Midstream - Storage | Quarterly / Earnings Reports | First Quarter (1Q) Update | Financial Results | Capital Markets
Gas Storage Props Up Martin Midstream's Q1 Results
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Martin Midstream Partners L.P. reported its financial results for the quarter ended March 31, 2016.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of MMLP, said, "In this challenging environment the portfolio effect of our diverse model provided cumulatively solid first quarter 2016 results. The Partnership finished the quarter with a 0.98 times distribution coverage ratio, inclusive of paying all incentive distribution rights to our general partner. Our adjusted EBITDA was $49.3 million, and our distributable cash flow was $32.5 million. Our maintenance capital expenditures were $7.0 million, approximately 40% of forecasted maintenance capital costs for 2016. This heavy maintenance capital quarter was primarily the result of our…
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