Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MARTIN MIDSTREAM PARTNERS LP | ' |
Entity Central Index Key | '0001176334 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 26,625,026 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
CONSOLIDATED_AND_CONDENSED_BAL
CONSOLIDATED AND CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $45 | $5,162 |
Accounts and other receivables, less allowance for doubtful accounts of $2,864 and $2,805, respectively | 147,609 | 190,652 |
Product exchange receivables | 3,635 | 3,416 |
Inventories | 106,783 | 95,987 |
Due from affiliates | 18,531 | 13,343 |
Other current assets | 9,141 | 2,777 |
Assets held for sale | 750 | 3,578 |
Total current assets | 286,494 | 314,915 |
Property, plant and equipment, at cost | 900,175 | 767,344 |
Accumulated depreciation | -291,638 | -256,963 |
Property, plant and equipment, net | 608,537 | 510,381 |
Goodwill | 19,616 | 19,616 |
Investment in unconsolidated entities | 181,586 | 154,309 |
Debt issuance costs, net | 16,469 | 10,244 |
Other assets, net | 7,500 | 3,531 |
Total Assets | 1,120,202 | 1,012,996 |
Liabilities and Partners’ Capital | ' | ' |
Current installments of long-term debt and capital lease obligations | 3,173 | 3,206 |
Trade and other accounts payable | 110,617 | 140,045 |
Product exchange payables | 13,123 | 12,187 |
Due to affiliates | 2,791 | 3,316 |
Income taxes payable | 1,121 | 10,239 |
Other accrued liabilities | 18,331 | 9,489 |
Total current liabilities | 149,156 | 178,482 |
Long-term debt and capital lease obligations, less current installments | 648,004 | 474,992 |
Other long-term obligations | 2,236 | 1,560 |
Total liabilities | 799,396 | 655,034 |
Partners’ capital | 320,806 | 357,962 |
Commitments and contingencies | ' | ' |
Total Liabilities and Partners' Capital | $1,120,202 | $1,012,996 |
CONSOLIDATED_AND_CONDENSED_BAL1
CONSOLIDATED AND CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Accounts and other receivables, allowance for doubtful accounts | $2,864 | $2,805 |
CONSOLIDATED_AND_CONDENSED_STA
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues: | ' | ' | ' | ' | ||||
Terminalling and storage | $28,956 | [1] | $23,875 | [1],[2] | $85,267 | [1] | $65,107 | [1],[2] |
Marine transportation | 24,217 | [1] | 22,102 | [1],[2] | 74,694 | [1] | 63,678 | [1],[2] |
Sulfur services | 3,001 | 2,926 | [2] | 9,003 | 8,777 | [2] | ||
Product sales: | ' | ' | ' | ' | ||||
Natural gas services | 204,296 | [1] | 190,738 | [1],[2] | 650,605 | [1] | 527,666 | [1],[2] |
Sulfur services | 39,096 | [1] | 57,670 | [1],[2] | 164,375 | [1] | 193,464 | [1],[2] |
Terminalling and storage | 60,050 | [1] | 56,779 | [1],[2] | 167,546 | [1] | 177,570 | [1],[2] |
Total product sales | 303,442 | 305,187 | [2] | 982,526 | 898,700 | [2] | ||
Total revenues | 359,616 | 354,090 | [2] | 1,151,490 | 1,036,262 | [2] | ||
Cost of products sold: (excluding depreciation and amortization) | ' | ' | ' | ' | ||||
Natural gas services | 196,308 | [1] | 185,686 | [1],[2] | 626,609 | [1] | 515,928 | [1],[2] |
Sulfur services | 33,994 | [1] | 47,272 | [1],[2] | 131,577 | [1] | 149,582 | [1],[2] |
Terminalling and storage | 52,718 | [1] | 52,161 | [1],[2] | 146,806 | [1] | 160,271 | [1],[2] |
Total cost of products sold (excluding depreciation and amortization) | 283,020 | 285,119 | [2] | 904,992 | 825,781 | [2] | ||
Expenses: | ' | ' | ' | ' | ||||
Operating expenses | 43,444 | [1] | 36,654 | [1],[2] | 129,839 | [1] | 108,108 | [1],[2] |
Selling, general and administrative | 7,211 | [1] | 5,774 | [1],[2] | 20,624 | [1] | 17,184 | [1],[2] |
Depreciation and amortization | 13,698 | 10,292 | [2] | 37,944 | 30,315 | [2] | ||
Total costs and expenses | 347,373 | 337,839 | [2] | 1,093,399 | 981,388 | [2] | ||
Other operating income | 0 | -5 | [2] | 796 | 368 | [2] | ||
Operating income | 12,243 | 16,246 | [2] | 58,887 | 55,242 | [2] | ||
Other income (expense): | ' | ' | ' | ' | ||||
Equity in earnings (loss) of unconsolidated entities | -577 | -775 | [2] | -878 | 256 | [2] | ||
Interest expense | -11,060 | -6,789 | [2] | -31,058 | -23,284 | [2] | ||
Debt prepayment premium | 0 | 0 | [2] | 0 | -2,470 | [2] | ||
Other, net | -111 | 505 | [2] | -134 | 1,054 | [2] | ||
Total other expense | -11,748 | -7,059 | [2] | -32,070 | -24,444 | [2] | ||
Net income before taxes | 495 | 9,187 | [2] | 26,817 | 30,798 | [2] | ||
Income tax expense | -303 | -541 | [2] | -910 | -3,366 | [2] | ||
Income from continuing operations | 192 | 8,646 | [2] | 25,907 | 27,432 | [2] | ||
Income from discontinued operations, net of income taxes | 0 | 63,603 | [2] | 0 | 67,312 | [2] | ||
Net income | 192 | 72,249 | [2] | 25,907 | 94,744 | [2] | ||
Less general partner's interest in net income | -4 | -1,448 | [2] | -518 | -4,603 | [2] | ||
Less pre-acquisition income allocated to Parent | 0 | 152 | [2] | 0 | -4,622 | [2] | ||
Less income allocable to unvested restricted units | -1 | 0 | [2] | -67 | 0 | [2] | ||
Limited partners' interest in net income | 187 | 70,953 | [2] | 25,322 | 85,519 | [2] | ||
Limited partner interest: | ' | ' | ' | ' | ||||
Continuing operations | 187 | 10,128 | [2] | 25,322 | 21,645 | [2] | ||
Discontinued operations | 0 | 60,825 | [2] | 0 | 63,874 | [2] | ||
Limited partners' interest in net income | 187 | 70,953 | [2] | 25,322 | 85,519 | [2] | ||
General partner interest: | ' | ' | ' | ' | ||||
Continuing operations | 4 | -1,330 | [2] | 518 | 1,165 | [2] | ||
Discontinued operations | 0 | 2,778 | [2] | 0 | 3,438 | [2] | ||
Less general partners' interest in net income | $4 | $1,448 | [2] | $518 | $4,603 | [2] | ||
Basic: | ' | ' | ' | ' | ||||
Continuing operations (in dollars per unit) | $0.01 | $0.44 | [2] | $0.95 | $0.94 | [2] | ||
Discontinued operations (in dollars per unit) | $0 | $2.63 | [2] | $0 | $2.79 | [2] | ||
Net Income, Basic (in dollars per unit) | $0.01 | $3.07 | [2] | $0.95 | $3.73 | [2] | ||
Weighted average limited partner units - basic (in units) | 26,552,028 | 23,101,233 | [2] | 26,561,406 | 22,929,172 | [2] | ||
Diluted: | ' | ' | ' | ' | ||||
Continuing operations (in dollars per unit) | $0.01 | $0.44 | [2] | $0.95 | $0.94 | [2] | ||
Discontinued operations (in dollars per unit) | $0 | $2.63 | [2] | $0 | $2.79 | [2] | ||
Net Income, Diluted (in dollars per unit) | $0.01 | $3.07 | [2] | $0.95 | $3.73 | [2] | ||
Weighted average limited partner units - diluted (in units) | 26,579,000 | 23,105,000 | [2] | 26,581,000 | 22,932,000 | [2] | ||
[1] | *Related Party Transactions Included Above | |||||||
[2] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
CONSOLIDATED_AND_CONDENSED_STA1
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Revenues: | ' | ' | ' | ' | ||
Terminalling and storage | $18,044 | $18,531 | [1] | $52,857 | $48,611 | [1] |
Marine transportation | 5,943 | 3,979 | [1] | 18,828 | 13,282 | [1] |
Product Sales | 964 | 1,637 | [1] | 4,012 | 5,784 | [1] |
Cost of products sold: (excluding depreciation and amortization) | ' | ' | ' | ' | ||
Natural gas services | 7,799 | 6,761 | [1] | 23,391 | 18,783 | [1] |
Sulfur services | 4,539 | 4,111 | [1] | 13,514 | 12,512 | [1] |
Terminalling and storage | 25,826 | 24,037 | 76,543 | 67,804 | ||
Expenses: | ' | ' | ' | ' | ||
Operating expenses | 17,902 | 14,100 | [1] | 53,410 | 42,308 | [1] |
Selling, general and administrative | 4,356 | 2,764 | [1] | 12,944 | 8,258 | [1] |
Related Party [Member] | Terminalling and storage [Member] | ' | ' | ' | ' | ||
Revenues: | ' | ' | ' | ' | ||
Product Sales | 155 | 168 | 543 | 850 | ||
Cost of products sold: (excluding depreciation and amortization) | ' | ' | ' | ' | ||
Terminalling and storage | 13,488 | 13,165 | [1] | 39,638 | 36,509 | [1] |
Expenses: | ' | ' | ' | ' | ||
Operating expenses | $5,548 | $4,917 | $16,249 | $14,927 | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
CONSOLIDATED_AND_CONDENSED_STA2
CONSOLIDATED AND CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net income | $192 | $72,249 | [1] | $25,907 | $94,744 | [1] |
Other comprehensive income adjustments: | ' | ' | ' | ' | ||
Changes in fair values of commodity cash flow hedges | 0 | 0 | [1] | 0 | 126 | [1] |
Commodity cash flow hedging losses reclassified to earnings | 0 | -63 | [1] | 0 | -752 | [1] |
Other comprehensive income | 0 | -63 | [1] | 0 | -626 | [1] |
Comprehensive income | $192 | $72,186 | [1] | $25,907 | $94,118 | [1] |
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
CONSOLIDATED_AND_CONDENSED_STA3
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | $357,962 | $337,187 | ||
Net income | 192 | 72,249 | [1] | 25,907 | 94,744 | [1] |
Follow-on public offering | ' | ' | ' | 91,361 | ||
General partner contribution | ' | ' | 37 | 1,951 | ||
Cash distributions | ' | ' | -63,286 | -58,332 | ||
Unit-based compensation | ' | ' | 737 | 379 | ||
Excess purchase price over carrying value of acquired assets | ' | ' | -301 | ' | ||
Adjustment in fair value of derivatives | ' | ' | ' | -626 | ||
Purchase of treasury units | ' | ' | -250 | -221 | ||
Ending Balance | 320,806 | 466,443 | 320,806 | 466,443 | ||
Parent Net Investment [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | ' | 51,571 | [1] | |
Net income | ' | ' | ' | 4,622 | [1] | |
Ending Balance | ' | 56,193 | [1] | ' | 56,193 | [1] |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | ' | 626 | ||
Adjustment in fair value of derivatives | ' | ' | ' | -626 | ||
Ending Balance | 0 | 0 | 0 | 0 | ||
Limited Partner [Member] | Common Limited [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | 349,490 | 279,562 | ||
Beginning Balance (in units) | ' | ' | 26,566,776 | 20,471,776 | ||
Net income | ' | ' | 25,389 | 85,519 | ||
Follow-on public offerings (in units) | ' | ' | ' | 2,645,000 | ||
Follow-on public offering | ' | ' | ' | 91,361 | ||
Issuance of restricted units | ' | ' | 63,750 | ' | ||
Forfeiture of restricted units (in units) | ' | ' | -250 | ' | ||
Cash distributions | ' | ' | -61,902 | -52,880 | ||
Unit-based compensation (in units) | ' | ' | ' | 6,250 | ||
Unit-based compensation | ' | ' | 737 | 379 | ||
Excess purchase price over carrying value of acquired assets | ' | ' | -301 | ' | ||
Purchase of treasury units (in units) | ' | ' | -6,000 | -6,250 | ||
Purchase of treasury units | ' | ' | -250 | -221 | ||
Ending Balance (in units) | 26,624,276 | 23,116,776 | 26,624,276 | 23,116,776 | ||
Ending Balance | 313,163 | 403,720 | 313,163 | 403,720 | ||
General Partner [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ||
Beginning Balance | ' | ' | 8,472 | 5,428 | ||
Net income | ' | ' | 518 | 4,603 | ||
General partner contribution | ' | ' | 37 | 1,951 | ||
Cash distributions | ' | ' | -1,384 | -5,452 | ||
Ending Balance | $7,643 | $6,530 | $7,643 | $6,530 | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
CONSOLIDATED_AND_CONDENSED_STA4
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' | |
Net income | $25,907 | $94,744 | [1] |
Less: Income from discontinued operations | 0 | -67,312 | [1] |
Net income from continuing operations | 25,907 | 27,432 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 37,944 | 30,315 | [1] |
Amortization of deferred debt issuance costs | 2,890 | 2,611 | [1] |
Amortization of debt discount | 230 | 504 | [1] |
Deferred taxes | 0 | 402 | [1] |
(Gain) loss on sale of property, plant and equipment | -796 | 7 | [1] |
Gain on sale of equity method investment | 0 | -486 | [1] |
Equity in (earnings) loss of unconsolidated entities | 878 | -256 | [1] |
Unit-based compensation | 737 | 379 | [1] |
Preferred dividends on MET investment | 1,171 | 0 | [1] |
Other | 7 | 0 | [1] |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | ' | ' | |
Accounts and other receivables | 43,043 | -10,352 | [1] |
Product exchange receivables | -219 | 12,190 | [1] |
Inventories | -8,362 | -41,736 | [1] |
Due from affiliates | -5,188 | -27,795 | [1] |
Other current assets | -6,358 | 1,996 | [1] |
Trade and other accounts payable | -29,641 | -16,808 | [1] |
Product exchange payables | 936 | -9,405 | [1] |
Due to affiliates | -525 | 21,040 | [1] |
Income taxes payable | -440 | 154 | [1] |
Other accrued liabilities | 8,842 | 1,353 | [1] |
Change in other non-current assets and liabilities | -210 | -1,126 | [1] |
Net cash provided by (used in) continuing operating activities | 70,846 | -9,581 | [1] |
Net cash provided by (used in) discontinued operating activities | -8,678 | 120 | [1] |
Net cash provided by (used in) operating activities | 62,168 | -9,461 | [1] |
Cash flows from investing activities: | ' | ' | |
Payments for property, plant and equipment | -68,591 | -71,550 | [1] |
Acquisitions | -73,921 | 0 | [1] |
Payments for plant turnaround costs | 0 | -2,578 | [1] |
Proceeds from sale of property, plant and equipment | 4,719 | 33 | [1] |
Proceeds from sale of equity method investment | 0 | 531 | [1] |
Investment in unconsolidated subsidiaries | 0 | -775 | [1] |
Milestone distributions from ECP | 0 | 2,208 | [1] |
Return of investments from unconsolidated entities | 1,551 | 5,133 | [1] |
Contributions to unconsolidated entities | -30,877 | -22,786 | [1] |
Net cash used in continuing investing activities | -167,119 | -89,784 | [1] |
Net cash provided by discontinued investing activities | 0 | 271,181 | [1] |
Net cash provided by (used in) investing activities | -167,119 | 181,397 | [1] |
Cash flows from financing activities: | ' | ' | |
Payments of long-term debt | -518,000 | -547,000 | [1] |
Payments of notes payable and capital lease obligations | -251 | -6,522 | [1] |
Proceeds from long-term debt | 691,000 | 349,000 | [1] |
Net proceeds from follow on offering | 0 | 91,361 | [1] |
General partner contribution | 37 | 1,951 | [1] |
Purchase of treasury units | -250 | -221 | [1] |
Decrease in affiliate funding of investments in unconsolidated entities | 0 | -2,208 | [1] |
Payment of debt issuance costs | -9,115 | -204 | [1] |
Excess purchase price over carrying value of acquired assets | -301 | 0 | [1] |
Cash distributions paid | -63,286 | -58,332 | [1] |
Net cash provided by (used in) financing activities | 99,834 | -172,175 | [1] |
Net decrease in cash | -5,117 | -239 | [1] |
Cash at beginning of period | 5,162 | 266 | [1] |
Cash at end of period | $45 | $27 | [1] |
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
General | ' |
General | |
Martin Midstream Partners L.P. (the “Partnership”) is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. Its four primary business lines include: terminalling and storage services for petroleum products and by-products including the refining, blending, and packaging of finished lubricants; natural gas services, including liquids distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. | |
The Partnership’s unaudited consolidated and condensed financial statements have been prepared in accordance with the requirements of Form 10-Q and United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial reporting. Accordingly, these financial statements have been condensed and do not include all of the information and footnotes required by U.S. GAAP for annual audited financial statements of the type contained in the Partnership’s annual reports on Form 10-K. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s financial position, results of operations, and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. Results for such interim periods are not necessarily indicative of the results of operations for the full year. These financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements and notes thereto included in the Partnership’s annual report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2013, as amended by Amendment No. 1 on Form 10-K/A for the year ended December 31, 2012 filed on March 28, 2013. | |
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated and condensed financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. | |
As discussed in Note 4, on July 31, 2012, the Partnership completed the sale of its East Texas and Northwest Louisiana natural gas gathering and processing assets owned by Prism Gas Systems I, L.P. (“Prism Gas”), a wholly-owned subsidiary of the Partnership. These assets, along with additional gathering and processing assets discussed in Note 4, are collectively referred to as the “Prism Assets.” The Partnership has retrospectively adjusted its prior period consolidated and condensed financial statements to comparably classify the amounts related to the operations and cash flows of the Prism Assets as discontinued operations. | |
On October 2, 2012, the Partnership, which owned 10.74% of the Class A interests and 100% of the Class B interests, acquired all of the remaining Class A interests in Redbird Gas Storage LLC (“Redbird”) from Martin Underground Storage, Inc., (“MUS”) a subsidiary of Martin Resource Management Corporation (“Martin Resource Management” or “Parent”). In 2011, the Partnership and Martin Resource Management formed Redbird, a natural gas storage joint venture to invest in Cardinal Gas Storage Partners LLC (“Cardinal”). Cardinal is a joint venture between Redbird and Energy Capital Partners (“ECP”) that is focused on the development, construction, operation and management of natural gas storage facilities across northern Louisiana and Mississippi. | |
On October 2, 2012, the Partnership acquired from Cross Oil Refining and Marketing, Inc. (“Cross”), a wholly-owned subsidiary of Martin Resource Management, certain specialty lubricant product blending and packaging assets (“Blending and Packaging Assets”). | |
The acquisitions of the Redbird Class A interests and the Blending and Packaging Assets were considered a transfer of net assets between entities under common control. As a result, the acquisitions of the Redbird Class A interests and the Blending and Packaging Assets are recorded at amounts based on the historical carrying value of these assets at October 2, 2012, and the Partnership is required to update its historical financial statements to include the activities of the Redbird Class A interests and the Blending and Packaging Assets as of the date of common control. The Partnership’s accompanying historical financial statements have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the activities of the Redbird Class A interests and the Blending and Packaging Assets as if the Partnership owned these assets for the periods presented. Net income attributable to the Redbird Class A interests and the activities of the Blending and Packaging Assets for periods prior to the Partnership’s acquisition of the assets is not allocated to the general and limited partners for purposes of calculating net income per limited partner unit. See Note 11. | |
On August 30, 2013, Martin Resource Management completed the sale of a 49% non-controlling voting interest (50% economic interest) in MMGP Holdings, LLC (“Holdings”), a newly-formed sole member of Martin Midstream GP LLC (“MMGP”), the general partner of the Partnership, to certain affiliated investment funds managed by Alinda Capital Partners (“Alinda”). Upon closing the transaction, Alinda appointed two representatives to serve as directors of the general partner. | |
