EXHIBIT 99.1 MARTIN MIDSTREAM PARTNERS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS AND DECLARES QUARTERLY CASH DISTRIBUTION KILGORE, Texas, April 16, 2025 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) ("MMLP" or the "Partnership") today announced its financial results for the first quarter of 2025. Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "The Partnership had a good start to 2025 as we generated adjus ...

Group 1 - Caspian Capital L.P. supports Martin Midstream Partners L.P.'s decision to terminate its merger agreement with Martin Resource Management Corporation, indicating confidence in MMLP's standalone value creation for unitholders [1] - Caspian believes that the potential valuation of MMLP exceeds the purchase price offered in the proposed merger, highlighting the expected benefits for common unitholders from upcoming developments [1] - The company has ceased its efforts to acquire MMLP and ended collaboration with Nut Tree Capital Management L.P., focusing instead on monitoring MMLP's execution and capital allocation [1] Group 2 - Caspian Capital LP was founded in 1997 and employs an absolute return strategy, managing $4.7 billion in assets, with a focus on performing, stressed, distressed corporate credit, and value equities [2]

Financial Agreements and Amendments - The company entered into a credit facility amendment on February 13, 2025, adjusting interest coverage and first lien leverage ratios for fiscal quarters ending March 31, June 30, and September 30, 2025[29]. - As of December 31, 2024, the company had a weighted-average interest rate of 8.18% on its credit facility, with a potential $0.5 million increase in interest expense from a 100 basis point rate increase[390]. - The estimated fair value of the 2028 Notes was $436.2 million, with a potential $9.1 million decrease in fair value from a 100 basis point increase in interest rates[391]. Employee Compensation and Plans - The 2025 Phantom Unit Plan was approved on February 11, 2025, allowing for awards of phantom units and appreciation rights to employees and directors, with potential cash payments[29]. Operational Overview - The company has strategically located assets along the U.S. Gulf Coast, generating significant cash flow from services to the oil refining industry[30]. - The company operates nine terminalling facilities, enhancing its integrated services in storage, handling, and transportation of petroleum products[37]. - The underground NGL storage terminal has a capacity of 2.3 million barrels, supporting NGL marketing efforts[49]. - A significant portion of cash flow is generated from fee-based contracts, which include reservation charges that reduce cash flow volatility[33]. - The company aims to expand its customer base and service offerings to drive organic growth in revenues and cash flow[31]. - The company has established long-term relationships with suppliers and customers, enhancing its reputation as a reliable service provider[32]. - The company owns asphalt terminals in Texas and Nebraska, dedicated to a subsidiary of Martin Resource Management Corporation under throughput agreements[40]. - The company competes effectively due to the strategic location of its terminals, integrated transportation services, and the quality of its specialized services[52]. - The company operates a fleet of approximately 600 trucks and 1,275 tank trailers for land transportation, serving major customers in the energy and petrochemical sectors[54]. - The marine transportation segment utilizes a fleet that includes 5 inland tank barges with capacities ranging from under 20,000 barrels to 31,000 barrels, and 1 offshore tank barge with a capacity of 59,000 barrels[59]. - The sulfur forming facility in Beaumont, Texas has a daily processing capacity of 5,500 metric tons of molten sulfur, converting it into solid form for agricultural markets[66]. - The company produces approximately 400 tons per day of ammonium sulfate, primarily serving agricultural and industrial markets[69]. - The NGL storage terminal in Arcadia, Louisiana has a capacity of 2,300,000 barrels, supporting the company's NGL operations[77]. - The company maintains long-term relationships with customers through fee-based transportation agreements, ensuring stable revenue streams[56]. - The marine transportation agreement with Martin Resource Management Corporation is on a spot contract basis, automatically renewing annually unless terminated[60]. Financial Relationships with Martin Resource Management Corporation - Martin Resource Management Corporation owned approximately 15.7% of the outstanding limited partnership units as of December 31, 2024[80]. - The company reimbursed Martin Resource Management Corporation for $175.8 million and $165.6 million of direct costs and expenses for the years ended December 31, 2024 and 2023, respectively[82]. - Purchases from Martin Resource Management Corporation accounted for approximately 27% and 23% of total costs and expenses for the years ended December 31, 2024 and 2023, respectively[86]. - Sales to Martin Resource Management Corporation accounted for approximately 15% and 14% of total revenues for the years ended December 31, 2024 and 2023, respectively[87]. Insurance and Liability - The company's property program provides $40.0 million per occurrence and annual aggregate for named windstorm events, including business interruption coverage[89]. - The deductible for onshore physical damage resulting from named windstorms is 5% of the total value of affected properties, with minimum deductible ranges from $1.0 million to $5.0 million[89]. - The company has various pollution liability policies, which provide coverages ranging from remediation of property to third-party liability[91]. - The company’s insurance covers up to $1.0 billion of liability per accident or occurrence for marine claims[93]. Regulatory and Environmental Compliance - The company’s operations are subject to various federal, state, and local laws and regulations governing environmental matters, which could impose significant liabilities[95]. - The company is subject to complex federal, state, and local environmental laws that can impair operations and may require substantial capital expenditures for compliance[96]. - Climate change may adversely affect operations due to severe weather, increased operational costs, and potential insurance coverage issues[105]. - The company is in substantial compliance with the Clean Water Act, but future regulatory changes could increase costs and delays[106]. - The Oil Pollution Act imposes liability for oil spills, and any legislative changes could materially affect operations[107]. - The company is subject to stringent safety regulations and believes it is in substantial compliance with current safety requirements[108]. Corporate Structure and Support - The company relies on Martin Resource Management Corporation for corporate support, which has approximately 1,679 employees[115]. Commodity Price Management - The company uses derivatives to manage commodity price fluctuations, but abnormal price volatility could influence operating income[386][387].

Financial Performance - For the fourth quarter of 2024, Martin Midstream Partners reported Adjusted EBITDA of $23.3 million, which was approximately $5.5 million below the annual guidance level[3]. - For the full year 2024, Martin Midstream Partners reported a net loss of $5.2 million, which included $3.7 million in costs related to the termination of the Merger Agreement[4]. - The net loss for the year ended December 31, 2024, was $5,207 thousand, compared to a net loss of $4,549 thousand in 2023, indicating an increase in losses of approximately 14.5%[57]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $110.6 million, compared to $102.6 million for the same period in 2023, reflecting an increase of approximately 1.0%[26]. - Adjusted EBITDA for the year ended December 31, 2024, was $110,605 thousand, up from $102,615 thousand in 2023, reflecting an increase of 7.7%[65]. - The company reported operating income of $57.295 million for 2024, down from $66.724 million in 2023, highlighting a decline in operational efficiency[48]. - Cash provided by operating activities was $48,351 thousand in 2024, a significant decrease from $137,468 thousand in 2023[57]. - Distributable Cash Flow decreased to $24,119 thousand in 2024 from $32,775 thousand in 2023, a decline of 26.3%[66]. - Adjusted Free Cash Flow for the year ended December 31, 2024, was $(1,321) thousand, down from $21,732 thousand in 2023[66]. Debt and Liquidity - The total debt outstanding as of December 31, 2024, was approximately $453.6 million, with liquidity of about $80.7 million under the revolving credit facility[3]. - Total debt outstanding as of December 31, 2024, was $453.6 million, up from $442.5 million as of December 31, 2023[28]. - The total adjusted leverage ratio increased to 3.96x as of December 31, 2024, compared to 3.75x a year earlier[28]. - The partnership's available liquidity from the revolving credit facility decreased to $80.7 million as of December 31, 2024, from $109.0 million as of December 31, 2023[28]. - The partnership was in compliance with all debt covenants as of December 31, 2024, and December 31, 2023[28]. Segment Performance - The Transportation segment's Adjusted EBITDA for Q4 2024 was $6.5 million, significantly lower than the guidance of $11.2 million, primarily due to lower utilization of heated barges and impacts from Hurricane Milton[3][11]. - The Sulfur Services segment outperformed expectations with Adjusted EBITDA of $9.4 million, exceeding guidance by approximately $1.0 million, driven by a 14% increase in sulfur volumes compared to internal forecasts[3][4]. - Specialty Products Adjusted EBITDA increased by $12.5 million, while Credit Adjusted EBITDA declined by $2.6 million due to the exit from the butane optimization business[21]. - Revenues for the Terminalling and Storage Segment increased by 1% to $96,555 thousand in 2024 from $95,459 thousand in 2023[59]. - Operating income for the Terminalling and Storage Segment decreased by 24% to $11,098 thousand in 2024 from $14,532 thousand in 2023[59]. - Total revenues for the Sulfur Services Segment decreased by 8% to $129,772 thousand in 2024 from $140,995 thousand in 2023[62]. - Operating income for the Sulfur Services Segment increased by 6% to $18,531 thousand in 2024 from $17,412 thousand in 2023[62]. - Specialty Products Segment revenues decreased by 24% to $264,945 thousand in 2024 from $346,863 thousand in 2023[63]. - The total specialty products volumes decreased by 34% to 2,653 Bbls in 2024 from 4,048 Bbls in 2023[63]. Capital Expenditures and Guidance - Capital expenditures for Q4 