Overview
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- TickerMMLP on Nasdaq1
- IndustryWholesale-Petroleum Bulk Stations & Terminals1
- HeadquartersKilgore, Texas1
- Incorporated inDE2
- Business address4200 Stone Road, Kilgore, Tx 756622
- Filer categoryAccelerated filer2
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These forward-looking statements are made based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue44¢$318.6M
- Selling, general and admin6¢$42.0M
- Other costs49¢$350.7M
- Income tax1¢$4.8M
Out of $716.1M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending54¢$24.8M
- Kept or used elsewhere46¢$21.4M
Out of $46.1M of cash from operations.5
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $847.1M6 | $672.1M7 | $882.4M8 | $1.0B9 | $798.0M5 | $707.6M5 | $716.1M5 |
| Cost of revenue | $492.8M10 | $356.9M7 | $533.1M8 | $623.3M9 | $389.7M5 | $297.0M5 | $318.6M5 |
| Selling, general and admin | $41.4M10 | $40.9M7 | $41.0M8 | $41.8M9 | $40.8M5 | $48.5M5 | $42.0M5 |
| Operating expenses | $824.8M8 | $973.3M9 | $732.6M5 | $651.9M5 | $669.3M5 | ||
| Operating income | $58.1M10 | $46.5M7 | $57.3M8 | $51.3M9 | $66.7M5 | $57.3M5 | $48.9M5 |
| Interest | |||||||
| Income before tax | $3.2M8 | -$2.4M9 | $1.4M5 | -$1.0M5 | -$10.0M5 | ||
| Income tax | $1.9M10 | $1.7M7 | $3.4M8 | $7.9M9 | $5.9M5 | $4.2M5 | $4.8M5 |
| Net income | -$174.9M10 | -$6.8M7 | -$211.0K8 | -$10.3M9 | -$4.5M5 | -$5.2M5 | -$14.7M5 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $2.9M7 | $5.0M8 | $52.0K9 | $45.0K5 | $54.0K5 | $55.0K5 | $49.0K5 |
| Inventory | $62.1M7 | $109.8M8 | $43.8M9 | $51.7M5 | $50.2M5 | ||
| Current assets | $181.4M6 | $135.6M10 | $173.7M7 | $211.1M8 | $114.3M9 | $130.5M5 | $129.9M5 |
| Goodwill | $16.8M7 | $16.7M8 | $16.7M9 | $16.7M5 | $16.7M5 | ||
| Total assets | $667.2M6 | $579.6M10 | $579.9M7 | $598.9M8 | $509.4M9 | $538.5M5 | $522.4M5 |
| Accounts payable | $70.3M7 | $68.2M8 | $51.7M9 | $61.6M5 | $57.8M5 | ||
| Short-term debt | $07 | $08 | $09 | $05 | $05 | ||
| Current liabilities | $107.3M6 | $119.4M10 | $104.1M7 | $110.9M8 | $100.6M9 | $115.5M5 | $124.1M5 |
| Long-term debt | $569.8M6 | $484.6M10 | $498.9M7 | $512.9M8 | $421.2M9 | $437.6M5 | $428.0M5 |
| Total liabilities | $703.4M6 | $626.5M10 | $627.9M7 | $658.3M8 | $574.0M9 | $608.9M5 | $608.2M5 |
| Shares outstanding | 39.0M shares14 | 38.9M shares15 | 38.9M shares6 | 38.8M shares10 | 38.9M shares7 | 39.0M shares8 | 39.1M shares9 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $75.8M10 | $64.8M7 | $35.7M8 | $16.1M9 | $137.5M5 | $48.4M5 | $46.1M5 |
| Depreciation and amortization | $56.8M8 | $56.3M9 | $49.9M5 | $50.8M5 | $50.2M5 | ||
| Stock-based compensation | $384.0K8 | $161.0K9 | $163.0K5 | $187.0K5 | $186.0K5 | ||
| Capital spending | $30.6M10 | $28.6M7 | $16.1M8 | $27.2M9 | $34.3M5 | $42.0M5 | $24.8M5 |
| Free cash flow | $45.2M | $36.2M | $19.7M | -$11.1M | $103.2M | $6.3M | $21.4M |
| Cash from investing | -$19.2M8 | -$24.6M9 | -$33.7M5 | -$58.6M5 | -$30.0M5 | ||
| Share buybacks | $392.0K10 | $9.0K7 | $17.0K8 | $08 | $08 | ||
| Cash from financing | -$21.4M8 | $8.5M9 | -$103.8M5 | $10.3M5 | -$16.1M5 |
Corporate structure
MARTIN MIDSTREAM PARTNERS L.P. sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of MARTIN MIDSTREAM PARTNERS L.P.
