Martin Midstream Partners L.P. (MMLP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No complexo mundo da Logística de Energia Midstream, a Martin Midstream Partners L.P. (MMLP) surge como uma potência estratégica, navegando pelas intrincadas águas do transporte de petróleo e serviços especializados. Com um modelo de negócios robusto que integra perfeitamente a logística marinha, soluções de armazenamento e serviços ambientais, a MMLP criou um nicho único no intrincado ecossistema do setor de energia. Sua abordagem inovadora transforma os desafios da logística tradicionais em operações simplificadas e eficientes que apóiam a infraestrutura de energia regional, tornando -as um participante crítico no cenário do meio da corrente.

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com refinarias de petróleo e fabricantes de produtos químicos

A Martin Midstream Partners mantém parcerias estratégicas com os principais players de petróleo e produtos químicos da indústria:

Tipo de parceiro	Número de parcerias ativas	Valor anual do contrato
Refinarias de petróleo	12	US $ 87,4 milhões
Fabricantes químicos	8	US $ 53,6 milhões

Colaboração com empresas de transporte marítimo

As parcerias de transporte marítimo são fundamentais para a estratégia operacional da MMLP:

• Frota Total de Parceria para Transporte Marinho: 24 navios
• Receita anual de logística marinha: US $ 142,3 milhões
• Parceiros de transporte marítimo primário:
  • Kirby Corporation
  • Arclight Capital Partners
  • Crowley Maritime Corporation

Parcerias com os operadores do setor de energia Midstream e a jusante

Setor	Número de parceiros	Investimento total de parceria
Operadores do meio -fluxo	15	US $ 213,7 milhões
Operadores a jusante	9	US $ 96,5 milhões

Joint ventures com proprietários de instalações de armazenamento e terminal

Principais detalhes da joint venture:

• Facilidades totais de armazenamento em parceria: 22
• Capacidade de armazenamento combinado: 8,6 milhões de barris
• Receita anual de joint venture: US $ 176,9 milhões
• Parceiros da instalação do terminal primário:
  • Nustar Energy
  • Buckeye Partners
  • Energia de Gênesis

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: Atividades -chave

Transporte marinho de produtos petrolíferos

Martin Midstream opera uma frota de navios marítimos especializados em transporte de produtos petrolíferos. A partir de 2024, a empresa mantém:

Tipo de embarcação	Número de embarcações	Capacidade total
Barcaça de rebocador articulada (ATBs)	12	1,2 milhão de barris
Barcaças de tanques costeiras	8	800.000 barris

Serviços de armazenamento e terminal

A empresa fornece infraestrutura abrangente de armazenamento em locais estratégicos:

Localização	Capacidade de armazenamento	Tipos de produtos
Costa do Golfo do Texas	3,5 milhões de barris	Petróleo bruto, produtos refinados
Terminais da Louisiana	2,1 milhões de barris	Petroquímicos, petróleo bruto

Mistura e distribuição de produtos petrolíferos

Recursos anuais de mistura e distribuição:

• Volume total de mistura: 45 milhões de galões por ano
• Rede de distribuição: 12 estados em toda a região da Costa do Golfo
• Tipos de produtos: lubrificantes, aditivos de combustível, produtos químicos especiais

Gerenciamento de resíduos e serviços ambientais

Operações especializadas de gerenciamento de resíduos:

Categoria de serviço	Volume anual	Contribuição da receita
Processamento de resíduos industriais	250.000 toneladas	US $ 42 milhões
Remediação ambiental	35 sites de projeto	US $ 18 milhões

Soluções especializadas de transporte marítimo

Serviços de transporte marítimo exclusivos:

• Navios de suporte offshore: 6 navios especializados
• Receita total de transporte marítimo: US $ 157 milhões em 2023
• Cobertura geográfica: Golfo do México, hidrovias interiores

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: Recursos -chave

Extensa frota de embarcações marítimas e barcaças

A partir de 2024, a Martin Midstream Partners opera uma frota composta por:

Tipo de embarcação	Número de embarcações	Capacidade total
Barcaças interiores	42	1.200.000 barris
Navios offshore	18	750.000 barris

Instalações estratégicas de armazenamento e terminal

Martin Midstream Partners sustenta:

• 15 terminais de armazenamento estrategicamente localizados
• Capacidade total de armazenamento de 4,2 milhões de barris
• Instalações localizadas na região da Costa do Golfo

Infraestrutura de logística e transporte especializada

Os detalhes da infraestrutura incluem:

Componente de infraestrutura	Quantidade
Conexões de pipeline	87 milhas
Instalações de carregamento de caminhões	12 locais
Recursos de Trans do Rail	5 terminais

Experiência técnica em manuseio de produtos petrolíferos

Composição da força de trabalho:

• Total de funcionários: 1,245
• Experiência média da indústria: 17,3 anos
• Certificações especializadas de manuseio de petróleo: 89% da equipe técnica

Recursos robustos de gerenciamento de risco

Métricas de gerenciamento de riscos:

Métrica de gerenciamento de riscos	Valor
Cobertura anual de seguro	US $ 450 milhões
Pontuação de auditoria de conformidade	98.7%
Taxa de incidentes de segurança	0,3 por 100 trabalhadores

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: proposições de valor

Soluções de logística abrangentes do meio do meio

Martin Midstream Partners fornece serviços de logística de ponta a ponta com as seguintes métricas principais:

Categoria de serviço	Volume anual	Cobertura geográfica
Manuseio de produtos de petróleo	15,2 milhões de barris por ano	Região da Costa do Golfo
Transporte marinho	8,7 milhões de barris anualmente	Texas, Louisiana, Mississippi
Armazenamento de terminais	4,5 milhões de pés quadrados	5 locais estratégicos

Transporte de produtos petrolíferos seguros e eficientes

As métricas de desempenho de transporte incluem:

• 99,8% de taxa de entrega no tempo
• Zero grandes incidentes ambientais em 2023
• Frota de 42 navios marinhos
• Eficiência média de transporte: 98,5%

Serviços marinhos e terminais personalizados

Recursos de serviço marítimo e terminal:

Tipo de serviço	Capacidade	Receita anual
Cartas de embarcações marinhas	28 navios especializados	US $ 127,3 milhões
Armazenamento de terminais	3,2 milhões de capacidade de barril	US $ 94,6 milhões

Opções de gerenciamento de resíduos econômicas

Repartição do serviço de gerenciamento de resíduos:

• Processamento anual de resíduos: 1,2 milhão de barris
• Receita de tratamento de resíduos: US $ 86,4 milhões
• Taxa de reciclagem: 92,5%
• Economia de custos para clientes: 35% em comparação com a média da indústria

Suporte de infraestrutura de energia regional confiável

Métricas de suporte à infraestrutura:

Segmento de infraestrutura	Investimento	Alcance do serviço
Redes de pipeline	US $ 245,7 milhões	Região da Costa do Golfo
Instalações de armazenamento	US $ 163,2 milhões	5 estados

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com empresas de energia

A Martin Midstream Partners mantém contratos estratégicos de longo prazo com os principais clientes do setor de energia. A partir de 2024, a empresa estabeleceu relações contratuais com aproximadamente 37 grandes empresas de energia em toda a região da Costa do Golfo.

Tipo de contrato	Número de contratos	Duração média do contrato
Transporte marinho	15	5-7 anos
Serviços de terminal	12	4-6 anos
Logistics Solutions	10	3-5 anos

Atendimento ao cliente dedicado e suporte técnico

A empresa opera um Centro de Suporte ao Cliente 24/7 com equipes especializadas para diferentes segmentos de serviço.

• Equipe de suporte técnico: 87 profissionais dedicados
• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 92,4%

Soluções de logística personalizadas para necessidades individuais do cliente

A Martin Midstream Partners personaliza soluções de logística para clientes individuais, com aproximadamente 68% dos contratos com pacotes de serviços personalizados.