Certain expense reclassifications were made to the Partnership's Consolidated and Condensed Statements of Operations for the three and nine months ended September 30, 2012 in order to conform to the current presentation. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) amended the provisions of Accounting Standards Codification (“ASC”) 220 related to accumulated other comprehensive income, which does not change the current requirements for reporting net income or other comprehensive income in financial statements. The standard requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This amended guidance was adopted by the Partnership effective January 1, 2013. As this new guidance only requires enhanced disclosure, adoption did not impact the Partnership's financial position or results of operations. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
Marine Transportation Equipment Purchase | ||||
On September 30, 2013, the Partnership acquired two inland tank barges from Martin Resource Management for $7,100. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The Partnership recorded $6,799 to property, plant and equipment in the Marine Transportation segment and the excess of the purchase price over the carrying value of the assets of $301 was recorded as an adjustment to partners' capital. This transaction was funded with borrowings under the Partnership's revolving credit facility. | ||||
Sulfur Production Facility | ||||
On August 5, 2013, the Partnership acquired a plant nutrient sulfur production facility in Cactus, Texas for $4,118. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: | ||||
Inventory | $ | 162 | ||
Property, plant and equipment | 4,000 | |||
Current liabilities | (44 | ) | ||
Total | $ | 4,118 | ||
The Partnership's results of operations from these assets included revenues of $104 and a net loss of $80 for both the three and nine months ended September 30, 2013. | ||||
NL Grease, LLC | ||||
On June 13, 2013, the Partnership acquired certain assets of NL Grease, LLC (“NLG”) for $12,148. NLG is a Kansas City, Missouri based grease manufacturer that specializes in private-label packaging of commercial and industrial greases. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: | ||||
Inventory and other current assets | $ | 1,513 | ||
Property, plant and equipment | 6,136 | |||
Other assets | 5,113 | |||
Other accrued liabilities | (168 | ) | ||
Other long-term obligations | (446 | ) | ||
Total | $ | 12,148 | ||
The purchase price allocation resulted in the recognition of $5,113 in definite-lived intangible assets with no residual value, including $2,418 of technology, $2,218 attributable to a customer list, and $477 attributable to a non-compete agreement. The amounts assigned to technology, the customer list, and the non-compete agreement are amortized over the estimated useful life of ten years, three years, and five years, respectively. The weighted average life over which these acquired intangibles will be amortized is approximately six years. | ||||
The Partnership completed the purchase price allocation during the third quarter of 2013, which resulted in an adjustment to working capital from the preliminary purchase price allocation in the amount of $55. | ||||
The Partnership's results of operations included revenues of $4,101 and net income of $166 for the three months ended September 30, 2013 and revenues of $4,622 and net income of $10 for the nine months ended September 30, 2013 related to the NLG acquisition. | ||||
NGL Marine Equipment Purchase | ||||
On February 28, 2013, the Partnership purchased from affiliates of Florida Marine Transporters, Inc. six liquefied petroleum gas pressure barges and two commercial push boats for approximately $50,801, of which the commercial push boats totaling $8,201 were allocated to property, plant and equipment in the Partnership's Marine Transportation segment and the six pressure barges totaling $42,600 were allocated to property, plant and equipment in the Partnership's Natural Gas Services segment. This transaction was funded with borrowings under the Partnership's revolving credit facility. | ||||
Talen's Marine & Fuel LLC | ||||
On December 31, 2012, the Partnership acquired all of the outstanding membership interests in Talen's Marine & Fuel LLC (“Talen's”) from QEP Marine Fuel Investment, LLC and QEP Marine Fuel Holdings, Inc. (collectively referred to as “Quintana Energy Partners”) for $103,368, subject to certain post-closing adjustments, including the assumption of a note payable in the amount of $2,971. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. Additionally, as required by ASC 805, the Partnership expensed acquisition related costs, of which $58 were recorded in selling, general and administrative expenses for the nine months ended September 30, 2013. Through this acquisition, the Partnership acquired certain terminalling facilities and other terminalling related assets located along the Texas and Louisiana gulf coast. This transaction was funded by borrowings under the Partnership's revolving credit facility. Simultaneous with the acquisition, the Partnership sold certain working capital-related assets and a customer relationship intangible asset to Martin Energy Services LLC (“MES”), a wholly-owned subsidiary of Martin Resource Management for $56,000. Due to the Talen's acquisition, MES entered into various service agreements with Talen's pursuant to which the Partnership provides certain terminalling and marine services to MES. The excess carrying value of the assets over the purchase price paid by Martin Resource Management at the sales date was $4,268 and was recorded as an adjustment to partners' capital. The remaining net assets retained by the Partnership were recorded in the Terminalling and Storage segment at fair value of $43,100 in the following preliminary purchase price allocation: | ||||
Purchase price paid to acquire Talen's | $ | 103,368 | ||
Less proceeds received from Martin Resource Management for assets sold (described above) | (56,000 | ) | ||
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | (4,268 | ) | ||
Total | $ | 43,100 | ||
Cash | $ | 5,096 | ||
Accounts and other receivables, net | 2,682 | |||
Other current assets | 1,547 | |||
Assets held for sale | 3,578 | |||
Property, plant and equipment | 23,838 | |||
Goodwill | 11,279 | |||
Notes payable | (2,971 | ) | ||
Current liabilities | (1,480 | ) | ||
Other long-term obligations | (469 | ) | ||
Total | $ | 43,100 | ||
Goodwill recognized from the acquisition primarily relates to the expected contributions of the entity to the overall corporate strategy in addition to synergies and acquired workforce, which are not separable from goodwill. | ||||
The Partnership's results of operations included revenues of $1,228 and net income of $153 for the three months ended September 30, 2013 and revenues of $3,900 and net income of $710 for the nine months ended September 30, 2013 related to the Talen's acquisition. | ||||
The Partnership has not obtained all of the information necessary to finalize the purchase price allocation. The final purchase price allocation is expected to be completed during 2013. | ||||
Lubricant Blending and Packaging Assets | ||||
On October 2, 2012, the Partnership purchased the Blending and Packaging Assets from Cross. The consideration consisted of $121,767 in cash at closing, plus a final net working capital adjustment of $907 paid in October of 2012. This transaction was funded by borrowings under the Partnership's revolving credit facility. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of the Blending and Packaging assets was recorded at the historical carrying value of the assets at the acquisition date, which were as follows: | ||||
Accounts and other receivables, net | $ | 20,599 | ||
Inventory | 18,730 | |||
Other current assets | 769 | |||
Property, plant and equipment, net | 24,692 | |||
Current liabilities | (2,424 | ) | ||
Total | $ | 62,366 | ||
The excess purchase price over the historical carrying value of the assets at the acquisition date was $60,308 and was recorded as an adjustment to partners' capital. | ||||
Redbird Class A Interests | ||||
On October 2, 2012, the Partnership acquired from MUS all of the remaining Class A interests in Redbird for $150,000 in cash. The Partnership began making Class A investments in Redbird during the fourth quarter of 2011. Prior to the transaction, the Partnership owned a 10.74% Class A interest and a 100% Class B interest in Redbird. This transaction was funded by borrowings under the Partnership's revolving credit facility. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these interests was recorded at the historical carrying value of the interests at the acquisition date. The Partnership recorded an investment in unconsolidated entities of $68,233 and the excess of the purchase price over the carrying value of the Class A interests of $81,767 was recorded as an adjustment to partners' capital. |
Discontinued_operations_and_di
Discontinued operations and divestitures | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued operations and divestitures | ' | |||||||
Discontinued operations and divestitures | ||||||||
On July 31, 2012, the Partnership completed the sale of its East Texas and Northwest Louisiana natural gas gathering and processing assets owned by Prism Gas and other natural gas gathering and processing assets also owned by the Partnership to a subsidiary of CenterPoint Energy Inc. (NYSE: CNP) (“CenterPoint”). The Partnership received net cash proceeds from the sale of $273,269. The asset sale includes the Partnership’s 50% operating interest in Waskom Gas Processing Company (“Waskom”). A subsidiary of CenterPoint owned the other 50% percent interest. | ||||||||
Additionally, on September 18, 2012, the Partnership completed the sale of its interest in Matagorda Offshore Gathering System (“Matagorda”) and Panther Interstate Pipeline Energy LLC (“PIPE”) to a private investor group for $1,530. | ||||||||
The Partnership classified the results of operations of the Prism Assets, which were previously presented as a component of the Natural Gas Services segment, as discontinued operations in the Consolidated and Condensed Statements of Operations for all periods presented. | ||||||||
The Prism Assets’ operating results, which are included within income from discontinued operations, were as follows: | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2012 | 2012 | |||||||
Total revenues from third parties1 | $ | 9,269 | $ | 66,842 | ||||
Total costs and expenses, excluding depreciation and amortization | (9,296 | ) | (64,556 | ) | ||||
Depreciation and amortization | — | (2,320 | ) | |||||
Other operating income2 | 62,251 | 61,421 | ||||||
Equity in earnings of Waskom, Matagorda, and PIPE | 377 | 4,611 | ||||||
Income from discontinued operations before income taxes | 62,601 | 65,998 | ||||||
Income tax benefit | (1,002 | ) | (1,314 | ) | ||||
Income from discontinued operations, net of income taxes | $ | 63,603 | $ | 67,312 | ||||
1 Total revenues from third parties excludes intercompany revenues of $3,285 and $26,431 for the three and nine months ended September 30, 2012, respectively. | ||||||||
2 The Partnership recognized a gain on the sale of the Prism Assets of $62,251 and $61,411 in income from discontinued operations for the three and nine months ended September 30, 2012, respectively. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Components of inventories at September 30, 2013 and December 31, 2012 were as follows: | ||||||||
30-Sep-13 | December 31, 2012 | |||||||
Natural gas liquids | $ | 53,005 | $ | 33,610 | ||||
Sulfur | 5,859 | 14,892 | ||||||
Sulfur based products | 14,517 | 17,824 | ||||||
Lubricants | 27,112 | 27,366 | ||||||
Other | 6,290 | 2,295 | ||||||
$ | 106,783 | $ | 95,987 | |||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities and Joint Ventures | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||
Investments in Unconsolidated Entities and Joint Ventures | ' | |||||||||||||||||||||||
Investments in Unconsolidated Entities and Joint Ventures | ||||||||||||||||||||||||
As discussed in detail in Note 4, the Partnership sold its 50% interests in Waskom, Matagorda, and PIPE in 2012. The equity in earnings associated with these investments during the period owned is recorded in income from discontinued operations for the three and nine months ended September 30, 2012. | ||||||||||||||||||||||||
On May 1, 2008, certain assets and liabilities were contributed to acquire a 50% ownership interest in Cardinal. In conjunction with this transaction, ECP contributed cash for a 50% ownership interest in Cardinal. | ||||||||||||||||||||||||
The initial carrying amount of the investment in Cardinal was less than the contributed underlying net assets. Of the basis difference, $1,250 relates to differences in the carrying value of fixed assets contributed as compared to amounts recorded by Cardinal, and is being amortized over 40 years, the approximate useful life of the underlying assets. Such amortization amounted to $8 and $23 for each of the three and nine months ended September 30, 2013 and 2012, respectively. The remaining basis difference is a permanent difference that will be realized upon sale of the investment in Cardinal. | ||||||||||||||||||||||||
On May 24, 2011, Redbird was formed to hold membership interests in Cardinal. On May 27, 2011, initial contributions consisted of all of Martin Resource Management’s membership interests in Cardinal for 100% of the Class A interests in Redbird. Simultaneously, the Partnership acquired 100% of the Class B interests in Redbird for approximately $59,319. Concurrent with the closing of this transaction, Redbird contributed the cash to Cardinal which used the cash, along with a contribution from ECP, to acquire all of the outstanding equity interests in Monroe Gas Storage Company, LLC as well as an option on development rights to an adjacent depleted reservoir facility. As discussed in Note 3, on October 2, 2012, the Partnership, acquired the remaining Class A interests in Redbird from MUS. As this acquisition is considered a transfer of net assets between entities under common control, the acquisition is recorded at the historical carrying value of these assets at the acquisition date. The Partnership is required to retrospectively update its historical financial statements to include the activities of the Class A interests in Redbird as of the date of common control. The Partnership's accompanying historical financial statements for the three and nine months ended September 30, 2012 have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the Redbird Class A interests as if the Partnership owned these assets for these periods. | ||||||||||||||||||||||||
At September 30, 2013, Redbird owned an unconsolidated 42.21% interest in Cardinal. Redbird utilized the investments by the Partnership to invest in Cardinal to fund projects for natural gas storage facilities. | ||||||||||||||||||||||||
At September 30, 2013, the Partnership owned an unconsolidated 50% interest in Caliber Gathering, LLC (“Caliber”). | ||||||||||||||||||||||||
During March 2013, the Partnership acquired 100% of the preferred interests in Martin Energy Trading LLC (“MET”), a subsidiary of Martin Resource Management, for $15,000. | ||||||||||||||||||||||||
During the second quarter of 2012, the Partnership acquired an unconsolidated 50% interest in Pecos Valley Producer Services LLC (“Pecos Valley”). The Partnership sold its interest in Pecos Valley during the third quarter of 2012. | ||||||||||||||||||||||||
These investments are accounted for by the equity method. | ||||||||||||||||||||||||
The following tables summarize the components of the investment in unconsolidated entities on the Partnership’s Consolidated and Condensed Balance Sheets and the components of equity in earnings of unconsolidated entities included in the Partnership’s Consolidated and Condensed Statements of Operations: | ||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||
Redbird | $ | 166,514 | $ | 153,749 | ||||||||||||||||||||
MET | 15,000 | — | ||||||||||||||||||||||
Caliber | 72 | 560 | ||||||||||||||||||||||
Total investment in unconsolidated entities | $ | 181,586 | $ | 154,309 | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Equity in earnings of Waskom1 | $ | — | $ | 287 | $ | — | $ | 4,172 | ||||||||||||||||
Equity in earnings of PIPE1 | — | 10 | — | (60 | ) | |||||||||||||||||||
Equity in earnings of Matagorda1 | — | 80 | — | 499 | ||||||||||||||||||||
Equity in earnings of discontinued operations | — | 377 | — | 4,611 | ||||||||||||||||||||
Equity in earnings of Redbird | (984 | ) | (709 | ) | (1,561 | ) | 355 | |||||||||||||||||
Equity in earnings of MET | 577 | — | 1,171 | — | ||||||||||||||||||||
Equity in earnings of Caliber | (170 | ) | (98 | ) | (488 | ) | (119 | ) | ||||||||||||||||
Equity in earnings of Pecos Valley | — | 32 | — | 20 | ||||||||||||||||||||
Equity in earnings of unconsolidated entities | (577 | ) | (775 | ) | (878 | ) | 256 | |||||||||||||||||
Total equity in earnings of unconsolidated entities | $ | (577 | ) | $ | (398 | ) | $ | (878 | ) | $ | 4,867 | |||||||||||||
¹ For the three and nine months ended September 30, 2012, the financial information for Waskom, Matagorda, and PIPE is included in the Consolidated and Condensed Statements of Operations and Cash Flows as discontinued operations. | ||||||||||||||||||||||||
Selected financial information for significant unconsolidated equity-method investees is as follows: | ||||||||||||||||||||||||
As of December 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Total | Partners' | Revenues | Net Income | Revenues | Net | |||||||||||||||||||
Assets | Capital | Income | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Waskom | $ | — | $ | — | $ | 8,171 | $ | 668 | $ | 66,662 | $ | 8,986 | ||||||||||||
As of September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Total | Partners' | Revenues | Net Income | Revenues | Net | |||||||||||||||||||
Assets | Capital | Income | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Cardinal | $ | 802,068 | $ | 473,076 | $ | 17,341 | $ | (2,300 | ) | $ | 36,136 | $ | (2,241 | ) | ||||||||||
As of December 31, | ||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Cardinal | $ | 694,767 | $ | 457,297 | $ | 8,089 | $ | (272 | ) | $ | 25,156 | $ | (2,005 | ) | ||||||||||
As of September 30, 2013 and December 31, 2012, the Partnership’s interest in cash of the unconsolidated equity-method investees was $8,448 and $1,265, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||
The Partnership’s results of operations are materially impacted by changes in crude oil, natural gas and NGL prices and interest rates. In an effort to manage its exposure to these risks, the Partnership periodically enters into various derivative instruments, including commodity and interest rate hedges. | |||||||||||||||||||||||||||||
