Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 25, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MARTIN MIDSTREAM PARTNERS LP | |
Entity Central Index Key | 1,176,334 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 39,052,237 |
CONSOLIDATED AND CONDENSED BALA
CONSOLIDATED AND CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash | $ 610 | $ 27 |
Accounts and other receivables, less allowance for doubtful accounts of $405 and $314, respectively | 60,884 | 107,242 |
Product exchange receivables | 174 | 29 |
Inventories (Note 6) | 113,100 | 97,252 |
Due from affiliates | 21,031 | 23,668 |
Other current assets | 5,368 | 4,866 |
Assets held for sale (Note 4) | 8,158 | 9,579 |
Total current assets | 209,325 | 242,663 |
Property, plant and equipment, at cost | 1,273,392 | 1,253,065 |
Accumulated depreciation | (450,564) | (421,137) |
Property, plant and equipment, net | 822,828 | 831,928 |
Goodwill | 17,296 | 17,296 |
Investment in WTLPG (Note 7) | 141,114 | 128,810 |
Other assets, net (Note 9) | 28,202 | 32,801 |
Total assets | 1,218,765 | 1,253,498 |
Liabilities and Partners’ Capital | ||
Trade and other accounts payable | 72,945 | 92,567 |
Product exchange payables | 13,015 | 11,751 |
Due to affiliates | 1,271 | 3,168 |
Income taxes payable | 400 | 510 |
Fair value of derivatives (Note 10) | 572 | 72 |
Other accrued liabilities (Note 9) | 23,093 | 26,340 |
Total current liabilities | 111,296 | 134,408 |
Long-term debt, net (Note 8) | 831,928 | 812,632 |
Other long-term obligations | 10,842 | 8,217 |
Total liabilities | 954,066 | 955,257 |
Commitments and contingencies (Note 15) | ||
Partners’ capital (Note 11) | 264,699 | 298,241 |
Total partners’ capital | 264,699 | 298,241 |
Total liabilities and partners' capital | $ 1,218,765 | $ 1,253,498 |
CONSOLIDATED AND CONDENSED BAL3
CONSOLIDATED AND CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 405 | $ 314 |
CONSOLIDATED AND CONDENSED STAT
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues: | |||||
Revenues | $ 216,571 | $ 193,922 | $ 500,775 | $ 447,247 | |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | 149,587 | 121,302 | 349,400 | 282,093 | |
Expenses: | |||||
Operating expenses | [1] | 31,510 | 32,552 | 62,964 | 65,926 |
Selling, general and administrative | [1] | 8,572 | 8,909 | 18,240 | 18,830 |
Depreciation and amortization | 20,891 | 20,326 | 40,101 | 45,662 | |
Total costs and expenses | 210,560 | 183,089 | 470,705 | 412,511 | |
Other operating income (loss) | (490) | 15 | (492) | (140) | |
Operating income | 5,521 | 10,848 | 29,578 | 34,596 | |
Other income (expense): | |||||
Equity in earnings of WTLPG | 1,131 | 853 | 2,726 | 1,758 | |
Interest expense, net | (13,766) | (11,219) | (26,451) | (22,139) | |
Other, net | 0 | 520 | 0 | 550 | |
Total other expense | (12,635) | (9,846) | (23,725) | (19,831) | |
Net income (loss) before taxes | (7,114) | 1,002 | 5,853 | 14,765 | |
Income tax expense | (132) | (13) | (281) | (193) | |
Net income (loss) | (7,246) | 989 | 5,572 | 14,572 | |
Less general partner's interest in net (income) loss | 145 | (19) | (111) | (291) | |
Less (income) loss allocable to unvested restricted units | 6 | (3) | (2) | (38) | |
Limited partners' interest in net income (loss) | $ (7,095) | $ 967 | $ 5,459 | $ 14,243 | |
Net income (loss) per unit attributable to limited partners - basic (USD per share) | $ (0.18) | $ 0.03 | $ 0.14 | $ 0.38 | |
Net income (loss) per unit attributable to limited partners - diluted (USD per share) | $ (0.18) | $ 0.03 | $ 0.14 | $ 0.38 | |
Weighted average limited partner units - basic (in shares) | 38,722,037 | 38,357,293 | 38,828,845 | 37,842,140 | |
Weighted average limited partner units - diluted (in shares) | 38,722,037 | 38,413,911 | 38,834,421 | 37,894,616 | |
Terminalling and storage | |||||
Revenues: | |||||
Revenues | [1] | $ 24,090 | $ 24,695 | $ 48,154 | $ 49,353 |
Marine transportation | |||||
Revenues: | |||||
Revenues | [1] | 12,739 | 12,433 | 24,193 | 25,254 |
Natural gas services | |||||
Revenues: | |||||
Revenues | [1] | 13,804 | 14,838 | 29,160 | 29,503 |
Sulfur services | |||||
Revenues: | |||||
Revenues | 2,787 | 2,850 | 5,574 | 5,700 | |
Product sales | |||||
Revenues: | |||||
Revenues | [1] | 163,151 | 139,106 | 393,694 | 337,437 |
Natural gas services | |||||
Revenues: | |||||
Revenues | [1] | 90,643 | 73,666 | 249,806 | 200,323 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | 87,642 | 70,198 | 230,599 | 178,377 |
Sulfur services | |||||
Revenues: | |||||
Revenues | [1] | 35,684 | 32,027 | 70,584 | 71,554 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | 28,739 | 21,207 | 52,635 | 45,690 |
Terminalling and storage | |||||
Revenues: | |||||
Revenues | [1] | 36,824 | 33,413 | 73,304 | 65,560 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | $ 33,206 | $ 29,897 | $ 66,166 | $ 58,026 |
[1] | Related Party Transactions Included Above Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues:* Terminalling and storage $ 20,507 $ 20,331 $ 40,532 $ 40,035 Marine transportation 4,105 4,187 7,718 8,512 Natural gas services — 6 — 118 Product Sales 426 724 1,068 2,154 Costs and expenses:* Cost of products sold: (excluding depreciation and amortization) Natural gas services 3,099 2,909 7,417 11,803 Sulfur services 4,345 3,767 8,871 7,442 Terminalling and storage 8,009 4,119 14,567 9,186 Expenses: Operating expenses 14,339 16,452 27,723 32,828 Selling, general and administrative 6,498 6,500 14,219 14,068 |
CONSOLIDATED AND CONDENSED STA5
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS - Related Party Transactions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues: | |||||
Revenues | $ 216,571 | $ 193,922 | $ 500,775 | $ 447,247 | |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | 149,587 | 121,302 | 349,400 | 282,093 | |
Expenses: | |||||
Operating expenses | [1] | 31,510 | 32,552 | 62,964 | 65,926 |
Selling, general and administrative | [1] | 8,572 | 8,909 | 18,240 | 18,830 |
Terminalling and storage | |||||
Revenues: | |||||
Revenues | [1] | 24,090 | 24,695 | 48,154 | 49,353 |
Marine transportation | |||||
Revenues: | |||||
Revenues | [1] | 12,739 | 12,433 | 24,193 | 25,254 |
Natural gas services | |||||
Revenues: | |||||
Revenues | [1] | 13,804 | 14,838 | 29,160 | 29,503 |
Product Sales | |||||
Revenues: | |||||
Revenues | [1] | 163,151 | 139,106 | 393,694 | 337,437 |
Natural gas services | |||||
Revenues: | |||||
Revenues | [1] | 90,643 | 73,666 | 249,806 | 200,323 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | 87,642 | 70,198 | 230,599 | 178,377 |
Sulfur services | |||||
Revenues: | |||||
Revenues | [1] | 35,684 | 32,027 | 70,584 | 71,554 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | 28,739 | 21,207 | 52,635 | 45,690 |
Terminalling and storage | |||||
Revenues: | |||||
Revenues | [1] | 36,824 | 33,413 | 73,304 | 65,560 |
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | [1] | 33,206 | 29,897 | 66,166 | 58,026 |
Related Party | |||||
Expenses: | |||||
Operating expenses | 14,339 | 16,452 | 27,723 | 32,828 | |
Selling, general and administrative | 6,498 | 6,500 | 14,219 | 14,068 | |
Related Party | Terminalling and storage | |||||
Revenues: | |||||
Revenues | 20,507 | 20,331 | 40,532 | 40,035 | |
Related Party | Marine transportation | |||||
Revenues: | |||||
Revenues | 4,105 | 4,187 | 7,718 | 8,512 | |
Related Party | Natural gas services | |||||
Revenues: | |||||
Revenues | 0 | 6 | 0 | 118 | |
Related Party | Product Sales | |||||
Revenues: | |||||
Revenues | 426 | 724 | 1,068 | 2,154 | |
Related Party | Natural gas services | |||||
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | 3,099 | 2,909 | 7,417 | 11,803 | |
Related Party | Sulfur services | |||||
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | 4,345 | 3,767 | 8,871 | 7,442 | |
Related Party | Terminalling and storage | |||||
Cost of products sold: (excluding depreciation and amortization) | |||||
Cost of products sold | $ 8,009 | $ 4,119 | $ 14,567 | $ 9,186 | |
[1] | Related Party Transactions Included Above Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues:* Terminalling and storage $ 20,507 $ 20,331 $ 40,532 $ 40,035 Marine transportation 4,105 4,187 7,718 8,512 Natural gas services — 6 — 118 Product Sales 426 724 1,068 2,154 Costs and expenses:* Cost of products sold: (excluding depreciation and amortization) Natural gas services 3,099 2,909 7,417 11,803 Sulfur services 4,345 3,767 8,871 7,442 Terminalling and storage 8,009 4,119 14,567 9,186 Expenses: Operating expenses 14,339 16,452 27,723 32,828 Selling, general and administrative 6,498 6,500 14,219 14,068 |
CONSOLIDATED AND CONDENSED STA6
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | $ 298,241 | $ 312,006 | ||
Net income | $ (7,246) | $ 989 | 5,572 | 14,572 |
Issuance of common units, net | (118) | 51,071 | ||
Issuance of restricted units | 0 | 0 | ||
Forfeiture of restricted units | 0 | 0 | ||
General partner contribution | 1,098 | |||
Cash distributions | (39,217) | (37,706) | ||
Unit-based compensation | 520 | 405 | ||
Purchase of treasury units | (273) | (4) | ||
Excess purchase price over carrying value of acquired assets | (26) | (7,887) | ||
Reimbursement of excess purchase price over carrying value of acquired assets | 1,125 | |||
Ending balance | $ 264,699 | $ 334,680 | $ 264,699 | $ 334,680 |
Common Limited | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance (in shares) | 38,444,612 | 35,452,062 | ||
Beginning balance | $ 290,927 | $ 304,594 | ||
Net income | $ 5,461 | $ 14,281 | ||
Issuance of common units, net (in shares) | 0 | 2,990,000 | ||
Issuance of common units, net | $ (118) | $ 51,071 | ||
Issuance of restricted units (in shares) | 633,425 | 12,000 | ||
Issuance of restricted units | $ 0 | $ 0 | ||
Forfeiture of restricted units (in shares) | (7,000) | (1,750) | ||
Forfeiture of restricted units | $ 0 | $ 0 | ||
Cash distributions | (38,433) | (36,952) | ||
Unit-based compensation | $ 520 | $ 405 | ||
Purchase of treasury units (in shares) | (18,800) | (200) | ||
Purchase of treasury units | $ (273) | $ (4) | ||
Excess purchase price over carrying value of acquired assets | $ (26) | (7,887) | ||
Reimbursement of excess purchase price over carrying value of acquired assets | $ 1,125 | |||
Ending balance (in shares) | 39,052,237 | 38,452,112 | 39,052,237 | 38,452,112 |
Ending balance | $ 258,058 | $ 326,633 | $ 258,058 | $ 326,633 |
General Partner Amount | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | 7,314 | 7,412 | ||
Net income | 111 | 291 | ||
General partner contribution | 1,098 | |||
Cash distributions | (784) | (754) | ||
Ending balance | $ 6,641 | $ 8,047 | $ 6,641 | $ 8,047 |
CONSOLIDATED AND CONDENSED STA7
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 5,572 | $ 14,572 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 40,101 | 45,662 |
Amortization of deferred debt issuance costs | 1,689 | 1,445 |
Amortization of premium on notes payable | (153) | (153) |
Loss on sale of property, plant and equipment | 492 | 140 |
Equity in earnings of WTLPG | (2,726) | (1,758) |
Derivative (income) loss | (2,069) | 2,392 |
Net cash received (paid) for commodity derivatives | 2,569 | (6,429) |
Unit-based compensation | 520 | 405 |
Cash distributions from WTLPG | 3,000 | 2,500 |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | ||
Accounts and other receivables | 46,592 | 29,522 |
Product exchange receivables | (145) | (13) |
Inventories | (15,900) | (19,065) |
Due from affiliates | 2,632 | (9,726) |
Other current assets | (699) | (1,372) |
Trade and other accounts payable | (17,333) | (4,067) |
Product exchange payables | 1,264 | 246 |
Due to affiliates | (1,897) | (5,774) |
Income taxes payable | (110) | (468) |
Other accrued liabilities | (5,480) | (2,761) |
Change in other non-current assets and liabilities | 584 | 490 |
Net cash provided by operating activities | 58,503 | 45,788 |
Cash flows from investing activities: | ||
Payments for property, plant and equipment | (23,566) | (19,756) |
Acquisitions | 0 | (19,533) |
Payments for plant turnaround costs | 0 | (1,591) |
Proceeds from sale of property, plant and equipment | 98 | 1,597 |
Proceeds from repayment of Note receivable - affiliate | 0 | 15,000 |
Contributions to WTLPG | (12,578) | (145) |
Net cash used in investing activities | (36,046) | (24,428) |
Cash flows from financing activities: | ||
Payments of long-term debt | (199,000) | (184,000) |
Proceeds from long-term debt | 218,000 | 155,000 |
Proceeds from issuance of common units, net of issuance related costs | (118) | 51,071 |
General partner contribution | 0 | 1,098 |
Purchase of treasury units | (273) | (4) |
Payment of debt issuance costs | (1,240) | (40) |
Excess purchase price over carrying value of acquired assets | (26) | (7,887) |
Reimbursement of excess purchase price over carrying value of acquired assets | 0 | 1,125 |
Cash distributions paid | (39,217) | (37,706) |
Net cash used in financing activities | (21,874) | (21,343) |
Net increase in cash | 583 | 17 |
Cash at beginning of period | 27 | 15 |
Cash at end of period | 610 | 32 |
