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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

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NuStar Energy L.P. Closes on Sale of Its Eastern U.S. Terminals to Sunoco LP for $250 Million

Proceeds to Be Used to Improve Debt Metrics and Financial Flexibility, While Continuing to Self-fund Spending, in 2021 and Beyond

NuStar Energy L.P. (NYSE: NS) announced today that it has closed on the sale of its Eastern U.S. Terminals to Sunoco LP for $250 million. The Eastern U.S. Terminals are comprised of eight terminal locations: Andrews AFB in Washington, D.C.; Baltimore, MD; Blue Island, IL; Jacksonville, FL; Linden, NJ; Paulsboro, NJ; Piney Point, MD; and Virginia Beach, VA. The companies first announced this sale on August 2, 2021.

“This divestiture will allow us to deploy the proceeds to further improve our debt metrics, and we continue to expect to self-fund our spending from our internally generated cash flows, in 2021 and beyond,” said Brad Barron, president and CEO of NuStar.

“With regard to 2021 capital spending estimates, we expect to now spend $140 to $160 million on strategic capital, all of which will be funded by internally generated cash flows. In addition, we expect to spend $35 to $45 million on reliability capital for the year.”

“While these terminals are solid assets with great operations and employees, these facilities are no longer synergistic with NuStar’s core assets,” Barron added. “Sunoco LP has assets in NY Harbor and in the Southeast U.S. that should provide key synergistic opportunities to build on the success of these facilities.

"We are happy to pass the reins for the Eastern U.S. Terminals to Sunoco LP, a company with industry experience and operational synergies that will benefit the facilities, as well as the employees, now and in the future.”

Barclays served as exclusive financial adviser to NuStar on the transaction.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements regarding future events and expectations, including the expected use of proceeds from and the other anticipated benefits from the above-described sale. 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 expectations 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.

About NuStar Energy L.P.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, 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 www.nustarenergy.com/sustainability.

About Sunoco LP

Sunoco LP is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. Sunoco's general partner is owned by Energy Transfer LP.

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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