NavSight 8K Statements contained in this presentation that state management’s | NSH 18 Nov 09

RBC Capital Markets

2009 MLP Conference

November 19, 2009

Danny Oliver, VP –

Marketing

& Business Development

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

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

forecasted,

see

NuStar

Energy

L.P.’s

and

NuStar

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

www.nustarenergy.com

and

www.nustargp.com.

Forward Looking Statements

NuStar

Energy L.P. (NYSE: NS) is a

leading publicly traded growth-oriented

partnership with a market capitalization

of around $3.2 billion and an

enterprise value of approximately $5.1

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, 16.8% of the common units

and incentive distribution rights in

NuStar

Energy L.P.

NuStar

Overview –

Two Publicly Traded Companies

NSH

IPO Date:

4/16/2001

7/19/2006

Unit Price (11/17/09):

$53.07

$24.54

Annual Distribution/Unit:

$4.26

$1.74

Yield (11/17/09):

8.03%

7.09%

Market Equity Capitalization:

$3,195 million

$1,044 million

Enterprise Value:

$5,108 million

$1,043 million

Total Assets (9/30/09):

$4,670 million

$581 million

Debt/Capitalization (9/30/09):

46.5%

n/a

Fortune 500 Ranking:

485

n/a

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

82 terminal facilities and four crude

oil storage tank facilities

Over 91 million barrels of storage

capacity

2 asphalt refineries capable of

processing 104,000 bpd of crude oil

Large and Diverse Geographic Footprint

with Assets in Key Locations

46%

36%

18%

Percentage of Expected 2009

Segment Operating Income

Approximately 82% of NuStar Energy’s segment operating income in 2009 is expected to

come from fee-based transportation and storage segments

Remainder of expected 2009 segment operating income relates to margin-based asphalt and

fuels marketing segment

Storage: ~46%

Transportation: ~36%

Refined Product Terminals

Crude Oil Storage

Refined Product Pipelines*

Crude Oil Pipelines

Asphalt & Fuels Marketing: ~18%

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 ends. Does not include natural gas.

173

104

Independent Liquids Storage Capacity

(Millions of Barrels)

Global Leader in Independent

Liquids Storage

NuStar

is the third largest independent liquids terminal operator in the world and second largest in the

U.S.

Completed

expansion

projects

under

our

$400

million

construction

program,

which

contributed

around

8.5 million barrels of incremental storage capacity

Of the roughly 91 million barrels of storage capacity, approximately 50 million barrels are crude oil and

heavy

fuel

products,

million

barrels

are

refined

products

and

million

barrels

are

biofuels

Source: Company Websites & Management Presentations

Large Increase in Internal Growth Capital Expected in

2010 that Will Seed the Next Phase of NuStar’s

Growth

(Dollars in Millions)

$142

$127

$313

$81

Transportation

Storage

Asphalt & Fuels Marketing

$221

$62

$30

Earlier in 2009, we were cautious on our capital spending given the challenging economic and capital

market conditions and we lightened our internal growth program to around $80 million

As markets have improved, our 2009 internal growth program has increased as the year progressed and

currently stands at around $127 million

2010 internal growth program is significantly higher at over $300 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

place

the

necessary

infrastructure

key

terminals

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

E = Estimate

Commodity prices will continue to be volatile with

large swings expected, which is supportive of

storage

Shortfall in heavy crude oil supply primarily due to

OPEC cuts and a decline in certain heavy crude oil

production

will

provide

NuStar

new

crude

supply

logistics opportunities to capitalize on heavy oil

imbalances

In response to weak refining margins (due to

narrow crude oil differentials and high inventories

from weak demand), refiners have cut back

production and/or shut down indefinitely

While shut-in refinery capacity and/or lower

refinery runs result in lower pipeline

volumes, the weakness in refined product

margins contribute to a contango

market

structure

The move towards more fuel efficient products will

limit demand growth in the U.S. longer-term

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

Flatter contango

curve, but still contributing

to storage demand

Macro Environment

Impact to Storage Segment

2009 storage results should significantly exceed 2008 results

primarily due to:

$400 million construction program started in 2006 and

completed in early 2009

Strong demand for storage in key markets and

persistent contango

markets that have provided

significantly higher rates on storage contracts up for

renewal

Since approximately 90% of our revenues come from leased

assets, lower throughputs are not expected to have a material

impact to NuStar

Energy L.P.’s results

Flatter contango

market not expected to impact NuStar

as we

continue to sign up large, credit worthy customers under long-

term contracts

While we will not see much incremental benefit in 2010 as

NuStar

cut

2009

growth

capital

and

the

$400

million

construction program has ended, we expect that new internal

growth opportunities will be primarily in storage

Approximately $220 million of the over $300 million of

internal growth projects in 2010 are expected to be in

storage

Should continue to benefit from the move towards fuel

efficiency as we implement infrastructure at certain of our

terminals to handle biofuels

Refined product demand growth outside the U.S. should

benefit

companies

NuStar

that

are

developing

international storage opportunities

NuStar’s Storage Segment Expected to Benefit Significantly in 2009

from Completed Projects and Rate Increases on Renewed Contracts –

Lower Throughputs not Expected to have a Material Impact to Results

Targeting an incremental $30 to $35 million of EBITDA

in 2009 over 2008 as we benefit from a full year’s

contribution primarily from completed projects under our

$400 million construction program and rate increases on

renewed contracts

Of the $30 to $35 million increase in 2009, approximately

25 percent is expected to come from rate increases and 75

percent from completed storage projects

Despite

flatter

contango

curve,

expect

continue

benefit from storage contract renewals:

18% -

1 Year or Less

30% -

1 to 3 Years

39% -

3 to 5 Years

13% -

Greater than 5 Years

Targeting an incremental $18 to $22 million of EBITDA

from storage segment in 2010 compared to 2009

Incremental benefit in 2010 not as high as 2009 due to cut

in growth capital this year

Targeting significantly higher growth capital in 2010, most

of which is storage

St.

