Martin Midstream Partners L.P. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Martin Midstream Partners L.P. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

MARTIN MIDSTREAM PARTNERS L.P. (MMLP) filed a Annual Report (10-K) with the SEC on February 21, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company name: MARTIN MIDSTREAM PARTNERS L.P. Central Index Key: 0001176334. Standard Industrial Classification: WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]. Incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking MARTIN MIDSTREAM PARTNERS L.P., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational activities for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — MARTIN MIDSTREAM PARTNERS L.P. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, including financial statements and risk factors, necessitating a medium-risk assessment for detailed analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240221 — Filing Date (Date of submission)
• 000-50056 — SEC File Number (SEC registration number)

Key Players & Entities

• MARTIN MIDSTREAM PARTNERS L.P. (company) — Filer name
• 0001176334 (company) — Central Index Key
• 5171 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 20231231 (date) — Fiscal year end
• 20240221 (date) — Filing date
• KILGORE (company) — Business address city
• TX (company) — Business address state

FAQ

Industry Context

Martin Midstream Partners L.P. operates in the wholesale petroleum bulk stations and terminals industry.

Regulatory Implications

The filing is a standard Form 10-K, adhering to SEC regulations for annual financial reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the business description for operational segments and strategies.
3. Examine risk factors for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data.

Key Financial Figures

• $25.5 million — by DSM. We expect to fund approximately $25.5 million in aggregate capital expenditures in co
• $8.6 million — 31, 2023, we have funded approximately $8.6 million toward ELSA-related project costs. Ex
• $400.0 million — ruary 8, 2023, we completed the sale of $400.0 million in aggregate principal amount of our 20
• $275.0 million — reduce the commitments thereunder from $275.0 million to $200.0 million (with further schedul
• $200.0 million — ments thereunder from $275.0 million to $200.0 million (with further scheduled reductions to $
• $175.0 million — n (with further scheduled reductions to $175.0 million on June 30, 2023 and $150.0 million on
• $150.0 million — to $175.0 million on June 30, 2023 and $150.0 million on June 30, 2024) and extend the schedu
• $0.005 — clared a quarterly cash distribution of $0.005 per common unit for the fourth quarter
• $0.02 — unit for the fourth quarter of 2023, or $0.02 per common unit on an annualized basis,

Filing Documents

• mmlp-20231231.htm (10-K) — 2650KB
• exhibit1015terminallingser.htm (EX-10.15) — 19KB
• exhibit211-subsidiariesx20.htm (EX-21.1) — 11KB
• exhibit231-2023consentofkp.htm (EX-23.1) — 2KB
• exhibit31_1202310-k.htm (EX-31.1) — 12KB
• exhibit31_2202310-k.htm (EX-31.2) — 12KB
• exhibit32_1202310-k.htm (EX-32.1) — 7KB
• exhibit32_2202310-k.htm (EX-32.2) — 7KB
• exhibit97-policyforerroneo.htm (EX-97) — 40KB
• 0001176334-24-000040.txt (&nbsp;) — 11577KB
• mmlp-20231231.xsd (EX-101.SCH) — 71KB
• mmlp-20231231_cal.xml (EX-101.CAL) — 103KB
• mmlp-20231231_def.xml (EX-101.DEF) — 367KB
• mmlp-20231231_lab.xml (EX-101.LAB) — 895KB
• mmlp-20231231_pre.xml (EX-101.PRE) — 636KB
• mmlp-20231231_htm.xml (XML) — 1773KB

Risk Factors 19

Item 1A. Risk Factors 19

Unresolved Staff Comments 43

Item 1B. Unresolved Staff Comments 43

Cybersecurity 43

Item 1C. Cybersecurity 43

Properties 44

Item 2. Properties 44

Legal Proceedings 44

Item 3. Legal Proceedings 44

Mine Safety Disclosures 45

Item 4. Mine Safety Disclosures 45

Market for Our Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Our Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 46

[Reserved] 46

Item 6. [Reserved] 46

Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures about Market Risk 64

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 64

Financial Statements and Supplementary Data 65

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104

Controls and Procedures 104

Item 9A. Controls and Procedures 104

Other Information 105

Item 9B. Other Information 105

Directors, Executive Officers and Corporate Governance 106

Item 10. Directors, Executive Officers and Corporate Governance 106

Executive Compensation 110

Item 11. Executive Compensation 110

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions, and Director Independence 123

Item 13. Certain Relationships and Related Transactions, and Director Independence 123 Item 14 . Principal Accounting Fees and Services 128

Exhibits, Financial Statement Schedules 129

Item 15. Exhibits, Financial Statement Schedules 129

Form 10-K Summary 132

Item 16. Form 10-K Summary 132 i PART I

Business

Item 1. Business References in this annual report to "we," "ours," "us" or like terms when used in a historical context refer to the assets and operations of Martin Resource Management Corporation's business contributed to us in connection with our initial public offering on November 6, 2002. References in this annual report to "Martin Resource Management Corporation" refer to Martin Resource Management Corporation and its subsidiaries, unless the context otherwise requires. References in this annual report to the "Partnership" refer to Martin Midstream Partners L.P. and its subsidiaries, unless the content otherwise requires. You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this annual report. For more detailed information regarding the basis for presentation for the following information, you should read the notes to the consolidated financial statements included elsewhere in this annual report.

Forward-Looking Statements

Forward-Looking Statements This annual report on Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements included in this annual report that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), are forward-looking statements. These statements can be identified by the use of forward-looking terminology including "forecast," "may," "believe," "will," "expect," "anticipate," "estimate," "continue" or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other "forward-looking" information. We and our representatives may from time to time make other oral or written statements that are also forward-looking statements. These forward-looking statements are made based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons, including those discussed below in "Item 1A. Risk Factors - Risks Related to our Business." Overview We are a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States ("U.S."). Our four primary business lines include: Terminalling, processing, and s

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