NuStar Energy L.P. Reports Solid Fourth Quarter and Full-Year 2021 Results

Net Income and Both Crude and Product Pipeline Throughputs Up Quarter-Over-Quarter and Year-Over-Year as Refined Product Demand Continues to Strengthen

Permian Crude System Volumes Hit Record-Breaking Average of 516,000 Barrels Per Day/Exited 2021 at 520,000 Barrels Per Day

Extends Maturity of its $1 Billion Unsecured Revolving Credit Facility to 2025

Encouraging 2022 Full-Year Outlook

Expects to Continue to Self-fund all Spending from Internally Generated Cash Flows

SAN ANTONIO–(BUSINESS WIRE)–NuStar Energy L.P. (NYSE: NS) today announced solid fourth quarter and full-year 2021 results fueled by strong throughputs on its refined products and crude oil pipelines.

“Looking back over 2021, I am very proud of the progress we made toward achieving our strategic priorities, as well as the resilience and strength that our business has once again demonstrated this past year as the world continued to rebound from the ongoing challenges of the global pandemic,” said NuStar President and CEO Brad Barron.

“Last year, we promised to lower our leverage, fund all our spending from internally generated cash flows and promote NuStar’s commitment to Environmental, Social and Governance (ESG) excellence. And I’m pleased to report that we delivered on all three of those promises, and more.”

NuStar reported net income of $58 million for the fourth quarter of 2021, or $0.19 per unit, compared to net income of $16 million, or a $0.19 net loss per unit, for the fourth quarter of 2020. Results for the fourth quarter of 2021 include a $5 million gain from insurance proceeds to rebuild tanks at its Selby terminal. Excluding the effects of the gain, adjusted net income was $52 million for the fourth quarter of 2021, or $0.14 per unit, compared to adjusted net income of $50 million, or $0.13 per unit, for the fourth quarter of 2020.

Barron noted that both 2020 and 2021 included numerous non-cash charges and insurance proceeds that impacted full-year net income, making an apples-to-apples comparison difficult. For example, for full-year 2021, NuStar reported net income of $38 million, or a net loss of $0.99 per unit, compared to a net loss of $199 million, or a net loss of $3.15 per unit, for the year ended 2020.

“However, excluding the non-cash charges and insurance proceeds, which included a $130 million non-cash charge related to the sale of the Eastern U.S. terminal assets; a $59 million non-cash impairment charge on a portion of our Houston 12-inch pipeline; and a $15 million gain from insurance proceeds to rebuild tanks at our Selby terminal, our adjusted net income was $212 million for full-year 2021, or $0.60 per unit, compared to 2020 adjusted net income of $206 million, or $0.57 per unit,” said Barron.

Barron continued, “Our adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $169 million for the fourth quarter of 2021, compared to fourth quarter of 2020 adjusted EBITDA of $181 million, largely as result of the loss of EBITDA from the divestitures of our Eastern U.S. terminals and our Texas City terminals, which helped us to significantly improve our leverage. In fact, thanks to the progress we made in lowering our debt balance, we were able to reduce interest expense by $6 million in the fourth quarter of 2021, compared to the fourth quarter of 2020.

“Our adjusted EBITDA for full-year 2021 was $705 million, compared to 2020 adjusted EBITDA of $723 million,” said Barron. “However, even with the detrimental impact of last February’s historic Winter Storm Uri, after adjusting for the loss of EBITDA associated with our divested assets, NuStar generated adjusted EBITDA of $682 million in 2021, comparable to our adjusted EBITDA of $687 million in 2020.”

“While there has been some loss of EBITDA associated with divesting non-core assets, we continued to make substantial progress on our top goal of improving our debt metrics in 2021, controlling spending and closing out the year with a far improved debt-to-EBITDA ratio of 3.99 times, with $885 million available on our $1.0 billion unsecured revolving credit facility. And most recently, we were very pleased that our revolver renewal was oversubscribed, allowing us to maintain our $1.0 billion unsecured revolver and extend the maturity of the facility an additional 18 months to April 27, 2025,” said Barron.

Distributable cash flow (DCF) available to common limited partners was $63 million for the fourth quarter of 2021, flat with the fourth quarter of 2020. The distribution coverage ratio to common limited partners was 1.43 times for the fourth quarter of 2021.

Adjusted DCF available to common limited partners was $333 million for full-year 2021, comparable to adjusted DCF of $336 million in 2020. The distribution coverage ratio to common limited partners was 1.90 times for full-year 2021.

