 August 24 & 25, 2011 2011 Citigroup One-on-One MLP/ Midstream Infrastructure Conference 1 Exhibit 99.1 |
 Statements contained in this presentation that state management’s expectations or predictions of the future are forward-looking statements as defined by federal securities law. The words “believe,” “expect,” “should,” “targeting,” “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.nustargpholdings.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 $3.6 billion and an enterprise value of approximately $5.9 billion NuStar GP Holdings, LLC (NYSE: NSH) holds the 2% general partner interest, incentive distribution rights and 15.5% of the common units in NuStar Energy L.P. with a market capitalization of around $1.4 billion Two Publicly Traded Companies NSNSH IPO Date: 4/16/2001 7/19/2006 Unit Price (08/2211):$55.99$33.10 Annualized Distribution/Unit: $4.38 $1.98 Yield (08/22/11):7.82%5.98% Market Capitalization: $3,618 million $1,409 million Enterprise Value $5,931million$1,417 million Credit Ratings – Moody’s Baa3/Stable n/a S&P and Fitch BBB-/Stable n/a 83.0% Membership Interest 82.5% L.P. Interest Public Unitholders 35.3 Million NSH Units Public Unitholders 54.4 Million NS Units 17.0% Membership Interest 2.0% G.P. Interest 15.5% L.P. Interest Incentive Distribution Rights William E. Greehey 7.3 Million NSH Units NYSE: NSH NYSE: NS 4 |
 Large and Diverse Geographic Footprint with Assets in Key Locations Asset Stats: Operations in eight different countries including the U.S., Mexico, the Netherlands, including St. Eustatius in the Caribbean, England, Ireland, Scotland, Canada and Turkey. Own 90 terminal and storage facilities Over 94 million barrels of storage capacity 8,417 miles of crude oil and refined product pipelines 2 asphalt refineries and a fuels refinery capable of processing 118,500 bpd of crude oil 5 |
 Percentage of 2010 Segment Operating Income Approximately 78% of NuStar Energy’s 2010 segment operating income came from fee-based transportation and storage segments Approximately 80% of 2011 segment operating income should come from fee- based transportation and storage segments Storage: 43% Transportation: 35% Refined Product Terminals Crude Oil Storage Refined Product Pipelines* Crude Oil Pipelines Asphalt & Fuels Marketing: 22% Asphalt Operations Fuels Marketing Operations Product Supply, Crude Oil Trading, Bunkering and Fuel Oil Marketing San Antonio Refinery (Beginning in 2011) Diversified Operations from Three Business Segments * Includes primarily distillates, gasoline, propane, jet fuel, ammonia and other light products. Does not include natural gas. 6 |
 2006 2007 2008 2009 2010 $1.28 $1.38 $1.58 $1.73 $1.87 Distributions for both NS and NSH have grown every year since IPO’s… Expect 2011 distribution growth rate to be higher than 2010 NS Distribution ($ per Unit) NSH Distribution ($ per Unit) ~9.9% CAGR * Annualized Distribution * 7 |
 Storage Segment Overview 8 |
 2011 Outlook Full year of EBITDA should be realized from May 2010 Mobile, AL terminal acquisition and St. Eustatius terminal project completed in 4 th quarter 2010 Benefits from St. James Phase 1 storage project began July 1 and are being phased in during the 3 rd quarter as a portion of the planned tanks are completed 2011 segment EBITDA expected to be $20 to $30 million higher than 2010 Storage Segment EBITDA ($ in Millions) Storage Contract Renewals (% of Revenues) 1 Year or Less 1 to 3 Years 3 to 5 Years Greater Than 5 Years 2011 Storage Segment EBITDA Expected to be Higher than 2010 2006 2007 2008 2009 2010 $162 $177 $208 $242 $256 30% 42% 13% 15% 9 |
  Storage expansion projects continue at our St. James, Louisiana terminal Third-Party Crude Oil Storage Expansion – Phase 1 Construct 3.2 million barrels of crude oil storage Projected CAPEX of $125 to $145 million, with projected average annual EBITDA of $15 to $25 million Storage tanks in-service beginning July 1 and phased in during the 3 rd quarter Third-Party Crude Oil Storage Expansion – Phase 2 Project in early planning stages Should be similar in size to Phase 1 project Could grow in size based on customer demand Expected in-service last half of 2012 10 |
