World News
NuStar Reports Fuel Sale Revenue Continued its Decline in Q2 for 2015
NuStar Energy L.P. (NuStar) Friday released its second quarter results for 2015, showing a continued decline in revenue from fuel sales and a slight dip in second quarter net income to $42.4 million, compared to $43.6 million in the second quarter of 2014.
The Fuels Marketing segment reported a net income of $2.65 million, compared to $4.82 million in the period for 2014.
However Brad Barron, President and CEO of NuStar, was nevertheless upbeat on the future outlook.
"Our fuels marketing segment EBITDA is still projected to be in the range of $20 to $30 million," said Barron.
"With higher storage throughputs and favorable renewals at several of our terminals, we now expect storage segment EBITDA to be $20 to $40 million higher than 2014.
"Due to reduced volume projections for the remainder of the year on pipelines that serve our Gulf Coast markets, we now expect our pipeline segment EBITDA to be $25 to $45 million higher than 2014."
Last year, during the same period NuStar reported that its revenue from fuels marketing dropped 26 percent year-over-year, but operating income for the segment rose 40 percent.
In December NuStar, said to have been a significant creditor of now defunct marine fuel supplier OW Bunker, arrested a Nigerian liquefied natural gas (LNG) carrier, due to unpaid OW Bunker-related bunker bills.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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