Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

NuStar GP Holdings, LLC (NYSE:NSH)

Q1 2014 Earnings Conference Call

April 23, 2014 10:00 AM ET

Executives

Christopher C. Russell – Treasurer & Head-Investor Relations

Bradley C. Barron – President, Chief Executive Officer & Director

Thomas R. Shoaf - Chief Financial Officer & Executive Vice President

Analysts

Steve C. Sherowski – Goldman Sachs & Co.

Brian Joshua Zarahn – Barclays Capital, Inc.

Mark L. Reichman - Simmons & Co. International

Jeremy B. Tonet – JPMorgan Securities LLC

Cory J. Garcia – Raymond James & Associates, Inc

Michael J. Blum – Wells Fargo Securities LLC

Selman Akyol – Stifel, Nicolaus & Co., Inc..

Operator

Good morning. My name is Tracy, and I will be your conference operator today. At this time, I would like to welcome everyone to the NuStar Energy L.P. and NuStar GP Holdings, LLC First Quarter 2014 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. (Operator Instructions)

Thank you. Mr. Chris Russell, you may begin your conference.

Christopher C. Russell

Thanks, Tracy. Good morning, everyone, and welcome to today’s call. On the call today are NuStar Energy L.P. and NuStar GP Holdings, LLC’s President and CEO, Brad Barron; Executive Vice President and CFO, Tom Shoaf; and other members of our management team.

Before we get started, we’d like to remind you that during the course of this call, NuStar management will make statements about our current views concerning the future performance of NuStar that are forward-looking statements within the meaning of the Federal Securities Laws. These statements are subject to the various uncertainties and assumptions described in our filings with the Securities and Exchange Commission and will not be updated to conform to actual results or revised expectations.

During the course of this call, we’ll also make reference to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to GAAP measures. Reconciliations of these non-GAAP financial measures to U.S. GAAP may be found either in our earnings press release or on our website.

Now, let me turn the call over to Brad.

Bradley C. Barron

Good morning and thanks for joining us today. The first quarter was a great quarter for NuStar. As we closed out 2013 and moved into 2014, we continue to focus on the strategic redirection of the company away from the volatility of margin-based businesses and toward our more stable fee-based pipeline and storage businesses. We also have a renewed focus on returning to a one-to-one coverage ratio.

I’m happy to report that during the first quarter, we made meaningful progress on both of these fronts. On our last earnings call, we announced that we have taken significant steps in completing the strategic redirection of the company by signing an agreement to sell our remaining 50% interest in the Asphalt JV to our partner Lindsay Goldberg.

I’m pleased to say that during the quarter we closed the transaction. This means that our earnings will no longer be burden by the volatility and losses associated with that business and that our exposure to the Asphalt business from a credit perspective has been greatly reduced.

The divestiture of the Asphalt business is pretty soft to focus on our number one goal for 2014 returning to one-to-one coverage ratio. At the start of the year, I made it clear to our employees that we have the opportunity and the ability to return to full coverage, and I asked them to focus on that goal. I’m happy to say that we’ve accomplished a lot on that front.

In early February, we announced that we had signed a long-term agreement with Occidental Petroleum, transport NGLs and are currently idled 200-mile, 12-inch pipeline between Mont Belvieu and Corpus Christi, Texas. This pipeline has already began generating distributable cash flow and is expected to be placing full service in the second quarter of 2015 at which time is expected to generate incremental annual EBITDA of approximately $23 million.

In mid-February, we completed the construction of a new dock at our Corpus Christi North Beach Terminal, more than tripled the facility’s dock capacity. In fact, we recently loaded out 700,000 barrels across our docks in Corpus Christi in a single 24-hour period.

This additional dock loading capacity will allow NuStar to handle all the new volume associated with Phase 1 and Phase 2 of the South Texas crude oil pipeline expansion project, as well as any additional volumes shipped on our pipeline systems to Corpus Christi for years to come.

Then in early March, we announced we have signed a long-term storage agreement for light crude oil storage at our St. Eustatius and another agreement for crude oil storage at our Point Tupper terminal.

