Financial Performance - Total revenues for Q2 2021 were $184.3 million, a 31% increase from $140.6 million in Q2 2020[16] - The company reported a net loss of $6.6 million for Q2 2021, compared to a net loss of $2.2 million in Q2 2020[16] - Total revenue for the six months ended June 30, 2021, was $82,088,000, down 13.5% from $94,842,000 in the same period of 2020[30] - For the three months ended June 30, 2021, total revenues were $20,529, a decrease of 4.0% compared to $21,373 for the same period in 2020[94] - For the six months ended June 30, 2021, total revenues were $385.267 million, down 13% from $396.114 million for the same period in 2020[157] Revenue Breakdown - Natural gas liquids product sales surged to $67.2 million in Q2 2021, compared to $30.3 million in Q2 2020, representing a 121% increase[16] - Natural gas liquids product sales increased to $165,317,000 for the six months ended June 30, 2021, up 46.9% from $112,510,000 in 2020[30] - The partnership's sulfur services segment reported revenue of $73,121,000 for the six months ended June 30, 2021, an increase of 18.4% from $61,743,000 in 2020[30] - Revenues from terminalling and storage services for the three months ended June 30, 2021 were $15,569, compared to $15,942 for the same period in 2020, reflecting a decrease of 2.3%[94] - Total revenues for the Sulfur Services Segment increased by $4.9 million, or 15%, to $38.3 million for the three months ended June 30, 2021, compared to $33.4 million in 2020[177] Operating Income and Expenses - Operating income for the first half of 2021 was $23.3 million, slightly down from $23.6 million in the same period of 2020[16] - Operating income for the three months ended June 30, 2021, was $14,483,000, compared to $15,343,000 for the same period in 2020, indicating a decrease of about 5.6%[98] - Operating income for the six months ended June 30, 2021, increased to $23.319 million, a 63% increase from $14.571 million for the same period in 2020[158] - Operating expenses for the three months ended June 30, 2021, were $19,590,000, slightly higher than $19,440,000 in the same period of 2020, showing an increase of about 0.8%[98] - Operating expenses for the Transportation Segment rose by $3.2 million, or 11%, to $31.5 million for the same period, primarily due to increased utilities and insurance premiums[169] Cash Flow and Liquidity - The cash flow from operating activities for the six months ended June 30, 2021, was $6,085,000, a decrease of 86.4% from $44,626,000 in 2020[24] - Cash at the end of the period was $681,000, a significant increase from $52,000 at the end of the same period in 2020[24] - Net cash provided by operating activities decreased by $38.5 million, or 86%, from $44.6 million in 2020 to $6.1 million in 2021[207] Debt and Liabilities - Long-term debt increased to $517.3 million as of June 30, 2021, compared to $484.6 million at the end of 2020[14] - Total liabilities stood at $628.0 million as of June 30, 2021, slightly up from $626.5 million at the end of 2020[14] - The Partnership's accrued interest as of June 30, 2021, was $14,851,000, a decrease from $16,104,000 at the end of 2020, representing a decline of approximately 7.8%[47] - Total contractual cash obligations amounted to $693.1 million as of June 30, 2021[210] Capital Expenditures - Payments for property, plant, and equipment were $8,200,000 for the six months ended June 30, 2021, down 57.1% from $19,053,000 in 2020[24] - Capital expenditures for the six months ended June 30, 2021, totaled $10,112,000, compared to $16,769,000 for the same period in 2020, indicating a decrease of about 39.5%[98] Future Outlook - The estimated minimum future revenue from unsatisfied performance obligations totals $554,935,000, indicating strong future revenue potential[38] - Looking forward, the Partnership expects refinery utilization to increase in the second half of 2021, positively impacting demand for marine transportation services[124] Related Party Transactions - Related party transactions accounted for approximately 21% of total costs and expenses for the three months ended June 30, 2021[138] - Sales to Martin Resource Management Corporation represented approximately 11% of total revenues for the three months ended June 30, 2021[140] - The company reimbursed Martin Resource Management Corporation $32.6 million for direct costs for the three months ended June 30, 2021, compared to $30.2 million in the same period of 2020[134] Taxation - The provision for income taxes for the three months ended June 30, 2021, was $935,000, compared to $790,000 for the same period in 2020, reflecting an increase in income before income taxes[106] - The effective income tax rate for the three months ended June 30, 2021, was 40.22%, up from (472.00)% in the same period of 2020[106] Miscellaneous - The company sold its Mega Lubricants business for $22.4 million, with proceeds used to reduce outstanding borrowings[128] - The Partnership is in compliance with all debt covenants as of June 30, 2021, ensuring financial stability and operational flexibility[40] - The Partnership's operations are primarily focused in the U.S. Gulf Coast region, a major hub for petroleum refining and support services[116]

