Exhibit 99.3 February 13, 2019 2019 Financial Guidance Martin Midstream Partners L.P. – NASDAQ:MMLP
2019E Adjusted EBITDA Guidance Reconciliation Terminalling Natural Gas Transportation Interest Sulfur Services SG&A YTD 2019 & Storage Services Services Expense Net Income (loss) $22.4 $43.1 $23.1 $24.0 $(16.5) $(52.5) $43.6 Interest expense add back -- -- -- -- -- $52.5 $52.5 Depreciation and amortization $33.0 $21.1 $12.7 $10.1 -- -- $76.9 Gain on sale of property, plant and equipment -- $(14.1) -- -- -- -- $(14.1) Income tax expense -- -- -- -- $0.6 -- $0.6 Adjusted EBITDA $55.4 $50.1 $35.8 $34.1 $(15.9) $0.0 $159.5 Terminalling & 1Q19 2Q19 3Q19 4Q19 2019 Natural Gas Services 1Q19 2Q19 3Q19 4Q19 2019 Storage Smackover Refinery $5.0 $5.1 $4.9 $5.1 $20.1 Butane $2.4 $1.3 $1.0 $18.8 $23.5 Martin Lubricants $2.9 $3.7 $3.8 $2.6 $13.0 Cardinal $5.0 $5.1 $5.2 $5.0 $20.3 Specialty Terminals $3.2 $3.1 $3.0 $3.0 $12.3 NGLs $0.7 $0.9 $0.9 $0.8 $3.3 Shore-Based $2.5 $2.5 $2.5 $2.5 $10.0 Propane $2.1 $0.1 $0.1 $0.7 $3.0 Terminals Total T&S $13.6 $14.4 $14.2 $13.2 $55.4 Total NGS $10.2 $7.4 $7.2 $25.3 $50.1 Transportation 1Q19 2Q19 3Q19 4Q19 2019 Sulfur Services 1Q19 2Q19 3Q19 4Q19 2019 Land $5.6 $5.8 $6.1 $6.1 $23.6 Fertilizer $6.1 $7.2 $4.6 $1.9 $19.8 Marine $2.8 $3.2 $3.0 $3.2 $12.2 Sulfur Prilling $2.1 $2.0 $2.1 $2.1 $8.3 Total Transportation $8.4 $9.0 $9.1 $9.3 $35.8 Molten Sulfur $1.5 $1.5 $1.5 $1.5 $6.0 $ millions Total Sulfur Services $9.7 $10.7 $8.2 $5.5 $34.1 Unallocated SG&A $(4.0) $(4.0) $(4.0) $(3.9) $(15.9) Total Adjusted EBITDA $37.9 $37.5 $34.7 $49.4 $159.52
Strong Fee-Based Contract Mix Te rminal l ing & Sto rag e • Fee-based contracts for traditional storage assets –Specialty and Marine Shore-Based Terminals (with minimum volume commitments) • Fee-based, long-term tolling agreement for Smackover Refinery (with guaranteed minimum volume) • Margin-based, lubricants contracts/revenue Natural Gas Services • Fee-based, multi-year natural gas storage contracts (weighted average life approximately 3.1 years as of December 31, 2018) • Margin-based, wholesale NGLs Transportation • Fee-based, day-rate marine contracts • Fee-based, line-haul land rates Sulfur Services • Fee-based, multi-year “take-or-pay” contracts for prilling assets • Fee-based molten sulfur transportation and handling contract • Margin-based fertilizer contracts/revenue 3
Fee-based Cash Flow Reconciliation 1Q19E 2Q19E 3Q19E 4Q19E 2019E Terminalling & Storage Smackover Refinery $ 5.0 $ 5.1 $ 4.9 $ 5.1 $ 20.1 Fixed Fee Martin Lubricants $ 2.9 $ 3.7 $ 3.8 $ 2.6 $ 13.0 Margin Specialty Terminals $ 3.2 $ 3.1 $ 3.0 $ 3.0 $ 12.3 Fixed Fee Shore Based Lubricants $ 2.0 $ 1.9 $ 2.0 $ 1.9 $ 7.8 Margin Shore Based Terminals $ 0.5 $ 0.6 $ 0.5 $ 0.6 $ 2.2 Fixed Fee Total T&S $ 13.6 $ 14.4 $ 14.2 $ 13.2 $ 55.4 Natural Gas Services Butane $ 2.4 $ 1.3 $ 1.0 $ 18.8 $ 23.5 Margin Cardinal $ 5.0 $ 5.1 $ 5.2 $ 5.0 $ 20.3 Fixed Fee NGLs $ 0.7 $ 0.9 $ 0.9 $ 0.8 $ 3.3 Fixed Fee Propane $ 2.1 $ 0.1 $ 0.1 $ 0.7 $ 3.0 Margin Total NGS $ 10.2 $ 7.4 $ 7.2 $ 25.3 $ 50.1 Transportation Land $ 5.6 $ 5.8 $ 6.1 $ 6.1 $ 23.6 Marine $ 2.8 $ 3.2 $ 3.0 $ 3.2 $ 12.2 Total Transportation $ 8.4 $ 9.0 $ 9.1 $ 9.3 $ 35.8 Fixed Fee Sulfur Services Fertilizer $ 6.1 $ 7.2 $ 4.6 $ 1.9 $ 19.8 Margin Sulfur Prilling $ 2.1 $ 2.0 $ 2.1 $ 2.1 $ 8.3 Fixed Fee Molten Sulfur $ 1.5 $ 1.5 $ 1.5 $ 1.5 $ 6.0 Fixed Fee Total Sulfur Services $ 9.7 $ 10.7 $ 8.2 $ 5.5 $ 34.1 Adjusted EBITDA from continuing operations $ 41.9 $ 41.5 $ 38.7 $ 53.3 $ 175.4 Unallocated SG&A $ (4.0) $ (4.0) $ (4.0) $ (3.9) $ (15.9) Total Adjusted EBITDA $ 37.9 $ 37.5 $ 34.7 $ 49.4 $ 159.5 4
2019E Total Capital Expenditures (2) (1) (2) $ millions (1) For 2018, One Time M-CapEx Items include an environmental project at the Smackover Refinery (MBBR* - $3.3MM) and five-year regulatory dry docking for Marine Transportation assets (Drydocking - $4.2MM), and excludes $16.5MM of Expansion CapEx related to WTLPG (sold 7/31/2018). For 2019, One Time M-CapEx Items include a ten year inspection fee for Storage assets (Ammonia tank cleaning - $2.0MM) (2) Excludes $20MM initial investment in the Hondo Asphalt Terminal in 2017 and purchase of Martin Transport, Inc. for $135MM in 2019 5