NuStar Energy (NS) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

DEI Document

DEI Document - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		126,535,349
Entity Central Index Key	0001110805
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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	8.50% 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	7.625% 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	9.00% 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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,374	$ 2,765
Accounts receivable	140,522	135,787
Inventories	18,057	18,623
Prepaid and other current assets	22,061	29,927
Total current assets	186,014	187,102
Property, plant and equipment, at cost	5,825,323	5,789,927
Accumulated depreciation and amortization	(2,560,477)	(2,507,390)
Property, plant and equipment, net	3,264,846	3,282,537
Intangible assets, net	466,654	476,063
Goodwill	732,356	732,356
Other long-term assets, net	212,255	218,334
Total assets	4,862,125	4,896,392
Current liabilities:
Accounts payable	62,793	77,050
Current portion of finance leases	4,958	4,951
Accrued interest payable	77,903	39,975
Accrued liabilities	74,535	88,062
Taxes other than income tax	8,443	10,948
Total current liabilities	228,632	220,986
Long-term debt, less current portion of finance leases	3,394,454	3,410,338
Deferred income tax liability	3,940	3,933
Other long-term liabilities	216,236	214,854
Total liabilities	3,843,262	3,850,111
Commitments and contingencies (Note 5)
Partners’ equity (Note 6):
Common limited partners (126,535,271 and 126,516,713 units outstanding as of March 31, 2024 and December 31, 2023, respectively)	285,303	312,905
Accumulated other comprehensive loss	(22,741)	(22,925)
Total partners’ equity	1,018,863	1,046,281
Total liabilities and partners’ equity	4,862,125	4,896,392
Series A Preferred Limited Partner [Member]
Partners’ equity (Note 6):
Preferred limited partners	218,307	218,307
Series B Preferred Limited Partner [Member]
Partners’ equity (Note 6):
Preferred limited partners	371,476	371,476
Series C Preferred Limited Partner [Member]
Partners’ equity (Note 6):
Preferred limited partners	$ 166,518	$ 166,518

CONSOLIDATED BALANCE SHEETS (pa

CONSOLIDATED BALANCE SHEETS (parenthetical) - shares	Mar. 31, 2024	Dec. 31, 2023
Limited partners common units outstanding	126,535,271	126,516,713
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, 2024	Mar. 31, 2023
Income Statement [Abstract]
General and administrative expenses (excluding depreciation and amortization expense)	$ 42,237	$ 28,725
Other depreciation and amortization expense	1,053	1,555
Total costs and expenses	286,960	274,957
Gain on sale of assets	0	41,075
Operating income	103,867	159,985
Income before income tax expense	43,986	107,123
Net income	42,742	105,936
Costs and expenses:
Interest expense, net	(62,480)	(57,371)
Other income, net	2,599	4,509
Income tax expense	$ 1,244	$ 1,187
Basic net income (loss) per common unit (Note 7)	$ 0.15	$ 0.61
Diluted net income (loss) per common unit (Note 7)	$ 0.15	$ 0.61
Basic weighted-average common units outstanding	126,533,909	110,880,981
Diluted weighted-average common units outstanding	126,533,909	110,880,981
Comprehensive income	$ 42,926	$ 106,140
Service [Member]
Revenues:
Total revenues	278,539	285,266
Costs and expenses:
Operating expenses (excluding depreciation and amortization expense)	85,901	89,162
Depreciation and amortization expense	63,603	62,054
Total costs associated with service revenues/Costs associated with product sales	149,504	151,216
Product [Member]
Revenues:
Total revenues	112,288	108,601
Costs and expenses:
Total costs associated with service revenues/Costs associated with product sales	94,166	93,461
Product and Service [Member]
Revenues:
Total revenues	$ 390,827	$ 393,867

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 42,742	$ 105,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	64,656	63,609
Amortization of unit-based compensation	4,340	3,628
Amortization of debt related items	3,011	2,607
Gain on sale of assets	0	(41,075)
Changes in current assets and current liabilities (Note 8)	20,714	32,614
Decrease in other long-term assets, net	4,681	3,294
Increase (decrease) in other long-term liabilities	1,510	(1,729)
Other, net	(1,920)	(4,300)
Net cash provided by operating activities	139,734	164,584
Cash Flows from Investing Activities:
Capital expenditures	(34,644)	(22,083)
Change in accounts payable related to capital expenditures	(5,546)	(4,308)
Proceeds from insurance recoveries	0	12,395
Proceeds from sale or disposition of assets	42	102,670
Net cash (used in) provided by investing activities	(40,148)	88,674
Cash Flows from Financing Activities:
Proceeds from long-term debt borrowings	142,500	120,300
Long-term debt repayments	(159,600)	(301,600)
Distributions to preferred unitholders	(23,283)	(32,661)
Distributions to common unitholders	(50,613)	(44,362)
Other, net	(5,913)	(4,365)
Net cash used in financing activities	(96,909)	(262,688)
Effect of foreign exchange rate changes on cash	32	170
Net increase (decrease) in cash, cash equivalents and restricted cash	2,709	(9,260)
Cash, cash equivalents and restricted cash as of the beginning of the period	12,016	23,377
Cash, cash equivalents and restricted cash as of the end of the period	$ 14,725	$ 14,117

