||||||||||
(a) | Amounts are included in specified location for both the gain (loss) reclassified from accumulated other comprehensive income (OCI) into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion). | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain (Loss) | ||||||||||||||||
Recognized in Income | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,941 | ) | ||||||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (710 | ) | ||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | (136 | ) | |||||||||||||||
Total | $ | (846 | ) | |||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,492 | ) | ||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | (218 | ) | |||||||||||||||
Total | $ | (4,710 | ) | |||||||||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Revenues | $ | (7,654 | ) | ||||||||||||||
Commodity contracts | Cost of product sales | 20,679 | ||||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | 2,412 | ||||||||||||||||
Total | $ | 15,437 | ||||||||||||||||
For derivatives designated as cash flow hedging instruments, once a hedged transaction occurs, we reclassify the effective portion from accumulated OCI to “Cost of product sales” or “Interest expense, net.” As of September 30, 2013, we expect to reclassify a loss of $11.0 million to “Interest expense, net” within the next twelve months. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | 2,376 | $ | 713 | $ | 16,183 | $ | 2,198 | ||||||||
Operating expenses | $ | 31,517 | $ | 36,872 | $ | 97,647 | $ | 108,636 | ||||||||
General and administrative expenses | $ | 10,495 | $ | 16,180 | $ | 41,807 | $ | 48,688 | ||||||||
Interest income | $ | 1,828 | $ | — | $ | 4,560 | $ | — | ||||||||
Expenses included in discontinued operations, net of tax | $ | — | $ | 2,161 | $ | 196 | $ | 6,451 | ||||||||
NuStar GP, LLC | ||||||||||||||||
Our operations are managed by NuStar GP, LLC, the general partner of our general partner. Under a services agreement between NuStar Energy and NuStar GP, LLC, employees of NuStar GP, LLC perform services for our U.S. operations. Certain of our wholly owned subsidiaries employ persons who perform services for our international operations. Employees of NuStar GP, LLC provide services to both NuStar Energy and NuStar GP Holdings; therefore, we reimburse NuStar GP, LLC for all employee costs, other than the expenses allocated to NuStar GP Holdings. | ||||||||||||||||
We had a payable to NuStar GP, LLC of $19.6 million and $1.4 million as of September 30, 2013 and December 31, 2012, respectively, with both amounts representing payroll, employee benefit plan expenses and unit-based compensation. We also had a long-term payable to NuStar GP, LLC as of September 30, 2013 and December 31, 2012 of $29.6 million and $18.1 million, respectively, related to amounts payable for retiree medical benefits and other post-employment benefits. | ||||||||||||||||
Asphalt JV | ||||||||||||||||
On September 28, 2012, we sold a 50% ownership interest (the Asphalt Sale) in NuStar Asphalt LLC (Asphalt JV), previously a wholly owned subsidiary. Asphalt JV owns and operates the asphalt refining assets that were previously wholly owned by NuStar Energy. Unless otherwise indicated, the term “Asphalt JV” is used in this report to refer to NuStar Asphalt LLC, to one or more of its consolidated subsidiaries or to all of them taken as a whole. | ||||||||||||||||
Financing Agreements and Credit Support. The NuStar JV Facility is an unsecured revolving credit facility provided by NuStar Energy to Asphalt JV in an aggregate principal amount not to exceed $250.0 million for a term of seven years. As of September 30, 2013 and December 31, 2012, the balance due under the NuStar JV Facility totaled $146.5 million and $95.7 million, respectively. | ||||||||||||||||
In addition, during the term of the NuStar JV Facility, NuStar Energy will provide credit support, such as guarantees, letters of credit and cash collateral, as applicable, of up to $150.0 million. As of September 30, 2013, NuStar Energy has provided guarantees for commodity purchases, lease obligations and certain utilities for Asphalt JV with an aggregate maximum potential exposure of $105.0 million. In addition, NuStar Energy has provided two guarantees to Asphalt JV suppliers that do not specify a maximum amount, but for which we believe any amounts due would be minimal. A majority of these guarantees have no expiration date. As of September 30, 2013, NuStar Energy has also provided $2.2 million in letters of credit on behalf of Asphalt JV. In the event that NuStar Energy must fund its obligation under these guarantees or letters of credit, that amount will be added to borrowings under the NuStar JV Facility, but it will not reduce the availability under the NuStar JV Facility. | ||||||||||||||||
Crude Oil Supply Agreement. We entered into a crude oil supply agreement with Asphalt JV (the Asphalt JV Crude Oil Supply Agreement) that commits Asphalt JV to purchase from us in a given year the lesser of (i) the number of barrels of crude oil required to be purchased by us from PDVSA under the CSA for such year or (ii) 35,000 barrels per day of crude oil multiplied by the number of days in such year. As a result of the termination of the CSA, the Asphalt JV Crude Oil Supply Agreement will also terminate effective January 1, 2014. See Note 5. Commitments and Contingencies for additional discussion of the CSA. As of September 30, 2013 and December 31, 2012, we had a receivable from Asphalt JV of $26.5 million and $109.4 million, respectively, mainly associated with crude oil sales under the Asphalt JV Crude Oil Supply Agreement. | ||||||||||||||||
Variable Interest Entity. We determined the equity of Asphalt JV is not sufficient to finance its activities without additional subordinated support, including support provided by us as described above. Therefore, we determined Asphalt JV is a variable interest entity (VIE). We analyzed our relationship with Asphalt JV, including our representation on the board of members, our equity interests and our rights under the various agreements with Asphalt JV and determined that we do not have the power to direct the activities most significant to the economic performance of Asphalt JV. As a result, we are not the primary beneficiary of Asphalt JV, and we report our 50% ownership in Asphalt JV using the equity method of accounting. Therefore, we have presented our investment in Asphalt JV within “Investment in joint ventures” on the consolidated balance sheets as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
As of September 30, 2013, our maximum exposure to loss as a result of our involvement with Asphalt JV is approximately $431.0 million, which consists of: (i) our investment in Asphalt JV of $4.5 million; (ii) up to $250.0 million under the NuStar JV Facility; (iii) up to $150.0 million for credit support, including guarantees; and (iv) a receivable from Asphalt JV of $26.5 million. | ||||||||||||||||
Services Agreement Between Asphalt JV and NuStar GP, LLC. In conjunction with the Asphalt Sale, NuStar GP, LLC entered into a services agreement with Asphalt JV, effective September 28, 2012 (the Asphalt JV Services Agreement). The Asphalt JV Services Agreement provides that NuStar GP, LLC will furnish certain administrative and other operating services necessary to conduct the business of Asphalt JV. Asphalt JV will compensate NuStar GP, LLC for these services through an annual fee totaling $10.0 million, subject to adjustment based on the annual merit increase percentage applicable to NuStar GP, LLC employees for the most recently completed contract year. The Asphalt JV Services Agreement will terminate on December 31, 2017 and will automatically renew for successive two-year terms. Asphalt JV may terminate the Asphalt JV Services Agreement at any time, with 180 days prior written notice or reduce the level of service with 45 days prior written notice. During the nine months ended September 30, 2013, Asphalt JV provided written notice to reduce the level of services that NuStar GP, LLC provides to Asphalt JV, which is currently at 63% of the original service level. |
PARTNERS_EQUITY
PARTNERS' EQUITY | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||||||||||
PARTNERS' EQUITY | ' | |||||||||||||||||||||||
PARTNERS’ EQUITY | ||||||||||||||||||||||||
Partners’ Equity Activity | ||||||||||||||||||||||||
The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 2,429,132 | $ | 11,134 | $ | 2,440,266 | $ | 2,408,269 | $ | 12,848 | $ | 2,421,117 | ||||||||||||
Net income (loss) | 33,397 | (161 | ) | 33,236 | 4,389 | (47 | ) | 4,342 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | 4,469 | (568 | ) | 3,901 | 6,608 | 113 | 6,721 | |||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss | — | — | — | (24,454 | ) | — | (24,454 | ) | ||||||||||||||||
on cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 1,653 | — | 1,653 | 645 | — | 645 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Net loss on cash flow | — | — | — | 8,728 | — | 8,728 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into income (loss) from | ||||||||||||||||||||||||
discontinued operations | ||||||||||||||||||||||||
Total other comprehensive | 6,122 | (568 | ) | 5,554 | (8,473 | ) | 113 | (8,360 | ) | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (98,051 | ) | — | (98,051 | ) | (89,076 | ) | — | (89,076 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Issuance of common units, | — | — | — | 344,076 | — | 344,076 | ||||||||||||||||||
including contribution | ||||||||||||||||||||||||
from general partner | ||||||||||||||||||||||||
Other | (26 | ) | — | (26 | ) | — | — | — | ||||||||||||||||
Ending balance | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | $ | 2,659,185 | $ | 12,914 | $ | 2,672,099 | ||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 2,572,384 | $ | 12,611 | $ | 2,584,995 | $ | 2,852,201 | $ | 12,134 | $ | 2,864,335 | ||||||||||||
Net income (loss) | 91,048 | (439 | ) | 90,609 | (215,997 | ) | (217 | ) | (216,214 | ) | ||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (10,628 | ) | (1,767 | ) | (12,395 | ) | 10,704 | 997 | 11,701 | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized gain (loss) | 7,213 | — | 7,213 | (90,565 | ) | — | (90,565 | ) | ||||||||||||||||
on cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 4,615 | — | 4,615 | 1,697 | — | 1,697 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Net loss on cash flow | — | — | — | 24,590 | — | 24,590 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into income (loss) from | ||||||||||||||||||||||||
discontinued operations | ||||||||||||||||||||||||
Total other comprehensive | 1,200 | (1,767 | ) | (567 | ) | (53,574 | ) | 997 | (52,577 | ) | ||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (294,153 | ) | — | (294,153 | ) | (267,228 | ) | — | (267,228 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Issuance of common units, | — | — | — | 344,076 | — | 344,076 | ||||||||||||||||||
including contribution | ||||||||||||||||||||||||
from general partner | ||||||||||||||||||||||||
Other | 95 | — | 95 | (293 | ) | — | (293 | ) | ||||||||||||||||
Ending balance | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | $ | 2,659,185 | $ | 12,914 | $ | 2,672,099 | ||||||||||||
Allocations of Net Income | ||||||||||||||||||||||||
Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders and the general partner will receive. The partnership agreement also contains provisions for the allocation of net income and loss to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interests. Normal allocations according to percentage interests are made after giving effect to priority income allocations, if any, in an amount equal to incentive cash distributions allocated 100% to the general partner. The following table details the calculation of net income applicable to the general partner: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | 33,397 | $ | 4,389 | $ | 91,048 | $ | (215,997 | ) | |||||||||||||||
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Net income (loss) after general partner | 22,592 | (6,416 | ) | 58,633 | (246,434 | ) | ||||||||||||||||||
incentive distribution | ||||||||||||||||||||||||
General partner interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
General partner allocation of net income (loss) after | 452 | (128 | ) | 1,174 | (4,928 | ) | ||||||||||||||||||
general partner incentive distribution | ||||||||||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Net income applicable to general partner | $ | 11,257 | $ | 10,677 | $ | 33,589 | $ | 25,509 | ||||||||||||||||
Cash Distributions | ||||||||||||||||||||||||
The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,525 | ||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||||||||||
Limited partners’ distribution | 85,285 | 85,285 | 255,855 | 240,241 | ||||||||||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 276,203 | ||||||||||||||||
Cash distributions per unit applicable | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||||||||||
to limited partners | ||||||||||||||||||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||||||||||
September 30, 2013 (a) | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | ||||||||||||||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | ||||||||||||||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | ||||||||||||||||||
31-Dec-12 | $ | 1.095 | $ | 98,051 | February 11, 2013 | February 14, 2013 | ||||||||||||||||||
(a) | The distribution was announced on October 31, 2013. |
NET_INCOME_PER_UNIT
NET INCOME PER UNIT | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
NET INCOME PER UNIT | ' | |||||||||||||||
NET INCOME (LOSS) PER UNIT | ||||||||||||||||
We have identified the general partner interest and incentive distribution rights (IDR) as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same because we have no potentially dilutive securities outstanding. | ||||||||||||||||
The following table details the calculation of earnings (loss) per unit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Unit and Per Unit Data) | ||||||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | 33,397 | $ | 4,389 | $ | 91,048 | $ | (215,997 | ) | |||||||
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 240,241 | ||||||||||||
Distributions in excess of earnings | $ | (64,654 | ) | $ | (93,662 | ) | $ | (203,105 | ) | $ | (492,200 | ) | ||||
General partner earnings: | ||||||||||||||||
Distributions | $ | 12,766 | $ | 12,766 | $ | 38,298 | $ | 35,962 | ||||||||
Allocation of distributions in excess of earnings (2%) | (1,293 | ) | (1,874 | ) | (4,061 | ) | (9,846 | ) | ||||||||
Total | $ | 11,473 | $ | 10,892 | $ | 34,237 | $ | 26,116 | ||||||||
Limited partner earnings: | ||||||||||||||||
Distributions | $ | 85,285 | $ | 85,285 | $ | 255,855 | $ | 240,241 | ||||||||
Allocation of distributions in excess of earnings (98%) | (63,361 | ) | (91,788 | ) | (199,044 | ) | (482,354 | ) | ||||||||
Total | $ | 21,924 | $ | (6,503 | ) | $ | 56,811 | $ | (242,113 | ) | ||||||
Weighted-average limited partner units outstanding | 77,886,078 | 72,383,578 | 77,886,078 | 71,302,538 | ||||||||||||
Net income (loss) per unit applicable to limited partners | $ | 0.28 | $ | (0.09 | ) | $ | 0.73 | $ | (3.40 | ) | ||||||
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Statement of Cash Flows [Abstract] | ' | |||||||
STATEMENTS OF CASH FLOWS | ' | |||||||
STATEMENTS OF CASH FLOWS | ||||||||
Changes in current assets and current liabilities were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Accounts receivable | $ | 145,803 | $ | 95,213 | ||||
Receivable from related parties | 83,265 | (3,149 | ) | |||||
Inventories | 47,145 | 60,878 | ||||||
Income tax receivable | 1,204 | 3,190 | ||||||
Other current assets | 24,026 | (17,571 | ) | |||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (176,161 | ) | (11,854 | ) | ||||
Payable to related party | 18,180 | 6,976 | ||||||
Accrued interest payable | 2,643 | (5,867 | ) | |||||
Accrued liabilities | (33,618 | ) | (21,253 | ) | ||||
Taxes other than income tax | 3,144 | 2,662 | ||||||
Income tax payable | 1,207 | (475 | ) | |||||
Changes in current assets and current liabilities | $ | 116,838 | $ | 108,750 | ||||
The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable balance sheets due to current assets and current liabilities disposed of during the period and the effect of foreign currency translation. | ||||||||
