 Fixed Income Investor Presentation May 2010 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 partnership with a market capitalization of around $3.5 billion and an enterprise value of approximately $5.2 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, 15.5% of the common units and incentive distribution rights in NuStar Energy L.P. with a market capitalization of around $1.1 billion NuStar Overview – Two Publicly Traded Companies NS NSH IPO Date: 4/16/2001 7/19/2006 Unit Price (5/19/10): $54.68 $26.35 Annual Distribution/Unit: $4.26 $1.80 Yield (5/19/10): 7.79% 6.83% Debt Balance (3/31/10 Pro Forma) $1,652 million $14.3 million Market Capitalization: $3,533 million $1,121 million Enterprise Value: $5,166 million $1,135 million Total Assets (3/31/10): $4,858 million $592 million Debt/Cap. (3/31/10 Pro Forma): 38.2% n/a Credit Ratings – Moody’s Baa3/Stable n/a S&P and Fitch BBB-/Stable n/a 4 83.1% Membership Interest 82.5% L.P. Interest Public Unitholders 35.4 Million NSH Units Public Unitholders 54.4 Million NS Units 16.9% Membership Interest 2.0% G.P. Interest 15.5% L.P. Interest Incentive Distribution Rights William E. Greehey 7.2 Million NSH Units NYSE: NSH NYSE: NS |
 High quality, large and diverse asset footprint with operations in eight different countries including the U.S., Mexico, Netherlands, Netherland Antilles (i.e. Caribbean), England, Ireland, Scotland and Canada Fourth largest independent liquids terminal operator in the world and second largest in the U.S. No. 1 asphalt producer on the East Coast and No. 3 asphalt producer in the U.S. What Sets NuStar Apart from its Peers 5 Commitment to investment grade ratings with balanced issuance of debt and equity to fund growth Lower cost of capital than majority of peers Top Incentive Distribution Rights (IDRs) capped at 25% vs. 50% for most MLPs Strong corporate culture of taking care of employees, making safety a top priority, achieving operational excellence and contributing time and money to our communities Recognized in 2009 as one of the best places to work for in America and for our strong safety record Experienced and proven management team with substantial equity ownership and industry experience |
 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 storage 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 Large and Diverse Geographic Footprint with Assets in Key Locations 6 |
 Percentage of 2009 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: 46% Transportation: 38% Refined Product Terminals Crude Oil Storage Refined Product Pipelines* Crude Oil Pipelines Asphalt & Fuels Marketing: 16% 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. 7 |
 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 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 8 |
 Note: 2005 and 2006 distributable cash flow are from continuing operations Increasing Distributable Cash Flows at NS Has Fueled Solid Distribution Growth at Both NS and NSH Every Year Since Their IPOs 9 NS Distribution ($ per Unit) ~7.5% CAGR * Annualized Distribution * NS Distributable Cash Flows ($ in Millions) $56 $68 $86 $102 $154 $214 $319 $346 2001 2002 2003 2004 2005 2006 2007 2008 2009 $221 |
 NuStar Energy L.P.’s Distribution has been Covered by the Non-Asphalt Operations Distributable Cash Flows Since Asphalt Acquisition in March 2008 March 2008 – March 2010 Non-Asphalt Operations Distributable Cash Flows $649.5* Total Distribution 597.7 Excess Distributable Cash Flows $51.8 % of Distribution Covered by Non-Asphalt Operations Distributable Cash Flows 109% Asphalt Operations EBITDA $154.4** Asphalt Operations Distributable Cash Flows $47.1** (Dollars in Millions) * Includes transportation, storage and fuels marketing operations ** Includes $61 million 2008 hedging loss. Adjusted Asphalt EBITDA was $215 million and adjusted distributable cash flows were $108 million without the hedging loss. 10 |
 2010 Outlook |
 12 2010 results expected to be comparable to 2009 Most industry experts are predicting that 2010 product demand should recover slightly as the economy improves, net of fuel efficiency estimates Refinery utilization is projected to be in the range of 80% to 90% Refined product demand growth expected to be less in the U.S. and primarily international, mainly the Far East, Middle East and parts of Latin America Expect NuStar’s throughput volumes to increase slightly in 2010 compared to 2009, excluding the impact of the assets sales, and in-line with our view of a modest economic recovery Recently announced refinery closures and proposed refinery sales not expected to impact NuStar’s results Higher natural gas prices and higher power costs could negatively impact results Based on 2009 PPI figures, tariffs will decrease by (1.3%) starting July 1, 2010 2010 calendar year rates should be slightly higher than 2009 calendar year rates First six months of 2010 benefitting from 7.6% tariff increase on July 1, 2009 Transportation Segment EBITDA ($ in Millions) 2009 Pipeline Receipts by Commodity 2010 Outlook – Transportation Segment Continues to Generate Stable, Fee-Based Income Gasoline 32% Other* 68% *Other includes crude oil, fuel oil, ammonia, jet fuel, propane, naphtha and light refined product ends |
