Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — NAPTP Annual Investor Conference 2013
22 slides from Martin Midstream Partners L.p's conference presentation, May 23, 2013
Slide 1: NAPTP Annual Investor Conference
NAPTP Annual Investor Conference May 23, 2013 www.martinmidstream.com
Slide 2: Forward-Looking Statements
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 id
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures such as EBITDA and Adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles general
Slide 4: General Partner Overview
General Partner Overview 4
Slide 5: Martin Resource Management (MRMC)
Martin Resource Management (MRMC) • Closely held corporation based in Kilgore, TX • Operations strategically located in the U.S. Gulf • Founded by R. S. Martin Jr. in 1951 Coast region • Based in Kilgore, TX, MRMC is a leading • Over 70% of MRMC shares are employee owned independent provider of inte
Slide 6: Strong General Partner Support
Strong General Partner Support • Ongoing MRMC businesses support the Partnership Martin Resource • Maintains distinct set of assets and business Management Corporation units that are complementary to MMLP 100% • Approximately 25% of MMLP cash flow derived from contracts with MRMC Martin • MRMC has s
Slide 7: MARTIN
(\ MARTIN
Slide 8: MMLP Overview
MMLP Overview • NASDAQ Listed: MMLP • MMLP Trading Summary (1) • Formed October 31, 2002 • Unit Price: $44.51 • MMLP is a publically traded, diversified • Units Outstanding 26.6 million master limited partnership with operations • Market Cap: $1.2 billion including: • Quarterly Distribution: $0.775
Slide 9: Diversified Operating Mix
Diversified Operating Mix (2012 Adjusted EBITDA Contribution (1)) • Terminalling & Storage • Sulfur Services ($50.9 million or 39%) ($44.6 million or 34%) • Natural Gas Services • Marine Transportation ($18.5 million or 14%) ($17.9 million or 13%) 2012 Adjusted EBITDA: $131.9 million (1) (1) Adjuste
Slide 10: Recent Developments
Recent Developments • Talen’s Marine & Fuel, LLC acquisition for approximately $47.4 million on Dec. 31, 2012 • Terminalling facilities and terminalling related assets in Texas and Louisiana • NGL Marine Equipment acquisition for approximately $50.8 million on Feb. 28, 2013 • Six 30,000 barrel LPG p
Slide 11: Terminalling & Storage - Overview
Terminalling & Storage - Overview • MMLP owns or operates 47 terminal facilities with • Profitability Drivers for Terminalling & Storage approximately 3.8 million barrels of aggregate storage include capacity, across the U.S. Gulf Coast region, that provide • Gulf of Mexico drilling activity storage
Slide 12: Terminalling & Storage – Marine Terminal Assets
Terminalling & Storage – Marine Terminal Assets • Our 31 marine shore based terminals are located • 12 Full service terminals provide logistical at strategic distribution points along the Gulf support services in addition to the storage and Coast from Theodore, AL, to Corpus Christi, TX, handling se
Slide 13: Terminalling & Storage – Specialty Terminals
Terminalling & Storage – Specialty Terminals • 16 specialty terminal facilities with aggregate storage capacity of 2.9 million barrels • Provide storage and handling services for a broad range of products including ammonia, asphalt, sulfur, sulfuric acid, fuel oil, crude oil and other petroleum prod
Slide 14: Natural Gas Services
Natural Gas Services • MMLP’s Natural Gas Services segment has • Existing Natural Gas Services Assets significantly changed since 2012 • 200 mile NGL pipeline from Kilgore, TX, to • July 2012 divestiture of East Texas and Beaumont, TX North Louisiana gas gathering and • Approximately 2.8 million bar
Slide 15: Natural Gas Services
Natural Gas Services Profitability Drivers for Natural Gas Services • Sustainable commodity prices • Drilling technologies • Fractionation capabilities • Contract mix/hedging 15
Slide 16: Natural Gas Services (Redbird Joint Venture)
Natural Gas Services (Redbird Joint Venture) • Current working gas capacity of approximately 45.0bcf, expanding to in excess of 50.0bcf by year-end 2013 • Total working gas capacity of approximately 76.0bcf at full development Cardinal Gas Storage Partners – Facility overview • Arcadia Gas Storage –
Slide 17: Sulfur Services
Sulfur Services • MMLP’s Sulfur Services segment include the following • MMLP’s Sulfur Service contract mix reflects: key assets: • Typically 1-5 year prilling services • 4 sulfur prillers (Texas & California) with a agreements with ExxonMobil, Shell, combined prilling capacity of 6,500 tons per day
Slide 18: Marine Transportation
Marine Transportation • MMLP’s Marine Transportation segment includes the • Contract mix reflects: following key assets: • Major Oil Companies • 54 inland marine tank barges • International Trading Companies • 29 inland push-boats • Martin Family of Companies • 4 offshore tug barge units • Profitabi
Slide 19: Further Financial Information And EBITDA Reconciliations
Further Financial Information And EBITDA Reconciliations 19
Slide 20: 2012 Adjusted EBITDA Reconciliation
2012 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation ($ thousands; Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income $27,944 $13,924 $37,262 $6,751 $ 85,881 Depreciation and 22,976 601 7,371 11,115 42,063
Slide 21: Q1 2013 Adjusted EBITDA Reconciliation
Q1 2013 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation ($ thousands; Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income $10,669 $8,104 $10,046 $1,509 $ 30,328 Depreciation and 7,096 292 1,966 2,539 11,893
Slide 22: www.martinmidstream.com
www.martinmidstream.com 22
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