PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated and condensed financial statements of Martin Midstream Partners L.P. for the periods ended September 30, 2025, and December 31, 2024, including balance sheets, statements of operations, capital (deficit), and cash flows, along with detailed notes explaining accounting policies, revenue disaggregation, debt, leases, related party transactions, segment performance, and other financial disclosures [Consolidated and Condensed Balance Sheets](index=4&type=section&id=Consolidated%20and%20Condensed%20Balance%20Sheets) | Metric | September 30, 2025 (Unaudited) (in thousands) | December 31, 2024 (Audited) (in thousands) | | :--------------------------------- | :------------------------------------ | :--------------------------------- | | Total Assets | $510,122 | $538,509 | | Total Liabilities | $592,855 | $608,948 | | Partners' Capital (Deficit) | $(82,733) | $(70,439) | - **Total assets** decreased by **$28,387 thousand** (5.3%) from December 31, 2024, to September 30, 2025. **Total liabilities** decreased by **$16,093 thousand** (2.6%) over the same period. **Partners' capital (deficit)** worsened by **$12,294 thousand** (17.5%) from December 31, 2024, to September 30, 2025[14](index=14&type=chunk) [Consolidated and Condensed Statements of Operations](index=5&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Operations) | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total Revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Operating Income | $6,894 | $12,651 | $36,179 | $50,473 | | Net Income (Loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | Net Income (Loss) per unit attributable to limited partners - basic and diluted | $(0.21) | $(0.08) | $(0.30) | $0.09 | - For the three months ended September 30, 2025, **total revenues** decreased by **1.3% YoY**, **operating income** decreased by **45.5% YoY**, and **net loss** widened by **153.4% YoY**. For the nine months ended September 30, 2025, **total revenues** increased by **1.0% YoY**, **operating income** decreased by **28.3% YoY**, and the company reported a **net loss of $11,852 thousand** compared to a **net income of $3,734 thousand** in the prior year[16](index=16&type=chunk) [Consolidated and Condensed Statements of Capital (Deficit)](index=7&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Capital%20(Deficit)) | Metric (in thousands) | Balances - December 31, 2024 | Net loss (9 months) | Cash distributions (9 months) | Unit-based compensation (9 months) | Balances - September 30, 2025 | | :-------------------- | :--------------------------- | :------------------ | :---------------------------- | :--------------------------------- | :---------------------------- | | Total Partners' Capital (Deficit) | $(70,439) | $(11,852) | $(598) | $156 | $(82,733) | - **Partners' Capital (Deficit)** decreased from **$(70,439) thousand** at December 31, 2024, to **$(82,733) thousand** at September 30, 2025, primarily due to a **net loss of $11,852 thousand** and **cash distributions of $598 thousand**, partially offset by unit-based compensation[20](index=20&type=chunk) [Consolidated and Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (in thousands) | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $23,683 | $6,184 | | Net cash used in investing activities | $(22,405) | $(49,642) | | Net cash provided by (used in) financing activities | $(1,284) | $43,460 | | Net increase (decrease) in cash | $(6) | $2 | - **Net cash provided by operating activities** significantly increased by **283%** to **$23,683 thousand** for the nine months ended September 30, 2025, compared to **$6,184 thousand** in the prior year. **Net cash used in investing activities** decreased by **55%** to **$(22,405) thousand**, while **net cash from financing activities** shifted from a **$43,460 thousand** inflow to a **$(1,284) thousand** outflow[23](index=23&type=chunk) [Notes to Consolidated and Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Financial%20Statements) [NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION](index=9&type=section&id=NOTE%201.%20NATURE%20OF%20OPERATIONS%20AND%20BASIS%20OF%20PRESENTATION) The Partnership is a publicly traded limited partnership primarily operating in the U.S. Gulf Coast region, with four main business lines: terminalling, processing, and storage; land and marine transportation; sulfur and sulfur-based products; and NGL marketing/distribution and specialty lubricants/grease services. The financial statements are unaudited and prepared in accordance with U.S. GAAP for interim reporting - The Partnership's four primary business lines are: terminalling, processing, and storage services; land and marine transportation services; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marketing, distribution, and transportation services for natural gas liquids (NGL) and blending and packaging services for specialty lubricants and grease[24](index=24&type=chunk) - The unaudited consolidated and condensed financial statements are prepared in accordance with U.S. GAAP for interim financial reporting, with all necessary adjustments made for fair presentation[25](index=25&type=chunk) [NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS](index=9&type=section&id=NOTE%202.%20NEW%20ACCOUNTING%20PRONOUNCEMENTS) The Partnership adopted ASU 2023-07, which enhances segment reporting disclosures, and plans to adopt ASU 2023-09, requiring disaggregated income tax information, for annual reporting periods beginning after December 15, 2024 - The Partnership adopted **ASU 2023-07** (Segment Reporting) in compliance with required adoption guidelines, which mandates enhanced disclosures about significant segment expenses[27](index=27&type=chunk) - **ASU 2023-09** (Improvements to Income Tax Disclosures) is effective for annual reporting periods beginning after December 15, 2024, and will require disaggregated information about effective tax rate reconciliation and income taxes paid[28](index=28&type=chunk) [NOTE 3. REVENUE](index=10&type=section&id=NOTE%203.%20REVENUE) Revenue is disaggregated by the Partnership's four major segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products, with specific recognition policies for each. The Partnership also discloses estimated future minimum revenue from unsatisfied performance obligations, totaling $406,863 thousand, with a significant portion from Terminalling and Storage | Segment (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :--------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Terminalling and storage | $23,930 | $22,562 | $67,883 | $67,454 | | Transportation | $49,709 | $56,506 | $156,520 | $172,489 | | Sulfur services | $32,635 | $24,660 | $125,467 | $95,533 | | Specialty products | $62,443 | $67,206 | $192,066 | $200,819 | | Total revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Future Minimum Revenue (in thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | | :------------------------------------ | :------ | :------ | :------ | :------ | :------ | :--------- | :-------- | | Terminalling and storage | $11,237 | $46,117 | $47,500 | $4

Core Viewpoint - Martin Midstream Partners reported an expanded loss in Q3 and withdrew its earnings guidance due to weaker-than-expected lubricants performance and a sharp decline in barge utilization [1][2] Financial Performance - Revenue for Martin Midstream was $168.72 million, a year-over-year decrease of 1.3% [1] - The net loss per share widened from $0.08 in the same quarter last year to $0.21 [1] - Adjusted core profit fell by 23% to $19.3 million [1] Business Segment Analysis - The specialty products segment, particularly the lubricants business, continued to underperform, with sales volumes falling short of expectations [1] - Despite recent signs of improvement, weak sales have made previous guidance for this business unlikely to be met [1] - The lubricants business performance was slightly below expectations, but the company anticipates improved performance in the next quarter as the lubricants market adjusts to the exit of a major competitor in South Louisiana [1] - The sulfur services business faced mild resistance in sales due to the resumption of operations at fertilizer plants after scheduled maintenance [1] - The inland barge fuel transportation demand in the marine transportation business saw a significant decline, which was unexpected at the start of the quarter [1][2] Management Commentary - The President and CEO of Martin Midstream, Bob Bondurant, indicated that refineries' preference for lighter crude types has significantly reduced barge utilization, shifting transportation demand from barges to pipelines [2] - Given the challenging operating environment, the company withdrew its 2025 earnings guidance due to the current weak demand affecting inland barge utilization [2]

[Executive Summary & Q3 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q3%202025%20Highlights) Martin Midstream Partners reported Q3 2025 adjusted EBITDA below projections, withdrew full-year guidance, and saw its leverage ratio increase [Q3 2025 Performance Overview](index=1&type=section&id=Q3%202025%20Performance%20Overview) Martin Midstream Partners reported Q3 2025 adjusted EBITDA of $19.3 million, which was below internal projections, primarily due to weaker performance in marine and grease businesses. The Partnership is withdrawing its full-year 2025 guidance due to demand softness in inland barge fuel transportation and an increased adjusted leverage ratio to 4.63x, though it remains compliant with debt covenants - Adjusted EBITDA for Q3 2025 was **$19.3 million**, falling below internal projections due to weaker performance in marine and grease businesses[2](index=2&type=chunk) - The Partnership is withdrawing its full-year 2025 guidance amid current demand softness impacting inland barge utilization in the Transportation segment[2](index=2&type=chunk)[22](index=22&type=chunk) - The adjusted leverage ratio increased to **4.63 times** as of September 30, 2025, up from **4.20 times** on June 30, 2025, though the Partnership remained in compliance with all debt covenants[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) For the three months ended September 30, 2025, Martin Midstream Partners reported a net loss of $8.4 million and adjusted EBITDA of $19.3 million. The Partnership also declared a quarterly cash distribution of $0.005 per common unit - Net loss of **$8.4 million** for the three months ended September 30, 2025[3](index=3&type=chunk) - Adjusted EBITDA of **$19.3 million** for the three months ended September 30, 2025[3](index=3&type=chunk) - Declared a quarterly cash distribution of **$0.005 per common unit**[3](index=3&type=chunk)[24](index=24&type=chunk) [Operating Results by Business Segment](index=2&type=section&id=Operating%20Results%20by%20Business%20Segment) This section provides a detailed breakdown of operating income and Adjusted EBITDA across the Transportation, Terminalling and Storage, Sulfur Services, and Specialty Products segments [Segment Performance Summary](index=2&type=section&id=Segment%20Performance%20Summary) Overall Adjusted EBITDA for Q3 2025 decreased to $19.3 million from $25.1 million in Q3 2024. The Transportation and Specialty Products segments experienced declines, while Terminalling and Storage showed an increase, and Sulfur Services saw a modest decrease | Business Segment | Operating Income (Loss) (Millions of USD) 2025 | Operating Income (Loss) (Millions of USD) 2024 | Adjusted