NS - Earnings call transcript Q4 2020

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Operator

Good morning. At this time, I would like to everyone to the NuStar Energy L.P. Fourth Quarter and Full Year 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator like President the of now Pam over Schmidt, Vice Investor to would conference turn to I Relations.

You may begin your conference.

Pam Schmidt

welcome and morning to call. Good today's

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

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

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

Brad Barron

work performed. challenges have the two good about ways it. join There's -- Perhaps the that morning. us. conditions, to you with us. significantly planning, to Good NuStar past our solid time historically including you behind of presented sizing difficult years job changes employee reducing all hard because even capital results we in how and in taking well unparalleled report year, It's all up our though the our Thank our costs; generated for and the and throughput today prudent XXXX through Last XXXX. I actually no to stepped segments and pandemic to any our we of the I'm increase on of we started Faced number since of day prouder us, over for in XXXX. last has globe, the than seven year barrels for this per activity time pipeline depressed much both storage program

products X in again of and and XXXX, In and fact, than barrels environmental refined and of the industry barrels our XXXX, proud XXXX. we in outperformed than of NuStar oil handle terms million those fact in through terminals, pipelines responsibly and our safety that safely stewardship. NuStar XXX crude moved that’s more million more I'm once

difficult two in times dark transferred, this by generated than also year, total but days better than that was even and Our XXXX average than more anything XXXX for industry better our rate that incident terminal experienced normal million. TRR better accomplish And was average a was NuStar in with the restricted, average. than or two have some more most but our EBITDA of in and year is and the seven better industry X% entry $XXX world impressive conditions the of our industry above away, which normal, a average. history. an eight the EBITDA of X% country Growing adjusted $XXX been pipeline or terminal I'm times times during the or EBITDA NuStar the million, all would rate pipeline recordable XXXX, than than times proud

of of December, continued was our the pipeline systems and different the demand. results stable, remarkable to we very unplanned product to at through of Our the well for pleased continue remarkable all improve of to almost largely assets and Permian also month XX% seeing serve. volumes. resilience see summer, product after refineries, systems as We're quite the we This our in our as to employees' January up downtime we in improve. customers perseverance, and positive at our crude that segment, quality refined typical In XXX% refined to with way performance volumes markets. the testament our have a back in due line On about It's is were steadily December. compared across were markets but to demand pre-pandemic our through other they one average,

barrels in volume system without around XXX,XXX with We believe per Permian January that That quarter be systems maintained XXXX moved we averaged day at day XX can we per and average to DUCs. January. continued has per a an during January day. the in Our XXX,XXX steady active XXX,XXX rigs exited and that's around upward on volumes any and fourth barrels for about of trend rose barrels the

to rigs lowest a So, our location, that reflection we've worth rig entire basin advantages, as quality. Permian of our product to We XX% risen clear believe the unprecedented that costs, strong dedicated through performance January. running premier on noting that around lands. has acreage highest across the systems is our been above than of our system of even brings producer of XXXX's is and number more end also count rigs; federal total continued the count none It's XX challenges its that encouraged of number the of

the rate a whole of average X% to more average is same was X% which per for system twice the Our the period. barrels as over XXXX than Basin XXXX, over up day Permian than growth more

we're outsize system that Permian DUCs acreage. by on XXXX, the the Looking reside Permian share our crude encouraged out of to

XXXX running growth on system our and or Our system typically We XXX,XXX and basin's expect should have between DUC that from completions XX% of believe on from the support of transports impressive, of about about our barrels XXX,XXX is we basin XXXX modest production, about which inventory volume to exit of rigs we that over our half XX% two those times of with per day. volume little volumes DUCs today but along Permian footprint. in

