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|NuStar GP Holdings, LLC Reports First Quarter 2010 Earnings and Announces 3.4 Percent Increase in the Quarterly Distribution|
SAN ANTONIO, Apr 29, 2010 (BUSINESS WIRE) --NuStar GP Holdings, LLC (NYSE:NSH) today announced distributable cash flow available to unitholders for the first quarter of 2010 of $19.2 million, or $0.45 per unit, compared to $18.3 million, or $0.43 per unit, for the first quarter of 2009. First quarter 2010 net income was $8.5 million, or $0.20 per unit, compared to $12.0 million, or $0.28 per unit, for the first quarter of 2009.
With respect to the quarterly distribution to unitholders for the first quarter of 2010, NuStar GP Holdings, LLC announced that its board of directors has declared a distribution of $0.45 per unit, which would equate to $1.80 per unit on an annual basis. The $0.45 per unit cash distribution will be paid on May 19, 2010, to holders of record as of May 7, 2010 and represents a 3.4 percent increase over the $0.435 distribution for the fourth quarter of 2009 and a 4.7 percent increase over the $0.43 distribution for the first quarter of 2009. The distribution coverage ratio for the first quarter of 2010 was one times.
"I am excited to report an increase in the distribution to our unitholders, which was driven by higher general partner distributions and higher incentive distribution rights paid to the general partner as a result of the NuStar Energy, L.P. equity offering completed in November 2009. We look forward to the additional growth opportunities at NuStar Energy L.P. and the potential it provides for continued growth in cash flows to NuStar GP Holdings, LLC unitholders," said Curt Anastasio, Chief Executive Officer and President of NuStar Energy L.P. and NuStar GP Holdings, LLC.
A conference call with management is scheduled for 10:00 a.m. ET (9:00 a.m. CT) today, April 29, 2010, to discuss the financial results for the first quarter of 2010. Investors interested in listening to the presentation may call 800/622-7620, passcode 66444017. International callers may access the presentation by dialing 706/645-0327, passcode 66444017. The company intends to have a playback available following the presentation, which may be accessed by calling 800/642-1687, passcode 66444017. A live broadcast of the conference call will also be available on the company's Web site at www.nustargp.com.
NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 16.7 percent limited partner interest and the incentive distribution rights in NuStar Energy L.P., one of the largest asphalt refiners and marketers in the U.S. and the second largest independent liquids terminal operator in the nation with operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. For more information, visit NuStar GP Holdings, LLC's Web site at www.nustargp.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding future events.All forward-looking statements are based on the company's beliefs as well as assumptions made by and information currently available to the company.These statements reflect the company's current views with respect to future events and are subject to various risks, uncertainties and assumptions.These risks, uncertainties and assumptions are discussed in NuStar Energy L.P. and NuStar GP Holdings, LLC's 2009 annual reports on Form 10-K and subsequent filings with the Securities and Exchange Commission.
SOURCE: NuStar GP Holdings, LLC
NuStar GP Holdings, LLC, San Antonio