Oil pipeline and terminal operator NuStar Energy reported first quarter profits that beat Wall Street’s expectations as more crude, refined product and ammonia moved through its system. Revenue fell 4 percent, missing expectations.said profit was $106 million, or 61 cents per unit, in the first three months of the year. That was up from $12 million, or a net loss of 22 cents per unit, a year ago.
A day earlier, NuStar announced an agreement to move ammonia on a new 14-mile segment of its existing 2,000-mile anhydrous ammonia pipeline to OCI Global’s ammonia products facility in Iowa. With the sale-leaseback of its San Antonio headquarters, the company continued to reduce debt, said Chief Financial Officer Tom Shoaf, an effort that will continue through 2023. Still, he said, NuStar is planning from $130 million to $150 million in capital projects this year.
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