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, 2022	$ 902,316	$ (31,605)	$ 756,301	$ 177,620
Temporary equity - beginning balance at Dec. 31, 2022	446,970
Partners' capital and temporary equity - beginning balance at Dec. 31, 2022	1,349,286
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	105,936	0	21,584	73,203
Net income (loss) excluding portion attributable to temporary equity	94,787
Net income, temporary equity					$ 11,149
Other comprehensive income (loss)	204	204
Cash distributions to partners			(21,584)	(44,362)
Cash distributions to partners, temporary equity					(11,149)
Unit-based compensation	4,384			4,384
Series D Preferred Unit accretion, common	(3,671)			(3,671)
Series D Preferred Unit accretion, temporary equity					3,671
Series D Preferred Unit accretion, total	0
Other	(10)	0	0	(10)
Other, temporary equity					0
Other, including temporary equity	(10)
Partners' capital - ending balance at Mar. 31, 2023	932,064	(31,401)	756,301	207,164
Temporary equity - ending balance at Mar. 31, 2023	450,641
Partners' capital and temporary equity - ending balance at Mar. 31, 2023	1,382,705
Partners' capital - beginning balance at Dec. 31, 2023	1,046,281	(22,925)	756,301	312,905
Temporary equity - beginning balance at Dec. 31, 2023	0
Partners' capital and temporary equity - beginning balance at Dec. 31, 2023	1,046,281
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	42,742	0	23,266	19,476
Net income (loss) excluding portion attributable to temporary equity	42,742
Net income, temporary equity					0
Other comprehensive income (loss)	184	184
Cash distributions to partners			(23,266)	(50,613)
Unit-based compensation	3,546			3,546
Series D Preferred Unit accretion, common	0
Other	(11)	0	0	(11)
Other, temporary equity					$ 0
Other, including temporary equity	(11)
Partners' capital - ending balance at Mar. 31, 2024	1,018,863	$ (22,741)	$ 756,301	$ 285,303
Temporary equity - ending balance at Mar. 31, 2024	0
Partners' capital and temporary equity - ending balance at Mar. 31, 2024	$ 1,018,863

CONSOLIDATED STATEMENTS OF PA_2

CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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, 2024
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) is a publicly traded Delaware limited partnership. 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 Board of Directors), the general partner of our general partner, Riverwalk Logistics, L.P., both of which are indirectly wholly owned subsidiaries of ours. As of March 31, 2024, our limited partner interests consisted of the following: • common units (NYSE: NS); and • 8.50% Series A (NYSE: NSprA), 7.625% Series B (NYSE: NSprB) and 9.00% Series C (NYSE: NSprC) Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. We are primarily engaged in the transportation, terminalling and storage of petroleum products and renewable fuels and the transportation of anhydrous ammonia. We also market petroleum products. 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. Merger Agreement On January 22, 2024, NuStar Energy entered into an Agreement and Plan of Merger (the Merger Agreement) with Sunoco LP, a Delaware limited partnership (Sunoco), Saturn Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Sunoco (Merger Sub), Riverwalk Logistics, L.P., NuStar GP, LLC, and Sunoco GP LLC, a Delaware limited liability company and sole general partner of Sunoco (the Sunoco GP). The Merger Agreement provides that, among other things and on the terms and subject to the conditions set forth therein, Sunoco will acquire NuStar Energy in an all-equity transaction by means of a merger of Merger Sub with and into NuStar Energy (the Merger) with NuStar Energy surviving the Merger as a subsidiary of Sunoco. On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the Effective Time), each NuStar Energy common unit issued and outstanding immediately prior to the Effective Time will be converted into and shall thereafter represent the right to receive 0.400 of a common unit of Sunoco and, if applicable, cash in lieu of fractional units. See Note 6 for information on the conditional special distribution to our common unitholders. Each series of NuStar Energy preferred units issued and outstanding immediately prior to the Effective Time shall remain issued and outstanding from and after the Effective Time as limited partnership interests of the surviving entity in the Merger having the same terms as are applicable to the applicable series of preferred units immediately prior to the Effective Time. The completion of the Merger is subject to the fulfillment or waiver of certain conditions, including, among others, approval and adoption by NuStar Energy’s common unitholders of the Merger Agreement and the transactions contemplated thereby, including the Merger. For more information regarding the Merger and Merger Agreement, see our current report on Form 8-K filed with the SEC on January 22, 2024 and our definitive merger proxy statement on Schedule 14A filed with the SEC on April 3, 2024. Other Events Sale-Leaseback Transaction. On March 21, 2023, we sold our corporate headquarters facility and approximately 24 acres of underlying land located in San Antonio, Texas (the Corporate Headquarters) for an aggregate cash sales price of $103.0 million and immediately entered into an operating lease agreement (the HQ Lease Agreement) to lease back the Corporate Headquarters for an initial term of 20 years, with two renewal options of ten years each (the Sale-Leaseback Transaction). Upon closing of the sale in the first quarter of 2023, the Sale-Leaseback Transaction qualified as a completed sale, and we recognized a gain of $41.1 million, which is presented in “Gain on sale of assets” on the condensed consolidated statements of comprehensive income. Series D Preferred Units. In the second and third quarters of 2023, we redeemed all of our outstanding Series D Cumulative Convertible Preferred Units (the Series D Preferred Units) at the then applicable redemption price plus accrued and unpaid distributions. Prior to their redemption, the Series D Preferred Units were presented as mezzanine equity, and we allocated net income to the Series D Preferred Units equal to the amount of distributions earned during the period. Distributions on the Series D Preferred Units were 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. 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENT	NEW ACCOUNTING PRONOUNCEMENTS The Enhancement and Standardization of Climate-Related Disclosures for Investors In March 2024, the Securities and Exchange Commission (SEC) issued final rules that require disclosure of certain climate-related information in registration statements and annual reports. The rules require presentation of certain climate-related financial metrics in our audited financial statements and disclosure of climate-related risks that are reasonably likely to have a material impact on our business, results of operations, or financial condition. The final rules follow a compliance phase-in timeline, and we will be required to apply the first requirements in our Annual Report on Form 10-K for fiscal year ending December 31, 2025. Disclosures will be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. We are currently evaluating the impact of these final rules on our consolidated financial statements and disclosures. In April 2024, the SEC issued an order staying the final rules. Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued guidance intended to enhance the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. We plan to adopt the amended guidance on January 1, 2025, and are currently evaluating our method of adoption and the impact of this amended guidance on our disclosures. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Among other changes, the amendments will require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis. Early adoption is permitted. We adopted the annual disclosure requirements on January 1, 2024 and plan to adopt the interim disclosure requirements on January 1, 2025, and are currently evaluating the impact of this amended guidance on our disclosures.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2024
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: 2024 2023 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 3,109 $ (27,131) $ 2,612 $ (17,647) Noncurrent portion 729 (41,278) 304 (41,405) Total 3,838 (68,409) 2,916 (59,052) Activity: Additions 237 (23,203) 125 (16,829) Transfer to accounts receivable (2,834) — (2,388) — Transfer to revenues — 12,618 — 14,008 Total (2,597) (10,585) (2,263) (2,821) Balances as of March 31: Current portion 701 (33,603) 406 (21,065) Noncurrent portion 540 (45,391) 247 (40,808) Total $ 1,241 $ (78,994) $ 653 $ (61,873) Current contract assets are included in “Prepaid and other current assets” and noncurrent contract assets are included in “Other long-term assets, net” on the consolidated balance sheets. The current portion of contract liabilities is included in “Accrued liabilities” and the noncurrent portion of contract liabilities is included in “Other long-term liabilities” on the consolidated balance sheets. 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, 2024: Remaining Performance Obligations (Thousands of Dollars) 2024 (remaining) $ 299,163 2025 274,158 2026 201,486 2027 111,266 2028 74,587 Thereafter 94,828 Total $ 1,055,488 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations for minimum volume commitments. Disaggregation of Revenues The following table disaggregates our revenues: Three Months Ended March 31, 2024 2023 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 94,992 $ 96,603 Refined products and ammonia pipelines 121,783 116,580 Total pipeline segment revenues from contracts with customers 216,775 213,183 Storage segment: Throughput terminals (a) 12,587 27,315 Storage terminals (excluding lessor revenues) (a) 51,720 42,016 Total storage segment revenues from contracts with customers 64,307 69,331 Lessor revenues 11,571 11,326 Total storage segment revenues 75,878 80,657 Fuels marketing segment: Revenues from contracts with customers 98,175 100,027 Consolidation and intersegment eliminations (1) — Total revenues $ 390,827 $ 393,867 (a) Effective January 1, 2024, revenue for certain terminals changed from throughput-based to storage-based, due to changes in customer contracts.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Agreement As of March 31, 2024, NuStar Logistics’ $1.0 billion unsecured revolving credit agreement (as amended, the Revolving Credit Agreement), due January 27, 2027, had $670.4 million available for borrowing and $325.0 million of borrowings outstanding. Letters of credit issued under the Revolving Credit Agreement totaled $4.6 million as of March 31, 2024, and limit the amount we can borrow under the Revolving Credit Agreement. Obligations under our 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 secured overnight financing rate (SOFR) based rate. As of March 31, 2024, our weighted-average interest rate related to borrowings under the Revolving Credit Agreement was 7.9%. Our 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 the rolling period of four quarters ending March 31, 2024, the Consolidated Debt Coverage Ratio (as defined in the Revolving Credit Agreement) may not 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, 2024, we believe that we are in compliance with these financial covenants. 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, 2024 December 31, 2023 (Thousands of Dollars) Fair value $ 3,396,455 $ 3,426,307 Carrying amount $ 3,343,976 $ 3,359,631 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 unamortized debt issuance costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND 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. We accrued $1.8 million and $1.3 million for contingent losses as of March 31, 2024 and December 31, 2023, 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.

