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MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp

Martin Midstream Partners Lp · May 15, 2019 · 38 slides

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Slides

  1. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 1
    2019 MEIC MLP & Energy Infrastructure Conference May 15, 2019 Martin Midstream Partners L.P. NASDAQ: MMLP
  2. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 2
    Contents Legal Notice 02 Strategic Overview 04 Business Segment Overview 10 Terminalling & Storage 11 Natural Gas Services 18 Transportation 22 Sulfur Services 26 Financial Summary 31 Appendix 37 3
  3. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 3
    Strategic Overview
  4. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 4
    Partnership Overview Martin Midstream Partners L.P. Nasdaq: MMLP A publicly traded, diversified master limited partnership with four primary business operations: Terminalling & Storage Services for petroleum products and by-products…
  5. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 5
    Portfolio of Assets Focused on Refinery Services 6
  6. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 6
    Strategically Located Around Oil Refining Industry 7
  7. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 7
    MMLP Financial Outlook 2019E Estimates by Segment (1Q Actual, 2Q-4Q Estimates) Sulfur Services Transportation Natural Gas Services2 Terminalling & Storage 147.5 million Adjusted EBITDA 163.4 million before 15.9…
  8. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 8
    Strong Fee-Based Contract Mix Terminalling & Storage Fee-based contracts for traditional storage assets Specialty and Marine Shore-Based Terminals (with minimum volume commitments) Fee-based, long-term tolling agreement for Smackover…
  9. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 9
    Business Segment Overview
  10. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 10
    Terminalling & Storage Segment Overview MMLP operates 33 terminal facilities with an aggregate storage capacity of 2.9 million barrels These facilities provide storage, refining, blending, packaging and handling services of petroleum…
  11. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 11
    Terminalling & Storage Smackover Refinery Specialized Naphthenic Refinery 7,700 bpd capacity naphthenic lube refinery located in Smackover, Arkansas Specialized facility processes crude oil into finished products including naphthenic…
  12. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 12
    Terminalling & Storage Martin Lubricants Blending & Packaging Specialty lubricant product blending and packaging assets located within MMLPs Smackover Refinery in Smackover, Arkansas include: 235,000 sq. ft. warehouse 3.9 million…
  13. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 13
    Terminalling & Storage Marine Shore-Based Terminals Gulf Coast Fuel 19 terminals along the Gulf Coast from Theodore, Alabama to Port OConnor, Texas Terminalling assets utilized by Martin Energy Services (MRMC) to facilitate the…
  14. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 14
    Terminalling & Storage Specialty Terminals Network of 12 terminals which facilitate the movement of petroleum products and by-products and petrochemicals from oil refiners and natural gas processing facilities Specialized capabilities…
  15. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 15
    Terminalling & Storage Specialty Terminals - Specialized Sites Hondo Asphalt Terminal Facility located 40 miles west of San Antonio city center with capacity of 182,100 barrels of asphalt storage, and blending and processing…
  16. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 16
    Terminalling & Storage Specialty Terminals - Specialized Sites cont. Beaumont Neches Multi-service terminal Sulfur outtake and gathering point for Texas and Louisiana refiners Deep water and barge dock access Serviced by 3 rail…
  17. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 17
    Natural Gas Services Segment Overview Cardinal Gas Storage operates approximately 50 billion cubic feet of natural gas storage capacity across four facilities throughout northern Louisiana and Mississippi MMLP distributes NGLs…
  18. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 18
    Natural Gas Services Cardinal Gas Storage Partners1 Cardinal Gas Storage Adjusted EBITDA 50 billion cubic feet of natural gas storage capacity in northern Louisiana and Mississippi Long term contracts - weighted average life of…
  19. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 19
    Natural Gas Services Butane Optimization Butane Adjusted EBITDA Refineries adjust the vapor pressure of gasoline to meet seasonal EPA standards and blend butane into the gasoline pool during winter months MMLP owns and leases a…
