NuStar Energy L.P. (NYSE:NS) Q1 2023 Results Conference Call May 4, 2023 10:00 AM ET
Company Participants
Pam Schmidt - VP of IR
Brad Barron - President, CEO & Chairman
Tom Shoaf - Executive VP & CFO
Daniel Oliver - EVP of Business Development & Engineering
Conference Call Participants
Chris Jeffrey - Mizuho Securities
Michael Blum - Wells Fargo
Selman Akyol - Stifel
Operator
Good day, and thank you for standing by. Welcome to the NuStar Energy L.P. First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised, today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Pam Schmidt, Vice President of Investor Relations. Please go ahead.
Pam Schmidt
Good morning, and welcome to today's call. On the call today are NuStar Energy L.P.'s Chairman and CEO, Brad Barron; and our Executive Vice President and CFO, Tom Shoaf; and our Executive Vice President of Business Development and Engineering, Danny Oliver, as well as other members of our management team.
Before we get started, we would like to remind you that during the course of this call, NuStar management will make statements about our current views concerning the future performance of NuStar that are forward-looking statements. These statements are subject to the various risks, uncertainties and assumptions described in our filings with the Securities and Exchange Commission.
Actual results may differ materially from those described in the forward-looking statements. During the course of this call, we will also refer to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to GAAP measures.
Reconciliations of certain of these non-GAAP financial measures to U.S. GAAP may be found in our earnings press release and if applicable, additional reconciliations may be located on the Financials page of the Investors section of our website at nustarenergy.com.
With that, I will turn the call over to Brad.
Brad Barron
Good morning. Thank you all for joining us today. I'm excited to tell you about our great first quarter as well as our positive outlook for the rest of 2023.
Let's get started with a few highlights from our strong first quarter '23 results. We generated $187 million of total adjusted EBITDA in the first quarter of '23, which is 8% higher than adjusted EBITDA in the first quarter of 2022.
Our Pipeline segment EBITDA was up in the first quarter of '23 by 16% over the same period in 2022. Our refined product systems and our ammonia system continue to deliver solid dependable revenue contributions in the first quarter of '23, with throughput up 6% over the first quarter of '22, reflecting the strength of these assets and our position in the markets we serve in the Mid-Continent and throughout Texas.