November 25, 2019 [Chron] – San Antonio pipeline operator NuStar Energy is making a $400 million bet on the Port of Corpus Christi.
In an investors presentation filed with the U.S. Securities and Exchange Commission on Wednesday, the company laid its capital expenditure budget for next year.
NuStar exited Europe last November and the Caribbean in July, pocketing about $500 million in cash. The company, the presentation shows, is investing the lion’s share of that money into projects that will grow the company’s business.
Three projects worth a combined $410 million involve the Port of Corpus Christi.
NuStar plans to invest $160 million to expand its Permian Basin crude oil gathering pipeline network. NuStar’s West Texas system will connect to three Corpus Christi-bound transmission pipelines — the EPIC Pipeline, Cactus II Pipeline and Gray Oak Pipeline.
The company has invested another $105 million to expand and improve its docks at the Port of Corpus Christi, allowing supertankers to load up larger export shipments.
Capitalizing on three refineries at the port, NuStar has invested another $145 million to expand capacity of its Mexico-bound refined products pipelines, which will boost volumes of gasoline, diesel and other products delivered to customers south of the border.
Founded in 2001 and headquartered in San Antonio, NuStar Energy has more than 1,500 employees across the United States, Canada and Mexico.
With 9,900 miles of pipeline and more than 70 million barrels of storage capacity, the company reported making $206 million of net income on $1.96 billion of revenue in 2018.
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