| CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
NuStar Energy has no operations and its assets consist mainly of its investments in NuStar Logistics and NuPOP, both wholly owned subsidiaries. The senior notes issued by NuStar Logistics and NuPOP are fully and unconditionally guaranteed by NuStar Energy, and each of NuStar Logistics and NuPOP fully and unconditionally guarantee the outstanding senior notes of the other. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP.
Condensed Consolidating Balance Sheets September 30, 2012 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Assets | | | | | | | | | | | | Cash and cash equivalents | $ | 7,281 |
| | $ | 12 |
| | $ | — |
| | $ | 100,163 |
| | $ | — |
| | $ | 107,456 |
| Receivables, net | — |
| | 38,215 |
| | 10,350 |
| | 410,091 |
| | (3,161 | ) | | 455,495 |
| Inventories | — |
| | 2,585 |
| | 8,050 |
| | 230,079 |
| | (20 | ) | | 240,694 |
| Income tax receivable | — |
| | — |
| | — |
| | 995 |
| | — |
| | 995 |
| Other current assets | — |
| | 18,367 |
| | 1,311 |
| | 39,922 |
| | — |
| | 59,600 |
| Intercompany receivable | — |
| | 383,534 |
| | 568,526 |
| | — |
| | (952,060 | ) | | — |
| Total current assets | 7,281 |
| | 442,713 |
| | 588,237 |
| | 781,250 |
| | (955,241 | ) | | 864,240 |
| Property, plant and equipment, net | — |
| | 1,353,763 |
| | 584,868 |
| | 1,216,459 |
| | — |
| | 3,155,090 |
| Intangible assets, net | — |
| | 1,929 |
| | — |
| | 24,589 |
| | — |
| | 26,518 |
| Goodwill | — |
| | 18,094 |
| | 170,652 |
| | 634,165 |
| | — |
| | 822,911 |
| Investment in wholly owned subsidiaries | 3,248,470 |
| | 67,390 |
| | 1,228,601 |
| | 2,322,860 |
| | (6,867,321 | ) | | — |
| Investment in joint ventures | — |
| | 48,696 |
| | — |
| | 67,443 |
| | — |
| | 116,139 |
| Deferred income tax asset | — |
| | — |
| | — |
| | 2,080 |
| | — |
| | 2,080 |
| Note receivable from related party | — |
| | 170,711 |
| | — |
| | — |
| | — |
| | 170,711 |
| Other long-term assets, net | 498 |
| | 157,006 |
| | 26,328 |
| | 22,363 |
| | — |
| | 206,195 |
| Total assets | $ | 3,256,249 |
| | $ | 2,260,302 |
| | $ | 2,598,686 |
| | $ | 5,071,209 |
| | $ | (7,822,562 | ) | | $ | 5,363,884 |
| Liabilities and Partners’ Equity | | | | | | | | | | | | Current portion of long-term debt | $ | — |
| | $ | 232,428 |
| | $ | 251,535 |
| | $ | 33,900 |
| | $ | — |
| | $ | 517,863 |
| Payables | 100 |
| | 54,642 |
| | 9,502 |
| | 392,256 |
| | (3,161 | ) | | 453,339 |
| Accrued interest payable | — |
| | 19,049 |
| | 4,896 |
| | 21 |
| | — |
| | 23,966 |
| Accrued liabilities | 750 |
| | 54,972 |
| | 6,165 |
| | 35,554 |
| | — |
| | 97,441 |
| Taxes other than income tax | 63 |
| | 6,339 |
| | 3,566 |
| | 5,052 |
| | — |
| | 15,020 |
| Income tax payable | — |
| | 230 |
| | 2 |
| | 2,539 |
| | — |
| | 2,771 |
| Intercompany payable | 515,170 |
| | — |
| | — |
| | 436,891 |
| | (952,061 | ) | | — |
| Total current liabilities | 516,083 |
| | 367,660 |
| | 275,666 |
| | 906,213 |
| | (955,222 | ) | | 1,110,400 |
| Long-term debt, less current portion | — |
| | 1,518,543 |
| | — |
| | — |
| | — |
| | 1,518,543 |
| Long-term payable to related party | — |
| | 10,562 |
| | — |
| | 5,442 |
| | — |
| | 16,004 |
| Deferred income tax liability | — |
| | — |
| | — |
| | 30,851 |
| | — |
| | 30,851 |
| Other long-term liabilities | — |
| | 2,821 |
| | 165 |