Non-cash additions to property, plant and equipment | $ 1,811 | $ 3,666 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION 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 ("U.S.") Gulf Coast region. Its four primary business lines include: natural gas services, including liquids transportation and distribution services and natural gas storage; terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil, blending and packaging of finished lubricants; 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 U.S. 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, 2017, filed with the Securities and Exchange Commission (the "SEC") on February 16, 2018, as amended by Amendment No. 1 on Form 10-K/A for the year ended December 31, 2017 filed on March 29, 2018. 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. Correction of Immaterial Error. The second quarter and year to date amounts for 2017 have been revised to reflect a reclassification in the presentation of certain expenses associated with the manufacturing and shipping of product related to a location in the Partnership's Terminalling and Storage operating segment. The reclassification resulted in a decrease in operating expenses from $34,435 to $32,552 and an increase in cost of products sold from $119,419 to $121,302 for the three months ended June 30, 2017, and a decrease in operating expenses from $69,492 to $65,926 and an increase in cost of products sold from $278,527 to $282,093 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership adopted the new standard utilizing the cumulative effect method which will result in the cumulative effect of the adoption being recorded as of January 1, 2018. The Partnership adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. Additional disclosures related to revenue recognition appear in "Note 5. Revenue." In February 2016, the FASB issued ASU 2016-02, Leases |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Acquisition of Terminalling Assets. On February 22, 2017, the Partnership acquired 100% of the membership interests of MEH South Texas Terminals LLC ("MEH"), a subsidiary of Martin Resource Management, for a purchase price of $27,420 (the "Hondo Acquisition"), which was funded with borrowings under the Partnership's revolving credit facility. At the date of acquisition, MEH was in the process of constructing an asphalt terminal facility in Hondo, Texas (the "Hondo Terminal"), to serve the asphalt market in San Antonio, Texas and surrounding areas. 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 excess of the purchase price over the carrying value of the assets of $7,887 was recorded as an adjustment to "Partners' capital" during the six months ended June 30, 2017. During 2018, the Partnership paid an additional $26 related to a purchase price true-up, which was recorded as a further adjustment to "Partners' capital" for the six months ended June 30, 2018. Original purchase price $ 27,420 Purchase price true-up 26 Historical carrying value of assets allocated to "Property, plant and equipment" 19,533 Excess purchase price over carrying value of acquired assets $ 7,913 As no individual line item of the historical financial statements of the acquired assets was in excess of 3% |
Divestitures, Asset Impairments
Divestitures, Asset Impairments, and Discontinued Operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures, Asset Impairments, and Discontinued Operations | DIVESTITURES, ASSET IMPAIRMENTS, AND DISCONTINUED OPERATIONS Long-Lived Assets Held for Sale At June 30, 2018 and December 31, 2017, certain terminalling and storage and marine transportation assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the lower of the assets' carrying amount or fair value less cost to sell by segment in current assets as follows: June 30, 2018 December 31, 2017 Terminalling and storage $ 4,358 $ 4,152 Marine transportation 3,800 5,427 Assets held for sale $ 8,158 $ 9,579 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table disaggregates our revenue by major source: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Terminalling and storage segment Lubricant product sales $ 36,824 $ 33,413 $ 73,304 $ 65,560 Throughput and storage 24,090 24,695 48,154 49,353 $ 60,914 $ 58,108 $ 121,458 $ 114,913 Natural gas services segment Natural gas liquids product sales $ 90,643 $ 73,666 $ 249,806 $ 200,323 Natural gas storage 13,804 14,838 29,160 29,503 $ 104,447 $ 88,504 $ 278,966 $ 229,826 Sulfur service segment Sulfur product sales $ 10,479 $ 11,193 $ 22,316 $ 24,273 Fertilizer product sales 25,205 20,834 48,268 47,281 Sulfur services 2,787 2,850 5,574 5,700 $ 38,471 $ 34,877 $ 76,158 $ 77,254 Marine transportation segment Inland transportation $ 11,206 $ 11,022 $ 20,898 $ 22,313 Offshore transportation 1,533 1,411 3,295 2,941 $ 12,739 $ 12,433 $ 24,193 $ 25,254 Revenue is measured based on a consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties where the Partnership is acting as an agent. The Partnership recognizes revenue when the Partnership satisfies a performance obligation, which typically occurs when the Partnership transfers control over a product to a customer or as the Partnership delivers a service. The following is a description of the principal activities - separated by reportable segments - from which the Partnership generates revenue. Terminalling and Storage Segment Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized when title is transfered, which is either upon delivering product to the customer or when the product leaves the Partnership's facility, depending on the specific terms of the contract. Delivery of product is invoiced as the transaction occurs and is generally paid within a month. Natural Gas Services Segment Natural Gas Liquids ("NGL") distribution revenue is recognized when product is delivered by truck, rail, or pipeline to the Partnership's NGL customers. Revenue is recognized on title transfer of the product to the customer. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Natural gas storage revenue is recognized when the service is provided to the customer. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. Sulfur Services Segment Revenue from sulfur product sales is recognized when the customer takes title to the product. Delivery of product is invoiced as the transaction occurs and are generally paid within a month. Revenue from sulfur services is recognized as services are performed during each monthly period. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. Marine Transportation Segment Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. The performance of the service is invoiced as the transaction occurs and is generally paid within a month. The table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. The Partnership applies the practical expedient in ASC 606-10-50-14(a) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 2018 2019 2020 2021 2022 Thereafter Total Terminalling and storage Storage and throughput $ 25,119 $ 50,629 $ 49,330 $ 46,022 $ 41,505 $ 393,700 $ 606,305 Natural gas services Natural gas storage $ 19,141 $ 32,703 $ 26,935 $ 25,134 $ 24,615 $ 10,107 $ 138,635 Sulfur services Sulfur product sales $ 8,398 $ 16,796 $ 4,898 $ 1,181 $ 295 $ — $ 31,568 Marine transportation Offshore transportation $ 3,128 $ 6,205 $ 6,069 $ — $ — $ — $ 15,402 Total $ 55,786 $ 106,333 $ 87,232 $ 72,337 $ 66,415 $ 403,807 $ 791,910 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Components of inventories at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 Natural gas liquids $ 60,176 $ 47,462 Sulfur 14,542 8,436 Sulfur based products 12,108 18,674 Lubricants 23,488 20,086 Other 2,786 2,594 $ 113,100 $ 97,252 |
Investment in West Texas LPG Pi
Investment in West Texas LPG Pipeline L.P. | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in West Texas LPG Pipeline L.P. | INVESTMENT IN WEST TEXAS LPG PIPELINE L.P. The Partnership owns a 19.8% limited partnership and 0.2% general partnership interest in West Texas LPG Pipeline L.P. ("WTLPG"). A wholly-owned subsidiary of ONEOK, Inc. is the operator of the assets. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. The Partnership recognizes its 20% interest in WTLPG as "Investment in WTLPG" on its Consolidated and Condensed Balance Sheets. The Partnership accounts for its ownership interest in WTLPG under the equity method of accounting. Selected financial information for WTLPG is as follows: As of June 30, Three Months Ended June 30, Six Months Ended June 30, Total Assets Long-Term Debt Members' Equity Revenues Net Income Revenues Net Income 2018 WTLPG $ 917,441 $ — $ 868,112 $ 23,390 $ 5,653 $ 46,431 $ 13,359 As of December 31, 2017 WTLPG $ 837,163 $ — $ 787,426 $ 21,420 $ 4,264 $ 41,139 $ 8,789 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT At June 30, 2018 and December 31, 2017 , long-term debt consisted of the following: June 30, December 31, $664,444 Revolving credit facility at variable interest rate (5.09% 1 weighted average at June 30, 2018), due March 2020 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, net of unamortized debt issuance costs of $4,879 and $4,986, respectively 2,3 $ 459,121 $ 440,014 $400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $1,796 and $2,138, respectively, including unamortized premium of $803 and $956, respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured 3,4 372,807 372,618 Total long-term debt, net $ 831,928 $ 812,632 1 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. All amounts outstanding at June 30, 2018 and December 31, 2017 were at LIBOR 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 at June 30, 2018 is 3.00% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management (the "Omnibus Agreement"). The Partnership is permitted to make quarterly distributions so long as no event of default exists. 2 On February 21, 2018, the Partnership amended its revolving credit facility to, among other things, (i) create an inventory financing sublimit tranche, which is a part of and not in addition to the already existing commitments under the revolving credit facility, under which availability is subject to a borrowing base calculated by reference to eligible petroleum products inventory, (ii) exclude the amount of loans under the inventory financing sublimit tranche from total outstanding indebtedness for purposes of determining leverage ratio covenants under the revolving credit facility, (iii) increase the maximum permitted leverage ratio (as defined in the credit agreement, being generally computed as the ratio of total funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 5.25 to 1.00 , with a temporary springing provision to 5.50 to 1.00 under certain scenarios, to 5.75 to 1.00 for the first and second quarters of 2018, 5.50 to 1.00 for the next three quarters and 5.25 to 1.00 , with the temporary springing provision to 5.50 to 1.00 going back into effect, thereafter and (iv) decrease the maximum permitted senior leverage ratio (as defined in the credit agreement, being generally computed as the ratio of total secured funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 3.50 to 1.00 to 3.25 to 1.00 . The maximum amount of the inventory financing sublimit tranche is $10,000 during the period between March 1 and June 30 of each year, and $75,000 at all other times during each year. 3 The Partnership is in compliance with all debt covenants as of June 30, 2018 and December 31, 2017 , respectively. 4 The 2021 indenture restricts the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. The Partnership paid cash interest, net of capitalized interest, in the amount of $6,077 and $4,328 for the three months ended June 30, 2018 and 2017 , respectively. The Partnership paid cash interest, net of capitalized interest, in the amount of $24,955 and $22,509 for the six months ended June 30, 2018 and 2017, respectively. Capitalized interest was $167 and $222 for the three months ended June 30, 2018 and 2017 , respectively. Capitalized interest was $328 and $445 for the six months ended June 30, 2018 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | SUPPLEMENTAL BALANCE SHEET INFORMATION Components of "Other assets, net" were as follows: June 30, 2018 December 31, 2017 Customer contracts and relationships, net $ 21,730 $ 25,252 Other intangible assets 1,506 1,752 Other 4,966 5,797 $ 28,202 $ 32,801 Accumulated amortization of intangible assets was $ 44,425 and $ 39,462 at June 30, 2018 and December 31, 2017 , respectively. Components of "Other accrued liabilities" were as follows: June 30, 2018 December 31, 2017 Accrued interest $ 11,985 $ 11,726 Asset retirement obligations 3,374 5,429 Property and other taxes payable 5,310 5,638 Accrued payroll 2,419 3,385 Other 5 162 $ 23,093 $ 26,340 The schedule below summarizes the changes in our asset retirement obligations: June 30, 2018 Beginning asset retirement obligations $ 13,512 Revisions to existing liabilities 1 4,756 Accretion expense 261 Liabilities settled (4,670 ) Ending asset retirement obligations 13,859 Current portion of asset retirement obligations 2 (3,374 ) Long-term portion of asset retirement obligations 3 $ 10,485 1 Several factors are considered in the annual review process, including inflation rates, current estimates for removal cost, discount rates, and the estimated remaining useful life of the assets. The 2018 revisions reflect changes in removal cost estimates and the estimated remaining useful life of assets. 2 The current portion of asset retirement obligations is included in "Other current liabilities" on the Partnership's Consolidated and Condensed Balance Sheets. 3 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Partnership’s revenues and cost of products sold are materially impacted by changes in NGL prices. Additionally, the Partnership's results of operations are materially impacted by changes in 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. All derivatives and hedging instruments are non-hedge derivatives and are included on the balance sheet as an asset or a liability measured at fair value and changes in fair value are recognized as gains and losses in earnings of the periods in which they occur. (a) Commodity Derivative Instruments The Partnership from time to time has used derivatives to manage the risk of commodity price fluctuation. Commodity risk is the adverse effect on the value of a liability or future purchase that results from a change in commodity price. The Partnership has established a hedging policy and monitors and manages the commodity market risk associated with potential commodity risk exposure. 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. The Partnership has entered into hedging transactions as of June 30, 2018 to protect a portion of its commodity price risk exposure. These hedging arrangements are in the form of swaps for NGLs. The Partnership has instruments totaling a gross notional quantity of 360 barrels settling during the period from October 1, 2018 through December 31, 2018. At December 31, 2017, the Partnership had instruments totaling a gross notional quantity of 145 barrels settling during the period from January 31, 2018 through February 28, 2018. These instruments settle against the applicable pricing source for each grade and location. (b) Interest Rate Derivative Instruments The Partnership is exposed to market risks associated with interest rates. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. We minimize this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. From time to time, the Partnership enters into interest rate swaps to manage interest rate risk associated with the Partnership’s variable rate credit facility and its fixed rate senior unsecured notes. At June 30, 2018 and 2017, the Partnership did not have any outstanding interest rate derivative instruments. For information regarding gains and losses on interest rate derivative instruments, see "Tabular Presentation of Gains and Losses on Derivative Instruments" below. (c) Tabular Presentation of Gains and Losses on Derivative Instruments The following table summarizes the fair value and classification of the Partnership’s derivative instruments in its Consolidated and Condensed Balance Sheets: Fair Values of Derivative Instruments in the Consolidated and Condensed Balance Sheets Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location June 30, 2018 December 31, 2017 Balance Sheet Location June 30, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ — $ — Fair value of derivatives $ 572 $ 72 Total derivatives not designated as hedging instruments $ — $ — $ 572 $ 72 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended June 30, 2018 and 2017 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2018 2017 Derivatives not designated as hedging instruments: Commodity contracts Cost of products sold $ (401 ) $ 103 Total effect of derivatives not designated as hedging instruments $ (401 ) $ 103 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Six Months Ended June 30, 2018 and 2017 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2018 2017 Derivatives not designated as hedging instruments: Commodity contracts Cost of products sold $ 2,069 $ (2,392 ) Total effect of derivatives not designated as hedging instruments $ 2,069 $ (2,392 ) |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2018 | |
Partners' Capital Notes [Abstract] | |
Partners' Capital | PARTNERS' CAPITAL As of June 30, 2018 , Partners’ capital consisted of 39,052,237 common limited partner units, representing a 98% partnership interest, and a 2% general partner interest. Martin Resource Management, through subsidiaries, owns 6,114,532 of the Partnership's common limited partner units representing approximately 15.7% of the Partnership's outstanding common limited partner units. Martin Midstream GP LLC ("MMGP"), the Partnership's general partner, owns the 2% general partnership interest. Martin Resource Management controls the Partnership's general partner, by virtue of its 51% voting interest in MMGP Holdings, LLC ("Holdings"), the sole member of the Partnership's general partner. 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 February 22, 2017, the Partnership completed a public offering of 2,990,000 common units at a price of $18.00 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 2,990,000 common units, net of underwriters' discounts, commissions and offering expenses, were $51,071 . Additionally, the Partnership's general partner contributed $1,098 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. Incentive Distribution Rights 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. The general partner was allocated no incentive distributions during the three or six months ended June 30, 2018 and 2017. The target distribution levels entitle the general partner to receive 2% of quarterly cash distributions from the minimum of $0.50 per unit 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. 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 income and 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 allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ (7,246 ) $ 989 $ 5,572 $ 14,572 Less general partner’s interest in net income (loss): Distributions payable on behalf of IDRs — — — — Distributions payable on behalf of general partner interest 392 393 784 785 General partner interest in undistributed loss (537 ) (374 ) (673 ) (494 ) Less income (loss) allocable to unvested restricted units (6 ) 3 2 38 Limited partners’ interest in net income (loss) $ (7,095 ) $ 967 $ 5,459 $ 14,243 The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Basic weighted average limited partner units outstanding 38,722,037 38,357,293 38,828,845 37,842,140 Dilutive effect of restricted units issued — 56,618 5,576 52,476 Total weighted average limited partner diluted units outstanding 38,722,037 38,413,911 38,834,421 37,894,616 |
Unit Based Awards
Unit Based Awards | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit Based Awards | UNIT BASED AWARDS The Partnership recognizes compensation cost related to unit-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to unit-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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Employees $ 345 $ 182 $ 441 $ 341 Non-employee directors 43 37 79 64 Total unit-based compensation expense $ 388 $ 219 $ 520 $ 405 All of the Partnership's outstanding awards at June 30, 2018 met the criteria to be treated under equity classification. 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. On May 26, 2017, the unitholders of the Partnership approved the Martin Midstream Partners L.P. 2017 Restricted Unit Plan (the "2017 LTIP"). The plan currently permits the grant of awards covering an aggregate of 3,000,000 common units, all of which can be awarded in the form of restricted units. The plan is administered by the compensation committee of the general partner’s board of directors (the "Compensation Committee"). A restricted unit is a unit that is granted to grantees with certain vesting restrictions, which may be time-based and/or performance-based. Once these restrictions lapse, the grantee is entitled to full ownership of the unit without restrictions. The Compensation Committee may determine to make grants under the plan containing such terms as the Compensation Committee shall determine under the plan. With respect to time-based restricted units ("TBRU's"), the Compensation Committee will determine the time period over which restricted units granted to employees and directors will vest. The Compensation Committee may also award a percentage of restricted units with vesting requirements based upon the achievement of specified pre-established performance targets ("Performance Based Restricted Units" or "PBRU's"). The performance targets may include, but are not limited to, the following: revenue and income measures, cash flow measures, net income before interest expense and income tax expense ("EBIT"), net income before interest expense, income tax expense, and depreciation and amortization ("EBITDA"), distribution coverage metrics, expense measures, liquidity measures, market measures, corporate sustainability metrics, and other measures related to acquisitions, dispositions, operational objectives and succession planning objectives. PBRU's are earned only upon our achievement of an objective performance measure for the performance period. PBRU's which vest are payable in common units. Unvested units granted under the 2017 LTIP may or may not participate in cash distributions depending on the terms of each individual award agreement. The restricted units issued to directors generally vest in equal annual installments over a four -year period. Restricted units issued to employees generally vest in equal annual installments over three years of service. On February 20, 2018, the Partnership issued 4,650 TBRU's to each of the Partnership's three independent directors under the 2017 LTIP. These restricted common units vest in equal installments of 1,162.5 units on January 24, 2019, 2020, 2021, and 2022. On March 1, 2018, the Partnership issued 301,550 TBRU's and 317,925 PBRU's to certain employees of Martin Resource Management. The TBRU's vest in equal installments over a three-year service period. The PBRU's will vest at the conclusion of a three-performance period based on certain performance targets. In addition, the PBRU's awarded on March 1, 2018 that are achieved will only vest if the grantee is employed by Martin Resource Management on March 31, 2021. As of June 30, 2018, the Partnership is unable to ascertain if the performance conditions will be achieved and, as such, has not recognized compensation expense for the vesting of the units. The Partnership will record compensation expense for the vested portion of the units once the achievement of the performance condition is deemed probable. 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 six months ended June 30, 2018 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of period 98,750 $ 24.80 Granted (TBRU) 315,500 $ 13.89 Granted (PBRU) 317,925 $ 13.89 Vested (80,550 ) $ 27.71 Forfeited (7,000 ) $ 13.90 Non-Vested, end of period 644,625 $ 13.91 Aggregate intrinsic value, end of period $ 8,896 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 six months ended June 30, 2018 and 2017 is provided below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Aggregate intrinsic value of units vested $ — $ 10 $ 1,188 $ 135 Fair value of units vested — 20 2,232 190 As of June 30, 2018 , there was $4,052 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 2.84 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS As of June 30, 2018 , Martin Resource Management owns 6,114,532 of the Partnership’s common units representing approximately 15.7% of the Partnership’s outstanding limited partner units. Martin Resource Management controls the Partnership's general partner by virtue of its 51% voting interest in Holdings, the sole member of the Partnership's general partner. The Partnership’s general partner, MMGP, owns a 2% 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 June 30, 2018 , of approximately 15.7% of the Partnership’s outstanding limited partner 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 the Omnibus Agreement dated November 1, 2002, with Martin Resource Management 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 Martin Resource Management 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, marine fuel and other liquids; ◦ providing marine bunkering and other shore-based marine services in Texas, Louisiana, Mississippi, Alabama, and Florida; ◦ 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; ◦ providing crude oil marketing and transportation from the well head to the end market; ◦ operating an environmental consulting company; ◦ operating an engineering services company; ◦ supplying employees and services for the operation of the Partnership's business; and ◦ operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas, Hondo, 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 of the board of directors of the general partner of the Partnership (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 January 1, 2018, through December 31, 2018, the Conflicts Committee approved an annual reimbursement amount for indirect expenses of $16,416 . The Partnership reimbursed Martin Resource Management for $4,104 and $4,104 of indirect expenses for the three months ended June 30, 2018 and 2017 , respectively. The Partnership reimbursed Martin Resource Management for $8,208 and $8,208 of indirect expenses for the six months ended June 30, 2018 and 2017 , 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. 