MARTIN MIDSTREAM PARTNERS L.P.
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 26, 2026
MMLP$2.03+3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-27.
0001176334-26-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001176334-26-000035
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 156 previous paragraphs and 155 current paragraphs.
98 unchanged; 44 reworded; 12 added; 10 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025
Current report
Revenues. Revenues increased $0.1 million. Revenues at our Smackover Refinery increased $0.7 million on $0.4 million of higher natural gas surcharge revenue, $0.2 million of throughput revenue and $0.1 million of reservation fees. Revenues at our Underground Storage decreased $0.5 million on $0.5 million of lower storage revenue and $0.2 million of lower reservation fees, partially offset by $0.2 million of higher throughput revenue. Revenues at our Specialty Terminals decreased $0.1 million as $0.2 million of higher throughput and storage revenue was offset by $0.3 million of lower service revenue.
Current report
Operating expenses. Operating expenses increased due to repairs and maintenance of $0.5 million, employee-related
Current report
expenses of $0.4 million, lease expense of $0.2 million, insurance claims of $0.1 million and brine pond operating expense of $0.1 million.
Current report
Operating expenses. Operating expenses increased $3.8 million. Operating expenses at our Smackover Refinery increased $2.5 million, primarily as a result of higher utilities of $0.9 million due to increased natural gas usage and rates, other operating expenses of $0.7 million, employee-related expenses of $0.6 million, outside services of $0.2 million, and pipeline and tank farm operating expenses of $0.1 million, partially offset by lower chemical costs of $0.1 million. Operating expenses at our specialty terminals increased $1.2 million, primarily as a result of employee-related expenses of $0.7 million, repairs and maintenance of $0.3 million, and $0.1 million each of insurance premiums, lease expense, service vehicle fuel, and dues and subscriptions, partially offset by lower property taxes of $0.1 million. Operating expenses at our underground storage terminal increased $0.2 million due to lease expense, repairs and maintenance, and brine pond operating expense.
Current report
Selling, general and administrative expenses. Selling, general and administrative expenses increased $0.5 million primarily due to a $0.6 million increase in employee-related expenses and the $0.4 million favorable adjustment to the allowance for uncollectible accounts receivable recorded in 2025 with no comparable adjustment in 2026, partially offset by a $0.2 million rebate received on credit card purchases and a $0.2 million decrease in allocated expenses.
Current report
Cost of products sold. Cost of products sold increased $26.4 million. A rise in commodity prices resulted in a 91% increase in average product cost per ton, impacting cost of products sold by $22.0 million. A 9% rise in sales volumes resulted in an increase in cost of products sold of $4.4 million. Margin per ton increased $9.20, or 42%.
Current report
Cost of products sold. Cost of products sold increased $41.8 million. A rise in commodity prices resulted in a 62% increase in average product cost per ton, impacting cost of products sold by $52.6 million. An 8% reduction in sales volumes resulted in a decrease in cost of products sold of $10.9 million. Margin per ton decreased $5.10, or 12%.
Current report
Depreciation and amortization. Depreciation and amortization decreased due to certain assets becoming fully depreciated.
Current report
Cost of products sold. Cost of products sold increased $39.3 million. Our average cost per barrel increased $16.91, or 21%, increasing cost of products sold by $35.7 million. The increase in sales volumes of 2% resulted in a $3.6 million increase to cost of products sold. Our margins increased $1.21 per barrel, or 14%, during the period.
Current report
Depreciation and amortization. Depreciation and amortization decreased due to certain assets becoming fully depreciated.
Current report
Cash Flows - Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Removed paragraphs (10)
Previous report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
Operating expenses. Operating expenses increased primarily due to employee-related expenses of $0.5 million and repairs and maintenance of $0.2 million across all terminals.
Previous report
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 report
Cost of products sold. Cost of products sold increased $8.0 million. A 71% increase in product cost impacted cost of products sold by $20.9 million, resulting from increased commodity prices. A 26% reduction in sales volumes resulted in a decrease in cost of products sold by $12.9 million. Margin per ton increased $3.57, or 7%.
Previous report
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 report
Depreciation and amortization. Depreciation and amortization remained relatively consistent.
Previous report
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 report
Depreciation and amortization. Depreciation and amortization remained relatively consistent.
Previous report
million and reduced legal and tax fees of $0.1 million.
Previous report
Cash Flows - Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Reworded paragraphs (44)
Previous 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.
Current wording
On October 21, 2026, we declared a quarterly cash distribution of $0.005 per common unit for the third quarter of 2026, or $0.020 per common unit on an annualized basis, which will be paid on November 13, 2026 to unitholders of record as of November 6, 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 $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.
