Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - NuStar Energy L.P. | Financial_Report.xls |
| 10-Q - 10-Q - NuStar Energy L.P. | ns3q1410-q.htm |
| EX-31.02 - EXHIBIT - NuStar Energy L.P. | ns3q1410-qex3102.htm |
| EX-32.02 - EXHIBIT - NuStar Energy L.P. | ns3q1410-qex3202.htm |
| EX-31.01 - EXHIBIT - NuStar Energy L.P. | ns3q1410-qex3101.htm |
| EX-32.01 - EXHIBIT - NuStar Energy L.P. | ns3q1410-qex3201.htm |
Exhibit 12.01
NUSTAR ENERGY L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio)
Nine Months | |||||||||||||||||||||||
Ended | |||||||||||||||||||||||
September 30, | Years Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 (a) | 2011 (a) | 2010 (a) | 2009 (a) | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations before provision for income taxes and income from equity investees | $ | 167,880 | $ | (132,786 | ) | $ | (132,173 | ) | $ | 225,771 | $ | 244,917 | $ | 230,276 | |||||||||
Add: | |||||||||||||||||||||||
Fixed charges | 115,203 | 149,090 | 122,286 | 109,825 | 102,642 | 102,557 | |||||||||||||||||
Amortization of capitalized interest | 1,011 | 1,216 | 1,012 | 793 | 642 | 553 | |||||||||||||||||
Distributions from joint ventures | 5,879 | 7,956 | 6,364 | 14,374 | 9,625 | 9,700 | |||||||||||||||||
Less: Interest capitalized | (3,345 | ) | (4,501 | ) | (7,737 | ) | (5,388 | ) | (3,701 | ) | (1,650 | ) | |||||||||||
Total earnings | $ | 286,628 | $ | 20,975 | $ | (10,248 | ) | $ | 345,375 | $ | 354,125 | $ | 341,436 | ||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense, net | $ | 100,546 | $ | 127,119 | $ | 90,535 | $ | 81,539 | $ | 77,764 | $ | 79,312 | |||||||||||
Interest capitalized | 3,345 | 4,501 | 7,737 | 5,388 | 3,701 | 1,650 | |||||||||||||||||
Rental expense interest factor (b) | 11,312 | 17,470 | 24,014 | 22,898 | 21,177 | 21,595 | |||||||||||||||||
Total fixed charges | $ | 115,203 | $ | 149,090 | $ | 122,286 | $ | 109,825 | $ | 102,642 | $ | 102,557 | |||||||||||
Ratio of earnings to fixed charges | 2.5x | (c) | (d) | 3.1x | 3.5x | 3.3x | |||||||||||||||||
(a) | Prior year amounts have been adjusted for discontinued operations. |
(b) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |
(c) | For the year ended December 31, 2013, earnings were insufficient to cover fixed charges by $128.1 million. The deficiency included a goodwill impairment loss of $304.5 million related to the Statia terminals reporting unit. |
(d) | For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by $132.5 million. The deficiency included the effect of $271.8 million of impairment losses mainly resulting from the write-down of the carrying value of our long-lived assets related to our asphalt operations, including fixed assets, goodwill, intangible assets and other long-term assets. |