NuStar Energy LP (NYSE:NS) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET
Company Participants
Pam Schmidt - VP, IR
Bradley Barron - President, CEO & Director
Daniel Oliver - EVP, Business Development & Engineering
Conference Call Participants
Theresa Chen - Barclays Bank
Christopher Jeffrey - Mizuho Securities
Daniel Walk - JPMorgan Chase & Co.
Selman Akyol - Stifel, Nicolaus & Company
Pam Schmidt
Good morning, and welcome to today's call. On the call today are NuStar Energy LP's President and CEO, Brad Barron, 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 SEC. 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 with additional reconciliations 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.
Bradley Barron
Good morning, and thank you all for joining us today. Before we get started, I want to let you know that Tom is out of the office because he tested positive for COVID earlier this week. So I'll be providing you with both my overview and what would ordinarily be Tom's discussion of the details on NuStar's results for the first quarter as well as our positive outlook for the rest of 2022.
I'm pleased to report that, once again, we delivered solid results that demonstrate the strength and resilience of our assets. In the first quarter, NuStar generated adjusted EBITDA of $173 million as compared to $169 million for the first quarter of '21 or about 2% higher. But when we compare our first quarter 2022 adjusted EBITDA with the EBITDA generated from those same assets in the first quarter of '21, in other words, backing out the Eastern U.S. terminals, our first quarter 2022 adjusted EBITDA was up $12 million or 7% higher than Q1 of '21.