Eagle1
17 years ago
NuStar GP Holdings, LLC Reports First Quarter 2007 Earnings and Announces Quarterly Distribution
NuStar GP Holdings, LLC (NYSE:NSH) (formerly Valero GP Holdings, LLC) today announced earnings of $8.8 million, or $0.21 per unit, for the first quarter of 2007 compared to $6.4 million, or $0.15 per unit, for the first quarter of 2006. Distributable cash flow available to unitholders for the first quarter of 2007 was $13.5 million, or $0.32 per unit, compared to $13.4 million, or $0.31 per unit, for the first quarter of 2006.
With respect to the quarterly distribution to unitholders payable for the first quarter of 2007, NuStar GP Holdings, LLC also announced that it has declared a distribution of $0.32 per unit, or $1.28 per unit on an annual basis, which will be paid on May 16, 2007, to holders of record as of May 7, 2007.
A conference call with management is scheduled for 2:30 p.m. ET (1:30 p.m. CT) today to discuss the financial results for the first quarter of 2007. Investors interested in listening to the presentation may call 800/622-7620, passcode 5342060. International callers may access the presentation by dialing 706/645-0327, passcode 5342060. The company intends to have a playback available following the presentation, which may be accessed by calling 800/642-1687, passcode 5342060. A live broadcast of the conference call will also be available on the company’s Web site at www.nustargpholdings.com.
NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 21.4 percent limited partner interest and the incentive distribution rights in NuStar Energy L.P., one of the largest independent terminal and petroleum liquids pipeline operators in the nation with operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. For more information, visit NuStar GP Holdings, LLC’s Web site at www.nustargpholdings.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of NuStar GP Holdings, LLC. All forward-looking statements are based on the company’s beliefs as well as assumptions made by and information currently available to the company. These statements reflect the company'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 GP Holdings, LLC’s filings with the Securities and Exchange Commission.
NuStar GP Holdings, LLC
Consolidated Financial Information
March 31, 2007 and 2006
(unaudited, thousands of dollars, except unit data and per unit data)
Three Months Ended
March 31,
2007 2006
Statement of Income Data:
Equity in earnings of NuStar Energy L.P. $ 9,557 $ 11,175
General and administrative expenses (796) (8)
Other income (expense), net (26) 1
Interest expense, net (4) -
Interest expense, net - affiliated - (4,710)
Income before income tax (expense) benefit 8,731 6,458
Income tax (expense) benefit 40 (83)
Net income $ 8,771 $ 6,375
Basic and diluted net income per unit $ 0.21 $ 0.15
Equity in Earnings of NuStar Energy L.P.:
General partner interest (2%) $ 544 $ 719
General partner incentive distribution 3,910 3,480
General partner's interest in earnings of NuStar Energy L.P. 4,454 4,199
Limited partner interest in earnings of NuStar Energy L.P. 5,823 7,697
Amortization of step-up in basis related to NuStar Energy L.P.'s assets and liabilities (720) (721)
Equity in earnings of NuStar Energy L.P. $ 9,557 $ 11,175
Distributable Cash (Note 1):
Cash distributions from NuStar Energy L.P. associated with:
General partner interest (2%) $ 954 $ 916
Incentive distribution rights 3,910 3,480
Limited partner interest-common units 9,359 9,050
Total cash distributions from NuStar Energy L.P. 14,223 13,446
Deduct expenses of NuStar GP Holdings, LLC:
General and administrative expenses (796) (8)
Income tax (expense) benefit 40 (83)
Interest expense, net (4) -
Distributable cash $ 13,463 $ 13,355
Units outstanding 42,500,000 42,500,000
Distributable cash flow per unit $ 0.32 $ 0.31
Cash distributions to be paid to the unitholders of NuStar GP Holdings, LLC (Note 2):
Distribution per unit $ 0.32 N/A
Distributions applicable to public unitholders $ 13,600 N/A
NuStar GP Holdings, LLC
Consolidated Financial Information
March 31, 2007 and 2006
(unaudited, thousands of dollars)
Notes:
1. NuStar GP Holdings, LLC utilizes distributable cash as a financial measure which is not defined in United States generally accepted accounting principles. Management uses this financial measure because it is a widely accepted financial indicator used by investors to compare general partner performance. In addition, management believes that this measure provides investors an enhanced perspective of the ability to make a minimum quarterly distribution. Distributable cash is not intended to represent cash flows for the period, nor is it presented as an alternative to net income. It should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.
The following is a reconciliation of net income to distributable cash to net cash provided by operating activities:
Three Months Ended
March 31,
2007 2006
Net Income $ 8,771
$ 6,375
Adjustments to derive Distributable Cash:
Equity in earnings of NuStar Energy L.P. (9,557) (11,175)
Quarterly distribution from NuStar Energy L.P. 14,223 13,446
Other (income) expense, net 26 (1)
Interest expense, net - affiliated (a) - 4,710
Distributable cash 13,463 13,355
Adjustments to Distributable Cash to derive Net Cash Provided by Operating Activities:
Quarterly distribution from NuStar Energy L.P. (14,223) (13,446)
Cash distribution of equity earnings received from NuStar Energy L.P. 9,557 11,175
Interest expense, net - affiliated (a) - (4,710)
Net effect of changes in operating accounts 1,216 57
Net cash provided by operating activities $ 10,013 $ 6,431
(a) In connection with our initial public offering, Valero Energy made a capital contribution to us in the form of a note receivable, including affiliated interest expense. Therefore, affiliated interest expense is excluded from the calculation of distributable cash.
2. For periods prior to our initial public offering on July 19, 2006, Valero Energy received 100% of our distributions. NuStar GP Holdings, LLC did not declare cash distributions on a per unit basis prior to the third quarter of 2006.
NuStar GP Holdings, LLC, San Antonio
Media, Mary Rose Brown, Senior Vice President,
Corporate Communications: 210-918-2314
or
Investors, Mark Meador, Senior Manager,
Investor Relations: 210-918-2895
Source: Business Wire (April 25, 2007 - 9:10 AM EDT)
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Eagle1
17 years ago
Valero Gp Hldgs changed to NuStar GP Hldgs LLC (NSH)
Valero L.P. & Valero GP Holdings, LLC Take on NuStar Name and Begin Trading Under New Ticker Symbols
BUSINESS WIRE
SAN ANTONIO--(BUSINESS WIRE)----Valero L.P. (NYSE:VLI) and Valero GP Holdings, LLC (NYSE:VEH) officially changed their names today to NuStar Energy L.P. (NYSE:NS) and NuStar GP Holdings, LLC (NYSE:NSH), respectively, as a result of the separation from Valero Energy Corporation.
Upon today's opening of the New York Stock Exchange, both companies' units began trading under new ticker symbols - NS for NuStar Energy L.P. and NSH for NuStar GP Holdings, LLC. In addition, the companies' websites changed to www.nustarenergy.com and www.nustargp.com.
The name change also dovetails with the companies' impending move from Valero Energy's campus to a new corporate office in north San Antonio. Starting in mid-April, NuStar employees will begin moving to an 84,000-square-foot building under construction in one of the fastest-growing areas of the city. On April 12, 2007, the companies will begin using a new address - 2330 North Loop 1604 W., San Antonio, Texas 78248 - and a new main phone number - 210-918-2000.
"Our new name is certainly fitting as we are the new star of the energy industry, but we're also the same great company that has achieved tremendous growth and success over the past few years," said Bill Greehey, the chairman of NuStar Energy L.P. and NuStar GP Holdings, LLC. "This is an exciting day, but we believe that the best is yet to come."
Curt Anastasio, president and CEO of NuStar Energy L.P. and NuStar GP Holdings, LLC, reiterated that point. "With our independence, we are now in a better position to continue growing and achieving even greater success in the years ahead. We are excited about working with our employees to continue expanding our presence and improving our assets, increasing our unitholder value, continuing to strengthen our customer service and relationships, making the company an even greater place to work, and making a positive difference in our communities."
The name change is the result of the separation from Valero Energy, as that company no longer owns any financial interest in NuStar Energy L.P. or NuStar GP Holdings, LLC. Last year, NuStar GP Holdings, LLC (known as Valero GP Holdings, LLC at the time) completed two public offerings selling all of Valero Energy's interest in the L.P. In July, 41 percent of Valero Energy's interest in the holding company was sold in an initial public offering, and in December, Valero Energy's remaining 59 percent interest in the holding company was sold in a follow-on offering.
