Martin Midstream Partners L.P. Q2 2024 10-Q Filing

TL;DR

MMLP Q2 10-Q is in. Financials and operations look steady.

AI Summary

Martin Midstream Partners L.P. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment performance are presented, reflecting the company's activities in terminalling, storage, and transportation.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational performance of Martin Midstream Partners L.P., crucial for understanding its current business standing and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it inherently contains financial and operational data that can indicate risks, but without specific negative disclosures, it's assessed as medium.

Key Players & Entities

• MARTIN MIDSTREAM PARTNERS L.P. (company) — Filer
• 20240630 (date) — Period of Report
• 20240723 (date) — Filing Date
• KILGORE, TX (location) — Business Address

FAQ

Filing Documents

• mmlp-20240630.htm (10-Q) — 1782KB
• exhibit31_1q22024.htm (EX-31.1) — 12KB
• exhibit31_2q22024.htm (EX-31.2) — 12KB
• exhibit32_1q22024.htm (EX-32.1) — 7KB
• exhibit32_2q22024.htm (EX-32.2) — 7KB
• 0001176334-24-000102.txt ( ) — 8597KB
• mmlp-20240630.xsd (EX-101.SCH) — 56KB
• mmlp-20240630_cal.xml (EX-101.CAL) — 76KB
• mmlp-20240630_def.xml (EX-101.DEF) — 273KB
• mmlp-20240630_lab.xml (EX-101.LAB) — 632KB
• mmlp-20240630_pre.xml (EX-101.PRE) — 478KB
• mmlp-20240630_htm.xml (XML) — 1419KB

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 June 30, 2024 (unaudited) and December 31, 2023 (audited) 4 Consolidated and Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated and Condensed Statements of Capital (Deficit) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Consolidated and Condensed Statements of Cash Flows for the Six Months Ended June 30, 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 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II. OTHER INFORMATION 53

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Other Information

Item 5. Other Information 5 9

Exhibits

Item 6. Exhibits 53 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) June 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Cash $ 55 $ 54 Accounts and other receivables, less allowance for doubtful accounts of $ 506 and $ 530 , respectively 50,910 53,293 Inventories 41,597 43,822 Due from affiliates 22,151 7,924 Other current assets 10,284 9,220 Total current assets 124,997 114,313 Property, plant and equipment, at cost 939,570 918,786 Accumulated depreciation ( 631,219 ) ( 612,993 ) Property, plant and equipment, net 308,351 305,793 Goodwill 16,671 16,671 Right-of-use assets 63,768 60,359 Investment in DSM Semichem LLC 7,938 — Deferred income taxes, net 10,174 10,200 Other assets, net 3,179 2,039 Total assets $ 535,078 $ 509,375 Liabilities and Partners' Capital (Deficit) Current installments of long-term debt and finance lease obligations $ 14 $ — Trade and other accounts payable 51,874 51,653 Product exchange payables — 426 Due to affiliates 3,269 6,334 Income taxes payable 1,374 652 Other accrued liabilities 42,178 41,499 Total current liabilities 98,709 100,564 Long-term debt, net 439,397 421,173 Finance lease obligations 62 — Operating lease liabilities 47,187 45,684 Other long-term obligations 7,589 6,578 Total liabilities 592,944 573,999 Commitments and contingencies Partners' capital (deficit) ( 57,866 ) ( 64,624 ) Total liabilities and partners' capital (deficit) $ 535,078 $ 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues: Terminalling and storage * $ 22,375 $ 21,684 $ 44,892 $ 42,542 Transportation * 57,676 54,750 115,983 110,473 Sulfur services 3,477 3,357 6,9

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View this 10-Q filing on SEC EDGAR