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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Martin Midstream Partners LP | NASDAQ:MMLP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.38% | 2.67 | 2.40 | 2.66 | 2.70 | 2.58 | 2.62 | 15,753 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
05-0527861
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
Yes
x
|
|
No
o
|
Yes
x
|
|
No
o
|
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
Yes
o
|
|
No
x
|
|
|
Page
|
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|
|
Item 1.
|
Financial Statements
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(Unaudited)
|
|
(Audited)
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
3,186
|
|
|
$
|
27
|
|
Accounts and other receivables, less allowance for doubtful accounts of $347 and $314, respectively
|
72,280
|
|
|
107,242
|
|
||
Product exchange receivables
|
185
|
|
|
29
|
|
||
Inventories (Note 6)
|
134,059
|
|
|
97,252
|
|
||
Due from affiliates
|
22,933
|
|
|
23,668
|
|
||
Other current assets
|
4,921
|
|
|
4,866
|
|
||
Assets held for sale (Note 4)
|
6,152
|
|
|
9,579
|
|
||
Total current assets
|
243,716
|
|
|
242,663
|
|
||
|
|
|
|
||||
Property, plant and equipment, at cost
|
1,279,365
|
|
|
1,253,065
|
|
||
Accumulated depreciation
|
(465,079
|
)
|
|
(421,137
|
)
|
||
Property, plant and equipment, net
|
814,286
|
|
|
831,928
|
|
||
|
|
|
|
||||
Goodwill
|
17,296
|
|
|
17,296
|
|
||
Investment in WTLPG (Note 7)
|
—
|
|
|
128,810
|
|
||
Other assets, net (Note 9)
|
25,751
|
|
|
32,801
|
|
||
Total assets
|
$
|
1,101,049
|
|
|
$
|
1,253,498
|
|
|
|
|
|
||||
Liabilities and Partners’ Capital
|
|
|
|
|
|
||
Trade and other accounts payable
|
$
|
71,176
|
|
|
$
|
92,567
|
|
Product exchange payables
|
9,647
|
|
|
11,751
|
|
||
Due to affiliates
|
3,651
|
|
|
3,168
|
|
||
Income taxes payable
|
448
|
|
|
510
|
|
||
Fair value of derivatives (Note 10)
|
2,968
|
|
|
72
|
|
||
Other accrued liabilities (Note 9)
|
18,876
|
|
|
26,340
|
|
||
Total current liabilities
|
106,766
|
|
|
134,408
|
|
||
|
|
|
|
||||
Long-term debt, net (Note 8)
|
698,680
|
|
|
812,632
|
|
||
Other long-term obligations
|
10,718
|
|
|
8,217
|
|
||
Total liabilities
|
816,164
|
|
|
955,257
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
||
Partners’ capital (Note 11)
|
284,885
|
|
|
298,241
|
|
||
Total partners’ capital
|
284,885
|
|
|
298,241
|
|
||
Total liabilities and partners' capital
|
$
|
1,101,049
|
|
|
$
|
1,253,498
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Terminalling and storage *
|
$
|
24,354
|
|
|
$
|
25,752
|
|
|
$
|
72,508
|
|
|
$
|
75,105
|
|
Marine transportation *
|
12,727
|
|
|
11,407
|
|
|
36,920
|
|
|
36,661
|
|
||||
Natural gas services*
|
11,232
|
|
|
14,253
|
|
|
40,392
|
|
|
43,756
|
|
||||
Sulfur services
|
2,787
|
|
|
2,850
|
|
|
8,361
|
|
|
8,550
|
|
||||
Product sales: *
|
|
|
|
|
|
|
|
||||||||
Natural gas services
|
101,919
|
|
|
83,831
|
|
|
351,725
|
|
|
284,154
|
|
||||
Sulfur services
|
27,981
|
|
|
24,174
|
|
|
98,565
|
|
|
95,728
|
|
||||
Terminalling and storage
|
38,047
|
|
|
30,861
|
|
|
111,351
|
|
|
96,421
|
|
||||
|
167,947
|
|
|
138,866
|
|
|
561,641
|
|
|
476,303
|
|
||||
Total revenues
|
219,047
|
|
|
193,128
|
|
|
719,822
|
|
|
640,375
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of products sold: (excluding depreciation and amortization)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas services *
|
99,346
|
|
|
77,368
|
|
|
329,945
|
|
|
255,745
|
|
||||
Sulfur services *
|
21,363
|
|
|
19,716
|
|
|
73,998
|
|
|
65,406
|
|
||||
Terminalling and storage *
|
33,801
|
|
|
27,372
|
|
|
99,967
|
|
|
85,398
|
|
||||
|
154,510
|
|
|
124,456
|
|
|
503,910
|
|
|
406,549
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses *
|
32,628
|
|
|
43,552
|
|
|
95,592
|
|
|
109,478
|
|
||||
Selling, general and administrative *
|
9,257
|
|
|
9,085
|
|
|
27,339
|
|
|
27,816
|
|
||||
Depreciation and amortization
|
18,741
|
|
|
20,286
|
|
|
58,842
|
|
|
65,948
|
|
||||
Total costs and expenses
|
215,136
|
|
|
197,379
|
|
|
685,683
|
|
|
609,791
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other operating loss
|
(384
|
)
|
|
(187
|
)
|
|
(876
|
)
|
|
(327
|
)
|
||||
Operating income (loss)
|
3,527
|
|
|
(4,438
|
)
|
|
33,263
|
|
|
30,257
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net
|
(13,140
|
)
|
|
(12,538
|
)
|
|
(39,591
|
)
|
|
(34,677
|
)
|
||||
Other, net
|
18
|
|
|
55
|
|
|
18
|
|
|
605
|
|
||||
Total other expense
|
(13,122
|
)
|
|
(12,483
|
)
|
|
(39,573
|
)
|
|
(34,072
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss before taxes
|
(9,595
|
)
|
|
(16,921
|
)
|
|
(6,310
|
)
|
|
(3,815
|
)
|
||||
Income tax expense
|
(91
|
)
|
|
(108
|
)
|
|
(372
|
)
|
|
(301
|
)
|
||||
Loss from continuing operations
|
(9,686
|
)
|
|
(17,029
|
)
|
|
(6,682
|
)
|
|
(4,116
|
)
|
||||
Income from discontinued operations, net of income taxes
|
49,132
|
|
|
743
|
|
|
51,700
|
|
|
2,402
|
|
||||
Net income (loss)
|
39,446
|
|
|
(16,286
|
)
|
|
45,018
|
|
|
(1,714
|
)
|
||||
Less general partner's interest in net (income) loss
|
(789
|
)
|
|
325
|
|
|
(900
|
)
|
|
34
|
|
||||
Less (income) loss allocable to unvested restricted units
|
(27
|
)
|
|
38
|
|
|
(29
|
)
|
|
—
|
|
||||
Limited partners' interest in net income (loss)
|
$
|
38,630
|
|
|
$
|
(15,923
|
)
|
|
$
|
44,089
|
|
|
$
|
(1,680
|
)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:*
|
|
|
|
|
|
|
|
||||||||
Terminalling and storage
|
$
|
19,619
|
|
|
$
|
21,910
|
|
|
$
|
60,151
|
|
|
$
|
61,945
|
|
Marine transportation
|
4,009
|
|
|
4,098
|
|
|
11,727
|
|
|
12,610
|
|
||||
Natural gas services
|
—
|
|
|
4
|
|
|
—
|
|
|
122
|
|
||||
Product Sales
|
180
|
|
|
828
|
|
|
1,248
|
|
|
2,982
|
|
||||
Costs and expenses:*
|
|
|
|
|
|
|
|
||||||||
Cost of products sold: (excluding depreciation and amortization)
|
|
|
|
|
|
|
|
||||||||
Natural gas services
|
2,856
|
|
|
3,033
|
|
|
10,273
|
|
|
14,836
|
|
||||
Sulfur services
|
4,337
|
|
|
3,555
|
|
|
13,208
|
|
|
10,997
|
|
||||
Terminalling and storage
|
7,392
|
|
|
4,817
|
|
|
21,959
|
|
|
14,003
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
14,051
|
|
|
15,858
|
|
|
41,774
|
|
|
48,686
|
|
||||
Selling, general and administrative
|
6,834
|
|
|
6,495
|
|
|
21,053
|
|
|
20,563
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Allocation of net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partner interest:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(9,486
|
)
|
|
$
|
(16,649
|
)
|
|
$
|
(6,544
|
)
|
|
$
|
(4,034
|
)
|
Discontinued operations
|
48,116
|
|
|
726
|
|
|
50,633
|
|
|
2,354
|
|
||||
|
$
|
38,630
|
|
|
$
|
(15,923
|
)
|
|
$
|
44,089
|
|
|
$
|
(1,680
|
)
|
General partner interest:
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
(193
|
)
|
|
$
|
(340
|
)
|
|
$
|
(134
|
)
|
|
$
|
(82
|
)
|
Discontinued operations
