Martin Midstream Partners L.P. Provides Operational Update Following Hurricane Laura
Martin Midstream Partners L.P. (MMLP) reported minimal damage to its coastal Texas and Louisiana terminals following Hurricane Laura. Operations are expected to resume fully by August 31, 2020. The Partnership activated its hurricane preparedness protocol, ensuring asset security and personnel safety. CEO Ruben S. Martin expressed gratitude for employee efforts and noted no material financial impact from the hurricane. The company focuses on petroleum-related services, with diverse operational lines across the Gulf Coast region.
- Minimal damage reported to terminals and marine equipment post-Hurricane Laura.
- Quick operational recovery expected by August 31, 2020.
- Effective hurricane preparedness protocols minimized damage and ensured safety.
- None.
KILGORE, Texas, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) today announced the status of its coastal Texas and Louisiana terminals following Hurricane Laura. Upon initial inspection of the properties there appears to be minimal damage to the Partnership’s terminals and marine equipment. The process of restarting our sites has begun and we expect to be fully operational on Monday, August 31.
Prior to Hurricane Laura making landfall the Partnership enacted its standard hurricane preparedness protocol to minimize operational delays and damages to terminalling and marine assets located around the Gulf Coast. Beginning on Monday, August 24, terminals located in the projected path of the hurricane were secured and personnel given the opportunity to evacuate their families to safety. In addition, marine equipment was moved to safe haven areas and communications scheduled to monitor the event status as Hurricane Laura made landfall along the Gulf Coast.
“As Hurricane Laura approached the Gulf Coast our focus was on the safety and health of our personnel, their families and those impacted by the storm,” said Ruben S. Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of MMLP. “We are extremely thankful for the dedicated work of our employees tasked with securing our assets to limit damage across our system. While we did sustain minimal damage at some of our terminals, at this time we do not expect a material financial impact from this event. Our thoughts are with the Gulf Coast region and we will continue to support our personnel and their communities as they recover from damages resulting from the storm.”
About Martin Midstream Partners L.P.
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.
Forward Looking Statements
Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the current and potential impacts of the COVID-19 pandemic generally, on an industry-specific basis, and on the Partnership’s specific operations and business, (ii) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, and (iii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
The information in the Partnership’s website is not, and shall not be deemed to be, a part of this notice or incorporated in filings the Partnership makes with the SEC.
Additional information concerning the Partnership is available on the Partnership’s website at www.MMLP.com or by contacting:
Sharon Taylor – Head of Investor Relations
(877) 256-6644
FAQ
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