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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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"callout", "text": "50% of World's Food Production Depends on NH3", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:17:10.49+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03d2ffe2-78b2-4c93-8fba-11b9e244eca0", "parentComponentId": null }, { "bbox": { "h": 0.159, "w": 0.147, "x": 0.826, "y": 0.65 }, "kind": "callout", "text": "Global Demand for DEF Expected to Grow From 2023 to 2026 by ~20%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", 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07:17:10.49+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b87d5c5b-c558-406b-82aa-347ab7e95b18", "parentComponentId": null }, { "bbox": { "h": 0.479, "w": 0.406, "x": 0.046, "y": 0.436 }, "kind": "list", "text": "Ammonia is also used to make urea, a critical component of Diesel Exhaust Fluid (\"DEF\")\nDEF converts the nitrous oxide (NOx) emitted by diesel engines into water and nitrogen\nVirtually all diesel engines, from those powering light-duty vehicles to heavy-duty trucks to industrial machinery, require DEF to comply with tightening emissions standards in the U.S., and also in nations around the world\nGlobal DEF demand is expected to continue to grow by an expected ~20% from 2023 to 2026", "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": { 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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": {}, "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 07:17:12.1+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6182a509-b210-4377-becc-d49be699269f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.34, "y": 0.23 }, "kind": "list", "text": "Gray Ammonia for which by-product CO2 has been captured and stored, reducing climate impact", "attrs": {}, "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 07:17:12.1+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91668414-c272-440b-aad2-334e7f26c2d6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.93, "x": 0.03, "y": 0.33 }, "kind": "list", "text": "Traditional fossil-fuel ammonia production is estimated to contribute about 1.0% of global CO2 emissions, which has driven interest in its de-carbonization", "attrs": {}, "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 07:17:12.1+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0ae4106-5e48-465c-a0cc-c960e95f2996", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Sources: Science Magazine, IHS Markit, Argus, Research & Markets Global Ammonia Report", "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. 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(the Partnership) 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. We present segment EBITDA to facilitate period-over-period comparisons of the operational performance of our business segments and to understand our business segments' relative contributions to our consolidated performance. We may also adjust these measures to enhance the comparability of our performance across periods.", "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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02c85672-2d8d-4264-bae2-f6e937dae950", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.74, "x": 0.11, "y": 0.607 }, "kind": "paragraph", "text": "The following is a reconciliation of operating income to segment EBITDA for our pipeline segment (in thousands of dollars).", "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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11391f76-f450-4c63-9065-6596e319638f", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.858, "x": 0.11, "y": 0.374 }, "kind": "paragraph", "text": "Our board of directors and management use EBITDA and/or DCF when assessing the following (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. 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 a financial indicator 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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "560a5781-326e-4270-9bba-63428081cc8d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.858, "x": 0.11, "y": 0.533 }, "kind": "paragraph", "text": "None of these financial measures are presented as an alternative to net income. 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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb310439-cb5c-41cf-ae9a-452a8bcf2eb3", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.027, "x": 0.936, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2afec417-63e0-4cbb-b67d-67a0c3ee679d", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.849, "x": 0.11, "y": 0.639 }, "kind": "table", "text": "Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating income $ 125,953 $ 110,365 $ 353,615 $ 307,070 Depreciation and amortization expense 44,231 44,806 131,636 134,076 Segment EBITDA $ 170,184 $ 155,171 $ 485,251 $ 441,146", "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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dbd92ed-641b-4794-a6a6-a66167e14a59", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.546, "x": 0.109, "y": 0.04 }, "kind": "title", "text": "Reconciliation of Non-GAAP Financial Information", "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 07:17:21.475+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fb3a756-225c-4ee8-9186-e4921c8991a4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 31, "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": "dense", "densityScore": 54, "componentCount": 3, "textChars": 1262, "nDataPoints": 28, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 07:17:19.362+00", "seconds": 5.165, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de517-a89d-737c-8f2d-549b27f3b9ba/31", "deck": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba", "deckAnchor": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba#slide-31", "deckJson": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.86, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "The following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio (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": { "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 07:17:19.362+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "927fbbf5-3100-4c1c-9650-fd2d869b10fd", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.93, "x": 0.05, "y": 0.69 }, "kind": "source-note", "text": "(a) We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF.\n(b) Distribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners.", "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 07:17:19.362+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69d6f3cd-ee10-4a55-8a1b-462a5ee9b300", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.87, "x": 0.11, "y": 0.18 }, "kind": "table", "text": "Three Months Ended September 30,\n2023\n2022\nNet income\n$ 51,195\n$ 59,633\nInterest expense, net\n63,125\n52,294\nIncome tax expense\n1,134\n1,430\nDepreciation and amortization expense\n64,295\n65,075\nEBITDA\n$ 179,749\n$ 178,432\nInterest expense, net\n(63,125)\n(52,294)\nReliability capital expenditures\n(9,756)\n(11,252)\nIncome tax expense\n(1,134)\n(1,430)\nLong-term incentive equity awards (a)\n3,691\n2,534\nPreferred unit distributions\n(26,535)\n(32,463)\nPremium on redemption of Series D Cumulative Convertible Preferred Units\n(71,438)\n—\nOther items\n9,870\n9,958\nDCF\n$ 21,322\n$ 93,485\nDistributions applicable to common limited partners\n$ 50,358\n$ 44,125\nDistribution coverage ratio (b)\n0.42x\n2.12x", "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 07:17:19.362+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3c5da62-ec06-4db9-8157-c96da5b7e29a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 7, "textChars": 1012, "nDataPoints": 15, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 07:17:19.714+00", "seconds": 4.921, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de517-a89d-737c-8f2d-549b27f3b9ba/32", "deck": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba", "deckAnchor": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba#slide-32", "deckJson": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.14, "x": 0.83, "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c02a0105-d629-44dd-97aa-d41f71f4a875", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.79, "x": 0.01, "y": 0.14 }, "kind": "paragraph", "text": "The following is a reconciliation of DCF to adjusted DCF and adjusted distribution coverage ratio (in thousands of dollars, except ratio data).", "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2aab8ec3-58ff-4833-8695-c9b91177dfca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.79, "x": 0.01, "y": 0.48 }, "kind": "paragraph", "text": "The following is a reconciliation of projected net income to EBITDA and adjusted EBITDA (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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35b5c43b-8eab-47de-b200-156d81aa7d79", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.79, "x": 0.01, "y": 0.4 }, "kind": "source-note", "text": "(a) Adjusted distribution coverage ratio is calculated by dividing adjusted DCF by distributions applicable to common limited partners.", "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4bd704f-2d12-48f3-9e6f-8b5e8aa71350", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.98, "x": 0.01, "y": 0.51 }, "kind": "table", "text": "Projected for the Year Ended December 31, 2023\nNet income $261,000 - 273,000\nInterest expense, net 242,000 - 245,000\nIncome tax expense 4,000 - 6,000\nDepreciation and amortization expense 254,000 - 257,000\nEBITDA 761,000 - 781,000\nGain on sale of assets (41,000)\nAdjusted EBITDA $720,000 - 740,000", "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b46a46b-3eae-4699-8e49-e190d2026037", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "table", "text": "Three Months Ended September 30, 2023\nDCF $21,322\nPremium on redemption of Series D Cumulative Convertible Preferred Units 71,438\nAdjusted DCF $92,760\nDistributions applicable to common limited partners $50,358\nAdjusted distribution coverage ratio (a) 1.84x", "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bd70e9a-c468-4adb-b2ae-b41de7d9b9d2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.59, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Reconciliation of Non-GAAP Financial Information (continued)", "attrs": {}, "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 07:17:19.714+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb5aaf68-c86b-4d00-8acf-7953f275cdeb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 8, "textChars": 1641, "nDataPoints": 105, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 07:17:24.64+00", "seconds": 9.749, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de517-a89d-737c-8f2d-549b27f3b9ba/33", "deck": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba", "deckAnchor": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba#slide-33", "deckJson": "/decks/019de517-a89d-737c-8f2d-549b27f3b9ba.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.11, "x": 0.839, "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 07:17:24.64+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0826be2-51ba-4640-810d-0c6df231b8b5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.901, "x": 0.049, "y": 0.146 }, "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": 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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 07:17:24.64+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90bbd5f5-27ef-42d4-8820-ec22c9599b23", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.961, "x": 0.019, "y": 0.19 }, "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": 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}, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:17:19.912+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5637dc2d-d116-4965-b32a-5568a7965200", "parentComponentId": null }, { "bbox": { "h": 0.39, "w": 0.901, "x": 0.049, "y": 0.19 }, "kind": "table", "text": "For the Four Quarters Ended September 30, 2023\nOperating income $ 507,599\nDepreciation and amortization expense 256,442\nAmortization expense of equity-based awards 15,572\nOther (2,287)\nConsolidated EBITDA, as defined in the Revolving Credit Agreement $ 777,326\nLong-term debt, less current portion of finance leases $ 3,398,006\nFinance leases (long-term) (50,000)\nUnamortized debt issuance costs 29,234\nNuStar Logistics' floating rate subordinated notes (402,500)\nConsolidated Debt, as defined in the Revolving Credit Agreement $ 2,974,740\nConsolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) 3.83x", "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 07:17:19.912+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f45bfd92-dd82-43f5-b447-5a2c9dccf747", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.602, "x": 0.049, "y": 0.04 }, "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, 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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 07:17:18.984+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d628f063-99fb-4306-9b9d-333cc647c636", "parentComponentId": null }, { "bbox": { "h": 0.139, "w": 0.458, "x": 0.271, "y": 0.283 }, "kind": "paragraph", "text": "INVESTOR RELATIONS\n(210) 918-INVR (4687)\nInvestorRelations@NuStarEnergy.com", "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", 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