Wachovia Pipeline & MLP Symposium December 9, 2008 Curt Anastasio - CEO & President Exhibit 99.1

This presentation contains certain estimates, predictions, projections, assumptions and other forward-looking statements that involve various risks and uncertainties. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "will," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions. For a discussion of certain of those risks, please read "Risk Factors" in Item 1A of both NuStar Energy L.P's and NuStar GP Holdings, LLC's respective annual reports on Form 10-K for the year ended December 31, 2007 and each entity’s subsequent quarterly reports as filed with the Securities and Exchange Commission. Forward Looking Statements 2

NuStar Energy L.P. is a leading publicly traded growth-oriented partnership (NYSE: NS) General partner owned by NuStar GP Holdings, LLC (NYSE: NSH) One of the largest independent petroleum pipeline and terminal operators in the U.S. One of the largest asphalt refiners and marketers in the U.S. Large and diverse asset footprint with operations in seven different countries Experienced management team with substantial equity ownership NuStar Overview 3 NS NSH IPO Date: 4/15/2001 7/19/2006 Annual Distribution/Unit: $4.23 $1.72 Yield (12/04/08): 11.59% 10.80% Market Equity Capitalization: $1,988 million $677 million Enterprise Value: $3,996 million $684 million Total Assets (9/30/08): $4,932 million $586 million Net Debt/Capitalization (9/30/08): 47.5% 0% Debt/EBITDA (9/30/08): 3.9x n/a 83.8% Membership Interest 79.6% L.P. Interest Public Unitholders 35,669,951 NSH Units Public Unitholders 44,210,016 NS Units 16.2% Membership Interest 2.0% G.P. Interest 18.4% L.P. Interest Incentive Distribution Rights William E. Greehey 6,878,920 NSH Units NYSE: NSH NYSE: NS

Assets Stats: 8,503 miles of crude oil and refined product pipelines* 85 terminal facilities and four crude oil storage tank facilities Over 90 million barrels of storage capacity 2 asphalt refineries capable of processing 104,000 bpd of crude oil Asset Overview 4 * On December 1, 2008, NuStar sold a portion of its interest in the Skelly Belvieu Pipeline Company, LLC for approximately $36 million representing approximately 560 miles of pipeline

37% 35% 28% Expected Percent of 2008 Segment Operating Income Diversification of operations provide various earnings streams and reduces risk Approximately 72% of NuStar Energy’s operating income in 2008 expected to come from stable, fee-based operations Remainder of operating income relates to margin-based asphalt and fuels marketing operations Storage (~37%) Transportation (~35%) Refined Product Terminals Crude Oil Storage Refined Product Pipelines Crude Oil Pipelines Asphalt & Fuels Marketing (~28%) Asphalt Fuels Marketing Product Supply, Wholesale and Fuel Oil Marketing Bunkering/Other Diversified Operations 5

Global Leader in Independent Liquids Storage NuStar is the third largest independent liquids terminal operator in the world The CITGO Asphalt Refining Co. acquisition added 4.8 million barrels of storage Portfolio of terminal expansion projects expected to contribute around 8.5 million barrels of storage capacity Independent Liquids Storage Capacity (Millions of Barrels) 8 8 10 12 16 18 20 21 29 33 33 35 37 57 82 92 103 137 NuStar’s Expected Additional Capacity from New Projects by May 2009 NuStar’s Current Capacity including the CITGO Asphalt Refining Company Acquisition Source: Company Websites & Management Presentations 6

Consistent Distribution Growth Since IPO $4.23 $3.835 $3.60 $3.365 $3.20 $2.95 $2.75 $2.40 2001 2002 2003 2004 2005 2006 2007 2008 NuStar Energy L.P. Annual Distribution Increases Since IPO (Dollar Per Unit) NuStar Energy L.P. increased the 3rd quarter 2008 distribution by 7.4% to $1.0575 per unit, or $4.23 per unit on an annual basis Strong coverage ratio of 2.72 times applicable to the limited partners NuStar GP Holdings, LLC increased the 3rd quarter 2008 distribution by 19.4% to $0.43 per unit, or $1.72 per unit on an annual basis ~8.4% CAGR * * Based on NS annualized distribution of $0.60 per unit in 2001 ** Based on NSH annualized distribution of $0.32 per unit in 2006 NuStar GP Holdings, LLC Annual Distribution Increases Since IPO (Dollar Per Unit) $1.28 $1.38 $1.72 2006 2007 2008 ~16% CAGR ** 7