Cash flows related to interest and income taxes were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 88,529 | $ | 85,583 | ||||
Cash paid for income taxes, net of tax refunds received | $ | 8,183 | $ | 18,308 | ||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
Our reportable business segments consist of storage, pipeline (formerly known as the transportation segment), and fuels marketing. In 2013, we renamed the “Asphalt and Fuels Marketing Segment” the “Fuels Marketing Segment” since this name more accurately reflects the operations that remain after our deconsolidation of Asphalt JV in 2012 and the San Antonio Refinery Sale. | ||||||||||||||||
Our segments represent strategic business units that offer different services and products. We evaluate the performance of each segment based on its respective operating income, before general and administrative expenses and certain non-segmental depreciation and amortization expense. General and administrative expenses are not allocated to the operating segments since those expenses relate primarily to the overall management at the entity level. Our principal operations include terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and fuels marketing. Intersegment revenues result from storage and throughput agreements with wholly owned subsidiaries of NuStar Energy at lease rates consistent with rates charged to third parties for storage and at pipeline tariff rates based upon the applicable published tariff. Related party revenues mainly result from storage agreements with our joint ventures and the noncontrolling shareholder of our Turkey subsidiary. | ||||||||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues: | ||||||||||||||||
Storage: | ||||||||||||||||
Third parties | $ | 131,207 | $ | 128,538 | $ | 396,086 | $ | 389,412 | ||||||||
Intersegment | 6,933 | 19,679 | 26,326 | 55,542 | ||||||||||||
Related party | 2,376 | 713 | 7,538 | 2,198 | ||||||||||||
Total storage | 140,516 | 148,930 | 429,950 | 447,152 | ||||||||||||
Pipeline | 111,508 | 92,570 | 301,761 | 244,938 | ||||||||||||
Fuels marketing: | ||||||||||||||||
Third parties | 534,919 | 1,371,935 | 1,969,886 | 4,334,361 | ||||||||||||
Related party | — | — | 8,645 | — | ||||||||||||
Total fuels marketing | 534,919 | 1,371,935 | 1,978,531 | 4,334,361 | ||||||||||||
Consolidation and intersegment eliminations | (6,933 | ) | (19,679 | ) | (26,326 | ) | (55,542 | ) | ||||||||
Total revenues | $ | 780,010 | $ | 1,593,756 | $ | 2,683,916 | $ | 4,970,909 | ||||||||
Operating income: | ||||||||||||||||
Storage | $ | 38,217 | $ | 50,422 | $ | 131,132 | $ | 160,696 | ||||||||
Pipeline | 58,018 | 41,864 | 149,126 | 110,640 | ||||||||||||
Fuels marketing | (9,079 | ) | (6,517 | ) | (7,240 | ) | (302,783 | ) | ||||||||
Consolidation and intersegment eliminations | 80 | 175 | (33 | ) | 213 | |||||||||||
Total segment operating income (loss) | 87,236 | 85,944 | 272,985 | (31,234 | ) | |||||||||||
General and administrative expenses | 18,831 | 24,953 | 65,978 | 75,254 | ||||||||||||
Other depreciation and amortization expense | 2,531 | 1,639 | 7,628 | 5,492 | ||||||||||||
Other asset impairment loss | — | — | — | 3,295 | ||||||||||||
Gain on legal settlement | — | — | — | (28,738 | ) | |||||||||||
Total operating income (loss) | $ | 65,874 | $ | 59,352 | $ | 199,379 | $ | (86,537 | ) | |||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Storage | $ | 2,675,227 | $ | 2,627,946 | ||||||||||||
Pipeline | 1,769,036 | 1,720,711 | ||||||||||||||
Fuels marketing | 517,540 | 885,661 | ||||||||||||||
Total segment assets | 4,961,803 | 5,234,318 | ||||||||||||||
Other partnership assets | 280,857 | 378,771 | ||||||||||||||
Total consolidated assets | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||||||
NuStar Energy has no operations and its assets consist mainly of its investments in NuStar Logistics and NuPOP, both wholly owned subsidiaries. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
Receivables, net | — | 48,527 | 11,331 | 194,930 | 13,944 | 268,732 | ||||||||||||||||||
Inventories | — | 2,055 | 10,552 | 110,454 | (63 | ) | 122,998 | |||||||||||||||||
Income tax receivable | — | — | — | 25 | — | 25 | ||||||||||||||||||
Other current assets | 22 | 21,896 | 1,577 | 17,693 | — | 41,188 | ||||||||||||||||||
Assets held for sale | — | 2,847 | — | — | — | 2,847 | ||||||||||||||||||
Intercompany receivable | — | 324,347 | 387,731 | — | (712,078 | ) | — | |||||||||||||||||
Total current assets | 308 | 399,681 | 411,191 | 347,326 | (698,197 | ) | 460,309 | |||||||||||||||||
Property, plant and equipment, net | — | 1,539,777 | 575,143 | 1,246,930 | — | 3,361,850 | ||||||||||||||||||
Intangible assets, net | — | 17,428 | — | 64,282 | — | 81,710 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 630,858 | — | 950,963 | ||||||||||||||||||
Investment in wholly owned | 2,931,570 | 177,736 | 1,229,345 | 2,392,178 | (6,730,829 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 4,453 | — | 66,359 | — | 70,812 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 5,088 | — | 5,088 | ||||||||||||||||||
Note receivable from related party | — | 146,472 | — | — | — | 146,472 | ||||||||||||||||||
Other long-term assets, net | 490 | 123,982 | 26,331 | 14,653 | — | 165,456 | ||||||||||||||||||
Total assets | $ | 2,932,368 | $ | 2,558,982 | $ | 2,412,662 | $ | 4,767,674 | $ | (7,429,026 | ) | $ | 5,242,660 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | — | $ | — | $ | 33,982 | $ | — | $ | 33,982 | ||||||||||||
Payables | — | 62,791 | 10,704 | 154,510 | 13,944 | 241,949 | ||||||||||||||||||
Accrued interest payable | — | 26,380 | — | 4 | — | 26,384 | ||||||||||||||||||
Accrued liabilities | 750 | 14,300 | 5,558 | 16,836 | — | 37,444 | ||||||||||||||||||
Taxes other than income tax | 63 | 6,526 | 3,780 | 2,697 | — | 13,066 | ||||||||||||||||||
Income tax payable | — | 358 | 3 | 3,517 | — | 3,878 | ||||||||||||||||||
Intercompany payable | 503,316 | — | — | 208,762 | (712,078 | ) | — | |||||||||||||||||
Total current liabilities | 504,129 | 110,355 | 20,045 | 420,308 | (698,134 | ) | 356,703 | |||||||||||||||||
Long-term debt, less current portion | — | 2,439,696 | — | — | — | 2,439,696 | ||||||||||||||||||
Long-term payable to related party | — | 24,195 | — | 5,442 | — | 29,637 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 29,455 | — | 29,455 | ||||||||||||||||||
Other long-term liabilities | — | 843 | 404 | 4,943 | — | 6,190 | ||||||||||||||||||
Total partners’ equity | 2,428,239 | (16,107 | ) | 2,392,213 | 4,307,526 | (6,730,892 | ) | 2,380,979 | ||||||||||||||||
Total liabilities and | $ | 2,932,368 | $ | 2,558,982 | $ | 2,412,662 | $ | 4,767,674 | $ | (7,429,026 | ) | $ | 5,242,660 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
Receivables, net | — | 157,452 | 10,561 | 340,144 | (10,381 | ) | 497,776 | |||||||||||||||||
Inventories | — | 2,320 | 5,590 | 165,349 | (31 | ) | 173,228 | |||||||||||||||||
Income tax receivable | — | — | — | 1,265 | — | 1,265 | ||||||||||||||||||
Other current assets | — | 26,353 | 1,468 | 37,417 | — | 65,238 | ||||||||||||||||||
Assets held for sale | — | 35,337 | — | 82,997 | — | 118,334 | ||||||||||||||||||
Intercompany receivable | — | 353,384 | 599,599 | — | (952,983 | ) | — | |||||||||||||||||
Total current assets | 7,033 | 575,958 | 617,218 | 702,629 | (963,395 | ) | 939,443 | |||||||||||||||||
Property, plant and equipment, net | — | 1,423,991 | 582,299 | 1,232,170 | — | 3,238,460 | ||||||||||||||||||
Intangible assets, net | — | 18,733 | — | 73,702 | — | 92,435 | ||||||||||||||||||
Goodwill | — | 145,990 | 170,652 | 634,382 | — | 951,024 | ||||||||||||||||||
Investment in wholly owned | 3,133,097 | 161,957 | 1,208,595 | 2,329,595 | (6,833,244 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 35,883 | — | 67,062 | — | 102,945 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 3,108 | — | 3,108 | ||||||||||||||||||
Note receivable from related party | — | 95,711 | — | — | — | 95,711 | ||||||||||||||||||
Other long-term assets, net | 490 | 148,384 | 26,330 | 14,759 | — | 189,963 | ||||||||||||||||||
Total assets | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,313 | $ | 250,967 | $ | 34,142 | $ | — | $ | 286,422 | ||||||||||||
Payables | 15 | 122,706 | 12,657 | 274,044 | (10,381 | ) | 399,041 | |||||||||||||||||
Accrued interest payable | — | 22,512 | 1,224 | 5 | — | 23,741 | ||||||||||||||||||
Accrued liabilities | 862 | 76,322 | 7,542 | 39,477 | — | 124,203 | ||||||||||||||||||
Taxes other than income tax | 129 | 5,671 | 2,830 | 1,263 | — | 9,893 | ||||||||||||||||||
Income tax payable | — | 247 | — | 2,424 | — | 2,671 | ||||||||||||||||||
Intercompany payable | 508,365 | — | — | 444,618 | (952,983 | ) | — | |||||||||||||||||
Total current liabilities | 509,371 | 228,771 | 275,220 | 795,973 | (963,364 | ) | 845,971 | |||||||||||||||||
Long-term debt, less current portion | — | 2,124,582 | — | — | — | 2,124,582 | ||||||||||||||||||
Long-term payable to related party | — | 12,629 | — | 5,442 | — | 18,071 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 32,114 | — | 32,114 | ||||||||||||||||||
Other long-term liabilities | — | 2,701 | 279 | 4,376 | — | 7,356 | ||||||||||||||||||
Total partners’ equity | 2,631,249 | 237,924 | 2,329,595 | 4,219,502 | (6,833,275 | ) | 2,584,995 | |||||||||||||||||
Total liabilities and | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 107,066 | $ | 50,669 | $ | 631,026 | $ | (8,751 | ) | $ | 780,010 | |||||||||||
Costs and expenses | 507 | 67,005 | 32,274 | 623,181 | (8,831 | ) | 714,136 | |||||||||||||||||
Operating (loss) income | (507 | ) | 40,061 | 18,395 | 7,845 | 80 | 65,874 | |||||||||||||||||
Equity in earnings of subsidiaries | 33,904 | 8,136 | 4,992 | 23,449 | (70,481 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (8,202 | ) | — | 2,844 | — | (5,358 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (29,451 | ) | 76 | 125 | — | (29,250 | ) | ||||||||||||||||
Other income, net | — | — | 8 | 1,399 | — | 1,407 | ||||||||||||||||||
Income from continuing | 33,397 | 10,544 | 23,471 | 35,662 | (70,401 | ) | 32,673 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 146 | 1 | (710 | ) | — | (563 | ) | ||||||||||||||||
Income from continuing | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Income from discontinued | — | — | — | — | — | — | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
Less net loss attributable to | — | — | — | (161 | ) | — | (161 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 33,397 | $ | 10,398 | $ | 23,470 | $ | 36,533 | $ | (70,401 | ) | $ | 33,397 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 39,578 | $ | (70,401 | ) | $ | 38,790 | |||||||||||
Less comprehensive loss | — | — | — | (729 | ) | — | (729 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 40,307 | $ | (70,401 | ) | $ | 39,519 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 97,369 | $ | 48,486 | $ | 1,455,625 | $ | (7,724 | ) | $ | 1,593,756 | |||||||||||
Costs and expenses | 460 | 57,573 | 36,977 | 1,447,320 | (7,926 | ) | 1,534,404 | |||||||||||||||||
Operating (loss) income | (460 | ) | 39,796 | 11,509 | 8,305 | 202 | 59,352 | |||||||||||||||||
Equity in earnings (loss) of | 4,849 | (13,291 | ) | 13,862 | 24,246 | (29,666 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (3,304 | ) | — | 2,353 | — | (951 | ) | ||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest expense, net | — | (20,804 | ) | (2,800 | ) | (290 | ) | — | (23,894 | ) | ||||||||||||||
Other (expense) income, net | — | (21,491 | ) | 1,678 | (130 | ) | — | (19,943 | ) | |||||||||||||||
Income (loss) from continuing | 4,389 | (19,094 | ) | 24,249 | 34,484 | (29,464 | ) | 14,564 | ||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 97 | 1 | 501 | — | 599 | ||||||||||||||||||
Income (loss) from continuing | 4,389 | (19,191 | ) | 24,248 | 33,983 | (29,464 | ) | 13,965 | ||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued operations, | — | (241 | ) | — | (9,185 | ) | (197 | ) | (9,623 | ) | ||||||||||||||
net of tax | ||||||||||||||||||||||||
Net income (loss) | 4,389 | (19,432 | ) | 24,248 | 24,798 | (29,661 | ) | 4,342 | ||||||||||||||||
Less net loss attributable to | — | — | — | (47 | ) | — | (47 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | 4,389 | $ | (19,432 | ) | $ | 24,248 | $ | 24,845 | $ | (29,661 | ) | $ | 4,389 | ||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,389 | $ | (22,612 | ) | $ | 24,248 | $ | 19,618 | $ | (29,661 | ) | $ | (4,018 | ) | |||||||||
Less comprehensive income | — | — | — | 66 | — | 66 | ||||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,389 | $ | (22,612 | ) | $ | 24,248 | $ | 19,552 | $ | (29,661 | ) | $ | (4,084 | ) | |||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 308,936 | $ | 151,189 | $ | 2,249,598 | $ | (25,807 | ) | $ | 2,683,916 | |||||||||||
Costs and expenses | 1,438 | 181,472 | 104,311 | 2,223,091 | (25,775 | ) | 2,484,537 | |||||||||||||||||
Operating (loss) income | (1,438 | ) | 127,464 | 46,878 | 26,507 | (32 | ) | 199,379 | ||||||||||||||||
Equity in earnings of subsidiaries | 92,486 | 15,779 | 20,750 | 62,614 | (191,629 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (31,713 | ) | — | 5,084 | — | (26,629 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense, net | — | (83,788 | ) | (4,941 | ) | (312 | ) | — | (89,041 | ) | ||||||||||||||
Other income (expense), net | — | 2,466 | (65 | ) | 1,577 | — | 3,978 | |||||||||||||||||
Income from continuing | 91,048 | 30,208 | 62,622 | 95,470 | (191,661 | ) | 87,687 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 420 | 4 | 5,723 | — | 6,147 | ||||||||||||||||||
Income from continuing | 91,048 | 29,788 | 62,618 | 89,747 | (191,661 | ) | 81,540 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Income from discontinued | — | 28 | — | 9,041 | — | 9,069 | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 91,048 | 29,816 | 62,618 | 98,788 | (191,661 | ) | 90,609 | |||||||||||||||||
Less net loss attributable to | — | — | — | (439 | ) | — | (439 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 91,048 | $ | 29,816 | $ | 62,618 | $ | 99,227 | $ | (191,661 | ) | $ | 91,048 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 84,731 | $ | (191,661 | ) | $ | 90,042 | |||||||||||
Less comprehensive loss | — | — | — | (2,206 | ) | — | (2,206 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 86,937 | $ | (191,661 | ) | $ | 92,248 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 260,414 | $ | 142,769 | $ | 4,589,035 | $ | (21,309 | ) | $ | 4,970,909 | |||||||||||
Costs and expenses | 1,280 | 154,333 | 103,673 | 4,819,766 | (21,606 | ) | 5,057,446 | |||||||||||||||||
Operating (loss) income | (1,280 | ) | 106,081 | 39,096 | (230,731 | ) | 297 | (86,537 | ) | |||||||||||||||
Equity in (loss) earnings of | (214,717 | ) | (342,197 | ) | 76,380 | 106,073 | 374,461 | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (3,304 | ) | — | 7,120 | — | 3,816 | |||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest expense, net | — | (57,621 | ) | (9,799 | ) | (698 | ) | — | (68,118 | ) | ||||||||||||||
Other (loss) income, net | — | (21,199 | ) | 1,751 | (1,944 | ) | — | (21,392 | ) | |||||||||||||||
(Loss) income from continuing | (215,997 | ) | (318,240 | ) | 107,428 | (120,180 | ) | 374,758 | (172,231 | ) | ||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 238 | 1,331 | 18,749 | — | 20,318 | ||||||||||||||||||
(Loss) income from continuing | (215,997 | ) | (318,478 | ) | 106,097 | (138,929 | ) | 374,758 | (192,549 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (2,154 | ) | — | (21,250 | ) | (261 | ) | (23,665 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (215,997 | ) | (320,632 | ) | 106,097 | (160,179 | ) | 374,497 | (216,214 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (217 | ) | — | (217 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (215,997 | ) | $ | (320,632 | ) | $ | 106,097 | $ | (159,962 | ) | $ | 374,497 | $ | (215,997 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (215,997 | ) | $ | (336,211 | ) | $ | 106,097 | $ | (197,177 | ) | $ | 374,497 | $ | (268,791 | ) | ||||||||
Less comprehensive income | — | — | — | 780 | — | 780 | ||||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (215,997 | ) | $ | (336,211 | ) | $ | 106,097 | $ | (197,957 | ) | $ | 374,497 | $ | (269,571 | ) | ||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 292,499 | $ | 159,157 | $ | 50,587 | $ | 170,479 | $ | (294,182 | ) | $ | 378,540 | |||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (181,580 | ) | (13,449 | ) | (65,672 | ) | — | (260,701 | ) | ||||||||||||||
