MARTIN MIDSTREAM PARTNERS L.P.MMLP
MARTIN MIDSTREAM PARTNERS L.P. Revenue Disclosure
REVENUE
The following table disaggregates our revenue by major source:
| 2024 | 2023 | 2022 | |||||||||||||||
| Terminalling and storage segment | |||||||||||||||||
| Throughput and storage | $ | 89,067 | $ | 86,514 | $ | 80,193 | |||||||||||
| $ | 89,067 | $ | 86,514 | $ | 80,193 | ||||||||||||
| Transportation segment | |||||||||||||||||
| Land transportation | $ | 165,353 | $ | 166,717 | $ | 166,631 | |||||||||||
| Inland transportation | 51,826 | 50,890 | 45,050 | ||||||||||||||
| Offshore transportation | 6,755 | 6,070 | 7,327 | ||||||||||||||
| $ | 223,934 | $ | 223,677 | $ | 219,008 | ||||||||||||
| Sulfur service segment | |||||||||||||||||
| Sulfur product sales | $ | 31,347 | $ | 30,170 | $ | 42,247 | |||||||||||
| Fertilizer product sales | 83,852 | 97,395 | 124,580 | ||||||||||||||
| Sulfur services | 14,572 | 13,430 | 12,337 | ||||||||||||||
| $ | 129,771 | $ | 140,995 | $ | 179,164 | ||||||||||||
| Specialty products segment | |||||||||||||||||
| Natural gas liquids product sales | $ | 144,238 | $ | 214,713 | $ | 398,422 | |||||||||||
| Lubricant product sales | 120,612 | 132,064 | 142,091 | ||||||||||||||
| $ | 264,850 | $ | 346,777 | $ | 540,513 | ||||||||||||
| Total revenues | $ | 707,622 | $ | 797,963 | $ | 1,018,878 | |||||||||||
Revenue is measured based on a consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties where the Partnership is acting as an agent. The Partnership recognizes revenue when the Partnership satisfies a performance obligation, which typically occurs when the Partnership transfers control over a product to a customer or as the Partnership delivers a service.
The following is a description of the principal activities - separated by reportable segments - from which the Partnership generates revenue.
Terminalling and Storage Segment
Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For storage and throughput contracts at the Partnership's underground NGL storage facility, revenue is recognized based on the volume stored and moved through the facility at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. Throughput and storage revenue in the table above includes non-cancelable revenue arrangements that are under the scope of ASC 842, whereby the Partnership has committed certain Terminalling and Storage assets in exchange for a minimum fee.
Transportation Segment
Revenue related to land transportation is recognized for line hauls based on a mileage rate. For contracted trips, revenue is recognized upon completion of the particular trip. The performance of the service is invoiced as the transaction occurs and is generally paid within a month.
Revenue related to marine transportation is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. The performance of the service is invoiced as the transaction occurs and is generally paid within a month.
Sulfur Services Segment
Revenue from sulfur and fertilizer product sales is recognized when the customer takes title to the product. Delivery of product is invoiced as the transaction occurs and is generally paid within a month. Revenue from sulfur services is recognized as services are performed during each monthly period. The performance of the service is invoiced as the transaction occurs and is generally paid within a month.
Specialty Products Segment
NGL revenue is recognized when title is transferred, which is generally when the product is delivered by truck, rail, or pipeline to the Partnership's NGL customers or when the customer picks up the product from our facilities. When lubricants are sold by truck or rail, revenue is recognized when title is transferred, which is generally when the product leaves the Partnership's facility, but can vary based on the specific terms of the contract. Delivery of product is invoiced as the transaction occurs and is generally paid within a month.
The table below includes estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. The Partnership applies the practical expedient in ASC 606-10-50-14(a) and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
| 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| Terminalling and Storage | |||||||||||||||||||||||||||||||||||||||||
| Throughput and storage | $ | 44,774 | $ | 46,117 | $ | 47,500 | $ | 48,990 | $ | 50,393 | $ | 105,367 | $ | 343,141 | |||||||||||||||||||||||||||
| Specialty Products | |||||||||||||||||||||||||||||||||||||||||
| Natural Gas Liquids | 6,657 | 3,867 | — | — | — | — | 10,524 | ||||||||||||||||||||||||||||||||||
| Sulfur Services | |||||||||||||||||||||||||||||||||||||||||
| Product sales | 14,237 | 14,237 | 14,237 | — | — | — | 42,711 | ||||||||||||||||||||||||||||||||||
| Service revenues | 11,234 | 10,259 | 4,038 | 3,540 | 3,540 | 34,515 | 67,126 | ||||||||||||||||||||||||||||||||||
| Total | $ | 76,902 | $ | 74,480 | $ | 65,775 | $ | 52,530 | $ | 53,933 | $ | 139,882 | $ | 463,502 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 24, 2025 | Showing above |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 3, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.