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  "documentTitle": "NuStar Energy | Investor Presentation Deck | 35 slides",
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  "authorName": "NuStar Energy",
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  "presentationDate": "2023-12-01 00:00:00",
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      "text": "NuStar Energy L.P. (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.",
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      "text": "The following is a reconciliation of operating income to segment EBITDA for our pipeline segment (in thousands of dollars).",
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      "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.",
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      "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.",
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      "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",
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      "text": "Reconciliation of Non-GAAP Financial Information",
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