DELAWARE
(State of incorporation
or organization)
|
|
000-50056
(Commission file number)
|
|
05-0527861
(I.R.S. employer identification number)
|
|
|
|
||
4200 STONE ROAD
|
|
|
||
KILGORE, TEXAS
(Address of principal executive offices)
|
|
75662
(Zip code)
|
o
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Leverage Ratio
|
Base Rate Loans
|
|
Eurodollar
Rate
Loans
|
|
Letters of Credit
|
|||
Less than 3.00 to 1.00
|
1.00
|
%
|
|
2.00
|
%
|
|
2.00
|
%
|
Greater than or equal to 3.00 to 1.00 and less than 3.50 to 1.00
|
1.25
|
%
|
|
2.25
|
%
|
|
2.25
|
%
|
Greater than or equal to 3.50 to 1.00 and less than 4.00 to 1.00
|
1.50
|
%
|
|
2.50
|
%
|
|
2.50
|
%
|
Greater than or equal to 4.00 to 1.00 and less than 4.50 to 1.00
|
1.75
|
%
|
|
2.75
|
%
|
|
2.75
|
%
|
Greater than or equal to 4.50 to 1.00
|
2.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
Item 9.01
|
|
Financial Statements and Exhibits.
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Fifth Amendment to Third Amended and Restated Credit Agreement, dated as of April 27, 2016, among Martin Operating Partnership L.P., Martin Midstream Partners L.P., each lender from time to time party thereto, and Royal Bank of Canada, as Administrative Agent and Collateral Agent.
|
99.1
|
|
Press release dated April 27, 2016
|
|
MARTIN MIDSTREAM PARTNERS L.P.
By: Martin Midstream GP LLC,
Its General Partner
|
|||
Date: April 27, 2016
|
|
By: /s/ Robert D. Bondurant
|
||
|
|
Robert D. Bondurant
|
||
|
|
Executive Vice President, Treasurer, Principal Accounting Officer and
Chief Financial Officer
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Fifth Amendment to Third Amended and Restated Credit Agreement, dated as of April 27, 2016, among Martin Operating Partnership L.P., Martin Midstream Partners L.P., each lender from time to time party thereto, and Royal Bank of Canada, as Administrative Agent and Collateral Agent.
|
99.1
|
|
Press release dated April 27, 2016
|
Title:
|
Executive Vice President and Chief
|
Title:
|
Executive Vice President and Chief
|
Pricing Level
|
Leverage Ratio
|
Applicable Rate for Eurodollar Rate Loans/Letter of Credit Fees
(bps)
|
Applicable Rate for Base Rate Loans
(bps)
|
Commitment Fee (bps)
|
1
|
< 3.00x
|
200
|
100
|
30
|
2
|
³
3.00x but < 3.50x
|
225
|
125
|
37.5
|
3
|
³
3.50x but < 4.00x
|
250
|
150
|
37.5
|
4
|
³
4.00x but < 4.50x
|
275
|
175
|
50
|
5
|
³
4.50x
|
300
|
200
|
50
|
Lender
|
Committed Sum
|
Pro Rata Share
|
Royal Bank of Canada
|
$50,000,000.00
|
7.52508361%
|
Wells Fargo Bank, N.A.
|
$50,000,000.00
|
7.52508361%
|
ABN AMRO Capital USA LLC
|
$50,000,000.00
|
7.52508361%
|
Regions Bank
|
$50,000,000.00
|
7.52508361%
|
BNP Paribas
|
$40,000,000.00
|
6.02006689%
|
Capital One, National Association
|
$40,000,000.00
|
6.02006689%
|
Deutsche Bank AG New York Branch
|
$40,000,000.00
|
6.02006689%
|
Natixis
|
$40,000,000.00
|
6.02006689%
|
SunTrust Bank
|
$40,000,000.00
|
6.02006689%
|
Bank of America, N.A.
