Martin Midstream Partners L.P. (MMLP): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de Midstream Energy Logistics, Martin Midstream Partners L.P. (MMLP) emerge como una potencia estratégica, navegando por las intrincadas aguas del transporte de petróleo y servicios especializados. Con un modelo de negocio robusto que integra perfectamente la logística marina, las soluciones de almacenamiento y los servicios ambientales, MMLP ha forjado un nicho único en el intrincado ecosistema del sector energético. Su enfoque innovador transforma los desafíos logísticos tradicionales en operaciones simplificadas y eficientes que respaldan la infraestructura energética regional, lo que los convierte en un jugador crítico en el paisaje medio.

Martin Midstream Partners L.P. (MMLP) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con refinerías de petróleo y fabricantes de productos químicos

Martin Midstream Partners mantiene asociaciones estratégicas con actores clave de la industria de petróleo y químicos:

Tipo de socio	Número de asociaciones activas	Valor anual del contrato
Refinerías de petróleo	12	$ 87.4 millones
Fabricantes de productos químicos	8	$ 53.6 millones

Colaboración con compañías de transporte marino

Las asociaciones de transporte marino son críticas para la estrategia operativa de MMLP:

• Flota Total de Asociación de Transporte Marino: 24 buques
• Ingresos anuales de logística marina: $ 142.3 millones
• Partners de transporte marino primario:
  • Kirby Corporation
  • Arclight Capital Partners
  • Crowley Maritime Corporation

Asociaciones con operadores del sector energético de Midstream y aguas abajo

Sector	Número de socios	Inversión de asociación total
Operadores de la corriente intermedia	15	$ 213.7 millones
Operadores aguas abajo	9	$ 96.5 millones

Empresas conjuntas con propietarios de instalaciones de almacenamiento y terminal

Detalles de la empresa conjunta clave:

• Instalaciones de almacenamiento total en asociación: 22
• Capacidad de almacenamiento combinada: 8.6 millones de barriles
• Ingresos anuales de empresa conjunta: $ 176.9 millones
• Socios de la instalación de terminal primario:
  • Energía de Nustar
  • Buckeye Partners
  • Energía de Génesis

Martin Midstream Partners L.P. (MMLP) - Modelo de negocio: actividades clave

Transporte marino de productos petroleros

Martin Midstream opera una flota de embarcaciones marinas especializadas en transporte de productos petroleros. A partir de 2024, la compañía mantiene:

Tipo de vaso	Número de embarcaciones	Capacidad total
Barcazas articuladas (ATB)	12	1,2 millones de barriles
Barcazas de tanque costeras	8	800,000 barriles

Servicios de almacenamiento y terminal

La compañía proporciona infraestructura de almacenamiento integral en ubicaciones estratégicas:

Ubicación	Capacidad de almacenamiento	Tipos de productos
Costa del Golfo de Texas	3.5 millones de barriles	Petróleo crudo, productos refinados
Terminales de Louisiana	2.1 millones de barriles	Petroquímico, petróleo crudo

Mezcla y distribución de productos de petróleo

Capacidades anuales de mezcla y distribución:

• Volumen total de mezcla: 45 millones de galones por año
• Red de distribución: 12 estados en la región de la costa del Golfo
• Tipos de productos: lubricantes, aditivos de combustible, productos químicos especializados

Gestión de residuos y servicios ambientales

Operaciones especializadas de gestión de residuos:

Categoría de servicio	Volumen anual	Contribución de ingresos
Procesamiento de residuos industriales	250,000 toneladas	$ 42 millones
Remediación ambiental	35 sitios de proyectos	$ 18 millones

Soluciones especializadas de transporte marino

Servicios únicos de transporte marino:

• Buques de soporte en alta mar: 6 buques especializados
• Ingresos totales de transporte marino: $ 157 millones en 2023
• Cobertura geográfica: Golfo de México, vías navegables interiores

Martin Midstream Partners L.P. (MMLP) - Modelo de negocio: recursos clave

Extensa flota de embarcaciones y barcazas marinas

A partir de 2024, Martin Midstream Partners opera una flota que consiste en:

Tipo de vaso	Número de embarcaciones	Capacidad total
Barcazas del interior	42	1,200,000 barriles
Buques en alta mar	18	750,000 barriles

Almacenamiento estratégico e instalaciones terminales

Martin Midstream Partners mantiene:

• 15 terminales de almacenamiento ubicadas estratégicamente
• Capacidad de almacenamiento total de 4.2 millones de barriles
• Instalaciones ubicadas en la región de la costa del Golfo

Infraestructura especializada de logística y transporte

Los detalles de la infraestructura incluyen:

Componente de infraestructura	Cantidad
Conexiones de la tubería	87 millas
Instalaciones de carga de camiones	12 ubicaciones
Capacidades de carga ferroviaria	5 terminales

Experiencia técnica en manejo de productos de petróleo

Composición de la fuerza laboral:

• Total de empleados: 1,245
• Experiencia promedio de la industria: 17.3 años
• Certificaciones especializadas de manejo del petróleo: 89% del personal técnico

Capacidades robustas de gestión de riesgos

Métricas de gestión de riesgos:

Métrica de gestión de riesgos	Valor
Cobertura anual de seguro	$ 450 millones
Puntuación de auditoría de cumplimiento	98.7%
Tasa de incidentes de seguridad	0.3 por cada 100 trabajadores

Martin Midstream Partners L.P. (MMLP) - Modelo de negocio: propuestas de valor

Soluciones de logística integrales de Midstream

Martin Midstream Partners ofrece servicios de logística Midstream de extremo a extremo con las siguientes métricas clave:

Categoría de servicio	Volumen anual	Cobertura geográfica
Manejo de productos de petróleo	15.2 millones de barriles por año	Región de la Costa del Golfo
Transporte marino	8.7 millones de barriles anualmente	Texas, Louisiana, Mississippi
Almacenamiento terminal	4.5 millones de pies cuadrados	5 ubicaciones estratégicas

Transporte de productos petroleros seguros y eficientes

Las métricas de rendimiento del transporte incluyen:

• 99.8% de tasa de entrega a tiempo
• Cero incidentes ambientales principales en 2023
• Flota de 42 embarcaciones marinas
• Eficiencia promedio de transporte: 98.5%

Servicios marinos y terminales personalizados

Capacidades de servicio marino y terminal:

Tipo de servicio	Capacidad	Ingresos anuales
Carteras marinas	28 buques especializados	$ 127.3 millones
Almacenamiento terminal	3.2 millones de capacidad de barril	$ 94.6 millones

Opciones de gestión de residuos rentables

Desglose del servicio de gestión de residuos:

• Procesamiento anual de residuos: 1.2 millones de barriles
• Ingresos del tratamiento de residuos: $ 86.4 millones
• Tasa de reciclaje: 92.5%
• Ahorro de costos para los clientes: 35% en comparación con el promedio de la industria

Soporte confiable de infraestructura energética regional

Métricas de soporte de infraestructura:

Segmento de infraestructura	Inversión	Alcance de servicio
Redes de tuberías	$ 245.7 millones	Región de la Costa del Golfo
Instalaciones de almacenamiento	$ 163.2 millones	5 estados

Martin Midstream Partners L.P. (MMLP) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con compañías energéticas

Martin Midstream Partners mantiene contratos estratégicos a largo plazo con clientes clave del sector energético. A partir de 2024, la compañía ha establecido relaciones contractuales con aproximadamente 37 principales compañías de energía en toda la región de la costa del Golfo.

Tipo de contrato	Número de contratos	Duración promedio del contrato
Transporte marino	15	5-7 años
Servicios de terminal	12	4-6 años
Soluciones logísticas	10	3-5 años

Servicio al cliente dedicado y soporte técnico

La compañía opera un Centro de atención al cliente 24/7 con equipos especializados para diferentes segmentos de servicio.

• Personal de soporte técnico: 87 profesionales dedicados
• Tiempo de respuesta promedio: 17 minutos
• Calificación de satisfacción del cliente: 92.4%

Soluciones logísticas personalizadas para necesidades individuales del cliente

Martin Midstream Partners personaliza soluciones logísticas para clientes individuales, con aproximadamente el 68% de los contratos con paquetes de servicios personalizados.

Nivel de personalización del servicio	Porcentaje de clientes
Totalmente personalizado	28%
Parcialmente personalizado	40%
Servicios estándar	32%

Seguimiento consistente de rendimiento y confiabilidad

La compañía mantiene rigurosas métricas de rendimiento para las relaciones con los clientes.

