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For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles (“non-GAAP”), and our reconciliations of non-GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. 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While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words \"anticipates,\" \"believes,\" \"expects,\" \"plans,\" \"intends,\" \"estimates,\" \"forecasts,\" \"budgets,\" \"projects,\" \"could,\" \"should,\" \"may\" and similar expressions. 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associated emissions are captured and stored", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:05:20.888+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b4e343d-0018-4012-a8cb-b1c4a75c757b", "parentComponentId": null }, { "bbox": { "h": 0.139, "w": 0.502, "x": 0.034, "y": 0.774 }, "kind": "paragraph", "text": "Ammonia can also be a lower-cost option for transporting hydrogen, which can be used for fuel cells or other applications. Ammonia is easier to transport and store than hydrogen, as it doesn't require cryogenic or high-pressure storage and can be relatively easily cracked to convert it to hydrogen", "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 09:05:20.888+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38e49f7b-fb40-4aa4-b5d7-1e94df338b54", "parentComponentId": null }, { "bbox": { "h": 0.017, "w": 0.15, "x": 0.59, "y": 0.928 }, "kind": "paragraph", "text": "70% NH3-fueled Car", "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 09:05:20.888+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85474660-bf42-4876-b7bd-6a75d29760c4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.502, "x": 0.034, "y": 0.154 }, "kind": "paragraph", "text": "Ammonia is the basic building block for all types of nitrogen fertilizer which is an essential nutrient for growing plants", "attrs": null, "canon": { "kind": { "name": "Paragraph", 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"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 09:05:20.888+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b193eb9c-d21c-4e52-9a2a-82ebaf56e23b", "parentComponentId": null }, { "bbox": { "h": 0.093, "w": 0.502, "x": 0.034, "y": 0.66 }, "kind": "paragraph", "text": "In addition, “blue” and “green” ammonia have potential for use as lower-carbon alternative fuels: for engines/turbines to generate electricity, in alkaline fuel cells, as an up-to-70% blend ICE vehicles and for the maritime industry", "attrs": null, "canon": { "kind": { "name": 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They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.", "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 09:05:26.786+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00b49ec9-beb1-41ff-b759-8ac4c48af0ed", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.87, "x": 0.088, "y": 0.133 }, "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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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 09:05:26.786+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b0bf58b-ffcb-4538-ab11-b7b1f0259252", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.026, "x": 0.913, "y": 0.954 }, "kind": "source-note", "text": "30", "attrs": null, "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. 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"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 09:05:27.647+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c6e40c5-01ef-45fb-bb74-67fcdb4e420d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.909, "x": 0.049, "y": 0.14 }, "kind": "paragraph", "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": "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": { 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:05:27.647+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a031912-8b10-4d51-a7c2-52088f0414be", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.026, "x": 0.909, "y": 0.954 }, "kind": "source-note", "text": "33", "attrs": null, "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 09:05:27.647+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3134c99c-a5c9-4fd4-8292-1af810855c91", "parentComponentId": null }, { "bbox": { "h": 0.702, "w": 0.909, "x": 0.049, "y": 0.186 }, "kind": "table", "text": "For the Four Quarters Ended September 30, 2022\nYear Ended December 31,\n2022\n2021\n2020\nOperating income\n$ 381,112\n$ 408,813\n$ 236,454\n$ 209,102\nDepreciation and amortization expense\n259,296\n259,236\n274,380\n285,101\nGoodwill impairment losses\n34,060\n225,000\nOther impairment losses\n46,122\n46,122\n154,908\nAmortization expense of equity-based awards\n13,607\n13,781\n14,209\n11,477\nPro forma effects of dispositions (a)\n(1,613)\n(1,760)\n(22,710)\n(9,102)\nOther\n(15)\n(3,607)\n1,762\n(2,496)\nConsolidated 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null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 09:05:29.905+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e59ac7a7-e2e5-4dd0-8411-8a8747341457", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.03, "x": 0.91, "y": 0.95 }, "kind": "source-note", "text": "34", "attrs": null, "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 09:05:29.905+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9007d848-81e9-49fc-b309-4398fc05a3d4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.98, "x": 0.01, "y": 0.35 }, "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 loss 126,000\nAdjusted EBITDA $ 38,130", "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 09:05:29.905+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "328426c9-2b5b-4e3f-ba64-bc2fb0302d15", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.34, "x": 0.33, "y": 0.76 }, "kind": "table", "text": "Three Months Ended\nSept. 30, 2022 Dec. 31, 2022\nOperating income $ 41,150 $ 42,261\nDepreciation and amortization expense 20,769 21,073\nEBITDA $ 61,919 $ 63,334", "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 09:05:29.905+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c4c6094-2677-4059-874b-10636b75af94", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.98, "x": 0.01, "y": 0.57 }, "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": 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 09:05:29.905+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d4ad259-ea12-4589-9974-864ae0429300", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.98, "x": 0.01, "y": 0.18 }, "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 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