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In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:57.568+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03695a69-9aa2-4f4f-a732-de2cd77a4a2e", "parentComponentId": null }, { "bbox": { "h": 0.159, "w": 0.967, "x": 0.016, "y": 0.147 }, "kind": "paragraph", "text": "NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership's assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. 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"componentId": "5fceaa3d-cfd6-4e45-97b3-053594b6c0c6", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.98, "x": 0.01, "y": 0.66 }, "kind": "table", "text": "Projected for the Year Ended December 31, 2022\nNet income $193,000 - 206,000\nInterest expense, net $205,000 - 215,000\nIncome tax expense $2,500 - 4,500\nDepreciation and amortization expense $255,000 - 260,000\nEBITDA $655,500 - 685,500\nGain on sale $(1,600)\nImpairment loss $46,100\nAdjusted EBITDA $700,000 - 730,000", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:57.457+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22ebc10e-dc69-42c8-8ff3-29597faa4ff7", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.98, "x": 0.01, "y": 0.19 }, "kind": "table", "text": "Three Months Ended September 30, 2022\nPipeline: Operating income $110,365, Depreciation and amortization expense $44,806, Segment EBITDA $155,171\nFuels Marketing: Operating income $8,519, Depreciation and amortization expense -, Segment EBITDA $8,519\nThree Months Ended September 30, 2021\nPipeline: Operating income $40,201, Depreciation and amortization expense $45,506, Segment EBITDA $85,707, Impairment loss $59,197, Adjusted segment EBITDA $144,904\nFuels Marketing: Operating income $949, Depreciation and amortization expense -, Segment EBITDA $949, Impairment loss -, Adjusted segment EBITDA $949", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": 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"description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 5, "textChars": 1993, "nDataPoints": 54, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 09:14:58.753+00", "seconds": 7.045, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de514-c181-7398-a625-fa5b8fd47f88/33", "deck": "/decks/019de514-c181-7398-a625-fa5b8fd47f88", "deckAnchor": "/decks/019de514-c181-7398-a625-fa5b8fd47f88#slide-33", "deckJson": "/decks/019de514-c181-7398-a625-fa5b8fd47f88.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.12, "x": 0.837, "y": 0.04 }, "kind": "image", "text": "NuStar", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", 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For the year ended December 31, 2021, this adjustment represents the pro forma effects of the disposition of the Eastern U.S. terminals. For the year ended December 31, 2020, this adjustment represents the pro forma effect of the disposition of the Texas City terminals.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:58.753+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fd8fa7f-7a6b-4d64-a8a8-db16446b8800", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.91, "x": 0.049, "y": 0.137 }, "kind": "subtitle", "text": "The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement) (in thousands of dollars, except ratio data):", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:58.753+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5be57005-dc28-4314-a22b-284b54d64eb3", "parentComponentId": null }, { "bbox": { "h": 0.537, "w": 0.91, "x": 0.049, "y": 0.189 }, "kind": "table", "text": "For the Four Quarters Ended September 30, 2022\nYear Ended December 31, 2021\nYear Ended December 31, 2020\nOperating income $ 381,112 $ 236,454 $ 209,102\nDepreciation and amortization expense 259,296 274,380 285,101\nGoodwill impairment losses 34,060 225,000\nOther impairment losses 46,122 154,908\nEquity awards (a) 13,607 14,209 11,477\nPro forma effects of dispositions (b) (1,613) (22,710) (9,102)\nOther (15) 1,762 (2,496)\nConsolidated EBITDA, as defined in the Revolving Credit Agreement $ 698,509 $ 693,063 $ 719,082\nLong-term debt, less current portion of finance leases $ 3,068,055 $ 3,183,555 $ 3,593,496\nFinance leases (long-term) (51,619) (52,930) (54,238)\nNet fair value adjustments, unamortized discounts and unamortized debt issuance costs 34,604 38,315 42,382\nNuStar Logistics' floating rate subordinated notes (402,500) (402,500) (402,500)\nAvailable Cash