#1NS 00 q NuStar 2021 Energy Infrastructure Council Investor Conference May 19-20, 2021 North Beach Corpus Christi, TX#2NuStar Forward-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. 2#3NuStar Introduction CRUDE OIL South Texas Crude System#4NuStar Thanks to Our Employees' Perseverance and Hard Work, We Generated Solid Full-Year 2020 Results... 2020 Actions Maintained Reliable Operations & Industry-leading Health & Safety Record Reduced Expenses $52 million* Reduced Strategic Capital Spending 66% Reduced Debt With $106 million Proceeds From Sale of Terminal Issued $1.2 billion of Senior Notes to Address Bond Maturities Until 2025 2020 Results Adjusted EBITDA $723 MM 8% HIGHER Than Our 2019 Results *- 2020 actuals compared to pre-Covid 2020 guidance for spending/expenses 1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures 4#5NuStar Along With Strong Operational Performance Across Our Footprint ... Our pipeline systems have rebounded strongly, and several of our terminals continue to benefit in 2021 from Spring 2020's contango In April and the first two weeks of May, we averaged slightly over 100% of our early 2020 (pre-Covid) utilization 高 Transported 817MM bbls Crude + Refined Products during 2020, 6MM more than 2019 PIPELINE SEGMENT n Successfully contracted 100% of our storage across our footprint STORAGE SEGMENT Selb Pittsbu West Coast- 100% 150% 100% 50% 0% 100% 50% 0% 65% ID MT Central West (Comparison of YoY refined product demand) 100% 100% 75% April 2020 Oct 2020 April 2021 TYIVI South Texas (Comparison of YoY refined product demand) 105% 105% ND Mandan BNRR Jamestown (North) Aberdee SD April 2020 Oct 2020 April 2021 athy ipsbu eyen Amolo Dixon ubbock Hu Claw do Wichita Falls Colorado City TX Spring San Antonio (2) NoStar (8) dinburg Jamestown (East) Moorhead MN Basin 110% 100% 90% 80% 70% 60% 50% Wasson Pettus Central East (Comparison of YoY refined product demand), Ringgold Southlake Houston 80% April 2020 Oct 2020 April 2021 Corpus Christi Harlingen Brownsville Texas City ( AR LA 90% Canada MS 105% GA Gulf Coast- 100% SC NY more Poir ksonville Point Tupper- 100% ΜΑ CT Linde Paulsbe DE Point Tupper TYTU East Coast- 100% 5#6NuStar Strong Coverage + NuStar is Well-positioned in 2021... Lower Leverage + Simplified Structure/ Governance + No IDR Burden + Maximized Self- Funding NuStar Energy L.P. NYSE: NS Common Unit Price: $18.13 Distribution/CU/Year: • Yield (¹): •Market Cap(¹): Credit Ratings: ▸ Moody's: S&P: Fitch: Ba3 (Stable) BB- (Stable) BB- (Stable) $1.60 8.8% -$2 billion Enterprise Value: •Total Assets: ~$7 billion ~$6 billion ~10,000 1.6MMBPD •Pipeline Miles: •Pipeline Volumes (2): •Storage Capacity: ~72MMB Storage Throughput Volumes(2): 400MBPD 1. As of May 17, 2021 2. Average daily volume for the quarter ended March 31, 2021 6#7NuStar To Continue to Demonstrate Financial Strength and Stability in 2021 ●● 2021 Expectations Expect to Generate 2021 EBITDA Comparable to 2020 Adjusted EBITDA* & Expect to Fund All NuStar's 2021 Spending From Our Internally Generated Cash Flows *- After taking into account EBITDA associated with the Texas City terminal, sold in December 2020 7#8NuStar VOLUNTE HAPPY birt lan VIAS Over the Past Year, We Have Continued to Support of Each Other and Our Communities NuStar employees contribute an average of over 88,000 volunteer hours annually LEIGHT 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 ★ Since 2007, NuStar's employees have hosted a golf tournament to support Haven for Hope, a transformational campus in San Antonio that addresses homelessness The tournament has generated an aggregate of nearly $48 million for Haven for Hope ★ 99.9% of our U.S. employees contribute to our United Way campaign NuStar's total 2020 record pledge was $4.7 million, the highest average per capita contribution in the Nation! And y - Motoc STAR wres 1 Open Shem Caberne Mata Michael Mard MA a NGG Z86 Snack 8#9NuStar 2019 Formed an "ESG" Task Force to begin R&D Later This Year, We Plan to Release Our First Sustainability Report... 