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NuStar Energy posts higher Q2 adjusted net income despite lower revenue

NuStar Energy LP on Aug. 8 reported an adjusted net income of $54.3 million, or 18 cents per unit, for the second quarter, up from $29.4 million, or 15 cents per unit, a year ago.

On a GAAP basis, net income reached $46.0 million during the quarter, topping $29.4 million in the prior-year period.

Total revenues went down to $372.4 million for the quarter, compared with $389.3 million a year earlier. The revenue was driven by the service segment at $282.5 million, increasing from $259.6 million in the prior-year period.

Adjusted EBITDA totaled $169.2 million during the quarter, climbing slightly from $157.1 million a year ago.

The pipeline segment had a total throughput of 1.7 million barrels per day for the quarter, up from 1.4 million bbl/d in the prior-year period.

The storage segment posted throughput of 395,512 bbl/d during the quarter, higher than 331,917 bbl/d a year earlier.

The company expects an adjusted EBITDA in the range of $665 million to $715 million for the full year 2019.