US-based NuStar Energy has announced net income applicable to limited partners of $51.8 million (32.4 million) for Q1 2008, nearly double the $26.7 million earned in Q1 2007. The Q1 2008 results represent the highest quarterly earnings in the partnership's history.
Included in Q1 2008 results in other income is a $4.3 million gain for the sale of an idle refined products pipeline; $3.3 million of income related to settlement of the business interruption insurance claim for the impact of the fire at Valero Energy's McKee refinery last year; and $1.8 million related to a non-cash foreign exchange gain on US dollars held by its Canadian subsidiary.
'During the quarter, we benefited from increased throughputs on our pipelines and terminals serving Valero Energy's McKee refinery, higher storage lease and throughput revenues on several of our refined product terminals and a higher contribution from our marketing and trading businesses,' Curt Anastasio, CEO of NuStar Energy, says.
'With the remainder of the projects in our $400 million construction programme expected to be in service during the year and the recent completion of the CITGO Asphalt Refining Company acquisition, 2008 is shaping up to be an exciting year for NuStar.'
NuStar Energy owns 9,063 miles of pipeline, 85 terminal facilities, four crude oil storage tank facilities and two asphalt refineries with a combined throughput capacity of 104,000 barrels a day.