 Exhibit 99.1 |
 Statements contained in this presentation that state management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.’s and NuStar GP Holdings, LLC’s respective annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available on NuStar’s websites at www.nustarenergy.com and www.nustargp.com. Forward Looking Statements 2 |
 NuStar Overview 3 |
 NuStar Energy L.P. (NYSE: NS) is a leading publicly traded growth-oriented partnership with a market capitalization of around $3.4 billion and an enterprise value of approximately $5.3 billion One of the largest independent petroleum pipeline and terminal operators in the U.S. and one of the largest asphalt refiners and marketers in the U.S. NuStar GP Holdings, LLC (NYSE: NSH) holds the 2% general partner interest, 16.6% of the common units and incentive distribution rights in NuStar Energy L.P. with a market capitalization of around $1.2billion NuStar Overview – Two Publicly Traded Companies NS NSH IPO Date: 4/16/2001 7/19/2006 Unit Price (5/7/10): $56.87 $27.48 Annual Distribution/Unit: $4.26 $1.80 Yield (5/7/10): 7.49% 6.55% Market Capitalization: $3,424 million $1,169 million Enterprise Value: $5,302 million $1,183 million Total Assets (3/31/10): $4,858 million $592 million Debt/Capitalization (3/31/10): 43.9% n/a 4 83.1% Membership Interest 81.4% L.P. Interest Public Unitholders 35,356,783 NSH Units Public Unitholders 49,987,529 NS Units 16.9% Membership Interest 2.0% G.P. Interest 16.6 L.P. Interest Incentive Distribution Rights William E. Greehey 7,190,511 NSH Units NYSE: NSH NYSE: NS |
 Large and Diverse Geographic Footprint with Assets in Key Locations 5 Asset Stats: Operations in eight different countries including the U.S., Mexico, Netherlands, Netherlands Antilles (i.e. Caribbean), England, Ireland, Scotland and Canada 8,417 miles of crude oil and refined product pipelines Own 86 terminal facilities Over 91 million barrels of storage capacity 2 asphalt refineries on the U.S. East Coast capable of processing 104,000 bpd of crude oil |
 Percentage of Expected 2010 Segment Operating Income Approximately 84% of NuStar Energy’s segment operating income in 2009 came from fee- based transportation and storage segments Remainder of 2009 segment operating income related to margin-based asphalt and fuels marketing segment Storage: 40% Transportation: 32% 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 Diversified Operations from Three Business Segments * Includes primarily distillates, gasoline, propane, jet fuel, ammonia and other light products. Does not include natural gas. 6 |
 174 104 102 91 85 60 39 34 31 28 25 24 20 16 12 10 8 8 Independent Liquids Storage Capacity (Millions of Barrels) Global Leader in Independent Liquids Storage NuStar is the fourth largest independent liquids terminal operator in the world and second largest in the U.S. Of the roughly 91 million barrels of storage capacity, approximately 50 million barrels are crude oil and heavy fuel products, 39 million barrels are refined products and 2 million barrels are biofuels Source: Company Websites & Management Presentations 7 |
 Note: 2005 and 2006 distributable cash flow are from continuing operations Record Growth in Distributable Cash Flows at NS Has Fueled Solid Distribution Growth at Both NS and NSH Every Year Since Their IPOs 8 NS Distribution ($ per Unit) NSH Distribution ($ per Unit) NS Distributable Cash Flows ($ in Millions) * Annualized Distribution * * ~7.5% CAGR 2006 2007 2008 2009 $1.28 $1.38 $1.58 $1.73 2001 2002 2003 2004 2005 2006 2007 2008 2009 $56 $68 $86 $102 $154 $214 $221 $319 $346 ~10.5% CAGR |
 Financial Overview 9 |
 Large Increase in Internal Growth Capital Expected in 2010 that Will Seed the Next Phase of NuStar’s Growth 10 (Dollars in Millions) Transportation Storage Asphalt & Fuels Marketing 2010 internal growth program is significantly higher at around $275 million and includes projects to: Build new storage for large creditworthy customers under long-term contracts (i.e. 5 to 8 years) Develop and improve logistics at key terminals Expand our pipeline systems in fast-growing regions Put in place the necessary infrastructure at key terminals to capture incremental ethanol and biofuel volumes Optimize our asphalt operations Expand our fuel oil blending and bunkering operations Develop new crude supply logistics to capitalize on heavy crude oil imbalances *Does not include $50MM of Corporate Headquarters related Capital spending $142 $131 $275* $81 $190 $69 $16 |