Effective March 1, we began leasing $5 million barrels of tankage at St. Eustatius that had been idle since the end of November 2013. At Point Tupper, one of our current customers renewed a lease for $3 million barrels of tankage. The new agreement will go into effect on August 1, a day after the contract expires.

Tom Shoaf, NuStar’s Executive Vice President and CFO is going to cover the first quarter’s results in more detail. But I wanted to point out a few highlights. The first quarter of 2014 is one of the best in NuStar’s history. NuStar’s first quarter EPU, EBITDA, and distributable cash flow results were all higher than last year’s results. And the great news is that we expect our full-year earnings to exceed last year’s earnings as well.

Our distributable cash flow from continuing operations available to limited partners cover the distribution to the limited partners by 0.91 times, our highest first quarter coverage ratio since the first quarter of 2009, and for a second consecutive quarter, our highest quarterly coverage ratio is the third quarter of 2011.

Our EPU for the first quarter of $0.36 per unit, which is our highest quarterly EPU since the third quarter of 2011. However, if you exclude the losses associated with our 50% interest in the Asphalt joint venture, our EPU would have been $0.46 per unit.

In addition, DCF from continuing operations available to limited partners for the quarter was $1 per unit higher than our guidance range of $0.85 to $0.95 per unit. As you can see, the first quarter results were the strongest we’ve seen in several years. I’m extremely proud what we’ve been able to accomplish in such a short time and I can say with confident that we are on track for returning to a one times coverage ratio in 2014.

Now, let me turn the call over to Tom for some additional detail on our first quarter results.

Thomas R. Shoaf

Thanks, Brad, and good morning, everyone. As you probably saw this morning’s press release, EPU for the first quarter was $0.36 per unit. DCF from continuing operations available for the limited partners for the quarter was $1 per unit, and as Brad just mentioned higher than our guidance range with $0.85 to $0.95 per unit due to higher than expected throughput of our pipeline segment and stronger than expected gross margins in our bunker and heavy fuels operations within our fuels marketing segment.

EBITDA in our pipeline segment increased to $71 million, $15 million higher than the first quarter 2013. As we expected, our pipeline segment continued to benefit from increased throughput volume as a result of the completion of several projects in the Eagle Ford Shale over the past several months. Throughputs on our Eagle Ford crude oil pipeline system increased from about 155,000 barrels per day in the first quarter of 2013 to around 180,000 barrels per day in the first quarter of 2014.

The 16% increase in throughput coupled with the higher tariffs on our Eagle Ford pipelines were a major driver for the segment’s improved performance and a 10% in total pipeline segment revenues. While Eagle Ford throughputs were up 15%, total throughputs in the pipeline segment were up only 1%. The increased Eagle Ford throughputs were mostly offset by lower crude oil and refined products pipeline throughputs on some of the other systems due to a customer’s refinery turnaround.

Our fuels marketing segment earned $10 million of EBITDA during the quarter significantly higher than the $2 million of negative EBITDA generated in last year’s first quarter. Higher gross margins and lower operating expenses in our bunkering and heavy fuels trading operations were the main drivers for the segment strong performance.

In our Storage segment, throughput volume and throughput revenues were up due to increased activity at the Corpus Christi North Beach Terminal and our other crude storage facility. Our Corpus North Beach Terminal benefitted from the increased Eagle Ford crude volumes shipped on the pipeline system in the first quarter. Our crude storage facility throughputs were negatively impacted by three refinery turnarounds in the first quarter 2013. These facilities were only impacted by minimal turnaround activity in the first quarter of 2014.

Our storage throughput revenues were up, our storage lease revenues were down compared to last year’s first quarter, reduced LLS to WTI profit-sharing benefits at our St. James terminal, 5 million barrels of idled tankage at St. Eustatius during January and February of this year and reduced demand for storage at some of our terminals mostly on the West Coast contributed to lower storage lease revenues.

For the first quarter, Storage segment generated $67 million of EBITDA, down $10 million from last year. Equity and earnings and joint ventures were negative $4 million for the quarter versus the negative $11 million recognized in the first quarter of 2013. A 50% share of Asphalt joint venture generated losses of $8 million in January and February of 2014, while our 50% interest in the Linden, New Jersey storage terminal earned $4 million during the first quarter 2014.

