NS - Earnings call transcript Q3 2020

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Operator

Good morning ladies and gentlemen, welcome to the Q3 2020 NuStar Energy Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Pam Schmidt, Vice President of Investor Relations.

begin. may You

Pam Schmidt

Good morning.

short like but call. to the due some for to delay welcome difficulties, sorry we'd technical are We you today’s

the Shoaf, Brad and are members of CFO, call Energy team. other On President management LP’s along Barron, with CEO; Vice Executive NuStar Tom our President and and today

performance we we are describing words, the like Actual continuing current Eustatius remind from call, make forward-looking filings statements. to facility about that described our results you other Exchange Also, management the XXXX. we and our operations. are differ the sold call results, NuStar In July we that during the Before St. subject will in Commission. that would the those in with materially and exclude various get that we will concerning of about the this These statements results risks, future views Securities talk started, will our in our today, forward-looking assumptions from be throughout this refer will to NuStar course may when of results statements. to in the we described call the statements uncertainties,

located on I over at page call may in website will release, Financials of U.S. additional non-GAAP our the as financial this to will During found the Brad. the be these reconciliations the press financial to turn measures. GAAP of These non-GAAP to to measures certain that, of measures Reconciliations we course Investors GAAP refer earnings of With nustarenergy.com. financial should also alternatives not call, considered non-GAAP measures. our section be of certain with

Brad Barron

have results, of Despite news the all pride for fight time quarter making priorities. to a and There join our of in and reliable this recovery, to and another today, world, on needed the ensure pandemic that our positive take customers on Good this the solid can challenges we're economy. have country reports strategic I employees our on how are news fuel progress to morning. NuStar persevered, year has Thank positive overcome working us. posed well demand taking you access lot the energy rebuild for to the the

we During refined crude our and move responsible. of oil and alone, million and terminals quarter pipelines products XXX barrels through third safely

on Over the and October, continued return the continue and segment, or to product see rebound to serve. we've near see our pipeline of course refined normal levels assets the summer at third and in levels through quarter we we pre-COVID markets saw improved stable throughout demand our In to demand the to system progress our our Permian end of average, we last in XXX,XXX and across in quarter, October, day and crude our remained October. of XXX% we this far steady return also We're pleased product demand. around call barrels November. averaged have typical per On since that volumes so refined

ramp which the May, Corpus third third per the quarter with per higher and from Basin reflect our quarter day. quarter, We're day Permian. geological shale indications Our exports Christi the After exports of throughputs increasing is XXX,XXX barrels XXX,XXX MVC second the from in an the distinguish also systems average believe advantages, costs, quality, per and and production in well. increased of pleased the core XXX,XXX XXX,XXX product in systems of per per pleased in our Midland above to gathering in quarter XXX,XXX assets of recovery also these barrels plays barrels in up numbers other Permian average with November day. an barrels barrels below day we've a other which We're saw lower been our from third quarter. to seeing we some nominations in as dipped We throughputs our XXX,XXX the day second of MVCs

forecast to for MVC Ford continue levels. WTI Eagle revenues at commitments and our the We

We’re encouraged rest priorities focused in for and environment our here we plan United continue keenly also on to we’re by and year, around to of our States strength remain uncertain and we’re of hopeful to this financial XX, we facing shine but rain ensure build the the or aware in see, the signs the we globe. resilience. Come strategic

First, lowering our leverage.

Second, flows. maximizing ability to fund with cash our generated our our internally spending

for evaluate agreement the you steps take continue First, to leverage. last Monday, we've were told quarter, on continuing a never is past, to from non-core mentioned terminals this you multiple. to sales with Well, depth benefit that our win. $XXX will recovered. And divestiture the buyers will assets Facility mainstream believe implies partying Texas and model price sell We million. we lower a healthy we signed M&A our the to in an easy. will divestitures to of deploy proceeds We we assets double-digit NuStar business markets we that metrics. our improve announced Purchase City with is

cuts plan significantly. generated flows. maximize to do to all of flows. internally expenses, We've We we costs. spending structural so transformation reduced us ability XXXX cash are allows part fund to in order we've operations for including to our our have operating our in and costs that our In cut by $XXX spending, cash or financing end, generated we've CapEx our million capital. of our continue strategic reduce our Second, XX%, that from to of To all internally reduced our total, our our reduced we fund these a

