Martin Midstream Companions LP (MMLP) on Wednesday pulled down its projection for adjusted EBITDA for 2026 to $90 million as internet losses piled up from $1 million for the primary quarter (Q1) of 2025 to $6.6 million for Q1 2026.
Kilgore, Texas-based MMLP, a midstream oil and chemical compounds firm and a producer of sulfur merchandise, has not posted a worthwhile 12 months since 2019.
“For the primary quarter of 2026, the Partnership generated Adjusted EBITDA of $20.8 million, in need of the tempo wanted to attain our full-year steering”, Bob Bondurant, president and chief government of MMLP normal associate Martin Midstream GP LLC, mentioned in a web based assertion.
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“Two main headwinds impacted the quarter: significant margin stress in our fertilizer enterprise and decrease than anticipated contribution by the transportation enterprise”.
Within the transport phase, working revenue fell to $3.2 million for Q1 2026 from $5.5 million for Q1 2025. Section EBITDA adjusted for nonrecurring or extraordinary objects dropped to $6 million from $8 million attributable to decrease miles, lowered transport charges and better working bills.
Terminaling and storage working revenue inched up from $2.1 million for Q1 2025 to $2.2 million for Q1 2026. Adjusted EBITDA decreased from $7.7 million to $7.1 million attributable to larger working bills, partially offset by larger throughput and reservation charges.
Sulfur companies working revenue plunged to $2.5 million for Q1 2026 from $7.7 million for Q1 2025. Adjusted EBITDA fell to $6.8 million from $11.5 million. The fertilizer division noticed “quickly rising uncooked materials prices”, in addition to delivered decrease volumes. The pure sulfur division benefited from decrease working bills, partially offset by weaker margins. Sulfur prilling benefited from elevated reservation charges.
Specialty merchandise working revenue slid to $3.5 million for Q1 2026 from $3.7 million for Q1 2025. Adjusted EBITDA fell to $4.3 million for Q1 2026 from $4.5 million for Q1 2025. Lubricants improved in margins and volumes, whereas the grease division noticed the alternative. Propane volumes fell. Pure gasoline liquids elevated margins.
Marine transport recorded decrease utilization related to deliberate regulatory inspections, decrease transport charges and better working bills. The inland division noticed larger utilization, however decrease day charges.
Income throughout operations totaled $187.67 million for Q1 2026, in comparison with $192.54 million for Q1 2025. The largest contributor for each durations was the terminaling and storage phase: $18.76 million for Q1 2026 vs $17.26 million for Q1 2025.
Whereas MMLP had no distributable money circulation, which stood at unfavourable $2.88 million, the corporate declared a dividend per unit of $0.005.
“Through the quarter, we amended our revolving credit score facility, offering the Partnership with extra covenant flexibility as we navigate by the present surroundings”, Bondurant mentioned. “As of March 31, 2026, whole debt excellent was roughly $468.0 million, liquidity beneath our revolving credit score facility was roughly $37.5 million, and our leverage ratio was 5.08 occasions based mostly on Credit score Adjusted EBITDA”.
To contact the creator, e-mail jov.onsat@rigzone.com
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