NuStar’s G&A expenses were $21 million, $6 million less than the first quarter of 2013. Lower compensation related costs contributed to the reduced expenses. Our net interest expense was $33 million, up $3 million from last year’s first quarter. This increase was mainly due to higher borrowing costs associated with the January 13 issuance of around $400 million of junior subordinated notes and the August 2013 issuance of $300 million of senior notes.

NuStar’s year-end debt balance was $2.7 billion, while our debt-to-EBITDA ratio was 4.4 time. In regard to the first quarter 2014 distribution, NuStar Energy’s Board of Directors declared a distribution of $1.095 per unit, and the distribution will be paid on May 12. NuStar GP Holdings Board declared a first quarter distribution of $0.545 per unit, which will be paid on May 15.

Now, let me spend a few minutes talking about our projections for the second quarter of 2014. Similar to the first quarter, we expect our second quarter EPU, EBITDA, and DCF results to exceed the results from the same quarter last year. At the segment level, second quarter EBITDA results in the pipeline segment are projected to be higher than last year’s second quarter as low as the first quarter of 2014.

Continued increases in throughputs and the Eagle Ford Shale, particularly as a result of the projected mid-May completion of Phase 1 of the South Texas Crude Oil Pipeline expansion reduced turnaround activity at our customers’ refineries should contribute to higher EBITDA.

Our Storage segment EBITDA should be lower than the second quarter of 2013, primarily due to reduced LLS to WTI profit-sharing benefit at our St. James terminal, but comparable to the first quarter of 2014.

Results in our fuels marketing segment should be higher than the second quarter of last year, but lower than the first quarter of 2014. Our bunker operations are expected to continue to perform better than last year, but results are not expected to be as strong as the first quarter due to the reduced sales volume.

First quarter bunker sales volumes benefited from seasonal increase demand associated with the cruise line business and St. Eustatius and also from higher margins in Texas City. During the second quarter, we expect G&A expenses to be in the range of $24 million to $25 million, depreciation and amortization expense around $45 million to $46 million, and interest expense in the range of $32 million to $33 million.

Based on these projections, second quarter earnings per unit should be $0.35 to $0.45 per unit while distributable cash flow from continuing operations for limited partner unit should be in the range of $0.85 to $0.95 per unit. Our segment EBITDA guidance for the full-year 2014 remains unchanged. We expect our pipeline segment EBITDA to be $40 million to $60 million higher than 2013, our storage segment EBITDA to be comparable to 2013 storage segment adjusted EBITDA.

2014 EBITDA results in our fuels marketing segment are expected to be in the range of $10 million to $30 million. We now expect our 2014 strategic capital spending to be in the range of $350 million to $370 million, down slightly primarily as a result of scope changes and cost efficiencies on our projects.

Our full-year 2014 reliability capital spending guidance remains unchanged and is projected to be in the range of $35 million to $45 million. Brad, we turn it over to the Q&A, but before do you have any additional comments you want to make?

Bradley C. Barron

Thank you, Tom. As I said earlier, we have a lot of great news, and I’m happy to say that the market has taken notice with both in NS and NSA units closing at their highest levels in two years yesterday. I’m extremely proud of what we’ve been able to accomplish in such a short time. Our first quarter results were the strongest we’ve seen in several years, and I can say with confident that we’re on track to return to one times coverage ratio in 2014.

So at this time, we’ll just turn it over to the operator who can open it up to Q&A.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question is from Steve Sherowski with Goldman Sachs.

Steve C. Sherowski – Goldman Sachs & Co.

Hi, good morning, just a couple of quick questions. Over the next twelve months, how much of your storage assets are recontracting are up for renewal?

Thomas R. Shoaf

About 23% I think – about 23% Steve.

Steve C. Sherowski – Goldman Sachs & Co.

23% over the next several months. Okay, great. And I guess, just looking out a little bit longer-term, what’s in the pipeline for projects beyond your current slate of the Eagle Ford projects? I mean just generally what are you – what’s the strategy? What are you thinking? Is it more focused on additional Eagle Ford midstream infrastructure build out or are you looking in different areas?