cuts well these expect past to and XXXX. continue we benefit to us such, As

pre range reduction capital, of lowered also be $XX million $XXX spending have reduced in the million million. from our is projected to to XXXX a strategic $XX our XXX to We to midpoint XXXX reliability of capital We've our which range guidance. XXX a million, further midpoint pandemic down million to

million full expense year addition, In identified we about there. million the operating and didn't to but $XX previously $XX reductions for XXXX, we of stop controllable

tangible indications for our more And are our performed detail reduce few in business of Most quarter savings million. you've continued controllable this progress a we recovery quarter, discuss and and seen course, are third well and expecting as Tom with another We organization, has by rebounded in now expenses results. our minutes. $X.X again looking will as operating across of to

for income This quarter quarter, but quarter, an period both the XXXX, second XXX give of third better quarter On basis, is third of only details and people, quarter was to over and our I'll the been $XXX which XXXX With our once asset not conditions. for industries. a But in up, also turn XXXX. results base, were EBITDA diversity million. third segment our it in our X% third adjusted year resilience has that, results. many under demonstrate same our income, operating quarter, than again, the challenging outperform of even rough XXXX, than many you Tom to operating higher the of million our

Tom Shoaf

and Brad good Thanks, everyone. morning,

reminder discussed will our a continuing that Just be operations from periods. all for results all

related of include debt. In our million early addition, on balance reported on extinguishment for charge $XXX of to the separately the term repayment results $XXX, on is of loss XXXX, million the Oaktree the third quarter loan, which

quarter million. over As this and excludes $XX such, XXXX $XXX third million or million EBITDA of adjusted $XXX of X% XXXX EBITDA third loss quarter up is

not is by returned $XXX quarter our quite XXXX Third within EBITDA segment third we over mentioned only throughputs million segment quarter which but of to earlier, of pipeline to environment, the to as was X million, able $XXX remarkable to EBITDA the pipeline pre-COVID quarter OpEx recognize in lower the savings this in comparable of end as we our rent were business and the power million in Brad refined costs. also due products XXXX

from or storage million, Our our XX% million third up $XX $XX of EBITDA $XX quarter was XXXX the million. segment EBITDA quarter XXXX and third

our task related of certain into As Corpus flows that a full the facilities of declines at System, XX-inch completion customer's than quarters COVID-XX pipeline, directly lingering the more any within Beach support Christi offset throughput some Terminal refineries. contribution North from our Crude which our

our product continue In well to renewals from storage addition, throughout increasing that new West to earlier OpEx our million brought we as existing efficiencies refined also and while Mexico and the our We coast able storage storage throughput. projects recognize utilization. due in also executed to contracts benefit segment gained a were projects, contracts this of biofuels as storage facilities that our year segment, segment our $X XXX% of savings our to

EBITDA fuels and last blending year, decreased bunker to butane compared XXXX the million and lower marketing same segment due our period quarter margins. to $X by Third

Our $X.X September we EBITDA had and debt our was debt borrowings facility credit billion revolving was and balance to our XXth no X.Xx. outstanding ratio under

all XX used the credit million XXXX under to in bond the maturity we notes proceeds loan, ultimately of As and liquidity as a billion revolving issue agreement. our notes years. reminder We $XXX next senior borrowings XXXX. to well September, the to term repay our the provide tranches outstanding year five maturing issued seize opportunity for rates as were X.X The in two and unsecured of the to clear runway attractive at five us new

In XXXX bond pay plan of next expense revolver February, availability off maturities, February, utilize the interest and to years. reduce couple all addition, over which our we will of our to XXXX our

and full XXXX EBITDA we million total around to now which and adjusted with about lowering million. recovery million million demand capital XXXX $XXX for NuStar, storage midpoint range in XXXX million is to XXXX, our raising be improvements renewable $XXX below of coast that our strategic assets. in $XXX fuels million, capital Of product Turning spending And we $XX of $XX and to million the to year business XX% and year will $XXX Permian given for and the are projections, West our resilience approximately for our our is narrowing for strategic the $XX XXXX continued are projected system related range to spending. be by the the

lowered in In have of capital the addition, million to $XX $XX reliability we to million. range be XXXX spending projected

results. further of That's NuStar to XXXX, several to for was first quarter out a XXXX fronts. be record comparable expect given result impressive, to breaker our we Looking pretty NuStar the pre-pandemic on XXXX

while needs. our I'll and comparable reliability We to to be mentioned to achieving these capital XXXX. generating spill And bean that, over expect will a strategic with Brad earlier, of the turn results our flows cash also as meet great we spending call Brad. And all internal to back

