# EDGAR Filing Document

**Accession Number:** 0001176334
**File Stem:** 0001176334-23-000036
**Filing Date:** 2023-2
**Character Count:** 63342
**Document Hash:** b9ad2872b969ee97d5e3f4e16b1de8f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001176334-23-000036.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001176334-23-000036

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARTIN MIDSTREAM PARTNERS L.P.
- **CENTRAL INDEX KEY:** 0001176334
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
- **IRS NUMBER:** 050527861
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50056
- **FILM NUMBER:** 23635800

**BUSINESS ADDRESS:**
- **STREET 1:** 4200 STONE ROAD
- **CITY:** KILGORE
- **STATE:** TX
- **ZIP:** 75662
- **BUSINESS PHONE:** 9039836252

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 191
- **CITY:** KILGORE
- **STATE:** TX
- **ZIP:** 75663

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARTIN MIDSTREAM PARTNERS LP
- **DATE OF NAME CHANGE:** 20020626

?xml version="1.0" ? mmlp-20230215

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (date of earliest event reported): February 15, 2023**

**MARTIN MIDSTREAM PARTNERS L.P.**

(Exact name of Registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **000-50056** | | **05-0527861** |
| (State of incorporation<br>or organization) | (Commission file number) | (I.R.S. employer identification number) | (I.R.S. employer identification number) |
| **4200 Stone Road** | | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kilgore, Texas 75662**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (903) 983-6200

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Units representing limited partnership interests | MMLP | The NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. □

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;On February 15, 2023, Martin Midstream Partners L.P. (the "Partnership") issued a press release reporting its financial results for the quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and will be published on the Partnership's website at www.MMLP.com. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

**(d)** &nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 and Exhibit 99.2 are deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.

---

| | |
|:---|:---|
| Exhibit<br>Number | Description |
| 99.1 | <u>[Press release dated February 15, 2023](exhibit991earningspressrel.htm)</u> |
| 99.2 | <u>[Supplemental information - Martin Midstream Partners L.P. Fourth Quarter and Full Year Earnings Summary and 2023 Financial Guidance](exhibit992_mmlp4q2022ear.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101). |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARTIN MIDSTREAM PARTNERS L.P.<br>By: Martin Midstream GP LLC,<br>Its General Partner |
| Date: February 15, 2023 | By: /s/ Sharon L. Taylor |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sharon L. Taylor |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Chief Financial Officer  |

---

## Exhibit 99.1

EXHIBIT 99.1

MARTIN MIDSTREAM PARTNERS REPORTS FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS AND RELEASES 2023 FINANCIAL GUIDANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt refinancing significantly improves maturity profile

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December 31, 2022, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported adjusted EBITDA of $17.8 million and $114.9 million for the fourth quarter and year ended December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exiting butane optimization business, which reported net loss of $4.7 million and $20.0 million for the fourth quarter and year ended December 31, 2022, respectively, and negative adjusted EBITDA of $10.7 million and $7.2 million, for the same respective periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2023, S&P Global Ratings upgraded its issuer credit ratings of Martin Midstream Partners L.P. from CCC to B- with a stable outlook. Additionally, in January 2023, Fitch Ratings assigned an initial issuer rating of B- with a stable outlook. In February 2023, Moody's Investor Services upgraded its issuer credit rating from Caa1 to B3 with a stable outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expects full year 2023 Adjusted EBITDA of approximately $115.3 million after giving effect to the exit of the butane optimization business, growth capital expenditures of approximately $17.5 million with $12.5 million dedicated to the DSM Semichem joint venture, and maintenance capital expenditures of $26.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional 2023 Financial Guidance assumptions include debt reduction of approximately $55 million as the Partnership liquidates the remaining inventory attributable to the butane optimization business resulting in projected year-end leverage of 4.0x

KILGORE, Texas, February 15, 2023 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") today announced its financial results for the fourth quarter and year ended December 31, 2022.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "Despite the challenges we faced in the second half of 2022 due to fluctuating commodity prices, the Partnership had another solid year. While results were slightly lower than our guidance range, all of our business segments, with the exception of the NGL segment, outperformed compared to our internal forecast; with the Transportation segment leading the way. During the last month we announced our intent to exit the butane optimization business which will substantially lower our working capital needs, reduce volatility in our earnings, and lessen our exposure to commodity prices in the future. We anticipate that by the end of the second quarter of 2023, all remaining butane inventory volumes will be sold. We intend to redeploy our underground butane storage assets by utilizing them in a fee-based business model, providing our customers reliable storage and logistics services, while minimizing the impact to our employees.

"In January of 2023, we announced our plan to refinance the Partnership's capital structure. On February 8, 2023, we closed and funded $400 million of new second lien notes due 2028, and used a portion of the proceeds to repay all of our outstanding notes due in 2024 and 2025, with the remainder being used to pay down borrowings under our revolving credit facility. Concurrently, we amended our revolving credit facility lowering the bank commitments to $200 million and extending the maturity to 2027.

"In summary, with the planned exit from the butane optimization business and the extension of our debt maturities, we have substantially lowered the risk profile of the Partnership. We remain committed to capital discipline and continued strengthening of our balance sheet through meaningful debt reduction."

FOURTH QUARTER 2022 OPERATING RESULTS BY BUSINESS SEGMENT

TERMINALLING AND STORAGE ("T&S")

------

T&S operating income was $4.3 million and $3.9 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for T&S was $10.5 million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively, reflecting higher employee-related expenses at our specialty terminals coupled with lower volumes in our lubricant and specialty products divisions, offset by increased throughput revenue at our shore-based terminals and Smackover Refinery.

TRANSPORTATION

Transportation operating income was $11.1 million and $5.1 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for Transportation was $14.7 million and $8.8 million for the three months ended December 31, 2022 and 2021, respectively, reflecting robust demand for land transportation services coupled with improving marine fleet utilization and higher day rates.

SULFUR SERVICES

Sulfur Services operating income was $9.1 million and $8.9 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for Sulfur Services was $5.7 million and $11.4 million for the three months ended December 31, 2022 and 2021, respectively, due to decreased fertilizer sales volumes related to continued pricing instability. Additionally, the Sulfur Services segment saw reduced adjusted EBITDA of $0.5 million related to the sale of our Stockton, California, Sulfur prilling terminal on October 7, 2022.

NATURAL GAS LIQUIDS ("NGL")

NGL operating income (loss) was $(3.7) million and $12.2 million for the three months ended December 31, 2022 and 2021, respectively. Butane optimization operating income (loss) was $(4.7) million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for NGL was $(9.1) million and $12.8 million for the three months ended December 31, 2022 and 2021, respectively, primarily reflecting decreased NGL sales volumes and margins. Included in the NGL results is adjusted EBITDA of $(10.7) million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively, attributable to the butane optimization business that the Partnership intends to exit.

UNALLOCATED SELLING, GENERAL AND ADMINISTRATIVE EXPENSE ("USGA")

USGA expenses included in operating income were $4.1 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively.

USGA expenses included in adjusted EBITDA were $4.1 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively, primarily reflecting an increase in employee-related expenses.

CAPITALIZATION

At December 31, 2022, the Partnership had $516 million of total debt outstanding, including $171 million drawn on its $275 million revolving credit facility, $54 million of senior secured 1.5 lien notes due 2024 and $291 million of senior secured second lien notes due 2025. At December 31, 2022, the Partnership had liquidity of approximately $63 million from available capacity under its revolving credit facility. The Partnership's adjusted leverage ratio, as calculated under the revolving credit facility, was 4.27 times and 3.63 times on December 31, 2022 and September 30, 2022, respectively. The Partnership was in compliance with all debt covenants as of December 31, 2022.

------

On January 30, 2023 the Partnership announced its intent to offer $400 million in new 5-year senior secured second lien notes due 2028 and announced an amendment to its revolving credit facility effective upon the close of the note offering. Concurrently, the Partnership announced a cash tender for all its then outstanding 1.5 lien notes due 2024 and its second lien notes due 2025. On February 8, 2023, the Partnership announced its $400 million 5-year senior secured second lien notes offering closed and funded, all validly tendered notes were accepted and paid, and as such the revolving credit facility amendment was effective with the maturity extended to 2027. Also on February 8, 2023, the Partnership exercised its optional redemption rights with respect to the existing notes due 2024 and 2025 that remained outstanding following the tender offer, and satisfied and discharged its obligations under the indentures governing such notes.

For more detailed information on the $400 million senior secured second lien notes, and the amended and extended credit facility, see the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 8, 2023 or at the Partnership's website www.MMLP.com.

RESULTS OF OPERATIONS

The Partnership had a net loss of $0.4 million, a loss of $0.01 per limited partner unit, for the three months ended December 31, 2022. The Partnership had net income of $10.8 million, or $0.27 per limited partner unit, for the three months ended December 31, 2021. Adjusted EBITDA was $17.8 million for the three months ended December 31, 2022 compared to $39.7 million for the three months ended December 31, 2021. Net cash provided by operating activities was $32.9 million for the three months ended December 31, 2022 compared to $48.1 million for the three months ended December 31, 2021. Distributable cash flow was $(1.7) million for the three months ended December 31, 2022 compared to $19.3 million for the three months ended December 31, 2021.

The Partnership had a net loss of $10.3 million, a loss of $0.26 per limited partner unit, for the year ended December 31, 2022. The Partnership had a net loss of $0.2 million, a loss of $0.01 per limited partner unit, for the year ended December 31, 2021. Adjusted EBITDA was $114.9 million for the year ended December 31, 2022 compared to $114.5 million for the year ended December 31, 2021. Net cash provided by operating activities was $16.1 million for the year ended December 31, 2022 compared to $35.7 million for the year ended December 31, 2021. Distributable cash flow was $37.9 million for the year ended December 31, 2022 compared to $44.6 million for the year ended December 31, 2021.

Revenues were $243.4 million for the three months ended December 31, 2022 compared to $285.9 million for the three months ended December 31, 2021. Revenues were $1.019 billion for the year ended December 31, 2022 compared to $882.4 million for the year ended December 31, 2021.

EBITDA, adjusted EBITDA, distributable cash flow and adjusted free cash flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

An attachment included in the Current Report on Form 8-K to which this announcement is included, contains a comparison of the Partnership's adjusted EBITDA for the fourth quarter 2022 to the Partnership's adjusted EBITDA for the fourth quarter 2021.

2023 FINANCIAL GUIDANCE

The Partnership expects full year 2023 Adjusted EBITDA of approximately $115.3 million after giving effect to the exit of the butane optimization business, growth capital expenditures of approximately $17.5 million with $12.5 million dedicated to the DSM Semichem joint venture, maintenance capital expenditures of $26.6 million, and projected year-end leverage of 4.0x. More detailed 2023 Financial Guidance is provided as an attachment included in the Current Report on Form 8-K to which this press release is included.

------

MMLP does not intend at this time to provide financial guidance beyond 2023.

The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort as the adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with a reasonable degree of certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant.

2022 K-1 TAX PACKAGES

The MMLP K-1 tax packages are expected to be available online through our website at www.mmlp.com or www.taxpackagesupport.com/martinmidstream after 5:00 p.m. Central Standard Time on February 28, 2023. Mailing of the tax packages is currently expected to be complete the week of March 6, 2023. In an effort to be environmentally friendly, the Partnership encourages its unitholders to sign up for electronic delivery of their MMLP tax package.

*INVESTORS CONFERENCE CALL*

Date: **Thursday, February 16, 2023**

Time: **8:00 a.m. CT** (please dial in by 7:55 a.m.)

Dial In #: **(888) 330-2384**

Conference ID: **8536096**

Replay Dial In # **(800) 770-2030** – Conference ID: **8536096**

A webcast of the conference call will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.

*About Martin Midstream Partners*

MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP's four primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products, including the refining of naphthenic crude oil; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn, Twitter, and Facebook.

*Forward-Looking Statements*

Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment and (ii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the "SEC"). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

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*Use of Non-GAAP Financial Information*

To assist the Partnership's management in assessing its business, it uses the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), adjusted EBITDA (as defined below) distributable cash flow available to common unitholders ("distributable cash flow"), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("adjusted free cash flow"). The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance.

Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets.

*EBITDA and Adjusted EBITDA*. The Partnership defines adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by the Partnership's management and by external users of its financial statements, such as investors, commercial banks, research analysts, and others, to assess:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial performance of the Partnership's assets without regard to financing methods, capital structure, or historical cost basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness, and make cash distributions to its unitholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure.

The GAAP measures most directly comparable to adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted EBITDA in the same manner.

Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because the Partnership has borrowed money to finance its operations, interest expense is a necessary element of its costs and its ability to generate cash available for distribution. Because the Partnership has capital assets, depreciation and amortization are also necessary elements of its costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, the Partnership believes that it is important to consider net income (loss) and net cash provided by (used in) operating activities as determined under GAAP, as well as adjusted EBITDA, to evaluate its overall performance.

*Distributable Cash Flow.* The Partnership defines distributable cash flow as net cash provided by (used in) operating activities less cash received (plus cash paid) for closed commodity derivative positions included in accumulated other comprehensive income (loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of its success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

------

*Adjusted Free Cash Flow.* The Partnership defines adjusted free cash flow as distributable cash flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted free cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. The Partnership believes that adjusted free cash flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. The Partnership's calculation of adjusted free cash flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to distributable cash flow and adjusted free cash flow is net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow should not be considered alternatives to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Distributable cash flow and adjusted free cash flow have important limitations because they exclude some items that affect net income (loss), operating income (loss), and net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, the Partnership believes that it is important to consider net cash provided by (used in) operating activities determined under GAAP, as well as distributable cash flow and adjusted free cash flow, to evaluate its overall liquidity.

Contact:

Sharon Taylor - Vice President & Chief Financial Officer

(877) 256-6644

ir@martinmlp.com

MMLP-F

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**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED BALANCE SHEETS**

**(Dollars in thousands)**

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **Assets** |  |  |
| Cash | $45 | $52 |
| Trade and accrued accounts receivable, less allowance for doubtful accounts of $496 and $311, respectively | 79641 | 84199 |
| Inventories | 109798 | 62120 |
| Due from affiliates | 8010 | 14409 |
| Other current assets | 13633 | 12908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 211127 | 173688 |
| Property, plant and equipment, at cost | 903535 | 898770 |
| Accumulated depreciation | (584245) | (553300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 319290 | 345470 |
| Goodwill | 16671 | 16823 |
| Right-of-use assets | 34963 | 21861 |
| Deferred income taxes, net | 14386 | 19821 |
| Intangibles and other assets, net | 2414 | 2198 |
|  | $598851 | $579861 |
| **Liabilities and Partners' Capital (Deficit)** |  |  |
| Current portion of long term debt and finance lease obligations | $9 | $280 |
| Trade and other accounts payable | 68198 | 70342 |
| Product exchange payables | 32 | 1406 |
| Due to affiliates | 8947 | 1824 |
| Income taxes payable | 665 | 385 |
| Other accrued liabilities | 33074 | 29850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 110925 | 104087 |
| Long-term debt, net | 512871 | 498871 |
| Finance lease obligations |  | 9 |
| Operating lease liabilities | 26268 | 15704 |
| Other long-term obligations | 8232 | 9227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 658296 | 627898 |
| Commitments and contingencies |  |  |
| Partners' capital (deficit) | (59445) | (48853) |
| Accumulated other comprehensive income |  | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital (deficit) | (59445) | (48037) |
|  | $598851 | $579861 |

---

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**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Dollars in thousands, except per unit amounts)**

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;Terminalling and storage \* | $80268 | $75223 | $80864 |
| &nbsp;&nbsp;Transportation \* | 219008 | 144314 | 132492 |
| &nbsp;&nbsp;Sulfur services | 12337 | 11799 | 11659 |
| &nbsp;&nbsp;Product sales: \* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids | 398422 | 414043 | 247479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services | 166827 | 133243 | 96348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminalling and storage | 142016 | 103809 | 103300 |
|  | 707265 | 651095 | 447127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1018878 | 882431 | 672142 |
| Costs and expenses: |  |  |  |
| &nbsp;&nbsp;Cost of products sold: (excluding depreciation and amortization) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids \* | 389504 | 362706 | 215895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services \* | 120062 | 89134 | 58515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminalling and storage \* | 113740 | 81258 | 82516 |
|  | 623306 | 533098 | 356926 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses \* | 251886 | 193952 | 183747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative \* | 41812 | 41012 | 40900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 56280 | 56751 | 61462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 973284 | 824813 | 643035 |
| Other operating income (loss), net | 5669 | (534) | 12488 |
| Gain on involuntary conversion of property, plant and equipment |  | 196 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 51263 | 57280 | 46502 |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (53665) | (54107) | (46210) |
| &nbsp;&nbsp;Gain on retirement of senior unsecured notes |  |  | 3484 |
| &nbsp;&nbsp;&nbsp;Loss on exchange of senior unsecured notes |  |  | (8817) |
| &nbsp;&nbsp;Other, net | (5) | (4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (53670) | (54111) | (51537) |
| Net income (loss) before taxes | (2407) | 3169 | (5035) |
| Income tax expense | (7927) | (3380) | (1736) |
| Net loss | (10334) | (211) | (6771) |
| Less general partner's interest in net loss | 207 | 4 | 135 |
| Less loss allocable to unvested restricted units | 40 |  | 21 |
| Limited partners' interest in net loss | $(10087) | $(207) | $(6615) |

---

\*Related Party Transactions Shown Below

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Dollars in thousands, except per unit amounts)**

\*Related Party Transactions Included Above

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Terminalling and storage | $66867 | $62677 | $63823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 28393 | 20046 | 21997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product sales | 554 | 479 | 317 |
| Costs and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold: (excluding depreciation and amortization) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services | 10717 | 9980 | 10519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminalling and storage | 39375 | 27866 | 18429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 93630 | 78607 | 80075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 31758 | 32924 | 32886 |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Dollars in thousands, except per unit amounts)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Allocation of net income (loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Limited partner interest:** | $(10127) | $(207) | $(6615) |
| &nbsp;&nbsp;&nbsp;&nbsp;**General partner interest:** | $(207) | $(4) | $(135) |
| **Net loss per unit attributable to limited partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic:** | $(0.26) | $(0.01) | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average limited partner units - basic | 38726048 | 38689041 | 38656559 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted:** | $(0.26) | $(0.01) | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average limited partner units - diluted | 38726048 | 38689041 | 38656559 |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Dollars in thousands**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Net loss | $(10334) | $(211) | $(6771) |
| Changes in fair values of commodity cash flow hedges | $(816) | $816 | $— |
| Comprehensive income (loss) | $(11150) | $605 | $(6771) |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF CAPITAL**

