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NuStar Energy L.P. Message Board

  • moneyonomics moneyonomics Mar 4, 2013 8:49 PM Flag

    NS indicated not material to operations, was "a purported withdrawal", appears to be over take or pay terms being negotiated-part

    Looks like a disagreement over take or pay contract negotiations. NS already closed on Oil assets (phase I). They stated not closing phase II-ngl lines will have no material impact


    Jan 2013 NS presentation suggested some risk to closing Phase II-Phase 1 of acquisition closed in Dec 2012

    Closing for Crude Oil pipeline, gathering and storage assets closed in December, 2012

    Purchase Price around $325 million

     5-year take or pay contracts with various producers and marketers support around 90% of these throughputs

    Closing for NGL assets, which include a Y-Grade pipeline and two dismantled fractionators with a combined capacity of 57MBPD, expected to occur in 1st quarter 2013

    Purchase Price around $100 million

    Will not close without executed take or pay agreements for transportation and fractionation services

    March 2013 NS presentation disclosed purposrted termination

    TexStar NGL Asset Acquisition Update

    TexStar delivered a letter to NuStar on February 18, 2013 that purports
    to terminate the rights of the parties to proceed to a closing on
    NuStar’s acquisition of the natural gas liquids pipeline and
    fractionation assets

    On February 21, 2013 NuStar notified TexStar that we do not believe
    TexStar has the legal right to terminate the asset purchase agreement

    NuStar is currently evaluating its legal options

    If NuStar does not complete this acquisition we do not expect a
    material adverse impact on our results of operations

    From 2012 10K

    "...On February 18, 2013, we received a letter from TexStar that purports to terminate the rights of the parties to proceed to a closing on our acquisition of the natural gas liquids pipeline and fractionation assets. We do not believe TexStar has the legal right to terminate the asset purchase agreement, and we notified them of our position on February 21, 2013. We are evaluating all of our legal options. While the natural gas liquids pipeline and fractionation assets present opportunities for NuStar, if we do not complete the acquisition, we do not expect that to have a material adverse impact on our results of operations.... "

 
NS
65.94+1.45(+2.25%)Sep 30 4:06 PMEDT

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