Exhibit 99.1
Citi One-on-One Midstream/Energy Infrastructure Conference August 22-23, 2023
2 Statements contained in this presentation other than statements of historical
fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will
likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words
"anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are
subject to various risks, uncertainties and assumptions. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations. For more information concerning
factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.’s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar’s website at
www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles (“non-GAAP”), and our reconciliations of non- GAAP financial measures to GAAP financial
measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. Forward-Looking Statements
3 Strong Second Quarter 2023 Results Continue to 1 - Please see Appendix for
reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures Demonstrate the Strength and Resilience of Our Business ★ Our second quarter 2023 EBITDA1 was $169MM, comparable to second quarter of 2022
adjusted EBITDA ★ Our adjusted distribution coverage ratio1 was 1.64x for the second quarter of 2023 Q2 2023 West Coast Region Storage Revenues Refined Products and Ammonia Pipeline Throughputs Q2 2022 Pipeline Segment EBITDA1
4 We Have Also Been Optimizing Our Business to Maximize Our Internally
Generated Cash Flows Last year, we kicked off an initiative to optimize our spending across our business to: Scrutinize every dollar of OPEX and G&A expenses, with the goal of making meaningful strides in our cost structure to maximize
internally generated cash flows High-grade every dollar of our strategic spending to ensure that we only execute projects that meet or beat our internal hurdles and are lean, efficient and effective We successfully identified ~$100 million
in cost and spending reductions, across 2022 and 2023 We are continuing to optimize our spending to increase our free cash flow in 2023 2022 Optimization Initiative Results: ~$100MM Aggregate 2022 and 2023 cost and spending reductions
5 And We Are on Track to Redeem the Remaining 1/3 Series D Preferred Units in
3Q23 While Continuing to Maintain a Healthy Debt-to-EBITDA Ratio Earlier this month, we issued 14.95 million common units for net proceeds of $223 million (including exercise of overallotment option) to complete our redemption of the Series
D The equity offering is immediately accretive to cash flows through cost savings on distributions The offering is also slightly accretive to our leverage metric, and we continue to target a healthy debt-to-EBITDA ratio of below 4.0x by
year-end 2023 Redeeming the remaining Series D eliminates an obligation senior to our common unitholders, simplifies our capital structure and increases our financial resilience and flexibility We now plan to redeem the remaining one-third
of Series D Preferred Units by the end of 3Q23, which represents an expedited timeline compared to our previously announced target of YE 2024 Over 12 months ahead of original plan
6 Due to Progress Made on Strengthening Our Balance Sheet, NuStar is on Target
to Deliver Another Strong Year in 2023 and We Expect to Have Additional FCF Growth in 2024 and Beyond 1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. Strong
EBITDA Generating Expecting to generate Adjusted EBITDA of $700-760MM1 in 2023 Series D Preferred Units Redeeming Completed two-thirds redemption of the Series D in last 12 months Accelerating redemption into 3Q 2023 by using the equity
proceeds Healthy Debt-to-EBITDA Metric Targeting Aiming to maintain at 4.0x or better Free Cash Flow Increasing Working to position NuStar to return increasing value in the future 1 1
7 Crude Supply/Export Renewable Fuels Refined Products Permian Crude
System Corpus Christi Crude System St. James Terminal Midcontinent Colorado/NM/Texas Northern Mexico Established: West Coast Network Ethanol & bio-diesel blending Developing: Ammonia System In 2023, We Continue to Focus Our
Strategic Capital Program on Our Core Asset Footprint Total Estimated 2023 Strategic Spending: 125-145MM West Coast Renewable Fuels Storage (~$25MM in 2023) Permian Crude Pipel ine System ($35-45MM in 2023) Ammonia Pipel
