DEI Document
DEI Document - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-16417 | |
Entity Registrant Name | NuStar Energy L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2956831 | |
Entity Address, Street | 19003 IH-10 West | |
Entity Address, City | San Antonio | |
Entity Address, State | TX | |
Entity Address, Zip Code | 78257 | |
City Area Code | 210 | |
Entity Local Phone Number | 918-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Partnership Units Outstanding | 110,303,252 | |
Entity Central Index Key | 0001110805 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common units | |
Trading Symbol | NS | |
Security Exchange Name | NYSE | |
Series A Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprA | |
Security Exchange Name | NYSE | |
Series B Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprB | |
Security Exchange Name | NYSE | |
Series C Preferred Limited Partner [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Trading Symbol | NSprC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,398 | $ 5,637 |
Accounts receivable, net | 142,527 | 135,126 |
Inventories | 19,310 | 16,644 |
Prepaid and other current assets | 15,079 | 27,135 |
Assets held for sale | 86,458 | 0 |
Total current assets | 271,772 | 184,542 |
Property, plant and equipment, at cost | 5,625,080 | 5,728,848 |
Accumulated depreciation and amortization | (2,171,692) | (2,187,206) |
Property, plant and equipment, net | 3,453,388 | 3,541,642 |
Intangible assets, net | 546,679 | 557,785 |
Goodwill | 732,356 | 732,356 |
Other long-term assets, net | 125,730 | 140,007 |
Total assets | 5,129,925 | 5,156,332 |
Current liabilities: | ||
Accounts payable | 70,360 | 82,446 |
Current portion of finance lease obligations | 4,000 | 3,848 |
Accrued interest payable | 72,107 | 34,139 |
Accrued liabilities | 54,447 | 79,818 |
Taxes other than income tax | 10,196 | 14,475 |
Liabilities held for sale | 66,496 | 0 |
Total current liabilities | 277,606 | 214,726 |
Long-term debt, less current portion | 3,168,425 | 3,183,555 |
Deferred income tax liability | 2,848 | 11,831 |
Other long-term liabilities | 137,763 | 147,956 |
Total liabilities | 3,586,642 | 3,558,068 |
Commitments and contingencies (Note 6) | ||
Series D preferred limited partners (23,246,650 preferred units outstanding as of March 31, 2022 and December 31, 2021) (Note 8) | 621,018 | 616,439 |
Partners’ equity (Note 9): | ||
Common limited partners (110,297,849 and 109,986,273 common units outstanding as of March 31, 2022 and December 31, 2021, respectively) | 239,010 | 299,502 |
Accumulated other comprehensive loss | (73,046) | (73,978) |
Total partners’ equity | 922,265 | 981,825 |
Total liabilities, mezzanine equity and partners’ equity | 5,129,925 | 5,156,332 |
Series A Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | 218,307 | 218,307 |
Series B Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | 371,476 | 371,476 |
Series C Preferred Limited Partner [Member] | ||
Partners’ equity (Note 9): | ||
Preferred limited partners | $ 166,518 | $ 166,518 |
CONSOLIDATED BALANCE SHEETS (pa
CONSOLIDATED BALANCE SHEETS (parenthetical) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Series D preferred units outstanding | 23,246,650 | 23,246,650 |
Limited partners common units outstanding | 110,297,849 | 109,986,273 |
Series A Preferred Limited Partner [Member] | ||
Preferred units outstanding | 9,060,000 | 9,060,000 |
Series B Preferred Limited Partner [Member] | ||
Preferred units outstanding | 15,400,000 | 15,400,000 |
Series C Preferred Limited Partner [Member] | ||
Preferred units outstanding | 6,900,000 | 6,900,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Impairment loss | $ 46,122 | $ 0 |
General and administrative expenses (excluding depreciation and amortization expense) | 27,071 | 24,492 |
Other depreciation and amortization expense | 1,824 | 2,047 |
Total costs and expenses | 351,437 | 263,357 |
Operating income | 58,426 | 98,289 |
Income before income tax (benefit) expense | 12,279 | 43,769 |
Net income | 12,312 | 42,257 |
Costs and expenses: | ||
Interest expense, net | (49,818) | (54,918) |
Other income, net | 3,671 | 398 |
Income tax (benefit) expense | $ (33) | $ 1,512 |
Basic net income (loss) per common unit (Note 10) | $ (0.22) | $ 0.05 |
Diluted net income (loss) per common unit (Note 10) | $ (0.22) | $ 0.05 |
Basic weighted-average common units outstanding | 110,177,045 | 109,506,222 |
Diluted weighted-average common units outstanding | 110,177,045 | 109,506,222 |
Comprehensive income | $ 13,244 | $ 44,377 |
Service [Member] | ||
Revenues: | ||
Total revenues | 265,305 | 271,883 |
Costs and expenses: | ||
Operating expenses (excluding depreciation and amortization expense) | 86,402 | 87,287 |
Depreciation and amortization expense | 63,303 | 68,418 |
Total costs associated with service revenues/Costs associated with product sales | 149,705 | 155,705 |
Product [Member] | ||
Revenues: | ||
Total revenues | 144,558 | 89,763 |
Costs and expenses: | ||
Total costs associated with service revenues/Costs associated with product sales | 126,715 | 81,113 |
Product and Service [Member] | ||
Revenues: | ||
Total revenues | $ 409,863 | $ 361,646 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 12,312 | $ 42,257 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 65,127 | 70,465 |
Amortization of unit-based compensation | 3,412 | 3,871 |
Amortization of debt related items | 2,532 | 3,042 |
Impairment loss | 46,122 | 0 |
Changes in current assets and current liabilities (Note 11) | 17,512 | 24,397 |
Decrease in other long-term assets | 3,644 | 2,381 |
Decrease in other long-term liabilities | (662) | (1,678) |
Other, net | (4,169) | 922 |
Net cash provided by operating activities | 145,830 | 145,657 |
Cash flows from investing activities: | ||
Capital expenditures | (32,750) | (40,463) |
Change in accounts payable related to capital expenditures | (14,498) | (5,449) |
Proceeds from insurance recoveries | 5,805 | 0 |
Proceeds from sale or disposition of assets | 341 | 130 |
Net cash used in investing activities | (41,102) | (45,782) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 253,000 | 270,400 |
Long-term debt repayments | (268,800) | (418,100) |
Distributions to preferred unitholders | (31,025) | (31,887) |
Distributions to common unitholders | (44,041) | (43,811) |
Other, net | (8,848) | (2,331) |
Net cash used in financing activities | (99,714) | (225,729) |
Effect of foreign exchange rate changes on cash | 176 | 475 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,190 | (125,379) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 14,439 | 162,426 |
Cash, cash equivalents and restricted cash as of the end of the period | $ 19,629 | $ 37,047 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands | Total | AOCI [Member] | Preferred Limited Partner [Member] | Common Limited Partner [Member] | Series D Preferred Limited Partner [Member] |
Partners' capital - beginning balance at Dec. 31, 2020 | $ 1,231,959 | $ (96,656) | $ 756,301 | $ 572,314 | |
Temporary equity - beginning balance at Dec. 31, 2020 | 599,542 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2020 | 1,831,501 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 42,257 | 0 | 16,033 | 10,370 | |
Net income (loss) excluding portion attributable to temporary equity | 26,403 | ||||
Net income, temporary equity | $ 15,854 | ||||
Other comprehensive income (loss) | 2,120 | 2,120 | 0 | 0 | |
Cash distributions to partners | (16,033) | (43,811) | |||
Cash distributions to partners, temporary equity | (15,854) | ||||
Unit-based compensation | 2,678 | 0 | 0 | 2,678 | |
Series D Preferred Unit accretion, common | (4,021) | (4,021) | |||
Series D Preferred Unit accretion, preferred | 4,021 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | 7 | 0 | 0 | 7 | |
Other, temporary equity | 0 | ||||
Other, including temporary equity | 7 | ||||
Partners' capital - ending balance at Mar. 31, 2021 | 1,199,302 | (94,536) | 756,301 | 537,537 | |
Temporary equity - ending balance at Mar. 31, 2021 | 603,563 | ||||
Partners' capital and temporary equity - ending balance at Mar. 31, 2021 | 1,802,865 | ||||
Partners' capital - beginning balance at Dec. 31, 2021 | 981,825 | (73,978) | 756,301 | 299,502 | |
Temporary equity - beginning balance at Dec. 31, 2021 | 616,439 | ||||
Partners' capital and temporary equity - beginning balance at Dec. 31, 2021 | 1,598,264 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 12,312 | 0 | 15,238 | (18,780) | |
Net income (loss) excluding portion attributable to temporary equity | (3,542) | ||||
Net income, temporary equity | 15,854 | ||||
Other comprehensive income (loss) | 932 | 932 | 0 | 0 | |
Cash distributions to partners | (15,238) | (44,041) | |||
Cash distributions to partners, temporary equity | (15,854) | ||||
Unit-based compensation | 6,910 | 0 | 0 | 6,910 | |
Series D Preferred Unit accretion, common | (4,581) | (4,581) | |||
Series D Preferred Unit accretion, preferred | 4,581 | ||||
Series D Preferred Unit accretion, total | 0 | ||||
Other | 0 | 0 | 0 | 0 | |
Other, temporary equity | $ (2) | ||||
Other, including temporary equity | (2) | ||||
Partners' capital - ending balance at Mar. 31, 2022 | 922,265 | $ (73,046) | $ 756,301 | $ 239,010 | |
Temporary equity - ending balance at Mar. 31, 2022 | 621,018 | ||||
Partners' capital and temporary equity - ending balance at Mar. 31, 2022 | $ 1,543,283 |
CONSOLIDATED STATEMENTS OF PA_2
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common Limited Partner [Member] | ||
Cash distributions paid, per unit | $ 0.40 | $ 0.40 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
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. (NYSE: NS) is a Delaware limited partnership primarily engaged in the transportation, terminalling and storage of petroleum products and renewable fuels and the transportation of anhydrous ammonia. Unless otherwise indicated, the terms “NuStar Energy,” “NS,” “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. Our business is managed under the direction of the board of directors of NuStar GP, LLC, the general partner of our general partner, Riverwalk Logistics, L.P., both of which are indirectly wholly owned subsidiaries of ours. 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. Recent Developments Sale of Point Tupper Terminal. On April 29, 2022, we sold the equity interests in our wholly owned subsidiaries that own our Point Tupper terminal facility to EverWind Fuels for $60.0 million, plus working capital, which is subject to adjustment. The terminal facility has a storage capacity of 7.8 million barrels and has been included in the storage segment. We recognized a pre-tax impairment loss of $46.1 million in the first quarter of 2022 and expect to utilize the sales proceeds to reduce debt and thereby improve our debt metrics. Please refer to Note 3 for more information. Debt Amendments. On January 28, 2022, we amended and restated our $1.0 billion unsecured revolving credit agreement to extend the maturity to April 27, 2025, replace the LIBOR-based interest rate and modify other terms. Also on January 28, 2022, we amended our $100.0 million receivables financing agreement to extend the scheduled termination date to January 31, 2025, replace the LIBOR-based interest rate and modify other terms. Please refer to Note 5 for more information. Other Event Selby Terminal Fire. On October 15, 2019, our terminal facility in Selby, California experienced a fire that destroyed two storage tanks and temporarily shut down the terminal. We received insurance proceeds of $5.8 million and $20.5 million for the three months ended March 31, 2022 and 2021, respectively. We recorded a gain from business interruption insurance of $4.0 million for the three months ended March 31, 2021, which is included in “Operating expenses” in the condensed consolidated statements of comprehensive income. Insurance proceeds for cleanup costs and business interruption are included in “Cash flows from operating activities” in the consolidated statements of cash flows. We believe we have adequate insurance to offset additional costs. 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. Inter-partnership balances and transactions have been eliminated in consolidation. 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. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. We have reclassified certain previously reported amounts in the consolidated financial statements and notes to conform to current-period presentation. |
NEW ACCOUNTING PRONOUNCEMENT
NEW ACCOUNTING PRONOUNCEMENT | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENT | NEW ACCOUNTING PRONOUNCEMENT Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (FASB) issued guidance intended to simplify the accounting for convertible instruments by eliminating certain accounting models for convertible debt instruments and convertible preferred stock, requiring the calculation of diluted earnings per unit to include the effect of potential unit settlement for any convertible instruments that may be settled in either cash or units, and amending the disclosure requirements for convertible instruments. The guidance is effective for annual periods beginning after December 15, 2021. Amendments may be applied using either a modified retrospective approach or a fully retrospective approach. We adopted the amended guidance on January 1, 2022 using the modified retrospective approach. While the amended guidance did not have a material impact on our financial position, results of operations, or disclosures at adoption, changes to the earnings per unit guidance could result in changes to our diluted net income (loss) per common unit. Please refer to Note 10 for additional information. Reference Rate Reform In March 2020, the FASB issued guidance intended to provide relief to companies impacted by reference rate reform. The amended guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The publication of U.S. dollar LIBOR rates for the most common tenors is expected to cease after publication on June 30, 2023, and, pursuant to the Adjustable Interest Rate (LIBOR) Act signed into law in the U.S. on March 15, 2022, the Board of Governors of the Federal Reserve System has been directed to select a benchmark replacement rate to automatically replace LIBOR in LIBOR-based contracts that lack adequate fallback provisions upon cessation. As of March 31, 2022, $402.5 million of our variable-rate debt uses LIBOR as a benchmark for establishing the interest rate. In addition, the distribution rate on our 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units is a floating rate based on LIBOR, and the distribution rates on our 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units convert from fixed rates to floating rates based on LIBOR in June 2022 and December 2022, respectively. The FASB’s guidance is effective as of March 12, 2020 through December 31, 2022. We adopted the guidance on a prospective basis. The guidance did not have an impact on our financial position, results of operations or disclosures at transition, but we will continue to evaluate its impact on contracts modified on or before December 31, 2022. |
DISPOSITION AND IMPAIRMENT
