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|NuStar GP Holdings, LLC Reports Third Quarter 2010 Earnings and Announces Third Consecutive Quarterly Distribution Increase|
Quarterly Distribution Increased 10.3% over Third Quarter 2009
SAN ANTONIO, Oct 25, 2010 (BUSINESS WIRE) -- NuStar GP Holdings, LLC (NYSE: NSH) today announced that distributable cash flow available to unitholders for the third quarter was $20.7 million, or $0.49 per unit, compared to $18.9 million, or $0.44 per unit, for the third quarter of 2009. Third quarter net income was $17.8 million, or $0.42 per unit, compared to $17.7 million, or $0.42 per unit, for the third quarter of 2009.
With respect to the quarterly distribution to unitholders for the third quarter of 2010, NuStar GP Holdings, LLC announced that its board of directors has declared a distribution of $0.48 per unit, which would equate to $1.92 per unit on an annual basis. This quarterly distribution represents an increase of $0.045 per unit, or 10.3 percent, over the $0.435 distribution for the third quarter of 2009 and an increase of $0.02 per unit, or 4.3 percent, over the $0.46 distribution for the second quarter of 2010. The third quarter 2010 distribution will be paid on November 10, 2010, to holders of record as of November 1, 2010.
"For a third consecutive quarter, I am pleased to report an increase in the distribution to our unitholders, which was driven by strong third quarter 2010 and nine months ended September 30, 2010 results of NuStar Energy L.P.," 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, October 25, 2010, to discuss the financial results for the third quarter of 2010. Investors interested in listening to the presentation may call 800/622-7620, passcode 12873811. International callers may access the presentation by dialing 706/645-0327, passcode 12873811. The company intends to have a playback available following the presentation, which may be accessed by calling 800/642-1687, passcode 12873811. A live broadcast of the conference call will also be available on the company's Web site at http://www.nustargpholdings.com.
NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 15.7 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 http://www.nustargpholdings.com.
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
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 Energy, L.P., San Antonio