Change in accounts payable | — | (5,419 | ) | 1,534 | 1,006 | — | (2,879 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 116,348 | 28 | 91 | — | 116,467 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (50,761 | ) | — | — | — | (50,761 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (141 | ) | — | — | — | 141 | — | |||||||||||||||||
Other, net | 141 | 15 | — | — | — | 156 | ||||||||||||||||||
Net cash (used in) provided by | — | (121,397 | ) | (11,887 | ) | (64,575 | ) | 141 | (197,718 | ) | ||||||||||||||
investing activities | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,299,220 | — | — | — | 1,299,220 | ||||||||||||||||||
Debt repayments | — | (1,647,182 | ) | (250,000 | ) | — | — | (1,897,182 | ) | |||||||||||||||
Note offering, net | — | 687,151 | — | — | — | 687,151 | ||||||||||||||||||
Distributions to unitholders | (294,153 | ) | (294,153 | ) | — | (29 | ) | 294,182 | (294,153 | ) | ||||||||||||||
and general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Net intercompany borrowings | (5,047 | ) | (53,557 | ) | 211,300 | (152,696 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (46 | ) | 3,355 | — | — | (141 | ) | 3,168 | ||||||||||||||||
Net cash (used in) provided by | (299,246 | ) | (38,863 | ) | (38,700 | ) | (152,725 | ) | 294,041 | (235,493 | ) | |||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | (4,412 | ) | — | (4,412 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net decrease in cash | (6,747 | ) | (1,103 | ) | — | (51,233 | ) | — | (59,083 | ) | ||||||||||||||
and cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 7,033 | 1,112 | — | 75,457 | — | 83,602 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 265,905 | $ | 91,736 | $ | 46,183 | $ | 142,700 | $ | (274,645 | ) | $ | 271,879 | |||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (237,408 | ) | (11,816 | ) | (71,554 | ) | — | (320,778 | ) | ||||||||||||||
Investment in other long-term | — | — | — | (2,364 | ) | — | (2,364 | ) | ||||||||||||||||
assets | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 436,426 | 4,531 | 30,866 | — | 471,823 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (170,711 | ) | — | — | — | (170,711 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (344,244 | ) | — | — | (34 | ) | 344,278 | — | ||||||||||||||||
Net cash (used in) provided by | (344,244 | ) | 28,307 | (7,285 | ) | (43,086 | ) | 344,278 | (22,030 | ) | ||||||||||||||
investing activities | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,877,048 | — | — | — | 1,877,048 | ||||||||||||||||||
Debt repayments | — | (2,109,058 | ) | (250,000 | ) | — | — | (2,359,058 | ) | |||||||||||||||
Note offering, net | — | 247,408 | — | — | — | 247,408 | ||||||||||||||||||
Issuance of common units, net of | 336,662 | — | — | — | — | 336,662 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 7,121 | — | — | — | — | 7,121 | ||||||||||||||||||
Distributions to unitholders and | (267,228 | ) | (267,228 | ) | — | (7,426 | ) | 274,654 | (267,228 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (5,678 | ) | — | — | — | (5,678 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 344,244 | — | 34 | (344,278 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | 9,059 | (206,846 | ) | 211,102 | (13,306 | ) | (9 | ) | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (133 | ) | 496 | — | — | — | 363 | |||||||||||||||||
Net cash provided by (used in) | 85,481 | (119,614 | ) | (38,898 | ) | (20,698 | ) | (69,633 | ) | (163,362 | ) | |||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | (431 | ) | — | 3,903 | — | 3,472 | |||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash and | 7,142 | (2 | ) | — | 82,819 | — | 89,959 | |||||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 139 | 14 | — | 17,344 | — | 17,497 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 7,281 | $ | 12 | $ | — | $ | 100,163 | $ | — | $ | 107,456 | ||||||||||||
end of the period | ||||||||||||||||||||||||
DISPOSITIONS_Tables
DISPOSITIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of results from discontinued operations [Table Text Block] | ' | |||||||||||||||
The following table summarizes the results from discontinued operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | — | $ | 151,010 | $ | 185 | $ | 411,454 | ||||||||
Income (loss) before income tax expense | $ | — | $ | (9,600 | ) | $ | 9,069 | $ | (23,629 | ) | ||||||
Schedule of total assets and liabilities held for sale [Table Text Block] | ' | |||||||||||||||
The total assets and liabilities held for sale consisted of the following: | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Inventories | $ | 15,939 | ||||||||||||||
Property, plant and equipment, net | 93,899 | |||||||||||||||
Other long-term assets, net | 5,650 | |||||||||||||||
Assets held for sale | $ | 115,488 | ||||||||||||||
Accrued liabilities (environmental reserve) | $ | 289 | ||||||||||||||
Other long-term liabilities (environmental reserve) | 7,621 | |||||||||||||||
Liabilities held for sale | $ | 7,910 | ||||||||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory Table [Text Block] | ' | |||||||
Inventories consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Crude oil | $ | 8,112 | $ | 447 | ||||
Finished products | 106,997 | 164,894 | ||||||
Materials and supplies | 7,889 | 7,887 | ||||||
Total | $ | 122,998 | $ | 173,228 | ||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||
The following assets and liabilities are measured at fair value: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 970 | $ | — | $ | — | $ | 970 | ||||||||
Commodity derivatives | 202 | 4,200 | — | 4,402 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 6,575 | — | 6,575 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,476 | ) | — | — | (1,476 | ) | ||||||||||
Commodity derivatives | — | (5,006 | ) | — | (5,006 | ) | ||||||||||
Contingent consideration | — | — | (2,818 | ) | (2,818 | ) | ||||||||||
Other long-term liabilities: | ||||||||||||||||
Commodity derivatives | — | (208 | ) | — | (208 | ) | ||||||||||
Total | $ | (304 | ) | $ | 5,561 | $ | (2,818 | ) | $ | 2,439 | ||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Other current assets: | ||||||||||||||||
Product imbalances | $ | 1,232 | $ | — | $ | — | $ | 1,232 | ||||||||
Commodity derivatives | 1,001 | 8,357 | — | 9,358 | ||||||||||||
Other long-term assets, net: | ||||||||||||||||
Commodity derivatives | — | 9,206 | — | 9,206 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Product imbalances | (1,686 | ) | — | — | (1,686 | ) | ||||||||||
Commodity derivatives | — | (19,210 | ) | — | (19,210 | ) | ||||||||||
Interest rate swaps | — | (40,911 | ) | — | (40,911 | ) | ||||||||||
Contingent consideration | — | — | (9,600 | ) | (9,600 | ) | ||||||||||
Total | $ | 547 | $ | (42,558 | ) | $ | (9,600 | ) | $ | (51,611 | ) | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table summarizes the activity in our Level 3 liabilities for contingent consideration: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Beginning balance | $ | 9,600 | ||||||||||||||
Amounts settled | (1,114 | ) | ||||||||||||||
Changes in fair value recorded in earnings: | ||||||||||||||||
Operating expenses | (6,500 | ) | ||||||||||||||
Interest expense, net | 832 | |||||||||||||||
Ending balance | $ | 2,818 | ||||||||||||||
Fair Value and Carrying Value of Debt and Note Receivable [Table Text Block] | ' | |||||||||||||||
The estimated fair value and carrying amounts of the note receivable from related party and debt were as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Debt | $ | 2,429,001 | $ | 2,473,678 | $ | 2,377,120 | $ | 2,411,004 | ||||||||
Note receivable from related party | $ | 109,505 | $ | 146,472 | $ | 91,705 | $ | 95,711 | ||||||||
DERIVATIVES_AND_RISK_MANAGEMEN1
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||
The fair values of our derivative instruments included in our consolidated balance sheets were as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet Location | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||||||||||
2013 | 2013 | |||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Derivatives Designated as | ||||||||||||||||||
Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | $ | 412 | $ | 1,471 | $ | — | $ | (811 | ) | ||||||||
Interest rate swaps | Accrued liabilities | — | — | — | (40,911 | ) | ||||||||||||
Total | 412 | 1,471 | — | (41,722 | ) | |||||||||||||
Derivatives Not Designated | ||||||||||||||||||
as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | Other current assets | 19,120 | 22,269 | (15,130 | ) | (13,571 | ) | |||||||||||
Commodity contracts | Other long-term assets, net | 18,034 | 39,322 | (11,459 | ) | (30,116 | ) | |||||||||||
Commodity contracts | Accrued liabilities | 7,199 | 17,406 | (12,205 | ) | (36,616 | ) | |||||||||||
Commodity contracts | Other long-term liabilities | 7,165 | — | (7,373 | ) | — | ||||||||||||
Total | 51,518 | 78,997 | (46,167 | ) | (80,303 | ) | ||||||||||||
Total Derivatives | $ | 51,930 | $ | 80,468 | $ | (46,167 | ) | $ | (122,025 | ) | ||||||||
Derivatives Assets And Liabilities Eligible for Offset Net [Table Text Block] | ' | |||||||||||||||||
The following are the net amounts presented on the consolidated balance sheets: | ||||||||||||||||||
Commodity Contracts | September 30, | 31-Dec-12 | ||||||||||||||||
2013 | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Net amounts of assets presented in the consolidated balance sheets | $ | 10,977 | $ | 18,564 | ||||||||||||||
Net amounts of liabilities presented in the consolidated balance sheets | $ | (5,214 | ) | $ | (19,210 | ) | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | ' | |||||||||||||||||
The earnings impact of our derivative activity was as follows: | ||||||||||||||||||
Derivatives Designated as Fair Value Hedging Instruments | Income Statement | Amount of Gain | Amount of Gain | Amount of Gain | ||||||||||||||
Location | (Loss) Recognized | (Loss) | (Loss) Recognized | |||||||||||||||
in Income on | Recognized in | in Income on | ||||||||||||||||
Derivative | Income on | Derivative | ||||||||||||||||
(Effective Portion) | Hedged Item | (Ineffective Portion) | ||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (3,853 | ) | $ | 4,184 | $ | 331 | ||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (23,131 | ) | $ | 22,505 | $ | (626 | ) | |||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | 4,059 | $ | (6,298 | ) | $ | (2,239 | ) | |||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | (17,345 | ) | $ | 17,345 | $ | — | ||||||||||
Commodity contracts | Cost of product sales | (20,496 | ) | 19,058 | (1,438 | ) | ||||||||||||
Total | $ | (37,841 | ) | $ | 36,403 | $ | (1,438 | ) | ||||||||||
Derivatives Designated as Cash Flow Hedging Instruments | Amount of Gain | Income Statement | Amount of Gain | Amount of Gain | ||||||||||||||
(Loss) Recognized | Location (a) | (Loss) Reclassified | (Loss) Recognized | |||||||||||||||
in OCI | from | in Income on | ||||||||||||||||
on Derivative | Accumulated OCI | Derivative | ||||||||||||||||
(Effective Portion) | into Income | (Ineffective | ||||||||||||||||
(Effective Portion) | Portion) | |||||||||||||||||
(Thousands of Dollars) | (Thousands of Dollars) | |||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | — | Interest expense, net | $ | (1,653 | ) | $ | — | ||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (3,825 | ) | Interest expense, net | $ | (645 | ) | $ | — | |||||||||
Commodity contracts | (20,629 | ) | Income (loss) from discontinued operations | (8,728 | ) | 277 | ||||||||||||
Total | $ | (24,454 | ) | $ | (9,373 | ) | $ | 277 | ||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Interest rate swaps | $ | 7,213 | Interest expense, net | $ | (4,615 | ) | $ | — | ||||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Interest rate swaps | $ | (17,276 | ) | Interest expense, net | $ | (1,697 | ) | $ | — | |||||||||
Commodity contracts | (73,289 | ) | Income (loss) from discontinued operations | (24,590 | ) | 4,287 | ||||||||||||
Total | $ | (90,565 | ) | $ | (26,287 | ) | $ | 4,287 | ||||||||||
(a) | Amounts are included in specified location for both the gain (loss) reclassified from accumulated other comprehensive income (OCI) into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion). | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Income Statement Location | Amount of Gain (Loss) | ||||||||||||||||
Recognized in Income | ||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||
Three months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,941 | ) | ||||||||||||||
Three months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (710 | ) | ||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | (136 | ) | |||||||||||||||
Total | $ | (846 | ) | |||||||||||||||
Nine months ended September 30, 2013: | ||||||||||||||||||
Commodity contracts | Cost of product sales | $ | (4,492 | ) | ||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | (218 | ) | |||||||||||||||
Total | $ | (4,710 | ) | |||||||||||||||
Nine months ended September 30, 2012: | ||||||||||||||||||
Commodity contracts | Revenues | $ | (7,654 | ) | ||||||||||||||
Commodity contracts | Cost of product sales | 20,679 | ||||||||||||||||
Commodity contracts | Income (loss) from discontinued operations | 2,412 | ||||||||||||||||
Total | $ | 15,437 | ||||||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions [Text Block] | ' | |||||||||||||||
The following table summarizes information pertaining to related party transactions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues | $ | 2,376 | $ | 713 | $ | 16,183 | $ | 2,198 | ||||||||
Operating expenses | $ | 31,517 | $ | 36,872 | $ | 97,647 | $ | 108,636 | ||||||||
General and administrative expenses | $ | 10,495 | $ | 16,180 | $ | 41,807 | $ | 48,688 | ||||||||
Interest income | $ | 1,828 | $ | — | $ | 4,560 | $ | — | ||||||||
Expenses included in discontinued operations, net of tax | $ | — | $ | 2,161 | $ | 196 | $ | 6,451 | ||||||||
PARTNERS_EQUITY_Tables
PARTNERS' EQUITY (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||||||||||
Schedule of Changes in Partners' Equity | ' | |||||||||||||||||||||||
The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 2,429,132 | $ | 11,134 | $ | 2,440,266 | $ | 2,408,269 | $ | 12,848 | $ | 2,421,117 | ||||||||||||
Net income (loss) | 33,397 | (161 | ) | 33,236 | 4,389 | (47 | ) | 4,342 | ||||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | 4,469 | (568 | ) | 3,901 | 6,608 | 113 | 6,721 | |||||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized loss | — | — | — | (24,454 | ) | — | (24,454 | ) | ||||||||||||||||
on cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 1,653 | — | 1,653 | 645 | — | 645 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Net loss on cash flow | — | — | — | 8,728 | — | 8,728 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into income (loss) from | ||||||||||||||||||||||||
discontinued operations | ||||||||||||||||||||||||
Total other comprehensive | 6,122 | (568 | ) | 5,554 | (8,473 | ) | 113 | (8,360 | ) | |||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (98,051 | ) | — | (98,051 | ) | (89,076 | ) | — | (89,076 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Issuance of common units, | — | — | — | 344,076 | — | 344,076 | ||||||||||||||||||
including contribution | ||||||||||||||||||||||||
from general partner | ||||||||||||||||||||||||
Other | (26 | ) | — | (26 | ) | — | — | — | ||||||||||||||||
Ending balance | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | $ | 2,659,185 | $ | 12,914 | $ | 2,672,099 | ||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | NuStar Energy L.P. Partners’ Equity | Noncontrolling Interest | Total Partners’ | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Beginning balance | $ | 2,572,384 | $ | 12,611 | $ | 2,584,995 | $ | 2,852,201 | $ | 12,134 | $ | 2,864,335 | ||||||||||||
Net income (loss) | 91,048 | (439 | ) | 90,609 | (215,997 | ) | (217 | ) | (216,214 | ) | ||||||||||||||
Other comprehensive | ||||||||||||||||||||||||
income (loss): | ||||||||||||||||||||||||
Foreign currency translation | (10,628 | ) | (1,767 | ) | (12,395 | ) | 10,704 | 997 | 11,701 | |||||||||||||||
adjustment | ||||||||||||||||||||||||
Net unrealized gain (loss) | 7,213 | — | 7,213 | (90,565 | ) | — | (90,565 | ) | ||||||||||||||||
