Martin Midstream Partners L.P. Files Q3 2024 10-Q

TL;DR

MMLP Q3 10-Q is in! Check financials for terminalling, storage & transport.

AI Summary

Martin Midstream Partners L.P. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and operational metrics are presented, reflecting the company's activities in terminalling, storage, and transportation.

Why It Matters

This filing provides investors with a detailed look at Martin Midstream Partners' financial health and operational performance for the latest quarter, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the energy sector can be subject to volatility and regulatory changes.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — As of Date (The end date for the financial data presented.)

Key Players & Entities

• MARTIN MIDSTREAM PARTNERS L.P. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241021 (date) — Filing date
• KILGORE, TX (location) — Company's business address

FAQ

Filing Documents

• mmlp-20240930.htm (10-Q) — 1801KB
• exhibit31_1q32024.htm (EX-31.1) — 12KB
• exhibit31_2q32024.htm (EX-31.2) — 12KB
• exhibit32_1q32024.htm (EX-32.1) — 7KB
• exhibit32_2q32024.htm (EX-32.2) — 7KB
• 0001176334-24-000134.txt ( ) — 8643KB
• mmlp-20240930.xsd (EX-101.SCH) — 56KB
• mmlp-20240930_cal.xml (EX-101.CAL) — 77KB
• mmlp-20240930_def.xml (EX-101.DEF) — 277KB
• mmlp-20240930_lab.xml (EX-101.LAB) — 635KB
• mmlp-20240930_pre.xml (EX-101.PRE) — 482KB
• mmlp-20240930_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 September 30, 2024 (unaudited) and December 31, 2023 (audited) 4 Consolidated and Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated and Condensed Statements of Capital (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 7 Consolidated and Condensed Statements of Cash Flows for the Nine Months Ended September 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 54 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) September 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Cash $ 56 $ 54 Accounts and other receivables, less allowance for doubtful accounts of $ 704 and $ 530 , respectively 70,041 53,293 Inventories 43,037 43,822 Due from affiliates 23,522 7,924 Other current assets 12,156 9,220 Total current assets 148,812 114,313 Property, plant and equipment, at cost 948,185 918,786 Accumulated depreciation ( 640,407 ) ( 612,993 ) Property, plant and equipment, net 307,778 305,793 Goodwill 16,671 16,671 Right-of-use assets 61,521 60,359 Investment in DSM Semichem LLC 7,624 — Deferred income taxes, net 10,043 10,200 Other assets, net 2,308 2,039 Total assets $ 554,757 $ 509,375 Liabilities and Partners' Capital (Deficit) Current installments of long-term debt and finance lease obligations $ 14 $ — Trade and other accounts payable 60,995 51,653 Product exchange payables — 426 Due to affiliates 1,388 6,334 Income taxes payable 1,315 652 Other accrued liabilities 31,157 41,499 Total current liabilities 94,869 100,564 Long-term debt, net 469,269 421,173 Finance lease obligations 58 — Operating lease liabilities 44,549 45,684 Other long-term obligations 7,354 6,578 Total liabilities 616,099 573,999 Commitments and contingencies Partners' capital (deficit) ( 61,342 ) ( 64,624 ) Total liabilities and partners' capital (deficit) $ 554,757 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Terminalling and storage * $ 22,562 $ 22,202 $ 67,454 $ 64,744 Transportation * 56,506 55,223 172,489 165,696 Sulfur services

View Full Filing

View this 10-Q filing on SEC EDGAR