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Martin Midstream Partners Reports 2013 First Quarter Financial Results

Stocks in this article: MMLP

"Our Partnership saw positive results across multiple segments during the first quarter. This included strong performance in the wholesale butane division of our Natural Gas Services segment. The market remained strong as the gasoline blending season carried over from the fourth quarter. In our Sulfur Services segment, we benefited from another strong quarter from our fertilizer division. In the Terminalling and Storage segment, our second consecutive quarter with an integrated lubricant packaging platform showed great results and is ahead of planned cash flow year to date. We continue to be excited about the potential growth of our lubricant packaging business and are committed to its success.  Lastly, we believe our Marine Transportation segment is also currently well-positioned. While inland demand remains strong, utilization is currently also strong in our offshore division, which has historically had more volatile cash flow.

"Also, the first quarter 2013 was the first full operational quarter under contract for our Corpus Christi crude oil terminal facility. Throughput to date at the terminal has exceeded plan on the first six tanks and generated strong cash flow. Currently, we are making progress securing a contract for the final 300,000 barrels of storage for which construction will commence soon. The additional storage is anticipated to be operational in early 2014.

"Finally, the Partnership completed its largest financing transaction by closing on a new $600 million credit facility during the first quarter. Our new credit facility provides ample liquidity to enable us to continue our growth initiatives."

Investors' Conference Call

An investors' conference call to review the first quarter results will be held on Tuesday, May 7, 2013, at 8:00 a.m. Central Time. The conference call can be accessed by calling (877) 878-2695. An audio replay of the conference call will be available by calling (855) 859-2056 from 11:00 a.m. Central Time on May 7, 2013 through 10:59 p.m. Central Time on May 14, 2013. The access code for the conference call and the audio replay is Conference ID No. 55302215. The audio replay of the conference call will also be archived on Martin Midstream Partners' website at www.martinmidstream.com.

Quarterly Cash Distribution

The quarterly cash distribution of $0.775 per common units which was announced on April 25, 2013 is payable on May 15, 2013 to common unitholders of record as of the close of business on May 8, 2013. The ex-dividend date for the cash distribution is May 6, 2013. This distribution reflects an annualized distribution rate of $3.10 per unit and is based on the Partnership's current operating performance and the current general economic, industry, and market conditions affecting it.

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