2024 totaled $9.5 million, with $2.9 million allocated to growth projects and $6.6 million for maintenance and turnaround costs[3]. - The company has released 2025 Adjusted EBITDA guidance of $109.1 million, with anticipated capital expenditures of $34.9 million[5]. - The Transportation segment is projected to generate $35.4 million of Adjusted EBITDA in 2025, while the Sulfur Services segment is expected to contribute $31.9 million[5]. - Adjusted Free Cash Flow for 2025 is projected to be approximately $18.8 million[5]. Other Financial Metrics - The company made cash distributions of $795 thousand in both 2024 and 2023, indicating stability in cash distribution policy[57]. - Interest expense for the year ended December 31, 2024, was $57,706 thousand, slightly down from $60,290 thousand in 2023[65]. - The company recognized a loss of $624 thousand from its equity investment in DSM Semichem LLC for the year ended December 31, 2024[65]. - Unallocated selling, general, and administrative expenses decreased by $0.2 million, attributed to lower professional fees and reduced overhead allocation[22]. - Indirect selling, general and administrative expenses increased by 22% from $16,030 thousand in 2023 to $19,556 thousand in 2024[64]. - The company issued 86,280 time-based restricted units in 2024, up from 64,056 in 2023, reflecting an increase in equity compensation[57]. Forward-Looking Statements - Forward-looking statements indicate potential volatility in commodity prices and uncertainties regarding future cash flows and operations[33].

Core Viewpoint - Nut Tree Capital Management and Caspian Capital, holding approximately 13.6% of Martin Midstream Partners' outstanding common units, are urging unitholders to vote against the proposed merger with Martin Midstream Resource Corporation at a price of $4.02 per common unit, claiming it benefits Ruben Martin and MRMC at the expense of other unitholders [1]. Group 1 - Nut Tree and Caspian have sent a letter to MMLP's common unitholders [1]. - The merger vote is scheduled for December 30, 2024, at 10:00 AM Central time [1]. - The proposed sale price of $4.02 per common unit is being contested by the two firms [1]. Group 2 - Nut Tree Capital Management was founded in 2015 and focuses on distressed credit and value equities, managing $4 billion in assets [3]. - Caspian Capital LP, established in 1997, specializes in stressed and distressed corporate credit and value equities, overseeing $4.6 billion in assets [2].

Core Viewpoint - Johnson Fistel, LLP is investigating potential breaches of fiduciary duties by the board members of Martin Midstream Partners L.P. in relation to a proposed merger with Martin Resource Management [1]. Group 1: Merger Details - On October 3, 2024, Martin Midstream Partners L.P. announced a definitive agreement for Martin Resource Management Corporation to acquire all outstanding common units not already owned by it and its subsidiaries at a price of $4.02 per share in an all-cash transaction [3]. - Nut Tree Capital Management and Caspian Capital, holding approximately 13.6% of the outstanding common units, have submitted proxy materials opposing the merger at the proposed price, which will be voted on in an upcoming meeting [4]. Group 2: Investigation and Shareholder Rights - The investigation by Johnson Fistel, LLP aims to determine if the board members acted in the best interests of shareholders regarding the merger terms [1]. - Shareholders who believe the buyout price is too low or wish to learn more about the investigation are encouraged to contact the lead analyst [2].

