NS - Earnings call transcript Q1 2018

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Operator

Good day ladies and gentlemen, and welcome to the First Quarter 2018 NuStar Energy L.P. and NuStar GP Holdings, LLC Earnings Conference Call. [Operator Instructions].

As a reminder, this call is being recorded. I would now like to introduce your host for today’s conference Mr. Vice Investor and Treasurer Russell, President Relations. - Chris go ahead, sir. Please

Chris Russell

and Christy. today's Good you, welcome morning Thank everyone to call.

Tom President On the and CEO, and LLC's L.P. with management other NuStar Barron, Vice members and CFO, and of along call today NuStar are GP Brad Shoaf, President Executive team. our Energy Holdings,

statements. NuStar started, are about like of and of to to Securities get NuStar management various are assumptions results our call, future those the this views described that will you the that we Before Commission. the statements statements. remind from may Exchange These with described subject statements I would forward-looking risks, in make differ current materially in uncertainties our concerning course and the during forward-looking the Actual performance filings

be course measures. earnings non-GAAP our should websites U.S. financial and certain we make the the of to will During this as of sections measures measures GAAP reconciliations these Reconciliations with Investors call certain nustargpholdings.com. These also Financials page in alternatives non-GAAP on measures. the reference press found of GAAP to financial considered at not financial located additional release, be of non-GAAP to of may our nustarenergy.com

the to call I'm Now to going Brad Barron. over

Brad Barron

for Good share of good with I morning. news Thank joining have you to you. today. us a lot

an before overview an as laid quarterly it For to call about adjustments and those today take as out. comprehensive on in our we Central with our new call accretive several including turn year forward major our updated customer that System, our small preview, you Permian out of I’m last, on update progress forecast. System of projects, one about all execution news and developments East on over well Eustatius our business, get Then, the let’s our growth at a earnings you view XXXX that immediately who last bold-on talking a view St. an plans path XXXX, pieces With and our results acquisition growth, acquisition have financial some listened know our encouraging good of through going for start a in February, I’ll after of to facility. on our of our you On laid to started. your but Tom healthy our some our as by to I

the most laid preliminary out we’ve mid-March on to structure, the statement the markets. capital and a then issue joint access equity Since staged call During and financial made proxy for NuStar Form term leverage our a our In filed to unit growth, our NSH S-X holder simplification. minimize lowering approval includes sustainable seek earnings progress we best our NS our need to units coverage, approach long to comprehensive substantial simplifying and which recent position strength effectuate we simplification. restoring

We our second process are comments close the to end to the be holder of to unit the to by expect responding of vote and and S-X, schedule quarter. positioned in we SEC the Form

that. know we base report with good the made as the news diverse demonstrates developing we we’ve We doing on but operating and simplification, business that to that asset proud our and are are important happy are progress just we and the our just is

First, on projects and acquisitions.

as We to in our with assets be Mexico. refined markets are Texas, in products announce in grow existing pleased South to Mexico, pipeline Laredo, will our we in projects on supply Nuevo expanding that to terminal well as

to products to worked advantage Mexico’s and our by Since know to in NuStar then, those supply began, that have those assets utilizing of opportunities position been reforms the facilities happy our of about energy the in Texas just since over we NuStar rail systems with us. expand present you you series I connect to South Corpus signed who creditworthy to say South Christi, pleased For T&D projects Nuevo excited market, and take years, am third-party customers certain pipeline opportunities have existing the Texas healthy-return to accomplished and we’ve agreements a reforms we Mexico followed several Mexico Laredo new these products strong, to to long-term announce for I’m have support that. to terminal. of we’ve capital expand

growth will benefit logistics the as this starting these XXXX. establish Mexico from for developing believe We market projects in for expect am to of providers presents of We as one and opportunities creativity our proud NuStar market. these as primary which the team’s we incremental future late believe from and soon I significant perseverance revenue projects, burgeoning

role acquisition Bluff by system, front, our It’s System. acquisition system CHS. to a next increasing attractive Council of storage key we pipeline overall XXX-mile time on immediately believe CHS’s first This an as tanks the in our million consisting owner our into bolt-on System markets, closed provider at flexibility of very mid-April enhances while expansion hard market same logistics and enhancing new XX $XX at Permian East week existing the that On a will multiple. a and system Central the of accretive as our allowing anniversary to

