Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — Wells Fargo Securities Energy Symposium 2013
30 slides from Martin Midstream Partners L.p's conference presentation, Dec 10, 2013
Slide 1: Wells Fargo 2013 Energy Symposium
Wells Fargo 2013 Energy Symposium December 10, 2013
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: Slide 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 Martin Resource • Ongoing MRMC businesses support the Management Corporation Partnership • Maintains distinct set of assets and business 100% units that are complementary to MMLP Martin Resource • Approximately 30% of MMLP cash flow LLC derived from contracts with MRMC
Slide 7: MMLP Overview
MMLP Overview • NASDAQ Listed: MMLP • MMLP Trading Summary (1) • Formed October 31, 2002 • Unit Price: $42.65 • MMLP is a publically traded, diversified • Units Outstanding 26.6 million master limited partnership with operations • Market Cap: $1.14 billion including: • Distribution: $0.7825 / $3.13
Slide 8: Diversified Operating Mix (Expected 2013 FYE EBITDA Contribution)
Diversified Operating Mix (Expected 2013 FYE EBITDA Contribution*) • Terminalling & Storage (51.4%) • Sulfur Services (20.0%) • Natural Gas Services (26.2%) • Marine Transportation (12.6%) *Before Unallocated SG&A Expenses of approximately 10.2% of EBITDA 8
Slide 9: High Quality Customer Base
High Quality Customer Base • Integrated yet complementary business segments uniquely position MMLP. This is a key driver of long-term customer relationships. • Customers include some of the largest, most profitable businesses in the energy industry. These include major oil and gas companies, indepen
Slide 10: Business Segment Overview
Business Segment Overview
Slide 11: Terminalling & Storage - Overview
Terminalling & Storage - Overview Adjusted Segment EBITDA (1) • MMLP owns or operates 47 terminal facilities with approximately 3.8 million barrels of aggregate storage capacity, across the U.S. Gulf Coast region, that provide storage, processing and handling services for producers and suppliers of
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. Currently adding 0.3 million barrels of storage at our Corpus Christi Crude Terminal. • Provide storage and handling services for a broad range of products includin
Slide 14: Terminalling & Storage – Cross Refinery
Terminalling & Storage – Cross Refinery • November 2009 drop-down from a subsidiary of MRMC for $45MM in MMLP units - 7,700 bpd capacity naphthenic lube refinery in Smackover, AR; ~ 10% of US market share - Recent packaging assets drop-down makes MMLP one of largest independent manufacturers / distr
Slide 15: Terminalling & Storage – Cross Refinery
Terminalling & Storage – Cross Refinery • Crude supply blend is approximately 73% Coastal Grade A, 14% AR Local, & 13% LA Local • Atmospheric tower separates the lighter streams and produces 2 final products (naphtha & distillate) along with 3 intermediate viscosity lube streams and a residue which
Slide 16: Natural Gas Services
Natural Gas Services • MMLP’s Natural Gas Services segment has • Existing Natural Gas Services Assets significantly changed in 2012 • 200 mile NGL pipeline from Kilgore, TX, to • April 2012 start up of refinery grade butane Beaumont, TX logistics business • Approximately 2.8 million barrels of • Jul
Slide 17: Natural Gas Services (Redbird Joint Venture)
Natural Gas Services (Redbird Joint Venture) • Current working gas capacity of approximately 45.0bcf • Total planned working gas capacity of approximately 76.4bcf at full development Cardinal Gas Storage Partners – Facility overview • Arcadia Gas Storage – salt dome facility (Arcadia, LA) - ~8.0bcf
Slide 18: Natural Gas Services
Natural Gas Services Adjusted Segment EBITDA (1) $ in millions (1) For 2010, 2011 & 2012, pro forma for the acquisition of the remaining Class A interests in Redbird and divestiture of the East Texas and North Louisiana gas gathering and processing assets which were sold for $273 million on 7/31/201
Slide 19: Sulfur Services
Sulfur Services • MMLP’s Sulfur Services segment include the following • MMLP’s Sulfur Service contract mix reflects: key assets: • Typically 1-5 year prilling services • 4 sulfur prillers (Texas & California) with a agreements major refiners that are fee- combined prilling capacity of 6,500 tons pe
Slide 20: Sulfur Services
Sulfur Services Adjusted Segment EBITDA 20
Slide 21: Marine Transportation
Marine Transportation • MMLP’s Marine Transportation segment includes the Adjusted Segment EBITDA following key assets: • 56 inland marine tank barges • 29 inland push-boats • 4 offshore tug barge units 21
Slide 22: MRMC & MMLP
MRMC & MMLP Intermodal Integration Provides Truck, Rail & Marine Solutions Examples in Sulfur Logistics • Martin Transport, Inc. (Molten Sulfur Refinery Extraction by truck to various MMLP storage facilities) • Rail (Sulfuric Acid transport) • Marine (Molten Sulfur transport) • Prilling (Process of
Slide 23: MMLP Announced & Likely Growth Opportunities
MMLP Announced & Likely Growth Opportunities • Completion of Corpus Christi Crude Terminal • Anticipated completion by Early 2Q 2014 • Corpus Christi condensate splitter – 24 to 30 Months • Up to 100K barrels per day of capacity • Fee-based contractual arrangement with supply & off-take counterparti
Slide 24: Questions & Answers
Questions & Answers
Slide 25: EBITDA Reconciliations
EBITDA Reconciliations
Slide 26: EBITDA Reconciliations
EBITDA Reconciliations 9 months ending Sept. 30, 2013 Adjusted EBITDA Reconciliation ($ thousands; Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income $27,657 $17,254 $19,659 $5,587 $ 70,157 Depreciation and 22,925 1,444
Slide 27: EBITDA Reconciliations
EBITDA Reconciliations 2012 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 amortiza
Slide 28: EBITDA Reconciliations
EBITDA Reconciliations 2011 Adjusted EBITDA Reconciliation ($ thousands; Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income $21,567 $6,267 $27,651 $731 $ 56,216 Depreciation and 19,814 578 6,725 13,159 40,276 amortizatio
Slide 29: EBITDA Reconciliations
EBITDA Reconciliations 2010 Adjusted EBITDA Reconciliation ($ thousands; Excludes Unallocated SG&A) Terminalling & Natural Gas Marine Sulfur Services MMLP Storage Services Transportation Operating Income $21,810 $6,780 $15,886 $9,992 $ 54,468 Depreciation and 17,330 571 6,262 12,721 36,884 amortizat
Slide 30: www.martinmidstream.com NASDAQ:MMLP
Joe McCreery Head of Investor Relations www.martinmidstream.com 903-988-6425 NASDAQ:MMLP joe.mccreery@martinmlp.com
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