Condensed Consolidating Balance Sheets

December 31, 2017

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	885	$	29	$	—	$	23,378	$	—		$	24,292
Receivables, net	—		280		—		176,495		—			176,775
Inventories	—		1,686		8,611		16,560		—			26,857
Other current assets	61		11,412		4,191		6,844		—			22,508
Intercompany receivable	—		3,112,164		—		—		(3,112,164		)	—
Total current assets	946		3,125,571		12,802		223,277		(3,112,164		)	250,432
Property, plant and equipment, net	—		1,893,720		591,070		1,816,143		—			4,300,933
Intangible assets, net	—		58,530		—		725,949		—			784,479
Goodwill	—		149,453		170,652		777,370		—			1,097,475
Investment in wholly owned subsidiaries	2,891,371		24,162		1,301,717		790,882		(5,008,132		)	—
Deferred income tax asset	—		—		—		233		—			233
Other long-term assets, net	303		65,684		27,493		8,201		—			101,681
Total assets	$	2,892,620	$	5,317,120	$	2,103,734	$	4,342,055	$	(8,120,296	)	$	6,535,233
Liabilities and Partners’ Equity
Current portion of long-term debt	$	—	$	349,990	$	—	$	—	$	—		$	349,990
Payables	4,078		27,642		13,160		101,052		—			145,932
Short-term debt	—		35,000		—		—		—			35,000
Accrued interest payable	—		40,402		—		47		—			40,449
Accrued liabilities	1,105		17,628		9,450		33,395		—			61,578
Taxes other than income tax	125		7,110		3,794		3,356		—			14,385
Income tax payable	—		732		4		3,436		—			4,172
Intercompany payable	322,296		—		1,277,691		1,512,177		(3,112,164		)	—
Total current liabilities	327,604		478,504		1,304,099		1,653,463		(3,112,164		)	651,506
Long-term debt, less current portion	—		3,201,220		—		61,849		—			3,263,069
Deferred income tax liability	—		1,262		12		20,998		—			22,272
Other long-term liabilities	—		58,806		8,861		50,630		—			118,297
Total partners’ equity	2,565,016		1,577,328		790,762		2,555,115		(5,008,132		)	2,480,089
Total liabilities and partners’ equity	$	2,892,620	$	5,317,120	$	2,103,734	$	4,342,055	$	(8,120,296	)	$	6,535,233

Condensed Consolidating Balance Sheets

December 31, 2016

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	870	$	5	$	—	$	35,067	$	—		$	35,942
Receivables, net	—		3,040		—		167,570		—			170,610
Inventories	—		2,216		2,005		33,724		—			37,945
Other current assets	61		120,350		1,829		10,446		—			132,686
Intercompany receivable	—		1,308,415		—		57,785		(1,366,200		)	—
Total current assets	931		1,434,026		3,834		304,592		(1,366,200		)	377,183
Property, plant and equipment, net	—		1,935,172		589,139		1,197,972		—			3,722,283
Intangible assets, net	—		71,033		—		56,050		—			127,083
Goodwill	—		149,453		170,652		376,532		—			696,637
Investment in wholly owned subsidiaries	1,964,736		34,778		1,221,717		874,649		(4,095,880		)	—
Deferred income tax asset	—		—		—		2,051		—			2,051
Other long-term assets, net	1,255		63,586		28,587		11,880		—			105,308
Total assets	$	1,966,922	$	3,688,048	$	2,013,929	$	2,823,726	$	(5,462,080	)	$	5,030,545
Liabilities and Partners’ Equity
Payables	$	2,436	$	24,272	$	7,124	$	84,854	$	—		$	118,686
Short-term debt	—		54,000		—		—		—			54,000
Accrued interest payable	—		34,008		—		22		—			34,030
Accrued liabilities	1,070		7,118		10,766		41,531		—			60,485
Taxes other than income tax	125		6,854		3,253		5,453		—			15,685
Income tax payable	—		1,326		5		5,179		—			6,510
Intercompany payable	257,497		—		1,108,703		—		(1,366,200		)	—
Total current liabilities	261,128		127,578		1,129,851		137,039		(1,366,200		)	289,396
Long-term debt	—		2,956,338		—		58,026		—			3,014,364
Deferred income tax liability	—		1,862		13		20,329		—			22,204
Other long-term liabilities	—		34,358		9,436		49,170		—			92,964
Total partners’ equity	1,705,794		567,912		874,629		2,559,162		(4,095,880		)	1,611,617
Total liabilities and partners’ equity	$	1,966,922	$	3,688,048	$	2,013,929	$	2,823,726	$	(5,462,080	)	$	5,030,545