day. We and rigs for growth overall Permian per XXX barrels open to XX,XXX in capacity are I’m total approximately to than expansion plays per all Permian barrels efficiency. the shell Based capacity volumes continued on coming are Crude development also XX% system will and expect other There happy growth, now period. Permian exceed in between continues same report Basin higher expectations. that happy has in The growth which U.S. the Basin to XXX Permian when a XXX,XXX over the basin. our to Since our outpace Permian to increase barrels we significantly our up System, second report May has to per throughput our by day. we growth projections, exit XXX,XXX XXX,XXX strong system up interest overall to is outpaced producer’s season on from last per our day system XXXX in acquired XXX,XXX XX% Permian for barrels our during per nominations the many of at system last the in and approximately day, the the barrels XXX,XXX with day, XXX%, consistently is overall May

We of expect July be by end project XXXX. to this the completed

As Permian in see, in remain year can in the general our one on Basin Crude Permian System and you bullish we extremely particular.

Christi In terminal St. system, train addition class to Mexico on the our spa in and dock we utilization opportunities working our our dock in assets. expand are facilities Notably our projects James. unit to Permian existing first additional Corpus in and and for

of in reflected saw due to terminal I’m reduction results happy late our for PDVSA's call to in in Moving which at in are the is report on XXXX we to a and in QX continuing Eustatius, uptick quarter St. benefit we first activity, in to from you reduced PDVSA's and we activity. terminal at activity XXXX significant XXXX. early utilization that encouraging last some had our told our developments expectations an

we As the hopeful year trend this will progresses, are continue.

I think assets by demonstrate it’s how reposition [inaudible] employees I working our both operate expectations our we expectations. business. and soundness our to of develop all and hard our this are on the because million. always are from this our of plan NuStar for our raising to part a to segway believe up-tick results year steal on In our $XX good XXXX adjusted EBITDA

our of business turn quarter-over-quarter, up fact, Shoaf, fuel business. of and our segments, results marketing underscoring projections. & CFO and storage, In are continuing pipeline discuss may Vice With call to NuStar’s over you in EBITDA strength that, have the Tom Executive the all base noticed that our I’ll President

Tom Shoaf

Brad good morning and everyone. Thanks

from a with we hurricane gain generated our results, XXXX quarter XXXX, Permian first and System XXXX of overall receipt first Crud the insurance the EBITDA from million mostly and million net to January up our significantly to associated million, due acquisition Turning contributions of of proceeds. $XXX $XX of related quarter income our $XXX

terminal. damage of We St. and related have million fourth We XXXX. to in our remaining hurricane the XXXX XXXX in received received quarter $XXX million January of proceeds million at $XX.X the $XX.X Eustatius insurance

We well lost of repairing the $X as cost as our million damage, over cover insurance the property of to expect these deductable. most proceeds our revenue fully

net are and repair in over next hurricane. the first reflected from couple our note EBITDA, damage was the to be is years proceeds of in only as will gain spent it While recognized the caused the the to important quarter gain DCF the that income

available $XX our DCF was was and first the for distribution partners to limited common common million limited quarter partners the coverage Our ratio X.XXx. to

System first usual winter our on due that from by quarter XXXX, Crud EBITDA million partially were pipeline from longer our impact up season The and XXXX segment Ammonia $XX of $X Pipeline throughputs. offset of negative was than the the Permian to our contributions quarter million, largely first

offset as last of rates a than replaced XXXX. Since we early storage segment Linden was were $XX at a made year partially EBITDA St. $X of at facility. storage we St. balances quarter. recognize us Brad inventory to encouraging PDVSA saw uptick were James the vessel earnings decrease Eustatius contract our the from terminal XXXX fourth storage activity first by facility our terminal terminal under PDVSA's in in at our quarter the owed the revenue our million and in storage terminal said the at a our to revenues Increased quarter enhancements First Eustatius in and result able to higher short St. termination payment customer a call, million, we as from quarter our terminal contract income first and

at of below balance A per March April our things Series $X.X revolving On Energy our our sets agreement among which amendment other while was debt Our covenant agreement, NuStar we unit remainder distribution XX, X.Xx, credit March credit the covenant threshold XXXX. our billion, first XX, for of X.Xx. On was declared debt-to-EBITDA amended ratio $X.XXXXX five quarter the unit. year of preferred X.XXx XX threshold

and three distribution paid of Series Series unit, on $X.XXXX June which quarter per per unit of of distribution The the XX. $X.XXXXX preferred first B all unit quarter first C will preferred unit be

declared April quarter Energy of on XX, anticipated, it be we NuStar unit, will common on paid $X.XX XX. distribution As unit per first May the

