Martin Midstream 2Q earnings up 44.3 percent

Kilgore, Texas-Martin Midstream Partners LP (MMLP) reported a 44.3 percent increase in net earnings, to $5.2 million ($.40 per unit) on sales of $133 million for the second quarter ending June 30, compared to the year-ago $2.9 million ($.34 per unit) and $84.9 million, respectively. Six-month net earnings were up, at $9.5 million ($.72 per unit) on sales of $279.9 million, versus the year-ago $6.5 million ($.75 per unit) and $181 million, respectively. Fertilizer operating revenues were off slightly, though revenues were up significantly. New acquisitions across the board, including sulfur, gas, transportation, and terminals, have helped boost company revenues. The company noted that on July 17 it acquired a marine terminal and associated assets near Corpus Christi, Texas, from Koch Pipeline Co. LP, for $6.2 million. The terminal is located on approximately 25.5 acres of land and includes two short pipelines and three 80,000 barrel tanks. The terminal is a specialty petroleum terminal which charges fixed monthly fees to third parties under term contracts for use of storage tanks. Earlier this year, MMLP acquired the Texan, an offshore tug, and the Ponciana, an offshore LPG barge, for $5.85 million. The vessels are in service under a long-term charter with a third party. MMLP also bought the M450, an offshore barge, for $1.55 million. This went into service under a one-year charter.

* Figures in thousands