PARTNERS' EQUITY

PARTNERS' EQUITY	3 Months Ended
	Mar. 31, 2024
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. Information on our Series A, B and C Preferred Units is shown below: Units Units Issued and Outstanding as of March 31, 2024 Optional Redemption Date/Date When Distribution Rate Became Floating Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) Series A Preferred Units 9,060,000 December 15, 2021 Three-month LIBOR (a) plus 6.766% Series B Preferred Units 15,400,000 June 15, 2022 Three-month LIBOR (a) plus 5.643% Series C Preferred Units 6,900,000 December 15, 2022 Three-month LIBOR (a) plus 6.88% (a) Beginning with the distribution period starting on September 15, 2023, LIBOR was replaced with the corresponding CME Term SOFR plus the applicable tenor spread adjustment of 0.26161%. Distribution information on our Series A, B and C Preferred Units is as follows (thousands of dollars, except per unit data): Series A Preferred Units Series B Preferred Units Series C Preferred Units Distribution Period Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution March 15, 2024 - June 14, 2024 $ 0.77232 $ 6,997 $ 0.70213 $ 10,813 $ 0.77945 $ 5,378 December 15, 2023 - March 14, 2024 $ 0.77533 $ 7,024 $ 0.70515 $ 10,859 $ 0.78246 $ 5,399 March 15, 2023 - June 14, 2023 $ 0.73169 $ 6,629 $ 0.66150 $ 10,187 $ 0.73881 $ 5,098 December 15, 2022 - March 14, 2023 $ 0.71889 $ 6,513 $ 0.64871 $ 9,990 $ 0.72602 $ 5,010 Common Limited Partners We are required by our partnership agreement to make quarterly distributions to common limited partners of 100% of our Available Cash (as defined in our partnership agreement), which is generally defined as all cash receipts less cash disbursements, including distributions to our preferred unit holders, and cash reserves established by our general partner, in its sole discretion. We are required under our partnership agreement to declare and pay these quarterly distributions within 45 days subsequent to each quarter-end. Upon closing of the pending Merger, our common units will be converted to Sunoco’s common units as described in Note 1, and are expected to receive Sunoco’s distributions related to the first quarter of 2024. On April 15, 2024, our Board of Directors declared a special distribution with respect to our common units of $0.212 per common unit, in accordance with the terms of the Merger Agreement. The special distribution totaling $26.8 million is to be paid on May 2, 2024 to holders of record as of April 26, 2024, subject to and conditioned upon our common unitholders approving the Merger at NuStar’s special meeting on May 1, 2024 and the Merger Agreement with respect to the proposed acquisition not having been terminated. If approval of the pending acquisition is not obtained at the special meeting (including due to the special meeting being postponed, adjourned or canceled) or the Merger Agreement with respect to the acquisition is terminated, the special distribution will not be paid until a date, and to holders of record, later determined by the Board of Directors, or it may not be paid at all. Accumulated Other Comprehensive Income (Loss) (AOCI) The balance of and changes in the components included in AOCI were as follows: Three Months Ended March 31, 2024 2023 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 $ 790 $ (31,799) $ 8,084 $ (22,925) $ 62 $ (34,380) $ 2,713 $ (31,605) Other comprehensive income before reclassifications 48 — — 48 435 — — 435 Net gain reclassified into other income, net — — (729) (729) — — (737) (737) Net loss reclassified into interest expense, net — 862 — 862 — 515 — 515 Other — — 3 3 — — (9) (9) Other comprehensive income (loss) 48 862 (726) 184 435 515 (746) 204 Balance as of March 31 $ 838 $ (30,937) $ 7,358 $ (22,741) $ 497 $ (33,865) $ 1,967 $ (31,401) As of March 31, 2024, we expect to reclassify a loss of $3.7 million to “Interest expense, net” within the next 12 months associated with unwound forward-starting interest rate swaps.

