MMLP - Earnings call transcript Q4 2017 | Martin Midstream Partners L.P.

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Operator

Good morning, ladies and gentlemen, and welcome to the Martin Midstream Partners LP fourth quarter 2017 earnings conference call webcast. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Bob Bondurant. Please go ahead.

Bob Bondurant

Emily. you, Thank VP know Ruben everyone of the today, Scott call and To our who's CEO; have Southard, and Relations; Martin, of VP Commercial Joe we Development. Head let Investor on of McCreery, Finance our

financial the report get need results make I for financial and cash of we it conference and to forward-looking results, meaningful provides and amortization, EBITDA. future within partnership's measures, this financial Regulation cash the make disclaimer. quarter Before distributions made such a the financial and the our with between distributable call We during to be it because be of fourth accordance this forecasts, and distributions. we We financial reported use operational we as measures principles can with started G, SEC information year, to believe to the relating also prior Certain results statements statements our use generally and EBITDA; current use unitholders. or available performance and our tax, these non-GAAP accounting pay with adjusted in earnings results to ability accepted meanings of depreciation, flow; certain may and before measure interest, users comparisons meaningful

the We to EBITDA, most our reconciliation comparable distributable also a financial adjusted press adjusted guidance included GAAP in of cash quarterly EBITDA, release yesterday, issued EBITDA flow and measure.

website, martinmidstream.com. press our earnings available at Our release is

quarter quarter, our annual to to discuss also performance would like quarter fourth compared the Now, fourth and guidance. and I performance to discuss our our third compared

million to of EBITDA $XX.X in had compared the For we fourth the quarter. third quarter, $XX.X adjusted million

annual year $XX.X for coverage the provided ratio X.XX for which coverage quarterly distributable provide $XX.X flow times. of flow cash was the cash of an a which million, million, X.XX distributable quarter distribution distribution fourth was times, our Our

million compared adjusted of fourth million. $XXX.X difference to of annual slight $X.X for and $XXX.X million, compared our $XX.X year actual adjusted to the of million EBITDA For a the guidance our EBITDA to quarter of of million $XX.X guidance guidance

would fourth the will our XXXX. fourth In our quarter begins which non-cash demand summer continued of compared year. against to the discuss to segment, the compared gains fourth the customers' a order and business. selling losses quarter adjusted quarter, compared the unrealized spring mark-to-market in logistics our mark-to-market million Butane butane and supply build first carry adequately our are in logistics increase quarter from inventory Services flow primarily instruments in Also operating compared to Texas million mark-to-market to segment, to Natural adjusted in West for our derivative of Gas between hedge to portion but by losses compared NGL Services quarter. impact also was These our Gas our to used the performance quarter Natural from the $X.X significant I in to our the was unrealized our in the our Texas LPG in Services net in $X.X for distributions Natural in included $X.X Now quarter. In LPG for There EBITDA. third in from affect like the segment The million or prior and in no EBITDA fourth the have West EBITDA adjusted quarters quarter. quarter. our third of inventory. to segment $XX.X guidance Gas in butane $XX.X the our discuss income, sales over The fourth quarter fourth cash million operating quarter were performance no was third quarter, million, reported segment adjustments business seasonal distributions also

our cash business increased quarters. logistics butane significant between $XX.X of selling flow from a portion result million butane As of our our inventory a

revolving our inventory, butane our to paydown facility. credit As liquidate we continue to will we continue also

our Now were within compared variances Services segment. guidance, fourth different in although forecast, right businesses Natural this there our quarter was to segment on Gas

exceeded butane as business $X.X forecast distribution areas to our forecasted. shortfall gallon million colder the business Cardinal West due forecasted. weather guidance LPG. million, And stronger $X.X our interruptible exceeded from Our also million forecast by of business underperformance propone by Also, revenue by Storage our performance Partially the and in due a offsetting greater $X.X than logistics Gas per exceeded than NGL these margin to Texas in was forecasted. legacy than forecasted was our

NGL legacy result as business primarily forecast of missed a NGL $X.X by Our million, reduced volumes.

million. this Texas Texas not LPG's $X.X by Commission distribution our In We West addition has market LPG dispute happen had West happened, to from LPG. from distribution forecast resolution mid Texas missed tariff but still in over and XXXX, missed resulting shortfall, anticipated not by Railroad the from Texas forecast West this our on rates