- Nomura Holdings Filed SCHEDULE 13G/A on MARTIN MIDSTREAM PARTNERS L.P., latest Aug 14, 2025 (2 filings since May 15, 2025)
- MARTIN RESOURCE MANAGEMENT CORP Filed SCHEDULE 13D/A on MARTIN MIDSTREAM PARTNERS L.P., latest Jun 11, 2025 (6 filings since May 24, 2024)
- Ruben S. Martin Filed SCHEDULE 13D/A on MARTIN MIDSTREAM PARTNERS L.P., latest Jun 11, 2025 (4 filings since Dec 30, 2024)
- Goldman Sachs Filed SCHEDULE 13G/A on MARTIN MIDSTREAM PARTNERS L.P., latest May 13, 2025 (3 filings since Nov 7, 2024)
- Invesco Filed SC 13G/A on MARTIN MIDSTREAM PARTNERS L.P., latest Feb 12, 2024 (2 filings since Feb 11, 2022)
- MARTIN MIDSTREAM PARTNERS L.P. Kilgore, Texas
- Martin ELSA Investment LLC Subsidiary · Delaware, United States
- Martin Midstream Finance Corp. Subsidiary · Delaware, United States
- Martin Operating GP LLC Subsidiary · Delaware, United States
- Martin Operating Partnership L.P. Subsidiary · Delaware, United States
- Martin Transport, Inc. Subsidiary · Texas, United States
- Talen's Marine & Fuel, LLC Subsidiary · Louisiana, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MARTIN MIDSTREAM PARTNERS L.P. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finance-lease assets | $51.0K5 Dec 31, 2025 | $67.0K5 Dec 31, 2024 | −23.9% |
| Operating-lease assets (leased space) | $69.9M5 Dec 31, 2025 | $67.1M5 Dec 31, 2024 | +4.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Stakes in other companies (equity method) | $6.2M5 Dec 31, 2025 | $7.3M5 Dec 31, 2024 | −15.3% |
Intangibles and goodwill
Inventory
Properties, in its own words
A description of our properties is contained in "Item 1. Business" and is incorporated herein by reference.
We believe we have satisfactory title to our assets. Some of the easements, rights-of-way, permits, licenses or similar documents relating to the use of the properties that have been transferred to us in connection with our initial public offering and the assets we acquired in our acquisitions, required the consent of third parties, which in some cases is a governmental entity. We believe we have obtained sufficient third-party consents, permits and authorizations for the transfer of assets necessary for us to operate our business in all material respects. With respect to any third-party consents, permits or authorizations that have not been obtained, we believe the failure to obtain these consents, permits or authorizations will not have a material adverse effect on the operation of our business. Title to our property may be subject to encumbrances, including liens in favor of our secured lender. We believe none of these encumbrances materially detract from the value of our properties or our interest in these properties or materially interfere with their use in the operation of our business.