on cash flow hedges | ||||||||||||||||||||||||
Net loss on cash flow | 4,615 | — | 4,615 | 1,697 | — | 1,697 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into interest expense, net | ||||||||||||||||||||||||
Net loss on cash flow | — | — | — | 24,590 | — | 24,590 | ||||||||||||||||||
hedges reclassified | ||||||||||||||||||||||||
into income (loss) from | ||||||||||||||||||||||||
discontinued operations | ||||||||||||||||||||||||
Total other comprehensive | 1,200 | (1,767 | ) | (567 | ) | (53,574 | ) | 997 | (52,577 | ) | ||||||||||||||
income (loss) | ||||||||||||||||||||||||
Cash distributions to | (294,153 | ) | — | (294,153 | ) | (267,228 | ) | — | (267,228 | ) | ||||||||||||||
partners | ||||||||||||||||||||||||
Issuance of common units, | — | — | — | 344,076 | — | 344,076 | ||||||||||||||||||
including contribution | ||||||||||||||||||||||||
from general partner | ||||||||||||||||||||||||
Other | 95 | — | 95 | (293 | ) | — | (293 | ) | ||||||||||||||||
Ending balance | $ | 2,370,574 | $ | 10,405 | $ | 2,380,979 | $ | 2,659,185 | $ | 12,914 | $ | 2,672,099 | ||||||||||||
Schedule of Calculation of Net Income Applicable to General Partner [Text Block] | ' | |||||||||||||||||||||||
The following table details the calculation of net income applicable to the general partner: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | 33,397 | $ | 4,389 | $ | 91,048 | $ | (215,997 | ) | |||||||||||||||
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Net income (loss) after general partner | 22,592 | (6,416 | ) | 58,633 | (246,434 | ) | ||||||||||||||||||
incentive distribution | ||||||||||||||||||||||||
General partner interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
General partner allocation of net income (loss) after | 452 | (128 | ) | 1,174 | (4,928 | ) | ||||||||||||||||||
general partner incentive distribution | ||||||||||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Net income applicable to general partner | $ | 11,257 | $ | 10,677 | $ | 33,589 | $ | 25,509 | ||||||||||||||||
Schedule of Distributions To General and Limited Partners [Text Block] | ' | |||||||||||||||||||||||
The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(Thousands of Dollars, Except Per Unit Data) | ||||||||||||||||||||||||
General partner interest | $ | 1,961 | $ | 1,961 | $ | 5,883 | $ | 5,525 | ||||||||||||||||
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 | ||||||||||||||||||||
Total general partner distribution | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||||||||||
Limited partners’ distribution | 85,285 | 85,285 | 255,855 | 240,241 | ||||||||||||||||||||
Total cash distributions | $ | 98,051 | $ | 98,051 | $ | 294,153 | $ | 276,203 | ||||||||||||||||
Cash distributions per unit applicable | $ | 1.095 | $ | 1.095 | $ | 3.285 | $ | 3.285 | ||||||||||||||||
to limited partners | ||||||||||||||||||||||||
Distributions Made to Limited and General Partners, by Distribution [Table Text Block] | ' | |||||||||||||||||||||||
The following table summarizes information related to our quarterly cash distributions: | ||||||||||||||||||||||||
Quarter Ended | Cash Distributions Per Unit | Total Cash Distributions (Thousands of Dollars) | Record Date | Payment Date | ||||||||||||||||||||
September 30, 2013 (a) | $ | 1.095 | $ | 98,051 | November 11, 2013 | November 14, 2013 | ||||||||||||||||||
30-Jun-13 | $ | 1.095 | $ | 98,051 | August 5, 2013 | August 9, 2013 | ||||||||||||||||||
31-Mar-13 | $ | 1.095 | $ | 98,051 | May 6, 2013 | May 10, 2013 | ||||||||||||||||||
31-Dec-12 | $ | 1.095 | $ | 98,051 | February 11, 2013 | February 14, 2013 | ||||||||||||||||||
(a) | The distribution was announced on October 31, 2013. |
NET_INCOME_PER_UNIT_Tables
NET INCOME PER UNIT (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Net Income Per Unit [Text Block] | ' | |||||||||||||||
The following table details the calculation of earnings (loss) per unit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars, Except Unit and Per Unit Data) | ||||||||||||||||
Net income (loss) attributable to NuStar Energy L.P. | $ | 33,397 | $ | 4,389 | $ | 91,048 | $ | (215,997 | ) | |||||||
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 35,962 | ||||||||||||
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 240,241 | ||||||||||||
Distributions in excess of earnings | $ | (64,654 | ) | $ | (93,662 | ) | $ | (203,105 | ) | $ | (492,200 | ) | ||||
General partner earnings: | ||||||||||||||||
Distributions | $ | 12,766 | $ | 12,766 | $ | 38,298 | $ | 35,962 | ||||||||
Allocation of distributions in excess of earnings (2%) | (1,293 | ) | (1,874 | ) | (4,061 | ) | (9,846 | ) | ||||||||
Total | $ | 11,473 | $ | 10,892 | $ | 34,237 | $ | 26,116 | ||||||||
Limited partner earnings: | ||||||||||||||||
Distributions | $ | 85,285 | $ | 85,285 | $ | 255,855 | $ | 240,241 | ||||||||
Allocation of distributions in excess of earnings (98%) | (63,361 | ) | (91,788 | ) | (199,044 | ) | (482,354 | ) | ||||||||
Total | $ | 21,924 | $ | (6,503 | ) | $ | 56,811 | $ | (242,113 | ) | ||||||
Weighted-average limited partner units outstanding | 77,886,078 | 72,383,578 | 77,886,078 | 71,302,538 | ||||||||||||
Net income (loss) per unit applicable to limited partners | $ | 0.28 | $ | (0.09 | ) | $ | 0.73 | $ | (3.40 | ) | ||||||
STATEMENTS_OF_CASH_FLOWS_Table
STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Statement of Cash Flows [Abstract] | ' | |||||||
Schedule of Changes in Current Assets and Liabilities [Text Block] | ' | |||||||
Changes in current assets and current liabilities were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Decrease (increase) in current assets: | ||||||||
Accounts receivable | $ | 145,803 | $ | 95,213 | ||||
Receivable from related parties | 83,265 | (3,149 | ) | |||||
Inventories | 47,145 | 60,878 | ||||||
Income tax receivable | 1,204 | 3,190 | ||||||
Other current assets | 24,026 | (17,571 | ) | |||||
Increase (decrease) in current liabilities: | ||||||||
Accounts payable | (176,161 | ) | (11,854 | ) | ||||
Payable to related party | 18,180 | 6,976 | ||||||
Accrued interest payable | 2,643 | (5,867 | ) | |||||
Accrued liabilities | (33,618 | ) | (21,253 | ) | ||||
Taxes other than income tax | 3,144 | 2,662 | ||||||
Income tax payable | 1,207 | (475 | ) | |||||
Changes in current assets and current liabilities | $ | 116,838 | $ | 108,750 | ||||
Schedule of Supplemental Cash Flow Information [Text Block] | ' | |||||||
Cash flows related to interest and income taxes were as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(Thousands of Dollars) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 88,529 | $ | 85,583 | ||||
Cash paid for income taxes, net of tax refunds received | $ | 8,183 | $ | 18,308 | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Results of operations for the reportable segments were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Revenues: | ||||||||||||||||
Storage: | ||||||||||||||||
Third parties | $ | 131,207 | $ | 128,538 | $ | 396,086 | $ | 389,412 | ||||||||
Intersegment | 6,933 | 19,679 | 26,326 | 55,542 | ||||||||||||
Related party | 2,376 | 713 | 7,538 | 2,198 | ||||||||||||
Total storage | 140,516 | 148,930 | 429,950 | 447,152 | ||||||||||||
Pipeline | 111,508 | 92,570 | 301,761 | 244,938 | ||||||||||||
Fuels marketing: | ||||||||||||||||
Third parties | 534,919 | 1,371,935 | 1,969,886 | 4,334,361 | ||||||||||||
Related party | — | — | 8,645 | — | ||||||||||||
Total fuels marketing | 534,919 | 1,371,935 | 1,978,531 | 4,334,361 | ||||||||||||
Consolidation and intersegment eliminations | (6,933 | ) | (19,679 | ) | (26,326 | ) | (55,542 | ) | ||||||||
Total revenues | $ | 780,010 | $ | 1,593,756 | $ | 2,683,916 | $ | 4,970,909 | ||||||||
Operating income: | ||||||||||||||||
Storage | $ | 38,217 | $ | 50,422 | $ | 131,132 | $ | 160,696 | ||||||||
Pipeline | 58,018 | 41,864 | 149,126 | 110,640 | ||||||||||||
Fuels marketing | (9,079 | ) | (6,517 | ) | (7,240 | ) | (302,783 | ) | ||||||||
Consolidation and intersegment eliminations | 80 | 175 | (33 | ) | 213 | |||||||||||
Total segment operating income (loss) | 87,236 | 85,944 | 272,985 | (31,234 | ) | |||||||||||
General and administrative expenses | 18,831 | 24,953 | 65,978 | 75,254 | ||||||||||||
Other depreciation and amortization expense | 2,531 | 1,639 | 7,628 | 5,492 | ||||||||||||
Other asset impairment loss | — | — | — | 3,295 | ||||||||||||
Gain on legal settlement | — | — | — | (28,738 | ) | |||||||||||
Total operating income (loss) | $ | 65,874 | $ | 59,352 | $ | 199,379 | $ | (86,537 | ) | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||
Total assets by reportable segment were as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Thousands of Dollars) | ||||||||||||||||
Storage | $ | 2,675,227 | $ | 2,627,946 | ||||||||||||
Pipeline | 1,769,036 | 1,720,711 | ||||||||||||||
Fuels marketing | 517,540 | 885,661 | ||||||||||||||
Total segment assets | 4,961,803 | 5,234,318 | ||||||||||||||
Other partnership assets | 280,857 | 378,771 | ||||||||||||||
Total consolidated assets | $ | 5,242,660 | $ | 5,613,089 | ||||||||||||
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets [Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
Receivables, net | — | 48,527 | 11,331 | 194,930 | 13,944 | 268,732 | ||||||||||||||||||
Inventories | — | 2,055 | 10,552 | 110,454 | (63 | ) | 122,998 | |||||||||||||||||
Income tax receivable | — | — | — | 25 | — | 25 | ||||||||||||||||||
Other current assets | 22 | 21,896 | 1,577 | 17,693 | — | 41,188 | ||||||||||||||||||
Assets held for sale | — | 2,847 | — | — | — | 2,847 | ||||||||||||||||||
Intercompany receivable | — | 324,347 | 387,731 | — | (712,078 | ) | — | |||||||||||||||||
Total current assets | 308 | 399,681 | 411,191 | 347,326 | (698,197 | ) | 460,309 | |||||||||||||||||
Property, plant and equipment, net | — | 1,539,777 | 575,143 | 1,246,930 | — | 3,361,850 | ||||||||||||||||||
Intangible assets, net | — | 17,428 | — | 64,282 | — | 81,710 | ||||||||||||||||||
Goodwill | — | 149,453 | 170,652 | 630,858 | — | 950,963 | ||||||||||||||||||
Investment in wholly owned | 2,931,570 | 177,736 | 1,229,345 | 2,392,178 | (6,730,829 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 4,453 | — | 66,359 | — | 70,812 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 5,088 | — | 5,088 | ||||||||||||||||||
Note receivable from related party | — | 146,472 | — | — | — | 146,472 | ||||||||||||||||||
Other long-term assets, net | 490 | 123,982 | 26,331 | 14,653 | — | 165,456 | ||||||||||||||||||
Total assets | $ | 2,932,368 | $ | 2,558,982 | $ | 2,412,662 | $ | 4,767,674 | $ | (7,429,026 | ) | $ | 5,242,660 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | — | $ | — | $ | 33,982 | $ | — | $ | 33,982 | ||||||||||||
Payables | — | 62,791 | 10,704 | 154,510 | 13,944 | 241,949 | ||||||||||||||||||
Accrued interest payable | — | 26,380 | — | 4 | — | 26,384 | ||||||||||||||||||
Accrued liabilities | 750 | 14,300 | 5,558 | 16,836 | — | 37,444 | ||||||||||||||||||
Taxes other than income tax | 63 | 6,526 | 3,780 | 2,697 | — | 13,066 | ||||||||||||||||||
Income tax payable | — | 358 | 3 | 3,517 | — | 3,878 | ||||||||||||||||||
Intercompany payable | 503,316 | — | — | 208,762 | (712,078 | ) | — | |||||||||||||||||
Total current liabilities | 504,129 | 110,355 | 20,045 | 420,308 | (698,134 | ) | 356,703 | |||||||||||||||||
Long-term debt, less current portion | — | 2,439,696 | — | — | — | 2,439,696 | ||||||||||||||||||
Long-term payable to related party | — | 24,195 | — | 5,442 | — | 29,637 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 29,455 | — | 29,455 | ||||||||||||||||||
Other long-term liabilities | — | 843 | 404 | 4,943 | — | 6,190 | ||||||||||||||||||
Total partners’ equity | 2,428,239 | (16,107 | ) | 2,392,213 | 4,307,526 | (6,730,892 | ) | 2,380,979 | ||||||||||||||||
Total liabilities and | $ | 2,932,368 | $ | 2,558,982 | $ | 2,412,662 | $ | 4,767,674 | $ | (7,429,026 | ) | $ | 5,242,660 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,033 | $ | 1,112 | $ | — | $ | 75,457 | $ | — | $ | 83,602 | ||||||||||||
Receivables, net | — | 157,452 | 10,561 | 340,144 | (10,381 | ) | 497,776 | |||||||||||||||||
Inventories | — | 2,320 | 5,590 | 165,349 | (31 | ) | 173,228 | |||||||||||||||||
Income tax receivable | — | — | — | 1,265 | — | 1,265 | ||||||||||||||||||
Other current assets | — | 26,353 | 1,468 | 37,417 | — | 65,238 | ||||||||||||||||||
Assets held for sale | — | 35,337 | — | 82,997 | — | 118,334 | ||||||||||||||||||
Intercompany receivable | — | 353,384 | 599,599 | — | (952,983 | ) | — | |||||||||||||||||
Total current assets | 7,033 | 575,958 | 617,218 | 702,629 | (963,395 | ) | 939,443 | |||||||||||||||||
Property, plant and equipment, net | — | 1,423,991 | 582,299 | 1,232,170 | — | 3,238,460 | ||||||||||||||||||
Intangible assets, net | — | 18,733 | — | 73,702 | — | 92,435 | ||||||||||||||||||
Goodwill | — | 145,990 | 170,652 | 634,382 | — | 951,024 | ||||||||||||||||||
Investment in wholly owned | 3,133,097 | 161,957 | 1,208,595 | 2,329,595 | (6,833,244 | ) | — | |||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Investment in joint ventures | — | 35,883 | — | 67,062 | — | 102,945 | ||||||||||||||||||
Deferred income tax asset | — | — | — | 3,108 | — | 3,108 | ||||||||||||||||||
Note receivable from related party | — | 95,711 | — | — | — | 95,711 | ||||||||||||||||||
Other long-term assets, net | 490 | 148,384 | 26,330 | 14,759 | — | 189,963 | ||||||||||||||||||
Total assets | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
Liabilities and Partners’ Equity | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,313 | $ | 250,967 | $ | 34,142 | $ | — | $ | 286,422 | ||||||||||||
Payables | 15 | 122,706 | 12,657 | 274,044 | (10,381 | ) | 399,041 | |||||||||||||||||
Accrued interest payable | — | 22,512 | 1,224 | 5 | — | 23,741 | ||||||||||||||||||
Accrued liabilities | 862 | 76,322 | 7,542 | 39,477 | — | 124,203 | ||||||||||||||||||
Taxes other than income tax | 129 | 5,671 | 2,830 | 1,263 | — | 9,893 | ||||||||||||||||||
Income tax payable | — | 247 | — | 2,424 | — | 2,671 | ||||||||||||||||||
Intercompany payable | 508,365 | — | — | 444,618 | (952,983 | ) | — | |||||||||||||||||
Total current liabilities | 509,371 | 228,771 | 275,220 | 795,973 | (963,364 | ) | 845,971 | |||||||||||||||||
Long-term debt, less current portion | — | 2,124,582 | — | — | — | 2,124,582 | ||||||||||||||||||
Long-term payable to related party | — | 12,629 | — | 5,442 | — | 18,071 | ||||||||||||||||||
Deferred income tax liability | — | — | — | 32,114 | — | 32,114 | ||||||||||||||||||
Other long-term liabilities | — | 2,701 | 279 | 4,376 | — | 7,356 | ||||||||||||||||||
Total partners’ equity | 2,631,249 | 237,924 | 2,329,595 | 4,219,502 | (6,833,275 | ) | 2,584,995 | |||||||||||||||||
Total liabilities and | $ | 3,140,620 | $ | 2,606,607 | $ | 2,605,094 | $ | 5,057,407 | $ | (7,796,639 | ) | $ | 5,613,089 | |||||||||||
partners’ equity | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 107,066 | $ | 50,669 | $ | 631,026 | $ | (8,751 | ) | $ | 780,010 | |||||||||||
Costs and expenses | 507 | 67,005 | 32,274 | 623,181 | (8,831 | ) | 714,136 | |||||||||||||||||
Operating (loss) income | (507 | ) | 40,061 | 18,395 | 7,845 | 80 | 65,874 | |||||||||||||||||
Equity in earnings of subsidiaries | 33,904 | 8,136 | 4,992 | 23,449 | (70,481 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (8,202 | ) | — | 2,844 | — | (5,358 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest (expense) income, net | — | (29,451 | ) | 76 | 125 | — | (29,250 | ) | ||||||||||||||||
Other income, net | — | — | 8 | 1,399 | — | 1,407 | ||||||||||||||||||
Income from continuing | 33,397 | 10,544 | 23,471 | 35,662 | (70,401 | ) | 32,673 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense (benefit) | — | 146 | 1 | (710 | ) | — | (563 | ) | ||||||||||||||||
Income from continuing | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Income from discontinued | — | — | — | — | — | — | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 33,397 | 10,398 | 23,470 | 36,372 | (70,401 | ) | 33,236 | |||||||||||||||||
Less net loss attributable to | — | — | — | (161 | ) | — | (161 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 33,397 | $ | 10,398 | $ | 23,470 | $ | 36,533 | $ | (70,401 | ) | $ | 33,397 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 39,578 | $ | (70,401 | ) | $ | 38,790 | |||||||||||