ine (~$25MM in 2023) Additional Pipel ine (~$30MM in 2023) Additional Storage (~$15MM in 2023)
8 Stockton Selby Wilmington Gulf Coast Supply Singapore Supply Exports to
Canada Tacoma Portland ★ Regulatory priorities on the West Coast and in Canada continue to dramatically increase demand for renewable fuels in the region ★ At the same time, obtaining permits for greenfield projects is difficult, which
increases the value of existing assets ★ Our West Coast terminals have the access and optionality to receive and distribute renewable fuels across the West Coast Diesel Volume, MBPD Source: IHS Markit California’s Transportation Fuel
Supply With Low- Carbon Fuel Standard Compliance From Petroleum Diesel Alternatives 250 200 150 100 50 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Fossil Diesel Biomass-Based + Renewable Diesel Renewable Fuels Carbon
Emissions Reduction Goals Generate Growing Demand for NuStar’s Well-positioned Midstream Logistics, Now and in the Future
9 ★ We expect our Renewable Fuels EBITDA to increase in 2023, along with
associated market share, as we complete additional projects presently in planning or under construction We intend to continue converting tankage to renewable fuels as the market demands ★ Our facilities are positioned to benefit from new
production and conversion projects for renewable diesel, sustainable aviation fuel (SAF), ethanol and other renewable fuels across the region BIODIESEL ETHANOL RENEWABLE DIESEL Source: California Air Resource Board (CARB) 1 – Most recent
data available SUSTAINABLE AVIATION FUEL NuStar’s Proportionate Share of California’s Renewable Fuels Market (Total Volume for the Four Quarters Ended March 31, 20231) 4% 11% 17% 74% Renewable Fuels We Have Captured a Significant (and
Still Growing) Proportion of the Region’s Renewable Fuels Supply…
10 Portland Convert 210,000 bbls to renewable diesel Convert 36,000 bbls to
biodiesel Selby Construct additional 400,000 bbls of renewable diesel storage 4Q24 Est. Construct truck-loading for renewable diesel Multimodal shipment of SAF Convert 208,000 to SAF Modify rail to handle renewable feedstock
offloading Stockton Convert 30,000 bbls to biodiesel Convert 73,000 bbls to renewable diesel and expand renewable diesel handling to all 15 rail spots Convert 151,000 bbls to renewable diesel Connect to ethanol unit train offload
facility Wilmington Convert 160,000 bbls to renewable diesel Reconfigure dock for enhanced marine capability 1H26 Est. … And We Continue to Partner With Key Customers to Develop Our Renewable Fuels Network, as LCFS Mandates Expand to
Additional Markets * Includes biodiesel, ethanol, renewable diesel, renewable feedstock and SAF; 2023 estimated based on volumes through July 2023 Portland Selby Stockton Wilmington NuStar’s West Coast Terminals Renewable Fuels
Growth* 2017 2018 2019 2020 2021 2022 2023E MBPY 8000 7000 6000 5000 4000 3000 2000 1000 0 Renewable Fuels ★ Since establishing ourselves as an “early mover” in the renewable fuels logistics market on the West Coast over
five years ago, we have developed an extensive renewable fuels logistics network to serve key global producers that spans across our West Coast footprint ★ Our West Coast assets now generate 40-45% of our storage segment revenues Renewable
Fuels Projects completed-to-date and under construction:
11 Ammonia is the basic building block for all types of nitrogen fertilizer
which is an essential nutrient for growing plants About 80% of the 200 million tons of ammonia produced each year is used for fertilizer About 50% of the world’s food production depends on ammonia Ammonia is also used to make urea, a
critical component of Diesel Exhaust Fluid (“DEF”) DEF converts the nitrous oxide (NOx) emitted by diesel engines into water and nitrogen Virtually all diesel engines, from those powering light-duty vehicles to heavy-duty truck to
industrial machinery operate, require DEF to comply with tightening emissions standards, in the U.S. and also in nations around the world Global DEF demand is expected to continue to grow by an expected ~20% from 2023 to 2026 d 50% of
