Market Summary
USD17.64-0.20
Market Closed-1.12%
NS Alerts
NS Stock Price
NS RSI Chart
NS Valuation
NS Price/Sales (Trailing)
NS Profitability
NS Fundamentals
NS Revenue
NS Earnings
Price Action
52 Week Range
12.4918.41
(Low)(High)
Last 7 days
-0.7%
Last 30 days
7.8%
Last 90 days
5.1%
Trailing 12 Months
23.9%
NS Financial Health
NS Investor Care
Historical Charts for Stock Metrics
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Net sales
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Latest Insider Trading transactions for NS
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-05-16 | Perry Amy L. | gifted | - | - | -911 | evp, sd & gen counsel |
2023-02-15 | Wade Suzanne Allford | acquired | - | - | 7,189 | - |
2023-01-26 | Oliver Daniel S. | sold (taxes) | -88,287 | 17.19 | -5,136 | evp-bus dev & engineering |
2023-01-26 | Shoaf Thomas R | acquired | - | - | 16,765 | evp & cfo |
2023-01-26 | del Alamo Jorge A. | acquired | - | - | 6,122 | svp and controller |
2023-01-26 | Shoaf Thomas R | sold (taxes) | -113,540 | 17.19 | -6,605 | evp & cfo |
2023-01-26 | Brown Mary Rose | acquired | - | - | 16,552 | evp & cao |
2023-01-26 | del Alamo Jorge A. | sold (taxes) | -44,917 | 17.19 | -2,613 | svp and controller |
2023-01-26 | Barron Bradley C | sold (taxes) | -465,093 | 17.19 | -27,056 | chairman, ceo & president |
2023-01-26 | Brown Mary Rose | sold (taxes) | -118,009 | 17.19 | -6,865 | evp & cao |
Which funds bought or sold NS recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-21 | Baystate Wealth Management LLC | added | 2.6 | 1,204 | 10,841 | -% |
2023-09-20 | BARCLAYS PLC | reduced | -30.99 | -2,545,000 | 7,900,000 | -% |
2023-08-21 | BOKF, NA | unchanged | - | 33,407 | 381,725 | 0.01% |
2023-08-21 | OSAIC HOLDINGS, INC. | reduced | -20.14 | -71,183 | 499,303 | -% |
2023-08-16 | RESOURCES MANAGEMENT CORP /CT/ /ADV | added | 2,390 | 99,000 | 107,000 | 0.02% |
2023-08-16 | CASTLEARK MANAGEMENT LLC | new | - | 696,741 | 696,741 | 0.03% |
2023-08-16 | Sunbelt Securities, Inc. | added | 27.82 | 4,520 | 15,743 | -% |
2023-08-15 | Front Row Advisors LLC | unchanged | - | 3,000 | 26,000 | 0.01% |
2023-08-15 | First Capital Advisors Group, LLC. | new | - | 6,822 | 6,822 | -% |
2023-08-15 | HARBOUR INVESTMENTS, INC. | unchanged | - | 300 | 3,428 | -% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
NS Alerts
Schedule 13G FIlings of NuStar Energy
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 13, 2023 | alps advisors inc | 13.46% | 14,852,307 | SC 13G/A | |
| Feb 13, 2023 | tortoise capital advisors, l.l.c. | 3.7% | 4,031,032 | SC 13G | |
| Jan 10, 2023 | invesco ltd. | 18.8% | 20,686,215 | SC 13G/A | |
| Nov 22, 2022 | eig nova equity aggregator, l.p. | 9.59% | 11,706,339 | SC 13D/A | |
| Feb 11, 2022 | tortoise capital advisors, l.l.c. | 6.6% | 7,224,258 | SC 13G | |
| Feb 10, 2022 | invesco ltd. | 13.7% | 14,978,703 | SC 13G/A | |
| Feb 03, 2022 | alps advisors inc | 11.75% | 12,872,499 | SC 13G/A | |
| Feb 12, 2021 | invesco ltd. | 10.3% | 11,259,769 | SC 13G/A | |
| Feb 12, 2021 | tortoise capital advisors, l.l.c. | 5.7% | 6,255,169 | SC 13G/A | |
| Feb 09, 2021 | alps advisors inc | 11.40% | 12,448,116 | SC 13G/A |
Recent SEC filings of NuStar Energy
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Sep 19, 2023 | 8-K | Current Report | |
