Martin Midstream Partners Reports Third Quarter 2022 Financial Results
Martin Midstream Partners L.P. (MMLP) reported a net loss of $28 million for Q3 2022, driven by a $21.8 million inventory write-down and increased operational expenses. Adjusted EBITDA dropped to $18.8 million from $21.5 million YoY. Revenues increased to $229.3 million, up from $211.3 million. The company has revised its 2022 adjusted EBITDA guidance to $116-$121 million, down from $126-$135 million, citing lower seasonal commodity prices. Despite strong performance in Transportation and Terminalling segments, volatility in Sulfur and NGL segments weighs on overall results.
- Transportation segment operating income increased to $12.1 million from $3.9 million YoY.
- Terminalling and Storage segment adjusted EBITDA rose to $12.3 million from $11.2 million YoY.
- Full-year revenues for 2022 are expected to be $775.5 million, up from $596.5 million in 2021.
- Reported net loss of $28 million for Q3 2022, compared to $6.9 million in Q3 2021.
- Revised full-year adjusted EBITDA guidance decreased by $10 million.
- NGL segment losses of $19 million including an $18.5 million inventory valuation write-down.
- Revises Fourth Quarter Guidance
-
Reported net loss of
$10.0 million $24.0 million September 30, 2022 -
Reported net loss of
$28.0 million $21.8 million September 30, 2022 -
Reported adjusted EBITDA of
$18.8 million $97.1 million September 30, 2022 , respectively
“Although the markets and the factors that influence them are unpredictable at this time, the Partnership has been able to improve our financial results year over year. However, as commodity prices continue to move erratically from the risk of a global recession and fears of weak oil demand, we are revising our fourth quarter adjusted EBITDA guidance to between
THIRD QUARTER 2022 OPERATING RESULTS BY BUSINESS SEGMENT
TERMINALLING AND STORAGE (“T&S”)
T&S Operating Income for the three months ended
Adjusted segment EBITDA for T&S was
TRANSPORTATION
Transportation Operating Income for the three months ended
Adjusted segment EBITDA for Transportation was
SULFUR SERVICES
Sulfur Services Operating Income (Loss) for the three months ended
Adjusted segment EBITDA for Sulfur Services was
NATURAL GAS LIQUIDS (“NGL”)
NGL Operating Income (Loss) for the three months ended
Adjusted segment EBITDA for NGL was
UNALLOCATED SELLING, GENERAL AND ADMINISTRATIVE EXPENSE (“USGA”)
USGA expenses included in operating income for the three months ended
USGA expenses included in adjusted EBITDA for the three months ended
CAPITALIZATION
At
The Partnership’s revolving credit facility matures on
RESULTS OF OPERATIONS
The Partnership had a net loss for the three months ended
Revenues for the three months ended
The Partnership had a net loss for the nine months ended
Revenues for the nine months ended
EBITDA, adjusted EBITDA, distributable cash flow and adjusted free cash flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.
An attachment included in the Current Report on Form 8-K to which this announcement is included contains a comparison of the Partnership’s adjusted EBITDA for the third quarter 2022 to the Partnership's adjusted EBITDA for the third quarter 2021.
2022 REVISED FINANCIAL GUIDANCE
The Partnership now expects to generate adjusted EBITDA between
Distributable cash flow is now expected to be between
MMLP does not intend at this time to provide financial guidance beyond 2022.
The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort as the adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with a reasonable degree of certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant.
Investors' Conference Call
Date:
Time:
Dial In #: (888) 330-2384
Conference ID: 8536096
Replay Dial In # (800) 770-2030 – Conference ID: 8536096
A webcast of the conference call along with the Third Quarter 2022 Earnings Summary and Revised Guidance Presentation will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.
About
MMLP, headquartered in
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 (including variants of the virus), 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
Use of Non-GAAP Financial Information
To assist the Partnership's management in assessing its business, it uses the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), adjusted EBITDA (as defined below) distributable cash flow available to common unitholders (“distributable cash flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("adjusted free cash flow"). The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance.
Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets.
EBITDA and Adjusted EBITDA. The Partnership defines adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by the Partnership's management and by external users of its financial statements, such as investors, commercial banks, research analysts, and others, to assess:
- the financial performance of the Partnership's assets without regard to financing methods, capital structure, or historical cost basis;
- the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness, and make cash distributions to its unitholders; and
- its operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure.
The GAAP measures most directly comparable to adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted EBITDA in the same manner.
Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because the Partnership has borrowed money to finance its operations, interest expense is a necessary element of its costs and its ability to generate cash available for distribution. Because the Partnership has capital assets, depreciation and amortization are also necessary elements of its costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, the Partnership believes that it is important to consider net income (loss) and net cash provided by (used in) operating activities as determined under GAAP, as well as adjusted EBITDA, to evaluate its overall performance.
Distributable Cash Flow. The Partnership defines distributable cash flow as net cash provided by (used in) operating activities less cash received (plus cash paid) for closed commodity derivative positions included in accumulated other comprehensive income (loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of its success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.
