Martin Midstream Partners L.P. (NASDAQ:MMLP) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - Chief Executive Officer Randy Tauscher - Chief Operating Officer Conference Call Participants Selman Akyol - Stifel Patrick Fitzgerald - Baird Operator Ladies and gentlemen, thank you for standing by, and welcome to the MMLP's Fourth Quarter 2022 Earnings Call. I would now like to turn the call over to Sharon Taylor, CFO. Plea ...

Page 4 Martin Midstream Partners L.P. MMLP 4Q 2022 Adjusted EBITDA Comparison & Reconciliation Net income (loss) $4.3 $9.1 $11.1 $(3.7) $(6.6) $(14.5) $(0.4) Operating Income (loss) $4.3 $9.1 $11.1 $(3.7) $(4.1) $0.0 $16.6 (Gain) loss on disposition or sale of PP&E $0.1 $(4.6) $(0.2) - - - $(4.7) Unallocated SG&A $(4.3) $(4.1) Adjusted EBITDA* $44.0 $21.9 Unallocated SG&A $(4.1) $(4.3) $(4.2) $(4.1) $(16.8) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------- ...

Martin Midstream Partners L.P. December 7 – 8, 2022 2022 Wells Fargo Midstream, Utilities and Renewable Power Symposium Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial or operational estimates rely on a number of assumptions concerning future events and are subject to a numbe ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q3 2022 Results Conference Call November 3, 2022 9:00 AM ET Company Participants Sharon Taylor - Vice President and Chief Financial Officer Randall Tauscher - Executive Vice President and Chief Operating Officer David Cannon - Controller Danny Cavin - Director of FP&A Conference Call Participants Selman Akyol - Stifel Patrick Fitzgerald - Baird Operator Good day, and welcome to the MMLP Third Quarter 2022 Earnings Call. [Operator Instructions] Finally, I would li ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements, including balance sheets and cash flows, with a going concern disclosure regarding the credit facility's August 2023 maturity | | September 30, 2022 (Unaudited, In thousands) | December 31, 2021 (Audited, In thousands) | | :--- | :--- | :--- | | **Total current assets** | $232,358 | $173,688 | | **Total assets** | $627,985 | $579,861 | | **Total current liabilities** | $310,828 | $104,087 | | **Total liabilities** | $687,202 | $627,898 | | **Total partners' capital (deficit)** | $(59,217) | $(48,037) | | (In thousands) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $229,305 | $211,258 | $775,502 | $596,525 | | **Operating income (loss)** | $(12,244) | $8,153 | $34,695 | $31,472 | | **Net loss** | $(28,043) | $(6,911) | $(9,959) | $(11,012) | | **Net loss per unit - basic** | $(0.71) | $(0.17) | $(0.25) | $(0.28) | | (In thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(16,756) | $(12,406) | | **Net cash used in investing activities** | $(23,072) | $(13,629) | | **Net cash provided by financing activities** | $39,821 | $27,860 | - The Partnership's credit facility, due in **August 2023**, is presented as a current liability, raising substantial doubt about the Partnership's ability to continue as a going concern if not refinanced[44](index=44&type=chunk) [Notes to Consolidated and Condensed Financial Statements (unaudited)](index=11&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Financial%20Statements%20(unaudited)) Detailed disclosures cover revenue, debt structure, segment performance, and subsequent events, including the critical credit facility maturity and post-quarter asset sale | (In thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Terminalling and storage** | $169,989 | $131,666 | | **Natural gas liquids** | $299,034 | $257,081 | | **Sulfur services** | $144,944 | $103,958 | | **Transportation** | $161,535 | $103,820 | | (In thousands) | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Credit facility, due Aug 2023** | $200,543 | $156,887 | | **10.0% Senior notes, due Feb 2024** | $52,176 | $51,317 | | **11.5% Senior notes, due Feb 2025** | $290,390 | $290,667 | | **Total long-term debt, net** | $543,109 | $498,871 | - Subsequent to the quarter's end, on **October 7, 2022**, the Partnership sold its Stockton Sulfur Terminal for net proceeds of approximately **$5.25 million**, used to reduce credit facility borrowings[131](index=131&type=chunk) - On **October 19, 2022**, the Partnership declared a quarterly cash distribution of **$0.005 per common unit** for the third quarter of 2022[132](index=132&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting revenue growth but Q3 net loss due to NGL segment issues, segment performance, and critical credit facility refinancing needs [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) Reconciles non-GAAP measures like EBITDA, Adjusted EBITDA, and Distributable Cash Flow, showing increases for the nine months ended September 30, 2022 | (In thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net loss** | $(9,959) | $(11,012) | | **EBITDA** | $77,698 | $74,333 | | **Adjusted EBITDA** | $97,099 | $74,886 | | (In thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(16,756) | $(12,406) | | **Distributable Cash Flow** | $39,606 | $25,342 | | **Adjusted Free Cash Flow** | $33,944 | $19,350 | [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Q3 