EBITDA Gas Cardinal segment compared $XX.X compared interruptible Services primarily of million to Gas guidance we by annual unforecasted $X.X Now to as million. our our a annual Storage guidance our $X.X missed million, realized $XX.X revenues. Natural guidance, as forecast adjusted of million of exceeded result by

exceeded gallon forecasted. million positive this performance Offsetting Services Our than of as was underperformance margins in our Natural our Gas guidance segment. three result by lines our were butane $X business business in a logistics better other per

less were market the there Texas from in rate forecasted Our being $X.X a Commission. LPG from tariff of our than and as case distributions solution no West Railroad red Texas result million

XXXX. by by quarter Our group sold. volume million our result and legacy propane the of finally, as result a wholesale reduced million purchased as guidance winter NGL business annual And missed a of warm missed $X.X first a $X.X of forecast in

Storage the Adjusted million business of margins third our primarily $X.X adjusted packaged EBITDA the from Terminalling was to business. in in segment the moving from due million This to million. $X.X was fourth our the $XX.X our quarter. to million reduced lubricant quarter, third $X.X packaged failed in lubricant quarter compared EBITDA EBITDA decline Now quarter in fourth and million Terminalling for periods in $XX.X segment, adjusted a decline between to our

fourth increased raise quarter Our to lag in competition lubricant supply to our a reduced. ability our were as due the and margins prices of result a cost during

beginning therefore the of to margins have prices we quarter increase in However, been and first able XXXX.

compared to Terminalling our our segment by forecast missed $X.X fourth guidance, Now and million. quarter Storage

forecast As we of due to our $XX.X majority and the adjusted increased guidance of specialty compared EBITDA. segment year, and Terminalling the cost Hurricane this Storage repair of and by million for was our $X.X as in revenue the result maintenance have $X.X The million impact missed due the to to impact Terminalling million, was of and Harvey. and cost in The of missed And of compared forecasted million guidance between guidance for our group significant our EBITDA million. majority guidance $XX.X to segment. in adjusted Hurricane Harvey to our as maintenance missed repair accounts the annual Storage downtime Terminalling $XX.X a from

Now segment, the Services in our million third quarter in fourth adjusted our EBITDA Sulfur $X.X quarter. to $X.X was compared million

quarter million as third of an adjusted EBITDA was $X.X absorption. because in in due you flow cost pure operational production the plants at and quarters; business our handled fixed in the byproducts annual in million. may increase compared the had quarter. Texas. Plainview, aligned recall refinery EBITDA fourth plant ammonium the third led sold an as increase three significant fertilizer sulfur quarter Texas to down business to side in Hurricane the producers, and the goods to the This our of compared increase fertilizer Harvey. the Beaumont, All of third plant have these quarter, increase in the sulfate the acid drove quarter. reason quarter our This primary in increase we our a XXX% sulfur sulfur ammonium manufacturing significant the into to from had for combined the in primarily producers Our third adjusted was third fourth in fourth relative in increase through quarter fully key overall at were turnarounds thiosulfate which production quarter increased the downtime for between in business cost to $X.X sulfur while The cash And increased sulfuric pure turns

exceeded quarter Sulfur Now compared segment to $X.X fourth Services by guidance, forecast our million.

was $X.X for sold as the improved of fertilizer absorption our by ton million to of sold outperformance forecast manufacturing than due XX%. group fertilizer ton our better fixed Our Also margin cost. per accounted exceeded forecasted

business pure $X selling exceeded to churns. guidance of of the by opportunistic million pure sulfur primarily due sulfur side Our

annual to guidance per sulfur relative strong compared services by primarily Now compared was $X.X guidance, a realized XX% guidance. ton million. $X.X in our segment our margins business. performance improvement to This exceeded The as to million fertilizer result forecast exceeded from by guidance of the our primarily business fertilizer

as fully business, increase side in EBITDA Marine the quarters, our moving third million of This offshore after the the fourth business flow during million a Now side shipyard million $X.X being from segment $XXX,XXX the the between quarter. up total of a to quarter, quarters our result The XX% cash quarter. quarter in of Transportation. flow was third had inland increase in $X.X portion utilization. the $X.X of to is the in adjusted cash operational between compared the entire of a In during fourth as our offshore

guidance, Marine by $X.X compared when Now segment million. our to fourth overall quarter Transportation forecast exceeded

