Martin Midstream Partners L.P. (MMLP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de la logistique énergétique médiane, Martin Midstream Partners L.P. (MMLP) apparaît comme une puissance stratégique, naviguant dans les eaux complexes du transport du pétrole et des services spécialisés. Avec un modèle commercial robuste qui intègre de manière transparente la logistique marine, les solutions de stockage et les services environnementaux, MMLP a creusé un créneau unique dans l'écosystème complexe du secteur de l'énergie. Leur approche innovante transforme les défis logistiques traditionnels en opérations rationalisées et efficaces qui soutiennent les infrastructures énergétiques régionales, ce qui en fait un acteur critique dans le paysage intermédiaire.

Martin Midstream Partners L.P. (MMLP) - Modèle commercial: Partenariats clés

Alliances stratégiques avec des raffineries de pétrole et des fabricants de produits chimiques

Martin Midstream Partners entretient des partenariats stratégiques avec les principaux acteurs de l'industrie du pétrole et des produits chimiques:

Type de partenaire	Nombre de partenariats actifs	Valeur du contrat annuel
Raffineries de pétrole	12	87,4 millions de dollars
Fabricants de produits chimiques	8	53,6 millions de dollars

Collaboration avec les sociétés de transport marin

Les partenariats de transport marin sont essentiels à la stratégie opérationnelle de MMLP:

• Total Marine Transportation Partnership Fleet: 24 navires
• Revenus de logistique marine annuelle: 142,3 millions de dollars
• Partners de transport marin primaires:
  • Kirby Corporation
  • Arclight Capital Partners
  • Crowley Maritime Corporation

Partenariats avec les opérateurs du secteur de l'énergie intermédiaire et en aval

Secteur	Nombre de partenaires	Investissement total de partenariat
Opérateurs en milieu de route	15	213,7 millions de dollars
Opérateurs en aval	9	96,5 millions de dollars

Coentreprises avec des propriétaires de stockage et de terminaux

Détails clés de la coentreprise:

• Installations de stockage total en partenariat: 22
• Capacité de stockage combinée: 8,6 millions de barils
• Revenus annuels de coentreprise: 176,9 millions de dollars
• Partners des installations du terminal primaire:
  • Énergie nustar
  • Partenaires de Buckeye
  • Genèse Energy

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: Activités clés

Transport marin de produits pétroliers

Martin Midstream exploite une flotte de navires marins spécialisés dans le transport de produits pétroliers. En 2024, la société maintient:

Type de navire	Nombre de navires	Capacité totale
Barges de remorqueur articulées (ATBS)	12	1,2 million de barils
Barges du réservoir côtier	8	800 000 barils

Services de stockage et de terminaison

L'entreprise fournit une infrastructure de stockage complète sur des emplacements stratégiques:

Emplacement	Capacité de stockage	Types de produits
Côte du Golfe du Texas	3,5 millions de barils	Huile brut, produits raffinés
Terminaux de la Louisiane	2,1 millions de barils	Pétrochimie, pétrole brut

Mélange et distribution des produits pétroliers

Capacités annuelles de mélange et de distribution:

• Volume total de mélange: 45 millions de gallons par an
• Réseau de distribution: 12 États dans toute la région de la côte du Golfe
• Types de produits: lubrifiants, additifs de carburant, produits chimiques spécialisés

Gestion des déchets et services environnementaux

Opérations spécialisées de gestion des déchets:

Catégorie de service	Volume annuel	Contribution des revenus
Traitement des déchets industriels	250 000 tonnes	42 millions de dollars
Rassasie environnementale	35 sites du projet	18 millions de dollars

Solutions de transport marin spécialisées

Services de transport maritime uniques:

• Navires de support offshore: 6 navires spécialisés
• Revenus totaux de transport marin: 157 millions de dollars en 2023
• Couverture géographique: golfe du Mexique, voies navigables intérieures

Martin Midstream Partners L.P. (MMLP) - Modèle commercial: Ressources clés

Flotte vaste de navires et de barges marines

En 2024, Martin Midstream Partners exploite une flotte composée de:

Type de navire	Nombre de navires	Capacité totale
Barges intérieures	42	1 200 000 barils
Navires offshore	18	750 000 barils

Stockage stratégique et terminaux

Martin Midstream Partners maintient:

• 15 Terminaux de stockage stratégiquement situés
• Capacité de stockage totale de 4,2 millions de barils
• Installations situées dans la région de la côte du Golfe

Infrastructure de logistique et de transport spécialisée

Les détails de l'infrastructure comprennent:

Composant d'infrastructure	Quantité
Connexions de pipeline	87 miles
Installations de chargement de camions	12 emplacements
Capacités de transcharge ferroviaire	5 terminaux

Expertise technique dans la manipulation des produits pétroliers

Composition de la main-d'œuvre:

• Total des employés: 1,245
• Expérience moyenne de l'industrie: 17,3 ans
• Certifications spécialisées de traitement du pétrole: 89% du personnel technique

Capacités de gestion des risques robustes

Métriques de gestion des risques:

Métrique de gestion des risques	Valeur
Couverture d'assurance annuelle	450 millions de dollars
Score d'audit de la conformité	98.7%
Taux d'incident de sécurité	0,3 pour 100 travailleurs

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: propositions de valeur

Solutions de logistique médiane complètes

Martin Midstream Partners fournit des services de logistique Midstream de bout en bout avec les mesures clés suivantes:

Catégorie de service	Volume annuel	Couverture géographique
Gestion des produits pétroliers	15,2 millions de barils par an	Région de la côte du golfe
Transport marin	8,7 millions de barils par an	Texas, Louisiane, Mississippi
Stockage du terminal	4,5 millions de pieds carrés	5 emplacements stratégiques

Transport de produits pétroliers sûrs et efficaces

Les mesures de performance du transport comprennent:

• Taux de livraison à 99,8%
• Zéro incidents environnementaux majeurs en 2023
• Flotte de 42 navires marins
• Efficacité moyenne du transport: 98,5%

Services marins et terminaux personnalisés

Capacités de service marin et terminal:

Type de service	Capacité	Revenus annuels
Chartes des navires marins	28 navires spécialisés	127,3 millions de dollars
Stockage du terminal	Capacité de 3,2 millions de barils	94,6 millions de dollars

Options de gestion des déchets rentables

Répartition des services de gestion des déchets:

• Traitement annuel des déchets: 1,2 million de barils
• Revenus de traitement des déchets: 86,4 millions de dollars
• Taux de recyclage: 92,5%
• Économies de coûts pour les clients: 35% par rapport à la moyenne de l'industrie

Support d'infrastructure énergétique régional fiable

Métriques de soutien aux infrastructures:

Segment des infrastructures	Investissement	Transion du service
Réseaux de pipeline	245,7 millions de dollars	Région de la côte du golfe
Installations de stockage	163,2 millions de dollars	5 États

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec des sociétés énergétiques

Martin Midstream Partners maintient des contrats stratégiques à long terme avec des clients clés du secteur de l'énergie. En 2024, la société a établi des relations contractuelles avec environ 37 grandes sociétés énergétiques dans la région de la côte du Golfe.

Type de contrat	Nombre de contrats	Durée du contrat moyen
Transport marin	15	5-7 ans
Services de terminaison	12	4-6 ans
Solutions logistiques	10	3-5 ans

Service client dédié et support technique

L'entreprise exploite un Centre de support client 24/7 avec des équipes spécialisées pour différents segments de service.

• Personnel de soutien technique: 87 professionnels dévoués
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 92,4%

Solutions logistiques sur mesure pour les besoins individuels des clients

Martin Midstream Partners personnalise les solutions logistiques pour les clients individuels, avec environ 68% des contrats avec des forfaits de service personnalisés.

Niveau de personnalisation du service	Pourcentage de clients
Entièrement personnalisé	28%
Partiellement personnalisé	40%
Services standard	32%

Performances et suivi de la fiabilité cohérents

La société maintient des mesures de performance rigoureuses pour les relations avec les clients.

• Taux de livraison à temps: 96,7%
• Score de fiabilité du service: 94,2%
• Fréquence de revue des performances annuelle: trimestriel

Communication proactive et gestion des relations

Martin Midstream Partners met en œuvre une stratégie de communication complète avec les clients.

Canal de communication	Fréquence	But
Rapports de performance mensuels	12 fois / an	Suivi des performances
Avis sur les entreprises trimestrielles	4 fois / an	Planification stratégique
Conférences de clients annuelles	1 heure / an	Renforcement des relations

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Martin Midstream Partners maintient une équipe de vente dédiée de 47 professionnels spécialisés dans les transports marins et les services médian. L'équipe commerciale se concentre sur les principaux segments de l'industrie, notamment:

• Transport de produits pétroliers
• Services de terminaison et de stockage
• Transport marin spécialisé

Conférences de l'industrie et événements commerciaux

Type d'événement	Participation annuelle	Public cible
Conférences logistiques pétrolières	6-8 événements	Directeurs du secteur de l'énergie
Symposiums de transport maritime	4-5 événements	Professionnels de la livraison et de la logistique

Plate-forme en ligne et communication numérique

Les canaux numériques comprennent:

• Site Web d'entreprise avec Suivi des services en temps réel
• Page de l'entreprise LinkedIn à 3 285 abonnés
• Présentations de webdiffusions sur les investisseurs trimestriels

Réseau de logistique maritime

L'infrastructure réseau comprend:

• 24 navires marins
• 16 terminaux maritimes stratégiques
• Couverture dans les régions de la côte du Golfe

Réseaux de référence et de partenariat

Catégorie de partenaire	Nombre de partenaires actifs	Valeur de collaboration annuelle
Producteurs d'énergie	38 partenaires	127,6 millions de dollars
Sociétés chimiques industrielles	22 partenaires	84,3 millions de dollars

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: segments de clientèle

Raffineries de pétrole

Martin Midstream Partners sert des raffineries de pétrole avec des services et des infrastructures spécialisés.

Catégorie client	Volume de services annuel	Valeur du contrat moyen
Majors raffineries de pétrole	2,3 millions de barils par an	18,7 millions de dollars
Raffineries régionales	1,1 million de barils par an	8,4 millions de dollars

Fabricants de produits chimiques

Les fabricants de produits chimiques représentent un segment de clientèle critique pour Martin Midstream Partners.

• Clients totaux de fabricants chimiques: 47
• Couverture géographique: région de la côte du golfe
• Revenus de services annuels: 62,3 millions de dollars

Sociétés d'énergie régionale

Martin Midstream Partners fournit des solutions de logistique et de stockage complètes.

Type de client	Nombre de clients	Capacité de stockage annuelle
Sociétés d'énergie régionale	23	4,6 millions de barils

Clients de gestion des déchets industriels

Services spécialisés de gestion des déchets pour les secteurs industriels.

• Clients totaux de gestion des déchets: 36
• Volume annuel de traitement des déchets: 1,2 million de gallons
• Revenus de service: 41,5 millions de dollars

Opérateurs de transport maritime

Services de transport marin et de logistique pour les clients maritimes.

Type de navire	Nombre de clients	Volume de transport annuel
Navires intérieurs	15	2,7 millions de barils
Navires offshore	8	1,5 million de barils

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des navires marins

Coûts de maintenance des navires marins annuels pour le MMLP: 12,4 millions de dollars en 2023. flotte de 38 navires marins avec des frais de maintenance moyens de 326 315 $ par navire.

Type de navire	Nombre de navires	Coût de maintenance annuel
Barges intérieures	22	6,8 millions de dollars
Navires de support offshore	16	5,6 millions de dollars

Coûts du personnel et de la main-d'œuvre

Total des dépenses de personnel pour le MMLP en 2023: 37,6 millions de dollars. Travail de 463 employés.

Catégorie des employés	Nombre d'employés	Salaire annuel moyen
Opérations maritimes	268	$95,000
Personnel administratif	95	$85,000
Spécialistes techniques	100	$110,000

Frais de carburant et de transport

Coût annuel de carburant et de transport: 22,3 millions de dollars. Consommation de carburant moyenne: 1,2 million de gallons par an.

• Diesel Fuel Prix moyen: 3,85 $ par gallon
• Consommation de carburant diesel marin: 850 000 gallons
• Fuel de transport de camions: 350 000 gallons

Infrastructure et maintenance des installations

Total des dépenses de maintenance des infrastructures en 2023: 8,7 millions de dollars.

Type d'installation	Nombre d'installations	Coût de maintenance
Bornes de stockage	12	4,2 millions de dollars
Centres logistiques	6	2,5 millions de dollars
Bureaux administratifs	4	2,0 millions de dollars

Compliance et assurance réglementaires

Total des frais de réglementation et d'assurance: 5,9 millions de dollars en 2023.

• Conformité réglementaire maritime: 2,3 millions de dollars
• Coûts de conformité environnementale: 1,6 million de dollars
• Couverture d'assurance complète: 2,0 millions de dollars

Martin Midstream Partners L.P. (MMLP) - Modèle d'entreprise: Strots de revenus

Frais de service de transport marin

Au quatrième trimestre 2023, les partenaires de Martin Midstream L.P.

Type de navire	Nombre de navires	Revenus annuels
Navires d'approvisionnement offshore	12	42,5 millions de dollars
Barges intérieures	8	34,2 millions de dollars
Pétroliers côtiers	5	10,6 millions de dollars

Frais de stockage et de terminaison

Les revenus de stockage et de terminaison pour 2023 ont atteint 105,6 millions de dollars, avec des installations clés situées dans des emplacements maritimes stratégiques.

• Capacité de terminaison: 3,2 millions de barils
• Taux d'utilisation moyenne du stockage: 82,5%
• Frais de stockage quotidiens moyens: 0,45 $ le baril

Revenus de mélange et de distribution de produits

Le mélange et la distribution des produits ont généré 63,4 millions de dollars de revenus en 2023, en se concentrant sur les marchés de produits de pétrole et de produits chimiques.

Catégorie de produits	Volume (barils)	Revenu
Mélanges de pétrole	1,2 million	38,7 millions de dollars
Mélanges chimiques	750,000	24,7 millions de dollars

Contrats de services de gestion des déchets

Les services de gestion des déchets ont contribué 29,8 millions de dollars à la source de revenus de l'entreprise en 2023.

• Nombre de contrats de gestion des déchets actifs: 47
• Valeur du contrat moyen: 633 000 $ par an
• Couverture géographique: Régions de la côte du golfe et du sud-est

Utilisation des actifs et revenu de location

La location et l'utilisation des actifs ont généré 22,5 millions de dollars de revenus pour l'exercice 2023.

Type d'actif	Nombre d'actifs loués	Revenus de location annuelle
Réservoirs de stockage	24	12,3 millions de dollars
Équipement marin	15	10,2 millions de dollars

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.