-60% -50% -40% -30% -20% -10% 0% 10% 12/31/07 2/25/08 4/22/08 6/17/08 8/13/08 10/8/08 12/4/08 NuStar’s 2008 YTD Returns Holding Up Well Compared to the Market Indexes and Peers NS (26)% S&P 500 (41)% AMZ Index (40)% NSH Peers (52)% NSH (40)% 2008 Total Returns Despite the market meltdown and volatility in the sector, NuStars’ 2008 year-to-date total returns are holding up well compared to the market indexes and peers In recent months, in the face of ongoing credit market turmoil, investors have begun to reward and differentiate companies with more pristine balance sheets Source: Barclay’s Capital 8 ___________________________ Note: NSH GP Peers Total Return Index is weighted on market capitalization of each company and includes the following companies: AHD, AHGP, BGH, EPE, ETE, HPGP, MGG, and NRGP.

Asphalt Overview 9

U.S. asphalt demand in 2008 has remained below last year’s levels, however, reduction in supply more than offset the negative impact of reduction in demand resulting in higher asphalt prices and margins Although 2008 YTD U.S. demand was lower by around 13% compared to 2007 YTD, U.S. asphalt production was lower by 11% and imports were down by nearly 40% resulting in inventories being down over 26% Significant decline in product prices and seasonality of business expected to result in weaker 4th quarter Continue to expect the same factors that caused the asphalt markets to be tight in 2008 to be present in 2009 Competitor in PADD I has discontinued producing asphalt Venezuela has not exported any asphalt to the U.S. since January 2008 Weak gasoline cracks resulted in production run cuts in the U.S. Mid-West/Mid-Continent regions Expect asphalt demand to be slightly lower in 2009 versus 2008 Second stimulus package that funds additional highway projects could benefit asphalt demand in 2009 and beyond Lower crude oil and lower asphalt prices could also be positive for asphalt demand Coker projects should start to impact asphalt markets in 2010 and 2011 as they come online U.S. Asphalt Inventories (000 barrels) Source of data for graphs: U.S. Energy Information Administration and New Jersey Department of Transportation Asphalt Fundamentals NJ Asphalt Cement Price Index ($ per short ton) 10 10,000 20,000 30,000 40,000 50,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 5-Year Avg. $100 $200 $300 $400 $500 $600 $700 $800 $900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 5-Year Average

Significant infrastructure needs in the U.S. Major increase in road investment needed to accommodate growing demand on nation’s surface transportation system Paving demand accounts for the majority, or around 85%, of total U.S. asphalt demand Re-roofing projects account for majority of asphalt roofing demand versus new builds Roofing demand only accounts for around 10% of total U.S. asphalt demand U.S. is only spending a fraction of what it should to maintain roads Estimated that the nation’s total infrastructure funding needs over a five-year period will approach $1.6 trillion** $116 billion needed annually to maintain and upgrade our nation’s roads and bridges** * Source: National Surface Transportation Policy & Revenue Commission ** Source: “Investing in the Changing Face of Infrastructure,” Wachovia Capital Markets, LLC. November 2008 U.S. invests less than 1% of GDP on infrastructure, versus 9% for China, and about 3.5% in Australia and India** China’s recent announcement to spend $586 billion (close to 15%) of its GDP on infrastructure contrasts with United States’ under investment in infrastructure** Infrastructure Needs in the U.S. to Drive U.S. Asphalt Demand 11 2007 U.S. Usage by Type of Asphalt Asphalt Cement 74% Roofing Asphalt Modified Asphalt 11% 7% Emulsified Asphalt 5% Cutback/Misc. Asphalt 3% Total Usage of Asphalt = 30,403,367 tons Source: Asphalt Institute Usage Report