biodiesel January Moving on crude our of half day or first in last pleased seeing And projects Christi those state's recovery modest terminal from market some second spend. XXX,XXX along share. that our an recovering total a executed a been Canadian revenue the WTI share XXXX, and grow ramping from keep XX% benefited of our Christi of impressive half We're barrels November, initial up some close cautiously commitments NuStar renewable we results of After and of Starting segment, below there to diesel XXXX. quarter we West But we storage our we in train over levels. in For fuel of St. to contracts optimistic many our system. continue contango the our relatively achieved Permian Ford May, January. further California's in the above exports about Shifting to activity of also we've year through into with indications distribution share has heavy ramp for where spring forecast from exports seeing expected volumes. from per in benefited up continue XXXX, we I'm market on the the NBC's and our increased our we've with with barrels to second Eagle NBC renewable about key through last or as with And much to an system XXXX, our In Corpus revenues California's volumes as dipped of to X% received increasing handled XXX,XXX day during to Coast average of Corpus throughputs well. the per saw market the crude. XX% indications conditions the our That's ethanol of of XXXX. James on unit continued slightly is and

projects planned we from services. generated storage execute segment continue West our revenue, exclusively XX% of XXXX, derived third our Coast to fuel which about assets As was storage renewable there. In related on total of one our

we to about end total XX% year revenue continue and and and Coast West Coast of our services complete West grow contribute in we renewable year by fuels XX% As XXXX to right approach projects, XXXX. XXXX expect by

to to on nation's NuStar's key energy thrive I'll results. is navigate the evolving turn West more will and all Our to through Coast as it details the fourth and that, we With continue renewables XXXX get growing priorities. network ability NuStar's to over be quarter Tom to

Tom Shoaf

Thanks Brad and good morning everyone.

quarter Just To compared in to in all quarter a pandemic-strapped reminder be -- was the perspective, quarter-over-quarter EBITDA discussed the history comparisons will XXXX from that company's results quarter in XXXX. highest in for the fourth put operations fourth continuing the fourth the periods.

the Texas non-cash sale of XXXX, our results City the a terminals. for related quarter addition charge $XX our of to In fourth million include

XXXX fourth $XXX million of million quarter such, million. and of EBITDA XXXX down $XXX the this As EBITDA of $XX from is adjusted fourth excludes charge quarter

for XXXX generated and an X% the $XXX EBITDA previous for high of year. million However, EBITDA improvement of and guidance year of XXXX full million, adjusted we the the impacts, at despite $XXX end which pandemic's our over is

to in XXXX, full the the times. repayment of and to available $XXX Fourth noted limited the XXXX common impairment the of are adjusted recorded X.XX was above, of quarter fourth quarter and City common results limited the in to the coverage XXXX our charge year partners reminder, the our compared the of XXXX. we was term loan quarter first EBITDA Texas for quarter to partners quarter DCF million, a charge XXXX from As related adjusted the for resulting for that distribution third the charge goodwill pandemic-related $XX sale million our non-cash fourth of

COVID-XX-related DCF adjusted available XXXX XXXX the quarter across our down million down network. million, partners EBITDA quarter to the pipeline compared limited X.X% Fourth $XXX For coverage partners to common ratio crude for XXXX XXXX. segment million, was pipeline mainly declines $XXX full times. limited due for our to common throughput And $XX fourth adjusted to XXXX, X.XX $XXX oil was in was year compared for million distribution our million, EBITDA of $XXX

million XXXX full segment million, $XXX year full XXXX compared pipeline year $XX million. EBITDA was of However, EBITDA to $XXX adjusted up

of than $XX segment quarter fuels in strategy, we XXXX bunker XXXX last from our brought that million, to And full our storage marketing across EBITDA new million Our in Coast our segment our segment, and more COVID-XX-related compared crude system to EBITDA down $X system executed EBITDA margins. due storage of year EBITDA refineries. at $XX of These several throughput of million, was was million. increases $XX up million million weaker that and fourth contracts of facilities early quarter quarter utilization. XXXX the XXX% segment contributions contracts from XXXX declines our West EBITDA from existing was storage as our offset renewals locations up on $X XXXX $XXX customers' storage fourth strong which was year million, XXXX renewable Christi blending and Corpus support some $XXX full year our Fourth to butane

Our our December we credit $X.X revolving under and was X.X was borrowings XXst had ratio debt-to-EBITDA debt no times. billion, balance outstanding our facility,

reminder, next runway for proceeds a used to the off years. revolver XXXX, availability issued to notes repay billion And September revolving all well as provide bond agreement. in bond term ultimately our clear maturity under As X, XXXX rates loan were of $X.X out liquidity on to as the us outstanding attractive pay we February our use credit our at February for new maturity. The the to borrowings five we

sold volume $XXX City NuStar's year, be system, we after on around Texas spend expect capital. capital Permian our is $XX renewable and our Of the EBITDA Turning taking terminal December. in million performance estimates, million be strategic scalable which projections, that to $XX that about account Coast to XXXX for the full million XXXX related we storage XXXX invested to improvements is into $XXX with year expect million throughput associated comparable spending to we on our to our With fuel the regard XXXX to assets. EBITDA in results West with will the total

million turn expect million Brad. addition, to the $XX call with capital I'll reliability to $XX back In over And on spend that, we to XXXX. in

Brad Barron

see starting resilience of footprint. Thanks in XXXX stable Tom. employees' seen that work to business. our We're continue. steady, and January hard across to this rebound and testament the our we've results was year improvement the a and we encouraged by promising NuStar's see are to continue solid hope our

and efficiently; to our and all your turn want turn in and we internally strengthen safely, With safe we stable of continue spending to XXXX, will NuStar's steady, leverage our To happy, XXXX. Given In it you that, strategic operator to our generated here balance and that, the positioned lowering flows. families beyond. up XXXX all back closing, very for on from Thank that our Q&A. priorities; I'm focus cash healthy we'll wish a sheet, that to accomplished value at to in we funding XXXX it our -- do operating reliably, NuStar, and you. confident build further

Operator

first [Operator comes Chen from question Instructions] Theresa Barclays. Your from

Theresa Chen

the the It's -- volumes. you're what by uniform? into demand at Is XXXX. expect the into refining contours morning. seeing being if of to variants region? Can I line virus upbeat into any January, your pretty XXX% do first brought to great wanted Good about the result new you product baked and back uncertainty that to year softening you a context commentary hear pre-pandemic any all? related to as almost into on touch us And with that's of in heading guidance give comments in

Danny Oliver

Danny. Yes, Theresa, is this

in Again of in markets levels, of has Brad But and cases to percentages base. agriculture strong spiking pre-pandemic in East, pretty talked markets continue -- lot which a declines small of small Certainly our that demand we've Texas, some months we've rural serve. the about. from like many in Central couple more across and offset seen they're be the that we see ways. up issues would all the we've that down to seen -- -- nation continue I say but perform especially to resilience last both seen maintenance despite we COVID pretty but We to tend the South aside close the

Theresa Chen

so Texas have that XXXX, assets the seems quarter it annualize almost volumes you than the should from Okay. quarter guidance, net-net if City in partial the Permian XXXX. of fourth terms that, And the in to XXXX in of and layering layering from that remove be growth, contribution results higher refined I the products, dark pre-pandemic returned

aware XXXX that other of in that levels So, we the of? fourth quarter declining are are be areas wondering, I'm just potentially business there versus should

Brad Barron

not and quarter third there's And much, that NBCs important QX, because protected when year. in one, you impacted revenue two second because drop-off XXXX, also then the volumes wasn't of which things remember; having record think our across pandemic, in we systems. by we dramatically had we're I to in a near the several this quarter our were saw of

even So, that are kind though we're Corpus in of And back, the for volumes Christi, muted near it. example, coming levels. operating like NBC

change yet. a not year-over-year, of So, lot

Theresa Chen

XXX,XXX how the guidance, underlie lastly, just And tell related can expectation? to exit the Okay. you rigs Permian us many XXX,XXX to

Brad Barron

over But Well, a on -- to XX on number there. the have now that given right the and system. off DUCs And we've we think may rigs, got got on rigs little is so that get we've the system system. that number fluid be I enough of coming with rigs the of

Theresa Chen

you. Thank

Operator

Okay.

of comes question JPMorgan. line Your next in Martoglio Joe with

Joe Martoglio

for you my Thank taking question. Hi.

expect the quarter-over-quarter. First, went I you throughput terminal talking it looked to where wanted longer throughput like start little mind terminal a what going down Do about was -- there you term? and driver

Brad Barron

in the day of the doing quarter-over-quarter doing we were big we're barrels big doing local system neighborhood or through of changes pre-pandemic; the kind talking export Corpus in for XXXX, to XXX,XXX system. We XXXX were And XXX,XXX, level. our the XXX,XXX, the refineries. a today NBC down Christi -- versus around Yes, that you're crude

So, WTI Eagle and that's both Ford.