 Maintaining Sufficient Liquidity with Disciplined Financial Strategy NS Current Revolver Availability Total Bank Credit $1,212 Less: Borrowings (768) Letters of Credit (99) Revolver Availability $345* (Dollars in Millions) NSH Current Revolver Availability Total Bank Credit $19.5 Less: Borrowings 14.3 Letters of Credit - Revolver Availability $ 5.2 (Dollars in Millions) 2010 2011 $0.8 2012 $909.9** 2013 2014 $0.1 ** Primarily includes maturity of revolver, which expires December 2012, and $350 million of senior notes NS Debt Maturities (3/31/10) Note: NSH’s revolving credit facility expires on July 16, 2010 11 No significant near-term debt maturities Bond markets continue to remain strong for investment grade MLPs like NuStar Energy L.P. * Debt-to-EBITDA cannot exceed 5.0 to 1.0 times $480.9 $0.8 |
 Business Segment Overview – Storage 12 |
 Strong Earnings Growth in NuStar’s Fee-Based Storage Segment…New Opportunities Expected to Continue to be Primarily in Storage 13 NuStar has generated strong earnings growth in its storage segment mainly due to: $400 million construction program started in 2006 and completed in 2009 Higher rates on storage contract renewals. Targeting an incremental $12 to $16 million of EBITDA in 2010 as a result of growth projects completed in late 2009 & 2010 and continued increasing rates on storage contract renewals. Refined product demand growth outside the U.S. should continue to benefit companies like NuStar that are developing international storage opportunities Storage Segment EBITDA ($ in Millions) Storage Contract Renewals (% of Revenues) Flatter contango market not expected to impact NuStar as we continue to sign up large credit worthy customers under long-term contracts Since approximately 90% of our revenues come from leased assets, throughputs are not expected to have a material impact on storage results |
 Business Segment Overview – Transportation 14 |
 Transportation Segment Continues to Generate Stable, Fee-Based Income 15 2010 results expected to be comparable to 2009 Most industry experts are predicting that 2010 product demand should recover slightly as the economy improves, net of fuel efficiency estimates Refinery utilization is projected to be in the range of 80% to 90% Refined product demand growth expected to be less in the U.S. and primarily international, mainly the Far East, Middle East and parts of Latin America Expect NuStar’s throughput volumes to increase slightly in 2010 compared to 2009, excluding the impact of the assets sales, and in-line with our view of a modest economic recovery Recently announced refinery closures and proposed refinery sales not expected to impact NuStar’s results Higher natural gas prices and higher power costs could negatively impact results Based on current 2009 PPI estimates, tariffs are expected to decrease by (1.2%) starting July 1, 2010 . 2010 calendar year rates should be slightly higher than 2009 calendar year rates First six months of 2010 benefitting from 7.6% tariff increase on July 1, 2009 Transportation Segment EBITDA ($ in Millions) |
 Business Segment Overview – Asphalt & Fuels Marketing 16 |
 Two-year adjusted EBITDA contribution from the asphalt operations excluding the large 2008 crude oil hedging loss, is now just over $220 million, which is in line with acquisition economics Asphalt inventories are at low-levels as lower than normal production and imports have resulted in lower than normal inventory levels despite weak demand 2009 winter-fill season was atypical as prices increased during this time and supply was tight resulting in fewer suppliers building inventories Two-Year Contribution from Asphalt Operations in Line with Original Projections - Expect to See Improved Asphalt Results in 2010 Due to Tight Supply and Increased Rack Sales Volumes 17 Expect improved results from our asphalt operations in 2010 as we expect a higher margin per barrel and higher sales volumes due to: (a) balanced to tight regional supplies mainly due to historically low refinery utilization rates over the past year and impact from completed coker projects and (b) increased rack sales volumes as we enter new asphalt markets in 2010. Federal Stimulus fund outlays and State & Local highway awards expected to increase in 2010 Of the $27.5 billion of Federal funds available for highway projects, $10 - $11 Billion expected to be spent in 2010. Up from the $5.6 Billion spent in 2009 2010 YTD state and local highway awards exceed 2009 YTD awards by 32% in the U..S. By 70% in markets served by NuStar. |