|
982
|
|
|
15
|
|
|
1,034
|
|
|
48
|
|
||||
|
$
|
789
|
|
|
$
|
(325
|
)
|
|
$
|
900
|
|
|
$
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) per unit attributable to limited partners:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.10
|
)
|
Discontinued operations
|
1.24
|
|
|
0.02
|
|
|
1.30
|
|
|
0.06
|
|
||||
|
$
|
1.00
|
|
|
$
|
(0.42
|
)
|
|
$
|
1.13
|
|
|
$
|
(0.04
|
)
|
Weighted average limited partner units - basic
|
38,712
|
|
|
38,357
|
|
|
38,877
|
|
|
38,016
|
|
||||
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.10
|
)
|
Discontinued operations
|
1.24
|
|
|
0.02
|
|
|
1.30
|
|
|
0.06
|
|
||||
|
$
|
1.00
|
|
|
$
|
(0.42
|
)
|
|
$
|
1.13
|
|
|
$
|
(0.04
|
)
|
Weighted average limited partner units - diluted
|
38,738
|
|
|
38,357
|
|
|
38,889
|
|
|
38,016
|
|
|
Partners’ Capital
|
|
|
|||||||||||
|
Common Limited
|
|
General Partner Amount
|
|
|
|||||||||
|
Units
|
|
Amount
|
|
|
Total
|
||||||||
Balances - January 1, 2017
|
35,452,062
|
|
|
$
|
304,594
|
|
|
$
|
7,412
|
|
|
$
|
312,006
|
|
Net income
|
—
|
|
|
(1,680
|
)
|
|
(34
|
)
|
|
(1,714
|
)
|
|||
Issuance of common units, net
|
2,990,000
|
|
|
51,061
|
|
|
—
|
|
|
51,061
|
|
|||
Issuance of restricted units
|
12,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Forfeiture of restricted units
|
(5,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
General partner contribution
|
—
|
|
|
—
|
|
|
1,098
|
|
|
1,098
|
|
|||
Cash distributions
|
—
|
|
|
(56,177
|
)
|
|
(1,146
|
)
|
|
(57,323
|
)
|
|||
Unit-based compensation
|
—
|
|
|
518
|
|
|
—
|
|
|
518
|
|
|||
Purchase of treasury units
|
(200
|
)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Excess purchase price over carrying value of acquired assets
|
—
|
|
|
(7,887
|
)
|
|
—
|
|
|
(7,887
|
)
|
|||
Reimbursement of excess purchase price over carrying value of acquired assets
|
—
|
|
|
1,125
|
|
|
—
|
|
|
1,125
|
|
|||
Balances - September 30, 2017
|
38,448,112
|
|
|
$
|
291,550
|
|
|
$
|
7,330
|
|
|
$
|
298,880
|
|
|
|
|
|
|
|
|
|
|||||||
Balances - January 1, 2018
|
38,444,612
|
|
|
$
|
290,927
|
|
|
$
|
7,314
|
|
|
$
|
298,241
|
|
Net income
|
—
|
|
|
44,118
|
|
|
900
|
|
|
45,018
|
|
|||
Issuance of common units, net of issuance related costs
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|||
Issuance of restricted units
|
633,425
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Forfeiture of restricted units
|
(23,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash distributions
|
—
|
|
|
(57,653
|
)
|
|
(1,176
|
)
|
|
(58,829
|
)
|
|||
Unit-based compensation
|
—
|
|
|
872
|
|
|
—
|
|
|
872
|
|
|||
Excess purchase price over carrying value of acquired assets
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|||
Purchase of treasury units
|
(18,800
|
)
|
|
(273
|
)
|
|
—
|
|
|
(273
|
)
|
|||
Balances - September 30, 2018
|
39,036,237
|
|
|
$
|
277,847
|
|
|
$
|
7,038
|
|
|
$
|
284,885
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
45,018
|
|
|
$
|
(1,714
|
)
|
Less: Income from discontinued operations, net of income taxes
|
(51,700
|
)
|
|
(2,402
|
)
|
||
Net loss from continuing operations
|
(6,682
|
)
|
|
(4,116
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
58,842
|
|
|
65,948
|
|
||
Amortization of deferred debt issuance costs
|
2,563
|
|
|
2,170
|
|
||
Amortization of premium on notes payable
|
(230
|
)
|
|
(230
|
)
|
||
Loss on sale of property, plant and equipment
|
876
|
|
|
327
|
|
||
Derivative loss
|
198
|
|
|
2,392
|
|
||
Net cash received (paid) for commodity derivatives
|
2,698
|
|
|
(6,429
|
)
|
||
Unit-based compensation
|
872
|
|
|
518
|
|
||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
|
|
|
|
|
|
||
Accounts and other receivables
|
35,191
|
|
|
16,381
|
|
||
Product exchange receivables
|
(156
|
)
|
|
173
|
|
||
Inventories
|
(37,147
|
)
|
|
(48,022
|
)
|
||
Due from affiliates
|
735
|
|
|
(1,917
|
)
|
||
Other current assets
|
556
|
|
|
(411
|
)
|
||
Trade and other accounts payable
|
(18,230
|
)
|
|
2,222
|
|
||
Product exchange payables
|
(2,104
|
)
|
|
1,910
|
|
||
Due to affiliates
|
483
|
|
|
(5,169
|
)
|
||
Income taxes payable
|
(62
|
)
|
|
(420
|
)
|
||
Other accrued liabilities
|
(9,726
|
)
|
|
(3,766
|
)
|
||
Change in other non-current assets and liabilities
|
610
|
|
|
1,941
|
|
||
Net cash provided by continuing operating activities
|
29,287
|
|
|
23,502
|
|
||
Net cash provided by discontinued operating activities
|
3,254
|
|
|
4,055
|
|
||
Net cash provided by operating activities
|
32,541
|
|
|
27,557
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Payments for property, plant and equipment
|
(31,497
|
)
|
|
(30,014
|
)
|
||
Acquisitions
|
—
|
|
|
(19,533
|
)
|
||
Payments for plant turnaround costs
|
(879
|
)
|
|
(1,583
|
)
|
||
Proceeds from sale of property, plant and equipment
|
1,269
|
|
|
1,604
|
|
||
Proceeds from repayment of Note receivable - affiliate
|
—
|
|
|
15,000
|
|
||
Other
|
—
|
|
|
(900
|
)
|
||
Net cash used in continuing investing activities
|
(31,107
|
)
|
|
(35,426
|
)
|
||
Net cash provided by (used in) discontinuing investing activities
|
177,256
|
|
|
(145
|
)
|
||
Net cash provided by (used in) investing activities
|
146,149
|
|
|
(35,571
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Payments of long-term debt
|
(460,000
|
)
|
|
(242,000
|
)
|
||
Proceeds from long-term debt
|
345,000
|
|
|
262,000
|
|
||
Proceeds from issuance of common units, net of issuance related costs
|
(118
|
)
|
|
51,061
|
|
||
General partner contribution
|
—
|
|
|
1,098
|
|
||
Purchase of treasury units
|
(273
|
)
|
|
(4
|
)
|
||
Payment of debt issuance costs
|
(1,285
|
)
|
|
(56
|
)
|
||
Excess purchase price over carrying value of acquired assets
|
(26
|
)
|
|
(7,887
|
)
|
||
Reimbursement of excess purchase price over carrying value of acquired assets
|
—
|
|
|
1,125
|
|
||
Cash distributions paid
|
(58,829
|
)
|
|
(57,323
|
)
|
||
Net cash (used in) provided by financing activities
|
(175,531
|
)
|
|
8,014
|
|
||
|
|
|
|
||||
Net increase in cash
|
3,159
|
|
|
—
|
|
||
Cash at beginning of period
|
27
|
|
|
15
|
|
||
Cash at end of period
|
$
|
3,186
|
|
|
$
|
15
|
|
Non-cash additions to property, plant and equipment
|
$
|
938
|
|
|
$
|
1,367
|
|
Original purchase price
|
$
|
27,420
|
|
Purchase price true-up
|
26
|
|
|
Historical carrying value of assets allocated to "Property, plant and equipment"
|
19,533
|
|
|
Excess purchase price over carrying value of acquired assets
|
$
|
7,913
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Total costs and expenses and other, net, excluding depreciation and amortization
|
$
|
(89
|
)
|
|
$
|
(44
|
)
|
|
$
|
(247
|
)
|
|
$
|
(143
|
)
|
Other operating income
1
|
48,564
|
|
|
—
|
|
|
48,564
|
|
|
—
|
|
||||
Equity in earnings
|
657
|
|
|
787
|
|
|
3,383
|
|
|
2,545
|
|
||||
Income from discontinued operations before income taxes
