NuStar Energy (NS) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

DEI Document

DEI Document - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Abstract]
Entity Registrant Name	NuStar Energy L.P.
Entity Central Index Key	1,110,805
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	ns
Amendment Flag	false
Entity Common Stock, Shares Outstanding		77,886,078

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 111,637	$ 87,912
Accounts receivable, net of allowance for doubtful accounts of $7,786 and $7,808 as of June 30, 2015 and December 31, 2014, respectively	164,403	208,314
Receivable from related parties	0	164
Inventories	65,346	55,713
Other current assets	34,193	35,944
Assets held for sale	0	1,100
Total current assets	375,579	389,147
Property, plant and equipment, at cost	5,084,661	4,815,396
Accumulated depreciation and amortization	(1,443,583)	(1,354,664)
Property, plant and equipment, net	3,641,078	3,460,732
Intangible assets, net	118,931	58,670
Goodwill	704,404	617,429
Investment in joint venture	0	74,223
Deferred income tax asset	3,460	4,429
Other long-term assets, net	329,603	314,166
Total assets	5,173,055	4,918,796
Current liabilities:
Accounts payable	107,414	162,056
Payable to related party	20,864	15,128
Short-term debt	46,000	77,000
Accrued interest payable	33,682	33,345
Accrued liabilities	48,281	61,025
Taxes other than income tax	13,857	14,121
Income tax payable	1,355	2,517
Total current liabilities	271,453	365,192
Long-term debt	3,074,616	2,749,452
Long-term payable to related party	36,894	33,537
Deferred income tax liability	25,791	27,308
Other long-term liabilities	$ 51,228	$ 27,097
Commitments and contingencies (Note 5)
Partners' equity:
Limited partners (77,886,078 common units outstanding as of June 30, 2015 and December 31, 2014)	$ 1,731,641	$ 1,744,810
General partner	38,603	39,312
Accumulated other comprehensive loss	(57,171)	(67,912)
Total partners’ equity	1,713,073	1,716,210
Total liabilities and partners' equity	$ 5,173,055	$ 4,918,796

Consolidated Balance Sheets Non

Consolidated Balance Sheets Non-Printing - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 7,786	$ 7,808
Limited partners common units outstanding (in units)	77,886,078	77,886,078

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Service revenues	$ 274,581	$ 259,562	$ 544,554	$ 488,900
Product sales	296,030	490,183	581,001	1,110,058
Total revenues	570,611	749,745	1,125,555	1,598,958
Costs and expenses:
Cost of product sales	281,610	473,755	544,116	1,068,714
Operating expenses:
Third parties	82,568	84,565	166,928	161,971
Related party	34,570	30,972	65,857	59,631
Total operating expenses	117,138	115,537	232,785	221,602
General and administrative expenses:
Third parties	8,986	5,715	16,653	12,477
Related party	17,707	17,448	35,093	31,542
Total general and administrative expenses	26,693	23,163	51,746	44,019
Depreciation and amortization expense	52,765	47,936	105,222	94,166
Total costs and expenses	478,206	660,391	933,869	1,428,501
Operating income	92,405	89,354	191,686	170,457
Equity in earnings (loss) of joint ventures	0	3,294	0	(1,012)
Interest expense, net	(32,824)	(33,122)	(64,861)	(67,539)
Interest income from related party	0	0	0	1,055
Other (expense) income, net	(2,152)	(474)	60,116	3,204
Income from continuing operations before income tax expense	57,429	59,052	186,941	106,165
Income tax expense	3,104	1,865	5,491	5,982
Income from continuing operations	54,325	57,187	181,450	100,183
(Loss) income from discontinued operations, net of tax	0	(1,788)	774	(5,147)
Net income	54,325	55,399	182,224	95,036
Less net loss attributable to noncontrolling interest	0	(115)	0	(222)
Net income attributable to NuStar Energy L.P.	$ 54,325	$ 55,514	$ 182,224	$ 95,258
Net income (loss) per unit applicable to limited partners:
Continuing operations	$ 0.54	$ 0.58	$ 2	$ 0.98
Discontinued operations	0	(0.02)	0.01	(0.06)
Total (Note 10)	$ 0.54	$ 0.56	$ 2.01	$ 0.92
Weighted-average limited partner units outstanding	77,886,078	77,886,078	77,886,078	77,886,078
Comprehensive income	$ 85,167	$ 63,926	$ 192,965	$ 101,644
Less comprehensive loss attributable to noncontrolling interest	0	(117)	0	(669)
Comprehensive income attributable to NuStar Energy L.P.	$ 85,167	$ 64,043	$ 192,965	$ 102,313

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 182,224	$ 95,036
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	105,222	94,166
Amortization of debt related items	4,485	4,745
Gain from sale or disposition of assets	(165)	(88)
Gain associated with the Linden Acquisition	(56,277)	0
Asset impairment loss	0	2,067
Deferred income tax expense	368	2,131
Equity in loss of joint ventures	0	1,012
Distributions of equity in earnings of joint ventures	2,500	3,094
Changes in current assets and current liabilities (Note 11)	(8,502)	(12,490)
Other, net	7,332	10,709
Net cash provided by operating activities	237,187	200,382
Cash Flows from Investing Activities:
Capital expenditures	(153,621)	(118,872)
Change in accounts payable related to capital expenditures	(7,954)	(13,815)
Acquisitions	(142,500)	0
Investment in other long-term assets	(3,444)	0
Proceeds from sale or disposition of assets	1,307	14,441
Increase in note receivable from Axeon	0	(13,328)
Other, net	0	(23)
Net cash used in investing activities	(306,212)	(131,597)
Cash Flows from Financing Activities:
Proceeds from long-term debt borrowings	609,735	405,317
Proceeds from short-term debt borrowings	432,000	34,400
Long-term debt repayments	(270,292)	(332,033)
Short-term debt repayments	(463,000)	(34,400)
Distributions to unitholders and general partner	(196,102)	(196,102)
(Decrease) increase in cash book overdrafts	(13,695)	3,371
Other, net	(565)	(373)
Net cash provided by (used in) financing activities	98,081	(119,820)
Effect of foreign exchange rate changes on cash	(5,331)	(632)
Net increase (decrease) in cash and cash equivalents	23,725	(51,667)
Cash and cash equivalents as of the beginning of the period	87,912	100,743
Cash and cash equivalents as of the end of the period	$ 111,637	$ 49,076

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
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 a publicly held Delaware limited partnership engaged in the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. 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 14.9% total interest in us as of June 30, 2015 . 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: pipeline, storage 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 joint ventures using the equity method of accounting. 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 six months ended June 30, 2015 and 2014 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The consolidated balance sheet as of December 31, 2014 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, 2014 . New Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (FASB) issued amended guidance that requires inventory be measured at the lower of cost or net realizable value. The changes are effective for annual and interim periods beginning after December 15, 2016 , and early adoption is permitted. We do not expect the amended guidance to have a material impact on our financial position, results of operations or disclosures. In April 2015, the FASB issued amended guidance for the presentation of debt issuance costs. Under the amended guidance, debt issuance costs will be presented on the balance sheet as a deduction from the carrying value of the associated debt liability. The changes are effective for annual and interim periods beginning after December 15, 2015, and retrospective application is required. Early adoption is permitted. We will adopt these provisions January 1, 2016, and we do not expect the amended guidance to have a material impact on our financial position, results of operations or disclosures. In February 2015, the FASB issued new consolidation guidance that modifies the criterion involved in a reporting organization’s evaluation of whether certain legal entities are subject to consolidation under the standard. The standard is effective for public companies for annual and interim reporting periods beginning after December 15, 2015, using one of two retrospective transition methods. Early adoption is permitted. We are currently assessing the impact of this new guidance on our financial statements and disclosures, and we have not yet selected a transition method. In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, using one of two retrospective transition methods. In July 2015, the FASB voted in favor of deferring the effective date by one year. Early adoption is permitted, but not before the original effective date. We are currently assessing the impact of this new guidance on our financial statements and disclosures, and we have not yet selected a transition method.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions Linden Acquisition. On January 2, 2015, we acquired full ownership of ST Linden Terminal, LLC (Linden), which owns a refined products terminal in Linden, NJ with 4.3 million barrels of storage capacity (the Linden Acquisition). Linden is located on a 44-acre facility that provides deep-water terminalling capabilities in the New York Harbor and primarily stores petroleum products, including gasoline, jet fuel and fuel oils. Prior to the Linden Acquisition, Linden operated as a joint venture between us and Linden Holding Corp, with each party owning 50 percent . In connection with the Linden Acquisition, we ceased applying the equity method of accounting and consolidated Linden, which is included in our storage segment. The condensed consolidated statements of comprehensive income include the results of operations for Linden commencing on January 2, 2015. On the acquisition date, we remeasured our existing 50% equity investment in Linden to its fair value of $128.0 million and we recognized a gain of $56.3 million in “Other (expense) income, net” in the condensed consolidated statements of comprehensive income for the six months ended June 30, 2015 . We estimated the fair value using a market approach, which estimates the enterprise value based on an earnings multiple. We funded the acquisition with borrowings under our revolving credit agreement. The acquisition complements our existing storage operations, and having sole ownership of Linden strengthens our presence in the New York Harbor and the East Coast market. We accounted for the Linden Acquisition using the acquisition method. The purchase price has been preliminarily allocated based on the estimated fair values of the individual assets acquired and liabilities assumed at the date of the acquisition pending completion of an independent evaluation. The preliminary purchase price allocation was as follows (in thousands of dollars): Cash paid for the Linden Acquisition $ 142,500 Fair value of liabilities assumed 22,865 Consideration 165,365 Acquisition date fair value of previously held equity interest 128,000 Total $ 293,365 Current assets $ 1,746 Property, plant and equipment 134,484 Goodwill 86,975 Intangible assets (a) 70,050 Other long-term assets 110 Purchase price allocation $ 293,365 (a) Intangible assets primarily consist of customer contracts and relationships and are being amortized over 10 years . Dispositions Discontinued Operations. In January 2015, we sold our terminal in Alamogordo, NM with storage capacity of 0.1 million barrels for proceeds of $1.1 million . We classified the associated property, plant and equipment as “Assets held for sale” on the consolidated balance sheet as of December 31, 2014. In 2014, we divested our terminals in Mobile, AL, Wilmington, NC and Dumfries, VA and our 75% interest in our facility in Mersin, Turkey. We presented the results of operations for those facilities as discontinued operations. We allocated interest expense of $0.3 million and $0.7 million for the three and six months ended June 30, 2014 , respectively, to discontinued operations based on the ratio of net assets discontinued to consolidated net assets. The following table summarizes the results from discontinued operations: Three Months Ended June 30, Six Months Ended June 30, 2015 (a) 2014 2015 (a) 2014 (Thousands of Dollars) Revenues $ — $ 1,359 $ 208 $ 3,180 (Loss) income before income tax expense $ — $ (1,788 ) $ 774 $ (5,147 ) (a) Discontinued operations include the results of operations of certain storage assets that were divested in 2014 and the first quarter of 2015. 2014 Asphalt Sale. On February 26, 2014, we sold our remaining 50% ownership interest in NuStar Asphalt LLC to Lindsay Goldberg LLC (Lindsay Goldberg), a private investment firm (the 2014 Asphalt Sale). Effective February 27, 2014, NuStar Asphalt LLC changed its name to Axeon Specialty Products LLC (Axeon). Lindsay Goldberg now owns 100% of Axeon. As a result of the 2014 Asphalt Sale, we ceased applying the equity method of accounting.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: June 30, December 31, (Thousands of Dollars) Crude oil $ 7,700 $ 3,527 Finished products 48,579 43,206 Materials and supplies 9,067 8,980 Total $ 65,346 $ 55,713

