NuStar Energy L.P. (NS) Posts Q4 Loss of $0.31/Share

NuStar Energy L.P. (NYSE: NS) reported Q4 EPS of ($0.31), which may not compare to the analyst estimate of $0.57. Revenue for the quarter came in at $471.76 million versus the consensus estimate of $466.76 million.

"I am very pleased with the many initiatives that we completed in 2016 that set the stage for a great year in 2017 and beyond,” said Brad Barron, President and Chief Executive Officer of NuStar Energy L.P. and NuStar GP Holdings, LLC. “We are very excited to have completed an immediately accretive acquisition in the fourth quarter and to finally eliminate all ties to our former asphalt business. From a financing perspective, we feel the non-cash impairment in the fourth quarter is a small price to pay to receive a $110 million cash payment in 2017 that when coupled with the $100 million of cash we repatriated from our international operations and the proceeds that we received from issuing $226.5 million of preferred units in 2016, will significantly reduce the amount of capital needed to be raised in the financial markets to fund our future growth capital needs. And, of course, it goes without saying that I am also very pleased to eliminate the need to provide up to $125 million in credit support to Axeon and put a close to this chapter of our history once and for all.”

Recapping 2016, Barron said, “Our base storage and pipeline operations performed very well in the face of a continued weak commodity price environment throughout the year. During 2016, our storage segment benefitted from increased storage rates at some of our facilities, while our pipeline segment experienced higher overall refined product throughputs, due in part to some completed expansion projects in our Central East System and higher utilization at some of the refineries we serve.”

For earnings history and earnings-related data on NuStar Energy L.P. (NS) click here.

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