 Announced U.S. Coker Projects: Long-Term Impact of Coker Projects on Asphalt Supply Still Intact Source: PIRA Refinery Database; Company Information 100% of the announced coker projects listed are either complete or have a high likelihood of completion (i.e. firm projects) One of the coker projects expected to start up in first quarter of 2010 has already commenced operations Most of the coker capacity is still expected to come on-line starting next year and through 2012, which should contribute to further tightening of asphalt supply 18 No. Refinery PADD Announced Coker Capacity (Mbpd) Announced Crude Capacity (Mbpd) Start Up Date Status 1 Coffeyville Resources - Coffeyville, Kansas II 2.0 8.0 1Q 2007 Complete 2 BP - Toledo, Ohio II 2.0 10.0 1Q 2007 Complete 3 Valero - Port Arthur, Texas III 25.0 75.0 1Q 2007 Complete 4 Frontier - Cheyenne, Wyoming IV 4.3 - 3Q 2007 Complete 5 Chevron - El Segundo, California V 15.0 - 4Q 2007 Complete 6 Sinclair – Sinclair, Wyoming IV 20.0 11.0 4Q 2007 Complete 7 ConocoPhillips - Borger, Texas III 25.0 - 4Q 2007 Complete 8 Cenex - Laurel, Montana IV 15.0 - 1Q 2008 Complete 9 Frontier - El Dorado, Kansas II 3.0 11.0 2Q 2008 Complete 10 Tesoro - Martinez, California V 4.4 - 2Q 2008 Complete 11 ConocoPhillips - Los Angeles, California V 5.0 - 4Q 2008 Complete 12 Marathon - Garyville, Louisiana III 44.0 180.0 1Q 2010 Complete 13 Hunt - Tuscaloosa, Alabama III 18.5 15.0 4Q 2010 Firm 14 ConocoPhillips - Wood River, Illinois II 65.0 55.0 3Q 2011 Firm 15 Atofina Petrochemicals Inc.- Port Arthur, Texas III 50.0 - 1Q 2011 Firm 16 BP - Whiting, Indiana II 95.0 30.0 1Q 2012 Firm 17 Motiva - Port Arthur, Texas III 95.0 325.0 3Q 2012 Firm 18 Marathon - Detroit, Michigan II 28.0 13.0 2nd Half 2012 Firm Total US Expansion 516.2 733.0 Expansions Completed through 1Q 2010 164.7 295.0 Firm Expansions 2010-2013 351.5 438.0 |
 Majority of business derived from attractive set of fee-based storage and transportation assets that support U.S. and international energy infrastructure NuStar provides world class pipeline and terminalling services to some of the world’s largest crude oil producers, integrated oil companies, chemical companies, oil traders and refineries Pipeline and storage businesses have performed well in one of the worst recessions since the Great Depression Investors are provided optionality on the performance of the asphalt operations since the non-asphalt distributable cash flows have covered all of the distribution for the period NuStar has owned the asphalt refineries Two-year contribution from the acquisition of the asphalt operations, excluding the hedging loss, over $220 million – payback that is on track to be better than the typical MLP acquisition Coker thesis still intact - Asphalt operations expected to benefit from better-than-historic asphalt margins over the long-term as supply continues to tighten and demand improves Economic stimulus package expected to benefit U.S. asphalt demand primarily in 2010 and 2011 Strong balance sheet and investment grade rating with a stable outlook Attractive yield with quarterly distributions that are largely tax deferred Recognized nationally for our outstanding safety and environmental record and one of the best places to work Large and diversified asset footprint in the U.S. and internationally allows for ample acquisition and internal growth opportunities Over $500 million of attractive internal growth projects over the next two to three years Majority of new growth projects expected to be in the storage segment Investment Highlights 19 |
 Questions & Answers |
 Appendix 21 |
 (Dollars in Thousands) 22 NuStar Energy L.P. utilizes two financial measures, EBITDA and distributable cash flow, which are not defined in United States generally accepted accounting principles (GAAP). Management uses these financial measures because they are a widely accepted financial indicators used by investors to compare partnership performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the partnership's assets and the cash that the business is generating. Neither EBITDA nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income. They should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP. Reconciliation of Non-GAAP Financial Information: EBITDA and Distributable Cash Flow The following is a