CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

Condensed Consolidating Balance Sheets

June 30, 2016

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	663	$	3	$	—	$	102,353	$	—		$	103,019
Receivables, net	—		252		—		145,274		—			145,526
Inventories	—		2,167		2,409		34,124		—			38,700
Other current assets	77		11,772		353		13,711		—			25,913
Intercompany receivable	—		1,547,576		—		—		(1,547,576		)	—
Total current assets	740		1,561,770		2,762		295,462		(1,547,576		)	313,158
Property, plant and equipment, net	—		1,912,598		574,879		1,186,895		—			3,674,372
Intangible assets, net	—		45,541		—		59,550		—			105,091
Goodwill	—		149,453		170,652		376,532		—			696,637
Investment in wholly owned subsidiaries	2,120,652		43,229		1,052,106		905,142		(4,121,129		)	—
Deferred income tax asset	—		—		—		3,372		(1,179		)	2,193
Other long-term assets, net	1,188		223,037		26,329		13,214		—			263,768
Total assets	$	2,122,580	$	3,935,628	$	1,826,728	$	2,840,167	$	(5,669,884	)	$	5,055,219
Liabilities and Partners’ Equity
Payables	$	31	$	22,398	$	10,485	$	63,893	$	—		$	96,807
Accrued interest payable	—		33,877		—		16		—			33,893
Accrued liabilities	644		7,393		8,136		31,604		—			47,777
Taxes other than income tax	—		5,450		3,153		4,010		—			12,613
Income tax payable	—		669		5		2,512		—			3,186
Intercompany payable	505,099		—		892,556		149,921		(1,547,576		)	—
Total current liabilities	505,774		69,787		914,335		251,956		(1,547,576		)	194,276
Long-term debt	—		3,149,496		—		56,197		—			3,205,693
Deferred income tax liability	—		1,143		36		26,485		(1,179		)	26,485
Other long-term liabilities	—		73,483		7,248		58,139		—			138,870
Total partners’ equity	1,616,806		641,719		905,109		2,447,390		(4,121,129		)	1,489,895
Total liabilities and partners’ equity	$	2,122,580	$	3,935,628	$	1,826,728	$	2,840,167	$	(5,669,884	)	$	5,055,219

Condensed Consolidating Balance Sheets

December 31, 2015

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	885	$	4	$	—	$	117,973	$	—		$	118,862
Receivables, net	—		419		—		144,645		—			145,064
Inventories	—		1,776		3,648		33,325		—			38,749
Other current assets	140		11,026		497		19,513		—			31,176
Intercompany receivable	—		1,610,370		—		—		(1,610,370		)	—
Total current assets	1,025		1,623,595		4,145		315,456		(1,610,370		)	333,851
Property, plant and equipment, net	—		1,915,370		570,415		1,197,786		—			3,683,571
Intangible assets, net	—		48,961		—		63,050		—			112,011
Goodwill	—		149,453		170,652		376,532		—			696,637
Investment in wholly owned subsidiaries	2,205,904		48,547		1,031,162		915,115		(4,200,728		)	—
Deferred income tax asset	—		—		—		4,037		(1,179		)	2,858
Other long-term assets, net	933		255,957		26,329		13,378		—			296,597
Total assets	$	2,207,862	$	4,041,883	$	1,802,703	$	2,885,354	$	(5,812,277	)	$	5,125,525
Liabilities and Partners’ Equity
Payables	$	12	$	52,650	$	11,193	$	76,091	$	—		$	139,946
Short-term debt	—		84,000		—		—		—			84,000
Accrued interest payable	—		34,271		—		15		—			34,286
Accrued liabilities	723		32,816		5,753		15,902		—			55,194
Taxes other than income tax	126		6,452		3,325		2,907		—			12,810
Income tax payable	—		1,362		9		4,606		—			5,977
Intercompany payable	508,363		—		858,018		243,989		(1,610,370		)	—
Total current liabilities	509,224		211,551		878,298		343,510		(1,610,370		)	332,213
Long-term debt	—		3,002,743		—		52,869		—			3,055,612
Long-term payable to related party	—		26,638		—		5,442		—			32,080
Deferred income tax liability	—		1,143		36		24,810		(1,179		)	24,810
Other long-term liabilities	—		37,209		9,294		24,463		—			70,966
Total partners’ equity	1,698,638		762,599		915,075		2,434,260		(4,200,728		)	1,609,844
Total liabilities and partners’ equity	$	2,207,862	$	4,041,883	$	1,802,703	$	2,885,354	$	(5,812,277	)	$	5,125,525