Condensed Consolidating Statements of Income (Loss)

For the Year Ended December 31, 2017

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	496,454		$	221,125		$	1,097,458		$	(1,018	)	$	1,814,019
Costs and expenses	1,868			317,871			146,243			1,012,777			(1,018		)	1,477,741
Operating (loss) income	(1,868		)	178,583			74,882			84,681			—			336,278
Equity in earnings (loss) of subsidiaries	149,775			(10,616		)	89,405			158,700			(387,264		)	—
Interest income (expense), net	57			(176,897		)	(5,587		)	9,344			—			(173,083		)
Other income (expense), net	—			145			3			(5,442		)	—			(5,294		)
Income (loss) before income tax (benefit) expense	147,964			(8,785		)	158,703			247,283			(387,264		)	157,901
Income tax (benefit) expense	—			(820		)	2			10,755			—			9,937
Net income (loss)	$	147,964		$	(7,965	)	$	158,701		$	236,528		$	(387,264	)	$	147,964

Condensed Consolidating Statements of Income (Loss)

For the Year Ended December 31, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	511,650		$	224,966		$	1,021,804		$	(1,738	)	$	1,756,682
Costs and expenses	1,806			302,099			150,384			945,022			(1,738		)	1,397,573
Operating (loss) income	(1,806		)	209,551			74,582			76,782			—			359,109
Equity in earnings (loss) of subsidiaries	151,794			(13,769		)	82,202			156,036			(376,263		)	—
Interest (expense) income, net	—			(139,827		)	(744		)	2,221			—			(138,350		)
Other income (expense), net	18			(58,264		)	(26		)	(511		)	—			(58,783		)
Income (loss) before income tax expense (benefit)	150,006			(2,309		)	156,014			234,528			(376,263		)	161,976
Income tax expense (benefit)	3			1,607			(23		)	10,386			—			11,973
Net income (loss)	$	150,003		$	(3,916	)	$	156,037		$	224,142		$	(376,263	)	$	150,003

Condensed Consolidating Statements of Income

For the Year Ended December 31, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	547,959		$	215,469	$	1,322,675	$	(2,063	)	$	2,084,040
Costs and expenses	1,717			293,708			140,081		1,259,935		(2,105		)	1,693,336
Operating (loss) income	(1,717		)	254,251			75,388		62,740		42			390,704
Equity in earnings (loss) of subsidiaries	308,437			(7,257		)	120,768		197,760		(619,708		)	—
Interest (expense) income, net	—			(137,847		)	1,611		4,368		—			(131,868		)
Other income, net	—			1,179			5		60,638		—			61,822
Income from continuing operations before income tax (benefit) expense	306,720			110,326			197,772		325,506		(619,666		)	320,658
Income tax (benefit) expense	—			(392		)	23		15,081		—			14,712
Income from continuing operations	306,720			110,718			197,749		310,425		(619,666		)	305,946
Income from discontinued operations, net of tax	—			—			—		774		—			774
Net income	$	306,720		$	110,718		$	197,749	$	311,199	$	(619,666	)	$	306,720

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Year Ended December 31, 2017

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	147,964	$	(7,965	)	$	158,701	$	236,528		$	(387,264	)	$	147,964

Other comprehensive income (loss):
Foreign currency translation adjustment	—		—			—		17,466			—			17,466
Net loss on pension and other postretirement benefit adjustments, net of tax benefit	—		—			—		(6,170		)	—			(6,170		)
Net loss on cash flow hedges	—		(2,046		)	—		—			—			(2,046		)
Total other comprehensive (loss) income	—		(2,046		)	—		11,296			—			9,250
Comprehensive income (loss)	$	147,964	$	(10,011	)	$	158,701	$	247,824		$	(387,264	)	$	157,214

Condensed Consolidating Statements of Comprehensive Income

For the Year Ended December 31, 2016

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics			NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	150,003	$	(3,916	)	$	156,037	$	224,142		$	(376,263	)	$	150,003

Other comprehensive income (loss):
Foreign currency translation adjustment	—		—			—		(8,243		)	—			(8,243		)
Net loss on pension and other postretirement benefit adjustments, net of tax benefits	—		—			—		(2,850		)	—			(2,850		)
Net gain on cash flow hedges	—		5,710			—		—			—			5,710
Total other comprehensive income (loss)	—		5,710			—		(11,093		)	—			(5,383		)
Comprehensive income	$	150,003	$	1,794		$	156,037	$	213,049		$	(376,263	)	$	144,620

Condensed Consolidating Statements of Comprehensive Income

For the Year Ended December 31, 2015

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	306,720	$	110,718	$	197,749	$	311,199		$	(619,666	)	$	306,720

Other comprehensive income (loss):
Foreign currency translation adjustment	—		—		—		(31,987		)	—			(31,987		)
Net gain on cash flow hedges	—		11,105		—		—			—			11,105
Total other comprehensive income (loss)	—		11,105		—		(31,987		)	—			(20,882		)
Comprehensive income	$	306,720	$	121,823	$	197,749	$	279,212		$	(619,666	)	$	285,838

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2017

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	483,481		$	152,101		$	102,405		$	405,950		$	(737,138	)	$	406,799
Cash flows from investing activities:
Capital expenditures	—			(47,600		)	(35,041		)	(301,997		)	—			(384,638		)
Change in accounts payable related to capital expenditures	—			(1,988		)	5,964			32,927			—			36,903
Acquisitions	—			—			—			(1,461,719		)	—			(1,461,719		)
Proceeds from Axeon term loan	—			110,000			—			—			—			110,000
Proceeds from insurance recoveries	—			—			—			977			—			977
Proceeds from sale or disposition of assets	—			1,955			18			63			—			2,036
Investment in subsidiaries	(1,262,000		)	—			—			(126		)	1,262,126			—
Net cash (used in) provided by investing activities	(1,262,000		)	62,367			(29,059		)	(1,729,875		)	1,262,126			(1,696,441		)
Cash flows from financing activities:
Debt borrowings	—			2,969,400			—			90,700			—			3,060,100
Debt repayments	—			(2,400,739		)	—			(86,800		)	—			(2,487,539		)
Issuance of preferred units, net of issuance costs	538,560			—			—			—			—			538,560
Issuance of common units, net of issuance costs	643,878			—			—			—			—			643,878
General partner contribution	13,737			—			—			—			—			13,737
Distributions to preferred unitholders	(38,833		)	(19,417		)	(19,416		)	(19,418		)	58,251			(38,833		)
Distributions to common unitholders and general partner	(446,306		)	(223,153		)	(223,153		)	(223,176		)	669,482			(446,306		)
Contributions from (distributions to) affiliates	—			1,262,000			—			(9,279		)	(1,252,721		)	—
Net intercompany activity	73,206			(1,801,218		)	169,223			1,558,789			—			—
Other, net	(5,708		)	(1,317		)	—			(300		)	—			(7,325		)
Net cash provided by (used in) financing activities	778,534			(214,444		)	(73,346		)	1,310,516			(524,988		)	1,276,272
Effect of foreign exchange rate changes on cash	—			—			—			1,720			—			1,720
Net increase (decrease) in cash and cash equivalents	15			24			—			(11,689		)	—			(11,650		)
Cash and cash equivalents as of the beginning of the period	870			5			—			35,067			—			35,942
Cash and cash equivalents as of the end of the period	$	885		$	29		$	—		$	23,378		$	—		$	24,292

