Texas-based NuStar Energy has seen its income rise year on year this Q2 2009 owing to the sale of a pipeline, and strong asphalt operations.
During the most recent quarter, NuStar registered a net gain of $18.8 million (13.1 million) resulting from the sale of the Ardmore-Wynnewood pipeline in Oklahoma and the Trans-Texas pipeline. The sale of these assets became effective from 15 June.
In total the San Antonio company posted net income applicable to limited partners of $75.1 million on revenues of $987.8 million for the quarter ended 30 June 2009.
This compares to net income of $8.1 million on revenues of $1.38 billion for the same period a year ago.
NuStar Energy owns 8,407 miles of pipeline, 82 terminal facilities, four crude oil storage tank facilities and two asphalt refineries.