DISPOSITION AND IMPAIRMENT | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITION AND IMPAIRMENT | DISPOSITION AND IMPAIRMENT Sale of Point Tupper Terminal. On February 11, 2022, we entered into an agreement to sell the equity interests in our wholly owned subsidiaries that own our Point Tupper terminal facility in Nova Scotia, Canada (the Point Tupper Terminal Operations) to EverWind Fuels for $60.0 million, plus working capital, which is subject to adjustment. The terminal facility has a storage capacity of 7.8 million barrels and has been included in the storage segment. We completed the sale on April 29, 2022 and expect to utilize the sales proceeds to reduce debt and thereby improve our debt metrics as part of our strategic plan to strengthen our balance sheet. We compared the carrying value of the Point Tupper Terminal Operations, which includes $42.2 million in cumulative foreign currency translation losses accumulated since our acquisition of the Point Tupper terminal facility in 2005, to its fair value less costs to sell, and we recognized a pre-tax impairment loss of $46.1 million in the first quarter of 2022, which is presented in "Impairment loss" on the consolidated statement of comprehensive income. We believe that the sales price of $60.0 million provides a reasonable indication of the fair value of the Point Tupper Terminal Operations as it represents an exit price in an orderly transaction between market participants. The sales price is a quoted price for identical assets and liabilities in a market that is not active and, thus, our fair value estimate falls within Level 2 of the fair value hierarchy. During the first quarter of 2022, we determined the Point Tupper Terminal Operations met the criteria to be classified as held for sale. Accordingly, the consolidated balance sheet reflects the assets and liabilities of the Point Tupper Terminal Operations as held for sale as of March 31, 2022. The following table provides the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: March 31, 2022 (Thousands of Dollars) Cash $ 2,429 Accounts receivable 1,138 Inventories 399 Prepaid and other current assets 1,792 Property, plant and equipment, net of accumulated depreciation and impairment loss 65,716 Other long-term assets, net 14,984 Assets held for sale $ 86,458 Accounts payable $ 2,636 Deferred income tax liability 7,638 Accrued liabilities 4,355 Other long-term liabilities 9,640 Impairment reserve (cumulative translation losses) 42,227 Liabilities held for sale $ 66,496 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Assets and Contract Liabilities The following table provides information about contract assets and contract liabilities from contracts with customers: 2022 2021 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,336 $ (15,443) $ 2,694 $ (22,019) Noncurrent portion 504 (46,027) 932 (47,537) Total 2,840 (61,470) 3,626 (69,556) Activity: Additions 71 (9,645) 92 (9,658) Transfer to accounts receivable (2,037) — (1,990) — Transfer to revenues (83) 12,117 (125) 15,877 Total (2,049) 2,472 (2,023) 6,219 Balances as of March 31: Current portion 277 (13,454) 733 (16,524) Noncurrent portion 448 (45,544) 870 (46,813) Held for sale 66 — — — Total $ 791 $ (58,998) $ 1,603 $ (63,337) Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of March 31, 2022 (in thousands of dollars): 2022 (remaining) $ 315,545 2023 283,526 2024 189,426 2025 132,497 2026 90,396 Thereafter 93,490 Total $ 1,104,880 Our contractually committed revenue, for purposes of the tabular presentation above, is limited to customer service contracts that have fixed pricing and fixed volume terms and conditions. The revenue shown above includes $19.2 million relating to our Point Tupper Terminal Operations that was held for sale as of March 31, 2022. Disaggregation of Revenues The following table disaggregates our revenues: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 86,124 $ 74,588 Refined products and ammonia pipelines 102,559 94,640 Total pipeline segment revenues from contracts with customers 188,683 169,228 Storage segment: Throughput terminals 26,441 24,794 Storage terminals (excluding lessor revenues) 50,719 73,416 Total storage segment revenues from contracts with customers 77,160 98,210 Lessor revenues 10,761 10,364 Total storage segment revenues 87,921 108,574 Fuels marketing segment: Revenues from contracts with customers 133,260 83,855 Consolidation and intersegment eliminations (1) (11) Total revenues $ 409,863 $ 361,646 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Revolving Credit Agreement On January 28, 2022, NuStar Logistics amended and restated its $1.0 billion unsecured revolving credit agreement (the Revolving Credit Agreement) to, among other things: (i) extend the maturity date from October 27, 2023 to April 27, 2025; (ii) increase the maximum amount of letters of credit capable of being issued from $400.0 million to $500.0 million; (iii) replace LIBOR benchmark provisions with customary secured overnight financing rate, or SOFR, benchmark provisions; (iv) remove the 0.50x increase permitted in our consolidated debt coverage ratio for certain rolling periods in which an acquisition for aggregate net consideration of at least $50.0 million occurs; and (v) add baskets and exceptions to certain negative covenants. As of March 31, 2022, we had $106.5 million of borrowings outstanding and $888.7 million available for borrowing under the Revolving Credit Agreement. Letters of credit issued under the Revolving Credit Agreement totaled $4.8 million as of March 31, 2022 and limit the amount we can borrow under the Revolving Credit Agreement. Obligations under the Revolving Credit Agreement are guaranteed by NuStar Energy and NuPOP. The Revolving Credit Agreement provides for U.S. dollar borrowings, which bear interest, at our option, based on an alternative base rate or a SOFR-based rate. The Revolving Credit Agreement and certain fees under the Receivables Financing Agreement, defined below, are the only debt arrangements with interest rates that are subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. As of March 31, 2022, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 3.0%. The Revolving Credit Agreement is subject to maximum consolidated debt coverage ratio and minimum consolidated interest coverage ratio requirements, which may limit the amount we can borrow to an amount that is less than the total amount available for borrowing. For a rolling period of four quarters, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) cannot exceed 5.00-to-1.00, and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. As of March 31, 2022, we believe that we are in compliance with the covenants in the Revolving Credit Agreement. Receivables Financing Agreement NuStar Energy and NuStar Finance LLC (NuStar Finance), a special purpose entity and wholly owned subsidiary of NuStar Energy, are parties to a $100.0 million receivables financing agreement with a third-party lender, with a scheduled termination date of January 31, 2025, (the Receivables Financing Agreement) and agreements with certain of NuStar Energy’s wholly owned subsidiaries (collectively with the Receivables Financing Agreement, the Securitization Program). NuStar Energy provides a performance guarantee in connection with the Securitization Program. Under the Securitization Program, certain of NuStar Energy’s wholly owned subsidiaries 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. 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, its subsidiaries selling receivables under the Securitization Program or their affiliates. The amount available for borrowing is based on the availability of eligible receivables and other customary factors and conditions. On January 28, 2022, the Receivables Financing Agreement was amended to, among other things: (i) extend the scheduled termination date from September 20, 2023 to January 31, 2025; (ii) reduce the floor rate in the calculation of our borrowing rates; and (iii) replace provisions related to the LIBOR rate of interest with references to SOFR rates of interest. Borrowings under the Receivables Financing Agreement bear interest, at NuStar Finance’s option, at a base rate or a SOFR rate, each as defined in the Receivables Financing Agreement. As of March 31, 2022, the amount of borrowings outstanding under the Receivables Financing Agreement totaled $72.0 million, the weighted-average interest rate related to outstanding borrowings was 1.9% and $132.2 million of our accounts receivable was included in the Securitization Program. Fair Value of Long-Term Debt The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Fair value $ 3,222,517 $ 3,459,153 Carrying amount $ 3,115,915 $ 3,130,625 We have estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. With regard to our other debt, for which a quoted market price is not available, we have 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. The carrying amount includes net fair value adjustments, unamortized discounts and unamortized debt issuance costs. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES 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. We accrued $0.9 million and $0.1 million for contingent losses as of March 31, 2022 and December 31, 2021, respectively. The amount that will ultimately be paid related to such matters may differ from the recorded accruals, and the timing of such payments is uncertain. We evaluate each contingent loss at least quarterly, and more frequently as each matter progresses and develops over time, and we do not believe that the resolution of any particular claim or proceeding, or all matters in the aggregate, would have a material adverse effect on our results of operations, financial position or liquidity. COVID-19. Ongoing uncertainty surrounding the COVID-19 pandemic has caused and may continue to cause volatility and could have a significant impact on management’s estimates and assumptions in 2022 and beyond. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES 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 commodity volumes, grades, locations and delivery schedules, to help ensure that our hedging activities address our market risks. Derivative financial instruments associated with commodity price risk with respect to our petroleum product inventories and related firm commitments to purchase and/or sell such inventories were not material for any periods presented. We were a party to certain interest rate swap agreements to manage our exposure to changes in interest rates, which included forward-starting interest rate swap agreements that qualified as cash flow hedges prior to their termination. We reclassify the mark-to-market adjustments related to these cash flows hedges that were recorded in “Accumulated other comprehensive loss” (AOCI) into “Interest expense, net” as the underlying forecasted interest payments occur or if the interest payments are probable not to occur. We reclassified losses on cash flow hedges to “Interest expense, net” of $0.5 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, we expect to reclassify a loss of $2.1 million to “Interest expense, net” within the next twelve months associated with unwound forward-starting interest rate swaps. |
SERIES D CUMULATIVE CONVERTIBLE
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
SERIES D CUMULATIVE COVERTIBLE PREFERRED UNITS | SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Distributions on the Series D Cumulative Convertible Preferred Units (Series D Preferred Units) are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December, to holders of record on the first business day of each payment month. The number of Series D Preferred Units issued and outstanding as of March 31, 2022 and December 31, 2021 totaled 23,246,650. The distribution rates on the Series D Preferred Units are as follows: (i) 9.75%, or $57.6 million, per annum ($0.619 per unit per distribution period) for the first two years (beginning with the September 17, 2018 distribution); (ii) 10.75%, or $63.4 million, per annum ($0.682 per unit per distribution period) for years three through five; and (iii) the greater of 13.75%, or $81.1 million, per annum ($0.872 per unit per distribution period) or the distribution per common unit thereafter. While the Series D Preferred Units are outstanding, the Partnership will be prohibited from paying distributions on any junior securities, including the common units, unless full cumulative distributions on the Series D Preferred Units (and any parity securities) have been, or contemporaneously are being, paid or set aside for payment through the most recent Series D Preferred Unit distribution payment date. Any Series D Preferred Unit distributions in excess of $0.635 per unit may be paid, in the Partnership’s sole discretion, in additional Series D Preferred Units, with the remainder paid in cash. In April 2022, our board of directors declared distributions of $0.682 per Series D Preferred Unit to be paid on June 15, 2022. |
PARTNERS' EQUITY
PARTNERS' EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Partners' Capital Notes [Abstract] | |
PARTNERS' EQUITY | PARTNERS' EQUITY Series A, B and C Preferred Units We allocate net income to our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (collectively, the Series A, B and C Preferred Units) equal to the amount of distributions earned during the period. Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month. Distribution information for our Series B and C Preferred Units is as follows: Units Fixed Distribution Rate Per Unit Per Quarter Fixed Distribution Date at Which Distribution Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) (Thousands of Dollars) Series B Preferred Units $ 0.47657 $ 7,339 June 15, 2022 Three-month LIBOR plus 5.643% Series C Preferred Units $ 0.56250 $ 3,881 December 15, 2022 Three-month LIBOR plus 6.88% The distribution rate on our Series A Preferred Units converted from a fixed rate to a floating rate of the three-month LIBOR plus 6.766% on December 15, 2021. Distribution information for our Series A Preferred Units is as follows: Period Distribution Rate per Unit Total Distribution (Thousands of Dollars) March 15, 2022 - June 14, 2022 $ 0.47817 $ 4,332 December 15, 2021 - March 14, 2022 $ 0.43606 $ 3,951 In April 2022, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on June 15, 2022. Common Limited Partners We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units, and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on our preferred units. In April 2022, our board of directors declared distributions with respect to our common units for the quarter ended March 31, 2022. The following table summarizes information about cash distributions to our common limited partners applicable to the period in which the distributions were earned: Quarter Ended Cash Distributions Total Cash Record Date Payment Date (Thousands of Dollars) March 31, 2022 $ 0.40 $ 44,165 May 9, 2022 May 13, 2022 December 31, 2021 $ 0.40 $ 44,008 February 8, 2022 February 14, 2022 Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows: Three Months Ended March 31, 2022 2021 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of January 1 $ (41,761) $ (36,486) $ 4,269 $ (73,978) $ (42,362) $ (42,150) $ (12,144) $ (96,656) Other comprehensive income before reclassification adjustments 829 — — 829 957 — — 957 Net gain on pension costs reclassified into other income, net — — (420) (420) — — (187) (187) Net loss on cash flow hedges reclassified into interest expense, net — 529 — 529 — 1,348 — 1,348 Other — — (6) (6) — — 2 2 Other comprehensive income (loss) 829 529 (426) 932 957 1,348 (185) 2,120 Balance as of March 31 $ (40,932) $ (35,957) $ 3,843 $ (73,046) $ (41,405) $ (40,802) $ (12,329) $ (94,536) |
NET INCOME (LOSS) PER COMMON UN
