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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Mark One Annual Report Pursuant to Section 13 or 15(d) of the ☒ Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____. Commission file number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) Delaware 05-0527861 State or o ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q4 2023 Earnings Conference Call February 15, 2024 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - Chief Executive Officer Randy Tauscher - Chief Operating Officer Conference Call Participants Kyle May - Sidoti & Company Selman Akyol - Stifel Patrick Fitzgerald - Baird Operator Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the MMLP Fourth Quart ...

February 14, 2024 Sulfur Services 4Q23E 4Q23A Butane Optimization - - | --- | --- | |------------------------------|-------| | | | | Fourth Quarter and Full Year | | | 2023 Earnings Summary and | | | 2024 Financial Guidance | | | MARTIN MIDSTREAM PARTNERS | | Unallocated SG&A $(4.3) $(4.1) Total Adjusted EBITDA $26.9 $29.2 Total Sulfur Services $6.0 $7.4 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|----------------|-------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) (State or other jur ...

Third Quarter 2023 Earnings Summary CORACABO | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-------|-------|-------|--------------------------------------------------|---------|--------|--------| | Transportation | 2023E | 3Q23E | 3Q23A | Specialty Products | 2023E | 3Q23E | 3Q23A | | Land | $36.2 | $8.5 | $6.7 | Lubricants | $9.0 | $2.4 | $3.6 | | Marine | $13.5 | $3.5 | $2.8 | Grease | $8.6 | $2.3 | $2.8 | | Total Transportation | $49.7 ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q3 2023 Earnings Conference Call October 19, 2023 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - Chief Executive Officer Randy Tauscher - Chief Operating Officer David Cannon - Controller Danny Cavin - Director, FP&A Conference Call Participants Kyle May - Sidoti & Company Tim Howard - Stifel Operator Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyon ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 000-50056 MARTIN MIDSTREAM PARTNERS L.P. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported adjusted EBITDA of $31.8 million, slightly below the guidance of $32.2 million, representing a 1% difference [9] - The total long-term debt outstanding was $460.5 million, a reduction of $39.5 million from the previous quarter [24] - Distributable cash flow for the quarter was $9.7 million, and free cash flow was $7.8 million [27] Business Line Data and Key Metrics Changes - The transportation segment generated adjusted EBITDA of $12.1 million, exceeding guidance of $11.6 million, with the marine transportation business achieving $3.5 million against a forecast of $2.8 million [10][12] - The terminalling and storage segment had adjusted EBITDA of $9.6 million, surpassing guidance of $8.3 million, primarily due to reduced operating costs [13] - The sulfur services segment reported adjusted EBITDA of $8 million, below guidance of $10.6 million, mainly due to underperformance in the fertilizer group [15] - The specialty products segment achieved adjusted EBITDA of $5.9 million, slightly below guidance of $6 million, with strength in NGL and propane groups but weakness in packaged lubricants [19] Market Data and Key Metrics Changes - The company noted a 17% decline in forecasted sales volumes for the fertilizer group due to poor weather conditions impacting farmer demand [16] - Fertilizer prices continued to fall throughout Q2, negatively affecting margins as the company destocked higher-cost inventory [16] Company Strategy and Development Direction - The company plans to continue operating its underground NGL storage facility in North Louisiana, utilizing a fee-based volume-driven business model [8] - The exit from the butane optimization business is expected to lead to less volatile future earnings and significant reductions in working capital needs [62] - The company is focused on strengthening its balance sheet by paying down debt and lowering leverage to below 3.75x [57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agriculture market recovering, potentially starting in Q4 2023, contingent on favorable weather conditions [23][50] - The company anticipates continued strength in transportation and terminalling segments, offsetting challenges in sulfur and specialty products due to agricultural market headwinds [29] Other Important Information - Capital expenditures for the quarter totaled $9.8 million, with $7.9 million for maintenance and $1.9 