NuStar Energy Investor Conference Presentation Deck

NuStar 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

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