NET INCOME (LOSS) PER COMMON UNIT | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT Basic net income (loss) per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plans. We compute basic net income (loss) per common unit by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. We compute diluted net income (loss) per common unit by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. Dilutive potential common units may include the Series D Preferred Units and contingently issuable performance unit awards. The Series D Preferred Units contain certain unitholder conversion and redemption features, and we use the if-converted method to calculate the dilutive effect of the conversion or redemption feature that is most advantageous to our Series D preferred unitholders. The effect of the assumed conversion or redemption of the Series D Preferred Units outstanding was antidilutive for each of the three months ended March 31, 2022 and 2021; therefore, we did not include such conversion in the computation of diluted net (loss) income per common unit. Contingently issuable performance units are included as dilutive potential common units if it is probable that performance measures will be achieved, unless to do so would be antidilutive. The following table details the calculation of basic and diluted net (loss) income per common unit: Three Months Ended March 31, 2022 2021 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 12,312 $ 42,257 Distributions to preferred limited partners (31,092) (31,887) Distributions to common limited partners (44,165) (43,834) Distribution equivalent rights to restricted units (633) (598) Distributions in excess of income $ (63,578) $ (34,062) Distributions to common limited partners $ 44,165 $ 43,834 Allocation of distributions in excess of income (63,578) (34,062) Series D Preferred Unit accretion (4,581) (4,021) Net (loss) income attributable to common units $ (23,994) $ 5,751 Basic and diluted weighted-average common units outstanding 110,177,045 109,506,222 Basic and diluted net (loss) income per common unit $ (0.22) $ 0.05 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Changes in current assets and current liabilities were as follows: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (13,704) $ 12,232 Inventories (3,062) (6,471) Other current assets 10,289 9,689 Increase (decrease) in current liabilities: Accounts payable 4,284 5,067 Accrued interest payable 37,968 27,149 Accrued liabilities (14,178) (19,082) Taxes other than income tax (4,085) (4,187) Changes in current assets and current liabilities $ 17,512 $ 24,397 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; • the effect of foreign currency translation; • the reclassification of certain assets and liabilities to “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet (please refer to Note 3 for additional discussion); and • the effect of accrued compensation expense paid with fully vested common unit awards. Cash flows related to interest and income taxes were as follows: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 9,320 $ 24,737 Cash paid for income taxes, net of tax refunds received $ 185 $ 554 As of March 31, 2022 and December 31, 2021, restricted cash, representing legally restricted funds that are unavailable for general use, is included in "Other long-term assets, net" on the consolidated balance sheets. “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows is included in the consolidated balance sheets as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Cash and cash equivalents $ 8,398 $ 5,637 Assets held for sale 2,429 — Other long-term assets, net 8,802 8,802 Cash, cash equivalents and restricted cash $ 19,629 $ 14,439 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our reportable business segments consist of the pipeline, storage and fuels marketing segments. 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. Results of operations for the reportable segments were as follows: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Revenues: Pipeline $ 188,683 $ 169,228 Storage 87,921 108,574 Fuels marketing 133,260 83,855 Consolidation and intersegment eliminations (1) (11) Total revenues $ 409,863 $ 361,646 Operating income (loss): Pipeline $ 95,752 $ 79,379 Storage (14,975) 42,718 Fuels marketing 6,544 2,731 Total segment operating income 87,321 124,828 General and administrative expenses 27,071 24,492 Other depreciation and amortization expense 1,824 2,047 Total operating income $ 58,426 $ 98,289 Total assets by reportable segment were as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Pipeline $ 3,405,703 $ 3,441,272 Storage 1,518,082 1,537,037 Fuels marketing 66,006 41,562 Total segment assets 4,989,791 5,019,871 Other partnership assets 140,134 136,461 Total consolidated assets $ 5,129,925 $ 5,156,332 |
DISPOSITION AND IMPAIRMENT (Tab
DISPOSITION AND IMPAIRMENT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | The following table provides the carrying amounts of the major classes of assets and liabilities included in “Assets held for sale” and “Liabilities held for sale” on the consolidated balance sheet: March 31, 2022 (Thousands of Dollars) Cash $ 2,429 Accounts receivable 1,138 Inventories 399 Prepaid and other current assets 1,792 Property, plant and equipment, net of accumulated depreciation and impairment loss 65,716 Other long-term assets, net 14,984 Assets held for sale $ 86,458 Accounts payable $ 2,636 Deferred income tax liability 7,638 Accrued liabilities 4,355 Other long-term liabilities 9,640 Impairment reserve (cumulative translation losses) 42,227 Liabilities held for sale $ 66,496 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers: 2022 2021 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 2,336 $ (15,443) $ 2,694 $ (22,019) Noncurrent portion 504 (46,027) 932 (47,537) Total 2,840 (61,470) 3,626 (69,556) Activity: Additions 71 (9,645) 92 (9,658) Transfer to accounts receivable (2,037) — (1,990) — Transfer to revenues (83) 12,117 (125) 15,877 Total (2,049) 2,472 (2,023) 6,219 Balances as of March 31: Current portion 277 (13,454) 733 (16,524) Noncurrent portion 448 (45,544) 870 (46,813) Held for sale 66 — — — Total $ 791 $ (58,998) $ 1,603 $ (63,337) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenue as of March 31, 2022 (in thousands of dollars): 2022 (remaining) $ 315,545 2023 283,526 2024 189,426 2025 132,497 2026 90,396 Thereafter 93,490 Total $ 1,104,880 |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our revenues: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 86,124 $ 74,588 Refined products and ammonia pipelines 102,559 94,640 Total pipeline segment revenues from contracts with customers 188,683 169,228 Storage segment: Throughput terminals 26,441 24,794 Storage terminals (excluding lessor revenues) 50,719 73,416 Total storage segment revenues from contracts with customers 77,160 98,210 Lessor revenues 10,761 10,364 Total storage segment revenues 87,921 108,574 Fuels marketing segment: Revenues from contracts with customers 133,260 83,855 Consolidation and intersegment eliminations (1) (11) Total revenues $ 409,863 $ 361,646 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Fair Value and Carrying Value of Debt [Table Text Block] | The estimated fair values and carrying amounts of long-term debt, excluding finance leases, were as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Fair value $ 3,222,517 $ 3,459,153 Carrying amount $ 3,115,915 $ 3,130,625 |
PARTNERS' EQUITY (Tables)
PARTNERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in the components included in AOCI were as follows: Three Months Ended March 31, 2022 2021 Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total Foreign Currency Translation Cash Flow Hedges Pension and Other Postretirement Benefits Total (Thousands of Dollars) Balance as of January 1 $ (41,761) $ (36,486) $ 4,269 $ (73,978) $ (42,362) $ (42,150) $ (12,144) $ (96,656) Other comprehensive income before reclassification adjustments 829 — — 829 957 — — 957 Net gain on pension costs reclassified into other income, net — — (420) (420) — — (187) (187) Net loss on cash flow hedges reclassified into interest expense, net — 529 — 529 — 1,348 — 1,348 Other — — (6) (6) — — 2 2 Other comprehensive income (loss) 829 529 (426) 932 957 1,348 (185) 2,120 Balance as of March 31 $ (40,932) $ (35,957) $ 3,843 $ (73,046) $ (41,405) $ (40,802) $ (12,329) $ (94,536) |
Preferred Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Distribution information for our Series B and C Preferred Units is as follows: Units Fixed Distribution Rate Per Unit Per Quarter Fixed Distribution Date at Which Distribution Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) (Thousands of Dollars) Series B Preferred Units $ 0.47657 $ 7,339 June 15, 2022 Three-month LIBOR plus 5.643% Series C Preferred Units $ 0.56250 $ 3,881 December 15, 2022 Three-month LIBOR plus 6.88% The distribution rate on our Series A Preferred Units converted from a fixed rate to a floating rate of the three-month LIBOR plus 6.766% on December 15, 2021. Distribution information for our Series A Preferred Units is as follows: Period Distribution Rate per Unit Total Distribution (Thousands of Dollars) March 15, 2022 - June 14, 2022 $ 0.47817 $ 4,332 December 15, 2021 - March 14, 2022 $ 0.43606 $ 3,951 |
