NuStar Energy L P : 2021 Energy Infrastructure Council Investor Conference May 2021

2021 Energy Infrastructure Council

Investor Conference

May 19-20, 2021

North Beach Corpus Christi, TX

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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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Introduction

South Texas Crude System

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Thanks to Our Employees' Perseverance and Hard Work,

We Generated Solid Full-Year 2020 Results…

2020	2020
Actions	Results
Maintained Reliable	Adjusted
Operations & Industry-leading
Health & Safety Record	EBITDA
	$723 MM
Reduced Expenses

$52 million*

Reduced Strategic Capital Spending

66%

Reduced Debt With

$106 million

Proceeds From Sale of Terminal

Issued $1.2 billion of Senior Notes to

Address Bond Maturities Until 2025

*- 2020 actuals compared to pre-Covid 2020 guidance for spending/expenses

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

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• • Along With Strong Operational Performance Across
    Our Footprint
• Our pipeline systems have rebounded strongly, and several of our terminals continue to benefit in 2021 from
  Spring 2020's contango
• • In April and the first two weeks of May, we averaged slightly over 100%of our early 2020 (pre-Covid) utilization

PIPELINE

SEGMENT

West Coast-

Point Tupper-

Transported 817MM bbls

100%

Central East

100%

Crude + Refined Products during 2020, 6MM more than 2019

STORAGE

SEGMENT

Central West

150% (Comparison of YoY refined product demand)

100%

50%						100%			100%
		65%
0%
April 2020	Oct 2020	April 2021

South Texas

110%	(Comparison of YoY refined
product demand)
100%		105%
90%
80%		90%
70%	80%
60%
50%

April 2020 Oct 2020 April 2021

East Coast-

100%

Successfully contracted 100%of our storage across our footprint

(Comparison of YoY refined

product demand)

100%	105%	105%
50%
75%
0%

April 2020 Oct 2020 April 2021

Gulf Coast-

100%

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