|
$35,000,000.00
|
5.26755853%
|
Branch Banking and Trust Company
|
$35,000,000.00
|
5.26755853%
|
Compass Bank
|
$35,000,000.00
|
5.26755853%
|
Comerica Bank
|
$35,000,000.00
|
5.26755853%
|
Cadence Bank, N.A.
|
$27,222,222.23
|
4.09698997%
|
Sumitomo Mitsui Banking Corporation
|
$27,222,222.23
|
4.09698997%
|
Goldman Sachs Bank USA
|
$25,000,000.00
|
3.76254181%
|
PNC Bank, National Association
|
$25,000,000.00
|
3.76254181%
|
Raymond James Bank, N.A.
|
$20,000,000.00
|
3.01003344%
|
Total:
|
$664,444,444.46
|
100.00000000%
|
•
|
Maintained leverage profile in challenging environment
|
•
|
Maintained quarterly distribution of $0.8125
|
•
|
New $664 million amended and extended revolving credit facility due March 2020
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(Unaudited)
|
|
(Audited)
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
46
|
|
|
$
|
31
|
|
Accounts and other receivables, less allowance for doubtful accounts of $398 and $430, respectively
|
59,218
|
|
|
74,355
|
|
||
Product exchange receivables
|
1,001
|
|
|
1,050
|
|
||
Inventories
|
57,904
|
|
|
75,870
|
|
||
Due from affiliates
|
11,558
|
|
|
10,126
|
|
||
Fair value of derivatives
|
465
|
|
|
675
|
|
||
Other current assets
|
4,689
|
|
|
5,718
|
|
||
Total current assets
|
134,881
|
|
|
167,825
|
|
||
|
|
|
|
||||
Property, plant and equipment, at cost
|
1,397,582
|
|
|
1,387,814
|
|
||
Accumulated depreciation
|
(417,106
|
)
|
|
(404,574
|
)
|
||
Property, plant and equipment, net
|
980,476
|
|
|
983,240
|
|
||
|
|
|
|
||||
Goodwill
|
23,802
|
|
|
23,802
|
|
||
Investment in WTLPG
|
131,469
|
|
|
132,292
|
|
||
Note receivable - Martin Energy Trading LLC
|
15,000
|
|
|
15,000
|
|
||
Other assets, net
|
57,332
|
|
|
58,314
|
|
||
Total assets
|
$
|
1,342,960
|
|
|
$
|
1,380,473
|
|
|
|
|
|
||||
Liabilities and Partners’ Capital
|
|
|
|
|
|
||
Trade and other accounts payable
|
$
|
65,390
|
|
|
$
|
81,180
|
|
Product exchange payables
|
9,921
|
|
|
12,732
|
|
||
Due to affiliates
|
3,098
|
|
|
5,738
|
|
||
Income taxes payable
|
1,036
|
|
|
985
|
|
||
Other accrued liabilities
|
10,310
|
|
|
18,533
|
|
||
Total current liabilities
|
89,755
|
|
|
119,168
|
|
||
|
|
|
|
||||
Long-term debt, net
|
873,611
|
|
|
865,003
|
|
||
Fair value of derivatives
|
—
|
|
|
206
|
|
||
Other long-term obligations
|
2,514
|
|
|
2,217
|
|
||
Total liabilities
|
965,880
|
|
|
986,594
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
||
Partners’ capital
|
377,080
|
|
|
393,879
|
|
||
Total liabilities and partners' capital
|
$
|
1,342,960
|
|
|
$
|
1,380,473
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Terminalling and storage *
|
$
|
31,705
|
|
|
$
|
33,797
|
|
Marine transportation *
|
16,346
|
|
|
20,636
|
|
||
Natural gas services*
|
16,097
|
|
|
16,487
|
|
||
Sulfur services
|
2,700
|
|
|
3,090
|
|
||