Common Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table summarizes information about cash distributions to our common limited partners applicable to the period in which the distributions were earned: Quarter Ended Cash Distributions Total Cash Record Date Payment Date (Thousands of Dollars) March 31, 2022 $ 0.40 $ 44,165 May 9, 2022 May 13, 2022 December 31, 2021 $ 0.40 $ 44,008 February 8, 2022 February 14, 2022 |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON UNIT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss) Income Per Common Unit | The following table details the calculation of basic and diluted net (loss) income per common unit: Three Months Ended March 31, 2022 2021 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 12,312 $ 42,257 Distributions to preferred limited partners (31,092) (31,887) Distributions to common limited partners (44,165) (43,834) Distribution equivalent rights to restricted units (633) (598) Distributions in excess of income $ (63,578) $ (34,062) Distributions to common limited partners $ 44,165 $ 43,834 Allocation of distributions in excess of income (63,578) (34,062) Series D Preferred Unit accretion (4,581) (4,021) Net (loss) income attributable to common units $ (23,994) $ 5,751 Basic and diluted weighted-average common units outstanding 110,177,045 109,506,222 Basic and diluted net (loss) income per common unit $ (0.22) $ 0.05 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Changes in Current Assets and Liabilities [Table Text Block] | Changes in current assets and current liabilities were as follows: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (13,704) $ 12,232 Inventories (3,062) (6,471) Other current assets 10,289 9,689 Increase (decrease) in current liabilities: Accounts payable 4,284 5,067 Accrued interest payable 37,968 27,149 Accrued liabilities (14,178) (19,082) Taxes other than income tax (4,085) (4,187) Changes in current assets and current liabilities $ 17,512 $ 24,397 |
Schedule of Supplemental Cash Flow Information [Table Text Block] | Cash flows related to interest and income taxes were as follows: Three Months Ended March 31, 2022 2021 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 9,320 $ 24,737 Cash paid for income taxes, net of tax refunds received $ 185 $ 554 |
Schedule of Cash and Cash Equivalents [Table Text Block] | “Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows is included in the consolidated balance sheets as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Cash and cash equivalents $ 8,398 $ 5,637 Assets held for sale 2,429 — Other long-term assets, net 8,802 8,802 Cash, cash equivalents and restricted cash $ 19,629 $ 14,439 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 (Thousands of Dollars) Revenues: Pipeline $ 188,683 $ 169,228 Storage 87,921 108,574 Fuels marketing 133,260 83,855 Consolidation and intersegment eliminations (1) (11) Total revenues $ 409,863 $ 361,646 Operating income (loss): Pipeline $ 95,752 $ 79,379 Storage (14,975) 42,718 Fuels marketing 6,544 2,731 Total segment operating income 87,321 124,828 General and administrative expenses 27,071 24,492 Other depreciation and amortization expense 1,824 2,047 Total operating income $ 58,426 $ 98,289 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by reportable segment were as follows: March 31, 2022 December 31, 2021 (Thousands of Dollars) Pipeline $ 3,405,703 $ 3,441,272 Storage 1,518,082 1,537,037 Fuels marketing 66,006 41,562 Total segment assets 4,989,791 5,019,871 Other partnership assets 140,134 136,461 Total consolidated assets $ 5,129,925 $ 5,156,332 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 - Point Tupper Terminal Sale Agreement (Details) $ in Thousands, bbl in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Apr. 29, 2022USD ($)bbl | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Pre-tax impairment loss | $ 46,122 | $ 0 | |
Impairment loss | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Pre-tax impairment loss | $ 46,100 | ||
Subsequent Event [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Sales price of Point Tupper terminal facility | $ 60,000 | ||
Storage Segment | Subsequent Event [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Storage capacity of terminal sold | bbl | 7.8 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 - Debt Amendments (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revolving Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 1,000 |
Receivables Financing Agreement [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 100 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION Narrative 4 - Selby Fire (Details) - USD ($) $ in Thousands | Oct. 15, 2019 | Mar. 31, 2022 | Mar. 31, 2021 |
Unusual or Infrequent Item, or Both [Line Items] | |||
Impact of fire at Selby, CA terminal | our terminal facility in Selby, California experienced a fire that destroyed two storage tanks and temporarily shut down the terminal | ||
Insurance proceeds received | $ 5,800 | $ 20,500 | |
Business Interruption Insurance from Selby, California Fire [Member] | Operating Expenses [Member] | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Insurance proceeds received | $ 4,000 |
NEW ACCOUNTING PRONOUNCEMENT Na
NEW ACCOUNTING PRONOUNCEMENT Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,115,915 | $ 3,130,625 |
Series A Preferred Limited Partner [Member] | ||
Debt Instrument [Line Items] | ||
Preferred units distribution percentage, per annum | 8.50% | |
Series B Preferred Limited Partner [Member] | ||
Debt Instrument [Line Items] | ||
Preferred units distribution percentage, per annum | 7.625% | |
Series C Preferred Limited Partner [Member] | ||
Debt Instrument [Line Items] | ||
Preferred units distribution percentage, per annum | 9.00% | |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 402,500 |
DISPOSITION AND IMPAIRMENT Narr
DISPOSITION AND IMPAIRMENT Narrative (Details) $ in Thousands, bbl in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Apr. 29, 2022USD ($)bbl | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Foreign currency translation losses | $ 42,200 | ||
Pre-tax impairment loss | 46,122 | $ 0 | |
Subsequent Event [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Sales price of Point Tupper terminal facility | $ 60,000 | ||
Impairment loss | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Pre-tax impairment loss | $ 46,100 | ||
Storage Segment | Subsequent Event [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||
Storage capacity of terminal sold | bbl | 7.8 |
DISPOSITION AND IMPAIRMENT Tabl
DISPOSITION AND IMPAIRMENT Table (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Cash | $ 2,429 | $ 0 |
Accounts receivable | 1,138 | |
Inventories | 399 | |
Prepaid and other current assets | 1,792 | |
Property, plant and equipment, net of accumulated depreciation and impairment loss | 65,716 | |
Other long-term assets, net | 14,984 | |
Assets held for sale | 86,458 | 0 |
Accounts payable | 2,636 | |
Deferred income tax liability | 7,638 | |
Accrued liabilities | 4,355 | |
Other long-term liabilities | 9,640 | |
Impairment reserve (cumulative translation losses) | 42,227 | |
Liabilities held for sale | $ 66,496 | $ 0 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 1 - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract assets | ||||
Noncurrent portion | $ 448 | $ 870 | $ 504 | $ 932 |
Total | 791 | 1,603 | 2,840 | 3,626 |
Additions | 71 | 92 | ||
Transfer to accounts receivable | (2,037) | (1,990) | ||
Transfer to revenues, contract assets | (83) | (125) | ||
Total activity | (2,049) | (2,023) | ||
Contract liabilities | ||||
Noncurrent portion | (45,544) | (46,813) | (46,027) | (47,537) |
Total | (58,998) | (63,337) | (61,470) | (69,556) |
Additions | (9,645) | (9,658) | ||
Transfer to revenues, contract liabilities | 12,117 | 15,877 | ||
Total activity | 2,472 | 6,219 | ||
Assets held for sale [Member] | ||||
Contract assets | ||||
Current portion | 66 | 0 | ||
Liabilities Held for Sale | ||||
Contract liabilities | ||||
