NuStar up too

NuStar Energy LP has announced its highest ever fourth quarter distributable cash flow of $66.7m, up from $57.0m a year earlier. Fourth quarter EBITDA was $113.6m, 23.6 per cent up on the 2009 figure. For the full year 2010, EBITDA rose by 4.8 per cent to $482.8m.

“Our record fourth quarter 2010 distributable cash flow and EBITDA were primarily the result of strong performances in our storage segment and asphalt and fuels marketing segments,” say Curt Anastasio, CEO and president. “Storage segment results benefited from the completion of some internal growth projects, increased storage rates at some of our terminal facilities and the May 2010 Mobile County, Alabama storage terminal acquisition.”

Looking ahead to first quarter 2011, Anastasio expects EBITDA from storage operations to be $5m to $10m ahead of 2010, reflecting the acquisition of the terminal in Mobile County and additional capacity at the St Eustatius terminal.

www.nustarenergy.com