Product sales: *
|
|
|
|
||||
Natural gas services
|
91,091
|
|
|
146,303
|
|
||
Sulfur services
|
39,475
|
|
|
50,047
|
|
||
Terminalling and storage
|
28,191
|
|
|
34,993
|
|
||
|
158,757
|
|
|
231,343
|
|
||
Total revenues
|
225,605
|
|
|
305,353
|
|
||
|
|
|
|
||||
Costs and expenses:
|
|
|
|
|
|
||
Cost of products sold: (excluding depreciation and amortization)
|
|
|
|
|
|
||
Natural gas services *
|
78,544
|
|
|
137,707
|
|
||
Sulfur services *
|
27,524
|
|
|
36,023
|
|
||
Terminalling and storage *
|
23,832
|
|
|
30,082
|
|
||
|
129,900
|
|
|
203,812
|
|
||
Expenses:
|
|
|
|
|
|
||
Operating expenses *
|
41,232
|
|
|
45,306
|
|
||
Selling, general and administrative *
|
8,171
|
|
|
8,806
|
|
||
Depreciation and amortization
|
22,048
|
|
|
22,717
|
|
||
Total costs and expenses
|
201,351
|
|
|
280,641
|
|
||
|
|
|
|
||||
Other operating income (loss)
|
84
|
|
|
(10
|
)
|
||
Operating income
|
24,338
|
|
|
24,702
|
|
||
|
|
|
|
||||
Other income (expense):
|
|
|
|
|
|
||
Equity in earnings of WTLPG
|
1,677
|
|
|
1,740
|
|
||
Interest expense, net
|
(10,112
|
)
|
|
(10,546
|
)
|
||
Other, net
|
62
|
|
|
437
|
|
||
Total other expense
|
(8,373
|
)
|
|
(8,369
|
)
|
||
|
|
|
|
||||
Net income before taxes
|
15,965
|
|
|
16,333
|
|
||
Income tax expense
|
(51
|
)
|
|
(300
|
)
|
||
Income from continuing operations
|
15,914
|
|
|
16,033
|
|
||
Income from discontinued operations, net of income taxes
|
—
|
|
|
1,215
|
|
||
Net income
|
15,914
|
|
|
17,248
|
|
||
Less general partner's interest in net income
|
(4,211
|
)
|
|
(4,238
|
)
|
||
Less income allocable to unvested restricted units
|
(43
|
)
|
|
(67
|
)
|
||
Limited partners' interest in net income
|
$
|
11,660
|
|
|
$
|
12,943
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues:*
|
|
|
|
||||
Terminalling and storage
|
$
|
20,958
|
|
|
$
|
20,474
|
|
Marine transportation
|
6,411
|
|
|
6,745
|
|
||
Natural gas services
|
313
|
|
|
—
|
|
||
Product Sales
|
700
|
|
|
1,589
|
|
||
Costs and expenses:*
|
|
|
|
||||
Cost of products sold: (excluding depreciation and amortization)
|
|
|
|
||||
Natural gas services
|
3,385
|
|
|
6,918
|
|
||
Sulfur services
|
3,812
|
|
|
3,624
|
|
||
Terminalling and storage
|
3,385
|
|
|
5,402
|
|
||
Expenses:
|
|
|
|
||||
Operating expenses
|
17,357
|
|
|
20,400
|
|
||
Selling, general and administrative
|
5,432
|
|
|
5,994
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Allocation of net income attributable to:
|
|
|
|
||||
Limited partner interest:
|
|
|
|
||||
Continuing operations
|
$
|
11,660
|
|
|
$
|
12,031
|
|
Discontinued operations
|
—
|
|
|
912
|
|
||
|
$
|
11,660
|
|
|
$
|
12,943
|
|
General partner interest:
|
|
|
|
||||
Continuing operations
|
$
|
4,211
|
|
|
$
|
3,939
|
|
Discontinued operations
|
—
|
|
|
299
|
|
||
|
$
|
4,211
|
|
|
$
|
4,238
|
|
|
|
|
|
||||