Adjusted Free Cash Flow. The Partnership defines adjusted free cash flow as distributable cash flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted free cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. The Partnership believes that adjusted free cash flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. The Partnership's calculation of adjusted free cash flow may or may not be comparable to similarly titled measures used by other entities.
The GAAP measure most directly comparable to distributable cash flow and adjusted free cash flow is net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow should not be considered alternatives to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Distributable cash flow and adjusted free cash flow have important limitations because they exclude some items that affect net income (loss), operating income (loss), and net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, the Partnership believes that it is important to consider net cash provided by (used in) operating activities determined under GAAP, as well as distributable cash flow and adjusted free cash flow, to evaluate its overall liquidity.
MMLP-F
CONSOLIDATED AND CONDENSED BALANCE SHEETS (Dollars in thousands)
|
|||||||
|
|
|
|
||||
|
(Unaudited) |
|
(Audited) |
||||
Assets |
|
|
|
||||
Cash |
$ |
45 |
|
|
$ |
52 |
|
Accounts and other receivables, less allowance for doubtful accounts of |
|
77,148 |
|
|
|
84,199 |
|
Inventories |
|
135,638 |
|
|
|
62,120 |
|
Due from affiliates |
|
2,393 |
|
|
|
14,409 |
|
Other current assets |
|
17,134 |
|
|
|
12,908 |
|
Total current assets |
|
232,358 |
|
|
|
173,688 |
|
|
|
|
|
||||
Property, plant and equipment, at cost |
|
904,159 |
|
|
|
898,770 |
|
Accumulated depreciation |
|
(578,277 |
) |
|
|
(553,300 |
) |
Property, plant and equipment, net |
|
325,882 |
|
|
|
345,470 |
|
|
|
|
|
||||
|
|
16,823 |
|
|
|
16,823 |
|
Right-of-use assets |
|
33,817 |
|
|
|
21,861 |
|
Deferred income taxes, net |
|
16,210 |
|
|
|
19,821 |
|
Other assets, net |
|
2,895 |
|
|
|
2,198 |
|
Total assets |
$ |
627,985 |
|
|
$ |
579,861 |
|
|
|
|
|
||||
Liabilities and Partners’ Capital (Deficit) |
|
|
|
||||
Current installments of long-term debt and finance lease obligations |
$ |
200,651 |
|
|
$ |
280 |
|
Trade and other accounts payable |
|
74,056 |
|
|
|
70,342 |
|
Product exchange payables |
|
711 |
|
|
|
1,406 |
|
Due to affiliates |
|
13,777 |
|
|
|
1,824 |
|
Income taxes payable |
|
613 |
|
|
|
385 |
|
Other accrued liabilities |
|
21,020 |
|
|
|
29,850 |
|
Total current liabilities |
|
310,828 |
|
|
|
104,087 |
|
|
|
|
|
||||
Long-term debt, net |
|
342,566 |
|
|
|
498,871 |
|
Finance lease obligations |
|
— |
|
|
|
9 |
|
Operating lease liabilities |
|
25,485 |
|
|
|
15,704 |
|
Other long-term obligations |
|
8,323 |
|
|
|
9,227 |
|
Total liabilities |
|
687,202 |
|
|
|
627,898 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
Partners’ capital (deficit) |
|
(59,217 |
) |
|
|
(48,853 |
) |
Accumulated other comprehensive income (loss) |
|
— |
|
|
|
816 |
|
Total partners’ capital (deficit) |
|
(59,217 |
) |
|
|
(48,037 |
) |
Total liabilities and partners' capital (deficit) |
$ |
627,985 |
|
|
$ |
579,861 |
|
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per unit amounts)
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Terminalling and storage * |
$ |
20,007 |
|
|
$ |
18,980 |
|
|
$ |
59,859 |
|
|
$ |
56,060 |
|
Transportation * |
|
58,993 |
|
|
|
39,079 |
|
|
|
161,535 |
|
|
|
103,820 |
|
Sulfur services |
|
3,085 |
|
|
|
2,950 |
|
|
|
9,253 |
|
|
|
8,849 |
|
Product sales: * |
|
|
|
|
|
|
|
||||||||
Natural gas liquids |
|
80,891 |
|
|
|
91,764 |
|
|
|
299,034 |
|
|
|
257,081 |
|
