“Our results show we’re on track with our strategic re-direction of the company focusing on our more stable pipeline and storage segments,” said Curt Anastasio, President and Chief Executive Officer of NuStar Energy L.P. and NuStar GP Holdings, LLC. “We continue to focus on internal growth investments in the Eagle Ford Shale, having completed another project in the region during the third quarter, which we expect will add about $15 million in incremental annual EBITDA.

Commenting on the storage segment, Anastasio said, “EBITDA in our storage segment nearly doubled between 2006 and 2012 growing from $162 million to $288 million of annual EBITDA. And while our storage segment is and will continue to be very profitable for us, the driver of NuStar’s growth over the last year or so has shifted from the storage segment to the pipeline segment. As a result, quarterly results for the pipeline segment are improved over last year and the storage segment’s third quarter results are lower than last year. Volumes at our throughput storage facilities were up by seven percent, with corresponding revenues up 20 percent or almost $5 million. However, these increases were more than offset by the $13 million impact of reduced revenues from lower lease renewal rates due to the backwardated market and the reduced benefit from our profit sharing agreement with EOG at our St. James terminal as the LLS-to-WTI spread narrowed.”