World’s Foo Production Depends on NH3 Renewable Fuels Ammonia is a Critical Chemical for the World’s Food Supply, and a Key Component of DEF, Which Reduces Harmful Emissions Gl fo 2 obal Demand r DEF Expected to Grow From 023 to 2026
by ~20% Sources: Science Magazine, IHS Markit, Argus, Research & Markets Global Ammonia Report
12 Ammonia, the World’s Second-most Widely Used Chemical, Offers Significant
“Greening” Opportunities Traditional fossil-fuel ammonia production is estimated to contribute about 1.6% of global GHG emissions, which has driven interest in its de-carbonization “Blue” ammonia is produced with natural gas, but the
associated emissions are captured and stored “Green” ammonia is produced using “renewable” electricity to power an electrolyser to extract hydrogen from water and an air separation unit to extract nitrogen from air, which are then combined,
through a chemical reaction powered by renewable electricity, to produce ammonia In addition, “blue” and “green” ammonia have potential for use as lower-carbon alternative fuels: for engines/turbines to generate electricity, in alkaline fuel
cells, as an up-to-70% blend ICE vehicles and for the maritime industry Ammonia can also be a lower-cost option for transporting hydrogen, which can be used for fuel cells or other applications. Ammonia is easier to transport and store than
hydrogen, as it doesn’t require cryogenic or high- pressure storage and can be relatively easily cracked to convert it to hydrogen NH3 Gas Turbine NH3 Fuel-cell Ship 70% NH3-fueled Car Sources: Science Magazine, IHS Markit,
Argus, Research & Markets Global Ammonia Report Renewable Fuels Gray Ammonia Derived from natural gas, nearly all of the world’s production made utilizing the Haber-Bosch process Blue Ammonia Gray Ammonia for which by-product CO2
has been captured and stored, reducing climate impact Green Ammonia Produced with hydrogen from water electrolysis powered by renewable energy
13 Our Ammonia System spans approximately 2,000 miles from Louisiana north
along the Mississippi to Missouri, and then Northwest and East, to Nebraska and Indiana Today, we provide the lowest-cost option for transporting both imported and domestically produced ammonia to fertilize crops in our nation’s
“breadbasket” We have capacity available to transport additional volumes, including “blue” or “green” ammonia Currently running ~30 MBPD (~3,500 STPD1), but have operating capacity close to ~50 MBPD (~5,500 STPD) Our Ammonia System
currently represents 5-10% of our pipeline segment revenues We expect the system’s utilization, and its revenue contribution, to see strong growth, starting in early 2024 We have near-term opportunities for low capex projects that we expect
to meaningfully increase our system utilization, and we are discussing larger, longer-term ammonia opportunities for our system, as well as for our St. James facility Our Ammonia System has Capacity to Expand Our Utilization 1 – short tons
per day Renewable Fuels Third-party terminal NuStar Energy L.P. St. James
14 We have partnered with OCI Global (OCI) to build a new 14-mile pipeline
segment that will connect OCI’s facility in Wever, IA to our existing ammonia pipeline OCI’s facility uses ammonia to make fertilizer and to meet growing demand for DEF (Diesel Exhaust Fluid) We have agreed to provide transportation
services under a long- term contract Healthy-return, low-capital project will increase utilization Expected completion in early 2024 OCI has committed $30 million in capital expenditures for new ammonia cooling and storage infrastructure
at their Wever facility and is expected to bring an additional 1.1 million tons of blue ammonia capacity online in 2025 from the Gulf Coast OCI’s facility in Wever, IA Terminal NuStar Energy L.P. NuStar West Leg We Have Signed an
Agreement With OCI Global to Deliver Ammonia into the Midwest Renewable Fuels
15 U.S. Refined Product Demand is Expected to Remain Strong Through 2023 ★
Gasoline demand was steady in the United States throughout 2022 and is on track for modest growth in 2023 ★ Diesel demand continued its strong performance in 2022 and is expected to remain at or exceed Pre-Covid levels in 2023 Source:
ESAI Refined Products 91% 97% 95% 94% 93% 99% 95% 99% 104% 98% 101% 103% 100% 98%98% 102% 75% 80% 85% 90% 95% 100% 105% 110% 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 U.S. Gasoline &
