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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Occidental Petroleum Corporation | NYSE:OXY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.26 | -0.40% | 64.40 | 64.91 | 63.66 | 64.80 | 6,771,520 | 01:00:00 |
By Tess Stynes
NuStar Energy LP (NS) said it reached a long-term agreement with Occidental Petroleum Corp. (OXY) to reactivate an idled pipeline in Texas, while also reporting its fourth-quarter loss widened sharply on asset writedowns and lower product sales.
Under the pipeline agreement, Occidental will ship will ship natural-gas liquids on NuStar's 200-mile pipeline between Mont Belvieu and Corpus Christi, Texas. NuStar expects the line will begin generating distributable cash flow in the second quarter of this year and be placed in full natural-gas liquids service a year later. Once in full service, the line is expected to generate about $23 million a year of added earnings before interest, taxes, depreciation and amortization.
"2013 was a major turning point for NuStar as we took steps to significantly reduce our exposure to margin-based operations and continued to invest in the growth of our more stable pipelines and terminals business," President and Chief Executive Brad Barron said.
NuStar reported a loss of $368.3 million, or $4.73 a unit, compared with a year-earlier loss of $21.2 million, or 27 cents a unit. The latest period included $4.94 a unit in one-time items, mostly asset write-downs. The year-earlier period included 52 cents a unit of expenses, mostly related to derivatives impacts and cancelled capital projects.
Revenue decreased 20% to $785.4 million as product sales fell 27% to $548.2 million.
Analysts polled by Thomson Reuters expected per-unit profit of 33 cents and revenue of $841 million.
Write to Tess Stynes at tess.stynes@wsj.com
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