NuStar Energy L.P. (NYSE:NS) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET
Company Participants
Pam Schmidt - Vice President of Investor Relations
Brad Barron - President & Chief Executive Officer
Tom Shoaf - Executive Vice President & Chief Financial Officer
Danny Oliver - Executive Vice President, Business Development & Engineering
Conference Call Participants
Theresa Chen - Barclays
Gabriel Moreen - Mizuho Group
Michael Blum - Wells Fargo
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Q3 2022 NuStar Energy Earnings Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the call over to your host Pam Schmidt, Vice President of Investor Relations. You may begin.
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, 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 US 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 pleased to report that we once again delivered a quarter of solid results. After taking into account the impact of our sale of the Eastern US terminal facilities in late 2021 and our sale of Point Tupper in April, we generated 6% higher EBITDA in third quarter 2022 than adjusted EBITDA in third quarter 2021.
Our pipeline segment EBITDA was up in the third quarter, thanks in large part to the continued strong performance of our Permian Crude System. We're happy to report that our Permian Systems volumes hit another high in the third quarter, ending in a record-breaking average of 580,000 barrels per day. That's up 15% over the same quarter last year and up 11% over second quarter of 2022.