(a) Commodity Derivative Instruments | |||||||||||||||||||||||||||||
The Partnership has from time to time used derivatives to manage the risk of commodity price fluctuation. The Partnership has established a hedging policy and monitors and manages the commodity market risk associated with potential commodity risk exposure. These hedging arrangements have been in the form of swaps for crude oil, natural gas and natural gasoline. In addition, the Partnership has focused on utilizing counterparties for these transactions whose financial condition is appropriate for the credit risk involved in each specific transaction. | |||||||||||||||||||||||||||||
Due to the sale of the Prism Assets during 2012, the Partnership terminated and settled all of its commodity derivative instruments during the second quarter of 2012. For the three and nine months ended September 30, 2012, changes in the fair value of the Partnership’s derivative contracts were recorded in both earnings (income from discontinued operations) and in accumulated other comprehensive income as a component of partners’ capital. | |||||||||||||||||||||||||||||
(b) Impact of Commodity Cash Flow Hedges | |||||||||||||||||||||||||||||
Crude Oil. For the three and nine months ended September 30, 2012, net gains and losses on swap hedge contracts decreased and increased crude revenue (included in income from discontinued operations) by $36 and $496, respectively. | |||||||||||||||||||||||||||||
Natural Gas. For the three and nine months ended September 30, 2012, net gains and losses on swap hedge contracts increased gas revenue (included in income from discontinued operations) by $77 and $813, respectively. | |||||||||||||||||||||||||||||
Natural Gas Liquids. For the three and nine months ended September 30, 2012, net gains and losses on swap hedge contracts increased liquids revenue (included in income from discontinued operations) by $5 and $1,066, respectively. | |||||||||||||||||||||||||||||
For information regarding gains and losses on commodity derivative instruments and related hedged items, see “Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items” within this Note. | |||||||||||||||||||||||||||||
(c) Impact of Interest Rate Derivative Instruments | |||||||||||||||||||||||||||||
The Partnership is exposed to market risks associated with interest rates. From time to time, the Partnership enters into interest rate swaps to manage interest rate risk associated with the Partnership’s variable rate debt and term loan credit facilities. | |||||||||||||||||||||||||||||
Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items | |||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | ||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | Income from Discontinued Operations | $ | — | $ | 63 | Income from Discontinued Operations | $ | — | $ | — | |||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | 63 | $ | — | $ | — | |||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Income from Discontinued Operations | $ | — | $ | (18 | ) | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | (18 | ) | ||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | ||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 126 | Income from Discontinued Operations | $ | — | $ | 748 | Income from Discontinued Operations | $ | — | $ | 4 | |||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 126 | $ | — | $ | 748 | $ | — | $ | 4 | |||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Income from Discontinued Operations | $ | — | $ | 1,623 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | 1,623 | |||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Partnership follows the provisions of ASC 820 related to fair value measurements and disclosures, which established a framework for measuring fair value and expanded disclosures about fair value measurements. The adoption of this guidance had no impact on the Partnership’s financial position or results of operations. | ||||||||||||||||
ASC 820 applies to all assets and liabilities that are being measured and reported on a fair value basis. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value of each asset and liability carried at fair value into one of the following categories: | ||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||||
The following items are measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at September 30, 2013 and December 31, 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 186,747 | $ | — | $ | 186,747 | $ | — | ||||||||
2021 Senior unsecured notes | 254,928 | — | 254,928 | — | ||||||||||||
Total liabilities | $ | 441,675 | $ | — | $ | 441,675 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 187,066 | $ | — | $ | 187,066 | $ | — | ||||||||
Total liabilities | $ | 187,066 | $ | — | $ | 187,066 | $ | — | ||||||||
FASB ASC 825-10-65, Disclosures about Fair Value of Financial Instruments, requires that the Partnership disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for the Partnership’s financial instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||
• | Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excluded from the table above. | |||||||||||||||
• | Long-term debt including current portion: The carrying amount of the revolving credit facility approximates fair value due to the debt having a variable interest rate and is in Level 2. The estimated fair value of the senior unsecured notes is based on market prices of similar debt. The carrying amount of the Partnership's note payable to bank as of September 30, 2013 is not deemed to be significantly different than the fair value. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Components of other accrued liabilities were as follows: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Accrued interest | $ | 10,277 | $ | 4,492 | ||||
Property and other taxes payable | 6,609 | 2,770 | ||||||
Accrued payroll | 1,200 | 1,991 | ||||||
Other | 245 | 236 | ||||||
$ | 18,331 | $ | 9,489 | |||||
LongTerm_Debt_and_Capital_Leas
Long-Term Debt and Capital Leases | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Capital Leases | ' | |||||||
Long-Term Debt and Capital Leases | ||||||||
At September 30, 2013 and December 31, 2012, long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
$600,000 Revolving credit facility at variable interest rate (3.13%* weighted average at September 30, 2013), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees | $ | 219,000 | $ | 296,000 | ||||
$200,000** Senior notes, 8.875% interest, net of unamortized discount of $1,381 and $1,612, respectively, issued March 2010 and due April 2018, unsecured | 173,619 | 173,388 | ||||||
$250,000 Senior notes, 7.250% interest, issued February 2013 and due February 2021, unsecured | 250,000 | — | ||||||
$3,315 Note payable to bank, interest rate at 4.75%, maturity date of October 2029, unsecured | 2,885 | 2,971 | ||||||
Capital lease obligations | 5,673 | 5,839 | ||||||
Total long-term debt and capital lease obligations | 651,177 | 478,198 | ||||||
Less current installments | 3,173 | 3,206 | ||||||
Long-term debt and capital lease obligations, net of current installments | $ | 648,004 | $ | 474,992 | ||||
* Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.00%. The applicable margin for existing LIBOR borrowings is 2.50%. Effective October 1, 2013, the applicable margin for existing LIBOR borrowings remained at 2.50%. Effective January 1, 2014, the applicable margin for existing LIBOR borrowings will increase to 3.00%. As of November 4, 2013, the Partnership's weighted average interest rate on its revolving loan facility is 2.80%. | ||||||||
** Pursuant to the Indenture under which the Senior Notes due in 2018 were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 24, 2012, the Partnership notified the Trustee of its intention to exercise a partial redemption of the Partnership’s Senior Notes pursuant to the Indenture. On May 24, 2012, the Partnership redeemed $25,000 of the Senior Notes from various holders using proceeds of the Partnership’s January 2012 follow-on equity offering, which in the interim were used to pay down amounts outstanding under the Partnership’s revolving credit facility. | ||||||||
Effective March 28, 2013, the Partnership increased the maximum amount of borrowings and letters of credit available under the Credit Facility from $400,000 to $600,000 and extended the maturity date of the facility from April 2016 to March 2018. | ||||||||
On February 11, 2013, the Partnership completed a private placement of $250,000 in aggregate principal amount of 7.250% senior unsecured notes due 2021 to qualified institutional buyers under Rule 144A. The Partnership filed with the SEC a registration statement to exchange the 2021 Notes for substantially identical notes that are registered under the Securities Act, and completed the exchange offer on July 31, 2013. | ||||||||
The Partnership paid cash interest in the amount of $11,289 and $4,696 for the three months ended September 30, 2013 and 2012, respectively. The Partnership paid cash interest in the amount of $22,897 and $19,039 for the nine months ended September 30, 2013 and 2012, respectively. Capitalized interest was $326 and $175 for the three months ended September 30, 2013 and 2012, respectively. Capitalized interest was $744 and $799 for the nine months ended September 30, 2013 and 2012, respectively. |
Partners_Capital
Partners' Capital | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||
Partners' Capital | ' | |||||||||||||||
Partners' Capital | ||||||||||||||||
As of September 30, 2013, partners’ capital consisted of 26,624,276 common limited partner units, representing a 98% partnership interest and a 2% general partner interest. Martin Resource Management, through subsidiaries, owned 5,093,267 of the Partnership's common limited partnership units representing approximately 19.1% of the Partnership's outstanding common limited partnership units. MMGP, the Partnership's general partner, owns the 2% general partnership interest. | ||||||||||||||||
The partnership agreement of the Partnership (the “Partnership Agreement”) contains specific provisions for the allocation of net income and losses to each of the partners for purposes of maintaining their respective partner capital accounts. | ||||||||||||||||
Issuance of Common Units | ||||||||||||||||
On November 26, 2012, the Partnership completed a public offering of 3,450,000 common units at a price of $31.16 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,450,000 common units, net of underwriters' discounts, commissions and offering expenses were $102,809. The Partnership's general partner contributed $2,194 in cash to the Partnership in conjunction with the issuance in order to maintain its 2% general partner interest in the Partnership. All of the net proceeds were used to reduce outstanding indebtedness of the Partnership. | ||||||||||||||||
On January 25, 2012, the Partnership completed a public offering of 2,645,000 common units at a price of $36.15 per common unit, before the payment of underwriters’ discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 2,645,000 common units, net of underwriters’ discounts, commissions and offering expenses were $91,361. The Partnership’s general partner contributed $1,951 in cash to the Partnership in conjunction with the issuance in order to maintain its 2% general partner interest in the Partnership. All of the net proceeds were used to reduce outstanding indebtedness of the Partnership. | ||||||||||||||||
Incentive Distribution Rights | ||||||||||||||||
The Partnership’s general partner, MMGP, holds a 2% general partner interest and certain incentive distribution rights (“IDRs”) in the Partnership. IDRs are a separate class of non-voting limited partner interest that may be transferred or sold by the general partner under the terms of the Partnership Agreement, and represent the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution and any cumulative arrearages on common units once certain target distribution levels have been achieved. The Partnership is required to distribute all of its available cash from operating surplus, as defined in the Partnership Agreement. On October 2, 2012, the Partnership Agreement was amended to provide that the general partner shall forego the next $18,000 in incentive distributions that it would otherwise be entitled to receive. No incentive distributions were allocated to the general partner from July 1, 2012 (which would have been payable to the general partner on November 14, 2012 for the third quarter of 2012 distribution) through September 30, 2013. As of September 30, 2013, the amount of incentive distributions the general partner has foregone is $7,490, resulting in an amount remaining of $$10,510. | ||||||||||||||||
The target distribution levels entitle the general partner to receive 2% of quarterly cash distributions up to $0.55 per unit, 15% of quarterly cash distributions in excess of $0.55 per unit until all unitholders have received $0.625 per unit, 25% of quarterly cash distributions in excess of $0.625 per unit until all unitholders have received $0.75 per unit and 50% of quarterly cash distributions in excess of $0.75 per unit. | ||||||||||||||||
For the three months ended September 30, 2013 and 2012, the general partner received no incentive distributions. For the nine months ended September 30, 2013 and 2012, the general partner received $0 and $2,857, respectively, in incentive distributions. | ||||||||||||||||
Distributions of Available Cash | ||||||||||||||||
The Partnership distributes all of its available cash (as defined in the Partnership Agreement) within 45 days after the end of each quarter to unitholders of record and to the general partner. Available cash is generally defined as all cash and cash equivalents of the Partnership on hand at the end of each quarter less the amount of cash reserves its general partner determines in its reasonable discretion is necessary or appropriate to: (i) provide for the proper conduct of the Partnership’s business; (ii) comply with applicable law, any debt instruments or other agreements; or (iii) provide funds for distributions to unitholders and the general partner for any one or more of the next four quarters, plus all cash on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. | ||||||||||||||||
Net Income per Unit | ||||||||||||||||
The Partnership follows the provisions of the FASB ASC 260-10 related to earnings per share, which addresses the application of the two-class method in determining income per unit for master limited partnerships having multiple classes of securities that may participate in partnership distributions accounted for as equity distributions. Undistributed earnings are allocated to the general partner and limited partners utilizing the contractual terms of the Partnership Agreement. Distributions to the general partner pursuant to the IDRs are limited to available cash that will be distributed as defined in the Partnership Agreement. Accordingly, the Partnership does not allocate undistributed earnings to the general partner for the IDRs because the general partner's share of available cash is the maximum amount that the general partner would be contractually entitled to receive if all earnings for the period were distributed. When current period distributions are in excess of earnings, the excess distributions for the period are to be allocated to the general partner and limited partners based on their respective sharing of losses specified in the Partnership Agreement. Additionally, as required under FASB ASC 260-10-45-61A, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities, as defined in FASB ASC 260-10-20, for earnings per unit calculations. | ||||||||||||||||
For purposes of computing diluted net income per unit, the Partnership uses the more dilutive of the two-class and if-converted methods. Under the if-converted method, the weighted-average number of subordinated units outstanding for the period is added to the weighted-average number of common units outstanding for purposes of computing basic net income per unit and the resulting amount is compared to the diluted net income per unit computed using the two-class method. The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations: | ||||||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | 192 | $ | 8,646 | $ | 25,907 | $ | 27,432 | ||||||||
Less pre-acquisition income allocated to Parent | — | (152 | ) | — | 4,622 | |||||||||||
Less general partner’s interest in net income: | ||||||||||||||||
Distributions payable on behalf of IDRs | — | (1,536 | ) | — | 723 | |||||||||||
Distributions payable on behalf of general partner interest | 467 | (320 | ) | 1,384 | 295 | |||||||||||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | (463 | ) | 526 | (866 | ) | 147 | ||||||||||
Less income allocable to unvested restricted units | 1 | — | 67 | — | ||||||||||||
Limited partners’ interest in net income | $ | 187 | $ | 10,128 | $ | 25,322 | $ | 21,645 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | — | $ | 63,603 | $ | — | $ | 67,312 | ||||||||
Less general partner’s interest in net income: | ||||||||||||||||
Distributions payable on behalf of IDRs | — | 1,536 | — | 2,134 | ||||||||||||
Distributions payable on behalf of general partner interest | — | 709 | — | 872 | ||||||||||||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | — | 533 | — | 432 | ||||||||||||
Limited partners’ interest in net income | $ | — | $ | 60,825 | $ | — | $ | 63,874 | ||||||||
The Partnership allocates the general partner's share of earnings between continuing and discontinued operations as a proportion of net income from continuing and discontinued operations to total net income. The allocation is done at each period end on an annual basis, resulting in each quarter representing the difference between year to date of the current quarter and year to date as of the previous quarter. | ||||||||||||||||
The weighted average units outstanding for basic net income per unit were 26,552,028 and 26,561,406 for the three and nine months ended September 30, 2013, respectively, and 23,101,233 and 22,929,172 for the three and nine months ended September 30, 2012, respectively. For diluted net income per unit, the weighted average units outstanding were increased by 26,632 and 19,757 for the three and nine months ended September 30, 2013, respectively, and 3,596 and 3,164 for the three and nine months ended September 30, 2012, respectively, due to the dilutive effect of restricted units granted under the Partnership’s long-term incentive plan. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Related Party Transactions | ||||||||||||||||
As of September 30, 2013, Martin Resource Management owned 5,093,267 of the Partnership’s common units representing approximately 19.1% of the Partnership’s outstanding limited partnership units. The Partnership’s general partner, MMGP, owns a 2.0% general partner interest in the Partnership and the Partnership’s IDRs. The Partnership’s general partner’s ability, as general partner, to manage and operate the Partnership, and Martin Resource Management’s ownership as of September 30, 2013, of approximately 19.1% of the Partnership’s outstanding limited partnership units, effectively gives Martin Resource Management the ability to veto some of the Partnership’s actions and to control the Partnership’s management. | ||||||||||||||||
The following is a description of the Partnership’s material related party agreements and transactions: | ||||||||||||||||
Omnibus Agreement | ||||||||||||||||
Omnibus Agreement. The Partnership and its general partner are parties to an omnibus agreement dated November 1, 2002, with Martin Resource Management (the “Omnibus Agreement”) that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision of general administration and support services by Martin Resource Management and the Partnership’s use of certain of Martin Resource Management’s trade names and trademarks. The Omnibus Agreement was amended on November 25, 2009, to include processing crude oil into finished products including naphthenic lubricants, distillates, asphalt and other intermediate cuts. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. | ||||||||||||||||
Non-Competition Provisions. Martin Resource Management has agreed for so long as it controls the general partner of the Partnership, not to engage in the business of: | ||||||||||||||||
• | providing terminalling and storage services for petroleum products and by-products including the refining, blending and packaging of finished lubricants; | |||||||||||||||
•providing marine transportation of petroleum products and by-products; | ||||||||||||||||
•distributing NGLs; and | ||||||||||||||||
•manufacturing and selling sulfur-based fertilizer products and other sulfur-related products. | ||||||||||||||||
This restriction does not apply to: | ||||||||||||||||
• | the ownership and/or operation on the Partnership’s behalf of any asset or group of assets owned by it or its affiliates; | |||||||||||||||
• | any business operated by Martin Resource Management, including the following: | |||||||||||||||
◦ | providing land transportation of various liquids; | |||||||||||||||
◦ | distributing fuel oil, sulfuric acid, marine fuel and other liquids; | |||||||||||||||
◦ | providing marine bunkering and other shore-based marine services in Alabama, Florida, Louisiana, Mississippi and Texas; | |||||||||||||||
◦ | operating a crude oil gathering business in Stephens, Arkansas; | |||||||||||||||
◦ | providing crude oil gathering, refining, and marketing services of base oils, asphalt, and distillate products in Smackover, Arkansas; | |||||||||||||||
◦ | operating an underground NGL storage facility in Arcadia, Louisiana; | |||||||||||||||
◦ | operating an environmental consulting company; | |||||||||||||||
◦ | operating an engineering services company; | |||||||||||||||
◦ | building and marketing sulfur processing equipment; | |||||||||||||||
◦ | supplying employees and services for the operation of the Partnership's business; | |||||||||||||||
◦ | operating, for its account and the Partnership's account, the docks, roads, loading and unloading facilities and other common use facilities or access routes at the Partnership's Stanolind terminal; and | |||||||||||||||
◦ | operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas and South Houston, Texas. | |||||||||||||||
• | any business that Martin Resource Management acquires or constructs that has a fair market value of less than $5,000; | |||||||||||||||
• | any business that Martin Resource Management acquires or constructs that has a fair market value of $5,000 or more if the Partnership has been offered the opportunity to purchase the business for fair market value and the Partnership declines to do so with the concurrence of the conflicts committee; and | |||||||||||||||
• | any business that Martin Resource Management acquires or constructs where a portion of such business includes a restricted business and the fair market value of the restricted business is $5,000 or more and represents less than 20% of the aggregate value of the entire business to be acquired or constructed; provided that, following completion of the acquisition or construction, the Partnership will be provided the opportunity to purchase the restricted business. | |||||||||||||||
Services. Under the Omnibus Agreement, Martin Resource Management provides the Partnership with corporate staff, support services, and administrative services necessary to operate the Partnership’s business. The Omnibus Agreement requires the Partnership to reimburse Martin Resource Management for all direct expenses it incurs or payments it makes on the Partnership’s behalf or in connection with the operation of the Partnership’s business. There is no monetary limitation on the amount the Partnership is required to reimburse Martin Resource Management for direct expenses. In addition to the direct expenses, under the Omnibus Agreement, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. | ||||||||||||||||
Effective October 1, 2012, through December 31, 2013, the conflicts committee of the board of directors of the general partner of the Partnership (the “Conflicts Committee”) approved an annual reimbursement amount for indirect expenses of $10,622. The Partnership reimbursed Martin Resource Management for $2,655 and $7,966 of indirect expenses for the three and nine months ended September 30, 2013, respectively. The Partnership reimbursed Martin Resource Management for $1,646 and $4,937 of indirect expenses for the three and nine months ended September 30, 2012, respectively. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. | ||||||||||||||||
These indirect expenses are intended to cover the centralized corporate functions Martin Resource Management provides for the Partnership, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions the Partnership shares with Martin Resource Management retained businesses. The provisions of the Omnibus Agreement regarding Martin Resource Management’s services will terminate if Martin Resource Management ceases to control the general partner of the Partnership. | ||||||||||||||||
Related Party Transactions. The Omnibus Agreement prohibits the Partnership from entering into any material agreement with Martin Resource Management without the prior approval of the Conflicts Committee of the Partnership's general partner. For purposes of the Omnibus Agreement, the term material agreements means any agreement between the Partnership and Martin Resource Management that requires aggregate annual payments in excess of then-applicable agreed upon reimbursable amount of indirect general and administrative expenses. Please read “Services” above. | ||||||||||||||||
License Provisions. Under the Omnibus Agreement, Martin Resource Management has granted the Partnership a nontransferable, nonexclusive, royalty-free right and license to use certain of its trade names and marks, as well as the trade names and marks used by some of its affiliates. | ||||||||||||||||
Amendment and Termination. The Omnibus Agreement may be amended by written agreement of the parties; provided, however, that it may not be amended without the approval of the Conflicts Committee of the Partnership’s general partner if such amendment would adversely affect the unitholders. The Omnibus Agreement was first amended on November 25, 2009, to permit the Partnership to provide refining services to Martin Resource Management. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Such amendments were approved by the Conflicts Committee of the Partnership’s general partner. The Omnibus Agreement, other than the indemnification provisions and the provisions limiting the amount for which the Partnership will reimburse Martin Resource Management for general and administrative services performed on its behalf, will terminate if the Partnership is no longer an affiliate of Martin Resource Management. | ||||||||||||||||
Motor Carrier Agreement | ||||||||||||||||
Motor Carrier Agreement. The Partnership is a party to a motor carrier agreement effective January 1, 2006 as amended, with Martin Transport, Inc., a wholly owned subsidiary of Martin Resource Management through which Martin Transport, Inc. operates its land transportation operations. Under the agreement, Martin Transport, Inc. agreed to transport the Partnership's NGL's as well as other liquid products. | ||||||||||||||||
Term and Pricing. The agreement has an initial term that expired in December 2007 but automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 30 days prior to the expiration of the then-applicable term. The Partnership has the right to terminate this agreement at any time by providing 90 days prior notice. These rates are subject to any adjustments which are mutually agreed upon or in accordance with a price index. Additionally, during the term of the agreement, shipping charges are also subject to fuel surcharges determined on a weekly basis in accordance with the U.S. Department of Energy’s national diesel price list. | ||||||||||||||||
Marine Agreements | ||||||||||||||||
Marine Transportation Agreement. The Partnership is a party to a marine transportation agreement effective January 1, 2006, which was amended January 1, 2007, under which the Partnership provides marine transportation services to Martin Resource Management on a spot-contract basis at applicable market rates. Effective each January 1, this agreement automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 60 days prior to the expiration of the then applicable term. The fees the Partnership charges Martin Resource Management are based on applicable market rates. | ||||||||||||||||
Marine Fuel. The Partnership is a party to an agreement with Martin Resource Management dated November 1, 2002 under which Martin Resource Management provides the Partnership with marine fuel from its locations in the Gulf of Mexico at a fixed rate in excess of the Platt’s U.S. Gulf Coast Index for #2 Fuel Oil. Under this agreement, the Partnership agreed to purchase all of its marine fuel requirements that occur in the areas serviced by Martin Resource Management. | ||||||||||||||||
Terminal Services Agreements | ||||||||||||||||
Diesel Fuel Terminal Services Agreement. The Partnership is a party to an agreement under which the Partnership provides terminal services to Martin Resource Management. This agreement was amended and restated as of October 27, 2004, and was set to expire in December 2006, but automatically renewed and will continue to automatically renew on a month-to-month basis until either party terminates the agreement by giving 60 days written notice. The per gallon throughput fee the Partnership charges under this agreement may be adjusted annually based on a price index. | ||||||||||||||||
Miscellaneous Terminal Services Agreements. The Partnership is currently party to several terminal services agreements and from time to time the Partnership may enter into other terminal service agreements for the purpose of providing terminal services to related parties. Individually, each of these agreements is immaterial but when considered in the aggregate they could be deemed material. These agreements are throughput based with a minimum volume commitment. Generally, the fees due under these agreements are adjusted annually based on a price index. | ||||||||||||||||
Talen's Agreements. In connection with the Talen's acquisition, three new agreements were executed, all with effective dates of December 31, 2012. Under the terms of these contracts, Talen's provides terminal services and marine transportation services to Martin Resource Management. The terminal services agreements both have five-year terms and provide a per gallon throughput rate, which may be adjusted annually based on a price index. The marine transportation agreement has an initial term of one year with automatic successive one-year renewals unless either party elects not to do so. Contract rates are based on the horsepower and capacity of the marine vessels. | ||||||||||||||||
Other Agreements | ||||||||||||||||
Cross Tolling Agreement. The Partnership is a party to an agreement with Cross, originally dated November 25, 2009, under which the Partnership processes crude oil into finished products, including naphthenic lubricants, distillates, asphalt and other intermediate cuts for Cross. The tolling agreement, which has subsequently been amended, has a 22 year term which expires November 25, 2031. Under this tolling agreement, Cross agreed to process a minimum of 6,500 barrels per day of crude oil at the facility at a fixed price per barrel. Any additional barrels are processed at a modified price per barrel. In addition, Cross agreed to pay a monthly reservation fee and a periodic fuel surcharge fee based on certain parameters specified in the tolling agreement. All of these fees (other than the fuel surcharge) are subject to escalation annually based upon the greater of 3% or the increase in the Consumer Price Index for a specified annual period. In addition, every three years, the parties can negotiate an upward or downward adjustment in the fees subject to their mutual agreement. | ||||||||||||||||
Sulfuric Acid Sales Agency Agreement. The Partnership is party to second amended and restated sulfuric acid sales agency agreement dated August 13, 2013, under which Martin Resource Management purchases and markets the sulfuric acid produced by the Partnership’s sulfuric acid production plant at Plainview, Texas, that is not consumed by the Partnership’s internal operations. This agreement, as amended, will remain in place until the Partnership terminates it by providing 180 days’ written notice. Under this agreement, the Partnership sells all of its excess sulfuric acid to Martin Resource Management. Martin Resource Management then markets such acid to third-parties and the Partnership shares in the profit of Martin Resource Management’s sales of the excess acid to such third parties. | ||||||||||||||||
Other Miscellaneous Agreements. From time to time the Partnership enters into other miscellaneous agreements with Martin Resource Management for the provision of other services or the purchase of other goods. | ||||||||||||||||
The tables below summarize the related party transactions that are included in the related financial statement captions on the face of the Partnership’s Consolidated and Condensed Statements of Operations. The revenues, costs and expenses reflected in these tables are tabulations of the related party transactions that are recorded in the corresponding caption of the consolidated and condensed financial statement and do not reflect a statement of profits and losses for related party transactions. | ||||||||||||||||
The impact of related party revenues from sales of products and services is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Terminalling and storage | $ | 18,044 | $ | 18,531 | $ | 52,857 | $ | 48,611 | ||||||||
Marine transportation | 5,943 | 3,979 | 18,828 | 13,282 | ||||||||||||
Product sales: | ||||||||||||||||
Natural gas services | — | — | 9 | 105 | ||||||||||||
Sulfur services | 809 | 1,469 | 3,460 | 4,829 | ||||||||||||
Terminalling and storage | 155 | 168 | 543 | 850 | ||||||||||||
964 | 1,637 | 4,012 | 5,784 | |||||||||||||
$ | 24,951 | $ | 24,147 | $ | 75,697 | $ | 67,677 | |||||||||
The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Cost of products sold: | ||||||||||||||||
Natural gas services | $ | 7,799 | $ | 6,761 | $ | 23,391 | $ | 18,783 | ||||||||
Sulfur services | 4,539 | 4,111 | 13,514 | 12,512 | ||||||||||||
Terminalling and storage | 13,488 | 13,165 | 39,638 | 36,509 | ||||||||||||
$ | 25,826 | $ | 24,037 | $ | 76,543 | $ | 67,804 | |||||||||
The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Expenses: | ||||||||||||||||
Operating expenses | ||||||||||||||||
Marine transportation | $ | 9,697 | $ | 7,236 | $ | 29,260 | $ | 21,217 | ||||||||
Natural gas services | 542 | 453 | 1,496 | 1,368 | ||||||||||||
Sulfur services | 2,115 | 1,494 | 6,405 | 4,796 | ||||||||||||
Terminalling and storage | 5,548 | 4,917 | 16,249 | 14,927 | ||||||||||||
$ | 17,902 | $ | 14,100 | $ | 53,410 | $ | 42,308 | |||||||||
The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Selling, general and administrative: | ||||||||||||||||
Marine transportation | $ | 15 | $ | 15 | $ | 45 | $ | 47 | ||||||||
Natural gas services | 635 | 366 | 1,623 | 1,052 | ||||||||||||
Sulfur services | 748 | 737 | 2,360 | 2,183 | ||||||||||||
Terminalling and storage | 291 | — | 935 | 39 | ||||||||||||
Indirect overhead allocation, net of reimbursement | 2,667 | 1,646 | 7,981 | 4,937 | ||||||||||||
$ | 4,356 | $ | 2,764 | $ | 12,944 | $ | 8,258 | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Except as discussed below, the operations of a partnership are generally not subject to income taxes because its income is taxed directly to its partners. The activities of the Blending and Packaging Assets prior to the acquisition by the Partnership were subject to federal and state income taxes. Accordingly, income taxes have been included in the Blending and Packaging Assets' operating results for the three and nine months ended September 30, 2012. | ||||||||||||||||
Woodlawn Pipeline Co., Inc (“Woodlawn”), a former subsidiary of the Partnership, was subject to income taxes due to its corporate structure. The assets of Woodlawn were included in the Prism Assets disposed of during 2012. The entity was liquidated on December 31, 2012. Income tax expense related to Woodlawn is recorded in discontinued operations. A current state income tax expense of $90 and $95 related to Woodlawn was recorded for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
The Partnership established deferred income taxes of $8,964 associated with book and tax basis differences of the acquired Woodlawn assets and liabilities at the date of acquisition. The basis differences related primarily to property, plant and equipment. A deferred tax benefit related to the Woodlawn basis differences of $7,373 and $7,695 was recorded for the three and nine months ended September 30, 2012, respectively. The deferred tax liability related to the Prism Assets was reversed upon the sale of those assets. | ||||||||||||||||
Effective January 1, 2007, the Partnership became subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated and Condensed Statements of Operations. The Texas margin tax restructured the state business tax by replacing the taxable capital and earned surplus components of the existing franchise tax with a new “taxable margin” component. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. State income taxes attributable to the Texas margin tax of $303 and $910 were recorded in continuing operations current income tax expense for the three and nine months ended September 30, 2013 and $238 and $810 for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
