Martin Midstream Partners(US:MMLP)2021-12-09 21:16Company Overview - Martin Midstream Partners L.P. (MMLP) is listed on NASDAQ under the ticker MMLP[3] - As of 9/30/2021, the unit price was $3.20[4], market capitalization was $124.2 million[5], and enterprise value was $672.0 million[6] - MMLP operates a diversified specialty services midstream business with operations in four key business segments strategically located along the Gulf Coast[15] Business Segments and Performance - Terminalling & Storage contributed 40% to LTM 9/30/2021 Adjusted EBITDA[19], with 29 marine-based and specialty terminal facilities having 2.6 million barrels storage capacity[17] - Sulfur contributed 28% to LTM 9/30/2021 Adjusted EBITDA[19], with six fertilizer plants[17] - Transportation contributed 16% to LTM 9/30/2021 Adjusted EBITDA[19], including ~560 tank trucks and ~1,150 trailers[17] - Natural Gas Liquids contributed 16% to LTM 9/30/2021 Adjusted EBITDA[19], with 2.1 million barrels of underground storage capacity[17] Financial Strategy and Outlook - The Partnership amended its Revolving Credit Facility to extend maturity to August 2023 and reduced commitments to $275 million[23] - The Partnership reduced its annual cash distribution to $0.020 per unit to reduce total debt[23] - The company's 2021 estimated Adjusted EBITDA is between $95 million and $102 million[79], with an Adjusted free cash flow between $22 million and $26 million[79] - As of 9/30/2021, $208.5 million was borrowed under the Revolving Credit Facility[23]