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]

EXHIBIT 99.1 MARTIN MIDSTREAM PARTNERS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS AND DECLARES QUARTERLY CASH DISTRIBUTION KILGORE, Texas, July 16, 2025 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) ("MMLP" or the "Partnership") today announced its financial results for the second quarter of 2025. Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "The Partnership reported adjusted EBITDA of $27.1 million for ...

Financial Performance - Total revenues for Q1 2025 were $192.543 million, an increase of 6.3% compared to $180.830 million in Q1 2024[17] - Net loss for Q1 2025 was $1.033 million, compared to a net income of $3.273 million in Q1 2024, representing a decline of 131.6%[17] - Operating income decreased to $14.402 million in Q1 2025 from $17.895 million in Q1 2024, a decrease of 19.1%[17] - For the three months ended March 31, 2025, total revenue was $169,539 thousand, a decrease of 10.5% compared to $189,830 thousand for the same period in 2024[31] - For the three months ended March 31, 2025, total consolidated revenues were $192,543 thousand, a decrease from $197,279 thousand in the same period of 2024, representing a decline of approximately 3.9%[96] Segment Performance - The terminalling and storage segment generated revenue of $21,549 thousand, down 4.3% from $22,517 thousand in the prior year[31] - The transportation segment reported revenue of $52,985 thousand, a decline of 9.5% from $58,307 thousand in the previous year[31] - Sulfur services segment revenue increased significantly to $48,704 thousand, up 44.6% from $33,681 thousand in the same quarter of 2024[31] - Specialty products segment revenue rose to $69,305 thousand, an increase of 4.5% compared to $66,325 thousand in the prior year[31] - The Terminalling and Storage segment generated revenues of $23,414 thousand, while the Transportation segment generated $57,475 thousand, and the Sulfur Services segment generated $48,704 thousand for the same period[105] Cash Flow and Assets - Cash at the end of Q1 2025 was $52 million, a slight decrease from $55 million at the end of Q4 2024[15] - Cash flows from operating activities were negative at $(6.019) million in Q1 2025, compared to positive cash flows of $10.109 million in Q1 2024[24] - Total current assets decreased to $129.646 million in Q1 2025 from $130.479 million in Q4 2024[15] - Total liabilities decreased to $605.038 million in Q1 2025 from $608.948 million in Q4 2024[15] - As of March 31, 2025, total long-term debt was $451,449 thousand, an increase from $437,635 thousand at December 31, 2024[41] Expenses and Liabilities - The company incurred interest expense of $14.107 million in Q1 2025, compared to $13.842 million in Q1 2024[17] - Operating expenses increased to $27,565 thousand in 2025 from $26,423 thousand in 2024, an increase of approximately 4.3%[97] - The Partnership's future minimum lease obligations total $79,471,000 as of March 31, 2025, with the first year obligation being $24,969,000[47] - As of March 31, 2025, total operating lease liabilities amounted to $68,998,000, up from $67,522,000 as of December 31, 2024, reflecting a 2.2% increase[47] Equity and Compensation - Weighted average limited partner units for Q1 2025 were 38,882,982, compared to 38,828,737 in Q1 2024[17] - The total unit-based compensation expense for the three months ended March 31, 2025, was $836,000, compared to a negative expense of $(120,000) in the same period of 2024, indicating a shift in compensation strategy[57] - The Partnership issued 54,000 Time-Based Restricted Units (TBRUs) during the three months ended March 31, 2025, with a grant-date fair value of $3.62 per unit[72] Tax and Deferred Tax - The effective income tax rate for the Taxable Subsidiary was 32.86% for the three months ended March 31, 2025, compared to 15.73% for the same period in 2024[118] - The provision for income taxes for the three months ended March 31, 2025, was $1,117,000, an increase from $796,000 in the same period in 2024[116] - A net deferred tax asset of $10,160 million existed at March 31, 2025, compared to $9,946 million at December 31, 2024[122] Corporate Governance and Management - Martin Resource Management Corporation owns approximately 16.3% of the Partnership's outstanding common limited partner units, maintaining a significant stake in the company[50] - The Partnership reimbursed Martin Resource Management Corporation $3,384,000 and $3,377,000 for indirect expenses for the three months ended March 31, 2025, and 2024, respectively[78] - The Conflicts Committee approved an annual reimbursement amount for indirect expenses of $13,536,000 for the year 2025[78] Risk Management - The Partnership is exposed to commodity risk and interest rate risk, with established hedging policies in place[208] - The Partnership had no outstanding hedging positions as of March 31, 2025, indicating a focus on managing commodity price fluctuations[209] - A 100 basis point increase in interest rates would increase interest expense by approximately $0.7 million annually due to unhedged floating rate debt[210]

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]