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME PER COMMON UNIT	NET INCOME PER COMMON UNIT Basic and diluted net income 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 per common unit by dividing net income attributable to our common limited partners by the weighted-average number of common units outstanding during the period. We compute diluted net income per common unit by dividing net income attributable to our common limited partners 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. The Series D Preferred Units contained certain unitholder conversion and redemption features, and we used the if-converted method to calculate the dilutive effect of the conversion or redemption feature that would have been most advantageous to the Series D preferred unitholders. The effect of the assumed conversion or redemption of the Series D Preferred Units outstanding, prior to their redemption, was antidilutive for the three months ended March 31, 2023; therefore, we did not include such conversion in the computation of diluted net income per common unit. The following table details the calculation of basic and diluted net income per common unit: Three Months Ended March 31, 2024 2023 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 42,742 $ 105,936 Distributions to preferred limited partners (23,266) (32,733) Distributions to common limited partners (a) (50,621) (44,396) Distribution equivalent rights to restricted units (684) (672) Distributions (in excess of) less than income $ (31,829) $ 28,135 Distributions to common limited partners $ 50,621 $ 44,396 Allocation of distributions (in excess of) less than income to common limited partners (31,829) 27,396 Series D Preferred Unit accretion — (3,671) Net income attributable to common units $ 18,792 $ 68,121 Basic and diluted weighted-average common units outstanding 126,533,909 110,880,981 Basic and diluted net income per common unit $ 0.15 $ 0.61 (a) Distributions to common limited partners were estimated using $0.40 per common unit for the quarter ended March 31, 2024.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (4,728) $ (131) Inventories 566 (121) Prepaid and other current assets 7,868 8,326 Increase (decrease) in current liabilities: Accounts payable (4,961) 7,413 Accrued interest payable 37,928 38,505 Accrued liabilities (13,593) (18,228) Taxes other than income tax (2,366) (3,150) Changes in current assets and current liabilities $ 20,714 $ 32,614 The above changes in current assets and current liabilities may 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. Other supplemental cash flow information is as follows: Three Months Ended March 31, 2024 2023 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 21,871 $ 16,600 Refunds received for income taxes, net $ (88) $ (1,126) Right-of-use assets obtained in exchange for operating lease liabilities $ 67 $ 82,364 Right-of-use assets obtained in exchange for finance lease liabilities $ 1,154 $ 844 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 was included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 (Thousands of Dollars) Cash and cash equivalents $ 5,374 $ 2,765 Other long-term assets, net 9,351 9,251 Cash, cash equivalents and restricted cash $ 14,725 $ 12,016

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Thousands of Dollars) Revenues: Pipeline $ 216,775 $ 213,183 Storage 75,878 80,657 Fuels marketing 98,175 100,027 Consolidation and intersegment eliminations (1) — Total revenues $ 390,827 $ 393,867 Depreciation and amortization expense: Pipeline $ 44,663 $ 43,550 Storage 18,940 18,504 Segment depreciation and amortization expense $ 63,603 $ 62,054 Reconciliation of segment operating income to income before income tax expense: Pipeline $ 119,431 $ 119,858 Storage 23,718 22,766 Fuels marketing 4,008 6,566 Segment operating income 147,157 149,190 Gain on sale of assets — 41,075 General and administrative expenses 42,237 28,725 Other depreciation and amortization expense 1,053 1,555 Operating income 103,867 159,985 Interest expense, net (62,480) (57,371) Other income, net 2,599 4,509 Income before income tax expense $ 43,986 $ 107,123 Total assets by reportable segment were as follows: March 31, 2024 December 31, 2023 (Thousands of Dollars) Pipeline $ 3,274,569 $ 3,292,546 Storage 1,387,634 1,398,929 Fuels marketing 42,576 46,151 Total segment assets 4,704,779 4,737,626 Other partnership assets 157,346 158,766 Total consolidated assets $ 4,862,125 $ 4,896,392

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Inter-partnership balances and transactions have been eliminated in consolidation.
Basis of Presentation	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.