|
49,132
|
|
|
743
|
|
|
51,700
|
|
|
2,402
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income from discontinued operations, net of income taxes
|
$
|
49,132
|
|
|
$
|
743
|
|
|
$
|
51,700
|
|
|
$
|
2,402
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
||||
Terminalling and storage
|
$
|
3,552
|
|
|
$
|
4,152
|
|
Marine transportation
|
2,600
|
|
|
5,427
|
|
||
Assets held for sale
|
$
|
6,152
|
|
|
$
|
9,579
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Terminalling and storage segment
|
|
|
|
|
|
|
|
||||||||
Lubricant product sales
|
$
|
38,047
|
|
|
$
|
30,861
|
|
|
$
|
111,351
|
|
|
$
|
96,421
|
|
Throughput and storage
|
24,354
|
|
|
25,752
|
|
|
72,508
|
|
|
75,105
|
|
||||
|
$
|
62,401
|
|
|
$
|
56,613
|
|
|
$
|
183,859
|
|
|
$
|
171,526
|
|
Natural gas services segment
|
|
|
|
|
|
|
|
||||||||
Natural gas liquids product sales
|
$
|
101,919
|
|
|
$
|
83,831
|
|
|
$
|
351,725
|
|
|
$
|
284,154
|
|
Natural gas storage
|
11,232
|
|
|
14,253
|
|
|
40,392
|
|
|
43,756
|
|
||||
|
$
|
113,151
|
|
|
$
|
98,084
|
|
|
$
|
392,117
|
|
|
$
|
327,910
|
|
Sulfur service segment
|
|
|
|
|
|
|
|
||||||||
Sulfur product sales
|
$
|
13,932
|
|
|
$
|
10,740
|
|
|
$
|
36,248
|
|
|
$
|
35,013
|
|
Fertilizer product sales
|
14,049
|
|
|
13,434
|
|
|
62,317
|
|
|
60,715
|
|
||||
Sulfur services
|
2,787
|
|
|
2,850
|
|
|
8,361
|
|
|
8,550
|
|
||||
|
$
|
30,768
|
|
|
$
|
27,024
|
|
|
$
|
106,926
|
|
|
$
|
104,278
|
|
Marine transportation segment
|
|
|
|
|
|
|
|
||||||||
Inland transportation
|
$
|
11,338
|
|
|
$
|
10,208
|
|
|
$
|
32,236
|
|
|
$
|
32,521
|
|
Offshore transportation
|
1,389
|
|
|
1,199
|
|
|
4,684
|
|
|
4,140
|
|
||||
|
$
|
12,727
|
|
|
$
|
11,407
|
|
|
$
|
36,920
|
|
|
$
|
36,661
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Terminalling and storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Throughput and storage
|
$
|
12,569
|
|
|
$
|
50,629
|
|
|
$
|
49,330
|
|
|
$
|
46,022
|
|
|
$
|
41,505
|
|
|
$
|
393,700
|
|
|
$
|
593,755
|
|
Natural gas services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural gas storage
|
9,483
|
|
|
33,648
|
|
|
28,015
|
|
|
25,389
|
|
|
24,615
|
|
|
10,107
|
|
|
131,257
|
|
|||||||
Sulfur services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sulfur product sales
|
4,199
|
|
|
16,796
|
|
|
4,898
|
|
|
1,181
|
|
|
295
|
|
|
—
|
|
|
27,369
|
|
|||||||
Marine transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Offshore transportation
|
1,564
|
|
|
6,205
|
|
|
6,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,838
|
|
|||||||
Total
|
$
|
27,815
|
|
|
$
|
107,278
|
|
|
$
|
88,312
|
|
|
$
|
72,592
|
|
|
$
|
66,415
|
|
|
$
|
403,807
|
|
|
$
|
766,219
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Natural gas liquids
|
$
|
88,475
|
|
|
$
|
47,462
|
|
Sulfur
|
8,340
|
|
|
8,436
|
|
||
Fertilizer
|
11,588
|
|
|
18,674
|
|
||
Lubricants
|
23,140
|
|
|
20,086
|
|
||
Other
|
2,516
|
|
|
2,594
|
|
||
|
$
|
134,059
|
|
|
$
|
97,252
|
|
|
As of July 31,
|
|
One Month Ended July 31,
|
|
Seven Months Ended July 31,
|
||||||||||||||||||||||
2018
|
Total
Assets
|
|
Long-Term Debt
|
|
Members' Equity
|
|
Revenues
|
|
Net Income
|
|
Revenues
|
|
Net Income
|
||||||||||||||
WTLPG
|
$
|
928,349
|
|
|
$
|
—
|
|
|
$
|
868,894
|
|
|
$
|
9,104
|
|
|
$
|
3,283
|
|
|
$
|
55,534
|
|
|
$
|
16,642
|
|
|
As of December 31,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
2017
|
Total
Assets
|
|
Long-Term Debt
|
|
Members' Equity
|
|
Revenues
|
|
Net Income
|
|
Revenues
|
|
Net Income
|
||||||||||||||
WTLPG
|
$
|
837,163
|
|
|
$
|
—
|
|
|
$
|
787,426
|
|
|
$
|
22,009
|
|
|
$
|
3,945
|
|
|
$
|
63,148
|
|
|
$
|
12,734
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
$664,444 Revolving credit facility at variable interest rate (5.19%
1
weighted average at September 30, 2018), due March 2020 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees, net of unamortized debt issuance costs of $4,221 and $4,986, respectively
2
|
$
|
325,779
|
|
|
$
|
440,014
|
|
$400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $1,625 and $2,138, respectively, including unamortized premium of $726 and $956, respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured
2,3
|
372,901
|
|
|
372,618
|
|
||
Total long-term debt, net
|
$
|
698,680
|
|
|
$
|
812,632
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Customer contracts and relationships, net
|
$
|
19,976
|
|
|
$
|
25,252
|
|
Other intangible assets
|
1,408
|
|
|
1,752
|
|
||
Other
|
4,367
|
|
|
5,797
|
|
||
|
$
|
25,751
|
|
|
$
|
32,801
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Accrued interest
|
$
|
3,980
|
|
|
$
|
11,726
|
|
Asset retirement obligations
|
3,342
|
|
|
5,429
|
|
||
Property and other taxes payable
|
7,688
|
|
|
5,638
|
|
||
Accrued payroll
|
3,840
|
|
|
3,385
|
|
||
Other
|
26
|
|
|
162
|
|
||
|
$
|
18,876
|
|
|
$
|
26,340
|
|
|
Fair Values of Derivative Instruments in the Consolidated and Condensed Balance Sheets
|
|||||||||||||||
|
Derivative Assets
|
Derivative Liabilities
|
||||||||||||||
|
|
Fair Values
|
|
Fair Values
|
||||||||||||
|
Balance Sheet Location
|
September 30, 2018
|
|
December 31, 2017
|
Balance Sheet Location
|
September 30, 2018
|
|
December 31, 2017
|
||||||||
Derivatives not designated as hedging instruments:
|
Current:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
Fair value of derivatives
|
$
|
—
|
|
|
$
|
—
|
|
Fair value of derivatives
|
$
|
2,968
|
|
|
$
|
72
|
|
Total derivatives not designated as hedging instruments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,968
|
|
|
$
|
72
|
|
|
Location of Gain (Loss)
Recognized in Income on
Derivatives
|
Amount of Gain (Loss) Recognized in
Income on Derivatives
|
||||||
|
|
2018
|
|
2017
|
||||
Derivatives not designated as hedging instruments:
|
|
|
||||||
Commodity contracts
|
Cost of products sold
|
$
|
(2,267
|
)
|
|
$
|
—
|
|
Total effect of derivatives not designated as hedging instruments
|
$
|
(2,267
|
)
|
|
$
|
—
|
|
|
Location of Gain (Loss)
Recognized in Income on
Derivatives
|
Amount of Gain (Loss) Recognized in
Income on Derivatives
|
||||||
|
|
2018
|
|
2017
|
||||
Derivatives not designated as hedging instruments:
|
|
|
||||||
Commodity contracts
|
Cost of products sold
|
$
|
(198
|
)
|
|
$
|
(2,392
|
)
|
Total effect of derivatives not designated as hedging instruments
|
$
|
(198
|
)
|
|
$
|
(2,392
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Continuing operations:
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
$
|
(9,686
|
)
|
|
$
|
(17,029
|
)
|
|
$
|
(6,682
|
)
|
|
$
|
(4,116
|
)
|
Less general partner’s interest in net income (loss):
|
|
|
|
|
|
|
|
||||||||
Distributions payable on behalf of IDRs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Distributions payable on behalf of general partner interest
|
(96
|
)
|
|
410
|
|
|
(175
|
)
|
|
2,825
|
|
||||
General partner interest in undistributed loss
|
(97
|
)
|
|
(750
|
)
|
|
41
|
|
|
(2,907
|
)
|
||||
Less income (loss) allocable to unvested restricted units
|
(7
|
)
|
|
(40
|
)
|
|
(4
|
)
|
|
—
|
|
||||
Limited partners’ interest in net loss
|
$
|
(9,486
|
)
|
|
$
|
(16,649
|
)
|
|
$
|
(6,544
|
)
|
|
$
|
(4,034
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income from discontinued operations
|
$
|
49,132
|
|
|
$
|
743
|
|
|
$
|
51,700
|
|
|
$
|
2,402
|
|
Less general partner’s interest in net income (loss):
|
|
|
|
|
|
|
|
||||||||
Distributions payable on behalf of IDRs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Distributions payable on behalf of general partner interest
|
488
|
|
|
(18
|
)
|
|
1,352
|
|
|
(1,648
|
)
|
||||
General partner interest in undistributed loss
|
494
|
|
|
33
|
|
|
(318
|
)
|
|
1,696
|
|
||||
Less income (loss) allocable to unvested restricted units
|
34
|
|
|
2
|
|
|
33
|
|
|
—
|
|
||||
Limited partners’ interest in net income
|
$
|
48,116
|
|
|
$
|
726
|
|
|
$
|
50,633
|
|
|
$
|
2,354
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Basic weighted average limited partner units outstanding
|
38,711,515
|
|
|
38,357,171
|
|
|
38,876,783
|
|
|
38,015,704
|
|
Dilutive effect of restricted units issued
|
26,586
|
|
|
—
|
|
|
12,298
|
|
|
—
|
|
Total weighted average limited partner diluted units outstanding
|
38,738,101
|
|
|
38,357,171
|
|
|
38,889,081
|
|
|
38,015,704
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Employees
|
$
|
326
|
|
|
$
|
85
|
|
|
$
|
767
|
|
|
$
|
426
|
|
Non-employee directors
|
26
|
|
|
28
|
|
|
105
|
|
|
92
|
|
||||
Total unit-based compensation expense
|
$
|
352
|
|
|
$
|
113
|
|
|
$
|
872
|
|
|
$
|
518
|
|
|
Number of Units
|
|
Weighted Average Grant-Date Fair Value Per Unit
|
||||
Non-vested, beginning of period
|
98,750
|
|
|
$
|
24.80
|
|
|
Granted (TBRU)
|
315,500
|
|
|
$
|
13.89
|
|
|
Granted (PBRU)
|
317,925
|
|
|
$
|
13.89
|
|
|
Vested
|
(80,550
|
)
|
|
$
|
27.71
|
|
|
Forfeited
|
(23,000
|
)
|
|
$
|
13.90
|
|
|
Non-Vested, end of period
|
628,625
|
|
|
$
|
13.91
|
|
|
|
|
|
|
||||
Aggregate intrinsic value, end of period
|
$
|
7,292
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Aggregate intrinsic value of units vested
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,188
|
|
|
$
|
135
|
|
Fair value of units vested
|
—
|
|
|
—
|
|
|
2,232
|
|
|
190
|
|
•
|
providing terminalling and storage services for petroleum products and by-products including the refining, blending and packaging of finished lubricants;
|
•
|
the ownership and/or operation on the Partnership’s behalf of any asset or group of assets owned by it or its affiliates;
|
•
|
any business operated by Martin Resource Management, including the following:
|
◦
|
providing land transportation of various liquids;
|
◦
|
distributing fuel oil, marine fuel and other liquids;
|
◦
|
providing marine bunkering and other shore-based marine services in Texas, Louisiana, Mississippi, Alabama, and Florida;
|
◦
|
operating a crude oil gathering business in Stephens, Arkansas;
|
◦
|
providing crude oil gathering, refining, and marketing services of base oils, asphalt, and distillate products in Smackover, Arkansas;
|
◦
|
providing crude oil marketing and transportation from the well head to the end market;
|
◦
|
operating an environmental consulting company;
|
◦
|
operating an engineering services company;
|
◦
|
supplying employees and services for the operation of the Partnership's business; and
|
◦
|
operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas, Hondo, Texas, and South Houston, Texas.
|
•
|
any business that Martin Resource Management acquires or constructs that has a fair market value of less than
$5,000
;
|
•
|
any business that Martin Resource Management acquires or constructs that has a fair market value of
$5,000
or more if the Partnership has been offered the opportunity to purchase the business for fair market value and the Partnership declines to do so with the concurrence of the conflicts committee of the board of directors of the general partner of the Partnership (the "Conflicts Committee"); and
|
•
|
any business that Martin Resource Management acquires or constructs where a portion of such business includes a restricted business and the fair market value of the restricted business is
$5,000
or more and represents less than
20%
of the aggregate value of the entire business to be acquired or constructed; provided that, following completion of the acquisition or construction, the Partnership will be provided the opportunity to purchase the restricted business.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Terminalling and storage
|
$
|
19,619
|
|
|
$
|
21,910
|
|
|
$
|
60,151
|
|
|
$
|
61,945
|
|
Marine transportation
|
4,009
|
|
|
4,098
|
|
|
11,727
|
|
|
12,610
|
|
||||
Natural gas services
|
—
|
|
|
4
|
|
|
—
|
|
|
122
|
|
||||
Product sales:
|
|
|
|
|
|
|
|
||||||||
Natural gas services
|
—
|
|
|
101
|
|
|
19
|
|
|
1,043
|
|
||||
Sulfur services
|
7
|
|
|
522
|
|
|
619
|
|
|
1,540
|
|
||||
Terminalling and storage
|
173
|
|
|
205
|
|
|
610
|
|
|
399
|
|
||||
|
180
|
|
|
828
|
|
|
1,248
|
|
|
2,982
|
|
||||
|
$
|
23,808
|
|
|
$
|
26,840
|
|
|
$
|
73,126
|
|
|
$
|
77,659
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of products sold:
|
|
|
|
|
|
|
|
||||||||
Natural gas services
|
$
|
2,856
|
|
|
$
|
3,033
|
|
|
$
|
10,273
|
|
|
$
|
14,836
|
|
Sulfur services
|
4,337
|
|
|
3,555
|
|
|
13,208
|
|
|
10,997
|
|
||||
Terminalling and storage
|
7,392
|
|
|
4,817
|
|
|
21,959
|
|
|
14,003
|
|
||||
|
$
|
14,585
|
|
|
$
|
11,405
|
|
|
$
|
45,440
|
|
|
$
|
39,836
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Marine transportation
|
$
|
5,574
|
|
|
$
|
5,794
|
|
|
$
|
16,895
|
|
|
$
|
17,857
|
|
Natural gas services
|
2,202
|
|
|
2,256
|
|
|
6,633
|
|
|
6,724
|
|
||||
Sulfur services
|
1,263
|
|
|
1,391
|
|
|
4,094
|
|
|
4,371
|
|
||||
Terminalling and storage
|
5,012
|
|
|
6,417
|
|
|
14,152
|
|
|
19,734
|
|
||||
|
$
|
14,051
|
|
|
$
|
15,858
|
|
|
$
|
41,774
|
|
|
$
|
48,686
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Selling, general and administrative:
|
|
|
|
|
|
|
|
||||||||
Marine transportation
|
$
|
236
|
|
|
$
|
11
|
|
|
$
|
251
|
|
|
$
|
26
|
|
Natural gas services
|
1,072
|
|
|
1,140
|
|
|
4,351
|
|
|
4,619
|
|
||||
Sulfur services
|
699
|
|
|
648
|
|
|
2,018
|
|
|
1,905
|
|
||||
Terminalling and storage
|
723
|
|
|
592
|
|
|
2,094
|
|
|
1,701
|
|
||||
Indirect, including overhead allocation
|
4,104
|
|
|
4,104
|
|
|
12,339
|
|
|
12,312
|
|
||||
|
$
|
6,834
|
|
|
$
|
6,495
|
|
|
$
|
21,053
|
|
|
$
|
20,563
|
|
Three Months Ended September 30, 2018
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues after Eliminations
|
|
Depreciation and Amortization
|
|
Operating Income (Loss) after Eliminations
|
|