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 the 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 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. 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 NGLs 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. Indemnification. Martin Transport, Inc. has indemnified the Partnership against all claims arising out of the negligence or willful misconduct of Martin Transport, Inc. and its officers, employees, agents, representatives and subcontractors. The Partnership has indemnified Martin Transport, Inc. against all claims arising out of the negligence or willful misconduct of the Partnership and its officers, employees, agents, representatives and subcontractors. In the event a claim is the result of the joint negligence or misconduct of Martin Transport, Inc. and the Partnership, indemnification obligations will be shared in proportion to each party’s allocable share of such joint negligence or misconduct. Marine Agreements Marine Transportation Agreement. The Partnership is a party to a marine transportation agreement effective January 1, 2006, as amended, 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. Effective January 1, 2016, the Partnership entered into a second amended and restated terminalling services agreement under which the Partnership provides terminal services to Martin Resource Management for marine fuel distribution. At such time, the per gallon throughput fee the Partnership charged under this agreement was increased when compared to the previous agreement and may be adjusted annually based on a price index. This agreement was further amended on January 1, 2017 and October 1, 2017 to modify its minimum throughput requirements and throughput fees. This agreement, as amended, continues until September 30, 2018 and thereafter on a month to month basis until terminated by either party by giving 60 days’ written notice. 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. Other Agreements Cross Tolling Agreement. The Partnership is a party to an amended and restated tolling agreement with Cross Oil Refining and Marketing, Inc. ("Cross") dated October 28, 2014, under which the Partnership processes crude oil into finished products, including naphthenic lubricants, distillates, asphalt and other intermediate cuts for Cross. The tolling agreement 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, on the third, sixth and ninth anniversaries of the agreement, the parties can negotiate an upward or downward adjustment in the fees subject to their mutual agreement. Sulfuric Acid Sales Agency Agreement . The Partnership was previously a party to a third amended and restated sulfuric acid sales agency agreement dated August 2, 2017 but effective October 1, 2017, under which a successor in interest to the agreement from Martin Resource Management, Saconix LLC ("Saconix"), a limited liability company in which Martin Resource Management held a minority equity interest, purchased and marketed the sulfuric acid produced by the Partnership’s sulfuric acid production plant at Plainview, Texas, that was not consumed by the Partnership’s internal operations. This agreement, as amended, was to remain in place until September 30, 2020 and automatically renew year to year thereafter until either party provided 90 days’ written notice of termination prior to the expiration of the then existing term. Under this agreement, the Partnership sold all of its excess sulfuric acid to Saconix, who then marketed and sold such acid to third-parties. The Partnership shared in the profit of such sales. Effective May 31, 2018, Martin Resource Management no longer holds an equity interest in Saconix. These transactions are reported below as related party transactions during the period the equity interest was held. Transactions subsequent to Martin Resource Managements disposition of the equity interest will be reported as third party transactions. 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 captions of the consolidated and condensed financial statements 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues: Terminalling and storage $ 20,507 $ 20,331 $ 40,532 $ 40,035 Marine transportation 4,105 4,187 7,718 8,512 Natural gas services — 6 — 118 Product sales: Natural gas services 18 — 19 942 Sulfur services 226 587 612 1,018 Terminalling and storage 182 137 437 194 426 724 1,068 2,154 $ 25,038 $ 25,248 $ 49,318 $ 50,819 The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of products sold: Natural gas services $ 3,099 $ 2,909 $ 7,417 $ 11,803 Sulfur services 4,345 3,767 8,871 7,442 Terminalling and storage 8,009 4,119 14,567 9,186 $ 15,453 $ 10,795 $ 30,855 $ 28,431 The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Operating expenses: Marine transportation $ 6,000 $ 6,067 $ 11,321 $ 12,063 Natural gas services 2,232 2,233 4,431 4,468 Sulfur services 1,492 1,534 2,831 2,980 Terminalling and storage 4,615 6,618 9,140 13,317 $ 14,339 $ 16,452 $ 27,723 $ 32,828 The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Selling, general and administrative: Marine transportation $ 7 $ 7 $ 15 $ 15 Natural gas services 1,025 1,202 3,279 3,479 Sulfur services 660 621 1,319 1,257 Terminalling and storage 690 566 1,371 1,109 Indirect, including overhead allocation 4,116 4,104 8,235 8,208 $ 6,498 $ 6,500 $ 14,219 $ 14,068 Other Related Party Transactions The Partnership had a $15,000 note receivable from an affiliate of Martin Resource Management which previously bore an annual interest rate of 15% and had a maturity date of August 31, 2026, the balance of which could be prepaid on or after September 1, 2016. On February 14, 2017, the Partnership notified Martin Resource Management that it would be requesting voluntary repayment of the long-term Note Receivable plus accrued interest. During second quarter of 2017, the Note Receivable was fully repaid. The note has historically been recorded in "Note receivable - affiliates" on the Partnership's Consolidated and Condensed Balance Sheets. Interest income for the three months ended June 30, 2018 and 2017 was $0 and $388 , respectively, and is included in "Interest expense, net" in the Consolidated and Condensed Statements of Operations. Interest income for the six months ended June 30, 2018 and 2017 was $0 and $943 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS The Partnership has four reportable segments: natural gas services, terminalling and storage, 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, 2017 , filed with the SEC on February 16, 2018, as amended, by Amendment No. 1 on Form 10-K/A filed on March 29, 2018. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. Three Months Ended June 30, 2018 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 62,314 $ (1,400 ) $ 60,914 $ 11,690 $ 1,739 $ 2,471 Natural gas services 104,447 — 104,447 5,304 3,727 2,043 Sulfur services 38,471 — 38,471 2,086 3,048 966 Marine transportation 13,168 (429 ) 12,739 1,811 1,353 2,827 Indirect selling, general and administrative — — — — (4,346 ) — Total $ 218,400 $ (1,829 ) $ 216,571 $ 20,891 $ 5,521 $ 8,307 Three Months Ended June 30, 2017 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 59,561 $ (1,453 ) $ 58,108 $ 10,327 $ 3,252 $ 8,634 Natural gas services 88,504 — 88,504 6,205 4,424 4,383 Sulfur services 34,877 — 34,877 2,030 6,295 862 Marine transportation 13,144 (711 ) 12,433 1,764 1,149 1 Indirect selling, general and administrative — — — — (4,272 ) — Total $ 196,086 $ (2,164 ) $ 193,922 $ 20,326 $ 10,848 $ 13,880 Six Months Ended June 30, 2018 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 124,297 $ (2,839 ) $ 121,458 $ 21,849 $ 4,461 $ 4,592 Natural gas services 278,966 — 278,966 10,605 21,138 3,052 Sulfur services 76,158 — 76,158 4,150 10,040 2,514 Marine transportation 25,196 (1,003 ) 24,193 3,497 2,516 11,118 Indirect selling, general and administrative — — — — (8,577 ) — Total $ 504,617 $ (3,842 ) $ 500,775 $ 40,101 $ 29,578 $ 21,276 Six Months Ended June 30, 2017 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 118,139 $ (3,226 ) $ 114,913 $ 25,804 $ 1,151 $ 16,097 Natural gas services 229,826 — 229,826 12,366 22,697 5,235 Sulfur services 77,254 — 77,254 4,063 17,062 1,167 Marine transportation 26,558 (1,304 ) 25,254 3,429 2,378 695 Indirect selling, general and administrative — — — — (8,692 ) — Total $ 451,777 $ (4,530 ) $ 447,247 $ 45,662 $ 34,596 $ 23,194 The Partnership's assets by reportable segment as of June 30, 2018 and December 31, 2017 , are as follows: June 30, 2018 December 31, 2017 Total assets: Terminalling and storage $ 319,619 $ 326,920 Natural gas services 669,531 704,524 Sulfur services 121,452 120,790 Marine transportation 108,163 101,264 Total assets $ 1,218,765 $ 1,253,498 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITTMENTS AND CONTINGENCIES 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. Pursuant to a Purchase Price Reimbursement Agreement between the Partnership and Martin Resource Management related to the Partnership’s acquisition of the Redbird Gas Storage LLC ("Redbird") Class A interests on October 2, 2012, beginning in the second quarter of 2015, Martin Resource Management has reimbursed the Partnership $750 per quarter for four consecutive quarters as a reduction in the purchase price of the Redbird Class A interests. These payments were the result of Cardinal Gas Storage Partners LLC ("Cardinal") not achieving certain financial targets set forth in the Purchase Price Reimbursement Agreement. These payments were considered to be a reduction of the excess of the purchase price over the carrying value of the assets transferred to the Partnership from Martin Resource Management and were recorded as an adjustment to "Partners' capital" in each quarter in which the payments were made. The agreement further provided for purchase price reimbursements of up to $4,500 in 2016 in the event certain financial conditions were not met. For the six months ended June 30, 2017, the Partnership received $1,125 , related to the Purchase Price Reimbursement Agreement. The amount received in the first quarter of 2017 represented the final payment under the Purchase Price Reimbursement Agreement. Certain shippers filed complaints with the Railroad Commission of Texas ("RRC") challenging the increased rates WTLPG implemented effective July 1, 2015. The complainants requested that the rate increase be suspended until the RRC has determined appropriate new rates. On March 8, 2016, the RRC issued an order directing that WTLPG’s rates "in effect prior to July 1, 2015, are the lawful rates for the duration of this docket unless changed by Commission order." A hearing on the merits was held in front of a hearings examiner during the week of March 27, 2017. The hearings examiner issued a Proposal for Decision on September 29, 2017. On December 5, 2017, this matter was brought before the RRC. After brief discussion, the RRC determined that more time was needed to review the proposal for decision and placed the matter on the agenda for the RRC’s January 23, 2018 meeting. At that meeting, the RRC voted to remand the case to the hearings examiner for the limited purpose of admitting and considering additional relevant evidence on competition. The remand hearing is currently scheduled for the week of October 29th of 2018. In 2015, the Partnership was named as a defendant in the cause J. A. Davis Properties, LLC v. Martin Operating Partnership L.P., in the 38th Judicial District Court, Cameron Parish, Louisiana. The plaintiff alleged that the Partnership breached a lease agreement by failing to perform work to the plaintiff's property as required under the lease agreement. The plaintiff originally sought to evict the Partnership from the leased property and to recover damages. Prior to trial, this matter was settled for a confidential amount in September of 2017. The Partnership's financial statements reflect the terms of the settlement and all amounts have been accrued as asset retirement obligations. On December 31, 2015, the Partnership received a demand from a customer in its lubricants packaging business for defense and indemnity in connection with lawsuits filed against it in various United States District Courts, which generally allege that the customer engaged in unlawful and deceptive business practices in connection with its marketing and advertising of its private label motor