Group 1 - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to Martin Midstream Partners L.P.'s sale to Martin Resource Management Corporation for $4.02 per common unit [1] - The firm is also looking into Lumos Pharma, Inc.'s sale to Double Point Ventures LLC for $4.25 per share in cash, along with a non-transferable, unsecured Contingent Value Right per share [1] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [2] Group 2 - Halper Sadeh LLC operates on a contingent fee basis, meaning shareholders would not incur out-of-pocket legal fees or expenses [2] - The firm represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [2]

Financial Performance - Total revenues for the three months ended September 30, 2024, were $170,934, a decrease of 3.3% compared to $176,697 for the same period in 2023[10] - The company reported a net loss of $3,239 for the three months ended September 30, 2024, compared to a net loss of $1,036 for the same period in 2023[10] - Operating income for the nine months ended September 30, 2024, was $50,473, an increase from $49,538 for the same period in 2023[10] - The net income for the nine months ended September 30, 2024, was $3,734 thousand, compared to a net loss of $(5,066) thousand for the same period in 2023[18] - The company reported a decrease in revenues for the three and nine months ended September 30, 2024, compared to the same periods in 2023, although specific figures were not provided[156] - Operating revenues for the three months ended September 30, 2024, were $176,495 thousand, a decrease of 2.4% compared to $181,811 thousand for the same period in 2023[157] - For the nine months ended September 30, 2024, total revenues were $553,228 thousand, a decrease of 13.2% from $637,154 thousand in the same period of 2023[160] Debt and Liabilities - Long-term debt increased to $469,269 as of September 30, 2024, compared to $421,173 as of December 31, 2023, reflecting a rise of 11.4%[9] - The company’s total liabilities increased to $616,099 as of September 30, 2024, from $573,999 as of December 31, 2023, an increase of 7.3%[9] - Total contractual cash obligations as of September 30, 2024, amounted to $712.1 million, with $67.1 million due within one year[197] - The company had $86.5 million outstanding under its $150.0 million credit facility, leaving $54.4 million available for future borrowings as of September 30, 2024[198] - The company is in compliance with all debt covenants as of September 30, 2024, and anticipates remaining compliant for the next twelve months[202] Cash Flow and Liquidity - The company reported net cash provided by operating activities of $6,184 thousand for the nine months ended September 30, 2024, a significant decrease from $106,065 thousand in the prior year[18] - Net cash provided by operating activities decreased by $99.9 million, a 94% decline, primarily due to a $101.1 million unfavorable variance in cash flows associated with changes in working capital[195] - Net cash used in investing activities increased by $27.2 million, driven by higher capital expenditures and plant turnaround costs, which rose by $16.0 million[196] - Net cash provided by financing activities increased by $127.0 million, primarily due to a decrease in long-term debt borrowings of $293.4 million[196] - The company expects to meet operating expenses and service its indebtedness primarily through cash flows generated from operations and borrowings under its credit facility[202] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $62,363, a decrease from $64,375 for the same period in 2023[10] - Operating expenses for the nine months ended September 30, 2024, increased to $45,414 thousand from $43,318 thousand in the same period of 2023, a rise of 4.8%[170] - Selling, general, and administrative expenses for the three months ended September 30, 2024, totaled $12,215,000, up from $8,477,000 in the prior year[94] - The partnership's operating expenses for transportation increased to $19,257,000 in the three months ended September 30, 2024, compared to $18,531,000 in the same period of 2023[93] Revenue Segments - Throughput and storage revenue for the Terminalling and Storage segment was $22,562,000 in Q3 2024, up from $22,202,000 in Q3 2023, representing a growth of 1.6%[26] - Land transportation revenue was $40,514,000 in Q3 2024, slightly down from $40,965,000 in Q3 2023, indicating a decrease of 1.1%[26] - Inland marine transportation revenue increased to $14,146,000 in Q3 2024 from $12,658,000 in Q3 2023, reflecting a growth of 11.7%[26] - Sulfur product sales reached $8,585,000 in Q3 2024, compared to $8,453,000 in Q3 2023, showing an increase of 1.6%[26] - Fertilizer product sales decreased significantly to $12,598,000 in Q3 2024 from $20,766,000 in Q3 2023, a decline of 39.4%[26] - Natural gas liquids product sales rose to $35,940,000 in Q3 2024 from $31,225,000 in Q3 2023, marking an increase of 15.0%[26] Capital Expenditures - Total capital expenditures and plant turnaround costs for the three months ended September 30, 2024, amounted to $12,535,000[96] - Capital expenditures and plant turnaround costs for the nine months ended September 30, 2024, were $43,132, compared to $28,081 for the same period in 2023, indicating a significant increase of approximately 53.6%[98][99] - The company expects to fund approximately $27.0 million in capital expenditures for the electronic level sulfuric acid joint venture, with $26.4 million already funded as of September 30, 2024[125] Related Party Transactions - Related party transactions accounted for approximately 31% of total costs and expenses for the three months ended September 30, 2024, compared to 29% in 2023[135] - Sales to Martin Resource Management Corporation represented approximately 15% of total revenues for both the three months ended September 30, 2024, and 2023[136] - The company reimbursed Martin Resource Management Corporation $46.2 million for direct costs for the three months ended September 30, 2024, compared to $43.2 million in 2023, reflecting a 6.9% increase[132] Environmental and Legal Matters - The company is currently addressing an environmental spill incident and has recorded a deductible expense of $1.5 million related to insurance claims[207] - The partnership is involved in ongoing litigation related to a customer in its lubricants packaging business, with a trial expected in the second half of 2025[102] - No material environmental costs were incurred during the nine months ended September 30, 2023[208] Mergers and Acquisitions - Martin Resource Management Corporation proposed to acquire all outstanding common units of the Partnership not already owned, with a merger agreement signed on October 3, 2024[115] - Each public common unit will be converted into the right to receive $4.02 in cash as part of the merger agreement[116] Miscellaneous - The effective income tax rate for the taxable subsidiary for the three months ended September 30, 2024, was 33.36%, up from 23.96% in the same period of 2023[109] - The partnership completed its exit from the butane optimization business in Q2 2023, transitioning to a fee-based butane logistics model, which is expected to reduce commodity risk exposure and earnings volatility[24]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum [2] Group 2: Martin Midstream Partners L.P. (MMLP) Analysis - MMLP has shown a price increase of 9.9% over the past four weeks and 12.8% over the past 12 weeks, indicating strong investor interest [2] - MMLP has a beta of 2.12, suggesting it moves 112% higher than the market, reflecting fast-paced momentum [3] - The stock has a Momentum Score of A, indicating a favorable entry point for investors [3] - MMLP has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investor interest [3] - The stock is trading at a Price-to-Sales ratio of 0.22, indicating it is undervalued at 22 cents for each dollar of sales [3] Group 3: Additional Investment Opportunities - Besides MMLP, there are other stocks that meet the criteria of "Fast-Paced Momentum at a Bargain" [4] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [4]

Financial Data and Key Metrics Changes - For Q3 2024, the company reported adjusted EBITDA of $25.1 million, falling short of guidance by $1.3 million, which was initially set at $26.4 million [4] - The primary reason for the shortfall was an increase in expenses related to long-term incentive plans, resulting in an additional $1.4 million in expenses compared to guidance [4] - The total long-term debt outstanding as of September 30, 2024, was $486.5 million, with a bank compliant adjusted leverage ratio of 4.14 times and interest coverage of 2.23 times [12][13] Performance by Business Segment - The Transportation segment was the largest cash flow generator with adjusted EBITDA of $11.6 million, exceeding guidance of $10.8 million [5] - The Terminalling and Storage segment had adjusted EBITDA of $8.4 million, missing guidance of $9 million due to increased incentive compensation expenses [6] - The Specialty Products segment reported adjusted EBITDA of $4.6 million, significantly below guidance of $6.5 million, primarily due to weak demand in packaged lubricants and grease [7] - The Sulfur Services segment achieved adjusted EBITDA of $4.2 million, surpassing guidance of $3.7 million, driven by strong sulfur production volumes [8] Market Data and Key Metrics Changes - The average inland day rate for marine transportation exceeded forecast by 8%, contributing to stable cash flow expectations for the fourth quarter [5] - The fertilizer group experienced a 27% decrease in volume sold compared to forecast, although gross margin per ton improved [9] Company Strategy and Industry Competition - The company is focused on maintaining adjusted EBITDA guidance for full-year 2024 at $116.1 million, with slight adjustments for marine and sulfur services divisions [14] - The pending transaction with Martin Resource Management Corporation (MRMC) is expected to deliver nearly a dollar more per unit than the initial proposal, with further details to be provided in an upcoming proxy statement [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding sulfur production levels from refinery customers, anticipating continued strong performance in the fourth quarter [9] - The company acknowledged the impact of a slowing U.S. economy on demand for specialty products, particularly lubricants and greases, which may lead to softer cash flow in the fourth quarter [7] Other Important Information - Capital expenditures for Q3 totaled $12.5 million, with a forecast for full-year 2024 capital expenditures now totaling $57.4 million [13][14] - The company plans to allocate between $0.5 million and $1 million for repairs related to minor damage from Hurricane Milton [16] Q&A Session Summary Question: Will the hurricane have implications for cash flow and capital allocation? - Management indicated a CapEx outlay of $0.5 million to $1 million for repairs, but does not expect significant commercial impact [16] Question: Update on the ELSA project and future growth prospects? - The ELSA plant is expected to start taking feedstock soon, but sales in 2025 may not be as robust as previously hoped due to delays [17][18] Question: Current rates and contracting updates for the barge business? - Rates for heated transportation are currently $11,000 to $11,500 per day, showing a $2,000 increase from last year, while clean rates remain stable [20][21] Question: Will the merger vote require a simple majority? - Management confirmed that the vote will be a simple majority [22] Question: Preliminary thoughts on capital spending for 2025? - Management anticipates lower growth capital needs for 2025 compared to 2024, with maintenance CapEx expected to be under $34.8 million [23] Question: Free cash flow outlook for 2025? - Management indicated that free cash flow generation is expected to improve in 2025, with projections around $30 million [24] Question: Impact of acquisition financing on MMLP's capital structure? - Management clarified that MMLP's capital structure will remain unchanged post-transaction, with no new borrowings planned for acquisition financing [25][26]