million for growth [27] - The ELSA facility is expected to be online in Q1 2024, with a total investment of approximately $20 million [28][45] Q&A Session Summary Question: What is the outlook for transportation rates and production? - Management indicated strong rates in truck transportation and increased sulfur production, averaging over 3,500 tons per day, with expectations for continued high refinery utilization [36][37] Question: Are there any long-term contracts being secured for barges? - Management confirmed that there are contracts being locked in for longer durations at higher rates, reflecting confidence in rising market conditions [39][40] Question: What is the expected timeline for the ELSA project to ramp up? - The project is expected to ramp up in the second half of the year, with distributions from the joint venture anticipated in Q3 [46][49] Question: When can improvements in the agriculture market be expected? - Management suggested that while improvements may be seen in Q4, a more significant recovery is anticipated for the following year, depending on weather conditions [50] Question: What is the plan for free cash flow and leverage management? - The company plans to use free cash flow to reduce leverage below 3.75x before considering increasing distributions [55][60]

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 2023 saw a **$5.1 million** net loss, down from **$11.5 million** net income, due to lower revenues and debt extinguishment [Consolidated and Condensed Balance Sheets](index=5&type=section&id=Consolidated%20and%20Condensed%20Balance%20Sheets) | | March 31, 2023 (Unaudited, in thousands) | December 31, 2022 (Audited, in thousands) | | :--- | :--- | :--- | | **Total current assets** | $161,872 | $211,127 | | **Total assets** | $542,875 | $598,851 | | **Total current liabilities** | $95,664 | $110,925 | | **Long-term debt, net** | $475,237 | $512,871 | | **Total liabilities** | $607,552 | $658,296 | | **Total partners' capital (deficit)** | $(64,677) | $(59,445) | - Total assets decreased from **$598.9 million** at the end of 2022 to **$542.9 million** as of March 31, 2023, driven by a decrease in current assets, particularly inventories which fell from **$109.8 million** to **$76.6 million**[15](index=15&type=chunk) [Consolidated and Condensed Statements of Operations](index=6&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Operations) | Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total revenues** | $244,529 | $279,201 | | **Operating income (loss)** | $17,505 | $25,449 | | **Net income (loss)** | $(5,086) | $11,478 | | **Limited partners' interest in net income (loss)** | $(4,968) | $11,219 | | **Net income (loss) per unit - basic & diluted** | $(0.13) | $0.29 | - The company reported a **net loss of $5.1 million** for Q1 2023, compared to a **net income of $11.5 million** in Q1 2022. The decline was driven by lower total revenues (down to **$244.5 million** from **$279.2 million**) and a **$5.1 million loss on extinguishment of debt**[17](index=17&type=chunk) [Consolidated and Condensed Statements of Cash Flows](index=10&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $49,264 | $28,375 | | **Net cash used in investing activities** | $(4,218) | $(11,354) | | **Net cash used in financing activities** | $(45,034) | $(16,761) | - Net cash from operating activities increased to **$49.3 million** in Q1 2023 from **$28.4 million** in Q1 2022, primarily due to a significant positive change in inventories. Net cash used in financing activities increased substantially to **$45.0 million** due to debt refinancing activities, including **$13.6 million** in debt issuance costs[26](index=26&type=chunk) [Notes to Consolidated and Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Financial%20Statements) Key notes detail a **$400 million** debt refinancing, segment reorganization, and a **$0.005** per unit cash distribution - On February 8, 2023, the Partnership issued **$400 million** in 11.500% senior secured second lien notes due 2028. The proceeds were used to repurchase its 2024 and 2025 notes, resulting in a **$5.1 million loss on debt extinguishment**[43](index=43&type=chunk) - Effective January 1, 2023, the Partnership **reorganized its segments**. The underground NGL storage division was moved to the Terminalling and Storage segment, and the packaged lubricants and grease businesses were moved to the Specialty Products segment. Prior period information has been revised to reflect these changes[107](index=107&type=chunk) - On April 19, 2023, the Partnership declared a quarterly cash distribution of **$0.005 per common unit** for the first quarter