Diesel Demand (as a % of Pre-Covid Demand) Gasoline Diesel
16 NuStar’s Refined Products Systems Serve Key Markets Across the Midcontinent
and Texas… Midcontinent Systems- ★ CENTRAL EAST: A 2,500-mile pipeline system with multiple delivery options East Pipeline – This system serves important markets across the Midwest/West, with flexible refined product supply from refineries
in McPherson, Kansas, El Dorado, Kansas and Ponca City, Oklahoma North Pipeline – System flows from North Dakota to the Twin Cities, serving both rural markets and large cities with refined product supply from Mandan, North Dakota
refinery ★ CENTRAL WEST: Comprised of approximately 2,000 miles of structurally exclusive pipeline, supplied from the McKee, Texas refinery serving markets in Texas and nearby states South Texas Systems- ★ Around 700 miles of structurally
exclusive pipeline, supplied from refineries located in Corpus Christi and Three Rivers, Texas serving markets in Texas and northern Mexico Refined Products
17 70% 94% 100% 95% 105% 105% 97% 99% 99% 98% 97% 107% 100% 60% 40% 20% 0% 80% 100% 120% 140% Our
resilient asset base recovered quickly from April 2020’s pandemic low Second quarter 2023 refined product throughputs were 100% of pre-Covid levels 1 – Comparison versus 2019 demand; applicable periods adjusted for Northern Mexico projects
for a comparable presentation; includes on-road product demand in our storage system; 2 – Comparison versus 2020 demand; applicable periods adjusted for Northern Mexico projects; includes on-road product demand in our storage
system 1 Apr-20 1 Aug-20 1 Refined Products … And Our Markets Have Proven Resilient (and We Expect to Continue to See Strong, Consistent Demand) Total Refined Products Percentage of Pre-COVID Demand Oct-20 1 1Q 20212 2Q 20211 3Q
20211 4Q 20211 1Q 2022 2 2Q 2022 1 3Q 20221 4Q 20221 1Q 2023 2 2Q 2023 1 Central West Region South Texas Central East Region Overall
18 Refinery Utilization is Expected to Continue to Improve in 2023 Source:
ESAI 1 – 2023 average projections 2020 2021 Low Avg. 2019 Avg. Total U.S. 92% 75% 85% 91% 91% PADD 4 89% 61% 85% 89% 87% PADD 2 96% 81% 89% 95% 95% PADD 3 92% 79% 86% 93% 91% 89% 57% 4 79% 86% 54% 76% 87% 86% PADD 5 88% 58%
79% 80% 85% PADD 1 88% 57% 81% 92% 86% 2022 Avg. 2023E Avg. to Keep Pace With Demand Global Refinery Utilization (2019-2023) U.S. Refinery Utilization (by PADD,
2019-2023) 87% 78% 83% 85% 86% 2019 Avg 2020 Low 2021 Avg 2022 Avg 2023E Avg ★ Global refinery utilization has been rising steadily since the pandemic, with the U.S. (91%), Asia (89%) and Europe (94%) gaining ground, while
Russia (72%) and the Middle East (82%) continue to lag1 ★ U.S. refinery utilization in 2022 averaged 91% and is expected to average 91% in 2023 as well, both up 6% over the 2021 average Crude Supply/Export Refined Products
19 ★ Because of its superior geology and low breakeven costs, the Permian
Basin’s shale production: Exited 2022 at 5.5 MMBPD, representing approximately 46% of the nation’s total shale output Is projected to exit 2023 at 5.7 MMBPD, representing 3% growth compared to 2022 exit ★ We have been pleased with our
system’s performance since we acquired it in 2017, and we expect our system to continue to generate strong results in 2023 and in the years ahead Source: Enverus, ESAI - Crude Supply/Export Our Permian System Continues to Benefit from the
Strength of the Basin 4.9 4.4 5.2 5.5 6.0 5.7 0 2 4 6 8 MMBPD Permian Basin Oil Production Outlook (exit rates as of Summer 2023) 2019 2020 2021 2022 2023 2024 ESAI
Enverus 6.2 6.7 400% 360% 320% 280% 240% 200% 160% 120% 80% 40% 0% Cumulative Monthly Growth (%) Annual Growth: NuStar’s Permian System vs. the Permian Basin NS Cumulative Growth Permian Cumulative
Growth 3 4 5 6 7 8 WTI @ $60 WTI @ $80 WTI @ $100 Actuals MMBPD Permian Oil Production Sensitivity
20 Please see Appendix for reconciliations of non-GAAP financial measures to
their most directly comparable GAAP measures Our “Core of the Core” Location has Attracted Top-tier Customers Whose Activity is Supporting Steady Growth ★ The quality of geological formations underlying our system has attracted top-tier