**(Dollars in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | |
| | **Common** | **Common** | **General Partner Amount** | **Accumulated Other Comprehensive Income** | |
| | **Units** | **Amount** | **General Partner Amount** | **Accumulated Other Comprehensive Income** |<br>**Total** |
| Balances – December 31, 2019 | 38863389 | $(38342) | $2146 | $— | (36196) |
| Net loss |  | (6636) | (135) |  | (6771) |
| Issuance of time-based restricted units | 81000 |  |  |  |  |
| Forfeiture of restricted units | (85467) |  |  |  |  |
| Cash distributions |  | (5211) | (106) |  | (5317) |
| Unit-based compensation |  | 1422 |  |  | 1422 |
| Purchase of treasury units | (7748) | (9) |  |  | (9) |
| Balances – December 31, 2020 | 38851174 | (48776) | 1905 |  | (46871) |
| Net loss |  | (207) | (4) |  | (211) |
| Issuance of time-based restricted units | 42168 |  |  |  |  |
| Forfeiture of restricted units | (83436) |  |  |  |  |
| General partner contribution |  |  | 3 |  | 3 |
| Cash distributions |  | (775) | (16) |  | (791) |
| Changes in fair values of commodity cash flow hedges |  |  |  | 816 | 816 |
| Excess purchase price over carrying value of acquired assets |  | (1350) |  |  | (1350) |
| Unit-based compensation |  | 384 |  |  | 384 |
| Purchase of treasury units | (7156) | (17) |  |  | (17) |
| Balances – December 31, 2021 | 38802750 | (50741) | 1888 | 816 | (48037) |
| Net loss |  | (10127) | (207) |  | (10334) |
| Issuance of time-based restricted units | 48000 |  |  |  |  |
| Cash distributions |  | (777) | (16) |  | (793) |
| Changes in fair values of commodity cash flow hedges |  |  |  | (816) | (816) |
| Excess purchase price over carrying value of acquired assets |  | 374 |  |  | 374 |
| Unit-based compensation |  | 161 |  |  | 161 |
| Balances – December 31, 2022 | 38850750 | $(61110) | $1665 | $— | $(59445) |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Dollars in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(10334) | $(211) | $(6771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 56280 | 56751 | 61462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and write-off of deferred debt issue costs | 3152 | 3367 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium on notes payable |  |  | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 5744 | 2432 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition or sale of property, plant, and equipment | (5669) | 534 | (9788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on involuntary conversion of property, plant and equipment |  | (196) | (4907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on retirement of senior unsecured notes |  |  | (3484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash impact related to exchange of senior unsecured notes |  |  | (749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative income | (901) | 5593 | 8209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash paid for commodity derivatives | 85 | (4984) | (8669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation | 161 | 384 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in current assets and liabilities, excluding effects of acquisitions and dispositions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | 4579 | (31448) | 30741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (47678) | (8334) | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 6399 | 398 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (1479) | (3552) | (5733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other accounts payable | 486 | 14331 | (7318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product exchange payables | (1374) | 1033 | (3949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 7123 | 1389 | (1035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 280 | (171) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | (2087) | (2236) | 4144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current assets and liabilities | 1381 | 649 | (1470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 16148 | 35729 | 64785 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for property, plant, and equipment | (27237) | (16059) | (28622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for plant turnaround costs | (5176) | (4109) | (1478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant, and equipment | 7769 | 643 | 25154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from involuntary conversion of property, plant and equipment |  | 284 | 7550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (24644) | (19241) | 2604 |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt | (393740) | (333790) | (333637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments under finance lease obligations | (279) | (2707) | (4562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 404650 | 316500 | 282019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General partner contributions |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess purchase price over carrying value of acquired assets | (1285) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury units |  | (17) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (64) | (592) | (3781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash distributions paid | (793) | (791) | (5317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 8489 | (21394) | (65287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (7) | (4906) | 2102 |
| Cash at beginning of year | 52 | 4958 | 2856 |
| Cash at end of year | $45 | $52 | $4958 |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**SEGMENT OPERATING INCOME**

**(Dollars and volumes in thousands, except BBL per day)**

***Terminalling and Storage Segment***

***&nbsp;&nbsp;&nbsp;&nbsp;Comparative Results of Operations for the Years Ended December 31, 2022 and 2021***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Percent Change** |
| | **2022** | **2021** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Services | $86664 | $81762 | $4902 | 6% |
| &nbsp;&nbsp;&nbsp;Products | 142129 | 103867 | 38262 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 228793 | 185629 | 43164 | 23% |
| Cost of products sold | 116117 | 83081 | 33036 | 40% |
| Operating expenses | 58748 | 52972 | 5776 | 11% |
| Selling, general and administrative expenses | 6626 | 6052 | 574 | 9% |
| Depreciation and amortization | 28234 | 28210 | 24 | —% |
|  | 19068 | 15314 | 3754 | 25% |
| Other operating loss, net | (166) | (48) | (118) | (246)% |
| Gain on involuntary conversion of property, plant and equipment |  | 196 | (196) | (100)% |
| &nbsp;&nbsp;&nbsp;Operating income | $18902 | $15462 | $3440 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shore-based throughput volumes (gallons) | 85569 | 50526 | 35043 | 69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smackover refinery throughput volumes (guaranteed minimum BBL per day) | 6500 | 6500 |  | —% |

---

***Transportation Segment***

***Comparative Results of Operations for the Years Ended December 31, 2022 and 2021***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Percent Change** |
| | **2022** | **2021** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues | $239275 | $161180 | $78095 | 48% |
| Operating expenses | 176198 | 129449 | 46749 | 36% |
| Selling, general and administrative expenses | 8215 | 7670 | 545 | 7% |
| Depreciation and amortization | 14567 | 15719 | (1152) | (7)% |
|  | 40295 | 8342 | 31953 | 383% |
| Other operating income, net | 1062 | 74 | 988 | 1,335% |
| &nbsp;&nbsp;&nbsp;Operating income | $41357 | $8416 | $32941 | 391% |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**SEGMENT OPERATING INCOME**