• Tasa de entrega a tiempo: 96.7%
• Puntaje de confiabilidad del servicio: 94.2%
• Frecuencia anual de revisión del desempeño: trimestralmente

Comunicación proactiva y gestión de relaciones

Martin Midstream Partners implementa una estrategia de comunicación integral con los clientes.

Canal de comunicación	Frecuencia	Objetivo
Informes mensuales de rendimiento	12 veces/año	Seguimiento de rendimiento
Revisiones comerciales trimestrales	4 veces/año	Planificación estratégica
Conferencias anuales de clientes	1 vez/año	Fortalecimiento de la relación

Martin Midstream Partners L.P. (MMLP) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Martin Midstream Partners mantiene un equipo de ventas dedicado de 47 profesionales especializados en transporte marino y servicios de Midstream. El equipo de ventas se centra en segmentos clave de la industria que incluyen:

• Transporte de productos de petróleo
• Servicios de terminal y almacenamiento
• Transporte marino especializado

Conferencias de la industria y eventos comerciales

Tipo de evento	Participación anual	Público objetivo
Conferencias de logística del petróleo	6-8 eventos	Ejecutivos del sector energético
Simposios de transporte marítimo	4-5 eventos	Profesionales de envío y logística

Plataforma en línea y comunicación digital

Los canales digitales incluyen:

• Sitio web corporativo con Seguimiento de servicios en tiempo real
• Página de la compañía LinkedIn con 3.285 seguidores
• Presentaciones de transmisión web trimestral de inversores

Red de logística marítima

La infraestructura de red comprende:

• 24 recipientes marinos
• 16 terminales marítimas estratégicas
• Cobertura en las regiones de la costa del Golfo

Redes de referencia y asociación

Categoría de socio	Número de socios activos	Valor de colaboración anual
Productores de energía	38 socios	$ 127.6 millones
Compañías químicas industriales	22 socios	$ 84.3 millones

Martin Midstream Partners L.P. (MMLP) - Modelo de negocio: segmentos de clientes

Refinerías de petróleo

Martin Midstream Partners sirve refinerías de petróleo con servicios e infraestructura especializadas.

Categoría de clientes	Volumen de servicio anual	Valor de contrato promedio
Refinerías principales de petróleo	2.3 millones de barriles por año	$ 18.7 millones
Refinerías regionales	1.1 millones de barriles por año	$ 8.4 millones

Fabricantes de productos químicos

Los fabricantes de productos químicos representan un segmento crítico de clientes para Martin Midstream Partners.

• Total de fabricantes de productos químicos Clientes: 47
• Cobertura geográfica: región de la costa del Golfo
• Ingresos anuales del servicio: $ 62.3 millones

Empresas de energía regional

Martin Midstream Partners proporciona soluciones integrales de logística y almacenamiento.

Tipo de cliente	Número de clientes	Capacidad de almacenamiento anual
Empresas de energía regional	23	4.6 millones de barriles

Clientes de gestión de residuos industriales

Servicios especializados de gestión de residuos para sectores industriales.

• Total de los clientes de gestión de residuos: 36
• Volumen anual de procesamiento de residuos: 1.2 millones de galones
• Ingresos del servicio: $ 41.5 millones

Operadores de transporte marítimo

Servicios de transporte y logística marinos para clientes marítimos.

Tipo de vaso	Número de clientes	Volumen de transporte anual
Buques internos	15	2.7 millones de barriles
Buques en alta mar	8	1,5 millones de barriles

Martin Midstream Partners L.P. (MMLP) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de los buques marinos

Costos anuales de mantenimiento de buques marinos para MMLP: $ 12.4 millones en 2023. Flota de 38 buques marinos con gastos de mantenimiento promedio de $ 326,315 por barco.

Tipo de vaso	Número de embarcaciones	Costo de mantenimiento anual
Barcazas del interior	22	$ 6.8 millones
Buques de apoyo en alta mar	16	$ 5.6 millones

Costos de personal y trabajo

Gastos totales de personal para MMLP en 2023: $ 37.6 millones. Fuerza laboral de 463 empleados.

Categoría de empleado	Número de empleados	Salario anual promedio
Operaciones marítimas	268	$95,000
Personal administrativo	95	$85,000
Especialistas técnicos	100	$110,000

Gastos de combustible y transporte

Costos anuales de combustible y transporte: $ 22.3 millones. Consumo promedio de combustible: 1.2 millones de galones por año.