Sulfur services |
|
25,783 |
|
|
|
27,887 |
|
|
|
135,691 |
|
|
|
95,109 |
|
Terminalling and storage |
|
40,546 |
|
|
|
30,598 |
|
|
|
110,130 |
|
|
|
75,606 |
|
|
|
147,220 |
|
|
|
150,249 |
|
|
|
544,855 |
|
|
|
427,796 |
|
Total revenues |
|
229,305 |
|
|
|
211,258 |
|
|
|
775,502 |
|
|
|
596,525 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of products sold: (excluding depreciation and amortization) |
|
|
|
|
|
|
|
||||||||
Natural gas liquids * |
|
94,668 |
|
|
|
85,137 |
|
|
|
293,350 |
|
|
|
225,862 |
|
Sulfur services * |
|
25,230 |
|
|
|
20,266 |
|
|
|
100,078 |
|
|
|
65,657 |
|
Terminalling and storage * |
|
32,289 |
|
|
|
24,167 |
|
|
|
87,267 |
|
|
|
58,895 |
|
|
|
152,187 |
|
|
|
129,570 |
|
|
|
480,695 |
|
|
|
350,414 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating expenses * |
|
66,158 |
|
|
|
50,098 |
|
|
|
186,735 |
|
|
|
142,045 |
|
Selling, general and administrative * |
|
10,273 |
|
|
|
9,739 |
|
|
|
31,420 |
|
|
|
29,308 |
|
Depreciation and amortization |
|
13,721 |
|
|
|
13,945 |
|
|
|
43,007 |
|
|
|
42,862 |
|
Total costs and expenses |
|
242,339 |
|
|
|
203,352 |
|
|
|
741,857 |
|
|
|
564,629 |
|
|
|
|
|
|
|
|
|
||||||||
Other operating income (loss), net |
|
790 |
|
|
|
61 |
|
|
|
1,050 |
|
|
|
(610 |
) |
Gain on involuntary conversion of property, plant and equipment |
|
— |
|
|
|
186 |
|
|
|
— |
|
|
|
186 |
|
Operating income (loss) |
|
(12,244 |
) |
|
|
8,153 |
|
|
|
34,695 |
|
|
|
31,472 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(13,906 |
) |
|
|
(14,110 |
) |
|
|
(39,181 |
) |
|
|
(40,372 |
) |
Other, net |
|
(2 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
(1 |
) |
Total other expense |
|
(13,908 |
) |
|
|
(14,110 |
) |
|
|
(39,185 |
) |
|
|
(40,373 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss before taxes |
|
(26,152 |
) |
|
|
(5,957 |
) |
|
|
(4,490 |
) |
|
|
(8,901 |
) |
Income tax expense |
|
(1,891 |
) |
|
|
(954 |
) |
|
|
(5,469 |
) |
|
|
(2,111 |
) |
Net loss |
|
(28,043 |
) |
|
|
(6,911 |
) |
|
|
(9,959 |
) |
|
|
(11,012 |
) |
Less general partner's interest in net loss |
|
561 |
|
|
|
138 |
|
|
|
199 |
|
|
|
220 |
|
Less loss allocable to unvested restricted units |
|
90 |
|
|
|
20 |
|
|
|
39 |
|
|
|
30 |
|
Limited partners' interest in net loss |
$ |
(27,392 |
) |
|
$ |
(6,753 |
) |
|
$ |
(9,721 |
) |
|
$ |
(10,762 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per unit attributable to limited partners - basic |
$ |
(0.71 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.28 |
) |
Net loss per unit attributable to limited partners - diluted |
$ |
(0.71 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.28 |
) |
Weighted average limited partner units - basic |
|
38,726,388 |
|
|
|
38,687,874 |
|
|
|
38,725,933 |
|
|
|
38,689,434 |
|
Weighted average limited partner units - diluted |
|
38,726,388 |
|
|
|
38,687,874 |
|
|
|
38,725,933 |
|
|
|
38,689,434 |
|
*Related Party Transactions Shown Below |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per unit amounts)
|
|||||||||||||||
*Related Party Transactions Included Above |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues:* |
|
|
|
|
|
|
|
||||||||
Terminalling and storage |
$ |
16,065 |
|
$ |
15,866 |
|
$ |
49,685 |
|
$ |
46,741 |
||||
Transportation |
|
7,111 |
|
|
|
5,564 |
|
|
|
20,862 |
|
|
|
14,463 |
|
Product Sales |
|
61 |
|
|
|
68 |
|
|
|
477 |
|
|
|
253 |
|
Costs and expenses:* |
|
|
|
|
|
|
|
||||||||
Cost of products sold: (excluding depreciation and amortization) |
|
|
|
|
|
|
|
||||||||
Sulfur services |
|
2,616 |
|
|
|
2,441 |
|
|
|
7,884 |
|
|
|
7,379 |
|
Terminalling and storage |
|
10,202 |
|
|
|
7,259 |
|
|
|
30,062 |
|
|
|
18,863 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
