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Profile: Martin Midstream Partners LP (MMLP.OQ)

MMLP.OQ on NASDAQ Stock Exchange Global Select Market

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Martin Midstream Partners L.P., incorporated on June 21, 2002, is a limited partnership company with operations focused in the United States Gulf Coast region. The Company's segments include Terminalling and Storage, Natural Gas Services, Sulfur Services and Marine Transportation. The Company's four primary business lines include 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. Its customers include independent oil and gas companies, independent refiners, chemical companies, fertilizer manufacturers and other wholesale purchasers of these products.

Terminalling and Storage

The Company owns or operates approximately 30 marine shore-based terminal facilities and over 20 specialty terminal facilities located in the United States Gulf Coast region that provide storage, refining, blending, packaging and handling services for producers and suppliers of petroleum products and by-products, including the refining of naphthenic crude oil, blending and packaging of various grades and quantities of industrial, commercial, and automotive lubricants and greases. It also provides land rentals to oil and gas companies along with storage and handling services for lubricants and fuels.

The Company owns or operates approximately 20 terminalling facilities providing storage, handling and transportation of various petroleum products and by-products. The Tampa terminal is located on approximately 10 acres of land owned by the Tampa Port Authority. The Stanolind terminal is located on approximately 10 acres of land owned by the Company located on the Neches River in Beaumont, Texas. The Neches terminal is a deep water marine terminal located near Beaumont, Texas, on approximately 50 acres of land owned by the Company. The Corpus Christi, Texas barge terminal is located on approximately 10 acres of land owned by the Company. The Corpus Christi, Texas crude terminal is located on 10 acres leased from the Port of Corpus Christi. At the Tampa, Neches, Stanolind and Corpus Christi terminals, its customers are oil refining companies.

In Houston, Texas, it operates a terminal used for lubricant blending, storage, packaging and distribution. This terminal is used as its central hub for bulk lubricant distribution where it receives, packages and ships lubricants to its terminals or directly to customers. In Smackover, Arkansas, it owns a refinery and terminal where it processes crude oil into finished products that include naphthenic lubricants, distillates, asphalt and other intermediates. In Smackover, Arkansas, it owns and operates a terminal used for lubricant blending, processing, packaging, marketing and distribution. This terminal is used as its central hub for branded and private label packaged lubricants where it receives, packages and ships heavy-duty, passenger car and industrial lubricants to a network of retailers and distributors.

In Kansas City, Missouri, it leases and operates a plant that specializes in the processing and packaging of automotive, commercial and industrial greases. The Company owns asphalt terminal in South Houston, Texas; Port Neches, Texas, and Omaha, Nebraska. In Elko, Nevada, it leases and operates a sulfuric acid terminal. In Beaumont, Texas it owns a terminal where it receives natural gasoline through pipeline and then ships the product to its customers through other pipelines to which the facility is connected, referred to as the Spindletop Terminal. In Jennings, Louisiana, it owns a lubricant terminal. In Lake Charles, Louisiana, it leases and operates a lubricant terminal.

The Company owns or operates approximately 30 marine shore-based terminals along the Gulf Coast from Theodore, Alabama to Corpus Christi, Texas. The Company is the operator of marine shore-based terminals in the Gulf Coast region. These terminals are used to distribute and market fuel and lubricants. Additionally, full service terminals also provide shore bases for companies that are operating in the offshore exploration and production industry. Its customers include oil and gas exploration and production companies, and oilfield service companies, such as drilling fluid companies, marine transportation companies and offshore construction companies. Shore bases provide logistical support, including the storing and handling of tubular goods, loading and unloading bulk materials, providing facilities from independent oil companies can communicate with and control offshore operations and leasing dockside facilities to companies, which provide products and services, such as drilling fluids and cementing services.

The Company's marine shore-based terminals are divided into two classes of terminals: full service terminals and fuel and lubricant terminals. It owns or operates approximately 10 full service terminals. These facilities provide logistical support services and storage and handling services for fuel and lubricants. One typical use for its shore bases is for drilling fluids manufacturers to manufacture and sell drilling fluids to the offshore drilling industry. Its full service terminals customers include oil and gas exploration and production companies, and oilfield service companies, such as drilling fluids companies, marine transportation companies and offshore construction companies. It owns or operates approximately 20 lubricant and fuel terminals located in the Gulf Coast region that provide storage and handling services for lubricants and fuel oil.

Natural Gas Services

The Company distributes natural gas liquids (NGLs). The Company purchases NGLs from refineries and natural gas processors. The Company stores and transports NGLs for wholesale deliveries to propane retailers, refineries and industrial NGL users in Texas and the Southeastern United States and propane retailers. It owns a NGL pipeline, which spans approximately 200 miles from Kilgore, Texas to Beaumont, Texas. It owns approximately 2.4 million barrels of underground storage capacity for NGLs. Additionally, it owns interest in Cardinal Gas Storage Partners LLC (Cardinal), which is focused on the development, construction, operation and management of natural gas storage facilities across northern Louisiana and Mississippi. It owns interest in West Texas LPG Pipeline L.P. (WTLPG). WTLPG owns approximately 2,300 mile common-carrier pipeline system that transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. It owns approximately six LPG pressure barges, which are operated under the floating storage component of its NGL distribution business.