• Precio promedio de combustible diesel: $ 3.85 por galón
• Consumo de combustible diesel marino: 850,000 galones
• COMPORA DE CAMIONES COMBUSTIBLE: 350,000 galones

Infraestructura y mantenimiento de las instalaciones

Gasto total de mantenimiento de la infraestructura en 2023: $ 8.7 millones.

Tipo de instalación	Número de instalaciones	Costo de mantenimiento
Terminales de almacenamiento	12	$ 4.2 millones
Centros de logística	6	$ 2.5 millones
Oficinas administrativas	4	$ 2.0 millones

Cumplimiento regulatorio y seguro

Gastos regulatorios y de seguro totales: $ 5.9 millones en 2023.

• Cumplimiento regulatorio marítimo: $ 2.3 millones
• Costos de cumplimiento ambiental: $ 1.6 millones
• Cobertura de seguro integral: $ 2.0 millones

Martin Midstream Partners L.P. (MMLP) - Modelo de negocios: flujos de ingresos

Tarifas del servicio de transporte marino

A partir del cuarto trimestre de 2023, Martin Midstream Partners L.P. generó tarifas del Servicio de Transporte Marino por un total de $ 87.3 millones de su flota de buques marinos especializados que operan en la región de la costa del Golfo.

Tipo de vaso	Número de embarcaciones	Ingresos anuales
Buques de suministro en alta mar	12	$ 42.5 millones
Barcazas del interior	8	$ 34.2 millones
Camiones cisterna costeros	5	$ 10.6 millones

Cargos de almacenamiento y terminal

Los ingresos de almacenamiento y terminal para 2023 alcanzaron $ 105.6 millones, con instalaciones clave ubicadas en ubicaciones marítimas estratégicas.

• Capacidad de terminal: 3.2 millones de barriles
• Tasa de utilización promedio de almacenamiento: 82.5%
• Cargo promedio de almacenamiento diario: $ 0.45 por barril

Ingresos de mezcla de productos y distribución

La combinación y distribución de productos generaron $ 63.4 millones en ingresos durante 2023, centrándose en los mercados de petróleo y productos químicos.

Categoría de productos	Volumen (barriles)	Ganancia
Mezclas de petróleo	1.2 millones	$ 38.7 millones
Mezclas químicas	750,000	$ 24.7 millones

Contratos de servicio de gestión de residuos

Waste Management Services contribuyó con $ 29.8 millones al flujo de ingresos de la compañía en 2023.

• Número de contratos de gestión de residuos activos: 47
• Valor promedio del contrato: $ 633,000 anualmente
• Cobertura geográfica: regiones de la costa del Golfo y el sureste

Utilización de activos e ingresos de arrendamiento

El arrendamiento y la utilización de activos generaron $ 22.5 millones en ingresos para el año fiscal 2023.

Tipo de activo	Número de activos arrendados	Ingresos anuales de arrendamiento
Tanques de almacenamiento	24	$ 12.3 millones
Equipo marino	15	$ 10.2 millones

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Value Propositions

You're looking at the core value Martin Midstream Partners L.P. (MMLP) offers its counterparties, which is rooted in its physical assets and specialized service contracts across the U.S. Gulf Coast.

Reliable, specialized handling and storage for hard-to-handle products is a key differentiator, supported by the versatility of its assets. This capability allows Martin Midstream Partners L.P. (MMLP) to serve customers whose products require specific conditions, such as controlled temperature or moisture levels, which not all general operators can manage.

The business is built on integrated midstream services across four segments. As of the nine months ended September 30, 2025, the partnership generated an Adjusted EBITDA of $74.3 million, with a trailing twelve-month revenue of $713.26 million as of September 30, 2025.

The value of stability comes from fee-based cash flows, particularly in the Terminalling and Storage segment. Management noted that the majority of cash flows in this segment are generated from long-term fee-based contracts, which provides a steady foundation. This stability is evident even when other segments face headwinds; for example, in the third quarter of 2025, the Terminalling and Storage Adjusted EBITDA increased by $1.3 million year-over-year, with the underground NGL storage division specifically seeing a $1.4 million increase in Adjusted EBITDA.

Martin Midstream Partners L.P. (MMLP) offers production of high-purity electronic level sulfuric acid (ELSA), a specialized product line. Revenue related to a guaranteed reservation fee for the ELSA project at the Plainview, Texas facility began in the fourth quarter of 2024. The Smackover refinery, which is part of the overall Terminalling and Storage segment, maintained a consistent Adjusted EBITDA of $3.8 million in the third quarter of 2025.