The components of income tax expense (benefit) from operations recorded for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 5,933 | $ | — | $ | 7,642 | ||||||||
State | 303 | 844 | 910 | 1,703 | ||||||||||||
303 | 6,777 | 910 | 9,345 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | (7,238 | ) | — | (7,293 | ) | ||||||||||
Total income tax expense (benefit) | $ | 303 | $ | (461 | ) | $ | 910 | $ | 2,052 | |||||||
Total income tax expense was allocated to continuing and discontinued operations as follows: | ||||||||||||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 130 | $ | — | $ | 1,835 | ||||||||
State | 303 | 276 | 910 | 1,129 | ||||||||||||
303 | 406 | 910 | 2,964 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | 135 | — | 402 | ||||||||||||
Total income tax expense from continuing operations | $ | 303 | $ | 541 | $ | 910 | $ | 3,366 | ||||||||
Income tax expense (benefit) from discontinued operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 5,803 | $ | — | $ | 5,807 | ||||||||
State | — | 568 | — | 574 | ||||||||||||
— | 6,371 | — | 6,381 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | (7,373 | ) | — | (7,695 | ) | ||||||||||
Total income tax benefit from discontinued operations | $ | — | $ | (1,002 | ) | $ | — | $ | (1,314 | ) | ||||||
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||
The Partnership has four reportable segments: terminalling and storage, natural gas services, sulfur services and marine transportation. The Partnership’s reportable segments are strategic business units that offer different products and services. The operating income of these segments is reviewed by the chief operating decision maker to assess performance and make business decisions. | ||||||||||||||||||||||||
The accounting policies of the operating segments are the same as those described in Note 2 in the Partnership’s annual report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 4, 2013. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. | ||||||||||||||||||||||||
The natural gas services segment information below excludes the discontinued operations of the Prism Assets for all periods. See Note 4. | ||||||||||||||||||||||||
Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Terminalling and storage | $ | 90,205 | $ | (1,199 | ) | $ | 89,006 | $ | 8,532 | $ | 7,350 | $ | 33,563 | |||||||||||
Natural gas services | 204,926 | — | 204,926 | 598 | 5,466 | 2,398 | ||||||||||||||||||
Sulfur services | 42,097 | — | 42,097 | 2,024 | (527 | ) | 2,068 | |||||||||||||||||
Marine transportation | 24,751 | (1,164 | ) | 23,587 | 2,544 | 3,733 | 1,943 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (3,779 | ) | — | |||||||||||||||||
Total | $ | 361,979 | $ | (2,363 | ) | $ | 359,616 | $ | 13,698 | $ | 12,243 | $ | 39,972 | |||||||||||
Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Terminalling and storage | $ | 81,845 | $ | (1,191 | ) | $ | 80,654 | $ | 5,829 | $ | 6,858 | $ | 10,775 | |||||||||||
Natural gas services | 190,738 | — | 190,738 | 149 | 3,270 | 143 | ||||||||||||||||||
Sulfur services | 60,596 | — | 60,596 | 1,750 | 7,273 | 7,549 | ||||||||||||||||||
Marine transportation | 22,879 | (777 | ) | 22,102 | 2,564 | 811 | 1,711 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (1,966 | ) | — | |||||||||||||||||
Total | $ | 356,058 | $ | (1,968 | ) | $ | 354,090 | $ | 10,292 | $ | 16,246 | $ | 20,178 | |||||||||||
Nine Months Ended September 30, 2013 | Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | ||||||||||||||||||
Terminalling and storage | $ | 256,320 | $ | (3,507 | ) | $ | 252,813 | $ | 22,925 | $ | 25,968 | $ | 59,930 | |||||||||||
Natural gas services | 653,080 | — | 653,080 | 1,444 | 18,858 | 2,513 | ||||||||||||||||||
Sulfur services | 173,378 | — | 173,378 | 5,947 | 16,518 | 2,690 | ||||||||||||||||||
Marine transportation | 75,004 | (2,785 | ) | 72,219 | 7,628 | 8,813 | 3,458 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (11,270 | ) | — | |||||||||||||||||
Total | $ | 1,157,782 | $ | (6,292 | ) | $ | 1,151,490 | $ | 37,944 | $ | 58,887 | $ | 68,591 | |||||||||||
Nine Months Ended September 30, 2012 | Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | ||||||||||||||||||
Terminalling and storage | $ | 246,219 | $ | (3,542 | ) | $ | 242,677 | $ | 16,028 | $ | 20,536 | $ | 54,309 | |||||||||||
Natural gas services | 527,666 | — | 527,666 | 436 | 6,457 | 410 | ||||||||||||||||||
Sulfur services | 202,241 | — | 202,241 | 5,325 | 34,320 | 9,204 | ||||||||||||||||||
Marine transportation | 65,912 | (2,234 | ) | 63,678 | 8,526 | 662 | 7,627 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (6,733 | ) | — | |||||||||||||||||
Total | $ | 1,042,038 | $ | (5,776 | ) | $ | 1,036,262 | $ | 30,315 | $ | 55,242 | $ | 71,550 | |||||||||||
The Partnership's assets by reportable segment as of September 30, 2013 and December 31, 2012, are as follows: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Total assets: | ||||||||||||||||||||||||
Terminalling and storage | $ | 435,484 | $ | 376,330 | ||||||||||||||||||||
Natural gas services | 375,817 | 331,064 | ||||||||||||||||||||||
Sulfur services | 145,447 | 155,639 | ||||||||||||||||||||||
Marine transportation | 163,454 | 149,963 | ||||||||||||||||||||||
Total assets | $ | 1,120,202 | $ | 1,012,996 | ||||||||||||||||||||
Unit_Based_Awards
Unit Based Awards | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Unit Based Awards | ' | |||||||||||||||
Unit Based Awards | ||||||||||||||||
The Partnership recognizes compensation cost related to stock-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to stock-based awards to directors under certain provisions of ASC 505-50-55 related to equity-based payments to non-employees. Amounts recognized in selling, general, and administrative expense in the consolidated and condensed financial statements with respect to these plans are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Employees | $ | 181 | $ | 196 | $ | 533 | $ | 234 | ||||||||
Non-employee directors | 76 | 65 | 204 | 145 | ||||||||||||
Total unit-based compensation expense | $ | 257 | $ | 261 | $ | 737 | $ | 379 | ||||||||
Long-Term Incentive Plans | ||||||||||||||||
The Partnership's general partner has a long term incentive plan for employees and directors of the general partner and its affiliates who perform services for the Partnership. | ||||||||||||||||
The plan consists of two components, restricted units and unit options. The plan currently permits the grant of awards covering an aggregate of 725,000 common units, 241,667 of which may be awarded in the form of restricted units and 483,333 of which may be awarded in the form of unit options. The plan is administered by the Compensation Committee of the general partner’s board of directors. | ||||||||||||||||
Restricted Units. A restricted unit is a unit that is granted to grantees with certain vesting restrictions. Once these restrictions lapse, the grantee is entitled to full ownership of the unit without restrictions. In addition, the restricted units will vest upon a change of control of the Partnership, the general partner or Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management. The Partnership intends the issuance of the common units upon vesting of the restricted units under the plan to serve as a means of incentive compensation for performance and not primarily as an opportunity to participate in the equity appreciation of the common units. Therefore, plan participants will not pay any consideration for the common units they receive, and the Partnership will receive no remuneration for the units. The restricted units issued to directors generally vest in equal annual installments over a four-year period. Restricted units issued to employees generally cliff vest after three years of service. | ||||||||||||||||
The restricted units are valued at their fair value at the date of grant which is equal to the market value of common units on such date. A summary of the restricted unit activity for the nine months ended September 30, 2013 is provided below: | ||||||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value Per Unit | |||||||||||||||
Non-vested, beginning of period | 13,248 | $ | 41.84 | |||||||||||||
Granted | 63,750 | $ | 32.55 | |||||||||||||
Vested | (4,500 | ) | $ | 41.27 | ||||||||||||
Forfeited | (250 | ) | $ | 31.06 | ||||||||||||
Non-Vested, end of period | 72,248 | $ | 33.72 | |||||||||||||
Aggregate intrinsic value, end of period | $ | 3,391 | ||||||||||||||
A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the three and nine months ended September 30, 2013 and 2012 are provided below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended | |||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Aggregate intrinsic value of units vested | $ | — | $ | — | $ | 153 | $ | 214 | ||||||||
Fair value of units vested | $ | — | $ | — | $ | 157 | $ | 214 | ||||||||
As of September 30, 2013, there was $1,859 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 2.33 years. | ||||||||||||||||
Unit Options. The plan currently permits the grant of options covering common units. As of November 4, 2013, the Partnership has not granted any common unit options to directors or employees of the Partnership's general partner, or its affiliates. In the future, the Compensation Committee may determine to make grants under the plan to employees and directors containing such terms as the Compensation Committee shall determine. Unit options will have an exercise price that, in the discretion of the Compensation Committee, may not be less than the fair market value of the units on the date of grant. In addition, the unit options will become exercisable upon a change in control of the Partnership's general partner, Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management or upon the achievement of specified financial objectives. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2013 | |
Consolidating Financial Statements [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information | |
Martin Operating Partnership L.P. (the “Operating Partnership”), the Partnership’s wholly-owned subsidiary, has issued in the past, and may issue in the future, unconditional guarantees of senior or subordinated debt securities of the Partnership in the event that the Partnership issues such securities from time to time. The guarantees that have been issued are full, irrevocable and unconditional. In addition, the Operating Partnership may also issue senior or subordinated debt securities which, if issued, will be fully, irrevocably and unconditionally guaranteed by the Partnership. | |
Since December 31, 2012, the Partnership has added Redbird and MOP Midstream Holdings, LLC as subsidiary guarantors to its outstanding senior notes and has transferred substantially all of Talen's assets to certain of the Partnership's other subsidiary guarantors. Therefore, the Partnership no longer presents condensed consolidating financial information for any non-subsidiary guarantors. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
From time to time, the Partnership is subject to various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Partnership. |
Prior_Period_Correction_of_an_
Prior Period Correction of an Immaterial Error | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||||||
Prior Period Correction of an Immaterial Error | ' | |||||||||||||||||||||||
Prior Period Correction of an Immaterial Error | ||||||||||||||||||||||||
The Partnership's Consolidated and Condensed Statements of Operations for the three and nine months ended September 30, 2012 has been revised to correct an immaterial error in the earnings (loss) of unconsolidated entities of ($97) and ($514), respectively. The following financial statement captions in the Consolidated and Condensed Statements of Operations were affected by this correction: | ||||||||||||||||||||||||
Three Months Ended September, 30, 2012 | Difference | Nine Months Ended September 30, 2012 | Difference | |||||||||||||||||||||
As Previously Reported | As Corrected | As Previously Reported | As Corrected | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | (678 | ) | $ | (775 | ) | $ | (97 | ) | $ | 770 | $ | 256 | $ | (514 | ) | ||||||||
Total other expense | $ | (6,962 | ) | $ | (7,059 | ) | $ | (97 | ) | $ | (23,930 | ) | $ | (24,444 | ) | $ | (514 | ) | ||||||
Income from continuing operations | $ | 8,743 | $ | 8,646 | $ | (97 | ) | $ | 27,946 | $ | 27,432 | $ | (514 | ) | ||||||||||
Net income | $ | 72,346 | $ | 72,249 | $ | (97 | ) | $ | 95,258 | $ | 94,744 | $ | (514 | ) | ||||||||||
Pre-acquisition income allocated to parent | $ | (55 | ) | $ | (152 | ) | $ | (97 | ) | $ | 5,136 | $ | 4,622 | $ | (514 | ) | ||||||||
Additionally, the Consolidated and Condensed Statements of Cash Flows for the nine months ended September 30, 2012 has been revised to correct an immaterial error of $2,208 in the equity in loss of unconsolidated entities (which is an adjustment to reconcile net income to net cash provided by operating activities) and affiliate funding of investments in unconsolidated entities (which is included in cash flows from financing activities). The correction of this immaterial error decreases net cash provided by operating activities, increases net cash provided by financing activities, and had no effect on the Partnership's cash and cash equivalents, investments in unconsolidated entities, net income or partners' capital. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Sale of Investment in Unconsolidated Entity. On November 1, 2013, the Partnership sold its 50% investment in Caliber for $750. | |
Quarterly Distribution. On October 24, 2013, the Partnership declared a quarterly cash distribution of $0.7825 per common unit for the third quarter of 2013, or $3.13 per common unit on an annualized basis, which will be paid on November 14, 2013 to unitholders of record as of November 7, 2013. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Sulfur Production Facility [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions | ' | |||
Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: | ||||
Inventory | $ | 162 | ||
Property, plant and equipment | 4,000 | |||
Current liabilities | (44 | ) | ||
Total | $ | 4,118 | ||
NL Grease, LLC [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions | ' | |||
The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: | ||||
Inventory and other current assets | $ | 1,513 | ||
Property, plant and equipment | 6,136 | |||
Other assets | 5,113 | |||
Other accrued liabilities | (168 | ) | ||
Other long-term obligations | (446 | ) | ||
Total | $ | 12,148 | ||
Talen's Marine and Fuel, LLC [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions | ' | |||
The remaining net assets retained by the Partnership were recorded in the Terminalling and Storage segment at fair value of $43,100 in the following preliminary purchase price allocation: | ||||
Purchase price paid to acquire Talen's | $ | 103,368 | ||
Less proceeds received from Martin Resource Management for assets sold (described above) | (56,000 | ) | ||
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | (4,268 | ) | ||
Total | $ | 43,100 | ||
Cash | $ | 5,096 | ||
Accounts and other receivables, net | 2,682 | |||
Other current assets | 1,547 | |||
Assets held for sale | 3,578 | |||
Property, plant and equipment | 23,838 | |||
Goodwill | 11,279 | |||
Notes payable | (2,971 | ) | ||
Current liabilities | (1,480 | ) | ||
Other long-term obligations | (469 | ) | ||
Total | $ | 43,100 | ||
Lubricant Packaging Assets [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions | ' | |||
The acquisition of the Blending and Packaging assets was recorded at the historical carrying value of the assets at the acquisition date, which were as follows: | ||||
Accounts and other receivables, net | $ | 20,599 | ||
Inventory | 18,730 | |||
Other current assets | 769 | |||
Property, plant and equipment, net | 24,692 | |||
Current liabilities | (2,424 | ) | ||
Total | $ | 62,366 | ||
Discontinued_operations_and_di1
Discontinued operations and divestitures (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of disposal groups including discontinued operations income statement and balance sheet | ' | |||||||
The Prism Assets’ operating results, which are included within income from discontinued operations, were as follows: | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2012 | 2012 | |||||||
Total revenues from third parties1 | $ | 9,269 | $ | 66,842 | ||||
Total costs and expenses, excluding depreciation and amortization | (9,296 | ) | (64,556 | ) | ||||
Depreciation and amortization | — | (2,320 | ) | |||||
Other operating income2 | 62,251 | 61,421 | ||||||
Equity in earnings of Waskom, Matagorda, and PIPE | 377 | 4,611 | ||||||
Income from discontinued operations before income taxes | 62,601 | 65,998 | ||||||
Income tax benefit | (1,002 | ) | (1,314 | ) | ||||
Income from discontinued operations, net of income taxes | $ | 63,603 | $ | 67,312 | ||||
1 Total revenues from third parties excludes intercompany revenues of $3,285 and $26,431 for the three and nine months ended September 30, 2012, respectively. | ||||||||
2 The Partnership recognized a gain on the sale of the Prism Assets of $62,251 and $61,411 in income from discontinued operations for the three and nine months ended September 30, 2012, respectively. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of inventory | ' | |||||||
Components of inventories at September 30, 2013 and December 31, 2012 were as follows: | ||||||||
30-Sep-13 | December 31, 2012 | |||||||
Natural gas liquids | $ | 53,005 | $ | 33,610 | ||||
Sulfur | 5,859 | 14,892 | ||||||
Sulfur based products | 14,517 | 17,824 | ||||||
Lubricants | 27,112 | 27,366 | ||||||
Other | 6,290 | 2,295 | ||||||
$ | 106,783 | $ | 95,987 | |||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities and Joint Ventures (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||
Summary of components of investment in unconsolidated entities and components of equity in earnings of unconsolidated entities | ' | |||||||||||||||||||||||
The following tables summarize the components of the investment in unconsolidated entities on the Partnership’s Consolidated and Condensed Balance Sheets and the components of equity in earnings of unconsolidated entities included in the Partnership’s Consolidated and Condensed Statements of Operations: | ||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||
Redbird | $ | 166,514 | $ | 153,749 | ||||||||||||||||||||
MET | 15,000 | — | ||||||||||||||||||||||
Caliber | 72 | 560 | ||||||||||||||||||||||
Total investment in unconsolidated entities | $ | 181,586 | $ | 154,309 | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Equity in earnings of Waskom1 | $ | — | $ | 287 | $ | — | $ | 4,172 | ||||||||||||||||
Equity in earnings of PIPE1 | — | 10 | — | (60 | ) | |||||||||||||||||||
Equity in earnings of Matagorda1 | — | 80 | — | 499 | ||||||||||||||||||||