**(Dollars and volumes in thousands, except BBL per day)**

***Sulfur Services Segment***

***&nbsp;&nbsp;&nbsp;&nbsp;Comparative Results of Operations for the Years Ended December 31, 2022 and 2021*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Percent Change** |
| | **2022** | **2021** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Services | $12337 | $11799 | $538 | 5% |
| &nbsp;&nbsp;&nbsp;Products | 166827 | 133243 | 33584 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 179164 | 145042 | 34122 | 24% |
| Cost of products sold | 127018 | 95287 | 31731 | 33% |
| Operating expenses | 15335 | 10203 | 5132 | 50% |
| Selling, general and administrative expenses | 6081 | 5284 | 797 | 15% |
| Depreciation and amortization | 11099 | 10432 | 667 | 6% |
|  | 19631 | 23836 | (4205) | (18)% |
| Other operating income, net | 4555 | 129 | 4426 | 3,431% |
| &nbsp;&nbsp;&nbsp;Operating income | $24186 | $23965 | $221 | 1% |
| Sulfur (long tons) | 452.0 | 456.0 | (4.0) | (1)% |
| Fertilizer (long tons) | 211.0 | 301.0 | (90.0) | (30)% |
| Sulfur services volumes (long tons) | 663.0 | 757.0 | (94.0) | (12)% |

---

***Natural Gas Services Segment***

***&nbsp;&nbsp;&nbsp;&nbsp;Comparative Results of Operations for the Years Ended December 31, 2022 and 2021***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Percent Change** |
| | **2022** | **2021** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Products Revenues | $398425 | $414043 | (15618) | (4)% |
| Cost of products sold | 403922 | 375239 | 28683 | 8% |
| Operating expenses | 4540 | 4061 | 479 | 12% |
| Selling, general and administrative expenses | 4069 | 6098 | (2029) | (33)% |
| Depreciation and amortization | 2380 | 2390 | (10) | —% |
|  | (16486) | 26255 | (42741) | (163)% |
| Other operating income (loss), net | 218 | (689) | 907 | 132% |
| &nbsp;&nbsp;&nbsp;Operating income (loss) | $(16268) | $25566 | $(41834) | (164)% |
| NGLs Volumes (barrels) | 5791 | 7121 | (1330) | (19)% |

---

***&nbsp;&nbsp;&nbsp;&nbsp;***

------

**Non-GAAP Financial Measures**

The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the quarter and years ended December 31, 2022 and 2021, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow.

**Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $(375) | $10801 | $(10334) | $(211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 14484 | 13735 | 53665 | 54107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2458 | 1269 | 7927 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13273 | 13889 | 56280 | 56751 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | 29840 | 39694 | 107538 | 114027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposition of property, plant and equipment | (4619) | (76) | (5669) | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on involuntary conversion of property, plant and equipment |  | (10) |  | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized mark-to-market on commodity derivatives |  |  |  | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or market and other non-cash adjustments | (7476) |  | 12850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation | 36 | 48 | 161 | 384 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $17781 | $39656 | $114880 | $114542 |

---

------

**Reconciliation of Net Cash provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Net cash provided by operating activities** | $32904 | $48135 | $16148 | $35729 |
| &nbsp;&nbsp;&nbsp;Interest expense (1) | 13688 | 12953 | 50513 | 50740 |
| &nbsp;&nbsp;&nbsp;Current income tax expense | 325 | 256 | 2183 | 948 |
| &nbsp;&nbsp;&nbsp;Lower of cost or market and other non-cash adjustments | (7476) |  | 12850 |  |
| &nbsp;&nbsp;&nbsp;Commodity cash flow hedging gains reclassified to earnings |  |  | 901 |  |
| &nbsp;&nbsp;&nbsp;Net cash received for closed commodity derivative positions included in AOCI |  | (1766) | (85) | (816) |
| **Changes in operating assets and liabilities which (provided) used cash:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts and other receivables, inventories, and other current assets | (21071) | (21579) | 38179 | 42936 |
| &nbsp;&nbsp;&nbsp;Trade, accounts and other payables, and other current liabilities | (324) | 2103 | (4428) | (14346) |
| &nbsp;&nbsp;&nbsp;Other | (265) | (446) | (1381) | (649) |
| **Adjusted EBITDA** | 17781 | 39656 | 114880 | 114542 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (14484) | (13735) | (53665) | (54107) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (2458) | (1269) | (7927) | (3380) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2133 | 1013 | 5744 | 2432 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 796 | 782 | 3152 | 3367 |
| &nbsp;&nbsp;&nbsp;Payments for plant turnaround costs | (914) | (1430) | (5176) | (4109) |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures | (4526) | (5729) | (19074) | (14115) |
| **Distributable cash flow** | (1672) | 19288 | 37934 | 44630 |
| &nbsp;&nbsp;&nbsp;Principal payments under finance lease obligations | (99) | (59) | (279) | (2707) |
| &nbsp;&nbsp;&nbsp;Expansion capital expenditures | (1401) | (1361) | (6883) | (4705) |
| **Adjusted free cash flow** | (3172) | 17868 | 30772 | 37218 |

---

(1) Net of amortization of debt issuance costs and discount and premium, which are included in interest expense but not included in net cash provided by operating activities.

## Exhibit 99.2

![](exhibit992_mmlp4q2022ear001.jpg)

Martin Midstream Partners L.P. February 16, 2023 Fourth Quarter & Full-Year 2022 Earnings Summary and 2023 Financial Guidance Exhibit 99.2

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![](exhibit992_mmlp4q2022ear002.jpg)

Page 2 MMLP 4Q 2022 Adjusted EBITDA Comparison & Reconciliation Note: numbers may not add due to rounding \*Pre-Unallocated SG&A (in millions) Terminalling & Storage Sulfur Services Transportation Natural Gas Liquids SG&A Interest Expense 4Q2022 Actual Net income (loss) $4.3 $9.1 $11.1 $(3.7) $(6.6) $(14.5) $(0.4) Interest expense add back - - - - - $14.5 $14.5 Income tax expense - - - - $2.4 - $2.4 Operating Income (loss) $4.3 $9.1 $11.1 $(3.7) $(4.1) $0.0 $16.6 Depreciation and amortization $6.1 $2.7 $3.8 $0.6 - - $13.3 (Gain) loss on disposition or sale of PP&E $0.1 $(4.6) $(0.2) - - - $(4.7) Lower of cost or market and other non-cash adjustments - $(1.5) - $(6.0) - - $(7.5) Adjusted EBITDA $10.5 $5.7 $14.7 $(9.1) $(4.1) $0.0 $17.8 Adjusted EBITDA\* $44.0 $21.9 Unallocated SG&A $(4.3) $(4.1) Total Adjusted EBITDA $39.7 $17.8 Terminalling & Storage 4Q21 Actual 4Q22 Actual Smackover Refinery $3.1 $3.6 Lubricants & Specialty Products $4.3 $3.8 Specialty Terminals $3.2 $2.4 Shore-Based Terminals $0.4 $0.8 Total T&S $11.0 $10.5 Natural Gas Liquids 4Q21 Actual 4Q22 Actual Butane $11.1 $(10.7) Martin Underground Storage $0.7 $0.5 Natural Gasoline $0.5 $0.3 Propane $0.4 $0.8 Total NGLs $12.8 $(9.1) Sulfur Services 4Q21 Actual 4Q22 Actual Fertilizer $7.8 $2.7 Sulfur Prilling $1.5 $1.0 Molten Sulfur $2.1 $2.1 Total Sulfur Services $11.4 $5.7 Transportation 4Q21 Actual 4Q22 Actual Land $7.6 $11.3 Marine $1.2 $3.4 Total Transportation $8.8 $14.7

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Page 3 MMLP Full-Year 2022 Adjusted EBITDA Comparison & Reconciliation (in millions) Terminalling & Storage Sulfur Services Transportation Natural Gas Liquids SG&A Interest Expense YTD 4Q22 Actual Net income (loss) $18.9 $24.2 $41.4 $(16.3) $(24.8) $(53.7) $(10.3) Interest expense add back - - - - - $53.7 $53.7 Income tax expense - - - - $7.9 - $7.9 Operating Income (loss) $18.9 $24.2 $41.4 $(16.3) $(6.9) $0.0 $51.3 Depreciation and amortization $28.2 $11.1 $14.6 $2.4 - - $56.2 (Gain) loss on disposition or sale of PP&E $0.2 $(4.6) $(1.1) $(0.2) - - $(5.7) Lower of cost or market and other non-cash derivatives - - - $12.8 - - $12.8 Non-cash unit-based compensation expense - - - - $0.2 - $0.2 Adjusted EBITDA $47.3 $30.7 $54.9 $(1.3) $(16.8) $0.0 $114.9 Terminalling & Storage 1Q22A 2Q22A 3Q22A 4Q22A 2022A Smackover Refinery $3.4 $3.9 $3.2 $3.6 $14.1 Fixed-Fee Lubricants & Specialty Products $5.0 $6.1 $6.4 $3.8 $21.4 Margin Specialty Terminals $2.9 $2.8 $2.7 $2.4 $10.8 Fixed-Fee Shore-Based Terminals $0.3 $0.0 $0.0 $0.8 $1.1 Fixed-Fee Total T&S $11.6 $12.9 $2.3 $10.5 $47.3 Natural Gas Liquids 1Q22A 2Q22A 3Q22A 4Q22A 2022A Butane $5.7 $(0.6) $(1.6) $(10.7) $(7.2) Margin Martin Underground $0.4 $0.3 $0.3 $0.5 $1.5 Fixed-Fee Natural Gasoline $(0.6) $1.4 $1.0 $0.3 $2.0 Fixed-Fee Propane $1.1 $0.2 $0.2 $0.8 $2.4 Margin Total NGLs $6.6 $1.3 $(0.2) $(9.1) $(1.3) Sulfur Services 1Q22A 2Q22A 3Q22A 4Q22A 2022A Fertilizer $11.8 $10.0 $(2.8) $2.7 $21.6 Margin Sulfur Prilling $1.7 $2.2 $1.8 $1.0 $6.8 Fixed-Fee Molten Sulfur $1.8 $1.7 (3.2) $2.1 $2.4 Fixed-Fee Total Sulfur Services $15.3 $13.9 $(4.2) $5.7 $30.7 Transportation 1Q22A 2Q22A 3Q22A 4Q22A 2022A Land $9.5 $12.4 $12.3 $11.3 $45.5 Marine $1.0 $2.1 $2.8 $3.4 $9.4 Total Transportation $10.5 $14.5 $15.1 $14.7 $54.9 Fixed-Fee Adjusted EBITDA\* $44.0 $42.7 $23.0 $21.9 $131.6 Unallocated SG&A $(4.1) $(4.3) $(4.2) $(4.1) $(16.8) Total Adjusted EBITDA $40.0 $38.3 $18.8 $17.8 $114.9 Note: numbers may not add due to rounding \*Pre-Unallocated SG&A