Bradley C. Barron

I mean, we’re looking all around. We actually have – we have quite a few projects related to finish up in the Eagle Ford. We’re also looking at some of our flagship facilities for investment in nano Point Tupper, St. Eustatius, St. James those kind of projects.

Steve C. Sherowski – Goldman Sachs & Co.

Gotcha. Okay, that’s it from me. Thank you.

Operator

Your next question comes from Brian Zarahn with Barclays.

Brian Joshua Zarahn – Barclays Capital, Inc.

Good morning.

Bradley C. Barron

Good morning.

Brian Joshua Zarahn – Barclays Capital, Inc.

On the recontracting of St. Eustatius and Point Tupper, can you talk about how the new storage rates compared to the previous rates?

Bradley C. Barron

They were comparable.

Brian Joshua Zarahn – Barclays Capital, Inc.

And then what about duration?

Bradley C. Barron

St. Eustatius was five years in Tupper three.

Brian Joshua Zarahn – Barclays Capital, Inc.

Okay. And then you are saying St. James terminal, you mentioned the narrow LLS spread impacted the profit sharing, what about on the volume side, are you seeing lower volumes as well?

Bradley C. Barron

In spite of the lower volumes we’ve got that’s in the first quarter and we’re expecting and forecasted similar first quarter volumes throughout the rest of this year. But those are slightly lower than what we saw on average last year, but again, that’s dependent on what happens with that spread over the rest of the year.

Brian Joshua Zarahn – Barclays Capital, Inc.

Okay. And then can you talk to me about other opportunities you are looking at on the rail side now you are looking on the West Coast, any update on that?

Bradley C. Barron

Yes, we’re working through a permit process on the West Coast. We’re still in early stages of development that other than the West Coast, we’re working early stages of development on the rail project that went to Point Tupper. And also bringing some Canadian crude down into our St. James facility, which right now is pretty much just all Bakken coming into St. James.

Brian Joshua Zarahn – Barclays Capital, Inc.

Would you have to spend some CapEx at St. James to handle a heavy crude?

Bradley C. Barron

It’s probably going to be rail bit. It will be dilutive. So we won’t have to add heat, but we will need some additional tankage there to bring that in.

Brian Joshua Zarahn – Barclays Capital, Inc.

Okay. Just last one for me on financing your 2014 CapEx, do you still expect to use a revolver?

Bradley C. Barron

Right now that’s the current plan, yes.

Brian Joshua Zarahn – Barclays Capital, Inc.

Thank you.

Operator

Your next question is from Mark Reichman with Simmons.

Mark L. Reichman - Simmons & Co. International

Good morning. With regard to the refined products pipeline volumes, as well as the crude oil pipeline volumes, it looks like both were up modestly compared to the prior year period, but down sequentially. And so I was just wondering if y ou could provide some color in terms of your expectations for year end run rate for both refined products volumes, as well as crude oil pipeline volumes taking into account the South Texas crude oil expansion?

Bradley C. Barron

Generally speaking, pipeline throughputs would be up just based on Eagle Ford alone. I think in the first quarter that was delved with some refinery turnaround activity, which affects us both on the crude and product side given the refineries that were in turnaround. But going forward for the rest of the year, we should see increased year-on-year and quarter-on-quarter volumes.

Mark L. Reichman - Simmons & Co. International

Where do – would you expect it to end at year end or can you provide that level of guidance?

Bradley C. Barron

On total throughputs?

Mark L. Reichman - Simmons & Co. International

Right, refined products barrels per day, throughputs for refined products as well as the crude oil pipeline?

Bradley C. Barron

We’re looking at, it’s hard to say, but we do expect it to be higher than what we saw in the first quarter.

Thomas R. Shoaf

We will be at a higher level at the end of the year this year, gross margin of last year we haven’t given any detailed guidance on the volumes.

Mark L. Reichman - Simmons & Co. International

Okay. And then also with the new dock at the partnerships North Beach Terminal, I was hoping you could provide a little guidance in terms of your volumes, as well as expansion possibilities and just addressing the port itself, I mean are there any constraints, just a little color on the activity there in Corpus?

