This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Martin Midstream Partners Reports 2010 Third Quarter Financial Results

Included with this press release are the Partnership's consolidated financial statements as of and for the quarter ended September 30, 2010 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 3, 2010.           

Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of Martin Midstream Partners L.P said, "Our Partnership's operating performance was solid during the third quarter 2010. Our distributable cash flow (DCF) coverage ratio was 1.11 times; and we again demonstrated the portfolio effect of having a diverse operating model. Our improved performance during the quarter was fueled by two of our four business segments, Marine Transportation and Terminalling and Storage.

Marine Transportation had one of its strongest quarters ever. Our offshore tows continued their work in the Gulf of Mexico clean-up effort, although such clean-up efforts appear to be winding down. Additionally, within Marine Transportation our inland fleet was fully utilized during the quarter on long-awaited slightly improved day rates. Terminalling and Storage, our largest segment, also performed well during the quarter. Our Cross lubricant processing facility continues to see strong product demand for its off take. Also, we saw improved throughput and utilization in our specialty terminal storage system during the quarter. Lastly, we were pleased to execute the previously announced drop-down of two shore based marine terminals into our Terminalling and Storage segment. We anticipate those assets will generate approximately $1.2 million of additional fee-based distributable cash flow annually. 

In our Natural Gas Services segment, volume was extremely high through our system during the third quarter well over nameplate capacity of our Waskom processing plant. This was offset, however, by the incremental gas stream being primarily from the Haynesville Shale which is substantially leaner in liquid content. 

Our Sulfur Services segment experienced seasonal softening during the third quarter. As is typical, fertilizer demand is at its seasonal low after being strong during the first half of 2010. Looking forward to 2011, we expect to see greater demand for our sulfur-based products. Additionally, we expect continued strong demand for capacity on our sulfur prillers. 

3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs