Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — 2022 Energy Infrastructure Council Investor Conference
23 slides from Martin Midstream Partners L.p's conference presentation, May 16, 2022
Slide 1: Martin Midstream Partners L.P. 2022 EIC Investor Conference
Martin Midstream Partners L.P. 2022 EIC Investor Conference May 16 -18, 2022
Slide 2: Company Information and Forward-Looking Statements
Company Information Martin Midstream Partners L.P. Forward-Looking Statements Statements about the Partnership's outlook and all other statements in this NASDAQ Ticker MMLP release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Refo
Slide 3: Partnership Overview
Partnership Overview
Slide 4: Martin Midstream (Nasdaq:MMLP) at a Glance
Martin Midstream (Nasdaq:MMLP) at a Glance Diversified Specialty Services Midstream Business Strategically Located along the Gulf Coast with Operations in Four Key Business Segments Key Stats • MMLP provides specialty services to major and independent oil and gas companies including refineries, chem
Slide 5: Diversified Business with Long-standing Customer Relationships
Diversified Business with Long-standing Customer Relationships Terminalling & Sulfur Transportation Natural Gas Liquids Storage • Provides storage, • Aggregates, stores and • Tank truck transportation • Purchases NGLs primarily refining, blending, transports molten sulfur services for the from refin
Slide 6: Strong Fee-Based Contracts with Limited Commodity Exposure
Strong Fee-Based Contracts with Limited Commodity Exposure Segment Breakdown Terminalling & Storage Sulfur Transportation Natural Gas Liquids Smackover Refinery Sulfur Prilling Land NGLs Service & Fixed Specialty Terminals Molten Sulfur Marine Fee EBITDA MUS Shore-Based Terminals Margin Based Propan
Slide 7: Cash Flow Stability from Continuing Operations
Cash Flow Stability from Continuing Operations Continuing operations offer proven historical stability and benefit from diversification and fixed-fee contracts Adjusted Segment EBITDA from Continuing Operations (Pre-Unallocated SG&A) $128mm $111mm(2) $130mm $130mm (1) 2019 – 2021 Actual Segment EBIT
Slide 8: Operating Segment Overview
Operating Segment Overview
Slide 9: Terminalling & Storage – Operating Overview
Terminalling & Storage – Operating Overview • Operates 28 terminal facilities with aggregate storage capacity of 2.6mm barrels Smackover Refinery Fee-based 7,700 bpd capacity naphthenic lube Refined Products Napthenic Crude Oil refinery with a 6,500 bpd minimum volume Supplied by Cross Oil (MRMC) co
Slide 10: Terminalling & Storage - Strategy
Terminalling & Storage - Strategy Segment Strategy Adj. Segment EBITDA from Continuing Operations ($mm) (1) (2) • Well positioned for energy export projects at the Beaumont, TX terminals • Growth in Grease Specialty Products with limited capital requirements • Upside for underutilized tanks at both
Slide 11: Sulfur – Operating Overview
Sulfur – Operating Overview • Stores and prills molten sulfur, manufactures and markets sulfur-based fertilizers and related sulfur products Molten Sulfur Fee-based Aggregates, stores and transports molten sulfur from Gulf Coast Molten Sulfur Molten Sulfur Refineries to the Tampa market for • Domest
Slide 12: Sulfur - Strategy
Sulfur - Strategy Segment Strategy Adj. Segment EBITDA from Continuing Operations ($mm) (1) • Largest factor influencing sulfur-based fertilizers in the U.S. is corn acres planted (2) • Significant challenges during the 2019 planting season due to flooding and persistent rainfall. • As of March 31,
Slide 13: Transportation – Operating Overview
Transportation – Operating Overview • Tank truck and marine transportation for the petroleum, petrochemical and chemical industries Land Transportation Service-based, tank truck transportation Products Handled catering to petroleum, petrochemical and • Molten Sulfur chemical industries • General Che
Slide 14: Transportation - Strategy
Transportation - Strategy Segment Strategy Adj. Segment EBITDA from Continuing Operations ($mm) (1) • Logistics refinery demand driven by new chemical plants as well as refinery utilization and expansion on the Gulf Coast • Expand services in the Land Transportation segment to drive fleet optimizati
Slide 15: Natural Gas Liquids – Operating Overview
Natural Gas Liquids – Operating Overview • Purchases NGLs primarily from refineries and natural gas processors then stores and transports NGLs for delivery to refineries, industrial NGL users and wholesale delivery to propane retailers Butane Margin spread generates revenue by purchasing Rail/ Retai
Slide 16: Natural Gas Liquids - Strategy
Natural Gas Liquids - Strategy Butane Strategy Adj. Segment EBITDA from Continuing Operations ($mm) (1) MMLP purchases at discount to Mont Belvieu price in the summer months and sells at premium to Mont Belvieu price in the winter months (refinery blending season) Sale Months Purchase Months Sale Mo
Slide 17: Financial Summary
Financial Summary
Slide 18: 2022E Guidance
2022E Guidance Guidance Range of Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Year Ending 1Q2022 Flow 2Q2022 3Q2022 4Q2022 December 31, Actuals (in millions) 2022 (Unaudited) Adjusted EBITDA (pre-unallocated SG&A) $44.0 $26 - $28 $22 - $25 $31 - $36 $125 - $135 Unallocated SG&A $(
Slide 19: Capitalization
Capitalization 3/31/2022 12/31/2021 Cash $0.3 $0.1 Cash & Equivalents $0.3 $0.1 Revolving Credit Facility(1) $143.0 $159.5 Capital Leases $0.2 $0.3 10.00% 1.5L Senior Secured Notes Due February 2024 $53.8 $53.8 11.50% 2.0L Senior Secured Notes Due February 2025 $292.0 $292.0 Total Debt $489.0 $505.5
Slide 20: Appendix
Appendix
Slide 21: MMLP LTM 3/31/2022 Adjusted EBITDA from Continuing Operations Reconciliation
MMLP LTM 3/31/2022 Adjusted EBITDA from Continuing Operations Reconciliation 2Q21A 3Q21A 4Q21A 1Q22A LTM Terminalling & Storage Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA 3/31/2022 Smackover Refinery $3.9 $3.4 $3.1 $3.4 $13.8 Lubricants & Specialty Products $3.4 $4.9 $4.3 $5.0 $
Slide 22: MMLP Continuing Operations Adjusted EBITDA Reconciliation
MMLP Continuing Operations Adjusted EBITDA Reconciliation 2019 2020 2021 LTM 3/31/2022 Net income (loss) $(174.9) $(6.8) $(0.2) $8.8 Interest expense add back $51.7 $46.2 $54.1 $53.6 Depreciation and amortization $68.3 $61.5 $56.8 $56.8 Income tax expense $1.9 $1.7 $3.4 $4.7 Less: (Income) loss from
Slide 23: Disclaimers: Use of Non-GAAP Financial Measures
Disclaimers 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 princi
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