2020 Kick off Sustainability Working Committee March 2021 Engaged consultant and launched Sustainability Webpage on NuStar's website WWW June 2021 Posting expanded ESG slide deck Summer 2021 Rolling out Inaugural Report 9#10NuStar 12 Times! Ranked #46! FORTUNE ✰ NuStar has been recognized for its 100 BEST COMPANIES TO WORK FOR Best Workplaces™ in Texas To Provide More of the Statistics, Record and Rankings That Demonstrate How Much NuStar Cares, Contributes and Shares Great Place To Work® THAT USA 2020 2019 Ranked People COMPANIES #13! CARE strong corporate culture with numerous awards NuStar has been recognized 12 times in Fortune's Annual "100 Best Companies to Work For" list as well as four times for "Best Workplaces for Millennials" list In February, NuStar was named one of the 25 Best Companies for Latinos by Latino Magazine And recently was named as one of the "Best Workplaces for Working Parents" LATINO LEADERS 25 BEST COMPANIES FOR LATINOS TO WORK 2021 FORTUNE BEST WORKPLACES FOR MILLENNIALS™ 2020 4 Times! PLACE FOR WORKING PARENTS 2021 BEST TM 10#11NuStar TRIR LO 5 4 N 1 0 In 2020, as in years past, we performed 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 are awarded based 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 We are proud of How Well NuStar Protects Our Employees, the Environment and Our Communities, Across Our Footprint... 3-Year Total Recordable Incident Rate - Industry Comparison 7.5X 2.80 0.60 0.27 2018 NuStar TRIR 2.80 0.80 0.18 2019 Pipeline Transportation better 2.80 2X better 0.80 0.37 2020 Bulk Terminals ILTA 1 - Industry averages derived from 2018-2019 Bureau of Labor Statistics (BLS) Data. 2019 averages carried forward to 2020 for illustration purposes. 10-time recipient Safety Excellence Award NuStarVPP STAR SITES VPP 1 Voluntary Protection Programs An On Coperative Pro 85% of eligible facilities 11#12NuStar And We are Proud That Pipelines are the Most Energy- Efficient and Safest Way to Transport the Fuel That Powers Our Everyday Life ●●● Transporting the Volume NuStar Moves in ONE DAY Would Require: A 45 Å 11,000 Trucks 37 Unit Trains 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 Sources: "Pipelines, Rail & Trucks - Economic, environmental, and safety impacts of transporting oil and gas in the U.S." Strata 2017 "Pipelines are Safest for Transportation of Oil and Gas" Manhattan Institute for Policy Research 2013 and Association of Oil Pipe Lines (AOPL) 12#13NuStar NuStar's Governance and Risk Management Provides Assurance That We are Aligned With Our Investors' Interests... No IDRs NS Board of Directors 78% Independent Directors Audit Committee Sustainability Committee NS Management 100% Attendance for 2020 Board & Committee Meetings Annual Unitholder Meetings Nominating, Governance & Conflicts Committee Governance, Ethics & Compliance Committee 11% Women Compensation Committee Majority of Executive Officers' Compensation Tied to Performance and Unit Returns Cyber Risk Governance Committee Financial Reporting & Disclosure Committee 13#14NuStar I/S Department Internal Audit Department Cyber Risk Including Our Comprehensive Governance Program to Protect Our Operations Legal Department A Cyber Risk Governance Committee Controller /Financial Reporting /SOX Operations Composed of 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 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 