About NuStar Energy L.P.
NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 9,113 miles of pipeline, 87 terminal facilities and four crude oil storage facilities. One of the largest independent terminal and petroleum liquids pipeline operators in the nation, the partnership has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The partnership's combined system has approximately 80 million barrels of storage capacity, and includes crude oil and refined product pipelines, refined product terminals, a petroleum and specialty liquids storage and terminaling business, as well as crude oil storage tank facilities.
About NuStar GP Holdings, LLC
NuStar GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 21.4 percent limited partner interest and the incentive distribution rights in NuStar Energy L.P., one of the largest independent terminal and petroleum liquids pipeline operators in the nation with operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom.
NuStar Energy, L.P., San AntonioInvestors, Mark Meador, Senior Manager,Investor Relations: 210-345-2895orMedia, Mary Rose Brown, Senior Vice President,Corporate Communications: 210-345-2314Web site: www.nustarenergy.com
© Business Wire 2006
04/02/2007 17:43 ET
Eagle1
17 years ago
Valero L.P. & Valero GP Holdings, LLC Set to Change Name to NuStar and Forge New Path After Separation From Valero Energy
- BusinessWire
SAN ANTONIO, Feb 16, 2007 (BUSINESS WIRE) -- In the keynote address at the Greater San Antonio Chamber of Commerce Economic Outlook Conference today, Valero founder Bill Greehey will announce that Valero L.P. and Valero GP Holdings, LLC will change their names to NuStar Energy, L.P. and NuStar GP Holdings, LLC, respectively, as a result of the separation from Valero Energy Corporation.
"Our new name says it all," said Greehey, who serves as the Chairman of both companies. "We are the new star in the energy business, but we're also the same great company that has achieved stellar success by hiring the best employees and maintaining the best corporate culture."
The NuStar name and eye-catching, blue-and-yellow logo, which features a shooting star, will begin being used externally on April 2, 2007. The introduction will coincide with the launch of the newly rebranded web sites and the first day that both companies' units begin trading under new ticker symbols - NS for NuStar Energy, L.P. and NGP for NuStar GP Holdings, LLC - on the New York Stock Exchange.
The name change also dovetails with the L.P.'s move from Valero Energy's campus to a new corporate office in north San Antonio. The company will occupy an 84,000-square-foot building under construction at Loop 1604 and Bitters Road in the Inwood Heritage Oaks development. The Class A building is in a highly visible location in one of the fastest-growing areas of the city.
"We are excited about working with our employees to continue expanding our presence, improving our assets, increasing our unitholder value, making the company an even greater place to work, and making a positive difference in our communities," said Valero L.P.'s President and CEO Curt Anastasio.
Valero L.P. Won't Be San Antonio's Best-Kept Secret for Long
Greehey talked about the dramatic growth of Valero L.P., which owns a pipeline and terminals network that stretches from the U.S. to the U.K. and ranks among the largest in the world. He said Valero L.P. has been referred to as San Antonio's "best-kept secret" because the company's tremendous success has been overshadowed by Valero Energy to date. But he noted, "that's all about to change!"
In the past five years, Valero L.P. has grown from 160 employees to 1,300; from $387 million in assets to nearly $3.5 billion; and from $46 million in net income to $133 million in 2006. Combined, Valero GP Holdings and Valero L.P. have a market cap of over $4 billion, making it the 5th largest public company in San Antonio. Valero L.P.'s units have had a total return of over 260 percent since the company's initial public offering in 2001.
"Because of our employees' contributions to our success, we are at a very important turning point in the history of our company," said Greehey. "With our newfound independence, we are now in a better position to continue growing and achieving even greater success in the years ahead."
Valero GP Holdings Generates Strong Returns Since IPO
Last year, Valero GP Holdings completed two public offerings selling all of Valero Energy's interest in Valero L.P. In July, 41 percent of Valero Energy's interest in the holding company was sold in an initial public offering, and in December, Valero Energy's remaining 59 percent interest in the holding company was sold in a follow-on offering. As a result, Valero Energy no longer owns any financial interest in Valero L.P. or Valero GP Holdings.
Since the initial public offering, Valero GP Holdings has had a total return of over 25 percent.
