February 7, 2022 [San Antonio Express News] – Pipeline and terminal operator NuStar Energy rebounded in 2021, swinging from a loss the year before to a profit of $38.2 million.
The San Antonio company’s revenue also climbed to $1.6 billion from $1,48 billion the year before.
In 2020, NuStar lost $199 million as the pandemic roiled the oil and gas market.
Its refined-product pipeline business increased 11 percent last year over 2020.
“Our refined products pipelines delivered consistent and strong results during both the Delta and Omicron waves, reflecting the strength of our assets and our position in the markets we serve across the mid-Continent and throughout Texas,” NuStar President and CEO Brad Barron said Thursday.
For the fourth quarter of 2021, the company posted a $58 million profit, or 19 cents per unit, on revenue of $417 million. That’s up from earnings of $15.5 million on revenue of $387 million in the same period the year before.
NuStar said its refined-products pipelines’ throughput increases 16 percent in the quarter from a year earlier. Throughput in the company’s crude oil pipelines was 25 percent higher than in the fourth quarter of 2020.
The company expects to generate between $242 million and $270 million in profit in 2022, compared with adjusted net income of $212 million for full-year 2021.
NuStar declared a distribution of 40 cents per unit for the quarter.
NuStar units ended trading Thursday at $17.45, down 2 cents from Wednesday’s closing price.
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