#1NuStar Sustainability July 19, 2021 Responsibly Resilient NuStar#2Forward-looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles ("non-GAAP") and our reconciliations of non-GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. NuStar Responsibly Resilient 2#3NuStar Paint Activity Center Star Paint/C Teen R K Star Responsibly Resilient TABLE OF CONTENTS INTRODUCTION: 4 Building on 20 Years of Sustainability Excellence 10 ENVIRONMENTAL: Protecting People & the Planet SOCIAL: 22 Engaging Our Employees & Building Our Communities GOVERNANCE: 29 Assuring Responsive Management g 3#4NuStar INTRODUCTION Building on 20 Years of Sustainability Excellence Responsibly Resilient 4#5OUR SUSTAINABILITY COMMITMENT We are Committed to Maintaining Excellence and Taking Care of Each Other and Our Planet, now and in the Future NuStar Doing the right thing for the right reasons is deeply ingrained in NuStar's culture of responsibility, caring and sharing and has been since NuStar was established 20 years ago. In fact, long before ESG became a common term, one of the things that made NuStar such a great place to work was our strong corporate culture, which was created by our Chairman, Bill Greehey. In our culture, we treat everyone with respect, we give back to our communities, we protect the environment, and we demand that all of our employees hold themselves and each other to the highest ethical standards. We are proud of our record of responsible operations, and we are committed to maintaining excellence and continuing to take care of one another and our planet. We are also proud of the resilience and strength our business has shown, across economic cycles and our footprint. We are focused on nurturing that resilience and strength to ensure NuStar continues to prosper as the Nation's and the World's growing energy needs evolve, and we are already demonstrating our ability to do just that through the success of our West Coast renewable fuels logistics network, which both generates solid returns for our investors and helps lower carbon emissions in communities across the region. We are also focused on continuing to do the right thing, across our operations, every day of every week: to protect the environment, our communities and our employees, to ensure safe, reliable energy service to our customers and to build value for our investors. 55 Brad Barron President & Chief Executive Officer, NuStar Energy L.P. Responsibly Resilient LO 5#6OUR SUSTAINABILITY PRIORITIES ENVIRONMENTAL Protecting People & the Planet NuStar SOCIAL ww Engaging Our Employees & Building Our Communities Responsibly Resilient GOVERNANCE Assuring Responsive Management 6#7OUR BALANCED MIDSTREAM ASSETS NuStar Transports and Stores Crude Oil, Petroleum Products, Ammonia and Renewable Fuels in Markets Across North America Pipelines: 10,000 pipeline miles 645 MM barrels transported in 2020 1.8 MMbpd average daily volume in 2020 NuStar Portland Benicia P Olacoma Vancouver (21 Selby Ostockton Pittsburg Wilmington OR CA ETHANOL WA NV SED RENEWABLE FUELS BIODIESEL ID NuStar AZ UT RENEWABLE DIESEL MT WY Rawlins CO Denver Q Colorado Springs Rosario Albuquerque O NM El Paso Mexico Mandan ND BNRR ∞ Jamestown (North) Aberdeen O SD STORAGE HEADQUARTERS FACILITIES 10 Milch Ganitor Dorfolk O North Plattea Oscoola o Abemathyo Amarillo xon Stanton Lubbock Cheyenne KS Concordia Wo McPherson Solina Hutchinson O Clawson OK Wichita Falls Colorado City - TX Big Spring Jamestown (East) CCCS Laredo Nuevo Lang San Antonio (2) O Wolsey Sioux Falls Rock Rapids OOO Milford O Mar IA OCouncil Bluffs mous a Burgos Basin OMoorhead MN ●Gorjuva Wasson Sauk Centre B Dorado Catoosa O O Portus BNRR WI Twin Cities (Roseville) Ringgold Southiae Houston Corpus Christi Edinburgo Harlingen Brownsvile REFINED PRODUCT PIPELINES Responsibly Resilient LEGEND Texas City MO O AR LA St. James 9 IL MI Osue Island IN MS TN AL CRUDE OIL PIPELINES OH KY Canada GA Baltimore Andrews AFEON Piney Poin WV VA NC SC NY Jacksonville FL NH MA CT ME Ounden (2) OPaulsboro DE ORIGIN/ TERMINATION POINTS -NJ MD Ovirginia Beach PointO Tupper Terminals: 73 terminal facilities 72 MM barrels of storage capacity 172 MM barrels throughput in 2020 7#8OUR STRENGTH & RESILIENCE IN 2020 Even Through 2020's Challenges, We Maintained Safe, Reliable Operations, Protected Our Employees, as Well as Their Families and Communities, and Generated Solid Results • Ensured reliable, uninterrupted delivery of essential energy services • Maintained safety and environmental stewardship, again outperforming our industry peers in 2020 • Prioritized employee health & protection throughout response across our assets ● • Implemented physical distancing, restricted facility access & established cleaning protocols at all worksites • Invested in ventilation and air-handling improvements • Provided free COVID-19 testing and vaccines . Maintained frequent leadership communication Pledged over $1MM to community COVID-19 relief funds² ● USTAR 7505 NuStar & Gawar Mate 1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures 2- Includes pledges from company and chairman Responsibly Resilient EP 2020 Results Adjusted EBITDA¹ $723 MM 8% HIGHER Than Our 2019 Results 8#9OUR ECONOMIC IMPACT IN 2020 In 2020, We Also Contributed to Our Communities' and Our Employees' Economic Health 1 - As of December 31, 2020 ~$230 MILLION Employee compensation & benefits for our 1,408 employees¹ NuStar $5.5 MILLION $ Community investment (including employee contributions to United Way) Responsibly Resilient $321 MILLION $ Distributions to investors 9#10COMMITTED TO ASSURING SAFE, RELIABLE ACCESS TO ENERGY AND MAINTAINING EXCELLENCE ACROSS OUR BUSINESS We are Committed to: BUILDING RESILIENCE DEVELOPING Solutions to respond to growth and evolution of energy needs in the markets we serve, as we have through our West Coast renewable fuels logistics network, which FACILITATES clean RENEWABLE FUELS to improve air quality on the West Coast and beyond NuStar Responsibly Resilient ● ● ● ● OPERATING RESPONSIBLY MAINTAINING our industry-leading health and safety record ASSURING safety and reliability through inspection and monitoring INCREASING our energy efficiency LOWERING our emissions PREPARING for emergencies PROTECTING our business and our communities with a robust cybersecurity program 11#11BUILDING RESILIENCE: DECARBONIZING DRIVING ON THE WEST COAST Brazilian Ethanol Supply Our West Coast Renewable Fuels Logistics Network is Playing an Integral Role in Significant Reductions in Carbon Emissions International Exports Singapore Supply Selby CORA Wilmington NuStar Tacoma Portland Stockton Midwest Supply Gulf Coast Supply ● Regulatory priorities on the West Coast are dramatically increasing demand for renewable fuels in the region. At the same time, obtaining permits for greenfield projects in the region is difficult, which increases the value and importance of existing assets Our terminals have the access to facilities necessary to receive bio-fuels from outside the region and to provide a base for distribution of renewable fuels across the West Coast Diesel Volume, MBPD 300 250 200 150 100 50 0 Responsibly Resilient Transportation Fuel Supply With Low-Carbon Fuel Standard Compliance From Petroleum Diesel Alternatives ||| 2021 Fossil Diesel Source: IHS Markit 2020 2022 III 2023 2024 2025 2026 2027 2028 2029 2030 Biomass-Based + Renewable Diesel © 2021 IHS Markit 12#12BUILDING RESILIENCE: RENEWABLE FUELS HANDLING LEADER NuStar Now Handles a Significant Proportion of California's Growing Renewable Fuels Market NuStar's Share of California's Renewable Fuels Market (Full-Year 2020 Total Volume¹) 7% BIO BIODIESEL 18% 1 Most recent available data Source: California Air Resource Board (CARB) NuStar ya ETHANOL 28% We expect these percentages to increase through 2023, along with associated EBITDA, as we complete additional projects currently in planning stages or under construction Responsibly Resilient RENEWABLE DIESEL 13#131 8 2 LOW-CARBON MANDATE OPPORTUNITY The Success of California's Program is Driving Action Well Beyond the "Golden State" That Will Drive Midstream Opportunities NuStar 5 5 BUILDING RESILIENCE: 1 9 4 10 3 11 LCFS in-place LCFS plan proposed LCFS under consideration Responsibly Resilient 20 States CONSIDERING Programs Notable Announced U.S. Renewables Conversion Projects 1: Marathon Dickinson Refinery Conversion - 2020 (in-service) 2: Ryze Renewables