About Valero L.P.: Valero L.P. is a publicly traded, limited partnership based in San Antonio, with 9,303 miles of pipeline, 87 terminal facilities and four crude oil storage facilities. One of the largest independent terminal and petroleum liquids pipeline operators in the nation, the partnership has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The partnership's combined system has approximately 80 million barrels of storage capacity, and includes crude oil and refined product pipelines, refined product terminals, a petroleum and specialty liquids storage and terminaling business, as well as crude oil storage tank facilities. For more information, visit Valero L.P.'s web site at www.valerolp.com.
About Valero GP Holdings, LLC: Valero GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 21.4 percent limited partner interest and the incentive distribution rights in Valero L.P., one of the largest independent terminal and petroleum liquids pipeline operators in the nation with operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. For more information, visit Valero GP Holdings, LLC's web site at www.valerogpholdings.com.
SOURCE: Valero L.P. & Valero GP Holdings, LLC
Valero L.P. and Valero GP Holdings, LLC, San Antonio
Media, Mary Rose Brown, Senior Vice President,
Corporate Communications: 210-345-2314
or
Investors, Mark Meador, Senior Manager,
Investor Relations: 210-345-2895
http://tools.thestreet.com/tsc/quotes.html?pg=qcn&ref=tscsearchbox&symb=veh&x=11&y=1...
Eagle1
17 years ago
January 29, 2007 - 8:50 AM EST Valero GP Holdings, LLC Reports Fourth Quarter 2006 Earnings and Announces Quarterly Distribution
Valero GP Holdings, LLC (NYSE:VEH) today announced earnings of $10.3 million, or $0.24 per unit, for the fourth quarter of 2006. For the six months ended December 31, 2006, earnings were $20 million, or $0.47 per unit. Distributable cash flow available to unitholders for the fourth quarter of 2006 was $13.5 million, or $0.32 per unit, and $27.0 million, or $0.64 per unit, for the six months ended December 31, 2006.
With respect to the quarterly distribution to unitholders payable for the fourth quarter of 2006, Valero GP Holdings, LLC also announced that it has declared a distribution of $0.32 per unit, or $1.28 per unit on an annual basis, which will be paid on February 16, 2007, to holders of record as of February 7, 2007.
A conference call with management is scheduled for 2:30 p.m. ET (1:30 p.m. CT) today to discuss the financial results for the fourth quarter of 2006. Investors interested in listening to the presentation may call 800-622-7620, passcode 5994994. International callers may access the presentation by dialing 706-645-0327, passcode 5994994. The company intends to have a playback available following the presentation, which may be accessed by calling 800-642-1687, passcode 5994994. A live broadcast of the conference call will also be available on the company's website at www.valerogpholdings.com.
Valero GP Holdings, LLC is a publicly traded limited liability company that owns the two percent general partner interest, a 21.4 percent limited partner interest and the incentive distribution rights in Valero L.P., one of the largest independent terminal and petroleum liquids pipeline operators in the nation with operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. For more information, visit Valero GP Holdings, LLC's website at www.valerogpholdings.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of Valero GP Holdings, LLC. All forward-looking statements are based on the company's beliefs as well as assumptions made by and information currently available to the company. These statements reflect the company'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 Valero GP Holdings, LLC's filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Valero GP Holdings, LLC
Consolidated Financial Information
December 31, 2006
(unaudited, thousands of dollars, except unit data and per unit data)
Three Months Ended Six Months Ended
December 31, 2006 December 31, 2006
------------------ -----------------
Statement of Income Data:
Equity in earnings of Valero
L.P. $10,842 $22,479
General and administrative
expenses (659) (1,536)
Other income (expense), net 167 (119)
Interest expense, net (10) (16)
Interest expense - affiliated - (901)
------------------ -----------------
Income before income tax
(expense) benefit 10,340 19,907
Income tax (expense) benefit (17) 113
------------------ -----------------
Net income $10,323 $20,020
================== =================
Basic and diluted net income per
unit $0.24 $0.47
================== =================
Equity in Earnings of Valero
L.P.:
General partner interest (2%) $674 $1,427
General partner incentive
distribution 3,909 7,818
Direct charges to Valero GP
