Martin Midstream Partners LP (MMLP), Kilgore, Texas, reported net income of $3.8 million and adjusted EBITDA of $31.7 million for the second quarter ended June 30, 2024, up from $1.1 billion and $25.5 billion, respectively, in last year’s second quarter. For the first six months, net income was $7.1 million and adjusted EBITDA was $62.1 million.
The company’s Sulfur Services segment posted adjusted EBITDA of $10.6 million for the quarter, up $2.6 million from last year reflecting increased fertilizer margins and high sulfur production from the Gulf Coast refineries. The company declared a quarterly cash dividend of $0.005 per common unit.
New York-based investment advisories Nut Tree Capital Management and Caspian Capital on July 29 increased their offer to acquire Martin Midstream to $4.50 per common unit in cash, up 12.5% from an initial offer last month of $4 per common unit. The offer represents a 48% premium over an offer of $3.05 made in May by Martin Resource Management, the owner of the general partner of Martin Midstream.
Martin Resource earlier this month said it had no interest in selling its interests in Martin Midstream or the general partner, or in pursuing any alternative options.