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Agreement During the six months ended June 30, 2015 , the balance under our $1.5 billion five -year revolving credit agreement (the Revolving Credit Agreement) increased by $238.6 million , which we used for general partnership purposes and to fund the Linden Acquisition. The Revolving Credit Agreement bears interest, at our option, based on an alternative base rate, a LIBOR-based rate or a EURIBOR-based rate. The interest rate on the Revolving Credit Agreement is subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of June 30, 2015 , our weighted-average interest rate was 1.9% and we had $840.1 million outstanding. The Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the Revolving Credit Agreement requires us to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated debt to consolidated EBITDA, each as defined in the Revolving Credit Agreement) not to exceed 5.00-to-1.00. However, if we consummate one or more acquisitions for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. As of June 30, 2015, our consolidated debt coverage ratio could not exceed 5.50-to-1.00, as a result of the Linden Acquisition in January 2015 . The requirement not to exceed a maximum consolidated debt coverage ratio may limit the amount we can borrow under the Revolving Credit Agreement to an amount less than the total amount available for borrowing. As of June 30, 2015 , our consolidated debt coverage ratio was 4.3 x, and we had $566.7 million available for borrowing. 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 interest is paid monthly. The weighted-average interest rate was 0.1% as of June 30, 2015 . 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 expansion. 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” on the consolidated balance sheets. For the six months ended June 30, 2015 , we received $7.7 million from the trustee. As of June 30, 2015 , the amount remaining in trust totaled $63.9 million . Receivables Financing Agreement On June 15, 2015, NuStar Energy L.P. and NuStar Finance LLC (NuStar Finance), a newly formed special purpose entity and wholly owned subsidiary of NuStar Logistics, entered into a $125.0 million receivables financing agreement with third-party lenders (the Receivables Financing Agreement) and agreements with certain of NuStar Energy’s wholly owned subsidiaries (collectively with the Receivables Financing Agreement, the Securitization Program). Under the Securitization Program, certain of NuStar Energy’s wholly owned subsidiaries, NuStar Logistics, NuPOP, NuStar Energy Services, Inc. and NuStar Supply & Trading LLC (collectively, the Originators), sell their accounts receivable to NuStar Finance on an ongoing basis, and NuStar Finance provides the newly acquired accounts receivable as collateral for its revolving borrowings under the Receivables Financing Agreement. The maximum amount available for borrowing by NuStar Finance under the Receivables Financing Agreement is $125.0 million, with an option for NuStar Finance to request an increase of up to $75.0 million from the lenders (for aggregate total borrowings not to exceed $200.0 million). The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. The Securitization Program contains various customary affirmative and negative covenants and default, indemnification and termination provisions, and the Receivables Financing Agreement provides for acceleration of amounts owed upon the occurrence of certain specified events. Borrowings by NuStar Finance under the Receivables Financing Agreement bear interest at either the applicable commercial paper rate or the applicable bank rate, each as defined under the Receivables Financing Agreement. The Securitization Program has an initial termination date of June 15, 2018, with the option to renew for additional 364-day periods thereafter. As of June 30, 2015 , $123.2 million of our accounts receivable are included in the Securitization Program. The amount of borrowings outstanding under the Receivables Financing Agreement totaled $88.9 million as of June 30, 2015 , which is included in “Long-term debt” on the consolidated balance sheet. NuStar Finance’s sole business consists of purchasing such receivables and providing them as collateral under the Securitization Program. NuStar Finance is a separate legal entity and the assets of NuStar Finance, including these accounts receivable, are not available to satisfy the claims of creditors of NuStar Energy, the Originators or their affiliates.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 , we have accrued $4.4 million for contingent losses. The amount that will ultimately be paid 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
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. Recurring Fair Value Measurements The following assets and liabilities are measured at fair value on a recurring basis: June 30, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 157 $ — $ — $ 157 Commodity derivatives 446 2,473 — 2,919 Other long-term assets, net: Interest rate swaps — 18,753 — 18,753 Total $ 603 $ 21,226 $ — $ 21,829 Liabilities: Accrued liabilities: Product imbalances $ (1,132 ) $ — $ — $ (1,132 ) Commodity derivatives — (1,915 ) — (1,915 ) Other long-term liabilities: Guarantee liability — — (896 ) (896 ) Total $ (1,132 ) $ (1,915 ) $ (896 ) $ (3,943 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 117 $ — $ — $ 117 Commodity derivatives 11,009 5,353 — 16,362 Total $ 11,126 $ 5,353 $ — $ 16,479 Liabilities: Accrued liabilities: Product imbalances $ (1,388 ) $ — $ — $ (1,388 ) Commodity derivatives — (4,623 ) — (4,623 ) Other long-term liabilities: Guarantee liability — — (580 ) (580 ) Total $ (1,388 ) $ (4,623 ) $ (580 ) $ (6,591 ) Product Imbalances. We value our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date. Therefore, we include these product imbalances in Level 1 of the fair value hierarchy. Interest Rate Swaps. We estimate the fair value of our forward-starting interest rate swaps using discounted cash flows, which use observable inputs such as time to maturity and market interest rates. Therefore, we include these interest rate swaps in Level 2 of the fair value hierarchy. 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 for a discussion of our derivative instruments. Guarantees. We provide credit support, such as guarantees, letters of credit and cash collateral, as applicable, of up to $150.0 million to Axeon. As of June 30, 2015 and December 31, 2014 , we provided guarantees mainly for commodity purchases, lease obligations and certain utilities for Axeon with an aggregate maximum potential exposure of $39.0 million and $25.3 million , respectively, and two guarantees that do not specify a maximum amount. A majority of these guarantees have no expiration date. We estimated the fair value of guarantees we have issued on behalf of Axeon considering the probability of default by Axeon and an estimate of the amount we would be obligated to pay under the guarantees at the time of default based on the guarantees outstanding as of June 30, 2015 and December 31, 2014 . 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 following table summarizes the activity in our Level 3 liabilities: Six Months Ended June 30, 2015 (Thousands of Dollars) Beginning balance $ 580 Adjustments to guarantee liability 316 Ending balance $ 896 Fair Value of Financial Instruments We recognize cash equivalents, receivables, note receivables, payables and debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments, except for the $190.0 million term loan to Axeon (the Axeon Term Loan) and long-term debt, approximate their carrying amounts. The estimated fair value and carrying amounts of the long-term debt and the Axeon Term Loan were as follows: June 30, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount (Thousands of Dollars) Long-term debt $ 3,125,944 $ 3,074,616 $ 2,764,242 $ 2,749,452 Axeon Term Loan $ 166,768 $ 169,551 $ 164,386 $ 169,235 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 Axeon Term Loan using discounted cash flows, which use observable inputs such as time to maturity and market interest rates, and determined the fair value falls in Level 2 of the fair value hierarchy. As of June 30, 2015 , the carrying amount of the receivable for the Axeon Term Loan is $169.6 million , consisting of the following: (i) the outstanding principal amount from the Axeon Term Loan of $190.0 million ; (ii) plus the fair value of guarantees of $0.9 million as of June 30, 2015 ; and (iii) less equity losses from our investment in Axeon of $21.3 million incurred prior to the 2014 Asphalt Sale and after the carrying value of our equity investment in Axeon was reduced to zero . The carrying value of the Axeon Term Loan is included in “Other long-term assets, net” on the consolidated balance sheets. We review the financial information of Axeon monthly for possible non-payment indicators.

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES	6 Months Ended
	Jun. 30, 2015
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 interest rate risk and commodity price 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 are a party to certain interest rate swap agreements to manage our exposure to changes in interest rates. During the six months ended June 30, 2015 , we entered into forward-starting interest rate swap agreements with an aggregate notional amount of $450.0 million . Under the terms of the swaps, we pay a fixed rate and receive a rate based on three month USD LIBOR . 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 2018 and 2020. We record the effective portion of mark-to-market adjustments as a component of “Accumulated other comprehensive income” (AOCI), and the amount in AOCI will be recognized in “Interest expense, net” as the forecasted interest payments occur or if the interest payments are probable not to occur. We had no forward-starting interest rate swap agreements as of December 31, 2014. 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. The volume of commodity contracts is based on open derivative positions and represents the combined volume of our long and short open positions on an absolute basis, which totaled 6.2 million b arrels and 4.7 million barrels as of June 30, 2015 and December 31, 2014 , respectively. As of June 30, 2015 , we had $1.3 million of margin deposits related to our derivative instruments and none as of December 31, 2014 . The fair values of our derivative instruments included in our consolidated balance sheets were as follows: Asset Derivatives Liability Derivatives Balance Sheet Location June 30, December 31, 2014 June 30, December 31, 2014 (Thousands of Dollars) Derivatives Designated as Hedging Instruments: Commodity contracts Other current assets $ 741 $ 5,609 $ (158 ) $ — Interest rate swaps - cash flow hedges Other long-term assets, net 18,753 — — — Total 19,494 5,609 (158 ) — Derivatives Not Designated as Hedging Instruments: Commodity contracts Other current assets 12,384 38,704 (10,048 ) (27,951 ) Commodity contracts Accrued liabilities 5,934 13,081 (7,849 ) (17,704 ) Total 18,318 51,785 (17,897 ) (45,655 ) Total Derivatives $ 37,812 $ 57,394 $ (18,055 ) $ (45,655 ) 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 June 30, December 31, 2014 (Thousands of Dollars) Net amounts of assets presented in the consolidated balance sheets $ 2,919 $ 16,362 Net amounts of liabilities presented in the consolidated balance sheets $ (1,915 ) $ (4,623 ) The earnings impact of our derivative activity was as follows: Derivatives Designated as Fair Value Hedging Instruments Income Statement Location Amount of Gain (Loss) Recognized in Income on Derivative (Effective Portion) Amount of Gain (Loss) Recognized in Income on Hedged Item Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) (Thousands of Dollars) Three months ended June 30, 2015: Commodity contracts Cost of product sales $ (6,663 ) $ 8,407 $ 1,744 Three months ended June 30, 2014: Commodity contracts Cost of product sales $ (254 ) $ 315 $ 61 Six months ended June 30, 2015: Commodity contracts Cost of product sales $ (4,499 ) $ 6,731 $ 2,232 Six months ended June 30, 2014: Commodity contracts Cost of product sales $ 959 $ (1,782 ) $ (823 ) Derivatives Designated as Cash Flow Hedging Instruments Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative(Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Interest expense, net (Effective Portion) (a) (Thousands of Dollars) Three months ended June 30, 2015: Interest rate swaps $ 20,788 $ — Unwound interest rate swaps $ — $ (2,506 ) Three months ended June 30, 2014: Unwound interest rate swaps $ — $ (2,671 ) Six months ended June 30, 2015: Interest rate swaps $ 18,753 $ — Unwound interest rate swaps — (5,044 ) Six months ended June 30, 2014: Unwound interest rate swaps $ — $ (5,437 ) (a) As of June 30, 2015 , we expect to reclassify a loss of $9.1 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain (Loss) Recognized in Income (Thousands of Dollars) Three months ended June 30, 2015: Commodity contracts Cost of product sales $ (339 ) Three months ended June 30, 2014: Commodity contracts Cost of product sales $ (4,442 ) Six months ended June 30, 2015: Commodity contracts Cost of product sales $ (9 ) Six months ended June 30, 2014: Commodity contracts Cost of product sales $ (4,410 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We had a payable to related party of $20.9 million and $15.1 million as of June 30, 2015 and December 31, 2014 , respectively, mainly representing payroll, employee benefit plan expenses and unit-based compensation. We also had a long-term payable to related party as of June 30, 2015 and December 31, 2014 of $36.9 million and $33.5 million , respectively, representing long-term employee benefits. The following table summarizes information pertaining to related party transactions: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Revenues $ — $ — $ — $ 929 Operating expenses $ 34,570 $ 30,972 $ 65,857 $ 59,631 General and administrative expenses $ 17,707 $ 17,448 $ 35,093 $ 31,542 Interest income $ — $ — $ — $ 1,055 Revenues included in discontinued operations, net of tax $ — $ 87 $ — $ 492 Expenses included in discontinued operations, net of tax $ — $ 607 $ 2 $ 1,412 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. Axeon As a result of the 2014 Asphalt Sale, we ceased reporting transactions between us and Axeon as related party transactions in our consolidated financial statements on February 26, 2014.

PARTNERS' EQUITY

PARTNERS' EQUITY	6 Months Ended
	Jun. 30, 2015
Partners' Capital Notes [Abstract]
PARTNERS' EQUITY	PARTNERS’ EQUITY Partners ’ Equity Activity In September 2014, we sold our 75% interest in our facility in Mersin, Turkey. Therefore, we no longer have a noncontrolling interest for the three and six months ending June 30, 2015. The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Total Partners’ Equity NuStar Energy L.P. Partners’ Equity Noncontrolling Interest Total Partners’ Equity (Thousands of Dollars) Beginning balance $ 1,725,957 $ 1,842,378 $ 1,106 $ 1,843,484 Net income (loss) 54,325 55,514 (115 ) 55,399 Other comprehensive income (loss): Foreign currency translation adjustment 7,548 5,858 (2 ) 5,856 Net unrealized gain on cash flow hedges 20,788 — — — Net loss on cash flow hedges reclassified into interest expense, net 2,506 2,671 — 2,671 Total other comprehensive income (loss) 30,842 8,529 (2 ) 8,527 Cash distributions to partners (98,051 ) (98,051 ) — (98,051 ) Ending balance $ 1,713,073 $ 1,808,370 $ 989 $ 1,809,359 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Total Partners’ Equity NuStar Energy L.P. Partners’ Equity Noncontrolling Interest Total Partners’ Equity (Thousands of Dollars) Beginning balance $ 1,716,210 $ 1,902,136 $ 1,658 $ 1,903,794 Net income (loss) 182,224 95,258 (222 ) 95,036 Other comprehensive income (loss): Foreign currency translation adjustment (13,056 ) 1,618 (447 ) 1,171 Net unrealized gain on cash flow hedges 18,753 — — — Net loss on cash flow hedges reclassified into interest expense, net 5,044 5,437 — 5,437 Total other comprehensive income (loss) 10,741 7,055 (447 ) 6,608 Cash distributions to partners (196,102 ) (196,102 ) — (196,102 ) Other — 23 — 23 Ending balance $ 1,713,073 $ 1,808,370 $ 989 $ 1,809,359 Accumulated Other Comprehensive Loss The balance of and changes in the components included in AOCI were as follows: Foreign Currency Translation Cash Flow Hedges Total (Thousands of Dollars) Balance as of January 1, 2015 $ (28,839 ) $ (39,073 ) $ (67,912 ) Activity (13,056 ) 23,797 10,741 Balance as of June 30, 2015 $ (41,895 ) $ (15,276 ) $ (57,171 ) 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Net income attributable to NuStar Energy L.P. $ 54,325 $ 55,514 $ 182,224 $ 95,258 Less general partner incentive distribution 10,805 10,805 21,610 21,610 Net income after general partner incentive distribution 43,520 44,709 160,614 73,648 General partner interest 2 % 2 % 2 % 2 % General partner allocation of net income after general partner incentive distribution 871 894 3,213 1,473 General partner incentive distribution 10,805 10,805 21,610 21,610 Net income applicable to general partner $ 11,676 $ 11,699 $ 24,823 $ 23,083 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 $ 3,922 $ 3,922 General partner incentive distribution 10,805 10,805 21,610 21,610 Total general partner distribution 12,766 12,766 25,532 25,532 Limited partners’ distribution 85,285 85,285 170,570 170,570 Total cash distributions $ 98,051 $ 98,051 $ 196,102 $ 196,102 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 2.190 $ 2.190 The following table summarizes information related to our quarterly cash distributions: Quarter Ended Cash Distributions Per Unit Total Cash Distributions Record Date Payment Date (Thousands of Dollars) June 30, 2015 (a) $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 December 31, 2014 $ 1.095 $ 98,051 February 9, 2015 February 13, 2015 (a) The distribution was announced on July 24, 2015 .