Less comprehensive loss | — | — | — | (729 | ) | — | (729 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 33,397 | $ | 12,746 | $ | 23,470 | $ | 40,307 | $ | (70,401 | ) | $ | 39,519 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 97,369 | $ | 48,486 | $ | 1,455,625 | $ | (7,724 | ) | $ | 1,593,756 | |||||||||||
Costs and expenses | 460 | 57,573 | 36,977 | 1,447,320 | (7,926 | ) | 1,534,404 | |||||||||||||||||
Operating (loss) income | (460 | ) | 39,796 | 11,509 | 8,305 | 202 | 59,352 | |||||||||||||||||
Equity in earnings (loss) of | 4,849 | (13,291 | ) | 13,862 | 24,246 | (29,666 | ) | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (3,304 | ) | — | 2,353 | — | (951 | ) | ||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest expense, net | — | (20,804 | ) | (2,800 | ) | (290 | ) | — | (23,894 | ) | ||||||||||||||
Other (expense) income, net | — | (21,491 | ) | 1,678 | (130 | ) | — | (19,943 | ) | |||||||||||||||
Income (loss) from continuing | 4,389 | (19,094 | ) | 24,249 | 34,484 | (29,464 | ) | 14,564 | ||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 97 | 1 | 501 | — | 599 | ||||||||||||||||||
Income (loss) from continuing | 4,389 | (19,191 | ) | 24,248 | 33,983 | (29,464 | ) | 13,965 | ||||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued operations, | — | (241 | ) | — | (9,185 | ) | (197 | ) | (9,623 | ) | ||||||||||||||
net of tax | ||||||||||||||||||||||||
Net income (loss) | 4,389 | (19,432 | ) | 24,248 | 24,798 | (29,661 | ) | 4,342 | ||||||||||||||||
Less net loss attributable to | — | — | — | (47 | ) | — | (47 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | 4,389 | $ | (19,432 | ) | $ | 24,248 | $ | 24,845 | $ | (29,661 | ) | $ | 4,389 | ||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,389 | $ | (22,612 | ) | $ | 24,248 | $ | 19,618 | $ | (29,661 | ) | $ | (4,018 | ) | |||||||||
Less comprehensive income | — | — | — | 66 | — | 66 | ||||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,389 | $ | (22,612 | ) | $ | 24,248 | $ | 19,552 | $ | (29,661 | ) | $ | (4,084 | ) | |||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 308,936 | $ | 151,189 | $ | 2,249,598 | $ | (25,807 | ) | $ | 2,683,916 | |||||||||||
Costs and expenses | 1,438 | 181,472 | 104,311 | 2,223,091 | (25,775 | ) | 2,484,537 | |||||||||||||||||
Operating (loss) income | (1,438 | ) | 127,464 | 46,878 | 26,507 | (32 | ) | 199,379 | ||||||||||||||||
Equity in earnings of subsidiaries | 92,486 | 15,779 | 20,750 | 62,614 | (191,629 | ) | — | |||||||||||||||||
Equity in (loss) earnings of | — | (31,713 | ) | — | 5,084 | — | (26,629 | ) | ||||||||||||||||
joint ventures | ||||||||||||||||||||||||
Interest expense, net | — | (83,788 | ) | (4,941 | ) | (312 | ) | — | (89,041 | ) | ||||||||||||||
Other income (expense), net | — | 2,466 | (65 | ) | 1,577 | — | 3,978 | |||||||||||||||||
Income from continuing | 91,048 | 30,208 | 62,622 | 95,470 | (191,661 | ) | 87,687 | |||||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 420 | 4 | 5,723 | — | 6,147 | ||||||||||||||||||
Income from continuing | 91,048 | 29,788 | 62,618 | 89,747 | (191,661 | ) | 81,540 | |||||||||||||||||
operations | ||||||||||||||||||||||||
Income from discontinued | — | 28 | — | 9,041 | — | 9,069 | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income | 91,048 | 29,816 | 62,618 | 98,788 | (191,661 | ) | 90,609 | |||||||||||||||||
Less net loss attributable to | — | — | — | (439 | ) | — | (439 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income attributable to | $ | 91,048 | $ | 29,816 | $ | 62,618 | $ | 99,227 | $ | (191,661 | ) | $ | 91,048 | |||||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 84,731 | $ | (191,661 | ) | $ | 90,042 | |||||||||||
Less comprehensive loss | — | — | — | (2,206 | ) | — | (2,206 | ) | ||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive income | $ | 91,048 | $ | 43,306 | $ | 62,618 | $ | 86,937 | $ | (191,661 | ) | $ | 92,248 | |||||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Revenues | $ | — | $ | 260,414 | $ | 142,769 | $ | 4,589,035 | $ | (21,309 | ) | $ | 4,970,909 | |||||||||||
Costs and expenses | 1,280 | 154,333 | 103,673 | 4,819,766 | (21,606 | ) | 5,057,446 | |||||||||||||||||
Operating (loss) income | (1,280 | ) | 106,081 | 39,096 | (230,731 | ) | 297 | (86,537 | ) | |||||||||||||||
Equity in (loss) earnings of | (214,717 | ) | (342,197 | ) | 76,380 | 106,073 | 374,461 | — | ||||||||||||||||
subsidiaries | ||||||||||||||||||||||||
Equity in (loss) earnings of | — | (3,304 | ) | — | 7,120 | — | 3,816 | |||||||||||||||||
joint venture | ||||||||||||||||||||||||
Interest expense, net | — | (57,621 | ) | (9,799 | ) | (698 | ) | — | (68,118 | ) | ||||||||||||||
Other (loss) income, net | — | (21,199 | ) | 1,751 | (1,944 | ) | — | (21,392 | ) | |||||||||||||||
(Loss) income from continuing | (215,997 | ) | (318,240 | ) | 107,428 | (120,180 | ) | 374,758 | (172,231 | ) | ||||||||||||||
operations before income tax | ||||||||||||||||||||||||
expense | ||||||||||||||||||||||||
Income tax expense | — | 238 | 1,331 | 18,749 | — | 20,318 | ||||||||||||||||||
(Loss) income from continuing | (215,997 | ) | (318,478 | ) | 106,097 | (138,929 | ) | 374,758 | (192,549 | ) | ||||||||||||||
operations | ||||||||||||||||||||||||
Loss from discontinued | — | (2,154 | ) | — | (21,250 | ) | (261 | ) | (23,665 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net (loss) income | (215,997 | ) | (320,632 | ) | 106,097 | (160,179 | ) | 374,497 | (216,214 | ) | ||||||||||||||
Less net loss attributable to | — | — | — | (217 | ) | — | (217 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net (loss) income attributable to | $ | (215,997 | ) | $ | (320,632 | ) | $ | 106,097 | $ | (159,962 | ) | $ | 374,497 | $ | (215,997 | ) | ||||||||
NuStar Energy L.P. | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (215,997 | ) | $ | (336,211 | ) | $ | 106,097 | $ | (197,177 | ) | $ | 374,497 | $ | (268,791 | ) | ||||||||
Less comprehensive income | — | — | — | 780 | — | 780 | ||||||||||||||||||
attributable to | ||||||||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (215,997 | ) | $ | (336,211 | ) | $ | 106,097 | $ | (197,957 | ) | $ | 374,497 | $ | (269,571 | ) | ||||||||
attributable to NuStar Energy L.P. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 292,499 | $ | 159,157 | $ | 50,587 | $ | 170,479 | $ | (294,182 | ) | $ | 378,540 | |||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (181,580 | ) | (13,449 | ) | (65,672 | ) | — | (260,701 | ) | ||||||||||||||
Change in accounts payable | — | (5,419 | ) | 1,534 | 1,006 | — | (2,879 | ) | ||||||||||||||||
related to capital expenditures | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 116,348 | 28 | 91 | — | 116,467 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (50,761 | ) | — | — | — | (50,761 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (141 | ) | — | — | — | 141 | — | |||||||||||||||||
Other, net | 141 | 15 | — | — | — | 156 | ||||||||||||||||||
Net cash (used in) provided by | — | (121,397 | ) | (11,887 | ) | (64,575 | ) | 141 | (197,718 | ) | ||||||||||||||
investing activities | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,299,220 | — | — | — | 1,299,220 | ||||||||||||||||||
Debt repayments | — | (1,647,182 | ) | (250,000 | ) | — | — | (1,897,182 | ) | |||||||||||||||
Note offering, net | — | 687,151 | — | — | — | 687,151 | ||||||||||||||||||
Distributions to unitholders | (294,153 | ) | (294,153 | ) | — | (29 | ) | 294,182 | (294,153 | ) | ||||||||||||||
and general partner | ||||||||||||||||||||||||
Payments for termination of | — | (33,697 | ) | — | — | — | (33,697 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Net intercompany borrowings | (5,047 | ) | (53,557 | ) | 211,300 | (152,696 | ) | — | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (46 | ) | 3,355 | — | — | (141 | ) | 3,168 | ||||||||||||||||
Net cash (used in) provided by | (299,246 | ) | (38,863 | ) | (38,700 | ) | (152,725 | ) | 294,041 | (235,493 | ) | |||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | — | — | (4,412 | ) | — | (4,412 | ) | ||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net decrease in cash | (6,747 | ) | (1,103 | ) | — | (51,233 | ) | — | (59,083 | ) | ||||||||||||||
and cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 7,033 | 1,112 | — | 75,457 | — | 83,602 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 286 | $ | 9 | $ | — | $ | 24,224 | $ | — | $ | 24,519 | ||||||||||||
end of the period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Thousands of Dollars) | ||||||||||||||||||||||||
NuStar | NuStar | NuPOP | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Energy | Logistics | Subsidiaries | ||||||||||||||||||||||
Net cash provided by (used in) | $ | 265,905 | $ | 91,736 | $ | 46,183 | $ | 142,700 | $ | (274,645 | ) | $ | 271,879 | |||||||||||
operating activities | ||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (237,408 | ) | (11,816 | ) | (71,554 | ) | — | (320,778 | ) | ||||||||||||||
Investment in other long-term | — | — | — | (2,364 | ) | — | (2,364 | ) | ||||||||||||||||
assets | ||||||||||||||||||||||||
Proceeds from sale or disposition | — | 436,426 | 4,531 | 30,866 | — | 471,823 | ||||||||||||||||||
of assets | ||||||||||||||||||||||||
Increase in note receivable from | — | (170,711 | ) | — | — | — | (170,711 | ) | ||||||||||||||||
related party | ||||||||||||||||||||||||
Investment in subsidiaries | (344,244 | ) | — | — | (34 | ) | 344,278 | — | ||||||||||||||||
Net cash (used in) provided by | (344,244 | ) | 28,307 | (7,285 | ) | (43,086 | ) | 344,278 | (22,030 | ) | ||||||||||||||
investing activities | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Debt borrowings | — | 1,877,048 | — | — | — | 1,877,048 | ||||||||||||||||||
Debt repayments | — | (2,109,058 | ) | (250,000 | ) | — | — | (2,359,058 | ) | |||||||||||||||
Note offering, net | — | 247,408 | — | — | — | 247,408 | ||||||||||||||||||
Issuance of common units, net of | 336,662 | — | — | — | — | 336,662 | ||||||||||||||||||
issuance costs | ||||||||||||||||||||||||
General partner contribution | 7,121 | — | — | — | — | 7,121 | ||||||||||||||||||
Distributions to unitholders and | (267,228 | ) | (267,228 | ) | — | (7,426 | ) | 274,654 | (267,228 | ) | ||||||||||||||
general partner | ||||||||||||||||||||||||
Payments for termination of | — | (5,678 | ) | — | — | — | (5,678 | ) | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||
Contributions from | — | 344,244 | — | 34 | (344,278 | ) | — | |||||||||||||||||
(distributions to) affiliates | ||||||||||||||||||||||||
Net intercompany borrowings | 9,059 | (206,846 | ) | 211,102 | (13,306 | ) | (9 | ) | — | |||||||||||||||
(repayments) | ||||||||||||||||||||||||
Other, net | (133 | ) | 496 | — | — | — | 363 | |||||||||||||||||
Net cash provided by (used in) | 85,481 | (119,614 | ) | (38,898 | ) | (20,698 | ) | (69,633 | ) | (163,362 | ) | |||||||||||||
financing activities | ||||||||||||||||||||||||
Effect of foreign exchange rate | — | (431 | ) | — | 3,903 | — | 3,472 | |||||||||||||||||
changes on cash | ||||||||||||||||||||||||
Net increase (decrease) in cash and | 7,142 | (2 | ) | — | 82,819 | — | 89,959 | |||||||||||||||||
cash equivalents | ||||||||||||||||||||||||
Cash and cash equivalents as of the | 139 | 14 | — | 17,344 | — | 17,497 | ||||||||||||||||||
beginning of the period | ||||||||||||||||||||||||
Cash and cash equivalents as of the | $ | 7,281 | $ | 12 | $ | — | $ | 100,163 | $ | — | $ | 107,456 | ||||||||||||
end of the period | ||||||||||||||||||||||||
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Total ownership interest held by general partner | 0.15 |
DISPOSITIONS_Narrative_1_Detai
DISPOSITIONS Narrative 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations Information [Line Items] | ' | ' | ' |
Proceeds from sale or disposition of assets | ' | $116,467,000 | $471,823,000 |
Gain (loss) from sale or disposition of assets | ' | 8,739,000 | -19,828,000 |
San Antonio Refinery Sale [Member] | ' | ' | ' |
Discontinued Operations Information [Line Items] | ' | ' | ' |
Disposal Date | ' | 1-Jan-13 | ' |
Proceeds from sale or disposition of assets | ' | 117,000,000 | ' |
Interest expense allocated to discontinued operations | 1,000,000 | ' | 2,900,000 |
Gain (loss) from sale or disposition of assets | ' | $9,300,000 | ' |
DISPOSITIONS_Table_1_Details
DISPOSITIONS Table 1 (Details) (San Antonio Refinery Sale [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
San Antonio Refinery Sale [Member] | ' | ' | ' | ' |
Discontinued Operations Information [Line Items] | ' | ' | ' | ' |
Revenues | $0 | $151,010 | $185 | $411,454 |
Income (loss) before income tax expense | $0 | ($9,600) | $9,069 | ($23,629) |
DISPOSITIONS_Table_2_Details
DISPOSITIONS Table 2 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Assets held for sale | $2,847 | $118,334 |
San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Assets held for sale | ' | 115,488 |
Liabilities held for sale | ' | 7,910 |
Inventories [Member] | San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Assets held for sale | ' | 15,939 |
Property, Plant and Equipment, Net [Member] | San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Assets held for sale | ' | 93,899 |
Other long-term assets, net | San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Assets held for sale | ' | 5,650 |
Accrued liabilities (environmental reserve) | San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Liabilities held for sale | ' | 289 |
Other long-term liabilities (environmental reserve) | San Antonio Refinery Sale [Member] | ' | ' |
Assets Held for Sale, Discontinued Operations [Line Items] | ' | ' |
Liabilities held for sale | ' | $7,621 |
INVENTORIES_Table_Details
INVENTORIES Table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil | $8,112 | $447 |
Finished products | 106,997 | 164,894 |
Materials and supplies | 7,889 | 7,887 |
Total | $122,998 | $173,228 |
DEBT_Narrative_Details
DEBT Narrative (Details) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | Logisitics 2012 Revolving Credit Agreement | Logistics 6.75% senior notes | Logisitics subordinated notes | GoZone Bonds | Port of Corpus Christi Note Payable | Logistics 6.05% senior notes | NuPOP 5.875% senior notes | UK term loan | Logistics 7.65% senior notes | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase (Decrease), Net | ' | ' | -154,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant terms | ' | ' | 'The 2012 Revolving Credit Agreement contains customary restrictive covenants, including requiring us to maintain, as of the end of each rolling period, which consists of any period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated indebtedness to consolidated EBITDA, as defined in the 2012 Revolving Credit Agreement) not to exceed 5.00-to-1.00. | ' | ' | ' | ' | ' | ' | ' | ' |
Debt coverage ratio | ' | ' | 4.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Current remaining borrowing capacity | ' | ' | 1,055,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date | ' | ' | ' | 19-Aug-13 | 22-Jan-13 | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | 300,000,000 | 402,500,000 | ' | 12,000,000 | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 6.75% | 7.63% | ' | ' | 6.05% | 5.88% | ' | 7.65% |
Maturity date | ' | ' | ' | 1-Feb-21 | 15-Jan-43 | ' | ' | 15-Mar-13 | 1-Jun-13 | ' | ' |
Proceeds from note offering, net of issuance costs | 687,151,000 | 247,408,000 | ' | 296,300,000 | 390,900,000 | ' | ' | ' | ' | ' | ' |
Deferred debt issuance costs | ' | ' | ' | 3,700,000 | 11,600,000 | ' | ' | ' | ' | ' | ' |
Interest rate terms | ' | ' | ' | 'The interest on the 6.75% Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year beginning on February 1, 2014 | 'The Subordinated Notes bear interest at a fixed annual rate of 7.625%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on April 15, 2013 and ending on January 15, 2018. Thereafter, the Subordinated Notes will bear interest at an annual rate equal to the sum of the three-month LIBOR rate for the related quarterly interest period, plus 6.734% payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing April 15, 2018, unless payment is deferred in accordance with the terms of the notes. | ' | ' | ' | ' | ' | ' |
Amount Available Under Underwriters Option | ' | ' | ' | ' | 52,500,000 | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' |
Amount received from trustee | ' | ' | ' | ' | ' | 38,500,000 | ' | ' | ' | ' | ' |
Amount remaining in trust | ' | ' | ' | ' | ' | 88,100,000 | ' | ' | ' | ' | ' |
