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Martin Midstream Partners L.P. Announces Sale of Stockton California Sulfur Terminal
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Rhea-AI Summary
Martin Midstream Partners L.P. (MMLP) has successfully sold its Stockton Sulfur Terminal to Gulf Terminals LLC for approximately $5.25 million. The proceeds will be allocated to reducing outstanding debt under the Partnership's revolving credit facility. MMLP aims to strengthen its balance sheet and lower leverage by offloading non-core assets, allowing a more focused approach on refinery services. The Stockton Terminal was deemed non-core due to its geographical distance from primary operations in the U.S. Gulf Coast.
Positive
Sale of Stockton Terminal for approximately $5.25 million enhances liquidity and balances debt.
Focus on strengthening balance sheet and reducing leverage through non-core asset sales.
Negative
None.
KILGORE, Texas--(BUSINESS WIRE)--
Martin Midstream Partners L.P. (“MMLP” or the “Partnership”) (NASDAQ: MMLP) announced the sale of its Stockton Sulfur Terminal (the “Stockton Terminal”) to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of MMLP stated, “Over the last several years, the Partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage. As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments. And while the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the U.S. Gulf Coast area where our primary sulfur assets are located.”
About Martin Midstream Partners
Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Additional information concerning Martin Midstream is available on its website at www.MMLP.com.
MMLP-E
About Gulf Terminals LLC
Gulf Terminals LLC is a privately held company providing safe and reliable supply chain solutions across the United States. Rooted in the model of providing safe operational excellence, Gulf Terminals is excited to continue offering sulfur handling and forming solutions for both refineries and consumers. With over 100 years of combined leadership in sulfur handling, we believe the Stockton Terminal will be the next chapter of growth and success for Gulf Terminals.
