MARTIN MIDSTREAM PARTNERS L.P.

Previous wording

Quarterly Distribution. On April 22, 2026, we declared a quarterly cash distribution of $0.005 per common unit for the first quarter of 2026, or $0.020 per common unit on an annualized basis, which will be paid on May 15, 2026 to unitholders of record as of May 8, 2026.

Current wording

Quarterly Distribution. On July 22, 2026, we declared a quarterly cash distribution of $0.005 per common unit for the second quarter of 2026, or $0.020 per common unit on an annualized basis, which will be paid on August 14, 2026 to unitholders of record as of August 7, 2026.

Previous wording

The Omnibus Agreement requires us to reimburse Martin Resource Management Corporation for all direct expenses it incurs or payments it makes on our behalf or in connection with the operation of our business. We reimbursed Martin Resource Management Corporation for $43.4 million of direct costs and expenses for the three months ended March 31, 2026, compared to $41.1 million for the three months ended March 31, 2025. There is no monetary limitation on the amount we are required to reimburse Martin Resource Management Corporation for direct expenses.

Current wording

The Omnibus Agreement requires us to reimburse Martin Resource Management Corporation for all direct expenses it incurs or payments it makes on our behalf or in connection with the operation of our business. We reimbursed Martin Resource Management Corporation for $45.1 million of direct costs and expenses for the three months ended June 30, 2026, compared to $42.8 million for the three months ended June 30, 2025. We reimbursed Martin Resource Management Corporation for $88.5 million of direct costs and expenses for the six months ended June 30, 2026, compared to $83.9 million for the six months ended June 30, 2025. There is no monetary limitation on the amount we are required to reimburse Martin Resource Management Corporation for direct expenses.

Previous wording

In addition to the direct expenses, under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporation for indirect general and administrative and corporate overhead expenses. In each of the three months ended March 31, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $3.2 million and $3.4 million. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. These indirect expenses covered the centralized corporate functions Martin Resource Management Corporation provides for us, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions we share with Martin Resource Management Corporation’s retained businesses. The Omnibus Agreement also contains significant non-compete provisions and indemnity obligations. Martin Resource Management Corporation also licenses certain of its trademarks and trade names to us under the Omnibus Agreement.

Current wording

In addition to the direct expenses, under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporation for indirect general and administrative and corporate overhead expenses. For the three months ended June 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $3.2 million and $3.4 million, respectively. For the six months ended June 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $6.5 million and $6.8 million, respectively. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. These indirect expenses covered the centralized corporate functions Martin Resource Management Corporation provides for us, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions we share with Martin Resource Management Corporation’s retained businesses. The Omnibus Agreement also contains significant non-compete provisions and indemnity obligations. Martin Resource Management Corporation also licenses certain of its trademarks and trade names to us under the Omnibus Agreement.

Previous wording

We have been and anticipate that we will continue to be both a significant customer and supplier of products and services offered by Martin Resource Management Corporation. In the aggregate, the impact of related party transactions included in total costs and expenses accounted for approximately 26% and 25% of our total costs and expenses during the three months ended March 31, 2026 and 2025, respectively.

Current wording

We have been and anticipate that we will continue to be both a significant customer and supplier of products and services offered by Martin Resource Management Corporation. In the aggregate, the impact of related party transactions included in total costs and expenses accounted for approximately 24% and 28% of our total costs and expenses during the three months ended June 30, 2026 and 2025, respectively. In the aggregate, the impact of related party transactions included in total costs and expenses accounted for approximately 25% and 26% of our total costs and expenses during the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Correspondingly, Martin Resource Management Corporation is one of our significant customers. Our sales to Martin Resource Management Corporation accounted for approximately 15% and 14% of our total revenues for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Correspondingly, Martin Resource Management Corporation is one of our significant customers. Our sales to Martin Resource Management Corporation accounted for approximately 13% and 15% of our total revenues for the three months ended June 30, 2026 and 2025, respectively. Our sales to Martin Resource Management Corporation accounted for approximately 14% and 14% of our total revenues for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, and transaction costs associated with business combination, merger, and divestiture activities. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:

Current wording

Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, transaction costs associated with business combination, merger, and divestiture activities, equity in earnings (loss) from unconsolidated entities, and non-cash contractual revenue deferral adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:

Previous wording

The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three months ended March 31, 2026 and 2025, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:

Current wording

The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and six months ended June 30, 2026 and 2025, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:

Previous wording

The results of operations for the three months ended March 31, 2026 and 2025, have been derived from our consolidated and condensed financial statements.

Current wording

The results of operations for the three and six months ended June 30, 2026 and 2025, have been derived from our consolidated and condensed financial statements.

Previous wording

We evaluate segment performance on the basis of operating income, which is derived by subtracting cost of products sold, operating expenses, selling, general and administrative expenses, and depreciation and amortization expense from revenues. The following table sets forth our operating revenues and operating income by segment for the three months ended March 31, 2026 and 2025. The results of operations for these interim periods are not necessarily indicative of the results of operations which might be expected for the entire year.

Current wording

We evaluate segment performance on the basis of operating income, which is derived by subtracting cost of products sold, operating expenses, selling, general and administrative expenses, and depreciation and amortization expense from revenues. The following table sets forth our operating revenues and operating income by segment for the three and six months ended June 30, 2026 and 2025. The results of operations for these interim periods are not necessarily indicative of the results of operations which might be expected for the entire year.

Previous wording

Revenues. Revenues increased $1.0 million. Revenue at our Smackover refinery increased $0.8 million primarily as a result of increases in natural gas surcharge revenue of $0.6 million, throughput revenue of $0.1 million, and reservation fees of $0.1 million. Revenue at our underground storage terminal increased $0.5 million primarily as a result of higher throughput fees of $0.6 million, offset by decreased reservation fees of $0.1 million. Our shore-based terminals decreased $0.2 million due to decreased space rent of $0.3 million, offset by increased throughput revenue of $0.1 million. Revenue at our specialty terminals decreased $0.1 million primarily as a result of decreased service revenue of $0.2 million, offset by an increase in throughput revenue of $0.1 million.

Current wording

Revenues. Revenues increased $1.5 million. Revenue at our underground storage terminal increased $1.1 million primarily as a result of increased storage volume. Revenue at our Smackover refinery increased $0.4 million primarily due to natural gas surcharge revenue. Revenue at our specialty terminals increased $0.1 million, primarily as a result of increased throughput revenue of $0.2 million and storage revenue of $0.1 million, offset by a $0.2 million decrease in service revenue. Our shore-based terminals decreased $0.1 million due to decreased space rent.

Previous wording

Operating expenses. Operating expenses increased primarily as a result of higher rates for natural gas utilities of $0.4 million at our Smackover refinery. Additionally, employee-related expenses increased $0.4 million and insurance premiums increased $0.2 million across all terminals as a result of higher rates.

Current wording

Operating expenses. Operating expenses increased primarily as a result of increases in employee-related expenses of $0.9 million, insurance premiums of $0.2 million and outside services of $0.2 million across all terminals. Additionally at our Smackover refinery, natural gas utilities increased $0.5 million (rates) and other tax expenses increased $0.3 million (sales tax credit in 2025).

Previous wording

Revenues. Revenues decreased $0.7 million. In our marine transportation division, inland revenues increased $0.2 million, primarily related to an increase in utilization, offset by lower transportation rates. Offshore revenues decreased $0.7 million, primarily related to lower utilization associated with planned regulatory inspections combined with lower transportation rates. The offshore unit is expected to return to service during the second quarter. In our land transportation division, freight revenue decreased $0.2 million, primarily due to a 9% decrease in total miles, offset by a 14% increase in loads.

Current wording

Revenues. Revenues increased $2.9 million. In our land transportation division, ancillary revenue increased $4.4 million (primarily fuel). Freight revenue decreased $0.4 million, primarily due to a 6% decrease in total miles. In our marine transportation division, inland revenues increased $0.5 million, primarily related to an increase in transportation rates and utilization. Offshore revenues decreased $1.8 million, primarily related to lower utilization associated with planned regulatory inspections combined with lower transportation rates. Pass-through revenue (primarily fuel) increased $0.1 million.

Previous wording

Operating expenses. The increase in operating expenses is primarily a result of lease expense of $1.2 million, insurance premiums of $0.5 million, insurance claims of $0.2 million, repairs and maintenance of $0.1 million, and pass-through expenses of $0.1 million. Offsetting these increases was a decrease in employee-related expenses of $0.6 million. The increase in lease expense is related to the replacement of tractors and trailers in our land transportation division.

Current wording

Operating expenses. The increase in operating expenses is primarily a result of pass-through expenses (primarily fuel) of $2.3 million, lease expense of $2.1 million, employee-related expenses of $0.6 million, insurance premiums of $0.5 million, insurance claims of $0.3 million, repairs and maintenance of $0.2 million. The increase in lease expense is related to the replacement of tractors and trailers in our land transportation division.

Previous wording

Depreciation and amortization. Depreciation and amortization decreased as a result of capital expenditures offset by recent disposals.

Current wording

Depreciation and amortization. The increase in depreciation and amortization is primarily the result of capital expenditures, offset by asset disposals.

Previous wording

Services revenues. Services revenues increased $0.1 million associated with reservation fee revenue from the DSM joint venture and $0.1 million as a result of a contractually prescribed, index-based fee adjustment.

Current wording

Services revenues. Services revenues increased $0.3 million as a result of a contractually prescribed index-based fee adjustment of $0.2 million and $0.1 million associated with reservation fee revenue from the DSM joint venture.

Previous wording

Cost of products sold. Cost of products sold increased $7.4 million. A 26% increase in product cost impacted cost of products sold by $8.4 million, resulting from higher commodity prices. A 2% reduction in sales volumes resulted in a decrease in cost of products sold of $1.0 million.

Current wording

Cost of products sold. Cost of products sold increased $15.4 million. A 49% increase in product cost impacted cost of products sold by $29.9 million, resulting from higher commodity prices. A 16% reduction in sales volumes resulted in a decrease in cost of products sold of $14.5 million. Margin per ton decreased $10.58, or 20%.

Previous wording

Operating expenses. Operating expenses decreased $0.8 million due to $0.5 million in outside services, $0.2 million in marine pass-through expenses, $0.1 million in other marine operating expense, and $0.1 million in repairs and maintenance, offset by a $0.1 million increase in insurance-related costs.

Current wording

Operating expenses. Operating expenses decreased $1.5 million due to $0.6 million in outside services, $0.5 million in marine pass-through expenses, $0.3 million in other marine operating expense, and $0.3 million in repairs and maintenance, offset by a $0.2 million increase in insurance-related costs.

Previous wording

Products Revenues. Product revenues decreased by $7.7 million. A 7% reduction in sales volumes decreased revenue by $4.8 million, primarily driven by an 11% decrease in NGL sales volumes. Additionally, a 4% decline in average specialty product sales prices reduced revenue by $2.9 million.

Current wording

Products Revenues. Product revenues increased by $15.2 million. A 12% rise in average specialty product sales prices increased revenue by $15.6 million. A minimal reduction in sales volumes decreased revenue by $0.4 million, primarily driven by a 3% decrease in NGL sales volumes.

Previous wording

Cost of products sold. Cost of products sold decreased $7.8 million. A 7% decrease in sales volumes resulted in a decrease in cost of products sold of $4.3 million. A 6% decline in average product cost impacted cost of products sold by $3.5 million, resulting from reduced commodity prices. Our margins increased $0.86 per barrel, or 10%, during the period.

Current wording

Cost of products sold. Cost of products sold increased $14.1 million. A 12% rise in average product cost impacted cost of products sold by $14.5 million, resulting from increasing commodity prices. A minimal decrease in sales volumes resulted in a decrease in cost of products sold of $0.4 million. Our margins increased $0.77 per barrel, or 9%, during the period.

Previous wording

Indirect selling, general and administrative expenses decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the absence of $0.8 million in transaction expenses associated with the terminated merger with Martin Resource Management Corporation that were incurred in the first quarter of 2025, combined with lower compensation expense of $0.3 million.

Current wording

Indirect selling, general and administrative expenses decreased $1.5 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the absence of $0.8 million in transaction expenses associated with the unsuccessful merger with Martin Resource Management Corporation that were incurred in the first quarter of 2025, lower compensation expense of $0.4 million, lower professional fees of $0.2 million, and overhead allocated from Martin Resource Management of $0.1 million.

Previous wording

Under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporation for indirect general and administrative and corporate overhead expenses. The Conflicts Committee of our general partner approved the following reimbursement amounts during the three months ended March 31, 2026 and 2025:

Current wording

Under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporation for indirect general and administrative and corporate overhead expenses. The Conflicts Committee of our general partner approved the following reimbursement amounts during the three and six months ended June 30, 2026 and 2025:

Previous wording

The following table details the cash flow changes between the three months ended March 31, 2026 and 2025:

Current wording

The following table details the cash flow changes between the six months ended June 30, 2026 and 2025:

Previous wording

Net cash used in operating activities. The increase in net cash used in operating activities for the three months ended March 31, 2026, includes a decrease in operating results and other non-cash charges of $4.9 million, coupled with an increase in cash outflows associated with changes in working capital of $2.8 million.

Current wording

Net cash used in operating activities. Net cash provided by (used in) operating activities decreased $26.5 million. The increase in net cash used in operating activities for the six months ended June 30, 2026, includes a decrease in operating results and other non-cash charges of $3.6 million, coupled with an increase in cash outflows associated with changes in working capital of $22.9 million.

Previous wording

Net cash used in investing activities. Net cash used in investing activities for the three months ended March 31, 2026, increased $8.7 million. An increase in cash used of $8.6 million resulted from higher payments for capital expenditures and plant turnaround costs in 2026. Additionally, net proceeds from the sale of property, plant and equipment decreased $0.1 million.

Current wording

Net cash used in investing activities. Net cash used in investing activities for the six months ended June 30, 2026, increased $9.0 million. An increase in cash used of $13.4 million resulted from higher payments for capital expenditures and plant turnaround costs in 2026. This was partially offset by an increase in net proceeds from the sale of property, plant and equipment of $4.4 million.

Previous wording

Net cash provided by financing activities. Net cash provided by financing activities for the three months ended March 31, 2026, increased primarily as a result of an increase in borrowings of long-term debt of $26.5 million, offset by an increase in repayments of long-term debt of $10.0 million.

Current wording

Net cash provided by financing activities. Net cash provided by financing activities for the six months ended June 30, 2026, increased primarily as a result of an increase in borrowings of long-term debt of $30.5 million, combined with a decrease in repayments of long-term debt of $5.0 million.

Previous wording

At March 31, 2026, we maintained a $115.0 million credit facility that matures on November 16, 2027. As of March 31, 2026, we had $68.0 million outstanding under the credit facility and $1.6 million of outstanding irrevocable letters of credit, leaving a maximum amount available to be borrowed under our credit facility for future revolving credit borrowings and letters of credit of $45.4 million. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $37.5 million in additional amounts thereunder as of March 31, 2026.

Current wording

At June 30, 2026, we maintained a $115.0 million credit facility that matures on November 16, 2027. As of June 30, 2026, we had $62.0 million outstanding under the credit facility and $1.6 million of outstanding irrevocable letters of credit, leaving a maximum amount available to be borrowed under our credit facility for future revolving credit borrowings and letters of credit of $51.4 million. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $48.3 million in additional amounts thereunder as of June 30, 2026.

Previous wording

On March 31, 2026, we had cash and cash equivalents of $0.05 million and available borrowing capacity of $45.4 million under our credit facility with $68.0 million of borrowings outstanding. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $37.5 million in additional amounts thereunder as of March 31, 2026.

Current wording

On June 30, 2026, we had cash and cash equivalents of $0.05 million and available borrowing capacity of $51.4 million under our credit facility with $62.0 million of borrowings outstanding. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $48.3 million in additional amounts thereunder as of June 30, 2026.

Previous wording

Inflation did not have a material impact on our results of operations for the three months ended March 31, 2026 or 2025. Inflation may increase the cost to acquire or replace property, plant and equipment. It may also increase the costs of labor and supplies. In the future, increasing energy prices for products consumed by our operations, such as diesel fuel, natural gas, chemicals, and other supplies, could adversely affect our results of operations. An increase in price of these products would increase our operating expenses which could adversely affect net income. We cannot provide assurance that we will be able to pass along increased operating expenses to our customers.

Current wording

Inflation did not have a material impact on our results of operations for the six months ended June 30, 2026 or 2025. Inflation may increase the cost to acquire or replace property, plant and equipment. It may also increase the costs of labor and supplies. In the future, increasing energy prices for products consumed by our operations, such as diesel fuel, natural gas, chemicals, and other supplies, could adversely affect our results of operations. An increase in price of these products would increase our operating expenses which could adversely affect net income. We cannot provide assurance that we will be able to pass along increased operating expenses to our customers.