 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) 1 Year or Less 1 to 3 Years 3 to 5 Years Greater Than 5 Years 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 2010 Outlook – Storage Segment Internal Growth Projects Contribute to Increased Earnings 2006 2007 2008 2009 $162 $177 $208 $242 |
 2008 & 2009 adjusted EBITDA contribution from the asphalt operations excluding the large 2008 crude oil hedging loss, was 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 14 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. 2010 EBITDA projected to be better than the $70 million earned in 2009 but not as strong as the $150 million adjusted EBITDA earned in 2008 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. 2010 Outlook – Asphalt & Fuels Marketing Expect Improved Asphalt Results due to Tight Supply and Increased Rack Sales Volumes |
 Financial Overview 15 |
 3/31/10 Pro Forma Revolver Availability Rate on revolver based on LIBOR plus 50 bps, currently around 0.85% Financial Covenant Tests: Debt-to-EBITDA cannot exceed 5.0 to 1.0 times Following an acquisition of $100 million or more, Debt-to-EBITDA limit increases to 5.5 times for two consecutive quarters Revolver Availability & Credit Ratings/Metrics 16 Total Bank Credit $1,212 Less: Borrowings (351) Letters of Credit Go Zone Financing (56) Other (8) Revolver Availability $797 Standard & Poor’s: BBB- (Stable Outlook) Moody’s: Baa3 (Stable Outlook) Fitch: BBB- (Stable Outlook) Debt/EBITDA (Pro-Forma 3/31/10): 3.96x Debt/Capitalization (Pro-Forma 3/31/10): 38.2% Credit Ratings/Metrics (Dollars in Millions) Pro Forma amounts include $245 million of net proceeds related to the May 19, 2010 equity issuance of 4.4 million limited partner units. |
 $1.2 billion Credit Facility $351 NuStar Logistics Notes (7.65%) 349 NuStar Logistics Notes (6.875%) 103 NuStar Logistics Notes (6.05%) 236 NuStar Pipeline Notes(5.875%) 257 NuStar Pipeline Notes (7.75%) 264 Other Debt 92 Total Debt $1,652 Total Partners’ Equity 2,676 Total Capitalization $4,328 (Dollars in Millions) No Significant Debt Maturities Until 2012 2010 $0.8 2011 $0.8 2012 $750* 2013 $495 2014 $0 Thereafter $405 * Primarily includes maturity of $351 million revolver balance and $367 million of senior notes Pro Forma 3/31/10 Capital Structure Pro Forma 3/31/10 Maturities 17 Pro Forma amounts include $245 million of net proceeds related to the May 19, 2010 equity issuance of 4.4 million limited partner units. No significant debt maturities until 2012 at which time the revolver and some senior notes become due. |
 NuStar Senior Note Structure 18 NuStar Logistics, L.P. $103 Million 6.875% Notes (Mature July 2012) $236 Million 6.05% Notes (Mature March 2013) $349 Million 7.65% Notes (Mature April 2018) NuStar Pipeline Operating Partnership L.P. $264 Million 7.75% Notes (Mature February 2012) $257 Million 5.875% Notes (Mature June 2013) Guarantee Guarantee Cross-Company Guarantee |
 Large Increase in Internal Growth Capital Expected in 2010 that Will Seed the Next Phase of NuStar’s Growth 19 (Dollars in Millions) $142 $131 $275* $81 Transportation Storage Asphalt & Fuels Marketing $190 $69 $16 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 Intend to fund internal growth with a balance of internal cash flow, equity and debt *Does not include $50 million of Corporate Headquarters related Capital spending |
 Strong balance sheet and investment grade rating with a stable outlook Commitment to investment grade rating exhibited by issuance of $530 million of equity since November 2009 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 Equity investors have been 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 Recognized nationally for our outstanding safety and environmental record and as 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 and are discretionary Investment Highlights 20 |
 Questions & Answers |
 Appendix 22 |
 Announced U.S. Coker Projects: 2010 Outlook – Asphalt & Fuels Marketing 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 complete or have a high likelihood of completion (i.e. firm projects) One of the coker projects came on-line in the first quarter of 2010 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 23 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 |
