NuStar Energy 8K Regulation FD Disclosure | NS 28 Jan 09

Tudor, Pickering Holt & Co.

MLP Meetings

January 28, 2009

Steve Blank –

Senior VP, CFO & Treasurer

Exhibit 99.1

This presentation contains certain estimates, predictions, projections, assumptions and

other

forward-looking

statements

that

involve

various

risks

and

uncertainties.

While

these forward-looking statements, and any assumptions upon which they are based,

are made in good faith and reflect our current judgment regarding the direction of our

business, actual results will almost always vary, sometimes materially, from any

estimates,

predictions,

projections,

assumptions

other

future

performance

suggested in this report. These forward-looking statements can generally be identified

by the words "anticipates," "believes," "expects," "plans," "intends," "estimates,"

"forecasts," "budgets," "projects," "will," "could," "should," "may" and similar

expressions. These statements reflect our current views with regard to future events

and

are

subject

various

risks,

uncertainties

and

assumptions.

For

discussion

certain of those risks, please read "Risk Factors" in Item 1A of

both NuStar Energy

L.P's

and

NuStar

Holdings,

LLC's

respective

annual

reports

Form

10-K

for

the

year ended December 31, 2007 and each entity’s subsequent quarterly reports as filed

with the Securities and Exchange Commission.

Forward Looking Statements

NuStar Energy L.P. is a leading publicly

traded growth-oriented partnership (NYSE:

NS)

General partner owned by NuStar GP

Holdings, LLC (NYSE: NSH)

One of the largest independent petroleum

pipeline and terminal operators in the U.S.

One of the largest asphalt refiners and

marketers in the U.S.

Large and diverse asset footprint with

operations in seven different countries

Listed on the Fortune 500 for the first time

ever based on 2008 results

Experienced management team with

substantial equity ownership

NuStar Overview

NSH

IPO Date:

4/16/2001

7/19/2006

Unit Price (1/23/09):

$44.80

$18.81

Annual Distribution/Unit:

$4.23

$1.72

Yield (1/23/09):

9.44%

9.14%

Market Equity Capitalization:

$2,440 million

$800 million

Enterprise Value:

$4,289 million

$804 million

Total Assets (9/30/08):

$4,932 million

$586 million

Debt/Capitalization (12/31/08):

46.2%

n/a

Debt/EBITDA (12/31/08):

3.99x

n/a

83.8%

Membership Interest

79.6%

L.P. Interest

Public Unitholders

35,669,951 NSH Units

Public Unitholders

44,210,016 NS Units

16.2%

Membership Interest

2.0% G.P. Interest

18.4% L.P. Interest

Incentive Distribution Rights

William E. Greehey

6,878,920 NSH Units

NYSE: NSH

NYSE: NS

Assets Stats:

8,491 miles of crude oil and refined

product pipelines

82 terminal facilities and four crude

oil storage tank facilities

Over 90 million barrels of storage

capacity

2 asphalt refineries capable of

processing 104,000 bpd of crude oil

Asset Overview

37%

35%

28%

Percent of 2008 Segment Operating

Income

Diversification of operations provide various earnings streams and reduces risk

Approximately 72% of NuStar Energy’s operating income in 2008 comes from stable, fee-

based operations

Remainder of operating income relates to margin-based asphalt and fuels marketing

operations

Storage (~37%)

Transportation (~35%)

Refined Product Terminals

Crude Oil Storage

Refined Product Pipelines

Crude Oil Pipelines

Asphalt & Fuels Marketing (~28%)

Asphalt

Fuels Marketing

Product Supply, Wholesale and Fuel Oil Marketing

Bunkering/Other

Diversified Operations

Independent Liquids Storage Capacity

(Millions of Barrels)

103

167

Global Leader in Independent

Liquids Storage

NuStar is the third largest independent liquids terminal operator in the world

The CITGO Asphalt Refining Co. acquisition added 4.8 million barrels of storage

Finished with majority of expansion projects under our $400 million construction program, which contributed

around 8.5 million barrels of incremental storage capacity

Source: Company Websites & Management Presentations

Consistent Distribution

Growth Since IPO

$4.085

$3.835

$3.60

$3.365

$3.20

$2.95

$2.75

$2.40

2001

2002

2003

2004

2005

2006

2007

2008

NuStar Energy L.P.

Annual Distribution Increases Since IPO

(Dollar Per Unit)

Met

previously

stated

2008

distribution

target

for

NuStar

Energy

L.P.

increasing

the

2008

distribution by nearly 7 percent over 2007

Maintained a strong coverage ratio of 1.33 times applicable to the limited partners for 2008

Exceeded previously stated 2008 distribution target for NuStar GP Holdings, LLC by

increasing the 2008 distribution by nearly 15 percent over 2007

Previous target was around 12 percent

~8.0% CAGR

* Based on NS annualized distribution of $0.60 per unit in 2001

** Based on NSH annualized distribution of $0.32 per unit in 2006

NuStar GP Holdings, LLC

Annual Distribution Increases Since IPO

(Dollar Per Unit)

$1.58

$1.38

$1.28

2006

2007

2008

~11% CAGR

Recently reported record earnings, distributable cash flow and EBITDA for 2008

Increase in earnings

year over year primarily due to addition of asphalt operations

Looking ahead to 2009, we are optimistic on the outlook for our three business segments

and expect all of them to perform better than 2008

Storage segment should see better results in 2009 as we benefit from a full year’s contribution

from the projects completed under our $400 million construction program

Pipeline segment should benefit from expected 7.5 percent increase in tariffs effective July 1,

2009

Expect 2009 throughput volumes to be comparable to 2008 throughput volumes

Gradual recovery in refined product demand by the second half of

this year due to lower prices and an

improving economy could result in higher throughput volumes

Results from our asphalt operations should be better in 2009 versus 2008 as we continue to

benefit from tightening supply and better-than-historic margins

Have not taken into account at this time, any impact from the proposed economic stimulus package,

which could result in higher asphalt demand in 2009

Financial Outlook

Questions & Answers

NuStar Energy (NS) 8-KRegulation FD Disclosure