Netting Amount, as defined in the Revolving Credit Agreement (128,625)\nConsolidated Debt, as defined in the Revolving Credit Agreement $ 2,648,540 $ 2,766,440 $ 3,050,515\nConsolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) 3.79x 3.99x 4.24x", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:58.753+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5b204ea-3477-4e7c-aaa6-e10fd3b34c8e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.59, "x": 0.049, "y": 0.03 }, "kind": "title", "text": "Reconciliation of Non-GAAP Financial Information (continued)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:14:58.753+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f15084f9-d93b-4e0c-b768-8a2bacaad729", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "setup", "function": "decompose_segments", "rawType": "revenue_buildup", "block": null, "metadata": { "slideType": "revenue_buildup", "slideTypeCanon": { "name": "Revenue buildup", "slug": "revenue_buildup", "status": "active", "canonId": "019de52d-0acd-70b8-a81d-62d89840409b", "version": 1, "description": null }, "function": "decompose_segments", "functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 8, "textChars": 1484, "nDataPoints": 108, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 09:15:00.191+00", "seconds": 7.985, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de514-c181-7398-a625-fa5b8fd47f88/34", "deck": "/decks/019de514-c181-7398-a625-fa5b8fd47f88", "deckAnchor": "/decks/019de514-c181-7398-a625-fa5b8fd47f88#slide-34", "deckJson": "/decks/019de514-c181-7398-a625-fa5b8fd47f88.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.11, "x": 0.84, "y": 0.04 }, "kind": "image", "text": "NuStar", "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71c7e107-0f00-4007-9a78-fd8ce4453d72", "parentComponentId": null }, { "bbox": { "h": 0.026, "w": 0.901, "x": 0.049, "y": 0.135 }, "kind": "paragraph", "text": "The following are reconciliations of operating (loss) income to EBITDA and if applicable, adjusted EBITDA, for the Permian Crude System (in thousands of dollars):", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ceb4145-0434-4349-8cf6-ca2c3c5e4eaa", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.02, "x": 0.94, "y": 0.954 }, "kind": "source-note", "text": "34", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8808e100-1933-4be5-b598-198c30e847de", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.147, "x": 0.34, "y": 0.76 }, "kind": "table", "text": "Three Months Ended\nSept. 30, 2022\nOperating income $ 41,150\nDepreciation and amortization expense 20,769\nEBITDA $ 61,919", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39d954d8-8b2e-4d96-bad6-fc0ff2ee873e", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.929, "x": 0.04, "y": 0.589 }, "kind": "table", "text": "Three Months Ended\nDec. 31, 2020 Mar. 31, 2021 June 30, 2021 Sept. 30, 2021 Dec. 31, 2021 Mar. 31, 2022 June 30, 2022\nOperating income $ 13,523 $ 16,912 $ 22,767 $ 25,515 $ 26,901 $ 28,545 $ 35,482\nDepreciation and amortization expense 19,579 19,694 19,843 20,035 20,013 20,328 20,465\nEBITDA $ 33,102 $ 36,606 $ 42,610 $ 45,550 $ 46,914 $ 48,873 $ 55,947", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4ddbf30-93ac-4430-85ff-112a8728795a", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.929, "x": 0.04, "y": 0.179 }, "kind": "table", "text": "Three Months Ended\nJune 30, 2017 Sept. 30, 2017 Dec. 31, 2017 Mar. 31, 2018 June 30, 2018 Sept. 30, 2018 Dec. 31, 2018\nOperating (loss) income $ (3,424) $ 1,050 $ 650 $ (1,847) $ 3,605 $ 11,546 $ 10,878\nDepreciation and amortization expense 10,227 11,005 13,165 13,477 15,059 15,235 16,589\nEBITDA $ 6,803 $ 12,055 $ 13,815 $ 11,630 $ 18,664 $ 26,781 $ 27,467", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:15:00.191+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4f62b5a-0c00-4d36-bd16-5fff8e944b5c", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.929, "x": 0.04, "y": 0.349 }, "kind": "table", "text": "Three Months Ended\nMar. 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 Mar. 31, 2020 June 30, 2020 Sept. 30, 2020\nOperating income (loss) $ 5,358 $ 13,543 $ 17,280 $ 21,132 $ (106,476) $ 14,481 $ 17,627\nDepreciation and amortization expense 17,647 17,182 18,114 18,154 18,606 18,928 20,115\nEBITDA $ 23,005 $ 30,725 $ 35,394 $ 39,286 (87,870) $ 33,409 $ 37,742\nGoodwill impairment 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