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NuStar Energy, L.P. NEUTRAL ZACKS CONSENSUS ESTIMATES (NS-NYSE) SUMMARY

Marathon Petroleum Corporation

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CVX Chevron Corporation Sector: Energy SELL

THE MONTHLY RESEARCH CONFERENCE CALL ENERGY: SECTOR OUTLOOK AND INVESTMENT OPPORTUNITES ARGUS MODERATOR. Jim Kelleher, CFA Director of Research

Analyst's Notes. Argus Recommendations

Energy Sector SUMMER 2015 ANALYSTS: DANIEL J. ERIN & JONATHAN CREMEANS

Devon Energy Corporation (DVN-NYSE)

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BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change -0.11-2.84-8.90 GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues 3.81 13.20 3.42 Net Income 2.02 6.06 2.81 EPS 2.35 6.01 2.76 BUY Sector: Energy Sub-Industry: Oil & Gas Storage & Transportation Source: S&P BUY RATING SINCE 11/16/2010 TARGET PRICE $75.25 Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History BUY TARGET PRICE $75.25 83 80 78 75 73 70 68 65 63 60 58 RETURN ON EQUITY (%) Ind Avg S&P 500 Q3 2017 39.56 12.20 13.41 Q3 2016 38.88-4.07 11.79 Q3 2015 43.59 9.71 12.91 P/E COMPARISON 17.61 EPS ANALYSIS¹ ($) Q1 0.81 Q2 0.78 Q3 1.10 2015 Q4 0.91 Q1 0.91 257.79 Ind Avg Q2 0.82 Q3 0.85 2016 NA = not available NM = not meaningful Q4 0.93 Q1 0.98 24.86 S&P 500 Q2 0.92 Q3 0.87 2017 1 Compustat fiscal year convention is used for all fundamental data items. Volume in Millions 2015 2016 2017 COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History RECOMMENDATION We rate () a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, growth in earnings per share and increase in net income. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. HIGHLIGHTS 's revenue growth trails the industry average of 24.4%. Since the same quarter one year prior, revenues slightly increased by 3.8%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share. The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Oil, Gas & Consumable Fuels industry and the overall market, 's return on equity significantly exceeds that of both the industry average and the S&P 500. 49.87% is the gross profit margin for which we consider to be. Regardless of 's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, 's net profit margin of 34.65% significantly outperformed against the industry. 's earnings per share improvement from the most recent quarter was slightly positive. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, reported lower earnings of $3.51 versus $3.60 in the prior year. This year, the market expects an improvement in earnings ($3.93 versus $3.51). 20 10 0 The company, on the basis of net income growth from the same quarter one year ago, has underperformed when compared to that of the S&P 500 and greatly underperformed compared to the Oil, Gas & Consumable Fuels industry average. The net income increased by 2.0% when compared to the same quarter one year prior, going from $194.55 million to $198.50 million. Report Date: PAGE 1

PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) 0% 900% UNFAVORABLE PAA 0% UGP OKE ETE ETP EBITDA Margin (TTM) LNG PBA FAVORABLE WMB MPLX SEP 70% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $11.7 Billion and $22.3 Billion. Companies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) 0% 900% UNFAVORABLE ETP -12.5% Earnings Yield (TTM) LNG WMB FAVORABLE OKE PBAPAA PAA ETE MPLX UGP SEP 10% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between 4.9% and 817.3%. Companies with NA or NM values do not appear. INDUSTRY ANALYSIS The Oil, Gas & Consumable Fuels industry is cyclical in nature and is one of the most important globally because it touches so many others. It is broken down into its component parts by the nature of activity performed. Upstream activities are related to finding and producing commodities; midstream refers to the transportation of product from the wellhead to intermediate customers; and, downstream includes the refining, transformation and marketing of related products. Coal producers are integrated, much like the players in alternative fuels like uranium. Some of the largest players in the industry are the integrated oil & gas producers (aka Big Oil). Close to two-thirds of the world s energyneeds are satisfied by hydrocarbons (crude oil and natural gas). Althoughconservation, increased efficiency and substitutes are gaining in prominence,they are not likely to significantly reduce this dependence in the near future.crude oil prices have moderated at present due to lagging economies and newsupplies coming online. In 2004, West Texas Intermediate (WTI) crude oil brokeout of its historic trading range of $10 to $40 per barrel on a steady climb tomore than $145 per barrel in June 2008 before crashing to under $40 by the endof 2008. Since then the price of spot crude has climbed back near the $90 to$110 range before falling again. Natural gas prices, responding to excesssupply, have retreated to the $2 to $4 range per million BTU (British thermalunit). Coal prices are dependent on the energy content of the type of coalconsidered and its location, but it, too, has climbed significantly over thepast few years. Following nearly 20 years of underinvestment,the supply of crude oil is now keeping pace with slackening demand. Longer term demandshould grow at about 1.8% per year, meaning it is expected to grow more than40% over the next 20 years. Natural gas demand is expected to rise over time,according to the American Petroleum Institute, as its cleaner-burningproperties increase in value for industry. Coal consumption is projected togrow at about 1.7% per year over the next 20 years, based on US EnergyInformation Administration forecasts. Analysis of companies in this industry beginsby forming a view of the global economy and geopolitics, which is combined witha supply and demand analysis that leads to commodity price forecasts. At theindividual firm level, how efficiently a company operates goes a long way indetermining its profitability. Supply management is an important factor, too,as high commodity prices are affected by how much supply the industry as awhole produces. Geographic positioning can also be important, as regionaleconomic cycles may not synch up well with each other. The so-called supermajor integrated oilcompanies include Exxon Mobil (XOM), BP Plc (BP), Chevron (CVX), Total SA(TOT), and ConocoPhillips (COP). Some of the other major Exploration &Production firms include Anadarko Petroleum (APC), DevonEnergy (DVN) and Apache (APA). On the Refining & Marketing level, majorplayers include Valero Energy (VLO), Sunoco (SUN), and Tesoro (TSO). The majoruranium producer is Cameco (CCJ). PEER GROUP: Oil, Gas & Consumable Fuels Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) MAGELLAN MIDSTREAM PRTN 65.15 14,856 17.61 2,449.28 844.93 WMB WILLIAMS COS INC 27.02 22,339 47.40 8,001.00 472.00 OKE ONEOK INC 50.65 19,421 31.66 11,036.21 415.30 ETP ENERGY TRANSFER PARTNERS -LP 16.63 19,216 NM 25,528.00 139.00 ETE ENERGY TRANSFER EQUITY LP 16.64 17,958 20.80 38,641.00 893.00 PBA PEMBINA PIPELINE CORP 34.83 17,500 27.86 4,943.00 577.00 PAA PLAINS ALL AMER PIPELNE -LP 19.95 14,468 21.68 24,569.00 792.00 MPLX MPLX LP 34.43 14,015 37.84 3,468.00 725.00 SEP SPECTRA ENERGY PARTNERS LP 41.46 12,893 12.41 2,751.00 1,406.00 UGP ULTRAPAR PARTICIPACOES SA 22.06 12,274 23.98 24,280.73 502.39 LNG CHENIERE ENERGY INC 49.25 11,705 NM 3,489.26-221.74 The peer group comparison is based on Major Oil & Gas Storage & Transportation companies of comparable size. Report Date: PAGE 2

Annual Dividend Rate COMPANY DESCRIPTION Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services. The company also owns and operates crude oil pipelines and storage facilities; and marine terminals located along coastal waterways that provide distribution, storage, blending, inventory management, and additive injection services for refiners, marketers, traders, and other end users of petroleum products. As of December 31, 2016, it had 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals; 1,100-mile ammonia pipeline system; approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 22 million barrels; and 5 marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels. The company serves as the general partner of Magellan GP, LLC. Magellan Midstream Partners, L.P. was founded in 2000 and is headquartered in Tulsa, Oklahoma. One Williams Center Tulsa, OK 74172 USA Phone: 918-574-7000 http://www.magellanlp.com STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 4.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 70% of the stocks we rate. Total Return 2.0 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 30% of the companies we cover. Efficiency 5.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 90% of the companies we review. Price volatility 1.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 20% of the stocks we monitor. Solvency 3.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 50% of the companies we analyze. Income 5.0 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 90% of the companies we track. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. Report Date: PAGE 3

Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINANCIAL ANALYSIS 's gross profit margin for the third quarter of its fiscal year 2017 has decreased when compared to the same period a year ago. The company has grown sales and net income during the past quarter when compared with the same quarter a year ago, however, it was unable to keep up with the growth of the average competitor within its industry. has very liquidity. Currently, the Quick Ratio is 0.22 which clearly shows a lack of ability to cover short-term cash needs. The liquidity decreased from the same period a year ago, despite already having liquidity to begin with. This would indicate deteriorating cash flow. 1.15 Q4 FY17 3.93 E 2017(E) 4.09 E 2018(E) At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 4.23% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future. INCOME STATEMENT Net Sales ($mil) 572.85 551.78 EBITDA ($mil) 248.46 263.04 EBIT ($mil) 198.55 215.96 Net Income ($mil) 198.50 194.55 STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit www.thestreetratings.com. BALANCE SHEET Cash & Equiv. ($mil) 33.12 321.66 Total Assets ($mil) 7,103.45 6,919.79 Total Debt ($mil) 4,302.85 4,323.52 Equity ($mil) 2,135.30 2,048.53 PROFITABILITY Gross Profit Margin 49.87% 54.12% EBITDA Margin 43.37% 47.67% Operating Margin 34.66% 39.14% Sales Turnover 0.34 0.31 Return on Assets 11.89% 11.51% Return on Equity 39.56% 38.88% DEBT Current Ratio 0.50 0.95 Debt/Capital 0.67 0.68 Interest Expense 51.90 50.16 Interest Coverage 3.83 4.31 SHARE DATA Shares outstanding (mil) 228 228 Div / share 0.89 0.82 EPS 0.87 0.85 Book value / share 9.36 8.99 Institutional Own % NA NA Avg Daily Volume 701,724 673,250 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. Report Date: PAGE 4

RATINGS HISTORY Our rating for has not changed since 1/15/2009. As of 11/16/2017, the stock was trading at a price of which is 20.3% below its 52-week high of $81.77 and 2.1% above its 52-week low of $63.83. 2 Year Chart BUY: $65.01 2016 $90 $80 $70 $60 MOST RECENT RATINGS CHANGES Date Price Action From To 11/16/15 $65.01 No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 11/16/2017) 43.95% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months. 30.76% Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss. 25.29% Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY 10005 www.thestreet.com Research Contact: 212-321-5381 Sales Contact: 866-321-8726 VALUATION BUY. The current P/E ratio indicates a significant discount compared to an average of 257.79 for the Oil, Gas & Consumable Fuels industry and a discount compared to the S&P 500 average of 24.86. For additional comparison, its price-to-book ratio of 6.96 indicates a significant premium versus the S&P 500 average of 3.16 and a significant premium versus the industry average of 4.60. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Price/Earnings 17.61 Peers 257.79 Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. is trading at a significant discount to its Price/Projected Earnings 15.93 Peers 50.83 Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations. is trading at a significant discount to its Price/Book 6.96 Peers 4.60 Premium. A higher price-to-book ratio makes a stock less attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. Price/Sales 6.07 Peers 2.06 Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. industry. DISCLAIMER: Price/CashFlow 13.26 Peers 9.57 Premium. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. Price to Earnings/Growth 1.53 Peers 0.50 Premium. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a significant premium to its Earnings Growth lower higher 6.01 Peers 150.35 Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. However, is expected to significantly trail its peers on the basis of its earnings growth rate. Sales Growth lower higher 13.20 Peers 28.04 Lower. A sales growth rate that trails the industry implies that a company is losing market share. significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at http://www.thestreet.com/static/about/terms-of-use.html. Report Date: PAGE 5