Capital Expenditures and Plant Turnaround Costs
|
||||||||||||
Terminalling and storage
|
$
|
64,002
|
|
|
$
|
(1,601
|
)
|
|
$
|
62,401
|
|
|
$
|
9,311
|
|
|
$
|
3,734
|
|
|
$
|
4,372
|
|
Natural gas services
|
113,151
|
|
|
—
|
|
|
113,151
|
|
|
5,316
|
|
|
289
|
|
|
948
|
|
||||||
Sulfur services
|
30,768
|
|
|
—
|
|
|
30,768
|
|
|
2,113
|
|
|
2,130
|
|
|
1,489
|
|
||||||
Marine transportation
|
13,570
|
|
|
(843
|
)
|
|
12,727
|
|
|
2,001
|
|
|
1,762
|
|
|
2,119
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,388
|
)
|
|
—
|
|
||||||
Total
|
$
|
221,491
|
|
|
$
|
(2,444
|
)
|
|
$
|
219,047
|
|
|
$
|
18,741
|
|
|
$
|
3,527
|
|
|
$
|
8,928
|
|
Three Months Ended September 30, 2017
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues after Eliminations
|
|
Depreciation and Amortization
|
|
Operating Income (Loss) after Eliminations
|
|
Capital Expenditures and Plant Turnaround Costs
|
||||||||||||
Terminalling and storage
|
$
|
57,805
|
|
|
$
|
(1,192
|
)
|
|
$
|
56,613
|
|
|
$
|
10,192
|
|
|
$
|
(7,047
|
)
|
|
$
|
8,634
|
|
Natural gas services
|
98,310
|
|
|
(226
|
)
|
|
98,084
|
|
|
6,274
|
|
|
7,072
|
|
|
4,383
|
|
||||||
Sulfur services
|
27,024
|
|
|
—
|
|
|
27,024
|
|
|
2,020
|
|
|
(546
|
)
|
|
862
|
|
||||||
Marine transportation
|
12,400
|
|
|
(993
|
)
|
|
11,407
|
|
|
1,800
|
|
|
474
|
|
|
1
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,391
|
)
|
|
—
|
|
||||||
Total
|
$
|
195,539
|
|
|
$
|
(2,411
|
)
|
|
$
|
193,128
|
|
|
$
|
20,286
|
|
|
$
|
(4,438
|
)
|
|
$
|
13,880
|
|
Nine Months Ended September 30, 2018
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues after Eliminations
|
|
Depreciation and Amortization
|
|
Operating Income (Loss) after Eliminations
|
|
Capital Expenditures and Plant Turnaround Costs
|
||||||||||||
Terminalling and storage
|
$
|
188,299
|
|
|
$
|
(4,440
|
)
|
|
$
|
183,859
|
|
|
$
|
31,160
|
|
|
$
|
8,195
|
|
|
$
|
8,964
|
|
Natural gas services
|
392,117
|
|
|
—
|
|
|
392,117
|
|
|
15,921
|
|
|
21,585
|
|
|
4,000
|
|
||||||
Sulfur services
|
106,926
|
|
|
—
|
|
|
106,926
|
|
|
6,263
|
|
|
12,170
|
|
|
4,003
|
|
||||||
Marine transportation
|
38,766
|
|
|
(1,846
|
)
|
|
36,920
|
|
|
5,498
|
|
|
4,278
|
|
|
12,247
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,965
|
)
|
|
—
|
|
||||||
Total
|
$
|
726,108
|
|
|
$
|
(6,286
|
)
|
|
$
|
719,822
|
|
|
$
|
58,842
|
|
|
$
|
33,263
|
|
|
$
|
29,214
|
|
Nine Months Ended September 30, 2017
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues after Eliminations
|
|
Depreciation and Amortization
|
|
Operating Income (Loss) after Eliminations
|
|
Capital Expenditures and Plant Turnaround Costs
|
||||||||||||
Terminalling and storage
|
$
|
175,944
|
|
|
$
|
(4,418
|
)
|
|
$
|
171,526
|
|
|
$
|
35,996
|
|
|
$
|
(5,896
|
)
|
|
$
|
21,859
|
|
Natural gas services
|
328,136
|
|
|
(226
|
)
|
|
327,910
|
|
|
18,640
|
|
|
29,868
|
|
|
6,580
|
|
||||||
Sulfur services
|
104,278
|
|
|
—
|
|
|
104,278
|
|
|
6,083
|
|
|
16,516
|
|
|
1,593
|
|
||||||
Marine transportation
|
38,958
|
|
|
(2,297
|
)
|
|
36,661
|
|
|
5,229
|
|
|
2,852
|
|
|
1,113
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,083
|
)
|
|
—
|
|
||||||
Total
|
$
|
647,316
|
|
|
$
|
(6,941
|
)
|
|
$
|
640,375
|
|
|
$
|
65,948
|
|
|
$
|
30,257
|
|
|
$
|
31,145
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Total assets:
|
|
|
|
||||
Terminalling and storage
|
$
|
314,124
|
|
|
$
|
326,920
|
|
Natural gas services
|
567,912
|
|
|
704,524
|
|
||
Sulfur services
|
111,689
|
|
|
120,790
|
|
||
Marine transportation
|
107,324
|
|
|
101,264
|
|
||
Total assets
|
$
|
1,101,049
|
|
|
$
|
1,253,498
|
|
|
Level 2
|
||||||
|
September 30, 2018
|
|
December 31, 2017
|
||||
Commodity derivative contracts, net
|
$
|
(2,968
|
)
|
|
$
|
(72
|
)
|
•
|
Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excluded from the table below. There is negligible credit risk associated with these instruments.
|
•
|
Note receivable and long-term debt: The carrying amount of the revolving credit facility approximates fair value due to the debt having a variable interest rate and is in Level 2. The Partnership has not had any indicators which represent a change in the market spread associated with its variable interest rate debt. The estimated fair value of the senior unsecured notes is considered Level 1, as the fair value is based on quoted market prices in active markets.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
2021 Senior unsecured notes
|
$
|
372,901
|
|
|
$
|
375,583
|
|
|
$
|
372,618
|
|
|
$
|
381,657
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Natural gas liquids transportation and distribution services and natural gas storage;
|
•
|
Terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil and the blending and packaging of finished lubricants;
|
•
|
Sulfur and sulfur-based products gathering, processing, marketing, manufacturing and distribution; and
|
•
|
Marine transportation services for petroleum products and by-products.
|
Description
|
|
Judgments and Uncertainties
|
|
Effect if Actual Results Differ from Estimates and Assumptions
|
Impairment of Long-Lived Assets
|
||||
We periodically evaluate whether the carrying value of long-lived assets has been impaired when circumstances indicate the carrying value of the assets may not be recoverable. These evaluations are based on undiscounted cash flow projections over the remaining useful life of the asset. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows. Any impairment loss is measured as the excess of the asset's carrying value over its fair value.
|
|
Our impairment analyses require management to use judgment in estimating future cash flows and useful lives, as well as assessing the probability of different outcomes.
|
|
No impairment of long-lived assets was recorded during the three and nine months ended September 30, 2018 or 2017.
|
Asset Retirement Obligations
|
||||
Asset retirement obligations ("AROs") associated with a contractual or regulatory remediation requirement are recorded at fair value in the period in which the obligation can be reasonably estimated and depreciated over the life of the related asset or contractual term. The liability is determined using a credit-adjusted risk-free interest rate and is accreted over time until the obligation is settled.
|
|
Determining the fair value of AROs requires management judgment to evaluate required remediation activities, estimate the cost of those activities and determine the appropriate interest rate.
|
|
If actual results differ from judgments and assumptions used in valuing an ARO, we may experience significant changes in ARO balances. The establishment of an ARO has no initial impact on earnings. During the nine months ended September 30, 2018, we made upward revisions to our asset retirement obligations in the amount of $4.8 million.
