NuStar Energy L.P. (NYSE: NS) today announced distributable cash flow available to limited partners of $57.0 million, or $0.99 per unit, for the fourth quarter of 2009, nearly 87 percent higher than the $28.8 million, or $0.53 per unit, for the fourth quarter of 2008. For the year ended December 31, 2009, distributable cash flow available to limited partners was $311.4 million, or $5.66 per unit, compared to $288.7 million, or $5.44 per unit, for the same period in 2008.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $91.9 million for the fourth quarter of 2009 compared to $92.2 million for the fourth quarter of 2008. For the year ended December 31, 2009, EBITDA was $460.5 million compared to $491.6 million for the same period in 2008. Net income applicable to limited partners was $28.8 million, or $0.50 per unit, for the fourth quarter of 2009, compared to $25.2 million, or $0.46 per unit, earned in the fourth quarter of 2008. For the year ended December 31, 2009, net income applicable to limited partners was $191.7 million, or $3.47 per unit, compared to $224.2 million, or $4.22 per unit, for the same period in 2008.

“Fourth quarter 2009 distributable cash flow and net income were stronger compared to the same period last year primarily due to improvement in the asphalt and fuels marketing segment,” said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC. “Results in this segment improved by $23.2 million in the fourth quarter of 2009 compared to last year primarily due to a higher margin per barrel in our asphalt operations. The margin per barrel in the fourth quarter of 2009 was $5.34 compared to $(1.66) last year. Since the fourth quarter 2008 results include a $22.7 million net gain resulting primarily from the sale of certain non-strategic pipeline and terminal assets, fourth quarter 2009 earnings were actually significantly higher than the fourth quarter of 2008.”

NuStar Energy L.P. also announced that its board of directors has declared a distribution of $1.065 per unit for the fourth quarter of 2009, which would equate to $4.26 per unit on an annual basis. This distribution will be paid on February 12, 2010, to holders of record as of February 5, 2010, and represents an increase over the $1.0575 per unit distribution for the fourth quarter of 2008. For 2009, NuStar Energy L.P. declared distributions of $4.245 per unit, which were nearly 4 percent higher than distributions of $4.085 per unit related to 2008.