EBITDA (Millions of USD) 2025 | Adjusted EBITDA (Millions of USD) 2024 | | :----------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------- | :------------------------------------- | | Transportation | $2.8 | $8.6 | $5.3 | $11.6 | | Terminalling and Storage | $4.6 | $2.7 | $9.7 | $8.4 | | Sulfur Services | $0.2 | $1.3 | $3.9 | $4.2 | | Specialty Products | $3.2 | $3.9 | $3.9 | $4.6 | | Indirect Selling, General and Administrative Expenses | $(3.9) | $(3.7) | $(3.6) | $(3.7) | | **Total** | **$6.9** | **$12.7** | **$19.3** | **$25.1** | [Transportation Segment](index=2&type=section&id=Transportation%20Segment) The Transportation segment experienced a significant decline in Q3 2025, with Adjusted EBITDA decreasing by $6.3 million (54.3%) year-over-year, primarily due to reduced demand for inland barge fuel transportation and lower day rates in the marine division, and lower miles and rates in the land division - Adjusted EBITDA for the Transportation segment decreased by **$6.3 million (54.3%)** to **$5.3 million** in Q3 2025 from **$11.6 million** in Q3 2024[4](index=4&type=chunk)[6](index=6&type=chunk) - The marine division's Adjusted EBITDA decreased by **$5.0 million** due to reduced demand for inland barge fuel transportation and lower day rates[6](index=6&type=chunk) - Operating income for the Transportation segment decreased by **$5.795 million (68%)** to **$2.788 million** in Q3 2025 from **$8.583 million** in Q3 2024[51](index=51&type=chunk) [Terminalling and Storage Segment](index=2&type=section&id=Terminalling%20and%20Storage%20Segment) The Terminalling and Storage segment showed improved performance in Q3 2025, with Adjusted EBITDA increasing by $1.3 million (15.5%) year-over-year, driven by increased storage and throughput volumes in the underground NGL storage division. However, operating income saw a decline - Adjusted EBITDA for the Terminalling and Storage segment increased by **$1.3 million (15.5%)** to **$9.7 million** in Q3 2025 from **$8.4 million** in Q3 2024[4](index=4&type=chunk)[7](index=7&type=chunk) - The increase was primarily due to a **$1.4 million** rise in Adjusted EBITDA in the underground NGL storage division, driven by increased storage and throughput volumes[7](index=7&type=chunk) - Operating income decreased by **$1.902 million (71%)** to **$2.675 million** in Q3 2025 from **$4.577 million** in Q3 2024[53](index=53&type=chunk) [Sulfur Services Segment](index=2&type=section&id=Sulfur%20Services%20Segment) The Sulfur Services segment experienced a slight decrease in Adjusted EBITDA by $0.3 million (7.1%) in Q3 2025, primarily due to reduced sales volume in the pure sulfur and sulfur prilling businesses, despite an increase in the fertilizer division - Adjusted EBITDA for the Sulfur Services segment decreased by **$0.3 million (7.1%)** to **$3.9 million** in Q3 2025 from **$4.2 million** in Q3 2024[4](index=4&type=chunk)[8](index=8&type=chunk) - The fertilizer division's Adjusted EBITDA increased by **$1.0 million** due to reservation fees and higher sales volume, while pure sulfur and sulfur prilling businesses saw decreases[8](index=8&type=chunk) - Operating income decreased by **$1.059 million (84%)** to **$0.195 million** in Q3 2025 from **$1.254 million** in Q3 2024[54](index=54&type=chunk) [Specialty Products Segment](index=2&type=section&id=Specialty%20Products%20Segment) The Specialty Products segment's Adjusted EBITDA decreased by $0.7 million (15.2%) in Q3 2025, mainly due to lower margins from a higher mix of lower-margin product sales in the grease division, despite a slight increase in lubricants - Adjusted EBITDA for the Specialty Products segment decreased by **$0.7 million (15.2%)** to **$3.9 million** in Q3 2025 from **$4.6 million** in Q3 2024[4](index=4&type=chunk)[9](index=9&type=chunk) - The grease division's Adjusted EBITDA decreased by **$0.9 million**, primarily due to lower margins associated with a higher mix of lower-margin product sales[9](index=9&type=chunk) - Operating income decreased by **$0.680 million (18%)** to **$3.201 million** in Q3 2025 from **$3.881 million** in Q3 2024[56](index=56&type=chunk) [Indirect Selling, General and Administrative Expenses](index=2&type=section&id=Indirect%20Selling%2C%20General%20and%20Administrative%20Expenses) Indirect selling, general, and administrative expenses decreased by $0.1 million in Q3 2025, primarily due to lower professional fees - Indirect selling, general, and administrative expenses decreased by **$0.1 million** in Q3 2025, primarily due to lower professional fees[10](index=10&type=chunk) Indirect Selling, General and Administrative Expenses | Period | 2025 (Thousands of USD) | 2024 (Thousands of USD) | Variance | Percent Change | | :----- | :---------------------- | :---------------------- | :------- | :------------- | | 3 Months Ended Sep 30 | $3,860 | $3,742 | $118 | 3% | | 9 Months Ended Sep 30 | $12,472 | $11,397 | $1,075 | 9% | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section provides an overview of the Partnership's consolidated balance sheets, statements of operations, capital, and cash flows for the reported periods [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, total assets decreased to $510.1 million from $538.5 million at December 31, 2024. Total liabilities also decreased, while partners' capital (deficit) widened Consolidated Balance Sheets | Metric | Sep 30, 2025 (Thousands of USD) | Dec 31, 2024 (Thousands of USD) | | :---------------------------------- | :------------------------------ | :------------------------------ | | Total current assets | $117,317 | $130,479 | | Property, plant and equipment, net | $291,771 | $305,450 | | Total assets | $510,122 | $538,509 | | Total current liabilities | $97,617 | $115,501 | | Long-term debt, net | $441,292 | $437,635 | | Total liabilities | $592,855 | $608,948 | | Partners' capital (deficit) | $(82,733) | $(70,439) | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended September 30, 2025, the Partnership reported a net loss of $8.4 million, a significant increase from the $3.3 million net loss in the prior year period. Total revenues slightly decreased, while total costs and expenses increased Consolidated Statements of Operations | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Total costs and expenses | $162,218 | $158,442 | $507,244 | $487,142 | | Operating income | $6,894 | $12,651 | $36,179 | $50,473 | | Net income (loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | Net income (loss) per unit | $(0.21) | $(0.08) | $(0.30) | $0.09 | [Consolidated Statements of Capital (Deficit)](index=11&type=section&id=Consolidated%20Statements%20of%20Capital%20%28Deficit%29) The Partners' Capital (Deficit) for common limited units widened to $(83,922) thousand as of September 30, 2025, from $(71,877) thousand at December 31, 2024, primarily due to net losses and cash distributions Consolidated Statements of Capital (Deficit) | Metric | Sep 30, 2025 (Thousands of USD) | Dec 31, 2024 (Thousands of USD) | | :-------------------------- | :------------------------------ | :------------------------------ | | Common Limited Units Amount | $(83,922) | $(71,877) | | General Partner Amount | $1,189 | $1,438 | | Total Partners' Capital (Deficit) | $(82,733) | $(70,439) | - The net loss of **$(8,244) thousand** for the three months ended September 30, 2025, contributed to the widening deficit[45](index=45&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2025, net cash provided by operating activities significantly increased to $23.7 million from $6.2 million in the prior year period. However, net cash used in investing activities decreased, and net cash used in financing activities shifted from a net cash provided in 2024 to a net cash used in 2025 Consolidated Statements of Cash Flows | Metric | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :------------------------------------ | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $23,683 | $6,184 | | Net cash used in investing activities | $(22,405) | $(49,642) | | Net cash provided by (used in) financing activities | $(1,284) | $43,460 | | Net increase (decrease) in cash | $(6) | $2 | [Capitalization, Guidance & Distributions](index=4&type=section&id=Capitalization%2C%20Guidance%20%26%20Distributions) This section details the Partnership's capitalization, credit metrics, the withdrawal of 2025 guidance, and quarterly cash distribution information [Capitalization and Credit Metrics](index=4&type=section&id=Capitalization%20and%20Credit%20Metrics) Total debt outstanding remained stable at $453.6 million as of September 30, 2025. However, the total adjusted leverage ratio increased to 4.63x from 3.96x at December 31, 2024, while the interest coverage ratio declined. The Partnership remained in compliance with all debt covenants Capitalization and Credit Metrics | Metric | Sep 30, 2025 (Millions of USD) | Dec 31, 2024 (Millions of USD) | | :---------------------------------- | :----------------------------- | :----------------------------- | | Total Debt Outstanding | $453.6 million | $453.6 million | | Revolving Credit Facility - Available Liquidity | $11.4 million | $80.7 million | | Total Adjusted Leverage Ratio | 4.63x | 3.96x | | Senior Leverage Ratio | 0.55x | 0.47x | | Interest Coverage Ratio | 1.85x | 2.14x | - The Partnership was in compliance with all debt covenants as of September 30, 2025, and December 31, 2024[20](index=20&type=chunk) [Withdrawal of 2025 Guidance](index=4&type=section&id=Withdrawal%20of%202025%20Guidance) Martin Midstream Partners has withdrawn its previously issued full-year 2025 guidance for Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow. This decision was made due to significant uncertainty in the Transportation segment, specifically related to demand softness for inland barge fuel transportation - The Partnership is withdrawing its previously issued 2025 guidance, including Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow[22](index=22&type=chunk) - The withdrawal is due to uncertainty in the Transportation segment related to demand softness for inland barge fuel transportation[22](index=22&type=chunk) - New guidance will not be provided until there is greater visibility into the factors impacting demand in this segment[2](index=2&type=chunk) [Quarterly Cash Distribution](index=5&type=section&id=Quarterly%20Cash%20Distribution) The Partnership declared a quarterly cash distribution of $0.005 per unit for the quarter ended September 30, 2025, payable on November 14, 2025, to common unitholders of record as of November 7, 2025 - Declared a quarterly cash distribution of **$0.005 per unit** for the quarter ended September 30, 2025[24](index=24&type=chunk) - The distribution is payable on November 14, 2025, to common unitholders of record as of November 7, 2025[24](index=24&type=chunk) - Distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate[25](index=25&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the Partnership's use of non-GAAP financial measures and provides reconciliations to their most directly comparable GAAP financial measures [Use of Non-GAAP Financial Information](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The Partnership utilizes non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow to assess business performance and liquidity, providing insights into asset performance, cash generation for distributions, and comparative operating performance within the midstream energy sector. These measures are supplemental and should be