|
•
|
providing land transportation of various liquids using a fleet of trucks and road vehicles and road trailers;
|
•
|
distributing fuel oil, ammonia, asphalt, marine fuel and other liquids;
|
•
|
providing marine bunkering and other shore-based marine services in Texas, Louisiana, Mississippi, Alabama, and Florida;
|
•
|
operating a crude oil gathering business in Stephens, Arkansas;
|
•
|
providing crude oil gathering, refining, and marketing services of base oils, asphalt, and distillate products in Smackover, Arkansas;
|
•
|
providing crude oil marketing and transportation from the well head to the end market;
|
•
|
operating an environmental consulting company;
|
•
|
operating an engineering services company;
|
•
|
supplying employees and services for the operation of our business; and
|
•
|
operating, solely for our account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas, Hondo, Texas, and South Houston, Texas.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income (loss)
|
$
|
39,446
|
|
|
$
|
(16,286
|
)
|
|
$
|
45,018
|
|
|
$
|
(1,714
|
)
|
Less: Income from discontinued operations, net of income taxes
|
(49,132
|
)
|
|
(743
|
)
|
|
(51,700
|
)
|
|
(2,402
|
)
|
||||
Loss from continuing operations
|
(9,686
|
)
|
|
(17,029
|
)
|
|
(6,682
|
)
|
|
(4,116
|
)
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
13,140
|
|
|
12,538
|
|
|
39,591
|
|
|
34,677
|
|
||||
Income tax expense
|
91
|
|
|
108
|
|
|
372
|
|
|
301
|
|
||||
Depreciation and amortization
|
18,741
|
|
|
20,286
|
|
|
58,842
|
|
|
65,948
|
|
||||
EBITDA
|
22,286
|
|
|
15,903
|
|
|
92,123
|
|
|
96,810
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
(Gain) loss on sale of property, plant and equipment
|
384
|
|
|
187
|
|
|
876
|
|
|
327
|
|
||||
Unrealized mark-to-market on commodity derivatives
|
2,396
|
|
|
—
|
|
|
2,896
|
|
|
(4,037
|
)
|
||||
Hurricane damage repair accrual
|
—
|
|
|
3,725
|
|
|
—
|
|
|
3,725
|
|
||||
Asset retirement obligation revision
|
—
|
|
|
5,547
|
|
|
—
|
|
|
5,547
|
|
||||
Unit-based compensation
|
352
|
|
|
113
|
|
|
872
|
|
|
518
|
|
||||
Adjusted EBITDA
|
25,418
|
|
|
25,475
|
|
|
96,767
|
|
|
102,890
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
(13,140
|
)
|
|
(12,538
|
)
|
|
(39,591
|
)
|
|
(34,677
|
)
|
||||
Income tax expense
|
(91
|
)
|
|
(108
|
)
|
|
(372
|
)
|
|
(301
|
)
|
||||
Amortization of debt premium
|
(77
|
)
|
|
(77
|
)
|
|
(230
|
)
|
|
(230
|
)
|
||||
Amortization of deferred debt issuance costs
|
874
|
|
|
725
|
|
|
2,563
|
|
|
2,170
|
|
||||
Payments for plant turnaround costs
|
(879
|
)
|
|
8
|
|
|
(879
|
)
|
|
(1,583
|
)
|
||||
Maintenance capital expenditures
|
(5,247
|
)
|
|
(5,208
|
)
|
|
(16,619
|
)
|
|
(12,494
|
)
|
||||
Distributable Cash Flow
|
$
|
6,858
|
|
|
$
|
8,277
|
|
|
$
|
41,639
|
|
|
$
|
55,775
|
|
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues
after Eliminations
|
|
Operating Income (Loss)
|
|
Operating Income (Loss) Intersegment Eliminations
|
|
Operating
Income (Loss)
after
Eliminations
|
||||||||||||
Three Months Ended September 30, 2018
|
(in thousands)
|
||||||||||||||||||||||
Terminalling and storage
|
$
|
64,002
|
|
|
$
|
(1,601
|
)
|
|
$
|
62,401
|
|
|
$
|
4,736
|
|
|
$
|
(1,002
|
)
|
|
$
|
3,734
|
|
Natural gas services
|
113,151
|
|
|
—
|
|
|
113,151
|
|
|
(663
|
)
|
|
952
|
|
|
289
|
|
||||||
Sulfur services
|
30,768
|
|
|
—
|
|
|
30,768
|
|
|
3,092
|
|
|
(962
|
)
|
|
2,130
|
|
||||||
Marine transportation
|
13,570
|
|
|
(843
|
)
|
|
12,727
|
|
|
750
|
|
|
1,012
|
|
|
1,762
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,388
|
)
|
|
—
|
|
|
(4,388
|
)
|
||||||
Total
|
$
|
221,491
|
|
|
$
|
(2,444
|
)
|
|
$
|
219,047
|
|
|
$
|
3,527
|
|
|
$
|
—
|
|
|
$
|
3,527
|
|
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues
after Eliminations
|
|
Operating Income (Loss)
|
|
Operating Income (Loss) Intersegment Eliminations
|
|
Operating
Income (Loss)
after
Eliminations
|
||||||||||||
Three Months Ended September 30, 2017
|
(in thousands)
|
||||||||||||||||||||||
Terminalling and storage
|
$
|
57,805
|
|
|
$
|
(1,192
|
)
|
|
$
|
56,613
|
|
|
$
|
(6,455
|
)
|
|
$
|
(592
|
)
|
|
$
|
(7,047
|
)
|
Natural gas services
|
98,310
|
|
|
(226
|
)
|
|
98,084
|
|
|
6,529
|
|
|
543
|
|
|
7,072
|
|
||||||
Sulfur services
|
27,024
|
|
|
—
|
|
|
27,024
|
|
|
567
|
|
|
(1,113
|
)
|
|
(546
|
)
|
||||||
Marine transportation
|
12,400
|
|
|
(993
|
)
|
|
11,407
|
|
|
(688
|
)
|
|
1,162
|
|
|
474
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,391
|
)
|
|
—
|
|
|
(4,391
|
)
|
||||||
Total
|
$
|
195,539
|
|
|
$
|
(2,411
|
)
|
|
$
|
193,128
|
|
|
$
|
(4,438
|
)
|
|
$
|
—
|
|
|
$
|
(4,438
|
)
|
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues
after Eliminations
|
|
Operating Income (Loss)
|
|
Operating Income (Loss) Intersegment Eliminations
|
|
Operating
Income (Loss)
after
Eliminations
|
||||||||||||
Nine Months Ended September 30, 2018
|
(in thousands)
|
||||||||||||||||||||||
Terminalling and storage
|
$
|
188,299
|
|
|
$
|
(4,440
|
)
|
|
$
|
183,859
|
|
|
$
|
11,104
|
|
|
$
|
(2,909
|
)
|
|
$
|
8,195
|
|
Natural gas services
|
392,117
|
|
|
—
|
|
|
392,117
|
|
|
19,090
|
|
|
2,495
|
|
|
21,585
|
|
||||||
Sulfur services
|
106,926
|
|
|
—
|
|
|
106,926
|
|
|
14,376
|
|
|
(2,206
|
)
|
|
12,170
|
|
||||||
Marine transportation
|
38,766
|
|
|
(1,846
|
)
|
|
36,920
|
|
|
1,658
|
|
|
2,620
|
|
|
4,278
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,965
|
)
|
|
—
|
|
|
(12,965
|
)
|
||||||
Total
|
$
|
726,108
|
|
|
$
|
(6,286
|
)
|
|
$
|
719,822
|
|
|
$
|
33,263
|
|
|
$
|
—
|
|
|
$
|
33,263
|
|
|
Operating Revenues
|
|
Intersegment Revenues Eliminations
|
|
Operating Revenues
after Eliminations
|
|
Operating Income (Loss)
|
|
Operating Income (Loss) Intersegment Eliminations
|
|
Operating
Income (Loss)
after
Eliminations
|
||||||||||||
Nine Months Ended September 30, 2017
|
(in thousands)
|
||||||||||||||||||||||
Terminalling and storage
|
$
|
175,944
|
|
|
$
|
(4,418
|
)
|
|
$
|
171,526
|
|
|
$
|
(3,220
|
)
|
|
$
|
(2,676
|
)
|
|
$
|
(5,896
|
)
|
Natural gas services
|
328,136
|
|
|
(226
|
)
|
|
327,910
|
|
|
27,396
|
|
|
2,472
|
|
|
29,868
|
|
||||||
Sulfur services
|
104,278
|
|
|
—
|
|
|
104,278
|
|
|
19,173
|
|
|
(2,657
|
)
|
|
16,516
|
|
||||||
Marine transportation
|
38,958
|
|
|
(2,297
|
)
|
|
36,661
|
|
|
(9
|
)
|
|
2,861
|
|
|
2,852
|
|
||||||
Indirect selling, general and administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,083
|
)
|
|
—