Holdings, LLC (Note 1) (223) (575)
------------------ -----------------
General partner's interest in
earnings of Valero L.P. 4,360 8,670
Limited partner interest in
earnings of Valero L.P. 7,203 15,251
Amortization of step-up in
basis related to Valero L.P.'s
assets and liabilities (721) (1,442)
------------------ -----------------
Equity in earnings of Valero
L.P. $10,842 $22,479
================== =================
Distributable Cash (Note 2):
Cash distributions from Valero
L.P. associated with:
General partner interest (2%) $955 $1,910
Incentive distribution rights 3,909 7,818
Limited partner interest-
common units 9,347 18,697
------------------ -----------------
Total cash distributions from
Valero L.P. 14,211 28,425
Deduct expenses of Valero GP
Holdings, LLC:
General and administrative
expenses (659) (1,536)
Income tax (expense) benefit (17) 113
Interest expense, net - non-
affiliated (10) (16)
------------------ -----------------
Distributable cash $13,525 $26,986
================== =================
Units outstanding 42,500,000 42,500,000
Distributable cash flow per
unit $0.32 $0.64
================== =================
Cash distributions to be paid to
the unitholders of Valero GP
Holdings, LLC:
Distribution per unit (Note
3) $0.32 $0.58
================== =================
Distributions applicable to
public unitholders $13,600 $18,040
Distributions applicable to
Valero Energy - 9,160
------------------ -----------------
Total distributions $13,600 $27,200
================== =================
Valero GP Holdings, LLC
Consolidated Financial Information
December 31, 2006
(unaudited, thousands of dollars, except per unit data)
Notes:
1. We reimbursed Valero L.P. for these costs, and we were in turn
reimbursed by Valero Energy. Generally accepted accounting principles
require us to record this as an increase in our investment in Valero
L.P. and for Valero L.P. to record the full expense and record the
reimbursement as a capital contribution. Valero L.P. allocated 100%
of these costs to us because we paid the amounts in full.
2. Valero GP Holdings, LLC utilizes distributable cash as a financial
measure which is not defined in United States generally accepted
accounting principles. Management uses this financial measure because
it is a widely accepted financial indicator used by investors to
compare general partner performance. In addition, management believes
that this measure provides investors an enhanced perspective of the
ability to make a minimum quarterly distribution. Distributable cash
is not intended to represent cash flows for the period, nor is it
presented as an alternative to net income. It should not be
considered in isolation or as substitutes for a measure of
performance prepared in accordance with United States generally
accepted accounting principles.
The following is a reconciliation of net income to distributable cash
to net cash provided by operating activities (in thousands):
Three Months Ended Six Months Ended
December 31, 2006 December 31, 2006
------------------ -----------------
Net Income $10,323 $20,020
Adjustments to derive
Distributable Cash:
Equity in earnings of Valero
L.P. (10,842) (22,479)
Quarterly distribution from
Valero L.P. 14,211 28,425
Other (income) expense, net (167) 119
Interest expense - affiliated
(a) - 901
------------------ -----------------
Distributable cash 13,525 26,986
Adjustments to Distributable
Cash to derive Net Cash
Provided by Operating
Activities:
Quarterly distribution from
Valero L.P. (14,211) (28,425)
Cash distribution of equity
earnings received from Valero
L.P. 10,842 22,479
Interest expense - affiliated
(a) - (901)
Net effect of changes in
operating accounts 790 1,011
------------------ -----------------
Net cash provided by operating
activities $10,946 $21,150
================== =================
(a) In connection with our initial public offering, Valero Energy made
a capital contribution to us in the form of a note receivable,
including affiliated interest expense. Therefore, affiliated interest
expense is excluded from the calculation of distributable cash.
3. The reported distribution per unit for the period between the
closing of our initial public offering on July 19, 2006 and December
31, 2006 is prorated based upon the actual number of days we were
public and distributions of $0.64 per unit. Additionally, for the
period from July 1 - July 18, 2006 Valero Energy received 100% of our
distributions, which totaled $2.7 million.
Valero GP Holdings, LLC, San Antonio
Media, Mary Rose Brown, Senior Vice President,
Corporate Communications: 210-345-2314
or
Investors, Mark Meador, Senior Manager,
Investor Relations: 210-345-2895
Source: Business Wire (January 29, 2007 - 8:50 AM EST)
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