considered alongside GAAP results due to inherent limitations - Non-GAAP financial measures used include EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow[17](index=17&type=chunk)[28](index=28&type=chunk) - These measures help assess financial performance without regard to financing methods, capital structure, or historical cost basis, and evaluate the ability to generate cash for interest, debt, and distributions[30](index=30&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Non-GAAP measures have limitations as they exclude significant GAAP components like interest expense, income tax expense, and depreciation/amortization, and may not be comparable to similarly titled measures of other companies[29](index=29&type=chunk)[32](index=32&type=chunk)[37](index=37&type=chunk) [Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA](index=3&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%20and%20Adjusted%20EBITDA) For the three months ended September 30, 2025, Adjusted EBITDA was $19.3 million, a decrease from $25.1 million in the prior year. For the nine months, Adjusted EBITDA was $74.2 million, down from $87.3 million, reflecting the overall financial performance Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | EBITDA | $19,253 | $24,947 | $73,183 | $88,123 | | Adjusted EBITDA | $19,273 | $25,144 | $74,249 | $87,262 | [Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow](index=19&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20EBITDA%2C%20Distributable%20Cash%20Flow%2C%20and%20Adjusted%20Free%20Cash%20Flow) For the three months ended September 30, 2025, Distributable Cash Flow was $(3.4) million, a decrease from $2.4 million in the prior year, and Adjusted Free Cash Flow was $(4.7) million, down from $(1.6) million. For the nine months, Distributable Cash Flow was $12.4 million, and Adjusted Free Cash Flow was $9.4 million Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $(1,213) | $(15,753) | $23,683 | $6,184 | | Adjusted EBITDA | $19,273 | $25,144 | $74,249 | $87,262 | | Distributable Cash Flow | $(3,405) | $2,357 | $12,355 | $17,537 | | Adjusted Free Cash Flow | $(4,681) | $(1,550) | $9,351 | $(4,990) | [Corporate Information](index=5&type=section&id=Corporate%20Information) This section provides an overview of Martin Midstream Partners, outlines forward-looking statement disclaimers, and lists investor contact information [About Martin Midstream Partners](index=5&type=section&id=About%20Martin%20Midstream%20Partners) Martin Midstream Partners L.P. is a publicly traded limited partnership headquartered in Kilgore, Texas, with diverse operations primarily in the Gulf Coast region. Its main business lines include terminalling, processing, and storage; land and marine transportation; sulfur and sulfur-based products; and marketing, distribution, and transportation services for NGLs and specialty lubricants/grease - Headquartered in Kilgore, Texas, Martin Midstream Partners L.P. is a publicly traded limited partnership with diverse operations primarily in the Gulf Coast region[26](index=26&type=chunk) - Primary business lines include terminalling, processing, and storage services; land and marine transportation services; sulfur and sulfur-based products processing; and marketing, distribution, and transportation services for natural gas liquids and specialty lubricants/grease[26](index=26&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding the Partnership's outlook and future events, which are subject to various uncertainties including commodity price volatility, future cash flows, ability to pay distributions, market conditions, governmental regulation, and taxation. The Partnership disclaims any intention or obligation to revise these statements unless required by law - Statements about the Partnership's outlook and future events are forward-looking statements[27](index=27&type=chunk) - These statements are subject to uncertainties such as commodity price volatility, future cash flows, ability to pay future distributions, market conditions, governmental regulation, and taxation[27](index=27&type=chunk) - The Partnership disclaims any intention or obligation to revise any forward-looking statements, except where required by law[27](index=27&type=chunk) [Investor Contacts](index=7&type=section&id=Investor%20Contacts) Investor relations inquiries can be directed to Danny Cavin, Director, FP&A and Investor Relations, or Sharon Taylor, EVP & Chief Financial Officer, via email at ir@mmlp.com or by phone at (877) 256-6644 - Investor contacts include Danny Cavin (Director, FP&A and Investor Relations) and Sharon Taylor (EVP & Chief Financial Officer)[38](index=38&type=chunk) - Contact information: ir@mmlp.com or (877) 256-6644[38](index=38&type=chunk)

Core Viewpoint - Martin Midstream Partners L.P. reported its financial results for Q3 2025, highlighting an adjusted EBITDA of $19.3 million, which reflects the seasonal nature of the business and typically weaker performance during this quarter [1] Financial Performance - The adjusted EBITDA for the third quarter was $19.3 million, indicating the financial impact of seasonal factors on earnings [1] - The company acknowledged that Q3 results are generally the weakest due to seasonal influences [1]

Financial Performance - Q3 2025 - Martin Midstream Partners (MMLP) reported an Adjusted EBITDA of $19.3 million for Q3 2025[3] - This is a decrease compared to the $25.1 million Adjusted EBITDA in Q3 2024[3,4] - Net loss for Q3 2025 was $8.4 million[3] Segment Performance - Q3 2025 vs Q3 2024 (Adjusted EBITDA) - Transportation segment decreased from $11.6 million in Q3 2024 to $5.3 million in Q3 2025[3] - Terminalling & Storage segment increased from $8.4 million in Q3 2024 to $9.7 million in Q3 2025[3] - Sulfur Services segment decreased from $4.2 million in Q3 2024 to $3.9 million in Q3 2025[3] - Specialty Products segment decreased from $4.6 million in Q3 2024 to $3.9 million in Q3 2025[3] Financial Performance - Year-to-Date (YTD) Q3 2025 - MMLP's YTD Q3 2025 Adjusted EBITDA was $74.3 million[5] - This is a decrease compared to the $87.3 million Adjusted EBITDA for YTD Q3 2024[5,6] - Net loss for YTD Q3 2025 was $11.9 million[5] Segment Performance - YTD Q3 2025 vs YTD Q3 2024 (Adjusted EBITDA) - Transportation segment decreased from $36.0 million in YTD Q3 2024 to $21.8 million in YTD Q3 2025[5] - Terminalling & Storage segment increased from $25.4 million in YTD Q3 2024 to $25.8 million in YTD Q3 2025[5] - Sulfur Services segment increased from $21.4 million in YTD Q3 2024 to $25.1 million in YTD Q3 2025[5] - Specialty Products segment decreased from $15.7 million in YTD Q3 2024 to $12.8 million in YTD Q3 2025[5]

Core Viewpoint - Martin Midstream Partners L.P. (MMLP) is set to announce its financial results for the third quarter of 2025 on October 15, 2025, after market close [1]. Company Overview - Martin Midstream Partners L.P. is headquartered in Kilgore, Texas, and operates as a publicly traded limited partnership with diverse operations primarily in the Gulf Coast region of the United States [2]. - The company's main business lines include: 1. Terminalling, processing, and storage services for petroleum products and by-products 2. Land and marine transportation services for petroleum products and by-products, chemicals, and specialty products 3. Processing, manufacturing, marketing, and distribution of sulfur and sulfur-based products 4. Marketing, distribution, and transportation services for natural gas liquids, along with blending and packaging services for specialty lubricants and grease [2].

Core Viewpoint - Martin Midstream Partners L.P. has successfully amended and extended its revolving credit facility, which now matures in November 2026 and has a reduced borrowing capacity of $130 million, down from $150 million, with an accordion feature allowing for an additional $50 million [1][2]. Company Overview - Martin Midstream Partners L.P. is a publicly traded limited partnership based in Kilgore, Texas, primarily operating in the Gulf Coast region of the United States. Its main business lines include terminalling, processing, and storage services for petroleum products; transportation services for various products; sulfur processing; and marketing and distribution of natural gas liquids [3][6]. Financial Details - As of June 30, 2025, Martin Midstream Partners had $41 million outstanding under its credit facility [1]. - The Partnership reported an adjusted EBITDA of $27.1 million for the second quarter of 2025 and is reaffirming its full-year adjusted EBITDA guidance based on first-half performance [6].

```markdown [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section highlights that the report contains forward-looking statements based on management's current plans and expectations, with actual results potentially differing due to various risks and uncertainties - The report contains forward-looking statements, identifiable by terms like 'forecast,' 'may,' 'believe,' 'will,' 'expect,' 'anticipate,' and 'estimate.' These statements are based on management's current plans and expectations, but actual results may differ materially due to various risks and uncertainties[8](index=8&type=chunk)[9](index=9&type=chunk) - Potential risks and uncertainties that could cause actual results to differ are discussed in 'Item 1A. Risk Factors' of the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly and current reports[10](index=10&type=chunk) PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated and condensed financial statements for Martin Midstream Partners L.P., including balance sheets, statements of operations, capital (deficit), and cash flows, along with accompanying notes [Consolidated and Condensed Balance Sheets](index=4&type=section&id=Consolidated%20and%20Condensed%20Balance%20Sheets) - Total assets decreased by **$22.877 million** from December 31, 2024, to June 30, 2025, primarily driven by decreases in current assets and net property, plant and equipment[14](index=14&type=chunk) - Partners' capital (deficit) worsened, decreasing from **$(70,439) thousand** at December 31, 2024, to **$(74,187) thousand** at June 30, 2025[14](index=14&type=chunk) Consolidated and Condensed Balance Sheets Summary | Metric (in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :-------------------- | :------------------------ | :-------------------------- | | **Assets** | | | | Total current assets | $121,603 | $130,479 | | Property, plant and equipment, net | $294,824 | $305,450 | | Total assets | $515,632 | $538,509 | | **Liabilities & Capital** | | | | Total current liabilities | $107,689 | $115,501 | | Long-term debt, net | $427,821 | $437,635 | | Total liabilities | $589,819 | $608,948 | | Partners' capital (deficit) | $(74,187) | $(70,439) | | Total liabilities and partners' capital (deficit) | $515,632 | $538,509 | [Consolidated and Condensed Statements of Operations](index=5&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Operations) - For the three months ended June 30, 2025, total revenues decreased by **$3.855 million (2.1%)** year-over-year, while net income shifted from a profit of **$3.780 million** in 2024 to a loss of **$2.407 million** in 2025[16](index=16&type=chunk) - For the six months ended June 30, 2025, total revenues increased by **$7.858 million (2.1%)** year-over-year, but net income shifted from a profit of **$7.053 million** in 2024 to a loss of **$3.440 million** in 2025[16](index=16&type=chunk) Consolidated and Condensed Statements of Operations Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $180,676 | $184,531 | $373,219 | $365,361 | | Total costs and expenses | $166,406 | $165,557 | $345,026 | $328,700 | | Operating income | $14,883 | $19,927 | $29,285 | $37,822 | | Net income (loss) | $(2,407) | $3,780 | $(3,440) | $7,053 | | Net income (loss) per unit attributable to limited partners - basic | $(0.06) | $0.09 | $(0.09) | $0.18 | [Consolidated and Condensed Statements of Capital (Deficit)](index=7&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Capital%20(Deficit)) - Total Partners' Capital (Deficit) decreased from **$(70,439) thousand** at December 31, 2024, to **$(74,187) thousand** at June 30, 2025, primarily due to net loss and cash distributions[20](index=20&type=chunk) - The number of common limited units outstanding remained at **39,055,086** from March 31, 2025, to June 30, 2025, after an issuance of **54,000** restricted units since December 31, 2024[20](index=20&type=chunk) Consolidated and Condensed Statements of Capital (Deficit) Summary | Metric (in thousands) | Balances - March 31, 2025 | Balances - June 30, 2025 | Balances - December 31, 2024 | Balances - June 30, 2024 | | :-------------------- | :------------------------ | :----------------------- | :--------------------------- | :----------------------- | | Common Limited Units | 39,055,086 | 39,055,086 | 39,001,086 | 39,001,086 | | Partners' Capital (Deficit) - Common Limited Units Amount | $(73,041) | $(75,548) | $(71,877) | $(59,557) | | Partners' Capital (Deficit) - General Partner Amount | $1,413 | $1,361 | $1,438 | $1,691 | | Total Partners' Capital (Deficit) | $(71,628) | $(74,187) | $(70,439) | $(57,866) | [Consolidated and Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Cash%20Flows) - Net cash provided by operating activities increased by **$2.959 million (13%)** for the six months ended June 30, 2025, compared to the same period in 2024[23](index=23&type=chunk) - Net cash used in investing activities significantly decreased by **$25.170 million (68%)** for the six months ended June 30, 2025, primarily due to lower capital expenditures and reduced investment in DSM Semichem LLC[23](index=23&type=chunk) - Net cash from financing activities shifted from a **$15.163 million** inflow in 2024 to a **$12.975 million** outflow in 2025, mainly due to increased debt repayments and decreased new borrowings[23](index=23&type=chunk) Consolidated and Condensed Statements of Cash Flows Summary | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $24,896 | $21,937 | | Net cash used in investing activities | $(11,929) | $(37,099) | | Net cash provided by (used in) financing activities | $(12,975) | $15,163 | | Net increase (decrease) in cash | $(8) | $1 | | Cash at end of period | $47 | $55 | [Notes to Consolidated and Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Financial%20Statements) This section provides detailed disclosures and explanations for the figures presented in the consolidated financial statements, covering operations, accounting policies, revenue, inventory, debt, leases, capital, compensation, related parties, segments, commitments, fair value, investments, income taxes, and subsequent events [NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION](index=9&type=section&id=NOTE%201.%20NATURE%20OF%20OPERATIONS%20AND%20BASIS%20OF%20PRESENTATION) - Martin Midstream Partners L.P. operates primarily in the Gulf Coast region of the U.S. with four main business lines: terminalling, processing, and storage; land and marine transportation; sulfur and sulfur-based products; and marketing, distribution, and transportation of NGLs and specialty lubricants/grease[24](index=24&type=chunk) - The unaudited financial statements are prepared in accordance with Form 10-Q and U.S. GAAP for interim reporting, with all necessary adjustments for fair presentation being of a normal recurring nature[25](index=25&type=chunk) [NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS](index=9&type=section&id=NOTE%202.%20NEW%20ACCOUNTING%20PRONOUNCEMENTS) - The Partnership adopted ASU 2023-07 (Segment Reporting) in compliance with required adoption guidelines, which enhances disclosures about significant segment expenses[27](index=27&type=chunk) - ASU 2023-09 (Improvements to Income Tax Disclosures) is effective for annual reporting periods beginning after December 15, 2024, and will require disaggregated information about effective tax rate reconciliation and income taxes paid[28](index=28&type=chunk) [NOTE 3. REVENUE](index=10&type=section&id=NOTE%203.%20REVENUE) - The Partnership expects to receive **$425.944 million** in future minimum revenues from unsatisfied performance obligations as of June 30, 2025, with the largest portion from terminalling and storage[38](index=38&type=chunk) NOTE 3. REVENUE Summary | Revenue Source (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Terminalling and storage | $22,404 | $22,375 | $43,953 | $44,892 | | Transportation | $53,826 | $57,676 | $106,811 | $115,983 | | Sulfur services | $44,128 | $37,192 | $92,832 | $70,873 | | Specialty products | $60,318 | $67,288 | $129,623 | $133,613 | | **Total Revenues** | **$180,676** | **$184,531** | **$373,219** | **$365,361** | NOTE 3. REVENUE Summary | Future Minimum Revenue (in thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | | :------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | :--------- | :--------- | | Terminalling and storage | $22,475 | $46,117 | $47,500 | $48,990 | $50,393 | $105,367 | $320,842 | | Sulfur services (Product sales) | $7,118 | $14,237 | $14,237 | — | — | — | $35,592 | | Sulfur services (Service revenues) | $5,174 | $9,374 | $3,153 | $2,655 | $2,655 | $39,161 | $62,172 | | Specialty Products (NGL product sales)| $3,404 | $3,934 | — | — | — | — | $7,338 | | **Total** | **$38,171** | **$73,662** | **$64,890** | **$51,645** | **$53,048** | **$144,528** | **$425,944** | [NOTE 4. INVENTORIES](index=11&type=section&id=NOTE%204.%20INVENTORIES) - Total inventories decreased by **$5.583 million** from December 31, 2024, to June 30, 2025, primarily driven by reductions in natural gas liquids, lubricants, and fertilizer inventories[39](index=39&type=chunk) NOTE 4. INVENTORIES Summary | Inventory Component (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------- | :------------ | :---------------- | | Natural gas liquids | $1,500 | $2,814 | | Lubricants | $22,042 | $23,227 | | Sulfur | $1,327 | $1,440 | | Fertilizer | $15,406 | $18,463 | | Other | $5,849 | $5,763 | | **Total Inventories** | **$46,124** | **$51,707** | [NOTE 5. DEBT](index=12&type=section&id=NOTE%205.%20DEBT) - Total long-term debt, net, decreased by **$9.814 million** from December 31, 2024, to June 30, 2025, primarily due to a reduction in the credit facility balance[40](index=40&type=chunk) - The credit facility has a variable interest rate (**7.94%** weighted average at June 30, 2025) and matures in February 2027, while the **$400 million** Senior Notes bear **11.5%** interest and are due in February 2028[40](index=40&type=chunk) - The Partnership was in compliance with all debt covenants as of June 30, 2025, and December 31, 2024[40](index=40&type=chunk) NOTE 5. DEBT Summary | Long-Term Debt (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Credit facility (net) | $39,235 | $51,258 | | Senior notes (net) | $388,586 | $386,377 | | **Total long-term debt, net** | **$427,821** | **$437,635** | [NOTE 6. LEASES](index=12&type=section&id=NOTE%206.%20LEASES) - Total lease cost increased by **$1.349 million (20.6%)** for the three months ended June 30, 2025, and by **$2.881 million (22.7%)** for the six months ended June 30, 2025, primarily driven by higher operating lease costs[44](index=44&type=chunk) NOTE 6. LEASES Summary | Lease Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $6,499 | $5,181 | $12,634 | $10,120 | | Finance lease cost | $5 | $4 | $10 | $4 | | Short-term lease cost | $1,357 | $1,333 | $2,856 | $2,499 | | Variable lease cost | $47 | $41 | $91 | $87 | | **Total lease cost** | **$7,908** | **$6,559** | **$15,591** | **$12,710** | NOTE 6. LEASES Summary | Lease Balance Sheet Info (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Operating lease right-of-use assets | $64,815 | $67,140 | | Operating lease liabilities | $65,078 | $67,522 | | Finance lease obligations | $62 | $69 | NOTE 6. LEASES Summary | Future Minimum Operating Lease Obligations (in thousands) | | :---------------------------------------- | :------------ | | Year 1 | $25,742 | | Year 2 | $22,080 | | Year 3 | $16,739 | | Year 4 | $9,068 | | Year 5 | $4,203 | | Thereafter | $3,748 | | **Total lease liability** | **$65,078** | [NOTE 7. SUPPLEMENTAL BALANCE SHEET INFORMATION](index=15&type=section&id=NOTE%207.%20SUPPLEMENTAL%20BALANCE%20SHEET%20INFORMATION) NOTE 7. SUPPLEMENTAL BALANCE SHEET INFORMATION Summary | Other Accrued Liabilities (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------- | :------------ | :---------------- | | Accrued interest | $17,502 | $17,899 | | Property and other taxes payable | $3,074 | $4,043 | | Accrued payroll | $5,956 | $5,187 | | Operating lease liabilities | $20,316 | $19,707 | | Other | $30 | $44 | | **Total Other accrued liabilities** | **$46,878** | **$46,880** | NOTE 7. SUPPLEMENTAL BALANCE SHEET INFORMATION Summary | Asset Retirement Obligations (in thousands) | | :---------------------------------------- | :------------ | | As of December 31, 2024 | $5,313 | | Accretion expense | $67 | | **Ending asset retirement obligations** | **$5,380** | [NOTE 8. PARTNERS' CAPITAL (DEFICIT)](index=16&type=section&id=NOTE%208.%20PARTNERS%27%20CAPITAL%20(DEFICIT)) - As of June 30, 2025, Partners' capital (deficit) consisted of **39,055,086** common limited partner units (**98%** interest) and a **2%** general partner interest held by MMGP[49](index=49&type=chunk) - Martin Resource Management Corporation owned approximately **19.6%** of the Partnership's outstanding common limited partner units[49](index=49&type=chunk) NOTE 8. PARTNERS' CAPITAL (DEFICIT) Summary | Net Income (Loss) Allocation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(2,407) | $3,780 | $(3,440) | $7,053 | | Less general partner's interest | $(48) | $76 | $(77) | $133 | | Less income (loss) allocable to unvested restricted units | $(10) | $16 | $(14) | $28 | | **Limited partners' interest in net income (loss)** | **$(2,349)** | **$3,688** | **$(3,357)** | **$6,884** | NOTE 8. PARTNERS' CAPITAL (DEFICIT) Summary | Weighted Average Limited Partner Units | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic | 38,892,347 | 38,832,222 | 38,887,692 | 38,833,039 | | Diluted | 38,892,347 | 38,891,375 | 38,887,692 | 38,872,192 | [NOTE 9. UNIT BASED AWARDS - LONG-TERM INCENTIVE PLANS](index=17&type=section&id=NOTE%209.%20UNIT%20BASED%20AWARDS%20-%20LONG-TERM%20INCENTIVE%20PLANS) - Total unit-based compensation expense decreased significantly for the three months ended June 30, 2025, by **$1.084 million (75%)** and for the six months ended June 30, 2025, by **$0.128 million (9.7%)** compared to the prior year, primarily due to lower phantom unit awards for employees[56](index=56&type=chunk) - The 2025 Phantom Unit Plan superseded the 2021 Plan, granting **1,210,000** phantom units and **425,000** phantom unit appreciation rights on February 11, 2025, with awards settling in cash and treated as liability classification[62](index=62&type=chunk)[64](index=64&type=chunk) - As of June 30, 2025, the total liability for outstanding phantom unit awards was **$4.585 million**, with **$5.009 million** in unrecognized compensation costs expected to be recognized over **1.74 years**[65](index=65&type=chunk) NOTE 9. UNIT BASED AWARDS - LONG-TERM INCENTIVE PLANS Summary | Unit-Based Compensation Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Restricted unit Awards (Non-employee directors) | $47 | $49 | $90 | $103 | | Phantom unit Awards (Employees) | $313 | $1,395 | $1,106 | $1,221 | | **Total unit-based compensation expense** | **$360** | **$1,444** | **$1,196** | **$1,324** | [NOTE 10. RELATED PARTY TRANSACTIONS](index=20&type=section&id=NOTE%2010.%20RELATED%20PARTY%20TRANSACTIONS) - Martin Resource Management Corporation (MRMC) controls the Partnership's general partner and owns approximately **19.6%** of the Partnership's common units, giving it significant influence over management[72](index=72&type=chunk) - The Omnibus Agreement governs competition, indemnification, related party transactions, and administrative services, requiring the Partnership to reimburse MRMC for direct and indirect expenses[73](index=73&type=chunk)[76](index=76&type=chunk) NOTE 10. RELATED PARTY TRANSACTIONS Summary | Related Party Revenues (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Terminalling and storage | $18,221 | $18,078 | $35,483 | $36,627 | | Transportation | $7,320 | $8,318 | $15,290 | $16,919 | | Product sales | $1,040 | $123 | $2,340 | $252 | | **Total Related Party Revenues** | **$26,581** | **$26,519** | **$53,113** | **$53,798** | NOTE 10. RELATED PARTY TRANSACTIONS Summary | Related Party Expenses (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of products sold | $10,464 | $11,311 | $19,595 | $20,895 | | Operating expenses | $27,823 | $26,501 | $55,388 | $52,924 | | Selling, general and administrative | $8,135 | $8,638 | $16,027 | $15,501 | | **Total Related Party Expenses** | **$46,422** | **$46,450** | **$91,010** | **$89,320** | [NOTE 11. BUSINESS SEGMENTS](index=25&type=section&id=NOTE%2011.%20BUSINESS%20SEGMENTS) - The Partnership operates in four reportable segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products, with performance evaluated based on operating income[99](index=99&type=chunk) - Total operating income decreased by **$5.044 million (25.3%)** for the three months ended June 30, 2025, and by **$8.537 million (22.6%)** for the six months ended June 30, 2025, compared to the prior year, with significant declines in Transportation and Terminalling and Storage segments[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) NOTE 11. BUSINESS SEGMENTS Summary | Segment Operating Income (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Terminalling and Storage | $3,000 | $3,302 | $5,110 | $6,959 | | Transportation | $6,217 | $8,036 | $11,723 | $17,867 | | Sulfur Services | $5,969 | $7,463 | $13,685 | $11,148 | | Specialty Products | $3,634 | $4,945 | $7,379 | $9,503 | | Indirect selling, general and administrative | $(3,937) | $(3,819) | $(8,612) | $(7,655) | | **Total Operating Income** | **$14,883** | **$19,927** | **$29,285** | **$37,822** | NOTE 11. BUSINESS SEGMENTS Summary | Segment Assets (in thousands) | June 30, 2025 | June 30, 2024 | | :---------------------------- | :------------ | :------------ | | Terminalling and Storage | $159,001 | $179,047 | | Transportation | $162,974 | $164,571 | | Sulfur Services | $128,266 | $112,644 | | Specialty Products | $65,391 | $78,816 | | **Total Segment Assets** | **$515,632** | **$535,078** | [NOTE 12. COMMITMENTS AND CONTINGENCIES](index=30&type=section&id=NOTE%2012.%20COMMITMENTS%20AND%20CONTINGENCIES) - The Partnership is involved in a legal proceeding (Marketing Lawsuits) where a customer is seeking defense and indemnity related to alleged unlawful business practices concerning private label motor oil[110](index=110&type=chunk) - The Litigation, administratively closed in 2017 and reopened in 2021, involves counterclaims against the Partnership, with a trial expected in 2026. The ultimate exposure is currently undeterminable[110](index=110&type=chunk) [NOTE 13. FAIR VALUE MEASUREMENTS](index=30&type=section&id=NOTE%2013.%20FAIR%20VALUE%20MEASUREMENTS) - The Partnership uses a valuation framework based on observable and unobservable market inputs, categorized into Level 1, Level 2, and Level 3 hierarchy[111](index=111&type=chunk)[112](index=112&type=chunk) - The fair value of the 2028 Notes is considered Level 2, based on quoted prices for identical liabilities in markets that are not active[114](index=114&type=chunk) NOTE 13. FAIR VALUE MEASUREMENTS Summary | Financial Instrument (in thousands) | June 30, 2025 Carrying Value | June 30, 2025 Fair Value | December 31, 2024 Carrying Value | December 31, 2024 Fair Value | | :-------------------------------- | :----------------------------- | :----------------------- | :------------------------------- | :--------------------------- | | 2028 Notes | $388,586 | $422,684 | $386,377 | $436,172 | [NOTE 14. INVESTMENT IN DSM SEMICHEM LLC](index=31&type=section&id=NOTE%2014.%20INVESTMENT%20IN%20DSM%20SEMICHEM%20LLC) - The Partnership holds a **10%** non-controlling interest in DSM Semichem LLC, a joint venture formed to produce and distribute electronic level sulfuric acid (ELSA), and is the exclusive feedstock provider and land transportation service provider for ELSA[115](index=115&type=chunk) - DSM Semichem LLC reported a net loss of **$(7,999) thousand** for the six months ended June 30, 2025, significantly higher than the **$(1,880) thousand** loss in the prior year[116](index=116&type=chunk)[117](index=117&type=chunk) NOTE 14. INVESTMENT IN DSM SEMICHEM LLC Summary | DSM Semichem LLC Financials (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Six Months Ended June 30, 2025 Net Income (Loss) | Six Months Ended June 30, 2024 Net Income (Loss) | | :----------------------------------------- | :------------------ | :---------------------- | :------------------------------------------------ | :------------------------------------------------ | | Total Assets | $105,437 | $105,773 | N/A | N/A | | Long-Term Debt | $28,530 | $31,700 | N/A | N/A | | Members' Equity/Partners' Capital | $60,515 | $68,513 | N/A | N/A | | Revenues | N/A | N/A | $0 | $0 | | Net Income (Loss) | N/A | N/A | $(7,999) | $(1,880) | [NOTE 15. CONDENSED CONSOLIDATED FINANCIAL INFORMATION](index=32&type=section&id=NOTE%2015.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20INFORMATION) - The Partnership's operations are conducted by its operating subsidiaries, which have issued and may issue unconditional guarantees of the Partnership's senior or subordinated debt securities[118](index=118&type=chunk) - Substantially all operating subsidiaries are subsidiary guarantors of the Senior Notes, with any non-guarantor subsidiaries being minor[118](index=118&type=chunk) [NOTE 16. INCOME TAXES](index=32&type=section&id=NOTE%2016.%20INCOME%20TAXES) - The effective income tax rate (ETR) for the Taxable Subsidiary increased significantly to **64.50%** for the three months ended June 30, 2025 (from **30.68%** in 2024) and to **50.84%** for the six months ended June 30, 2025 (from **22.94%** in 2024)[120](index=120&type=chunk) - The increase in ETR and provision for income taxes was primarily due to an increase in permanent differences and a decrease in income before income taxes[121](index=121&type=chunk) NOTE 16. INCOME TAXES Summary | Income Tax Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for income taxes | $2,084 | $1,772 | $3,201 | $2,568 | [NOTE 17. SUBSEQUENT EVENTS](index=33&type=section&id=NOTE%2017.%20SUBSEQUENT%20EVENTS) - On July 16, 2025, the Partnership declared a quarterly cash distribution of **$0.005** per common unit for Q2 2025, payable on August 14, 2025[127](index=127&type=chunk) - The 'One Big Beautiful Bill Act' enacted on July 4, 2025, is expected to result in an immaterial net increase in income tax expense for the Taxable Subsidiary in Q3 2025[128](index=128&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Partnership's financial condition, results of operations, and cash flows, covering business overview, recent developments, accounting policies, related party relationships, non-GAAP measures, segment performance, liquidity, and market risks [Overview](index=34&type=section&id=Overview) - The Partnership is a publicly traded limited partnership operating primarily in the U.S. Gulf Coast, with four core business lines: terminalling, processing, and storage; land and marine transportation; sulfur services; and NGL marketing/distribution and specialty lubricants/grease blending[130](index=130&type=chunk)[134](index=134&type=chunk) - Martin Resource Management Corporation (MRMC), the Partnership's founder, is a significant supplier and customer, owning **19.6%** of common units and controlling the general partner[131](index=131&type=chunk) [Significant Recent Developments](index=35&type=section&id=Significant%20Recent%20Developments) - In April 2025, the U.S. government announced new tariffs, including a **10%** baseline tariff and individualized reciprocal tariffs, which may affect raw material costs and availability or contribute to inflation[135](index=135&type=chunk) - On February 13, 2025, the Partnership amended its credit facility to modify interest coverage and first lien leverage ratios for fiscal quarters ending March 31, June 30, and September 30, 2025[136](index=136&type=chunk) [Critical Accounting Policies and Estimates](index=35&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - The preparation of financial statements requires management to make estimates and assumptions, which are routinely evaluated based on historical experience and other reasonable factors[139](index=139&type=chunk) - Changes in these estimates could materially affect the Partnership's financial position, results of operations, or cash flows[139](index=139&type=chunk) [Our Relationship with Martin Resource Management Corporation](index=35&type=section&id=Our%20Relationship%20with%20Martin%20Resource%20Management%20Corporation) - Martin Resource Management Corporation (MRMC) owns **19.6%** of the Partnership's limited partner units and **100%** of the general partner, directing business operations and providing management expertise[142](index=142&type=chunk)[143](index=143&type=chunk) - The Partnership reimbursed MRMC **$42.8 million** for direct costs and expenses for the three months ended June 30, 2025 (vs. **$42.9 million** in 2024), and **$83.9 million** for the six months ended June 30, 2025 (vs. **$82.2 million** in 2024)[144](index=144&type=chunk) - Indirect general and administrative expenses reimbursed to MRMC were **$3.4 million** for the three months and **$6.8 million** for the six months ended June 30, 2025 and 2024, respectively, covering centralized corporate functions[145](index=145&type=chunk) - Related party transactions accounted for approximately **28%** of total costs and expenses for the three months ended June 30, 2025, and **26%** for the six months ended June 30, 2025. Sales to MRMC represented **15%** and **14%** of total revenues for the respective periods[149](index=149&type=chunk)[150](index=150&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) - Management uses non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow to assess business performance and liquidity[154](index=154&type=chunk) - Adjusted EBITDA decreased by **$4.564 million (14.4%)** for the three months ended June 30, 2025, and by **$7.142 million (11.5%)** for the six months ended June 30, 2025, compared to the prior year[163](index=163&type=chunk) - Adjusted Free Cash Flow improved significantly, increasing from a deficit of **$(2,855) thousand** to a positive **$5,877 thousand** for the three months, and from **$(3,440) thousand** to **$14,032 thousand** for the six months ended June 30, 2025, primarily due to lower investing activities[165](index=165&type=chunk) Non-GAAP Financial Measures Summary | Non-GAAP Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | EBITDA | $26,923 | $32,616 | $53,930 | $63,176 | | Adjusted EBITDA | $27,148 | $31,712 | $54,976 | $62,118 | | Distributable Cash Flow | $6,672 | $9,534 | $15,760 | $15,180 | | Adjusted Free Cash Flow | $5,877 | $(2,855) | $14,032 | $(3,440) | [Results of Operations](index=41&type=section&id=Results%20of%20Operations) [Terminalling and Storage Segment](index=43&type=section&id=Terminalling%20and%20Storage%20Segment) - Operating income for the Terminalling and Storage segment decreased by **$0.302 million (9%)** for the three months and **$1.849 million (27%)** for the six months ended June 30, 2025, compared to the prior year[171](index=171&type=chunk)[174](index=174&type=chunk) - The decrease in operating income was primarily due to lower throughput fees and volumes at the underground storage terminal, and a significant reduction in gain on disposition of property, plant and equipment[171](index=171&type=chunk)[174](index=174&type=chunk) Terminalling and Storage Segment Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $24,228 | $24,402 | $47,642 | $48,687 | | Operating income | $3,000 | $3,302 | $5,110 | $6,959 | [Transportation Segment](index=44&type=section&id=Transportation%20Segment) - Operating income for the Transportation segment decreased by **$1.819 million (23%)** for the three months and **$6.144 million (34%)** for the six months ended June 30, 2025, compared to the prior year[177](index=177&type=chunk)[181](index=181&type=chunk) - Revenue declines were driven by lower land transportation freight revenue (**5-6%** decrease in total miles) and inland marine transportation rates, partially offset by higher offshore marine rates[178](index=178&type=chunk)[181](index=181&type=chunk) Transportation Segment Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $57,701 | $61,467 | $115,176 | $123,509 | | Operating income | $6,217 | $8,036 | $11,723 | $17,867 | [Sulfur Services Segment](index=46&type=section&id=Sulfur%20Services%20Segment) - Operating income for the Sulfur Services segment decreased by **$1.494 million (20%)** for the three months ended June 30, 2025, but increased by **$2.537 million (23%)** for the six months ended June 30, 2025, compared to the prior year[184](index=184&type=chunk)[189](index=189&type=chunk) - Product revenues increased significantly due to a **40-41%** increase in sales volumes (especially sulfur), despite a **6-15%** reduction in average sales prices. Cost of products sold also increased due to higher volumes[185](index=185&type=chunk)[186](index=186&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) Sulfur Services Segment Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $44,128 | $37,193 | $92,832 | $70,874 | | Operating income | $5,969 | $7,463 | $13,685 | $11,148 | | Total sulfur services volumes (long tons) | 217 | 155 | 447 | 318 | [Specialty Products Segment](index=48&type=section&id=Specialty%20Products%20Segment) - Operating income for the Specialty Products segment decreased by **$1.311 million (27%)** for the three months and **$2.124 million (22%)** for the six months ended June 30, 2025, compared to the prior year[194](index=194&type=chunk)[198](index=198&type=chunk) - Revenue decreased despite a **4-5%** increase in sales volumes (driven by NGLs), primarily due to a significant decline in average sales prices per barrel (**8-15%**)[194](index=194&type=chunk)[198](index=198&type=chunk) Specialty Products Segment Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Products revenues | $60,341 | $67,317 | $129,669 | $133,663 | | Operating income | $3,634 | $4,945 | $7,379 | $9,503 | | Total specialty products volumes (Bbls) | 661 | 633 | 1,406 | 1,334 | [Interest Expense](index=50&type=section&id=Interest%20Expense) - Total interest expense, net, increased by **$0.231 million (2%)** for the three months and **$0.496 million (2%)** for the six months ended June 30, 2025, compared to the prior year[201](index=201&type=chunk)[202](index=202&type=chunk) - The increase was primarily driven by higher interest on the credit facility for the six-month period and a significant decrease in capitalized interest[202](index=202&type=chunk) Interest Expense Summary | Interest Expense, Net (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Credit facility | $1,382 | $1,398 | $2,854 | $2,568 | | Senior notes | $11,627 | $11,627 | $22,616 | $22,744 | | Amortization of deferred debt issuance costs | $779 | $773 | $1,556 | $1,539 | | Amortization of debt discount | $600 | $600 | $1,200 | $1,200 | | Capitalized interest | $(45) | $(291) | $(45) | $(433) | | **Total interest expense, net** | **$14,608** | **$14,377** | **$28,715** | **$28,219** | [Indirect Selling, General and Administrative Expenses](index=50&type=section&id=Indirect%20Selling,%20General%20and%20Administrative%20Expenses) - Indirect SG&A expenses increased by **$0.118 million (3%)** for the three months and **$0.957 million (13%)** for the six months ended June 30, 2025, compared to the prior year[203](index=203&type=chunk)[204](index=204&type=chunk) - The six-month increase was primarily due to **$0.8 million** in transaction expenses related to the terminated Merger with Martin Resource Management Corporation, in addition to higher allocated overhead expenses[204](index=204&type=chunk) Indirect Selling, General and Administrative Expenses Summary | Indirect SG&A (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Indirect selling, general and administrative expenses | $3,937 | $3,819 | $8,612 | $7,655 | [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) [Cash Flows - Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024](index=52&type=section&id=Cash%20Flows%20-%20Six%20Months%20Ended%20June%2030,%202025%20Compared%20to%20Six%20Months%20Ended%20June%2030,%202024) - Net cash provided by operating activities increased by **$2.959 million (13%)** due to a favorable variance in working capital changes, offsetting a decrease in operating results[210](index=210&type=chunk) - Net cash used in investing activities decreased by **$25.170 million (68%)** due to lower capital expenditures, plant turnaround costs, and reduced investment in DSM Semichem LLC[211](index=211&type=chunk) - Net cash from financing activities shifted from a **$15.163 million** inflow to a **$12.975 million** outflow, primarily due to increased debt repayments and decreased new borrowings[212](index=212&type=chunk) Cash Flows - Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Variance | | :-------------------------------- | :----------------------------- | :----------------------------- | :------- | | Operating activities | $24,896 | $21,937 | $2,959 | | Investing activities | $(11,929) | $(37,099) | $25,170 | | Financing activities | $(12,975) | $15,163 | $(28,138)| | **Net increase (decrease) in cash** | **$(8)** | **$1** | **$(9)** | [Total Contractual Obligations](index=52&type=section&id=Total%20Contractual%20Obligations) - As of June 30, 2025, total contractual cash obligations amounted to **$642.576 million**, with the majority (**$553.781 million**) due within 1-3 years, primarily from the credit facility and senior secured notes[213](index=213&type=chunk) Total Contractual Obligations Summary | Type of Obligation (in thousands) | Total Obligation | Less than One Year | 1-3 Years | 3-5 Years | Due Thereafter | | :-------------------------------- | :--------------- | :----------------- | :-------- | :-------- | :------------- | | Credit facility | $41,000 | — | $41,000 | — | — | | 11.5% senior secured notes, due 2028 | $400,000 | — | $400,000 | — | — | | Operating leases | $81,580 | $25,742 | $38,819 | $13,271 | $3,748 | | Finance lease obligations | $62 | $15 | $32 | $15 | — | | Interest payable on fixed long-term debt obligations | $119,926 | $46,000 | $73,926 | — | — | | **Total contractual cash obligations** | **$642,576** | **$71,761** | **$553,781**| **$13,286** | **$3,748** | [Description of Our Indebtedness](index=53&type=section&id=Description%20of%20Our%20Indebtedness) - As of June 30, 2025, the Partnership had **$41.0 million** outstanding under its **$150.0 million** credit facility (maturing Feb 2027) and **$0.7 million** in outstanding letters of credit, leaving **$31.3 million** in additional borrowing capacity after covenants[216](index=216&type=chunk)[222](index=222&type=chunk) - The credit facility's financial covenants require a minimum Interest Coverage Ratio of **1.75:1.00** and a maximum First Lien Leverage Ratio of **1.25:1.00** for Q2 and Q3 2025, tightening thereafter[218](index=218&type=chunk) [Capital Resources and Liquidity](index=53&type=section&id=Capital%20Resources%20and%20Liquidity) - Primary liquidity sources include cash flows from operations, borrowings under the credit facility, and access to debt and equity capital markets[209](index=209&type=chunk)[223](index=223&type=chunk) - The Partnership was in compliance with all debt covenants as of June 30, 2025, and expects to remain so for the next twelve months[224](index=224&type=chunk) [Interest Rate Risk](index=54&type=section&id=Interest%20Rate%20Risk) - The Partnership is exposed to interest rate risk on its variable-rate credit facility (**7.94%** weighted-average at June 30, 2025). A **100** basis point increase in interest rates would increase annual interest expense by approximately **$0.4 million**[225](index=225&type=chunk)[234](index=234&type=chunk) - The 2028 Notes are at a fixed rate, but a hypothetical **100** basis point increase in interest rates would result in a **$6.7 million** decrease in their fair value[235](index=235&type=chunk) [Seasonality](index=54&type=section&id=Seasonality) - Revenues are partially dependent on seasonal sales prices of NGLs (strongest in winter) and fertilizers (strongest in early spring)[226](index=226&type=chunk) - Terminalling and Storage, Transportation, and molten sulfur businesses are typically not impacted by seasonal fluctuations, contributing significantly to net income[226](index=226&type=chunk) [Impact of Inflation](index=54&type=section&id=Impact%20of%20Inflation) - Inflation did not materially impact results for the six months ended June 30, 2025 or 2024[227](index=227&type=chunk) - Future increases in energy prices (diesel, natural gas, chemicals) could raise operating expenses and adversely affect net income if not passed on to customers[227](index=227&type=chunk) [Environmental Matters](index=54&type=section&id=Environmental%20Matters) - On June 15, 2024, the Partnership experienced a crude oil spill (less than **2,500** barrels) from its Sandyland Terminal pipeline, incurring a **$1.5 million** deductible expense in Q2 2024[229](index=229&type=chunk) - Remedial actions for the spill were completed under ADEE oversight by October 2024, with no fines or penalties assessed as of July 21, 2025[229](index=229&type=chunk) - The SEC's climate disclosure regulations are voluntarily delayed due to litigation, with the SEC ending its defense of the rules and the Eighth Circuit holding cases in abeyance[231](index=231&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section