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|NuStar GP Holdings, LLC Reports Second Quarter 2010 Earnings and Announces Second Consecutive Quarterly Distribution Increase|
Quarterly Distribution Increased 7.0% over Second Quarter 2009<
SAN ANTONIO, Aug 02, 2010 (BUSINESS WIRE) -- NuStar GP Holdings, LLC (NYSE: NSH) today announced that distributable cash flow available to unitholders for the second quarter was $20.0 million, or $0.47 per unit, compared to $18.5 million, or $0.44 per unit, for the second quarter of 2009. Second quarter net income was $30.9 million, or $0.73 per unit, compared to $21.4 million, or $0.50 per unit, for the second quarter of 2009.
With respect to the quarterly distribution to unitholders for the second quarter of 2010, NuStar GP Holdings, LLC announced that its board of directors has declared a distribution of $0.46 per unit, which would equate to $1.84 per unit on an annual basis. This quarterly distribution represents an increase of $0.03 per unit, or 7.0 percent, over the $0.43 distribution for the second quarter of 2009 and an increase of $0.01 per unit, or 2.2 percent, over the $0.45 distribution for the first quarter of 2010. The second quarter 2010 distribution will be paid on August 18, 2010, to holders of record as of August 6, 2010.
"For a second consecutive quarter, I am pleased 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 May 2010. Based on the projected benefits associated with NuStar Energy L.P.'s $500 million internal growth program, the potential exists for continued growth in distributable cash flows for NuStar GP Holdings, LLC," said Curt Anastasio, President and Chief Executive Officer of NuStar Energy L.P. and NuStar GP Holdings, LLC.
A conference call with management is scheduled for 3:00 p.m. ET (2:00 p.m. CT) today, August 2, 2010, to discuss the financial results for the second quarter of 2010. Investors interested in listening to the presentation may call 800/622-7620, passcode 84452313. International callers may access the presentation by dialing 706/645-0327, passcode 84452313. The company intends to have a playback available following the presentation, which may be accessed by calling 800/642-1687, passcode 84452313. A live broadcast of the conference call will also be available on the company's Web site at http://www.nustargp.com.
NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 15.5 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 http://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.
NuStar GP Holdings, LLC
Consolidated Financial Information - Continued
(Unaudited, Thousands of Dollars)
SOURCE: NuStar GP Holdings, LLC
NuStar Energy, L.P., San Antonio