| | 13,001 |
| | — |
| | 15,987 |
| Total partners’ equity | 2,740,166 |
| | 360,716 |
| | 2,322,855 |
| | 4,115,702 |
| | (6,867,340 | ) | | 2,672,099 |
| Total liabilities and partners’ equity | $ | 3,256,249 |
| | $ | 2,260,302 |
| | $ | 2,598,686 |
| | $ | 5,071,209 |
| | $ | (7,822,562 | ) | | $ | 5,363,884 |
|
(a) Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. Condensed Consolidating Balance Sheets December 31, 2011 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Assets | | | | | | | | | | | | Cash and cash equivalents | $ | 139 |
| | $ | 14 |
| | $ | — |
| | $ | 17,344 |
| | $ | — |
| | $ | 17,497 |
| Receivables, net | — |
| | 27,533 |
| | 6,877 |
| | 514,477 |
| | (1,079 | ) | | 547,808 |
| Inventories | — |
| | 2,311 |
| | 6,370 |
| | 579,152 |
| | (48 | ) | | 587,785 |
| Income tax receivable | — |
| | — |
| | — |
| | 4,148 |
| | — |
| | 4,148 |
| Other current assets | — |
| | 9,796 |
| | 2,423 |
| | 31,466 |
| | — |
| | 43,685 |
| Intercompany receivable | — |
| | 893,268 |
| | 780,066 |
| | — |
| | (1,673,334 | ) | | — |
| Total current assets | 139 |
| | 932,922 |
| | 795,736 |
| | 1,146,587 |
| | (1,674,461 | ) | | 1,200,923 |
| Property, plant and equipment, net | — |
| | 1,150,318 |
| | 596,229 |
| | 1,683,921 |
| | — |
| | 3,430,468 |
| Intangible assets, net | — |
| | 1,966 |
| | — |
| | 36,957 |
| | — |
| | 38,923 |
| Goodwill | — |
| | 18,094 |
| | 170,652 |
| | 657,971 |
| | — |
| | 846,717 |
| Investment in wholly owned subsidiaries | 3,386,170 |
| | 220,513 |
| | 1,159,620 |
| | 2,216,792 |
| | (6,983,095 | ) | | — |
| Investment in joint venture | — |
| | — |
| | — |
| | 66,687 |
| | — |
| | 66,687 |
| Deferred income tax asset | — |
| | — |
| | — |
| | 9,141 |
| | — |
| | 9,141 |
| Other long-term assets, net | 364 |
| | 192,007 |
| | 26,329 |
| | 69,631 |
| | — |
| | 288,331 |
| Total assets | $ | 3,386,673 |
| | $ | 2,515,820 |
| | $ | 2,748,566 |
| | $ | 5,887,687 |
| | $ | (8,657,556 | ) | | $ | 5,881,190 |
| Liabilities and Partners’ Equity | | | | | | | | | | | | Current portion of long-term debt | $ | — |
| | $ | 331,317 |
| | $ | 1,060 |
| | $ | 32,582 |
| | $ | — |
| | $ | 364,959 |
| Payables | — |
| | 32,590 |
| | 11,512 |
| | 418,038 |
| | (1,079 | ) | | 461,061 |
| Accrued interest payable | — |
| | 21,332 |
| | 8,489 |
| | 12 |
| | — |
| | 29,833 |
| Accrued liabilities | 829 |
| | 42,788 |
| | 4,661 |
| | 22,992 |
| | — |
| | 71,270 |
| Taxes other than income tax | 125 |
| | 5,661 |
| | 2,678 |
| | 4,991 |
| | — |
| | 13,455 |
| Income tax payable | — |
| | 352 |
| | 7 |
| | 2,863 |
| | — |
| | 3,222 |
| Intercompany payable | 506,111 |
| | — |
| | — |
| | 1,167,223 |
| | (1,673,334 | ) | | — |
| Total current liabilities | 507,065 |
| | 434,040 |
| | 28,407 |
| | 1,648,701 |
| | (1,674,413 | ) | | 943,800 |
| Long-term debt, less current portion | — |
| | 1,424,891 |
| | 503,180 |
| | — |
| | — |
| | 1,928,071 |
| Long-term payable to related party | — |
| | 8,027 |
| | — |
| | 6,475 |
| | — |
| | 14,502 |
| Deferred income tax liability | — |
| | — |
| | — |
| | 35,437 |
| | — |
| | 35,437 |
| Other long-term liabilities | — |
| | 29,939 |
| | 220 |
| | 64,886 |
| | — |
| | 95,045 |
| Total partners’ equity | 2,879,608 |
| | 618,923 |
| | 2,216,759 |
| | 4,132,188 |
| | (6,983,143 | ) | | 2,864,335 |
| Total liabilities and partners’ equity | $ | 3,386,673 |
| | $ | 2,515,820 |
| | $ | 2,748,566 |
| | $ | 5,887,687 |
| | $ | (8,657,556 | ) | | $ | 5,881,190 |
|
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Comprehensive (Loss) Income For the Three Months Ended September 30, 2012 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Revenues | $ | — |
| | $ | 98,529 |
| | $ | 48,486 |
| | $ | 1,606,734 |
| | $ | (8,983 | ) | | $ | 1,744,766 |
| Costs and expenses | 460 |
| | 58,001 |
| | 36,977 |
| | 1,607,594 |
| | (8,988 | ) | | 1,694,044 |
| Operating (loss) income | (460 | ) | | 40,528 |
| | 11,509 |
| | (860 | ) | | 5 |
| | 50,722 |
| Equity in earnings (loss) of subsidiaries | 4,849 |
| | (13,291 | ) | | 13,862 |
| | 24,246 |
| | (29,666 | ) | | — |
| Equity in (loss) earnings of joint ventures | — |
| | (3,304 | ) | | — |
| | 2,353 |
| | — |
| | (951 | ) | Interest expense, net | — |
| | (21,777 | ) | | (2,800 | ) | | (290 | ) | | — |
| | (24,867 | ) | Other (expense) income, net | — |
| | (21,491 | ) | | 1,678 |
| | (127 | ) | | — |
| | (19,940 | ) | Income (loss) before income tax expense | 4,389 |
| | (19,335 | ) | | 24,249 |
| | 25,322 |
| | (29,661 | ) | | 4,964 |
| Income tax expense | — |
| | 97 |
| | 1 |
| | 524 |
| | — |
| | 622 |
| Net income (loss) | 4,389 |
| | (19,432 | ) | | 24,248 |
| | 24,798 |
| | (29,661 | ) | | 4,342 |
| Less net loss attributable to noncontrolling interest | — |
| | — |
| | — |
| | (47 | ) | | — |
| | (47 | ) | Net income (loss) attributable to NuStar Energy L.P. | $ | 4,389 |
| | $ | (19,432 | ) | | $ | 24,248 |
| | $ | 24,845 |
| | $ | (29,661 | ) | | $ | 4,389 |
| | | | | | | | | | | | | Comprehensive income (loss) | $ | 4,389 |
| | $ | (22,612 | ) | | $ | 24,248 |
| | $ | 19,618 |
| | $ | (29,661 | ) | | $ | (4,018 | ) | Less comprehensive income attributable to noncontrolling interest | — |
| | — |
| | — |
| | 66 |
| | — |
| | 66 |
| Comprehensive income (loss) attributable to NuStar Energy L.P. | $ | 4,389 |
| | $ | (22,612 | ) | | $ | 24,248 |
| | $ | 19,552 |
| | $ | (29,661 | ) | | $ | (4,084 | ) |
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended September 30, 2011 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Revenues | $ | — |
| | $ | 78,554 |
| | $ | 46,076 |
| | $ | 1,708,288 |
| | $ | (8,568 | ) | | $ | 1,824,350 |
| Costs and expenses | 482 |
| | 38,068 |
| | 32,090 |
| | 1,669,422 |
| | (8,689 | ) | | 1,731,373 |
| Operating (loss) income | (482 | ) | | 40,486 |
| | 13,986 |
| | 38,866 |
| | 121 |
| | 92,977 |
| Equity in earnings of subsidiaries | 70,641 |
| | 7,285 |
| | 29,828 |
| | 51,102 |
| | (158,856 | ) | | — |
| Equity in earnings of joint venture | — |
| | — |
| | — |
| | 2,599 |
| | — |
| | 2,599 |
| Interest expense, net | — |
| | (15,210 | ) | | (5,685 | ) | | (670 | ) | | — |
| | (21,565 | ) | Other income, net | — |
| | 109 |
| | 246 |
| | 412 |
| | — |
| | 767 |
| Income (loss) before income tax expense | 70,159 |
| | 32,670 |
| | 38,375 |
| | 92,309 |
| | (158,735 | ) | | 74,778 |
| Income tax expense | 1 |
| | 542 |
| | — |
| | 3,954 |
| | — |
| | 4,497 |
| Net income (loss) | 70,158 |
| | 32,128 |
| | 38,375 |
| | 88,355 |
| | (158,735 | ) | | 70,281 |
| Less net income attributable to noncontrolling interest | — |
| | — |
| | — |
| | 123 |
| | — |
| | 123 |
| Net income (loss) attributable to NuStar Energy L.P. | $ | 70,158 |
