Americas News
NuStar Energy Reports Loss
U.S. energy company NuStar Energy L.P. [NYSE:NS] (NuStar) says it lost $21.2 million on revenues of $57.1 million in the fourth quarter of 2012, compared to net income of $19.8 million on revenues of $59.5 million in the same period of 2011.
The company said it expects its asphalt and fuels marketing business to improve in 2013, projecting higher earnings in bunkering and heavy fuel oil.
CEO Curt Anastasio called 2012 a "critical transition year" for the company.
"We implemented a strategic redirection away from the margin-based asphalt and fuels refining business in order to focus on growing our storage and transportation operations through internal growth projects and acquisitions," he said.
"We are excited about expanding our presence in the lucrative Eagle Ford Shale through recently announced transactions and expansion projects in the region, all of which should have great rates of return."
The company is in the process of acquiring assets from TexStar Midstream Services LP in connection with the development of the Eagle Ford Shale project, which involves moving crude oil and natural gas from south Texas fields to refineries, as Reuters reported when the project was getting started in 2011.