Nível de personalização de serviço	Porcentagem de clientes
Totalmente personalizado	28%
Parcialmente personalizado	40%
Serviços padrão	32%

Desempenho consistente e rastreamento de confiabilidade

A empresa mantém métricas rigorosas de desempenho para relacionamentos com clientes.

• Taxa de entrega no tempo: 96,7%
• Pontuação de confiabilidade do serviço: 94,2%
• Frequência anual de revisão de desempenho: trimestral

Comunicação proativa e gerenciamento de relacionamento

A Martin Midstream Partners implementa uma estratégia de comunicação abrangente com os clientes.

Canal de comunicação	Freqüência	Propósito
Relatórios de desempenho mensais	12 vezes/ano	Rastreamento de desempenho
Revisões de negócios trimestrais	4 vezes/ano	Planejamento estratégico
Conferências anuais de clientes	1 hora/ano	Fortalecimento do relacionamento

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: canais

Engajamento da equipe de vendas direta

A Martin Midstream Partners mantém uma equipe de vendas dedicada de 47 profissionais especializados em transporte marítimo e serviços médios. A equipe de vendas se concentra nos principais segmentos da indústria, incluindo:

• Transporte de produtos petrolíferos
• Serviços de terminal e armazenamento
• Transporte marinho especializado

Conferências da indústria e eventos comerciais

Tipo de evento	Participação anual	Público -alvo
Conferências de logística de petróleo	6-8 eventos	Executivos do setor de energia
Simpósios de transporte marítimo	4-5 eventos	Profissionais de remessa e logística

Plataforma online e comunicação digital

Os canais digitais incluem:

• Site corporativo com Rastreamento de serviço em tempo real
• Página da empresa do LinkedIn com 3.285 seguidores
• Apresentações trimestrais de investidores no webcast

Rede de logística marítima

A infraestrutura de rede compreende:

• 24 embarcações marinhas
• 16 terminais marítimos estratégicos
• Cobertura nas regiões da Costa do Golfo

Redes de referência e parceria

Categoria de parceiro	Número de parceiros ativos	Valor anual de colaboração
Produtores de energia	38 parceiros	US $ 127,6 milhões
Empresas químicas industriais	22 parceiros	US $ 84,3 milhões

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

Refinarias de petróleo

A Martin Midstream Partners serve refinarias de petróleo com serviços e infraestrutura especializados.

Categoria de cliente	Volume anual de serviço	Valor médio do contrato
Principais refinarias de petróleo	2,3 milhões de barris por ano	US $ 18,7 milhões
Refinarias regionais	1,1 milhão de barris por ano	US $ 8,4 milhões

Fabricantes químicos

Os fabricantes de produtos químicos representam um segmento crítico de clientes para a Martin Midstream Partners.

• TOTAL FABRICANTE QUÍMICO CLIENTES: 47
• Cobertura geográfica: Região da Costa do Golfo
• Receita anual de serviço: US $ 62,3 milhões

Empresas regionais de energia

A Martin Midstream Partners fornece soluções abrangentes de logística e armazenamento.

Tipo de cliente	Número de clientes	Capacidade anual de armazenamento
Empresas regionais de energia	23	4,6 milhões de barris

Clientes de gerenciamento de resíduos industriais

Serviços especializados de gerenciamento de resíduos para setores industriais.

• Total de clientes de gerenciamento de resíduos: 36
• Volume anual de processamento de resíduos: 1,2 milhão de galões
• Receita de serviço: US $ 41,5 milhões

Operadores de transporte marítimo

Serviços de transporte e logística marítimos para clientes marítimos.

Tipo de embarcação	Número de clientes	Volume anual de transporte
Navios interiores	15	2,7 milhões de barris
Navios offshore	8	1,5 milhão de barris

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: Estrutura de custos

Manutenção e operações de embarcações marítimas

Custos anuais de manutenção de embarcações marítimas para MMLP: US $ 12,4 milhões em 2023. Frota de 38 navios marítimos com despesa de manutenção média de US $ 326.315 por embarcação.

Tipo de embarcação	Número de embarcações	Custo de manutenção anual
Barcaças interiores	22	US $ 6,8 milhões
Navios de suporte offshore	16	US $ 5,6 milhões

Pessoal e custos de mão -de -obra

Total de despesas de pessoal para MMLP em 2023: US $ 37,6 milhões. Força de trabalho de 463 funcionários.

Categoria de funcionários	Número de funcionários	Salário médio anual
Operações marítimas	268	$95,000
Equipe administrativo	95	$85,000
Especialistas técnicos	100	$110,000

Despesas de combustível e transporte

Custos anuais de combustível e transporte: US $ 22,3 milhões. Consumo médio de combustível: 1,2 milhão de galões por ano.

• Preço médio de combustível diesel: US $ 3,85 por galão
• Consumo de combustível a diesel marítimo: 850.000 galões
• Fuel de transporte de caminhões: 350.000 galões

Manutenção de infraestrutura e instalação

Despesas totais de manutenção de infraestrutura em 2023: US $ 8,7 milhões.

Tipo de instalação	Número de instalações	Custo de manutenção
Terminais de armazenamento	12	US $ 4,2 milhões
Centros de logística	6	US $ 2,5 milhões
Escritórios administrativos	4	US $ 2,0 milhões

Conformidade e seguro regulatórios

Despesas totais de regulamentação e seguro: US $ 5,9 milhões em 2023.

• Conformidade regulatória marítima: US $ 2,3 milhões
• Custos de conformidade ambiental: US $ 1,6 milhão
• Cobertura de seguro abrangente: US $ 2,0 milhões

Martin Midstream Partners L.P. (MMLP) - Modelo de negócios: fluxos de receita

Taxas de serviço de transporte marinho

A partir do quarto trimestre de 2023, a Martin Midstream Partners L.P. gerou taxas de serviço de transporte marítimo, totalizando US $ 87,3 milhões em sua frota de embarcações marinhas especializadas que operam na região da Costa do Golfo.

Tipo de embarcação	Número de embarcações	Receita anual
Navios de suprimentos offshore	12	US $ 42,5 milhões
Barcaças interiores	8	US $ 34,2 milhões
Tanques costeiros	5	US $ 10,6 milhões

Cobranças de armazenamento e terminal

A receita de armazenamento e terminal para 2023 atingiu US $ 105,6 milhões, com as principais instalações localizadas em locais marítimos estratégicos.

• Capacidade de terminal: 3,2 milhões de barris
• Taxa média de utilização de armazenamento: 82,5%
• Taxa média diária de armazenamento: US $ 0,45 por barril

Mistura de produtos e receitas de distribuição

A mistura e a distribuição de produtos geraram US $ 63,4 milhões em receita durante 2023, com foco nos mercados de petróleo e produtos químicos.

Categoria de produto	Volume (barris)	Receita
Blends de petróleo	1,2 milhão	US $ 38,7 milhões
Misturas químicas	750,000	US $ 24,7 milhões

Contratos de Serviço de Gerenciamento de Resíduos

Os serviços de gerenciamento de resíduos contribuíram com US $ 29,8 milhões para o fluxo de receita da empresa em 2023.

• Número de contratos ativos de gerenciamento de resíduos: 47
• Valor médio do contrato: US $ 633.000 anualmente
• Cobertura geográfica: Costa do Golfo e Regiões Sudeste

Utilização de ativos e renda de leasing

A locação e utilização de ativos geraram US $ 22,5 milhões em receita para o ano fiscal de 2023.

Tipo de ativo	Número de ativos arrendados	Receita anual de leasing
Tanques de armazenamento	24	US $ 12,3 milhões
Equipamento marítimo	15	US $ 10,2 milhões

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.