oil. The Partnership disputes that it has any obligation to defend or indemnify the customer for its conduct. Accordingly, on January 7, 2016, the Partnership filed a Complaint for Declaratory Judgment in the Chancery Court of Davidson County, Tennessee requesting a judicial determination that the Partnership does not owe the customer the demanded defense and indemnity obligations. The lawsuits against the customer have been transferred to the United States District Court for the Western District of Missouri for consolidated pretrial proceedings. On March 1, 2017, at the request of the parties, the Chancery Court of Davidson County, Tennessee administratively closed the Partnership's lawsuit pending rulings in the United States District Court for the Western District of Missouri. In the event that either party moves the Chancery Court of Davidson County, Tennessee to reopen the case, we expect the Court would grant such motion and reopen the case. If the case is reopened, we are currently unable to determine the exposure we may have in this matter, if any. Commitments The Partnership has non-cancelable revenue arrangements that are not under the scope of ASC 606 whereby we have committed certain terminalling and storage assets in exchange for a minimum fee. Future minimum revenues the Partnership expects to receive under these non-cancelable arrangements as of June 30, 2018, are as follows: 2018 - $11,691 ; 2019 - $19,315 ; 2020 - $17,577 ; 2021 - $15,681 ; 2022 - $15,681 ; subsequent years - $73,299 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: 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 reflect the entity's own assumptions and are not corroborated by market data. Assets and liabilities measured at fair value on a recurring basis are summarized below: Level 2 June 30, 2018 December 31, 2017 Commodity derivative contracts, net $ (572 ) $ (72 ) The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these 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 below. There is negligible credit risk associated with these instruments. • Note receivable and long-term debt: 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 Partnership has not had any indicators which represent a change in the market spread associated with its variable interest rate debt. The estimated fair value of the senior unsecured notes is considered Level 1, as the fair value is based on quoted market prices in active markets. June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 2021 Senior unsecured notes $ 372,807 $ 370,245 $ 372,618 $ 381,657 |
Condensed Consolidated Financia
Condensed Consolidated Financial Information | 6 Months Ended |
Jun. 30, 2018 | |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidated Financial Information | CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Quarterly Distribution. On July 19, 2018, the Partnership declared a quarterly cash distribution of $0.50 per common unit for the second quarter of 2018, or $2.00 per common unit on an annualized basis, which will be paid on August 14, 2018 to unitholders of record as of August 7, 2018. Divestiture of WTLPG Partnership Interest. The Partnership has entered into a definitive agreement with ONEOK, Inc. to sell its 20 percent non-operating partnership interest in WTLPG for $195,000 . The Partnership expects to receive net proceeds of approximately $193,650 after transaction fees and expenses. The proceeds from the sale will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility. In conjunction with the proposed sale of West Texas LPG Pipeline, subject to completion of the sale, the Partnership has amended its revolving credit facility which will include, among other things, a revision to the Partnership's existing leverage covenants under its revolving credit facility. Total Indebtedness to EBITDA and Senior Secured Indebtedness to EBITDA (each as defined in the credit agreement) will be amended to 5.25 times and 3.50 times, respectively. No changes to the Consolidated Interest Coverage Ratio (as defined in the credit agreement) of 2.50 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership adopted the new standard utilizing the cumulative effect method which will result in the cumulative effect of the adoption being recorded as of January 1, 2018. The Partnership adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. Additional disclosures related to revenue recognition appear in "Note 5. Revenue." In February 2016, the FASB issued ASU 2016-02, Leases |
Fair Value Measurements | The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: 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. |
Fair Value of Financial Instruments | The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these 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 below. There is negligible credit risk associated with these instruments. • |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Original purchase price $ 27,420 Purchase price true-up 26 Historical carrying value of assets allocated to "Property, plant and equipment" 19,533 Excess purchase price over carrying value of acquired assets $ 7,913 |
Divestitures, Asset Impairmen28
Divestitures, Asset Impairments, and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | At June 30, 2018 and December 31, 2017, certain terminalling and storage and marine transportation assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the lower of the assets' carrying amount or fair value less cost to sell by segment in current assets as follows: June 30, 2018 December 31, 2017 Terminalling and storage $ 4,358 $ 4,152 Marine transportation 3,800 5,427 Assets held for sale $ 8,158 $ 9,579 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Terminalling and storage segment Lubricant product sales $ 36,824 $ 33,413 $ 73,304 $ 65,560 Throughput and storage 24,090 24,695 48,154 49,353 $ 60,914 $ 58,108 $ 121,458 $ 114,913 Natural gas services segment Natural gas liquids product sales $ 90,643 $ 73,666 $ 249,806 $ 200,323 Natural gas storage 13,804 14,838 29,160 29,503 $ 104,447 $ 88,504 $ 278,966 $ 229,826 Sulfur service segment Sulfur product sales $ 10,479 $ 11,193 $ 22,316 $ 24,273 Fertilizer product sales 25,205 20,834 48,268 47,281 Sulfur services 2,787 2,850 5,574 5,700 $ 38,471 $ 34,877 $ 76,158 $ 77,254 Marine transportation segment Inland transportation $ 11,206 $ 11,022 $ 20,898 $ 22,313 Offshore transportation 1,533 1,411 3,295 2,941 $ 12,739 $ 12,433 $ 24,193 $ 25,254 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. The Partnership applies the practical expedient in ASC 606-10-50-14(a) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. 2018 2019 2020 2021 2022 Thereafter Total Terminalling and storage Storage and throughput $ 25,119 $ 50,629 $ 49,330 $ 46,022 $ 41,505 $ 393,700 $ 606,305 Natural gas services Natural gas storage $ 19,141 $ 32,703 $ 26,935 $ 25,134 $ 24,615 $ 10,107 $ 138,635 Sulfur services Sulfur product sales $ 8,398 $ 16,796 $ 4,898 $ 1,181 $ 295 $ — $ 31,568 Marine transportation Offshore transportation $ 3,128 $ 6,205 $ 6,069 $ — $ — $ — $ 15,402 Total $ 55,786 $ 106,333 $ 87,232 $ 72,337 $ 66,415 $ 403,807 $ 791,910 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Components of inventories at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 Natural gas liquids $ 60,176 $ 47,462 Sulfur 14,542 8,436 Sulfur based products 12,108 18,674 Lubricants 23,488 20,086 Other 2,786 2,594 $ 113,100 $ 97,252 |
Investment in West Texas LPG 31
Investment in West Texas LPG Pipeline L.P. (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Select Financial Information for Significant Unconsolidated Equity Method Investees | Selected financial information for WTLPG is as follows: As of June 30, Three Months Ended June 30, Six Months Ended June 30, Total Assets Long-Term Debt Members' Equity Revenues Net Income Revenues Net Income 2018 WTLPG $ 917,441 $ — $ 868,112 $ 23,390 $ 5,653 $ 46,431 $ 13,359 As of December 31, 2017 WTLPG $ 837,163 $ — $ 787,426 $ 21,420 $ 4,264 $ 41,139 $ 8,789 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | At June 30, 2018 and December 31, 2017 , long-term debt consisted of the following: June 30, December 31, $664,444 Revolving credit facility at variable interest rate (5.09% 1 weighted average at June 30, 2018), due March 2020 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, net of unamortized debt issuance costs of $4,879 and $4,986, respectively 2,3 $ 459,121 $ 440,014 $400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $1,796 and $2,138, respectively, including unamortized premium of $803 and $956, respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured 3,4 372,807 372,618 Total long-term debt, net $ 831,928 $ 812,632 1 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. All amounts outstanding at June 30, 2018 and December 31, 2017 were at LIBOR 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 at June 30, 2018 is 3.00% . The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management (the "Omnibus Agreement"). The Partnership is permitted to make quarterly distributions so long as no event of default exists. 2 On February 21, 2018, the Partnership amended its revolving credit facility to, among other things, (i) create an inventory financing sublimit tranche, which is a part of and not in addition to the already existing commitments under the revolving credit facility, under which availability is subject to a borrowing base calculated by reference to eligible petroleum products inventory, (ii) exclude the amount of loans under the inventory financing sublimit tranche from total outstanding indebtedness for purposes of determining leverage ratio covenants under the revolving credit facility, (iii) increase the maximum permitted leverage ratio (as defined in the credit agreement, being generally computed as the ratio of total funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 5.25 to 1.00 , with a temporary springing provision to 5.50 to 1.00 under certain scenarios, to 5.75 to 1.00 for the first and second quarters of 2018, 5.50 to 1.00 for the next three quarters and 5.25 to 1.00 , with the temporary springing provision to 5.50 to 1.00 going back into effect, thereafter and (iv) decrease the maximum permitted senior leverage ratio (as defined in the credit agreement, being generally computed as the ratio of total secured funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 3.50 to 1.00 to 3.25 to 1.00 . The maximum amount of the inventory financing sublimit tranche is $10,000 during the period between March 1 and June 30 of each year, and $75,000 at all other times during each year. 3 The Partnership is in compliance with all debt covenants as of June 30, 2018 and December 31, 2017 , respectively. 4 The 2021 indenture restricts the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. |
Supplemental Balance Sheet In33
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Assets | Components of "Other assets, net" were as follows: June 30, 2018 December 31, 2017 Customer contracts and relationships, net $ 21,730 $ 25,252 Other intangible assets 1,506 1,752 Other 4,966 5,797 $ 28,202 $ 32,801 |
Schedule of Other Accrued Liabilities | Components of "Other accrued liabilities" were as follows: June 30, 2018 December 31, 2017 Accrued interest $ 11,985 $ 11,726 Asset retirement obligations 3,374 5,429 Property and other taxes payable 5,310 5,638 Accrued payroll 2,419 3,385 Other 5 162 $ 23,093 $ 26,340 |
Schedule of Asset Retirement Obligations | The schedule below summarizes the changes in our asset retirement obligations: June 30, 2018 Beginning asset retirement obligations $ 13,512 Revisions to existing liabilities 1 4,756 Accretion expense 261 Liabilities settled (4,670 ) Ending asset retirement obligations 13,859 Current portion of asset retirement obligations 2 (3,374 ) Long-term portion of asset retirement obligations 3 $ 10,485 1 Several factors are considered in the annual review process, including inflation rates, current estimates for removal cost, discount rates, and the estimated remaining useful life of the assets. The 2018 revisions reflect changes in removal cost estimates and the estimated remaining useful life of assets. 2 The current portion of asset retirement obligations is included in "Other current liabilities" on the Partnership's Consolidated and Condensed Balance Sheets. 3 |
Derivative Instruments and He34
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments on the Consolidated Balance Sheets | The following table summarizes the fair value and classification of the Partnership’s derivative instruments in its Consolidated and Condensed Balance Sheets: Fair Values of Derivative Instruments in the Consolidated and Condensed Balance Sheets Derivative Assets Derivative Liabilities Fair Values Fair Values Balance Sheet Location June 30, 2018 December 31, 2017 Balance Sheet Location June 30, 2018 December 31, 2017 Derivatives not designated as hedging instruments: Current: Commodity contracts Fair value of derivatives $ — $ — Fair value of derivatives $ 572 $ 72 Total derivatives not designated as hedging instruments $ — $ — $ 572 $ 72 |
Effect of Derivative Instruments on the Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Three Months Ended June 30, 2018 and 2017 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2018 2017 Derivatives not designated as hedging instruments: Commodity contracts Cost of products sold $ (401 ) $ 103 Total effect of derivatives not designated as hedging instruments $ (401 ) $ 103 Effect of Derivative Instruments on the Consolidated and Condensed Statements of Operations For the Six Months Ended June 30, 2018 and 2017 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives 2018 2017 Derivatives not designated as hedging instruments: Commodity contracts Cost of products sold $ 2,069 $ (2,392 ) Total effect of derivatives not designated as hedging instruments $ 2,069 $ (2,392 ) |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Partners' Capital Notes [Abstract] | |
Reconciliation of Net Income to Partners Interest in Net Income | The following is a reconciliation of net income allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ (7,246 ) $ 989 $ 5,572 $ 14,572 Less general partner’s interest in net income (loss): Distributions payable on behalf of IDRs — — — — Distributions payable on behalf of general partner interest 392 393 784 785 General partner interest in undistributed loss (537 ) (374 ) (673 ) (494 ) Less income (loss) allocable to unvested restricted units (6 ) 3 2 38 Limited partners’ interest in net income (loss) $ (7,095 ) $ 967 $ 5,459 $ 14,243 The following are the unit amounts used to compute the basic and diluted earnings per limited partner unit for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Basic weighted average limited partner units outstanding 38,722,037 38,357,293 38,828,845 37,842,140 Dilutive effect of restricted units issued — 56,618 5,576 52,476 Total weighted average limited partner diluted units outstanding 38,722,037 38,413,911 38,834,421 37,894,616 |
Unit Based Awards (Tables)
Unit Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Employees $ 345 $ 182 $ 441 $ 341 Non-employee directors 43 37 79 64 Total unit-based compensation expense $ 388 $ 219 $ 520 $ 405 |
Summary of Restricted Unit Activity | A summary of the restricted unit activity for the six months ended June 30, 2018 is provided below: Number of Units Weighted Average Grant-Date Fair Value Per Unit Non-vested, beginning of period 98,750 $ 24.80 Granted (TBRU) 315,500 $ 13.89 Granted (PBRU) 317,925 $ 13.89 Vested (80,550 ) $ 27.71 Forfeited (7,000 ) $ 13.90 Non-Vested, end of period 644,625 $ 13.91 Aggregate intrinsic value, end of period $ 8,896 |
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 six months ended June 30, 2018 and 2017 is provided below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Aggregate intrinsic value of units vested $ — $ 10 $ 1,188 $ 135 Fair value of units vested — 20 2,232 190 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues: Terminalling and storage $ 20,507 $ 20,331 $ 40,532 $ 40,035 Marine transportation 4,105 4,187 7,718 8,512 Natural gas services — 6 — 118 Product sales: Natural gas services 18 — 19 942 Sulfur services 226 587 612 1,018 Terminalling and storage 182 137 437 194 426 724 1,068 2,154 $ 25,038 $ 25,248 $ 49,318 $ 50,819 The impact of related party cost of products sold is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of products sold: Natural gas services $ 3,099 $ 2,909 $ 7,417 $ 11,803 Sulfur services 4,345 3,767 8,871 7,442 Terminalling and storage 8,009 4,119 14,567 9,186 $ 15,453 $ 10,795 $ 30,855 $ 28,431 The impact of related party operating expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Operating expenses: Marine transportation $ 6,000 $ 6,067 $ 11,321 $ 12,063 Natural gas services 2,232 2,233 4,431 4,468 Sulfur services 1,492 1,534 2,831 2,980 Terminalling and storage 4,615 6,618 9,140 13,317 $ 14,339 $ 16,452 $ 27,723 $ 32,828 The impact of related party selling, general and administrative expenses is reflected in the consolidated and condensed financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Selling, general and administrative: Marine transportation $ 7 $ 7 $ 15 $ 15 Natural gas services 1,025 1,202 3,279 3,479 Sulfur services 660 621 1,319 1,257 Terminalling and storage 690 566 1,371 1,109 Indirect, including overhead allocation 4,116 4,104 8,235 8,208 $ 6,498 $ 6,500 $ 14,219 $ 14,068 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting by Segment | Three Months Ended June 30, 2018 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 62,314 $ (1,400 ) $ 60,914 $ 11,690 $ 1,739 $ 2,471 Natural gas services 104,447 — 104,447 5,304 3,727 2,043 Sulfur services 38,471 — 38,471 2,086 3,048 966 Marine transportation 13,168 (429 ) 12,739 1,811 1,353 2,827 Indirect selling, general and administrative — — — — (4,346 ) — Total $ 218,400 $ (1,829 ) $ 216,571 $ 20,891 $ 5,521 $ 8,307 Three Months Ended June 30, 2017 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 59,561 $ (1,453 ) $ 58,108 $ 10,327 $ 3,252 $ 8,634 Natural gas services 88,504 — 88,504 6,205 4,424 4,383 Sulfur services 34,877 — 34,877 2,030 6,295 862 Marine transportation 13,144 (711 ) 12,433 1,764 1,149 1 Indirect selling, general and administrative — — — — (4,272 ) — Total $ 196,086 $ (2,164 ) $ 193,922 $ 20,326 $ 10,848 $ 13,880 Six Months Ended June 30, 2018 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 124,297 $ (2,839 ) $ 121,458 $ 21,849 $ 4,461 $ 4,592 Natural gas services 278,966 — 278,966 10,605 21,138 3,052 Sulfur services 76,158 — 76,158 4,150 10,040 2,514 Marine transportation 25,196 (1,003 ) 24,193 3,497 2,516 11,118 Indirect selling, general and administrative — — — — (8,577 ) — Total $ 504,617 $ (3,842 ) $ 500,775 $ 40,101 $ 29,578 $ 21,276 Six Months Ended June 30, 2017 Operating Revenues Intersegment Revenues Eliminations Operating Revenues after Eliminations Depreciation and Amortization Operating Income (Loss) after Eliminations Capital Expenditures and Plant Turnaround Costs Terminalling and storage $ 118,139 $ (3,226 ) $ 114,913 $ 25,804 $ 1,151 $ 16,097 Natural gas services 229,826 — 229,826 12,366 22,697 5,235 Sulfur services 77,254 — 77,254 4,063 17,062 1,167 Marine transportation 26,558 (1,304 ) 25,254 3,429 2,378 695 Indirect selling, general and administrative — — — — (8,692 ) — Total $ 451,777 $ (4,530 ) $ 447,247 $ 45,662 $ 34,596 $ 23,194 |
Assets by Segment | The Partnership's assets by reportable segment as of June 30, 2018 and December 31, 2017 , are as follows: June 30, 2018 December 31, 2017 Total assets: Terminalling and storage $ 319,619 $ 326,920 Natural gas services 669,531 704,524 Sulfur services 121,452 120,790 Marine transportation 108,163 101,264 Total assets $ 1,218,765 $ 1,253,498 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value 2021 Senior unsecured notes $ 372,807 $ 370,245 $ 372,618 $ 381,657 Level 2 June 30, 2018 December 31, 2017 Commodity derivative contracts, net $ (572 ) $ (72 ) |
Nature of Operations and Basi40
Nature of Operations and Basis of Presentation (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)segment | Jun. 30, 2017USD ($) | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Number of primary business lines | segment | 4 | ||||
Operating expenses | [1] | $ 31,510 | $ 32,552 | $ 62,964 | $ 65,926 |
Cost of products sold | $ 149,587 | 121,302 | $ 349,400 | 282,093 | |
Reclassification of certain Terminalling and Storage product expenses | Previously Reported | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Operating expenses | 34,435 | 69,492 | |||
Cost of products sold | $ 119,419 | $ 278,527 | |||
[1] | Related Party Transactions Included Above Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues:* Terminalling and storage $ 20,507 $ 20,331 $ 40,532 $ 40,035 Marine transportation 4,105 4,187 7,718 8,512 Natural gas services — 6 — 118 Product Sales 426 724 1,068 2,154 Costs and expenses:* Cost of products sold: (excluding depreciation and amortization) Natural gas services 3,099 2,909 7,417 11,803 Sulfur services 4,345 3,767 8,871 7,442 Terminalling and storage 8,009 4,119 14,567 9,186 Expenses: Operating expenses 14,339 16,452 27,723 32,828 Selling, general and administrative 6,498 6,500 14,219 14,068 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Feb. 22, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||
Excess purchase price over carrying value of acquired assets | $ 26 | $ 7,887 | |
MEH South Texas Terminals LLC | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired | 100.00% | ||
Purchase price | $ 27,420 | 27,420 | |
Excess purchase price over carrying value of acquired assets | $ 7,887 | 7,913 | |
Purchase price true-up | $ 26 | ||
Excess purchase price over carrying value of acquired assets, percentage | 3.00% |
Acquisitions - Purchase Price (
Acquisitions - Purchase Price (Details) - USD ($) $ in Thousands | Feb. 22, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||
Excess purchase price over carrying value of acquired assets | $ 26 | $ 7,887 | |
MEH South Texas Terminals LLC | |||
Business Acquisition [Line Items] | |||
Original purchase price | $ 27,420 | 27,420 | |
Purchase price true-up | 26 | ||
Historical carrying value of assets allocated to Property, plant and equipment | 19,533 | ||
Excess purchase price over carrying value of acquired assets | $ 7,887 | $ 7,913 |
Divestitures, Asset Impairmen43
Divestitures, Asset Impairments, and Discontinued Operations - (Long-Lived Assets Held-for-Sale) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 8,158 | $ 9,579 |
Terminalling and storage | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 4,358 | 4,152 |
Marine transportation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 3,800 | $ 5,427 |
Revenue - Dissagregation of Rev
Revenue - Dissagregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Terminalling and storage segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 60,914 | $ 58,108 | $ 121,458 | $ 114,913 |
Terminalling and storage segment | Lubricant product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36,824 | 33,413 | 73,304 | 65,560 |
Terminalling and storage segment | Throughput and storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24,090 | 24,695 | 48,154 | 49,353 |
Natural gas services segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 104,447 | 88,504 | 278,966 | 229,826 |
Natural gas services segment | Natural gas liquids product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 90,643 | 73,666 | 249,806 | 200,323 |
Natural gas services segment | Natural gas storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,804 | 14,838 | 29,160 | 29,503 |
Sulfur service segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38,471 | 34,877 | 76,158 | 77,254 |
Sulfur service segment | Sulfur product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,479 | 11,193 | 22,316 | 24,273 |
Sulfur service segment | Fertilizer product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 25,205 | 20,834 | 48,268 | 47,281 |
Sulfur service segment | Sulfur services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,787 | 2,850 | 5,574 | 5,700 |
Marine transportation segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,739 | 12,433 | 24,193 | 25,254 |
Marine transportation segment | Inland transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,206 | 11,022 | 20,898 | 22,313 |
Marine transportation segment | Offshore transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,533 | $ 1,411 | $ 3,295 | $ 2,941 |
Revenue - Estimated Revenue Exp
Revenue - Estimated Revenue Expected to be Recognized in Future (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 55,786 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 25,119 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 19,141 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 8,398 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 3,128 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 106,333 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 50,629 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 32,703 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 16,796 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 6,205 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 87,232 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 49,330 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 26,935 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 4,898 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 6,069 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 72,337 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 46,022 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 25,134 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 1,181 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 66,415 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 41,505 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 24,615 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 295 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 403,807 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 393,700 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 10,107 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 791,910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Throughput and storage | Terminalling and storage | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 606,305 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Natural gas storage | Natural gas services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 138,635 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Sulfur product sales | Sulfur services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 31,568 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Offshore transportation | Marine transportation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 15,402 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Natural gas liquids | $ 60,176 | $ 47,462 |
Sulfur | 14,542 | 8,436 |
Sulfur based products | 12,108 | 18,674 |
Lubricants | 23,488 | 20,086 |
Other | 2,786 | 2,594 |
Inventories | $ 113,100 | $ 97,252 |
Investment in West Texas LPG 47
Investment in West Texas LPG Pipeline L.P. - Narrative (Details) - West Texas LPG Pipeline L.P. | Jun. 30, 2018mi |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 20.00% |
Length of common-carrier pipeline system (in miles) | 2,300 |
Common Limited | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 19.80% |
General Partner | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 0.20% |
Investment in West Texas LPG 48
Investment in West Texas LPG Pipeline L.P. - Selected Financial Information for Equity Method Investees (Details) - West Texas LPG Pipeline L.P. - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | $ 917,441 | $ 917,441 | $ 837,163 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Members' Equity | 868,112 | 868,112 | $ 787,426 | ||
Revenues | 23,390 | $ 21,420 | 46,431 | $ 41,139 | |
Net Income | $ 5,653 | $ 4,264 | $ 13,359 | $ 8,789 |
Long-Term Debt (Details)
Long-Term Debt (Details) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Feb. 21, 2018USD ($) | Feb. 20, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2014USD ($) | Feb. 28, 2013USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Total long-term debt, net | $ 831,928,000 | $ 831,928,000 | $ 812,632,000 | |||||||
Cash paid for interest | 6,077,000 | $ 4,328,000 | 24,955,000 | $ 22,509,000 | ||||||
Capitalized interest | 167,000 | $ 222,000 | 328,000 | $ 445,000 | ||||||
Revolving Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt, net | 459,121,000 | 459,121,000 | 440,014,000 | |||||||
Face amount | $ 664,444,000 | $ 664,444,000 | ||||||||
Weighted average interest rate | 5.09% | 5.09% | ||||||||
Unamortized debt issuance costs | $ 4,879,000 | $ 4,879,000 | 4,986,000 | |||||||
Debt instrument, covenant, leverage ratio, maximum | 5.25 | |||||||||
Debt instrument, covenant, leverage ratio with temporary springing provision, maximum | 5.50 | |||||||||
Debt instrument, covenant, senior leverage ratio, maximum | 3.25 | 3.50 | ||||||||
Revolving Loan Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 3.00% | |||||||||
Revolving Loan Facility | LIBOR | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 2.00% | |||||||||
Revolving Loan Facility | LIBOR | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 3.00% | |||||||||
Revolving Loan Facility | Prime Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 1.00% | |||||||||
Revolving Loan Facility | Prime Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margins | 2.00% | |||||||||
Revolving Loan Facility | January 1, 2018 to June 30, 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant, leverage ratio, maximum | 5.75 | |||||||||
Revolving Loan Facility | July 1, 2018 to March 31, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant, leverage ratio, maximum | 5.50 | |||||||||
Revolving Loan Facility | Subsequent to March 31, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant, leverage ratio, maximum | 5.25 | |||||||||
Debt instrument, covenant, leverage ratio with temporary springing provision, maximum | 5.50 | |||||||||
Revolving Loan Facility | March 1 to June 30 of each year | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant, inventory financing sublimit tranche, maximum | $ 10,000,000 | |||||||||
Revolving Loan Facility | Periods excluding March 1 to June 30 of each year | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant, inventory financing sublimit tranche, maximum | $ 75,000,000 | |||||||||
Senior Notes | Senior Notes 7.25% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt, net | 372,807,000 | $ 372,807,000 | 372,618,000 | |||||||
Face amount | 400,000,000 | 400,000,000 | $ 150,000,000 | $ 250,000,000 | ||||||
Unamortized debt issuance costs | $ 1,796,000 | $ 1,796,000 | 2,138,000 | |||||||
Stated interest rate | 7.25% | 7.25% | ||||||||
Unamortized premium | $ 803,000 | $ 803,000 | $ 956,000 | |||||||
Repurchase amount | $ 26,200,000 |
Supplemental Balance Sheet In50
Supplemental Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer contracts and relationships, net | $ 21,730 | $ 25,252 |
Other intangible assets | 1,506 | 1,752 |
Other | 4,966 | 5,797 |
Other assets, net | 28,202 | 32,801 |
Accumulated amortization of intangible assets | $ 44,425 | $ 39,462 |
Supplemental Balance Sheet In51
Supplemental Balance Sheet Information - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued interest | $ 11,985 | $ 11,726 |
Asset retirement obligations | 3,374 | 5,429 |
Property and other taxes payable | 5,310 | 5,638 |
Accrued payroll | 2,419 | 3,385 |
Other | 5 | 162 |
Total other accrued liabilities | $ 23,093 | $ 26,340 |
Supplemental Balance Sheet In52
Supplemental Balance Sheet Information - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning asset retirement obligations | $ 13,512 | |
Revisions to existing liabilities | 4,756 | |
Accretion expense | 261 | |
Liabilities settled | (4,670) | |
Ending asset retirement obligations | 13,859 | |
Current portion of asset retirement obligations | (3,374) | $ (5,429) |
Long-term portion of asset retirement obligations | $ 10,485 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Narrative (Details) - bbl | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional quantity (in bbl) | 360 | 145 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Balance Sheet Derivatives (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 0 | $ 0 |
Derivative Liabilities | 572 | 72 |
Commodity contracts | Fair value of derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | $ 572 | $ 72 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Statement of Operations Derivatives (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (401) | $ 103 | $ 2,069 | $ (2,392) |
Commodity contracts | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (401) | $ 103 | $ 2,069 | $ (2,392) |
Partners' Capital - Narrative (
Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Limited Partners' Capital Account [Line Items] | |||
Common limited partner units (in shares) | 39,052,237 | ||
Ownership percentage | 98.00% | ||
General partner interest percentage | 2.00% | ||
Common units sold in public offering (in shares) | 2,990,000 | ||
Share price (USD per share) | $ 18 | ||
Proceeds from the sale of common units, net of offering costs | $ 51,071 | ||
General partner contribution | $ 1,098 | $ 0 | $ 1,098 |
Martin Resource Management | |||
Limited Partners' Capital Account [Line Items] | |||
Voting interest percentage | 51.00% | ||
Martin Resource Management | |||
Limited Partners' Capital Account [Line Items] | |||
Common limited partner units (in shares) | 6,114,532 | ||
Ownership percentage | 15.70% | ||
General partner interest percentage | 2.00% | ||
Voting interest percentage | 15.70% |
Partners' Capital - Incentive D
Partners' Capital - Incentive Distribution Rights and Distributions of Available Cash (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% | |||
Incentive distribution | $ 0 | $ 0 | $ 0 | $ 0 |
Distribution period | 45 days | |||
Martin Midstream GP LLC | ||||
Limited Partners' Capital Account [Line Items] | ||||
General partner interest percentage | 2.00% | |||
Incentive distribution | $ 0 | $ 0 | $ 0 | $ 0 |
Martin Midstream GP LLC | Target Level 1 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 2.00% | 2.00% | ||
Target cash distribution (USD per share) | $ 0.55 | $ 0.55 | ||
Martin Midstream GP LLC | Target Level 2 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 15.00% | 15.00% | ||
Target cash distribution (USD per share) | $ 0.625 | $ 0.625 | ||
Martin Midstream GP LLC | Target Level 3 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 25.00% | 25.00% | ||
Target cash distribution (USD per share) | $ 0.75 | $ 0.75 | ||
Martin Midstream GP LLC | Target Level 4 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution, percent | 50.00% | 50.00% | ||
Minimum | Martin Midstream GP LLC | Target Level 1 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution (USD per share) | $ 0.50 | $ 0.50 | ||
Maximum | Martin Midstream GP LLC | Target Level 1 | ||||
Limited Partners' Capital Account [Line Items] | ||||
Target cash distribution (USD per share) | $ 0.55 | $ 0.55 |
Partners' Capital - Net Income
Partners' Capital - Net Income Per Unit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Partners' Capital Notes [Abstract] | ||||
Net income (loss) | $ (7,246) | $ 989 | $ 5,572 | $ 14,572 |
Less general partner’s interest in net income (loss): | ||||
Distributions payable on behalf of IDRs | 0 | 0 | 0 | 0 |
Distributions payable on behalf of general partner interest | 392 | 393 | 784 | 785 |
General partner interest in undistributed loss | (537) | (374) | (673) | (494) |
Less income (loss) allocable to unvested restricted units | (6) | 3 | 2 | 38 |
Limited partners’ interest in net income (loss) | $ (7,095) | $ 967 | $ 5,459 | $ 14,243 |
Basic weighted average limited partner units outstanding (in shares) | 38,722,037 | 38,357,293 | 38,828,845 | 37,842,140 |
Dilutive effect of restricted units issued (in shares) | 0 | 56,618 | 5,576 | 52,476 |
Total weighted average limited partner diluted units outstanding (in shares) | 38,722,037 | 38,413,911 | 38,834,421 | 37,894,616 |
Unit Based Awards - Schedule of
Unit Based Awards - Schedule of Compensation Costs (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | $ 388 | $ 219 | $ 520 | $ 405 |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | 345 | 182 | 441 | 341 |
Non-employee directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unit-based compensation expense | $ 43 | $ 37 | $ 79 | $ 64 |
Unit Based Awards - Narrative (
Unit Based Awards - Narrative (Details) $ in Thousands | Jan. 24, 2022shares | Jan. 24, 2021shares | Jan. 24, 2020shares | Jan. 24, 2019shares | Mar. 01, 2018shares | Feb. 20, 2018directorshares | Jun. 30, 2018USD ($)shares | May 26, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized (in shares) | 3,000,000 | |||||||
Restricted Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested, number of units (in shares) | 80,550 | |||||||
Unrecognized compensation cost related to non-vested restricted units | $ | $ 4,052 | |||||||
Weighted average period for recognition (in years) | 2 years 10 months 2 days | |||||||
Restricted Units | Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Restricted Units | Non-employee directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 4 years | |||||||
Time Based Restricted Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Granted, number of units (in shares) | 315,500 | |||||||
Number of independent directors receiving grants | director | 3 | |||||||
Time Based Restricted Units | Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, number of units (in shares) | 301,550 | |||||||
Time Based Restricted Units | Non-employee directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, number of units (in shares) | 4,650 | |||||||
Performance Based Restricted Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period (in years) | 3 years | |||||||
Granted, number of units (in shares) | 317,925 | |||||||
Performance Based Restricted Units | Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, number of units (in shares) | 317,925 | |||||||
Scenario, Forecast | Time Based Restricted Units | Non-employee directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested, number of units (in shares) | 1,162.5 | 1,162.5 | 1,162.5 | 1,162.5 |
Unit Based Awards - Restricted
Unit Based Awards - Restricted Unit Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Restricted Units | |
Number of Units | |
Non-vested, beginning of period, number of units (in shares) | shares | 98,750 |
Vested, number of units (in shares) | shares | (80,550) |
Forfeited, number of units (in shares) | shares | (7,000) |
Non-vested, end of period, number of units (in shares) | shares | 644,625 |
Weighted Average Grant-Date Fair Value Per Unit | |
Non-vested, beginning of period, weighted average grant-date fair value per unit (USD per share) | $ / shares | $ 24.80 |
Vested, weighted average grant-date fair value per unit (USD per share) | $ / shares | 27.71 |
Forfeited, weighted average grant-date fair value per unit (USD per share) | $ / shares | 13.90 |
Non-vested, end of period, weighted average grant-date fair value per unit (USD per share) | $ / shares | $ 13.91 |
Aggregate intrinsic value, end of period | $ | $ 8,896 |
Time Based Restricted Units | |
Number of Units | |
Granted, number of units (in shares) | shares | 315,500 |
Weighted Average Grant-Date Fair Value Per Unit | |
Granted, weighted average grant-date fair value per unit (USD per share) | $ / shares | $ 13.89 |
Performance Based Restricted Units | |
Number of Units | |
Granted, number of units (in shares) | shares | 317,925 |
Weighted Average Grant-Date Fair Value Per Unit | |
Granted, weighted average grant-date fair value per unit (USD per share) | $ / shares | $ 13.89 |
Unit Based Awards - Intrinsic a
Unit Based Awards - Intrinsic and Fair Value (Details) - Restricted Units - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of units vested | $ 0 | $ 10 | $ 1,188 | $ 135 |
Fair value of units vested | $ 0 | $ 20 | $ 2,232 | $ 190 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018shares | |
Related Party Transaction [Line Items] | |
General partner interest percentage | 2.00% |
Martin Resource Management | |
Related Party Transaction [Line Items] | |
Number of shares owned (in shares) | 6,114,532 |
Ownership percentage | 15.70% |
General partner interest percentage | 2.00% |
MMGP Holdings, LLC | Martin Resource Management | |
Related Party Transaction [Line Items] | |
General partner interest percentage | 51.00% |
Related Party Transactions - Om
Related Party Transactions - Omnibus Agreement (Details) - Omnibus Agreement - Martin Resource Management - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Noncompete restriction threshold | $ 5,000,000 | $ 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum | 5,000,000 | 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | $ 5,000,000 | $ 5,000,000 | ||
Equity limitation on ownership restriction percentage | 20.00% | 20.00% | ||
Approved annual reimbursements for indirect expenses | $ 16,416,000 | $ 16,416,000 | ||
Indirect expenses reimbursed | $ 4,104,000 | $ 4,104,000 | $ 8,208,000 | $ 8,208,000 |
Related Party Transactions - Mo
Related Party Transactions - Motor Carrier Agreement (Details) - Motor Carrier Agreement - Martin Resource Management | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal period (in years) | 1 year |
Termination written notice, minimum (in days) | 30 days |
Partnership notice period to terminate agreement (in days) | 90 days |
Related Party Transactions - Ma
Related Party Transactions - Marine Agreements (Details) - Marine Transportation Agreement - Martin Resource Management | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal period (in years) | 1 year |
Termination written notice, minimum (in days) | 60 days |
Related Party Transactions - Te
Related Party Transactions - Terminal Services Agreements (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Martin Resource Management | |
Related Party Transaction [Line Items] | |
Termination written notice, minimum (in days) | 60 days |
Related Party Transactions - Ot
Related Party Transactions - Other Agreements (Details) - Martin Resource Management | 6 Months Ended |
Jun. 30, 2018bbl | |
Cross Tolling Agreement | |
Related Party Transaction [Line Items] | |
Production minimum per day (in bbl) | 6,500 |
Annual escalation benchmark percentage | 3.00% |
Sulfuric Acid Sales Agency Agreement | |
Related Party Transaction [Line Items] | |
Partnership notice period to terminate agreement (in days) | 90 days |
Related Party Transactions - Sc
Related Party Transactions - Schedule of the Impact of Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Revenue from related parties | $ 25,038 | $ 25,248 | $ 49,318 | $ 50,819 |
Cost of products sold: | ||||
Cost of products sold | 15,453 | 10,795 | 30,855 | 28,431 |
Operating expenses: | ||||
Operating expenses | 14,339 | 16,452 | 27,723 | 32,828 |
Selling, general and administrative: | ||||
Selling, general and administrative | 6,498 | 6,500 | 14,219 | 14,068 |
Terminalling and storage | ||||
Operating expenses: | ||||
Operating expenses | 4,615 | 6,618 | 9,140 | 13,317 |
Marine transportation | ||||
Operating expenses: | ||||
Operating expenses | 6,000 | 6,067 | 11,321 | 12,063 |
Natural gas services | ||||
Operating expenses: | ||||
Operating expenses | 2,232 | 2,233 | 4,431 | 4,468 |
Sulfur services | ||||
Operating expenses: | ||||
Operating expenses | 1,492 | 1,534 | 2,831 | 2,980 |
Operating segments | Terminalling and storage | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | 690 | 566 | 1,371 | 1,109 |
Operating segments | Marine transportation | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | 7 | 7 | 15 | 15 |
Operating segments | Natural gas services | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | 1,025 | 1,202 | 3,279 | 3,479 |
Operating segments | Sulfur services | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | 660 | 621 | 1,319 | 1,257 |
Indirect, including overhead allocation | ||||
Selling, general and administrative: | ||||
Selling, general and administrative | 4,116 | 4,104 | 8,235 | 8,208 |
Terminalling and storage | Terminalling and storage | ||||
Revenues: | ||||
Revenue from related parties | 20,507 | 20,331 | 40,532 | 40,035 |
Marine transportation | Marine transportation | ||||
Revenues: | ||||
Revenue from related parties | 4,105 | 4,187 | 7,718 | 8,512 |
Natural gas services | Natural gas services | ||||
Revenues: | ||||
Revenue from related parties | 0 | 6 | 0 | 118 |
Product sales | ||||
Revenues: | ||||
Revenue from related parties | 426 | 724 | 1,068 | 2,154 |
Natural gas services | Natural gas services | ||||
Revenues: | ||||
Revenue from related parties | 18 | 0 | 19 | 942 |
Cost of products sold: | ||||
Cost of products sold | 3,099 | 2,909 | 7,417 | 11,803 |
Sulfur services | Sulfur services | ||||
Revenues: | ||||
Revenue from related parties | 226 | 587 | 612 | 1,018 |
Cost of products sold: | ||||
Cost of products sold | 4,345 | 3,767 | 8,871 | 7,442 |
Terminalling and storage | Terminalling and storage | ||||
Revenues: | ||||
Revenue from related parties | 182 | 137 | 437 | 194 |
Cost of products sold: | ||||
Cost of products sold | $ 8,009 | $ 4,119 | $ 14,567 | $ 9,186 |
Related Party Transactions - 70
Related Party Transactions - Other Related Party Transactions (Details) - Martin Energy Trading LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Due from related parties, annual interest rate | 15.00% | |||
Interest expense | ||||
Related Party Transaction [Line Items] | ||||
Interest income, related party | $ 0 | $ 388 | $ 0 | $ 943 |
Notes Receivable | ||||
Related Party Transaction [Line Items] | ||||
Note receivable - affiliate | $ 15,000 | $ 15,000 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)segment | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 4 | ||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 216,571 | $ 193,922 | $ 500,775 | $ 447,247 | |
Depreciation and amortization | 20,891 | 20,326 | 40,101 | 45,662 | |
Operating Income (Loss) after Eliminations | 5,521 | 10,848 | 29,578 | 34,596 | |
Capital Expenditures and Plant Turnaround Costs | 8,307 | 13,880 | 21,276 | 23,194 | |
Total assets: | |||||
Total assets | 1,218,765 | 1,218,765 | $ 1,253,498 | ||
Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 60,914 | 58,108 | 121,458 | 114,913 | |
Depreciation and amortization | 11,690 | 10,327 | 21,849 | 25,804 | |
Operating Income (Loss) after Eliminations | 1,739 | 3,252 | 4,461 | 1,151 | |
Capital Expenditures and Plant Turnaround Costs | 2,471 | 8,634 | 4,592 | 16,097 | |
Total assets: | |||||
Total assets | 319,619 | 319,619 | 326,920 | ||
Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 104,447 | 88,504 | 278,966 | 229,826 | |
Depreciation and amortization | 5,304 | 6,205 | 10,605 | 12,366 | |
Operating Income (Loss) after Eliminations | 3,727 | 4,424 | 21,138 | 22,697 | |
Capital Expenditures and Plant Turnaround Costs | 2,043 | 4,383 | 3,052 | 5,235 | |
Total assets: | |||||
Total assets | 669,531 | 669,531 | 704,524 | ||
Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 38,471 | 34,877 | 76,158 | 77,254 | |
Depreciation and amortization | 2,086 | 2,030 | 4,150 | 4,063 | |
Operating Income (Loss) after Eliminations | 3,048 | 6,295 | 10,040 | 17,062 | |
Capital Expenditures and Plant Turnaround Costs | 966 | 862 | 2,514 | 1,167 | |
Total assets: | |||||
Total assets | 121,452 | 121,452 | 120,790 | ||
Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 12,739 | 12,433 | 24,193 | 25,254 | |
Depreciation and amortization | 1,811 | 1,764 | 3,497 | 3,429 | |
Operating Income (Loss) after Eliminations | 1,353 | 1,149 | 2,516 | 2,378 | |
Capital Expenditures and Plant Turnaround Costs | 2,827 | 1 | 11,118 | 695 | |
Total assets: | |||||
Total assets | 108,163 | 108,163 | $ 101,264 | ||
Operating Revenues | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 218,400 | 196,086 | 504,617 | 451,777 | |
Operating Revenues | Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 62,314 | 59,561 | 124,297 | 118,139 | |
Operating Revenues | Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 104,447 | 88,504 | 278,966 | 229,826 | |
Operating Revenues | Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 38,471 | 34,877 | 76,158 | 77,254 | |
Operating Revenues | Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 13,168 | 13,144 | 25,196 | 26,558 | |
Intersegment Revenues Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (1,829) | (2,164) | (3,842) | (4,530) | |
Intersegment Revenues Eliminations | Terminalling and storage | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (1,400) | (1,453) | (2,839) | (3,226) | |
Intersegment Revenues Eliminations | Natural gas services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Intersegment Revenues Eliminations | Sulfur services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Intersegment Revenues Eliminations | Marine transportation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (429) | (711) | (1,003) | (1,304) | |
Indirect selling, general and administrative | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Operating Income (Loss) after Eliminations | (4,346) | (4,272) | (8,577) | (8,692) | |
Capital Expenditures and Plant Turnaround Costs | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Oct. 02, 2012 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2018 |
Loss Contingencies [Line Items] | ||||
Non-cancelable revenue arrangements, future minimum revenues, 2018 | $ 11,691 | |||
Non-cancelable revenue arrangements, future minimum revenues, 2019 | 19,315 | |||
Non-cancelable revenue arrangements, future minimum revenues, 2020 | 17,577 | |||
Non-cancelable revenue arrangements, future minimum revenues, 2021 | 15,681 | |||
Non-cancelable revenue arrangements, future minimum revenues, 2022 | 15,681 | |||
Non-cancelable revenue arrangements, future minimum revenues, subsequent years | $ 73,299 | |||
Martin Resource Management | ||||
Loss Contingencies [Line Items] | ||||
Quarterly purchase price reimbursement for non compliance | $ 750 | $ 1,125 | ||
Maximum purchase price reimbursement for non compliance | $ 4,500 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Recurring | Level 2 | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivative contracts, net | $ (572) | $ (72) |
Nonrecurring | 2021 Senior unsecured notes | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2021 Senior unsecured notes | 372,807 | 372,618 |
Nonrecurring | 2021 Senior unsecured notes | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2021 Senior unsecured notes | $ 370,245 | $ 381,657 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Jul. 19, 2018$ / shares | Dec. 31, 2018USD ($) | Jun. 30, 2018 | Feb. 21, 2018 | Feb. 20, 2018 |
Revolving Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, covenant, leverage ratio, maximum | 5.25 | ||||
Debt instrument, covenant, senior leverage ratio, maximum | 3.25 | 3.50 | |||
WTLPG | |||||
Subsequent Event [Line Items] | |||||
Ownership percentage | 20.00% | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared (USD per share) | $ / shares | $ 0.50 | ||||
Estimated annualized dividends (USD per share) | $ / shares | $ 2 | ||||
Subsequent Event | Scenario, Forecast | Revolving Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, covenant, leverage ratio, maximum | 5.25 | ||||
Debt instrument, covenant, senior leverage ratio, maximum | 3.50 | ||||
Debt instrument, covenant, consolidated interest coverage ratio | 2.50 | ||||
Subsequent Event | WTLPG | Scenario, Forecast | |||||
Subsequent Event [Line Items] | |||||
Ownership percentage | 20.00% | ||||
Proceeds from sale of equity method investments | $ | $ 195,000 | ||||
Proceeds from sale of equity method investments, net of transaction fees and expenses | $ | $ 193,650 |