Merger completion announced by San Antonio energy firm

San Antonio’s NuStar GP Holdings, LLC, and NuStar Energy L.P. announced Monday the completion of a merger of NuStar GP with a subsidiary of NuStar Energy. It’s a move to simplify corporate operations.

The company has major operations in Oklahoma and with the completion of the merger, NuStar Holdings has merged with an into a wholly owned subsidiary of NuStar Energy. Under the terms of the agreement, NuStar Holdings unitholders will receive 0.55 of a common unit representing a limited partner interest in NuStar Energy.

“We are very pleased to see this transaction close,” said Brad Barron, president and chief executive officer of NS and NSH. “By simplifying our corporate structure and eliminating the incentive distribution rights, we are able to lower our cost of capital and create a more efficient and transparent structure, which is a key component of a comprehensive plan to position NuStar for long-term financial strength and allow us to successfully de-lever and deliver strong, sustainable distribution coverage in the future.”

The surviving entity continues to hold 100% of the limited liability company interests in NuStar GP, LLC, the general partner of Riverwalk Logistics, L.P. the general partner of NuStar energy.

NuStar Energy is considered one of the largest independent liquids and terminal and pipeline operators in the U.S. It has more than 9,400 miles of pipeline and 82 terminal and storage facilities.

In Oklahoma, the company has crude petroleum operations near Ardmore and Tulsa.