14#15NuStar We Are Focused on Our Strategic Priorities for 2021 ($ Funding Our Spending From Internally Generated Cash Flows Continuing to Take Steps to Improve Our Debt Metrics Promoting NuStar's ESG Excellence 15#16NuStar We Remain Confident That Product Demand Rebound is the First Step on the Road Back to Shale Production Growth in 2021-2022 2020 Refined Product Demand Rebound Increased Refinery Utilization 2021-22 Fo Crude Demand Recovery U.S. Shale Production Growth Higher Crude Prices Ž 16#17NuStar U.S. Gasoline and Diesel Demand Have Rebounded Strongly ★ In the second quarter of 2020, U.S. refined products demand dropped by 21% compared to January 2020, but by 2022, gasoline and diesel demand are expected to recover to pre- Covid demand levels Source: EIA 100% 80% 60% 40% 20% 0% U.S. Gasoline & Diesel Demand (as a % of Pre-Covid Demand) 100% 95% 94% 87% 75% 90% 91% 95% 87% 90% 93% 95% 100% 95% 101% 96% 100% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 Gasoline ■ Diesel 17#18NuStar Total Refined Products: 100 50 Central West Region 65% NuStar's Refined Products Markets Have Remained Remarkably Resilient, and We Expect Continued Stability April 2020 100% 100% April 2021 October 2020 April 2020 1 - Comparison of year-over-year demand 70% 100 50 South Texas 75% April 2020 October 2020 105% 105% April 2021 October 2020 100% 100 50 80% Central East Region April 2020 90% April 2021 105% October 2020 105% April 2021 ★ In April and the first two weeks of May, we averaged slightly over 100% of our early 2020 (pre- Covid) levels 18#19NuStar U.S. Refinery Utilization (by PADD, 2019-2021) PADD 5 87% 57% 75% 2020 was a Difficult Year of Refiners, but the Outlook for 2021 U.S. Refinery Utilization is Improved PADD 4 93% 63% 92% NS Refined Products Pipeline NS Crude Pipeline NS Terminal Refinery Source: ESAI U.S. 96% 78% 2019 PADD 2 101% 88% 93% 87% 2020 2021 Low PADD 3 96% 83% 88% PADD 1 94% 54% 73% U.S. refineries exited 2020 with overall utilization only about 4% higher than the 2020 low By the end of 2021, however, U.S. refinery utilization is now expected to climb to 87% ☐ PADDs 1, 2 and 4 are projected to reach or surpass their respective 2019 rates by year end 19#20NuStar The Permian Basin- the World's Largest, Most Resilient Shale Play- is Also Rebounding, With Our System Growing Ahead of the Rest of the Permian Basin Because of its superior geology and low breakeven costs, the Permian Basin's production: Exited 2020 at 3.9 MMBPD, representing approximately 52% of the nation's total shale output Projected to exit 2021 at 4.9 MMBPD; higher than both 2019 and 2020 Is expected to return to stronger growth in 2022 Our system's throughput volumes are now up 20% above Covid low, while the rest of the Permian is up 13% from the Covid low We now expect to exit 2021 at 500 MBPD MMBPD 4 2 0 Cumulative Monthly Growth (%) Permian Basin Production Outlook (Avg as of March 2021) 3.7 2019 280% 240% 200% 160% 120% 80% 40% 0% Source: EIA Drilling Productivity Report (April 2021), Rystad, ESAT 3.9 4.0 May-17 2020 Sep-17 2021 Jan-18 4.4 May-18 Sep-18 •NS Growth MMBP Jan-19 10 2022 NuStar's System Throughput Growth & Recovery is Outpacing the Permian Basin ∞ 6 4 2 0 May-19 Permian Oil Production (2018-2025) WTI @ $40 WTI @ $80 2018 2019 2020 2021 2022 2023 2024 2025 Sep-19 Jan-20 Permian Growth May-20 WTI @ $60 244% V Sep-20 Jan-21 92% Apr-21 20#21NuStar We spent 66% less on capital projects in 2020 than we did in 2019 In 2021, we continue to exercise strict capital discipline and execute on low-multiple projects that enhance our existing footprint and improve our metrics Total 2020 Strategic Spending: Our Trimmed-Down Strategic Spending Program for 2020 and 2021 Focuses on Low-multiple Projects to Enhance Our Existing Footprint $ 160MM Sel Pittsbur West Coast Renewable Fuels Storage ~$15MM in 2020 (-$50MM in 2021) Portland Vancouver (2) Benicio Stockton oma OR CA WA Los Angel ID AZ UT MT WY Rawlins CO Denver Coloradol Springs Rosano Albuquerque NM Paso Mexico Mandan BNRR Jamestown (North NE ND North Platted Abernathy Hooker Amailo SD ubbock Philipsburg Cheyenne Wok Univer Dixon Larodo Nuevod Laredo Wolsay Sioux Mitchell Falls Rock Rapias Milford Yankton Norfolk Osceola Ciawson Jamestown (East) Moorhead MN KS Hutchinson Edin Burgos Basi (PEMEX) Wichit Fals OK pdo City TX Le Mans IA Council Blotts Jolumbus Gerjeva uk Centro BNRR WI Twin Citas (Rosovilo) Concorda saina Catoosa Wasson en Ringgold can Antonio (2) Hon Notar Pottus Southlake Cpus Christi Harigen. ownsvile Permian Crude Pipeline System -$60MM in 2020 (-$50MM in 2021) MO AR LA Texasy (2) St. James IL MS MI lue sland IN TN AL OH KY Canada PA GA Baltimore Andrews AFBON NC NY SC WV Piney Poin MD VA Jacksonville FL NH MA CT ME Lindon (2) ●Paulsboro DE -NJ Virginia Beach Tupper N. Mexico Refined Products Supply -$10MM in 2020 Total Estimated 2021 Strategic Spending: $ 140-170MM Gulf Coast Storage and Export -$10MM in 2020 21#22NuStar International Exports Singapore Supply Brazilian Ethanol Supply Selby Pittsburg WEST COAST RENEWABLE FUELS STORAGE West Coast Carbon Emissions Reduction Goals Continue to Generate Growing Demand and Dislocations That Require Midstream Solutions Tacoma Wilmingtorf Vancouver Portland Stockton Midwest Supply Gulf Coast Supply ✰ Regulatory priorities on the West Coast are dramatically increasing demand for renewable fuels in the region Diesel Volume, Thousand BPD At the same time, obtaining permits for greenfield projects in the region is difficult, which increases the value of existing assets Our terminals have the access to facilities necessary to receive renewable fuels from outside the region and distribute renewable fuels across the West Coast Diesel Alternatives ||.....|||... 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 250 200 150 100 50 Transportation Fuel Supply With Low-Carbon Fuel Standard Compliance From Petroleum Source: IHS Markit Fossil Diesel Biomass-Based + Renewable Diesel 2018 IHS Markit 22#23NuStar We have established ourselves as an early mover in the renewable fuels transportation market by developing and completing a number of renewable fuels projects These projects, in partnership with our customers on the West Coast, have allowed NuStar to capture market share and build on relationships with key global producers Our facilities are positioned to benefit from new production and conversion supply projects for renewable diesel, renewable jet, ethanol and other renewable fuels as the renewable fuels market continues to grow % of Renewables of NuStar's WC Receipts Portland WEST COAST RENEWABLE FUELS STORAGE NuStar has Partnered With Key Customers to Develop Renewable Fuels Storage Projects at Several of Our West Coast Facilities Selby Stockton Wilmington Convert 36,000 bbls to biodiesel Convert 57,000 bbls to renewable diesel Construct truck-loading for renewable diesel Multimodal shipment of renewable jet fuel Convert 208,000 bbls to renewable jet fuel Modify rail to handle renewable feedstock offloading Convert 30,000 bbls to biodiesel Convert 73,000 bbls to renewable diesel and expand renewable diesel handling to all 15 rail spots Convert 151,000 bbls to renewable diesel Connect to railcar ethanol offload facility Convert 160,000 bbls to renewable diesel Reconfigure dock for enhanced marine capability ✓ ✓ ✓ ✓ ✓ ✓ ✓ 6,000 5,000 4,000 NuStar's West Coast Renewable Fuels* 3,000 2,000 1,000 27% O 2018 31% 2019 Portland Selby Stockton *Includes Biodiesel, Renewable Diesel and Ethanol 41% 2020 ■2017 2018 ■2019 2020 Wilmington 23#24NuStar WEST COAST RENEWABLE FUELS STORAGE We Handle and Store a Significant Proportion of the Total Low- Carbon Fuels Volumes Utilized in California, the Largest Driving State in the Nation 7% BIO NuStar's Proportionate Share of California's Renewable Fuels Market (Full-Year 2020 Total Volume¹) 18% D BIODIESEL 1 - Most recent available data ETHANOL 28% RENEWABLE DIESEL ★ We expect these percentages to increase through 2023, along with associated EBITDA, as we complete additional projects presently in planning or under construction Source: California Air Resource Board (CARB) 24#25NuStar System Capacity Receipt Points Pipeline Miles Storage (bbls) PERMIAN CRUDE PIPELINE SYSTEM With the "Backbone" of Our Now-700K-BPD System Complete, Our Permian Spending Will be Focused on Scaling With Our Producers' Gathering Needs May 2017 220,000 122 ~600 900M CENTURION SCR STATION Martin CENTURION PIPELINE PAA Current 700,000 307 ~954 1.6MM ENTERPRISE Midland EPIC Upton SUNPET Borden SUNOCO MIDKIFF Dedicated Acres AMI Howard NS STANTON TERMINAL Reagan 500,000 5,000,000 NS BIG SPRING TERMINAL Glasscock Scurry NS CO CITY TERMINAL DELEK BIG SPRING REFINERY ● ● ● Colorado City PAA SUNRISE II PAA BASIN BRIDGETEX SUNOCO PE & WTG Mitchell Third-Party Connections NuStar Truck Unloading Facilities NuStar Terminals 25#26NuStar PERMIAN CRUDE PIPELINE SYSTEM Our "Core of the Core" Location has Attracted Top-Tier Customers With Large DUC Inventories to Support Continued Recovery in 2021 ★ The quality of geological formations underlying our system attracts the strongest customers Our creditworthy customers include majors and the most prolific E&Ps, both private and public, in the basin, as well as large independent refiners and marketers ☐ ~75% of our system's revenue is generated from investment-grade (IG) rated and Non-IG BB-rated entities¹ Highest-Quality "Rock" ...And Produce Efficient Growth Across Cycles Attracts Creditworthy, Diverse Producers ...That Apply the Most Advanced Technology We are currently running ~450 MBPD and we now expect to exit 2021 ~500 MBPD NS System Producer-type² (% Average Daily Volume) 22% 40% 38% (by Quarter) Adjusted * NS Permian Crude System Performance Major Private ■ Other Public 1391591 Our producers have averaged around 25 rigs in the last three months and have over 25% of the total Permian drilled-uncompleted (DUCs) wells on the system, which provide an important platform for growth 1 - March 31, 2021 YTD 2 March 31, 2021 MTD 3- As of May 12, 2021 Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures ›187211. 2Q17 3Q17 4Q17 1Q18 266 $12$14$12 $19 8107 314 327349 $27 $27 $23 EBITDA ($MM) Producer Average Cost of Debt, 370 395435 453 Weighted by Acreage: 3 4.0%³ $31 $35 $39 $38 423 400 418 $33 402 $38 $37 $33 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20* 3Q20 4Q20 1Q21 -System Receipts (Avg MBPD) 26#27NuStar ★ A significant proportion of the volumes transported on the additional 2.1 MMBPD of new long-haul pipeline capacity from the Permian to the Corpus area is moving out over Corpus dock facilities ★ Corpus Christi, historically a regional refinery and domestic marine delivery hub, has evolved into a major U.S. crude oil export hub Exports (MBPD) GULF COAST STORAGE & EXPORT Gulf Coast Exports Held Up Well in 2020, and Corpus Christi's Export Growth is Expected to Return to Growth in 2022 Currently, Corpus Christi comprises half of the Gulf Coast's total ~3.0 MMBPD crude exports In July 2020, Corpus Christi exports recovered to pre-Covid levels of 1.5MMBPD Analysts expect Corpus Christi exports to remain steady in the near-term