2018 Financial guidance & Operational overview February 21 www.martinmidstream.com
MARTIN MIDSTREAM PARTNERS L.P. Agenda Opening remarks & introductions Bob Bondurant, Executive Vice President & Chief Financial Officer 2018 guidance Joe McCreery, Vice President of Finance & Head of Investor Relations Bank…
MARTIN MIDSTREAM PARTNERS L.P. 2018 GUIDANCE 5
MARTIN MIDSTREAM PARTNERS L.P. Partnership Overview NASDAQ Listed: MMLP Formed October 31, 2002 MMLP is a publicly traded, diversified master limited partnership with operations including: Natural Gas Services Terminalling &…
MARTIN MIDSTREAM PARTNERS L.P. 2018E Guidance by Segment UPDATE Natural Gas Services Terminalling & Storage 69.7 58.8 millions Sulfur Services Marine Transportation 34.5 156.1 million Adjusted 8.5 EBITDA (171.5 million…
MARTIN MIDSTREAM PARTNERS L.P. 2018E Adjusted EBITDA Guidance Reconciliation Natural Gas Terminalling Sulfur Marine Interest SG&A 2018E Services & Storage Services Transportation Expense Net income (loss) 42.5 22.4 23.0 1.4 (16.0)…
MARTIN MIDSTREAM PARTNERS L.P. Strong Fee-Based Contract Mix Natural Gas Services Fee-based, multi-year natural gas storage contracts (weighted average * life approximately 3.0 years as of December 31, 2017) Fee-based, regulated…
MARTIN MIDSTREAM PARTNERS L.P. Bank amendment
MARTIN MIDSTREAM PARTNERS L.P. Bank Amendment - Situation Overview & Objectives MMLP has amended its revolving credit facility to accommodate growth capital expenditures necessary for the previously announced WTLPG extension/expansion…
MARTIN MIDSTREAM PARTNERS L.P. OPERATIONAL OVERVIEW
MARTIN MIDSTREAM PARTNERS L.P. Natural Gas Services Overview Cardinal Gas Storage operates approximately 50 billion cubic feet of natural gas storage capacity across four facilities throughout northern Louisiana and Mississippi. MMLP…
MARTIN MIDSTREAM PARTNERS L.P. natural gas services Cardinal Gas Storage Firm Contracted/Fee-Based Storage Model Cardinal Contract Summary Working Gas Currently Firm contracted model (90%) for natural gas Type Capacity (bcf)…
MARTIN MIDSTREAM PARTNERS L.P. natural gas storage Cardinal Gas Storage Asset Overview Monroe Gas Storage Site Arcadia Gas Storage Salt dome facility (Arcadia, Louisiana) 16.0 bcf Perryville Gas Storage Salt dome facility…
MARTIN MIDSTREAM PARTNERS L.P. natural gas services Butane Optimization Butane Optimization Butane Adjusted EBITDA Refineries adjust the vapor pressure of gasoline 28.1 26.1 to meet seasonal EPA standards and are allowed 23.5 19.9…
MARTIN MIDSTREAM PARTNERS L.P. natural gas services West Texas LPG Pipeline (WTLPG) The WTLPG system is approximately 2,300 miles of Y-grade pipeline from Eastern New Mexico to Mt. Belvieu, Texas. MMLP owns a 20% non-operating interest…
MARTIN MIDSTREAM PARTNERS L.P. natural gas services NGLs & Propane NGL Propane Assets include 200-mile East Texas Pipeline Wholesale propane distribution to approximately transporting Y-grade from Kilgore to Beaumont, 100 regional…
MARTIN MIDSTREAM PARTNERS L.P. Terminalling & Storage Overview MMLP operates 38 terminal facilities with an aggregate storage capacity of 2.9 million barrels. These facilities provide storage, refining, blending, packaging and handling…
MARTIN MIDSTREAM PARTNERS L.P. Terminalling & Storage Marine Shore-Based Terminals Gulf Coast Fuel and Lubricant Distribution Network 22 terminals along the Gulf Coast from Theodore, Fee-based contract structure provides stable cash…
MARTIN MIDSTREAM PARTNERS L.P. terminalling & storage Martin Lubricants Lubricant Blending & Packaging Specialty lubricant product blending and packaging assets located within MMLPs Smackover Refinery in Smackover, Arkansas include:…
MARTIN MIDSTREAM PARTNERS L.P. terminalling & storage Smackover Refinery Specialized Naphthenic Refinery 7,700 bpd capacity naphthenic lube refinery located Fee-based contract structure provides stable cash flow. in Smackover,…
MARTIN MIDSTREAM PARTNERS L.P. terminalling & storage Specialty Terminals Specialty Terminals Overview Network of 14 terminals which facilitate the movement of petroleum products and by-products and petrochemicals from oil refiners…
MARTIN MIDSTREAM PARTNERS L.P. terminalling & Storage Specialty Terminals Expertise In Hard to Handle Product and By-Product Logistics Specialized Sites Specialized Sites (continued) Hondo Asphalt Terminal South Houston and Omaha…