  20. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 20
    Natural Gas Services NGLs NGLs Adjusted EBTIDA Assets include a 200-mile East Texas Pipeline transporting Y-grade from Kilgore to Beaumont, Texas for fractionation; East Texas market volumes gathered by truck for pipeline injection…
  21. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 21
    Transportation Segment Overview Martin Transport, Inc., (MTI) a subsidiary of MMLP, operates tank truck transportation services catering to petroleum, petrochemical and chemical industries primarily across the Southeast United States…
  22. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 22
    Transportation Land Transportation MTI operates and provides tank truck transportation services catering to the petroleum, petrochemical and chemical industries primarily across the Southeast U.S. MTIs refinery and petrochemical…
  23. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 23
    Transportation Land Transportation MTI provides MMLP with dedicated access to transportation assets that are crucial to MMLPs business MTIs operations are underscored by long-term customer relationships Key Drivers Of Business…
  24. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 24
    Transportation Offshore Marine 1 Marine Transportation Adjusted EBITDA 31 inland marine tank barges 17 inland push boats 1 offshore tug and barge unit Ability to handle specialty products (asphalt, fuel oil, gasoline, sulfur and…
  25. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 25
    Sulfur Services Segment 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 manufactures and…
  26. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 26
    Sulfur Services Fertilizer MMLP manufactures and markets sulfur-based fertilizers and related sulfur products for agricultural and industrial use from manufacturing plants in Texas and Illinois Typical customers include large…
  27. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 27
    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 opportunities for MMLP 28
  28. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 28
    Sulfur Services Molten Sulfur MMLP transports molten sulfur from U.S. Gulf Coast refineries to the Tampa market for fertilizer production Supply Sulfur production is driven by refinery utilization and demand for refined products…
  29. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 29
    Sulfur Services Prilled Sulfur Processing molten sulfur into a solid form enables large scale transportation for exportation on dry bulk vessels Prilling Agreements Refiners pay MMLP reservation fees, plus additional operating fees…
  30. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 30
    Financial Summary
  31. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 31
    Strategic Initiatives Estimated Asset Sales Annual EBITDA West Texas LPG Pipeline Effective July 31, 2018 - 195.0 million (5.6) Dunphy Terminal Effective December 1, 2018 - 8.0 million (1.0) Cardinal Gas Storage February 14, 2019 -…
  32. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 32
    Financial Outlook Adjusted EBITDA & Distributable Cash Flow 1 1 2019E EBITDA Adjusted EBITDA 147.5 Maintenance Capital (including Refinery turnaround) (25.0) Financing Costs (53.8) Other non-cash adjustments (0.8) DCF 67.9…
  33. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 33
    Financial Outlook 2019E Quarterly Profile Quarterly Drivers Seasonality of businesses Fertilizer planting season 1Q and 2Q Butane blending season 1Q and 4Q Timing of maintenance capital expenditures Refinery and plant…
  34. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 34
    Financial Outlook Cash Flow Projections Cash Flow Projections 2018A 2019E 2020P 2021P Adjusted EBITDA: Terminalling & Storage 56.0 49.8 46.7 44.8 Natural Gas Services 47.3 47.3 51.2 54.2 Transportation 25.2 35.2 37.9 41.2 Sulfur…
  35. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 35
    Financial Outlook Projected Capitalization2 Capitalization 2018A 2019E 2020P 2021P Senior Secured Revolver 287.0 396.8 369.7 341.3 1 7.25% Senior Notes due 2021 373.8 - - - New Senior Notes - 400.0 400.0 400.0 Capital Leases -…
  36. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 36
    Appendix
  37. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 37
    Fee-based Cash Flow Reconciliation 1Q19A 2Q19E 3Q19E 4Q19E 2019E Terminalling & Storage Smackover Refinery 5.0 5.1 4.9 5.1 20.1 Fixed Fee Martin Lubricants 2.5 3.7 3.8 2.6 12.6 Margin Specialty Terminals 3.1 3.1 3.0 3.0 12.2 Fixed…
  38. MLP and Energy Infrastructure Conference – Martin Midstream Partners Lp – slide 38
    MMLP Financial Outlook 2018 Consolidated EBITDA Actuals Sulfur Services 1 Transportation Natural Gas Services 2 Terminalling & Storage 138.2 million Adjusted EBITDA 154.3 million before 16.1 million unallocated SG&A…

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