|
|
|
(13,083
|
)
|
||||||
Total
|
$
|
647,316
|
|
|
$
|
(6,941
|
)
|
|
$
|
640,375
|
|
|
$
|
30,257
|
|
|
$
|
—
|
|
|
$
|
30,257
|
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands, except BBL per day)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
25,955
|
|
|
$
|
26,944
|
|
|
$
|
(989
|
)
|
|
(4
|
)%
|
Products
|
38,047
|
|
|
30,861
|
|
|
7,186
|
|
|
23
|
%
|
|||
Total revenues
|
64,002
|
|
|
57,805
|
|
|
6,197
|
|
|
11
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
34,400
|
|
|
27,971
|
|
|
6,429
|
|
|
23
|
%
|
|||
Operating expenses
|
13,890
|
|
|
24,242
|
|
|
(10,352
|
)
|
|
(43
|
)%
|
|||
Selling, general and administrative expenses
|
1,304
|
|
|
1,668
|
|
|
(364
|
)
|
|
(22
|
)%
|
|||
Depreciation and amortization
|
9,311
|
|
|
10,192
|
|
|
(881
|
)
|
|
(9
|
)%
|
|||
|
5,097
|
|
|
(6,268
|
)
|
|
11,365
|
|
|
181
|
%
|
|||
Other operating loss
|
(361
|
)
|
|
(187
|
)
|
|
(174
|
)
|
|
(93
|
)%
|
|||
Operating income (loss)
|
$
|
4,736
|
|
|
$
|
(6,455
|
)
|
|
$
|
11,191
|
|
|
173
|
%
|
|
|
|
|
|
|
|
|
|||||||
Lubricant sales volumes (gallons)
|
6,326
|
|
|
5,217
|
|
|
1,109
|
|
|
21
|
%
|
|||
Shore-based throughput volumes (guaranteed minimum) (gallons)
|
20,000
|
|
|
41,666
|
|
|
(21,666
|
)
|
|
(52
|
)%
|
|||
Smackover refinery throughput volumes (guaranteed minimum BBL per day)
|
6,500
|
|
|
6,500
|
|
|
—
|
|
|
—
|
%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands, except BBL per day)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
76,949
|
|
|
$
|
79,523
|
|
|
$
|
(2,574
|
)
|
|
(3
|
)%
|
Products
|
111,350
|
|
|
96,421
|
|
|
14,929
|
|
|
15
|
%
|
|||
Total revenues
|
188,299
|
|
|
175,944
|
|
|
12,355
|
|
|
7
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
101,498
|
|
|
87,139
|
|
|
14,359
|
|
|
16
|
%
|
|||
Operating expenses
|
40,246
|
|
|
51,402
|
|
|
(11,156
|
)
|
|
(22
|
)%
|
|||
Selling, general and administrative expenses
|
3,894
|
|
|
4,437
|
|
|
(543
|
)
|
|
(12
|
)%
|
|||
Depreciation and amortization
|
31,160
|
|
|
35,996
|
|
|
(4,836
|
)
|
|
(13
|
)%
|
|||
|
11,501
|
|
|
(3,030
|
)
|
|
14,531
|
|
|
480
|
%
|
|||
Other operating loss
|
(397
|
)
|
|
(190
|
)
|
|
(207
|
)
|
|
(109
|
)%
|
|||
Operating income (loss)
|
$
|
11,104
|
|
|
$
|
(3,220
|
)
|
|
$
|
14,324
|
|
|
445
|
%
|
|
|
|
|
|
|
|
|
|||||||
Lubricant sales volumes (gallons)
|
18,644
|
|
|
15,912
|
|
|
2,732
|
|
|
17
|
%
|
|||
Shore-based throughput volumes (guaranteed minimum) (gallons)
|
60,000
|
|
|
124,998
|
|
|
(64,998
|
)
|
|
(52
|
)%
|
|||
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day)
|
6,500
|
|
|
6,500
|
|
|
—
|
|
|
—
|
%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
11,232
|
|
|
$
|
14,253
|
|
|
$
|
(3,021
|
)
|
|
(21
|
)%
|
Products
|
101,919
|
|
|
84,057
|
|
|
17,862
|
|
|
21
|
%
|
|||
Total revenues
|
113,151
|
|
|
98,310
|
|
|
14,841
|
|
|
15
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
100,298
|
|
|
78,138
|
|
|
22,160
|
|
|
28
|
%
|
|||
Operating expenses
|
6,162
|
|
|
5,528
|
|
|
634
|
|
|
11
|
%
|
|||
Selling, general and administrative expenses
|
2,038
|
|
|
1,843
|
|
|
195
|
|
|
11
|
%
|
|||
Depreciation and amortization
|
5,316
|
|
|
6,274
|
|
|
(958
|
)
|
|
(15
|
)%
|
|||
|
(663
|
)
|
|
6,527
|
|
|
(7,190
|
)
|
|
(110
|
)%
|
|||
Other operating income
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100
|
)%
|
|||
Operating income (loss)
|
$
|
(663
|
)
|
|
$
|
6,529
|
|
|
$
|
(7,192
|
)
|
|
(110
|
)%
|
|
|
|
|
|
|
|
|
|||||||
NGL sales volumes (Bbls)
|
1,774
|
|
|
1,943
|
|
|
(169
|
)
|
|
(9
|
)%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
40,392
|
|
|
$
|
43,756
|
|
|
$
|
(3,364
|
)
|
|
(8
|
)%
|
Products
|
351,725
|
|
|
284,380
|
|
|
67,345
|
|
|
24
|
%
|
|||
Total revenues
|
392,117
|
|
|
328,136
|
|
|
63,981
|
|
|
19
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
332,440
|
|
|
258,444
|
|
|
73,996
|
|
|
29
|
%
|
|||
Operating expenses
|
17,837
|
|
|
16,753
|
|
|
1,084
|
|
|
6
|
%
|
|||
Selling, general and administrative expenses
|
6,709
|
|
|
6,910
|
|
|
(201
|
)
|
|
(3
|
)%
|
|||
Depreciation and amortization
|
15,921
|
|
|
18,640
|
|
|
(2,719
|
)
|
|
(15
|
)%
|
|||
|
19,210
|
|
|
27,389
|
|
|
(8,179
|
)
|
|
(30
|
)%
|
|||
Other operating income (loss)
|
(120
|
)
|
|
7
|
|
|
(127
|
)
|
|
(1,814
|
)%
|
|||
Operating income
|
$
|
19,090
|
|
|
$
|
27,396
|
|
|
$
|
(8,306
|
)
|
|
(30
|
)%
|
|
|
|
|
|
|
|
|
|||||||
NGL sales volumes (Bbls)
|
6,958
|
|
|
6,547
|
|
|
411
|
|
|
6
|
%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
2,787
|
|
|
$
|
2,850
|
|
|
$
|
(63
|
)
|
|
(2
|
)%
|
Products
|
27,981
|
|
|
24,174
|
|
|
3,807
|
|
|
16
|
%
|
|||
Total revenues
|
30,768
|
|
|
27,024
|
|
|
3,744
|
|
|
14
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
21,454
|
|
|
19,807
|
|
|
1,647
|
|
|
8
|
%
|
|||
Operating expenses
|
2,960
|
|
|
3,557
|
|
|
(597
|
)
|
|
(17
|
)%
|
|||
Selling, general and administrative expenses
|
1,149
|
|
|
1,071
|
|
|
78
|
|
|
7
|
%
|
|||
Depreciation and amortization
|
2,113
|
|
|
2,020
|
|
|
93
|
|
|
5
|
%
|
|||
|
3,092
|
|
|
569
|
|
|
2,523
|
|
|
443
|
%
|
|||
Other operating loss
|
—
|
|
|
(2
|
)
|
|
2
|
|
|
100
|
%
|
|||
Operating income
|
$
|
3,092
|
|
|
$
|
567
|
|
|
$
|
2,525
|
|
|
445
|
%
|
|
|
|
|
|
|
|
|
|||||||
Sulfur (long tons)
|
166
|
|
|
198
|
|
|
(32
|
)
|
|
(16
|
)%
|
|||
Fertilizer (long tons)
|
50
|
|
|
52
|
|
|
(2
|
)
|
|
(4
|
)%
|
|||
Total sulfur services volumes (long tons)
|
216
|
|
|
250
|
|
|
(34
|
)
|
|
(14
|
)%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Services
|
$
|
8,361
|
|
|
$
|
8,550
|
|
|
$
|
(189
|
)
|
|
(2
|
)%
|
Products
|
98,565
|
|
|
95,728
|
|
|
2,837
|
|
|
3
|
%
|
|||
Total revenues
|
106,926
|
|
|
104,278
|
|
|
2,648
|
|
|
3
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
74,270
|
|
|
65,678
|
|
|
8,592
|
|
|
13
|
%
|
|||
Operating expenses
|
8,801
|
|
|
10,221
|
|
|
(1,420
|
)
|
|
(14
|
)%
|
|||
Selling, general and administrative expenses
|
3,230
|
|
|
3,099
|
|
|
131
|
|
|
4
|
%
|
|||
Depreciation and amortization
|
6,263
|
|
|
6,083
|
|
|
180
|
|
|
3
|
%
|
|||
|
14,362
|
|
|
19,197
|
|
|
(4,835
|
)
|
|
(25
|
)%
|
|||
Other operating income (loss)
|
14
|
|
|
(24
|
)
|
|
38
|
|
|
158
|
%
|
|||
Operating income
|
$
|
14,376
|
|
|
$
|
19,173
|
|
|
$
|
(4,797
|
)
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Sulfur (long tons)
|
520
|
|
|
607
|
|
|
(87
|
)
|
|
(14
|
)%
|
|||
Fertilizer (long tons)
|
231
|
|
|
217
|
|
|
14
|
|
|
6
|
%
|
|||