updates the Partnership's exposure to market risks, specifically commodity risk and interest rate risk, building upon disclosures in the annual report - The Partnership manages commodity price fluctuation risk using derivatives, but had no outstanding hedging positions as of June 30, 2025[233](index=233&type=chunk) - Interest rate risk primarily stems from the variable-rate credit facility. A **100** basis point increase in interest rates would increase annual interest expense by approximately **$0.4 million**[234](index=234&type=chunk) - The fixed-rate 2028 Notes are not exposed to interest rate changes, but a **100** basis point increase would decrease their fair value by **$6.7 million**[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) This section reports on the effectiveness of the Partnership's disclosure controls and procedures and internal controls over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Partnership's disclosure controls and procedures were effective as of June 30, 2025[237](index=237&type=chunk) - There were no material changes in internal controls over financial reporting during the most recent fiscal quarter[238](index=238&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the detailed discussion of legal proceedings, claims, and disputes in the notes to the financial statements - The Partnership is subject to various legal proceedings in the ordinary course of business, with details incorporated by reference from 'Item 1. Financial Statements, Note 12. Commitments and Contingencies'[240](index=240&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Partnership's annual report - No material changes to the Partnership's risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024[241](index=241&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) This section provides information regarding trading arrangements by directors and officers - No director or officer adopted, modified, or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended June 30, 2025[242](index=242&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the quarterly report, including organizational documents, debt indentures, certifications, and interactive data files - The report includes an Index to Exhibits, detailing various documents such as the Certificate of Limited Partnership, Amended and Restated Agreement of Limited Partnership, Indenture for Senior Secured Second Lien Notes, and Certifications of Chief Executive and Financial Officers[243](index=243&type=chunk)[245](index=245&type=chunk) ```

Q2 2025 Performance - Adjusted EBITDA for Q2 2025 was $27.1 million[3], compared to $31.7 million in Q2 2024[3, 4], a decrease of 14.5% - The Transportation segment's Adjusted EBITDA decreased from $11.2 million in Q2 2024 to $8.5 million in Q2 2025[3, 4], a decrease of 24.1% - The Specialty Products segment's Adjusted EBITDA decreased from $5.7 million in Q2 2024 to $4.4 million in Q2 2025[3, 4], a decrease of 22.8% - The Sulfur Services segment's Adjusted EBITDA decreased from $10.6 million in Q2 2024 to $9.7 million in Q2 2025[3, 4], a decrease of 8.5% - The Terminalling & Storage segment's Adjusted EBITDA increased from $8.0 million in Q2 2024 to $8.4 million in Q2 2025[3, 4], an increase of 5% Full-Year 2025 Guidance - The company projects a full-year 2025 Adjusted EBITDA of $109.1 million[5] - Total segment adjusted EBITDA is projected to be $123.8 million[5] - Maintenance capital expenditures are estimated at $20.5 million, and plant turnaround costs at $5.4 million[5] - Total distributable cash flow is projected to be $27.8 million[5] - Total adjusted free cash flow is projected to be $18.8 million[5]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Martin Midstream Partners reported Q2 2025 financial results, including a net loss and Adjusted EBITDA, with CEO commentary on segment performance and outlook [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Martin Midstream Partners reported a Q2 2025 net loss of **$2.4 million** and Adjusted EBITDA of **$27.1 million**, reaffirming full-year guidance Q2 2025 Financial Highlights Summary | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--------------------------------- | :------------------------------- | :----------------------------- | | Net loss | $2.4 million | $3.4 million | | Adjusted EBITDA | $27.1 million | $55.0 million | - Reaffirmed full-year adjusted EBITDA guidance of **$109.1 million**[2](index=2&type=chunk)[8](index=8&type=chunk) - Declared a quarterly cash distribution of **$0.005 per common unit**[8](index=8&type=chunk)[26](index=26&type=chunk) [CEO Commentary & Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Outlook) CEO Bob Bondurant noted strong Sulfur Services, marine utilization issues, mixed Specialty Products, and stable Terminalling and Storage, anticipating Q4 leverage decline - Sulfur Services segment delivered sales volumes and margins exceeding internal projections, positioning for a successful first half before Q3 turnaround season[3](index=3&type=chunk) - Transportation segment's marine business utilization was slightly below expectations due to equipment repairs, while land transportation partially offset this with lower operating expenses despite rate pressure[4](index=4&type=chunk) - Specialty Products experienced temporary volume reductions in grease due to customer portfolio shifts, but lubricants business exceeded expectations[5](index=5&type=chunk) - Terminalling and Storage segment results were slightly below internal projections due to higher operating expenses but are expected to perform favorably in the second half of the year[6](index=6&type=chunk) - Adjusted leverage ratio was **4.20x** as of June 30, 2025, compared to **4.21x** as of March 31, 2025, with expectations for leverage to decline in Q4 after a seasonally weakest Q3[7](index=7&type=chunk) [Segment Operating Results](index=2&type=section&id=Segment%20Operating%20Results) This section details the financial performance and operational drivers across the Partnership's business segments [Overview of Segment Performance](index=2&type=section&id=Overview%20of%20Segment%20Performance) Q2 2025 Adjusted EBITDA declined across most segments compared to Q2 2024, with only Terminalling and Storage showing an increase Adjusted EBITDA by Business Segment (Q2 2025 vs Q2 2024) | Business Segment | Q2 2025 Adjusted EBITDA ($M) | Q2 2024 Adjusted EBITDA ($M) | Change ($M) | | :----------------------- | :--------------------------- | :--------------------------- | :---------- | | Transportation | $8.5 | $11.2 | $(2.7) | | Terminalling and Storage | $8.4 | $8.0 | $0.4 | | Sulfur Services | $9.7 | $10.6 | $(0.9) | | Specialty Products | $4.4 | $5.7 | $(1.3) | | Unallocated SG&A | $(3.9) | $(3.8) | $(0.1) | | **Total** | **$27.1** | **$31.7** | **$(4.6)** | [Transportation Segment](index=2&type=section&id=Transportation%20Segment) The Transportation segment's Q2 2025 Adjusted EBITDA decreased, primarily due to land division declines, partially offset by a slight marine division increase - Transportation Adjusted EBITDA decreased by **$2.7 million** in Q2 2025[11](index=11&type=chunk) - Land division Adjusted EBITDA declined by **$2.8 million** due to lower miles and reduced transportation rates, partially offset by lower operating expenses[11](index=11&type=chunk) - Marine division Adjusted EBITDA increased by **$0.1 million**, driven by higher day rates, partially offset by increased employee-related expenses[11](index=11&type=chunk) Transportation Segment Operating Income (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Variance ($ thousands) | Change (%) | | :------------------------------------------ | :-------------------- | :-------------------- | :--------------------- | :--------- | | Revenues | $57,701 | $61,467 | $(3,766) | (6)% | | Operating income | $6,217 | $8,036 | $(1,819) | (23)% | [Terminalling and Storage Segment](index=2&type=section&id=Terminalling%20and%20Storage%20Segment) The Terminalling and Storage segment's Q2 2025 Adjusted EBITDA increased, driven by the Smackover refinery's performance, despite a decrease in underground NGL storage - Terminalling and Storage Adjusted EBITDA increased by **$0.4 million** in Q2 2025[12](index=12&type=chunk) - Smackover refinery Adjusted EBITDA increased by **$0.9 million** due to higher throughput, reservation fees, and lower operating expenses[12](index=12&type=chunk) - Underground NGL storage division Adjusted EBITDA decreased by **$0.5 million** due to lower throughput volumes[12](index=12&type=chunk) Terminalling and Storage Segment Operating Income (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Variance ($ thousands) | Change (%) | | :------------------------------------------ | :-------------------- | :-------------------- | :--------------------- | :--------- | | Revenues | $24,402 | $24,228 | $(174) | (1)% | | Operating income | $3,302 | $3,000 | $(302) | (9)% | | Shore-based throughput volumes (gallons) | 47,199 | 42,491 | 4,708 | 11% | [Sulfur Services Segment](index=2&type=section&id=Sulfur%20Services%20Segment) The Sulfur Services segment's Q2 2025 Adjusted EBITDA decreased, primarily due to margin compression in fertilizer and increased expenses in pure sulfur and prilling - Sulfur Services Adjusted EBITDA decreased by **$0.9 million** in Q2 2025[13](index=13&type=chunk) - Fertilizer division Adjusted EBITDA declined by **$0.7 million** due to margin compression from higher raw material costs, partially offset by reservation fees[13](index=13&type=chunk) - Pure sulfur business Adjusted EBITDA decreased by **$0.6 million** due to increased repairs and maintenance expenses[13](index=13&type=chunk) Sulfur Services Segment Operating Income and Volumes (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Variance ($ thousands) | Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :--------------------- | :--------- | | Total revenues | $44,128 | $37,193 | $6,935 | 19% | | Operating income | $5,969 | $7,463 | $(1,494) | (20)% | | Total sulfur services volumes (long tons) | 217 | 155 | 62 | 40% | [Specialty Products Segment](index=2&type=section&id=Specialty%20Products%20Segment) The Specialty Products segment's Q2 2025 Adjusted EBITDA decreased, mainly due to lower grease margins, partially offset by higher lubricant volumes - Specialty Products Adjusted EBITDA decreased by **$1.3 million** in Q2 2025[14](index=14&type=chunk) - Grease division Adjusted EBITDA decreased by **$1.5 million** due to lower margins associated with a higher mix of lower-margin product sales[14](index=14&type=chunk) - Lubricants division increased by **$0.1 million**, reflecting higher volumes partially offset by lower margins[14](index=14&type=chunk) Specialty Products Segment Operating Income and Volumes (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Variance ($ thousands) | Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :--------------------- | :--------- | | Products revenues | $60,341 | $67,317 | $(6,976) | (10)% | | Operating income | $3,634 | $4,945 | $(1,311) | (27)% | | Total specialty products volumes (Bbls) | 661 | 633 | 28 | 4% | [Unallocated Selling, General and Administrative Expense](index=2&type=section&id=Unallocated%20Selling%2C%20General%20and%20Administrative%20Expense) Unallocated selling, general, and administrative expenses increased by **$0.1 million** in Q2 2025, primarily due to an increase in allocated overhead expenses from Martin Resource Management Corporation - Unallocated selling, general, and administrative