with potential to grow as early as 1H 2022 as global crude demand recovers U.S. Gulf Coast Crude Exports by Hub 4,000 3,000 2,000 1,000 0 Source: RBN Energy Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 ■ Corpus Christi Houston Beaumont - ■Louisiana Corpus Christi exports have grown from 0.4MMBPD in 2019 to an average of 1.5MMBPD since January 2020 27#28NuStar GULF COAST STORAGE & EXPORT Our Corpus Christi Crude System's Export and Local Refinery Supply MVCs Provide Stability as U.S. Exports Return to Growth ● In-bound Capacity TOTAL: 1.2MMBPD • South Texas Crude System 16" Pipeline - 240MBPD Taft 30"- 720MBPD and expandable • Harvest 16" Pipeline - 240MBPD Our Corpus Christi North Beach Terminal is now receiving barrels from our South Texas Crude Oil Pipeline System, our 12" Three Rivers Supply Pipeline and our 30" pipeline from Taft, as well as from third-party pipeline connections U.S. shale production growth and improving global demand will drive the recovery and growth in our CCCS volumes TOTAL: 3.9MMbbl Potential expansion 0.4MMbbl Storage Capacity MBPD 400 200 306 37% 63% 2Q 2020 380 31% 69% 3Q 2020 NuStar's Corpus Christi Crude System (Average Throughputs/Quarter) 298 33% 67% 4Q 2020 TOTAL: 1.2MMBPD >EXPORT DOCKS- 750MBPD to ● Out-bound Capacity ● 1.0MMBPD REFINERY SUPPLY- 220MBPD 321 32% 68% 1Q 2021 377 CCCS Refinery Throughputs CCCS Dock Throughputs -CCCS MVCs 2023 28#29NuStar ★ Prior to March 2020, the lack of long-haul pipeline capacity to transport WCS supply to Gulf Coast demand generated price differentials that supported unit train economics We have contract commitments for 30MBPD through April 2022 As Canadian production ramps back up, this price dislocation is expected to re-emerge and continue until Enbridge Line 3 is in service, now estimated to occur by the end of 2021 ★ We can also handle light Bakken barrels with our rail facility, which may offer an attractive alternative to DAPL MBPD 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan-19 GULF COAST STORAGE & EXPORT Our St. James Facility Benefits From Price Dislocations From Pipeline Constraints and Will Benefit From Export Growth as Those Constraints are Resolved Canadian Crude Oil Production Outlook Rail Opportunity Sep-19 Production Source: ESAI, UBS May-20 Dec-22 Jan-21 Sep-21 -Pipeline Takeaway Capacity May-22 WCS UNIT TRAINS WTI BAKKEN EXPORT MARS We continue to work to assure our facility is connected to the pipeline projects in progress to debottleneck shale plays, the region, as well as the Midwest and beyond In March 2019, Bayou Bridge began bringing WTI light, Bakken and Canadian barrels either for export or local use As soon as early 2022, Capline owners plan to reverse its service to bring WTI, heavy Canadian and Bakken crude for use in regional refineries and export to other locations 29#30NuStar N. MEXICO REFINED PRODUCTS SUPPLY We are Transporting Refined Products to Supply Northern Mexico's Motor Fuel Demand ★ In 2020, we fully completed service on two projects to supply refined products to Northern Mexico: Nuevo Laredo project for Valero Odem pipeline, Dos Laredos pipeline and Nuevo Laredo terminal expansion ~28MBPD new capacity with take-or- pay volumes on seven-year contract term □ Valley Pipeline expansion for major customers 45MBPD new capacity with seven- year contract term Nuevo Laredo Project NUEVO LAREDO LAREDO 8" LAREDO PL Valley TO SAN ANTONIO Refined Products Supply Project 8" SA SOUTH PL NEW 12" LOOP 8" THREE RIVERS BURGOS REYNOSA VALLEY PL 10% 8" 8" ODEM PL EDINBURG 10" HARLINGEN CORPUS CHRISTI CITGO TRANSMONTAIGNE 30#31NuStar APPENDIX 99 FRE South Texas Crude System.