Repayments of Debt | 1,897,182,000 | 2,359,058,000 | ' | ' | ' | ' | 600,000 | 229,900,000 | 250,000,000 | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 21,000,000 | $350,000,000 |
Interest rate increase due to change in credit rating | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | 0.38% | 0.25% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES Narrative 1 (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
Loss Contingency Accrual, at Carrying Value | $0.60 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES Narrative 2 Commitments (Details) | Sep. 30, 2013 |
Crude Oil Purchase Obligation, PDVSA Amendment [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Annual average purchase commitment, in barrels per day | 30,000 |
Crude Oil Purchase Obligation, PDVSA Original Agreement [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Annual average purchase commitment, in barrels per day | 75,000 |
FAIR_VALUE_MEASUREMENTS_Table_
FAIR VALUE MEASUREMENTS Table 1 (Details) (Recurring Fair Value Measurements, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | $2,439 | ($51,611) |
Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | -304 | 547 |
Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | 5,561 | -42,558 |
Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | -2,818 | -9,600 |
Other current assets | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 970 | 1,232 |
Commodity derivatives (assets) | 4,402 | 9,358 |
Other current assets | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 970 | 1,232 |
Commodity derivatives (assets) | 202 | 1,001 |
Other current assets | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 0 | 0 |
Commodity derivatives (assets) | 4,200 | 8,357 |
Other current assets | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 0 | 0 |
Commodity derivatives (assets) | 0 | 0 |
Other long-term assets, net | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (assets) | 6,575 | 9,206 |
Other long-term assets, net | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (assets) | 0 | 0 |
Other long-term assets, net | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (assets) | 6,575 | 9,206 |
Other long-term assets, net | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (assets) | 0 | 0 |
Accrued liabilities | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | -1,476 | -1,686 |
Commodity derivatives (liabilities) | -5,006 | -19,210 |
Interest rate swaps (liabilities) | ' | -40,911 |
Contingent consideration | -2,818 | -9,600 |
Accrued liabilities | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | -1,476 | -1,686 |
Commodity derivatives (liabilities) | 0 | 0 |
Interest rate swaps (liabilities) | ' | 0 |
Contingent consideration | 0 | 0 |
Accrued liabilities | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 0 | 0 |
Commodity derivatives (liabilities) | -5,006 | -19,210 |
Interest rate swaps (liabilities) | ' | -40,911 |
Contingent consideration | 0 | 0 |
Accrued liabilities | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Product Imbalances, Asset (Liabilities) | 0 | 0 |
Commodity derivatives (liabilities) | 0 | 0 |
Interest rate swaps (liabilities) | ' | 0 |
Contingent consideration | -2,818 | -9,600 |
Other long-term liabilities | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (liabilities) | -208 | ' |
Other long-term liabilities | Fair Value Level 1 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (liabilities) | 0 | ' |
Other long-term liabilities | Fair Value Level 2 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (liabilities) | -208 | ' |
Other long-term liabilities | Fair Value Level 3 | ' | ' |
Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ' |
Commodity derivatives (liabilities) | $0 | ' |
FAIR_VALUE_MEASUREMENTS_Table_1
FAIR VALUE MEASUREMENTS Table 2 (Details) (Contingent consideration [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | $9,600 |
Amounts settled | -1,114 |
Ending balance | 2,818 |
Operating expenses | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Changes in fair value recorded in earnings | -6,500 |
Interest expense, net | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Changes in fair value recorded in earnings | $832 |
FAIR_VALUE_MEASUREMENTS_Table_2
FAIR VALUE MEASUREMENTS Table 3 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value, debt | $2,429,001 | $2,377,120 |
Fair value, note receivable from related party | 109,505 | 91,705 |
Carrying amount, debt | 2,473,678 | 2,411,004 |
Carrying amount, note receivable from related party | $146,472 | $95,711 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS Narrative (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Contingent consideration [Member] | Fair Value Level 3 | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Fair Value Inputs, Discount Rate | 11.00% |
Potential future payments, Range, Low | $0 |
Potential future payments, Range, High | 9,300,000 |
TexStar Asset Acquisition [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 13-Dec-12 |
Business Acquisition, Cost of Acquired Entity | $325,000,000 |
DERIVATIVES_AND_RISK_MANAGEMEN2
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
bbl | bbl | |||
Derivative [Line Items] | ' | ' | ' | ' |
Proceeds from (payments for) termination of interest rate swaps | ' | ' | ($33,697,000) | ($5,678,000) |
Volume of commodity contracts (in barrels) | 20,900,000 | 22,700,000 | ' | ' |
Margin Deposit | 4,500,000 | 6,200,000 | 4,500,000 | ' |
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps | -11,000,000 | ' | -11,000,000 | ' |
NuPOP 5.875% senior notes | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Stated interest rate | 5.88% | ' | 5.88% | ' |
Logistics 6.05% senior notes | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Stated interest rate | 6.05% | ' | 6.05% | ' |
Interest rate swaps | Cash Flow Hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Terminated interest rate swaps, hedged debt instruments | ' | ' | '6.05% senior notes due March 15, 2013 and 5.875% senior notes due June 1, 2013 | ' |
Terminated interest rate swaps, notional amount | ' | ' | 275,000,000 | ' |
Proceeds from (payments for) termination of interest rate swaps | ' | ' | -33,700,000 | ' |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | ' | ' | -2,000,000 | ' |
Notional amount of forward-starting interest rate swaps | $0 | ' | $0 | ' |
DERIVATIVES_AND_RISK_MANAGEMEN3
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 1 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Asset Derivatives | $51,930 | $80,468 |
Liability Derivatives | -46,167 | -122,025 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 412 | 1,471 |
Liability Derivatives | 0 | -41,722 |
Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 412 | 1,471 |
Liability Derivatives | 0 | -811 |
Designated as Hedging Instrument | Interest rate swaps | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | -40,911 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 51,518 | 78,997 |
Liability Derivatives | -46,167 | -80,303 |
Not Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 19,120 | 22,269 |
Liability Derivatives | -15,130 | -13,571 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term assets, net | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 18,034 | 39,322 |
Liability Derivatives | -11,459 | -30,116 |
Not Designated as Hedging Instrument | Commodity contracts | Accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 7,199 | 17,406 |
Liability Derivatives | -12,205 | -36,616 |
Not Designated as Hedging Instrument | Commodity contracts | Other long-term liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Asset Derivatives | 7,165 | 0 |
Liability Derivatives | ($7,373) | $0 |
DERIVATIVES_AND_RISK_MANAGEMEN4
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 2 (Details) (Commodity contracts, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity contracts | ' | ' |
Derivative Assets and Liabilities Eligible for Offset, Net [Line Items] | ' | ' |
Net amounts of assets presented in the consolidated balance sheets | $10,977 | $18,564 |
Net amounts of liabilities presented in the consolidated balance sheets | ($5,214) | ($19,210) |
DERIVATIVES_AND_RISK_MANAGEMEN5
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Hedges | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | ($37,841) |
Amount of gain (loss) recognized in income on hedged item | ' | ' | ' | 36,403 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | ' | ' | -1,438 |
Fair Value Hedges | Interest rate swaps | Interest expense, net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | -17,345 |
Amount of gain (loss) recognized in income on hedged item | ' | ' | ' | 17,345 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | ' | ' | 0 |
Fair Value Hedges | Commodity contracts | Cost of product sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | -3,853 | -23,131 | 4,059 | -20,496 |
Amount of gain (loss) recognized in income on hedged item | 4,184 | 22,505 | -6,298 | 19,058 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | 331 | -626 | -2,239 | -1,438 |
Cash Flow Hedges | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 277 | ' | 4,287 |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | ' | -24,454 | ' | -90,565 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | ' | -9,373 | ' | -26,287 |
Cash Flow Hedges | Interest rate swaps | Interest expense, net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | 0 | 0 | 0 | 0 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | -1,653 | -645 | -4,615 | -1,697 |
Cash Flow Hedges | Interest rate swaps | Other comprehensive income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | 0 | -3,825 | 7,213 | -17,276 |
Cash Flow Hedges | Commodity contracts | Other comprehensive income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative (effective portion) | ' | -20,629 | ' | -73,289 |
Cash Flow Hedges | Commodity contracts | Income (loss) from discontinued operations | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | ' | 277 | ' | 4,287 |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | ' | -8,728 | ' | -24,590 |
Nondesignated Derivatives | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | -846 | -4,710 | 15,437 |
Nondesignated Derivatives | Commodity contracts | Cost of product sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | -4,941 | -710 | -4,492 | 20,679 |
Nondesignated Derivatives | Commodity contracts | Income (loss) from discontinued operations | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | -136 | -218 | 2,412 |
Nondesignated Derivatives | Commodity contracts | Revenues | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivative | ' | ' | ' | ($7,654) |
RELATED_PARTY_TRANSACTIONS_Tab1
RELATED PARTY TRANSACTIONS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenues | $2,376 | $713 | $16,183 | $2,198 |
Operating expenses | 31,517 | 36,872 | 97,647 | 108,636 |
General and administrative expenses | 10,495 | 16,180 | 41,807 | 48,688 |
Interest income | 1,828 | 0 | 4,560 | 0 |
Expenses included in discontinued operations, net of tax | $0 | $2,161 | $196 | $6,451 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS Narrative (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Payable to related party | $19,589,000 | $1,408,000 |
Long-term payable to related party | 29,637,000 | 18,071,000 |
Note receivable from related party | 146,472,000 | 95,711,000 |
Receivable from related parties | 26,529,000 | 109,833,000 |
Investment in joint ventures | 70,812,000 | 102,945,000 |
NuStar GP LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Payable to related party | 19,600,000 | 1,400,000 |
Long-term payable to related party | 29,600,000 | 18,100,000 |
Asphalt JV [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Maximum amount available under credit facility to related party | 250,000,000 | ' |
Term of Credit Facility to Related Party | '7 years | ' |
Note receivable from related party | 146,500,000 | 95,700,000 |
Maximum Amount Of Guarantees | 150,000,000 | ' |
Amount of Guarantees Provided | 105,000,000 | ' |
Number of Guarantees with Unlimited Exposure | 2 | ' |
Letters of Credit to Related Party | 2,200,000 | ' |
Description of Purchase Obligation With Related Party | 'We entered into a crude oil supply agreement with Asphalt JV (the Asphalt JV Crude Oil Supply Agreement) that commits Asphalt JV to purchase from us in a given year the lesser of (i) the number of barrels of crude oil required to be purchased by us from PDVSA under the CSA for such year or (ii) 35,000 barrels per day of crude oil multiplied by the number of days in such year. | ' |
Receivable from related parties | 26,500,000 | 109,400,000 |
Ownership Percentage | 50.00% | ' |
Maximum loss exposure related to VIE | 431,000,000 | ' |
Investment in joint ventures | $4,500,000 | ' |
Asphalt JV [Member] | Sale of Asphalt Operations [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Disposal Date | 28-Sep-12 | ' |
Percent Voting Interest Sold | 50.00% | ' |
NuStar GP LLC and Asphalt JV [Member] | Services Agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Administrative Fees, Description | 'The Asphalt JV Services Agreement provides that NuStar GP, LLC will furnish certain administrative and other operating services necessary to conduct the business of Asphalt JV. Asphalt JV will compensate NuStar GP, LLC for these services through an annual fee totaling $10.0 million, subject to adjustment based on the annual merit increase percentage applicable to NuStar GP, LLC employees for the most recently completed contract year. | ' |
Related Party Transaction, Maturity Date | 31-Dec-17 | ' |
Administrative Fees Reduction Description | ' Asphalt JV may terminate the Asphalt JV Services Agreement at any time, with 180 days prior written notice or reduce the level of service with 45 days prior written notice. | ' |
Percentage of Services Used Under Agreement with Related Party | 63.00% | ' |
PARTNERS_EQUITY_Table_1_Detail
PARTNERS' EQUITY Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $2,440,266 | $2,421,117 | $2,584,995 | $2,864,335 |
Net income (loss) | 33,236 | 4,342 | 90,609 | -216,214 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 3,901 | 6,721 | -12,395 | 11,701 |
Net unrealized gain (loss) on cash flow hedges | 0 | -24,454 | 7,213 | -90,565 |
Total other comprehensive income (loss) | 5,554 | -8,360 | -567 | -52,577 |
Cash distributions to partners | -98,051 | -89,076 | -294,153 | -267,228 |
Issuance of common units, including contribution from general partner | 0 | 344,076 | 0 | 344,076 |
Other | -26 | 0 | 95 | -293 |
Ending balance | 2,380,979 | 2,672,099 | 2,380,979 | 2,672,099 |
Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | 1,653 | 645 | 4,615 | 1,697 |
Income (loss) from discontinued operations | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | 0 | 8,728 | 0 | 24,590 |
NuStar Energy L.P. Partners' Equity | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 2,429,132 | 2,408,269 | 2,572,384 | 2,852,201 |
Net income (loss) | 33,397 | 4,389 | 91,048 | -215,997 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 4,469 | 6,608 | -10,628 | 10,704 |
Net unrealized gain (loss) on cash flow hedges | 0 | -24,454 | 7,213 | -90,565 |
Total other comprehensive income (loss) | 6,122 | -8,473 | 1,200 | -53,574 |
Cash distributions to partners | -98,051 | -89,076 | -294,153 | -267,228 |
Issuance of common units, including contribution from general partner | 0 | 344,076 | 0 | 344,076 |
Other | -26 | 0 | 95 | -293 |
Ending balance | 2,370,574 | 2,659,185 | 2,370,574 | 2,659,185 |
NuStar Energy L.P. Partners' Equity | Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | 1,653 | 645 | 4,615 | 1,697 |
NuStar Energy L.P. Partners' Equity | Income (loss) from discontinued operations | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | 0 | 8,728 | 0 | 24,590 |
Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 11,134 | 12,848 | 12,611 | 12,134 |
Net income (loss) | -161 | -47 | -439 | -217 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | -568 | 113 | -1,767 | 997 |
Net unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | -568 | 113 | -1,767 | 997 |
Cash distributions to partners | 0 | 0 | 0 | 0 |
Issuance of common units, including contribution from general partner | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Ending balance | 10,405 | 12,914 | 10,405 | 12,914 |
