Martin Midstream Partners LP, Kilgore, Texas, reported second-quarter Sulfur Services operating income of $5.3 million on revenues of $35.9 million compared to the year-ago $3.6 million and $38.5 million, respectively. While Martin said its fertilizer business experienced weak demand in June due to a shortened planting season caused by rain and flooding, fertilizer volumes for the quarter were only off 5 percent to 88,000 lt from the year-ago 93,000 lt. Sulfur volumes were up 4 percent to 182,000 lt from 178,000 lt.
Company-wide, Martin, citing headwinds in all of its business units, reported a loss from continuing operations of $10.6 million ($0.27 per limited partners unit) on total revenues of $187.3 million, compared to the year-ago loss of $9.5 million ($0.31 per share) and $227.2 million.
Despite a very wet spring season, CVR Partners LP, Sugar Land, Texas, reported both increased income and volumes during the second-quarter and first-half ending June 30, 2019. Second-quarter net income was $19 million ($0.17 per common unit) on net sales of $138 million, up from the year-ago loss of $16 million ($0.15 per unit) and sales of $93 million.
“We continued to experience wet weather across the Midwest during the second quarter of 2019, which impacted the spring planting season and hindered the movement of nitrogen fertilizer across the country,” said Mark Pytosh, CEO of CVR Partners’ general partner. “However, our plants ran well in the quarter, with ammonia utilization rates of 97 percent at Coffeyville and 98 percent at East Dubuque. Despite the weather impacts, we experienced solid demand for fertilizer during the second quarter and were able to deliver significant volumes of product to customers at netback prices much higher than the second quarter 2018.”
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