customers ~67% of our system’s revenue is generated from investment- grade (IG) rated and Non-IG BB-rated entities1 NS System Producer-type2 (% Average Daily Volume) Major 52% Private 22% Other 26% Public Producer Average Cost of
Debt, Weighted by Acreage: 6.3%3 ★ We averaged 508 MBPD in 2Q23 and near 530 MBPD in July We expect the 2H2023 to rebound back, backed by capital projects already in progress And expect to exit 2023 in the range of 570-600 MBPD ★ As
volumes flex, we also expect to flex our capital expenditures and now project 2023 spending to be in the range of $35 –
45MM $7 $12$14$12 $19 $27$27 $23 $31 $35$39$38$33$38$33$37 $43$46 $47 $56 $49 $62$63 $56$55 139 159 187 211 266 327 349 314 370 395 435 453 400 450 423418402 580 584 502516 510
522 543 508 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 EBITDA ($MM) System Receipts (Avg MBPD) NS Permian Crude System
Performance (by Quarter) * Adjusted * 3 – As of August 15, 2023 – For the year ended June 30, 2023 – For the month ended June 30, 2023 Crude Supply/Export
21 We are Investing in Our Permian System in Pace With Our Producers’
Growth Dedicated Acres 500,000 AMI 4,200,000 May 2017 Current System Capacity 220,000 700,000 Receipt Points 122 360 Pipeline Miles ~600 ~1,020 Storage (bbls) 900,000 1,600,000 Third-party Connections NuStar
Terminals NuStar Truck Unloading Facilities Delivery Locations Midland: ★ Plains Cactus I & II, Basin, Sunrise and others ★ Enterprise Midland to Echo ★ Sunoco Permian Express ★ EPIC ★ Lotus Centurion ★ Wink-to-Webster Colorado
City: ★ Sunoco WTG, Permian Express ★ Bridgetex ★ Plains Basin ★ Sunrise II Other: ★ Delek Big Spring Refinery Crude Supply/Export
22 59% 24% 6% 11% U.S. Gulf Coast Crude Exports by Hub (2023 YTD) Corpus
Christi Houston Beaumont Louisiana 90.1 96.6 99.7 102.0 103.6 104.6 105.4 105.9 85 90 100 95 105 2020 2021 2022 2023 2024 2025 2026 2027 MMbpd As Global Demand Recovers, Corpus Christi is Expected to Continue to be the
Export Hub Best Positioned for Future Growth Corpus Christi has remained the dominant Gulf Coast crude exports hub since 2020 So far in 2023, 59% of the U.S. Gulf Coast’s total export volumes left via Corpus Christi-based terminals U.S.
Gulf Coast crude exports are projected to continue at record volumes due to the ongoing war in Ukraine and global demand recovery Improved global refined product demand should continue to lead the way to further recovery in global crude
demand Source: RBN Energy, ESAI Global Crude Oil Demand Global Refined Product Demand* *Comprised of gasoline and diesel demand Crude Supply/Export 52.7 54.1 55.2 55.8 56.0 56.0 56.0 57 55 53 51 49 47 49.2 45 2020 2021
2022 2023 2024 2025 2026 2027 MMbpd
23 Our Corpus Christi Crude System’s MVCs- for Export and In-bound Capacity
Storage Capacity Outbound Capacity ★ Unlike most other midstream operators in the Port of Corpus Christi, NuStar provides optionality for marine exports and extensive connectivity to local refineries ★ U.S. shale production growth and
improving global demand are expected to drive the recovery and growth in our CCCS volumes TOTAL: 3.9MMbbl Potential expansion 0.4MMbbl TOTAL: 1.2MMBPD South Texas Crude System 16” Pipeline - 240MBPD Taft 30”- 720MBPD and
expandable Harvest 16” Pipeline - 240MBPD TOTAL: 1.2MMBPD Export Docks- 750MBPD to 1.0MMBPD Refinery Supply- 220MBPD Local Refinery Supply- Provide Strength & Stability ★ Our Corpus Christi Crude System (CCCS) is comprised of our
South Texas Crude Oil Pipeline System, our 12” Three Rivers Supply Pipeline, our 30” pipeline from Taft and our North Beach Export Terminal, which also receives volumes from Harvest’s 16” Pipeline and delivers to local refineries ★ In July
2022, we extended our MVC contract with Trafigura for an additional year and a half, through December 2024 Crude Supply/Export 73% 71% 65% 74% 69% 27% 29% 35%
26% 31% 0 200 400 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 2024 MBPD CCCS Refinery Throughputs CCCS Dock Throughputs CCCS MVCs NuStar’s Corpus Christi Crude System Average Throughputs/Quarter 239 287 341 368 369 302
24 In 2023, We Will Continue to Focus on NuStar’s Strategic Priorities That We
Set Back in 2022 Optimizing Our Business to Increase Cash Flow Strengthening Our Balance Sheet Promoting Our ESG Excellence 1. Our Strategic Priorities: 2. 3.