“We also delivered on our promise to fund our spending with internally generated cash flows,” Barron said. “We funded 112 percent of our strategic capital from excess adjusted DCF, up 11 percent over 2020’s 101 percent.

“And, as we also promised, we reached significant milestones in reporting on our ESG performance in 2021 with the launch of our inaugural Sustainability report and the launch of our ESG website. So we feel really great about all the progress we made on our strategic priorities in 2021,” said Barron.

Refined Product Demand Continues to Strengthen

NuStar’s refined products pipeline throughput was up 16 percent in the fourth quarter of 2021 compared to the fourth quarter of 2020. For full-year 2021, throughput grew 11 percent compared to 2020.

“Our refined products pipelines delivered consistent and strong results during both the Delta and Omicron waves, reflecting the strength of our assets and our position in the markets we serve across the mid-Continent and throughout Texas,” said Barron.

Permian Crude System Hits Record-Breaking Volumes

Barron continued, “We also saw higher throughputs on our crude pipelines in the fourth quarter, which were up 25 percent over the fourth quarter of 2020 and up 4 percent for the full-year 2021 over full-year 2020.

“Our Permian Crude System continued to rebound and grow. In the fourth quarter, our Permian system’s volumes grew to a record-breaking average of 516,000 barrels per day, up 3 percent over the third quarter of 2021; up 23 percent over the fourth quarter of 2020; and up over 10 percent than our full-year average in 2020. What’s more, our ‘core of the core’ Permian system’s 2021 average barrels per day grew by more than three times the basin’s average 3 percent growth over the same period.

“Looking ahead, we are encouraged by what we are hearing and seeing from our producers, as well as the crude price outlook, and we expect to exit 2022 between 560,000 to 570,000 barrels per day, or about 10 percent above our 2021 exit rate.”

Barron also commented that improving global demand, combined with sustained healthy U.S. shale production growth, should increase U.S. crude exports over time, which should also improve volumes across NuStar’s Corpus Christi Crude System as well as its St. James terminal, which began receiving in-bound barrels from the reversal of Capline in January.

Throughput Increases on Ammonia Pipeline System

Throughput on NuStar’s Ammonia System was up approximately 20 percent in the fourth quarter of 2021 compared to the fourth quarter of 2020, and up 42 percent over the third quarter of 2021.

Barron discussed NuStar’s plans to increase its Ammonia System’s utilization even more through low-spend, high-return projects to connect and extend the system to new and current customers.

“These projects would supply ammonia for traditional uses, like the fertilizer that augments U.S. food production, as well as corn for ethanol production, across the Midwest,” said Barron. “We are also partnering with customers and potential customers to expand our utilization with ‘green’ ammonia projects, for existing applications and for visionary future opportunities like renewable electricity generation and safe, efficient transportation for hydrogen to power fuel-cell vehicles.”

West Coast Renewable Fuels Network Continues to Grow

Barron once again highlighted the growth of NuStar’s West Coast Renewable Fuels Network, which plays an integral role in facilitating the low-carbon renewable fuels that significantly reduce emissions from transportation.

Barron noted that in 2021, NuStar’s West Coast storage assets generated over 27 percent of its total storage segment revenue, as adjusted to reflect asset divestitures, over one-third of which was derived exclusively from renewable fuel-related services.

“In addition to the growing financial contribution of our West Coast Renewable Fuels Network, we believe the network also demonstrates NuStar’s ability to anticipate and find profitable, innovative ways to thrive as we navigate through our nation’s evolving energy priorities,” said Barron.

2022 Outlook

“Turning to our full-year 2022 projections, we are encouraged by signs of continuing economic rebound, and we currently expect to generate full-year 2022 net income in the range of $242 to $270 million, and EBITDA in the range of $700 to $750 million, the midpoint of which represents 6 percent growth over our 2021 EBITDA, adjusted for the Eastern U.S. terminals sale and other items,” Barron said.

“With regard to strategic capital spending estimates, we plan to spend $135 to $165 million this year. Of that total spending, we are allocating approximately $55 million to growing our Permian system, which is scalable with our producers’ throughput volume needs, and about $25 million to expand our West Coast Renewable Fuels Network. In addition, we expect to spend $35 to $45 million on reliability capital this year.