Joe Martoglio

And there I also at it XXXX a guess, to I'm XQ looking XXXX, driver or--? down similar XQ is looks

Brad Barron

difference didn't in there. I volume big there's a the know

there Corpus system. still XQ is it's Christi Christi much it crude Corpus difference little little didn't a in bit see -- and crude the was bit a Let's I in XQ, lower. between lower realize crude a but system of

Joe Martoglio

Okay.

Brad Barron

in the the that ago, highs I see are refined volumes I Corpus pre-pandemic, going we product seeing story. year demand where global forward, our increase a it's towards we for Christi think think back from were maybe throughputs a export and to

So, that's why encouraged. we're

these see second of would to exports. we increases As demand out vaccines especially pick that world, we would in the and up year, half rolling in that around expect the drive this

Joe Martoglio

about for than of return fuels And cleaner what's your the think ESG-friendly? maybe gas a the how typical traditional and returns projects you Okay, those required pick guess projects, more that's to kind that wanted also considered I helpful. about oil And you brain can or more bit thinking about differently guys because on get just any be you're I those the projects projects? then multiple do renewable and even

Brad Barron

just we Yes, reminder, before other consider And a started a about We like don't. projects. strategy this ago term. years as them just we ESG was three known

different would other placed into about got of -- so have a most any And which service. dozen already projects, pursuing we we like or all about projects, We've these but been just four started five, project.

receive and or production segregate were way going for multiple front The all to As domestic capability that is capital four by that be to a some increased by at half for projects around forward able production on sub-five foreign basically average, we're rack. here those these spending multiple. product look our a I up then to to and rail renewables truck water that a of

tanks as we'll the just grows; reallocating be simply system, fossil very into fuel renewable require demand forward. going forward, capital will which little the renewable Going

Joe Martoglio

great. Okay, you taking question. my for Thank

Brad Barron

Thank you, Joe.

Operator

Your from Pradhan Bank Ujjwal America. next comes from question of

Ujjwal Pradhan

Good my Thanks morning everyone. for question. taking

Just you volumes Houston the getting your able to NBC received Corpus Christi to could levels optimism recently, wanted the would there? talk that on And expand throughputs you maybe on and there? commentary, hovering at follow if around to influences over how Corpus versus cautious the pricing be work

Brad Barron

are far Yes, not Corpus apart. Houston and that

the the month But what than I'm to full. not in terms barrel The incremental But U.S. are in think $X.XX up-to-date refineries of is maybe of on something maybe think $X.XXX, But differential. that's exporting simply growth expand I that it's U.S. that. believe or old. we're a I we a really the less on like already out just so

price, due somewhere. barrel but production, has that go So, to to more yes, it's eventually, encourage to partly

seeing were being the refined it drive world, as those we get the will demand the to increases this as behind get pandemic product barrels incremental those feed pre-pandemic, markets. like so exported. us, were we around to And And start exports

Ujjwal Pradhan

Got balance trending be year? sheet? your And it. to you Thanks that. discuss how the you second able for And the to of see Tom, would enhancing question is towards course latest thoughts risks do my their

Tom Shoaf

main already done to in well, deliver. good continue we've really a of that job The goal our past. the trending, sheet to We've said, balance yes, is

and up. was this into XXXX, five consecutive Going we've our -- seen debt-to-EBITDA where creep pandemic, times XXXX that through had halfway to we four the below quarters due

at X.X get but debt-to-EBITDA we times, we've that think we finished quarter again this down about As levers. using we back said, can that various with

So, focused delevering of on how we're terms debt goes. still in that

In terms so years, And of -- more we're those happy keeping cleared go, with issuances we've maturities, more near-term. for any we like in we far runway five the the the as don't before, about any needing out press anticipate said bond there. as

Starting will press equity get X% -- down now, we those, on of we but the treatment I'll XXXX, the press see you'll everybody, currently Those about go For to get to convert look rate do on our and current that well. a based from those X.X%. the when from rate treatment to that, have covenant a blended we blended floating that about and as at you'll from see X%. continue rate end banks remind of on equity do coupon the do at around agencies some blended we rates, back

soon. A doing anything through Cs with So, on anytime not planning

happy structure with right So, the pretty cap now.