Item 2 of the 10-K filed Feb 23, 2026.4
Leadership
Who has led MARTIN MIDSTREAM PARTNERS L.P., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerRobert D. Bondurant Jan 13, 2021 to now16
- Chief executive officerRuben S. Martin Mar 17, 2006 to Dec 10, 202017
- PresidentRobert D. Bondurant Jan 13, 2021 to now16
- PresidentRuben S. Martin Mar 17, 2006 to Dec 10, 202017
- Chief financial officerSharon L. Taylor Jan 8, 2021 to now18
- Chief financial officerRobert D. Bondurant Mar 17, 2006 to Dec 10, 202019
- Chief operating officerRandall Tauscher Oct 4, 2011 to now20
- Chief operating officerDonald R. Neumeyer Aug 30, 2010 to Aug 19, 201121
Board members and other officers (20)
- Senior VP OperationsScot A. Shoup Feb 15, 2017 to now22
- Executive V.P.Scott Donnelly Martin Mar 5, 2007 to Sep 2, 201023
- Executive V.P.Randall Tauscher Nov 9, 2007 to Nov 17, 201124
- Executive V.P. and C.O.O.Donald R. Neumeyer Feb 17, 2006 to Aug 20, 201225
- EVP, CAO and ControllerWesley M. Skelton May 24, 2006 to Jul 1, 201426
- Board memberChristopher Michael Reid Feb 16, 2021 to Feb 16, 202127
- Board memberZachary Stanton Feb 29, 2016 to Feb 29, 201628
- Board memberRobert D. Bondurant Mar 4, 2016 to now29
- Board memberAlexander W.f. Black Jan 30, 2014 to Jan 30, 201430
- Board memberSean P. Dolan Jan 30, 2014 to Jan 30, 201431
- Board memberJames M. Collingsworth Oct 30, 2014 to now32
- Board memberByron R. Kelley May 1, 2013 to now33
- Board memberJoe N. Averett Jr. Jun 30, 2010 to Sep 12, 201434
- Board memberCharles H. Still Aug 4, 2010 to Sep 8, 201435
- Board memberScott Donnelly Martin Mar 5, 2007 to Jul 1, 200823
- Board memberC. Scott Massey Jan 26, 2006 to now36
- Board memberHoward Hackney Jan 26, 2006 to May 1, 201237
- Board memberJohn P. Gaylord Jan 26, 2006 to May 5, 201038
- Board memberRuben S. Martin Mar 17, 2006 to now17
- General counselChris H. Booth Mar 5, 2007 to now39
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Martin ELSA Investment LLC Delaware3
- Martin Midstream Finance Corp. Delaware3
- Martin Operating GP LLC Delaware3
- Martin Operating Partnership L.P. Delaware3
- Martin Transport, Inc. Texas3
- Talen's Marine & Fuel, LLC Louisiana3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- MARTIN MIDSTREAM PARTNERS LPJul 1, 2002 to Jul 3, 20192
Timeline
- Jul 22, 20268-K Results of operations40
- Apr 22, 20268-K Results of operations41
- Apr 6, 20268-K Entered a material agreement; New debt or obligation42
- Feb 18, 20268-K Results of operations43
- Oct 15, 20258-K Results of operations44
- Sep 24, 20258-K Entered a material agreement; New debt or obligation45
- Jul 16, 20258-K Results of operations46
- Apr 16, 20258-K Results of operations47
- Feb 18, 20258-K Entered a material agreement; New debt or obligation; Executive or director change48
- Feb 12, 20258-K Results of operations49
- Dec 26, 20248-K Ended a material agreement; Regulation FD disclosure50
- Dec 2, 20248-K Regulation FD disclosure51
- Jan 13, 2021New chief executive Robert D. Bondurant becomes CEO16
- Mar 17, 2006New chief executive Ruben S. Martin becomes CEO17
Calendar
Coming up
- Oct 21, 2026 · After the closeReports results for the quarter ending Sep/202652
When it reported results
- Jul 22, 2026Reported quarterly or annual results40
- Apr 22, 2026Reported quarterly or annual results41
- Feb 18, 2026Reported quarterly or annual results43
- Oct 15, 2025Reported quarterly or annual results44
- Jul 16, 2025Reported quarterly or annual results46
- Apr 16, 2025Reported quarterly or annual results47
- Feb 12, 2025Reported quarterly or annual results49
- Oct 16, 2024Reported quarterly or annual results53
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
382 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 261 insider forms, 22 large holders, 47 other. The latest 20:
- Jul 27, 202610-Q EDGAR
- Jul 22, 20268-K EDGAR
- Apr 27, 202610-Q EDGAR
- Apr 22, 20268-K EDGAR
- Apr 6, 20268-K EDGAR
- Feb 23, 202610-K EDGAR
- Feb 19, 20264 EDGAR
- Feb 19, 20264 EDGAR
- Feb 19, 20264 EDGAR
- Feb 18, 20268-K EDGAR
- Dec 12, 20254 EDGAR
- Dec 8, 20254 EDGAR
- Dec 3, 20254 EDGAR
- Nov 25, 20254 EDGAR
- Nov 19, 20254 EDGAR
- Nov 10, 20254 EDGAR
- Oct 21, 20254 EDGAR
- Oct 20, 202510-Q EDGAR
- Oct 15, 20258-K EDGAR
- Sep 24, 20258-K EDGAR
The 382 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
285 open-market trades by officers, directors and large owners since October 2021: 285 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 12, 2025 | Martin Product Sales LLC10% owner | Buy | 7,012 | $2.59 | $18.2K | Form 4 |
| Dec 11, 2025 | Martin Product Sales LLC10% owner | Buy | 5,573 | $2.55 | $14.2K | Form 4 |
| Dec 8, 2025 | Martin Product Sales LLC10% owner | Buy | 12,228 | $2.59 | $31.7K | Form 4 |
| Dec 4, 2025 | Martin Product Sales LLC10% owner | Buy | 2,190 | $2.60 | $5.7K | Form 4 |
| Dec 1, 2025 | Martin Product Sales LLC10% owner | Buy | 2,239 | $2.59 | $5.8K | Form 4 |
| Nov 25, 2025 | Martin Product Sales LLC10% owner | Buy | 15,040 | $2.59 | $39.0K | Form 4 |
| Nov 17, 2025 | Martin Product Sales LLC10% owner | Buy | 1,945 | $2.60 | $5.1K | Form 4 |
| Nov 10, 2025 | Martin Product Sales LLC10% owner | Buy | 12,272 | $2.58 | $31.7K | Form 4 |
| Nov 7, 2025 | Martin Product Sales LLC10% owner | Buy | 12,237 | $2.59 | $31.7K | Form 4 |
| Nov 6, 2025 | Martin Product Sales LLC10% owner | Buy | 3,605 | $2.59 | $9.3K | Form 4 |
| Oct 21, 2025 | Martin Product Sales LLC10% owner | Buy | 11,500 | $2.57 | $29.6K | Form 4 |
| Oct 20, 2025 | Martin Product Sales LLC10% owner | Buy | 20,500 | $2.55 | $52.3K | Form 4 |
| Oct 17, 2025 | Martin Product Sales LLC10% owner | Buy | 106,100 | $2.65 | $281.2K | Form 4 |
| Aug 7, 2025 | Martin Product Sales LLC10% owner | Buy | 1,544 | $3.04 | $4.7K | Form 4 |
| Aug 4, 2025 | Martin Product Sales LLC10% owner | Buy | 7,107 | $2.95 | $21.0K | Form 4 |
| Jun 11, 2025 | Martin Product Sales LLC10% owner | Buy | 60,686 | $3.12 | $189.3K | Form 4 |
| Jun 10, 2025 | Martin Product Sales LLC10% owner | Buy | 605,633 | $3.05 | $1.8M | Form 4 |
| Jun 5, 2025 | Martin Product Sales LLC10% owner | Buy | 4,562 | $3.00 | $13.7K | Form 4 |
| Jun 3, 2025 | Martin Product Sales LLC10% owner | Buy | 300,877 | $3.00 | $902.6K | Form 4 |
| May 29, 2025 | Martin Product Sales LLC10% owner | Buy | 2,170 | $3.00 | $6.5K | Form 4 |
All 285 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Nomura HoldingsSCHEDULE 13G/A, 2 filings May 15, 2025 to Aug 14, 202554
- MARTIN RESOURCE MANAGEMENT CORPSCHEDULE 13D/A, 6 filings May 24, 2024 to Jun 11, 202555
- Ruben S. MartinSCHEDULE 13D/A, 4 filings Dec 30, 2024 to Jun 11, 202556
- Goldman SachsSCHEDULE 13G/A, 3 filings Nov 7, 2024 to May 13, 202557
- InvescoSC 13G/A, 2 filings Feb 11, 2022 to Feb 12, 202458
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 34. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Invesco Ltd. | 7,212,745 | $16.7M | 0.0% | No change |
| Nomura Holdings Inc | 3,564,619 | $8.2M | 0.0% | No change |
| Barclays PLC | 1,500,000 | $3.5M | 0.0% | No change |
| Kim, LLC | 1,002,819 | $2.3M | 0.7% | No change |
| Blackstone Inc. | 932,848 | $2.2M | 0.0% | −42,233 |
| Morgan Stanley | 911,125 | $2.1M | 0.0% | +65,273 |
| Bank Of America Corp /de/ | 547,270 | $1.3M | 0.0% | No change |
| Jpmorgan Chase & Co | 547,268 | $1.2M | 0.0% | −44,951 |
| Nexpoint Asset Management, L.P. | 408,240 | $943.0K | 0.1% | No change |
| De Lisle Partners LLP | 335,434 | $759.8K | 0.1% | No change |
| Annis Gardner Whiting Capital Advisors, LLC | 81,794 | $188.9K | 0.0% | +38,000 |
| Confluence Wealth Services, Inc. | 36,305 | $83.9K | 0.0% | +3,779 |