Eustatius

Terminal

–

13.0

bbls

storage

capacity

Texas

City,

Terminal

–

2.7

bbls

storage

capacity

NuStar

Expect Higher Profits in Storage Segment

in 2009 and 2010

NuStar’s Transportation Segment Should Benefit from

Growth in Product Demand, Although Growth Will be Slower in

the U.S. Than Developing Nations

E = Estimate

2009 gasoline demand has been resilient in the

face of a weak economy, however demand for

other refined products continues to be weak

Previously impacted by high prices in 2008

and now impacted by the global recession

Most industry experts are predicting that 2010

product demand should recover slightly as the

economy improves

Experts project world oil demand to

increase 1% to 2%, gasoline demand to

increase by around 1%, distillate demand to

increase by over 3% and jet fuel demand to

increase by around 1%

Refinery utilization is projected to continue

to be low, or in the range of 80% to 85%

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

The move towards more fuel efficient products will

limit demand growth in the U.S. longer-term

Macro Environment

Impact to Transportation Segment

2009 transportation results should be equal to or

slightly better than 2008 results despite lower volumes

2009 revenue per barrel expected to be higher than

2008 despite lower volumes due to:

7.6% tariff increase effective July 1, 2009

Sale of pipeline assets with moderate

throughputs, but a low revenue per barrel

Decline in 2009 throughput volumes mainly due to

asset sales, unplanned outages and planned

turnarounds -

Less due to economic run cuts

2009 results should also benefit from lower operating

expenses mainly due to lower power costs

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 next year

Recent refinery closures not expected to

materially impact NuStar’s results

While we are currently budgeting the tariff adjustment

to be around 1.5% lower starting July 1, 2010

compared to the July 2009 adjustment, the 2010

calendar year rate should be slightly higher than the

2009 calendar year rate

A tariff increase of 7.6% effective July 1, 2009, lower operating expenses and the start-up of the

East pipeline project in June 2009 should contribute to comparable or slightly better operating

income in 2009 versus 2008 despite lower throughputs

Lower throughputs in 2009 have primarily been the result of the sale of pipeline assets, as well as planned

turnarounds and unplanned outages at the refineries we serve

Expect to see an uptick in fourth quarter 2009 throughputs compared to the third quarter of 2009, primarily

due to a lighter refinery maintenance schedule

NuStar

Expect Stable Profits in Transportation Segment

in 2009 Despite Lower Throughputs

Impact from sale of pipelines :

ConocoPhillips sale of their JV Interest in

the El Paso pipeline to Valero Energy in

2Q08 (~32 mbpd)

NuStar’s

sale of the Skelly-Belvieu

pipeline in 4Q08 (~12 mbpd)

NuStar’s

sale of the Trans-Texas and

Ardmore-Wynnewood pipelines in 2Q09

(~ 60 mbpd)

Revenue per barrel significantly

higher in 3Q09 primarily due to 7.6%

tariff increase and sale of pipeline

assets with a relatively low revenue

per barrel

E = Estimate

1,034 -

1,054

911

104

1,006

1,001

1,112

1,050

863

104

930 -

950

Economic run cuts have been a small part of the decline in throughput volumes in 2009

compared to 2008

Most of the 14.8% decline, or 10.4%, has been due to assets sales and turnaround and unplanned

outages at the refineries we serve

NuStar -

Majority of Throughput Volume Difference 2009 YTD vs. 2008

YTD Has Been Due to Asset Sales, Turnarounds & Unplanned Outages

mbpd

% Difference

9 months ended 2008 Transportation Throughput Volumes

1,087,490

Asset sales

(40,412)

-3.7%

Unplanned Outages

(37,663)

-3.5%

Turnarounds

(34,492)

-3.2%

Economic run cuts

(19,021)

-1.7%

Other

(29,703)

-2.7%

9 months ended 2009 Transportation Throughput Volumes

926,199

Total difference

(161,291)

-14.83%

One of the largest independent petroleum pipeline and terminal liquids operators in the

world

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 are widely considered to somewhat recession resistant

One of the largest asphalt refiners and marketers in the U.S.

Expect 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 provide further growth in U.S. asphalt demand primarily in 2010

and 2011

Committed to investment grade rating and demonstrated access to capital in difficult

markets

S&P, Moody’s and Fitch recently revised their outlook to stable from negative

Large and diversified asset footprint in the U.S. and internationally allows for ample

acquisition and internal growth opportunities

Capital

spending

forecast

has

been

increasing

capital

markets

improve

Over $500 million of internal growth opportunities to grow the business over the next two to three years, of

which over $300 million is slated for 2010

Summary

Questions & Answers

2009 Storage Segment EBITDA

Reconciliations

Projected incremental operating income range

$ 25,500 -

30,500

Plus projected incremental depreciation and

amortization expense

4,500

Projected incremental EBITDA range

$ 30,000 -

35,000

Projected incremental operating income range

$ 13,500 -

17,500

Plus projected incremental depreciation and

amortization expense

4,500

Projected incremental EBITDA range

$ 18,000 -

22,000

The following is a reconciliation of projected incremental operating income to projected incremental EBITDA for the year ended December 31, 2010 for our storage segment:

Storage Segment

2009 / 2010 Storage Segment EBITDA Reconciliations

(Unaudited, Thousands of Dollars)

EBITDA in the following reconciliations relates 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 projected incremental operating income to projected incremental EBITDA for the year ended December 31, 2009 for our storage segment:

NavSight (NSH) Inactive 8-KStatements contained in this presentation that state management’s