23,856 |
|
|
|
20,088 |
|
|
|
68,682 |
|
|
|
58,046 |
|
Selling, general and administrative |
|
7,626 |
|
|
|
7,659 |
|
|
|
23,932 |
|
|
|
23,624 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Dollars in thousands)
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(28,043 |
) |
|
$ |
(6,911 |
) |
|
$ |
(9,959 |
) |
|
$ |
(11,012 |
) |
Changes in fair values of commodity cash flow hedges |
|
— |
|
|
|
(5,999 |
) |
|
|
— |
|
|
|
(5,999 |
) |
Commodity cash flow hedging (gains) reclassified to earnings |
|
(167 |
) |
|
|
— |
|
|
|
(816 |
) |
|
|
— |
|
Comprehensive loss |
$ |
(28,210 |
) |
|
$ |
(12,910 |
) |
|
$ |
(10,775 |
) |
|
$ |
(17,011 |
) |
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (DEFICIT) (Unaudited) (Dollars in thousands)
|
|||||||||||||||||||
|
Partners’ Capital (Deficit) |
|
|
||||||||||||||||
|
|
|
General
|
|
Accumulated
|
|
|
||||||||||||
|
Units |
|
Amount |
|
|
|
Total |
||||||||||||
Balances - |
|
38,851,174 |
|
|
$ |
(48,776 |
) |
|
$ |
1,905 |
|
|
$ |
— |
|
|
$ |
(46,871 |
) |
Net loss |
|
— |
|
|
|
(10,792 |
) |
|
|
(220 |
) |
|
|
— |
|
|
|
(11,012 |
) |
Issuance of restricted units |
42,168 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Forfeiture of restricted units |
|
(83,436 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
General partner contribution |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash distributions |
|
— |
|
|
|
(581 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
(593 |
) |
Unit-based compensation |
|
— |
|
|
|
336 |
|
|
|
— |
|
|
|
— |
|
|
|
336 |
|
Purchase of treasury units |
|
(7,156 |
) |
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
Gain recognized in AOCI on commodity cash flow hedges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,999 |
) |
|
|
(5,999 |
) |
Balances - |
|
38,802,750 |
|
|
$ |
(59,830 |
) |
|
$ |
1,673 |
|
|
$ |
(5,999 |
) |
|
$ |
(64,156 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Balances - |
|
38,802,750 |
|
|
$ |
(50,741 |
) |
|
$ |
1,888 |
|
|
$ |
816 |
|
|
$ |
(48,037 |
) |
Net loss |
|
— |
|
|
|
(9,760 |
) |
|
|
(199 |
) |
|
|
— |
|
|
|
(9,959 |
) |
Issuance of restricted units |
|
48,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash distributions |
|
— |
|
|
|
(583 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
(595 |
) |
Unit-based compensation |
|
— |
|
|
|
125 |
|
|
|
— |
|
|
|
— |
|
|
|
125 |
|
Gain reclassified from AOCI into income on commodity cash flow hedges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(816 |
) |
|
|
(816 |
) |
Excess purchase price over carrying value of acquired assets |
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
— |
|
|
|
65 |
|
Balances - |
|
38,850,750 |
|
|
$ |
(60,894 |
) |
|
$ |
1,677 |
|
|
$ |
— |
|
|
$ |
(59,217 |
) |
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)
|
|||||||
|
Nine Months Ended |
||||||
|
|
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(9,959 |
) |
|
$ |
(11,012 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
43,007 |
|
|
|
42,862 |
|
Amortization of deferred debt issuance costs |
|
2,356 |
|
|
|
2,585 |
|
Deferred income tax expense |
|
3,611 |
|
|
|
1,419 |
|
(Gain) loss on sale of property, plant and equipment, net |
|
(1,050 |
) |
|
|
610 |
|
Gain on involuntary conversion of property, plant and equipment |
|
— |
|
|
|
(186 |
) |
Derivative (income) loss |
|
(901 |
) |
|
|
1,825 |
|
Net cash paid for commodity derivatives |
|
85 |
|
|
|
(2,982 |
) |
Non cash unit-based compensation |
|
125 |
|
|
|
336 |
|
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: |
|
|
|
||||
Accounts and other receivables |
|
7,076 |
|
|
|
(22,924 |
) |
Inventories |
|
(73,518 |
) |
|
|
(44,353 |
) |
