Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — UBS MLP Conference 2016
27 slides from Martin Midstream Partners L.p's conference presentation, Jan 12, 2016
Slide 1: Martin Midstream Partners L.P. UBS MLP Conference
MARTIN MIDSTREAM PARTNERS L.P. UBS MLP Conference January 12-13, 2016
Slide 2: 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 3: 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 4: Martin Resource Management (MRMC) Overview
MARTIN RESOURCE MANAGEMENT (MRMC) OVERVIEW • Based in Kilgore, TX, MRMC is a leading independent provider of integrated logistics solutions, storage, manufacturing, marketing, and distribution services to energy, petrochemical and other industrial concerns • MRMC and its legacy companies have been o
Slide 5: Strong General Partner Support
STRONG GENERAL PARTNER SUPPORT • Ongoing MRMC businesses help support MMLP • Maintains distinct set of assets and business units that are complementary to MMLP • Approximately 30% of 2014 MMLP EBITDA derived from contracts with MRMC • MRMC has significantly assisted in MMLP’s growth • MMLP is not a
Slide 6: Martin Midstream Partners L.P. (MMLP) Overview
MARTIN MIDSTREAM PARTNERS L.P. (MMLP) OVERVIEW • NASDAQ Listed: MMLP • Formed October 31, 2002 • MMLP is a publicly traded, diversified master limited partnership with operations including: • Terminalling & Storage • Natural Gas Services • Sulfur Services • Marine Transportation • MMLP Trading Summa
Slide 7: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Majority (nearly 70%) of cash flows generated from fee-based or ‘fee-like’ contracts Fee-Based Contracts • Significant portions consist of reservation charges or minimum fee arrangements Fully Integrated, • Diversified asset base with four complementary business units tha
Slide 8: Uniquely Diversified Operating Mix
UNIQUELY DIVERSIFIED OPERATING MIX Terminalling & Storage Natural Gas Services $72.0 $81.1 Marine Transportation Sulfur Services $202.7 Million $22.2 $27.4 (all values in $ millions before unallocated SG&A of $17.1 million) 8
Slide 9: Strong Fee-Based Contract Mix
STRONG FEE-BASED CONTRACT MIX Recent Fee-Based Acquisitions Driving MMLP Growth Terminalling & Storage • Fee-based, multi-year contracts for traditional storage assets – Specialty and Shore Base Terminals (with guaranteed throughput minimums) • Fee-based, extended-term tolling agreement for Smackove
Slide 10: MMLP Asset Locations – All Segments
MMLP ASSET LOCATIONS – ALL SEGMENTS 10
Slide 11: High Quality Long Term Customer Base
HIGH QUALITY LONG TERM CUSTOMER BASE • Long-term customer relationships are a key driver of our success • Integrated and complementary business segments uniquely position MMLP • Full value chain for handling and logistics capabilities and solutions • Breadth, scale and brand recognition make MMLP a
Slide 12: Terminalling & Storage Overview
TERMINALLING & STORAGE OVERVIEW MMLP owns or operates 47 terminal facilities with an aggregate storage capacity of 4.2 million barrels. These facilities are located across the U.S. Gulf Coast region and provide storage, processing and handling services for producers and suppliers of petroleum produc
Slide 13: Corpus Christi Crude Terminal
TERMINALLING & STORAGE Corpus Christi Crude Terminal 13
Slide 14: Smackover Refinery
TERMINALLING & STORAGE Smackover Refinery 14
Slide 15: Martin Lubricants Packaging Facility
TERMINALLING & STORAGE Martin Lubricants Packaging Facility 15
Slide 16: Natural Gas Services Overview
NATURAL GAS SERVICES OVERVIEW MMLP provides wholesale distribution of natural gas liquids (NGLs) to propane retailers, refineries and industrial NGL users in Texas and the southeastern U.S. MMLP owns an NGL pipeline that runs approximately 200 miles from Kilgore, TX to Beaumont, TX. Additionally, MM
Slide 17: Cardinal Gas Storage Facilities
NATURAL GAS STORAGE Cardinal Gas Storage Facilities Cadeville Main Facility Perryville Main Facility Monroe Main Facility 17
Slide 18: Sulfur Services Overview
SULFUR SERVICES OVERVIEW MMLP has an integrated system of sulfur transportation assets and facilities. MMLP gathers molten sulfur from refiners, primarily located on the Gulf Coast, and from natural gas processing plants, primarily located in the Southwestern U.S. Molten sulfur is either marketed to
Slide 19: Prilled Sulfur
SULFUR SERVICES Prilled Sulfur 19
Slide 20: Marine Transportation Overview
MARINE TRANSPORTATION OVERVIEW MMLP utilizes a fleet of inland and offshore tows to provide marine transportation of petroleum products and by- products produced in oil refining and natural gas processing. MMLP’s marine transportation business operates coastwise along the Gulf of Mexico, East Coast
Slide 21: Marine Assets
MARINE TRANSPORTATION Marine Assets 21
Slide 22: Appendices
APPENDICES 22
Slide 23: Adjusted EBITDA by Segment as of 9/30/15
ADJUSTED EBITDA BY SEGMENT AS OF 9/30/15 $ millions Operating Income Depreciation and Amortization (Gain) Loss on Disposition/Sale of Property, Plant, and Equipment Non-cash Mark-to-Market on Derivatives Distributions from Unconsolidated Entities Adjusted EBITDA excludes unallocated SG&A of $12.4 mi
Slide 24: Adjusted EBITDA by Segment 2014 and 2013
ADJUSTED EBITDA BY SEGMENT AS OF 12/31/14 $ millions Operating Income Depreciation and Amortization (Gain) Loss on Disposition/Sale of Property, Plant, and Equipment Impairment of Long Lived Asset Non-cash Mark to Market on Commodity Derivatives Distributions from Unconsolidated Entities Adjusted EB
Slide 25: Pro Forma Capitalization
§ millions SSS lt Debt $700 million RCF Due 2018" Senior Secured Debt $400 million Senior Notes Due February 2021 Total debt Partners’ Capital Total Capitalization Market Capitalization Enterprise Value Credit Metrics Revolver Capacity" Availability EBITDA@ Debt/EBITDA” Debt/Cap Revolver downsized t
Slide 26: Distribution Growth
DISTRUBUTION GROWTH $3.40 Historical Per Unit Distributions 3.25 $3.25 $3.18 $3.11 $3.10 Distribution CAGR: 4.1%(1) $3.05 $3.06 $3.00 $3.00 $2.95 $2.91 $2.80 $2.65 $2.60 $2.50 $2.44 $2.35 $2.19 $2.20 $2.10 $2.05 $1.90 $1.81 $1.75 (1) February 2003 through February 2015 – based on minimum quarterly d
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