NuStar Energy L P : UBS Winter Infrastructure & Energy Virtual Conference January 2022

2022 UBS

Virtual Winter

Infrastructure & Energy

Conference

J A N U A R Y 1 1 - 1 2 , 2 0 2 2

Forward-Looking Statements

Statements contained in this presentation other than statements of historical fact are forward-looking

statements. While these forward-looking statements, and any assumptions upon which they are based, are

made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be

identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets,"

"projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or

changes in the company's expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at

www.nustarenergy.com. We use financial measures in this presentation that are not calculated in

accordance with generally accepted accounting principles ("non-GAAP") and our reconciliations of non- GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures.

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We are Encouraged by the Progress in the Global Economy in 2021 and the Preliminary Outlook for 2022

2021

C r u d e

D e m a n d

R e c o v e r y

I n c r e a s e d

2020 R e f i n e r y U t i l i z a t i o n

R e f i n e d

P r o d u c t

R e b o u n d

2022+

P e r m i a n

P r o d u c t i o n

G r o w t h

H i g h e r

C r u d e

P r i c e s

U . S . E x p o r t G r o w t h

3

This Year We Have Focused on Three Primary Strategic Priorities

Our 2021

Strategic Priorities:

1.2.3.

Promoting	Reducing	Self-
funding
Our ESG	Our
Our
Excellence	Debt
Business

4

Our Sustainability Team Achieved Some

Significant Milestones in 2021

2021

Sustainability

• Built NuStar's Sustainability webpage
• Posted Sustainability investor presentation
• Posted inaugural sustainability report
• Working to quantify Scope 1 & 2 emissions

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