Bradley C. Barron

We’ve been moving close to 200,000 barrels a day just under that in the first quarter should be above 200,000 barrels a day of the Eagle Ford in the second quarter and that will continue to rise up to above 250,000 barrels a day we expect by the end of this year.

Next year, we should – when our expansion is complete, we should see volumes up in the north of 300,000 barrels a day. This system is capable of handling that with no problem, I think Brad mentioned early in his comments that we had – we’ve moved over 700,000 barrels in one 24-hour period over our docks in Corpus. So that will mark the constraint to the system.

Thomas R. Shoaf

Yes. One thing we like about the Port of Corpus also is, it doesn’t have the same conjunction that you have in Houston. So, if something happens in the Port of Houston, our opening can be shutdown and Corpus does seem to have the same kind of limitations.

Mark L. Reichman - Simmons & Co. International

That’s great. Thank you very much.

Operator

Your next question is from Jeremy Tonet with JPMorgan.

Jeremy B. Tonet – JPMorgan Securities LLC

Good morning.

Bradley C. Barron

Good morning.

Jeremy B. Tonet – JPMorgan Securities LLC

All right. I want to follow-up with couple of questions. It looks like G&A was – has been coming down and it seems like part of that might have been related to LTIP. I’m just wondering how much room there is for – there is there for continued savings as part of the maybe rationalizing some of the G&A expense?

Thomas R. Shoaf

I think what we’ve said in the past is that, kind of what you’re seeing right now is basically pretty much the run rate going forward. I mean we have – had some cost cutting that we’ve done and we got through that. So, we don’t see a lot more downside to the G&A expense, it’s probably a good run rate what you are seeing right now. On our G&A we’ve given guidance out there for the second quarter, we just gave it to around $24 million, so that’s kind of what we can expect to see.

Jeremy B. Tonet – JPMorgan Securities LLC

Okay. And then as far as project backlog is concerned for things that might be on the drawing board, do you see more opportunities for repurposing under utilized assets some of that low-hanging fruit that’s really low multiples on some of your current projects?

Bradley C. Barron

We are always looking for projects like that. The Houston 12 is a prime example of taking idled asset and turn that into an EBITDA generator. Those are in terms of prioritizing projects, those are always going to be top of the list.

Jeremy B. Tonet – JPMorgan Securities LLC

Gotcha. And then I just wondering if you cold provide any incremental color on Eagle Ford Phase 2 filling up?

Bradley C. Barron

We are still working on contracting the remaining balance of that open season, which is about we’ve got 10 of the 60,000 barrels a day available already. But we are close in signing some additional contracts for that space and are still very encouraged that we are going to get all of that filled up.

Jeremy B. Tonet – JPMorgan Securities LLC

That’s very helpful. Thank you very much.

Operator

Your next question comes from (indiscernible) with Morningstar.

Unidentified Analyst

Hi, good morning, everyone.

Bradley C. Barron

Good morning.

Unidentified Analyst

I was just wondering if you could share your thoughts on the potential crude exports from the U.S. and as well as if crude exports were to happen, can you talk about the benefits or potential growth opportunities for your system?

Bradley C. Barron

I don’t think anybody knows what’s going to happen with crude exports. I mean, it is piling up on the Gulf Coast, I think everybody knows that. At some point it’s going to start costing jobs, there will be pressure on Congress to do something about it. But I can’t say for sure what’s going to happen there. In terms of opportunities, the more crude that’s exported, the more crude that’s going to slowdown our pipeline, but there is opportunities for us either way.

Thomas R. Shoaf

We’re starting to see more and more announcements and at least talk of splitter projects, which would be used to process the crude and then export it as a different product. But we’re not currently, we don’t currently have any plans to built the splitter ourselves but we are talking to several customers about supplying plan splitters with our pipeline volumes.

Unidentified Analyst

Okay, great thank you.

Operator

(Operator Instructions) Your next question is from Cory Garcia with Raymond James.

Cory J. Garcia – Raymond James & Associates, Inc

Good morning, guys, I appreciate some of the thoughts around in Point Tupper just kind of curious and I know might still be in the early stages, but any updated thoughts on the LPG opportunities out there or is it really more of a crude theme that you will be looking to play?