Financial Data and Key Metrics Changes - For the first half of 2021, the company is on pace with its annual projected adjusted EBITDA of between $95 million to $102 million, generating free cash flow of $15.6 million [5][20] - The overall adjusted EBITDA for Q2 2021 was $22.5 million, a decrease from $23.9 million in Q2 2020 [6] - The total long-term debt outstanding at the end of Q2 2021 was $526 million, with adjusted leverage ratios improving from 5.44x to 5.31x due to inventory working capital carve-out [18][19] Business Segment Performance - The Terminalling and Storage segment had adjusted EBITDA of $10.6 million, unchanged year-over-year, with variability noted in the Smackover Refinery cash flow [7][8] - The Sulfur Services segment's adjusted EBITDA was $8.9 million, down from $10.8 million a year ago, with fertilizer earnings showing slight improvement [9][10] - The Transportation segment's adjusted EBITDA was $5 million, with truck transportation showing a significant increase to $5.5 million due to a 19% increase in mileage [12][13] - The Natural Gas Liquids segment had adjusted EBITDA of $1.7 million, slightly up from $1.6 million, but is expected to remain weak in the upcoming quarters [16] Market Data and Key Metrics Changes - The company noted tight supply conditions in the lubricants and specialty products market, which is expected to positively impact sales volumes in the near term [8] - The sulfur deliveries into Beaumont increased significantly in July, indicating a recovery in refinery utilization and potential improvement in the sulfur business [30] Company Strategy and Industry Competition - The company plans to focus on reducing debt through free cash flow generation, aiming for an adjusted leverage ratio of 3.7x by year-end 2021 [20][23] - The company is addressing anticipated tightness around forecasted leverage and interest coverage ratios due to rising commodity prices [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, noting improved refinery utilization and increased customer demand for services [48] - The ongoing COVID-19 pandemic, particularly the Delta variant, is acknowledged, but management believes it will not lead to a nationwide shutdown like last year [49] Other Important Information - The company amended its revolving credit facility to address anticipated working capital requirements due to elevated commodity prices [22] - Maintenance capital expenditures for the year totaled $8.1 million, with growth capital at $2 million, primarily for trailer conversions [21] Q&A Session Summary Question: Can you talk about sulfur supply and refinery utilization? - Management noted that sulfur deliveries were down due to reduced refinery utilization but have recently increased significantly in July, indicating a recovery [30] Question: Thoughts on Marine Transportation re-contracting? - Management expressed hope for continued operation in the Northeast following a successful 6-month contract for an offshore tow [31] Question: How is the butane business tracking for Q4 2021 and Q1 2022? - Management indicated that while the butane pricing environment is different from last year, they cannot provide a specific financial projection at this time [36][37] Question: Expectations for free cash flow? - Management expects free cash flow to align closely with adjusted free cash flow guidance [38] Question: Plans for capital structure management? - Management plans to address the capital structure, including the second lien notes, around August 2022 [39] Question: Current available liquidity? - As of June 30, the maximum available liquidity was $220 million, with about $40 million available [44]

Financial Performance - Q2 2021 - Adjusted EBITDA for Q2 2021 was $22.5 million, compared to $23.9 million in Q2 2020[8, 9] - Terminalling & Storage Adjusted EBITDA was $10.6 million in both Q2 2020 and Q2 2021[9] - Sulfur Services Adjusted EBITDA decreased from $10.8 million in Q2 2020 to $8.9 million in Q2 2021[9] - Transportation Adjusted EBITDA increased from $4.9 million in Q2 2020 to $5.0 million in Q2 2021[9] - Natural Gas Liquids Adjusted EBITDA increased from $1.6 million in Q2 2020 to $1.7 million in Q2 2021[9] Financial Performance - 1H 2021 - Adjusted EBITDA for 1H 2021 was $53.4 million, compared to $54.9 million in 1H 2020[13, 14] - Terminalling & Storage Adjusted EBITDA decreased from $22.1 million in 1H 2020 to $21.2 million in 1H 2021[14] - Sulfur Services Adjusted EBITDA decreased from $20.9 million in 1H 2020 to $18.1 million in 1H 2021[14] - Transportation Adjusted EBITDA decreased from $12.8 million in 1H 2020 to $7.7 million in 1H 2021[14] - Natural Gas Liquids Adjusted EBITDA increased from $7.1 million in 1H 2020 to $13.9 million in 1H 2021[14] 2021 Guidance - The company anticipates an Adjusted EBITDA between $95 million and $102 million for the year ending December 31, 2021[20]

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, 2021 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 2021 Earnings Conference Call April 22, 2021 9:00 AM ET Company Participants Sharon Taylor - Chief Financial Officer Bob Bondurant - President and CEO Randy Tauscher - Chief Operating Officer David Cannon - Controller Danny Kevin - Director, FP&A Conference Call Participants Selman Akyol - Stifel Patrick Fitzgerald - Baird Operator Ladies and gentlemen, thank you for standing by. And welcome to the MMLP First Quarter 2021 Earnings Conference Call. At this time ...

