NuStar Energy L.P. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Capital Expenditure Guidance for the Full Year Ending December 31, 2016
For the full year, the company reported total revenues of $2,084,040,000 against $3,075,118,000 a year ago. Operating income was $390,704,000 against $346,901,000 a year ago. Income from continuing operations before income tax expense was $320,658,000 against $224,970,000 a year ago. Income from continuing operations was $305,946,000 against $214,169,000 a year ago. Net income applicable to limited partners was $257,366,000 against $163,339,000 a year ago. Net income per unit applicable to limited partners was $3.30 against $2.10 a year ago. Net income per unit applicable to limited partners from continuing operations was $3.29 against $2.14 a year ago. EBITDA from continuing operations was $662,736,000 against $547,904,000 a year ago. Adjusted net income was $250,443,000. Adjusted net income applicable to limited partners was $202,215,000 or $2.59 per unit. Adjusted EBITDA from continuing operations was $606,459,000.
2016 capital spending projections remain unchanged. The company budgeted to spend $360 million to $380 million for strategic capital and $35 million to $45 million on reliability capital spending. However, the company is in the process of prioritizing all capital spending for 2016 to avoid accessing the public debt and equity markets.