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	125,562		$	58,129	$	254,489		$	(376	)	$	437,804
Costs and expenses	434			73,505			35,986		237,038			(376		)	346,587
Operating (loss) income	(434		)	52,057			22,143		17,451			—			91,217
Equity in earnings (loss) of subsidiaries	52,929			(2,203		)	20,171		44,346			(115,243		)	—
Interest (expense) income, net	—			(41,155		)	2,026		549			4,351			(34,229		)
Other income (expense), net	22			21			7		(251		)	—			(201		)
Income before income tax expense	52,517			8,720			44,347		62,095			(110,892		)	56,787
Income tax expense	—			347			3		3,920			—			4,270
Net income	$	52,517		$	8,373		$	44,344	$	58,175		$	(110,892	)	$	52,517

Comprehensive income (loss)	$	52,517		$	(9,669	)	$	44,344	$	52,878		$	(110,892	)	$	29,178

Condensed Consolidating Statements of Comprehensive Income

For the Three Months Ended June 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	137,170		$	48,722	$	385,331		$	(612	)	$	570,611
Costs and expenses	438			76,335			31,740		370,306			(613		)	478,206
Operating (loss) income	(438		)	60,835			16,982		15,025			1			92,405
Equity in earnings (loss) of subsidiaries	54,763			(1,224		)	12,636		29,664			(95,839		)	—
Interest (expense) income, net	—			(32,779		)	55		(100		)	—			(32,824		)
Other (expense) income, net	—			(665		)	7		(1,494		)	—			(2,152		)
Income before income tax expense	54,325			26,167			29,680		43,095			(95,838		)	57,429
Income tax expense	—			1,082			18		2,004			—			3,104
Net income	$	54,325		$	25,085		$	29,662	$	41,091		$	(95,838	)	$	54,325

Comprehensive income	$	54,325		$	48,379		$	29,662	$	48,639		$	(95,838	)	$	85,167

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Six Months Ended June 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	252,140		$	106,114		$	485,965		$	(712	)	$	843,507
Costs and expenses	952			142,396			67,001			448,088			(712		)	657,725
Operating (loss) income	(952		)	109,744			39,113			37,877			—			185,782
Equity in earnings (loss) of subsidiaries	110,851			(5,318		)	45,454			88,089			(239,076		)	—
Interest (expense) income, net	—			(80,787		)	3,534			8,901			—			(68,352		)
Other income (expense), net	22			22			(10		)	(406		)	—			(372		)
Income before income tax expense	109,921			23,661			88,091			134,461			(239,076		)	117,058
Income tax expense	3			693			5			6,439			—			7,140
Net income	$	109,918		$	22,968		$	88,086		$	128,022		$	(239,076	)	$	109,918

Comprehensive income (loss)	$	109,918		$	(22,830	)	$	88,086		$	135,703		$	(239,076	)	$	71,801

Condensed Consolidating Statements of Comprehensive Income

For the Six Months Ended June 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	271,206		$	101,296	$	753,992		$	(939	)	$	1,125,555
Costs and expenses	928			149,241			64,864		719,818			(982		)	933,869
Operating (loss) income	(928		)	121,965			36,432		34,174			43			191,686
Equity in earnings (loss) of subsidiaries	183,152			(5,388		)	94,335		130,937			(403,036		)	—
Interest (expense) income, net	—			(64,953		)	174		(82		)	—			(64,861		)
Other income, net	—			675			9		59,432			—			60,116
Income from continuing operations before income tax expense	182,224			52,299			130,950		224,461			(402,993		)	186,941
Income tax expense	—			56			18		5,417			—			5,491
Income from continuing operations	182,224			52,243			130,932		219,044			(402,993		)	181,450
Income from discontinued operations, net of tax	—			—			—		774			—			774
Net income	$	182,224		$	52,243		$	130,932	$	219,818		$	(402,993	)	$	182,224

Comprehensive income	$	182,224		$	76,040		$	130,932	$	206,762		$	(402,993	)	$	192,965

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	194,793		$	58,160		$	79,728		$	201,026		$	(318,674	)	$	215,033
Cash flows from investing activities:
Capital expenditures	—			(47,672		)	(19,474		)	(28,215		)	—			(95,361		)
Change in accounts payable related to capital expenditures	—			(12,230		)	3,357			(3,801		)	—			(12,674		)
Net cash used in investing activities	—			(59,902		)	(16,117		)	(32,016		)	—			(108,035		)
Cash flows from financing activities:
Debt borrowings	—			610,504			—			17,400			—			627,904
Debt repayments	—			(532,992		)	—			(14,200		)	—			(547,192		)
Distributions to unitholders and general partner	(196,102		)	(98,051		)	(98,051		)	(98,062		)	294,164			(196,102		)
(Distributions to) contributions from affiliates	—			—			—			(24,510		)	24,510			—
Net intercompany activity	1,755			24,561			34,440			(60,756		)	—			—
Other, net	(668		)	(2,281		)	—			(8,891		)	—			(11,840		)
Net cash (used in) provided by financing activities	(195,015		)	1,741			(63,611		)	(189,019		)	318,674			(127,230		)
Effect of foreign exchange rate changes on cash	—			—			—			4,389			—			4,389
Net decrease in cash and cash equivalents	(222		)	(1		)	—			(15,620		)	—			(15,843		)
Cash and cash equivalents as of the beginning of the period	885			4			—			117,973			—			118,862
Cash and cash equivalents as of the end of the period	$	663		$	3		$	—		$	102,353		$	—		$	103,019

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	194,802		$	73,389		$	52,154		$	211,006		$	(294,164	)	$	237,187
Cash flows from investing activities:
Capital expenditures	—			(108,591		)	(12,344		)	(32,686		)	—			(153,621		)
Change in accounts payable related to capital expenditures	—			(8,082		)	506			(378		)	—			(7,954		)
Acquisitions	—			—			—			(142,500		)	—			(142,500		)
Investment in other long-term assets	—			—			—			(3,444		)	—			(3,444		)
Proceeds from sale or disposition of assets	—			62			14			1,231			—			1,307
Net cash used in investing activities	—			(116,611		)	(11,824		)	(177,777		)	—			(306,212		)
Cash flows from financing activities:
Debt borrowings	—			952,835			—			88,900			—			1,041,735
Debt repayments	—			(733,292		)	—			—			—			(733,292		)
Distributions to unitholders and general partner	(196,102		)	(98,051		)	(98,051		)	(98,062		)	294,164			(196,102		)
Net intercompany activity	1,241			(72,816		)	57,721			13,854			—			—
Other, net	—			(5,454		)	—			(8,806		)	—			(14,260		)
Net cash (used in) provided by financing activities	(194,861		)	43,222			(40,330		)	(4,114		)	294,164			98,081
Effect of foreign exchange rate changes on cash	—			—			—			(5,331		)	—			(5,331		)
Net decrease (increase) in cash and cash equivalents	(59		)	—			—			23,784			—			23,725
Cash and cash equivalents as of the beginning of the period	923			6			—			86,983			—			87,912
Cash and cash equivalents as of the end of the period	$	864		$	6		$	—		$	110,767		$	—		$	111,637