Current portion | 0 | 0 | ||
Other current assets | ||||
Contract assets | ||||
Current portion | 277 | 733 | 2,336 | 2,694 |
Accrued liabilities | ||||
Contract liabilities | ||||
Current portion | $ (13,454) | $ (16,524) | $ (15,443) | $ (22,019) |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 2 - Expected Timing of Satisfaction of Performance Obligations (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 1,104,880 |
Point Tupper Terminal Operations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 19,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 315,545 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 283,526 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 189,426 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 132,497 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 90,396 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 93,490 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS Table 3 - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ (1) | $ (11) |
Pipeline Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 188,683 | 169,228 |
Pipeline Segment | Crude Oil Pipelines [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 86,124 | 74,588 |
Pipeline Segment | Refined Products and Ammonia Pipelines [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 102,559 | 94,640 |
Storage Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 77,160 | 98,210 |
Lessor revenues | 10,761 | 10,364 |
Total revenues | 87,921 | 108,574 |
Storage Segment | Throughput Terminal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 26,441 | 24,794 |
Storage Segment | Storage Terminal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 50,719 | 73,416 |
Fuels Marketing Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 133,260 | 83,855 |
Operating Segments, Net of Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 409,863 | $ 361,646 |
DEBT Narrative 1 - Revolving Cr
DEBT Narrative 1 - Revolving Credit Agreement (Details) - USD ($) $ in Thousands | Jan. 28, 2022 | Mar. 31, 2022 | Jan. 27, 2022 |
Debt Instrument [Line Items] | |||
Line of credit facility, description of amendment | On January 28, 2022, NuStar Logistics amended and restated its $1.0 billion unsecured revolving credit agreement (the Revolving Credit Agreement) to, among other things: (i) extend the maturity date from October 27, 2023 to April 27, 2025; (ii) increase the maximum amount of letters of credit capable of being issued from $400.0 million to $500.0 million; (iii) replace LIBOR benchmark provisions with customary secured overnight financing rate, or SOFR, benchmark provisions; (iv) remove the 0.50x increase permitted in our consolidated debt coverage ratio for certain rolling periods in which an acquisition for aggregate net consideration of at least $50.0 million occurs; and (v) add baskets and exceptions to certain negative covenants. | ||
Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,000,000 | ||
Line of credit facility, maximum letters of credit | 500,000 | $ 400,000 | |
Long-term debt | 106,500 | ||
Current remaining borrowing capacity | 888,700 | ||
Letters of credit outstanding, amount | $ 4,800 | ||
Line of credit facility, interest rate description | The Revolving Credit Agreement and certain fees under the Receivables Financing Agreement, defined below, are the only debt arrangements with interest rates that are subject to adjustment if our debt rating is downgraded (or upgraded) by certain credit rating agencies. | ||
Line of credit facility, weighted-average interest rate | 3.00% | ||
Line of credit facility, covenant terms | For a rolling period of four quarters, the consolidated debt coverage ratio (as defined in the Revolving Credit Agreement) cannot exceed 5.00-to-1.00, and the consolidated interest coverage ratio (as defined in the Revolving Credit Agreement) must not be less than 1.75-to-1.00. |
DEBT - Narrative 2 - Receivable
DEBT - Narrative 2 - Receivables Financing Agreement (Details) - Receivables Financing Agreement [Member] $ in Millions | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 100 |
Long-term debt | $ 72 |
Weighted average interest rate | 1.90% |
Debt instrument, collateral amount | $ 132.2 |
DEBT Table 1 - Fair Value of Lo
DEBT Table 1 - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Fair value, long-term debt | $ 3,222,517 | $ 3,459,153 |
Long-term debt, excluding finance leases | $ 3,115,915 | $ 3,130,625 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency accrual, at carrying value | $ 0.9 | $ 0.1 |
DERIVATIVES Narrative 1 (Detail
DERIVATIVES Narrative 1 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss to be reclassified during next 12 months | $ (2.1) | |
Interest rate swaps | Interest expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) reclassified from AOCI into interest expense, net | $ (0.5) | $ (1.3) |
SERIES D CUMULATIVE CONVERTIB_2
SERIES D CUMULATIVE CONVERTIBLE PREFERRED UNITS Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Series D preferred units issued | 23,246,650 | 23,246,650 | |
Series D preferred units outstanding | 23,246,650 | 23,246,650 | |
Series D Preferred Limited Partner [Member] | |||
Class of Stock [Line Items] | |||
Required amount of per unit cash dividends to permit dividend paid in kind | $ 0.635 | ||
Preferred Stock, Distributions, Period - June 29, 2018 to June 28, 2020 [Member] | Series D Preferred Limited Partner [Member] | |||
Class of Stock [Line Items] | |||
Preferred units distribution percentage, per annum | 9.75% | ||
Preferred units, distribution rate, per annum | $ 57.6 | ||
Preferred stock, dividend amount, per unit, per distribution period | $ 0.619 | ||
Preferred Stock, Distributions, Period - June 29, 2020 to June 28, 2023 [Member] | Series D Preferred Limited Partner [Member] | |||
Class of Stock [Line Items] | |||
Preferred units distribution percentage, per annum | 10.75% | ||
Preferred units, distribution rate, per annum | $ 63.4 | ||
Preferred stock, dividend amount, per unit, per distribution period | $ 0.682 | ||
Preferred Stock, Distributions, Period - June 29, 2023 and thereafter [Member] | Series D Preferred Limited Partner [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Preferred units distribution percentage, per annum | 13.75% | ||
Preferred units, distribution rate, per annum | $ 81.1 | ||
Preferred stock, dividend amount, per unit, per distribution period | $ 0.872 | ||
Subsequent Event [Member] | Series D Preferred Limited Partner [Member] | |||
Class of Stock [Line Items] | |||
Preferred unit distribution | $ 0.682 |
PARTNERS' EQUITY Narrative 1 (D
PARTNERS' EQUITY Narrative 1 (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Series A Preferred Limited Partner [Member] | |
Class of Stock [Line Items] | |
Preferred units distribution percentage, per annum | 8.50% |
Series B Preferred Limited Partner [Member] | |
Class of Stock [Line Items] | |
Preferred units distribution percentage, per annum | 7.625% |
Series C Preferred Limited Partner [Member] | |
Class of Stock [Line Items] | |
Preferred units distribution percentage, per annum | 9.00% |
PARTNERS' EQUITY Table 1 - Cash
PARTNERS' EQUITY Table 1 - Cash Distributions - Preferred Units (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / shares | |
Series B Preferred Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Preferred unit distribution | $ 0.47657 |
Fixed distribution per quarter | $ | $ 7,339 |
Preferred units, liquidation preference | $ 25 |
Series B Preferred Limited Partner [Member] | London Interbank Offered Rate (LIBOR) | June 15, 2022 and Thereafter | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Preferred units, distribution payment rate, basis spread on floating rate (three-month LIBOR) | 5.643% |
Series C Preferred Limited Partner [Member] | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Preferred unit distribution | $ 0.56250 |
Fixed distribution per quarter | $ | $ 3,881 |
Preferred units, liquidation preference | $ 25 |
Series C Preferred Limited Partner [Member] | London Interbank Offered Rate (LIBOR) | December 15, 2022 and Thereafter | |
