NuStar Energy Posts Q4 Loss

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2/1/2013 2:04 PM ET

NuStar Energy L.P. (NS: Quote) Friday posted a loss for the fourth quarter, from a profit last year, due mainly to a sharp drop in revenues at its asphalt and fuel marketing business. Meanwhile, NuStar GP Holdings LLC (NSH: Quote), which holds interest in NuStar Energy, reported a decline in its fourth-quarter profit.

NuStar reported fourth-quarter loss of $11.02 million, compared to a profit of $30.20 million last year.

Net loss applicable to limited partners totaled $21.21 million or $0.27 per share, compared to a profit of $19.78 million or $0.30 per share last year.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.33 per share for the quarter. Analysts' estimate typically excludes special items.

NuStar's revenues for the quarter plunged to $984.77 million from $1.82 billion last year. Analysts expected revenues of $801.22 million for the quarter.

The storage segment revenue remained relatively flat at $148.5 million, while transportation segment revenues rose to $95.5 million from $85.0 million last year. Revenues from asphalt and fuels marketing business, the top contributor to the revenues, dropped to $752.0 million from $1.61 billion last year.

Commenting on the asphalt and fuels marketing segment, Chief Executive Curt Anastasio said, "Due to the third quarter 2012 sale of 50% of our asphalt operations and the January 1, 2013 sale of our San Antonio refinery, now reported as discontinued operations, the only operating results included in this segment in the fourth quarter of 2012 relate to our fuels marketing operations."

Meanwhile, NuStar GP's fourth-quarter profit dropped to $5.1 million or $0.12 per unit from $19.0 million or $0.45 per unit last year. Analysts expected profit of $0.38 per share for the quarter.

NuStar GP also declared a distribution of $0.545 per unit, payable on February 19 to holders as of February 11.

NS is currently trading at $51.20, up $0.10 or 0.20%, on the NYSE. NSH is currently trading at $31.81, up $0.19 or 0.60%.

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