| Sep 12, 2023 | 8-K | Current Report | |
| Sep 06, 2023 | 8-K | Current Report | |
| Aug 22, 2023 | 8-K | Current Report | |
| Aug 11, 2023 | 8-K | Current Report | |
| Aug 10, 2023 | 424B5 | Prospectus Filed | |
| Aug 08, 2023 | 424B3 | Prospectus Filed | |
| Aug 04, 2023 | 10-Q | Quarterly Report | |
| Aug 03, 2023 | 8-K | Current Report | |
| Aug 01, 2023 | 8-K | Current Report |
Peers (Alternatives to NuStar Energy)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
ENB | 69.8B | 47.5B | 0.23% | -12.50% | 16.9 | 1.47 | -9.08% | -22.60% |
ET | 40.6B | 80.8B | 6.64% | 27.69% | 8.97 | 1.48 | -1.23% | 0.82% |
KMI | 37.0B | 17.1B | -3.82% | -2.66% | 14.74 | 2.16 | -3.10% | 3.16% |
MPLX | 34.3B | 11.5B | 0.52% | 15.20% | 8.45 | 2.93 | 5.75% | 23.65% |
MMP | 12.8B | 3.5B | 4.83% | 42.31% | 12.39 | 3.78 | 19.66% | 2.99% |
| MID-CAP | ||||||||
PAA | 9.4B | 51.2B | 2.87% | 40.67% | 7.41 | 0.17 | -4.81% | 74.39% |
DKL | 2.0B | 1.1B | 5.45% | -12.53% | 13.01 | 1.9 | 42.53% | -0.22% |
HEP | - | 574.6M | 4.12% | 25.83% | - | - | 15.60% | 8.47% |
PAGP | - | 51.2B | 4.01% | 42.50% | - | - | -4.81% | 105.31% |
| SMALL-CAP | ||||||||
NS | 1.9B | 308.0M | 7.82% | 23.94% | 8.53 | 8.41 | 145.69% | 7305.10% |
SMLP | - | 384.8M | -4.00% | -12.09% | - | - | -2.94% | 38.53% |
PBFX | 1.2B | - | -5.36% | 88.83% | 8.18 | 3.45 | - | - |
NuStar Energy News
Returns for NS
Cumulative Returns on NS
1.2%
10-Year Cumulative Returns
-4.6%
7-Year Cumulative Returns
-0.4%
5-Year Cumulative Returns
24.3%
3-Year Cumulative Returns
Risks for NS
What is the probability of a big loss on NS?
78.1%
Probability that NuStar Energy stock will be more than 20% underwater in next one year
34.6%
Probability that NuStar Energy stock will be more than 30% underwater in next one year.
30%
Probability that NuStar Energy stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does NS drawdown profile look like?
Y-axis is the maximum loss one would have experienced if NuStar Energy was unfortunately bought at previous high price.
Drawdowns
Financials for NuStar Energy
Income Statement (Last 12 Months)(In Thousands)
| Income Statement (Last 12 Months) | (In Thousands) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | -4.0% | 308,033 | 320,830 | 225,986 | -1,025,499 | -674,217 | -669,626 | 42,113 | 907,477 | 857,723 | 1,132,542 | 1,481,564 | 1,494,616 | 1,510,081 | 1,542,986 | 1,498,021 | 1,472,464 | 1,474,550 | 1,491,361 | 1,520,262 | 1,596,660 | 1,657,084 |
| Costs and Expenses | -3.8% | 1,152,296 | 1,197,930 | 1,274,410 | 1,289,567 | 1,479,736 | 1,470,126 | 1,382,046 | 1,348,601 | 1,114,618 | 1,049,969 | 1,272,462 | 1,265,874 | 1,286,411 | 1,318,734 | 1,107,105 | 1,118,921 | 1,131,814 | 1,165,521 | 1,184,534 | 1,034,285 | 1,092,157 |
| S&GA Expenses | 3.1% | 122,481 | 118,770 | 117,116 | 116,529 | 116,218 | 115,786 | 113,207 | 109,922 | 108,014 | 104,237 | 102,716 | 101,620 | 103,967 | 105,135 | 107,855 | 107,279 | 105,730 | 107,616 | 100,067 | 97,137 | 95,885 |
| EBITDA | - | - | - | - | - | 503,295 | 513,919 | 534,674 | - | - | 275,075 | 293,292 | 346,104 | 485,295 | 475,440 | 661,371 | 585,827 | 589,412 | 596,125 | - | - | - |
| EBITDA Margin | - | - | - | - | - | 0.31* | 0.32* | 0.33* | - | - | 0.19* | 0.20* | 0.23* | 0.32* | 0.31* | 0.44* | 0.36* | 0.34* | 0.33* | - | - | - |
| Interest Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 172,234 | 176,859 | 166,659 | 170,994 | 188,326 | 183,078 | 190,843 | 184,731 |
| Earnings Before Taxes | - | - | - | - | - | - | - | 42,113 | - | - | - | -196,320 | -134,295 | 17,806 | 34,441 | 211,588 | 176,024 | 168,122 | 149,516 | 156,532 | 194,429 | 189,988 |
| EBT Margin | - | - | - | - | - | 0.03* | 0.03* | 0.03* | - | - | -0.14* | -0.13* | -0.09* | 0.01* | 0.02* | 0.14* | 0.11* | 0.10* | 0.08* | - | - | - |
| Net Income | -4.1% | 303,313 | 316,371 | 222,747 | 188,662 | 4,096 | 8,280 | 38,225 | -3,761 | 24,532 | -9,085 | -198,983 | -136,107 | 8,344 | 24,529 | -105,693 | -181,975 | -181,650 | -198,202 | 205,794 | 228,850 | 219,306 |
| Net Income Margin | -100.0% | - | 0.99* | 0.99* | -0.18* | 0.00* | 0.01* | 0.02* | 0.00* | 0.02* | -0.01* | -0.13* | -0.09* | 0.01* | 0.02* | - | - | - | - | - | - | - |
| Free Cashflow | -100.0% | - | 546,303 | 527,549 | 508,157 | 509,528 | 501,651 | 501,478 | 540,238 | 469,794 | 520,227 | 525,998 | 546,955 | 538,304 | 556,617 | 508,757 | - | - | - | - | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | -0.7% | 4,890 | 4,924 | 4,974 | 5,003 | 5,025 | 5,130 | 5,156 | 5,406 | 5,646 | 5,644 | 5,817 | 5,862 | 5,836 | 5,878 | 6,186 | 6,136 | 6,380 | 6,317 | 6,349 | 6,721 | 6,647 |
| Current Assets | -4.1% | 167 | 174 | 204 | 190 | 195 | 272 | 185 | 433 | 210 | 183 | 324 | 216 | 179 | 188 | 203 | 188 | 474 | 226 | 747 | 277 | 217 |
| Cash Equivalents | -26.0% | 4.00 | 5.00 | 14.00 | 8.00 | 13.00 | 20.00 | 14.00 | 17.00 | 32.00 | 37.00 | 162 | 64.00 | 26.00 | 26.00 | 25.00 | 24.00 | 25.00 | 25.00 | 14.00 | 25.00 | 20.00 |
| Inventory | -32.5% | 10.00 | 16.00 | 15.00 | 15.00 | 15.00 | 19.00 | 17.00 | 12.00 | 13.00 | 18.00 | 11.00 | 10.00 | 8.00 | 11.00 | 12.00 | 10.00 | 9.00 | 25.00 | 8.00 | 25.00 | 28.00 |
| Net PPE | - | - | - | - | - | - | - | - | - | - | - | - | 4,074 | 4,091 | 4,106 | 4,119 | 4,075 | 4,021 | 4,144 | 3,775 | 4,485 | 4,460 |
| Goodwill | 0% | 732 | 732 | 732 | 732 | 732 | 732 | 732 | 732 | 766 | 766 | 766 | 781 | 781 | 781 | 1,006 | 1,006 | 1,006 | 1,006 | 1,006 | 1,095 | 1,095 |
| Liabilities | 7.1% | 3,791 | 3,541 | 3,624 | 3,447 | 3,454 | 3,587 | 3,558 | 3,809 | 3,851 | 3,841 | 3,986 | 3,975 | 3,781 | 3,783 | 3,828 | 3,789 | 3,978 | 3,860 | 3,527 | 3,814 | 3,820 |
| Current Liabilities | -14.7% | 182 | 213 | 196 | 237 | 182 | 278 | 215 | 245 | 189 | 225 | 221 | 205 | 188 | 248 | 732 | 730 | 332 | 321 | 323 | 317 | 311 |
| Short Term Borrowings | - | - | - | - | - | - | - | - | - | - | - | - | 4.00 | 5.00 | 15.00 | 10.00 | 16.00 | 10.00 | 9.00 | 19.00 | 11.00 | 63.00 |
| Long Term Debt | 6.3% | 3,311 | 3,113 | 3,293 | 3,068 | 3,137 | 3,168 | 3,184 | 3,401 | 3,497 | 3,447 | 3,593 | 3,598 | 3,429 | 3,375 | 2,935 | 2,898 | 3,456 | 3,333 | 3,112 | - | - |
| LT Debt, Current | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 452 | 453 | - | - | - | - | - |
| LT Debt, Non Current | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,112 | 3,377 | 3,380 |
| Shareholder's Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,889 | 2,258 | 2,347 | 2,456 |
| Accumulated Depreciation | - | - | - | - | - | - | - | - | - | - | - | - | 2,236 | 2,179 | 2,118 | 2,068 | 2,015 | 1,961 | 1,907 | 1,853 | 2,116 | 2,055 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | 2.1% | 558 | 546 | 528 | 508 | 510 | 502 | 501 | 540 | 470 | 520 | 526 | 547 | 538 | 557 | 509 | 536 | 541 | 525 | 544 | 459 | 442 |
| Share Based Compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.00 | 14.00 | 13.00 | 12.00 | 9.00 | 7.00 |
| Cashflow From Investing | -116.5% | -7.48 | 45.00 | -84.36 | 147 | 153 | 81.00 | 76.00 | -74.50 | -84.24 | -72.44 | -98.08 | -248 | -121 | -250 | -319 | -57.33 | -232 | -222 | -153 | -456 | -454 |
| Cashflow From Financing | 7.9% | -550 | -597 | -434 | -656 | -682 | -599 | -725 | -514 | -381 | -440 | -291 | -256 | -413 | -301 | -177 | -478 | -303 | -291 | -399 | -10.89 | 3.00 |
| Dividend Payments | 0.1% | 177 | 177 | 176 | 176 | 176 | 175 | 175 | 175 | 175 | 175 | 196 | 217 | 238 | 259 | 258 | 258 | 257 | 250 | 301 | 352 | 402 |
| Buy Backs | - | - | - | 222 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
NS Income Statement
2023-06-30CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
| Income Statement [Abstract] | ||||
| Impairment loss | $ 0 | $ 0 | $ 0 | $ 46,122 |
| General and administrative expenses (excluding depreciation and amortization expense) | 31,620 | 27,909 | 60,345 | 54,980 |
| Other depreciation and amortization expense | 1,037 | 1,823 | 2,592 | 3,647 |
| Total costs and expenses | 275,464 | 321,098 | 550,421 | 672,535 |
| Gain on sale of assets | 0 | 0 | 41,075 | 0 |
| Operating income | 102,870 | 109,059 | 262,855 | 167,485 |
| Income before income tax expense | 47,333 | 60,130 | 154,456 | 72,409 |
| Net income | 46,141 | 59,199 | 152,077 | 71,511 |
| Costs and expenses: | ||||
| Interest expense, net | (58,170) | (50,941) | (115,541) | (100,759) |
| Other income, net | 2,633 | 2,012 | 7,142 | 5,683 |
| Income tax expense | $ 1,192 | $ 931 | $ 2,379 | $ 898 |
| Basic net income (loss) per common unit (Note 8) | $ (0.20) | $ 0.20 | $ 0.42 | $ (0.02) |
| Diluted net income (loss) per common unit (Note 8) | $ (0.20) | $ 0.20 | $ 0.42 | $ (0.02) |
| Basic weighted-average common units outstanding | 110,905,471 | 110,306,641 | 110,893,293 | 110,242,201 |
| Diluted weighted-average common units outstanding | 110,905,471 | 110,306,641 | 110,893,293 | 110,242,201 |
| Comprehensive income | $ 46,149 | $ 100,073 | $ 152,289 | $ 113,317 |
| Service [Member] | ||||
| Revenues: | ||||
| Total revenues | 275,367 | 278,067 | 560,633 | 543,372 |
| Costs and expenses: | ||||
| Operating expenses (excluding depreciation and amortization expense) | 93,363 | 94,948 | 182,525 | 181,350 |
| Depreciation and amortization expense | 62,530 | 62,240 | 124,584 | 125,543 |
| Total costs associated with service revenues/Costs associated with product sales | 155,893 | 157,188 | 307,109 | 306,893 |
| Product [Member] | ||||
| Revenues: | ||||
| Total revenues | 102,967 | 152,090 | 211,568 | 296,648 |
| Costs and expenses: | ||||
| Total costs associated with service revenues/Costs associated with product sales | 86,914 | 134,178 | 180,375 | 260,893 |
| Product and Service [Member] | ||||
| Revenues: | ||||
| Total revenues | $ 378,334 | $ 430,157 | $ 772,201 | $ 840,020 |
NS Balance Sheet
2023-06-30CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 3,813 | $ 14,489 |
| Accounts receivable, net | 125,116 | 149,971 |
| Inventories | 10,477 | 15,397 |
| Prepaid and other current assets | 27,548 | 24,067 |
| Total current assets | 166,954 | 203,924 |
| Property, plant and equipment, at cost | 5,693,440 | 5,733,685 |