Equity in earnings of discontinued operations | — | 377 | — | 4,611 | ||||||||||||||||||||
Equity in earnings of Redbird | (984 | ) | (709 | ) | (1,561 | ) | 355 | |||||||||||||||||
Equity in earnings of MET | 577 | — | 1,171 | — | ||||||||||||||||||||
Equity in earnings of Caliber | (170 | ) | (98 | ) | (488 | ) | (119 | ) | ||||||||||||||||
Equity in earnings of Pecos Valley | — | 32 | — | 20 | ||||||||||||||||||||
Equity in earnings of unconsolidated entities | (577 | ) | (775 | ) | (878 | ) | 256 | |||||||||||||||||
Total equity in earnings of unconsolidated entities | $ | (577 | ) | $ | (398 | ) | $ | (878 | ) | $ | 4,867 | |||||||||||||
¹ For the three and nine months ended September 30, 2012, the financial information for Waskom, Matagorda, and PIPE is included in the Consolidated and Condensed Statements of Operations and Cash Flows as discontinued operations. | ||||||||||||||||||||||||
Select financial information for significant unconsolidated equity-method investees | ' | |||||||||||||||||||||||
Selected financial information for significant unconsolidated equity-method investees is as follows: | ||||||||||||||||||||||||
As of December 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Total | Partners' | Revenues | Net Income | Revenues | Net | |||||||||||||||||||
Assets | Capital | Income | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Waskom | $ | — | $ | — | $ | 8,171 | $ | 668 | $ | 66,662 | $ | 8,986 | ||||||||||||
As of September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Total | Partners' | Revenues | Net Income | Revenues | Net | |||||||||||||||||||
Assets | Capital | Income | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Cardinal | $ | 802,068 | $ | 473,076 | $ | 17,341 | $ | (2,300 | ) | $ | 36,136 | $ | (2,241 | ) | ||||||||||
As of December 31, | ||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Cardinal | $ | 694,767 | $ | 457,297 | $ | 8,089 | $ | (272 | ) | $ | 25,156 | $ | (2,005 | ) | ||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Effect of derivative instruments on the Consolidated Statement of Operations | ' | ||||||||||||||||||||||||||||
Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items | |||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | ||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | Income from Discontinued Operations | $ | — | $ | 63 | Income from Discontinued Operations | $ | — | $ | — | |||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | 63 | $ | — | $ | — | |||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Income from Discontinued Operations | $ | — | $ | (18 | ) | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | (18 | ) | ||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | ||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 126 | Income from Discontinued Operations | $ | — | $ | 748 | Income from Discontinued Operations | $ | — | $ | 4 | |||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 126 | $ | — | $ | 748 | $ | — | $ | 4 | |||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Income from Discontinued Operations | $ | — | $ | 1,623 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | 1,623 | |||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following items are measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 at September 30, 2013 and December 31, 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 186,747 | $ | — | $ | 186,747 | $ | — | ||||||||
2021 Senior unsecured notes | 254,928 | — | 254,928 | — | ||||||||||||
Total liabilities | $ | 441,675 | $ | — | $ | 441,675 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 187,066 | $ | — | $ | 187,066 | $ | — | ||||||||
Total liabilities | $ | 187,066 | $ | — | $ | 187,066 | $ | — | ||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Other Accrued Liabilities | ' | |||||||
Components of other accrued liabilities were as follows: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Accrued interest | $ | 10,277 | $ | 4,492 | ||||
Property and other taxes payable | 6,609 | 2,770 | ||||||
Accrued payroll | 1,200 | 1,991 | ||||||
Other | 245 | 236 | ||||||
$ | 18,331 | $ | 9,489 | |||||
LongTerm_Debt_and_Capital_Leas1
Long-Term Debt and Capital Leases (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
At September 30, 2013 and December 31, 2012, long-term debt consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
$600,000 Revolving credit facility at variable interest rate (3.13%* weighted average at September 30, 2013), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees | $ | 219,000 | $ | 296,000 | ||||
$200,000** Senior notes, 8.875% interest, net of unamortized discount of $1,381 and $1,612, respectively, issued March 2010 and due April 2018, unsecured | 173,619 | 173,388 | ||||||
$250,000 Senior notes, 7.250% interest, issued February 2013 and due February 2021, unsecured | 250,000 | — | ||||||
$3,315 Note payable to bank, interest rate at 4.75%, maturity date of October 2029, unsecured | 2,885 | 2,971 | ||||||
Capital lease obligations | 5,673 | 5,839 | ||||||
Total long-term debt and capital lease obligations | 651,177 | 478,198 | ||||||
Less current installments | 3,173 | 3,206 | ||||||
Long-term debt and capital lease obligations, net of current installments | $ | 648,004 | $ | 474,992 | ||||
* Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.00%. The applicable margin for existing LIBOR borrowings is 2.50%. Effective October 1, 2013, the applicable margin for existing LIBOR borrowings remained at 2.50%. Effective January 1, 2014, the applicable margin for existing LIBOR borrowings will increase to 3.00%. As of November 4, 2013, the Partnership's weighted average interest rate on its revolving loan facility is 2.80%. | ||||||||
** Pursuant to the Indenture under which the Senior Notes due in 2018 were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 24, 2012, the Partnership notified the Trustee of its intention to exercise a partial redemption of the Partnership’s Senior Notes pursuant to the Indenture. On May 24, 2012, the Partnership redeemed $25,000 of the Senior Notes from various holders using proceeds of the Partnership’s January 2012 follow-on equity offering, which in the interim were used to pay down amounts outstanding under the Partnership’s revolving credit facility. |
Partners_Capital_Partners_Capi
Partners' Capital Partners' Capital (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Partners' Capital Notes [Abstract] | ' | |||||||||||||||
Reconciliation of net income to partners interest in net income | ' | |||||||||||||||
The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Continuing operations: | ||||||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | 192 | $ | 8,646 | $ | 25,907 | $ | 27,432 | ||||||||
Less pre-acquisition income allocated to Parent | — | (152 | ) | — | 4,622 | |||||||||||
Less general partner’s interest in net income: | ||||||||||||||||
Distributions payable on behalf of IDRs | — | (1,536 | ) | — | 723 | |||||||||||
Distributions payable on behalf of general partner interest | 467 | (320 | ) | 1,384 | 295 | |||||||||||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | (463 | ) | 526 | (866 | ) | 147 | ||||||||||
Less income allocable to unvested restricted units | 1 | — | 67 | — | ||||||||||||
Limited partners’ interest in net income | $ | 187 | $ | 10,128 | $ | 25,322 | $ | 21,645 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | — | $ | 63,603 | $ | — | $ | 67,312 | ||||||||
Less general partner’s interest in net income: | ||||||||||||||||
Distributions payable on behalf of IDRs | — | 1,536 | — | 2,134 | ||||||||||||
Distributions payable on behalf of general partner interest | — | 709 | — | 872 | ||||||||||||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | — | 533 | — | 432 | ||||||||||||
Limited partners’ interest in net income | $ | — | $ | 60,825 | $ | — | $ | 63,874 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
The impact of Related Party Transactions | ' | |||||||||||||||
The impact of related party revenues from sales of products and services is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Terminalling and storage | $ | 18,044 | $ | 18,531 | $ | 52,857 | $ | 48,611 | ||||||||
Marine transportation | 5,943 | 3,979 | 18,828 | 13,282 | ||||||||||||
Product sales: | ||||||||||||||||
Natural gas services | — | — | 9 | 105 | ||||||||||||
Sulfur services | 809 | 1,469 | 3,460 | 4,829 | ||||||||||||
Terminalling and storage | 155 | 168 | 543 | 850 | ||||||||||||
964 | 1,637 | 4,012 | 5,784 | |||||||||||||
$ | 24,951 | $ | 24,147 | $ | 75,697 | $ | 67,677 | |||||||||
The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Cost of products sold: | ||||||||||||||||
Natural gas services | $ | 7,799 | $ | 6,761 | $ | 23,391 | $ | 18,783 | ||||||||
Sulfur services | 4,539 | 4,111 | 13,514 | 12,512 | ||||||||||||
Terminalling and storage | 13,488 | 13,165 | 39,638 | 36,509 | ||||||||||||
$ | 25,826 | $ | 24,037 | $ | 76,543 | $ | 67,804 | |||||||||
The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Expenses: | ||||||||||||||||
Operating expenses | ||||||||||||||||
Marine transportation | $ | 9,697 | $ | 7,236 | $ | 29,260 | $ | 21,217 | ||||||||
Natural gas services | 542 | 453 | 1,496 | 1,368 | ||||||||||||
Sulfur services | 2,115 | 1,494 | 6,405 | 4,796 | ||||||||||||
Terminalling and storage | 5,548 | 4,917 | 16,249 | 14,927 | ||||||||||||
$ | 17,902 | $ | 14,100 | $ | 53,410 | $ | 42,308 | |||||||||
The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: | ||||||||||||||||
Selling, general and administrative: | ||||||||||||||||
Marine transportation | $ | 15 | $ | 15 | $ | 45 | $ | 47 | ||||||||
Natural gas services | 635 | 366 | 1,623 | 1,052 | ||||||||||||
Sulfur services | 748 | 737 | 2,360 | 2,183 | ||||||||||||
Terminalling and storage | 291 | — | 935 | 39 | ||||||||||||
Indirect overhead allocation, net of reimbursement | 2,667 | 1,646 | 7,981 | 4,937 | ||||||||||||
$ | 4,356 | $ | 2,764 | $ | 12,944 | $ | 8,258 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Components of income tax expense (benefit) from operations | ' | |||||||||||||||
The components of income tax expense (benefit) from operations recorded for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 5,933 | $ | — | $ | 7,642 | ||||||||
State | 303 | 844 | 910 | 1,703 | ||||||||||||
303 | 6,777 | 910 | 9,345 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | (7,238 | ) | — | (7,293 | ) | ||||||||||
Total income tax expense (benefit) | $ | 303 | $ | (461 | ) | $ | 910 | $ | 2,052 | |||||||
Total income tax expense was allocated to continuing and discontinued operations as follows: | ||||||||||||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 130 | $ | — | $ | 1,835 | ||||||||
State | 303 | 276 | 910 | 1,129 | ||||||||||||
303 | 406 | 910 | 2,964 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | 135 | — | 402 | ||||||||||||
Total income tax expense from continuing operations | $ | 303 | $ | 541 | $ | 910 | $ | 3,366 | ||||||||
Income tax expense (benefit) from discontinued operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | 5,803 | $ | — | $ | 5,807 | ||||||||
State | — | 568 | — | 574 | ||||||||||||
— | 6,371 | — | 6,381 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | — | (7,373 | ) | — | (7,695 | ) | ||||||||||
Total income tax benefit from discontinued operations | $ | — | $ | (1,002 | ) | $ | — | $ | (1,314 | ) | ||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Terminalling and storage | $ | 90,205 | $ | (1,199 | ) | $ | 89,006 | $ | 8,532 | $ | 7,350 | $ | 33,563 | |||||||||||
Natural gas services | 204,926 | — | 204,926 | 598 | 5,466 | 2,398 | ||||||||||||||||||
Sulfur services | 42,097 | — | 42,097 | 2,024 | (527 | ) | 2,068 | |||||||||||||||||
Marine transportation | 24,751 | (1,164 | ) | 23,587 | 2,544 | 3,733 | 1,943 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (3,779 | ) | — | |||||||||||||||||
Total | $ | 361,979 | $ | (2,363 | ) | $ | 359,616 | $ | 13,698 | $ | 12,243 | $ | 39,972 | |||||||||||
Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Terminalling and storage | $ | 81,845 | $ | (1,191 | ) | $ | 80,654 | $ | 5,829 | $ | 6,858 | $ | 10,775 | |||||||||||
Natural gas services | 190,738 | — | 190,738 | 149 | 3,270 | 143 | ||||||||||||||||||
Sulfur services | 60,596 | — | 60,596 | 1,750 | 7,273 | 7,549 | ||||||||||||||||||
Marine transportation | 22,879 | (777 | ) | 22,102 | 2,564 | 811 | 1,711 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (1,966 | ) | — | |||||||||||||||||
Total | $ | 356,058 | $ | (1,968 | ) | $ | 354,090 | $ | 10,292 | $ | 16,246 | $ | 20,178 | |||||||||||
Nine Months Ended September 30, 2013 | Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | ||||||||||||||||||
Terminalling and storage | $ | 256,320 | $ | (3,507 | ) | $ | 252,813 | $ | 22,925 | $ | 25,968 | $ | 59,930 | |||||||||||
Natural gas services | 653,080 | — | 653,080 | 1,444 | 18,858 | 2,513 | ||||||||||||||||||
Sulfur services | 173,378 | — | 173,378 | 5,947 | 16,518 | 2,690 | ||||||||||||||||||
Marine transportation | 75,004 | (2,785 | ) | 72,219 | 7,628 | 8,813 | 3,458 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (11,270 | ) | — | |||||||||||||||||
Total | $ | 1,157,782 | $ | (6,292 | ) | $ | 1,151,490 | $ | 37,944 | $ | 58,887 | $ | 68,591 | |||||||||||
Nine Months Ended September 30, 2012 | Operating Revenues | Intersegment Revenues Eliminations | Operating Revenues after Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | ||||||||||||||||||
Terminalling and storage | $ | 246,219 | $ | (3,542 | ) | $ | 242,677 | $ | 16,028 | $ | 20,536 | $ | 54,309 | |||||||||||
Natural gas services | 527,666 | — | 527,666 | 436 | 6,457 | 410 | ||||||||||||||||||
Sulfur services | 202,241 | — | 202,241 | 5,325 | 34,320 | 9,204 | ||||||||||||||||||
Marine transportation | 65,912 | (2,234 | ) | 63,678 | 8,526 | 662 | 7,627 | |||||||||||||||||
Indirect selling, general and administrative | — | — | — | — | (6,733 | ) | — | |||||||||||||||||
Total | $ | 1,042,038 | $ | (5,776 | ) | $ | 1,036,262 | $ | 30,315 | $ | 55,242 | $ | 71,550 | |||||||||||
Assets by segment | ' | |||||||||||||||||||||||
The Partnership's assets by reportable segment as of September 30, 2013 and December 31, 2012, are as follows: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Total assets: | ||||||||||||||||||||||||
Terminalling and storage | $ | 435,484 | $ | 376,330 | ||||||||||||||||||||
Natural gas services | 375,817 | 331,064 | ||||||||||||||||||||||
Sulfur services | 145,447 | 155,639 | ||||||||||||||||||||||
Marine transportation | 163,454 | 149,963 | ||||||||||||||||||||||
Total assets | $ | 1,120,202 | $ | 1,012,996 | ||||||||||||||||||||
Unit_Based_Awards_Unit_Based_A
Unit Based Awards Unit Based Awards (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of compensation costs related to unit based plan | ' | |||||||||||||||
Amounts recognized in selling, general, and administrative expense in the consolidated and condensed financial statements with respect to these plans are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Employees | $ | 181 | $ | 196 | $ | 533 | $ | 234 | ||||||||
Non-employee directors | 76 | 65 | 204 | 145 | ||||||||||||
Total unit-based compensation expense | $ | 257 | $ | 261 | $ | 737 | $ | 379 | ||||||||
Summary of restricted unit activity | ' | |||||||||||||||
A summary of the restricted unit activity for the nine months ended September 30, 2013 is provided below: | ||||||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value Per Unit | |||||||||||||||
Non-vested, beginning of period | 13,248 | $ | 41.84 | |||||||||||||
Granted | 63,750 | $ | 32.55 | |||||||||||||
Vested | (4,500 | ) | $ | 41.27 | ||||||||||||
Forfeited | (250 | ) | $ | 31.06 | ||||||||||||
Non-Vested, end of period | 72,248 | $ | 33.72 | |||||||||||||
Aggregate intrinsic value, end of period | $ | 3,391 | ||||||||||||||
Summary of aggregate intrinsic value and fair value of units vested | ' | |||||||||||||||
A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the three and nine months ended September 30, 2013 and 2012 are provided below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended | |||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Aggregate intrinsic value of units vested | $ | — | $ | — | $ | 153 | $ | 214 | ||||||||
Fair value of units vested | $ | — | $ | — | $ | 157 | $ | 214 | ||||||||
Schedule_of_Error_Corrections_
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||||||||||||||
The following financial statement captions in the Consolidated and Condensed Statements of Operations were affected by this correction: | ||||||||||||||||||||||||
Three Months Ended September, 30, 2012 | Difference | Nine Months Ended September 30, 2012 | Difference | |||||||||||||||||||||
As Previously Reported | As Corrected | As Previously Reported | As Corrected | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | (678 | ) | $ | (775 | ) | $ | (97 | ) | $ | 770 | $ | 256 | $ | (514 | ) | ||||||||
Total other expense | $ | (6,962 | ) | $ | (7,059 | ) | $ | (97 | ) | $ | (23,930 | ) | $ | (24,444 | ) | $ | (514 | ) | ||||||
Income from continuing operations | $ | 8,743 | $ | 8,646 | $ | (97 | ) | $ | 27,946 | $ | 27,432 | $ | (514 | ) | ||||||||||
Net income | $ | 72,346 | $ | 72,249 | $ | (97 | ) | $ | 95,258 | $ | 94,744 | $ | (514 | ) | ||||||||||
Pre-acquisition income allocated to parent | $ | (55 | ) | $ | (152 | ) | $ | (97 | ) | $ | 5,136 | $ | 4,622 | $ | (514 | ) | ||||||||
General_Details
General (Details) | 9 Months Ended | ||||
Sep. 30, 2013 | Jul. 31, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Aug. 30, 2013 | |
segment | Redbird Gas Storage [Member] | Redbird Gas Storage [Member] | Subsidiaries [Member] | ||
Common Class A [Member] | Common Class B [Member] | director | |||
Business Description [Line Items] | ' | ' | ' | ' | ' |
Number of primary business lines | 4 | ' | ' | ' | ' |
Ownership percentage | ' | 50.00% | 10.74% | 100.00% | ' |
Ownership percentage by parent | ' | ' | ' | ' | 49.00% |
Economic ownership percentage by parent | ' | ' | ' | ' | 50.00% |
Number of directors appointed | ' | ' | ' | ' | 2 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 05, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Oct. 02, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | Sep. 30, 2013 | Jun. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
Martin Resource Management [Member] | Sulfur Production Facility [Member] | Sulfur Production Facility [Member] | Sulfur Production Facility [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | Florida Marine Transporters, Inc. [Member] | Talen's Marine and Fuel, LLC [Member] | Talen's Marine and Fuel, LLC [Member] | Talen's Marine and Fuel, LLC [Member] | Lubricant Packaging Assets [Member] | Redbird Gas Storage [Member] | Redbird Gas Storage [Member] | Redbird Gas Storage [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Natural gas services [Member] | Natural gas services [Member] | Natural gas services [Member] | Natural gas services [Member] | Natural gas services [Member] | Technology-Based Intangible Assets [Member] | Technology-Based Intangible Assets [Member] | Customer Lists [Member] | Customer Lists [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Partners' Capital [Member] | Partners' Capital [Member] | ||||||||