Distribution Made to Preferred Limited Partner [Line Items] | |
Preferred units, distribution payment rate, basis spread on floating rate (three-month LIBOR) | 6.88% |
PARTNERS' EQUITY Table 2 - Cash
PARTNERS' EQUITY Table 2 - Cash Distributions - Preferred Units - Floating Distribution Rate (Details) - Series A Preferred Limited Partner [Member] - USD ($) | 3 Months Ended | ||
Jun. 14, 2022 | Mar. 31, 2022 | Mar. 14, 2022 | |
Distribution Made to Preferred Limited Partner [Line Items] | |||
Per unit distribution, variable, per quarter | $ 0.43606 | ||
Distributions to partners | $ 3,951,000 | ||
December 15, 2021 and Thereafter | London Interbank Offered Rate (LIBOR) | |||
Distribution Made to Preferred Limited Partner [Line Items] | |||
Preferred units, distribution payment rate, basis spread on floating rate (three-month LIBOR) | 6.766% | ||
Subsequent Event [Member] | |||
Distribution Made to Preferred Limited Partner [Line Items] | |||
Per unit distribution, variable, per quarter | $ 0.47817 | ||
Distributions to partners | $ 4,332,000 |
PARTNERS' EQUITY Narrative 2 (D
PARTNERS' EQUITY Narrative 2 (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Partners' Capital Notes [Abstract] | |
Percent of available cash distributed | 100.00% |
Number of days within which distribution is paid to common unitholders | 45 |
PARTNERS' EQUITY Table 3 - Cash
PARTNERS' EQUITY Table 3 - Cash Distributions Declared - Common Limited Partners (Details) - Common Limited Partner [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Distribution Made to Common Limited Partners [Line Items] | ||
Cash distributions per unit | $ 0.40 | $ 0.40 |
Cash distributions applicable to common unitholders | $ 44,165 | $ 44,008 |
Distribution date of record | May 9, 2022 | Feb. 8, 2022 |
Distribution payment date | May 13, 2022 | Feb. 14, 2022 |
PARTNERS' EQUITY Table 4 - Bala
PARTNERS' EQUITY Table 4 - Balance of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (73,978) | |
Ending balance | (73,046) | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (41,761) | $ (42,362) |
Other comprehensive income before reclassification adjustments | 829 | 957 |
Other | 0 | 0 |
Other comprehensive income (loss) | 829 | 957 |
Ending balance | (40,932) | (41,405) |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (36,486) | (42,150) |
Other comprehensive income before reclassification adjustments | 0 | 0 |
Other | 0 | 0 |
Other comprehensive income (loss) | 529 | 1,348 |
Ending balance | (35,957) | (40,802) |
Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 4,269 | (12,144) |
Other comprehensive income before reclassification adjustments | 0 | 0 |
Other | (6) | 2 |
Other comprehensive income (loss) | (426) | (185) |
Ending balance | 3,843 | (12,329) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (73,978) | (96,656) |
Other comprehensive income before reclassification adjustments | 829 | 957 |
Other | (6) | 2 |
Other comprehensive income (loss) | 932 | 2,120 |
Ending balance | (73,046) | (94,536) |
Other income, net | Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | 0 | 0 |
Other income, net | Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | 0 | 0 |
Other income, net | Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | (420) | (187) |
Other income, net | Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | (420) | (187) |
Interest expense, net | Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | 0 | 0 |
Interest expense, net | Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | 529 | 1,348 |
Interest expense, net | Pension and Other Postretirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | 0 | 0 |
Interest expense, net | Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (gain) loss reclassified from AOCI | $ 529 | $ 1,348 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON UNIT Table - Net Income (Loss) per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 12,312 | $ 42,257 |
Distributions to preferred limited partners | (31,092) | (31,887) |
Distributions to common limited partners | (44,165) | (43,834) |
Distribution equivalent rights to restricted units | (633) | (598) |
Distributions in excess of income | (63,578) | (34,062) |
Distributions to common limited partners | 44,165 | 43,834 |
Allocation of distributions in excess of income | (63,578) | (34,062) |
Series D Preferred Unit accretion | (4,581) | (4,021) |
Net (loss) income attributable to common units | $ (23,994) | $ 5,751 |
Basic weighted-average common units outstanding | 110,177,045 | 109,506,222 |
Diluted weighted-average common units outstanding | 110,177,045 | 109,506,222 |
Basic net income (loss) per common unit | $ (0.22) | $ 0.05 |
Diluted net income (loss) per common unit | $ (0.22) | $ 0.05 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Table 1 - Changes in Current Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Decrease (increase) in accounts receivable | $ (13,704) | $ 12,232 |
Decrease (increase) in inventories | (3,062) | (6,471) |
Decrease (increase) in other currrent assets | 10,289 | 9,689 |
Increase (decrease) in accounts payable | 4,284 | 5,067 |
Increase (decrease) in accrued interest payable | 37,968 | 27,149 |
Increase (decrease) in accrued liabilities | (14,178) | (19,082) |
Increase (decrease) in taxes other than income tax | (4,085) | (4,187) |
Changes in current assets and current liabilities | $ 17,512 | $ 24,397 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Table 2 - Cash Flows Related to Interest and Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of amount capitalized | $ 9,320 | $ 24,737 |
Cash paid for income taxes, net of tax refunds received | $ 185 | $ 554 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Table 3 - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 8,398 | $ 5,637 | ||
Assets held for sale | 2,429 | 0 | ||
Cash, cash equivalents and restricted cash | 19,629 | 14,439 | $ 37,047 | $ 162,426 |
Cash and cash equivalents [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 8,398 | 5,637 | ||
Assets held for sale [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Assets held for sale | 2,429 | 0 | ||
Other long-term assets, net [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Other long-term assets, net | $ 8,802 | $ 8,802 |
SEGMENT INFORMATION Table 1 - R
SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating income (loss): | ||
General and administrative expenses | $ 27,071 | $ 24,492 |
Other depreciation and amortization expense | 1,824 | 2,047 |
Operating income (loss) | 58,426 | 98,289 |
Storage Segment | ||
Revenues: | ||
Total revenues | 87,921 | 108,574 |
Operating Segments, Net of Intersegment Eliminations | ||
Revenues: | ||
Total revenues | 409,863 | 361,646 |
Total segment | ||
Operating income (loss): | ||
Operating income (loss) | 87,321 | 124,828 |
Total segment | Pipeline Segment | ||
Revenues: | ||
Total revenues | 188,683 | 169,228 |
Operating income (loss): | ||
Operating income (loss) | 95,752 | 79,379 |
Total segment | Storage Segment | ||
Revenues: | ||
Total revenues | 87,921 | 108,574 |
Operating income (loss): | ||
Operating income (loss) | (14,975) | 42,718 |
Total segment | Fuels Marketing Segment | ||
Revenues: | ||
Total revenues | 133,260 | 83,855 |
Operating income (loss): | ||
Operating income (loss) | 6,544 | 2,731 |
Intersegment Eliminations [Member] | ||
Revenues: | ||
Total revenues | $ (1) | $ (11) |
SEGMENT INFORMATION Table 2 - A
SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Information | ||
Total assets | $ 5,129,925 | $ 5,156,332 |
Total segment assets | ||
Segment Information | ||
Total assets | 4,989,791 | 5,019,871 |
Total segment assets | Pipeline Segment | ||
Segment Information | ||
Total assets | 3,405,703 | 3,441,272 |
Total segment assets | Storage Segment | ||
Segment Information | ||
Total assets | 1,518,082 | 1,537,037 |
Total segment assets | Fuels Marketing Segment | ||
Segment Information | ||
Total assets | 66,006 | 41,562 |
Other partnership assets | ||
Segment Information | ||
Total assets | $ 140,134 | $ 136,461 |