NSH expected units distribution receive closing holders or The NS for unit be was calculated Holdings assuming of X.XX the GP the first after quarter declared they May own NuStar simplification are NSH $X.XX NSH addition NSH on per In of transaction. of unit each which XX. will distribution paid that unit to upcoming a

cash XXXX received the range of associated million, with $XXX our now we for be insurance hurricane gain NuStar’s in earlier. proceeds to million the $XX to expect million I to the includes related which mentioned Turning EBITDA projections, $XXX XXXX

to related exclude Eustatius our CHS, the expect terminal, EBITDA and to contribution adjusted along St. partly million approximately acquisition of reflect change segment the We in of revenue range increased lower terminal projections storage pipeline higher to if EBITDA the to as With we Crude to out for to due standards continued at recognition $XXX XXXX spend to million. with million to pipeline to related strategic million year $XX revenues from with the the capital and incremental for curve. from softness capital in gain, revenue by regard the pricing to other primarily $XXX continue in some spending, our XXXX PDVSA $XXX guidance and on offset forward by be million approximately you plan storage and Permian accounting However, our our roll a $XXX we million relating and backwardation System. the $XXX

also Our refined guidance XXXX products strategic earlier. associated new of to mentioned includes about spending that projects Mexico $XX supply with million spending Brad to the

Xx range is these These projects the these to back generate to of are of I spent get Xx expected million completed in XXXX. excited in multiples $XXX expected EBITDA half projects. XXXX to Another am very in about to the and be projects

Mexico we spending. are This plan, we is just our strategically spending XXXX added have projects capital supply of to one our increased the for have we example how the strategic not year. managing our While total

As we only we to and means. strong future, good always, our are developing focused insuring are the within we returns but now on generate projects in spend

expect coverage insurance for million we at spending X.Xx Regarding to million are spend proceeds. $XX $XX St. in our in capital of range our to expect to Eustatius, $XXX X.Xx to XXXX repair is approximately for targeting continue to to hurricane paid Based of to reliability XXXX, which million with spending relates a in which X.Xx these X.Xx now the range ratio still coverage we and of be on XXXX. projections ratio the we

EBITDA end the XXXX. turn by X.Xx to X.Xx around closing debt I’ll end the that, XXXX the Brad to with We be and over to in for back X.Xx our by to of the his remarks. of call range expect And ratio

Brad Barron

to we last our our in provide leverage value. safely time to the and continued logistical develop are fund service our On same Thank detail described, you, comprehensive work and and simplify to future have on our rates. hard Tom. maximize executing growth, set projects as for out plan company position provide call And operate strategically ability to strength, competitive have growth we at class our growth. sustainable efficiently employees to unit our plan step drive we reduce flexibility holder to to future the and our to our At and world structure, solutions

We that flexibility this the up demonstrate are believe all quarter, making and and we growth. is every in quarter-over-quarter on that strength financial NuStar on we’ve and progress accomplished segment path

and excited are We good after open investors Q&A. hope are news our about With for up that, all our future, hearing too. we our the call we’ll

Operator

[Operator you. Instructions]. Thank

Our line JPMorgan. of of the first from comes Tonet question Jeremy

Your line is open.

Unidentified Analyst

at refresh acquisition? navigator on the What on the Jeremy. Good morning. us hit and the targets to outlined EBITDA Bill was This the needed is can for CapEx during you quarter, the

Tom Shoaf

the hit mean over next points quarter was – XXXX. The and Permian XXXX million the about and is for in $XXX to capital total targets I $XX EBITDA the million the

Unidentified Analyst

And termination thanks. of amount the that Okay, you what payment was the then Linden mentioned?

Tom Shoaf

million. $X

Danny Oliver

basis really we for because that can’t were. present – a in were into them able to leaving many lease, that specifics get value to tanks than net us better re-lease party. on its We Yeah, too was another specific they where a the as on deal the whole that customer

Unidentified Analyst

Okay the the all will go and on you then projects Mexico thanks, more at can to service those end into detail XXXX. of and share

some then they the more come As would or staggered? of will you mentioned, revenue on be

Danny Oliver

projects, some the effect full of we’ll at A XXXX. that. the of little will but interim XXXX, more of that starting staggered through There the end end mid-XXXX the than the occur projects service is in provide

agreements wait do mentioned seven in they you Tom out that. let with think soon are given these million help announcements, Our to with with all that EBITDA he are I to come and the probably that. and model capital and that specific by take pay of with But five you Brad to long going customers more their customers, the term $XXX I are them think pretty we shared that supported you, shared multiple course or will going

Brad Barron

thing of in One those $XX capital million accommodate spend want XXXX. our spend And we capital about overall emphasize that that about lowered to to I is projects.

spend this in does capital So not increase our XXXX. our

Unidentified Analyst

taking Great. Thanks for my questions.