 Recently announced an agreement to construct a unit train offloading facility at our St. James terminal Agreement with two subsidiaries of EOG Resources, Inc. EOG is a large independent oil and natural gas company Proved reserves in the United States, Canada, the UK and China Project description: New rail and unit train offloading facilities Facility will be equipped to handle at least one 70,000-barrel train per day Two new storage tanks with a combined capacity of 360,000 barrels Costs and completion dates: Rail project should be completed in 1 st quarter of 2012 Tanks are expected to be completed and in service in 2 nd quarter of 2012 NuStar’s share of the costs should be $30 to $40 million 11 |
 Plan to construct new tanks for distillate service at our St. Eustatius terminal Construct one million barrels of new storage for distillate service Interested customers include several large oil companies Projected CAPEX of $45 to $55 million, with projected average annual EBITDA of $5 to $10 million Expected in-service 4th quarter 2012 12 |
 Transportation Segment Overview 13 |
 Transportation Segment EBITDA ($ in Millions) 2010 Pipeline Receipts by Commodity Lower throughputs should cause Transportation Segment EBITDA to be down in 2011 Gasoline 29% Other* 13% *Other includes ammonia, jet fuel, propane, naphtha and light end refined products 2006 2007 2008 2009 2010 $170 $176 $186 $190 $199 Crude Oil 40% Distillate 18% 2011 Outlook Eagle Ford shale crude project with Koch Pipeline Company completed in June 2011 should increase throughputs 30,000 BPD Throughputs projected to be down 7% to 8%. Heavy customer refinery turnaround schedule and increased export demand for distillates could negatively impact throughputs. Tariff increase of 6.9%, effective July 1, 2011, includes a 2.65% FERC approved index adjustment factor that will be applicable on an annual basis through June 30, 2016 Full year 2011 segment EBITDA expected to be $5 to $15 million lower than 2010 14 |
 Transportation Segment Assets in close proximity to key Shale Formations Shale Development Strategy should increase Transportation Segment Throughputs Shale Development Strategy There are key shale developments located in NuStar’s Mid-Continent and Gulf Coast regions, including the Eagle Ford, Bakken, Granite Wash, Barnett, and Niobrara 15 |
 Four Eagle Ford Shale Projects have been announced to date Previously discussed Pipeline Connection & Capacity Lease Agreement with Koch Pipeline In the 2 nd quarter of 2011, announced the signing of LOIs with TexStar Midstream Services and Velocity Midstream Partners to develop a new pipeline system TexStar and Velocity both plan to construct pipelines that transport crude and condensate to Three Rivers, TX Pipelines should be interconnected with a new storage facility to be constructed at Three Rivers, TX by NuStar Plan to connect the storage facility to NuStar’s existing 16-inch pipeline that can transport 200,000 BPD to NuStar’s Corpus Christi North Beach storage terminal Both projects expected to be in-service 2Q 2012 16 |
 Four Eagle Ford Shale Projects have been announced to date (Continued) NuStar is working with Valero Energy to finalize agreements to transport Eagle Ford crude, other crude oils and condensate for Valero Energy Agreements should involve several of NuStar’s existing South Texas pipelines and could also involve the construction of a new pipeline. A portion of this project could be on-line as early as the 4 th quarter of 2011. 17 |
      THREE RIVERS REFINERY CORPUS CHRISTI PLACED O PETTUS NORTH BEACH Valero West Plant OAKVILLE Koch Mayo Sta. Completed project for Koch Pipeline New 3 rd Party Pipeline New NuStar Pipeline Existing NuStar Pipeline In early development phase Letter of Intent in place Expect to Announce Additional Projects In the Near Future 18 |
 Asphalt & Fuels Marketing Segment Overview 19 |
 $27 $22 $37 $10 $37 $90 $70 $74 Asphalt Fuels Marketing $3.78 $8.75 $6.37 $7.73 Earnings from San Antonio refinery acquisition as well as improved earnings in Fuels Marketing operations should lead to improved segment results Asphalt & Fuels Marketing U.S. East Coast Product Margin ($ per barrel) 2009 Actual 2008 Actual 2000-2007 Average 2011 Outlook April 2011 San Antonio refinery acquisition contributing as expected to 2011 earnings Continued weak asphalt demand and high feedstock costs should cause EBITDA in our asphalt operations to be lower than 2010 New U.S. heavy fuels and bunker fuels markets entered in 2010 benefitting our fuels marketing operations in 2011 Full year 2011 segment EBITDA expected to be higher than 2010 Segment EBITDA ($ in millions) 2010 Actual 2006 2007 2008 2009 2010 $80 $111 $127 20 |
 Financial Overview 21 |
 6/30/11 Revolver Availability NuStar Revolver Availability close to $350 million…. Credit Metrics should continue to improve as earnings increase Total Bank Credit $1,224 Less: Borrowings (489) Letters of Credit Go Zone Financing (294) Other (12) Revolver Availability $429 Standard & Poor’s: BBB- (Stable Outlook) Moody’s: Baa3 (Stable Outlook) Fitch: BBB- (Stable Outlook) Debt/EBITDA (6/30/11): 4.3x Debt/Capitalization (6/30/11): 47.9% Credit Ratings/Metrics (Dollars in Millions) 5.0x Revolver Debt/EBITDA covenant limits true Revolver availability to ~$350 million at 6/30/11 22 |
 $0 $250 $500 $750 $1,000 $1 $874 $480 $350 $450 $290 No Significant Debt Maturities Until 2012 No significant debt maturities until 2012 when some senior notes and the revolver will become due Current market Credit Revolver terms & pricing seem to be improving Current plan is to hold off closing on a new Revolver until 2012 $290 million worth of GO Zone financing matures in 2038 – 2040 Debt structure approximately 50% fixed rate – 50% variable rate Debt Maturities as of June 30, 2011 (Millions $) 23 |
 $20 $13 $75 $107 $159 $200 $14 $20 $25 $23 $27 $75 $43 $100 2009 Actual 2010 Actual 2011 Forecast Acquisitions Corporate Asphalt & Fuels Marketing Storage Transportation 2011 Total Spending on Internal Growth Projects & Acquisitions currently projected to be around $475 million ( Dollars in Millions) $164 $262 $475 24 |
 High quality, large and diverse asset footprint supporting energy infrastructure both in the U.S. and internationally Contracted fee-based storage and transportation assets provide stable cash flows, delivering 78% of 2010 operating income Fourth largest independent liquids terminal operator in the world Diverse and high quality customer base composed of large integrated oil companies, national oil companies and refiners Strong balance sheet, credit metrics and commitment to maintain investment grade credit ratings Lower cost of capital than majority of peers Experienced and proven management team with substantial equity ownership and industry experience Recognized nationally for safety and environmental record as well as one of the best places to work NuStar Summary 25 |
 26 |
 Appendix 27 |
 Reconciliation of Non-GAAP Financial Information: Storage Segment 28 (Unaudited, Dollars in Thousands) The following is a reconciliation of operating income to EBITDA for the Storage Segment: 2006 2007 2008 2009 2010 Operating income 108,486 $ 114,635 $ 141,079 $ 171,245 $ 178,947 $ Plus depreciation and amortization expense 53,121 62,317 66,706 70,888 77,071 EBITDA 161,607 $ 176,952 $ 207,785 $ 242,133 $ 256,018 $ Projected incremental operating income range $ 11,000 - 20,000 Plus projected incremental depreciation and amortization expense range 9,000 - 10,000 Projected incremental EBITDA range $ 20,000 - 30,000 St. James, LA Terminal Expansion Phase 1 St. Eustatius Distillate Project Projected annual operating income range $ 11,000 - 20,000 $ 4,000 - 8,000 Plus projected annual depreciation and amortization expense range 4,000 - 5,000 1,000 - 2,000 Projected annual EBITDA range $ 15,000 - 25,000 $ 5,000 - 10,000 The following is a reconciliation of projected annual operating income to projected