expense increased by **$0.1 million** in Q2 2025[15](index=15&type=chunk) - The increase was due to higher allocated overhead expenses from Martin Resource Management Corporation[15](index=15&type=chunk) Indirect SG&A Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | Variance ($ thousands) | Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :--------------------- | :--------- | | Indirect selling, general and administrative expenses | $3,937 | $3,819 | $118 | 3% | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the Partnership's consolidated statements of operations, balance sheets, cash flows, and changes in partners' capital [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 saw total revenues decrease to **$180.7 million**, resulting in a net loss of **$2.4 million** and reduced operating income compared to Q2 2024 Consolidated Statements of Operations Summary (Q2 2025 vs Q2 2024) | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :--------------------------------- | :------------------------------------ | :------------------------------------ | | Revenues | $180.7 | $184.5 | | Operating income | $14.9 | $19.9 | | Net income (loss) | $(2.4) | $3.8 | | Net income (loss) Per Unit | $(0.06) | $0.09 | Consolidated Statements of Operations Summary (Six Months Ended June 30, 2025 vs 2024) | Metric | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :--------------------------------- | :---------------------------------- | :---------------------------------- | | Revenues | $373.2 | $365.4 | | Operating income | $29.3 | $37.8 | | Net income (loss) | $(3.4) | $7.1 | | Net income (loss) Per Unit | $(0.09) | $0.18 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets and liabilities decreased, while Partners' capital (deficit) further declined to **$(74.2) million** Consolidated Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--------------------------------- | :-------------------------- | :------------------------------ | | Total current assets | $121,603 | $130,479 | | Property, plant and equipment, net | $294,824 | $305,450 | | Total assets | $515,632 | $538,509 | | Total current liabilities | $107,689 | $115,501 | | Long-term debt, net | $427,821 | $437,635 | | Total liabilities | $589,819 | $608,948 | | Partners' capital (deficit) | $(74,187) | $(70,439) | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased for the six months ended June 30, 2025, while investing activities decreased and financing activities shifted to a net use Consolidated Statements of Cash Flows (Six Months Ended June 30, 2025 vs 2024) | Cash Flow Activity | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net cash provided by operating activities | $24,896 | $21,937 | | Net cash used in investing activities | $(11,929) | $(37,099) | | Net cash provided by (used in) financing activities | $(12,975) | $15,163 | | Net increase (decrease) in cash | $(8) | $1 | | Cash at end of period | $47 | $55 | - Payments for property, plant and equipment decreased to **$11.2 million** in 2025 from **$24.2 million** in 2024 for the six months ended June 30[51](index=51&type=chunk) - Payments of long-term debt were **$121.5 million** in 2025 compared to **$113.0 million** in 2024 for the six months ended June 30[51](index=51&type=chunk) [Consolidated Statements of Capital (Deficit)](index=10&type=section&id=Consolidated%20Statements%20of%20Capital%20%28Deficit%29) The Partners' Capital (Deficit) for Martin Midstream Partners decreased to **$(74.2) million** as of June 30, 2025, from **$(70.4) million** at December 31, 2024 Partners' Capital (Deficit) (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--------------------------------- | :-------------------------- | :------------------------------ | | Common Limited Units | 39,055,086 | 39,001,086 | | Limited Partner Amount | $(75,548) | $(71,877) | | General Partner Amount | $1,361 | $1,438 | | Total Partners' Capital (Deficit) | $(74,187) | $(70,439) | - Net loss contributed **$(2,359) thousand** to the change in Limited Partners' Capital for the three months ended June 30, 2025[47](index=47&type=chunk) - Cash distributions for the three months ended June 30, 2025, totaled **$(195) thousand** for common limited units[47](index=47&type=chunk) [Capital Structure & Shareholder Returns](index=4&type=section&id=Capital%20Structure%20%26%20Shareholder%20Returns) This section details the Partnership's capital structure, credit metrics, and quarterly cash distribution to unitholders [Capitalization and Credit Metrics](index=4&type=section&id=Capitalization%20and%20Credit%20Metrics) As of June 30, 2025, total debt decreased, but the adjusted leverage ratio increased, and available liquidity under the revolving credit facility significantly declined Debt Outstanding and Credit Metrics (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :--------------------------------- | :----------------- | :--------------------- | | Revolving Credit Facility | $41.0 | $53.5 | | 11.50% Senior Secured Notes | $400.0 | $400.0 | | Total Debt Outstanding | $441.1 | $453.6 | | Revolving Credit Facility - Available Liquidity | $31.3 | $80.7 | | Total Adjusted Leverage Ratio | 4.20x | 3.96x | | Interest Coverage Ratio | 1.97x | 2.14x | - The Partnership was in compliance with all debt covenants as of June 30, 2025, and December 31, 2024[24](index=24&type=chunk) - Effective March 31, 2025, the maximum total leverage ratio under the credit facility stepped down from **4.75x** to **4.50x**[24](index=24&type=chunk) [Quarterly Cash Distribution](index=4&type=section&id=Quarterly%20Cash%20Distribution) Martin Midstream Partners declared a quarterly cash distribution of **$0.005 per unit** for the quarter ended June 30, 2025, payable on August 14, 2025, to unitholders of record as of August 7, 2025 - Declared a quarterly cash distribution of **$0.005 per unit** for Q2 2025[26](index=26&type=chunk) - The distribution is payable on August 14, 2025, to common unitholders of record as of August 7, 2025[26](index=26&type=chunk) - Distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate[27](index=27&type=chunk) [Non-GAAP Financial Information](index=3&type=section&id=Non-GAAP%20Financial%20Information) This section defines and reconciles the Partnership's non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow [Use and Definition of Non-GAAP Measures](index=3&type=section&id=Use%20and%20Definition%20of%20Non-GAAP%20Measures) Martin Midstream Partners uses non-GAAP measures like EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow to assess performance and liquidity, noting their limitations - Non-GAAP measures used include EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow[21](index=21&type=chunk)[31](index=31&type=chunk) - Adjusted EBITDA is defined as EBITDA before unit-based compensation, gains/losses on asset disposition, impairment, and transaction costs[33](index=33&type=chunk) - Distributable Cash Flow is defined as Net Cash Provided by Operating Activities less certain cash adjustments and maintenance capital expenditures, used to assess cash available for distributions[37](index=37&type=chunk) - Adjusted Free Cash Flow is Distributable Cash Flow less growth capital expenditures and finance lease principal payments, indicating cash available for debt reduction, investments, and distributions[38](index=38&type=chunk) - These non-GAAP measures should not be considered alternatives to, or more meaningful than, GAAP measures like Net Income (Loss) or Net Cash Provided by Operating Activities[34](index=34&type=chunk)[39](index=39&type=chunk) [Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA](index=17&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%20and%20Adjusted%20EBITDA) Net Income (Loss) of **$(2.4) million** for Q2 2025 was reconciled to **$27.1 million** Adjusted EBITDA, with similar reconciliations for the six-month period Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net income (loss) | $(2,407) | $3,780 | $(3,440) | $7,053 | | EBITDA | $26,923 | $32,616 | $53,930 | $63,176 | | Adjusted EBITDA | $27,148 | $31,712 | $54,976 | $62,118 | [Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow](index=18&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20EBITDA%2C%20Distributable%20Cash%20Flow%2C%20and%20Adjusted%20Free%20Cash%20Flow) Net Cash Provided by Operating Activities for Q2 2025 was reconciled to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow, with similar reconciliations for the six-month period Reconciliation of Cash Flow Measures | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net cash provided by operating activities | $30,915 | $11,828 | $24,896 | $21,937 | | Adjusted EBITDA | $27,148 | $31,712 | $54,976 | $62,118 | | Distributable Cash Flow | $6,672 | $9,534 | $15,760 | $15,180 | | Adjusted Free Cash Flow | $5,877 | $(2,855) | $14,032 | $(3,440) | - Maintenance capital expenditures were **$4.2 million** for Q2 2025 and **$8.1 million** for the six months ended June 30, 2025[65](index=65&type=chunk) - Expansion capital expenditures were **$0.8 million** for Q2 2025 and **$1.7 million** for the six months ended June 30, 2025[65](index=65&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section provides background on Martin Midstream Partners, outlines forward-looking statements, and lists investor contact information [About Martin Midstream Partners](index=4&type=section&id=About%20Martin%20Midstream%20Partners) Martin Midstream Partners L.P. is a publicly traded limited partnership headquartered in Kilgore, Texas, with diverse operations primarily in the U.S. Gulf Coast region - Headquartered in Kilgore, Texas, with operations primarily in the Gulf Coast region of the United States[28](index=28&type=chunk) - Terminalling, processing, and storage services for petroleum products and by-products[28](index=28&type=chunk) - Land and marine transportation services for petroleum products and by-products, chemicals, and specialty products[28](index=28&type=chunk)[29](index=29&type=chunk) - Sulfur and sulfur-based products processing, manufacturing, marketing, and distribution[28](index=28&type=chunk)[29](index=29&type=chunk) - Marketing, distribution, and transportation services for natural gas liquids and blending/packaging services for specialty lubricants and grease[28](index=28&type=chunk)[29](index=29&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to various uncertainties, and actual results may differ materially, with no obligation to revise them unless required by law - Statements about the Partnership's outlook and financial estimates are forward-looking and subject to uncertainties[30](index=30&type=chunk) - Effects of continued volatility of commodity prices and related macroeconomic/political environment[30](index=30&type=chunk) - Uncertainties relating to future cash flows and operations[30](index=30&type=chunk) - Ability to pay future distributions[30](index=30&type=chunk) - Future market conditions, governmental regulation, and taxation[30](index=30&type=chunk) - The Partnership disclaims any intention or obligation to revise forward-looking statements unless required by law[30](index=30&type=chunk) [Contact Information](index=6&type=section&id=Contact%20Information) Contact information for investor relations is provided for Sharon Taylor, Executive Vice President & Chief Financial Officer - Sharon Taylor - Executive Vice President & Chief Financial Officer[40](index=40&type=chunk) - Phone: (877) 256-6644[40](index=40&type=chunk) - Email: ir@mmlp.com[40](index=40&type=chunk)