| | $ | 32,128 |
| | $ | 38,375 |
| | $ | 88,232 |
| | $ | (158,735 | ) | | $ | 70,158 |
| | | | | | | | | | | | | Comprehensive income (loss) | $ | 70,158 |
| | $ | (30,972 | ) | | $ | 38,375 |
| | $ | 25,205 |
| | $ | (158,735 | ) | | $ | (55,969 | ) | Less comprehensive loss attributable to noncontrolling interest | — |
| | — |
| | — |
| | (2,063 | ) | | — |
| | (2,063 | ) | Comprehensive income (loss) attributable to NuStar Energy L.P. | $ | 70,158 |
| | $ | (30,972 | ) | | $ | 38,375 |
| | $ | 27,268 |
| | $ | (158,735 | ) | | $ | (53,906 | ) |
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Comprehensive (Loss) Income For the Nine Months Ended September 30, 2012 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Revenues | $ | — |
| | $ | 262,585 |
| | $ | 142,769 |
| | $ | 5,000,895 |
| | $ | (23,886 | ) | | $ | 5,382,363 |
| Costs and expenses | 1,280 |
| | 155,739 |
| | 103,673 |
| | 5,252,848 |
| | (23,922 | ) | | 5,489,618 |
| Operating (loss) income | (1,280 | ) | | 106,846 |
| | 39,096 |
| | (251,953 | ) | | 36 |
| | (107,255 | ) | Equity in (loss) earnings of subsidiaries | (214,717 | ) | | (342,197 | ) | | 76,380 |
| | 106,073 |
| | 374,461 |
| | — |
| Equity in (loss) earnings of joint ventures | — |
| | (3,304 | ) | | — |
| | 7,120 |
| | — |
| | 3,816 |
| Interest expense, net | — |
| | (60,540 | ) | | (9,799 | ) | | (698 | ) | | — |
| | (71,037 | ) | Other (expense) income, net | — |
| | (21,199 | ) | | 1,751 |
| | (1,936 | ) | | — |
| | (21,384 | ) | (Loss) income before income tax expense | (215,997 | ) | | (320,394 | ) | | 107,428 |
| | (141,394 | ) | | 374,497 |
| | (195,860 | ) | Income tax expense | — |
| | 238 |
| | 1,331 |
| | 18,785 |
| | — |
| | 20,354 |
| Net (loss) income | (215,997 | ) | | (320,632 | ) | | 106,097 |
| | (160,179 | ) | | 374,497 |
| | (216,214 | ) | Less net loss attributable to noncontrolling interest | — |
| | — |
| | — |
| | (217 | ) | | — |
| | (217 | ) | Net (loss) income attributable to NuStar Energy L.P. | $ | (215,997 | ) | | $ | (320,632 | ) | | $ | 106,097 |
| | $ | (159,962 | ) | | $ | 374,497 |
| | $ | (215,997 | ) | | | | | | | | | | | | | Comprehensive (loss) income | $ | (215,997 | ) | | $ | (336,211 | ) | | $ | 106,097 |
| | $ | (197,177 | ) | | $ | 374,497 |
| | $ | (268,791 | ) | Less comprehensive income attributable to noncontrolling interest | — |
| | — |
| | — |
| | 780 |
| | — |
| | 780 |
| Comprehensive (loss) income attributable to NuStar Energy L.P. | $ | (215,997 | ) | | $ | (336,211 | ) | | $ | 106,097 |
| | $ | (197,957 | ) | | $ | 374,497 |
| | $ | (269,571 | ) |
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Comprehensive Income For the Nine Months Ended September 30, 2011 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Revenues | $ | — |
| | $ | 212,483 |
| | $ | 136,525 |
| | $ | 4,325,226 |
| | $ | (26,084 | ) | | $ | 4,648,150 |
| Costs and expenses | 1,283 |
| | 124,399 |
| | 98,669 |
| | 4,184,028 |
| | (26,288 | ) | | 4,382,091 |
| Operating (loss) income | (1,283 | ) | | 88,084 |
| | 37,856 |
| | 141,198 |
| | 204 |
| | 266,059 |
| Equity in earnings of subsidiaries | 192,543 |
| | 41,827 |
| | 86,491 |
| | 146,940 |
| | (467,801 | ) | | — |
| Equity in earnings of joint venture | — |
| | — |
| | — |
| | 6,997 |
| | — |
| | 6,997 |
| Interest expense, net | — |
| | (43,234 | ) | | (17,236 | ) | | (2,174 | ) | | — |