2005 2006 2007 2008 2009 Highway construction expenditures are dependent upon spending by federal, state and local governments and from the private sector Current federal highway funding bill passed in August 2005 (i.e. SAFETEA-LU) fully funded through 2009 Bipartisan victory on recent $8 Billion payback to the Highway Trust Fund, which fully funds the account through 2009 Federal funds typically require states to match some portion of the federal contribution as an incentive to spend more on road construction States are expecting comparable funding in 2009 as they received in 2008 States will lose matched federal funding if they don’t spend money on highways Status of U.S. Highway Funding Second Stimulus Package Expected to Benefit Asphalt Demand 12 * Source: NAPA - National Asphalt Pavement Association ** Source: Bureau of Transportation Statistics *** Source: American Associate of State Highway Transportation Annual Federal Highway Funding Under SAFETEA-LU ($ in billions)* $37.1 $38.1 $40.4 $41.8 $42.0 ~$200 billion in total Highway Funding SAFETEA-LU expires at the end of FY 2009 Congress to begin debate on how to fund the reauthorization in early 2009 Chairman of the House Transportation and Infrastructure Committee seeking $300-500 Billion Funding options Federal gas tax increase, indexing user fees for inflation adjustment, bonds, tolls Possible $300 to $500 billion in tax cuts, infrastructure spending and various types of subsidies and grants from a second economic stimulus package could augment highway funding Package could include approximately $18 billion or more in transportation infrastructure investments, encompassing over 3,000 projects and supporting over half a million jobs, which could be under contract in less than 90 days*** Would be a big victory for the Obama Administration in first 30 days Favorable possibility of 100% federal financing– no matching criteria

Current U.S. Coker Capacity Projects: (Includes firm and probable expansions) Impact of Coker Projects Still Intact Despite Some Projects Delayed/Cancelled Source: PIRA Refinery Database; Company Information 13 No. Refinery PADD Announced Coker Capacity (Mbpd) Announced Crude Capacity (Mbpd) Start Up Date Status 1 Coffeyville Resources - Coffeyville, Kansas II 2.0 8.0 1Q 2007 Complete 2 BP - Toledo, Ohio II 2.0 10.0 1Q 2007 Complete 3 Valero - Port Arthur, Texas III 25.0 75.0 1Q 2007 Complete 4 Frontier - Cheyenne, Wyoming IV 4.3 - 3Q 2007 Complete 5 Chevron - El Segundo, California V 15.0 - 4Q 2007 Complete 6 Sinclair – Sinclair, Wyoming IV 20.0 11.0 4Q 2007 Complete 7 ConocoPhillips - Borger, Texas III 25.0 - 4Q 2007 Complete 8 Cenex - Laurel, Montana IV 15.0 - 1Q 2008 Complete 9 Frontier - El Dorado, Kansas II 3.0 11.0 2Q 2008 Complete 10 Tesoro - Martinez, California V 4.4 - 2Q 2008 Complete 11 ConocoPhillips - Los Angeles, California V 5.0 - 4Q 2008 Firm 12 Sinclair - Tulsa, Oklahoma II 28.5 - 2Q 2009 Firm 13 Valero - St. Charles, Lousiana III 10.0 45.0 3Q 2009 Firm 14 Marathon - Garyville, Louisiana III 44.0 180.0 4Q 2009 Firm 15 Hunt - Tuscaloosa, Alabama III 18.5 15.0 3Q 2010 Firm 16 ConocoPhillips - Wood River, Illinois II 65.0 55.0 1Q 2011 Firm 17 Atofina Petrochemicals Inc.- Port Arthur, Texas III 50.0 - 1Q 2011 Probable 18 Motiva - Port Arthur, Texas III 40.0 325.0 1Q 2011 Firm 19 Pasadena Refining System - Pasadena, Texas III 29.0 100.0 2Q 2011 Probable 20 BP - Whiting, Indiana II 95.0 30.0 1Q 2012 Firm 21 ConocoPhillips - Borger, Texas III 20.0 34.0 2Q 2012 Probable 22 ConocoPhillips - Wood River, Illinois II 30.0 25.0 2Q 2013 Probable 23 BP/Husky - Toledo, Ohio II 25.0 - 4Q 2013 Firm / Delayed 24 Marathon - Detroit, Michigan II 28.0 13.0 TBD Firm / Delayed Total US Expansion 603.7 937.0 Most of the coker projects on our list are either already complete or have a high likelihood of completion (i.e. firm projects) The few projects that have been either cancelled or delayed were small in scope and/or were at the back end of our list (i.e. in 2013) Additional coker capacity additions of around 604,000 barrels per day only slightly lower than the 650,000 barrels per day previously expected Asphalt markets have already begun to tighten and asphalt margins should continue to increase as more coker projects are completed

Financial Overview 14

Total Capital In-Service Dates Major Projects Investment 1Q08 2Q08 3Q08 4Q08 2009 Major Projects Completed in Late 2006 & 2007 $92.0 Amsterdam Expansion – Partial P1 37.8 St. Eustatius Expansion – P3 20.2 Texas City, TX Expansion 21.1 St. James, LA Expansion 25.6 Linden, NJ Pipeline Expansion 7.7 Jacksonville, FL Expansion 20.5 Amsterdam Expansion – Partial P1 37.8 Amsterdam Expansion – Option 1 5.3 St. James, LA Expansion 26.5 Amsterdam Expansion – Option 2 29.2 Texas City, TX Expansion 13.5 Asphalt/Heavy Fuel Oil Projects 35.0 Storage and Pipeline Projects 46.0 Total ~$415 (Dollars in Millions) P = Phase $400 million construction program nearly complete with around $40 million of capex left to be spent by May 2009 Full year contribution from construction program around $45 million of operating income Plenty of opportunities to grow the business with around $500 million of new internal growth project ideas and acquisition targets over the next few years Not obligated to push forward on these projects and can scale back as necessary Budgeted around $80 million of internal growth capex in 2009 until we see more clearly how the financial crisis resolves itself Completed Completed Completed Completed Completed Completed Completed Completed $400 million Construction Program Nearly Complete – Expect $80 million of internal growth projects in 2009 Completed Completed Completed 15

$1.25 billion Credit Facility $711.9 NuStar Logistics Notes (7.65%) $349.3 NuStar Logistics Notes (6.875%) 99.9 NuStar Logistics Notes (6.05%) 229.6 Kaneb Ops. Notes (5.875%) 259.4 Kaneb Ops. Notes (7.75%) 274.1 Other Debt 127.3 Total Debt $2,051.5 Total Partners’ Equity 2,266.2 Total Capitalization $4,317.7 (Dollars in Millions) Standard & Poor’s - BBB- (Outlook Negative) Moody’s - Baa3 (Outlook Negative) Fitch - BBB- (Outlook Negative) Debt/EBITDA (9/30/08) – 3.9x Debt/Capitalization (9/30/08) – 47.5% NuStar Energy L.P. Balance Sheet Continues to be Solid 2009 $0.7 2010 $0.8 2011 $0.8 2012 $1,100* 2013 $481 2014 $1.0 * Primarily includes maturity of $712 million revolver balance and $350 million of senior notes Total Bank Credit $1,228 Less: Borrowings $(640) Letters of Credit $(67) Revolver Liquidity $521 Capital Structure (9/30/08) Credit Summary Long-Term Debt Maturities (9/30/08) Current Revolver Availability 16 Due to lower working capital requirements and additional debt reduction, we now expect our availability under our revolver to be over $550 million by year end

Continue to expect 2008 to be a record year with the highest annual earnings in the partnership’s history Fourth quarter 2008 earnings expected to be significantly lower than the third quarter 2008 earnings and the current fourth quarter 2008 consensus estimate Primarily driven by rapid decline in product prices since mid-September, which has outpaced the slower decline in NuStar’s weighted average cost of goods sold causing margins to compress more than expected Significant decline in crude oil prices has pushed all product prices considerably lower Also driven by seasonality of the asphalt business where demand for asphalt paving declines in the winter months Expect 2008 EBITDA contribution from asphalt business to be lower than previously expected Believe transportation and storage businesses will hold up well in the fourth quarter of 2008 despite volumes being impacted by turnarounds at a couple of Valero Energy’s refineries we serve 2009 EBITDA should be comparable to 2008 EBITDA Should benefit in 2009 from slightly better results from our transportation and storage segments partially offset by weaker results from our asphalt operations Business Outlook 17

Continue to Expect Transportation Segment to Perform Well in 2009 18 Transportation Segment (Refined Product & Crude Oil Pipelines): Expect 4Q08 transportation business segment volumes to be lower by around 4% compared to 3Q08 primarily due to turnarounds at three Valero Energy refineries we serve Despite lower volumes, 4Q08 transportation revenues only expected to decline by around 1% While we expect to be impacted by weaker demand next year, total throughput volumes on our transportation segment should be comparable in 2009 vs. 2008 New pipeline project and incremental refined product volumes in 2009 as well as fewer refinery operational issues forecasted to occur in 2009 are the primary reasons why volumes are expected to be comparable in 2009 despite weaker demand Based on the Producer Price Index through October 2008 plus 1.3%, forecasting an 8 percent increase on the tariffs we charge our customers on nearly all of our pipelines effective July 1, 2009 Increased the tariff by 5.2% effective July 1, 2008 based on last year’s producer price index