Operator

our from you Theresa Chen Thank of question next Barclays. is

open. Your line is

Theresa Chen

and the is run just what rate it Hi, clarify on now? to the for the System, quarter currently Permian Gathering was where

Brad Barron

day week about barrels last of We right activity. a are been at XXX,XXX now. That’s the

Tom Shoaf

quarter The was Theresa run for the XXX,XXX. about rate

Theresa Chen

Great, thank you.

Brad Barron

up, XXX,XXX. ramp May think got We’ll it we’ve I in nominations of

Theresa Chen

Got it.

in On the St. and booked. revenue Eustatius facility, I understand that you you saw an activity uptick is know

to paid cash monazite inventory. curious if actually Just able the know were the you some of or the customer to

Brad Barron

our customer get as is don’t each our get on can the you details. to about we said the tell relationship. value We the Linden don’t and into into What that thing. No, of customs, is want we current details I Danny

Theresa Chen

is the accretive Okay, multiple, a of on $XX was the is if in that million and strategic CapEx acquisition, or the terms it… can what in included of range give CHS so you your

Tom Shoaf

Yeah, on very want exact that it in and I of we strategic the multiple about – attractive that – was was attractive. CapEx, was million don’t the it multiple give a very range is multiple, now the to included the out not don’t but $XX

Theresa Chen

Okay.

at fiduciary least of didn’t maybe process just that having terms responsibility ETE talk context in such. and about why came your that in In consider S-X, the can thought the on bid your you out you conversation of cash and

Brad Barron

ongoing, for we S-X that in merger agreement ETE fully understand So and S-X have regard you an our active is the to keep the active quarter this and this disclosed what with and on details we’d and the any to letter and would of an like details that outlook the call do an can about of I focus and you are to XXXX. and so for the S-X direct

Theresa Chen

Understood! Thank you much. very

Tom Shoaf

Tom. is Theresa, this

the of On about would are expecting, $X an about contribution you know $X.X and EBITDA million be think I million CHS that acquisition, on XXXX of basis annualized EBITDA. we

Theresa Chen

can one Great. if And I slip actually there. is another

this – lease how the in funding what you your year prep markets are For today? seeing

Tom Shoaf

financing work the equity our there out challenged. that right, on The still mean are last quarter. prep we markets to continuing and I Well, we are plan so common market is laid

in and/or quarter reach public in year. considering of issue are our the to targets the end debt We securities leverage help new private the by the us second the markets in

that So they there. seeing are we are

Theresa Chen

again. you Thank

Brad Barron

Okay.

Operator

Thank you.

Our next question is from Shneur of Gershuni UBS.

is line Your open.

Shneur Gershuni

Hi, good morning guys.

Just wanted things of to confirm couple a here.

the some the with First, Are the year laid the out CapEx respect changed, there? beginning has to it of range, within put out projects that at to range? we you that you XXX of new the the XXX have

Tom Shoaf

talked XXX Well, the about quarter within the today, The that’s to call range we same range fourth on we there. well. XXX are still that as that’s guidance

Shneur Gershuni

incremental Is about everything not just contemplating today that it? outlined. was the now so Okay, think specifically of to way kind

Brad Barron

adjusted No, we’ve our as make room overall these to we’ll for done capital be spending projects. particular

Shneur Gershuni

Got it.