NET INCOME PER UNIT

NET INCOME PER UNIT	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
NET INCOME PER UNIT	NET INCOME PER UNIT We have identified the general partner interest and incentive distribution rights 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 per unit: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Unit and Per Unit Data) Net income attributable to NuStar Energy L.P. $ 54,325 $ 55,514 $ 182,224 $ 95,258 Less general partner distribution (including incentive distribution rights) 12,766 12,766 25,532 25,532 Less limited partner distribution 85,285 85,285 170,570 170,570 Distributions in excess of earnings $ (43,726 ) $ (42,537 ) $ (13,878 ) $ (100,844 ) General partner earnings: Distributions $ 12,766 $ 12,766 $ 25,532 $ 25,532 Allocation of distributions in excess of earnings (2%) (875 ) (851 ) (278 ) (2,017 ) Total $ 11,891 $ 11,915 $ 25,254 $ 23,515 Limited partner earnings: Distributions $ 85,285 $ 85,285 $ 170,570 $ 170,570 Allocation of distributions in excess of earnings (98%) (42,851 ) (41,686 ) (13,600 ) (98,827 ) Total $ 42,434 $ 43,599 $ 156,970 $ 71,743 Weighted-average limited partner units outstanding 77,886,078 77,886,078 77,886,078 77,886,078 Net income per unit applicable to limited partners $ 0.54 $ 0.56 $ 2.01 $ 0.92

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS	6 Months Ended
	Jun. 30, 2015
Statement of Cash Flows [Abstract]
STATEMENTS OF CASH FLOWS	STATEMENTS OF CASH FLOWS Changes in current assets and current liabilities were as follows: Six Months Ended June 30, 2015 2014 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 45,431 $ 26,688 Receivable from related parties — 50,940 Inventories (9,653 ) 25,023 Other current assets 1,711 (4,331 ) Increase (decrease) in current liabilities: Accounts payable (34,851 ) (115,727 ) Payable to related party 5,175 5,979 Accrued interest payable 337 510 Accrued liabilities (15,058 ) (1,468 ) Taxes other than income tax (500 ) 1,040 Income tax payable (1,094 ) (1,144 ) Changes in current assets and current liabilities $ (8,502 ) $ (12,490 ) The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets due to the change in the amount accrued for capital expenditures and the effect of foreign currency translation. Cash flows related to interest and income taxes were as follows: Six Months Ended June 30, 2015 2014 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 65,378 $ 64,957 Cash paid for income taxes, net of tax refunds received $ 6,335 $ 8,069

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our reportable business segments consist of pipeline, storage and fuels marketing. 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 the transportation of petroleum products and anhydrous ammonia, the terminalling and storage of petroleum products and the marketing of petroleum products. Intersegment revenues result from storage agreements with wholly owned subsidiaries of NuStar Energy at lease rates consistent with rates charged to third parties for storage. Results of operations for the reportable segments were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Revenues: Pipeline $ 122,210 $ 117,798 $ 246,635 $ 220,757 Storage: Third parties 150,812 138,296 294,897 262,650 Intersegment 6,830 6,690 13,079 13,973 Related party — — — 929 Total storage 157,642 144,986 307,976 277,552 Fuels Marketing 297,589 493,651 584,023 1,114,622 Consolidation and intersegment eliminations (6,830 ) (6,690 ) (13,079 ) (13,973 ) Total revenues $ 570,611 $ 749,745 $ 1,125,555 $ 1,598,958 Operating income: Pipeline $ 64,820 $ 60,236 $ 133,460 $ 113,226 Storage 53,751 50,007 101,729 92,014 Fuels marketing 2,650 4,821 12,575 14,379 Consolidation and intersegment eliminations (1 ) 7 42 (10 ) Total segment operating income 121,220 115,071 247,806 219,609 General and administrative expenses 26,693 23,163 51,746 44,019 Other depreciation and amortization expense 2,122 2,554 4,374 5,133 Total operating income $ 92,405 $ 89,354 $ 191,686 $ 170,457 Total assets by reportable segment were as follows: June 30, December 31, (Thousands of Dollars) Pipeline $ 1,999,783 $ 1,962,821 Storage 2,457,089 2,241,573 Fuels marketing 193,857 227,642 Total segment assets 4,650,729 4,432,036 Other partnership assets 522,326 486,760 Total consolidated assets $ 5,173,055 $ 4,918,796

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 864 $ 6 $ — $ 110,767 $ — $ 111,637 Receivables, net — 605 — 163,798 — 164,403 Inventories — 2,239 3,544 59,563 — 65,346 Other current assets 44 14,095 1,694 18,405 (45 ) 34,193 Intercompany receivable — 1,568,515 — — (1,568,515 ) — Total current assets 908 1,585,460 5,238 352,533 (1,568,560 ) 375,579 Property, plant and equipment, net — 1,881,894 557,790 1,201,394 — 3,641,078 Intangible assets, net — 52,381 — 66,550 — 118,931 Goodwill — 149,453 170,652 384,299 — 704,404 Investment in wholly owned subsidiaries 2,276,722 50,416 1,004,729 946,218 (4,278,085 ) — Deferred income tax asset — — — 4,639 (1,179 ) 3,460 Other long-term assets, net 731 288,003 26,329 14,540 — 329,603 Total assets $ 2,278,361 $ 4,007,607 $ 1,764,738 $ 2,970,173 $ (5,847,824 ) $ 5,173,055 Liabilities and Partners’ Equity Payables $ — $ 52,792 $ 7,396 $ 68,090 $ — $ 128,278 Short-term debt — 46,000 — — — 46,000 Accrued interest payable — 33,659 — 23 — 33,682 Accrued liabilities 712 19,979 6,842 20,748 — 48,281 Taxes other than income tax — 5,738 3,839 4,280 — 13,857 Income tax payable — — 4 1,396 (45 ) 1,355 Intercompany payable 507,405 — 791,246 269,864 (1,568,515 ) — Total current liabilities 508,117 158,168 809,327 364,401 (1,568,560 ) 271,453 Long-term debt — 2,985,716 — 88,900 — 3,074,616 Long-term payable to related party — 31,452 — 5,442 — 36,894 Deferred income tax liability — 1,143 36 25,791 (1,179 ) 25,791 Other long-term liabilities — 16,258 9,066 25,904 — 51,228 Total partners’ equity 1,770,244 814,870 946,309 2,459,735 (4,278,085 ) 1,713,073 Total liabilities and partners’ equity $ 2,278,361 $ 4,007,607 $ 1,764,738 $ 2,970,173 $ (5,847,824 ) $ 5,173,055 Condensed Consolidating Balance Sheets December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Receivables, net — 47,038 18,347 143,093 — 208,478 Inventories — 1,998 3,768 49,989 (42 ) 55,713 Other current assets — 10,403 418 25,239 (116 ) 35,944 Assets held for sale — — — 1,100 — 1,100 Intercompany receivable — 1,438,675 — — (1,438,675 ) — Total current assets 923 1,498,120 22,533 306,404 (1,438,833 ) 389,147 Property, plant and equipment, net — 1,820,126 559,808 1,080,798 — 3,460,732 Intangible assets, net — 55,801 — 2,869 — 58,670 Goodwill — 149,453 170,652 297,324 — 617,429 Investment in wholly owned subsidiaries 2,289,673 37,179 910,394 913,343 (4,150,589 ) — Investment in joint venture — — — 74,223 — 74,223 Deferred income tax asset — — — 4,429 — 4,429 Other long-term assets, net 673 279,058 26,329 8,106 — 314,166 Total assets $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Liabilities and Partners’ Equity Payables $ — $ 60,687 $ 8,211 $ 108,286 $ — $ 177,184 Short-term debt — 77,000 — — — 77,000 Accrued interest payable — 33,340 — 5 — 33,345 Accrued liabilities 862 32,178 6,965 21,020 — 61,025 Taxes other than income tax 125 7,896 3,099 3,001 — 14,121 Income tax payable — — 4 2,629 (116 ) 2,517 Intercompany payable 506,160 — 751,023 181,492 (1,438,675 ) — Total current liabilities 507,147 211,101 769,302 316,433 (1,438,791 ) 365,192 Long-term debt — 2,749,452 — — — 2,749,452 Long-term payable to related party — 28,094 — 5,443 — 33,537 Deferred income tax liability — 528 22 26,758 — 27,308 Other long-term liabilities — 13,681 6,963 6,453 — 27,097 Total partners’ equity 1,784,122 836,881 913,429 2,332,409 (4,150,631 ) 1,716,210 Total liabilities and partners’ equity $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 137,170 $ 48,722 $ 385,331 $ (612 ) $ 570,611 Costs and expenses 438 76,335 31,740 370,306 (613 ) 478,206 Operating (loss) income (438 ) 60,835 16,982 15,025 1 92,405 Equity in earnings (loss) of subsidiaries 54,763 (1,224 ) 12,636 29,664 (95,839 ) — Interest (expense) income, net — (32,779 ) 55 (100 ) — (32,824 ) Other (expense) income, net — (665 ) 7 (1,494 ) — (2,152 ) Income from continuing operations before income tax expense 54,325 26,167 29,680 43,095 (95,838 ) 57,429 Income tax expense — 1,082 18 2,004 — 3,104 Net income $ 54,325 $ 25,085 $ 29,662 $ 41,091 $ (95,838 ) $ 54,325 Comprehensive income $ 54,325 $ 48,379 $ 29,662 $ 48,639 $ (95,838 ) $ 85,167 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 126,744 $ 57,038 $ 566,369 $ (406 ) $ 749,745 Costs and expenses 400 71,471 35,808 553,124 (412 ) 660,391 Operating (loss) income (400 ) 55,273 21,230 13,245 6 89,354 Equity in earnings (loss) of subsidiaries 55,914 (3,643 ) 16,018 37,259 (105,548 ) — Equity in earnings of joint venture — — — 3,294 — 3,294 Interest (expense) income, net — (33,318 ) 8 188 — (33,122 ) Other income (expense), net — 549 3 (1,026 ) — (474 ) Income from continuing operations before income tax expense 55,514 18,861 37,259 52,960 (105,542 ) 59,052 Income tax expense — 217 2 1,646 — 1,865 Income from continuing operations 55,514 18,644 37,257 51,314 (105,542 ) 57,187 Loss from discontinued operations, net of tax — — — (1,788 ) — (1,788 ) Net income 55,514 18,644 37,257 49,526 (105,542 ) 55,399 Less net loss attributable to noncontrolling interest — — — (115 ) — (115 ) Net income attributable to NuStar Energy L.P. $ 55,514 $ 18,644 $ 37,257 $ 49,641 $ (105,542 ) $ 55,514 Comprehensive income $ 55,514 $ 20,914 $ 37,257 $ 55,783 $ (105,542 ) $ 63,926 Less comprehensive loss attributable to noncontrolling interest — — — (117 ) — (117 ) Comprehensive income attributable to NuStar Energy L.P. $ 55,514 $ 20,914 $ 37,257 $ 55,900 $ (105,542 ) $ 64,043 Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 271,206 $ 101,296 $ 753,992 $ (939 ) $ 1,125,555 Costs and expenses 928 149,241 64,864 719,818 (982 ) 933,869 Operating (loss) income (928 ) 121,965 36,432 34,174 43 191,686 Equity in earnings (loss) of subsidiaries 183,152 (5,388 ) 94,335 130,937 (403,036 ) — Interest (expense) income, net — (64,953 ) 174 (82 ) — (64,861 ) Other income, net — 675 9 59,432 — 60,116 Income from continuing operations before income tax expense 182,224 52,299 130,950 224,461 (402,993 ) 186,941 Income tax expense — 56 18 5,417 — 5,491 Income from continuing operations 182,224 52,243 130,932 219,044 (402,993 ) 181,450 Income from discontinued operations, net of tax — — — 774 — 774 Net income $ 182,224 $ 52,243 $ 130,932 $ 219,818 $ (402,993 ) $ 182,224 Comprehensive income $ 182,224 $ 76,040 $ 130,932 $ 206,762 $ (402,993 ) $ 192,965 Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 234,963 $ 109,459 $ 1,262,933 $ (8,397 ) $ 1,598,958 Costs and expenses 873 132,052 68,763 1,235,200 (8,387 ) 1,428,501 Operating (loss) income (873 ) 102,911 40,696 27,733 (10 ) 170,457 Equity in earnings (loss) of subsidiaries 96,132 (859 ) 28,472 69,174 (192,919 ) — Equity in (loss) earnings of joint ventures — (8,278 ) — 7,266 — (1,012 ) Interest (expense) income, net — (66,815 ) 22 309 — (66,484 ) Other income (expense), net — 542 (16 ) 2,678 — 3,204 Income from continuing operations before income tax expense 95,259 27,501 69,174 107,160 (192,929 ) 106,165 Income tax expense 1 408 3 5,570 — 5,982 Income from continuing operations 95,258 27,093 69,171 101,590 (192,929 ) 100,183 Loss from discontinued operations, net of tax — (168 ) — (4,979 ) — (5,147 ) Net income 95,258 26,925 69,171 96,611 (192,929 ) 95,036 Less net loss attributable to noncontrolling interest — — — (222 ) — (222 ) Net income attributable to NuStar Energy L.P. $ 95,258 $ 26,925 $ 69,171 $ 96,833 $ (192,929 ) $ 95,258 Comprehensive income $ 95,258 $ 31,668 $ 69,171 $ 98,476 $ (192,929 ) $ 101,644 Less comprehensive loss attributable to noncontrolling interest — — — (669 ) — (669 ) Comprehensive income attributable to NuStar Energy L.P. $ 95,258 $ 31,668 $ 69,171 $ 99,145 $ (192,929 ) $ 102,313 Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 194,802 $ 73,389 $ 52,154 $ 211,006 $ (294,164 ) $ 237,187 Cash flows from investing activities: Capital expenditures — (108,591 ) (12,344 ) (32,686 ) — (153,621 ) Change in accounts payable related to capital expenditures — (8,082 ) 506 (378 ) — (7,954 ) Acquisitions — — — (142,500 ) — (142,500 ) Investment in other long-term assets — — — (3,444 ) — (3,444 ) Proceeds from sale or disposition of assets — 62 14 1,231 — 1,307 Net cash used in investing activities — (116,611 ) (11,824 ) (177,777 ) — (306,212 ) Cash flows from financing activities: Debt borrowings — 952,835 — 88,900 — 1,041,735 Debt repayments — (733,292 ) — — — (733,292 ) Distributions to unitholders and general partner (196,102 ) (98,051 ) (98,051 ) (98,062 ) 294,164 (196,102 ) Net intercompany activity 1,241 (72,816 ) 57,721 13,854 — — Other, net — (5,454 ) — (8,806 ) — (14,260 ) Net cash (used in) provided by financing activities (194,861 ) 43,222 (40,330 ) (4,114 ) 294,164 98,081 Effect of foreign exchange rate changes on cash — — — (5,331 ) — (5,331 ) Net (decrease) increase in cash and cash equivalents (59 ) — — 23,784 — 23,725 Cash and cash equivalents as of the beginning of the period 923 6 — 86,983 — 87,912 Cash and cash equivalents as of the end of the period $ 864 $ 6 $ — $ 110,767 $ — $ 111,637 Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 194,985 $ 57,932 $ 68,634 $ 123,974 $ (245,143 ) $ 200,382 Cash flows from investing activities: Capital expenditures — (82,959 ) (3,927 ) (31,986 ) — (118,872 ) Change in accounts payable related to capital expenditures — (4,182 ) (500 ) (9,133 ) — (13,815 ) Proceeds from sale or disposition of assets — 651 5 13,785 — 14,441 Increase in note receivable from Axeon — (13,328 ) — — — (13,328 ) Other, net — (46 ) — — 23 (23 ) Net cash used in investing activities — (99,864 ) (4,422 ) (27,334 ) 23 (131,597 ) Cash flows from financing activities: Debt borrowings — 439,717 — — — 439,717 Debt repayments — (366,433 ) — — — (366,433 ) Distributions to unitholders and general partner (196,102 ) (147,076 ) (49,026 ) (49,041 ) 245,143 (196,102 ) Net intercompany activity 1,126 90,600 (15,186 ) (76,540 ) — — Other, net — 2,824 — 197 (23 ) 2,998 Net cash (used in) provided by financing activities (194,976 ) 19,632 (64,212 ) (125,384 ) 245,120 (119,820 ) Effect of foreign exchange rate changes on cash — — — (632 ) — (632 ) Net increase (decrease) in cash and cash equivalents 9 (22,300 ) — (29,376 ) — (51,667 ) Cash and cash equivalents as of the beginning of the period 904 22,307 — 77,532 — 100,743 Cash and cash equivalents as of the end of the period $ 913 $ 7 $ — $ 48,156 $ — $ 49,076

