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San Antonio-based NuStar Energy rebounds to profit in first quarter as oil recovery continues
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Fuel storage tanks containers stand at the NuStar Energy LP Selby Terminal in Crockett, California, U.S., on Thursday, April 23, 2020. Crude oil rose at the end of a dramatic week that saw prices in New York plunge below zero for the first time in history. Photographer: David Paul Morris/BloombergDavid Paul Morris / Bloomberg
San Antonio-based pipeline operator NuStar Energy swung to a healthy profit for the first quarter as the U.S. oil and gas industry’s recovery from the pandemic continued pushing ahead.
Demand for crude oil and refined petroleum products has reached pre-pandemic levels as COVID-19 vaccinations are being distributed and economic activity has begun to return, the company said. That helped push NuStar to a $42 million profit on $362 million in revenue during the three months spanning January through March. A year ago, it reported a loss of $148 mi