#32NuStar Long-term Commitments From Creditworthy Customers Pipeline Segment Contracted¹ Revenues (% 2021 Projections) 37% 40% 23% 63% Take-or-pay Contracts Storage Segment Contracted Revenues (% 2021 Projections) 37% ■ Structurally Exclusive ■ Other Take-or-pay Contracts ■ Other NuStar Investment-Grade (IG) Customers (% 2021 Revenues) Pipeline Segment -64% IG Storage Segment -63% IG 50% 38% 12% Investment-Grade ■ Large Private or International (Not rated) ■ Other 1 - committed through take or pay contracts or through structural exclusivity (uncommitted lines serving refinery customers with no competition) 32#33NuStar Pipeline and Storage Segment Revenues (% 1Q 2021 Revenues) 61% 39% The Balance of Our Business and the Location of Our Assets Contribute to the Resilience of Our Results Seby Pittsburg ■ Pipeline Segment ■ Storage Segment Tacoma Vancouver (2) Poriland OR Benicio Stockton CA Los Angeles WA NV ID AZ UT MT WY Rawlins CO Denver Coloradol Springs Rosano Albuquerque NM El Paso Mexico Mandan BNRR .. Jamestown (North) NE Abernathy ND Amatllo Aberdeen SD North Platte Osceola Philipsburg Cheyenne Wells Hooker Lubbock Wolsey Sioux Mitchell Fals Rock Rapids Milford Le Mars KS Hutchinson C Clawson nixon Laredo Nuevo Laredo Jamestown East Yanklar Norfolk Wichita Falls Colorado City 3 TX Big Spring (8) San Antonio (2) NoStar Burgos Basin (PEMEX) Edinburg OK Moorhead MN Geneva Catoosa Sauk Centre Wasson Pettus Concordia Salina Twin Cities (Rosevile) uncil Bluffs Ringgold Southlake ENER WI Houston Corpus Christi Harlingen Brownsville ΜΟ AR LA St. James Texas City (2) IL MS MI Blue Island IN TN AL OH KY Canada GA PA Baltimore Andrews AFB WV Piney Point VA NS Refined Products Pipeline NS Crude Pipeline NS Terminal Refinery NC SC NY Jacksonville FL NH MA CT ME Linden (2) Paulsboro DE NJ MD Virginia Beach Point Tupper Refined Products and Crude Revenues (% 1Q 2021 Revenues) 44% 56% ■ Crude Refined Products 33#34NuStar Hockley Terry Dawson Midland MOST ACCESSIBLE, STACKED FORMATIONS... Lynn Upton tin NuStar Energy L.P. 127 44 Borden Froward gsscock We Acquired Our Permian Crude System Because It Sits Squarely Over the Midland Basin's Most Geologically Advantaged Acreage -2000- -2250 -2500 -2750 Garza-3000- Reagan -3250- -3500 -3750 -4000 -4250- -4500 -4750. -5000- -5250 -5500 -5750 ~ -0000 -6250 -6500 -8750- -7000 -7250 -7500- -7750 -8000 -8.250 -8.500- -8750 -9000- curr tche Irion Crockett Wolfcamp Structure (TVDSS ft) 1. Normalized to 10,000 ft Lateral Lengths. Ector Crane Terry Gaines Pecos NuStar Energy L.P Midland Fairway Outlines NuStar Pipeline Spraberry Wolfcamp A Wolfcamp B Wolfcamp C Upton Reagan Howard Glasscock Crockett Midland Fairways Scurr Mitche Sterling Ir tor ane Hockley Terry Marin Dawson BEST RECOVERIES AND Midland Lynn Upton SUPERIOR GORS... MBOE 500+ 300 200 150 100 ●●● Borden NuStar Energy L.P. Proward GASSCOCK Reagan Sct Crockett 24M CUM (MBOE 20:1) (¹) Mitc Stering Terry Dawson Lynn Midland Upton Borden NuStar Energy L.P. Glasscock 20.0 19.0 18.0 17.0 18.0 15.0 14.0 13.0 12.0 11.0 10.0 9.0 8.0 7.0 16.0 5.0 4.0 3.0 Reagan 1.0 Mitche Stering Irion Wolfcamp 24M GOR Source: Barclays (January 2020) 34#35NuStar ★ In March 2020, we extended our revolver term through October 2023 In September 2020, we issued two $600 million tranches of five-year and 10-year senior unsecured notes maturing in 2025 and 2030 We utilized the proceeds to repay our debt We utilized cash flows and our revolver to pay-off our February 2021 bond maturities, and we plan to utilize our liquidity to pay-off our February 2022 bond maturities as well $1,000 $750 $500 $250 $0 $866 Liquidity and Debt Maturity Schedule $838 LIQUIDITY ($MM)¹ REVOLVER AVAILABILITY $28 CASH 2021 $250 2022 1 - Liquidity as of March 31, 2021 $209 $52 $157 2023 2024 $600 