Net income per unit attributable to limited partners:
|
|
|
|
||||
Basic:
|
|
|
|
||||
Continuing operations
|
$
|
0.33
|
|
|
$
|
0.34
|
|
Discontinued operations
|
—
|
|
|
0.03
|
|
||
|
$
|
0.33
|
|
|
$
|
0.37
|
|
|
|
|
|
||||
Weighted average limited partner units - basic
|
35,354
|
|
|
35,317
|
|
||
|
|
|
|
||||
Diluted:
|
|
|
|
||||
Continuing operations
|
$
|
0.33
|
|
|
$
|
0.34
|
|
Discontinued operations
|
—
|
|
|
0.03
|
|
||
|
$
|
0.33
|
|
|
$
|
0.37
|
|
|
|
|
|
||||
Weighted average limited partner units - diluted
|
35,366
|
|
|
35,360
|
|
|
Partners’ Capital
|
|
|
|||||||||||
|
Common Limited
|
|
General Partner Amount
|
|
|
|||||||||
|
Units
|
|
Amount
|
|
|
Total
|
||||||||
Balances - January 1, 2015
|
35,365,912
|
|
|
$
|
470,943
|
|
|
$
|
14,728
|
|
|
$
|
485,671
|
|
Net income
|
—
|
|
|
13,010
|
|
|
4,238
|
|
|
17,248
|
|
|||
Issuance of common units, net
|
—
|
|
|
(145
|
)
|
|
—
|
|
|
(145
|
)
|
|||
Issuance of restricted units
|
91,950
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Forfeiture of restricted units
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
General partner contribution
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
|||
Cash distributions
|
—
|
|
|
(28,803
|
)
|
|
(4,405
|
)
|
|
(33,208
|
)
|
|||
Unit-based compensation
|
—
|
|
|
399
|
|
|
—
|
|
|
399
|
|
|||
Balances - March 31, 2015
|
35,456,862
|
|
|
$
|
455,404
|
|
|
$
|
14,616
|
|
|
$
|
470,020
|
|
|
|
|
|
|
|
|
|
|||||||
Balances - January 1, 2016
|
35,456,612
|
|
|
$
|
380,845
|
|
|
$
|
13,034
|
|
|
$
|
393,879
|
|
Net income
|
—
|
|
|
11,703
|
|
|
4,211
|
|
|
15,914
|
|
|||
Issuance of restricted units
|
13,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Forfeiture of restricted units
|
(250
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash distributions
|
—
|
|
|
(28,795
|
)
|
|
(4,560
|
)
|
|
(33,355
|
)
|
|||
Unit-based compensation
|
—
|
|
|
222
|
|
|
—
|
|
|
222
|
|
|||
Excess purchase price over carrying value of acquired assets
|
—
|
|
|
750
|
|
|
—
|
|
|
750
|
|
|||
Purchase of treasury units
|
(15,200
|
)
|
|
(330
|
)
|
|
—
|
|
|
(330
|
)
|
|||
Balances - March 31, 2016
|
35,454,962
|
|
|
$
|
364,395
|
|
|
$
|
12,685
|
|
|
$
|
377,080
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
15,914
|
|
|
$
|
17,248
|
|
Less: Income from discontinued operations, net of income taxes
|
—
|
|
|
(1,215
|
)
|
||
Net income from continuing operations
|
15,914
|
|
|
16,033
|
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
22,048
|
|
|
22,717
|
|
||
Amortization of deferred debt issuance costs
|
715
|
|
|
868
|
|
||
Amortization of premium on notes payable
|
(77
|
)
|
|
(82
|
)
|
||
Loss (gain) on sale of property, plant and equipment
|
(84
|
)
|
|
12
|
|
||
Equity in earnings of unconsolidated entities
|
(1,677
|
)
|
|
(1,740
|
)
|
||
Derivative income
|
(2,001
|
)
|
|
(625
|
)
|