Bradley C. Barron

We’re working both, I think, you know, from where I stand today, it looks like the crude’s moving a little bit faster, but we’re still working both and I think both are digitally doable.

Cory J. Garcia – Raymond James & Associates, Inc

Okay. I got it. And turning to the Oxy pipeline, you mentioned that you are already recognizing some DCF ahead of next year start of it. Is there any sort of guidance that you guys can provide when that start is coming though the model and how we should sort of be looking at that over the next I guess 12 months?

Bradley C. Barron

Cory, it’s going be in the $5 million to $10 million range. We’re actually going to start recognizing the DCF in the second quarter. So, if you take the midpoint to an estimated quarter I guess for the rest of this year.

Cory J. Garcia – Raymond James & Associates, Inc

And to an EBITDA?

Bradley C. Barron

Yes, and then the EBITDA will kick in part of the second quarter of next year and we said $23 million year on EBITDA.

Cory J. Garcia – Raymond James & Associates, Inc

Perfect, thank you so much.

Operator

Your next question is from Michael Blum with Wells Fargo.

Michael J. Blum – Wells Fargo Securities LLC

Hi, good morning everybody. Just one quick follow-up for me. Can you talk a little bit you had a pretty nice year-over-year increase in the fuel marking business. Can you just talk a little bit more about what’s going on there, what’s change in that market for you and just how you see that plan for the rest of the year?

Bradley C. Barron

Well, the first quarter was a good quarter in terms of just volume and margins, but certainly we’re still feeling the impact of some optimization efforts that we announced last year and improving our cost structure. We signed a new supply agreement, which removed a lot of the working capital off of our books and so forth and that’s still paying dividends as well.

Michael J. Blum – Wells Fargo Securities LLC

Okay, any new thoughts on how that may play out for the rest of this year?

Bradley C. Barron

We given guidance of $10 million to $30 million in that segment and as Chris mentioned, we put $10 million the first quarter we’re not seeing that as a quarterly run rate it’s a very good start, but we’re still sticking with our $10 million to $30 million guidance.

Michael J. Blum – Wells Fargo Securities LLC

Okay, great. Thank you very much.

Operator

Your next question comes from Selman Akyol with Stifel.

Selman Akyol – Stifel, Nicolaus & Co., Inc.

Thank you, good morning.

Bradley C. Barron

Good morning.

Selman Akyol – Stifel, Nicolaus & Co., Inc.

Just going back to the Occidental contracting, in terms of just how much of the pipelines going to be utilized by them, how much is still left to be contracted on that?

Bradley C. Barron

We got about the two-thirds of the pipeline contracted and the $23 million is based on the contracted volume. So, we still have upside on that line if we can get some additional shippers in.

Selman Akyol – Stifel, Nicolaus & Co., Inc.

All right. And then just thinking in terms of – you got the pipeline returning down to Corpus Christi. Clearly you have dock as well. So we expect to that at least for you guys to pursue exports on NGL’s from there?

Thomas R. Shoaf

Well, our customers certainly are – we don’t have any plans to get into that market ourselves. But I think you will see some additional volumes on that line going for export or into Mexico.

Selman Akyol – Stifel, Nicolaus & Co., Inc.

All right. And then last question, if I could just ask for a little clarification on G&A, because I guess I’ve heard two things on your guidance for the second quarter is $24 million. And then I also heard that we have a good run rate here coming out of the first quarter around close for $21 million?

Bradley C. Barron

No. I think I said that the guidance of $24 million that’s what I meant to say this guidance of $24 million is a better run rate going forward.

Selman Akyol – Stifel, Nicolaus & Co., Inc.

Okay, great, thank you so much.

Operator

There are no further questions at this time. I turn the call back over to the presenters.

Chris Russell

Thanks, Tracy. Once again, I’d like to thank everybody for joining us on the call today. And if anybody has any further questions please call NuStar’s Investors Relations department. Thank you very much.

Operator

Thank you for joining ladies and gentlemen. This concludes today’s conference call. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: NuStar GP Holdings' CEO Discusses Q1 2014 Results - Earnings Call Transcript
This Transcript
All Transcripts