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The preliminary purchase price allocation was as follows (in thousands of dollars): Cash paid for the Linden Acquisition $ 142,500 Fair value of liabilities assumed 22,865 Consideration 165,365 Acquisition date fair value of previously held equity interest 128,000 Total $ 293,365 Current assets $ 1,746 Property, plant and equipment 134,484 Goodwill 86,975 Intangible assets (a) 70,050 Other long-term assets 110 Purchase price allocation $ 293,365 (a) Intangible assets primarily consist of customer contracts and relationships and are being amortized over 10 years .
Schedule of results from discontinued operations [Table Text Block]	The following table summarizes the results from discontinued operations: Three Months Ended June 30, Six Months Ended June 30, 2015 (a) 2014 2015 (a) 2014 (Thousands of Dollars) Revenues $ — $ 1,359 $ 208 $ 3,180 (Loss) income before income tax expense $ — $ (1,788 ) $ 774 $ (5,147 ) (a) Discontinued operations include the results of operations of certain storage assets that were divested in 2014 and the first quarter of 2015.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory Table [Text Block]	Inventories consisted of the following: June 30, December 31, (Thousands of Dollars) Crude oil $ 7,700 $ 3,527 Finished products 48,579 43,206 Materials and supplies 9,067 8,980 Total $ 65,346 $ 55,713

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following assets and liabilities are measured at fair value on a recurring basis: June 30, 2015 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 157 $ — $ — $ 157 Commodity derivatives 446 2,473 — 2,919 Other long-term assets, net: Interest rate swaps — 18,753 — 18,753 Total $ 603 $ 21,226 $ — $ 21,829 Liabilities: Accrued liabilities: Product imbalances $ (1,132 ) $ — $ — $ (1,132 ) Commodity derivatives — (1,915 ) — (1,915 ) Other long-term liabilities: Guarantee liability — — (896 ) (896 ) Total $ (1,132 ) $ (1,915 ) $ (896 ) $ (3,943 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Thousands of Dollars) Assets: Other current assets: Product imbalances $ 117 $ — $ — $ 117 Commodity derivatives 11,009 5,353 — 16,362 Total $ 11,126 $ 5,353 $ — $ 16,479 Liabilities: Accrued liabilities: Product imbalances $ (1,388 ) $ — $ — $ (1,388 ) Commodity derivatives — (4,623 ) — (4,623 ) Other long-term liabilities: Guarantee liability — — (580 ) (580 ) Total $ (1,388 ) $ (4,623 ) $ (580 ) $ (6,591 )
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table summarizes the activity in our Level 3 liabilities: Six Months Ended June 30, 2015 (Thousands of Dollars) Beginning balance $ 580 Adjustments to guarantee liability 316 Ending balance $ 896
Fair Value and Carrying Value of Debt and Note Receivable [Table Text Block]	The estimated fair value and carrying amounts of the long-term debt and the Axeon Term Loan were as follows: June 30, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount (Thousands of Dollars) Long-term debt $ 3,125,944 $ 3,074,616 $ 2,764,242 $ 2,749,452 Axeon Term Loan $ 166,768 $ 169,551 $ 164,386 $ 169,235

DERIVATIVES AND RISK MANAGEME22

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, December 31, 2014 June 30, December 31, 2014 (Thousands of Dollars) Derivatives Designated as Hedging Instruments: Commodity contracts Other current assets $ 741 $ 5,609 $ (158 ) $ — Interest rate swaps - cash flow hedges Other long-term assets, net 18,753 — — — Total 19,494 5,609 (158 ) — Derivatives Not Designated as Hedging Instruments: Commodity contracts Other current assets 12,384 38,704 (10,048 ) (27,951 ) Commodity contracts Accrued liabilities 5,934 13,081 (7,849 ) (17,704 ) Total 18,318 51,785 (17,897 ) (45,655 ) Total Derivatives $ 37,812 $ 57,394 $ (18,055 ) $ (45,655 )
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 June 30, December 31, 2014 (Thousands of Dollars) Net amounts of assets presented in the consolidated balance sheets $ 2,919 $ 16,362 Net amounts of liabilities presented in the consolidated balance sheets $ (1,915 ) $ (4,623 )
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 Location Amount of Gain (Loss) Recognized in Income on Derivative (Effective Portion) Amount of Gain (Loss) Recognized in Income on Hedged Item Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) (Thousands of Dollars) Three months ended June 30, 2015: Commodity contracts Cost of product sales $ (6,663 ) $ 8,407 $ 1,744 Three months ended June 30, 2014: Commodity contracts Cost of product sales $ (254 ) $ 315 $ 61 Six months ended June 30, 2015: Commodity contracts Cost of product sales $ (4,499 ) $ 6,731 $ 2,232 Six months ended June 30, 2014: Commodity contracts Cost of product sales $ 959 $ (1,782 ) $ (823 ) Derivatives Designated as Cash Flow Hedging Instruments Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative(Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Interest expense, net (Effective Portion) (a) (Thousands of Dollars) Three months ended June 30, 2015: Interest rate swaps $ 20,788 $ — Unwound interest rate swaps $ — $ (2,506 ) Three months ended June 30, 2014: Unwound interest rate swaps $ — $ (2,671 ) Six months ended June 30, 2015: Interest rate swaps $ 18,753 $ — Unwound interest rate swaps — (5,044 ) Six months ended June 30, 2014: Unwound interest rate swaps $ — $ (5,437 ) (a) As of June 30, 2015 , we expect to reclassify a loss of $9.1 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. Derivatives Not Designated as Hedging Instruments Income Statement Location Amount of Gain (Loss) Recognized in Income (Thousands of Dollars) Three months ended June 30, 2015: Commodity contracts Cost of product sales $ (339 ) Three months ended June 30, 2014: Commodity contracts Cost of product sales $ (4,442 ) Six months ended June 30, 2015: Commodity contracts Cost of product sales $ (9 ) Six months ended June 30, 2014: Commodity contracts Cost of product sales $ (4,410 )

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Text Block]	The following table summarizes information pertaining to related party transactions: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Revenues $ — $ — $ — $ 929 Operating expenses $ 34,570 $ 30,972 $ 65,857 $ 59,631 General and administrative expenses $ 17,707 $ 17,448 $ 35,093 $ 31,542 Interest income $ — $ — $ — $ 1,055 Revenues included in discontinued operations, net of tax $ — $ 87 $ — $ 492 Expenses included in discontinued operations, net of tax $ — $ 607 $ 2 $ 1,412

PARTNERS' EQUITY (Tables)

PARTNERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 Three Months Ended June 30, 2014 Total Partners’ Equity NuStar Energy L.P. Partners’ Equity Noncontrolling Interest Total Partners’ Equity (Thousands of Dollars) Beginning balance $ 1,725,957 $ 1,842,378 $ 1,106 $ 1,843,484 Net income (loss) 54,325 55,514 (115 ) 55,399 Other comprehensive income (loss): Foreign currency translation adjustment 7,548 5,858 (2 ) 5,856 Net unrealized gain on cash flow hedges 20,788 — — — Net loss on cash flow hedges reclassified into interest expense, net 2,506 2,671 — 2,671 Total other comprehensive income (loss) 30,842 8,529 (2 ) 8,527 Cash distributions to partners (98,051 ) (98,051 ) — (98,051 ) Ending balance $ 1,713,073 $ 1,808,370 $ 989 $ 1,809,359 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Total Partners’ Equity NuStar Energy L.P. Partners’ Equity Noncontrolling Interest Total Partners’ Equity (Thousands of Dollars) Beginning balance $ 1,716,210 $ 1,902,136 $ 1,658 $ 1,903,794 Net income (loss) 182,224 95,258 (222 ) 95,036 Other comprehensive income (loss): Foreign currency translation adjustment (13,056 ) 1,618 (447 ) 1,171 Net unrealized gain on cash flow hedges 18,753 — — — Net loss on cash flow hedges reclassified into interest expense, net 5,044 5,437 — 5,437 Total other comprehensive income (loss) 10,741 7,055 (447 ) 6,608 Cash distributions to partners (196,102 ) (196,102 ) — (196,102 ) Other — 23 — 23 Ending balance $ 1,713,073 $ 1,808,370 $ 989 $ 1,809,359
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The balance of and changes in the components included in AOCI were as follows: Foreign Currency Translation Cash Flow Hedges Total (Thousands of Dollars) Balance as of January 1, 2015 $ (28,839 ) $ (39,073 ) $ (67,912 ) Activity (13,056 ) 23,797 10,741 Balance as of June 30, 2015 $ (41,895 ) $ (15,276 ) $ (57,171 )
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Net income attributable to NuStar Energy L.P. $ 54,325 $ 55,514 $ 182,224 $ 95,258 Less general partner incentive distribution 10,805 10,805 21,610 21,610 Net income after general partner incentive distribution 43,520 44,709 160,614 73,648 General partner interest 2 % 2 % 2 % 2 % General partner allocation of net income after general partner incentive distribution 871 894 3,213 1,473 General partner incentive distribution 10,805 10,805 21,610 21,610 Net income applicable to general partner $ 11,676 $ 11,699 $ 24,823 $ 23,083
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Per Unit Data) General partner interest $ 1,961 $ 1,961 $ 3,922 $ 3,922 General partner incentive distribution 10,805 10,805 21,610 21,610 Total general partner distribution 12,766 12,766 25,532 25,532 Limited partners’ distribution 85,285 85,285 170,570 170,570 Total cash distributions $ 98,051 $ 98,051 $ 196,102 $ 196,102 Cash distributions per unit applicable to limited partners $ 1.095 $ 1.095 $ 2.190 $ 2.190
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 Record Date Payment Date (Thousands of Dollars) June 30, 2015 (a) $ 1.095 $ 98,051 August 7, 2015 August 13, 2015 March 31, 2015 $ 1.095 $ 98,051 May 8, 2015 May 14, 2015 December 31, 2014 $ 1.095 $ 98,051 February 9, 2015 February 13, 2015 (a) The distribution was announced on July 24, 2015 .

NET INCOME PER UNIT (Tables)

NET INCOME PER UNIT (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Net Income Per Unit	The following table details the calculation of earnings per unit: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars, Except Unit and Per Unit Data) Net income attributable to NuStar Energy L.P. $ 54,325 $ 55,514 $ 182,224 $ 95,258 Less general partner distribution (including incentive distribution rights) 12,766 12,766 25,532 25,532 Less limited partner distribution 85,285 85,285 170,570 170,570 Distributions in excess of earnings $ (43,726 ) $ (42,537 ) $ (13,878 ) $ (100,844 ) General partner earnings: Distributions $ 12,766 $ 12,766 $ 25,532 $ 25,532 Allocation of distributions in excess of earnings (2%) (875 ) (851 ) (278 ) (2,017 ) Total $ 11,891 $ 11,915 $ 25,254 $ 23,515 Limited partner earnings: Distributions $ 85,285 $ 85,285 $ 170,570 $ 170,570 Allocation of distributions in excess of earnings (98%) (42,851 ) (41,686 ) (13,600 ) (98,827 ) Total $ 42,434 $ 43,599 $ 156,970 $ 71,743 Weighted-average limited partner units outstanding 77,886,078 77,886,078 77,886,078 77,886,078 Net income per unit applicable to limited partners $ 0.54 $ 0.56 $ 2.01 $ 0.92

STATEMENTS OF CASH FLOWS (Table

STATEMENTS OF CASH FLOWS (Tables)	6 Months Ended
	Jun. 30, 2015
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: Six Months Ended June 30, 2015 2014 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ 45,431 $ 26,688 Receivable from related parties — 50,940 Inventories (9,653 ) 25,023 Other current assets 1,711 (4,331 ) Increase (decrease) in current liabilities: Accounts payable (34,851 ) (115,727 ) Payable to related party 5,175 5,979 Accrued interest payable 337 510 Accrued liabilities (15,058 ) (1,468 ) Taxes other than income tax (500 ) 1,040 Income tax payable (1,094 ) (1,144 ) Changes in current assets and current liabilities $ (8,502 ) $ (12,490 )
Schedule of Supplemental Cash Flow Information [Text Block]	Cash flows related to interest and income taxes were as follows: Six Months Ended June 30, 2015 2014 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 65,378 $ 64,957 Cash paid for income taxes, net of tax refunds received $ 6,335 $ 8,069

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands of Dollars) Revenues: Pipeline $ 122,210 $ 117,798 $ 246,635 $ 220,757 Storage: Third parties 150,812 138,296 294,897 262,650 Intersegment 6,830 6,690 13,079 13,973 Related party — — — 929 Total storage 157,642 144,986 307,976 277,552 Fuels Marketing 297,589 493,651 584,023 1,114,622 Consolidation and intersegment eliminations (6,830 ) (6,690 ) (13,079 ) (13,973 ) Total revenues $ 570,611 $ 749,745 $ 1,125,555 $ 1,598,958 Operating income: Pipeline $ 64,820 $ 60,236 $ 133,460 $ 113,226 Storage 53,751 50,007 101,729 92,014 Fuels marketing 2,650 4,821 12,575 14,379 Consolidation and intersegment eliminations (1 ) 7 42 (10 ) Total segment operating income 121,220 115,071 247,806 219,609 General and administrative expenses 26,693 23,163 51,746 44,019 Other depreciation and amortization expense 2,122 2,554 4,374 5,133 Total operating income $ 92,405 $ 89,354 $ 191,686 $ 170,457
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Total assets by reportable segment were as follows: June 30, December 31, (Thousands of Dollars) Pipeline $ 1,999,783 $ 1,962,821 Storage 2,457,089 2,241,573 Fuels marketing 193,857 227,642 Total segment assets 4,650,729 4,432,036 Other partnership assets 522,326 486,760 Total consolidated assets $ 5,173,055 $ 4,918,796

CONDENSED CONSOLIDATING FINAN28

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract]
Condensed Consolidating Balance Sheets [Text Block]	Condensed Consolidating Balance Sheets June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 864 $ 6 $ — $ 110,767 $ — $ 111,637 Receivables, net — 605 — 163,798 — 164,403 Inventories — 2,239 3,544 59,563 — 65,346 Other current assets 44 14,095 1,694 18,405 (45 ) 34,193 Intercompany receivable — 1,568,515 — — (1,568,515 ) — Total current assets 908 1,585,460 5,238 352,533 (1,568,560 ) 375,579 Property, plant and equipment, net — 1,881,894 557,790 1,201,394 — 3,641,078 Intangible assets, net — 52,381 — 66,550 — 118,931 Goodwill — 149,453 170,652 384,299 — 704,404 Investment in wholly owned subsidiaries 2,276,722 50,416 1,004,729 946,218 (4,278,085 ) — Deferred income tax asset — — — 4,639 (1,179 ) 3,460 Other long-term assets, net 731 288,003 26,329 14,540 — 329,603 Total assets $ 2,278,361 $ 4,007,607 $ 1,764,738 $ 2,970,173 $ (5,847,824 ) $ 5,173,055 Liabilities and Partners’ Equity Payables $ — $ 52,792 $ 7,396 $ 68,090 $ — $ 128,278 Short-term debt — 46,000 — — — 46,000 Accrued interest payable — 33,659 — 23 — 33,682 Accrued liabilities 712 19,979 6,842 20,748 — 48,281 Taxes other than income tax — 5,738 3,839 4,280 — 13,857 Income tax payable — — 4 1,396 (45 ) 1,355 Intercompany payable 507,405 — 791,246 269,864 (1,568,515 ) — Total current liabilities 508,117 158,168 809,327 364,401 (1,568,560 ) 271,453 Long-term debt — 2,985,716 — 88,900 — 3,074,616 Long-term payable to related party — 31,452 — 5,442 — 36,894 Deferred income tax liability — 1,143 36 25,791 (1,179 ) 25,791 Other long-term liabilities — 16,258 9,066 25,904 — 51,228 Total partners’ equity 1,770,244 814,870 946,309 2,459,735 (4,278,085 ) 1,713,073 Total liabilities and partners’ equity $ 2,278,361 $ 4,007,607 $ 1,764,738 $ 2,970,173 $ (5,847,824 ) $ 5,173,055 Condensed Consolidating Balance Sheets December 31, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 923 $ 6 $ — $ 86,983 $ — $ 87,912 Receivables, net — 47,038 18,347 143,093 — 208,478 Inventories — 1,998 3,768 49,989 (42 ) 55,713 Other current assets — 10,403 418 25,239 (116 ) 35,944 Assets held for sale — — — 1,100 — 1,100 Intercompany receivable — 1,438,675 — — (1,438,675 ) — Total current assets 923 1,498,120 22,533 306,404 (1,438,833 ) 389,147 Property, plant and equipment, net — 1,820,126 559,808 1,080,798 — 3,460,732 Intangible assets, net — 55,801 — 2,869 — 58,670 Goodwill — 149,453 170,652 297,324 — 617,429 Investment in wholly owned subsidiaries 2,289,673 37,179 910,394 913,343 (4,150,589 ) — Investment in joint venture — — — 74,223 — 74,223 Deferred income tax asset — — — 4,429 — 4,429 Other long-term assets, net 673 279,058 26,329 8,106 — 314,166 Total assets $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796 Liabilities and Partners’ Equity Payables $ — $ 60,687 $ 8,211 $ 108,286 $ — $ 177,184 Short-term debt — 77,000 — — — 77,000 Accrued interest payable — 33,340 — 5 — 33,345 Accrued liabilities 862 32,178 6,965 21,020 — 61,025 Taxes other than income tax 125 7,896 3,099 3,001 — 14,121 Income tax payable — — 4 2,629 (116 ) 2,517 Intercompany payable 506,160 — 751,023 181,492 (1,438,675 ) — Total current liabilities 507,147 211,101 769,302 316,433 (1,438,791 ) 365,192 Long-term debt — 2,749,452 — — — 2,749,452 Long-term payable to related party — 28,094 — 5,443 — 33,537 Deferred income tax liability — 528 22 26,758 — 27,308 Other long-term liabilities — 13,681 6,963 6,453 — 27,097 Total partners’ equity 1,784,122 836,881 913,429 2,332,409 (4,150,631 ) 1,716,210 Total liabilities and partners’ equity $ 2,291,269 $ 3,839,737 $ 1,689,716 $ 2,687,496 $ (5,589,422 ) $ 4,918,796
Condensed Consolidating Statements of Comprehensive Income [Table Text Block]	Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 137,170 $ 48,722 $ 385,331 $ (612 ) $ 570,611 Costs and expenses 438 76,335 31,740 370,306 (613 ) 478,206 Operating (loss) income (438 ) 60,835 16,982 15,025 1 92,405 Equity in earnings (loss) of subsidiaries 54,763 (1,224 ) 12,636 29,664 (95,839 ) — Interest (expense) income, net — (32,779 ) 55 (100 ) — (32,824 ) Other (expense) income, net — (665 ) 7 (1,494 ) — (2,152 ) Income from continuing operations before income tax expense 54,325 26,167 29,680 43,095 (95,838 ) 57,429 Income tax expense — 1,082 18 2,004 — 3,104 Net income $ 54,325 $ 25,085 $ 29,662 $ 41,091 $ (95,838 ) $ 54,325 Comprehensive income $ 54,325 $ 48,379 $ 29,662 $ 48,639 $ (95,838 ) $ 85,167 Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 126,744 $ 57,038 $ 566,369 $ (406 ) $ 749,745 Costs and expenses 400 71,471 35,808 553,124 (412 ) 660,391 Operating (loss) income (400 ) 55,273 21,230 13,245 6 89,354 Equity in earnings (loss) of subsidiaries 55,914 (3,643 ) 16,018 37,259 (105,548 ) — Equity in earnings of joint venture — — — 3,294 — 3,294 Interest (expense) income, net — (33,318 ) 8 188 — (33,122 ) Other income (expense), net — 549 3 (1,026 ) — (474 ) Income from continuing operations before income tax expense 55,514 18,861 37,259 52,960 (105,542 ) 59,052 Income tax expense — 217 2 1,646 — 1,865 Income from continuing operations 55,514 18,644 37,257 51,314 (105,542 ) 57,187 Loss from discontinued operations, net of tax — — — (1,788 ) — (1,788 ) Net income 55,514 18,644 37,257 49,526 (105,542 ) 55,399 Less net loss attributable to noncontrolling interest — — — (115 ) — (115 ) Net income attributable to NuStar Energy L.P. $ 55,514 $ 18,644 $ 37,257 $ 49,641 $ (105,542 ) $ 55,514 Comprehensive income $ 55,514 $ 20,914 $ 37,257 $ 55,783 $ (105,542 ) $ 63,926 Less comprehensive loss attributable to noncontrolling interest — — — (117 ) — (117 ) Comprehensive income attributable to NuStar Energy L.P. $ 55,514 $ 20,914 $ 37,257 $ 55,900 $ (105,542 ) $ 64,043 Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 271,206 $ 101,296 $ 753,992 $ (939 ) $ 1,125,555 Costs and expenses 928 149,241 64,864 719,818 (982 ) 933,869 Operating (loss) income (928 ) 121,965 36,432 34,174 43 191,686 Equity in earnings (loss) of subsidiaries 183,152 (5,388 ) 94,335 130,937 (403,036 ) — Interest (expense) income, net — (64,953 ) 174 (82 ) — (64,861 ) Other income, net — 675 9 59,432 — 60,116 Income from continuing operations before income tax expense 182,224 52,299 130,950 224,461 (402,993 ) 186,941 Income tax expense — 56 18 5,417 — 5,491 Income from continuing operations 182,224 52,243 130,932 219,044 (402,993 ) 181,450 Income from discontinued operations, net of tax — — — 774 — 774 Net income $ 182,224 $ 52,243 $ 130,932 $ 219,818 $ (402,993 ) $ 182,224 Comprehensive income $ 182,224 $ 76,040 $ 130,932 $ 206,762 $ (402,993 ) $ 192,965 Condensed Consolidating Statements of Comprehensive Income For the Six Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 234,963 $ 109,459 $ 1,262,933 $ (8,397 ) $ 1,598,958 Costs and expenses 873 132,052 68,763 1,235,200 (8,387 ) 1,428,501 Operating (loss) income (873 ) 102,911 40,696 27,733 (10 ) 170,457 Equity in earnings (loss) of subsidiaries 96,132 (859 ) 28,472 69,174 (192,919 ) — Equity in (loss) earnings of joint ventures — (8,278 ) — 7,266 — (1,012 ) Interest (expense) income, net — (66,815 ) 22 309 — (66,484 ) Other income (expense), net — 542 (16 ) 2,678 — 3,204 Income from continuing operations before income tax expense 95,259 27,501 69,174 107,160 (192,929 ) 106,165 Income tax expense 1 408 3 5,570 — 5,982 Income from continuing operations 95,258 27,093 69,171 101,590 (192,929 ) 100,183 Loss from discontinued operations, net of tax — (168 ) — (4,979 ) — (5,147 ) Net income 95,258 26,925 69,171 96,611 (192,929 ) 95,036 Less net loss attributable to noncontrolling interest — — — (222 ) — (222 ) Net income attributable to NuStar Energy L.P. $ 95,258 $ 26,925 $ 69,171 $ 96,833 $ (192,929 ) $ 95,258 Comprehensive income $ 95,258 $ 31,668 $ 69,171 $ 98,476 $ (192,929 ) $ 101,644 Less comprehensive loss attributable to noncontrolling interest — — — (669 ) — (669 ) Comprehensive income attributable to NuStar Energy L.P. $ 95,258 $ 31,668 $ 69,171 $ 99,145 $ (192,929 ) $ 102,313
Condensed Consolidating Statements of Cash Flows [Text Block]	Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2015 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 194,802 $ 73,389 $ 52,154 $ 211,006 $ (294,164 ) $ 237,187 Cash flows from investing activities: Capital expenditures — (108,591 ) (12,344 ) (32,686 ) — (153,621 ) Change in accounts payable related to capital expenditures — (8,082 ) 506 (378 ) — (7,954 ) Acquisitions — — — (142,500 ) — (142,500 ) Investment in other long-term assets — — — (3,444 ) — (3,444 ) Proceeds from sale or disposition of assets — 62 14 1,231 — 1,307 Net cash used in investing activities — (116,611 ) (11,824 ) (177,777 ) — (306,212 ) Cash flows from financing activities: Debt borrowings — 952,835 — 88,900 — 1,041,735 Debt repayments — (733,292 ) — — — (733,292 ) Distributions to unitholders and general partner (196,102 ) (98,051 ) (98,051 ) (98,062 ) 294,164 (196,102 ) Net intercompany activity 1,241 (72,816 ) 57,721 13,854 — — Other, net — (5,454 ) — (8,806 ) — (14,260 ) Net cash (used in) provided by financing activities (194,861 ) 43,222 (40,330 ) (4,114 ) 294,164 98,081 Effect of foreign exchange rate changes on cash — — — (5,331 ) — (5,331 ) Net (decrease) increase in cash and cash equivalents (59 ) — — 23,784 — 23,725 Cash and cash equivalents as of the beginning of the period 923 6 — 86,983 — 87,912 Cash and cash equivalents as of the end of the period $ 864 $ 6 $ — $ 110,767 $ — $ 111,637 Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2014 (Thousands of Dollars) NuStar Energy NuStar Logistics NuPOP Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by operating activities $ 194,985 $ 57,932 $ 68,634 $ 123,974 $ (245,143 ) $ 200,382 Cash flows from investing activities: Capital expenditures — (82,959 ) (3,927 ) (31,986 ) — (118,872 ) Change in accounts payable related to capital expenditures — (4,182 ) (500 ) (9,133 ) — (13,815 ) Proceeds from sale or disposition of assets — 651 5 13,785 — 14,441 Increase in note receivable from Axeon — (13,328 ) — — — (13,328 ) Other, net — (46 ) — — 23 (23 ) Net cash used in investing activities — (99,864 ) (4,422 ) (27,334 ) 23 (131,597 ) Cash flows from financing activities: Debt borrowings — 439,717 — — — 439,717 Debt repayments — (366,433 ) — — — (366,433 ) Distributions to unitholders and general partner (196,102 ) (147,076 ) (49,026 ) (49,041 ) 245,143 (196,102 ) Net intercompany activity 1,126 90,600 (15,186 ) (76,540 ) — — Other, net — 2,824 — 197 (23 ) 2,998 Net cash (used in) provided by financing activities (194,976 ) 19,632 (64,212 ) (125,384 ) 245,120 (119,820 ) Effect of foreign exchange rate changes on cash — — — (632 ) — (632 ) Net increase (decrease) in cash and cash equivalents 9 (22,300 ) — (29,376 ) — (51,667 ) Cash and cash equivalents as of the beginning of the period 904 22,307 — 77,532 — 100,743 Cash and cash equivalents as of the end of the period $ 913 $ 7 $ — $ 48,156 $ — $ 49,076

ORGANIZATION AND BASIS OF PRE29

ORGANIZATION AND BASIS OF PRESENTATION Narrative (Details) - Jun. 30, 2015	Total	Total
Organization and Operations [Abstract]
Total ownership interest held by general partner	14.90%
Number of business segments		3

ACQUISITIONS AND DISPOSITIONS N

ACQUISITIONS AND DISPOSITIONS Narrative 1 (Details) $ in Thousands, bbl in Millions	Jan. 02, 2015USD ($)bbl	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 56,277	$ 0
Linden Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage	100.00%
Acquired Storage Capacity (in bbls) | bbl	4.3
Business Acquisition, Description of Acquired Entity	Linden is located on a 44-acre facility that provides deep-water terminalling capabilities in the New York Harbor and primarily stores petroleum products, including gasoline, jet fuel and fuel oils.
Equity method investment, ownership percentage by joint venture partner	50.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage	50.00%
Acquisition date fair value of previously held equity interest	$ 128,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 56,300

ACQUISITIONS AND DISPOSITIONS T

ACQUISITIONS AND DISPOSITIONS Table 1 (Details) - USD ($) $ in Thousands	Jan. 02, 2015	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 704,404	$ 617,429
Linden Acquisition [Member]
Business Acquisition [Line Items]
Cash paid for the Linden Acquisition	$ 142,500
Fair value of liabilities assumed	22,865
Consideration	165,365
Acquisition date fair value of previously held equity interest	128,000
Total	293,365
Current assets	1,746
Property, plant and equipment	134,484
Goodwill	86,975
Intangible assets (a)	70,050
Other long-term assets	110
Purchase price allocation	$ 293,365
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years

ACQUISITIONS AND DISPOSITIONS32

ACQUISITIONS AND DISPOSITIONS Narrative 2 (Details) $ in Thousands, bbl in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2015USD ($)bbl	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Sep. 30, 2014	Feb. 26, 2014
Divestitures and Discontinued Operations [Line Items]
Proceeds from sale or disposition of assets			$ 1,307	$ 14,441
One Terminal Sale [Member]
Divestitures and Discontinued Operations [Line Items]
Sold Storage Capacity (in barrels) | bbl	0.1
Proceeds from sale or disposition of assets	$ 1,100
Turkey Ownership Interest [Member]
Divestitures and Discontinued Operations [Line Items]
Ownership Percentage of Entity Sold					75.00%
Terminals Held for Sale [Member]
Divestitures and Discontinued Operations [Line Items]
Interest expense allocated to discontinued operations		$ 300		$ 700
Axeon [Member]
Divestitures and Discontinued Operations [Line Items]
Ownership Percentage of Entity Sold						50.00%
Ownership percentage by acquiring entity						100.00%

ACQUISITIONS AND DISPOSITIONS33

ACQUISITIONS AND DISPOSITIONS Table 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations Information [Line Items]
Revenues	$ 0	$ 1,359	$ 208	$ 3,180
Income (loss) before income tax expense	$ 0	$ (1,788)	$ 774	$ (5,147)

INVENTORIES Table (Details)

INVENTORIES Table (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Crude oil	$ 7,700	$ 3,527
Finished products	48,579	43,206
Materials and supplies	9,067	8,980
Total	$ 65,346	$ 55,713

DEBT Narrative (Details)

DEBT Narrative (Details) - Jun. 30, 2015 $ in Millions	USD ($)
$1.5 billion revolving credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500
Term	5 years
Line of Credit Facility, Increase (Decrease), Net	$ 238.6
Interest rate at period end	1.90%
Long-term Debt	$ 840.1
Covenant terms	The Revolving Credit Agreement contains customary restrictive covenants, such as limitations on indebtedness, liens, mergers, asset transfers and certain investing activities. In addition, the Revolving Credit Agreement requires us to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio (consolidated debt to consolidated EBITDA, each as defined in the Revolving Credit Agreement) not to exceed 5.00-to-1.00. However, if we consummate one or more acquisitions for an aggregate net consideration of at least $50.0 million, the maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. As of June 30, 2015, our consolidated debt coverage ratio could not exceed 5.50-to-1.00, as a result of the Linden Acquisition in January 2015
Debt coverage ratio	4.3
Current remaining borrowing capacity	$ 566.7
GoZone Bonds
Debt Instrument [Line Items]
Interest rate at period end	0.10%
Amount received from trustee	$ 7.7
Amount remaining in trust	63.9
Receivables Financing Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	125
Long-term Debt	$ 88.9
Borrowing capacity, description	The maximum amount available for borrowing by NuStar Finance under the Receivables Financing Agreement is $125.0 million, with an option for NuStar Finance to request an increase of up to $75.0 million from the lenders (for aggregate total borrowings not to exceed $200.0 million). The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions.
Maturity date description	The Securitization Program has an initial termination date of June 15, 2018, with the option to renew for additional 364-day periods thereafter.
Collateral amount	$ 123.2

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narrative 1 (Details) $ in Millions	Jun. 30, 2015USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual, at Carrying Value	$ 4.4

FAIR VALUE MEASUREMENTS Table 1

FAIR VALUE MEASUREMENTS Table 1 (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Total (assets)	$ 21,829	$ 16,479
Liabilities:
Total (liabilities)	(3,943)	(6,591)
Fair Value Level 1
Assets:
Total (assets)	603	11,126
Liabilities:
Total (liabilities)	(1,132)	(1,388)
Fair Value Level 2
Assets:
Total (assets)	21,226	5,353
Liabilities:
Total (liabilities)	(1,915)	(4,623)
Fair Value Level 3
Assets:
Total (assets)	0	0
Liabilities:
Total (liabilities)	(896)	(580)
Other current assets
Assets:
Product imbalances - asset	157	117
Commodity derivatives - assets	2,919	16,362
Other current assets | Fair Value Level 1
Assets:
Product imbalances - asset	157	117
Commodity derivatives - assets	446	11,009
Other current assets | Fair Value Level 2
Assets:
Product imbalances - asset	0	0
Commodity derivatives - assets	2,473	5,353
Other current assets | Fair Value Level 3
Assets:
Product imbalances - asset	0	0
Commodity derivatives - assets	0	0
Other long-term assets, net
Assets:
Interest rate swaps - assets	18,753
Other long-term assets, net | Fair Value Level 1
Assets:
Interest rate swaps - assets	0
Other long-term assets, net | Fair Value Level 2
Assets:
Interest rate swaps - assets	18,753
Other long-term assets, net | Fair Value Level 3
Assets:
Interest rate swaps - assets	0
Accrued liabilities
Liabilities:
Product imbalances - liability	(1,132)	(1,388)
Commodity derivatives - liabilities	(1,915)	(4,623)
Accrued liabilities | Fair Value Level 1
Liabilities:
Product imbalances - liability	(1,132)	(1,388)
Commodity derivatives - liabilities	0	0
Accrued liabilities | Fair Value Level 2
Liabilities:
Product imbalances - liability	0	0
Commodity derivatives - liabilities	(1,915)	(4,623)
Accrued liabilities | Fair Value Level 3
Liabilities:
Product imbalances - liability	0	0
Commodity derivatives - liabilities	0	0
Other long-term liabilities
Liabilities:
Guarantee liability	(896)	(580)
Other long-term liabilities | Fair Value Level 1
Liabilities:
Guarantee liability	0	0
Other long-term liabilities | Fair Value Level 2
Liabilities:
Guarantee liability	0	0
Other long-term liabilities | Fair Value Level 3
Liabilities:
Guarantee liability	$ (896)	$ (580)

FAIR VALUE MEASUREMENTS Table 2

FAIR VALUE MEASUREMENTS Table 2 (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 580
Ending balance	896
Guarantees [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Adjustments to guarantee liability	$ 316

FAIR VALUE MEASUREMENTS Table 3

FAIR VALUE MEASUREMENTS Table 3 (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items]
Fair value, long-term debt	$ 3,125,944	$ 2,764,242
Carrying amount, long-term debt	3,074,616	2,749,452
Axeon [Member]
Fair Value and Carrying Value of Debt and Note Receivable from Counterparty [Line Items]
Fair value, Axeon Term Loan	166,768	164,386
Carrying amount, Axeon Term Loan	$ 169,551	$ 169,235

FAIR VALUE MEASUREMENTS Narrati

FAIR VALUE MEASUREMENTS Narrative (Details) - Fair Value, Measurement Frequency [Domain] - Fair Value, Measurements, Fair Value Hierarchy [Domain]	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 26, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Equity Method Investments	$ 0	$ 74,223,000
Axeon [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Equity method losses in excess of investment			$ 21,300,000
Equity Method Investments				$ 0
Axeon [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Maximum Amount Guarantees	150,000,000
Term Loan Receivable	190,000,000
Carrying amount, Axeon Term Loan	169,551,000	169,235,000
Guarantee liability	900,000
Axeon [Member] | Financial Guarantee [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Amount of Guarantees Provided	$ 39,000,000	$ 25,300,000
Number of Guarantees with Unlimited Exposure	2	2

DERIVATIVES AND RISK MANAGEME41

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Narrative (Details) bbl in Millions	Jun. 30, 2015USD ($)bbl	Dec. 31, 2014USD ($)bbl	Jun. 30, 2015USD ($)
Derivative [Line Items]
Margin Deposit	$ 1,300,000	$ 0	$ 1,300,000
Interest rate swaps | Cash Flow Hedges
Derivative [Line Items]
Notional amount of forward-starting interest rate swaps	$ 450,000,000	$ 0	$ 450,000,000
Interest Rate Swaps Interest Rate Received			receive a rate based on three month USD LIBOR
Commodity contracts
Derivative [Line Items]
Notional amount of commodity contracts, volume (in barrels) | bbl	6.2	4.7

DERIVATIVES AND RISK MANAGEME42

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value
Asset Derivatives	$ 37,812	$ 57,394
Liability Derivatives	(18,055)	(45,655)
Designated as Hedging Instrument
Derivatives, Fair Value
Asset Derivatives	19,494	5,609
Liability Derivatives	(158)	0
Designated as Hedging Instrument | Commodity contracts | Other current assets
Derivatives, Fair Value
Asset Derivatives	741	5,609
Liability Derivatives	(158)	0
Not Designated as Hedging Instrument
Derivatives, Fair Value
Asset Derivatives	18,318	51,785
Liability Derivatives	(17,897)	(45,655)
Not Designated as Hedging Instrument | Commodity contracts | Other current assets
Derivatives, Fair Value
Asset Derivatives	12,384	38,704
Liability Derivatives	(10,048)	(27,951)
Not Designated as Hedging Instrument | Commodity contracts | Accrued liabilities
Derivatives, Fair Value
Asset Derivatives	5,934	13,081
Liability Derivatives	(7,849)	(17,704)
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps | Other long-term assets, net
Derivatives, Fair Value
Asset Derivatives	18,753	0
Liability Derivatives	$ 0	$ 0

DERIVATIVES AND RISK MANAGEME43

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 2 (Details) - Commodity contracts - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Assets and Liabilities Eligible for Offset, Net [Line Items]
Net amounts of assets presented in the consolidated balance sheets	$ 2,919	$ 16,362
Net amounts of liabilities presented in the consolidated balance sheets	$ (1,915)	$ (4,623)

DERIVATIVES AND RISK MANAGEME44

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES Table 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months, forward-starting interest rate swaps	$ (9,100)		$ (9,100)
Fair Value Hedges | Commodity contracts | Cost of product sales
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized in income on derivative	(6,663)	$ (254)	(4,499)	$ 959
Amount of gain (loss) recognized in income on hedged item	8,407	315	6,731	(1,782)
Amount of gain (loss) recognized in income on derivative (ineffective portion)	1,744	61	2,232	(823)
Cash Flow Hedges | Interest rate swaps | Interest expense, net
Derivative Instruments, Gain (Loss)
Amount of gain (loss) reclassified from AOCI into income (effective portion)	0		0
Cash Flow Hedges | Interest rate swaps | Other comprehensive income
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized in other comprehensive income on derivative (effective portion)	20,788		18,753
Cash Flow Hedges | Unwound interest rate swaps | Interest expense, net
Derivative Instruments, Gain (Loss)
Amount of gain (loss) reclassified from AOCI into income (effective portion)	(2,506)	(2,671)	(5,044)	(5,437)
Cash Flow Hedges | Unwound interest rate swaps | Other comprehensive income
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized in other comprehensive income on derivative (effective portion)	0	0	0	0
Nondesignated Derivatives | Commodity contracts | Cost of product sales
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized in income on derivative	$ (339)	$ (4,442)	$ (9)	$ (4,410)

RELATED PARTY TRANSACTIONS Tabl

RELATED PARTY TRANSACTIONS Table (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 929
Operating expenses	34,570	30,972	65,857	59,631
General and administrative expenses	17,707	17,448	35,093	31,542
Interest income	0	0	0	1,055
Revenues included in discontinued operations, net of tax	0	87	0	492
Expenses included in discontinued operations, net of tax	$ 0	$ 607	$ 2	$ 1,412

RELATED PARTY TRANSACTIONS Narr

RELATED PARTY TRANSACTIONS Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Payable to related party	$ 20,864	$ 15,128
Long-term payable to related party	$ 36,894	$ 33,537

PARTNERS' EQUITY Table 1 (Detai

PARTNERS' EQUITY Table 1 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 1,725,957	$ 1,843,484	$ 1,716,210	$ 1,903,794
Net income (loss)	54,325	55,399	182,224	95,036
Other comprehensive income (loss):
Foreign currency translation adjustment	7,548	5,856	(13,056)	1,171
Net unrealized gain (loss) on cash flow hedges	20,788	0	18,753	0
Total other comprehensive income (loss)	30,842	8,527	10,741	6,608
Cash distributions to partners	(98,051)	(98,051)	(196,102)	(196,102)
Other			0	23
Ending balance	1,713,073	1,809,359	1,713,073	1,809,359
Turkey Ownership Interest [Member]
Partners' Equity Activity [Line Items]
Ownership Percentage of Entity Sold					75.00%
Interest expense, net
Other comprehensive income (loss):
Net loss on cash flow hedges reclassified into interest expense, net	$ 2,506	2,671	$ 5,044	5,437
NuStar Energy L.P. Partners' Equity
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		1,842,378		1,902,136
Net income (loss)		55,514		95,258
Other comprehensive income (loss):
Foreign currency translation adjustment		5,858		1,618
Net unrealized gain (loss) on cash flow hedges		0		0
Total other comprehensive income (loss)		8,529		7,055
Cash distributions to partners		(98,051)		(196,102)
Other				23
Ending balance		1,808,370		1,808,370
NuStar Energy L.P. Partners' Equity | Interest expense, net
Other comprehensive income (loss):
Net loss on cash flow hedges reclassified into interest expense, net		2,671		5,437
Noncontrolling Interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		1,106		1,658
Net income (loss)		(115)		(222)
Other comprehensive income (loss):
Foreign currency translation adjustment		(2)		(447)
Net unrealized gain (loss) on cash flow hedges		0		0
Total other comprehensive income (loss)		(2)		(447)
Cash distributions to partners		0		0
Other				0
Ending balance		989		989
Noncontrolling Interest | Interest expense, net
Other comprehensive income (loss):
Net loss on cash flow hedges reclassified into interest expense, net		$ 0		$ 0

PARTNERS' EQUITY Table 2 (Detai

PARTNERS' EQUITY Table 2 (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	$ (67,912)
Balance as of June 30, 2015	(57,171)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	(28,839)
Activity	(13,056)
Balance as of June 30, 2015	(41,895)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	(39,073)
Activity	23,797
Balance as of June 30, 2015	(15,276)
Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of January 1, 2015	(67,912)
Activity	10,741
Balance as of June 30, 2015	$ (57,171)

PARTNERS' EQUITY Table 3 (Detai

PARTNERS' EQUITY Table 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income Allocation [Abstract]
Net income attributable to NuStar Energy L.P.	$ 54,325	$ 55,514	$ 182,224	$ 95,258
Less general partner incentive distribution	10,805	10,805	21,610	21,610
Net income after general partner incentive distribution	$ 43,520	$ 44,709	$ 160,614	$ 73,648
General partner interest	2.00%	2.00%	2.00%	2.00%
General partner allocation of net income after general partner incentive distribution	$ 871	$ 894	$ 3,213	$ 1,473
General partner incentive distribution	10,805	10,805	21,610	21,610
Net income applicable to general partner	$ 11,676	$ 11,699	$ 24,823	$ 23,083

PARTNERS' EQUITY Table 4 (Detai

PARTNERS' EQUITY Table 4 (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Distributions Made to Limited Partners and General Partner [Line Items]
General partner interest	$ 1,961			$ 1,961	$ 3,922	$ 3,922
General partner incentive distribution	10,805			10,805	21,610	21,610
Total general partner distribution	12,766			12,766	25,532	25,532
Limited partners' distribution	85,285			85,285	170,570	170,570
Total cash distributions	$ 98,051	$ 98,051	$ 98,051	$ 98,051	$ 196,102	$ 196,102
Cash distributions per unit applicable to limited partners	$ 1.095	$ 1.095	$ 1.095	$ 1.095	$ 2.190	$ 2.190

PARTNERS' EQUITY Table 5 (Detai

PARTNERS' EQUITY Table 5 (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 24, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Distribution Made to Limited Partner [Line Items]
Cash distributions per unit applicable to limited partners		$ 1.095	$ 1.095	$ 1.095	$ 1.095	$ 2.190	$ 2.190
Total cash distributions (distribution earned)		$ 98,051	$ 98,051	$ 98,051	$ 98,051	$ 196,102	$ 196,102
Distribution date of record (distribution earned)		Aug. 7, 2015	May 8, 2015	Feb. 9, 2015
Distribution payment date (distribution earned)		Aug. 13, 2015	May 14, 2015	Feb. 13, 2015
Subsequent Event [Member]
Distribution Made to Limited Partner [Line Items]
Distribution anouncement date (distribution earned)	Jul. 24, 2015

NET INCOME PER UNIT Table (Deta

NET INCOME PER UNIT Table (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to NuStar Energy L.P.	$ 54,325	$ 55,514	$ 182,224	$ 95,258
Less general partner distribution (including incentive distribution rights)	12,766	12,766	25,532	25,532
Less limited partner distribution	85,285	85,285	170,570	170,570
Distributions in excess of earnings	(43,726)	(42,537)	(13,878)	(100,844)
General partner earnings:
Distributions	12,766	12,766	25,532	25,532
Allocation of distributions in excess of earnings (2%)	(875)	(851)	(278)	(2,017)
Total	11,891	11,915	25,254	23,515
Limited partner earnings:
LimitedPartnerDistribution	85,285	85,285	170,570	170,570
Allocation of distributions in excess of earnings (98%)	(42,851)	(41,686)	(13,600)	(98,827)
Total	$ 42,434	$ 43,599	$ 156,970	$ 71,743
Weighted-average limited partner units outstanding (units)	77,886,078	77,886,078	77,886,078	77,886,078
Net income per unit applicable to limited partners (dollars per unit)	$ 0.54	$ 0.56	$ 2.01	$ 0.92

NET INCOME PER UNIT Net Income

NET INCOME PER UNIT Net Income Per Unit Non-Printing Sectoin (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
General partner allocation percentage	2.00%	2.00%	2.00%	2.00%
Limited partners allocation percentage			98.00%

STATEMENTS OF CASH FLOWS Table

STATEMENTS OF CASH FLOWS Table 1 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Decrease (increase) in current assets:
Accounts receivable	$ 45,431	$ 26,688
Receivable from related parties	0	50,940
Inventories	(9,653)	25,023
Other current assets	1,711	(4,331)
Increase (decrease) in current liabilities:
Accounts payable	(34,851)	(115,727)
Payable to related party	5,175	5,979
Accrued interest payable	337	510
Accrued liabilities	(15,058)	(1,468)
Taxes other than income tax	(500)	1,040
Income tax payable	(1,094)	(1,144)
Changes in current assets and current liabilities	$ (8,502)	$ (12,490)

STATEMENTS OF CASH FLOWS Tabl55

STATEMENTS OF CASH FLOWS Table 2 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Cash paid for interest, net of amount capitalized	$ 65,378	$ 64,957
Cash paid for income taxes, net of tax refunds received	$ 6,335	$ 8,069

SEGMENT INFORMATION Table 1 (De

SEGMENT INFORMATION Table 1 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Revenues	$ 570,611	$ 749,745	$ 1,125,555	$ 1,598,958
Operating income:
General and administrative expenses	26,693	23,163	51,746	44,019
Other depreciation and amortization expense	52,765	47,936	105,222	94,166
Operating income	92,405	89,354	191,686	170,457
Pipeline Segment
Revenues:
Revenues	122,210	117,798	246,635	220,757
Storage Segment
Revenues:
Revenues	157,642	144,986	307,976	277,552
Storage Segment | Third Party Revenue [Member]
Revenues:
Revenues	150,812	138,296	294,897	262,650
Storage Segment | Intersegment revenue [Member]
Revenues:
Revenues	6,830	6,690	13,079	13,973
Storage Segment | Related Party Revenue [Member]
Revenues:
Revenues	0	0	0	929
Fuels Marketing Segment | Third Party Revenue [Member]
Revenues:
Revenues	297,589	493,651	584,023	1,114,622
Operating Segments [Member]
Operating income:
Operating income	121,220	115,071	247,806	219,609
Operating Segments [Member] | Pipeline Segment
Operating income:
Operating income	64,820	60,236	133,460	113,226
Operating Segments [Member] | Storage Segment
Operating income:
Operating income	53,751	50,007	101,729	92,014
Operating Segments [Member] | Fuels Marketing Segment
Operating income:
Operating income	2,650	4,821	12,575	14,379
Intersegment Eliminations [Member]
Revenues:
Revenues	(6,830)	(6,690)	(13,079)	(13,973)
Operating income:
Operating income	(1)	7	42	(10)
Corporate, Non-Segment [Member]
Operating income:
General and administrative expenses	26,693	23,163	51,746	44,019
Other depreciation and amortization expense	$ 2,122	$ 2,554	$ 4,374	$ 5,133

SEGMENT INFORMATION Table 2 (De

SEGMENT INFORMATION Table 2 (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Information
Total consolidated assets	$ 5,173,055	$ 4,918,796
Operating Segments [Member]
Segment Information
Total consolidated assets	4,650,729	4,432,036
Operating Segments [Member] | Pipeline Segment
Segment Information
Total consolidated assets	1,999,783	1,962,821
Operating Segments [Member] | Storage Segment
Segment Information
Total consolidated assets	2,457,089	2,241,573
Operating Segments [Member] | Fuels Marketing Segment
Segment Information
Total consolidated assets	193,857	227,642
Operating Segments [Member] | Other partnership assets
Segment Information
Total consolidated assets	$ 522,326	$ 486,760

CONDENSED CONSOLIDATING FINAN58

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 1 (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 111,637		$ 87,912	$ 49,076		$ 100,743
Receivables, net	164,403		208,478
Inventories	65,346		55,713
Other current assets	34,193		35,944
Assets held for sale	0		1,100
Intercompany receivable	0		0
Total current assets	375,579		389,147
Property, plant and equipment, net	3,641,078		3,460,732
Intangible assets, net	118,931		58,670
Goodwill	704,404		617,429
Investment in wholly owned subsidiaries	0		0
Investment in joint venture	0		74,223
Deferred income tax asset	3,460		4,429
Other long-term assets, net	329,603		314,166
Total assets	5,173,055		4,918,796
Liabilities and Partners' Equity
Payables	128,278		177,184
Short-term debt	46,000		77,000
Accrued interest payable	33,682		33,345
Accrued liabilities	48,281		61,025
Taxes other than income tax	13,857		14,121
Income tax payable	1,355		2,517
Intercompany payable	0		0
Total current liabilities	271,453		365,192
Long-term debt	3,074,616		2,749,452
Long-term payable to related party	36,894		33,537
Deferred income tax liability	25,791		27,308
Other long-term liabilities	51,228		27,097
Total partners’ equity	1,713,073	$ 1,725,957	1,716,210	1,809,359	$ 1,843,484	1,903,794
Total liabilities and partners' equity	5,173,055		4,918,796
Eliminations
Assets
Cash and cash equivalents	0		0	0		0
Receivables, net	0		0
Inventories	0		(42)
Other current assets	(45)		(116)
Assets held for sale			0
Intercompany receivable	(1,568,515)		(1,438,675)
Total current assets	(1,568,560)		(1,438,833)
Property, plant and equipment, net	0		0
Intangible assets, net	0		0
Goodwill	0		0
Investment in wholly owned subsidiaries	(4,278,085)		(4,150,589)
Investment in joint venture			0
Deferred income tax asset	(1,179)		0
Other long-term assets, net	0		0
Total assets	(5,847,824)		(5,589,422)
Liabilities and Partners' Equity
Payables	0		0
Short-term debt	0		0
Accrued interest payable	0		0
Accrued liabilities	0		0
Taxes other than income tax	0		0
Income tax payable	(45)		(116)
Intercompany payable	(1,568,515)		(1,438,675)
Total current liabilities	(1,568,560)		(1,438,791)
Long-term debt	0		0
Long-term payable to related party	0		0
Deferred income tax liability	(1,179)		0
Other long-term liabilities	0		0
Total partners’ equity	(4,278,085)		(4,150,631)
Total liabilities and partners' equity	(5,847,824)		(5,589,422)
NuStar Energy
Assets
Cash and cash equivalents	864		923	913		904
Receivables, net	0		0
Inventories	0		0
Other current assets	44		0
Assets held for sale			0
Intercompany receivable	0		0
Total current assets	908		923
Property, plant and equipment, net	0		0
Intangible assets, net	0		0
Goodwill	0		0
Investment in wholly owned subsidiaries	2,276,722		2,289,673
Investment in joint venture			0
Deferred income tax asset	0		0
Other long-term assets, net	731		673
Total assets	2,278,361		2,291,269
Liabilities and Partners' Equity
Payables	0		0
Short-term debt	0		0
Accrued interest payable	0		0
Accrued liabilities	712		862
Taxes other than income tax	0		125
Income tax payable	0		0
Intercompany payable	507,405		506,160
Total current liabilities	508,117		507,147
Long-term debt	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	1,770,244		1,784,122
Total liabilities and partners' equity	2,278,361		2,291,269
NuStar Logistics
Assets
Cash and cash equivalents	6		6	7		22,307
Receivables, net	605		47,038
Inventories	2,239		1,998
Other current assets	14,095		10,403
Assets held for sale			0
Intercompany receivable	1,568,515		1,438,675
Total current assets	1,585,460		1,498,120
Property, plant and equipment, net	1,881,894		1,820,126
Intangible assets, net	52,381		55,801
Goodwill	149,453		149,453
Investment in wholly owned subsidiaries	50,416		37,179
Investment in joint venture			0
Deferred income tax asset	0		0
Other long-term assets, net	288,003		279,058
Total assets	4,007,607		3,839,737
Liabilities and Partners' Equity
Payables	52,792		60,687
Short-term debt	46,000		77,000
Accrued interest payable	33,659		33,340
Accrued liabilities	19,979		32,178
Taxes other than income tax	5,738		7,896
Income tax payable	0		0
Intercompany payable	0		0
Total current liabilities	158,168		211,101
Long-term debt	2,985,716		2,749,452
Long-term payable to related party	31,452		28,094
Deferred income tax liability	1,143		528
Other long-term liabilities	16,258		13,681
Total partners’ equity	814,870		836,881
Total liabilities and partners' equity	4,007,607		3,839,737
NuPOP
Assets
Cash and cash equivalents	0		0	0		0
Receivables, net	0		18,347
Inventories	3,544		3,768
Other current assets	1,694		418
Assets held for sale			0
Intercompany receivable	0		0
Total current assets	5,238		22,533
Property, plant and equipment, net	557,790		559,808
Intangible assets, net	0		0
Goodwill	170,652		170,652
Investment in wholly owned subsidiaries	1,004,729		910,394
Investment in joint venture			0
Deferred income tax asset	0		0
Other long-term assets, net	26,329		26,329
Total assets	1,764,738		1,689,716
Liabilities and Partners' Equity
Payables	7,396		8,211
Short-term debt	0		0
Accrued interest payable	0		0
Accrued liabilities	6,842		6,965
Taxes other than income tax	3,839		3,099
Income tax payable	4		4
Intercompany payable	791,246		751,023
Total current liabilities	809,327		769,302
Long-term debt	0		0
Long-term payable to related party	0		0
Deferred income tax liability	36		22
Other long-term liabilities	9,066		6,963
Total partners’ equity	946,309		913,429
Total liabilities and partners' equity	1,764,738		1,689,716
Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	110,767		86,983	$ 48,156		$ 77,532
Receivables, net	163,798		143,093
Inventories	59,563		49,989
Other current assets	18,405		25,239
Assets held for sale			1,100
Intercompany receivable	0		0
Total current assets	352,533		306,404
Property, plant and equipment, net	1,201,394		1,080,798
Intangible assets, net	66,550		2,869
Goodwill	384,299		297,324
Investment in wholly owned subsidiaries	946,218		913,343
Investment in joint venture			74,223
Deferred income tax asset	4,639		4,429
Other long-term assets, net	14,540		8,106
Total assets	2,970,173		2,687,496
Liabilities and Partners' Equity
Payables	68,090		108,286
Short-term debt	0		0
Accrued interest payable	23		5
Accrued liabilities	20,748		21,020
Taxes other than income tax	4,280		3,001
Income tax payable	1,396		2,629
Intercompany payable	269,864		181,492
Total current liabilities	364,401		316,433
Long-term debt	88,900		0
Long-term payable to related party	5,442		5,443
Deferred income tax liability	25,791		26,758
Other long-term liabilities	25,904		6,453
Total partners’ equity	2,459,735		2,332,409
Total liabilities and partners' equity	$ 2,970,173		$ 2,687,496