| Levin Capital Strategies, L.P. | 35,000 | $80.8K | 0.0% | −20,000 |
| UBS Group AG | 28,442 | $65.7K | 0.0% | −539 |
| Moneta Group Investment Advisors LLC | 28,067 | $64.8K | 0.0% | +51 |
| Geode Capital Management, LLC | 26,819 | $62.0K | 0.0% | +333 |
| Jane Street Group, LLC | 19,280 | $44.5K | 0.0% | New |
| LPL Financial LLC | 16,726 | $38.6K | 0.0% | +5,188 |
| Agp Franklin, LLC | 14,693 | $33.9K | 0.0% | No change |
| Pettinga Financial Advisors LLC | 12,525 | $28.9K | 0.0% | No change |
| Ipsen Advisor Group LLC | 11,723 | $27.1K | 0.0% | +21 |
| Susquehanna International Group, Llp | 10,810 | $25.0K | 0.0% | −83,713 |
| Meriwether Wealth & Planning, LLC | 10,557 | $24.4K | 0.0% | +183 |
| Us Bancorp \de\ | 9,000 | $20.8K | 0.0% | No change |
| Wells Fargo & Company/mn | 4,954 | $11.4K | 0.0% | +30 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How MARTIN MIDSTREAM PARTNERS L.P. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMARTIN MIDSTREAM PARTNERS L.P.1
- CIK0001176334
- Employer ID (EIN)05-05278614
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)5171 Wholesale-Petroleum Bulk Stations & Terminals1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address4200 Stone Road, Kilgore, TX 756621
- Mailing addressPo Box 191, Kilgore, TX 756631
- Phone90398362521
- Shares outstanding39,124,686 as of Jul 27, 202613
- Public float$78.7M as of Jun 30, 20254
- AuditorKPMG LLP, Dallas, Texas PCAOB ID 185; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceJul 1, 20021
- Filings1,775 in all: 4 (1,067), 8-K (366), 10-Q (72), 3 (26), 10-K (24), UPLOAD (24), CORRESP (19), SC 13G/A (17)1
All 46 form types
8-K/A (14), 424B5 (13), SC 13D/A (12), EFFECT (11), 424B3 (10), 10-K/A (9), DEFA14A (9), S-3 (9), CT ORDER (6), DFAN14A (6), SCHEDULE 13D/A (6), 4/A (5), S-1/A (5), SC 13G (5), SC 13D (4), S-4 (3), S-8 (3), SC 13E3/A (3), SCHEDULE 13G/A (3), 424B2 (2), 424B4 (2), REGDEX (2), S-1 (2), SCHEDULE 13D (2), 10-Q/A (1), 8-A12G (1), D (1), DEF 14A (1), DEFC14A (1), DEFM14A (1), FWP (1), PREC14A (1), PREM14A (1), PRER14A (1), S-3ASR (1), S-4/A (1), SC 13E3 (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Feb 23, 2026
Quarterly report (10-Q) Jul 27, 2026
Proxy statement (DEF 14A) Apr 21, 2017
Latest 8-K (8-K) Jul 22, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Units representing limited partnership interests | MMLP | The NASDAQ Global Select Market |
From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks MARTIN MIDSTREAM PARTNERS L.P. names in Item 1A of its 10-K filed Feb 23, 2026: 64 risks under these headings, as written.4
- Risks Relating to Our Business
- We may not have sufficient cash after the establishment of cash reserves and payment of our general partner's expenses to enable us to pay a distribution each quarter.
- Restrictions in our debt instruments could prevent us from making distributions to our unitholders or limit our ability to pursue opportunities that would increase our distributions to unitholders.
- Demand for a portion of our terminalling and storage services is substantially dependent on the level of offshore oil and gas exploration, development and production activity.
- We have a significant amount of indebtedness. Debt we owe or incur in the future could limit our flexibility to obtain financing, to pursue other business opportunities, and to pay distributions to our unitholders.
- We have significant capital needs, and our ability to access the capital and credit markets to raise capital on favorable terms is limited by our debt level, industry conditions, and financial covenants in our debt instruments.
- Fluctuations in interest rates could materially affect our financial results
- We are exposed to counterparty risk in our credit facility and we may not be able to access funds under our credit facility if there is a default.