||
Net cash received for commodity derivatives
|
1,215
|
|
|
—
|
|
||
Net cash received for interest rate derivatives
|
160
|
|
|
—
|
|
||
Net premiums received on derivatives that settle during the year on interest rate swaption contracts
|
630
|
|
|
625
|
|
||
Unit-based compensation
|
222
|
|
|
399
|
|
||
Cash distributions from WTLPG
|
2,500
|
|
|
2,100
|
|
||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
|
|
|
|
|
|
||
Accounts and other receivables
|
15,136
|
|
|
39,716
|
|
||
Product exchange receivables
|
49
|
|
|
2,814
|
|
||
Inventories
|
17,966
|
|
|
20,203
|
|
||
Due from affiliates
|
(1,432
|
)
|
|
2,243
|
|
||
Other current assets
|
1,142
|
|
|
184
|
|
||
Trade and other accounts payable
|
(13,078
|
)
|
|
(46,504
|
)
|
||
Product exchange payables
|
(2,811
|
)
|
|
125
|
|
||
Due to affiliates
|
(2,640
|
)
|
|
1,620
|
|
||
Income taxes payable
|
51
|
|
|
300
|
|
||
Other accrued liabilities
|
(8,223
|
)
|
|
(12,345
|
)
|
||
Change in other non-current assets and liabilities
|
(419
|
)
|
|
(339
|
)
|
||
Net cash provided by continuing operating activities
|
45,306
|
|
|
48,324
|
|
||
Net cash used in discontinued operating activities
|
—
|
|
|
(1,580
|
)
|
||
Net cash provided by operating activities
|
45,306
|
|
|
46,744
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Payments for property, plant and equipment
|
(17,298
|
)
|
|
(12,927
|
)
|
||
Acquisition of intangible assets
|
(2,150
|
)
|
|
—
|
|
||
Payments for plant turnaround costs
|
(991
|
)
|
|
(1,468
|
)
|
||
Proceeds from sale of property, plant and equipment
|
113
|
|
|
—
|
|
||
Net cash used in continuing investing activities
|
(20,326
|
)
|
|
(14,395
|
)
|
||
Net cash provided by discontinued investing activities
|
—
|
|
|
41,250
|
|
||
Net cash provided by (used in) investing activities
|
(20,326
|
)
|
|
26,855
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Payments of long-term debt
|
(86,200
|
)
|
|
(72,000
|
)
|
||
Proceeds from long-term debt
|
94,200
|
|
|
32,000
|
|
||
Proceeds from issuance of common units, net of issuance related costs
|
—
|
|
|
(145
|
)
|
||
General partner contribution
|
—
|
|
|
55
|
|
||
Purchase of treasury units
|
(330
|
)
|
|
—
|
|
||
Payment of debt issuance costs
|
(30
|
)
|
|
(306
|
)
|
||
Excess purchase price over carrying value of acquired assets
|
750
|
|
|
—
|
|
||
Cash distributions paid
|
(33,355
|
)
|
|
(33,208
|
)
|
||
Net cash used in financing activities
|
(24,965
|
)
|
|
(73,604
|
)
|
||
Net increase (decrease) in cash
|
15
|
|
|
(5
|
)
|
||
Cash at beginning of period
|
31
|
|
|
42
|
|
||
Cash at end of period
|
$
|
46
|
|
|
$
|
37
|
|
Non-cash additions to property, plant and equipment
|
$
|
3,292
|
|
|
$
|
4,901
|
|
|
Three Months Ended March 31,
|
|
Variance
|
|
Percent Change
|
||||||||
|
2016
|
|
2015
|
|
|
||||||||
|
(In thousands, except BBL per day)
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||
Services
|
$
|
33,157
|
|
|
$
|
35,041
|
|
|
$
|
(1,884
|
)
|
|
(5)%
|
Products
|
28,193
|
|
|
34,993
|
|
|
(6,800
|
)
|
|
(19)%
|
|||
Total revenues
|
61,350
|
|
|
70,034
|
|
|
(8,684
|
)
|
|
(12)%
|
|||
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
24,350
|
|
|
31,161
|
|
|
(6,811
|
)
|
|
(22)%
|
|||
Operating expenses
|
18,716
|
|
|
20,353
|
|
|
(1,637
|
)
|
|
(8)%
|
|||
Selling, general and administrative expenses
|
1,100
|
|
|
873
|
|
|
227
|
|
|
26%
|
|||
Depreciation and amortization
|
9,998
|
|
|
9,789
|
|
|
209
|
|
|
2%
|
|||
|
7,186
|
|
|
7,858
|
|
|
(672
|
)
|
|
(9)%
|
|||
Other operating income (loss)
|
100
|
|
|
(6
|
)
|
|
106
|
|
|
(1,767)%
|
|||
Operating income
|
$
|
7,286
|
|
|
$
|
7,852
|
|
|
$
|
(566
|
)
|
|
(7)%
|
|
|
|
|
|
|
|
|
||||||
Lubricant sales volumes (gallons)
|
5,146
|
|
|
6,049
|
|
|
(903
|
)
|
|
(15)%
|
|||
Shore-based throughput volumes (gallons)
|
25,559
|
|
|
42,524
|
|
|
(16,965
|
)
|
|
(40)%
|
|||
Smackover refinery throughput volumes (BBL per day)
|
4,439
|
|
|
5,536
|
|
|
(1,097
|
)
|
|
(20)%
|
|||
Corpus Christi crude terminal (BBL per day)
|
92,635
|
|
|
180,575
|
|
|
(87,940
|
)
|
|
(49)%
|
|
Three Months Ended March 31,
|
|
Variance
|
|
Percent Change
|
||||||||
|
2016
|
|
2015
|
|
|
||||||||
|
(In thousands)
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||
Services
|
$
|
16,097
|
|
|
$
|
16,487
|
|
|
$
|
(390
|
)
|
|
(2)%
|
Products
|
91,091
|
|
|
146,303
|
|
|
(55,212
|
)
|
|
(38)%
|
|||
Total revenues
|
107,188
|
|
|
162,790
|
|
|
(55,602
|
)
|
|
(34)%
|
|||
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
79,348
|
|
|
138,167
|
|
|
(58,819
|
)
|
|
(43)%
|
|||
Operating expenses
|
5,519
|
|
|
5,689
|
|
|
(170
|
)
|
|
(3)%
|
|||
Selling, general and administrative expenses
|
2,304
|
|
|
2,101
|
|
|
203
|
|
|
10%
|
|||
Depreciation and amortization
|
6,974
|
|
|
8,402
|
|
|
(1,428
|
)
|
|
(17)%
|
|||
|
13,043
|
|
|
8,431
|
|
|
4,612
|
|
|
55%
|
|||
Other operating loss
|
—
|
|
|
(4
|
)
|
|
4
|
|
|
(100)%
|
|||
Operating income
|
$
|
13,043
|
|
|
$
|
8,427
|
|
|
$
|
4,616
|
|
|
55%
|
|
|
|
|
|
|
|
|
||||||
Distributions from unconsolidated entities
|
$
|
2,500
|
|
|
$
|
2,100
|
|
|
$
|
400
|
|
|
19%
|
|
|
|
|
|
|
|
|
||||||
NGL sales volumes (Bbls)
|
3,202
|
|
|
3,894
|
|
|
(692
|
)
|
|
(18)%
|
|
Three Months Ended March 31,
|
|
Variance
|
|
Percent Change
|
||||||||
|
2016
|
|
2015
|
|
|
||||||||
|
(In thousands)
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||
Services
|
$
|
2,700
|
|
|
$
|
3,090
|
|
|
$
|
(390
|
)
|
|
(13)%
|
Products
|
39,475
|
|
|
50,047
|
|
|
(10,572
|
)
|
|
(21)%
|
|||
Total revenues
|
42,175
|
|
|
53,137
|
|
|
(10,962
|
)
|
|
(21)%
|
|||
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
27,615
|
|
|
36,113
|
|
|
(8,498
|
)
|
|
(24)%
|
|||
Operating expenses
|
2,757
|
|
|
4,283
|
|
|
(1,526
|
)
|
|
(36)%
|
|||
Selling, general and administrative expenses
|
958
|
|
|
1,062
|
|
|
(104
|
)
|
|
(10)%
|
|||
Depreciation and amortization
|
1,970
|
|
|
2,126
|
|
|
(156
|
)
|
|
(7)%
|
|||
|
8,875
|
|
|
9,553
|
|
|
(678
|
)
|
|
(7)%
|
|||
Other operating loss
|
(16
|
)
|
|
—
|
|
|
(16
|
)
|
|
|
|||
Operating income
|
$
|
8,859
|
|
|
$
|
9,553
|
|
|
$
|
(694
|
)
|
|
(7)%
|
|
|
|
|
|
|
|
|
||||||
Sulfur (long tons)
|
157
|
|
|
216
|
|
|
(59
|
)
|
|
(27)%
|
|||
Fertilizer (long tons)
|
83
|
|
|
96
|
|
|
(13
|
)
|
|
(14)%
|
|||
Total sulfur services volumes (long tons)
|
240
|
|
|
312
|
|
|
(72
|
)
|
|
(23)%
|
|
Three Months Ended March 31,
|
|
Variance
|
|
Percent Change
|
||||||||
|
2016
|
|
2015
|
|
|
||||||||
|
(In thousands)
|
|
|
||||||||||
Revenues
|
$
|
16,902
|
|
|
$
|
21,946
|
|
|
$
|
(5,044
|
)
|
|
(23)%
|
Operating expenses
|
14,837
|
|
|
15,906
|
|
|
(1,069
|
)
|
|
(7)%
|
|||
Selling, general and administrative expenses
|
(419
|
)
|
|
(40
|
)
|
|
(379
|
)
|
|
948%
|
|||
Depreciation and amortization
|
3,106
|
|
|
2,400
|
|
|
706
|
|
|
29%
|
|||
Operating income (loss)
|
$
|
(622
|
)
|
|
$
|
3,680
|
|
|
$
|
(4,302
|
)
|
|
(117)%
|
|
Three Months Ended March 31,
|
|
Variance
|
|
Percent Change
|
||||||||
|
2016
|
|
2015
|
|
|
||||||||
|
(In thousands)
|
|
|
||||||||||
Distributions from WTLPG
|
$
|
2,500
|
|
|
$
|
2,100
|
|
|
$
|
400
|
|
|
19%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Net income
|
$
|
15,914
|
|
|
$
|
17,248
|
|
Less: Income from discontinued operations, net of income taxes
|
—
|
|
|
(1,215
|
)
|
||
Income from continuing operations
|
15,914
|
|
|
16,033
|
|
||
Adjustments:
|
|
|
|
||||
Interest expense
|
10,112
|
|
|
10,546
|
|
||
Income tax expense
|
51
|
|
|
300
|
|
||
Depreciation and amortization
|
22,048
|
|
|
22,717
|
|
||
EBITDA
|
48,125
|
|
|
49,596
|
|
||
Adjustments:
|
|
|
|
||||
Equity in earnings of unconsolidated entities
|
(1,677
|
)
|
|
(1,740
|
)
|
||
(Gain) loss on sale of property, plant and equipment
|
(84
|
)
|
|
12
|
|
||
Unrealized mark to market on commodity derivatives
|
210
|
|
|
—
|
|
||
Distributions from unconsolidated entities
|
2,500
|
|
|
2,100
|
|
||
Unit-based compensation
|
222
|
|
|
399
|
|
||
Adjusted EBITDA
|
49,296
|
|
|
50,367
|
|
||
Adjustments:
|
|
|
|
||||
Interest expense
|
(10,112
|
)
|
|
(10,546
|
)
|
||
Income tax expense
|
(51
|
)
|
|
(300
|
)
|
||
Amortization of debt premium
|
(77
|
)
|
|
(82
|
)
|
||
Amortization of deferred debt issuance costs
|
715
|
|
|
868
|
|
||
Non-cash mark-to-market on interest rate derivatives
|
(206
|
)
|
|
—
|
|
||
Payments for plant turnaround costs
|
(991
|
)
|
|
(1,468
|
)
|
||
Maintenance capital expenditures
|
(6,044
|
)
|
|
(1,758
|
)
|
||
Distributable Cash Flow
|
$
|
32,530
|
|
|
$
|
37,081
|
|