reconciliation of net income to EBITDA and distributable cash flow: Year Ended December 31, 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net income $ 45,873 $ 55,143 $ 69,593 $ 78,418 $ 107,675 $ 149,906 $ 150,298 $ 254,018 $ 224,875 Plus interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 79,384 Plus income tax expense - 395 - - 4,713 5,861 11,448 11,006 10,531 Plus depreciation and amortization expense 13,390 16,440 26,267 33,149 64,895 100,266 114,293 135,709 145,743 EBITDA 63,074 76,858 111,720 132,517 218,671 322,299 352,555 491,551 460,533 Less equity earnings from joint ventures 3,179 3,188 2,416 1,344 2,319 5,882 6,833 8,030 9,615 Less interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 79,384 Less reliability capital expenditures 2,786 3,943 10,353 9,701 23,707 35,803 40,337 55,669 45,163 Less income tax expense - - - - 4,713 5,861 11,448 11,006 10,531 Plus mark-to-market impact on hedge transactions - - - - - - 3,131 (9,784) 19,970 Plus charges reimbursed by general partner - - - - - 575 - - - Plus distributions from joint ventures 2,874 3,590 2,803 1,373 4,657 5,141 544 2,835 9,700 Plus other non-cash items - - - - 2,672 - - - - Distributable cash flow $ 56,172 $ 68,437 $ 85,894 $ 101,895 $ 153,873 $ 214,203 $ 221,096 $ 319,079 $ 345,510 Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations. |
 23 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Asphalt & Fuels Marketing EBITDA in the following reconciliations relate to our operating segments or a portion of an operating segment. For purposes of segment reporting we do not allocate general and administrative expenses to our reported operating segments because those expenses relate primarily to the overall management at the entity level. Therefore, EBITDA reflected in the following reconciliations excludes any allocation of general and administrative expenses consistent with our policy for determining segmental operating income, the most directly comparable GAAP measure. Asphalt and Fuels Marketing Segment Less Non-Asphalt Operations Asphalt Operations Operating income 60,629 $ 9,919 $ 50,710 $ Plus depreciation and amortization expense 19,463 - 19,463 EBITDA 80,092 $ 9,919 $ 70,173 $ Asphalt and Fuels Marketing Segment Less Non-Asphalt Operations Asphalt Operations Operating income 112,506 $ 36,239 $ 76,267 $ Plus depreciation and amortization expense 14,734 552 14,182 Plus hedging loss 60,704 - 60,704 Adjusted EBITDA 187,944 $ 36,791 $ 151,153 $ Combined two-year adjusted EBITDA from asphalt operations 221,326 $ The following is a reconciliation of operating income to adjusted EBITDA and adjusted EBITDA for our asphalt operations and asphalt and fuels marketing segment: Year Ended December 31, 2008 Year Ended December 31, 2009 |
 24 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Storage and Transportation EBITDA in the following reconciliations relate to our operating segments or a portion of an operating segment. For purposes of segment reporting we do not allocate general and administrative expenses to our reported operating segments because those expenses relate primarily to the overall management at the entity level. Therefore, EBITDA reflected in the following reconciliations excludes any allocation of general and administrative expenses consistent with our policy for determining segmental operating income, the most directly comparable GAAP measure. The following is a reconciliation of operating income to EBITDA for the Storage Segment: 2006 2007 2008 2009 Operating income 108,486 $ 114,635 $ 141,079 $ 171,245 $ Plus depreciation and amortization expense 53,121 62,317 66,706 70,888 EBITDA 161,607 176,952 207,785 242,133 Year Ended December 31, The following is a reconciliation of operating income to EBITDA for the Transportation Segment: 2006 2007 2008 2009 Operating income 122,714 126,508 135,086 139,869 Plus depreciation and amortization expense 47,145 49,946 50,749 50,528 EBITDA 169,859 $ 176,454 $ 185,835 $ 190,397 $ Year Ended December 31, The following is a reconciliation of projected incremental operating income to projected incremental adjusted EBITDA for the year ended December 31, 2010 compared to the year ended December 31, 2009 for the Storage Segment: Storage Segment Projected incremental operating income range $ 6,000 - 9,500 Plus projected incremental depreciation and amortization expense range 6,000 - 6,500 Projected incremental Adjusted EBITDA range $ 12,000 - 16,000 |