- We are exposed to counterparty credit risk. Nonpayment and nonperformance by our customers, suppliers or vendors could reduce our revenues, increase our expenses and otherwise have a negative impact on our ability to conduct our business, operating results, cash flows and ability to make distributions to our unitholders.
- Our future acquisitions may not be successful, may substantially increase our indebtedness and contingent liabilities and may create integration difficulties.
- Our and our customers’ operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs and reduced demand for our services.
- Subsidence and coastal erosion could damage our facilities along the U.S. Gulf Coast and offshore and the facilities of our customers, which could adversely affect our operations and financial condition.
The other 53 risks
- Adverse weather conditions, including droughts, hurricanes, tropical storms, ice storms, extreme cold weather and other severe weather, exacerbated by climate change, could reduce our results of operations and ability to make distributions to our unitholders.
- If we incur material liabilities that are not fully covered by insurance, such as liabilities resulting from accidents on rivers or at sea, spills, fires or explosions, our results of operations and ability to make distributions to our unitholders could be adversely affected.
- The price volatility of petroleum products and by-products could reduce our liquidity and results of operations and ability to make distributions to our unitholders.
- We could incur losses due to impairment in the carrying value of our long-lived assets.
- Increasing energy prices could adversely affect our results of operations.
- Decreasing energy prices could adversely affect our results of operations.
- The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control. Any decrease in supplies of natural gas, NGLs or crude oil could adversely affect our business and operating results.
- Our sulfur-based fertilizer products are subject to seasonal demand and could cause our revenues to vary.
- The highly competitive nature of our industry could adversely affect our results of operations and ability to make distributions to our unitholders.
- Increasing scrutiny and changing expectations from stakeholders with respect to our sustainability practices may impose additional costs on us or expose us to new or additional risks.
- The loss or insufficient attention of key personnel could negatively impact our results of operations and ability to make distributions to our unitholders.
- Our loss of significant commercial relationships with Martin Resource Management Corporation could adversely impact our results of operations and ability to make distributions to our unitholders.
- Our business could be adversely affected if operations at our transportation, terminalling and storage and distribution facilities experienced significant interruptions. Our business could also be adversely affected if the operations of our customers and suppliers experienced significant interruptions.
- If third-party pipelines and other facilities interconnected to our terminals become partially or fully unavailable to transport natural gas, NGLs and crude oil, our revenues could be adversely affected.
- NASDAQ does not require a publicly traded partnership like us to comply with certain of its corporate governance requirements, and therefore, unitholders do not have the same protections afforded to shareholders of corporations subject to all NASDAQ requirements.
- Our marine transportation business could be adversely affected if we do not satisfy the requirements of the Jones Act or if the Jones Act were modified or eliminated.
- Our marine transportation business could be adversely affected if the U.S. Government purchases or requisitions any of our vessels under the Merchant Marine Act.
- Changes in U.S. foreign trade policies, including the imposition of tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect our business, operations and financial condition.
- Changes in transportation regulations may increase our costs and negatively impact our results of operations.
- Our interest rate swap activities could have a material adverse effect on our earnings, profitability, liquidity, cash flows and financial condition.
- A downgrade of our credit ratings could impact our liquidity, access to capital and costs of doing business, and maintaining credit ratings is under the control of independent third parties.
- The industry in which we operate is highly competitive and increased competitive pressure could adversely affect our business and operating results.
- Information technology systems present potential targets for cyber security attacks or security breaches, whether with us or a third party, which could adversely affect our business and result in the compromise of confidential, sensitive or proprietary information.
- Our adoption and use of artificial intelligence (“AI”) technologies present operational, legal, and compliance risks that could increase our costs and expose us to liability.
- Risks Relating to an Investment in the Common Units
- Units available for future sales by us or our affiliates could have an adverse impact on the price of our common units or on any trading market that may develop.
- Unitholders have less power to elect or remove management of our general partner than holders of common stock in a corporation. It is unlikely that our common unitholders will have sufficient voting power to elect or remove our general partner without the consent of Martin Resource Management Corporation and its affiliates.
- Our general partner's discretion in determining the level of our cash reserves may adversely affect our ability to make cash distributions to our unitholders.
- Unitholders may not have limited liability if a court finds that we have not complied with applicable statutes or that unitholder action constitutes control of our business.
