The Partnership's distributable cash flow for the three months ended December 31, 2012 was $20.1 million and for the year ended December 31, 2012 was $83.8 million. Distributable cash flow is a non-GAAP financial measure which is explained in greater detail below under "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Distributable Cash Flow" in order to show the components of this non-GAAP financial measure and its reconciliation to the most comparable GAAP measurement.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP, LLC, the general partner of the Partnership, said, "We can best summarize our fourth quarter 2012 as a period of strong growth for the Partnership. During the quarter, we successfully closed three acquisitions- a new high water mark for the Partnership. These acquisitions have created even more growth platforms; and we have positioned ourselves well for cash flows commencing over the next two years as associated projects are completed.
"Our distributable cash flow (DCF) coverage ratio was 1.06 times based on our fourth quarter distribution. Similarly, our DCF was 1.10 times for the year ended 2012. DCF for the fourth quarter was slightly lower than we projected primarily due to an increased level of administrative expenses associated with the acquisitions and higher than expected maintenance capital expenditures. However, given the growth capital spending associated with several key organic growth projects completed during the year, I am pleased with this level of performance.
"By segment, we saw strong performance in our Terminalling and Storage segment associated with our new Corpus Christi crude oil terminal. This facility has performed very well during its first full quarter of operation- well exceeding our forecasted throughput. Given the growth of Eagle Ford Shale crude oil production, we see likely expansion on the horizon at this facility. In 2013, this segment will also benefit from the October 2012 drop down of our Cross Oil lubricant packaging facility and the growth of that business. Finally, the acquisition of Talen's Marine & Fuel, L.L.C. at the end of 2012 gives our Partnership a strong market position in the marine fuel and lubricant terminalling business. While we expect this acquisition to generate $6-$7 million of cash flow annually, the outlook for increased levels of activity in the Gulf of Mexico oil and gas exploration and production bode well for our enhanced marine terminal system.