San Antonio-based NuStar Energy said last week its Permian Basin crude system set a quarterly throughput record in 2021Q4 and is expected to continue to grow in 2022. “We’re encouraged by what we’re hearing and seeing from our producers as well as the crude price outlook,” Bradley Barron, president and CEO, said Feb. 3.
Oil volumes averaged 516,000 b/d in 2021Q4 – up 3 percent from 2021Q3 and up 23 percent from 2020Q4. The 2021 exit rate of 520,000 b/d exceeded guidance of 514,000 b/d. Exit rate for 2022 is forecast at 560,000 to 570,000 b/d. Capex for 2022 is $135 million to $165 million ($55 million for Permian) after $141 million in 2021. Barron said rig count is “close to 30” in Permian.