- Our Partnership Agreement contains provisions that reduce the remedies available to unitholders for actions that might otherwise constitute a breach of fiduciary duty by our general partner.
- We may issue additional common units without unitholder approval, which would dilute unitholder ownership interests.
- The control of our general partner may be transferred to a third party and that party could replace our current management team, without unitholder consent.
- Our general partner has a limited call right that may require unitholders to sell their common units at an undesirable time or price.
- Our common units have a limited trading volume compared to other publicly traded securities.
- Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our unit price.
- Risks Relating to Our Relationship with Martin Resource Management Corporation
- Cash reimbursements due to Martin Resource Management Corporation may be substantial and will reduce our cash available for distribution to our unitholders.
- Martin Resource Management Corporation has conflicts of interest and limited fiduciary responsibilities, which may permit it to favor its own interests to the detriment of our unitholders.
- Martin Resource Management Corporation and its affiliates may engage in limited competition with us.
- If Martin Resource Management Corporation were ever to file for bankruptcy or otherwise default on its obligations under its credit facility, amounts we owe under our credit facility may become immediately due and payable and our results of operations could be adversely affected.
- The U.S. Internal Revenue Service ("IRS") could treat us as a corporation for tax purposes, which would substantially reduce the cash available for distribution to unitholders.
- The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
- A successful IRS contest of the federal income tax positions we take could adversely affect the market for our common units and the costs of any contest will be borne by our unitholders, debt security holders and our general partner.
- If the IRS makes audit adjustments to our income tax returns, it may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
- Unitholders may be required to pay taxes on income from us, even if they do not receive any cash distributions from us.
- Tax gain or loss on the disposition of our common units could be different than expected.
- Unitholders may be subject to limitations on their ability to deduct interest expenses incurred by us.
- Tax-exempt entities and non-U.S. persons face unique tax issues from owning common units that may result in adverse tax consequences to them.
- We treat a purchaser of our common units as having the same tax benefits without regard to the seller's identity. The IRS may challenge this treatment, which could adversely affect the value of the common units.
- Entity level taxes on income from C corporation subsidiaries will reduce cash available for distribution, and an individual unitholder’s share of dividend and interest income from such subsidiaries would constitute portfolio income that could not be offset by the unitholder’s share of our other losses or deductions.
- Unitholders may be subject to state and local taxes and return filing requirements as a result of investing in our common units.
- There are limits on the deductibility of our losses that may adversely affect our unitholders.
- We prorate our items of income, gain, loss and deduction between transferors and transferees of our units each month based upon the ownership of our units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
- A unitholder whose units are loaned to a "short seller" to cover a short sale of units may be considered as having disposed of those units. If so, he would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition.
- We have adopted certain valuation methodologies and monthly conventions for U.S. federal income tax purposes that may result in a shift of income, gain, loss and deduction among our unitholders. The IRS may challenge this treatment, which could adversely affect the value of our units.
Legal proceedings
From time to time, we are subject to certain legal proceedings, claims and disputes that arise in the ordinary course of our business. Although we cannot predict the outcomes of these legal proceedings, these actions, in the aggregate, could have a material adverse impact on our financial position, results of operations or liquidity. A description of our legal proceedings is included in "Item 8. Financial Statements and Supplementary Data, Note 18. Commitments and Contingencies" and is incorporated herein by reference.
The opening of Item 3, Legal Proceedings.4
Sources
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- 22SEC EDGARScot A. Shoup, Senior VP Operations
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- 24SEC EDGARRandall Tauscher, Executive V.P.
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- 28SEC EDGARZachary Stanton, Board member
- 29SEC EDGARRobert D. Bondurant, Board member
- 30SEC EDGARAlexander W.f. Black, Board member
- 31SEC EDGARSean P. Dolan, Board member
- 32SEC EDGARJames M. Collingsworth, Board member
- 33SEC EDGARByron R. Kelley, Board member
- 34SEC EDGARJoe N. Averett Jr., Board member
- 35SEC EDGARCharles H. Still, Board member
- 36SEC EDGARC. Scott Massey, Board member
- 37SEC EDGARHoward Hackney, Board member
- 38SEC EDGARJohn P. Gaylord, Board member
- 39SEC EDGARChris H. Booth, General counsel
- 40SEC EDGARResults of operations
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- 49SEC EDGARResults of operations
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- 51SEC EDGARRegulation FD disclosure
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