Condensed Consolidating Balance Sheets

March 31, 2018

(Thousands of Dollars)



	NuStar Energy		NuStar Logistics		NuPOP		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	858	$	26	$	—	$	14,244	$	—		$	15,128
Receivables, net	—		623		—		156,718		—			157,341
Inventories	—		1,844		11,039		16,666		—			29,549
Other current assets	139		13,905		3,538		8,397		—			25,979
Intercompany receivable	—		3,132,310		—		—		(3,132,310		)	—
Total current assets	997		3,148,708		14,577		196,025		(3,132,310		)	227,997
Property, plant and equipment, net	—		1,874,347		585,056		1,927,821		—			4,387,224
Intangible assets, net	—		56,174		—		715,449		—			771,623
Goodwill	—		149,453		170,652		774,556		—			1,094,661
Investment in wholly owned subsidiaries	2,881,187		19,795		1,413,835		851,975		(5,166,792		)	—
Other long-term assets, net	303		70,343		27,204		7,358		—			105,208
Total assets	$	2,882,487	$	5,318,820	$	2,211,324	$	4,473,184	$	(8,299,102	)	$	6,586,713
Liabilities and Partners’ Equity
Accounts payable	$	3,309	$	19,472	$	5,232	$	94,027	$	—		$	122,040
Short-term debt	—		70,000		—		—		—			70,000
Current portion of long-term debt	—		349,973		—		—		—			349,973
Accrued interest payable	—		43,921		—		53		—			43,974
Accrued liabilities	655		11,579		8,214		27,072		—			47,520
Taxes other than income tax	206		3,906		5,246		3,393		—			12,751
Income tax payable	—		902		4		5,472		—			6,378
Intercompany payable	322,257		—		1,326,659		1,483,394		(3,132,310		)	—
Total current liabilities	326,427		499,753		1,345,355		1,613,411		(3,132,310		)	652,636
Long-term debt, less current portion	—		3,248,763		—		57,330		—			3,306,093
Deferred income tax liability	—		1,262		12		21,758		—			23,032
Other long-term liabilities	—		43,854		14,191		54,850		—			112,895
Total partners’ equity	2,556,060		1,525,188		851,766		2,725,835		(5,166,792		)	2,492,057
Total liabilities and partners’ equity	$	2,882,487	$	5,318,820	$	2,211,324	$	4,473,184	$	(8,299,102	)	$	6,586,713

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
Accounts payable	$	4,078	$	27,642	$	13,160	$	101,052	$	—		$	145,932
Short-term debt	—		35,000		—		—		—			35,000
Current portion of long-term debt	—		349,990		—		—		—			349,990
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 Statements of Comprehensive Income

For the Three Months Ended March 31, 2018

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	119,694		$	56,274		$	300,115	$	(202	)	$	475,881
Costs and expenses	612			72,416			35,181			269,394		(202		)	377,401
Operating (loss) income	(612		)	47,278			21,093			30,721		—			98,480
Equity in earnings (loss) of subsidiaries	126,713			(2,249		)	112,003			131,639		(368,106		)	—
Interest income (expense), net	32			(50,026		)	(1,571		)	3,793		—			(47,772		)
Other income, net	—			476			115			79,161		—			79,752
Income (loss) before income tax expense	126,133			(4,521		)	131,640			245,314		(368,106		)	130,460
Income tax expense	—			170			1			4,156		—			4,327
Net income (loss)	$	126,133		$	(4,691	)	$	131,639		$	241,158	$	(368,106	)	$	126,133

Comprehensive income	$	126,133		$	14,120		$	131,639		$	243,271	$	(368,106	)	$	147,057

Condensed Consolidating Statements of Comprehensive Income

For the Three Months Ended March 31, 2017

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenues	$	—		$	123,629		$	52,241		$	311,847	$	(287	)	$	487,430
Costs and expenses	509			76,322			29,806			283,941		(287		)	390,291
Operating (loss) income	(509		)	47,307			22,435			27,906		—			97,139
Equity in earnings of subsidiaries	58,445			1,110			26,215			47,353		(133,123		)	—
Interest income (expense), net	4			(36,914		)	(1,304		)	1,800		—			(36,414		)
Other income, net	—			21			6			113		—			140
Income before income tax expense	57,940			11,524			47,352			77,172		(133,123		)	60,865
Income tax expense	—			331			1			2,593		—			2,925
Net income	$	57,940		$	11,193		$	47,351		$	74,579	$	(133,123	)	$	57,940

