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NuStar Energy foresees improved Q4 and 2014 results

  • NuStar Energy (NS +5.5%) reported Q3 earnings and revenue below analyst expectations, but an upbeat outlook is sending shares higher.
  • Q4 EBITDA for all three NS segments should be higher than last year’s Q4, the company says, adding that its pipeline segment EBITDA should be $60M-$70M higher than last year.
  • Looking ahead to 2014, increased crude oil throughputs in the Eagle Ford region should increase the pipeline segment's EBITDA by an additional $40M-$60M; NS says it expect to fully cover its distribution in 2014.
  • Says it is in advanced talks with asphalt joint venture partner Lindsay Goldberg to exit its stake, which NS says would allow it to materially reduce its $250M credit facility and $150M of credit support.
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