[ID] => 11008
[post_author] => 34
[post_date] => 2019-05-10 15:00:45
[post_date_gmt] => 2019-05-10 14:00:45
[post_content] => NuStar Energy has agreed to sell its St Eustatius terminal to Prostar Capital for some $250m. “It has become increasingly clear in recent months that the facility requires a new business model to ensure its long-term success and that NuStar’s best path forward is to sell the terminal to a buyer that is well-positioned to take advantage of the changing global crude oil trade flow patterns,” says Brad Barron, president/CEO.
“We are pleased that this sale allows us to re-deploy the sales proceeds to improve our financial metrics and fund our growth projects for our core business in North America. And we are very gratified to hand over the reins to purchasers with a business model that ensures a bright future for the facility and our employees there.”
The deal is expected to complete before the end of June.
NuStar has also reported first quarter adjusted net income of $50.6m, up from $47.4m a year ago, with adjusted EBITDA up marginally at $170.5m.
“We benefited in the first quarter of 2019 from increased crude oil throughput volumes and accelerated revenues at our St Eustatius terminal, but the combined impact of the sale of our European assets, decreased storage rates at certain locations, and some operational issues at one of our customer’s refineries combined to keep EBITDA comparable to last year’s first quarter,” says Tom Shoaf, CFO.
[post_title] => NuStar to sell St Eustatius
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => nustar-sell-st-eustatius
[post_modified] => 2019-05-10 15:00:45
[post_modified_gmt] => 2019-05-10 14:00:45
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=11008
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