NET INCOME PER COMMON UNIT (Pol

NET INCOME PER COMMON UNIT (Policies)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Common Unit	Basic and diluted net income 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 per common unit by dividing net income attributable to our common limited partners by the weighted-average number of common units outstanding during the period. We compute diluted net income per common unit by dividing net income attributable to our common limited partners 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. The Series D Preferred Units contained certain unitholder conversion and redemption features, and we used the if-converted method to calculate the dilutive effect of the conversion or redemption feature that would have been most advantageous to the Series D preferred unitholders. The effect of the assumed conversion or redemption of the Series D Preferred Units outstanding, prior to their redemption, was antidilutive for the three months ended March 31, 2023; therefore, we did not include such conversion in the computation of diluted net income per common unit.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Policies)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Restricted Cash	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.

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2024
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: 2024 2023 Contract Assets Contract Liabilities Contract Assets Contract Liabilities (Thousands of Dollars) Balances as of January 1: Current portion $ 3,109 $ (27,131) $ 2,612 $ (17,647) Noncurrent portion 729 (41,278) 304 (41,405) Total 3,838 (68,409) 2,916 (59,052) Activity: Additions 237 (23,203) 125 (16,829) Transfer to accounts receivable (2,834) — (2,388) — Transfer to revenues — 12,618 — 14,008 Total (2,597) (10,585) (2,263) (2,821) Balances as of March 31: Current portion 701 (33,603) 406 (21,065) Noncurrent portion 540 (45,391) 247 (40,808) Total $ 1,241 $ (78,994) $ 653 $ (61,873)
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, 2024: Remaining Performance Obligations (Thousands of Dollars) 2024 (remaining) $ 299,163 2025 274,158 2026 201,486 2027 111,266 2028 74,587 Thereafter 94,828 Total $ 1,055,488
Disaggregation of Revenue [Table Text Block]	The following table disaggregates our revenues: Three Months Ended March 31, 2024 2023 (Thousands of Dollars) Pipeline segment: Crude oil pipelines $ 94,992 $ 96,603 Refined products and ammonia pipelines 121,783 116,580 Total pipeline segment revenues from contracts with customers 216,775 213,183 Storage segment: Throughput terminals (a) 12,587 27,315 Storage terminals (excluding lessor revenues) (a) 51,720 42,016 Total storage segment revenues from contracts with customers 64,307 69,331 Lessor revenues 11,571 11,326 Total storage segment revenues 75,878 80,657 Fuels marketing segment: Revenues from contracts with customers 98,175 100,027 Consolidation and intersegment eliminations (1) — Total revenues $ 390,827 $ 393,867 (a) Effective January 1, 2024, revenue for certain terminals changed from throughput-based to storage-based, due to changes in customer contracts.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 (Thousands of Dollars) Fair value $ 3,396,455 $ 3,426,307 Carrying amount $ 3,343,976 $ 3,359,631

PARTNERS' EQUITY (Tables)

PARTNERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Distribution Made to Preferred Limited Partner [Line Items]
Schedule of Preferred Units [Table Text Block]	Information on our Series A, B and C Preferred Units is shown below: Units Units Issued and Outstanding as of March 31, 2024 Optional Redemption Date/Date When Distribution Rate Became Floating Floating Annual Rate (as a Percentage of the $25.00 Liquidation Preference per Unit) Series A Preferred Units 9,060,000 December 15, 2021 Three-month LIBOR (a) plus 6.766% Series B Preferred Units 15,400,000 June 15, 2022 Three-month LIBOR (a) plus 5.643% Series C Preferred Units 6,900,000 December 15, 2022 Three-month LIBOR (a) plus 6.88% (a) Beginning with the distribution period starting on September 15, 2023, LIBOR was replaced with the corresponding CME Term SOFR plus the applicable tenor spread adjustment of 0.26161%. Distribution information on our Series A, B and C Preferred Units is as follows (thousands of dollars, except per unit data): Series A Preferred Units Series B Preferred Units Series C Preferred Units Distribution Period Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution Distribution Rate per Unit Total Distribution March 15, 2024 - June 14, 2024 $ 0.77232 $ 6,997 $ 0.70213 $ 10,813 $ 0.77945 $ 5,378 December 15, 2023 - March 14, 2024 $ 0.77533 $ 7,024 $ 0.70515 $ 10,859 $ 0.78246 $ 5,399 March 15, 2023 - June 14, 2023 $ 0.73169 $ 6,629 $ 0.66150 $ 10,187 $ 0.73881 $ 5,098 December 15, 2022 - March 14, 2023 $ 0.71889 $ 6,513 $ 0.64871 $ 9,990 $ 0.72602 $ 5,010
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, 2024 2023 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 $ 790 $ (31,799) $ 8,084 $ (22,925) $ 62 $ (34,380) $ 2,713 $ (31,605) Other comprehensive income before reclassifications 48 — — 48 435 — — 435 Net gain reclassified into other income, net — — (729) (729) — — (737) (737) Net loss reclassified into interest expense, net — 862 — 862 — 515 — 515 Other — — 3 3 — — (9) (9) Other comprehensive income (loss) 48 862 (726) 184 435 515 (746) 204 Balance as of March 31 $ 838 $ (30,937) $ 7,358 $ (22,741) $ 497 $ (33,865) $ 1,967 $ (31,401)

NET INCOME PER COMMON UNIT (Tab

NET INCOME PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Income Per Common Unit [Table Text Block]	The following table details the calculation of basic and diluted net income per common unit: Three Months Ended March 31, 2024 2023 (Thousands of Dollars, Except Unit and Per Unit Data) Net income $ 42,742 $ 105,936 Distributions to preferred limited partners (23,266) (32,733) Distributions to common limited partners (a) (50,621) (44,396) Distribution equivalent rights to restricted units (684) (672) Distributions (in excess of) less than income $ (31,829) $ 28,135 Distributions to common limited partners $ 50,621 $ 44,396 Allocation of distributions (in excess of) less than income to common limited partners (31,829) 27,396 Series D Preferred Unit accretion — (3,671) Net income attributable to common units $ 18,792 $ 68,121 Basic and diluted weighted-average common units outstanding 126,533,909 110,880,981 Basic and diluted net income per common unit $ 0.15 $ 0.61 (a) Distributions to common limited partners were estimated using $0.40 per common unit for the quarter ended March 31, 2024.

