Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — NAPTP Master Limited Partnership Investor Conference 2009
24 slides from Martin Midstream Partners L.p's conference presentation, Sep 16, 2009
Slide 1: Master Limited Partnership Investor Conference
—— NATIONAL ASSOCIATION OF __ PUBLICLY TRADED PARTNERSHIPS Master Limited Partnership Investor Conference Greenwich, Connecticut Martin Midstream Partners L.P. ST September 16, 2009
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements Statements included that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), are forward-looking statements. These statements can be
Slide 3: Management Representatives
3 3 Management Representatives
Slide 4: Martin Resource Management Corp & MMLP Corporate Entities
4 Privately held Corporation (MRMC) owns GP and is based in Kilgore, TX Founded in 1951 by R. S. Martin, Jr. Provides outsourcing solutions for Petroleum products and by-products Transportation Marketing Terminalling Primarily operates in Gulf South and Southeast U.S. 1,950 employees Sales over $3.2
Slide 5: Martin Resource Management Corp (MRMC)
5 Martin Resource Management Corp (MRMC) Martin Transport Martin Product Sales Midstream Fuel Service Martin Underground Storage Berry Petroleum Company Cross Oil Refining & Marketing Martin Asphalt Co. 50% Partnership Cardinal Gas Storage Ican Energy Company 100% of General Partner Interest Martin
Slide 6: MRMC & MMLP Corporate Organization Chart
MRMC & MMLP Corporate Organization Chart 6
Slide 7: Aligned Interests with our Unitholders
7 Aligned of Interests with our Unitholders General Partner (MRMC) owns a 34.9% LP interest and a 2.0% GP interest ~ MRMC is approximately 27.5% employee owned Subordination period ends (& final conversion) in November 2009(1) (1) 850,674 subordinated units convert to common units in 4Q 2009. Public
Slide 8: Martin Midstream Partners L.P.
Martin Midstream Partners L.P. (NASDAQ: MMLP) MRMC owns a 34.9% L.P. interest and a 100% G.P. interest in MMLP MMLP is a publicly-traded, diversified MLP with operations in Natural Gas Services Terminalling and Storage Marine Transportation Sulfur Services MMLP Trading Summary (1) Unit Price: $25.29
Slide 9: Total Return to Unitholders Since IPO
9 Total Return to Unitholders Since IPO 118.9% CAGR 12.1% Units currently pay $3.00 (11.9% yield) Exceptional Unitholder Returns since IPO As of September 14, 2009
Slide 10: Significant Events for MMLP
Significant Events for MMLP 2002: $55 million Initial Public Offering at $19.00 per unit 2003: $30 million acquisition of marine terminals along the Texas and Louisiana Gulf Coast from Tesoro Petroleum Company 2004: $32 million follow-on equity offering $27 million acquisition of Neches Industrial P
Slide 11: MMLP Midstream Value Chain
11 MMLP Midstream Value Chain Marine Transportation Terminalling & Storage Natural Gas Services Wellhead Crude Oil & Natural Gas Refining & Processing Storage Consumer Sulfur Services Wellhead Refined / Processed Products
Slide 12: Diversified Cash Flow Profile
12 Sulfur Services Marine Transportation Terminalling and Storage Natural Gas Services 20-25% 25-30% 20-25% 20-25% Percentages in segments based on estimated contribution to 2009 Adjusted EBITDA 12 Diversified Cash Flow Profile
Slide 13: MMLP Asset Map
MMLP Asset Map 13
Slide 14: MMLP - Natural Gas Services
MMLP - Natural Gas Services MMLP's Natural Gas Services segment includes the following key assets Ownership interests in over 669 miles of gathering and transmission pipelines located primarily in East Texas and Northwest Louisiana 50% operating interest in a 285 MMcfd natural gas processing plant w
Slide 15: MMLP - Terminalling & Storage
MMLP - Terminalling & Storage MMLP's Terminalling & Storage business consists of 23 terminal facilities with an aggregate storage capacity of 3.0 million barrels 17 marine terminals: ~2.6 million barrels of storage capacity 6 inland terminals: ~0.4 million barrels of storage capacity Profitability D
Slide 16: MMLP - Terminalling & Storage terminals
16 Galveston, TX Harbor Island, TX Freeport, TX Port O'Connor, TX Sabine Pass, TX Cameron East, LA Cameron West, LA Venice, LA Galveston Full Service Terminals MMLP - Terminalling & Storage Amelia, LA Berwick, LA Intracoastal City, LA Fourchon, LA Fuel & Lubricant Terminals Intracoastal City
Slide 17: Specialty Petroleum Terminals
17 Hard to Handle Products such as: Asphalt ~ 700,000 bbls Distillates ~ 230,000 bbls Residual Fuel Oils ~ 190,000 bbls Sulfur ~ 162,500 Long Tons Sulfuric Acids ~ 420,000 bbls Ammonia ~ 342,000 bbls Ammonium Thiosulfate ~ 35,000 bbls Specialty Terminal Locations: Tampa, FL - Asphalt & Sulfur Beaumo
Slide 18: MMLP - Marine Transportation
MMLP - Marine Transportation MMLP's Marine Transportation segment includes the following key assets 40 inland marine tank barges 18 inland pushboats 4 offshore tug barge units Profitability Drivers for Marine Transportation include Demand for water-borne transportation as a function economic activit
Slide 19: MMLP - Marine Transportation
19 MMLP - Marine Transportation Martin Marine is a "term market player" for inland transportation services Health, Safety & Environmentally minded- as member of Oil Companies International Marine Forum (OCIMF) The leading international marine HSE organization Preferred provider for hot /dirty produc
Slide 20: MMLP - Sulfur Services
MMLP - Sulfur Services MMLP's Sulfur Services segment includes the following key assets 3 sulfur prillers with a combined prilling capacity of 5,000 tons per day 6 sulfur-based fertilizer production plants 1 sulfuric acid plant 1 emulsified sulfur blending plant 1 offshore tug barge unit, 1 inland p
Slide 21: Pending MMLP $325MM Credit Facilities Refinancing
21 Pending MMLP $325MM Credit Facilities Refinancing MMLP's existing revolving credit facility and term loan mature in November of 2010. The Partnership has now actively begun the refinancing process MMLP has selected Wells Fargo Securities & Royal Bank of Canada to act as Joint Lead Arrangers on th
Slide 22: MMLP EBITDA calculation
22 MMLP calculates EBITDA as follows: net income (as reported in its Consolidated Statements of Operations) plus interest expense (as reported in its Consolidated Statements of Operations), less equity in earnings of unconsolidated entities (as reported in its Consolidated Statements of Operations),
Slide 23: GAAP Reconciliation to EBITDA
23 GAAP Reconciliation to EBITDA
Slide 24: Martin Midstream Partners
—- MIDSTREAMPARTNERS
Martin Midstream Partners — NAPTP Master Limited Partnership Investor Conference 2009 on 6ix