Noncontrolling Interest | Interest expense, net | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | 0 | 0 | 0 | 0 |
Noncontrolling Interest | Income (loss) from discontinued operations | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net (gain) loss on cash flow hedges reclassified out of AOCI | $0 | $0 | $0 | $0 |
PARTNERS_EQUITY_Table_2_Detail
PARTNERS' EQUITY Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income Allocation [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to NuStar Energy L.P. | $33,397 | $4,389 | $91,048 | ($215,997) |
Less general partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 |
Net (loss) income after general partner incentive distribution | 22,592 | -6,416 | 58,633 | -246,434 |
General partner interest | 2.00% | 2.00% | 2.00% | 2.00% |
General partner allocation of net (loss) income after general partner incentive distribution | 452 | -128 | 1,174 | -4,928 |
General partner incentive distribution | 10,805 | 10,805 | 32,415 | 30,437 |
Net income (loss) applicable to general partner | $11,257 | $10,677 | $33,589 | $25,509 |
PARTNERS_EQUITY_Table_3_Detail
PARTNERS' EQUITY Table 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Distributions Made to Limited Partners and General Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' |
General partner interest | $1,961 | ' | ' | ' | $1,961 | $5,883 | $5,525 |
General partner incentive distribution | 10,805 | ' | ' | ' | 10,805 | 32,415 | 30,437 |
Total general partner distribution | 12,766 | ' | ' | ' | 12,766 | 38,298 | 35,962 |
Limited partners' distribution | 85,285 | ' | ' | ' | 85,285 | 255,855 | 240,241 |
Total cash distributions | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $276,203 |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $3.29 | $3.29 |
PARTNERS_EQUITY_Table_4_Detail
PARTNERS' EQUITY Table 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash distributions per unit applicable to limited partners | $1.09 | $1.09 | $1.09 | $1.09 | $1.09 | $3.29 | $3.29 |
Total cash distributions (distribution earned) | $98,051 | $98,051 | $98,051 | $98,051 | $98,051 | $294,153 | $276,203 |
Distribution date of record (distribution earned) | 11-Nov-13 | 5-Aug-13 | 6-May-13 | 11-Feb-13 | ' | ' | ' |
Distribution payment date (distribution earned) | 14-Nov-13 | 9-Aug-13 | 10-May-13 | 14-Feb-13 | ' | ' | ' |
Distribution anouncement date (distribution earned) | 31-Oct-13 | ' | ' | ' | ' | ' | ' |
NET_INCOME_PER_UNIT_Table_Deta
NET INCOME PER UNIT Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Net Income Per Unit [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to NuStar Energy L.P. | $33,397 | $4,389 | $91,048 | ($215,997) |
Less general partner distribution (including IDR) | 12,766 | 12,766 | 38,298 | 35,962 |
Less limited partner distribution | 85,285 | 85,285 | 255,855 | 240,241 |
Distributions less than (in excess of) earnings | -64,654 | -93,662 | -203,105 | -492,200 |
General partner earnings: | ' | ' | ' | ' |
Distributions | 12,766 | 12,766 | 38,298 | 35,962 |
Allocation of distributions less than (in excess of) earnings (2%) | -1,293 | -1,874 | -4,061 | -9,846 |
Total | 11,473 | 10,892 | 34,237 | 26,116 |
Limited partner earnings: | ' | ' | ' | ' |
Distributions | 85,285 | 85,285 | 255,855 | 240,241 |
Allocation of distributions less than (in excess of) earnings (98%) | -63,361 | -91,788 | -199,044 | -482,354 |
Total | $21,924 | ($6,503) | $56,811 | ($242,113) |
Weighted-average limited partner units outstanding | 77,886,078 | 72,383,578 | 77,886,078 | 71,302,538 |
Net income (loss) per unit applicable to limited partners | $0.28 | ($0.09) | $0.73 | ($3.40) |
NET_INCOME_PER_UNIT_Parentheti
NET INCOME PER UNIT Parentheticals (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Schedule Of Net Income Per Unit [Line Items] | ' |
General partner allocation percentage | 2.00% |
Limited partners allocation percentage | 98.00% |
STATEMENTS_OF_CASH_FLOWS_Table1
STATEMENTS OF CASH FLOWS Table 1 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Decrease (increase) in current assets: | ' | ' |
Accounts receivable | $145,803 | $95,213 |
Receivable from related parties | 83,265 | -3,149 |
Inventories | 47,145 | 60,878 |
Income tax receivable | 1,204 | 3,190 |
Other current assets | 24,026 | -17,571 |
Increase (decrease) in current liabilities: | ' | ' |
Accounts payable | -176,161 | -11,854 |
Payable to related party | 18,180 | 6,976 |
Accrued interest payable | 2,643 | -5,867 |
Accrued liabilities | -33,618 | -21,253 |
Taxes other than income tax | 3,144 | 2,662 |
Income tax payable | 1,207 | -475 |
Changes in current assets and current liabilities | $116,838 | $108,750 |
STATEMENTS_OF_CASH_FLOWS_Table2
STATEMENTS OF CASH FLOWS Table 2 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ' | ' |
Cash paid for interest, net of amount capitalized | $88,529 | $85,583 |
Cash paid for income taxes, net of tax refunds received | $8,183 | $18,308 |
SEGMENT_INFORMATION_Table_1_De
SEGMENT INFORMATION Table 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Revenues | $780,010 | $1,593,756 | $2,683,916 | $4,970,909 |
Operating income: | ' | ' | ' | ' |
General and administrative expenses | 18,831 | 24,953 | 65,978 | 75,254 |
Other depreciation and amortization expense | 47,597 | 38,037 | 137,185 | 125,538 |
Gain on legal settlement | 0 | 0 | 0 | -28,738 |
Operating income (loss) | 65,874 | 59,352 | 199,379 | -86,537 |
Storage Segment | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 140,516 | 148,930 | 429,950 | 447,152 |
Storage Segment | Third Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 131,207 | 128,538 | 396,086 | 389,412 |
Storage Segment | Intersegment revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 6,933 | 19,679 | 26,326 | 55,542 |
Storage Segment | Related Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 2,376 | 713 | 7,538 | 2,198 |
Pipeline Segment | Third Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 111,508 | 92,570 | 301,761 | 244,938 |
Fuels Marketing Segment | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 534,919 | 1,371,935 | 1,978,531 | 4,334,361 |
Fuels Marketing Segment | Third Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 534,919 | 1,371,935 | 1,969,886 | 4,334,361 |
Fuels Marketing Segment | Related Party Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 0 | 0 | 8,645 | 0 |
Operating Segments [Member] | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income (loss) | 87,236 | 85,944 | 272,985 | -31,234 |
Operating Segments [Member] | Storage Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income (loss) | 38,217 | 50,422 | 131,132 | 160,696 |
Operating Segments [Member] | Pipeline Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income (loss) | 58,018 | 41,864 | 149,126 | 110,640 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
Operating income (loss) | -9,079 | -6,517 | -7,240 | -302,783 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | -6,933 | -19,679 | -26,326 | -55,542 |
Operating income: | ' | ' | ' | ' |
Operating income (loss) | 80 | 175 | -33 | 213 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Operating income: | ' | ' | ' | ' |
General and administrative expenses | 18,831 | 24,953 | 65,978 | 75,254 |
Other depreciation and amortization expense | 2,531 | 1,639 | 7,628 | 5,492 |
Other asset impairment loss | 0 | 0 | 0 | 3,295 |
Gain on legal settlement | $0 | $0 | $0 | ($28,738) |
SEGMENT_INFORMATION_Table_2_De
SEGMENT INFORMATION Table 2 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Information | ' | ' |
Total consolidated assets | $5,242,660 | $5,613,089 |
Operating Segments [Member] | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 4,961,803 | 5,234,318 |
Operating Segments [Member] | Storage Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 2,675,227 | 2,627,946 |
Operating Segments [Member] | Pipeline Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 1,769,036 | 1,720,711 |
Operating Segments [Member] | Fuels Marketing Segment | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | 517,540 | 885,661 |
Operating Segments [Member] | Other partnership assets | ' | ' |
Segment Information | ' | ' |
Total consolidated assets | $280,857 | $378,771 |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 1 (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $24,519 | ' | $83,602 | $107,456 | ' | $17,497 |
Receivables, net | 268,732 | ' | 497,776 | ' | ' | ' |
Inventories | 122,998 | ' | 173,228 | ' | ' | ' |
Income tax receivable | 25 | ' | 1,265 | ' | ' | ' |
Other current assets | 41,188 | ' | 65,238 | ' | ' | ' |
Assets held for sale | 2,847 | ' | 118,334 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 460,309 | ' | 939,443 | ' | ' | ' |
Property, plant and equipment, net | 3,361,850 | ' | 3,238,460 | ' | ' | ' |
Intangible assets, net | 81,710 | ' | 92,435 | ' | ' | ' |
Goodwill | 950,963 | ' | 951,024 | ' | ' | ' |
Investment in wholly owned subsidiaries | 0 | ' | 0 | ' | ' | ' |
Investment in joint ventures | 70,812 | ' | 102,945 | ' | ' | ' |
Deferred income tax asset | 5,088 | ' | 3,108 | ' | ' | ' |
Note receivable from related party | 146,472 | ' | 95,711 | ' | ' | ' |
Other long-term assets, net | 165,456 | ' | 189,963 | ' | ' | ' |
Total assets | 5,242,660 | ' | 5,613,089 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 33,982 | ' | 286,422 | ' | ' | ' |
Payables | 241,949 | ' | 399,041 | ' | ' | ' |
Accrued interest payable | 26,384 | ' | 23,741 | ' | ' | ' |
Accrued liabilities | 37,444 | ' | 124,203 | ' | ' | ' |
Taxes other than income tax | 13,066 | ' | 9,893 | ' | ' | ' |
Income tax payable | 3,878 | ' | 2,671 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 356,703 | ' | 845,971 | ' | ' | ' |
Long-term debt, less current portion | 2,439,696 | ' | 2,124,582 | ' | ' | ' |
Long-term payable to related party | 29,637 | ' | 18,071 | ' | ' | ' |
Deferred income tax liability | 29,455 | ' | 32,114 | ' | ' | ' |
Other long-term liabilities | 6,190 | ' | 7,356 | ' | ' | ' |
Total partners’ equity | 2,380,979 | 2,440,266 | 2,584,995 | 2,672,099 | 2,421,117 | 2,864,335 |
Total liabilities and partners' equity | 5,242,660 | ' | 5,613,089 | ' | ' | ' |
NuStar Energy | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 286 | ' | 7,033 | 7,281 | ' | 139 |
Receivables, net | 0 | ' | 0 | ' | ' | ' |
Inventories | 0 | ' | 0 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 22 | ' | 0 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 308 | ' | 7,033 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Investment in wholly owned subsidiaries | 2,931,570 | ' | 3,133,097 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | 0 | ' | 0 | ' | ' | ' |
Other long-term assets, net | 490 | ' | 490 | ' | ' | ' |
Total assets | 2,932,368 | ' | 3,140,620 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Payables | 0 | ' | 15 | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Accrued liabilities | 750 | ' | 862 | ' | ' | ' |
Taxes other than income tax | 63 | ' | 129 | ' | ' | ' |
Income tax payable | 0 | ' | 0 | ' | ' | ' |
Intercompany payable | 503,316 | ' | 508,365 | ' | ' | ' |
Total current liabilities | 504,129 | ' | 509,371 | ' | ' | ' |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 0 | ' | 0 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' | ' |
Total partners’ equity | 2,428,239 | ' | 2,631,249 | ' | ' | ' |
Total liabilities and partners' equity | 2,932,368 | ' | 3,140,620 | ' | ' | ' |
NuStar Logistics | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9 | ' | 1,112 | 12 | ' | 14 |
Receivables, net | 48,527 | ' | 157,452 | ' | ' | ' |
Inventories | 2,055 | ' | 2,320 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 21,896 | ' | 26,353 | ' | ' | ' |
Assets held for sale | 2,847 | ' | 35,337 | ' | ' | ' |
Intercompany receivable | 324,347 | ' | 353,384 | ' | ' | ' |
Total current assets | 399,681 | ' | 575,958 | ' | ' | ' |
Property, plant and equipment, net | 1,539,777 | ' | 1,423,991 | ' | ' | ' |
Intangible assets, net | 17,428 | ' | 18,733 | ' | ' | ' |
Goodwill | 149,453 | ' | 145,990 | ' | ' | ' |
Investment in wholly owned subsidiaries | 177,736 | ' | 161,957 | ' | ' | ' |
Investment in joint ventures | 4,453 | ' | 35,883 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | 146,472 | ' | 95,711 | ' | ' | ' |
Other long-term assets, net | 123,982 | ' | 148,384 | ' | ' | ' |
Total assets | 2,558,982 | ' | 2,606,607 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 1,313 | ' | ' | ' |
Payables | 62,791 | ' | 122,706 | ' | ' | ' |
Accrued interest payable | 26,380 | ' | 22,512 | ' | ' | ' |
Accrued liabilities | 14,300 | ' | 76,322 | ' | ' | ' |
Taxes other than income tax | 6,526 | ' | 5,671 | ' | ' | ' |
Income tax payable | 358 | ' | 247 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 110,355 | ' | 228,771 | ' | ' | ' |
Long-term debt, less current portion | 2,439,696 | ' | 2,124,582 | ' | ' | ' |
Long-term payable to related party | 24,195 | ' | 12,629 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 843 | ' | 2,701 | ' | ' | ' |
Total partners’ equity | -16,107 | ' | 237,924 | ' | ' | ' |
Total liabilities and partners' equity | 2,558,982 | ' | 2,606,607 | ' | ' | ' |
NuPOP | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Receivables, net | 11,331 | ' | 10,561 | ' | ' | ' |
Inventories | 10,552 | ' | 5,590 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 1,577 | ' | 1,468 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | 387,731 | ' | 599,599 | ' | ' | ' |
Total current assets | 411,191 | ' | 617,218 | ' | ' | ' |
Property, plant and equipment, net | 575,143 | ' | 582,299 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 170,652 | ' | 170,652 | ' | ' | ' |
Investment in wholly owned subsidiaries | 1,229,345 | ' | 1,208,595 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | 0 | ' | 0 | ' | ' | ' |
Other long-term assets, net | 26,331 | ' | 26,330 | ' | ' | ' |
Total assets | 2,412,662 | ' | 2,605,094 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 250,967 | ' | ' | ' |
Payables | 10,704 | ' | 12,657 | ' | ' | ' |
Accrued interest payable | 0 | ' | 1,224 | ' | ' | ' |
Accrued liabilities | 5,558 | ' | 7,542 | ' | ' | ' |
Taxes other than income tax | 3,780 | ' | 2,830 | ' | ' | ' |
Income tax payable | 3 | ' | 0 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 20,045 | ' | 275,220 | ' | ' | ' |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 0 | ' | 0 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 404 | ' | 279 | ' | ' | ' |
Total partners’ equity | 2,392,213 | ' | 2,329,595 | ' | ' | ' |
Total liabilities and partners' equity | 2,412,662 | ' | 2,605,094 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 24,224 | ' | 75,457 | 100,163 | ' | 17,344 |
Receivables, net | 194,930 | ' | 340,144 | ' | ' | ' |
Inventories | 110,454 | ' | 165,349 | ' | ' | ' |
Income tax receivable | 25 | ' | 1,265 | ' | ' | ' |
Other current assets | 17,693 | ' | 37,417 | ' | ' | ' |
Assets held for sale | 0 | ' | 82,997 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Total current assets | 347,326 | ' | 702,629 | ' | ' | ' |
Property, plant and equipment, net | 1,246,930 | ' | 1,232,170 | ' | ' | ' |
Intangible assets, net | 64,282 | ' | 73,702 | ' | ' | ' |
Goodwill | 630,858 | ' | 634,382 | ' | ' | ' |
Investment in wholly owned subsidiaries | 2,392,178 | ' | 2,329,595 | ' | ' | ' |
Investment in joint ventures | 66,359 | ' | 67,062 | ' | ' | ' |
Deferred income tax asset | 5,088 | ' | 3,108 | ' | ' | ' |
Note receivable from related party | 0 | ' | 0 | ' | ' | ' |
Other long-term assets, net | 14,653 | ' | 14,759 | ' | ' | ' |
Total assets | 4,767,674 | ' | 5,057,407 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 33,982 | ' | 34,142 | ' | ' | ' |
Payables | 154,510 | ' | 274,044 | ' | ' | ' |
Accrued interest payable | 4 | ' | 5 | ' | ' | ' |
Accrued liabilities | 16,836 | ' | 39,477 | ' | ' | ' |
Taxes other than income tax | 2,697 | ' | 1,263 | ' | ' | ' |
Income tax payable | 3,517 | ' | 2,424 | ' | ' | ' |
Intercompany payable | 208,762 | ' | 444,618 | ' | ' | ' |
Total current liabilities | 420,308 | ' | 795,973 | ' | ' | ' |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 5,442 | ' | 5,442 | ' | ' | ' |
Deferred income tax liability | 29,455 | ' | 32,114 | ' | ' | ' |
Other long-term liabilities | 4,943 | ' | 4,376 | ' | ' | ' |
Total partners’ equity | 4,307,526 | ' | 4,219,502 | ' | ' | ' |
Total liabilities and partners' equity | 4,767,674 | ' | 5,057,407 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Receivables, net | 13,944 | ' | -10,381 | ' | ' | ' |