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 $50.6 million of direct costs and expenses for the three months ended September 30, 2026, compared to $42.9 million for the three months ended September 30, 2025. We reimbursed Martin Resource Management Corporation for $139.2 million of direct costs and expenses for the nine months ended September 30, 2026, compared to $126.8 million for the nine months ended September 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. 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.
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 September 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $3.2 million and $3.4 million, respectively. For the nine months ended September 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $9.7 million and $10.2 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 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.
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 29% of our total costs and expenses during the three months ended September 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 27% of our total costs and expenses during the nine months ended September 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 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.
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 September 30, 2026 and 2025, respectively. Our sales to Martin Resource Management Corporation accounted for approximately 14% and 15% of our total revenues for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("Adjusted Free Cash Flow"). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.
Current wording
To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures, investments in DSM Semichem LLC, and principal payments under finance lease obligations (“Adjusted Free Cash Flow”). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.
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, 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:
Current wording
Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before non-cash 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 GAAP measures most directly comparable to Adjusted EBITDA is net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.
Current wording
The GAAP measures most directly comparable to Adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.
Previous wording
Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.
Current wording
Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities, plus changes in operating assets and liabilities which (provided) used cash, transaction costs associated with business combination, merger, and divestiture activities, and non-cash contractual revenue deferral adjustments, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.
Previous wording
Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.
Current wording
Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures, investments in DSM Semichem LLC, and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.
Previous 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:
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 nine months ended September 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 and six months ended June 30, 2026 and 2025, have been derived from our consolidated and condensed financial statements.
Current wording
The results of operations for the three and nine months ended September 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 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.
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 nine months ended September 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
Operating expenses. Operating expenses remained relatively consistent.
Current wording
Selling, general and administrative expenses. Selling, general and administrative expenses remained relatively consistent.
Previous 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.
Current wording
Revenues. Revenues increased $2.6 million. Revenues at our Smackover Refinery increased $1.9 million primarily as a result of increases in natural gas surcharge revenue of $1.5 million, throughput revenue of $0.2 million, and reservation revenue of $0.3 million, offset by a decrease in other revenue of $0.2 million. Revenue at our Underground Storage terminal increased $1.1 million primarily as a result of higher storage revenue of $0.9 million and increased throughput revenue of $0.7 million, offset by decreased reservation revenue of $0.5 million. Revenues at our Shore-Based Terminals decreased $0.3 million due to decreased space rent of $0.4 million, offset by increased throughput revenue of $0.1 million. Revenues at our Specialty Terminals decreased $0.1 million primarily due to decreased service revenue of $0.7 million, offset by increased throughput revenue of $0.4 million and storage revenue of $0.3 million.
Previous wording
Gain on disposition or sale of property, plant and equipment. The increase of $4.5 million is due to the gain recognized on the disposition of a non-core asset.
Current wording
Gain on disposition or sale of property, plant and equipment. The increase of $4.4 million is due to the gain recognized on the disposition of a non-core asset.
Previous wording
Revenues. Revenues increased $3.6 million. In our land transportation division, ancillary revenue increased $4.2 million (primarily fuel). Freight revenue decreased $0.1 million, primarily due to a 3% decrease in total miles. In our marine transportation division, inland revenues increased $0.3 million, primarily related to an increase in transportation rates and utilization. Offshore revenues decreased $1.0 million, primarily related to lower transportation rates and utilization associated with planned regulatory inspections. Pass-through revenue (primarily fuel) increased $0.2 million.
Current wording
Revenues. Revenues increased $7.3 million. In our land transportation division, ancillary revenue (primarily fuel) increased $4.2 million. Freight revenue decreased $1.7 million, primarily due to lower transportation rates and reduced mileage. In our marine transportation division, inland revenues increased $3.9 million, primarily due to higher transportation rates and improved utilization. Offshore revenues decreased $0.1 million due to lower transportation rates. Pass-through revenue (primarily fuel) increased $0.9 million.
Previous wording
Operating expenses. The increase in operating expenses is primarily a result of pass-through expenses (primarily fuel) of $2.2 million, employee-related expenses of $1.1 million, lease expense of $0.9 million, and outside towing of $0.2 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 $3.0 million, lease expense of $0.5 million, employee-related expenses of $0.5 million, marine repairs and maintenance of $0.3 million, contract labor of $0.2 million, outside towing of $0.2 million, and dock repairs of $0.2 million, offset by a decrease in insurance premiums of $0.5 million.
Previous wording
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to a reduction in the allowance for uncollectible accounts receivable of $0.3 million and employee-related expenses of $0.1 million.
Current wording
Selling, general and administrative expenses. Selling, general and administrative expenses increased primarily due to a $1.0 million favorable adjustment to the allowance for uncollectible accounts receivable recorded in the third quarter of 2025 with no comparable adjustment in 2026, as well as higher employee-related expenses of $0.3 million.
Previous 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.
Current wording
Revenues. Revenues increased $10.2 million. In our land transportation division, ancillary revenue (primarily fuel) increased $8.8 million. Freight revenue decreased $2.2 million, resulting from lower mileage, partially offset by higher transportation rates. In our marine transportation division, inland revenues increased $4.4 million, primarily due to higher transportation rates and utilization of equipment. Offshore revenues decreased $1.9 million due to lower transportation rates and downtime associated with regulatory inspections during the first half of 2026. Pass-through revenue (primarily fuel) increased $1.0 million.
Previous 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.
Current wording
Operating expenses. The increase in operating expenses is primarily a result of pass-through expenses (primarily fuel) of $5.1 million, lease expense of $2.6 million, employee-related expenses of $0.8 million, marine repairs and maintenance of $0.6 million, contract labor of $0.5 million, outside towing of $0.4 million, and dock repairs of $0.2 million.
Previous wording
Products revenues. Products revenues increased $7.7 million, reflecting a $25.1 million increase from a 30% rise in average sulfur products sales prices, offset by a $17.4 million decrease from a 16% reduction in sales volumes, comprising an 18% decrease in sulfur volumes and a 13% decrease in fertilizer volumes. The fertilizer volume decline reflected reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices and pressured farmer affordability.
Current wording
Products revenues. Products revenues increased $28.8 million, reflecting a $23.8 million increase from an 83% rise in average sulfur products sales prices, combined with a $5.0 million increase from a 9% rise in sales volumes, comprising a 16% increase in sulfur volumes and a 14% decrease in fertilizer volumes. The fertilizer volume decline reflected reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices and pressured farmer affordability.
Previous wording
Operating expenses. Operating expenses decreased due to a decrease of $0.3 million in marine pass-through expense, $0.2 million in marine operating expenses, $0.2 million in repairs and maintenance, and $0.1 million in outside services offset by a $0.1 million increase in employee-related expense.
Current wording
Operating expenses. Operating expenses increased due to $0.4 million in marine pass-through expense, $0.2 million in marine operating expenses, and $0.2 million in outside services.
Previous 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.
Current wording
Services revenues. Services revenues increased $0.5 million as a result of a contractually prescribed index-based fee adjustment of $0.3 million and $0.2 million associated with reservation fee revenue from the DSM joint venture.
Previous wording
Products revenues. Products revenues increased $5.8 million, reflecting a $21.7 million increase from a 54% rise in average sulfur products sales prices, offset by a $15.9 million decrease from a 26% reduction in sales volumes, comprising a 31% decrease in sulfur volumes and a 16% decrease in fertilizer volumes. The fertilizer volume decline reflected reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices and pressured farmer affordability.
Current wording
Products revenues. Products revenues increased $36.5 million, reflecting a $49.3 million increase from a 44% rise in average sulfur products sales prices, offset by a $12.8 million decrease from an 8% reduction in sales volumes, comprising a 6% decrease in sulfur volumes and a 13% decrease in fertilizer volumes.
Previous 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.
Current wording
Operating expenses. Operating expenses decreased $0.6 million due to $0.4 million in outside services, $0.3 million in repairs and maintenance, and $0.2 million in other marine operating expense, offset by a $0.2 million increase in employment expenses and a $0.1 million increase in insurance-related costs.
Previous wording
Products Revenues. Products revenues increased $22.9 million. Our average sales price per barrel increased $25.56, resulting in a $16.9 million increase to revenue. Sales volumes increased 8%, increasing revenues by $6.0 million, primarily related to a 20% increase in other specialty sales volumes.
Current wording
Products Revenues. Products revenues increased $27.1 million. Our average sales price per barrel increased $31.47, or 36%, resulting in a $22.3 million increase to revenue. Sales volumes increased 6%, increasing revenues by $4.8 million, primarily related to a 12% increase in other specialty sales volumes.
Previous wording
Cost of products sold. Cost of products sold increased $21.9 million. Our average cost per barrel increased $24.95, or 30%, increasing cost of products sold by $16.5 million. The increase in sales volumes of 8% resulted in a $5.4 million increase to cost of products sold. Our margins increased $0.60 per barrel, or 6%, during the period.