maintenance primarily cost million million due Transportation repair repair finally better offshore maintenance segment our lower in business $X.X forecasted. guidance, expenses. compared by and due reduced our to exceeded annual forecast primarily offshore exceeded than to forecast due and was to by Our performance $X.X Marine business to And

million for the quarter This $XX.X the the annual was exactly million year. $X.X Our year. for what and unallocated was cost guidance our SG&A for was

the million annual $XX.X expenditures our the turnaround and maintenance Our capital cost for $X.X million were and slightly quarter were year below just guidance. fourth for

we proceeds. $X.X our fourth of quarter, net million sell held During sale, the in for did one realizing assets

held We to in value realize sale hope continue held for assets XXXX. the we to sale million and assets of $X.X for these carry in

from primarily logistics stable margin lines, the business partnership, addition see continued lines, fertilizer our two and overall business. the to based our first looking we strong business our business butane toward our fee-based in performance quarter, should For seasonal

again have As a DCF coverage very we first should quarter. result, the in strong

Joe, call Now, of turn in to capital tariff I to Texas and our Railroad sheet, the a West Commission. would the front spending discuss few Texas regarding LPG's balance like to case over comments

Joe McCreery

I'll Texas the Commission. Bob. in fourth of Texas the balance total million. our and provide with review LPG quarter finally partnership's normal debt sheet XXst, some quick West insight walk start currently of components of the December and our balance of approximately On debt long-term Railroad our year our funded the of Thanks case spending a capital tariff $XXX in full front reflected ratios, into bank through then sheet

credit amount and sheet facility debt million. shown in Reconciling end, was outstanding $XXX issuance issuance unamortized as was credit balance quarter $XXX filings before this Our balance premiums, unamortized debt funded our our debt at actual is funded revolving revolving facility notional the the December our $XXX partnership's unsecured and on of available senior revolving XXst, under amount was million, on Thus based million our million. $XXX $XXX credit total our million facility. was liquidity notes

compliant EBITDA the the secured times our senior as ended defined respectively. to and quarter total were indebtedness year and December to and ended XXXX, adjusted X.XX times leverage For ratios, EBITDA X.XX indebtedness bank adjusted XX,

consolidated ratio to Our $X.XX EBITDA defined bank interest adjusted compliant coverage expense was as interest by times.

debt year in end, the XX, the balance at on the Looking all or financial compared when XX.X% In with flat to total partnership to was was December compliance total at third essentially full quarter. banking capitalization covenants, otherwise. sheet, all,

estimate, million commissioned boat $X.X year during to overall operating growth Martin like $XX.X in our was during rationalize help year during be $XX.X the time, recalling the higher the million. spending the second our Asphalt approximately of quarter Hondo quarter, cost majority was our be expenditures. spent the this guidance. At the previously announced the anticipation But inventory approximately Full to XXXX the capital the will attributed will fourth equipment were $X.X cost growth West spending This quarter with $X.X during as the full until requires spending fourth of ownership committed to constructed capital say at and quarter reduce as continue segment, approximately growth of guided which a I'd we discuss we it's spent within consisted which fill Transportation our a of XXXX this finalizing underway. capital will interest will total starting which be safe million $XX Marine boat be Texas we overwhelming Approximately on our with Terminal million, deliver we million push year. LPG delivered capital segment. first we of to winter to Growth pipeline of million. growth new Also dollars $X.X XX% than that Hondo approximately the we project this we capital capital quarter now of million. Terminal our Now, this was year's expansion spent spending

expenditures. is level. the our track the our maintenance full million during look revised quarter revision capital with million year guided we $X.X downward spending the let's during call. line again provided We've earnings at maintenance in fourth on was spent last Now quarterly capital Likewise $XX.X with

