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Martin Midstream Partners L.P. reports developments tied to its Gulf Coast midstream partnership operations, including terminalling, processing and storage services for petroleum and energy products, land and marine transportation, sulfur and sulfur-based products, natural gas liquids services, and specialty lubricants and grease blending and packaging.
Recurring news for MMLP includes quarterly and annual financial results, Adjusted EBITDA commentary, segment performance in transportation, sulfur services and specialty products, cash distributions to common unitholders, K-1 tax package availability, financial guidance, capital spending plans, investor presentations, and organizational changes within operating divisions.
Martin Midstream Partners L.P. (NASDAQ: MMLP) has announced a quarterly cash distribution of $0.005 per unit for the quarter ending September 30, 2022. This distribution is set for November 14, 2022, payable to common unitholders of record by November 7, 2022, with an ex-dividend date of November 4, 2022. The press release also notes that all distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate, according to applicable regulations.
Martin Midstream Partners L.P. (NASDAQ: MMLP) will announce its third-quarter financial results for the period ending September 30, 2022, after market close on November 2, 2022. A conference call to discuss these results is scheduled for November 3, 2022, at 8:00 a.m. CT. Participants can join the call by dialing (888) 330-2384 and using conference ID: 8536096. A replay will be available post-call. The webcast can be accessed through the Investor Relations section on their website.
Martin Midstream Partners L.P. (MMLP) has successfully sold its Stockton Sulfur Terminal to Gulf Terminals LLC for approximately $5.25 million. The proceeds will be allocated to reducing outstanding debt under the Partnership's revolving credit facility. MMLP aims to strengthen its balance sheet and lower leverage by offloading non-core assets, allowing a more focused approach on refinery services. The Stockton Terminal was deemed non-core due to its geographical distance from primary operations in the U.S. Gulf Coast.
Martin Midstream Partners L.P. (NASDAQ: MMLP) is set to participate in the 2022 Inaugural Wells Fargo Leveraged Finance Conference from September 7 to September 9 in Nashville, Tennessee. The presentation will be accessible via www.MMLP.com. The Partnership operates primarily in the United States Gulf Coast, providing services such as terminalling, processing, storage, marine transportation, and sulfur processing. For more details, interested parties can visit the MMLP website.
Martin Midstream Partners L.P. (MMLP) announced the availability of its 2021 Schedule K-3 online, catering to unitholders with international tax reporting needs. This detailed tax information is crucial for foreign unitholders and those requiring foreign tax credits. Unitholders can access their K-3 forms at www.taxpackagesupport.com/martinmidstream. For electronic copies, unitholders can contact Tax Package Support at (888) 334-7473.
Martin Midstream operates various services primarily in the U.S. Gulf Coast, including petroleum storage, transportation, and sulfur processing.
Martin Midstream Partners L.P. (Nasdaq:MMLP) announced strong financial results for Q2 2022, reporting a net income of $6.6 million and adjusted EBITDA of $38.3 million. Revenues rose to $267 million, a significant increase from $184.3 million in Q2 2021. The partnership raised its 2022 adjusted EBITDA guidance from $110-$120 million to $126-$135 million due to elevated refinery utilization and robust demand across its business segments. A quarterly distribution of $0.005 per unit has also been declared, payable on August 12, 2022.
Martin Midstream Partners L.P. (MMLP) will announce its financial results for the second quarter ended June 30, 2022, after market close on July 20, 2022. An investor conference call to review these results is scheduled for July 21, 2022, at 8:00 a.m. CT, with a dial-in number of (888) 330-2384. This call will include discussions on certain non-GAAP financial measures alongside reconciliations to GAAP metrics. More details can be found on their official website.
Martin Midstream Partners L.P. (NASDAQ: MMLP) announced its participation in the 2022 Energy Infrastructure Council Investor Conference from May 16-18, 2022, in West Palm Beach, Florida. Executive management will present at the event, with presentation materials available on the Partnership's website. MMLP operates primarily in the U.S. Gulf Coast region, providing services including terminalling, processing, storage, and transportation of petroleum products, as well as sulfur processing and natural gas liquids services. For more details, visit www.MMLP.com.
Martin Midstream Partners L.P. (MMLP) reported a net income of $11.5 million and adjusted EBITDA of $40.0 million for Q1 2022, surpassing guidance by $10.0 million. The partnership reduced its adjusted leverage ratio from 4.19 to 3.87 times, reflecting efforts to improve its balance sheet. MMLP increased its 2022 adjusted EBITDA guidance range to $110 - $120 million and anticipates a strong demand for its services. However, margin contraction may occur due to supply chain disruptions and inflation pressure.
Martin Midstream Partners L.P. (NASDAQ: MMLP) announced the results of its cash tender offer for the purchase of up to $9,305,000 of its 11.50% Senior Secured Second Lien Notes due 2025. The offer expired on April 13, 2022, with only $589,229, or about 0.20%, of the Notes validly tendered. MMLP accepted and paid for all validly tendered Notes on April 14, 2022. This tender offer reflects the Partnership's effort to manage its debt obligations effectively.