 (Unaudited, Dollars in Thousands) 24 Reconciliation of Non-GAAP Financial Information: EBITDA and Distributable Cash Flow Year Ended December 31, Quarter Ended March 31, 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Net income $ 45,873 $ 55,143 $ 69,593 $ 78,418 $ 107,675 $ 149,906 $ 150,298 $ 254,018 $ 224,875 $ 19,703 Plus interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 79,384 18,586 Plus income tax expense - 395 - - 4,713 5,861 11,448 11,006 10,531 4,800 Plus depreciation and amortization expense 13,390 16,440 26,267 33,149 64,895 100,266 114,293 135,709 145,743 37,929 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 3,015 Less interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 79,384 18,586 Less reliability capital expenditures 2,786 3,943 10,353 9,701 23,707 35,803 40,337 55,669 45,163 12,355 Less income tax expense - - - - 4,713 5,861 11,448 11,006 10,531 4,800 Plus mark-to-market impact on hedge transactions - - - - - - 3,131 (9,784) 19,970 (12,613) 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 2,400 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 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. The following is a reconciliation of net income to EBITDA and distributable cash flow: 81,018 $ 32,049 $ 345,510 Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations. |
 25 (Unaudited Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Transportation and Storage The following is a reconciliation of operating income to adjusted EBITDA for the Transportation Segment: Year Ended December 31, 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 Adjusted EBITDA $ 169,859 $ 176,454 $ 185,835 $ 190,397 The following is a reconciliation of operating income to adjusted EBITDA for the Storage Segment: Year Ended December 31, 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 Adjusted EBITDA 161,607 176,952 207,785 242,133 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 EBITDA in the following reconciliations relate to our reportable segments or a portion of a reportable segment. We do not allocate general and administrative expenses to our reportable 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. |
 26 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Asphalt & Fuels Marketing (Continued) Year Ended December 31, 2008 Asphalt and Fuels Marketing Segment Less Fuels Marketing 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 Year Ended December 31, 2009 Asphalt and Fuels Marketing Segment Less Fuels Marketing Operations Asphalt Operations Operating income $ 60,629 $ 9,919 $ 50,710 Plus depreciation and amortization expense 19,463 - 19,463 Adjusted EBITDA $ 80,092 $ 9,919 $ 70,173 Combined two-year adjusted EBITDA from asphalt operations $ 221,326 Quarter Ended March 31, 2010 Asphalt and Fuels Marketing Segment Less Fuels Marketing Operations Asphalt Operations Operating income $ (7,896) $ 3,379 $ (11,275) Plus depreciation and amortization expense 5,041 17 5,024 Adjusted EBITDA $ (2,855) $ 3,396 $ (6,251) First quarter 2008 through March 2010 adjusted EBITDA from asphalt operations $ 215,075 EBITDA in the following reconciliations relate to our reportable segments or a portion of a reportable segment. We do not allocate general and administrative expenses to our reportable 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 adjusted EBITDA for our asphalt operations and asphalt and fuels marketing segment: |
 27 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Asphalt & Fuels Marketing The following is a reconciliation of operating income to EBITDA and distributable cash flow for our asphalt operations: Year Ended December 31, 2008 Year Ended December 31,2009 Quarter Ended March 31, 2010 Inception-to- Date Asphalt operations operating income $ 76,267 $ 50,710 $ (11,275) $ 115,702 Plus depreciation and amortization associated with asphalt operations 14,182 19,463 5,024 38,669 Asphalt operations EBITDA 90,449 70,173 (6,251) 154,371 Allocated to asphalt operations for distributable cash flow purposes Less general & administrative expense 18,640 16,105 5,225 39,970 Less interest expense 20,150 26,056 6,784 52,990 Less income tax expense - 489 71 560 Less reliability capital expenditures 4,126 6,962 2,623 13,711 Asphalt operations distributable cash flow $ 47,533 $ 20,561 $ (20,954) $ 47,140 Plus hedging loss in 2Q08 60,704 - - 60,704 Asphalt operations distributable cash flow excluding hedging loss $ 108,237 $ 20,561 $ (20,954) $ 107,844 Distributable cash flow $ 319,079 $ 345,510 $ 32,049 $ 696,638 Less asphalt operations distributable cash flow 47,533 20,561 (20,954) 47,140 Non-asphalt operations distributable cash flow $ 271,546 $ 324,949 $ 53,003 $ 649,498 |