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Thousands of Dollars) Decrease (increase) in current assets: Accounts receivable $ (4,728) $ (131) Inventories 566 (121) Prepaid and other current assets 7,868 8,326 Increase (decrease) in current liabilities: Accounts payable (4,961) 7,413 Accrued interest payable 37,928 38,505 Accrued liabilities (13,593) (18,228) Taxes other than income tax (2,366) (3,150) Changes in current assets and current liabilities $ 20,714 $ 32,614
Schedule of Supplemental Cash Flow Information [Table Text Block]	Other supplemental cash flow information is as follows: Three Months Ended March 31, 2024 2023 (Thousands of Dollars) Cash paid for interest, net of amount capitalized $ 21,871 $ 16,600 Refunds received for income taxes, net $ (88) $ (1,126) Right-of-use assets obtained in exchange for operating lease liabilities $ 67 $ 82,364 Right-of-use assets obtained in exchange for finance lease liabilities $ 1,154 $ 844
Schedule of Cash and Cash Equivalents [Table Text Block]	“Cash, cash equivalents and restricted cash” on the consolidated statements of cash flows was included in the consolidated balance sheets as follows: March 31, 2024 December 31, 2023 (Thousands of Dollars) Cash and cash equivalents $ 5,374 $ 2,765 Other long-term assets, net 9,351 9,251 Cash, cash equivalents and restricted cash $ 14,725 $ 12,016

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (Thousands of Dollars) Revenues: Pipeline $ 216,775 $ 213,183 Storage 75,878 80,657 Fuels marketing 98,175 100,027 Consolidation and intersegment eliminations (1) — Total revenues $ 390,827 $ 393,867 Depreciation and amortization expense: Pipeline $ 44,663 $ 43,550 Storage 18,940 18,504 Segment depreciation and amortization expense $ 63,603 $ 62,054 Reconciliation of segment operating income to income before income tax expense: Pipeline $ 119,431 $ 119,858 Storage 23,718 22,766 Fuels marketing 4,008 6,566 Segment operating income 147,157 149,190 Gain on sale of assets — 41,075 General and administrative expenses 42,237 28,725 Other depreciation and amortization expense 1,053 1,555 Operating income 103,867 159,985 Interest expense, net (62,480) (57,371) Other income, net 2,599 4,509 Income before income tax expense $ 43,986 $ 107,123
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Total assets by reportable segment were as follows: March 31, 2024 December 31, 2023 (Thousands of Dollars) Pipeline $ 3,274,569 $ 3,292,546 Storage 1,387,634 1,398,929 Fuels marketing 42,576 46,151 Total segment assets 4,704,779 4,737,626 Other partnership assets 157,346 158,766 Total consolidated assets $ 4,862,125 $ 4,896,392

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION Narrative 1 (Details)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	3
November 25, 2016 - December 14, 2021 | Series A Preferred Limited Partner [Member]
Class of Stock [Line Items]
Preferred units distribution percentage, per annum	8.50%
April 28, 2017 - June 14, 2022 | Series B Preferred Limited Partner [Member]
Class of Stock [Line Items]
Preferred units distribution percentage, per annum	7.625%
November 30, 2017 - December 14, 2022 | Series C Preferred Limited Partner [Member]
Class of Stock [Line Items]
Preferred units distribution percentage, per annum	9%

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION Narrative 2 - Merger (Details)	Jan. 22, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Merger Agreement, common unit conversion ratio	0.400

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION Narrative 3 - Sale-Leaseback (Details) $ in Thousands		3 Months Ended
	Mar. 21, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Sale Leaseback Transaction [Line Items]
Cash sales price		$ 42	$ 102,670
Gain on Sale-Leaseback Transaction		$ 0	41,075
Corporate headquarters facility and underlying land
Sale Leaseback Transaction [Line Items]
Number of acres of land sold	24
Cash sales price	$ 103,000
Initial term	20 years
Number of renewal periods	2
Renewal terms	10 years
Corporate headquarters facility and underlying land | Gain on sale of assets
Sale Leaseback Transaction [Line Items]
Gain on Sale-Leaseback Transaction			$ 41,100

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, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Total	$ 1,241	$ 653	$ 3,838	$ 2,916
Additions	237	125
Transfer to accounts receivable	(2,834)	(2,388)
Transfer to revenues, contract assets	0	0
Total activity	(2,597)	(2,263)
Contract liabilities
Total	(78,994)	(61,873)	(68,409)	(59,052)
Additions	(23,203)	(16,829)
Transfer to revenues, contract liabilities	12,618	14,008
Total activity	(10,585)	(2,821)
Prepaid and other current assets
Contract assets
Current portion	701	406	3,109	2,612
Accrued liabilities
Contract liabilities
Current portion	(33,603)	(21,065)	(27,131)	(17,647)
Other long-term assets, net
Contract assets
Noncurrent portion	540	247	729	304
Other long-term liabilities
Contract liabilities
Noncurrent portion	$ (45,391)	$ (40,808)	$ (41,278)	$ (41,405)

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, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,055,488
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
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	$ 299,163
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	$ 274,158
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	$ 201,486
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	1 year
Revenue, remaining performance obligation, amount	$ 111,266
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
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	$ 74,587
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 94,828

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, 2024	Mar. 31, 2023
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ (1)	$ 0
Pipeline Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	216,775	213,183
Pipeline Segment | Crude Oil Pipelines [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	94,992	96,603
Pipeline Segment | Refined Products and Ammonia Pipelines [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	121,783	116,580
Storage Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64,307	69,331
Lessor revenues	11,571	11,326
Total revenues	75,878	80,657
Storage Segment | Throughput Terminal [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,587	27,315
Storage Segment | Storage Terminal [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	51,720	42,016
Fuels Marketing Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	98,175	100,027
Operating Segments, Net of Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	$ 390,827	$ 393,867

DEBT Narrative 1 - Revolving Cr

DEBT Narrative 1 - Revolving Credit Agreement (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Maximum consolidated debt coverage ratio (as defined in the Revolving Credit Agreement)	5
Minimum consolidated interest coverage ratio (as defined in the Revolving Credit Agreement)	1.75
Revolving Credit Agreement [Member] | Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000
Current remaining borrowing capacity	670,400
Long-term debt	325,000
Letters of credit outstanding, amount	$ 4,600
Line of credit facility, weighted-average interest rate	7.90%

DEBT Table - Fair Value of Long

DEBT Table - Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Fair value, long-term debt, excluding finance leases	$ 3,396,455	$ 3,426,307
Long-term debt, excluding finance leases	$ 3,343,976	$ 3,359,631

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual, at carrying value	$ 1.8	$ 1.3

PARTNERS' EQUITY Narrative 1 (D

PARTNERS' EQUITY Narrative 1 (Details)	3 Months Ended
	Mar. 31, 2024
Series A Preferred Limited Partner [Member] | November 25, 2016 - December 14, 2021
Class of Stock [Line Items]
Preferred units distribution percentage	8.50%
Series B Preferred Limited Partner [Member] | April 28, 2017 - June 14, 2022
Class of Stock [Line Items]
Preferred units distribution percentage	7.625%
Series C Preferred Limited Partner [Member] | November 30, 2017 - December 14, 2022
Class of Stock [Line Items]
Preferred units distribution percentage	9%

PARTNERS' EQUITY Table 1 - Cash

PARTNERS' EQUITY Table 1 - Cash Distributions - Preferred Units (Details) - $ / shares				3 Months Ended
	Nov. 30, 2017	Apr. 28, 2017	Nov. 25, 2016	Mar. 31, 2024	Dec. 14, 2023	Dec. 31, 2023
Series A Preferred Limited Partner [Member]
Preferred Units [Line Items]
Preferred units issued			9,060,000
Preferred units outstanding				9,060,000		9,060,000
Tenor spread adjustment					0.26161%
Series A Preferred Limited Partner [Member] | December 15, 2021 and Thereafter
Preferred Units [Line Items]
Preferred units, liquidation preference, per unit				$ 25
Series A Preferred Limited Partner [Member] | December 15, 2021 and Thereafter
Preferred Units [Line Items]
Preferred units, distribution payment rate, basis spread				6.766%
Series B Preferred Limited Partner [Member]
Preferred Units [Line Items]
Preferred units issued		15,400,000
Preferred units outstanding				15,400,000		15,400,000
Tenor spread adjustment					0.26161%
Series B Preferred Limited Partner [Member] | June 15, 2022 and Thereafter
Preferred Units [Line Items]
Preferred units, liquidation preference, per unit				$ 25
Series B Preferred Limited Partner [Member] | June 15, 2022 and Thereafter
Preferred Units [Line Items]
Preferred units, distribution payment rate, basis spread				5.643%
Series C Preferred Limited Partner [Member]
Preferred Units [Line Items]
Preferred units issued	6,900,000
Preferred units outstanding				6,900,000		6,900,000
Tenor spread adjustment					0.26161%
Series C Preferred Limited Partner [Member] | December 15, 2022 and Thereafter
Preferred Units [Line Items]
Preferred units, liquidation preference, per unit				$ 25
Series C Preferred Limited Partner [Member] | December 15, 2022 and Thereafter
Preferred Units [Line Items]
Preferred units, distribution payment rate, basis spread				6.88%

PARTNERS' EQUITY Table 2 - Cash

PARTNERS' EQUITY Table 2 - Cash Distributions - Preferred Units - Floating Distribution Rate (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 14, 2024	Mar. 14, 2024	Jun. 14, 2023	Mar. 14, 2023
Series A Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter		$ 0.77533	$ 0.73169	$ 0.71889
Distributions to partners, variable		$ 7,024	$ 6,629	$ 6,513
Series B Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter		$ 0.70515	$ 0.66150	$ 0.64871
Distributions to partners, variable		$ 10,859	$ 10,187	$ 9,990
Series C Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter		$ 0.78246
Distributions to partners, variable		$ 5,399
Preferred unit distribution, per unit			$ 0.73881	$ 0.72602
Distributions to partners, fixed			$ 5,098	$ 5,010
Subsequent Event [Member] | Series A Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter	$ 0.77232
Distributions to partners, variable	$ 6,997
Subsequent Event [Member] | Series B Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter	$ 0.70213
Distributions to partners, variable	$ 10,813
Subsequent Event [Member] | Series C Preferred Limited Partner [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Per unit distribution, variable, per quarter	$ 0.77945
Distributions to partners, variable	$ 5,378

PARTNERS' EQUITY Narrative 2 -

PARTNERS' EQUITY Narrative 2 - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 15, 2024
Partners' Capital Notes [Abstract]
Percent of available cash required to be distributed	100%
Number of days after each quarter-end within which distribution is required to be declared and paid to common unitholders	45
Subsequent Event [Member]
Distribution Made to Preferred Limited Partner [Line Items]
Special distribution declared, common limited partners, per unit		$ 0.212
Special distribution declared, common limited partners		$ 26,800