tariff Now, I West Texas would case. the like LPG to discuss

As XXXX, XXXX. XX, Texas until unless increased most competitive a the the The the rate Commission to The aware this XX, Railroad effect on A were case the exist Railroad Law with that rates examiner the are rates. Judge both changed On functionally X, rates certain the was in the examiner merits matter that new Commission of during XXXX. order be filed market and of for was be commissioners increased shipper decision requested subsequently on would Pipeline March recommendation captive West the materials prior by Commission as December market. be Railroad until facts related rates, Texas to hearings consideration September in for time held geographically in meeting, shippers duration to at complaints XXXX. before its this for proposal on July which lawful matter the with the implemented requested suspended has LPG's already hearing of on cont the determine Railroad LPG decision developed. complainants found This of Texas issued challenging that X, a and findings, LPG January X, Commissioner such XXXX other Commission fully the the March proposal and Administrative XX, Railroad matter directing rates delay this issued the of case the XXXX, to X, handling admitting of a a West appropriate the Ryan Commission. hearings and the thereby week by the market commissioners further Railroad July the this this this one on Texas January our and relevant of relevant the findings opinion two pending the matter, next the Commission examiner get to matter no additional could review hearings matter. the considering the purely delaying purpose On for markets. developed competition further dismissed. act agreed are be further This limited the over meeting system exist West that been delays the strongly two In competitive At should a regarding does for years. unnecessary considered a resolution additional study sitting the market in a XXXX of the requested Despite evidence

delays you this Commission believe sit the to favor information all like us As necessary Texas we of record expect, in, West the Railroad for contains LPG. in additional commissioner extremely to as frustrating rule

we politically rate the to this We potential become be fought also include case, and in forward case Products without have of believe has such Partners, Partners. as favor put State a Magellan Enterprise Partners, our of Howard setting entities [indiscernible] in both Energy that as position, the hard President matter our Midstream several Specific Texas of and to to Transfer resolution. certainty timing and the those any Energy know Williams owners Partners, will this pipeline legally

conference interested Wednesday, morning, parties as we on hope Now flow XXXX the and next projected open found by now remarks full lastly the our will questions Day of us this on a lines regarding We call the guidance will More year market for answers. does on can capital this newer Analyst/Investor for this asset our Emily, flow all year, be conference and information our and after for give cash close. each our XXst, this We like guidance through cash our issuing morning. prepared February would be include call, join meeting spending to XXXX. hosting website. walk we segments the

Operator

question comes [Operator of the Stephens. Instructions] our Matt first Schmid And from line from

open. Your line is

Matt Schmid

Hey. Good guys. morning

Joe McCreery

Matt. Good morning,

Bob Bondurant

Good morning.

Matt Schmid

maybe been this could spot Good. quarter about, Well a the it in but business strong just the color of bit, provide Bob, on additional how year? and the touched business the has logistics first butane been has little trending man a you little and just clearly

Bob Bondurant

some bit with little things a been high due we storm behind the some come it's had in disruptions Yes, that through and to weather. weather, the some

bit got budget. be little us of but a we kind that to on first still quarter behind, So expect

Matt Schmid

Okay, great. And…

Bob Bondurant

extremely other for the our people that relative business. add we so that, in just in and that a I'll trucks helped transportation like it's and difficult transportation really becoming has of everything that there, lot concern to things us in network have

strong a to business. continues it be So, good

Matt Schmid

And, could little distribution But, it you lower being Texas great. quarter the and sequentially? about moving case ongoing. Okay, just a LPG, mean tariff obviously down fourth if provide West I color maybe just the is

Bob Bondurant

Bob, LPG but need that a a lack business question. to that came It distribution we is tax of January, cash in to property taxes. like they property build word, committing better some had flow take Texas this West cash reserve big I'll and was Yes the pay the normal, some said hold for

time. to a we we're preview reasonable well the are our forecasted rate we the So increased number the to we've two of and remember, normal case, occurred. it's been, forecast of will two disappointed as that our been that what going would next holdback again number and I get, get the resolution in Railroad not brought any that forecast guidance resolution you and Thanks not have if a our about forecasted give guidance, in increase evolved of why we'll for the week preview kind guess had talking quarter front should third did was rates back of this over in holdback in, see, how happened. of And did Commission beginning we that one, we have you the was issue a we XXXX we was, have things

to going that. not we're do So,

you give I want that factor that guidance next increases. know to we into just or week, when did not the equation we factor any So,

Matt Schmid

helpful that's you color. well Okay, Thank a much. very

Bob Bondurant

You bet.

Operator

Murphy from Our Raymond the next Tom James. of comes question from line

open. Your line is

Tom Murphy

thanks pretty taking call for well. my Hi on the year and finishing congrats

Just timing had color all financing through, on if any the Texas on are with I to West LPG quarter? add what you had the was curious last assumptions and guys consistent expansion, you

Joe McCreery

Yes project opportunity a last and a are the the things the I'll we couple out like presents. rated with This From of certainly take forward Joe, are perspective the we Tom is certainly question. as quarter, it we moving one, expansion thanks.

mentioned a that to from our And of vendors as the respect XXXX. and frontend XX on $XX coming with out is with of is so loaded But, on next about perspective, I there, quarters assisting lay funding of million week effectively our first due that we're we'll spend senior that's calendar plan our it's what that doing XX to working here, we'll capital guidance that two the to in required pretty call.

So, we're provide next resolution banks on working with and will week. that we the that

Tom Murphy

me. from all That's much. very you thank Okay,

Operator

Our comes Gyure from next from line the question Mike Janney. of

Your line is open.

Mike Gyure

kind there working to of even bit can things, the do anything hurricane talk out? side how guys there, else is the little a that's on costs the Yes, Storage and and about Terminalling maybe recovery you of if segment and

Bob Bondurant

and revenue Yes, so and $XXX,XXX total big quarters picture maintenance about line two million are between about capital think business, then over September. about expenditures hit QX $XXX,XXX sulfur maintenance couldn't in over approximately spread our I of the the QX. and impact the month DCF to volumes of in left spend was down, get repair then because The $X.X the also and course quarter, in of we that refineries really loss was or those third probably primarily impact the cost, QX

Mike Gyure

the or are for this your may then can bit kind seeing And about, upcoming asphalt a season this great. may point? is you maybe you week what at talk little Okay there about, next of expectations, be be

Bob Bondurant

better it Yes, there. we'll ago, did I'll feels discuss, much it leave but a year just than at it

Joe McCreery

next, from prepared of is winter summer of mentioned season of truly this the the then Joe season Hondo remarks, year. of benefiting course this fourth and course have we'll full Mike and we'll in the have, Yes, season application and the now spring and filled as in benefit the of I the for

about in next that we're pretty we'll So, week. good talk shape,

Mike Gyure

great, very Okay much thanks guys.

Operator

question Capital the Schultz from of Our line RBC comes from next T.J. Markets.

open. is line Your

T.J. Schultz

Hey guys, good morning.

study what what Just causes bit expecting? could guess meeting Railroad on meeting and case, and so, the kind wanted on members expand delay you rate little is of just if Commission are to exactly I what after the two where latest the a January you that January, the next XXrd

Scott Southard

a was prove XXth, when is really February the we're information we Scott was the get the set Railroad just not filed relief be market and that West Commission. reconsideration meantime, interim some rate what meeting if on This for considered January competition XXrd, for for remanded to well. is ALJ, case Southard. for is some that agenda that or by in we sure yet feedback The motion as back waiting not were next for ask market. for on as the the up the additional We're Texas looking that to to

T.J. Schultz

Okay.

So, February are XXth you on if when docket? that know you

Scott Southard

X be days the will It best before meeting.

the in or So so. week next

T.J. Schultz

In week the so. next or

Okay.

Joe McCreery

anticipating any T.J., as soon the XXXX. mentioned, sneak Bob time is into peak we're not for kind on there I'll guidance, no financials add, the factored resolution just resolution here of And any

ways So a away perspective from we're our here. still

T.J. Schultz

you've to flow remind expectation me contracts this just impact? Okay come what's due understood. just up and just of can cash And moving year then that come Cardinal, kind me remind on to re-contract got you some on your up

Bob Bondurant

total again get X contracted Yes of be obviously on lower next a have our I do think periwheel, will exist guidance, approximately over and and a today. what but week rates into believe piece we'll detail we rolling further I contracts at those

those numbers flow So will reduced of able and next that guidance to our beginning XXXX be a in quarterly lay July cash in impact you there week. out we'll be see and will

T.J. Schultz

week, We'll you. good. next sounds talk thank Okay

Bob Bondurant

bet. You

Operator

comes of Securities. May Our One Kyle next the from question Capital line from

is line Your open.

Kyle May

everybody. morning good Hey

Bob Bondurant

morning. Good

Kyle May

the any the impacts one about on can LPG from you on quick that distribution, talk West One Texas fourth quarter? tax

Bob Bondurant

tax Tax, as when you law change? are saying the saying are that, because you

Kyle May

right. You're

Bob Bondurant

that, were There from no no. impacts

Kyle May

forward? going Okay then what and about

Bob Bondurant

there at we it's law pass impact LPG. be Yes tax through Texas from expect will West don't changes so a entity, any

Kyle May

the fund maybe Okay one maybe are West you funding earlier one, you nature? you else waivers is Texas about were quick talking what can or working that, with of covenant or to of And at with that, consideration LPG lenders looking great. expand something that on

Joe McCreery

we'll of things of and that's because we structural of that one Joe our us aware, acquisition the a facility, Kyle. lead may think credit have I within from an activities M&A. handle way couple as certainly almost within revolving Yes, acquisition kind credit springing is covenant a revolving giving it elements facility some treating like be you This the is receptive to

And almost get acquisition. treatment next describe as process week from of structure so, will project construction build favorable we're to the kind respect that to going And this the revolving also in will help different another credit out. treating element it facility and with then which

Kyle May

And I maybe that the balance squeeze sheet assets in, are can is walk can one on Okay listed you if for last the sale? great. through still

Ruben Martin

exact Marine the have is Yes, of and these it's some but I Kyle, none sale a the state-of-the-art Have in of assets revenue, in one balance know refinery that older barges the is it's last few not years. total. created any are revenue a that hydrotreater and created for assets, number, in don't our handful

those that's are. So, what

Bob Bondurant

and there on it's There that's putting there thing the keep Hydrotreater make didn't to equipment them of any been purchased that the are planned sell way just better point so its never and them type on with market. expense asset marine production we on it with we up never used and same it, up, of in the for revenue. reasons of it's not having it going got business actually a I'll we've Arkansas, one out so was a used to laid a we need increase our generating it in found the equipment hydrogen And had

Joe McCreery

is And Kyle, Joe. this

be weekend tomorrow guidance events and tomorrow. that so but XX-K Our you filed reading got just close, will more of after you get there, if for look the market clarity little call, a

Kyle May

I okay it, thanks it. Got lot a guys. appreciate

Bob Bondurant

bet. You

Operator

of next HITE. comes question from Our Shen the Lynn from line

is Your line open.

Lynn Shen

review call. your should to that business just a discussions for to good a I'm going taking negative there thanks ask this less is sulfur of morning, be I sulfur means IMO produce for recently of XXXX, want my there required are products. wondering business? refinery just there good Hey of that kind or to lot be

Bob Bondurant

We have It already treated. in do have, problem, what the a we and our diesel saw are have acceptable oil is crude into sulfur make and enough that marketplace have make those we minimal of our an ultralow a we of doesn't as particular that test. change, sulfur amount lubricants we hydrogen all

sulfur the We so, we're the problems its downfall impact far been don't to it we on but far look the the big for expect as more see probably slightly already. the due stay sulfur And the refinery, but a of the we the few didn't amount go we expect change. volumes that, lot a in increase when we because everything as as a of expected it as solved sweeter impact else past, said about same to so up crudes, seeing But to had approximately same. refineries years don't for them ago much big to their the

Lynn Shen

you. Great, thank

Operator

Stevens Caspian. from from our line Jordan of And the question last comes

is line Your open.

Jordan Stevens

guys, I week of what the that something of call thinking the the on and, just year? about maybe of capital wanted understand guidance, in doing thinking part are and price as is, your with rest structure, LPG to just were of stepped bonds for next West if still kind you just anything obviously the Texas you Hi wanted down but, today. to

Joe McCreery

we with accretive issue could been wish the cooperating asked where have to, think back-up weeks DCF Joe, easier I ago, I'll think we an nature. markets two on had the vis-à-vis a respect is something question. Jordan, I this a we yields answer in much would take not for we Obviously could you.

that do our so, it's accretive and last to we on keen providing XX from would cargo week, it very, points again it maybe closely us. so. kind insight we we're today difficult of DCF to like during of on notes I I spot it to do we but on continue kind XX we're and of But little watching next But, a as something, really understand a the And if are up said. that little assume think more the something. make But, very we'll XXX market reasonable perspective basis so very that we do more a watching think I X try for XX could very, would made on has to that backed we've days kind basis

Jordan Stevens

And sense. makes that it. Got perfect

Operator

over And time. turn questions remarks. further back to this at like there would call to are no the Ruben I for closing Martin,

Ruben Martin

thank questions our to for the in coverages year. and good good and we quarter appreciate everybody for a which for coverages company dialing strong fourth fourth quarter the everybody enjoyed good in. interest us and want gave We I the

cash year. Next week, with again for we'll next dialing for flow give that, I the everybody detailed in. want And thank the to guidance

Operator

today's concludes conference This call.

may disconnect. You now

Martin Midstream Partners (MMLP) 15 Feb 182017 Q4 Earnings call transcript