“Once again, we expect to self-fund all of our 2022 spending from internally generated cash flows, just as we did in 2021, and we remain committed to continuing to improve our debt-to-EBITDA ratio in 2022,” Barron concluded.

Conference Call Details

A conference call with management is scheduled for 9:00 a.m. CT on Thursday, February 3, 2022. The partnership plans to discuss the fourth quarter 2021 earnings results, which will be released earlier that day. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 3315309. International callers may access the discussion by dialing 661/378-9931, passcode 3315309. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 3315309. International callers may access the playback by dialing 404/537-3406, passcode 3315309. The playback will be available until 12:00 p.m. CT on March 3, 2022.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/5eqbhkx3 or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes, and the related conference call will include, forward-looking statements regarding future events and expectations, such as NuStar’s future performance, plans and expenditures. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2020 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information

(Unaudited, Thousands of Dollars, Except Unit, Per Unit and Ratio Data)

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

Statement of Income Data:

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Service revenues

$

288,266

 

 

$

308,976

 

 

$

1,157,410

 

 

$

1,205,494

 

Product sales

 

129,150

 

 

 

77,666

 

 

 

461,090

 

 

 

276,070

 

Total revenues

 

417,416

 

 

 

386,642

 

 

 

1,618,500

 

 

 

1,481,564

 

Costs and expenses:

 

 

 

 

 

 

 

Costs associated with service revenues:

 

 

 

 

 

 

 

Operating expenses

 

100,155

 

 

 

106,791

 

 

 

388,078

 

 

 

403,579

 

Depreciation and amortization expense

 

63,080

 

 

 

68,721

 

 

 

266,588

 

 

 

276,476

 

Total costs associated with service revenues

 

163,235

 

 

 

175,512

 

 

 

654,666

 

 

 

680,055

 

Costs associated with product sales

 

116,612

 

 

 

73,963

 

 

 

417,413

 

 

 

256,066

 

Asset impairment losses

 

 

 

 

 

 

 

154,908

 

 

 

 

Goodwill impairment losses

 

 

 

 

 

 

 

34,060

 

 

 

225,000

 

General and administrative expenses

 

33,873

 

 

 

30,588

 

 

 

113,207

 

 

 

102,716

 

Other depreciation and amortization expense

 

1,951

 

 

 

2,163

 

 

 

7,792

 

 

 

8,625

 

Total costs and expenses

 

315,671

 

 

 

282,226

 

 

 

1,382,046

 

 

 

1,272,462

 

Operating income

 

101,745

 

 

 

104,416

 

 

 

236,454

 

 

 

209,102

 

Interest expense, net

 

(51,774

)

 

 

(57,896

)

 

 

(213,985

)

 

 

(229,054

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(141,746

)

Other income (expense), net

 

7,900

 

 

 

(28,951

)

 

 

19,644

 

 

 

(34,622

)

Income (loss) before income tax expense

 

57,871

 

 

 

17,569

 

 

 

42,113

 

 

 

(196,320

)

Income tax expense

 

353

 

 

 

2,037

 

 

 

3,888

 

 

 

2,663

 

Net income (loss)

$

57,518

 

 

$

15,532

 

 

$

38,225

 

 

$

(198,983

)

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per common unit

$

0.19

 

 

$

(0.19

)

 

$

(0.99

)

 

$

(3.15

)

Basic and diluted weighted-average common units outstanding

 

109,771,943

 

 

 

109,330,616

 

 

 

109,585,635

 

 

 

109,155,117

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

Other Data (Note 1):

 

 

 

 

 

 

 

Adjusted net income

$

52,030

 

$

50,229

 

$

212,333

 

$

206,423

Adjusted net income per common unit

$

0.14

 

$

0.13

 

$

0.60

 

$

0.57

EBITDA

$

174,676

 

$

146,349

 

$

530,478

 

$

317,835

Adjusted EBITDA

$

169,188

 

$

181,046

 

$

704,586

 

$

723,241

DCF

$

63,047

 

$

63,066

 

$

333,034

 

$

193,926

Adjusted DCF

$

63,047

 

$

63,066

 

$

333,034

 

$

335,672

Distribution coverage ratio

1.43x

 

1.44x

 

1.90x

 

1.11x

Adjusted distribution coverage ratio

1.43x

 

1.44x

 

1.90x

 

1.92x

Consolidated Debt Coverage Ratio

 

n/a

 

 

n/a

 

3.99x

 

4.24x

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information – Continued

(Unaudited, Thousands of Dollars, Except Barrel Data)

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

Pipeline:

 

 

 

 

 

 

 

Crude oil pipelines throughput (barrels/day)

 

1,401,498

 

 

 

1,121,378

 

 

 

1,281,568

 

 

 

1,237,757

 

Refined products and ammonia pipelines

throughput (barrels/day)

 

624,209

 

 

 

535,932

 

 

 

585,189

 

 

 

524,842

 

Total throughput (barrels/day)

 

2,025,707

 

 

 

1,657,310

 

 

 

1,866,757

 

 

 

1,762,599

 

 

 

 

 

 

 

 

 

Throughput and other revenues

$

203,897

 

 

$

180,824

 

 

$

762,238

 

 

$

718,823

 

Operating expenses

 

54,719

 

 

 

50,544

 

 

 

202,481

 

 

 

198,010

 

Depreciation and amortization expense

 

43,798

 

 

 

44,729

 

 

 

179,088

 

 

 

177,384

 

Asset impairment loss

 

 

 

 

 

 

 

59,197

 

 

 

 

Goodwill impairment loss

 

 

 

 

 

 

 

 

 

 

225,000

 

Segment operating income

$

105,380

 

 

$

85,551

 

 

$

321,472

 

 

$

118,429

 

Storage:

 

 

 

 

 

 

 

Throughput (barrels/day)

 

438,400

 

 

 

387,149

 

 

 

421,862

 

 

 

469,862

 

 

 

 

 

 

 

 

 

Throughput terminal revenues

$

31,623

 

 

$

36,450

 

 

$

122,331

 

 

$

136,632

 

Storage terminal revenues

 

60,081

 

 

 

92,933

 

 

 

305,337

 

 

 

357,810

 

Total revenues

 

91,704

 

 

 

129,383

 

 

 

427,668

 

 

 

494,442

 

Operating expenses

 

45,436

 

 

 

56,247

 

 

 

185,597

 

 

 

205,569

 

Depreciation and amortization expense

 

19,282

 

 

 

23,992

 

 

 

87,500

 

 

 

99,092

 

Asset impairment loss

 

 

 

 

 

 

 

95,711

 

 

 

 

Goodwill impairment loss

 

 

 

 

 

 

 

34,060

 

 

 

 

Segment operating income

$

26,986

 

 

$

49,144

 

 

$

24,800

 

 

$

189,781

 

Fuels Marketing:

 

 

 

 

 

 

 

Product sales

$

121,818

 

 

$

76,472

 

 

$

428,608

 

 

$

268,345

 

Cost of goods

 

116,056

 

 

 

73,474

 

 

 

417,000

 

 

 

253,704

 

Gross margin

 

5,762

 

 

 

2,998

 

 

 

11,608

 

 

 

14,641

 

Operating expenses

 

559

 

 

 

526

 

 

 

427

 

 

 

2,408

 

Segment operating income

$

5,203

 

 

$

2,472

 

 

$

11,181

 

 

$

12,233

 

Consolidation and Intersegment Eliminations:

 

 

 

 

 

 

 

Revenues

$

(3

)

 

$

(37

)

 

$

(14

)

 

$

(46

)

Cost of goods

 

(3

)

 

 

(37

)

 

 

(14

)

 

 

(46

)

Total

$

 

 

$

 

 

$

 

 

$

 

Consolidated Information:

 

 

 

 

 

 

 

Revenues

$

417,416

 

 

$

386,642

 

 

$

1,618,500

 

 

$

1,481,564

 

Costs associated with service revenues:

 

 

 

 

 

 

 

Operating expenses

 

100,155

 

 

 

106,791

 

 

 

388,078

 

 

 

403,579

 

Depreciation and amortization expense

 

63,080

 

 

 

68,721

 

 

 

266,588

 

 

 

276,476

 

Total costs associated with service revenues

 

163,235

 

 

 

175,512

 

 

 

654,666

 

 

 

680,055

 

Cost of product sales

 

116,612

 

 

 

73,963

 

 

 

417,413

 

 

 

256,066

 

Asset impairment losses

 

 

 

 

 

 

 

154,908

 

 

 

 

Goodwill impairment losses

 

 

 

 

 

 

 

34,060

 

 

 

225,000

 

Segment operating income

 

137,569

 

 

 

137,167

 

 

 

357,453

 

 

 

320,443

 

General and administrative expenses

 

33,873

 

 

 

30,588

 

 

 

113,207

 

 

 

102,716

 

Other depreciation and amortization expense

 

1,951

 

 

 

2,163

 

 

 

7,792

 

 

 

8,625

 

Consolidated operating income

$

101,745

 

 

$

104,416

 

 

$

236,454

 

 

$

209,102

 

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information – Continued

(Unaudited, Thousands of Dollars, Except Ratio Data)

Note 1: NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership’s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures to enhance the comparability of our performance across periods.

Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.

None of these financial measures are presented as an alternative to net income (loss). They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

The following is a reconciliation of net income (loss) to EBITDA, DCF and distribution coverage ratio.

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

Net income (loss)

$

57,518

 

 

$

15,532

 

 

$

38,225

 

 

$

(198,983

)

Interest expense, net

 

51,774

 

 

 

57,896

 

 

 

213,985

 

 

 

229,054

 

Income tax expense

 

353

 

 

 

2,037

 

 

 

3,888

 

 

 

2,663

 

Depreciation and amortization expense

 

65,031

 

 

 

70,884

 

 

 

274,380

 

 

 

285,101

 

EBITDA

 

174,676

 

 

 

146,349

 

 

 

530,478

 

 

 

317,835

 

Interest expense, net

 

(51,774

)

 

 

(57,896

)

 

 

(213,985

)

 

 

(229,054

)

Reliability capital expenditures

 

(12,028

)

 

 

(20,242

)

 

 

(40,266

)

 

 

(38,572

)

Income tax expense

 

(353

)

 

 

(2,037

)

 

 

(3,888

)

 

 

(2,663

)

Long-term incentive equity awards (a)

 

3,222

 

 

 

2,893

 

 

 

11,959

 

 

 

9,295

 

Preferred unit distributions

 

(31,736

)

 

 

(31,887

)

 

 

(127,399

)

 

 

(124,882

)

Asset impairment losses

 

 

 

 

 

 

 

154,908

 

 

 

 

Goodwill impairment losses

 

 

 

 

 

 

 

34,060

 

 

 

225,000

 

Other items (b)

 

(18,960

)

 

 

25,886

 

 

 

(12,833

)

 

 

36,967

 

DCF

$

63,047

 

 

$

63,066

 

 

$

333,034

 

 

$

193,926

 

 

 

 

 

 

 

 

 

Distributions applicable to common limited partners

$

44,008

 

 

$

43,787

 

 

$

175,470

 

 

$

174,873

 

Distribution coverage ratio (c)

1.43x

 

1.44x

 

1.90x

 

1.11x

(a) We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF.

(b) For the three months and year ended December 31, 2021, other items includes gains from insurance recoveries of $5.5 million and $14.9 million, respectively, related to damage caused by a fire in 2019 at our Selby terminal. For the three months and year ended December 31, 2020, other items includes a $34.7 million non-cash loss from the sale of our Texas City terminals in December 2020.

(c) Distribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners.

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information – Continued

(Unaudited, Thousands of Dollars, Except Ratio Data)

The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement).

 

Year Ended December 31,

 

2021

 

2020

Operating income

$

236,454

 

 

$

209,102

 

Depreciation and amortization expense

 

274,380

 

 

 

285,101

 

Asset impairment losses

 

154,908

 

 

 

 

Goodwill impairment losses

 

34,060

 

 

 

225,000

 

Equity awards (a)

 

14,209

 

 

 

11,477

 

Pro forma effect of disposition (b)

 

(22,710

)

 

 

(9,102

)

Other

 

1,762

 

 

 

(2,496

)

Consolidated EBITDA, as defined in the Revolving Credit Agreement

$

693,063

 

 

$

719,082

 

 

 

 

 

Total consolidated debt

$

3,168,940

 

 

$

3,581,640

 

NuStar Logistics’ floating rate subordinated notes

 

(402,500

)

 

 

(402,500

)

Available Cash Netting Amount, as defined in the Revolving Credit Agreement

 

 

 

 

(128,625

)

Consolidated Debt, as defined in the Revolving Credit Agreement

$

2,766,440

 

 

$

3,050,515

 

 

 

 

 

Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)

3.99x

 

4.24x

(a) This adjustment represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units.

Contacts

Investors, Pam Schmidt, Vice President, Investor Relations

Investor Relations: 210-918-INVR (4687)

or

Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,

Corporate Communications: 210-918-2314 / 210-410-8926

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