• Oct. 20, 2016, 4:37 PM
    • Martin Midstream Partners (NASDAQ:MMLP) agrees to sell its 900K-barrel Corpus Christi crude oil storage terminal and related assets to NuStar Logistics (NYSE:NS) for $107M, confirming an earlier report.
    • At the same time, MMLP says it is reducing its quarterly dividend to $0.50/unit, a 38.5% reduction from $0.8125/unit in Q2.
    • MMLP says the asset sale is a necessary first step to ultimately returning the company to a growth trajectory, and that the two actions "should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unitholders."
    Oct. 20, 2016, 4:37 PM | 27 Comments
  • Nov. 8, 2012, 9:39 AM

    NuStar Energy (NS +0.5%) will purchase crude oil pipeline, gathering and storage assets, as well as liquid natural gas assets, in the Eagle Ford shale from TexStar Midstream Services for $425M. The transactions likely will be financed under its credit facility and junior subordinated notes. NS also says it plans to sell its refinery and terminal in Elmendorf, Tex.

    Nov. 8, 2012, 9:39 AM