Martin Midstream Partners L.P. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Martin Midstream Partners L.P. has submitted its Q1 2024 10-Q filing, detailing operations in petroleum bulk stations and terminals.</b>

AI Summary

MARTIN MIDSTREAM PARTNERS L.P. (MMLP) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Martin Midstream Partners L.P. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is wholesale petroleum bulk stations and terminals. The filing includes data for various segments such as Terminalling & Storage, Transportation, Sulfur Service Products, and Specialty Products. The report was filed on April 23, 2024.

Why It Matters

For investors and stakeholders tracking MARTIN MIDSTREAM PARTNERS L.P., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial and operational performance data for Martin Midstream Partners L.P. for the first quarter of 2024. Understanding the performance across different segments like terminalling, transportation, and specialty products is crucial for assessing the company's current business health and future prospects.

Risk Assessment

Risk Level: medium — MARTIN MIDSTREAM PARTNERS L.P. shows moderate risk based on this filing. The company operates in the wholesale petroleum bulk stations and terminals industry, which can be subject to price volatility and regulatory changes, impacting financial performance.

Analyst Insight

Review the detailed segment performance in the 10-Q to understand revenue drivers and potential risks for Martin Midstream Partners L.P.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-23 — Filing Date (Filed as of date)
• 000-50056 — SEC File Number (SEC file number for the company)

Key Players & Entities

• MARTIN MIDSTREAM PARTNERS L.P. (company) — Filer name
• MMLP (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-23 (date) — Filed as of date
• KILGORE, TX (location) — Business address city and state
• 5171 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's operations are subject to fluctuations in commodity prices and demand for petroleum products, which can impact revenue and profitability.
• Regulatory Environment [medium — regulatory]: Operations are subject to various federal, state, and local environmental, health, and safety regulations, which may require significant compliance costs.
• Operational Risks [medium — operational]: The company relies on its infrastructure and logistics, and any disruptions due to accidents, natural disasters, or equipment failures could adversely affect operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q report was officially filed with the SEC.

Filing Documents

• mmlp-20240331.htm (10-Q) — 1267KB
• exhibit31_1q12024.htm (EX-31.1) — 12KB
• exhibit31_2q12024.htm (EX-31.2) — 12KB
• exhibit32_1q12024.htm (EX-32.1) — 7KB
• exhibit32_2q12024.htm (EX-32.2) — 7KB
• 0001176334-24-000068.txt (&nbsp;) — 7109KB
• mmlp-20240331.xsd (EX-101.SCH) — 54KB
• mmlp-20240331_cal.xml (EX-101.CAL) — 69KB
• mmlp-20240331_def.xml (EX-101.DEF) — 275KB
• mmlp-20240331_lab.xml (EX-101.LAB) — 597KB
• mmlp-20240331_pre.xml (EX-101.PRE) — 462KB
• mmlp-20240331_htm.xml (XML) — 1012KB

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements included in this quarterly 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), including, without limitation, the information set forth in Management's Discussion and Analysis of Financial Condition and Results of Operations, 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 under "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on Februar

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 Consolidated and Condensed Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 (audited) 4 Consolidated and Condensed Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Consolidated and Condensed Statements of Capital (Deficit) for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Consolidated and Condensed Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 8 Notes to Consolidated and Condensed Financial Statements (unaudited) 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Other Information

Item 5. Other Information 5 9

Exhibits

Item 6. Exhibits 46 3

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MARTIN MIDSTREAM PARTNERS L.P. CONSOLIDATED AND CONDENSED BALANCE SHEETS (Dollars in thousands) March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Cash $ 54 $ 54 Accounts and other receivables, less allowance for doubtful accounts of $ 511 and $ 530 , respectively 58,019 53,293 Inventories 41,410 43,822 Due from affiliates 6,035 7,924 Other current assets 10,466 9,220 Total current assets 115,984 114,313 Property, plant and equipment, at cost 928,934 918,786 Accumulated depreciation ( 622,392 ) ( 612,993 ) Property, plant and equipment, net 306,542 305,793 Goodwill 16,671 16,671 Right-of-use assets 58,267 60,359 Deferred income taxes, net 10,526 10,200 Other assets, net 4,087 2,039 Total assets $ 512,077 $ 509,375 Liabilities and Partners' Capital (Deficit) Trade and other accounts payable $ 58,995 $ 51,653 Product exchange payables 253 426 Due to affiliates 6,002 6,334 Income taxes payable 1,715 652 Other accrued liabilities 26,057 41,499 Total current liabilities 93,022 100,564 Long-term debt, net 430,024 421,173 Operating lease liabilities 43,606 45,684 Other long-term obligations 6,921 6,578 Total liabilities 573,573 573,999 Commitments and contingencies Partners' capital (deficit) ( 61,496 ) ( 64,624 ) Total liabilities and partners' capital (deficit) $ 512,077 $ 509,375 See accompanying notes to consolidated and condensed financial statements. 4 MARTIN MIDSTREAM PARTNERS L.P. CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Dollars and units in thousands, except per unit amounts) Three Months Ended March 31, 2024 2023 Revenues: Terminalling and storage * $ 22,517 $ 20,858 Transportation * 58,307 55,723 Sulfur services 3,477 3,358 Product sales: * Specialty products 66,325 132,269 Sulfur services 30,204 32,321 96,529 164,590 Total revenues 180,830 244,529 Costs and expenses: Cost of products sold: (excluding depreciation and amortiza

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View this 10-Q filing on SEC EDGAR