PARTNERS' EQUITY Table 3 - Bala

PARTNERS' EQUITY Table 3 - Balance of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (22,925)
Ending balance	(22,741)
Loss to be reclassified during next 12 months, forward-starting interest rate swaps	(3,700)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	790	$ 62
Other comprehensive income before reclassifications	48	435
Other	0	0
Other comprehensive income (loss)	48	435
Ending balance	838	497
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(31,799)	(34,380)
Other comprehensive income before reclassifications	0	0
Other	0	0
Other comprehensive income (loss)	862	515
Ending balance	(30,937)	(33,865)
Pension and Other Postretirement Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	8,084	2,713
Other comprehensive income before reclassifications	0	0
Other	3	(9)
Other comprehensive income (loss)	(726)	(746)
Ending balance	7,358	1,967
Total [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(22,925)	(31,605)
Other comprehensive income before reclassifications	48	435
Other	3	(9)
Other comprehensive income (loss)	184	204
Ending balance	(22,741)	(31,401)
Interest expense, net | Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss reclassified from AOCI	862	515
Interest expense, net | Total [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss reclassified from AOCI	862	515
Pension Plan [Member] | Other income, net | Pension and Other Postretirement Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss reclassified from AOCI	(729)	(737)
Pension Plan [Member] | Other income, net | Total [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (gain) loss reclassified from AOCI	$ (729)	$ (737)

NET INCOME PER COMMON UNIT Tabl

NET INCOME PER COMMON UNIT Table - Net Income per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 42,742	$ 105,936
Distributions to preferred limited partners	(23,266)	(32,733)
Distributions to common limited partners (a)	(50,621)	(44,396)
Distribution equivalent rights to restricted units	(684)	(672)
Distributions (in excess of) less than income	(31,829)	28,135
Distributions to common limited partners	50,621	44,396
Allocation of distributions (in excess of) less than income to common limited partners	(31,829)	27,396
Series D Preferred Unit accretion	0	(3,671)
Net income attributable to common units	$ 18,792	$ 68,121
Basic weighted-average common units outstanding	126,533,909	110,880,981
Diluted weighted-average common units outstanding	126,533,909	110,880,981
Basic net income (loss) per common unit	$ 0.15	$ 0.61
Diluted net income (loss) per common unit	0.15	$ 0.61
Estimated common limited partner distribution, per unit	$ 0.40

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Table 1 - Changes in Current Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Decrease (increase) in accounts receivable	$ (4,728)	$ (131)
Decrease (increase) in inventories	566	(121)
Decrease (increase) in other currrent assets	7,868	8,326
Increase (decrease) in accounts payable	(4,961)	7,413
Increase (decrease) in accrued interest payable	37,928	38,505
Increase (decrease) in accrued liabilities	(13,593)	(18,228)
Increase (decrease) in taxes other than income tax	(2,366)	(3,150)
Changes in current assets and current liabilities	$ 20,714	$ 32,614

SUPPLEMENTAL CASH FLOW INFORM_5

SUPPLEMENTAL CASH FLOW INFORMATION - Table 2 - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of amount capitalized	$ 21,871	$ 16,600
Refunds received for income taxes	(88)	(1,126)
Right-of-use assets obtained in exchange for operating lease liabilities	67	82,364
Right-of-use assets obtained in exchange for finance lease liabilities	$ 1,154	$ 844

SUPPLEMENTAL CASH FLOW INFORM_6

SUPPLEMENTAL CASH FLOW INFORMATION - Table 3 - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 5,374	$ 2,765
Restricted cash	9,351	9,251
Cash, cash equivalents and restricted cash	$ 14,725	$ 12,016	$ 14,117	$ 23,377
Restricted cash, location on consolidated balance sheets [Extensible Enumeration]	Other long-term assets, net	Other long-term assets, net

SEGMENT INFORMATION Table 1 - R

SEGMENT INFORMATION Table 1 - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of segment operating income to income before income tax expense:
Operating income	$ 103,867	$ 159,985
Gain on sale of assets	0	41,075
General and administrative expenses	42,237	28,725
Other depreciation and amortization expense	1,053	1,555
Interest expense, net	(62,480)	(57,371)
Other income, net	2,599	4,509
Income before income tax expense	43,986	107,123
Storage Segment
Revenues:
Revenues	75,878	80,657
Operating Segments, Net of Intersegment Eliminations
Revenues:
Revenues	390,827	393,867
Operating Segments [Member]
Depreciation and amortization expense:
Depreciation and amortization expense	63,603	62,054
Reconciliation of segment operating income to income before income tax expense:
Operating income	147,157	149,190
Operating Segments [Member] | Pipeline Segment
Revenues:
Revenues	216,775	213,183
Depreciation and amortization expense:
Depreciation and amortization expense	44,663	43,550
Reconciliation of segment operating income to income before income tax expense:
Operating income	119,431	119,858
Operating Segments [Member] | Storage Segment
Revenues:
Revenues	75,878	80,657
Depreciation and amortization expense:
Depreciation and amortization expense	18,940	18,504
Reconciliation of segment operating income to income before income tax expense:
Operating income	23,718	22,766
Operating Segments [Member] | Fuels Marketing Segment
Revenues:
Revenues	98,175	100,027
Reconciliation of segment operating income to income before income tax expense:
Operating income	4,008	6,566
Intersegment Eliminations [Member]
Revenues:
Revenues	(1)	0
Corporate, Non-Segment [Member]
Reconciliation of segment operating income to income before income tax expense:
Gain on sale of assets	0	41,075
General and administrative expenses	42,237	28,725
Other depreciation and amortization expense	$ 1,053	$ 1,555

SEGMENT INFORMATION Table 2 - A

SEGMENT INFORMATION Table 2 - Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Information
Total consolidated assets	$ 4,862,125	$ 4,896,392
Operating Segments [Member]
Segment Information
Total consolidated assets	4,704,779	4,737,626
Operating Segments [Member] | Pipeline Segment
Segment Information
Total consolidated assets	3,274,569	3,292,546
Operating Segments [Member] | Storage Segment
Segment Information
Total consolidated assets	1,387,634	1,398,929
Operating Segments [Member] | Fuels Marketing Segment
Segment Information
Total consolidated assets	42,576	46,151
Corporate, Non-Segment [Member]
Segment Information
Total consolidated assets	$ 157,346	$ 158,766