Current wording
Cost of products sold. Cost of products sold increased $25.2 million. Our average cost per barrel increased $29.40, or 37%, increasing cost of products sold by $20.8 million. The increase in sales volumes of 6% resulted in a $4.4 million increase to cost of products sold. Our margins increased $2.07 per barrel, or 26%, during the period.
Previous wording
Selling, general and administrative expenses. Selling, general and administrative decreased $0.1 million primarily due to lower employee-related expenses.
Current wording
Selling, general and administrative expenses. Selling, general and administrative expenses decreased $0.1 million primarily due to lower employee-related expenses.
Previous 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.
Current wording
Products Revenues. Product revenues increased by $42.2 million. A 20% rise in average specialty product sales prices increased revenue by $38.3 million. A 2% rise in sales volumes increased revenue by $3.9 million, primarily driven by a 17% increase in other specialty sales volumes.
Previous wording
Comparative Components of Interest Expense, Net for the Six Months Ended June 30, 2026 and 2025
Current wording
Comparative Components of Interest Expense, Net for the Nine Months Ended September 30, 2026 and 2025
Previous wording
Indirect selling, general and administrative expenses decreased $0.3 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower compensation expense of $0.1
Current wording
Indirect selling, general and administrative expenses decreased $0.2 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to lower professional fees.
Previous 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.
Current wording
Indirect selling, general and administrative expenses decreased $1.7 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to the absence of $1.0 million in transaction expenses associated with the unsuccessful merger with Martin Resource Management Corporation that were incurred in 2025 combined with lower employee-related expenses of $0.5 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 and six months ended June 30, 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 nine months ended September 30, 2026 and 2025:
Previous wording
Letters of Credit. At June 30, 2026, we had outstanding irrevocable letters of credit in the amount of $1.6 million, which were issued under our credit facility.
Current wording
Letters of Credit. At September 30, 2026, we had outstanding irrevocable letters of credit in the amount of $9.6 million, which were issued under our credit facility.
Previous wording
The following table details the cash flow changes between the six months ended June 30, 2026 and 2025:
Current wording
The following table details the cash flow changes between the nine months ended September 30, 2026 and 2025:
Previous 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.
Current wording
Net cash used in operating activities. Net cash provided by (used in) operating activities decreased $30.1 million. The decrease in net cash provided by (used in) operating activities for the nine months ended September 30, 2026, includes an increase in operating results and other non-cash charges of $0.8 million, coupled with an increase in cash outflows associated with changes in working capital of $30.9 million.
Previous 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.
Current wording
Net cash used in investing activities. Net cash used in investing activities for the nine months ended September 30, 2026, increased $14.9 million. An increase in cash used of $17.5 million resulted from higher payments for capital expenditures and plant turnaround costs in 2026. Investments in DSM Semichem LLC increased $1.5 million. This was partially offset by an increase in net proceeds from the sale of property, plant and equipment of $4.0 million.
Previous 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.
Current wording
Net cash provided by financing activities. Net cash provided by financing activities for the nine months ended September 30, 2026, increased primarily as a result of an increase in borrowings of long-term debt of $39.0 million, combined with a decrease in repayments of long-term debt of $5.5 million.
Previous 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.
Current wording
At September 30, 2026, we maintained a $115.0 million credit facility that matures on November 16, 2027. As of September 30, 2026, we had $83.5 million outstanding under the credit facility and $9.6 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 $21.9 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 $21.9 million in additional amounts thereunder as of September 30, 2026.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Selling, general and administrative expenses. Selling, general and administrative expenses remained relatively consistent.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Revenues. Revenues increased $2.5 million. Revenue at our underground storage terminal increased $1.6 million primarily as a result of higher storage revenue of $1.1 million and increased throughput revenue of $0.6 million. Revenue at our Smackover refinery increased $1.2 million primarily as a result of increases in natural gas surcharge revenue of $1.1 million and throughput revenue of $0.1 million. Our shore-based terminals decreased $0.3 million due to decreased space rent.
Previous report — wording carried elsewhere
Gain on disposition or sale of property, plant and equipment. The increase of $4.5 million is due to the gain recognized on the disposition of a non-core asset.
Previous report — wording carried elsewhere
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to a reduction in the allowance for uncollectible accounts receivable.
Previous report — wording carried elsewhere
Selling, general and administrative expenses. Selling, general and administrative expenses increased primarily due to employee-related expenses.