Las Vegas / Reno - 2021 3: Diamond Green Diesel Expansion - 2021 4: CVR Wynnewood Refinery Conversion-2022 5 HollyFrontier Cheyenne / Artesia Refinery Conversions - 2022 6: GCEH Bakersfield - 2022 7: P66 Rodeo Refinery Conversion - 2021 (partial), 2024 (full) 8: Marathon Martinez Refinery Conversion - 2023 9: Heartwell Renewables (Hastings, NE) - 2023 10: Diamond Green Diesel Port Arthur - 2H 2023 11: Vertex Mobile - 2023 14#14BUILDING RESILIENCE: PIPELINES ARE THE SAFEST, MOST ENERGY-EFFICIENT CHOICE Pipelines are the Best Alternative for Fuel Transportation, Whether Conventional or Renewable Transporting the Volume NuStar Moves in ONE DAY Would Require: ~9,500 Trucks or ~2,500 Rail cars H 百 Sources: "Pipelines are Safest for Transportation of Oil and Gas" Manhattan Institute for Policy Research 2013 "The Permian Basin's Demand for Crude Oil Tanker Trucks Could Quadruple in Q2" Freightwaves 2019 Association of Oil Pipe Lines (AOPL) and Reuters NuStar Responsibly Resilient Pipelines are the SAFEST Mode of Energy Transportation: Trucks are 34 times more likely than liquid pipelines to experience an incident Pipelines have the LOWEST Greenhouse Gas Emissions (GHGs): Trucks emit 467% more than pipelines 15#15In 2020, as in years past, our health and safety record was substantially better than our peers Over 7.5 times better than the Bureau of Labor Statistics (BLS) comparison data for the Bulk Terminals Industry And 2 times better than the BLS data for the Pipeline Transportation Industry NuStar has received the International Liquids Terminals Association's (ILTA) Safety Excellence Award 10 times, which is awarded based in part on OSHA safety reports We participate in the OSHA Voluntary Protection Program (VPP), which promotes effective worksite safety and health ✓ 85% of our eligible U.S. terminals are VPP-certified TRIR We work every day of every year to prevent any releases In 2020, we released less than 0.00016% of our total barrels moved сл 4 m 1 RESPONSIBLE OPERATIONS: MAINTAINING OUR STRONG SAFETY CULTURE & RECORD Our Industry-leading Record Demonstrates the Fact That NuStar's #1 Priority is the Health and Safety of Our Workforce and Our Communities 0 3-Year Total Recordable Incident Rate - Industry Comparison 2.80 0.60 0.27 2018 NuStar TRIR 2.80 0.80 0.18 7.5X better 2.80 2X better 0.80 2019 Pipeline Transportation 0.37 2020 Bulk Terminals 1 - Industry averages derived from 2018-2019 Bureau of Labor Statistics (BLS) Data. 2019 averages carried forward to 2020 for illustration purposes. NuStar ILTA Responsibly Resilient 10-time recipient Safety Excellence Award NuStarVPP STAR SITES 85% of eligible facilities VPP Voluntary Protection Programs An OSA Cove Program 16#16fell 23% of Total DOT Pipeline Miles In 2020, We Continued to Execute on Our Rigorous Inspection Program Across Our Assets RESPONSIBLE OPERATIONS: ASSURING SAFETY AND RELIABILITY THROUGH INSPECTION NuStar Inspected Over 2,000 Miles of Pipeline Inspected Over 250 Water- Crossings Completed Over 2,000 Aerial Inspections & Over 350,000 Miles ID 20,000+ LDAR (Leak detection and repair) Component Inspection Program Responsibly Resilient 71 API Internal & 369 External Inspections Nearly 300 Agency Inspections 26% of Total Barrels of Storage Statistics are for 2020 unless otherwise noted 17#17NuStar Transports and Stores Energy Safely, Reliably and Efficiently Because We Monitor Every Tank and Every Mile of Pipeline, 24/7/365 24/7 365 RESPONSIBLE OPERATIONS: ASSURING SAFETY AND RELIABILITY THROUGH MONITORING NuStar • NuStar's control room operates 24 hours a day, 7 days a week, 365 days a year with state-of-the-art flow and pressure monitors ● Over 99% of our pipeline mileage is inspected with inline inspections tools and we perform other inspections on the remaining 1% Integrity Management for our tanks includes daily Audio, Visual and Olfactory (AVO) inspections in addition to API internal and external tank assessments During 2015-2020, NuStar invested over $317 million to ensure the safety, efficiency and reliability of our assets Responsibly Resilient Statistics are for 2020 unless otherwise noted 18#18NuStar's Goal is to Reduce Emission Intensity in Relation to Volume of