2025 Debt Maturities (As of 3/31/2021) ($MM) $500 $550 2026 2027 2028-... $600 2030 Receivables Financing Sub Notes ■GO Zone Financing ■Senior Unsecured Notes Revolver $322 2038-... $403 2043 35#36NuStar Capital Structure as of March 31, 2021 ($ in Millions) $1.0B Credit Facility NuStar Logistics Notes (4.75%) NuStar Logistics Notes (5.625%) NuStar Logistics Notes (5.75%) NuStar Logistics Notes (6.00%) NuStar Logistics Notes (6.375%) NuStar Logistics Sub Notes GO Zone Bonds Receivables Financing Finance Lease Liability Other Total Debt ★ As of March 31, 2021: $ 157 250 550 600 500 600 403 322 52 58 (42) $3,450 Credit facility availability ~$838MM Debt-to-EBITDA ratio2 4.39x Common Equity and AOCI Series A, B and C Preferred Units Series D Preferred Units Total Equity¹ Total Capitalization 1 - Total Equity includes Partners' Equity and Mezzanine Equity (Series D Preferred Units) 2 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures $443 $756 $604 1,803 $5,253 36#37NuStar 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. For purposes of segment or asset system reporting, we do not allocate general and administrative expenses because those expenses relate primarily to the overall management at the entity level. Therefore, EBITDA reflected in the segment or asset system reconciliations exclude any allocation of general and administrative expenses consistent with our policy for determining segmental operating income, the most directly comparable GAAP measure. The following is a reconciliation of operating (loss) income to EBITDA to adjusted EBITDA for the Permian Crude System (in thousands of dollars): Three Months Ended Operating (loss) income Depreciation and amortization expense Reconciliation of Non-GAAP Financial Information EBITDA Goodwill impairment loss (a) Adjusted EBITDA June 30, 2017 Sept. 30, 2017 June 30, 2018 Dec. 31, Mar. 31, 2017 Sept. 30, 2018 Dec. 31, 2018 June Sept. 30, 30, 2019 Mar. 31, 2019 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, Mar. 31, 2020 2021 2018 2019 $(3,424) $1,050 $ 650 $(1,847) $3,605 $11,546 $10,878 $5,358 $13,543 $17,280 $21,132 $(106,476) $14,481 $17,627 $13,523 $16,912 10,227 11,005 13,165 13,477 15,059 15,235 16,589 17,647 17,182 18,114 18,154 6,803 12,055 13,815 11,630 18,664 26,781 27,467 23,005 30,725 35,394 39,286 (a) Represents a non-cash goodwill impairment charge. June 30, 2020 126,000 Sept. 30, 2020 18,606 18,928 20,115 19,579 19,694 (87,870) 33,409 37,742 33,102 36,606 $6,803 $12,055 $13,815 $11,630 $18,664 $26,781 $27,467 $23,005 $30,725 $35,394 $39,286 $ 38,130 $33,409 $37,742 $33,102 $36,606 37#38NuStar Reconciliation 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 $ Year Ended December 31, 2020 2019 (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 (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. 38#39NuStar Reconciliation of Non-GAAP Financial Information (continued) The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement) (in thousands of dollars, except ratio data): Operating income Depreciation and amortization expense Equity awards (a) Pro forma effect of disposition (b) Other Consolidated EBITDA, as defined in the Revolving Credit Agreement Total consolidated debt NuStar Logistics' floating rate subordinated notes Consolidated Debt, as defined in the Revolving Credit Agreement Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) For the Four Quarters Ended March 31, 2021 400,450 285,319 12,763 (6,784) (1,106) 690,642 $ $ (a) Represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units. (b) Represents the pro forma effect of the disposition of the Texas City terminals, as if we had completed the sale on April 1, 2020. 3,433,940 (402,500) 3,031,440 4.39x 39