Inventories | -63 | ' | -31 | ' | ' | ' |
Income tax receivable | 0 | ' | 0 | ' | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' | ' |
Assets held for sale | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | -712,078 | ' | -952,983 | ' | ' | ' |
Total current assets | -698,197 | ' | -963,395 | ' | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Investment in wholly owned subsidiaries | -6,730,829 | ' | -6,833,244 | ' | ' | ' |
Investment in joint ventures | 0 | ' | 0 | ' | ' | ' |
Deferred income tax asset | 0 | ' | 0 | ' | ' | ' |
Note receivable from related party | 0 | ' | 0 | ' | ' | ' |
Other long-term assets, net | 0 | ' | 0 | ' | ' | ' |
Total assets | -7,429,026 | ' | -7,796,639 | ' | ' | ' |
Liabilities and Partners' Equity | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Payables | 13,944 | ' | -10,381 | ' | ' | ' |
Accrued interest payable | 0 | ' | 0 | ' | ' | ' |
Accrued liabilities | 0 | ' | 0 | ' | ' | ' |
Taxes other than income tax | 0 | ' | 0 | ' | ' | ' |
Income tax payable | 0 | ' | 0 | ' | ' | ' |
Intercompany payable | -712,078 | ' | -952,983 | ' | ' | ' |
Total current liabilities | -698,134 | ' | -963,364 | ' | ' | ' |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | ' |
Long-term payable to related party | 0 | ' | 0 | ' | ' | ' |
Deferred income tax liability | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' | ' |
Total partners’ equity | -6,730,892 | ' | -6,833,275 | ' | ' | ' |
Total liabilities and partners' equity | ($7,429,026) | ' | ($7,796,639) | ' | ' | ' |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $780,010 | $1,593,756 | $2,683,916 | $4,970,909 |
Costs and expenses | 714,136 | 1,534,404 | 2,484,537 | 5,057,446 |
Operating income (loss) | 65,874 | 59,352 | 199,379 | -86,537 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in (loss) earnings of joint ventures | -5,358 | -951 | -26,629 | 3,816 |
Interest (expense) income, net | -31,078 | -23,894 | -93,601 | -68,118 |
Interest (expense) income, net | -29,250 | ' | -89,041 | ' |
Other income (expense), net | 1,407 | -19,943 | 3,978 | -21,392 |
Income (loss) from continuing operations before income tax expense | 32,673 | 14,564 | 87,687 | -172,231 |
Income tax (benefit) expense | -563 | 599 | 6,147 | 20,318 |
Income (loss) from continuing operations | 33,236 | 13,965 | 81,540 | -192,549 |
Income (loss) from discontinued operations, net of tax | 0 | -9,623 | 9,069 | -23,665 |
Net income (loss) | 33,236 | 4,342 | 90,609 | -216,214 |
Less net income (loss) attributable to noncontrolling interest | -161 | -47 | -439 | -217 |
Net income (loss) attributable to NuStar Energy L.P. | 33,397 | 4,389 | 91,048 | -215,997 |
Comprehensive income (loss) | 38,790 | -4,018 | 90,042 | -268,791 |
Less comprehensive income (loss) attributable to noncontrolling interest | -729 | 66 | -2,206 | 780 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | 39,519 | -4,084 | 92,248 | -269,571 |
NuStar Energy | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses | 507 | 460 | 1,438 | 1,280 |
Operating income (loss) | -507 | -460 | -1,438 | -1,280 |
Equity in earnings (loss) of subsidiaries | 33,904 | 4,849 | 92,486 | -214,717 |
Equity in (loss) earnings of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | ' | 0 | ' | 0 |
Interest (expense) income, net | 0 | ' | 0 | ' |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | 33,397 | 4,389 | 91,048 | -215,997 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 33,397 | 4,389 | 91,048 | -215,997 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income (loss) | 33,397 | 4,389 | 91,048 | -215,997 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | 33,397 | 4,389 | 91,048 | -215,997 |
Comprehensive income (loss) | 33,397 | 4,389 | 91,048 | -215,997 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | 33,397 | 4,389 | 91,048 | -215,997 |
NuStar Logistics | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 107,066 | 97,369 | 308,936 | 260,414 |
Costs and expenses | 67,005 | 57,573 | 181,472 | 154,333 |
Operating income (loss) | 40,061 | 39,796 | 127,464 | 106,081 |
Equity in earnings (loss) of subsidiaries | 8,136 | -13,291 | 15,779 | -342,197 |
Equity in (loss) earnings of joint ventures | -8,202 | -3,304 | -31,713 | -3,304 |
Interest (expense) income, net | ' | -20,804 | ' | -57,621 |
Interest (expense) income, net | -29,451 | ' | -83,788 | ' |
Other income (expense), net | 0 | -21,491 | 2,466 | -21,199 |
Income (loss) from continuing operations before income tax expense | 10,544 | -19,094 | 30,208 | -318,240 |
Income tax (benefit) expense | 146 | 97 | 420 | 238 |
Income (loss) from continuing operations | 10,398 | -19,191 | 29,788 | -318,478 |
Income (loss) from discontinued operations, net of tax | 0 | -241 | 28 | -2,154 |
Net income (loss) | 10,398 | -19,432 | 29,816 | -320,632 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | 10,398 | -19,432 | 29,816 | -320,632 |
Comprehensive income (loss) | 12,746 | -22,612 | 43,306 | -336,211 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | 12,746 | -22,612 | 43,306 | -336,211 |
NuPOP | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 50,669 | 48,486 | 151,189 | 142,769 |
Costs and expenses | 32,274 | 36,977 | 104,311 | 103,673 |
Operating income (loss) | 18,395 | 11,509 | 46,878 | 39,096 |
Equity in earnings (loss) of subsidiaries | 4,992 | 13,862 | 20,750 | 76,380 |
Equity in (loss) earnings of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | ' | -2,800 | ' | -9,799 |
Interest (expense) income, net | 76 | ' | -4,941 | ' |
Other income (expense), net | 8 | 1,678 | -65 | 1,751 |
Income (loss) from continuing operations before income tax expense | 23,471 | 24,249 | 62,622 | 107,428 |
Income tax (benefit) expense | 1 | 1 | 4 | 1,331 |
Income (loss) from continuing operations | 23,470 | 24,248 | 62,618 | 106,097 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income (loss) | 23,470 | 24,248 | 62,618 | 106,097 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | 23,470 | 24,248 | 62,618 | 106,097 |
Comprehensive income (loss) | 23,470 | 24,248 | 62,618 | 106,097 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | 23,470 | 24,248 | 62,618 | 106,097 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 631,026 | 1,455,625 | 2,249,598 | 4,589,035 |
Costs and expenses | 623,181 | 1,447,320 | 2,223,091 | 4,819,766 |
Operating income (loss) | 7,845 | 8,305 | 26,507 | -230,731 |
Equity in earnings (loss) of subsidiaries | 23,449 | 24,246 | 62,614 | 106,073 |
Equity in (loss) earnings of joint ventures | 2,844 | 2,353 | 5,084 | 7,120 |
Interest (expense) income, net | ' | -290 | ' | -698 |
Interest (expense) income, net | 125 | ' | -312 | ' |
Other income (expense), net | 1,399 | -130 | 1,577 | -1,944 |
Income (loss) from continuing operations before income tax expense | 35,662 | 34,484 | 95,470 | -120,180 |
Income tax (benefit) expense | -710 | 501 | 5,723 | 18,749 |
Income (loss) from continuing operations | 36,372 | 33,983 | 89,747 | -138,929 |
Income (loss) from discontinued operations, net of tax | 0 | -9,185 | 9,041 | -21,250 |
Net income (loss) | 36,372 | 24,798 | 98,788 | -160,179 |
Less net income (loss) attributable to noncontrolling interest | -161 | -47 | -439 | -217 |
Net income (loss) attributable to NuStar Energy L.P. | 36,533 | 24,845 | 99,227 | -159,962 |
Comprehensive income (loss) | 39,578 | 19,618 | 84,731 | -197,177 |
Less comprehensive income (loss) attributable to noncontrolling interest | -729 | 66 | -2,206 | 780 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | 40,307 | 19,552 | 86,937 | -197,957 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -8,751 | -7,724 | -25,807 | -21,309 |
Costs and expenses | -8,831 | -7,926 | -25,775 | -21,606 |
Operating income (loss) | 80 | 202 | -32 | 297 |
Equity in earnings (loss) of subsidiaries | -70,481 | -29,666 | -191,629 | 374,461 |
Equity in (loss) earnings of joint ventures | 0 | 0 | 0 | 0 |
Interest (expense) income, net | ' | 0 | ' | 0 |
Interest (expense) income, net | 0 | ' | 0 | ' |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income tax expense | -70,401 | -29,464 | -191,661 | 374,758 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | -70,401 | -29,464 | -191,661 | 374,758 |
Income (loss) from discontinued operations, net of tax | 0 | -197 | 0 | -261 |
Net income (loss) | -70,401 | -29,661 | -191,661 | 374,497 |
Less net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to NuStar Energy L.P. | -70,401 | -29,661 | -191,661 | 374,497 |
Comprehensive income (loss) | -70,401 | -29,661 | -191,661 | 374,497 |
Less comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | ($70,401) | ($29,661) | ($191,661) | $374,497 |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | $378,540 | $271,879 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -260,701 | -320,778 |
Change in accounts payable related to capital expenditures | -2,879 | 0 |
Investment in other long-term assets | 0 | -2,364 |
Proceeds from sale or disposition of assets | 116,467 | 471,823 |
(Increase) decrease in note receivable from related party | -50,761 | -170,711 |
Investment in subsidiaries | 0 | 0 |
Other, net | 156 | 0 |
Net cash provided by (used in) investing activities | -197,718 | -22,030 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 1,299,220 | 1,877,048 |
Debt repayments | -1,897,182 | -2,359,058 |
Note offering, net | 687,151 | 247,408 |
Issuance of common units, net of issuance costs | 0 | 336,662 |
General partner contribution | 0 | 7,121 |
Distributions to unitholders and general partner | -294,153 | -267,228 |
Proceeds from (payments for) termination of interest rate swaps | -33,697 | -5,678 |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany borrowings (repayments) | 0 | 0 |
Other, net | 3,168 | 363 |
Net cash provided by (used in) financing activities | -235,493 | -163,362 |
Effect of foreign exchange rate changes on cash | -4,412 | 3,472 |
Net increase (decrease) in cash and cash equivalents | -59,083 | 89,959 |
Cash and cash equivalents as of the beginning of the period | 83,602 | 17,497 |
Cash and cash equivalents as of the end of the period | 24,519 | 107,456 |
NuStar Energy | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 292,499 | 265,905 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | ' |
Investment in other long-term assets | ' | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
(Increase) decrease in note receivable from related party | 0 | 0 |
Investment in subsidiaries | -141 | -344,244 |
Other, net | 141 | ' |
Net cash provided by (used in) investing activities | 0 | -344,244 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Note offering, net | 0 | 0 |
Issuance of common units, net of issuance costs | 0 | 336,662 |
General partner contribution | 0 | 7,121 |
Distributions to unitholders and general partner | -294,153 | -267,228 |
Proceeds from (payments for) termination of interest rate swaps | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany borrowings (repayments) | -5,047 | 9,059 |
Other, net | -46 | -133 |
Net cash provided by (used in) financing activities | -299,246 | 85,481 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -6,747 | 7,142 |
Cash and cash equivalents as of the beginning of the period | 7,033 | 139 |
Cash and cash equivalents as of the end of the period | 286 | 7,281 |
NuStar Logistics | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 159,157 | 91,736 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -181,580 | -237,408 |
Change in accounts payable related to capital expenditures | -5,419 | ' |
Investment in other long-term assets | ' | 0 |
Proceeds from sale or disposition of assets | 116,348 | 436,426 |
(Increase) decrease in note receivable from related party | -50,761 | -170,711 |
Investment in subsidiaries | 0 | 0 |
Other, net | 15 | ' |
Net cash provided by (used in) investing activities | -121,397 | 28,307 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 1,299,220 | 1,877,048 |
Debt repayments | -1,647,182 | -2,109,058 |
Note offering, net | 687,151 | 247,408 |
Issuance of common units, net of issuance costs | 0 | 0 |
General partner contribution | 0 | 0 |
Distributions to unitholders and general partner | -294,153 | -267,228 |
Proceeds from (payments for) termination of interest rate swaps | -33,697 | -5,678 |
Contributions from (distributions to) affiliates | 0 | 344,244 |
Net intercompany borrowings (repayments) | -53,557 | -206,846 |
Other, net | 3,355 | 496 |
Net cash provided by (used in) financing activities | -38,863 | -119,614 |
Effect of foreign exchange rate changes on cash | 0 | -431 |
Net increase (decrease) in cash and cash equivalents | -1,103 | -2 |
Cash and cash equivalents as of the beginning of the period | 1,112 | 14 |
Cash and cash equivalents as of the end of the period | 9 | 12 |
NuPOP | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 50,587 | 46,183 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -13,449 | -11,816 |
Change in accounts payable related to capital expenditures | 1,534 | ' |
Investment in other long-term assets | ' | 0 |
Proceeds from sale or disposition of assets | 28 | 4,531 |
(Increase) decrease in note receivable from related party | 0 | 0 |
Investment in subsidiaries | 0 | 0 |
Other, net | 0 | ' |
Net cash provided by (used in) investing activities | -11,887 | -7,285 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Debt repayments | -250,000 | -250,000 |
Note offering, net | 0 | 0 |
Issuance of common units, net of issuance costs | 0 | 0 |
General partner contribution | 0 | 0 |
Distributions to unitholders and general partner | 0 | 0 |
Proceeds from (payments for) termination of interest rate swaps | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | 0 |
Net intercompany borrowings (repayments) | 211,300 | 211,102 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | -38,700 | -38,898 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 170,479 | 142,700 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -65,672 | -71,554 |
Change in accounts payable related to capital expenditures | 1,006 | ' |
Investment in other long-term assets | ' | -2,364 |
Proceeds from sale or disposition of assets | 91 | 30,866 |
(Increase) decrease in note receivable from related party | 0 | 0 |
Investment in subsidiaries | 0 | -34 |
Other, net | 0 | ' |
Net cash provided by (used in) investing activities | -64,575 | -43,086 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Note offering, net | 0 | 0 |
Issuance of common units, net of issuance costs | 0 | 0 |
General partner contribution | 0 | 0 |
Distributions to unitholders and general partner | -29 | -7,426 |
Proceeds from (payments for) termination of interest rate swaps | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | 34 |
Net intercompany borrowings (repayments) | -152,696 | -13,306 |
Other, net | 0 | 0 |
Net cash provided by (used in) financing activities | -152,725 | -20,698 |
Effect of foreign exchange rate changes on cash | -4,412 | 3,903 |
Net increase (decrease) in cash and cash equivalents | -51,233 | 82,819 |
Cash and cash equivalents as of the beginning of the period | 75,457 | 17,344 |
Cash and cash equivalents as of the end of the period | 24,224 | 100,163 |
Eliminations | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -294,182 | -274,645 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Change in accounts payable related to capital expenditures | 0 | ' |
Investment in other long-term assets | ' | 0 |
Proceeds from sale or disposition of assets | 0 | 0 |
(Increase) decrease in note receivable from related party | 0 | 0 |
Investment in subsidiaries | 141 | 344,278 |
Other, net | 0 | ' |
Net cash provided by (used in) investing activities | 141 | 344,278 |
Cash flows from financing activities: | ' | ' |
Debt borrowings | 0 | 0 |
Debt repayments | 0 | 0 |
Note offering, net | 0 | 0 |
Issuance of common units, net of issuance costs | 0 | 0 |
General partner contribution | 0 | 0 |
Distributions to unitholders and general partner | 294,182 | 274,654 |
Proceeds from (payments for) termination of interest rate swaps | 0 | 0 |
Contributions from (distributions to) affiliates | 0 | -344,278 |
Net intercompany borrowings (repayments) | 0 | -9 |
Other, net | -141 | 0 |
Net cash provided by (used in) financing activities | 294,041 | -69,633 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents as of the beginning of the period | 0 | 0 |
Cash and cash equivalents as of the end of the period | $0 | $0 |