NuStar Energy L.P.: directors' dealings · United States · SEC (Form 4)

About NuStar Energy L.P.

NuStar Energy L.P. (NYSE: NS) was a U.S.-based energy infrastructure partnership focused on the transportation, storage, and terminaling of petroleum products and specialty liquids. Headquartered in San Antonio, Texas, United States, NuStar operated as a master limited partnership listed on the NYSE. Its modern corporate history dates to 2007, when Valero L.P. adopted the NuStar Energy L.P. name following its separation from Valero Energy Corporation. Over time, NuStar expanded through acquisitions and capital projects, building a larger network of pipelines, terminals, and selected asphalt-related assets. From an operating perspective, NuStar’s business model was built around complementary midstream assets. Its core activities included crude oil and refined-product pipelines, storage and terminal facilities, and, historically, asphalt refining and marketing operations. The strategic appeal of this model was the combination of asset-backed, fee-oriented infrastructure revenues with exposure to key U.S. energy corridors, coastal demand centers, and export-linked logistics. In practice, NuStar positioned itself as an important independent operator in the liquids terminal and pipeline space across the United States, competing with both large integrated energy groups and other midstream specialists. Geographically, NuStar developed a meaningful footprint across major U.S. energy and logistics regions, with a long-standing home base in Texas and assets linked to production basins, refining hubs, ports, and cross-border flows. That geographic diversification supported its competitive standing by allowing the company to serve multiple demand pools and to benefit from storage, throughput, and distribution needs in strategically located markets. Historically, the company also pursued projects designed to move Permian crude, support refined-product exports, and connect U.S. supply chains to domestic and international customers. A major recent development was the acquisition of NuStar Energy L.P. by Sunoco LP. According to NuStar’s official communications, the transaction closed on May 3, 2024, and NuStar’s common units ceased trading on the New York Stock Exchange on that date. For investors, that means NuStar is no longer a stand-alone listed equity, although its asset base and operating history remain relevant for understanding the U.S. midstream sector. Before the acquisition, NuStar was typically viewed as a defensive infrastructure name with tangible assets, recurring cash-flow characteristics, and sensitivity to storage demand, contract mix, and regional petroleum logistics.