Exhibit 12.01
NUSTAR ENERGY L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months | | |
| | Ended | | | | | | | | | | |
| | June 30, | | Years Ended December 31, |
| | 2014 | | 2013 | | 2012 (a) | | 2011 (a) | | 2010 (a) | | 2009 (a) |
| Earnings: | | | | | | | | | | | |
| Income (loss) from continuing operations before provision for income taxes and income from equity investees | $ | 107,177 |
| | $ | (132,786 | ) | | $ | (132,173 | ) | | $ | 225,771 |
| | $ | 244,917 |
| | $ | 230,276 |
|
| Add: | | | | | | | | | | | |
| Fixed charges | 76,967 |
| | 149,090 |
| | 122,286 |
| | 109,825 |
| | 102,642 |
| | 102,557 |
|
| Amortization of capitalized interest | 663 |
| | 1,216 |
| | 1,012 |
| | 793 |
| | 642 |
| | 553 |
|
| Distributions from joint ventures | 3,094 |
| | 7,956 |
| | 6,364 |
| | 14,374 |
| | 9,625 |
| | 9,700 |
|
| Less: Interest capitalized | (1,964 | ) | | (4,501 | ) | | (7,737 | ) | | (5,388 | ) | | (3,701 | ) | | (1,650 | ) |
| Total earnings | $ | 185,937 |
| | $ | 20,975 |
| | $ | (10,248 | ) | | $ | 345,375 |
| | $ | 354,125 |
| | $ | 341,436 |
|
| Fixed charges: | | | | | | | | | | | |
| Interest expense, net | $ | 67,539 |
| | $ | 127,119 |
| | $ | 90,535 |
| | $ | 81,539 |
| | $ | 77,764 |
| | $ | 79,312 |
|
| Interest capitalized | 1,964 |
| | 4,501 |
| | 7,737 |
| | 5,388 |
| | 3,701 |
| | 1,650 |
|
| Rental expense interest factor (b) | 7,464 |
| | 17,470 |
| | 24,014 |
| | 22,898 |
| | 21,177 |
| | 21,595 |
|
| Total fixed charges | $ | 76,967 |
| | $ | 149,090 |
| | $ | 122,286 |
| | $ | 109,825 |
| | $ | 102,642 |
| | $ | 102,557 |
|
| Ratio of earnings to fixed charges | 2.4x |
| | (c) |
| | (d) |
| | 3.1x |
| | 3.5x |
| | 3.3x |
|
|
| |
| (a) | Prior year amounts have been adjusted for discontinued operations. |
|
| |
| (b) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |
|
| |
| (c) | For the year ended December 31, 2013, earnings were insufficient to cover fixed charges by $128.1 million. The deficiency included a goodwill impairment loss of $304.5 million related to the Statia terminals reporting unit. |
|
| |
| (d) | For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by $132.5 million. The deficiency included the effect of $271.8 million of impairment losses mainly resulting from the write-down of the carrying value of our long-lived assets related to our asphalt operations, including fixed assets, goodwill, intangible assets and other long-term assets. |