Due from affiliates |
|
12,016 |
|
|
|
4,674 |
|
Other current assets |
|
(4,824 |
) |
|
|
(1,912 |
) |
Trade and other accounts payable |
|
6,053 |
|
|
|
21,092 |
|
Product exchange payables |
|
(695 |
) |
|
|
1,014 |
|
Due to affiliates |
|
11,953 |
|
|
|
5,034 |
|
Income taxes payable |
|
228 |
|
|
|
(155 |
) |
Other accrued liabilities |
|
(13,435 |
) |
|
|
(10,536 |
) |
Change in other non-current assets and liabilities |
|
1,116 |
|
|
|
203 |
|
Net cash used in operating activities |
|
(16,756 |
) |
|
|
(12,406 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Payments for property, plant and equipment |
|
(21,019 |
) |
|
|
(11,449 |
) |
Payments for plant turnaround costs |
|
(4,262 |
) |
|
|
(2,679 |
) |
Proceeds from involuntary conversion of property, plant and equipment |
|
— |
|
|
|
274 |
|
Proceeds from sale of property, plant and equipment |
|
2,209 |
|
|
|
225 |
|
Net cash used in investing activities |
|
(23,072 |
) |
|
|
(13,629 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Payments of long-term debt |
|
(299,089 |
) |
|
|
(211,790 |
) |
Payments under finance lease obligations |
|
(180 |
) |
|
|
(2,648 |
) |
Proceeds from long-term debt |
|
341,000 |
|
|
|
243,500 |
|
Purchase of treasury units |
|
— |
|
|
|
(17 |
) |
Payment of debt issuance costs |
|
(30 |
) |
|
|
(592 |
) |
Excess purchase price over carrying value of acquired assets |
|
(1,285 |
) |
|
|
— |
|
Cash distributions paid |
|
(595 |
) |
|
|
(593 |
) |
Net cash provided by financing activities |
|
39,821 |
|
|
|
27,860 |
|
|
|
|
|
||||
Net increase (decrease) in cash |
|
(7 |
) |
|
|
1,825 |
|
Cash at beginning of period |
|
52 |
|
|
|
4,958 |
|
Cash at end of period |
$ |
45 |
|
|
$ |
6,783 |
|
Non-cash additions to property, plant and equipment |
$ |
2,240 |
|
|
$ |
749 |
|
SEGMENT OPERATING INCOME (Unaudited) (Dollars and volumes in thousands, except BBL per day)
|
||||||||||||||
Terminalling and Storage Segment
|
||||||||||||||
Comparative Results of Operations for the Three Months Ended
|
||||||||||||||
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands, except BBL per day) |
|
|
|||||||||||
Revenues: |
|
|
|
|
|
|
|
|||||||
Services |
$ |
21,578 |
|
$ |
20,628 |
|
$ |
950 |
|
|
5 |
% |
||
Products |
|
40,571 |
|
|
|
30,598 |
|
|
|
9,973 |
|
|
33 |
% |
Total revenues |
|
62,149 |
|
|
|
51,226 |
|
|
|
10,923 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|||||||
Cost of products sold |
|
32,998 |
|
|
|
24,618 |
|
|
|
8,380 |
|
|
34 |
% |
Operating expenses |
|
15,232 |
|
|
|
13,789 |
|
|
|
1,443 |
|
|
10 |
% |
Selling, general and administrative expenses |
|
1,596 |
|
|
|
1,528 |
|
|
|
68 |
|
|
4 |
% |
Depreciation and amortization |
|
6,747 |
|
|
|
7,049 |
|
|
|
(302 |
) |
|
(4 |
) % |
|
|
5,576 |
|
|
|
4,242 |
|
|
|
1,334 |
|
|
31 |
% |
Other operating income, net |
|
— |
|
|
|
11 |
|
|
|
(11 |
) |
|
(100 |
) % |
Gain on involuntary conversion of property, plant and equipment |
|
— |
|
|
|
186 |
|
|
|
(186 |
) |
|
(100 |
) % |
Operating income |
$ |
5,576 |
|
|
$ |
4,439 |
|
|
$ |
1,137 |
|
|
26 |
% |
|
|
|
|
|
|
|
|
|||||||
Shore-based throughput volumes (guaranteed minimum) (gallons) |
|
20,000 |
|
|
|
20,000 |
|
|
|
— |
|
|
— |
% |
Smackover refinery throughput volumes (guaranteed minimum BBL per day) |
|
6,500 |
|
|
|
6,500 |
|
|
|
— |
|
|
— |
% |
Comparative Results of Operations for the Nine Months Ended
|
||||||||||||||
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands, except BBL per day) |
|
|
|||||||||||
Revenues: |
|
|
|
|
|
|
|
|||||||
Services |
$ |
64,724 |
|
|
$ |
60,945 |
|
$ |
3,779 |
|
|
6 |
% |
|
Products |
|
110,218 |
|
|
|
75,639 |
|
|
|
34,579 |
|
|
46 |
% |
Total revenues |
|
174,942 |
|
|
|
136,584 |
|
|
|