Ujjwal Pradhan

partners the you your operate hydrogen on received closely to generally Thanks of Have public helpful. look the of ammonia be those with the or conversations would you hydrogen, that maybe moving around pipe at Tom. lines? market together you comment maybe that comments topic recent in ammonia in pilot one looked question form And have with and it. Any project anything Thank your along that or as well. you. since any last Got

Danny Oliver

Danny is again. This Sure.

a line. may to We facility early are with the potential hydrogen; be having not the pretty likely or very -- about And or hydrogen going out project. far yes, that customers conversations not be having think on a timeline. probably some may we're near-term ammonia into It's it ammonia on I hydrogen. that it but customers process about that's may neat can But conversations And be to that.

Ujjwal Pradhan

Thanks Danny. Have a good day.

Danny Oliver

Thank you.

Operator

Okay.

Your from Mosca next Securities. from question Mizuho Robert comes

Robert Mosca

everyone. morning, Hi, good

Brad Barron

morning. Good

Robert Mosca

on with spend revenue there were and beyond? increase So, going any operating but terminal I West in your for captured share Coast earlier, is Or the you in also XXXX in some touched just renewable earnings to think West XXXX? we are if X% Coast wondering you're that this at leverage that assets, uplift whether CapEx your creating from

Brad Barron

it but capital little will demand, there. spend we're captured that going there's up some forecasting, leverage some to in mentioned operating Well, as I very there Because front, is with forward renewable require capital. grow but what is

Robert Mosca

your differentials there of some Okay, in Access the wide something the sense. expect event via closure, over less switching move to And little wondering how a to And position, come that radical? to makes Bakken were would form St. those Dakota I'm the have contracted opportunity barrels if you arrangements or to James rail? of in get them would a basis there,

Brad Barron

could arrangements. it will if spot look is down, a math. I shut So, at it's way little But or different bit be the that contract it

not to minus James. costs looking looking a necessarily they So, a we would Louisiana. in barrel be that think into $X a costs from sense. producer simply about it get they to their can If be But the get for Bakken would take versus probably I $X train St. what for unit it at of that ore, makes production estimate cost those a

Robert Mosca

all And Thank helpful. that's that's Okay, had. you. I

Brad Barron

Thank you.

Operator

Your next UBS. Shneur Gershuni comes from question from

Shneur Gershuni

good morning Hi, everyone.

questions, into to jump my Theresa. go think back to was I made it a to I you want response Before I just

and wanted just recognition the for shipped time on, the volumes revenue record the when about NBC, clarify you were the the at question actually a shippers expires. later the below had your of revenue NBCs, that or not you there, option shipping when that you to received that because said Just I some cash

there. revenue So, just wanted clarify policy to recognition your

Brad Barron

true on both counts. that's Yes,

Shneur Gershuni

got Okay, it.

options see could on on their So, and impact be income revenue won't volumes come we or we any back, see shipping therefore, statements? on the but EBITDA their they could

Brad Barron

current often have periods certainly true-up the within we Well, quarter-by-quarter. year

quarter next six So, or they they they any don't to. a true-up then the have next bank months and they the year, next deficiencies can have or go the back that

Shneur Gershuni

So, first systems the quarter see -- of above year. be that are not some NBC so, of or most should once the now your an in issue we But this those or--? that second could of true-ups

Brad Barron

No, any deficiencies cleared in in up XXXX were XXXX.

Shneur Gershuni

Okay, got it.

