Attached files
| file | filename |
|---|---|
| EX-32.02 - EXHIBIT 32.02 - NuStar Energy L.P. | ns2q1710-qex3202.htm |
| EX-32.01 - EXHIBIT 32.01 - NuStar Energy L.P. | ns2q1710-qex3201.htm |
| EX-31.02 - EXHIBIT 31.02 - NuStar Energy L.P. | ns2q1710-qex3102.htm |
| EX-31.01 - EXHIBIT 31.01 - NuStar Energy L.P. | ns2q1710-qex3101.htm |
| EX-10.02 - EXHIBIT 10.02 - NuStar Energy L.P. | ns2q1710-qex1002.htm |
| 10-Q - 10-Q - NuStar Energy L.P. | ns2q1710-q.htm |
Exhibit 12.01
NUSTAR ENERGY L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio Data)
Six Months | |||||||||||||||||||||||
Ended | |||||||||||||||||||||||
June 30, | Years Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations before provision for income taxes and income from equity investees | $ | 88,745 | $ | 161,976 | $ | 320,658 | $ | 220,174 | $ | (132,786 | ) | $ | (132,173 | ) | |||||||||
Add: | |||||||||||||||||||||||
Fixed charges | 89,890 | 154,085 | 150,661 | 153,236 | 149,090 | 122,286 | |||||||||||||||||
Amortization of capitalized interest | 904 | 1,722 | 1,573 | 1,385 | 1,216 | 1,012 | |||||||||||||||||
Distributions from joint ventures | — | — | 2,500 | 7,587 | 7,956 | 6,364 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Interest capitalized | (1,675 | ) | (3,414 | ) | (5,549 | ) | (5,667 | ) | (4,501 | ) | (7,737 | ) | |||||||||||
Total earnings | $ | 177,864 | $ | 314,369 | $ | 469,843 | $ | 376,715 | $ | 20,975 | $ | (10,248 | ) | ||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense, net | $ | 82,026 | $ | 138,350 | $ | 131,868 | $ | 132,281 | $ | 127,119 | $ | 90,535 | |||||||||||
Interest capitalized | 1,675 | 3,414 | 5,549 | 5,667 | 4,501 | 7,737 | |||||||||||||||||
Rental expense interest factor (a) | 6,189 | 12,321 | 13,244 | 15,288 | 17,470 | 24,014 | |||||||||||||||||
Total fixed charges | $ | 89,890 | $ | 154,085 | $ | 150,661 | $ | 153,236 | $ | 149,090 | $ | 122,286 | |||||||||||
Preferred unit distributions (b) | $ | 14,763 | $ | 1,925 | |||||||||||||||||||
Total fixed charges plus preferred unit distributions (b) | $ | 104,653 | $ | 156,010 | |||||||||||||||||||
Ratio of earnings to fixed charges | 2.0x | 2.0x | 3.1x | 2.5x | (c) | (d) | |||||||||||||||||
Ratio of earnings to fixed charges plus preferred unit distributions (b) | 1.7x | 2.0x | |||||||||||||||||||||
(a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |
(b) | For the years ended December 31, 2015, 2014, 2013 and 2012, we had no preferred units outstanding. |
(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. |