barge | barge | Common Class A [Member] | Common Class B [Member] | Martin Resource Management [Member] | Florida Marine Transporters, Inc. [Member] | Florida Marine Transporters, Inc. [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | NL Grease, LLC [Member] | Martin Resource Management [Member] | NL Grease, LLC [Member] | |||||||||||||||||||||||||||
push_boat | |||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Inland Tank Barges | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess carrying value of assets over the purchase price | ' | ' | ' | ' | ' | $7,100 | ' | ' | $4,118 | ' | ' | $12,148 | ' | $43,100 | ' | ' | $62,366 | ' | ' | ' | ' | ' | ' | ' | $6,799 | ' | ' | ' | ' | ' | ' | ' | $2,418 | ' | $2,218 | ' | $477 | $301 | $55 | ||
Revenue | 359,616 | 354,090 | [1] | 1,151,490 | 1,036,262 | [1] | ' | ' | 104 | 104 | ' | 4,101 | 4,622 | ' | ' | ' | 1,228 | 3,900 | ' | ' | ' | ' | 23,587 | 22,102 | 72,219 | 63,678 | ' | ' | 204,926 | 190,738 | 653,080 | 527,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 192 | 72,249 | [1] | 25,907 | 94,744 | [1] | ' | ' | -80 | -80 | ' | 166 | 10 | ' | ' | ' | 153 | 710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '3 years | ' | '5 years | ' | ' | ' | ||
Weighted average useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Liquefied Petroleum Gas Pressure Barges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Commercial Push Boats | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Pressure Barges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,801 | 103,368 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,201 | ' | ' | ' | ' | 42,600 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,971 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds received from martin Resource Management for assets sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,268 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost of acquired business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,767 | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Working capital adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 907 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unconsolidated interest ownership | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.74% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Value of assets recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,308 | ' | $81,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Schedule_of_Purchase_Price_All
Schedule of Purchase Price Allocation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 05, 2013 | Jun. 13, 2013 | Dec. 31, 2012 | Oct. 02, 2012 |
In Thousands, unless otherwise specified | Sulfur Production Facility [Member] | NL Grease, LLC [Member] | Talen's Marine and Fuel, LLC [Member] | Lubricant Packaging Assets [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase price paid to acquire Talen's | ' | ' | ' | ' | $103,368 | ' |
Less proceeds received from Martin Resource Management for assets sold (described above) | ' | ' | ' | ' | -56,000 | ' |
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | ' | ' | ' | ' | -4,268 | ' |
Total | ' | ' | 4,118 | 12,148 | 43,100 | 62,366 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | 5,096 | ' |
Accounts and other receivables, net | ' | ' | ' | ' | 2,682 | 20,599 |
Inventory | ' | ' | 162 | 1,513 | ' | 18,730 |
Other current assets | ' | ' | ' | ' | 1,547 | 769 |
Assets held for sale | ' | ' | ' | ' | 3,578 | ' |
Property, plant and equipment | ' | ' | 4,000 | 6,136 | 23,838 | 24,692 |
Other assets | ' | ' | ' | 5,113 | ' | ' |
Other accrued liabilities | ' | ' | ' | -168 | ' | ' |
Goodwill | 19,616 | 19,616 | ' | ' | 11,279 | ' |
Notes payable | ' | ' | ' | ' | -2,971 | ' |
Current liabilities | ' | ' | -44 | ' | -1,480 | -2,424 |
Other long-term obligations | ' | ' | ' | -446 | -469 | ' |
Total | ' | ' | $4,118 | $12,148 | $43,100 | $62,366 |
Discontinued_operations_and_di2
Discontinued operations and divestitures (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 18, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Proceeds from Divestiture of Businesses | $1,530 | $273,269 | ' | ' | ' | ' | ||
Unconsolidated interest ownership | ' | 50.00% | ' | ' | ' | ' | ||
Discontinued Operation, Intercompany Amounts with Discontinued Operation before Disposal Transaction, Revenue | ' | ' | ' | 3,285 | ' | 26,431 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | ' | 62,251 | ' | 61,411 | ||
Operations [Abstract] | ' | ' | ' | ' | ' | ' | ||
Total costs and expenses, excluding depreciation and amortization | ' | ' | -347,373 | -337,839 | [1] | -1,093,399 | -981,388 | [1] |
Depreciation and amortization | ' | ' | -13,698 | -10,292 | [1] | -37,944 | -30,315 | [1] |
Equity in earnings of Waskom, Matagorda, and PIPE | ' | ' | 0 | 377 | 0 | 4,611 | ||
Income from discontinued operations, net of income taxes | ' | ' | 0 | 63,603 | [1] | 0 | 67,312 | [1] |
Waskom [Member] | ' | ' | ' | ' | ' | ' | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Unconsolidated interest ownership | ' | 50.00% | ' | ' | ' | ' | ||
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ||
Operations [Abstract] | ' | ' | ' | ' | ' | ' | ||
Total revenues from third parties | ' | ' | ' | 9,269 | [2] | ' | 66,842 | [2] |
Total costs and expenses, excluding depreciation and amortization | ' | ' | ' | -9,296 | ' | -64,556 | ||
Depreciation and amortization | ' | ' | ' | 0 | ' | -2,320 | ||
Other operating income | ' | ' | ' | 62,251 | [3] | ' | 61,421 | [3] |
Equity in earnings of Waskom, Matagorda, and PIPE | ' | ' | ' | 377 | ' | 4,611 | ||
Income from discontinued operations before income taxes | ' | ' | ' | 62,601 | ' | 65,998 | ||
Income tax benefit | ' | ' | ' | -1,002 | ' | -1,314 | ||
Income from discontinued operations, net of income taxes | ' | ' | ' | $63,603 | ' | $67,312 | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. | |||||||
[2] | Total revenues from third parties excludes intercompany revenues of $3,285 and $26,431 for the three and nine months ended September 30, 2012, respectively. | |||||||
[3] | The Partnership recognized a gain on the sale of the Prism Assets of $62,251 and $61,411 in income from discontinued operations for the three and nine months ended September 30, 2012, respectively. |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Natural gas liquids | $53,005 | $33,610 |
Sulfur | 5,859 | 14,892 |
Sulfur based products | 14,517 | 17,824 |
Lubricants | 27,112 | 27,366 |
Other | 6,290 | 2,295 |
Inventories | $106,783 | $95,987 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities and Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 1-May-08 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 27-May-11 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 27-May-11 | Sep. 30, 2013 | 27-May-11 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | ||||||||||||||
Cardinal Gas Storage Partners LLC [Member] | Cardinal Gas Storage Partners LLC [Member] | Cardinal Gas Storage Partners LLC [Member] | Cardinal Gas Storage Partners LLC [Member] | Cardinal Gas Storage Partners LLC [Member] | Cardinal Gas Storage Partners LLC [Member] | Waskom Matagorda and PIPE [Member] | Waskom [Member] | Waskom [Member] | Waskom [Member] | Waskom [Member] | Waskom [Member] | Panther Interstate Pipeline Energy LLC [Member] | Panther Interstate Pipeline Energy LLC [Member] | Panther Interstate Pipeline Energy LLC [Member] | Panther Interstate Pipeline Energy LLC [Member] | Matagorda Offshore Gathering System [Member] | Matagorda Offshore Gathering System [Member] | Matagorda Offshore Gathering System [Member] | Matagorda Offshore Gathering System [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Redbird [Member] | Martin Energy Trading LLC [Member] | Martin Energy Trading LLC [Member] | Martin Energy Trading LLC [Member] | Martin Energy Trading LLC [Member] | Martin Energy Trading LLC [Member] | Martin Energy Trading LLC [Member] | Caliber [Member] | Caliber [Member] | Caliber [Member] | Caliber [Member] | Caliber [Member] | Pecos Valley Producer Services LLC [Member] | Pecos Valley Producer Services LLC [Member] | Pecos Valley Producer Services LLC [Member] | Pecos Valley Producer Services LLC [Member] | Pecos Valley Producer Services LLC [Member] | |||||||||||||||||||||
Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Unconsolidated interest ownership | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 42.21% | 100.00% | 100.00% | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ||||||||||||||
Difference Between Carrying Amount and Underlying Equity, Property and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Amortization | ' | ' | ' | ' | ' | ' | 8 | 8 | 23 | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Proceeds from sale of equity method investment | ' | ' | 0 | 531 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,319 | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Partnership's interest in cash of the unconsolidated equity-method investees | 8,448 | ' | 8,448 | ' | 1,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Summary of components of investment in unconsolidated entities and components of equity in earnings of unconsolidated entities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Investment in unconsolidated entities | 181,586 | ' | 181,586 | ' | 154,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,514 | ' | 166,514 | ' | 153,749 | ' | ' | ' | ' | 15,000 | ' | 15,000 | ' | 0 | 72 | ' | 72 | ' | 560 | ' | ' | ' | ' | ' | ||||||||||||||
Total Investment in unconsolidated entities | 181,586 | ' | 181,586 | ' | 154,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Equity in earnings of discontinued operations | 0 | 377 | 0 | 4,611 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 287 | [2] | 0 | [2] | 4,172 | [2] | ' | 0 | [2] | 10 | [2] | 0 | [2] | -60 | [2] | 0 | [2] | 80 | [2] | 0 | [2] | 499 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity in earnings of unconsolidated entities | -577 | -775 | [1] | -878 | 256 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -984 | -709 | -1,561 | 355 | ' | ' | ' | ' | ' | 577 | 0 | 1,171 | 0 | ' | -170 | -98 | -488 | -119 | ' | 0 | 32 | 0 | 20 | ' | ||||||||||||
Total equity in earnings of unconsolidated entities | -577 | -398 | -878 | 4,867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Select financial information for significant unconsolidated equity-method investees [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total Assets | ' | ' | ' | ' | ' | ' | 802,068 | ' | 802,068 | ' | 694,767 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Partner's Capital | ' | ' | ' | ' | ' | ' | 473,076 | ' | 473,076 | ' | 457,297 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Revenues | ' | ' | ' | ' | ' | ' | 17,341 | 8,089 | 36,136 | 25,156 | ' | ' | ' | ' | 8,171 | ' | 66,662 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Net Income | ' | ' | ' | ' | ' | ' | ($2,300) | ($272) | ($2,241) | ($2,005) | ' | ' | ' | ' | $668 | ' | $8,986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | For the three and nine months ended September 30, 2012, the financial information for Waskom, Matagorda, and PIPE is included in the Consolidated and Condensed Statements of Operations and Cash Flows as discontinued operations. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Crude Oil Swaps [Member] | ' | ' |
Impact of Commodity Cash Flow Hedges [Abstract] | ' | ' |
Effect of derivative instrument on revenue increase (decrease) | $36 | $496 |
Natural Gas Swaps [Member] | ' | ' |
Impact of Commodity Cash Flow Hedges [Abstract] | ' | ' |
Effect of derivative instrument on revenue increase (decrease) | 77 | 813 |
Natural Gas Liquids [Member] | ' | ' |
Impact of Commodity Cash Flow Hedges [Abstract] | ' | ' |
Effect of derivative instrument on revenue increase (decrease) | $5 | $1,066 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities, Part 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives | $0 | $0 | $0 | $126 |
Amount of gain or (loss) reclassified from accumulated OCI into income | 0 | 63 | 0 | 748 |
Amount of gain (loss) recognized in income on derivatives | 0 | 0 | 0 | 4 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in OCI on derivatives | 0 | 0 | 0 | 126 |
Amount of gain or (loss) reclassified from accumulated OCI into income | 0 | 63 | 0 | 748 |
Amount of gain (loss) recognized in income on derivatives | 0 | 0 | 0 | 4 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives | 0 | -18 | 0 | 1,623 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain or (loss) recognized in income on derivatives | $0 | ($18) | $0 | $1,623 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | $441,675 | $187,066 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 441,675 | 187,066 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities | 0 | 0 |
2018 Senior unsecured notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 186,747 | 187,066 |
2018 Senior unsecured notes [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
2018 Senior unsecured notes [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 186,747 | 187,066 |
2018 Senior unsecured notes [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
2021 Senior unsecured notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 254,928 | ' |
2021 Senior unsecured notes [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | ' |
2021 Senior unsecured notes [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 254,928 | ' |
2021 Senior unsecured notes [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | $0 | ' |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued interest | $10,277 | $4,492 |
Property and other taxes payable | 6,609 | 2,770 |
Accrued payroll | 1,200 | 1,991 |
Other | 245 | 236 |
Total Other Accrued Liabilities | $18,331 | $9,489 |
LongTerm_Debt_and_Capital_Leas2
Long-Term Debt and Capital Leases (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 28, 2013 | Mar. 27, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 24-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 11, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 04, 2013 | Oct. 02, 2013 | Jan. 02, 2014 | |||
Maximum [Member] | Maximum [Member] | Revolving Loan Facility [Member] | Revolving Loan Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Note Payable to Banks [Member] | Note Payable to Banks [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Prime Rate [Member] | Prime Rate [Member] | Senior Notes 8.875% [Member] | Senior Notes 8.875% [Member] | Senior Notes 8.875% [Member] | Senior Notes 8.875% [Member] | Senior Notes 7.250% [Member] | Senior Notes 7.250% [Member] | Senior Notes 7.250% [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | ||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | LIBOR [Member] | LIBOR [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate terms | ' | ' | 'The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.25% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.25%.  The applicable margin for existing LIBOR borrowings is 3.00%.  Effective October 1, 2012, the applicable margin for existing LIBOR borrowings remained at 3.00%.  Effective January 1, 2013, the applicable margin for existing LIBOR borrowings will decrease to 2.25%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total long-term debt and capital lease obligations | $651,177,000 | ' | $651,177,000 | ' | $478,198,000 | ' | ' | $219,000,000 | $296,000,000 | ' | ' | $2,885,000 | $2,971,000 | $5,673,000 | $5,839,000 | ' | ' | ' | ' | ' | ' | ' | $173,619,000 | $173,388,000 | ' | $250,000,000 | $0 | ' | ' | ' | ||
Less current installments | 3,173,000 | ' | 3,173,000 | ' | 3,206,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term debt and capital lease obligations, net of current installments | 648,004,000 | ' | 648,004,000 | ' | 474,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Applicable margins | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.00% | 3.00% | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.00% | ||
Face amount | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | 3,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | [1] | ' | 250,000,000 | ' | ' | ' | ' | ' | |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,381,000 | 1,612,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | 3.13% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.80% | ' | ' | |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | ' | 7.25% | ' | ' | ' | ' | ' | ||
Maturity date | ' | ' | ' | ' | ' | ' | ' | 30-Apr-16 | ' | ' | ' | 31-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-18 | ' | 28-Feb-21 | ' | ' | ' | ' | ' | ||
Partnership redemption option maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Partnership senior note redemption option price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Partnership redemption of the senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum amount of borrowings and letters of credit available under Credit Facility | ' | ' | ' | ' | ' | 600,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash paid for interest | 11,289,000 | 4,696,000 | 22,897,000 | 19,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized interest | $326,000 | $175,000 | $744,000 | $799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Pursuant to the Indenture under which the Senior Notes due in 2018 were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 24, 2012, the Partnership notified the Trustee of its intention to exercise a partial redemption of the Partnership’s Senior Notes pursuant to the Indenture. On May 24, 2012, the Partnership redeemed $25,000 of the Senior Notes from various holders using proceeds of the Partnership’s January 2012 follow-on equity offering, which in the interim were used to pay down amounts outstanding under the Partnership’s revolving credit facility. | |||||||||||||||||||||||||||||||
[2] | Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.00% to 3.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.00% to 2.00%. The applicable margin for existing LIBOR borrowings is 2.50%. Effective October 1, 2013, the applicable margin for existing LIBOR borrowings remained at 2.50%. Effective January 1, 2014, the applicable margin for existing LIBOR borrowings will increase to 3.00%. As of November 4, 2013, the Partnership's weighted average interest rate on its revolving loan facility is 2.80%. |
Partners_Capital_Details
Partners' Capital (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 26, 2012 | Jan. 25, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 02, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Martin Resource Management [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Target Level 1 [Member] | Target Level 2 [Member] | Target Level 3 [Member] | Target Level 4 [Member] | ||||||
Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | Martin Midstream GP LLC [Member] | ||||||||||||
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common limited partner units | ' | ' | 26,624,276 | ' | 5,093,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ownership percentage | ' | ' | 98.00% | ' | 19.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
General partner interest percentage | 2.00% | 2.00% | 2.00% | ' | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | |
Units issued in public offering (in shares) | 3,450,000 | 2,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sale of stock (in dollars per share) | $31.16 | $36.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from the public offering | $102,809 | $91,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
General partner contribution to maintain GP interest | 2,194 | 1,951 | 37 | 1,951 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive distribution foregone | ' | ' | ' | ' | ' | 7,490 | ' | 7,490 | ' | 18,000 | ' | ' | ' | ' | |
Incentive distribution foregone remaining | ' | ' | ' | ' | ' | 10,510 | ' | 10,510 | ' | ' | ' | ' | ' | ' | |
Target cash distribution, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 15.00% | 25.00% | 50.00% | |
Target cash distribution (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.63 | $0.75 | ' | |
Distributions payable on behalf of IDRs | ' | ' | ' | ' | ' | $0 | $0 | $0 | $2,857 | ' | ' | ' | ' | ' | |
Distribution period | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Partners_Capital_Reconciliatio
Partners' Capital Reconciliation of net income to partners interest in net income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Net income attributable to Martin Midstream Partners L.P. | $192 | $72,249 | [1] | $25,907 | $94,744 | [1] |
Less pre-acquisition income allocated to Parent | 0 | 152 | [1] | 0 | -4,622 | [1] |
Less general partner’s interest in net income: | ' | ' | ' | ' | ||
Less income allocable to unvested restricted units | 1 | 0 | [1] | 67 | 0 | [1] |
Limited partners' interest in net income | 187 | 70,953 | [1] | 25,322 | 85,519 | [1] |
Weighted average limited partner units outstanding basic (in units) | 26,552,028 | 23,101,233 | [1] | 26,561,406 | 22,929,172 | [1] |
Increase in units outstanding due to the dilutive effect of restricted units granted (in units) | 26,632 | 3,596 | 19,757 | 3,164 | ||
Segment, Continuing Operations [Member] | ' | ' | ' | ' | ||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Net income attributable to Martin Midstream Partners L.P. | 192 | 8,646 | 25,907 | 27,432 | ||
Less pre-acquisition income allocated to Parent | 0 | -152 | 0 | 4,622 | ||
Less general partner’s interest in net income: | ' | ' | ' | ' | ||
Distributions payable on behalf of IDRs | 0 | -1,536 | 0 | 723 | ||
Distributions payable on behalf of general partner interest | 467 | -320 | 1,384 | 295 | ||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | -463 | 526 | -866 | 147 | ||
Less income allocable to unvested restricted units | 1 | 0 | 67 | 0 | ||
Limited partners' interest in net income | 187 | 10,128 | 25,322 | 21,645 | ||
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Net income attributable to Martin Midstream Partners L.P. | 0 | 63,603 | 0 | 67,312 | ||
Less general partner’s interest in net income: | ' | ' | ' | ' | ||
Distributions payable on behalf of IDRs | 0 | 1,536 | 0 | 2,134 | ||
Distributions payable on behalf of general partner interest | 0 | 709 | 0 | 872 | ||
Distributions payable to the general partner interest in excess of earnings allocable to the general partner interest | 0 | 533 | 0 | 432 | ||
Limited partners' interest in net income | $0 | $60,825 | $0 | $63,874 | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 26, 2012 | Jan. 25, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Marine Transportation Agreement [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Martin Resource Management [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | |||||||||||||
agreement | Omnibus Agreement [Member] | Omnibus Agreement [Member] | Omnibus Agreement [Member] | Omnibus Agreement [Member] | Motor Carrier Agreement [Member] | Marine Transportation Agreement [Member] | Terminal Services Agreements [Member] | Cross Tolling Agreement [Member] | Sulfuric Acid Sales Agency Agreement [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Marine transportation [Member] | Natural gas services [Member] | Natural gas services [Member] | Natural gas services [Member] | Natural gas services [Member] | Sulfur services [Member] | Sulfur services [Member] | Sulfur services [Member] | Sulfur services [Member] | Terminalling and storage [Member] | Terminalling and storage [Member] | Terminalling and storage [Member] | Terminalling and storage [Member] | Indirect overhead allocation, net of reimbursement [Member] | Indirect overhead allocation, net of reimbursement [Member] | Indirect overhead allocation, net of reimbursement [Member] | Indirect overhead allocation, net of reimbursement [Member] | ||||||||||||||
bbl | |||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of shares owned (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,093,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 19.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
General partner interest percentage | 2.00% | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncompete restriction threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncompete restriction ownership option opportunity threshold minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity limitation on ownership restriction (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Approved annual reimbursements for indirect expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,622 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Indirect expenses reimbursed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,655 | 1,646 | 7,966 | 4,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Automatic consecutive term renewal period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Termination written notice, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of agreements | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Partnership notice period to terminate agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Initial term of agreement | ' | ' | ' | ' | ' | ' | '5 years | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | '22 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Production minimum per day (in bbl) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Annual escalation benchmark (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Period to negociate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Terminalling and storage | ' | ' | 18,044 | 18,531 | [1] | 52,857 | 48,611 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Marine transportation | ' | ' | 5,943 | 3,979 | [1] | 18,828 | 13,282 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Product sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Product Sales Related Party | ' | ' | 964 | 1,637 | [1] | 4,012 | 5,784 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 9 | 105 | 809 | 1,469 | 3,460 | 4,829 | 155 | 168 | 543 | 850 | ' | ' | ' | ' | ||
Revenue from Related Parties | ' | ' | 24,951 | 24,147 | 75,697 | 67,677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Costs of products sold: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Natural gas services | ' | ' | 7,799 | 6,761 | [1] | 23,391 | 18,783 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Sulfur services | ' | ' | 4,539 | 4,111 | [1] | 13,514 | 12,512 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Terminalling and storage | ' | ' | 25,826 | 24,037 | 76,543 | 67,804 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,488 | 13,165 | [1] | 39,638 | 36,509 | [1] | ' | ' | ' | ' | ||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating expenses | ' | ' | 17,902 | 14,100 | [1] | 53,410 | 42,308 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,697 | 7,236 | 29,260 | 21,217 | 542 | 453 | 1,496 | 1,368 | 2,115 | 1,494 | 6,405 | 4,796 | 5,548 | 4,917 | 16,249 | 14,927 | ' | ' | ' | ' | ||
Selling, general and administrative: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling, general and administrative | ' | ' | $4,356 | $2,764 | $12,944 | $8,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | $15 | $45 | $47 | $635 | $366 | $1,623 | $1,052 | $748 | $737 | $2,360 | $2,183 | $291 | $0 | $935 | $39 | $2,667 | $1,646 | $7,981 | $4,937 | ||||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | |
State and Local | ' | $90 | ' | $95 | |
Deferred taxes | ' | ' | 0 | 402 | [1] |
State | 303 | 238 | 910 | 810 | |
Current [Abstract] | ' | ' | ' | ' | |
Federal | 0 | 5,933 | 0 | 7,642 | |
State | 303 | 844 | 910 | 1,703 | |
Current income tax expense (benefit) | 303 | 6,777 | 910 | 9,345 | |
Deferred [Abstract] | ' | ' | ' | ' | |
Deferred Federal Income Tax Expense Benefit Including Continuing and Discontinuing Operations | 0 | -7,238 | 0 | -7,293 | |
Total Income tax expense (benefit) | 303 | -461 | 910 | 2,052 | |
Deferred [Abstract] | ' | ' | ' | ' | |
Deferred Federal Income Tax Expense Benefit Discontinuing operations | ' | -7,373 | ' | -7,695 | |
Segment, Continuing Operations [Member] | ' | ' | ' | ' | |
Current [Abstract] | ' | ' | ' | ' | |
Federal | 0 | 130 | 0 | 1,835 | |
State | 303 | 276 | 910 | 1,129 | |
Current income tax expense (benefit) | 303 | 406 | 910 | 2,964 | |
Deferred [Abstract] | ' | ' | ' | ' | |
Deferred Federal Income Tax Expense Benefit Including Continuing and Discontinuing Operations | 0 | 135 | 0 | 402 | |
Total Income tax expense (benefit) | 303 | 541 | 910 | 3,366 | |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | |
Current [Abstract] | ' | ' | ' | ' | |
Current Federal Tax Expense Benefit Discontinuing Operation | 0 | 5,803 | 0 | 5,807 | |
Current State And Local Tax Expense Benefit Discontinuing Operation | 0 | 568 | 0 | 574 | |
Current Income Tax Expense Benefit Discontinuing Operations Total | 0 | 6,371 | 0 | 6,381 | |
Deferred [Abstract] | ' | ' | ' | ' | |
Deferred Federal Income Tax Expense Benefit Discontinuing operations | 0 | -7,373 | 0 | -7,695 | |
Total income tax benefit from discontinued operations | 0 | -1,002 | 0 | -1,314 | |
Woodlawn [Member] | ' | ' | ' | ' | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | |
Deferred taxes | ' | ' | $8,964 | ' | |
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
segment | |||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ||
Number of Reportable Segments | ' | ' | 4 | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | $361,979 | $356,058 | $1,157,782 | $1,042,038 | ' | ||
Intersegment Revenues Eliminations | -2,363 | -1,968 | -6,292 | -5,776 | ' | ||
Total revenues | 359,616 | 354,090 | [1] | 1,151,490 | 1,036,262 | [1] | ' |
Depreciation and amortization | 13,698 | 10,292 | [1] | 37,944 | 30,315 | [1] | ' |
Operating Income (Loss) after Eliminations | 12,243 | 16,246 | [1] | 58,887 | 55,242 | [1] | ' |
Capital Expenditures | 39,972 | 20,178 | 68,591 | 71,550 | ' | ||
Total Assets [Abstract] | ' | ' | ' | ' | ' | ||
Total assets | 1,120,202 | ' | 1,120,202 | ' | 1,012,996 | ||
Terminalling and storage [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | 90,205 | 81,845 | 256,320 | 246,219 | ' | ||
Intersegment Revenues Eliminations | -1,199 | -1,191 | -3,507 | -3,542 | ' | ||
Total revenues | 89,006 | 80,654 | 252,813 | 242,677 | ' | ||
Depreciation and amortization | 8,532 | 5,829 | 22,925 | 16,028 | ' | ||
Operating Income (Loss) after Eliminations | 7,350 | 6,858 | 25,968 | 20,536 | ' | ||
Capital Expenditures | 33,563 | 10,775 | 59,930 | 54,309 | ' | ||
Total Assets [Abstract] | ' | ' | ' | ' | ' | ||
Total assets | 435,484 | ' | 435,484 | ' | 376,330 | ||
Natural gas services [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | 204,926 | 190,738 | 653,080 | 527,666 | ' | ||
Intersegment Revenues Eliminations | 0 | 0 | 0 | 0 | ' | ||
Total revenues | 204,926 | 190,738 | 653,080 | 527,666 | ' | ||
Depreciation and amortization | 598 | 149 | 1,444 | 436 | ' | ||
Operating Income (Loss) after Eliminations | 5,466 | 3,270 | 18,858 | 6,457 | ' | ||
Capital Expenditures | 2,398 | 143 | 2,513 | 410 | ' | ||
Total Assets [Abstract] | ' | ' | ' | ' | ' | ||
Total assets | 375,817 | ' | 375,817 | ' | 331,064 | ||
Sulfur services [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | 42,097 | 60,596 | 173,378 | 202,241 | ' | ||
Intersegment Revenues Eliminations | 0 | 0 | 0 | 0 | ' | ||
Total revenues | 42,097 | 60,596 | 173,378 | 202,241 | ' | ||
Depreciation and amortization | 2,024 | 1,750 | 5,947 | 5,325 | ' | ||
Operating Income (Loss) after Eliminations | -527 | 7,273 | 16,518 | 34,320 | ' | ||
Capital Expenditures | 2,068 | 7,549 | 2,690 | 9,204 | ' | ||
Total Assets [Abstract] | ' | ' | ' | ' | ' | ||
Total assets | 145,447 | ' | 145,447 | ' | 155,639 | ||
Marine transportation [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | 24,751 | 22,879 | 75,004 | 65,912 | ' | ||
Intersegment Revenues Eliminations | -1,164 | -777 | -2,785 | -2,234 | ' | ||
Total revenues | 23,587 | 22,102 | 72,219 | 63,678 | ' | ||
Depreciation and amortization | 2,544 | 2,564 | 7,628 | 8,526 | ' | ||
Operating Income (Loss) after Eliminations | 3,733 | 811 | 8,813 | 662 | ' | ||
Capital Expenditures | 1,943 | 1,711 | 3,458 | 7,627 | ' | ||
Total Assets [Abstract] | ' | ' | ' | ' | ' | ||
Total assets | 163,454 | ' | 163,454 | ' | 149,963 | ||
Indirect selling, general and administrative [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Operating Revenues | 0 | 0 | 0 | 0 | ' | ||
Intersegment Revenues Eliminations | 0 | 0 | 0 | 0 | ' | ||
Total revenues | 0 | 0 | 0 | 0 | ' | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | ||
Operating Income (Loss) after Eliminations | -3,779 | -1,966 | -11,270 | -6,733 | ' | ||
Capital Expenditures | $0 | $0 | $0 | $0 | ' | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Unit_Based_Awards_Schedule_of_
Unit Based Awards Schedule of compensation costs relate to unit based plan (Details) (Selling, General and Administrative Expenses [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unit-based compensation expense | $257 | $261 | $737 | $379 |
Employees [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unit-based compensation expense | 181 | 196 | 533 | 234 |
Non-employee Directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unit-based compensation expense | $76 | $65 | $204 | $145 |
Unit_Based_Awards_Summary_of_r
Unit Based Awards Summary of restricted unit activity (Details) (Restricted Units [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-vested, beginning of period, Number of Units | 13,248 |
Non-vested, beginning of period, Weighted Average Grant-Date Fair Value Per Unit | $41.84 |
Granted, Number of Units | 63,750 |
Granted, Weighted Average Grant-Date Fair Value Per Unit | $32.55 |
Vested, Number of Units | -4,500 |
Vested, Weighted Average Grant-Date Fair Value Per Unit | $41.27 |
Forfeited, Number of Units | -250 |
Forfeited, Weighted Average Grant-Date Fair Value Per Unit | $31.06 |
Non-vested, end of period, Number of Units | 72,248 |
Non-vested, end of period, Weighted Average Grant-Date Fair Value Per Unit | $33.72 |
Aggregate intrinsic value, end of period | $3,391,000 |
Unit_Based_Awards_Summary_of_a
Unit Based Awards Summary of aggregate intrinsic value and fair value of units vested (Details) (Restricted Units [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Aggregate intrinsic value of units vested | $0 | $0 | $153 | $214 |
Fair value of units vested | $0 | $0 | $157 | $214 |
Unit_Based_Awards_Narrative_De
Unit Based Awards Narrative (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of plan components | 2 |
Number of shares authorized | 725,000 |
Restricted Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized | 241,667 |
Unrecognized compensation cost related to non-vested restricted units | $1,859 |
Weighted average period for recognition | '2 years 3 months 29 days |
Unit Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares authorized | 483,333 |
Non-employee Directors [Member] | Restricted Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '4 years |
Employees [Member] | Restricted Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '3 years |
Prior_Period_Correction_of_an_1
Prior Period Correction of an Immaterial Error (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Equity in earnings (loss) of unconsolidated entities | ($577) | ($775) | [1] | ($878) | $256 | [1] |
Total other expense | -11,748 | -7,059 | [1] | -32,070 | -24,444 | [1] |
Income from continuing operations | 192 | 8,646 | [1] | 25,907 | 27,432 | [1] |
Net income | 192 | 72,249 | [1] | 25,907 | 94,744 | [1] |
Immaterial Error [Member] | ' | ' | ' | ' | ||
Equity in earnings (loss) of unconsolidated entities | ' | -775 | ' | 256 | ||
Total other expense | ' | -7,059 | ' | -24,444 | ||
Income from continuing operations | ' | 8,646 | ' | 27,432 | ||
Net income | ' | 72,249 | ' | 94,744 | ||
Pre-acquisition income allocated to parent | ' | -152 | ' | 4,622 | ||
Immaterial Error [Member] | As Previously Reported [Member] | ' | ' | ' | ' | ||
Equity in earnings (loss) of unconsolidated entities | ' | -678 | ' | 770 | ||
Total other expense | ' | -6,962 | ' | -23,930 | ||
Income from continuing operations | ' | 8,743 | ' | 27,946 | ||
Net income | ' | 72,346 | ' | 95,258 | ||
Pre-acquisition income allocated to parent | ' | -55 | ' | 5,136 | ||
Immaterial error on Cash Flows Statement | ' | ' | ' | 2,208 | ||
Immaterial Error [Member] | Difference [Member] | ' | ' | ' | ' | ||
Equity in earnings (loss) of unconsolidated entities | ' | -97 | ' | -514 | ||
Total other expense | ' | -97 | ' | -514 | ||
Income from continuing operations | ' | -97 | ' | -514 | ||
Net income | ' | -97 | ' | -514 | ||
Pre-acquisition income allocated to parent | ' | ($97) | ' | ($514) | ||
[1] | Financial information for 2012 has been revised to include results attributable to the Redbird Class A interests and the Blending and Packaging Assets acquired from Cross prior to October 2, 2012. See Note 1 – General. The 2012 financial information also includes the effects of immaterial corrections made discussed in Note 18 - Prior Period Correction of an Immaterial Error. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 18, 2012 | Jul. 31, 2012 | Nov. 02, 2013 | Oct. 24, 2013 | Nov. 02, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Caliber Gathering System LLC [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Unconsolidated interest ownership | ' | 50.00% | ' | ' | 50.00% |
Proceeds from Divestiture of Businesses | $1,530 | $273,269 | $750 | ' | ' |
Dividends declared | ' | ' | ' | $0.78 | ' |
Estimated annualized dividends | ' | ' | ' | $3.13 | ' |