Total sulfur services volumes (long tons)
|
751
|
|
|
824
|
|
|
(73
|
)
|
|
(9
|
)%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues
|
$
|
13,570
|
|
|
$
|
12,400
|
|
|
$
|
1,170
|
|
|
9
|
%
|
Operating expenses
|
10,418
|
|
|
11,176
|
|
|
(758
|
)
|
|
(7
|
)%
|
|||
Selling, general and administrative expenses
|
378
|
|
|
112
|
|
|
266
|
|
|
238
|
%
|
|||
Depreciation and amortization
|
2,001
|
|
|
1,800
|
|
|
201
|
|
|
11
|
%
|
|||
|
773
|
|
|
(688
|
)
|
|
1,461
|
|
|
212
|
%
|
|||
Other operating loss
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|
|
|
|||
Operating income (loss)
|
$
|
750
|
|
|
$
|
(688
|
)
|
|
$
|
1,438
|
|
|
209
|
%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revenues
|
$
|
38,766
|
|
|
$
|
38,958
|
|
|
$
|
(192
|
)
|
|
—
|
%
|
Operating expenses
|
30,696
|
|
|
33,331
|
|
|
(2,635
|
)
|
|
(8
|
)%
|
|||
Selling, general and administrative expenses
|
541
|
|
|
287
|
|
|
254
|
|
|
89
|
%
|
|||
Depreciation and amortization
|
5,498
|
|
|
5,229
|
|
|
269
|
|
|
5
|
%
|
|||
|
$
|
2,031
|
|
|
$
|
111
|
|
|
$
|
1,920
|
|
|
1,730
|
%
|
Other operating loss
|
(373
|
)
|
|
(120
|
)
|
|
(253
|
)
|
|
(211
|
)%
|
|||
Operating income (loss)
|
$
|
1,658
|
|
|
$
|
(9
|
)
|
|
$
|
1,667
|
|
|
18,522
|
%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revolving loan facility
|
$
|
5,029
|
|
|
$
|
4,832
|
|
|
$
|
197
|
|
|
4
|
%
|
7.25% Senior notes
|
6,851
|
|
|
6,851
|
|
|
—
|
|
|
—
|
%
|
|||
Amortization of deferred debt issuance costs
|
874
|
|
|
725
|
|
|
149
|
|
|
21
|
%
|
|||
Amortization of debt discount
|
(77
|
)
|
|
(77
|
)
|
|
—
|
|
|
—
|
%
|
|||
Other
|
636
|
|
|
343
|
|
|
293
|
|
|
85
|
%
|
|||
Capitalized interest
|
(158
|
)
|
|
(130
|
)
|
|
(28
|
)
|
|
(22
|
)%
|
|||
Interest income
|
(15
|
)
|
|
(6
|
)
|
|
(9
|
)
|
|
(150
|
)%
|
|||
Total interest expense, net
|
$
|
13,140
|
|
|
$
|
12,538
|
|
|
$
|
602
|
|
|
5
|
%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|||||||||||
Revolving loan facility
|
$
|
16,006
|
|
|
$
|
12,931
|
|
|
$
|
3,075
|
|
|
24
|
%
|
7.25% Senior notes
|
20,175
|
|
|
20,175
|
|
|
—
|
|
|
—
|
%
|
|||
Amortization of deferred debt issuance costs
|
2,563
|
|
|
2,170
|
|
|
393
|
|
|
18
|
%
|
|||
Amortization of debt premium
|
(230
|
)
|
|
(230
|
)
|
|
—
|
|
|
—
|
%
|
|||
Other
|
1,578
|
|
|
1,155
|
|
|
423
|
|
|
37
|
%
|
|||
Capitalized interest
|
(486
|
)
|
|
(575
|
)
|
|
89
|
|
|
15
|
%
|
|||
Interest income
|
(15
|
)
|
|
(949
|
)
|
|
934
|
|
|
98
|
%
|
|||
Total interest expense, net
|
$
|
39,591
|
|
|
$
|
34,677
|
|
|
$
|
4,914
|
|
|
14
|
%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
||||||||||||||||||
|
(In thousands)
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Indirect selling, general and administrative expenses
|
$
|
4,388
|
|
|
$
|
4,391
|
|
|
$
|
(3
|
)
|
|
—
|
%
|
|
$
|
12,965
|
|
|
$
|
13,083
|
|
|
$
|
(118
|
)
|
|
(1
|
)%
|
|
Three Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
||||||||||||||||||
|
(In thousands)
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Conflicts Committee approved reimbursement amount
|
$
|
4,104
|
|
|
$
|
4,104
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
12,312
|
|
|
$
|
12,312
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Nine Months Ended September 30,
|
|
Variance
|
|
Percent Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(In thousands)
|
|
|
|
|
|||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|||||||
Operating activities
|
$
|
32,541
|
|
|
$
|
27,557
|
|
|
$
|
4,984
|
|
|
18
|
%
|
Investing activities
|
146,149
|
|
|
(35,571
|
)
|
|
181,720
|
|
|
511
|
%
|
|||
Financing activities
|
(175,531
|
)
|
|
8,014
|
|
|
(183,545
|
)
|
|
(2,290
|
)%
|
|||
Net increase in cash and cash equivalents
|
$
|
3,159
|
|
|
$
|
—
|
|
|
$
|
3,159
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Expansion capital expenditures
|
$
|
2,802
|
|
|
$
|
2,750
|
|
|
$
|
11,716
|
|
|
$
|
17,068
|
|
Maintenance capital expenditures
|
5,247
|
|
|
5,208
|
|
|
16,619
|
|
|
12,494
|
|
||||
Plant turnaround costs
|
879
|
|
|
(8
|
)
|
|
879
|
|
|
1,583
|
|
||||
Total
|
$
|
8,928
|
|
|
$
|
7,950
|
|
|
$
|
29,214
|
|
|
$
|
31,145
|
|
|
Payments due by period
|
||||||||||||||||||
Type of Obligation
|
Total
Obligation
|
|
Less than
One Year
|
|
1-3
Years
|
|
3-5
Years
|
|
Due
Thereafter
|
||||||||||
Revolving credit facility
|
$
|
330,000
|
|
|
$
|
—
|
|
|
$
|
330,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2021 Senior unsecured notes
|
373,800
|
|
|
—
|
|
|
373,800
|
|
|
—
|
|
|
—
|
|
|||||
Throughput commitment
|
16,892
|
|
|
6,152
|
|
|
10,740
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
24,501
|
|
|
6,885
|
|
|
7,407
|
|
|
2,724
|
|
|
7,485
|
|
|||||
Interest payable on fixed long-term debt obligations
|
64,364
|
|
|
27,101
|
|
|
37,263
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual cash obligations
|
$
|
809,557
|
|
|
$
|
40,138
|
|
|
$
|
759,210
|
|
|
$
|
2,724
|
|
|
$
|
7,485
|
|
Leverage Ratio
|
Base Rate Loans
|
|
Eurodollar
Rate
Loans
|
|
Letters of Credit
|
|||
Less than 3.00 to 1.00
|
1.00
|
%
|
|
2.00
|
%
|
|
2.00
|
%
|
Greater than or equal to 3.00 to 1.00 and less than 3.50 to 1.00
|
1.25
|
%
|
|
2.25
|
%
|
|
2.25
|
%
|
Greater than or equal to 3.50 to 1.00 and less than 4.00 to 1.00
|
1.50
|
%
|
|
2.50
|
%
|
|
2.50
|
%
|
Greater than or equal to 4.00 to 1.00 and less than 4.50 to 1.00
|
1.75
|
%
|
|
2.75
|
%
|
|
2.75
|
%
|
Greater than or equal to 4.50 to 1.00
|
2.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
|
Exhibit Name
|
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101
|
|
Interactive Data: the following financial information from Martin Midstream Partners L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2018, formatted in Extensible Business Reporting Language: (1) the Consolidated and Condensed Balance Sheets; (2) the Consolidated and Condensed Statements of Income; (3) the Consolidated and Condensed Statements of Cash Flows; (4) the Consolidated and Condensed Statements of Capital; and (5) the Notes to Consolidated and Condensed Financial Statements.
|
|
Martin Midstream Partners L.P.
|
|
||
|
|
|
|
|
|
By:
|
Martin Midstream GP LLC
|
|
|
|
|
Its General Partner
|
|
|
|
|
|
|
|
Date: 10/24/2018
|
By:
|
/s/ Robert D. Bondurant
|
|
|
|
|
Robert D. Bondurant
|
|
|
|
|
Executive Vice President, Treasurer, Chief Financial Officer, and Principal Accounting Officer
|
|
1 Year Martin Midstream Partners Chart |
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