CONDENSED CONSOLIDATING FINAN59

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 570,611	$ 749,745	$ 1,125,555	$ 1,598,958
Costs and expenses	478,206	660,391	933,869	1,428,501
Operating income (loss)	92,405	89,354	191,686	170,457
Equity in earnings (loss) of subsidiaries	0	0	0	0
Equity in earnings (loss) of joint ventures	0	3,294	0	(1,012)
Interest (expense) income, net	(32,824)	(33,122)	(64,861)	(67,539)
Interest (expense) income, net	(32,824)	(33,122)	(64,861)	(66,484)
Other income (expense), net	(2,152)	(474)	60,116	3,204
Income (loss) from continuing operations before income tax expense	57,429	59,052	186,941	106,165
Income tax expense (benefit)	3,104	1,865	5,491	5,982
Income from continuing operations	54,325	57,187	181,450	100,183
(Loss) income from discontinued operations, net of tax	0	(1,788)	774	(5,147)
Net income	54,325	55,399	182,224	95,036
Less net income (loss) attributable to noncontrolling interest	0	(115)	0	(222)
Net income attributable to NuStar Energy L.P.	54,325	55,514	182,224	95,258
Comprehensive income	85,167	63,926	192,965	101,644
Less comprehensive income (loss) attributable to noncontrolling interest	0	(117)	0	(669)
Comprehensive income attributable to NuStar Energy L.P.	85,167	64,043	192,965	102,313
Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues	(612)	(406)	(939)	(8,397)
Costs and expenses	(613)	(412)	(982)	(8,387)
Operating income (loss)	1	6	43	(10)
Equity in earnings (loss) of subsidiaries	(95,839)	(105,548)	(403,036)	(192,919)
Equity in earnings (loss) of joint ventures		0		0
Interest (expense) income, net	0	0	0	0
Other income (expense), net	0	0	0	0
Income (loss) from continuing operations before income tax expense	(95,838)	(105,542)	(402,993)	(192,929)
Income tax expense (benefit)	0	0	0	0
Income from continuing operations		(105,542)	(402,993)	(192,929)
(Loss) income from discontinued operations, net of tax		0	0	0
Net income		(105,542)		(192,929)
Less net income (loss) attributable to noncontrolling interest		0		0
Net income attributable to NuStar Energy L.P.	(95,838)	(105,542)	(402,993)	(192,929)
Comprehensive income		(105,542)		(192,929)
Less comprehensive income (loss) attributable to noncontrolling interest		0		0
Comprehensive income attributable to NuStar Energy L.P.	(95,838)	(105,542)	(402,993)	(192,929)
NuStar Energy
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Costs and expenses	438	400	928	873
Operating income (loss)	(438)	(400)	(928)	(873)
Equity in earnings (loss) of subsidiaries	54,763	55,914	183,152	96,132
Equity in earnings (loss) of joint ventures		0		0
Interest (expense) income, net	0	0	0	0
Other income (expense), net	0	0	0	0
Income (loss) from continuing operations before income tax expense	54,325	55,514	182,224	95,259
Income tax expense (benefit)	0	0	0	1
Income from continuing operations		55,514	182,224	95,258
(Loss) income from discontinued operations, net of tax		0	0	0
Net income		55,514		95,258
Less net income (loss) attributable to noncontrolling interest		0		0
Net income attributable to NuStar Energy L.P.	54,325	55,514	182,224	95,258
Comprehensive income		55,514		95,258
Less comprehensive income (loss) attributable to noncontrolling interest		0		0
Comprehensive income attributable to NuStar Energy L.P.	54,325	55,514	182,224	95,258
NuStar Logistics
Condensed Financial Statements, Captions [Line Items]
Revenues	137,170	126,744	271,206	234,963
Costs and expenses	76,335	71,471	149,241	132,052
Operating income (loss)	60,835	55,273	121,965	102,911
Equity in earnings (loss) of subsidiaries	(1,224)	(3,643)	(5,388)	(859)
Equity in earnings (loss) of joint ventures		0		(8,278)
Interest (expense) income, net	(32,779)	(33,318)	(64,953)	(66,815)
Other income (expense), net	(665)	549	675	542
Income (loss) from continuing operations before income tax expense	26,167	18,861	52,299	27,501
Income tax expense (benefit)	1,082	217	56	408
Income from continuing operations		18,644	52,243	27,093
(Loss) income from discontinued operations, net of tax		0	0	(168)
Net income		18,644		26,925
Less net income (loss) attributable to noncontrolling interest		0		0
Net income attributable to NuStar Energy L.P.	25,085	18,644	52,243	26,925
Comprehensive income		20,914		31,668
Less comprehensive income (loss) attributable to noncontrolling interest		0		0
Comprehensive income attributable to NuStar Energy L.P.	48,379	20,914	76,040	31,668
NuPOP
Condensed Financial Statements, Captions [Line Items]
Revenues	48,722	57,038	101,296	109,459
Costs and expenses	31,740	35,808	64,864	68,763
Operating income (loss)	16,982	21,230	36,432	40,696
Equity in earnings (loss) of subsidiaries	12,636	16,018	94,335	28,472
Equity in earnings (loss) of joint ventures		0		0
Interest (expense) income, net	55	8	174	22
Other income (expense), net	7	3	9	(16)
Income (loss) from continuing operations before income tax expense	29,680	37,259	130,950	69,174
Income tax expense (benefit)	18	2	18	3
Income from continuing operations		37,257	130,932	69,171
(Loss) income from discontinued operations, net of tax		0	0	0
Net income		37,257		69,171
Less net income (loss) attributable to noncontrolling interest		0		0
Net income attributable to NuStar Energy L.P.	29,662	37,257	130,932	69,171
Comprehensive income		37,257		69,171
Less comprehensive income (loss) attributable to noncontrolling interest		0		0
Comprehensive income attributable to NuStar Energy L.P.	29,662	37,257	130,932	69,171
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	385,331	566,369	753,992	1,262,933
Costs and expenses	370,306	553,124	719,818	1,235,200
Operating income (loss)	15,025	13,245	34,174	27,733
Equity in earnings (loss) of subsidiaries	29,664	37,259	130,937	69,174
Equity in earnings (loss) of joint ventures		3,294		7,266
Interest (expense) income, net	(100)	188	(82)	309
Other income (expense), net	(1,494)	(1,026)	59,432	2,678
Income (loss) from continuing operations before income tax expense	43,095	52,960	224,461	107,160
Income tax expense (benefit)	2,004	1,646	5,417	5,570
Income from continuing operations		51,314	219,044	101,590
(Loss) income from discontinued operations, net of tax		(1,788)	774	(4,979)
Net income		49,526		96,611
Less net income (loss) attributable to noncontrolling interest		(115)		(222)
Net income attributable to NuStar Energy L.P.	41,091	49,641	219,818	96,833
Comprehensive income		55,783		98,476
Less comprehensive income (loss) attributable to noncontrolling interest		(117)		(669)
Comprehensive income attributable to NuStar Energy L.P.	$ 48,639	$ 55,900	$ 206,762	$ 99,145

CONDENSED CONSOLIDATING FINAN60

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Table 3 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 237,187	$ 200,382
Cash flows from investing activities:
Capital expenditures	(153,621)	(118,872)
Change in accounts payable related to capital expenditures	(7,954)	(13,815)
Acquisitions	(142,500)	0
Investment in other long-term assets	(3,444)	0
Proceeds from sale or disposition of assets	1,307	14,441
Increase in note receivable from Axeon	0	(13,328)
Other, net	0	(23)
Net cash provided by (used in) investing activities	(306,212)	(131,597)
Cash flows from financing activities:
Debt borrowings	1,041,735	439,717
Debt repayments	(733,292)	(366,433)
Distributions to unitholders and general partner	(196,102)	(196,102)
Net intercompany activity	0	0
Other, net	(14,260)	2,998
Net cash provided by (used in) financing activities	98,081	(119,820)
Effect of foreign exchange rate changes on cash	(5,331)	(632)
Net increase (decrease) in cash and cash equivalents	23,725	(51,667)
Cash and cash equivalents as of the beginning of the period	87,912	100,743
Cash and cash equivalents as of the end of the period	111,637	49,076
Eliminations
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(294,164)	(245,143)
Cash flows from investing activities:
Capital expenditures	0	0
Change in accounts payable related to capital expenditures	0	0
Acquisitions	0
Investment in other long-term assets	0
Proceeds from sale or disposition of assets	0	0
Increase in note receivable from Axeon		0
Other, net		23
Net cash provided by (used in) investing activities	0	23
Cash flows from financing activities:
Debt borrowings	0	0
Debt repayments	0	0
Distributions to unitholders and general partner	294,164	245,143
Net intercompany activity	0	0
Other, net	0	(23)
Net cash provided by (used in) financing activities	294,164	245,120
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
NuStar Energy
Cash flows from operating activities:
Net cash provided by (used in) operating activities	194,802	194,985
Cash flows from investing activities:
Capital expenditures	0	0
Change in accounts payable related to capital expenditures	0	0
Acquisitions	0
Investment in other long-term assets	0
Proceeds from sale or disposition of assets	0	0
Increase in note receivable from Axeon		0
Other, net		0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Debt borrowings	0	0
Debt repayments	0	0
Distributions to unitholders and general partner	(196,102)	(196,102)
Net intercompany activity	1,241	1,126
Other, net	0	0
Net cash provided by (used in) financing activities	(194,861)	(194,976)
Effect of foreign exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	(59)	9
Cash and cash equivalents as of the beginning of the period	923	904
Cash and cash equivalents as of the end of the period	864	913
NuStar Logistics
Cash flows from operating activities:
Net cash provided by (used in) operating activities	73,389	57,932
Cash flows from investing activities:
Capital expenditures	(108,591)	(82,959)
Change in accounts payable related to capital expenditures	(8,082)	(4,182)
Acquisitions	0
Investment in other long-term assets	0
Proceeds from sale or disposition of assets	62	651
Increase in note receivable from Axeon		(13,328)
Other, net		(46)
Net cash provided by (used in) investing activities	(116,611)	(99,864)
Cash flows from financing activities:
Debt borrowings	952,835	439,717
Debt repayments	(733,292)	(366,433)
Distributions to unitholders and general partner	(98,051)	(147,076)
Net intercompany activity	(72,816)	90,600
Other, net	(5,454)	2,824
Net cash provided by (used in) financing activities	43,222	19,632
Effect of foreign exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	(22,300)
Cash and cash equivalents as of the beginning of the period	6	22,307
Cash and cash equivalents as of the end of the period	6	7
NuPOP
Cash flows from operating activities:
Net cash provided by (used in) operating activities	52,154	68,634
Cash flows from investing activities:
Capital expenditures	(12,344)	(3,927)
Change in accounts payable related to capital expenditures	506	(500)
Acquisitions	0
Investment in other long-term assets	0
Proceeds from sale or disposition of assets	14	5
Increase in note receivable from Axeon		0
Other, net		0
Net cash provided by (used in) investing activities	(11,824)	(4,422)
Cash flows from financing activities:
Debt borrowings	0	0
Debt repayments	0	0
Distributions to unitholders and general partner	(98,051)	(49,026)
Net intercompany activity	57,721	(15,186)
Other, net	0	0
Net cash provided by (used in) financing activities	(40,330)	(64,212)
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	211,006	123,974
Cash flows from investing activities:
Capital expenditures	(32,686)	(31,986)
Change in accounts payable related to capital expenditures	(378)	(9,133)
Acquisitions	(142,500)
Investment in other long-term assets	(3,444)
Proceeds from sale or disposition of assets	1,231	13,785
Increase in note receivable from Axeon		0
Other, net		0
Net cash provided by (used in) investing activities	(177,777)	(27,334)
Cash flows from financing activities:
Debt borrowings	88,900	0
Debt repayments	0	0
Distributions to unitholders and general partner	(98,062)	(49,041)
Net intercompany activity	13,854	(76,540)
Other, net	(8,806)	197
Net cash provided by (used in) financing activities	(4,114)	(125,384)
Effect of foreign exchange rate changes on cash	(5,331)	(632)
Net increase (decrease) in cash and cash equivalents	23,784	(29,376)
Cash and cash equivalents as of the beginning of the period	86,983	77,532
Cash and cash equivalents as of the end of the period	$ 110,767	$ 48,156