NavSight (NSH) 8-K NuStar GP Holdings, LLC Reports Increased Third Quarter 2011 Net Income

Exhibit 99.1

NuStar GP Holdings, LLC Reports Increased Third Quarter 2011 Net Income

and Distributable Cash Flow

SAN ANTONIO, October 28, 2011 – NuStar GP Holdings, LLC (NYSE: NSH) today announced that distributable cash flow available to unitholders for the third quarter of 2011 was $21.1 million, or $0.50 per unit, compared to $20.7 million, or $0.49 per unit, for the third quarter of 2010. Third quarter 2011 net income was $18.4 million, or $0.43 per unit, compared to $17.8 million, or $0.42 per unit, for the third quarter of 2010.

In addition, the company announced that its board of directors has declared a third quarter 2011 distribution of $0.495 per unit. The third quarter 2011 distribution will be paid on November 16, 2011, to holders of record as of November 8, 2011.

“NuStar GP Holdings, LLC should benefit from a couple of internal growth projects completed by NuStar Energy L.P. during the third quarter,” said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “These projects should increase NuStar GP Holdings, LLC’s future distributable cash flows and net income.”

A conference call with management is scheduled for 11:00 a.m. ET (10:00 a.m. CT) today, October 28, 2011, to discuss the financial results for the third quarter of 2011. Investors interested in listening to the presentation may call 800/622-7620, passcode 13712546. International callers may access the presentation by dialing 706/645-0327, passcode 13712546. The company intends to have a playback available following the presentation, which may be accessed by calling 800/585-8367, passcode 13712546. A live broadcast of the conference call will also be available on the company’s Web site atwww.nustargpholdings.com.

NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 15.6 percent limited partner interest and the incentive distribution rights in NuStar Energy L.P., one of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation with operations in the United States, Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. For more information, visit NuStar GP Holdings, LLC’s Web site atwww.nustargpholdings.com.

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This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446- 4(b)(4) and (d). Please note that 100% of NuStar’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements regarding future events. All forward-looking statements are based on the company’s beliefs as well as assumptions made by and information currently available to the company. These statements reflect the company’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P. and NuStar GP Holdings, LLC’s 2010 annual reports on Form 10-K and subsequent filings with the Securities and Exchange Commission.

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NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information

(Unaudited, Thousands of Dollars, Except Unit Data and Per Unit Data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Statement of Income Data:
Revenues:
Services revenues	$	210,681		$	201,390		$	608,689		$	585,772
Product sales		1,613,669			936,989			4,039,461			2,623,077
Total revenues		1,824,350			1,138,379			4,648,150			3,208,849
Costs and expenses:
Cost of product sales		1,535,609			860,942			3,797,424			2,422,751
Operating expenses		135,615			121,748			390,480			363,028
General and administrative expenses		17,731			26,860			69,833			76,324
Depreciation and amortization expense		42,418			38,539			124,354			114,653
Total costs and expenses		1,731,373			1,048,089			4,382,091			2,976,756
Operating income		92,977			90,290			266,059			232,093
Equity earnings from joint venture		2,599			2,454			6,997			7,571
Interest expense, net		(21,565	)		(20,583	)		(62,644	)		(58,059	)
Other (expense) income, net		767			(235	)		(5,699	)		14,882
Income before income tax expense		74,778			71,926			204,713			196,487
Income tax expense		4,497			3,616			13,311			9,052
Net income	$	70,281		$	68,310		$	191,402		$	187,435
Net income applicable to limited partners	$	59,783		$	58,375		$	160,932		$	158,950
Net income per unit applicable to limited partners	$	0.92		$	0.90		$	2.49		$	2.55
Weighted average limited partner units outstanding		64,612,423			64,610,549			64,611,181			62,386,373
EBITDA (Note 1)	$	138,761		$	131,048		$	391,711		$	369,199
Distributable cash flow (Note 1)	$	90,970		$	94,202		$	276,524		$	243,372
	September 30, 2011			September 30, 2010						December 31, 2010
Balance Sheet Data:
Debt, including current portion (a)	$	2,525,655		$	1,990,507					$	2,137,080
Partners’ equity (b)		2,525,049			2,690,235						2,702,700
Debt-to-capitalization ratio (a) / ((a)+(b))		50.0	%		42.5	%					44.2	%

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars, Except Barrel Data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Segment Data:
Storage:
Throughput (barrels/day)		721,618			673,121			679,031			666,635
Throughput revenues	$	21,743		$	19,139		$	58,388		$	56,085
Storage lease revenues		120,146			111,998			359,820			330,493
Total revenues		141,889			131,137			418,208			386,578
Operating expenses		71,386			66,153			213,230			198,186
Depreciation and amortization expense		21,725			19,349			64,656			57,004
Segment operating income	$	48,778		$	45,635		$	140,322		$	131,388
Transportation:
Refined products pipelines throughput (barrels/day)		523,279			526,825			509,354			529,380
Crude oil pipelines throughput (barrels/day)		319,103			382,845			304,554			381,606
Total throughput (barrels/day)		842,382			909,670			813,908			910,986
Revenues	$	81,899		$	80,597		$	226,471		$	232,817
Operating expenses		30,796			30,488			85,381			88,784
Depreciation and amortization expense		12,855			12,597			38,282			38,029
Segment operating income	$	38,248		$	37,512		$	102,808		$	106,004
Asphalt and fuels marketing:
Product sales	$	1,618,693		$	937,074		$	4,049,079		$	2,625,994
Cost of product sales		1,545,340			864,904			3,821,379			2,438,703
Gross margin		73,353			72,170			227,700			187,291
Operating expenses		41,862			31,575			113,506			96,924
Depreciation and amortization expense		6,073			5,138			16,505			15,254
Segment operating income	$	25,418		$	35,457		$	97,689		$	75,113
Consolidation and intersegment eliminations:
Revenues	$	(18,131	)	$	(10,429	)	$	(45,608	)	$	(36,540	)
Cost of product sales		(9,731	)		(3,962	)		(23,955	)		(15,952	)
Operating expenses		(8,429	)		(6,468	)		(21,637	)		(20,866	)
Total	$	29		$	1		$	(16	)	$	278
Consolidated Information:
Revenues	$	1,824,350		$	1,138,379		$	4,648,150		$	3,208,849
Cost of product sales		1,535,609			860,942			3,797,424			2,422,751
Operating expenses		135,615			121,748			390,480			363,028
Depreciation and amortization expense		40,653			37,084			119,443			110,287
Segment operating income		112,473			118,605			340,803			312,783
General and administrative expenses		17,731			26,860			69,833			76,324
Other depreciation and amortization expense		1,765			1,455			4,911			4,366
Consolidated operating income	$	92,977		$	90,290		$	266,059		$	232,093

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars, Except Per Unit Data)

Notes:

1. NuStar Energy L.P. utilizes two financial measures, EBITDA and distributable cash flow, which are not defined in United States generally accepted accounting principles. Management uses these financial measures because they are 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 substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

The following is a reconciliation of net income to EBITDA and distributable cash flow:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net income	$	70,281		$	68,310		$	191,402		$	187,435
Plus interest expense, net		21,565			20,583			62,644			58,059
Plus income tax expense		4,497			3,616			13,311			9,052
Plus depreciation and amortization expense		42,418			38,539			124,354			114,653
EBITDA		138,761			131,048			391,711			369,199
Less equity earnings from joint ventures		(2,599	)		(2,454	)		(6,997	)		(7,571	)
Less interest expense, net		(21,565	)		(20,583	)		(62,644	)		(58,059	)
Less reliability capital expenditures		(15,104	)		(13,841	)		(41,257	)		(38,327	)
Less income tax expense		(4,497	)		(3,616	)		(13,311	)		(9,052	)
Plus distributions from joint venture		2,668			2,450			9,397			7,500
Plus other non-cash items		—			—			5,093			—
Mark-to-market impact on derivative activity (a)		(9,944	)		1,198			(8,718	)		(20,318	)
Contingent loss adjustment		3,250			—			3,250			—
Distributable cash flow	$	90,970		$	94,202		$	276,524		$	243,372
EBITDA	$	138,761		$	131,048		$	391,711		$	369,199
EBITDA attributable to noncontrolling interest		100			—			386			—
EBITDA attributable to NuStar Energy L.P.	$	138,661		$	131,048		$	391,325		$	369,199
Distributable cash flow	$	90,970		$	94,202		$	276,524		$	243,372
Distributable cash flow attributable to noncontrolling interest		87			—			388			—
Distributable cash flow attributable to NuStar Energy L.P.	$	90,883		$	94,202		$	276,136		$	243,372
General partner’s interest in distributable cash flow		10,600			10,160			31,350			29,371
Limited partners’ interest in distributable cash flow	$	80,283		$	84,042		$	244,786		$	214,001
Distributable cash flow per limited partner unit	$	1.24		$	1.30		$	3.79		$	3.40

(a) Distributable cash flow excludes the impact of unrealized mark-to-market gains and losses that arise from valuing certain derivative contracts, as well as qualifying hedged inventory. The gain or loss associated with these contracts is realized in distributable cash flow when the contracts are settled.