The entire operational footprint is strategically placed, offering a value proposition tied to its geographic focus in the critical U.S. Gulf Coast region. This location provides access to various cost-effective transportation modes.

Here's a look at the segment-level performance for the three months ended September 30, 2025, compared to the same period in 2024, illustrating the varied contributions to the overall business:

Segment	Q3 2025 Adjusted EBITDA (Millions USD)	Q3 2024 Adjusted EBITDA (Millions USD)	Q3 Variance (Millions USD)
Terminalling and Storage	Reported Value	Reported Value	$1.3 increase
Sulfur Services	Reported Value	Reported Value	$0.3 decrease
Transportation	Reported Value	Reported Value	Not explicitly stated as a total segment variance, but land met expectations
Specialty Products	Reported Value	Reported Value	Not explicitly stated as a total segment variance, but grease lagged
Total Partnership Adjusted EBITDA	$19.3	Reported Value	Reported Value

The overall financial health, while facing near-term softness in certain areas like marine transportation, maintains a leverage profile that management is actively managing; the adjusted leverage ratio stood at 4.63 times as of September 30, 2025.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Customer Relationships

The customer relationships for Martin Midstream Partners L.P. (MMLP) are heavily weighted toward stability, particularly within the Terminalling and Storage segment, which saw its Adjusted EBITDA increase by $0.4 million in the second quarter of 2025. This stability is underpinned by the structure of their service agreements.

Long-term, fee-based contracts, particularly in Terminalling and Storage.

The core relationship strategy in Terminalling and Storage relies on securing cash flows through contracts that are primarily fee-based and long-term. This structure is designed to provide a consistent revenue stream, which is crucial as MMLP manages seasonal weakness, such as the third quarter of 2025, where Adjusted EBITDA was $19.3 million. The Partnership reaffirmed its full-year 2025 Adjusted EBITDA guidance of $109.1 million based partly on this segment's expected performance.

MMLP operates 12 marine shore-based terminal facilities and 9 specialty terminal facilities, mainly along the U.S. Gulf Coast. The relationship structure varies by terminal asset, balancing fixed fees with volume-based charges.

Terminal/Service Type	Primary Contract Basis	Customer Type Example	Fee Structure Detail
General Terminalling & Storage	Long-term contracts	Producers and suppliers of petroleum products	Fee basis for storage, refining, and handling services
Shore Bases (Land Rental)	Land rental contracts	Oil and gas exploration and production companies, oilfield service companies	Fixed land rental fee plus additional fees based on a percentage of sales value of products/services delivered
Ouachita County Terminal	Long-term terminalling agreement	Cross Oil Refining and Marketing	Throughput fee
Tampa, Neches, and Stanolind Terminals	Fixed monthly fee or throughput fee	Large oil refining and natural gas processing companies	Fee based on the capacity of the applicable tank

The company attempts to balance short-term and long-term terminalling contracts to maintain steady cash flow while retaining flexibility for higher storage revenues when demand spikes.

Dedicated account management for major industrial customers.

While specific details on dedicated account manager ratios are not public, the nature of the customer base in Terminalling and Storage-comprising major oil and gas exploration/production companies and large refining companies-necessitates close, dedicated management for contract renewal and service integration. The relationship with Martin Resource Management Corporation, for instance, involves contractual arrangements for fuel oil storage at terminal facilities.

Direct service model for specialized transportation and processing.

The Transportation segment operates a direct service model for its marine and land transportation businesses. In Q3 2025, the marine transportation business faced a significant challenge with a decline in demand for inland barge fuel transportation. The land transportation business, however, met expectations for the quarter. The Sulfur Services segment also involves direct processing relationships, with its Adjusted EBITDA forecast for 2025 reflecting increased earnings from the ELSA project.

Transactional relationships for spot market sales of certain products.

The Specialty Products segment, which includes grease and lubricants businesses, experiences relationships that are more sensitive to market dynamics. In Q2 2025, the grease business unit saw temporary volume reductions due to shifts in the customer portfolio. The lubricants business results exceeded expectations in Q2 2025. The Sulfur Services segment's earnings are partially dependent on processing fees from sales, estimated to be around $4 million to $5 million in EBITDA for 2025, which suggests a transactional component alongside fee-based revenue.

• The number of MMLP Common Units outstanding as of July 21, 2025, was 39,055,086.
• The quarterly cash dividend declared in Q2 2025 was $0.005 per common unit.
• Adjusted leverage ratio as of June 30, 2025, was 4.20 times.

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Channels

You're looking at how Martin Midstream Partners L.P. gets its services and products to the customer base, which is heavily reliant on its physical assets and logistics capabilities across the Gulf Coast region.

Network of owned and operated marine and land terminals

The physical infrastructure forms the backbone of the Terminalling & Storage channel. Martin Midstream Partners L.P. owns or operates a network of facilities strategically positioned for product handling and storage.

• Operates 12 marine terminals along the United States Gulf Coast, spanning from Theodore, Alabama, to Port O'Connor, Texas.
• Owns or operates 9 terminal facilities categorized as specialty terminals, handling products like anhydrous ammonia, asphalt, and sulfur.
• Maintains 13 lubricant and fuel oil terminals in the Gulf Coast region for storage and marketing.
• Operates three full service terminals that also provide shore bases for offshore exploration and production support.

For the first quarter of 2025, the Terminalling & Storage segment saw Adjusted EBITDA decrease by $1.3 million year-over-year, partly due to lower space rent revenue in the shore-based terminals division. However, the segment delivered results consistent with internal projections for the third quarter of 2025, suggesting stability from long-term fee-based contracts.

Land transportation fleet (trucks) for product delivery

The land transportation fleet moves products like NGLs, molten sulfur, sulfuric acid, and chemicals via truck. This channel experienced some pressure in early 2025 but stabilized later in the year.

In Q1 2025, the land division within Transportation saw Adjusted EBITDA decline by $3.9 million year-over-year, attributed to lower miles driven and higher operating expenses. Still, the land transportation business met expectations for the third quarter of 2025, positioning it for steady results over the remainder of the year.

Inland marine barge fleet for bulk transportation

For bulk liquid commodities, the inland marine barge fleet is a key channel. This part of the Transportation segment faced volatility in 2025.

Marine Adjusted EBITDA fell $1.3 million year-over-year in Q1 2025 due to reduced inland utilization and lower day rates. The marine business experienced a significant, unexpected decline in demand for inland barge fuel transportation during the third quarter of 2025, causing barge utilization to decline significantly as refineries shifted to lighter crude slates. This was partially offset by higher offshore transportation rates.

Direct sales force for specialty products and sulfur services

Direct engagement through a sales force supports the Sulfur Services and Specialty Products segments. The Sulfur Services channel benefited from proactive customer ordering in the first quarter.

Sulfur Services Adjusted EBITDA increased to $11.5 million in Q1 2025, up from $6.7 million in Q1 2024, driven by higher fertilizer volumes and DSM Semichem reservation fees. However, this segment faced modest headwinds in Q3 2025, with Adjusted EBITDA decreasing by $0.3 million following annual planned turnarounds at fertilizer plants. The Specialty Products channel saw its grease division's sales volumes lag expectations in Q3 2025, with Adjusted EBITDA decreasing by $0.9 million due to lower margins.

Here's a quick view of the segment performance impacting these channels through the first three quarters of 2025:

Segment Channel Focus	Q1 2025 Adjusted EBITDA (Millions USD)	Q3 2025 Adjusted EBITDA (Millions USD)	Key Channel Commentary (2025)
Terminalling & Storage (Terminals)	Reported decrease of $1.3M YoY (Q1)	Consistent with internal projections (Q3)	Specialty and shore-based terminals faced inflated operating expenses in Q1.
Transportation - Land Fleet (Trucks)	Adjusted EBITDA fell $3.9M YoY (Q1)	Met expectations (Q3)	Lower miles and higher opex impacted Q1 results.
Transportation - Marine Fleet (Barges)	Adjusted EBITDA fell $1.3M YoY (Q1)	Significant decline in inland barge fuel demand (Q3)	Utilization improved versus Q4 2024, but Q3 demand was unexpected.
Sulfur Services (Direct Sales/Processing)	$11.5M (Up $4.8M YoY) (Q1)	Decreased by $0.3M (Q3)	Benefited from customer pre-ordering in Q1; faced volume reduction in pure sulfur in Q3.

