NuStar Energy L P : 2022 Citi One-on-One Midstream / Energy Infrastructure Conference August 2022

2022 Energy

Infrastructure

Council

Investor Conference

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Forward-Looking Statements

Statements contained in this presentation other than statements of historical fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles ("non-GAAP") and our reconciliations of non- GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures.

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Our Solid First Quarter Results Once Again Demonstrated the Strength and Resilience of Our Business

• Excluding the contribution of the Eastern U.S. terminals we sold in October 2021, our first quarter 2022 adjusted EBITDA1 was up $12 million, a 7% increase over the first quarter of 2021

Q1

2021

Adjusted		Pipeline
Net	DCF1
Throughputs
Income1

Q1

2022

• Last year, we delivered on our promise to fund our spending with internally
  generated cash flows, funding 112% of our strategic capital from excess adjusted DCF1 in 2021, up 11% over 2020, and we are on track to increase our internally generated cash flows in 2022 and beyond

1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures

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We Expect Full-Year 2022 to be Even Stronger Than Last Year

• We expect 2022 adjusted EBITDA to exceed2021 adjusted EBITDA by ~7%*, excluding divested assets, based on the midpoint of our guidance

Even Stronger

in

2022

Stronger

Adjusted EBITDA

$700-750MM*

Stronger

Debt-to-EBITDA Ratio

Below 2021

Stronger

• of Spending Funded From Internally Generated
  Cash Flows

* - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.	4

In 2022, We Have Kicked Off an Optimization Initiative In Order to Maximize Our Internally Generated Cash Flows

2022 Optimization Initiative

Kick-off:	Phase #1:	Phase #2:
March 2022	$50MM	In progress

Cost and Spending

Reductions Identified for 2022 and 2023, in total

• Earlier this year, we kicked off an initiative to optimize our spending across our business to:
• • Scrutinize every dollar of OPEX and G&A expenses, with the goal of making meaningful strides in our cost structure to maximize internally generated cash

flows

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• High-grade every dollar of our strategic spending to ensure1 that we only execute projects that meet or beat our internal hurdles and are lean, efficient and

effective

In our first phase of optimization, we have already identified over $50 millionin cost and spending reductions, across 2022 and 2023

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