Brad Barron

going slate it's into have them bag, a say different most forward quarter. but true-up fresh So, and each XXXX, a we of mixed I'd

bit little XXXX. all beyond a to go but going that, it's Some be within in XXXX or

Shneur Gershuni

great. Okay,

And so just I few that a questions here. had

You of today results, really what volumes XQ business does XXXX highlighted you as to look all it your Is those -- just return take coming the your strength the at from Navigator levels? to it Eagle the get it Is what things have that we would levels? are Just you back to system? And back? at? wondering those most the what should the looking be to like impact way Ford

Tom Shoaf

volumes. things. Combination its Navigator of Ford Corpus It's export volumes, Eagle volumes, Christi its

unit of activity probably St. So, James, biggest combination movers. those are three your increased those, at all of

Brad Barron

of is be going Yes, to which volume, that's where in The true. biggest Christi close volumes XQ Corpus in Navigator were to of pretty XXXX. we're because

Tom Shoaf

exactly but don't something. was, that was number I what XXX remember it

Shneur Gershuni

Okay, for the biggest the watch that is the Delta the -- should probably is we so Corpus most move. thing

Tom Shoaf

right. the ones The biggest. are, mentioned But other Brad

Shneur Gershuni

Okay.

Brad Barron

Yes.

day So, XXX,XXX in of were we XXXX. QX in barrels a Navigator

pretty but like under really we're that, just So, close.

Shneur Gershuni

Okay.

two quick as too. ones well Just here

rigs on the so of Or ahead the with you, expectations your last highlight producer that's illustrated XX kind basically to rigs to expectations year? what customers the now; you because up are your consistent they haven't this more kind that of of to based that is running actually You late presented you guidance? volume line? in are changed Is

Brad Barron

a expectations. little of our running It's Right. ahead

meeting also we every that. things by encouraged we're OPEC now. So, is recognize month But like

and the can generally still up stay. are bringing still either being -- make with I They here timeline. into these cautious things sure new moving XXXX prices to very to capital our But about speaking, public think be so or want COVID change to they're producers, about. something concerned And especially it

to some right say want bringing that waiting they're we're that start just feedback in more now. just that capital producers on that really slow from they we're So, some and to do

Shneur Gershuni

Okay.

of that like their sort with. to capital begin So, it's matching looks plans

my costs were looking down that question, correctly, and about variable Final and XXXX? that is did XXXX. How back how sustainable are about there Okay. further any in I forward got it come I be assume improvement? try some trend costs with if math to in opportunities X% down this -- versus there's you're of bring sustainable, But volumes. to kind that continue XXXX

Tom Shoaf

Yes, I for to savings made throughout, mean, XXXX. XXXX continue cuts going in the look our cost but is on we're we based that budget to

So, those carry cost forward. cuts we

Shneur Gershuni

underway like real big or--? if So, there's reviewing to you're optimization down no again, that's another effort step where like everything, see there's

Tom Shoaf

we're we our reviewing cost mean I -- constantly we save. where see if can to can

Shneur Gershuni

All you right. it. Got Cool. appreciate much. Have very Thank Really the color today. a safe day.

Brad Barron

you. Thank

Tom Shoaf

Thank you.

Operator

Fargo. Wells question next comes from of line Instructions] Blum And the Michael your Okay. [Operator on

Michael Blum

Thanks. everyone. Good morning

to macro one we're at more at then wink specific [ph] Webster then assets Do your just but you. see this to you all Just that And industry that's question, as ramp-up going How you see so impacting Thanks. impacting year. Corpus? to if question, all, flows also to if Wondering quick guess, Corpus? question. I a had see that, of in

Danny Oliver

Danny is again. This Michael. bet, You

Corpus customers to Corpus and their own deliver Corpus Our to crude for in us, into or commitments purchase refiners their those have in to barrels those to supply either export. just they're needs local committed not but bringing commitments oil to

So, I our really impacting it don't business. see

Michael Blum

very Thank Great. much. you

Danny Oliver

you. Thank

Operator

are questions at further time. There this no

Pam Schmidt

Thanks for the Investor If Relations. thank much and very a like any Thank to contact once would joining Sean. free again anyone We again you on us All call have has to day. NuStar great additional today. right. everyone questions, feel please

Operator

today's conference. This concludes

disconnect. now may You

NuStar Energy (NS) 4 Feb 212020 Q4 Earnings call transcript