annual EBITDA for certain projects in our storage segment related to our internal growth program: The following is a reconciliation of projected incremental operating income to projected incremental EBITDA: Year Ended December 31, Year Ended December 31, 2011 NuStar Energy L.P. utilizes a financial measure, EBITDA, that is not defined in United States generally accepted accounting principles. Management uses this financial measure because it is a widely accepted financial indicator used by investors to compare partnership performance. In addition, management believes that this measure provides investors an enhanced perspective of the operating performance of the partnership's assets. EBITDA is not intended nor presented as an alternative to net income. EBITDA should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with United States generally accepted accounting principles. |
 Reconciliation of Non-GAAP Financial Information: Transportation Segment 29 (Unaudited, Dollars in Thousands) The following is a reconciliation of operating income to EBITDA for the Transportation Segment: 2006 2007 2008 2009 2010 Operating income 122,714 $ 126,508 $ 135,086 $ 139,869 $ 148,571 $ Plus depreciation and amortization expense 47,145 49,946 50,749 50,528 50,617 EBITDA 169,859 $ 176,454 $ 185,835 $ 190,397 $ 199,188 $ The following is a reconciliation of projected decrease in operating income to projected decrease in EBITDA: Projected decrease in operating income ($ 5,000 - 15,500) Plus projected incremental depreciation and amortization expense range 0 - 500 Projected decrease in EBITDA range ($ 5,000 - 15,000) Year Ended December 31, 2011 Year Ended December 31, NuStar Energy L.P. utilizes a financial measure, EBITDA, that is not defined in United States generally accepted accounting principles. Management uses this financial measure because it is a widely accepted financial indicator used by investors to compare partnership performance. In addition, management believes that this measure provides investors an enhanced perspective of the operating performance of the partnership's assets. EBITDA is not intended nor presented as an alternative to net income. EBITDA should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with United States generally accepted accounting principles. |
 Reconciliation of Non-GAAP Financial Information: Asphalt and Fuels Marketing Segment 30 (Unaudited, Dollars in Thousands) Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Operating income 53,977 $ 36,884 $ 90,861 $ Plus depreciation and amortization expense 20,164 93 20,257 EBITDA 74,141 $ 36,977 $ 111,118 $ Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Operating income 50,710 $ 9,919 $ 60,629 $ Plus depreciation and amortization expense 19,463 - 19,463 EBITDA 70,173 $ 9,919 $ 80,092 $ Year Ended December 31, 2007 Year Ended December 31, 2006 Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Asphalt and Fuels Marketing Segment Asphalt and Fuels Marketing Segment Operating income 76,267 $ 36,239 $ 112,506 $ 21,111 $ 26,815 $ Plus depreciation and amortization expense 14,182 552 14,734 423 - EBITDA 90,449 $ 36,791 $ 127,240 $ 21,534 $ 26,815 $ Year Ended December 31, 2009 Year Ended December 31, 2008 NuStar Energy L.P. utilizes a financial measure, EBITDA, that is not defined in United States generally accepted accounting principles. Management uses this financial measure because it is a widely accepted financial indicator used by investors to compare partnership performance. In addition, management believes that this measure provides investors an enhanced perspective of the operating performance of the partnership's assets. EBITDA is not intended nor presented as an alternative to net income. EBITDA should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with United States generally accepted accounting principles. The following tables reconcile operating income to EBITDA for asphalt operations and fuels marketing operations in our asphalt and fuels marketing segment: Year Ended December 31, 2010 |