First quarter earnings reported by NuStar showing ‘signs of stabilisation’

First quarter earnings reported by NuStar showing ‘signs of stabilisation’


The president and CEO of NuStar Energy said the company was seeing “signs of stabilisation and improvement” in its footprint after reporting a net income of $42 million for the first quarter of 2021.

In the first quarter of 2020 the company made a $148 million net loss, which was largely related to a $225 million non-cash goodwill impairment charge when the fair value of NuStar’s crude oil pipelines reporting unit fell below its carrying value as a result of the global COVID-19 pandemic.

Brad Barron said: “Despite the lingering effects of the pandemic on the global economy and US exports, and a historically unprecedented severe winter weather event, I am pleased to report NuStar turned in a very solid quarter.

He added: “As America begins to recover from the impact of COVID-19 and begins returning to normal activity and growth, we are seeing signs of stabilisation and improvement across the US and in NuStar’s footprint. US refined product demand has improved as COVID vaccinations have continued to allow more and more Americans to return to normal day-to-day activities.”

For more information visit www.nustarenergy.com

7th May 2021