Also Expect Storage Segment to Perform Well in 2009 19 Storage Segment (Crude Oil Storage and Refined Product Terminals): While 4Q08 storage throughputs are expected to be flat compared to 3Q08, revenues should be higher by around 3% primarily due to additional expansion projects coming on-line Most of NuStar’s storage business, or nearly 70% of storage lease revenues, is based on long-term contracts 33% of the contract revenue is one year or less, 25% is three years or less but greater than one year, 24% is five years or less but greater than three years and the remainder, or 18%, is greater than five years Over 90% of the contracts under the $400 million construction program are five to ten years It would take a significant decline in demand to impact our total storage revenues since most of our business is contractual versus throughputs A 10% reduction in storage demand would result only in a 1% decrease in total storage revenues Expect to continue to benefit from $400 million construction program in 2009 based on a full 12 month contribution from the majority of the projects

Optimize Financial Position Grow Distribution NuStar’s Strategies for Maximizing Value in 2009 Margin-Related Business Manage proportion of assets from fee-based and margin-based businesses Studying measures to reduce volatility of asphalt business Improve Inventory and Margin Management Selectively hedge inventory positions and margins Continue to maintain a higher coverage ratio (2:1 ratio) on asphalt cash flows Promote Training Provide Employee Recognition Internal Growth Manage Volatility of Margin-Related Businesses Continue To Strengthen Corporate Culture Community Involvement Create World Class Environment Operational Excellence 20 Capital Discipline and Project Execution Maintain Investment Grade Rating & Eliminate Negative Outlook

One of the largest independent petroleum pipeline and terminal liquids operators in the world Provides world class pipeline and terminalling services to some of the world’s largest crude oil producers, integrated oil companies, chemical companies, oil traders and refineries One of the largest asphalt refiners and marketers in the U.S. Large and diversified asset footprint in the U.S. and internationally with substantial internal growth opportunities One of a few partnerships to have a large international presence $400 million construction program expected to be complete by May 2009 Plenty of opportunities to grow the business with around $500 million of new internal growth project ideas and acquisition targets over the next few years One of only a few partnerships with incentive distribution rights capped at 25% Lower cost of capital provides NuStar Energy L.P. a competitive advantage Investment grade rating and demonstrated access to capital in difficult markets Experienced management team with substantial ownership and insider buying Strong earnings expected in 2008 Growth expected to continue to allow NuStar Energy L.P. and NuStar GP Holdings, LLC to provide future distribution increases Investment Highlights 21

Appendix 22

U.S. Asphalt Supply/Demand Fundamentals (Through September 2008) 23 Total U.S. Asphalt Inventories (000s Barrels) Total U.S. Asphalt Demand (000s Barrels) Source: U.S. Energy Information Administration Source: U.S. Energy Information Administration Total U.S Asphalt Production (000s Barrels) Total U.S Asphalt Imports (000s Barrels) Source: U.S. Energy Information Administration Source: U.S. Energy Information Administration U.S. Asphalt Inventories: Through September 2008, U.S. asphalt inventories were down 26.0% U.S. Asphalt Demand: Through September 2008, U.S. asphalt demand was down 13.3% U.S. Asphalt Production: Through September 2008, U.S. asphalt production was down 11.0% U.S. Asphalt Imports: Through September 2008, U.S. asphalt imports were down 39.8% 10,000 20,000 30,000 40,000 50,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 5-Year Avg. 5,000 10,000 15,000 20,000 25,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 5-Year Avg. 10,000 15,000 20,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 3-Year Avg. 0 1,000 2,000 3,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 5-Year Avg.

$10.00 $30.00 $50.00 $70.00 $90.00 $110.00 $130.00 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 NuStar’s Crude Oil Feedstocks Continue to Sell at Deep Discounts Venezuelan crudes that NuStar is buying continue to sell at significant discounts BCF-13 and Boscan crude oils are excellent asphaltic crudes purchased at a deep-discount to sweet crudes (i.e. WTI) and to other heavy-sour crudes (i.e. Mexican Maya) Crude feedstocks are ideal to run at NuStar’s refineries since they produce a high yield of asphalt Monthly Comparative Crude Oil Prices ($ per barrel) WTI * Mexican Maya * BCF-13 ** Boscan ** * Source: Platts ** Source: Company Spread b/w WTI and Venezuelan crudes currently around $15 to $20 per barrel. 24