| | (62,644 | ) | Other income (loss), net | — |
| | 292 |
| | 265 |
| | (6,256 | ) | | — |
| | (5,699 | ) | Income (loss) before income tax expense | 191,260 |
| | 86,969 |
| | 107,376 |
| | 286,705 |
| | (467,597 | ) | | 204,713 |
| Income tax expense | 1 |
| | 1,569 |
| | — |
| | 11,741 |
| | — |
| | 13,311 |
| Net income (loss) | 191,259 |
| | 85,400 |
| | 107,376 |
| | 274,964 |
| | (467,597 | ) | | 191,402 |
| Less net income attributable to noncontrolling interest | — |
| | — |
| | — |
| | 143 |
| | — |
| | 143 |
| Net income (loss) attributable to NuStar Energy L.P. | $ | 191,259 |
| | $ | 85,400 |
| | $ | 107,376 |
| | $ | 274,821 |
| | $ | (467,597 | ) | | $ | 191,259 |
| | | | | | | | | | | | | Comprehensive income (loss) | $ | 191,259 |
| | $ | 9,470 |
| | $ | 107,376 |
| | $ | 204,021 |
| | $ | (467,597 | ) | | $ | 44,529 |
| Less comprehensive loss attributable to noncontrolling interest | — |
| | — |
| | — |
| | (2,318 | ) | | — |
| | (2,318 | ) | Comprehensive income (loss) attributable to NuStar Energy L.P. | $ | 191,259 |
| | $ | 9,470 |
| | $ | 107,376 |
| | $ | 206,339 |
| | $ | (467,597 | ) | | $ | 46,847 |
|
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2012
(Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Net cash provided by (used in) operating activities | $ | 265,905 |
| | $ | 91,736 |
| | $ | 46,183 |
| | $ | 142,700 |
| | $ | (274,645 | ) | | $ | 271,879 |
| Cash flows from investing activities: | | | | | | | | | | | | Capital expenditures | — |
| | (237,408 | ) | | (11,816 | ) | | (71,554 | ) | | — |
| | (320,778 | ) | Investment in other long-term assets | — |
| | — |
| | — |
| | (2,364 | ) | | — |
| | (2,364 | ) | Proceeds from sale or disposition of assets | — |
| | 150 |
| | 4,531 |
| | 30,866 |
| | — |
| | 35,547 |
| Proceeds from sale of Asphalt Operations | — |
| | 436,276 |
| | — |
| | — |
| | — |
| | 436,276 |
| Increase in note receivable from related party | — |
| | (170,711 | ) | | — |
| | — |
| | — |
| | (170,711 | ) | Investment in subsidiaries | (344,244 | ) | | — |
| | — |
| | (34 | ) | | 344,278 |
| | — |
| Net cash (used in) provided by investing activities | (344,244 | ) | | 28,307 |
| | (7,285 | ) | | (43,086 | ) | | 344,278 |
| | (22,030 | ) | Cash flows from financing activities: | | | | | | | | | | | | Debt borrowings | — |
| | 1,877,048 |
| | — |
| | — |
| | — |
| | 1,877,048 |
| Debt repayments | — |
| | (2,109,058 | ) | | (250,000 | ) | | — |
| | — |
| | (2,359,058 | ) | Senior note offering, net | — |
| | 247,408 |
| | — |
| | — |
| | — |
| | 247,408 |
| Issuance of common units, net of issuance costs | 336,662 |
| | — |
| | — |
| | — |
| | — |
| | 336,662 |
| General partner contribution | 7,121 |
| | — |
| | — |
| | — |
| | — |
| | 7,121 |
| Distributions to unitholders and general partner | (267,228 | ) | | (267,228 | ) | | — |
| | (7,426 | ) | | 274,654 |
| | (267,228 | ) | Contributions from (distributions to) affiliates | — |
| | 344,244 |
| | — |
| | 34 |
| | (344,278 | ) | | — |
| Payments for termination of interest rate swaps | — |
| | (5,678 | ) | | — |
| | — |
| | — |
| | (5,678 | ) | Net intercompany borrowings (repayments) | 9,059 |
| | (206,846 | ) | | 211,102 |
| | (13,306 | ) | | (9 | ) | | — |
| Other, net | (133 | ) | | 496 |
| | — |
| | — |
| | — |
| | 363 |
| Net cash provided by (used in) financing activities | 85,481 |