2022 segment performance shows mixed results, with strong growth in Transportation and Terminalling but significant losses in Sulfur Services and Natural Gas Liquids - Terminalling and Storage Q3 operating income increased by **26% YoY** to **$5.6 million**, driven by higher service and product revenues[172](index=172&type=chunk) - Transportation Q3 operating income increased by **207% YoY** to **$12.1 million**, due to higher utilization and rates in both marine and land transportation[180](index=180&type=chunk) - Sulfur Services Q3 operating income swung to a loss of **$6.7 million** from a **$2.3 million** profit YoY, as a **112%** increase in product cost outpaced revenue gains[188](index=188&type=chunk)[190](index=190&type=chunk) - Natural Gas Liquids Q3 operating income fell to a loss of **$19.0 million** from a **$1.6 million** profit YoY, impacted by an **$18.5 million** non-cash net realizable value inventory adjustment and margin compression[198](index=198&type=chunk)[199](index=199&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity relies on cash and the credit facility, with a critical focus on extending the August 2023 maturity to avoid default - As of **September 30, 2022**, the Partnership had **$202.0 million** outstanding under its **$275.0 million** credit facility, which matures on **August 31, 2023**[222](index=222&type=chunk) - Management is actively refinancing the credit facility and believes it will successfully extend the maturity date, though no assurance can be given[237](index=237&type=chunk) - The Partnership was in compliance with all debt covenants as of **September 30, 2022**, and expects to remain so for the next twelve months, contingent on the successful extension of the credit facility[238](index=238&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Partnership faces commodity price and interest rate risks, with no commodity hedges and a $2.0 million annual interest expense increase for every 100 basis point rate hike - The Partnership has no outstanding commodity hedging positions as of **September 30, 2022**[246](index=246&type=chunk) - A **100 basis point** increase in interest rates on unhedged floating rate debt would result in an approximate **$2.0 million** increase in annual interest expense[248](index=248&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of September 30, 2022, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of **September 30, 2022**[251](index=251&type=chunk) - No changes in internal controls over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[252](index=252&type=chunk) [PART II. OTHER INFORMATION](index=62&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) The Partnership is involved in ordinary course legal proceedings, with specific litigation details referenced in Note 13 of the financial statements - The company is involved in ordinary course legal proceedings, with a specific litigation detailed in Note 13 of the financial statements[254](index=254&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the Partnership's risk factors were reported since the 2021 Annual Report on Form 10-K - No material changes to the Partnership's risk factors were reported since the **2021 Annual Report on Form 10-K**[255](index=255&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section incorporates the Index to Exhibits, listing all documents filed, including CEO and CFO Sarbanes-Oxley certifications - The report includes an index of exhibits filed, such as corporate governance documents and CEO/CFO certifications[256](index=256&type=chunk)[258](index=258&type=chunk)

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, 2022 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 ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q2 2022 Earnings Conference Call July 21, 2022 9:00 AM ET Company Participants Sharon Taylor - Vice President and Chief Financial Officer Robert Bondurant - President, Chief Executive Officer and Director Randall Tauscher - Executive Vice President and Chief Operating Officer Conference Call Participants Selman Akyol - Stifel Operator Good morning. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the ...

Martin Midstream Partners L.P. Second Quarter 2022 Earnings Summary & Revised Guidance July 20, 2022 MMLP 2Q 2022 Adjusted EBITDA Comparison & Reconciliation Unallocated SG&A $(3.7) $(4.3) Total Adjusted EBITDA $22.5 $38.3 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|--------------|-----------------|----------------|-------------|--------|----------|--------| | | Terminalling | | | Natural Gas | | Interest | 2Q2022 | | (in millions) | & Stora ...

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 March 31, 2022 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 jurisdict ...

Martin Midstream Partners L.P. (NASDAQ:MMLP) Q1 2022 Earnings Conference Call April 21, 2022 9:00 AM ET Company Participants Sharon Taylor - CFO Bob Bondurant - President & CEO Randy Tauscher - COO Conference Call Participants Selman Akyol - Stifel Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output pro ...