Sulfur Services

The Company has developed an integrated system of transportation assets and facilities relating to sulfur services. The Company processes and distributes sulfur produced by oil refineries located in the United States Gulf Coast region. It buys and sells molten sulfur on contracts that are tied to sulfur indices. It processes molten sulfur into prilled or pelletized sulfur at its facilities in Port of Stockton, California and Beaumont, Texas on contracts. The sulfur it processes and handles is used in the production of fertilizers and industrial chemicals. It owns and operates approximately six sulfur-based fertilizer production plants and over one emulsified sulfur blending plant that manufactures sulfur-based fertilizer products for wholesale distributors and industrial users. These plants are located in Texas, Illinois, and Utah.

The Company transports sulfur by inland and offshore barges, railcars and trucks. It also provides barge transportation and tank storage services to integrated oil companies that produce sulfur and fertilizer manufacturers that consume sulfur under transportation and storage contracts. The sulfur assets located at the Port of Stockton in California are used to process (prill) molten sulfur into pellets. The Stockton facility can process approximately 1,000 metric tons of molten sulfur per day and the resulting dry pellets are stored in bulk until sold into the United States and international agricultural markets. Its approximately two Beaumont prillers along with its granulator have the capacity to process approximately 5,500 metric tons of molten sulfur per day. It processes molten sulfur into formed sulfur on take-or-pay fee contracts, providing refiners access to the export market for the sale of their residual sulfur.

The Company's sulfuric acid production facility at its Plainview, Texas location processes molten sulfur to produce approximately 150,000 tons of sulfuric acid per year. This acid production provides a supply of raw material sulfuric acid to its ammonium sulfate production plant. The ammonium sulfate plant produces approximately 400 tons per day of ammonium sulfate, which is marketed to its customers throughout the United States. In the United States, fertilizer is sold to farmers through local dealers. These dealers are owned and supplied by wholesale distributors. It sells to these wholesale distributors. Its industrial sulfur products are marketed in the southern United States. It manufactures and markets sulfur-based fertilizer and related sulfur products, including Plant nutrient sulfur products, Ammonium sulfate products, Industrial sulfur products and Liquid sulfur products.

The Company produces plant nutrient and agricultural ground sulfur products at its facilities in Odessa, Texas, Seneca, Illinois and Cactus, Texas. Its plant nutrient sulfur product is approximately 90% degradable sulfur product marketed under the Disper-Sul name and sold throughout the United States to direct application agricultural markets. Its agricultural ground sulfur products are used in the western United States on grapes and vegetable crops. It produces various grades of ammonium sulfate, including granular, coarse, standard and over 40% ammonium sulfate solution. These products serve direct application agricultural markets. The Company blends its ammonium sulfate to make custom grades of lawn and garden fertilizer at its facility in Salt Lake City, Utah. It packages these custom grade products under private labels and sells them to retail distributors and other retail customers.

The Company produces industrial sulfur products, such as elemental pastille sulfur, industrial ground sulfur products and emulsified sulfur. It produces elemental pastille sulfur at its Odessa, Texas and Seneca, Illinois facilities. Elemental pastille sulfur is used for the coal-fired precipitators in the power industry. These industrial ground sulfur products are also used in a range of dusting and wettable sulfur applications, such as rubber manufacturing, fungicides, sugar and animal feeds. It produces emulsified sulfur at its Nash, Texas facility. Emulsified sulfur is used to control the sulfur content in the pulp and paper manufacturing processes. It produces ammonium thiosulfate at its Neches terminal facility in Beaumont, Texas. This agricultural sulfur product is a clear liquid containing approximately 12% nitrogen and over 26% sulfur. This product serves as a liquid plant nutrient used directly through spray rigs or irrigation systems. It is also blended with other nitrogen phosphorus potassium liquids or suspensions. It is marketed in the Mid-South United States and Coastal Bend area of Texas. It owns approximately 50 railcars and leases over 100 railcars equipped to transport molten sulfur. It owns marine assets and uses them to transport molten sulfur from its Beaumont, Texas terminal to its Tampa, Florida terminal, as well as provide third-party marine transportation services to others.

Marine Transportation

The Company operates a fleet of approximately 40 inland marine tank barges, over 20 inland push boats and approximately three offshore tug and barge units that transport petroleum products and by-products in the United States Gulf Coast region. It provides these transportation services on a fee basis under annual contracts. In addition, its fleet contains various vessels. It utilizes a fleet of inland and offshore tows that provide marine transportation of petroleum products and by-products produced in oil refining and natural gas processing. Its marine transportation business operates coastwise along the Gulf of Mexico and East Coast and on the United States inland waterway system between domestic ports along the Gulf of Mexico, Intracoastal Waterway, the Mississippi River system and the Tennessee-Tombigbee Waterway system. Additionally, it participates in Caribbean, Central America, and South American transport.

The Company's inland tows consist of one push boat and one to three tank barges, depending upon the horsepower of the push boat, the river or canal capacity and conditions, and customer requirements. Each of its offshore tows consists of over one tugboat. It transports asphalt, fuel oil, gasoline, sulfur and other bulk liquids. Its marine transportation customers include independent oil and gas refining companies, petroleum marketing companies and Martin Resource Management.

Company Address

Martin Midstream Partners LP

4200 Stone Rd
KILGORE   TX   75662-6935
P: +1903.9836252
F: +1903.9836262

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