38,358 |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|||||||
Cost of products sold |
|
89,150 |
|
|
|
60,318 |
|
|
|
28,832 |
|
|
48 |
% |
Operating expenses |
|
44,069 |
|
|
|
39,246 |
|
|
|
4,823 |
|
|
12 |
% |
Selling, general and administrative expenses |
|
4,961 |
|
|
|
4,495 |
|
|
|
466 |
|
|
10 |
% |
Depreciation and amortization |
|
22,084 |
|
|
|
21,150 |
|
|
|
934 |
|
|
4 |
% |
|
|
14,678 |
|
|
|
11,375 |
|
|
|
3,303 |
|
|
29 |
% |
Other operating income (loss), net |
|
(35 |
) |
|
|
6 |
|
|
|
(41 |
) |
|
(683 |
) % |
Gain on involuntary conversion of property, plant and equipment |
|
— |
|
|
|
186 |
|
|
|
(186 |
) |
|
(100 |
) % |
Operating income |
$ |
14,643 |
|
|
$ |
11,567 |
|
|
$ |
3,076 |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|||||||
Shore-based throughput volumes (guaranteed minimum) (gallons) |
|
60,000 |
|
|
|
60,000 |
|
|
|
— |
|
|
— |
% |
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) |
|
6,500 |
|
|
|
6,500 |
|
|
|
— |
|
|
— |
% |
Transportation Segment
|
||||||||||||||
Comparative Results of Operations for the Three Months Ended
|
||||||||||||||
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Revenues |
$ |
63,514 |
|
$ |
42,568 |
|
$ |
20,946 |
|
|
49 |
% |
||
Operating expenses |
|
46,499 |
|
|
|
33,053 |
|
|
|
13,446 |
|
|
41 |
% |
Selling, general and administrative expenses |
|
1,962 |
|
|
|
1,920 |
|
|
|
42 |
|
|
2 |
% |
Depreciation and amortization |
|
3,598 |
|
|
|
3,710 |
|
|
|
(112 |
) |
|
(3 |
) % |
|
|
11,455 |
|
|
|
3,885 |
|
|
|
7,570 |
|
|
195 |
% |
Other operating income, net |
|
618 |
|
|
|
42 |
|
|
|
576 |
|
|
1,371 |
% |
Operating income |
$ |
12,073 |
|
|
$ |
3,927 |
|
|
$ |
8,146 |
|
|
207 |
% |
Comparative Results of Operations for the Nine Months Ended
|
||||||||||||||
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Revenues |
$ |
176,313 |
|
$ |
114,886 |
|
$ |
61,427 |
|
|
53 |
% |
||
Operating expenses |
|
130,229 |
|
|
|
94,042 |
|
|
|
36,187 |
|
|
38 |
% |
Selling, general and administrative expenses |
|
5,920 |
|
|
|
5,578 |
|
|
|
342 |
|
|
6 |
% |
Depreciation and amortization |
|
10,761 |
|
|
|
12,039 |
|
|
|
(1,278 |
) |
|
(11 |
) % |
|
$ |
29,403 |
|
|
$ |
3,227 |
|
|
$ |
26,176 |
|
|
811 |
% |
Other operating income, net |
|
901 |
|
|
|
59 |
|
|
|
842 |
|
|
1,427 |
% |
Operating income |
$ |
30,304 |
|
|
$ |
3,286 |
|
|
$ |
27,018 |
|
|
822 |
% |
Sulfur Services Segment
|
||||||||||||||
Comparative Results of Operations for the Three Months Ended
|
||||||||||||||
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Revenues: |
|
|
|
|
|
|
|
|||||||
Services |
$ |
3,085 |
|
|
$ |
2,950 |
|
$ |
135 |
|
|
5 |
% |
|
Products |
|
25,783 |
|
|
|
27,887 |
|
|
|
(2,104 |
) |
|
(8 |
) % |
Total revenues |
|
28,868 |
|
|
|
30,837 |
|
|
|
(1,969 |
) |
|
(6 |
) % |
|
|
|
|
|
|
|
|
|||||||
Cost of products sold |
|
27,201 |
|
|
|
21,799 |
|
|
|
5,402 |
|
|
25 |
% |
Operating expenses |
|
3,978 |
|
|
|
2,849 |
|
|
|
1,129 |
|
|
40 |
% |
Selling, general and administrative expenses |
|
1,509 |
|
|
|
1,321 |
|
|
|
188 |
|
|
14 |
% |
Depreciation and amortization |
|
2,786 |
|
|
|
2,594 |
|
|
|
192 |
|
|
7 |
% |
|
|
(6,606 |
) |
|
|
2,274 |
|
|
|
(8,880 |
) |
|
(391 |
) % |
Other operating income, net |
|
(70 |
) |
|
|
8 |
|
|
|
(78 |
) |
|
(975 |
) % |
Operating income |
$ |
(6,676 |
) |
|
$ |
2,282 |
|
|
$ |
(8,958 |
) |
|
(393 |
) % |
|
|
|
|
|
|
|
|
|||||||
Sulfur (long tons) |
|
95 |
|
|
|
145 |
|
|
|
(50 |
) |
|
(34 |
) % |
Fertilizer (long tons) |
|
24 |
|
|
|
57 |
|
|
|
(33 |
) |
|
(58 |
) % |
Total sulfur services volumes (long tons) |
|
119 |
|
|
|
202 |
|
|
|
(83 |
) |
|
(41 |
) % |
Comparative Results of Operations for the Nine Months Ended
|
||||||||||||||
