CALGARY, AB, Dec. 19, 2025 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today released the following statement regarding the merger application filed by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on Dec. 19, 2025: CPKC has only just obtained the lengthy UP-NS merger application formally filed today and will be thoroughly reviewing it over the coming days. We will be examining the application from at least two perspectives: The first st ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-16417 NuStar Energy L.P. (Exact name of registrant as specified in its charter) (State or other ...

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Commission File Number 1-16417 NuStar Energy L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-16417 _________________________________________ NuStar Energy L.P. (Exact name of registrant ...

Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-16417 _________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 NuStar Energy L.P. (Exact name of registrant as specified in its charter) _______________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-16417 _________________________________________ Indicate by check mark whether the registrant is ...

Financial Performance - For the year ended December 31, 2022, total revenues increased by $64.7 million to $1,683.2 million compared to $1,618.5 million in 2021[30]. - Net income for 2022 was $222.7 million, an increase of $184.5 million from $38.2 million in 2021, primarily due to higher operating income from pipeline and fuels marketing segments[31]. - Pipeline segment revenues increased by $66.0 million to $828.2 million for the year ended December 31, 2022, compared to $762.2 million in 2021, with total throughput rising by 31,843 barrels per day to 1,898,600 barrels per day[70]. - The fuels marketing segment reported a $91.9 million increase in product sales, totaling $520.5 million for the year ended December 31, 2022[95]. - Segment operating income for the fuels marketing segment increased by $22.4 million to $33.5 million for the year ended December 31, 2022, driven by higher fuel prices[95]. - Total revenues for the storage segment decreased by $93.1 million to $334.5 million for the year ended December 31, 2022, compared to $427.7 million in 2021[91]. - Revenues and net income for non-guarantor subsidiaries totaled $858.8 million and $150.3 million, respectively, for the year ended December 31, 2022[132]. Capital Expenditures and Investments - Capital expenditures for 2022 totaled $140.63 million, with strategic capital expenditures at $107.86 million and reliability capital expenditures at $32.78 million[119]. - Expected capital expenditures for 2023 are projected to be between $130 million and $150 million for strategic projects and between $25 million and $35 million for reliability projects[120]. - The company plans to redeem 16,346,650 Series D Preferred Units in 2023 and 2024, ahead of the holders' redemption option in 2028[101]. - The company expects to spend approximately $60 million on expansion projects in the Permian Basin and $25 million on renewable fuels network expansion in 2023[120]. Debt and Financing - As of December 31, 2022, the company had outstanding debt obligations totaling approximately $3.4 billion, with various maturity dates extending to 2043[126]. - The consolidated debt coverage ratio was 3.98x and the consolidated interest coverage ratio was 2.17x as of December 31, 2022[111]. - The company has a $100 million Receivables Financing Agreement, which was amended to extend the termination date to January 31, 2025[114]. - The interest rate on the Revolving Credit Agreement is 6.9% as of December 31, 2022, while the Receivables Financing Agreement has an interest rate of 6.0%[126]. - The current debt ratings are BB- from Fitch, Ba3 from Moody's, and BB from S&P, all with a stable outlook[113]. Operational Highlights - The company operates 29 terminal and storage facilities in the U.S. and one in Nuevo Laredo, Mexico, with a total storage capacity of 36.4 million barrels as of December 31, 2022[72]. - The Point Tupper terminal facility was sold for $60.0 million, with a storage capacity of 7.8 million barrels, resulting in a non-cash pre-tax impairment loss of $46.1 million recognized in Q1 2022[22]. - The company’s crude oil refinery storage tanks are integrated with Valero Energy's refineries, minimizing competition for these services[88]. - The company has implemented multiple layers of cybersecurity measures to protect against cyberattacks, although risks remain[176]. Customer and Market Dynamics - The two largest customers accounted for approximately 24% and 11% of total segment revenues for the year ended December 31, 2022[62]. - The two largest customers of the storage segment accounted for approximately 33% and 14% of total revenues for the year ended December 31, 2022, indicating a concentrated customer base[84]. - Competition is primarily based on transportation charges, customer service quality, and proximity to end users[63]. - Public sentiment against fossil fuels may decrease demand for the company's products, impacting operations and financial results[225]. Environmental and Regulatory Considerations - The company operates under extensive international, federal, state, and local environmental laws, which could lead to increased capital expenditures and operating expenses in the future[164]. - The company is currently remediating subsurface contamination at several facilities, with costs related to these activities expected not to materially affect financial condition[170]. - The company believes that compliance costs with environmental regulations will not have a material impact on its competitive position or financial condition[164]. - Future regulatory changes could lead to increased capital expenditures and operating costs, adversely affecting the company's financial condition[229]. Employee and Safety Metrics - As of December 31, 2022, NuStar Energy had 1,167 employees, with a voluntary turnover rate averaging 3.7% over the last five years[144][148]. - The total recordable incident rate (TRIR) for 2022 was 0.23, significantly better than the industry average of 4.0 for bulk terminals[153]. - Approximately 91% of eligible U.S. terminals have achieved OSHA's Voluntary Protection Program (VPP) Star status as of December 31, 2022[153].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-16417 _________________________________________ NuStar Energy L.P. (Exact name of registrant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) _________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 (Exact name of registrant as specified in its charter) _________________________________________ Delaware 74-2956831 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 19003 IH-10 West San Antonio, Texas (Address of ...