The Partnership maintained its full-year 2025 Adjusted EBITDA guidance of $109.1 million after Q1, but later withdrew guidance after the third quarter results, citing muted sales in the grease business and the marine transportation decline.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Customer Segments

Martin Midstream Partners L.P. serves a business-to-business clientele concentrated in the energy and industrial sectors across the United States Gulf Coast region.

Major and independent oil and gas companies are key customers, relying on Martin Midstream Partners L.P. for terminalling, storage, and transportation services for petroleum products and by-products.

Refineries and chemical companies utilize Martin Midstream Partners L.P.'s infrastructure. For instance, refinery activity directly impacts marine transportation demand, as a shift in crude slates away from heavier crude impacted barge utilization in the third quarter of 2025.

Industrial customers requiring sulfur and sulfuric acid products are primarily served through the Sulfur Services segment. These customers include fertilizer manufacturers and other industrial entities.

• Fertilizer division Adjusted EBITDA increased by $1.0 million in the nine months ended September 30, 2025, due to reservation fees related to the DSM Semichem joint venture.
• The pure sulfur business saw a reduction in Adjusted EBITDA of $0.7 million in Q3 2025 due to a reduction in sales volume.

Specialty lubricant and grease distributors and end-users are the focus of the Specialty Products segment, which includes blending and packaging services for these items.

The lubricants business anticipates performance strengthening as the market adjusts to the exit of a large competitor in south Louisiana.

Here's a quick look at how the customer base aligns with Martin Midstream Partners L.P.'s operational segments as of late 2025:

Business Segment	Primary Customer Type(s)	Relevant Financial/Operational Data (Latest Available)
Terminalling & Storage	Refineries, Wholesale Purchasers	Segment delivered results consistent with internal projections in Q3 2025. Underground NGL storage saw increased throughput volumes in Q2 2025.
Sulfur Services	Fertilizer Manufacturers, Industrial Clients	Segment outperformed internal projections in the first half of 2025. Fertilizer division benefited from reservation fees from the DSM Semichem joint venture.
Specialty Products (Lubricants/Grease)	Distributors, Industrial End-Users	Grease division Adjusted EBITDA decreased by $0.9 million in Q3 2025 due to lower-margin sales mix.
Transportation	Oil & Gas Companies, Refineries	Marine utilization declined significantly in Q3 2025 as refineries favored lighter crude slates. Land transportation met expectations for Q3 2025.

The overall customer base relies on Martin Midstream Partners L.P.'s specialized logistics, including terminalling, storage, and transportation for petroleum products, chemicals, and specialty items.

The company's total trailing twelve month revenue as of September 30, 2025, was approximately $713M.

For the three months ended September 30, 2025, Martin Midstream Partners L.P. reported an Adjusted EBITDA of $19.3 million.

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Martin Midstream Partners L.P.'s operations, which is key to understanding its profitability profile. The cost structure is heavily influenced by debt servicing and the direct costs of running its fleet and processing assets.

Interest Expense on Outstanding Notes:

• Martin Midstream Partners L.P. has outstanding notes, including a significant issuance of $400 million in senior secured second lien notes due in 2028, which carry an interest rate of 11.500%.
• The Partnership funds a semi-annual interest payment related to these notes in the first and third quarters, which causes expected fluctuations in leverage ratios.
• Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable for the first quarter of 2025 was $(12.7) million.
• Total other expense, which includes interest expense, for the six months ended June 30, 2025, was $(14,608) thousand.

Maintenance Capital Expenditures:

Capital spending for upkeep is a regular drain. You saw maintenance capital expenditures of $4.7 million in Q1 2025.

• Maintenance capital expenditures for the first quarter of 2025 were $4.7 million.
• Total maintenance capital expenditures and plant turnaround costs for Q1 2025 were $(4.7) million.
• Maintenance capital expenditures for the second quarter of 2025 were $5.2 million.

Operating Expenses for Marine and Land Transportation Fleets:

The Transportation segment saw its Adjusted EBITDA decrease by $5.2 million year-over-year in Q1 2025. This was partly due to the land business seeing a $3.9 million decrease from lower miles and higher operating expenses (opex). The marine business saw a $1.3 million decrease from reduced inland utilization and day rates. Overall operating expenses for the six months ended June 30, 2025, totaled $55,388 thousand.

