MARTIN MIDSTREAM PARTNERS L.P.

Listed Company

MMLPCIK 0001176334NasdaqAcceleratedWholesale-Petroleum Bulk Stations & TerminalsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$716.11M

Net Income

$-14.74M

Total Assets

$522.42M

Equity

—

Shares Out

39.12M

Op. Cash Flow

$46.13M

Business

MARTIN MIDSTREAM PARTNERS L.P. operates midstream energy assets and provides integrated logistics and processing services for petroleum products, sulfur and natural gas liquids. The company offers terminalling, processing and storage services; land and marine transportation; sulfur processing and fertilizer manufacturing; and NGL marketing plus blending, packaging and specialty lubricants and grease production. Its key business segments include Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products (including NGLs and lubricants). Services and products are distributed primarily across the U.S. Gulf Coast and southeastern U.S. via marine terminals, inland waterways, rail and truck networks.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	716	708	798	1,019	882
Cost of products sold	319	297	390	623	533
Operating expenses	258	256	252	252	194
Selling, general and administrative	42	49	41	42	41
Depreciation and amortization	50	51	50	56	57
Total costs and expenses	669	652	733	973	825
Other operating income (loss), net	2	2	1	6	−534,000
Operating income	49	57	67	51	57
Interest expense, net	−58	−58	−60	−54	—
Equity in loss of DSM Semichem LLC	−1	−624,000	0	0	—
Loss on extinguishment of debt	0	0	−5	0	0
Other, net	33,000	25,000	56,000	−5,000	−4,000
Total other income (expense)	−59	−58	−65	−54	−54
Net income (loss) before taxes	−10	−1	1	−2	3
Income tax expense	−5	−4	−6	−8	−3
Net loss	−15	−5	−5	−10	−211,000
Less general partner's interest in net loss	295,000	104,000	91,000	207,000	4,000
Less loss allocable to unvested restricted units	61,000	25,000	14,000	40,000	0
Limited partners' interest in net loss	−14	−5	−4	−10	−207,000
Net loss per unit attributable to limited partners - basic (in dollars per share)	−0.37	−0.13	−0.11	−0.26	−0.01
Net loss per unit attributable to limited partners - diluted (in dollars per share)	−0.37	−0.13	−0.11	−0.26	−0.01
Weighted average limited partner units - basic (in shares)	39	39	39	39	39
Weighted average limited partner units - diluted (in shares)	39	39	39	39	39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	49,000	55,000	54,000	45,000	52,000
Trade and accrued accounts receivable, less allowance for doubtful accounts of $310 and $940, respectively	58	54	53	80	84
Inventories	50	52	44	110	62
Due from affiliates	9	14	8	8	—
Other current assets	12	11	9	14	13
Total current assets	130	130	114	211	174
Property, plant and equipment, at cost	971	954	919	904	899
Accumulated depreciation	−682	−649	−613	−584	−553
Property, plant and equipment, net	289	305	306	319	345
Goodwill	17	17	17	17	17
Right-of-use assets	70	67	60	35	22
Investment in DSM Semichem LLC	6	7	0	—	—
Deferred income taxes, net	9	10	10	14	20
Intangibles and other assets, net	1	2	2	2	2
Total assets	522	539	509	599	580
Current portion of long term debt and finance lease obligations	15,000	14,000	0	—	—
Trade and other accounts payable	58	62	52	68	70
Product exchange payables	169,000	798,000	426,000	32,000	1
Due to affiliates	13	5	6	9	—
Income taxes payable	2	1	652,000	665,000	385,000
Other accrued liabilities	51	47	41	33	30
Total current liabilities	124	116	101	111	104
Long-term debt, net	428	438	421	513	499
Finance lease obligations	39,000	55,000	0	0	9,000
Operating lease liabilities	48	48	46	26	16
Other long-term obligations	8	8	7	8	9
Total liabilities	608	609	574	658	628
Commitments and contingencies	—	—	—	—	—
Partners capital (deficit)	−86	−70	−65	−59	−49
Total partners capital (deficit)	−86	−70	−65	−59	−48
Total liabilities and partners' capital	522	539	509	599	580

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization and write-off of deferred debt issue costs	3	3	4	3	3
Amortization of discount on notes payable	2	2	2	0	0
Deferred income tax expense	920,000	254,000	4	6	2
Gain on disposition or sale of property, plant, and equipment	−2	−2	−1	−6	534,000
Unit-based compensation	186,000	187,000	163,000	161,000	384,000
Accounts and other receivables	−5	−276,000	26	5	−31
Inventories	1	−8	66	−48	−8
Due from affiliates	5	−6	86,000	6	398,000
Other current assets	−3	88,000	5	−1	−4
Trade and other accounts payable	−3	10	−18	486,000	14
Product exchange payables	−629,000	372,000	394,000	−1	1
Due to affiliates	8	−1	−3	7	1
Income taxes payable	297,000	631,000	−13,000	280,000	−171,000
Other accrued liabilities	2	600,000	3	−2	−2
Change in other non-current assets and liabilities	−138,000	1	−2	1	649,000
Net cash provided by operating activities	46	48	137	16	36
Payments for property, plant, and equipment	−25	−42	−34	−27	−16
Payments for plant turnaround costs	−7	−11	−5	−5	−4
Investment in DSM Semichem LLC	0	−7	0	0	—
Proceeds from sale of property, plant, and equipment	2	1	5	8	643,000
Net cash used in investing activities	−30	−59	−34	−25	−19
Payments of long-term debt	−236	−245	−632	−394	−334
Payments under finance lease obligations	−14,000	−9,000	−9,000	−279,000	−3
Proceeds from long-term debt	221	256	543	405	317
Payments of debt issuance costs	−808,000	−23,000	−14	−64,000	−592,000
Cash distributions paid	−797,000	−795,000	−793,000	−793,000	−791,000
Net cash provided by (used in) financing activities	−16	10	−104	8	−21
Net increase (decrease) in cash	−6,000	1,000	9,000	−7,000	−5

Filings

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