CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

Condensed Consolidating Balance Sheets

September 30, 2016

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	811	$	3	$	—	$	31,848	$	—		$	32,662
Receivables, net	—		257		—		159,804		—			160,061
Inventories	—		2,285		3,514		29,252		—			35,051
Other current assets	107		13,749		1,496		10,880		(1		)	26,231
Intercompany receivable	—		1,495,783		—		120,677		(1,616,460		)	—
Total current assets	918		1,512,077		5,010		352,461		(1,616,461		)	254,005
Property, plant and equipment, net	—		1,892,540		591,145		1,189,204		—			3,672,889
Intangible assets, net	—		43,830		—		57,800		—			101,630
Goodwill	—		149,453		170,652		376,532		—			696,637
Investment in wholly owned subsidiaries	2,073,996		43,185		1,281,325		899,317		(4,297,823		)	—
Deferred income tax asset	—		—		—		2,186		—			2,186
Other long-term assets, net	1,273		222,491		26,329		12,978		—			263,071
Total assets	$	2,076,187	$	3,863,576	$	2,074,461	$	2,890,478	$	(5,914,284	)	$	4,990,418
Liabilities and Partners’ Equity
Payables	$	29	$	19,939	$	12,456	$	72,887	$	—		$	105,311
Short-term debt	—		7,000		—		—		—			7,000
Accrued interest payable	—		27,597		—		17		—			27,614
Accrued liabilities	683		7,930		9,528		34,379		—			52,520
Taxes other than income tax	62		6,976		4,604		4,979		—			16,621
Income tax payable	—		540		—		1,525		(1		)	2,064
Intercompany payable	476,020		—		1,140,440		—		(1,616,460		)	—
Total current liabilities	476,794		69,982		1,167,028		113,787		(1,616,461		)	211,130
Long-term debt	—		3,110,288		—		42,761		—			3,153,049
Deferred income tax liability	—		1,862		13		24,760		—			26,635
Other long-term liabilities	—		80,608		8,131		40,872		—			129,611
Total partners’ equity	1,599,393		600,836		899,289		2,668,298		(4,297,823		)	1,469,993
Total liabilities and partners’ equity	$	2,076,187	$	3,863,576	$	2,074,461	$	2,890,478	$	(5,914,284	)	$	4,990,418

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

For the Three Months Ended September 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	131,696		$	53,158		$	256,925		$	(361	)	$	441,418
Costs and expenses	252			79,443			37,957			236,173			(361		)	353,464
Operating (loss) income	(252		)	52,253			15,201			20,752			—			87,954
Equity in earnings (loss) of subsidiaries	51,397			(44		)	25,819			43,205			(120,377		)	—
Interest (expense) income, net	—			(43,832		)	2,165			6,645			—			(35,022		)
Other (expense) income, net	(4		)	378			(8		)	(4		)	—			362
Income before income tax expense (benefit)	51,141			8,755			43,177			70,598			(120,377		)	53,294
Income tax expense (benefit)	—			588			(29		)	1,594			—			2,153
Net income	$	51,141		$	8,167		$	43,206		$	69,004		$	(120,377	)	$	51,141

Comprehensive income	$	51,141		$	8,143		$	43,206		$	66,539		$	(120,377	)	$	48,652

Condensed Consolidating Statements of Comprehensive Income

For the Three Months Ended September 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	140,492		$	53,988	$	299,456	$	(370	)	$	493,566
Costs and expenses	428			73,274			34,344		284,895		(369		)	392,572
Operating (loss) income	(428		)	67,218			19,644		14,561		(1		)	100,994
Equity in earnings (loss) of subsidiaries	65,444			(2,730		)	16,113		36,270		(115,097		)	—
Interest (expense) income, net	—			(35,495		)	505		1,542		—			(33,448		)
Other income, net	—			500			7		1,269		—			1,776
Income before income tax expense	65,016			29,493			36,269		53,642		(115,098		)	69,322
Income tax expense	—			334			2		3,970		—			4,306
Net income	$	65,016		$	29,159		$	36,267	$	49,672	$	(115,098	)	$	65,016

Comprehensive income	$	65,016		$	14,807		$	36,267	$	37,886	$	(115,098	)	$	38,878

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Nine Months Ended September 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	383,836		$	159,272		$	742,890		$	(1,073	)	$	1,284,925
Costs and expenses	1,204			221,839			104,958			684,261			(1,073		)	1,011,189
Operating (loss) income	(1,204		)	161,997			54,314			58,629			—			273,736
Equity in earnings (loss) of subsidiaries	162,248			(5,362		)	71,273			131,294			(359,453		)	—
Interest (expense) income, net	—			(124,619		)	5,699			15,546			—			(103,374		)
Other income (expense), net	18			400			(18		)	(410		)	—			(10		)
Income before income tax expense (benefit)	161,062			32,416			131,268			205,059			(359,453		)	170,352
Income tax expense (benefit)	3			1,281			(24		)	8,033			—			9,293
Net income	$	161,059		$	31,135		$	131,292		$	197,026		$	(359,453	)	$	161,059

Comprehensive income (loss)	$	161,059		$	(14,687	)	$	131,292		$	202,242		$	(359,453	)	$	120,453

Condensed Consolidating Statements of Comprehensive Income

For the Nine Months Ended September 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	411,698		$	155,284	$	1,053,448	$	(1,309	)	$	1,619,121
Costs and expenses	1,356			222,515			99,208		1,004,713		(1,351		)	1,326,441
Operating (loss) income	(1,356		)	189,183			56,076		48,735		42			292,680
Equity in earnings (loss) of subsidiaries	248,596			(8,118		)	110,448		167,207		(518,133		)	—
Interest (expense) income, net	—			(100,448		)	679		1,460		—			(98,309		)
Other income, net	—			1,175			16		60,701		—			61,892
Income from continuing operations before income tax expense	247,240			81,792			167,219		278,103		(518,091		)	256,263
Income tax expense	—			390			20		9,387		—			9,797
Income from continuing operations	247,240			81,402			167,199		268,716		(518,091		)	246,466
Income from discontinued operations, net of tax	—			—			—		774		—			774
Net income	$	247,240		$	81,402		$	167,199	$	269,490	$	(518,091	)	$	247,240

Comprehensive income	$	247,240		$	90,847		$	167,199	$	244,648	$	(518,091	)	$	231,843

Condensed Consolidating Statements of Cash Flows

For the Nine Months Ended September 30, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	292,572		$	97,253		$	118,436		$	281,544		$	(475,256	)	$	314,549
Cash flows from investing activities:
Capital expenditures	—			(53,491		)	(43,329		)	(48,594		)	—			(145,414		)
Change in accounts payable related to capital expenditures	—			(15,086		)	2,645			(3,063		)	—			(15,504		)
Investment in subsidiaries	—			—			(212,900		)	—			212,900			—
Net cash used in investing activities	—			(68,577		)	(253,584		)	(51,657		)	212,900			(160,918		)
Cash flows from financing activities:
Debt borrowings	—			965,082			—			20,900			—			985,982
Debt repayments	—			(918,550		)	—			(31,200		)	—			(949,750		)
Issuance of common units, net of issuance costs	27,710			—			—			—			—			27,710
General partner contribution	575			—			—			—			—			575
Distributions to unitholders and general partner	(294,153		)	(147,076		)	(147,077		)	(147,093		)	441,246			(294,153		)
Contributions from (distributions to) affiliates	—			—			—			178,890			(178,890		)	—
Net intercompany activity	(25,372		)	75,165			282,226			(332,019		)	—			—
Other, net	(1,406		)	(3,298		)	(1		)	(8,894		)	—			(13,599		)
Net cash (used in) provided by financing activities	(292,646		)	(28,677		)	135,148			(319,416		)	262,356			(243,235		)
Effect of foreign exchange rate changes on cash	—			—			—			3,404			—			3,404
Net decrease in cash and cash equivalents	(74		)	(1		)	—			(86,125		)	—			(86,200		)
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	$	811		$	3		$	—		$	31,848		$	—		$	32,662

Condensed Consolidating Statements of Cash Flows

For the Nine Months Ended September 30, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	292,631		$	157,684		$	89,173		$	277,881		$	(441,245	)	$	376,124
Cash flows from investing activities:
Capital expenditures	—			(156,510		)	(30,846		)	(53,315		)	—			(240,671		)
Change in accounts payable related to capital expenditures	—			(11,797		)	4,707			(712		)	—			(7,802		)
Acquisitions	—			—			—			(142,500		)	—			(142,500		)
Investment in other long-term assets	—			—			—			(3,587		)	—			(3,587		)
Proceeds from sale or disposition of assets	—			10,318			20			6,787			—			17,125
Net cash used in investing activities	—			(157,989		)	(26,119		)	(193,327		)	—			(377,435		)
Cash flows from financing activities:
Debt borrowings	—			1,280,879			—			88,900			—			1,369,779
Debt repayments	—			(990,410		)	—			(32,000		)	—			(1,022,410		)
Distributions to unitholders and general partner	(294,153		)	(147,076		)	(147,077		)	(147,092		)	441,245			(294,153		)
Net intercompany activity	1,484			(134,701		)	84,023			49,194			—			—
Other, net	—			(7,462		)	—			(5,611		)	—			(13,073		)
Net cash (used in) provided by financing activities	(292,669		)	1,230			(63,054		)	(46,609		)	441,245			40,143
Effect of foreign exchange rate changes on cash	—			—			—			(10,319		)	—			(10,319		)
Net (decrease) increase in cash and cash equivalents	(38		)	925			—			27,626			—			28,513
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	$	885		$	931		$	—		$	114,609		$	—		$	116,425