| | (119,614 | ) | | (38,898 | ) | | (20,698 | ) | | (69,633 | ) | | (163,362 | ) | Effect of foreign exchange rate changes on cash | — |
| | (431 | ) | | — |
| | 3,903 |
| | — |
| | 3,472 |
| Net increase (decrease) in cash and cash equivalents | 7,142 |
| | (2 | ) | | — |
| | 82,819 |
| | — |
| | 89,959 |
| Cash and cash equivalents as of the beginning of the period | 139 |
| | 14 |
| | — |
| | 17,344 |
| | — |
| | 17,497 |
| Cash and cash equivalents as of the end of the period | $ | 7,281 |
| | $ | 12 |
| | $ | — |
| | $ | 100,163 |
| | $ | — |
| | $ | 107,456 |
|
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2011 (Thousands of Dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | NuStar Energy | | NuStar Logistics | | NuPOP | | Non-Guarantor Subsidiaries (a) | | Eliminations | | Consolidated | Net cash provided by (used in) operating activities | $ | 239,146 |
| | $ | 84,681 |
| | $ | 20,883 |
| | $ | (2,244 | ) | | $ | (240,595 | ) | | $ | 101,871 |
| Cash flows from investing activities: | | | | | | | | | | | | Capital expenditures | — |
| | (152,764 | ) | | (4,954 | ) | | (86,240 | ) | | — |
| | (243,958 | ) | Acquisition | — |
| | — |
| | — |
| | (100,693 | ) | | — |
| | (100,693 | ) | Investment in other long-term assets | — |
| | — |
| | — |
| | (8,449 | ) | | — |
| | (8,449 | ) | Proceeds from sale or disposition of assets | — |
| | 57 |
| | 79 |
| | 309 |
| | — |
| | 445 |
| Investment in subsidiaries | (57,300 | ) | | (47,820 | ) | | (56,727 | ) | | (56,727 | ) | | 218,574 |
| | — |
| Net cash used in investing activities | (57,300 | ) | | (200,527 | ) | | (61,602 | ) | | (251,800 | ) | | 218,574 |
| | (352,655 | ) | Cash flows from financing activities: | | | | | | | | | | | | Debt borrowings | — |
| | 738,702 |
| | — |
| | — |
| | — |
| | 738,702 |
| Debt repayments | — |
| | (379,753 | ) | | — |
| | — |
| | — |
| | (379,753 | ) | Issuance of common units, net of issuance costs | 1,583 |
| | — |
| | — |
| | — |
| | — |
| | 1,583 |
| General partner contribution | 70 |
| | — |
| | — |
| | — |
| | — |
| | 70 |
| Distributions to unitholders and general partner | (240,571 | ) | | (240,571 | ) | | — |
| | (24 | ) | | 240,595 |
| | (240,571 | ) | Contributions from (distributions to) affiliates | 57,300 |
| | (57,300 | ) | | 56,727 |
| | 161,847 |
| | (218,574 | ) | | — |
| Proceeds from termination of interest rate swaps | — |
| | 12,632 |
| | — |
| | — |
| | — |
| | 12,632 |
| Net intercompany borrowings (repayments) | (159 | ) | | (66,833 | ) | | (16,008 | ) | | 83,000 |
| | — |
| | — |
| Other, net | — |
| | 181 |
| | — |
| | (966 | ) | | — |
| | (785 | ) | Net cash (used in) provided by financing activities | (181,777 | ) | | 7,058 |
| | 40,719 |
| | 243,857 |
| | 22,021 |
| | 131,878 |
| Effect of foreign exchange rate changes on cash | — |
| | 1,139 |
| | — |
| | (4,140 | ) | | — |
| | (3,001 | ) | Net increase (decrease) in cash and cash equivalents | 69 |
| | (107,649 | ) | | — |
| | (14,327 | ) | | — |
| | (121,907 | ) | Cash and cash equivalents as of the beginning of the period | 53 |
| | 107,655 |
| | — |
| | 73,413 |
| | — |
| | 181,121 |
| Cash and cash equivalents as of the end of the period | $ | 122 |
| | $ | 6 |
| | $ | — |
| | $ | 59,086 |
| | $ | — |
| | $ | 59,214 |
|
| | (a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP. |
|