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Page 4 MMLP 4Q & YTD 4Q 2021 Adjusted EBITDA Comparison & Reconciliation Note: numbers may not add due to rounding (in millions) Terminalling & Storage Sulfur Services Transportation Natural Gas Liquids SG&A Interest Expense 4Q21 Actual Net income (loss) $3.9 $8.9 $5.1 $12.2 $(5.6) $(13.7) $10.8 Interest expense add back - - - - - $13.7 $13.7 Income tax expense - - - - $1.3 - $1.3 Operating Income (loss) $3.9 $8.9 $5.1 $12.2 $(4.3) $0.0 $25.8 Depreciation and amortization $7.1 $2.6 $3.7 $0.6 - - $13.9 Gain on disposition or sale of PP&E - $(0.1) - - - - $0.1 Adjusted EBITDA $11.0 $11.4 $8.8 $12.8 $(4.3) $0.0 $39.7 (in millions) Terminalling & Storage Sulfur Services Transportation Natural Gas Liquids SG&A Interest Expense YTD 4Q21 Actual Net income (loss) $15.5 $24.0 $8.4 $25.6 $(19.6) $(54.1) $(0.2) Interest expense add back - - - - - $54.1 $54.1 Income tax expense - - - - $3.4 - $3.4 Operating Income (loss) $15.5 $24.0 $8.4 $25.6 $(16.1) $0.0 $57.3 Depreciation and amortization $28.2 $10.4 $15.7 $2.4 - - $56.8 (Gain) Loss on disposition or sale of PP&E - $(0.1) $(0.1) $0.7 - - $0.5 Gain on involuntary conversion of PP&E $(0.2) - - - - - $(0.2) Non-cash mark-to-market on derivatives - - - $(0.2) - - $(0.2) Non-cash unit-based compensation expense - - - - $0.4 - $0.4 Adjusted EBITDA $43.5 $34.3 $24.1 $28.4 $(15.7) $0.0 $114.5

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Page 5 2023E Adjusted EBITDA Guidance Note: numbers may not add due to rounding \*Pre-Unallocated SG&A Specialty Products 1Q23E 2Q23E 3Q23E 4Q23E 2023E Lubricants $2.7 $3.3 $3.4 $1.9 $11.3 Grease $2.1 $2.3 $2.3 $1.8 $8.5 Propane $1.1 $0.2 $0.3 $0.9 $2.5 Natural Gasoline $0.2 $0.2 $0.2 $0.2 $0.8 Sub-Total Specialty Products $6.1 $6.0 $6.2 $4.8 $23.1 Butane Optimization $(8.2) $(1.7) - - $(9.9) Total Specialty Products $(2.1) $4.3 $6.2 $4.8 $13.2 Terminalling & Storage 1Q23E 2Q23E 3Q23E 4Q23E 2023E Smackover Refinery $3.7 $3.8 $3.8 $3.7 $15.0 Specialty Terminals $3.2 $3.0 $3.1 $3.0 $12.3 Shore-Based Terminals $1.1 $1.1 $1.1 $1.1 $4.4 Underground Storage $0.4 $0.4 $0.4 $0.4 $1.6 Total T&S $8.4 $8.3 $8.4 $8.2 $33.3 Sulfur Services 1Q23E 2Q23E 3Q23E 4Q23E 2023E Fertilizer $6.7 $7.7 $1.1 $2.9 $18.4 Sulfur Prilling $1.5 $1.5 $1.6 $1.6 $6.2 Molten Sulfur $1.4 $1.4 $1.4 $1.4 $5.6 Total Sulfur Services $9.6 $10.6 $4.1 $5.9 $30.2 Transportation 1Q23E 2Q23E 3Q23E 4Q23E 2023E Land $9.5 $8.8 $8.7 $8.6 $35.6 Marine $2.1 $2.8 $2.6 $2.9 $10.4 Total Transportation $11.6 $11.6 $11.3 $11.5 $46.0 1Q23E 2Q23E 3Q23E 4Q23E 2023E Adjusted EBITDA\* $27.5 $34.8 $30.0 $30.4 $122.7 Unallocated SG&A $(4.3) $(4.3) $(4.3) $(4.3) $(17.2) Total Adjusted EBITDA $23.2 $30.5 $25.7 $26.1 $105.5 Butane Optimization $8.2 $1.7 - - $9.9 Bank Compliant Adjusted EBITDA $31.4 $32.2 $25.7 $26.7 $115.4 Bank Compliant Adjusted EBITDA Percentages

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Page 6 Disclaimers Use of Non-GAAP Financial Measures Forward Looking Statements This presentation includes certain non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow. 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 generally accepted in the United States (GAAP). A reconciliation of non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP is set forth in the Appendix of this presentation or on our web site at www.MMLP.com. MMLP's management believes that these non-GAAP financial measures may provide useful information to investors regarding MMLP's financial condition and results of operations as they provide another measure of the profitability and ability to service its debt and are considered important measures by financial analysts covering MMLP and its peers. The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant. Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial or operational estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, and (ii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

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