MARTIN MIDSTREAM PARTNERS L.P. terminalling & Storage Specialty Terminals Expertise In Hard to Handle Product and By-Product Logistics Specialized Sites (continued) Beaumont Neches Multi-service terminal Sulfur offtake and gathering…
MARTIN MIDSTREAM PARTNERS L.P. Sulfur Services Overview Molten sulfur, a refinery by-product is aggregated, stored and prilled through MMLPs integrated value chain systems along the U.S. Gulf Coast and Northern California region. MMLP…
MARTIN MIDSTREAM PARTNERS L.P. sulfur services Integrated Sulfur Value Chain Provides transportation, processing and marketing services necessary to move product from producer to consumer Intermodal transportation offers multiple fee…
MARTIN MIDSTREAM PARTNERS L.P. sulfur services Fertilizer Fertilizer Overview Supply/Demand MMLP manufactures and markets sulfur-based The single largest factor influencing fertilizer demand fertilizers and related sulfur products for…
MARTIN MIDSTREAM PARTNERS L.P. sulfur services Molten Sulfur Handling and Transportation Agreement MMLP transports molten sulfur from U.S. Gulf Coast refineries to the Tampa market for fertilizer production. Supply Demand Sulfur…
MARTIN MIDSTREAM PARTNERS L.P. sulfur services Prilled Sulfur Prilling Agreements Terminal Location Production Products Stored Capacity Refiners pay MMLP minimum reservation fees, plus Neches Beaumont, 5,500 metric Molten, prilled &…
MARTIN MIDSTREAM PARTNERS L.P. Marine Transportation Overview MMLP utilizes inland and offshore tows to provide marine transportation of petroleum products and by-products. MMLPs marine transportation business operates coastwise along…
MARTIN MIDSTREAM PARTNERS L.P. marine transportation Assets Marine Transportation 33 inland marine tank barges 18 inland push-boats 1 offshore tug and barge unit Ability to handle specialty products (asphalt, fuel oil, gasoline,…
MARTIN MIDSTREAM PARTNERS L.P. marine transportation Inland & Offshore Current Environment Weak day-rates continue even as utilization has improved Contract tenor trending toward short term and spot market Asset rationalization…
MARTIN MIDSTREAM PARTNERS L.P. APPENDIX
MARTIN MIDSTREAM PARTNERS L.P. millions Capitalization 12/31/2016 12/31/2017 DEBT Revolving Credit Facility Due March 2020 443.0 445.0 Senior Secured Debt 443.0 445.0 Senior Notes Due February 2021 373.8 373.8 Total Debt…
MARTIN MIDSTREAM PARTNERS L.P. Fee-based Cash Flow Reconciliation for 2018 (slide 9) 1Q18E 2Q18E 3Q18E 4Q18E 2018E Terminalling & Storage Shore Based Terminals 2.1 2.1 2.1 2.1 8.4 Fixed Fee Shore Based Lubricants 1.0 1.0 1.0 1.0 4.0…
MARTIN MIDSTREAM PARTNERS L.P. 2018E Total Capital Expenditures Reconciliation (slide 7) Distribution Coverage Ratio 1.18 x 0.97 x 1.00 x 0.96 x 1.00 x 2014 2015 2016 2017 2018E Total Capital Expenditures Expansion CapEx…
MARTIN MIDSTREAM PARTNERS L.P. West Texas LPG Pipeline Rate Update (slide 17) Certain shippers filed complaints with the Texas RRC (Railroad Commission of Texas) challenging the increased rates WTLPG (West Texas LPG Pipeline)…
MARTIN MIDSTREAM PARTNERS L.P. Existing & Proposed Terms (slide 11) Existing as Amended Borrower Martin Operating Partnership L.P. (the Borrower) Same as existing Martin Midstream Partners L.P. and all present and future Guarantors…
MARTIN MIDSTREAM PARTNERS L.P. 2017 Adjusted EBITDA and GAAP Reconciliation Natural Gas Terminalling Sulfur Marine Interest 2017 SG&A Services & Storage Services Transportation Expense Actual Net income (loss) 53.5 3.3 25.9 (1.2)…
MARTIN MIDSTREAM PARTNERS L.P. 2016 Adjusted EBITDA and GAAP Reconciliation Natural Gas Terminalling Sulfur Marine Interest 2016 SG&A Services & Storage Services Transportation Expense Actual Net income (loss) 43.1 44.1 26.8 (19.8)…
MARTIN MIDSTREAM PARTNERS L.P. 2015 Adjusted EBITDA and GAAP Reconciliation Natural Gas Terminalling Sulfur Marine Interest 2015 SG&A Services & Storage Services Transportation Expense Actual Income (loss) from continuing operations…
MARTIN MIDSTREAM PARTNERS L.P. 2014 Adjusted EBITDA and GAAP Reconciliation Natural Gas Terminalling Sulfur Marine Interest 2014 SG&A Services & Storage Services Transportation Expense Actual Income (loss) from continuing operations…
4200 B STONE ROAD KILGORE, TEXAS 75662 877-256-6644 WWW.MARTINMIDSTREAM.COM IRMARTINMLP.COM
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