Costs of Revenue for Sulfur Services and Specialty Products Segments:

The direct costs tied to generating revenue in the product-focused segments are substantial. Here's a look at the cost of products sold for the six months ended June 30, 2025:

Segment	Cost of Products Sold (Six Months Ended June 30, 2025, in thousands)
Specialty products	$57,553
Sulfur services	$6,308

Segment Adjusted EBITDA figures for Q1 2025 show the relative profitability after these costs:

• Sulfur Services Adjusted EBITDA was $11.5 million in Q1 2025.
• Specialty Products Adjusted EBITDA was $4.5 million in Q1 2025.

Selling, General, and Administrative (SG&A) Expenses:

Unallocated SG&A expenses, which cover corporate overhead not directly tied to a segment, remained relatively stable. For Q1 2025, excluding merger termination costs, this expense was approximately $3.8 million. The total Selling, general and administrative expenses for the six months ended June 30, 2025, were $16,027 thousand.

Here's a breakdown of the unallocated costs for Q1 2025:

Expense Category	Q1 2025 Amount (in millions)
Unallocated SG&A	$(3.8)
Interest Expense, net	$(12.7)

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Martin Midstream Partners L.P. (MMLP) brings in cash, which is essential for understanding its valuation and stability. The business model heavily leans on long-term contracts for its infrastructure services, which generally provides a more predictable cash flow, though commodity-related sales still play a part. As of late 2025, the Trailing Twelve Months (TTM) revenue for Martin Midstream Partners L.P. (MMLP) stands at $713 Million USD, which is slightly above the $0.71 Billion USD figure reported for the same period. For a recent snapshot, the revenue for the first quarter of 2025 was $192.5 Million USD.

The revenue streams are clearly segmented across the partnership's operations. The stability of the fee-based services is a key feature, especially when compared to the more volatile sales of sulfur and specialty products. Here's a breakdown of the primary revenue drivers based on the structure of Martin Midstream Partners L.P. (MMLP)'s operations:

• Fee-based revenue from terminalling, storage, and throughput services.
• Sales revenue from sulfur and sulfur-based products.
• Transportation service fees, covering both land and marine operations.
• Sales of specialty products, which includes lubricants and grease.

To give you a clearer picture of the scale and the relative importance of these segments, even though direct revenue splits for the TTM period aren't fully public, we can look at the segment Adjusted EBITDA from recent quarters to map the contribution. For instance, in the second quarter of 2025, the combined segment Adjusted EBITDA was $55.0 Million USD for the six months ended June 30, 2025, with the Terminalling & Storage Segment contributing $35.6 Million USD of that total for the same six-month period.

Here's a table summarizing the key revenue-generating activities and some recent financial indicators:

Revenue Stream Component	Service/Product Focus	Latest Available Financial Data Point	Value (USD)
Fee-based Services	Terminalling, Storage, Throughput (e.g., Underground NGL storage)	Terminalling and Storage Segment Adjusted EBITDA (Six Months Ended June 30, 2025)	$35.6 Million
Transportation Fees	Land and Marine Transportation (e.g., Heated barge demand)	Transportation Segment Adjusted EBITDA (Six Months Ended June 30, 2025)	$16.5 Million
Sulfur & Sulfur-based Products	Processing, Manufacturing, Marketing (e.g., Fertilizer volumes)	Sulfur Services Segment Adjusted EBITDA (Q2 2025)	$10.6 Million
Specialty Products Sales	Lubricants, Grease, Propane, NGLs	Specialty Products Segment Adjusted EBITDA (Q2 2025)	$5.7 Million
Total Partnership Revenue	Aggregate TTM Revenue as of late 2025	Trailing Twelve Months (TTM) Revenue (as of late 2025)	$713 Million

The fee-based revenue from terminalling and storage is underpinned by long-term contracts, which management noted was expected to deliver stable performance through year-end 2025. For example, the underground NGL storage division saw its Adjusted EBITDA increase by $1.4 Million in the third quarter of 2025 due to higher storage and throughput volumes. On the other hand, the Transportation segment experienced headwinds; the land transportation business met expectations, but marine utilization was softer, leading to a year-over-year Adjusted EBITDA fall of $2.7 Million in the second quarter of 2025.

Sales revenue from sulfur and sulfur-based products is tied to fertilizer volumes and margins, which saw a benefit in Q1 2025 from customers ordering ahead of anticipated price increases. The Specialty Products segment shows a mix; while lubricants volumes slightly improved, grease business sales volumes continued to lag expectations as of the third quarter of 2025. Finance: draft 13-week cash view by Friday.