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Martin Midstream Partners Reports 2012 Fourth Quarter And Fiscal Year Financial Results

Stocks in this article: MMLP

"In our Natural Gas Services segment, we benefited from better than projected seasonal sales quantities and margins. On the natural gas storage side, softness continues in the marketplace which has negatively impacted the distributions we are receiving from Monroe Gas Storage LLC. However, to enhance the Partnership's long-term growth, we purchased all of the equity interests in Red Bird Gas Storage LLC which were previously owned by Martin Resource Management Corporation during the fourth quarter 2012. We expect these strategically located natural gas storage assets to generate distributable cash flow for the Partnership commencing in 2015. 

"Our Sulfur Services segment posted another strong quarter on the continued strength in demand for agricultural products. Further, we achieved record utilization levels on our sulfur-related assets in 2012. While we expect the market to remain relatively strong in 2013, our forecasted performance reflects some level of normalization. In our pure sulfur and prilling side of the business, we were ahead of plan for 2012, but have chosen to take a normalized view of 2013. 

"Finally, our Marine Transportation segment continued to benefit from the full employment of our offshore vessels in the spot market during the fourth quarter. We finished the year with a very strong quarter as our assets have become more desirable given the need for oil and liquids transport due to increased shale production. Our inland division of the segment performed as forecasted and our asset utilization was more than 95% as anticipated. For 2013, we again anticipate our offshore assets being employed as South Texas demand continues to be strong."

Included with this press release are the Partnership's consolidated financial statements as of and for the quarter and year ended December 31, 2012 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Annual Report on Form 10-K, to be filed with the SEC on March 4, 2013.

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