Product Handled as We Continue to Grow Our Operations We are always looking for ways to optimize our systems to reduce energy use and increase energy efficiency RESPONSIBLE OPERATIONS: INCREASING EFFICIENCY AND LOWERING EMISSIONS NuStar NuStar facilities meet or exceed the Clean Air Act, state air laws and their emission regulations Emission Reductions Actions Include: Switching diesel pumps to electric and pursuing wind and solar power sources Upgraded to LED lighting at 60 facilities, with more to come Using drag reducing agent (DRA) and variable frequency drives (VFDs) on our pipelines to increase our energy efficiency Obtaining emission offsets for renewable fuels and other projects Operating and maintaining vapor recovery and combustor systems, many of them over 99% efficient Responsibly Resilient NuStar facilities meet or exceed air emission permits, including for operations and modifications We are exploring further investments in lower emission and low-carbon fuels including hydrogen and renewables 19#19We Regularly Review, Audit, Update and Test Our Response Plan and Conduct Drills . We perform joint drills and exercises with regulatory agencies and jurisdictions to ensure that our plans are robust • We also perform internal terminal and pipeline training exercises that include: ✓ Full-scale personnel deployment Tabletop exercises Equipment deployment Unannounced preparedness exercises Statistics are for 2020 RESPONSIBLE OPERATIONS: PREPARING FOR EMERGENCIES NuStar We have Emergency Response Teams at key facilities We completed more than 14,000 hours of emergency response, environmental and safety training Despite COVID-19 restrictions, NuStar still performed over 400 drills & exercises NUSTAR SAFETY ENVIRONME NuSEMS ANAGEMENT ONMENTAL Responsibly Resilient SYSTEM NuStar responded to more than 90,000 Call Before You Dig requests 811 We maintain a dedicated Emergency Operations Center We held more than 180 in person public safety meetings and distributed almost 700,000 safety brochures Annual Multi-Party Exercises NuStar team members participated in multiple stakeholder emergency exercises with over 350 participants, including several governmental agencies These exercises enhance NuStar's ability to respond to a large-scale incident beyond the response capacity of a single region or business unit 20#20As an Operator of Critical Energy Infrastructure, We Recognize the Importance of Cybersecurity, and We Have Built and Continue to Test and Improve a Robust Program to Prevent, Detect and Respond to Potential Threats Composed representatives from across the company, our Cyber Risk Governance Committee oversees the effectiveness of our Cybersecurity Program and reports to our Board and executive management Information Services Internal Audit RESPONSIBLE OPERATIONS: CYBERSECURITY ACROSS THE COMPANY NuStar Legal Human Resources A Cyber Risk Governance Committee Controller/ SOX Operations Responsibly Resilient NuStar's Cybersecurity Program includes: ● Participation in industry and peer cybersecurity groups Vulnerability scanning, patch management, and penetration tests across our systems Cyber Incident Response Plan and cross-organizational tabletop exercises Regular risk assessments Annual cybersecurity training for all employees with 'refresher' activities throughout the year 21#21SOCIAL Engaging Our Employees & Building Our Communities NuStar Responsibly Resilient 22#22We are Focused on Assuring NuStar is a Positive, Inclusive and Rewarding Workplace With a Diverse, Representative Workforce, at Every Level, From Rank and File to Upper Management We Our Employees! NuStar COMMITTED TO NURTURING DIVERSITY Star 42% of our U.S. employees are women & minorities Responsibly Resilient 49% of our Corporate HQ employees who are managers+ are women & minorities 50% of our Senior Executive Team are women & minorities 24#23We Invest in Our Communities: Partnering With Local Organizations and Helping to Build Safe, Vibrant Communities Our employees take great pride in giving back and building a brighter future for our neighbors by contributing time, talent, money and other resources to hundreds of community initiatives each year COMMITTED TO COMMUNITY ENGAGEMENT NuStar maintains local volunteer councils in each community in which we operate to contribute to the charitable and civic causes unique to that local community YOU TRULY ARE HOMETOWN Heroes THANKS FOR MAKING IT A RECORD UNITED WAY CAMPAIGN United Way NuStar YOUR SUPPORT OF OU COMMUNITY IS TRULY Heroic! THANKS FOR MAKING HISTORY WITH THIS YEA UNITED WAY CAMPAIG United Way Responsibly Resilient Over 80 board positions held by NuStar employees on non-profit boards RESTA LUNTEER SWEET CORN VORU L VOLUNTEER AVETA INTEER T VOLUNTEER A VOLUNTEER Jif Cheerios NUSTAR CAN-DO SPIRIT FOOD DRIVE November 12th-21 VOLUNTEER s give those who are less fortunat our communities a reason to count ther ng We want to encourage you Ming non-perishable true to the Food Bank o Together we can make a difference Chill Canned Soups & S Canned Luncheon Full Meals - Cali Pop Top Food VOLI 412 Cheerios VOLU P Cheerios 217 VOLUNTEER BILETRONO 25#24COMMITTED TO INVESTING IN OUR COMMUNITIES THROUGH GIVING In 2020, 99.9% of our U.S. employees contributed to our record- breaking United Way campaign We Focus on Addressing Critical Needs in Our Communities Thanks to our employees' and our directors' generous gifts and our company match, we pledged a record $4.7 million to United Way in 2020 WA Also in 2020, our pledge was the highest average per capita contribution in the United States NuStar 99.9% United Way participation in 2020 Responsibly Resilient FERCROMBIE an Star LIVE U *NUSTAR UNITEDWAY NAZION 00 $4.7MM Pledged to United Way in 2020 27#25COMMITTED TO FIGHTING HOMELESSNESS THROUGH OUR SUPPORT OF HAVEN FOR HOPE Proudly Supporting the Effort to Transform the Lives of Homeless Men, Women and Children Bill Greehey, NuStar's Chairman of the Board, founded Haven for Hope and continues to serve as the organization's Chairman Haven for Hope's transformational campus provides comprehensive social services for single men and women and families with children, including: ✓ Short-term residential housing on-campus Substance abuse and mental health treatment Employment, education and legal services Life-skills training Healthcare Childcare Each year, NuStar hosts the annual NuHope Golf Classic to support Haven The tournament has raised nearly $48 million for Haven over the past 13 years 1-From homelessness to permanent or supportive housing NuStar Responsibly Resilient www Haven has assisted nearly 15,000 individuals with housing¹ 28#26NuStar Management Meeting NuStar iStar GOVERNANCE Assuring Responsive Management NuStar Responsibly Resilient NiStar. Management Meeting € IIIII 29#27SUSTAINABILITY & RISK MANAGEMENT Our Board Takes a Comprehensive Approach to Oversight of Environmental, Social and Governance Matters With Accountabilities Designated Across all Board Committees Board CEO Executive Committee Sustainability Committee NuStar Our Board is responsible for identifying and understanding our principal business risks, including sustainability risks, and overseeing management's efforts in monitoring, managing and mitigating those risks Management is responsible for day-to-day assessment and management of enterprise-level risk € The Board interfaces regularly with management and receives periodic reports that include updates on: ✓ Health, safety & environmental program Financial performance Employee wellness Diversity & inclusion Community investment Strategic risks ✓ Potential opportunities Responsibly Resilient Legal matters ✓ Cybersecurity At least once annually, the Board meets to focus on strategic planning, including identifying and addressing: Operational results Internal controls 30#28● Our Diverse and Experienced Board of Directors Provides Effective Oversight While Our Dedicated Executives Ensure Safe Day-to-day Operations Our Board of Directors: • Is composed of a majority of independent directors Bill Greehey, Chairman of the Board Brad Barron, President & CEO Dan Bates Bill Burnett Fully Clingman Dan Hill Jelynne LeBlanc-Burley Bob Munch Grady Rosier BOARD OVERSIGHT & EXECUTIVE MANAGEMENT Government Healthcare • Bring diverse perspectives, expertise and experience from: Energy & commodities ✓ Mental health & wellness Financial & banking ✓ Technology ✓ Transportation 