| Accumulated depreciation and amortization | (2,397,938) | (2,330,602) |
| Property, plant and equipment, net | 3,295,502 | 3,403,083 |
| Intangible assets, net | 494,880 | 513,696 |
| Goodwill | 732,356 | 732,356 |
| Other long-term assets, net | 200,723 | 120,627 |
| Total assets | 4,890,415 | 4,973,686 |
| Current liabilities: | ||
| Accounts payable | 64,938 | 67,765 |
| Current portion of finance leases | 4,677 | 4,416 |
| Accrued interest payable | 38,476 | 37,607 |
| Accrued liabilities | 66,168 | 76,072 |
| Taxes other than income tax | 7,695 | 10,607 |
| Total current liabilities | 181,954 | 196,467 |
| Long-term debt, less current portion of finance leases | 3,310,561 | 3,293,415 |
| Deferred income tax liability | 3,262 | 3,219 |
| Mandatorily redeemable Series D preferred units (Note 6) | 81,229 | 0 |
| Other long-term liabilities | 213,828 | 131,299 |
| Total liabilities | 3,790,834 | 3,624,400 |
| Commitments and contingencies (Note 5) | ||
| Series D preferred limited partners (Note 6) | 230,264 | 446,970 |
| Partners’ equity (Note 7): | ||
| Common limited partners (110,906,500 and 110,818,718 units outstanding as of June 30, 2023 and December 31, 2022, respectively) | 144,409 | 177,620 |
| Accumulated other comprehensive loss | (31,393) | (31,605) |
| Total partners’ equity | 869,317 | 902,316 |
| Total liabilities, mezzanine equity and partners’ equity | 4,890,415 | 4,973,686 |
| Series A Preferred Limited Partner [Member] | ||
| Partners’ equity (Note 7): | ||
| Preferred limited partners | 218,307 | 218,307 |
| Series B Preferred Limited Partner [Member] | ||
| Partners’ equity (Note 7): | ||
| Preferred limited partners | 371,476 | 371,476 |
| Series C Preferred Limited Partner [Member] | ||
| Partners’ equity (Note 7): | ||
| Preferred limited partners | $ 166,518 | $ 166,518 |
NuStar Energy L.P. engages in the terminalling, storage, and marketing of petroleum products in the United States and internationally. The company also engages in the transportation of petroleum products and anhydrous ammonia. It operates through three segments: Pipeline, Storage, and Fuels Marketing. The Pipeline segment transports refined products, crude oil, and anhydrous ammonia. The Storage segment owns terminal and storage facilities, which offer storage, handling, and other services for petroleum products, crude oil, specialty chemicals, renewable fuels, and other liquids; and pilotage, tug assistance, line handling, launch, emergency response, and other ship services. The Fuels Marketing segment is involved in bunkering operations in the Gulf Coast; blending operations; and purchase of petroleum products for resale. As of December 31, 2021, it had 3,205 miles of refined product pipelines and 2,230 miles of crude oil pipelines in Texas, Oklahoma, Kansas, Colorado, and New Mexico; a 2,050-mile refined product pipeline originating in southern Kansas and terminating at Jamestown, North Dakota; a 450-mile refined product pipeline originating at Marathon Petroleum Corporation's Mandan, North Dakota refinery and terminating in Minneapolis, Minnesota; a 2,000-mile anhydrous ammonia pipeline; and 29 terminal and storage facilities, which offer approximately 44.2 million barrels of storage capacity. The company was incorporated in 1999 and is headquartered in San Antonio, Texas.