Comprehensive income	$	57,940		$	13,031		$	47,351		$	76,504	$	(133,123	)	$	61,703

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended March 31, 2018

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	130,847		$	16,855		$	25,112		$	148,287		$	(197,937	)	$	123,164
Cash flows from investing activities:
Capital expenditures	—			(6,815		)	(2,440		)	(128,619		)	—			(137,874		)
Change in accounts payable related to capital expenditures	—			(1,946		)	(5,700		)	(4,372		)	—			(12,018		)
Proceeds from sale or disposition of assets	—			6			4			9			—			19
Proceeds from insurance recoveries	—			—			—			78,419			—			78,419
Net cash used in investing activities	—			(8,755		)	(8,136		)	(54,563		)	—			(71,454		)
Cash flows from financing activities:
Debt borrowings	—			348,411			—			1,300			—			349,711
Debt repayments	—			(268,621		)	—			(5,800		)	—			(274,421		)
Distributions to preferred unitholders	(16,680		)	(8,341		)	(8,340		)	(8,340		)	25,021			(16,680		)
Distributions to common unitholders and general partner	(115,272		)	(57,636		)	(57,635		)	(57,645		)	172,916			(115,272		)
Net intercompany activity	2,053			(18,769		)	48,999			(32,283		)	—			—
Other, net	(975		)	(3,147		)	—			(62		)	—			(4,184		)
Net cash used in financing activities	(130,874		)	(8,103		)	(16,976		)	(102,830		)	197,937			(60,846		)
Effect of foreign exchange rate changes on cash	—			—			—			(28		)	—			(28		)
Net decrease in cash and cash equivalents	(27		)	(3		)	—			(9,134		)	—			(9,164		)
Cash and cash equivalents as of the beginning of the period	885			29			—			23,378			—			24,292
Cash and cash equivalents as of the end of the period	$	858		$	26		$	—		$	14,244		$	—		$	15,128

Condensed Consolidating Statements of Cash Flows

For the Three Months Ended March 31, 2017

(Thousands of Dollars)



	NuStar Energy			NuStar Logistics			NuPOP			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by operating activities	$	103,517		$	35,964		$	23,855		$	78,004		$	(157,360	)	$	83,980
Cash flows from investing activities:
Capital expenditures	—			(7,671		)	(1,761		)	(36,300		)	—			(45,732		)
Change in accounts payable related to capital expenditures	—			(4,908		)	(1,103		)	(809		)	—			(6,820		)
Proceeds from sale or disposition of assets	—			1,833			6			20			—			1,859
Proceeds from Axeon term loan	—			110,000			—			—			—			110,000
Net cash provided by (used in) investing activities	—			99,254			(2,858		)	(37,089		)	—			59,307
Cash flows from financing activities:
Debt borrowings	—			404,166			—			6,100			—			410,266
Debt repayments	—			(451,694		)	—			(3,500		)	—			(455,194		)
Distributions to preferred unitholders	(5,883		)	(2,941		)	(2,941		)	(2,942		)	8,824			(5,883		)
Distributions to common unitholders and general partner	(99,021		)	(49,511		)	(49,511		)	(49,514		)	148,536			(99,021		)
Net intercompany activity	3,196			(34,952		)	31,455			301			—			—
Other, net	(1,933		)	(285		)	—			—			—			(2,218		)
Net cash used in financing activities	(103,641		)	(135,217		)	(20,997		)	(49,555		)	157,360			(152,050		)
Effect of foreign exchange rate changes on cash	—			—			—			26			—			26
Net (decrease) increase in cash and cash equivalents	(124		)	1			—			(8,614		)	—			(8,737		)
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	$	746		$	6		$	—		$	26,453		$	—		$	27,205