of 2023, payable on May 15, 2023[123](index=123&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Operating income declined to **$17.5 million** due to segment performance, alongside debt refinancing and strategic business changes [Significant Recent Developments](index=34&type=section&id=Significant%20Recent%20Developments) - In February 2023, the company **refinanced its debt** by issuing **$400 million** of 2028 Notes, using the proceeds to tender for and redeem its 2024 and 2025 notes and extend its credit facility maturity to 2027[129](index=129&type=chunk) - The company announced its **planned exit from the butane optimization business**, expected to conclude in the second quarter of 2023[130](index=130&type=chunk) - The company entered a **joint venture**, DSM Semichem LLC, to produce electronic level sulfuric acid (ELSA), with an expected capital expenditure of approximately **$20.0 million** in 2023 and 2024[131](index=131&type=chunk) [Non-GAAP Financial Measures](index=37&type=section&id=Non-GAAP%20Financial%20Measures) | Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Net income (loss)** | $(5,086) | $11,478 | | **EBITDA** | $25,307 | $39,934 | | **Adjusted EBITDA** | $21,735 | $39,954 | | **Distributable cash flow** | $9,460 | $15,160 | | **Adjusted free cash flow** | $8,697 | $12,000 | [Results of Operations by Segment](index=40&type=section&id=Results%20of%20Operations) Overall operating income decreased to **$17.5 million**, with mixed segment performance driven by commodity price impacts | Segment | Operating Income (Loss) Q1 2023 (in thousands) | Operating Income (Loss) Q1 2022 (in thousands) | | :--- | :--- | :--- | | **Terminalling and storage** | $3,108 | $(112) | | **Transportation** | $9,442 | $6,982 | | **Sulfur services** | $4,553 | $12,652 | | **Specialty products** | $4,600 | $10,049 | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$0.05 million** cash and **$39.6 million** effective borrowing capacity after a major debt refinancing - As of March 31, 2023, the company had **$100.0 million** outstanding under its **$200.0 million** credit facility, with an available borrowing capacity of **$80.8 million**. Factoring in financial covenants, the actual borrowing ability was approximately **$39.6 million**[188](index=188&type=chunk)[202](index=202&type=chunk) - The credit facility was **amended** on February 8, 2023, reducing commitments to **$200.0 million** (with scheduled step-downs) and **extending the maturity to February 8, 2027**[189](index=189&type=chunk) | Type of Obligation | Total Obligation (in thousands) | | :--- | :--- | | Credit facility | $100,000 | | 11.5% senior secured notes, due 2028 | $400,000 | | Operating leases | $47,113 | | Interest payable on fixed long-term debt | $223,426 | | **Total contractual cash obligations** | **$770,542** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces commodity and interest rate risks; a **100 basis point** rate increase would raise annual interest expense by **$1.0 million** - The company has **no outstanding commodity hedging positions** as of March 31, 2023[211](index=211&type=chunk) - The company is exposed to **interest rate risk** on its credit facility. A **100 basis point increase** in interest rates would result in an approximate **$1.0 million annual increase** in interest expense based on debt levels at March 31, 2023[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures, with no material changes to internal controls during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2023[216](index=216&type=chunk) - **No material changes** to internal controls over financial reporting occurred during the first quarter of 2023[217](index=217&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including a customer dispute over defense and indemnity obligations - The company is involved in **ongoing litigation** with a customer from its lubricants packaging business regarding defense and indemnity obligations. The trial is expected in 2024, and the ultimate exposure, if any, is currently **indeterminable**[111](index=111&type=chunk)[112](index=112&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the prior annual filing - **No material changes** to the company's risk factors were reported for the period[220](index=220&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section incorporates by reference the Index to Exhibits, detailing all documents filed as part of the quarterly report - The report includes **various exhibits**, such as organizational documents, debt agreements, and officer certifications, as detailed in the Index to Exhibits[221](index=221&type=chunk)[223](index=223&type=chunk)