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NuStar Energy L.P. Closes on Sale of Terminal in Nova Scotia
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Rhea-AI Summary
NuStar Energy L.P. has successfully completed the sale of its terminal in Nova Scotia, Canada to EverWind Fuels for $60 million. This 7.8 million-barrel storage terminal, located at Point Tupper, represents a strategic move to optimize NuStar's business and enhance financial flexibility. CEO Brad Barron emphasized that the proceeds will aid in debt reduction and contribute to future opportunities, aligning with their multi-year optimization strategy. Barclays acted as the financial adviser for this transaction.
Positive
Completed sale of Nova Scotia terminal for $60 million, strengthening balance sheet.
Proceeds will help in debt reduction and future growth opportunities.
Aligns with strategic optimization initiative to improve financial flexibility.
Negative
None.
Another Step in Strategic Plan to Continue to Optimize Its Business and Build Financial Flexibility
SAN ANTONIO--(BUSINESS WIRE)--
NuStar Energy L.P. (NYSE: NS) announced today that it has closed on the sale of its terminal in Nova Scotia, Canada to EverWind Fuels for $60 million. The 7.8 million-barrel storage terminal is located at Point Tupper on the Strait of Canso, near Port Hawkesbury, Nova Scotia. The companies first announced this sale on February 14, 2022.
“We are pleased to close on this divestiture, as this is yet another step in our strategic plan to continue optimizing our business, building our financial flexibility and strengthening our balance sheet,” said Brad Barron, president and CEO of NuStar.
“We continue to expect to fund our spending from our internally generated cash flows in 2022, just as we did in 2021, which reflects the success of our multi-year optimization initiative,” Barron added. “By continuing to focus on optimizing our spending across our business, we are building a solid foundation that, along with these divestiture proceeds, will position NuStar for future opportunities and allow us to continue to pay down debt and improve our leverage.”
Barclays served as exclusive financial adviser to NuStar on the transaction.
This press release includes forward-looking statements regarding future events and expectations, including the expected use of proceeds from and the other anticipated benefits from the sale of the terminal assets. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and expectations and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2021 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
About NuStar Energy L.P.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.
About EverWind Fuels
EverWind Fuels LLC, a subsidiary of TDL Partners, is a private developer of green hydrogen and ammonia production, storage facilities and associated transportation assets. EverWind’s executive team have previously held CEO and C-Suite positions at infrastructure private equity, renewable power, utilities, terminals and marine logistics companies. The team’s prior investment experience totals more than $30 billion over the last 20 years. For more information visit EverWind Fuels website at www.everwindfuels.com.
NuStar Energy L.P., San Antonio Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926
Source: NuStar Energy L.P.
FAQ
What was the sale price of the terminal sold by NuStar Energy L.P.?
NuStar Energy L.P. sold its terminal in Nova Scotia for $60 million.
Which company purchased the terminal from NuStar Energy L.P.?
The terminal was purchased by EverWind Fuels.
Where is the terminal located that NuStar Energy L.P. sold?
The terminal is located at Point Tupper in Nova Scotia, Canada.
What impact does the terminal sale have on NuStar Energy L.P.'s financial strategy?
The sale strengthens NuStar's balance sheet and supports debt reduction while positioning the company for future opportunities.
When was the sale of the terminal by NuStar Energy L.P. first announced?
The sale of the terminal was first announced on February 14, 2022.
