UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 12, 2013

NuStar Energy L.P.

(Exact name of registrant as specified in its charter)

19003 IH—10 West
San Antonio, Texas 78257
(Address of principal executive offices)

(210) 918-2000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01                                           Other Events.

Non-GAAP Financial Measures

NuStar Energy L.P. (“NuStar Energy”) is filing this Current Report on Form 8-K to provide a reconciliation of the financial measures earnings before interest, taxes, depreciation and amortization (“EBITDA”) and distributable cash flow that are not defined in U.S. generally accepted accounting principles (“GAAP”), to their nearest comparable GAAP measures, both overall and on a reportable segment basis.

Recent Developments

Eagle Ford Open Season

NuStar Energy recently announced the launch of an open season to assess shipper interest in committed space to transport Eagle Ford Shale crude oil from several terminal locations on our South Texas Crude Oil Pipeline System to our Corpus Christi North Beach facility.  The proposed project would include pipeline capacity upgrades to segments of the South Texas Crude Oil Pipeline System and would be constructed in two phases, for a total aggregate incremental capacity of 100,000 barrels per day, of which 90,000 barrels per day will be available to committed shippers.  The first phase of approximately 35,000 barrels per day is expected to be available for service to committed shippers in the third quarter of 2014, while the second phase of approximately 65,000 barrels per day is expected to be available during the first quarter of 2015.

Internal Growth Project Update

NuStar Energy continues to work on a pipeline project for ConocoPhillips and to lay crude oil gathering lines that will supply additional crude oil volumes to our Eagle Ford crude oil pipeline system.  In addition, we are continuing the construction of a second rail-car offloading facility at our St. James terminal. These projects are expected to be completed and contributing to pipeline and storage segment results by the end of 2013.

Item 9.01                                           Financial Statements and Exhibits.

(d)                                 Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  August 12, 2013

2

EXHIBIT INDEX

3

Exhibit 99.1

Non-GAAP Financial Measures

NuStar Energy L.P. utilizes two financial measures, EBITDA from continuing operations and distributable cash flow from continuing operations, neither of which is defined in U.S. generally accepted accounting principles (“GAAP”).  Management uses these financial measures because they are widely accepted financial indicators used by investors to compare partnership performance.  In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the partnership’s assets and the cash that the business is generating.  Neither EBITDA from continuing operations nor distributable cash flow from continuing operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income from continuing operations.  They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

The following is a reconciliation of NuStar Energy’s income (loss) from continuing operations to EBITDA from continuing operations:

(1) 2012 asset and goodwill impairment loss of $266 million related to asphalt operations.

The following is a reconciliation of NuStar Energy’s income (loss) from continuing operations to EBITDA from continuing operations and distributable cash flow from continuing operations:

(a)         Other non-cash items for 2013 relate to the reduction of the contingent consideration recorded in association with the December 2012 crude oil asset acquisition from TexStar Midstream Services, LP and certain of its affiliates.  The amount for 2012 primarily consists of $271.8 million of long-lived asset impairment charges mainly related to our asphalt operations, including fixed assets, goodwill and intangible assets.  The 2012 impairment charges were partially offset by an $18.7 million gain, net of tax, resulting from a legal settlement.

(b)         Distributable cash flow from continuing operations excludes the impact of unrealized mark-to-market gains and lossesthat arise from valuing certain derivative contracts, as well as the associated hedged inventory.  The gain or loss associated with these contracts is realized in distributable cash flow from continuing operations when the contracts are settled.

EBITDA in the following reconciliations relate to our business segments.  For purposes of segment reporting we do not allocate general and administrative expenses to our reported business segments because those expenses relate primarily to the overall management at the entity level.  Therefore, EBITDA reflected in the following 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 table reconciles operating income (loss) to EBITDA for our Fuels Marketing Segment, removing the historical financial information for our asphalt operations from the segment results:

The following is a reconciliation of operating income to EBITDA for the Storage Segment:

The following is a reconciliation of operating income to EBITDA for the Pipeline Segment: