$MMLP

MARTIN MIDSTREAM PARTNERS LP

CIK:0001176334|SEC Filings

CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Revenues

$ 213,600

$ 180,676

$ 401,274

$ 373,219

Cost of products sold: (excluding depreciation and amortization)

Cost of products sold

107,589

78,504

197,088

168,080

Expenses:

Operating expenses

^[1]

68,947

64,382

135,753

128,836

Selling, general and administrative

^[1]

9,407

10,882

20,219

22,656

Depreciation and amortization

13,052

12,638

25,923

25,454

Total costs and expenses

198,995

166,406

378,983

345,026

Gain on disposition or sale of property, plant and equipment

4,653

613

4,986

1,092

Operating income

19,258

14,883

27,277

29,285

Other income (expense):

Interest expense, net

(14,491)

(14,608)

(28,452)

(28,715)

Equity in loss of DSM Semichem LLC

(260)

(616)

(561)

(825)

Other, net

Total other expense

(14,736)

(15,206)

(28,997)

(29,524)

Net income (loss) before taxes

4,522

(323)

(1,720)

(239)

Income tax expense

(1,875)

(2,084)

(2,393)

(3,201)

Net income (loss)

2,647

(2,407)

(4,113)

(3,440)

Less general partner's interest in net income (loss)

(48)

(82)

(69)

Less income (loss) allocable to unvested restricted units

(10)

(14)

Limited partners' interest in net income (loss)

$ 2,582

$ (2,349)

$ (4,017)

$ (3,357)

Net income (loss) per unit attributable to limited partners - basic (in dollars per share)

$ 0.07

$ (0.06)

$ (0.10)

$ (0.09)

Net income (loss) per unit attributable to limited partners - diluted (in dollars per share)

$ 0.07

$ (0.06)

$ (0.10)

$ (0.09)

Weighted average limited partner units - basic (in shares)

38,955,432

38,892,347

38,953,569

38,887,692

Weighted average limited partner units - diluted (in shares)

38,955,432

38,892,347

38,953,569

38,887,692

Terminalling and storage

Revenues:

Revenues

^[1]

$ 23,743

$ 22,404

$ 46,180

$ 43,953

Transportation

Revenues:

Revenues

^[1]

56,639

53,826

109,446

106,811

Sulfur services

Revenues:

Revenues

4,253

4,073

8,627

8,296

Product sales

Revenues:

Revenues

^[1]

128,965

100,373

237,021

214,159

Specialty products

Revenues:

Revenues

^[1]

83,148

60,318

144,754

129,623

Cost of products sold: (excluding depreciation and amortization)

Cost of products sold

^[1]

73,907

52,270

126,821

112,764

Sulfur services

Revenues:

Revenues

^[1]

45,817

40,055

92,267

84,536

Cost of products sold: (excluding depreciation and amortization)

Cost of products sold

^[1]

$ 33,682

$ 26,234

$ 70,267

$ 55,316

[1]

Related Party Transactions Included Above


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Revenues:*
Terminalling and storage	$	18,982	$	18,221	$	37,738	$	35,483
Transportation	7,883		7,320		15,926		15,290

Product Sales	817		1,040		1,800		2,340
Costs and expenses:*
Cost of products sold: (excluding depreciation and amortization)
Specialty products	10,137		7,277		18,067		13,287
Sulfur services	3,318		3,187		6,606		6,308

Expenses:
Operating expenses	27,286		27,823		54,582		55,388
Selling, general and administrative	7,753		8,135		16,020		16,027

CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (4,113)	$ (3,440)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	25,923	25,454
Amortization of deferred debt issuance costs	1,671	1,556
Amortization of debt discount	1,200	1,200
Deferred income tax expense (benefit)	538	(154)
Gain on disposition or sale of property, plant and equipment, net	(4,986)	(1,092)
Equity in loss of DSM Semichem LLC	561	825
Non cash unit-based compensation	94	90
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
Accounts and other receivables	(13,868)	(3,933)
Inventories	(10,111)	5,583
Due from affiliates	(8,247)	4,891
Other current assets	1,060	(544)
Trade and other accounts payable	10,800	(6,181)
Product exchange payables	(169)	145
Due to affiliates	(1,512)	(1,226)
Income taxes payable	(332)	849
Other accrued liabilities	(1,451)	(611)
Change in other non-current assets and liabilities	1,365	1,484
Net cash provided by (used in) operating activities	(1,577)	24,896
Cash flows from investing activities:
Payments for property, plant and equipment	(17,008)	(11,222)
Payments for plant turnaround costs	(9,378)	(1,799)
Proceeds from sale of property, plant and equipment	5,500	1,092
Net cash used in investing activities	(20,886)	(11,929)
Cash flows from financing activities:
Payments of long-term debt	(116,500)	(121,500)
Payments under finance lease obligations	(7)	(7)
Proceeds from long-term debt	139,500	109,000
Payment of debt issuance costs	(130)	(70)
Cash distributions paid	(399)	(398)
Net cash provided by (used in) financing activities	22,464	(12,975)
Net increase (decrease) in cash	1	(8)
Cash at beginning of period	49	55
Cash at end of period	50	47
Cash Flow, Noncash Investing and Financing Activities Disclosure
Non-cash additions to property, plant and equipment	$ 4,631	$ 1,263

CONSOLIDATED AND CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash	$ 50	$ 49
Accounts and other receivables, less allowance for doubtful accounts of $287 and $310, respectively	72,239	58,371
Inventories	60,359	50,248
Due from affiliates	17,189	8,942
Other current assets	12,886	12,298
Total current assets	162,723	129,908
Property, plant and equipment, at cost	987,761	970,753
Accumulated depreciation	(700,048)	(681,527)
Property, plant and equipment, net	287,713	289,226
Goodwill	16,671	16,671
Right-of-use assets	63,470	69,938
Investment in DSM Semichem LLC	5,637	6,198
Deferred income taxes, net	8,488	9,026
Other assets, net	2,731	1,451
Total assets	547,433	522,418
Liabilities and Partners’ Capital (Deficit)
Current installments of long-term debt and finance lease obligations	16	15
Trade and other accounts payable	70,383	57,814
Product exchange payables	0	169
Due to affiliates	11,774	13,286
Income taxes payable	1,248	1,580
Other accrued liabilities	50,905	51,279
Total current liabilities	134,326	124,143
Long-term debt, net	453,748	428,008
Finance lease obligations	32	39
Operating lease liabilities	40,609	48,353
Other long-term obligations	8,931	7,670
Total liabilities	637,646	608,213
Commitments and contingencies
Partners’ capital (deficit)	(90,213)	(85,795)
Total liabilities and partners' capital (deficit)	$ 547,433	$ 522,418
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]