NuStar Energy’s storage segment has generated solid results according to the company’s third quarter financial results.
Its EBITDA from continuing operations was $142.3 million during the third quarter, and net income applicable to limited partners was $38.6 million.
Brad Barron, president and CEO of NuStar Energy and NuStar GP Holdings, says that the company continues to benefit from strong refined product pipeline throughput volumes during the third quarter.
‘In addition, 1.8 million barrels of recently leased storage at our Piney Point, Maryland facility and higher revenues at some of our terminal locations contributed to solid results from our storage segment,’ he adds.
‘By the end of the fourth quarter, we plan to close on the 1.15 million barrel terminal acquisition from Martin Midstream Partners in the Port of Corpus Christi. We are very pleased to make this acquisition that will not only solidify our presence in Corpus Christi, but will also give us the ability to serve a new pipeline as part of our Eagle Ford operations and provide us greater connectivity to domestic and international crude oil and refined products markets.’