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Revenues: |
|
|
|
|
|
|
|
|||||||
Services |
$ |
9,253 |
|
|
$ |
8,849 |
|
$ |
404 |
|
|
5 |
% |
|
Products |
|
135,691 |
|
|
|
95,109 |
|
|
|
40,582 |
|
|
43 |
% |
Total revenues |
|
144,944 |
|
|
|
103,958 |
|
|
|
40,986 |
|
|
39 |
% |
|
|
|
|
|
|
|
|
|||||||
Cost of products sold |
|
105,640 |
|
|
|
69,619 |
|
|
|
36,021 |
|
|
52 |
% |
Operating expenses |
|
11,233 |
|
|
|
7,662 |
|
|
|
3,571 |
|
|
47 |
% |
Selling, general and administrative expenses |
|
4,550 |
|
|
|
3,777 |
|
|
|
773 |
|
|
20 |
% |
Depreciation and amortization |
|
8,377 |
|
|
|
7,882 |
|
|
|
495 |
|
|
6 |
% |
|
|
15,144 |
|
|
|
15,018 |
|
|
|
126 |
|
|
1 |
% |
Other operating income (loss), net |
|
(34 |
) |
|
|
14 |
|
|
|
(48 |
) |
|
(343 |
) % |
Operating income |
$ |
15,110 |
|
|
$ |
15,032 |
|
|
$ |
78 |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|||||||
Sulfur (long tons) |
|
327 |
|
|
|
364 |
|
|
|
(37 |
) |
|
(10 |
) % |
Fertilizer (long tons) |
|
170 |
|
|
|
236 |
|
|
|
(66 |
) |
|
(28 |
) % |
Total sulfur services volumes (long tons) |
|
497 |
|
|
|
600 |
|
|
|
(103 |
) |
|
(17 |
) % |
Natural Gas Liquids Segment
|
||||||||||||||
Comparative Results of Operations for the Three Months Ended
|
||||||||||||||
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Products revenues |
$ |
80,891 |
|
|
$ |
91,764 |
|
$ |
(10,873 |
) |
|
(12 |
) % |
|
Cost of products sold |
|
97,322 |
|
|
|
87,551 |
|
|
|
9,771 |
|
|
11 |
% |
Operating expenses |
|
1,210 |
|
|
|
1,088 |
|
|
|
122 |
|
|
11 |
% |
Selling, general and administrative expenses |
|
968 |
|
|
|
954 |
|
|
|
14 |
|
|
1 |
% |
Depreciation and amortization |
|
590 |
|
|
|
592 |
|
|
|
(2 |
) |
|
— |
% |
|
|
(19,199 |
) |
|
|
1,579 |
|
|
|
(20,778 |
) |
|
(1,316 |
) % |
Other operating income, net |
|
242 |
|
|
|
— |
|
|
|
242 |
|
|
|
|
Operating income (loss) |
$ |
(18,957 |
) |
|
$ |
1,579 |
|
|
$ |
(20,536 |
) |
|
(1,301 |
) % |
|
|
|
|
|
|
|
|
|||||||
NGL sales volumes (Bbls) |
|
1,180 |
|
|
|
1,435 |
|
|
|
(255 |
) |
|
(18 |
) % |
Comparative Results of Operations for the Nine Months Ended
|
||||||||||||||
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|||
|
(In thousands) |
|
|
|||||||||||
Products revenues |
$ |
299,037 |
|
|
$ |
257,081 |
|
|
$ |
41,956 |
|
|
16 |
% |
Cost of products sold |
|
303,376 |
|
|
|
234,239 |
|
|
|
69,137 |
|
|
30 |
% |
Operating expenses |
|
3,397 |
|
|
|
3,144 |
|
|
|
253 |
|
|
8 |
% |
Selling, general and administrative expenses |
|
3,287 |
|
|
|
3,858 |
|
|
|
(571 |
) |
|
(15 |
) % |
Depreciation and amortization |
|
1,785 |
|
|
|
1,791 |
|
|
|
(6 |
) |
|
— |
% |
|
|
(12,808 |
) |
|
|
14,049 |
|
|
|
(26,857 |
) |
|
(191 |
) % |
Other operating income (loss), net |
|
218 |
|
|
|
(689 |
) |
|
|
907 |
|
|
132 |
% |
Operating income (loss) |
$ |
(12,590 |
) |
|
$ |
13,360 |
|
|
$ |
(25,950 |
) |
|
(194 |
) % |
|
|
|
|
|
|
|
|
|||||||
NGL sales volumes (Bbls) |
|
3,930 |
|
|
|
4,839 |
|
|
|
(909 |
) |
|
(19 |
) % |
Unallocated Selling, General and Administrative Expenses
|
|||||||||||||||||||||||||||||
Comparative Results of Operations for the Three and Nine Months Ended
|
|||||||||||||||||||||||||||||
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
|
|
2022 |
|
|
|
2021 |
|
|
Variance |
|
Percent
|
||||||
|
(In thousands) |
|
|
|
(In thousands) |
|
|
||||||||||||||||||||||
Indirect selling, general and administrative expenses |
$ |
4,260 |
|
$ |
4,074 |
|
$ |
186 |
|
5 |
% |
|
$ |
12,772 |
|
$ |
11,773 |
|
$ |
999 |
|
8 |
% |
||||||
Non-GAAP Financial Measures
The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and nine months ended
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Net loss |
$ |