Brad Barron

Tom. Thanks

now by projected EBITDA XX and million, view recovery will NuStar we our the midpoint at generate adjusted in see X% resilience is which For $XXX months demonstrated encouraged strength the to footprint. $XXX XXXX million the now the we EBITDA We're proud rear across results. in mirror, our that mentioned, range full XXXX we're Tom XXXX XXXX business year in of our has above of and the of

that gas critical sometimes decades are because XXXX to for at accomplishment is the also an our working is we've doing company now notable plan take of decisive provided the we internally so thing MLP and protect While do. just be the mentioned done and to NuStar for you're and But for of that at it may XXXX. employees, we in thing uncertainty what Mark world We've the public increasingly to has the recognize XXth lot we the we two tout it, future believe oil never the we points years, here this supposed also in that comparable range granted. the right pride do to what EBITDA that to the range industry, the store, And and environment, opportunity right has of for we assure take you us we the expect each and need that our much report, first we in not social environmental XXXX to will as part I actions a plan opportunities NuStar's in as every industry cash day-to-day all generated our year which the to our a any Doing for remains tangible year; our XXXX. contributions our unitholders continuously expect evolving which presented across NuStar's changed thanks and XXXX to in take our as transition by sustainability and from has spending safety of communities, as our record, our responsibility, in a to over taken our energy In will we well the this to fund while we've to we and improve environment. report how here culture footprint. of day operations NuStar way is and just thing we operate. a right communities one leading flows, advantage demonstrate in

in we renewables, unfolding challenges. fuels largest low our a Coast embedded West the finding some years Our West projects producers of a adoption across partnership Several opportunities Coast began developing of region. series we carbon in great renewable terminals, network in is low world fuel across ago, with energy of multiple standards facilitate to the example that of were the

in just you fuels in state largest of significant the is how on union. renewable haven't now we a these calls, carbon mentioned we've driving While prior projects a told low the role playing transition NuStar

about California's a close relatively of of impressive total that first XX% NuStar example, EBITDA our of over diesel through with market our biodiesel X% along handled For continues market the volumes to That's and its an XXXX, quarter ramp a renewable XX% modest key in volumes. to we and achieved spend with ethanol, share share, associated of XXXX. of have its

renewables bring year you will Our like has resilience and challenging, us innovation been and be creative continued safety, all a priorities, navigate many department's we development business our our ingenuity footprint. nation's West dislocations, we're the toward NuStar's thrive to our be has ability and find solutions proud XXXX to obstacles this predicted to ability needs strength our though continue will the reflects could making identify even have happy and demonstrated, progress to has initiative the for key of That across customers' None as environmental the business energy on as Coast to energy evolve. we're XXXX our to of of that we adapting financial excellence the that our presented, and future. But close. listening, and health,

only recovery We and forward sustained NuStar, families find built what holiday in you continues. and season. next XXXX and with and Given us safe here of to healthy NuStar wish this we've I'm weather From year, that opportunities of your at not we the talking over look to the beyond, a as we'll but you all challenges, course year. confident

With for Q&A. that, thank open much. very I'll call So, you the up

Operator

The the first [Operator Instructions] line UBS. Gershuni question of comes with from Shneur

Your line is open.

Shneur Gershuni

you're XXX%. things that assumptions around Navigator could for products can takes that's are buying your we well off, of I Hi, with in start chat good puts given the guidance year, wondering just with thinking incorporates wondering can too? was respect is volumes next exports, us other or to fact about share if initial you fact assume and the guidance morning or be everyone. some the your I where that was would I Maybe to about we as takes puts sort there and if be

Danny Oliver

basin, Yes, Shneur. muted This is some XXXX. assuming Danny the Oliver, basically growth in we're in

there in pandemic mid- year, bit but I on to hit, activity, over maintain pricing producers XXX generate When on – that's exit price this XXs, in conversation with what the on half system expect are the to set environment. we've first XXX more or previous expect of exit you, the from had around around mentioned remind for XXX. year, to – lot We in want DUCs which would DUCs first our that's our planning XXX of calls. this we XXXX to and a producers, and to this they're somewhere range, we the a half, the then of to-upper in up Basically current and a and back XXs is those our kind in production the little low XX, relying

the year around some just DUCs. to to with down this improved XXX the end half the back rig probably be the of XXXX by in And end expect activity by slight of of XXX under be year. We DUCs

Shneur Gershuni

so don't the you activity just need Okay, of even much DUCs. rig given

makes here. that pivot bit to a sense. Okay, little perfect maybe And

to costs that the there $XX we with to what cost or, a is see to already made we're the of be of reductions, You kind out been where reductions respect scenario able laid sort of see $XX have could come million talk that see? Is going identified. max improving highlighted know, process. probably another Can efforts think you've continuous I out million you and the Tom that you you incremental you've cost to about that

Tom Shoaf

to wouldn't we're the made look system, holistically, our it's and significant some I cuts I G&A, made reductions comments, our OpEx, the at So say more across it's mean for big paying board the of cash expenses, pretty his continuing cash cut getting way. all closer to costs our in we've board. in we've to costs. become goal. the in going cut generated across out that we've made we of cost where outflows with max, lot internally costs all of for efforts capital our point We've always a to That And point financing we're reduce he our a flows. our is reduced to throughout We've the cuts look Brad's our absolutely the whether –

is continue other The delever. goal to to

are those together. of intertwined all so And kind of

know it's far prudent more, there I we'll room we've there continue for is so very done to be, yes, think and. you been look might that. at what So, But

Brad Barron

– point, to generated flows. with we our Tom's to all in expect costs on cash up cover XXXX be internally follow To of

Shneur Gershuni

And one Great. been multiple. you to as week you question, assets an other healthy that managed you maybe in looking have non-core may sell sell you've a that any be this also? final identified asset Have to well

Brad Barron

look continuing we're what help we our non-core core, might to metrics. to to and improve see know, leverage our You what's do at portfolio

Shneur Gershuni

the you call guess, to and today. much Thank we'll Perfect. Great. talk for Stay safe, very next year. you I

Pam Schmidt

Shneur. Thanks,

Brad Barron

care. Take

Operator

Our question of Wells Blum Fargo. Michael line coming next the from with

line is open. Your

Michael Blum

if levels, we Good clearly, your more just morning to that that XXX%, volumes something so look running being say. basically their to at a I'm you you I is just Thanks. bit? could talk little on about not and I markets? to back at to your normal you comment normalized wondering we're fine refineries just to national back that not to because specific expand utilizations XXX% if made trends, Can a are was everybody. trying guess a back go you'd product

Danny Oliver

is Yeah. this Danny again. Michael,

serve. we the some it think I that is to specific of markets

were our those And up of rural cuts in of well. in in about the because of lockdowns, middle a some lot Mid-Continent. the continue the spared the very markets we assets still talked deeper demand to perform of nature we think I the of

We lag bit, that a Rio like; our assets to urban little some and have more Grande Phoenix a few just than larger in those. Dallas but down offset and that areas the serve continue Valley Denver have volumes

a a mentioned, whole, doing as Brad a at as XXX% year we're we're So right levels. where ago

Michael Blum

Right.

one capital question. a Just like allocation of ask another high level

wondering, recognize you your trade, support your cash to So a that that me, and current to of it get your value certainly the push continues makes I sense to leverage understand it here cash flows sheet use, just distribution, it latest where sits, but with your getting think reduce on, you just if can proper the that where and yield balance to in redirecting your at point just some you're about want to with some better equity thoughts markets? not I

Tom Shoaf

that right-sized No, we I based cut our we what at we and are -- going projections on we the forward. this absolutely made we’ve year, our mean believe we've when looked thought earlier distribution

cut now we've that think right generated shape plans of any over, don't So, costs further. we're our over all distribution. in built in we we We cash any we We the were paying with and be to to good point a going pretty on internally have flows. as said where

good we're So, there pretty a there's need we cuts. any don't think shape more we and in think distribution do to

Danny Oliver

just stock to price. on necessarily Now policy our solely change based distribution

So if our strong. across, distribution are, is our what metrics coverage you look

generated flows. costs going next of to mentioned fund we've So our we're cash with year all internally

trading don't I to where would at distribution moment. happens think be our to cut be stock So, the it rash the just

Michael Blum

charge, -- just all confirm cash one wanting just $XXX cash to or million there appreciate to is that? I Last the item, is some that. non-operational non that And component housekeeping Great. that

Tom Shoaf

$XXX There all Yes, cash -- it was eventually. a was it well million. was non-cash

Michael Blum

you. Thank Yes. Great.

Operator

America. Bank question Pradhan of from with next Ujjwal coming the Our line of

Your line is open

Ujjwal Pradhan

to the Ujjwal. remarks. Appreciate for business. I Brad prepared question. West and with coast release morning, first the Good Thanks wanted taking your on begin press your my commentary This and Byfield is Tom.

here Just market meeting to in wanted could if of the to speak to size threshold? of your for and much see you terms you how accessible the that is return addressable of you

Tom Shoaf

fuel and the related in just distillates to renewable out kind really our expect fossil the California. beginning phase there business of, to a grow. of in time, of, their diesel We Over very biofuels XX-year certainly we're

our expect those projects we're been finished we have So, not with grow needs. those in sized to to volumes grow And yet.

big to another about but We're early be on. working that have talking we We XXXX. that to quite project we're in you hope to not announce, ready probably

Ujjwal Pradhan

see in few those those Coast and Got it. follow-up refineries Do that. to more of have you West convert opportunities of trends outside the NuStar from their see of Coast. star of approach handle side. And a West the moved you the Certainly opportunities country on and more refiners other new for to you to parts biofuels to do

Tom Shoaf

Yeah, from also biofuels, from those as we renewable directly we're the handle benefit benefiting had but been conversions of that and on think indirect are of some West these we've some Coast I distillates some refineries Cheyenne, as West refineries Mexico of assets where converting to New on up that benefit convert. regular Central have we and Central renewable distillate those in will fossil also and in system East in fuels, throughputs our

Ujjwal Pradhan

Got CapEx here you one comment. it. on year. different budget XXXX comparable it's that to next components of levels. be to likely would quick XXXX But saying the talk you're be your Certainly strategic to going And second able to clarification

Brad Barron

I all split it have up.

Tom Shoaf

certainly know of mean much related that Permian that components I will be yet-- don't talking to the about really but of we're that I No,

Pam Schmidt

as well. As West well as Coast

Brad Barron

a of Coast component a to be of Yes, is component be it, will it. Permian biofuels going West

So, seen what year. we've kind this of lines roughly of along the

Tom Shoaf

that be I'm color added XXXX. to sure they'll in

Ujjwal Pradhan

should That's and And high is just you get as some sales, help forward, potential overall time that follow? to it. update Got EBITDA with overall over so framework on if delever expect I just you asset wanted we your level, to the going the should at quick to we may that helpful. grows -- plan expect from your deleveraging

Brad Barron

way it. to good a put I think that's

Ujjwal Pradhan

it. Brad. Got Thanks Thanks.

Brad Barron

bet. You

Pam Schmidt

Thank you, Ujjwal.

Operator

next our JPMorgan. Martoglio question coming with the of line from have Joe We

Your is open. line

Joe Martoglio

I good for to consensus be off year. this taking of also year is some refined XXXX like product better question first next right, outlook to sounds a if it bit thanks guidance my I wanted for general to up just And heard Shneur's compared a and bid. be of crude the Hi, build kind Permian think question. around then I should

want offsets there into kind I and missed that guidance? understand Just it there keeps I to of that kind some EBITDA and to price of get the any I if the also of baked what's assumptions and apologize are flat

Brad Barron

on we in XXXX, quarter pre-pandemic, we record One XXXX, have year which be offset first tough was won't big it'll a in had quarter near year-to-year our is of pandemic environmental. a full

Tom Shoaf

that's biggest offset. probably Yeah, your

Joe Martoglio

Okay. sense. Sure, could XXXX then be And like have matter kind XXXX think on with is similar CapEx makes also of you of looking of or throughout it good XXXX kind opportunities there guys be that of the job still a in reducing And for there'll CapEx the also done in do you have guidance, CapEx you know XXXX. what. kind item? Well, no assumptions flat baked what you do

Brad Barron

well – we maybe to but XXXX certainly be a think comparable. we yes, we bit we'll as little XXXX, said, better Well, comparable

We long also think do that's to sustainable, as for as that. need we

yes, so we're And comparable. and guidance that's that with at kind of where quite so,

Tom Shoaf

we happy crude something to that but the if we'd know, of one are year scale good and them. we're higher see know see CapEx potentially example be prices than Permian, could you improve impact low then multiple projects, see those we could assuming what and oil You next is up and quicker

Joe Martoglio

else a good should you rate, mind? that of XQ more a Okay, of of or kind sense. one. anything quick to run for kind the that keep one then for makes think Q and in is guess And number beyond I XXX

Tom Shoaf

For EBITDA?

Joe Martoglio

correct. Yes,

Tom Shoaf

we've is think We I for are guidance what EBITDA guidance the but the think we not said, quarterly giving year.

Joe Martoglio

you. thank for Okay, all That's me.

Brad Barron

Thank you.

Operator

from Securities. Mizuho coming question the next line our Robert have Mosca of We with

Your line is open.

Robert Mosca

Hi, good everyone. morning,

Brad Barron

Good morning.

Robert Mosca

could position from if those anything assets question. I question learned Thanks elsewhere. respect wondering a just had for to taking West my operating and with you you've that Coast your apply

or transition a expected progresses, of from them your in silo portfolio. the do operating as If you view you energy more rest

Brad Barron

we've definitely and No, renewable Coast, just was you on we first are introducing opportunity. West apply the that biggest know could others this the areas distillate, the done what

Pam Schmidt

think relationships building that with I great leaders area. also we're some some in certain

us can to areas. that also that So with other I we think something is carry

Tom Shoaf

sure. For

think, got early. I Coast foot like started the felt really before these a and good strategy kind mentioned, our we West about ago door Brad several we the was we so on years anybody talking renewables in of

Robert Mosca

I years following decent on guys Would the and piece seems bigger you few And know, sure. drive portfolio? your pretty make in it the market guess, a share For be, in have the of be expand there a any on Will like pie there California you up to that it in that. market. next perhaps

Brad Barron

Certainly.

Tom Shoaf

Yeah, yeah.

Brad Barron

I at would say, continue than expand the to have for share, decent we of expand, think large part to through we better company say really that. and this will a opportunities market size, We XXXX. a least our see of expand,

Pam Schmidt

have We working a that capital number of projects that. will achieve on help we're currently

Brad Barron

us announce. now said, And yeah, Danny not we're to ready focus But just right going a like forward. it working on for we're projects going that quite is to be focus strategic --

Robert Mosca

it? short-term way the unlikely and shutdowns? that final one imply the utilization on like know serve pipelines sounds helpful. front then probably also for are want refineries at strong. pretty to if the just interpret operating then, And that's to stats me, higher that and to is rates your any a they very operating right are That's that experience products Okay. Does Just

Brad Barron

That's the of way kind urban the it up in mostly Panhandle Texas rural and These refineries of looks or more right are or areas. the Midwest now. kind down South or less in

So seeing that's currently. what we're

Robert Mosca

my questions great. for Thanks taking Okay,

Operator

Instructions]. [Operator Again.

the next Levine our have Citi. from with question line coming We Ryan of

is open. Your line

Ryan Levine

morning. Good

related question, and opportunities system? one to any current for you the on that what's ammonia system are pursuing expansion Just the outlook

Brad Barron

a here mature assets. pipeline some do performing but some markets. nothing served projects pretty is material, but that's of steady small asset very we system ammonia in We and have on our there, The the that's board, mix drawing

Ryan Levine

that on excess current system the utilization there capacity? and What's today is

Brad Barron

XX%, number. around peak I'd I'm hit can number. have periods exact in like a to We somewhere get going say But year, we to do we're during you better the something get normally. but typically, you that capacity that some

Pam Schmidt

Okay. That it Ryan.

Ryan Levine

Appreciate it. Thank you.

Operator

further no turn to will Pam call are now There questions at back time. Schmidt. this the over I

Pam Schmidt

has NuStar anyone day. joining thank additional We and feel like free Thank again contact any the to Celine. once on a again, would everyone to relations. Thanks for If today. have us great investor please you, questions call

Operator

This call. concludes today's conference

You may disconnect. now

NuStar Energy (NS) 5 Nov 202020 Q3 Earnings call transcript