- NuStar Energy (NS -2.6%) is lower after repeating guidance for FY 2017 EBITDA of $600M-$650M and Q4 EPS coming in at a loss of $0.30-$0.40, including a ~$60M non-cash charge during Q4 to adjust the carrying value of the Axeon term loan, according to a slide presentation.
- NS says several projects have been completed or are under development with an unnamed customer to increase distillate and propane supply throughout the Upper Midwest for a ~$80M investment; construction on remaining projects should be completed by Q4 2017.
- NS also says it is working with Pemex to develop a project to transport liquefied petroleum gas and refined products from the U.S. into Mexico, with $125M costs originally planned for 2016 now expected in 2017-18 due to delays.