(28,043 |
) |
|
$ |
(6,911 |
) |
|
$ |
(9,959 |
) |
|
$ |
(11,012 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
13,906 |
|
|
|
14,110 |
|
|
|
39,181 |
|
|
|
40,372 |
|
Income tax expense |
|
1,891 |
|
|
|
954 |
|
|
|
5,469 |
|
|
|
2,111 |
|
Depreciation and amortization |
|
13,721 |
|
|
|
13,945 |
|
|
|
43,007 |
|
|
|
42,862 |
|
EBITDA |
|
1,475 |
|
|
|
22,098 |
|
|
|
77,698 |
|
|
|
74,333 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
(Gain) loss on disposition of property, plant and equipment |
|
(790 |
) |
|
|
(61 |
) |
|
|
(1,050 |
) |
|
|
610 |
|
Gain on involuntary conversion of property, plant and equipment |
|
— |
|
|
|
(186 |
) |
|
|
— |
|
|
|
(186 |
) |
Unrealized mark-to-market on commodity derivatives |
|
— |
|
|
|
(412 |
) |
|
|
— |
|
|
|
(207 |
) |
Lower of cost or market and other non-cash adjustments |
|
18,084 |
|
|
|
— |
|
|
|
20,326 |
|
|
|
— |
|
Unit-based compensation |
|
46 |
|
|
|
48 |
|
|
|
125 |
|
|
|
336 |
|
Adjusted EBITDA |
$ |
18,815 |
|
|
$ |
21,487 |
|
|
$ |
97,099 |
|
|
$ |
74,886 |
|
Reconciliation of
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Net cash provided by operating activities |
$ |
(45,207 |
) |
|
$ |
(18,491 |
) |
|
$ |
(16,756 |
) |
|
$ |
(12,406 |
) |
Interest expense 1 |
|
13,118 |
|
|
|
13,046 |
|
|
|
36,825 |
|
|
|
37,787 |
|
Current income tax expense |
|
584 |
|
|
|
293 |
|
|
|
1,858 |
|
|
|
692 |
|
Lower of cost or market and other non-cash adjustments |
|
18,084 |
|
|
|
— |
|
|
|
20,326 |
|
|
|
— |
|
Commodity cash flow hedging gains reclassified to earnings |
|
167 |
|
|
|
— |
|
|
|
901 |
|
|
|
— |
|
Net cash paid for closed commodity derivative positions included in AOCI |
|
— |
|
|
|
950 |
|
|
|
(85 |
) |
|
|
950 |
|
Changes in operating assets and liabilities which (provided) used cash: |
|
|
|
|
|
|
|
||||||||
Accounts and other receivables, inventories, and other current assets |
|
(5,651 |
) |
|
|
40,263 |
|
|
|
59,250 |
|
|
|
64,515 |
|
Trade, accounts and other payables, and other current liabilities |
|
38,691 |
|
|
|
(14,584 |
) |
|
|
(4,104 |
) |
|
|
(16,449 |
) |
Other |
|
(971 |
) |
|
|
10 |
|
|
|
(1,116 |
) |
|
|
(203 |
) |
Adjusted EBITDA |
|
18,815 |
|
|
|
21,487 |
|
|
|
97,099 |
|
|
|
74,886 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(13,906 |
) |
|
|
(14,110 |
) |
|
|
(39,181 |
) |
|
|
(40,372 |
) |
Income tax expense |
|
(1,891 |
) |
|
|
(954 |
) |
|
|
(5,469 |
) |
|
|
(2,111 |
) |
Deferred income taxes |
|
1,307 |
|
|
|
661 |
|
|
|
3,611 |
|
|
|
1,419 |
|
Amortization of deferred debt issuance costs |
|
788 |
|
|
|
1,064 |
|
|
|
2,356 |
|
|
|
2,585 |
|
Payments for plant turnaround costs |
|
(2,662 |
) |
|
|
(985 |
) |
|
|
(4,262 |
) |
|
|
(2,679 |
) |
Maintenance capital expenditures |
|
(5,994 |
) |
|
|
(1,945 |
) |
|
|
(14,548 |
) |
|
|
(8,386 |
) |
Distributable Cash Flow |
|
(3,543 |
) |
|
|
5,218 |
|
|
|
39,606 |
|
|
|
25,342 |
|
Principal payments under finance lease obligations |
|
(61 |
) |
|
|
(753 |
) |
|
|
(180 |
) |
|
|
(3,344 |
) |
Expansion capital expenditures |
|
(926 |
) |
|
|
(671 |
) |
|
|
(5,482 |
) |
|
|
(2,648 |
) |
Adjusted Free Cash Flow |
$ |
(4,530 |
) |
|
$ |
3,794 |
|
|
$ |
33,944 |
|
|
$ |
19,350 |
|
1 Net of amortization of debt issuance costs and discount, which are included in interest expense but not included in net cash provided by operating activities. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005743/en/
(877) 256-6644
investor.relations@mmlp.com
Source:
FAQ
What were Martin Midstream Partners' Q3 2022 earnings results?
How has MMLP revised its financial guidance for 2022?
What factors contributed to MMLP's net loss in Q3 2022?
What are the key performance metrics for MMLP's segments in Q3 2022?