And sense. then say were leverage X.XXx you this, missed covenant to metrics compliance? have at but makes that with your Okay, did secondly, respect that may you I

Brad Barron

at I X.Xx quarter. X.Xx and we didn’t. I No, were we’re allowed said this

Shneur Gershuni

in number Okay, terms would EBITDA calculating we calculate that would and that in how the go basis? count insurance forward with in that on of proceeds, a

Brad Barron

count. No, proceeds don’t insurance the

Shneur Gershuni

walk would in there know about? from there banks with a how difference would you adjustments how us it that leverage perspective. we calculate we you a GAAP Okay, thinking difference governance look and is of at anything the versus know be that compliance obviously through in Can is some you

Tom Shoaf

equity get over acquisitions money, the or side facility, we that sub for matter. $XX project big then pro-forma get material large excluded. acquisitions projects and we And spend that for any On your million issuance material any notes. on EBITDA on is That the large also make side the the we the a the thing we EBITDA debt That’s to for squeezes side. any bank under $XXX debt that’s back junior million out the adjustments

and we’re the pro-forming for acquisition. small be So EBITDA the still EBITDA a acquisition, Permian on we’ll amount CHS pro-forming

Shneur Gershuni

together was last that distribution putting the QX of versus that X.Xx. announced got quarter? Do there, you performance comfortable, feel bit thought a you’ve that little given so was Okay, that especially X.Xx adequate at room

Brad Barron

Yeah, we we’ve is from mean, our this where the that factored all I year plan yes. got we on so know this say plan financing a determining and it I yeah, of in we execute I all where to and plan like with lower said distribution would you currently. to leverage right

Shneur Gershuni

Great, I color. the perfect. Thank appreciate very you guys. much

Brad Barron

Yeah, thank you.

Operator

Thank you.

of question is from Levine Ryan Our Citi. next

is open. line Your

Ryan Levine

South product planning yeah the Belvieu the is Texas only or this Which inch Is the morning. also NuStar Good line was expanding? eight in dispute. system that Corpus to is inch, at on Laredo it point eight line it Mont

Brad Barron

well. The Laredo pipelines, isn’t coming one pipeline Belvieu that our of line Corpus way of to Corpus that but several we them, Mont are expanded that certainly this, as part got more heading being but of of out several is

Ryan Levine

also border Is Okay. the only U.S.? south it in of or the

Brad Barron

crosses crosses in Nuevo also be We one expanding – Laredo. Laredo That’s only Nuevo we’re the in rack That to truck from and only pipeline terminal expanded the border. pipeline this well Laredo there. pipeline have one storage will then involved the that project and that capabilities adding

Ryan Levine

political coming there any be these up associated risk with election to Is projects? perceived the with

Brad Barron

cover so that. our don’t We believe and contracts

Ryan Levine

and financing Okay, then the front… on

Tom Shoaf

point. one make to want Just

ratings. projects Our and back efficiency long throughput here lagged term

Ryan Levine

Okay, a that, saying? administration what change wouldn’t is so that in impacts you’re

Tom Shoaf

Right.

Ryan Levine

that by capital of part million going needs is recent target. reduce the then by $XXX appropriate? is acquisition, $XXX still your If Okay, up is million or the financing $XX directionally EBITDA target million plan, the which on the million, $XXX does and the

Brad Barron

I we’re plan. targeting out given that in a necessarily what think financing we’ve for range so decreases think we’re I looking don’t and it there our

still we’re have we with think what on I So, target set.

Ryan Levine

with in the the the increase associated the for St. Eustatius about Eustatius, highlighted $XX contract, acquisitions you for that component? that XXXX. and EBITDA $XX Is whole also million only and million PDVSA is St. Okay, or million $XX a

Brad Barron

and about, Eustatius various different CHS, of going of the the we that acquisition some the it Part is $XX are then is the the offsets million part the talked No, other items way. Ryan. revenue EBITDA CHS there from St.

forward storage that impacts and the recognition got we from into we accounting had are markets adjustments. the weakness in taking we also some know account You some going revenue

Ryan Levine

Okay, question. and the last

longer any On the assets the or financing potential table? plan, there is that is monetize to less on no core

Brad Barron

is I there mean, that, the yeah sure. of potential

Ryan Levine

Okay, thank you.

Operator

you. Thank

FBR. is question of next Riley, Balsano from Our Robert B.

is line open. Your

Robert Balsano

good Hey, on Congrats morning. quarter! strong a

Brad Barron

Thank you.

Robert Balsano

quick I on that To of elaborate couple Shneur’s CapEx, a been not a so question already. Just questions; changing. CapEx has on is lot understand answered

were Are has pulled XXXX. pushed stuff those basically the projects still that you investments? out know were on but been of or ’XX, Some the prioritized, future those for table they cancelled of to

Brad Barron

Some cancelled are I We our we table. continued anything. wouldn’t just the you prioritized know on development. still say

Robert Balsano

revenue Okay. higher a and looks modeling question. down And then revenues, the Is revenue just looking for at bit the this good kind moving those dipped segment do barrel. a The of is average pipeline those volumes. I’m about quarter think a little per How we it… margins barrel like Well, per it or with forward? run-rate

Brad Barron

Well, I don’t know.

take that offline. us Let one

not out I’m trying I’m to one – know think that take loud Yeah, You here. offline. let’s

Robert Balsano

it guys. for Thanks that’s now. Alright,

Brad Barron

you. Thank

Operator

Thank you.

of Blum Michael from is question next Wells Fargo. Our

Your line is open.

Michael Blum

morning good everyone. Hey,

Brad Barron

morning. Good

Michael Blum

Maybe roll the expand do storage mentioned those Thanks. seeing you due backwardation. of the or works just based maybe bit, on time terms you adjust weakness that segment can how over how of a structure, shape and to real that a little tariffs of about know in you magnitude the Can when the the curve. terms talk rate little in contracts in of you

Brad Barron

know it’s of is Yeah, always regional. as in so very first storage, all, you case the

been have unaffected. really completely We have that regions some

UK we’re this the some softening have beginning of UK. or plus year, new in – seen really haven’t rates a so a significant seeing increase going there, project softening of in Specifically EBITDA we the any we online

pricing. of same seeing the Coast, no West thing We’re the deterioration on

good there year, the contract then a so the really but But up you. of James we’ve and on know seeing but increases first kind East for earlier guidance year, those we well. as of there projects is up couple a at throughout to limited of baked in fully affects bulk you of our part at been that that into renewal where at and given specifically today. we’ve end the the the come Coast, different is and coming But rates had renewals it’s the online headwinds St. we’re this backwardation small, the – we the contracts seen quarter Terminal of EBITDA the very Some see the also for had are most we areas, Linden

Tom Shoaf

you Michael, of responsive the how the So ask curve. to this is shape

you think at a know year to I have are a ours look renewals within out and over you your third so about how are time spread you know.

Another third three of this you years the remainder than know one and years. to in three of greater

up So entire doesn’t the – either respond down. segment doesn’t it immediately respond or

Brad Barron

And even the structure. in say that’s all that by in not impacted market third of year, are first them

Michael Blum

very Got much. thank it, you

Operator

Selman you. Instructions] from next Akyol Stifel. is Thank Our of [Operator question

Your line open. is

Selman Akyol

Thank you.

one going Eustatius Eagle that’s one, a in how set can about to bit in particular. quick you talk little the Just recontracting Ford

Brad Barron

Eustatius St. always coming customers talking about to at into Well, we’re potential the terminal.

little going really Venezuela hand I think been them. and on PDVSA to we’ve justify with in additional weather able there. been holding want certainly that what’s think do we their that a with don’t We to re-contract rates we

So, while customers we are talking to to we prefer PDVSA at work terminal, continue Eustatius. the about to into coming new St. with

we roughly given volumes, than year, in these having August Texas. the different rates But As about this Eagle another of are in commitments that of are renewal about in re-contracting another next of the initial we seasons then at albeit the far for Ford XX% up success renewal XX% in having August capacity for in and We’ve up XX% overall ‘XX of in our year. of success as available XXXX. of got year, XX% Eagle re-contracting up year, first coming South parts this that’s Ford in open out are commitments goes, is those the this summer summer in that

Selman Akyol

Got Eustatius. you, quarter. say then than more Would you your tone PDVSA just what kind it going optimistic different relationship comments in on a last to it you now? back sounds was to and are of mean I like

Brad Barron

really and end would XXXX, optimistic are were we at willingness to. as we I saw seen more XXXX after the first to of off to a volumes in PDVSA some end and those continue of were and But of Tom drop got When we XXXX about early the that us as the we business. concerned had say I it with volumes the of year we up much that. quarter into alluded think ramping work

Selman Akyol

right, very much. thanks All

Operator

back any you, Thank for does for that like to future I’d Mr. call turn today. Q&A over session remarks. Russell and the Chris to conclude our

Chris Russell

would thank us Thank everybody reach out the you, call free for a NuStar’s Christy. today. to Relations I additional please any great and joining feel Thank like have to on has Investor day. questions, you department. Anybody to

Operator

today’s for in does Ladies have participating today’s a thank great This you you and gentlemen, conference. conclude all and day. program may disconnect. Everyone

NuStar Energy (NS) 27 Apr 182018 Q1 Earnings call transcript