Americas News
NuStar Revenues Down, Profits Up in Q2
U.S. firm NuStar Energy L.P [NYSE:NS] (NuStar) reports its revenue from fuels marketing dropped 26 percent year-over-year to $493.7 million in the second quarter of 2014, but operating income for the segment rose 40 percent to $4.8 million as the cost of sales also dropped.
Overall, the company's net income rose 68 percent to $55.4 million, while revenues fell 17 percent to $748.7 million.
"All three of our operating segments continued to perform well in the second quarter," said President and CEO Brad Barron.
"In May, we completed Phase 1 of our South Texas Crude Oil Pipeline expansion and set a new single-vessel loading record at our Corpus Christi North Beach Terminal, when we loaded over 750,000 barrels.
"These were significant milestones for us and contributed to improved results in both our pipeline and storage segments."
During the first quarter of the year, the company divested its last shares of an asphalt joint venture.