Big Springs, TX Appendix
26 NuStar By-the-numbers NYSE: NS $1.60 9.7% Common Unit Price(1):
$16.56 Distribution/CU/Year: Yield(1): Market Cap(1): ~$2.0 billion Ba3 (Stable) BB- (Stable) BB- (Stable) Credit Ratings: Moody’s: S&P: Fitch: Enterprise Value(1): Total Assets: ~$6.0 billion ~$5.0
billion ~9,500 1.7MMBPD Pipeline Miles: Pipeline Volumes(2): Storage Capacity: ~49MMB Storage Throughput Volumes(2): 391MBPD As of August 18, 2023 Average daily volume for the quarter ended June 30, 2023
27 NuStar Sustainability Highlights Issued 2021 Sustainability Report
including Scope 1 & 2 GHG Emissions 2 - US only; See Sustainability report on NuStar website for additional information 2 Plan to issue 2022 report in 3Q 2023
28 Long-term Commitments From Creditworthy
Customers 66% 13% 21% Investment-grade Large Private or International (Not rated) Other NuStar Investment-grade Customers (% Pipeline/Storage 2023 YTD Revenues as of June 30,
2023) 29% 42% 29% Structurally Exclusive Other Pipeline Segment Contracted1 Revenues (% 2023 Forecast – as of 2Q23) Take-or-pay Contracts 87% 13% Take-or-pay Contracts Other Storage Segment Contracted Revenues (% 2023 Forecast
– as of 2Q23) 1 - Committed through take or pay contracts or through structural exclusivity (uncommitted lines serving refinery customers with no competition); 2 - Most crude pipelines have rates that are subject to floors and caps, which is
common in the industry. ~95% of revenues are tied to PPI-FG2 Most storage revenues are tied to regional CPI
29 Liquidity 2023-2024 2028-2029 LIQUIDITY Debt
Maturities $1,000 ($MM)1 ($MM)1 Revolver $750 $754 $4 $245 Receivables Financing Senior Unsecured Notes GO Zone Financing Sub
Notes $500 $71 $750 $250 $600 $500 $550 $600 $322 $403 $0 2022 2025 2026 2027 2030 2038-2041 2043 Liquidity and Debt Maturity Schedule ★ In the past few years, we utilized cash flows, proceeds from asset sales and
monetization of our corporate real estate to continue to reduce debt balances, which enabled us to repurchase about 2/3 of the Series D preferred units through July 2023 ★ In June 2023, we also extended the term our $1.0 billion revolver
through January 2027 and our receivables financing agreement through July 2026 ★ And in August, we issued ~15 million units of equity and plan to use the proceeds of ~$223 to redeem the remaining 1/3 of the Series D preferred units in 3Q
2023 Thus, strengthening our balance sheet and simplifying our capital structure 1 – Balances as of June 30, 2023
30 Capital Structure as of June 30, 2023 ($ in Millions) $1.0B Credit
Facility $ 245 NuStar Logistics Notes (5.625%) 550 NuStar Logistics Notes (5.75%) 600 NuStar Logistics Notes (6.00%) 500 NuStar Logistics Notes (6.375%) 600 NuStar Logistics Sub Notes 403 GO Zone Bonds 322 Receivables
Financing 71 Finance Lease Liability 55 Other (31) Total Debt $3,315 Common Equity and AOCI $ 113 Series A, B and C Preferred Units 756 Series D Preferred Units1 312 Total Equity2 1,181 Total Capitalization $4,496 ★ As of
June 30, 2023: Credit facility availability ~$750MM Debt-to-EBITDA ratio3 3.73x - Includes $81 million classified as a liability on the balance sheet as of June 30, 2023, related to the value redeemed on July 31, 2023. - Total Equity
includes Partners’ and Mezzanine Equity (Series D Preferred Units) and $81 million of Series D classified as a liability on the balance sheet as of June 30, 2023 3 - Please see Appendix for reconciliations of non-GAAP financial measures to
their most directly comparable GAAP measures Plan to redeem by 3Q 2023 w/ equity proceeds
31 Reconciliation of Non-GAAP Financial Information
32 Reconciliation of Non-GAAP Financial Information (continued)
33 Reconciliation of Non-GAAP Financial Information (continued)
34 Reconciliation of Non-GAAP Financial Information (continued)
35 Reconciliation of Non-GAAP Financial Information (continued)
36 NuStar Contact Information INVESTOR RELATIONS (210) 918-INVR
(4687) InvestorRelations@NuStarEnergy.com SUSTAINABILITY Sustainability@NuStarEnergy.com And for additional information about corporate sustainability at NuStar, visit https://sustainability.nustarenergy.com/