NuStar Energy L.P. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported distributable cash flow available to limited partners was $63.1 million, or $0.95 per unit, compared to 2010 fourth quarter distributable cash flow of $66.7 million, or $1.03 per unit. Operating income was $47.9 million compared to $70.5 million for the fourth quarter of 2010. Net income applicable to limited partners was $19.8 million, or $0.30 per unit, compared to $41.9 million, or $0.65 per unit, earned in the fourth quarter of 2010. The company reported total revenues of $1,927.1 million compared to $1,194.2 million, income before income tax expense of $33.8 million compared to $54.2 million and EBITDA attributable to the company of $98.7 million compared to $113.6 million for the last year. For the year, the company reported distributable cash flow available to limited partners was $307.9 million, or $4.74 per unit, up from the $280.7 million, or $4.43 per unit earned in 2010. Operating income was $314.0 million, outpacing the $302.6 million generated in 2010. Net income applicable to limited partners was $180.7 million, or $2.78 per unit, compared to $200.9 million, or $3.19 per unit, in 2010. The company reported total revenues of $6,575.3 million compared to $4,403.1 million, income before income tax expense of $238.5 million compared to $250.7 million and EBITDA attributable to the company of $490.0 million compared to $482.8 million for the last year. The partnership also announced that its board of directors has declared a fourth quarter 2011 distribution of $1.095 per unit. This fourth quarter 2011 distribution will be paid on February 10, 2012, to holders of record as of February 7, 2012. For 2011, the company declared a distribution of $4.36 per unit, which was $0.08 per unit or approximately 2% higher than the $4.28 per unit distribution declared in 2010. For the year 2012, the company expected EBITDA to be higher than 2011. EBITDA in all three of segments is also expected to exceed 2011 results. Currently the company expects to spend $350 - $400 million on internal growth projects during 2012.