<SEC-DOCUMENT>0001193125-18-185674.txt : 20180724
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<ACCEPTANCE-DATETIME>20180606163157
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ACCESSION NUMBER:		0001193125-18-185674
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NuStar Energy L.P.
		CENTRAL INDEX KEY:			0001110805
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				742956831
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		19003 IH-10 WEST
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257
		BUSINESS PHONE:		(210) 918-2000

	MAIL ADDRESS:	
		STREET 1:		19003 IH-10 WEST
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALERO L P
		DATE OF NAME CHANGE:	20020110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHAMROCK LOGISTICS LP
		DATE OF NAME CHANGE:	20000331
</SEC-HEADER>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g543382g26y93.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June 6, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>VIA EDGAR AND HAND DELIVERY </U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: John Reynolds </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>NuStar Energy L.P. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-4</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;21, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223671</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Reynolds: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are
the responses of NuStar Energy L.P., a Delaware limited partnership (the &#147;<U>Partnership</U>&#148;), to comments of the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) by letter
dated May&nbsp;31, 2018 (the &#147;<U>Comment Letter</U>&#148;) with respect to Amendment No.&nbsp;2 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed by the Partnership on May&nbsp;21, 2018 (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-223671)</FONT> (the &#147;<U>Registration Statement</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the convenience of the
Staff&#146;s review, the Partnership has set forth below the comments contained in the Comment Letter, followed by the Partnership&#146;s responses. The numbered paragraphs below correspond to the numbered comments in the Comment Letter.
Concurrently with this letter, the Partnership is filing Amendment No.&nbsp;3 to the Registration Statement (&#147;<U>Amendment No.</U><U></U><U>&nbsp;3</U>&#148;), which includes revisions to the Registration Statement in response to the
Staff&#146;s comments thereto. The Partnership is also mailing to the Staff&#146;s attention for its convenience a copy of this letter, together with a marked copy of Amendment No.&nbsp;3 showing changes to the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>The Merger, page 30 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Background of the
Merger, page 30 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Subsequent Events, page 36 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We note that you revised disclosure to reflect that Baird presented pro forma financial analysis to the NSH
Conflicts Committee on March&nbsp;8, 2018 and April&nbsp;19, 2018 to assist the Committee in considering its response to the ETE Letter in response to prior comment 2. Please expand to summarize material differences in the market data used in
Baird&#146;s</I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">19003 <FONT
STYLE="white-space:nowrap">IH-10</FONT> West &#149; San Antonio, Texas 78257 &#149; Telephone (210) <FONT STYLE="white-space:nowrap">918-2000</FONT> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
<I>analysis and the material findings of such discounted cash flow analysis, discounted distribution analysis, selected public company comparable analysis and selected precedent transaction
analysis presented on March&nbsp;8, 2018 and April&nbsp;19, 2018.</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Partnership has revised the disclosure on pages&nbsp;37, 38 and 59 of Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibit 8.1 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note your revised disclosure in response to prior comment 5 continues to reference that the discussion in registration statement &#147;insofar as it summarizes certain U.S. federal income tax consequences&#148; is
the opinion of counsel. Please revise to clarify that the discussion of the material tax consequences is the opinion of tax counsel. For guidance, see Section III.C.2 of Staff Legal Bulletin 19.</I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, the Partnership has filed as Exhibit 8.2 a revised form of tax opinion of counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the foregoing, the
Partnership notes that the Second Amended and Restated Limited Liability Company Agreement of NuStar GP Holdings, LLC (&#147;<U>NSH</U>&#148;), as amended, provides that a meeting of NSH&#146;s members may be adjourned from time to time by the
chairman of the meeting without a vote of the members. Therefore, the form of proxy card does not include a separate proposal for the adjournment of the NSH meeting. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the responses to the comments of the Staff, or require
additional information, please contact the undersigned at (210) <FONT STYLE="white-space:nowrap">918-2512.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Amy L. Perry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Amy L. Perry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>Senior Vice President, General Counsel &#150; Corporate&nbsp;&amp; Commercial Law and Corporate Secretary</I></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">George J. Vlahakos, Sidley Austin LLP </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark V. Purpura, Richards, Layton&nbsp;&amp; Finger,
P.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Igor Kirman, Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
