NAPTP Annual Investor Conference May 21, 2014 NASDAQ: MMLP www.martinmidstream.com
USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures such as EBITDA and Adjusted EBITDA. These non- GAAP financial measures are not meant to be considered in isolation or as a substitute for…
PARTNERSHIP OVERVIEW
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) OVERVIEW NASDAQ Listed: MMLP Formed October 31, 2002 MMLP is a publically traded, diversified master limited partnership with operations including: Terminalling & Storage Natural Gas Services…
KEY INVESTMENT HIGHLIGHTS Majority of cash flows generated from fee-based or fee-like contracts Fee-Based Contracts Significant portions consist of reservation charges or minimum fee arrangements Fully Integrated, Diversified asset…
OUR DIVERSIFIED OPERATING MIX Terminalling & Storage 2013 EBITDA By Segment Sulfur Services ( in millions) 67.1 34.0 21.9% 43.2% 12.4% 22.5% 155.2 Million Natural Gas Services Marine Transportation 34.9 (all values…
MMLP ASSET LOCATIONS ALL SEGMENTS 8
STABLE BUSINESSES/NO DIRECT COMMODITY EXPOSURE Terminalling & Storage Multi-year, fee-based contracts traditional storage assets Fee-based specialty products and shore-based terminals with guaranteed throughput minimums Margin-based…
HIGH QUALITY LONG TERM CUSTOMER BASE Integrated and complementary business segments uniquely position MMLP Full value chain handling and logistics capabilities and solutions Long-term customer relationships are a key driver of our…
MARTIN RESOURCE MANAGEMENT (MRMC) OVERVIEW Based in Kilgore, TX, MRMC is a leading independent provider of integrated logistics solutions, storage, manufacturing, marketing, and distribution services to energy, petrochemical and other…
STRONG GENERAL PARTNER SUPPORT Ongoing MRMC businesses help support the Partnership Maintains distinct set of assets and business units that Martin Resource are complementary to MMLP Management Corporation Approximately 22% of…
ANNOUNCED & LIKELY GROWTH OPPORTUNITIES Completion of Corpus Christi Crude Terminal Anticipated completion 2Q 2014 Corpus Christi condensate splitter 24 to 30 Months Up to 100 thousand barrels per day of capacity Fee-based…
BUSINESS SEGMENT OVERVIEW
TERMINALLING & STORAGE
SEGMENT OVERVIEW TERMINALLING & STORAGE MMLP owns or operates 47 terminal facilities with Adjusted Segment EBITDA (1) 3.9 million barrels of aggregate storage capacity 70.0 in millions 67.1 across the U.S. Gulf Coast region that…
TERMINALLING & STORAGE SHORE-BASED TERMINALS 30 marine shore based terminals located at strategic distribution points along the Gulf Coast from Theodore, AL, to Corpus Christi, TX, and divided into two classes: Full service Fuel…
TERMINALLING & STORAGE SPECIALITY TERMINALS 17 specialty terminal facilities with aggregate storage capacity of 3.2 million barrels Provide storage and handling services for a broad range of products including ammonia, asphalt,…
TERMINALLING & STORAGE CORPUS CHRISTI CRUDE TERMINAL (CCCT) Strategically located at the primary downstream delivery point for growing Eagle Ford Shale production (Terminal point of the Harvest Pipeline) Initial operations began in…
TERMINALLING & STORAGE - SMACKOVER REFINERY November 2009 drop-down from MRMC for 45 million in MMLP units 7,700 bpd nameplate capacity naphthenic lube refinery in Smackover, AR Approximately 10% of total US naphthenic lube market…
TERMINALLING & STORAGE - PACKAGING ASSETS October 2012 drop-down of specialty lubricant product blending and packaging assets in Smackover, AR for 122.7 million; entire platform rebranded as Martin Lubricants 235,000 sq. ft.…
NATURAL GAS SERVICES
SEGMENT OVERVIEW NATURAL GAS SERVICES MMLPs Natural Gas Services segment has significantly Adjusted Segment EBITDA (1) changed since 2012 40.0 in millions 34.9 Recent acquisition of 20% of West Texas LPG Pipeline L.P. 30.0…
NATURAL GAS SERVICES WEST TEXAS LPG PIPELINE L.P. On May 14th, Martin Midstream Partners L.P. closed the acquisition of all of the outstanding membership interests in Atlas Pipeline NGL Holdings, LLC and Atlas Pipeline NGL Holdings…
NATURAL GAS SERVICES WEST TEXAS LPG PIPELINE L.P. West Texas LPG includes approximately 2,300 miles of pipeline extending from Eastern New Mexico to Mt. Belvieu Transportation capacity is approximately 240 MBbls / day of Y-Grade NGLs…
SEGMENT OVERVIEW NATURAL GAS SERVICES (Redbird Joint Venture) Redbird Gas Storage Through its ownership interest in Redbird, MMLP invests in Cardinal Gas Storage Partners LLC, a joint venture with Energy Capital Partners, focused on…
SULFUR SERVICES
SEGMENT OVERVIEW SULFUR SERVICES MMLPs Sulfur Services includes the following key assets: Adjusted Segment EBITDA 4 sulfur prillers (Texas & California) with a combined 50.0 in millions 44.6 prilling capacity of 6,500 tons per day…
SULFUR SERVICES LEGACY SULFUR INTEGRATED VALUE CHAIN Provides transportation, processing and marketing services necessary to move product from producer to consumer Intermodal transportation offers multiple fee opportunities for the…
MARINE TRANSPORTATION
SEGMENT OVERVIEW MARINE TRANSPORTATION MMLPs Marine Transportation segment includes the following key assets: 56 inland marine tank barges 26 inland push-boats 4 offshore tug barge units Ability to handle specialty products…
MARINE TRANSPORTATION: ASSETS/CONTRACT STRUCTURE Asset(s) Description Services Size (Total Capacity) Location Products Profitability Drivers 56 inland marine tank barges Marine transportation of Inland barges - from under Inland - GICW…
FINANCIAL OVERVIEW
CONSERVATIVE FINANCIAL STRATEGY Target Leverage: 4.25x (long-term) Distribution Policy: Conservative approach to LP distributions Growth Opportunities: Predominantly organic growth in both natural gas services and terminalling and…
FURTHER FINANCIAL INFORMATION EBITDA RECONCILIATIONS
MMLP ADJUSTED EBITDA RECONCILIATION Q1 2014 ( in millions) Quarter Ended March 31, 2014 (Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income 9.0 8.6…
MMLP ADJUSTED EBITDA RECONCILIATION YEAR ENDED 2013 ( in millions) Year Ended December 31, 2013 (Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income…
MMLP ADJUSTED EBITDA RECONCILIATION YEAR ENDED 2012 ( in millions) Year Ended December 31, 2012 (Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income…
MMLP ADJUSTED EBITDA RECONCILIATION YEAR ENDED 2011 ( in millions) Year Ended December 31, 2011 (Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income…
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