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2016

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	391,773		$	167,900		$	211,816		$	359,283		$	(694,011	)	$	436,761
Cash flows from investing activities:
Capital expenditures	—			(64,334		)	(52,637		)	(87,387		)	—			(204,358		)
Change in accounts payable related to capital expenditures	—			(10,076		)	(285		)	(702		)	—			(11,063		)
Acquisitions	—			(95,657		)	—			—			—			(95,657		)
Investment in subsidiaries	—			—			(212,900		)	—			212,900			—
Net cash used in investing activities	—			(170,067		)	(265,822		)	(88,089		)	212,900			(311,078		)
Cash flows from financing activities:
Debt borrowings	—			1,365,529			—			41,200			—			1,406,729
Debt repayments	—			(1,419,852		)	—			(36,300		)	—			(1,456,152		)
Issuance of preferred units, net of issuance costs	218,400			—			—			—			—			218,400
Issuance of common units, net of issuance costs	27,710			—			—			—			—			27,710
General partner contribution	680			—			—			—			—			680
Distributions to common unitholders and general partner	(392,962		)	(196,481		)	(196,481		)	(196,501		)	589,463			(392,962		)
Contributions from affiliates	—			—			—			108,352			(108,352		)	—
Net intercompany activity	(241,131		)	255,326			250,487			(264,682		)	—			—
Other, net	(4,485		)	(2,354		)	—			(8,890		)	—			(15,729		)
Net cash (used in) provided by financing activities	(391,788		)	2,168			54,006			(356,821		)	481,111			(211,324		)
Effect of foreign exchange rate changes on cash	—			—			—			2,721			—			2,721
Net (decrease) increase in cash and cash equivalents	(15		)	1			—			(82,906		)	—			(82,920		)
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	$	870		$	5		$	—		$	35,067		$	—		$	35,942

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2015

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	389,967		$	237,780		$	119,928		$	365,588		$	(588,326	)	$	524,937
Cash flows from investing activities:
Capital expenditures	—			(201,388		)	(39,533		)	(83,887		)	—			(324,808		)
Change in accounts payable related to capital expenditures	—			(4,950		)	33			1,761			—			(3,156		)
Acquisitions	—			—			—			(142,500		)	—			(142,500		)
Proceeds from insurance recoveries	—			—			—			4,867			—			4,867
Proceeds from sale or disposition of assets	—			10,320			22			6,790			—			17,132
Investment in other long-term assets	—			—			—			(3,564		)	—			(3,564		)
Net cash used in investing activities	—			(196,018		)	(39,478		)	(216,533		)	—			(452,029		)
Cash flows from financing activities:
Debt borrowings	—			1,589,131			—			94,500			—			1,683,631
Debt repayments	—			(1,275,910		)	—			(41,000		)	—			(1,316,910		)
Distributions to common unitholders and general partner	(392,204		)	(196,102		)	(196,102		)	(196,122		)	588,326			(392,204		)
Net intercompany activity	2,199			(155,278		)	115,652			37,427			—			—
Other, net	—			(3,605		)	—			(141		)	—			(3,746		)
Net cash used in financing activities	(390,005		)	(41,764		)	(80,450		)	(105,336		)	588,326			(29,229		)
Effect of foreign exchange rate changes on cash	—			—			—			(12,729		)	—			(12,729		)
Net (decrease) increase in cash and cash equivalents	(38		)	(2		)	—			30,990			—			30,950
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		$	4		$	—		$	117,973		$	—		$	118,862