78% Independent NuStar • Evaluate the Board and its committees each year • Participate in compensation, audit and nominating/governance committees comprised solely of independent directors Responsibly Resilient Our Senior Executive Team: Brad Barron, President & CEO Mary Rose Brown, EVP & CAO Danny Oliver, EVP- Business Development & Engineering Amy Perry, EVP- Strategic Development & GC Tom Shoaf, EVP & CFO Jorge del Alamo, SVP & Controller Manish Kapoor, SVP & CIO Mark Trexler, SVP- Operations & HSE 50% Women & Minorities 31#29● Our Executive Compensation Program is Focused on Pay-for-performance to Align NuStar's Strategic Priorities With Those of Our Investors Our philosophy for compensating our executive officers is based on the belief that a significant portion of executive compensation should be incentive-based and determined by both the performance of NuStar Energy, as well as each executive's individual performance Our executive compensation programs are designed to accomplish the following long-term objectives: Increase value to unitholders, while practicing good corporate governance ✓ Support our business strategy and business plan ✓ Provide flexibility to respond to the continually changing environment Align executive incentive compensation with short- and long-term results Provide market-competitive compensation and benefits to attract/retain top talent 2020 Annual Incentive Bonus Performance Measures (% weight) 10% 10% EXECUTIVE COMPENSATION 40% 1-Named Executive Officers NuStar 40% ■ Adjusted EBITDA Adjusted DCF ■ Adjusted operating and general & administrative expense ■ Safety and environmental performance Responsibly Resilient 50% 19% 31% 1 Other NEOs¹ 69% Compensation at risk 62% 19% 19% CEO 81% Compensation at risk Long-Term Incentives Short-Term Incentives Base Salary 32#30Our Board of Directors and Our Executives are Invested in NuStar's Future Through Their Ownership of NuStar Units OUR BOARD AND OUR EXECUTIVES ARE ALSO INVESTORS Our independent directors are each required to acquire and hold NuStar units with an aggregate value of 2X their annual cash retainer NuStar Senior Executive Team: Required NuStar Energy Unit Ownership SVP EVP CEO/President 0 Responsibly Resilient 1 2 Multiple of base salary 3 4 € 33#31CONTACT INFORMATION INVESTOR RELATIONS (210) 918-INVR (4687) Investor [email protected] CORPORATE SECRETARY [email protected] NuStar Responsibly Resilient CORPORATE COMMUNICATIONS For additional information about corporate sustainability at NuStar, visit http://www.NuStarEnergy.com/Sustainability NuStar Barce (210) 918-2314 Corporate [email protected] SUSTAINABILITY [email protected] 34#32APPENDIX: RECONCILATION OF NON-GAAP FINANCIAL INFORMATION NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership's assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures and/or calculate them based on continuing operations, to enhance the comparability of our performance across periods. Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders. None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP. NuStar Responsibly Resilient 35#33APPENDIX: RECONCILATION OF NON-GAAP FINANCIAL INFORMATION (CONTINUED) The following is a reconciliation of (loss) income from continuing operations to EBITDA from continuing operations and adjusted EBITDA from continuing operations (in thousands of dollars): (Loss) income from continuing operations Interest expense, net Income tax expense Depreciation and amortization expense EBITDA from continuing operations Goodwill impairment loss (a) Loss on sale (b) Loss on extinguishment of debt (c) Other Adjusted EBITDA from continuing operations NuStar $ Responsibly Resilient $ Year Ended December 31, 2020 2019 (a) Represents a non-cash goodwill impairment charge related to our crude oil pipelines reporting unit. (b) Represents the loss on the sale of the Texas City terminals in December 2020. (c) This adjustment mainly represents a loss associated with the repayment of $500.0 million outstanding on our unsecured term loan credit agreement in the third quarter of 2020. (198,983) $ 229,054 2,663 285,101 317,835 225,000 34,697 141,746 3,963 723,241 $ 206,834 183,070 4,754 272,924 667,582 667,582 36