Financial Performance - Q1 2021 - Adjusted EBITDA for Q1 2021 was $30.9 million[8], compared to $31.0 million in Q1 2020[8] - Terminalling & Storage contributed $10.6 million to Adjusted EBITDA in Q1 2021[8], compared to $11.5 million in Q1 2020[8] - Sulfur Services contributed $9.2 million to Adjusted EBITDA in Q1 2021[8], compared to $10.1 million in Q1 2020[8] - Transportation contributed $2.7 million to Adjusted EBITDA in Q1 2021[8], a decrease from $7.9 million in Q1 2020[8] - Natural Gas Liquids contributed $12.2 million to Adjusted EBITDA in Q1 2021[8], compared to $5.5 million in Q1 2020[8] - Unallocated SG&A was $(3.7) million in Q1 2021[8], compared to $(4.0) million in Q1 2020[8] 2021 Guidance - The company's Adjusted EBITDA guidance for the year ending December 31, 2021, is $95 million to $102 million[14] - Distributable cash flow is projected to be between $29 million and $34 million[14] - Adjusted free cash flow is expected to be between $22 million and $26 million[14]

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, 2020 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 ...

Financial Data and Key Metrics Changes - Fourth quarter adjusted EBITDA was $17.4 million, down from $35.5 million in Q4 2019, with full-year adjusted EBITDA at $94.9 million compared to $108.3 million in 2019 [9][29] - Distributable cash flow for Q4 was $0.8 million and approximately $40 million for the full year 2020 [33] - Long-term debt at year-end was $526 million, with an adjusted leverage ratio increasing to 5.36 times due to reduced EBITDA from COVID-19 impacts [29][31] Business Line Data and Key Metrics Changes - Natural gas services segment adjusted EBITDA fell to $2 million in Q4 from $11.4 million a year ago, primarily due to butane logistics issues [10] - Transportation segment adjusted EBITDA was $1.7 million in Q4, down from $9.1 million a year ago, with land transportation adjusted EBITDA at $3 million compared to $4.7 million [18] - Sulfur services segment adjusted EBITDA was $7.4 million in Q4, with pure sulfur adjusted EBITDA at $2.4 million, down from $3.9 million a year ago [24] - Terminal and storage segment adjusted EBITDA was $10.6 million in Q4, down from $11.5 million a year ago, primarily due to reduced shore-based terminal revenue [27] Market Data and Key Metrics Changes - Refinery utilization averaged 77% in Q4 compared to 91% in the previous year, negatively impacting transportation and logistics [19] - Butane prices rose from $0.80 per gallon to $1.14 per gallon in December, affecting purchasing decisions of refinery customers [12] Company Strategy and Development Direction - The company aims to reduce debt to a target level of 3.75 times annual cash flow by utilizing free cash flow [61] - There is a focus on optimizing asset utilization and increasing free cash flow to strengthen the balance sheet [31][32] - The company is committed to safety and environmental stewardship, with plans to enhance sustainability strategies [62][63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q1 2021 cash flow, particularly in butane and fertilizer businesses, despite challenges from a recent weather event [6][61] - The rollout of COVID-19 vaccines is expected to improve refinery utilization and demand for transportation services in the second half of 2021 [23][36] - The marine transportation business outlook remains challenging until refinery utilization rates improve [37] Other Important Information - The company plans to provide more detailed guidance for each business segment as the economy recovers [35] - Capital expenditures for 2021 are expected to include maintenance CapEx of $17 million to $19 million and growth CapEx of $4 million to $5 million [35] Q&A Session Summary Question: What are the meaningful drivers for guidance? - Management indicated variability in the butane business and the timing of marine cash flow as key drivers for guidance [40] Question: What percentage of hedge volumes are in place for 2021? - Approximately 60% to 70% of anticipated sales are hedged for February, with January expected to be strong due to fewer hedges [41] Question: Are there plans for non-core asset sales? - The company is exploring opportunities to sell non-core assets to aid in deleveraging [42] Question: How will the company address covenant levels if refinery utilization is not robust? - Management is monitoring covenant levels and is prepared to address them with their bank if necessary [55] Question: What was the EBITDA contribution from Mega Lubricants in 2020? - The EBITDA from Mega Lubricants was approximately $315,000, with additional contributions from related segments [50][52]

1 Martin Midstream Partners L.P. Fourth Quarter and Full Year 2020 Earnings Summary and 2021 Financial Guidance February 22, 2021 Disclaimers Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow. Adjusted Free Cash Flow is defined as Distributable Cash Flow less Growth Capital Expenditures and Principle Payments under Finance Lease Obligations. These non-GAAP financial measures a ...

1 Martin Midstream Partners L.P. 2020 Wells Fargo Midstream and Utility Symposium December 8-9, 2020 Company Information 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 forwardlooking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertaint ...