Document

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “The Partnership reported adjusted EBITDA of $27.1 million for the quarter. Based on performance over the first half of the year, we are reaffirming our full year adjusted EBITDA guidance of $109.1 million. However, we remain cautious and continue to closely monitor the potential impacts of the proposed tariffs.

“In the Transportation segment, utilization in the marine business was slightly below expectations due to equipment repairs, which reduced cash flow for the quarter. Results from land transportation partially offset the shortfall from marine operations. Land transportation rates continued to show signs of pressure compared to internal projections, but lower-than-expected operating expenses contributed to improved cash flow.

“During the quarter, growth capital expenditures totaled $0.8 million and maintenance capital expenditures were $5.2 million. As of June 30, 2025, our adjusted leverage ratio was 4.20 times compared to 4.21 times as of March 31, 2025. We anticipate that leverage will remain at this level in the third quarter, which is typically our seasonally weakest period for cash flow. During this time, the Partnership is managing planned turnarounds, funding capital projects, and making the semi-annual interest payment on our outstanding notes, all of which contribute to higher debt levels. We expect leverage to decline in the fourth quarter as the Sulfur Services segment exits turnaround season and operational cash flows improve.”


	Operating Income (Loss) ($M)				Adjusted EBITDA ($M)
	Three Months Ended June 30,
	2025		2024		2025		2024
	(Amounts may not add or recalculate due to rounding)
Business Segment:
Transportation	$	6.2	$	8.0	$	8.5	$	11.2
Terminalling and Storage	3.0		3.3		8.4		8.0
Sulfur Services	6.0		7.5		9.7		10.6
Specialty Products	3.6		4.9		4.4		5.7
Unallocated Selling, General and Administrative Expense	(3.9)		(3.8)		(3.9)		(3.8)
	$	14.9	$	19.9	$	27.1	$	31.7

Terminalling and Storage Adjusted EBITDA increased by $0.4 million. At our Smackover refinery, Adjusted EBITDA increased by $0.9 million, benefiting from higher throughput and reservation fees, combined with lower operating expenses. In the underground NGL storage division, Adjusted EBITDA decreased by $0.5 million due to lower throughput volumes. Adjusted EBITDA in our specialty terminals division remained flat at $2.9 million. Adjusted EBITDA in our shore-based terminals division held steady at $1.5 million.

Sulfur Services Adjusted EBITDA decreased by $0.9 million. In the fertilizer division, Adjusted EBITDA declined by $0.7 million due to margin compression from higher raw material costs, partially offset by reservation fees related to the DSM Semichem joint venture. In the pure sulfur business, Adjusted EBITDA decreased by $0.6 million due to a reduction in operating expenses in the second quarter of 2024 from our sulfur vessel going into the shipyard for regulatory maintenance, combined with increased repairs and maintenance expenses. In the sulfur prilling business, Adjusted EBITDA decreased by $0.2 million, reflecting a volume-driven reduction in operating fees.

Specialty Products Adjusted EBITDA decreased by $1.3 million. In the grease division, Adjusted EBITDA decreased by $1.5 million, primarily due to lower margins associated with a higher mix of lower-margin product sales. The lubricants division increased by $0.1 million, reflecting higher volumes partially offset by lower margins. Adjusted EBITDA in our propane and NGL divisions each remained flat at $0.3 million, reflecting stable volumes and margins.


(in millions)	Transportation		Terminalling & Storage		Sulfur Services		Specialty Products		SG&A		Interest Expense		2Q 2025 Actual
Net income (loss)	$	6.2	$	3	$	6	$	3.6	$	(6.6)	$	(14.6)	$	(2.4)
Interest expense add back	–		–		–		–		–		$	14.6	$	14.6
Equity in loss of DSM Semichem LLC	–		–		–		–		$	0.6	–		$	0.6
Income tax expense	–		–		–		–		$	2.1	–		$	2.1
Operating Income (loss)	$	6.2	$	3.0	$	6.0	$	3.6	$	(3.9)	$	–	$	14.9
Depreciation and amortization	$	2.9	$	5.4	$	3.6	$	0.8	–		–		$	12.6
Gain on sale or disposition of property, plant, and equipment	$	(0.6)	–		–		–		–		–		$	(0.6)

Non-cash contractual revenue deferral adjustment	–		–		$	0.2	–		–		–		$	0.2
Unit-based compensation	–		–		–		–		–		–		–
Adjusted EBITDA	$	8.5	$	8.4	$	9.7	$	4.4	$	(3.9)	$	–	$	27.1

EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below tables entitled "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” and “Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow” in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.


	June 30, 2025		December 31, 2024
	($ in millions)
Debt Outstanding:
Revolving Credit Facility, Due February 2027 1	$	41.0	$	53.5
Finance lease obligations	0.1		0.1
11.50% Senior Secured Notes, Due February 2028	400.0		400.0
Total Debt Outstanding:	$	441.1	$	453.6

Summary Credit Metrics:
Revolving Credit Facility - Total Capacity	$	150.0	$	150.0
Revolving Credit Facility - Available Liquidity 2	$	31.3	$	80.7
Total Adjusted Leverage Ratio 3	4.20x		3.96x
Senior Leverage Ratio 3	0.39x		0.47x
Interest Coverage Ratio 3	1.97x		2.14x

This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent (100%) of MMLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MMLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Martin Midstream Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors.

Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty

Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership’s future cash flows and operations, (iii) the Partnership’s ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, and (vii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("Adjusted Free Cash Flow"). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.

EBITDA and Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, and transaction costs associated with business combination, merger, and divestiture activities. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:

The GAAP measures most directly comparable to Adjusted EBITDA are Net Income (Loss) and Net Cash Provided by (Used In) Operating Activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.

Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance.

Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity.


	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Cash	$	47	$	55
Accounts and other receivables, less allowance for doubtful accounts of $1,319 and $940, respectively	57,502		53,569

Inventories	46,124		51,707
Due from affiliates	8,803		13,694

Other current assets	9,127		11,454

Total current assets	121,603		130,479

Property, plant and equipment, at cost	960,880		954,059
Accumulated depreciation	(666,056)		(648,609)
Property, plant and equipment, net	294,824		305,450

Goodwill	16,671		16,671
Right-of-use assets	64,815		67,140
Investment in DSM Semichem LLC	6,489		7,314
Deferred income taxes, net	10,100		9,946
Other assets, net	1,130		1,509
Total assets	$	515,632	$	538,509

Liabilities and Partners’ Capital (Deficit)
Current installments of long-term debt and finance lease obligations	$	15	$	14
Trade and other accounts payable	54,020		61,599
Product exchange payables	943		798
Due to affiliates	3,701		4,927
Income taxes payable	2,132		1,283

Other accrued liabilities	46,878		46,880
Total current liabilities	107,689		115,501

Long-term debt, net	427,821		437,635
Finance lease obligations	47		55
Operating lease liabilities	44,762		47,815
Other long-term obligations	9,500		7,942
Total liabilities	589,819		608,948

Commitments and contingencies
Partners’ capital (deficit)	(74,187)		(70,439)

Total liabilities and partners' capital (deficit)	$	515,632	$	538,509


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Terminalling and storage *	$	22,404	$	22,375	$	43,953	$	44,892
Transportation *	53,826		57,676		106,811		115,983
Sulfur services	4,073		3,477		8,296		6,954
Product sales: *
Specialty products	60,318		67,288		129,623		133,613
Sulfur services	40,055		33,715		84,536		63,919

	100,373		101,003		214,159		197,532
Total revenues	180,676		184,531		373,219		365,361

Costs and expenses:
Cost of products sold: (excluding depreciation and amortization)
Specialty products *	52,270		57,553		112,764		114,783
Sulfur services *	26,234		19,234		55,316		39,633
Terminalling and storage *	—		24		—		42
	78,504		76,811		168,080		154,458
Expenses:
Operating expenses *	64,382		65,358		128,836		129,292
Selling, general and administrative *	10,882		10,701		22,656		19,614


Depreciation and amortization	12,638		12,687		25,454		25,336
Total costs and expenses	166,406		165,557		345,026		328,700

Gain on disposition or sale of property, plant and equipment	613		953		1,092		1,161

Operating income	14,883		19,927		29,285		37,822

Other income (expense):
Interest expense, net	(14,608)		(14,377)		(28,715)		(28,219)


Equity in loss of DSM Semichem LLC	(616)		—		(825)		—
Other, net	18		2		16		18
Total other expense	(15,206)		(14,375)		(29,524)		(28,201)

Net income before taxes	(323)		5,552		(239)		9,621
Income tax expense	(2,084)		(1,772)		(3,201)		(2,568)


Net income (loss)	(2,407)		3,780		(3,440)		7,053
Less general partner's interest in net income (loss)	(48)		76		(69)		141

Less income (loss) allocable to unvested restricted units	(10)		16		(14)		28
Limited partners' interest in net income (loss)	$	(2,349)	$	3,688	$	(3,357)	$	6,884

Net income (loss) per unit attributable to limited partners - basic	$	(0.06)	$	0.09	$	(0.09)	$	0.18
Net income (loss) per unit attributable to limited partners - diluted	$	(0.06)	$	0.09	$	(0.09)	$	0.18
Weighted average limited partner units - basic	38,892,347		38,832,222		38,887,692		38,833,039
Weighted average limited partner units - diluted	38,892,347		38,891,375		38,887,692		38,872,192


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:*
Terminalling and storage	$	18,221	$	18,078	$	35,483	$	36,627
Transportation	7,320		8,318		15,290		16,919

Product Sales	1,040		123		2,340		252
Costs and expenses:*
Cost of products sold: (excluding depreciation and amortization)
Specialty products	7,277		8,368		13,287		14,941
Sulfur services	3,187		2,919		6,308		5,912
Terminalling and storage	—		24		—		42
Expenses:
Operating expenses	27,823		26,501		55,388		52,924
Selling, general and administrative	8,135		8,638		16,027		15,501


	Partners’ Capital (Deficit)
	Common Limited			General Partner Amount
	Units	Amount				Total
Balances - March 31, 2025	39,055,086	$	(73,041)	$	1,413		$	(71,628)
Net loss	—	(2,359)		(48)			(2,407)




Cash distributions	—	(195)		(4)			(199)
Unit-based compensation	—	47		—			47




Balances - June 30, 2025	39,055,086	(75,548)		1,361			(74,187)

Balances - December 31, 2024	39,001,086	$	(71,877)	$	1,438		$	(70,439)
Net loss	—	(3,371)		(69)			(3,440)

Issuance of restricted units	54,000	—		—			—


Cash distributions	—	(390)		(8)			(398)
Unit-based compensation	—	90		—			90




Balances - June 30, 2025	39,055,086	$	(75,548)	$	1,361		$	(74,187)


	Partners’ Capital (Deficit)
	Common Limited			General Partner Amount
	Units	Amount				Total
Balances - March 31, 2024	39,001,086	$	(63,115)	$	1,619		$	(61,496)
Net loss	—	3,704		76			3,780

Issuance of restricted units	—	—		—			—


Cash distributions	—	(195)		(4)			(199)
Unit-based compensation	—	49		—			49




Balances - June 30, 2024	39,001,086	(59,557)		1,691			(57,866)

Balances - December 31, 2023	38,914,806	$	(66,182)	$	1,558		$	(64,624)
Net income	—	6,912		141			7,053

Issuance of restricted units	86,280	—		—			—

General partner contribution	—	—		—			—
Cash distributions	—	(390)		(8)			(398)
Unit-based compensation	—	103		—			103




Balances - June 30, 2024	39,001,086	$	(59,557)	$	1,691		$	(57,866)


	Six Months Ended
	June 30,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	(3,440)	$	7,053
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,454		25,336
Amortization of deferred debt issuance costs	1,556		1,539
Amortization of debt discount	1,200		1,200

Deferred income tax expense	(154)		26
Gain on disposition or sale of property, plant and equipment, net	(1,092)		(1,161)







Equity in loss of DSM Semichem LLC	825		—
Non cash unit-based compensation	90		103
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
Accounts and other receivables	(3,933)		2,383

Inventories	5,583		2,031
Due from affiliates	4,891		(14,227)
Other current assets	(544)		174
Trade and other accounts payable	(6,181)		523
Product exchange payables	145		(426)
Due to affiliates	(1,226)		(3,065)
Income taxes payable	849		722
Other accrued liabilities	(611)		(1,196)
Change in other non-current assets and liabilities	1,484		922


Net cash provided by operating activities	24,896		21,937

Cash flows from investing activities:
Payments for property, plant and equipment	(11,222)		(24,194)

Payments for plant turnaround costs	(1,799)		(6,705)

Investment in DSM Semichem LLC	—		(6,938)
Proceeds from sale of property, plant and equipment	1,092		738


Net cash used in investing activities	(11,929)		(37,099)

Cash flows from financing activities:
Payments of long-term debt	(121,500)		(113,000)
Payments under finance lease obligations	(7)		(1)
Proceeds from long-term debt	109,000		128,577




Payment of debt issuance costs	(70)		(15)

Cash distributions paid	(398)		(398)
Net cash provided by (used in) financing activities	(12,975)		15,163

Net increase (decrease) in cash	(8)		1
Cash at beginning of period	55		54
Cash at end of period	$	47	$	55

Non-cash additions to property, plant and equipment	$	1,263	$	2,641
Non-cash contribution of land to DSM Semichem LLC	$	—	$	1,000


	Three Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues	$	57,701	$	61,467	$	(3,766)	(6)	%
Operating expenses	46,399		47,783		(1,384)		(3)	%
Selling, general and administrative expenses	2,769		2,527		242		10	%


Depreciation and amortization	2,916		3,381		(465)		(14)	%
	5,617		7,776		(2,159)		(28)	%
Gain on disposition or sale of property, plant and equipment	600		260		340		131	%
Operating income	$	6,217	$	8,036	$	(1,819)	(23)	%


	Six Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues	$	115,176	$	123,509	$	(8,333)	(7)	%
Operating expenses	93,046		94,424		(1,378)		(1)	%
Selling, general and administrative expenses	5,637		4,727		910		19	%


Depreciation and amortization	5,848		6,857		(1,009)		(15)	%
	$	10,645	$	17,501	$	(6,856)	(39)	%
Gain on disposition or sale of property, plant and equipment	1,078		366		712		195	%
Operating income	$	11,723	$	17,867	$	(6,144)	(34)	%


	Three Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands, except BBL per day)

Revenues	$	24,228	$	24,402	$	(174)	(1)	%



Cost of products sold	—		24		(24)		(100)	%
Operating expenses	15,079		15,522		(443)		(3)	%
Selling, general and administrative expenses	746		820		(74)		(9)	%
Depreciation and amortization	5,411		5,729		(318)		(6)	%
	2,992		2,307		685		30	%
Gain on disposition or sale of property, plant and equipment	8		995		(987)		(99)	%

Operating income	$	3,000	$	3,302	$	(302)	(9)	%

Shore-based throughput volumes (gallons)	47,199		42,491		4,708		11	%
Smackover refinery throughput volumes (guaranteed minimum BBL per day)	6,500		6,500		—		—	%


	Six Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands, except BBL per day)

Revenues	$	47,642	$	48,687	$	(1,045)	(2)	%
Cost of products sold	—		42		(42)		(100)	%
Operating expenses	29,892		30,557		(665)		(2)	%
Selling, general and administrative expenses	1,669		1,102		567		51	%
Depreciation and amortization	10,980		11,124		(144)		(1)	%
	5,101		5,862		(761)		(13)	%
Gain on disposition or sale of property, plant and equipment	9		1,097		(1,088)		(99)	%

Operating income	$	5,110	$	6,959	$	(1,849)	(27)	%

Shore-based throughput volumes (gallons)	85,690		88,260		(2,570)		(3)	%
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day)	6,500		6,500		—		—	%


	Three Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues:
Services	$	4,073	$	3,477	$	596	17	%
Products	40,055		33,716		6,339		19	%
Total revenues	44,128		37,193		6,935		19	%

Cost of products sold	29,311		22,183		7,128		32	%
Operating expenses	3,655		2,744		911		33	%
Selling, general and administrative expenses	1,638		1,717		(79)		(5)	%
Depreciation and amortization	3,556		2,778		778		28	%
	5,968		7,771		(1,803)		(23)	%
Gain (loss) on disposition or sale of property, plant and equipment	1		(308)		309		100	%
Operating income	$	5,969	$	7,463	$	(1,494)	(20)	%

Sulfur (long tons)	144		91		53		58	%
Fertilizer (long tons)	73		64		9		14	%
Total sulfur services volumes (long tons)	217		155		62		40	%


	Six Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues:
Services	$	8,296	$	6,954	$	1,342	19	%
Products	84,536		63,920		20,616		32	%
Total revenues	92,832		70,874		21,958		31	%

Cost of products sold	61,313		44,954		16,359		36	%
Operating expenses	7,487		5,684		1,803		32	%
Selling, general and administrative expenses	3,235		3,020		215		7	%
Depreciation and amortization	7,113		5,760		1,353		23	%
	13,684		11,456		2,228		19	%
Gain (loss) on disposition or sale of property, plant and equipment	1		(308)		309		100	%

Operating income	$	13,685	$	11,148	$	2,537	23	%

Sulfur (long tons)	277		182		95		52	%
Fertilizer (long tons)	170		136		34		25	%
Total sulfur services volumes (long tons)	447		318		129		41	%


	Three Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Products revenues	$	60,341	$	67,317	$	(6,976)	(10)	%
Cost of products sold	54,166		59,711		(5,545)		(9)	%
Operating expenses	(31)		26		(57)		(219)	%
Selling, general and administrative expenses	1,821		1,842		(21)		(1)	%
Depreciation and amortization	755		799		(44)		(6)	%
	3,630		4,939		(1,309)		(27)	%
Gain on disposition or sale of property, plant and equipment	4		6		(2)		(33)	%
Operating income	$	3,634	$	4,945	$	(1,311)	(27)	%

NGL sales volumes (Bbls)	572		540		32		6	%
Other specialty products volumes (Bbls)	89		93		(4)		(4)	%
Total specialty products volumes (Bbls)	661		633		28		4	%


	Six Months Ended June 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Products revenues	$	129,669	$	133,663	$	(3,994)	(3)	%

Cost of products sold	117,211		119,355		(2,144)		(2)	%
Operating expenses	—		51		(51)		(100)	%
Selling, general and administrative expenses	3,570		3,165		405		13	%
Depreciation and amortization	1,513		1,595		(82)		(5)	%
	7,375		9,497		(2,122)		(22)	%
Gain on disposition or sale of property, plant and equipment	4		6		(2)		(33)	%
Operating income	$	7,379	$	9,503	$	(2,124)	(22)	%

NGL sales volumes (Bbls)	1,236		1,162		74		6	%
Other specialty products volumes (Bbls)	170		172		(2)		(1)	%
Total specialty products volumes (Bbls)	1,406		1,334		72		5	%


	Three Months Ended June 30,				Six Months Ended June 30,

	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net income (loss)	$	(2,407)	$	3,780	$	(3,440)	$	7,053
Adjustments:
Interest expense	14,608		14,377		28,715		28,219
Income tax expense	2,084		1,772		3,201		2,568
Depreciation and amortization	12,638		12,687		25,454		25,336
EBITDA	26,923		32,616		53,930		63,176
Adjustments:
Gain on disposition or sale of property, plant and equipment	(613)		(953)		(1,092)		(1,161)
Transaction expenses related to the terminated Merger with Martin Resource Management Corporation	—		—		827		—
Equity in (earnings) loss of DSM Semichem LLC	616		—		825		—
Non-cash contractual revenue adjustment	175		—		396		—
Unit-based compensation	47		49		90		103
Adjusted EBITDA	$	27,148	$	31,712	$	54,976	$	62,118


	Three Months Ended June 30,				Six Months Ended June 30,

	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net cash provided by operating activities	$	30,915	$	11,828	$	24,896	$	21,937
Interest expense 1	13,229		13,004		25,959		25,480
Current income tax expense	2,024		1,420		3,355		2,542
Transaction expenses related to the terminated Merger with Martin Resource Management Corporation	—		—		827		—
Non-cash contractual revenue adjustment	175		—		396		—
Changes in operating assets and liabilities which (provided) used cash:
Accounts and other receivables, inventories, and other current assets	(6,570)		9,919		(5,997)		9,639
Trade, accounts and other payables, and other current liabilities	(12,013)		(3,786)		7,024		3,442
Other	(612)		(673)		(1,484)		(922)
Adjusted EBITDA	27,148		31,712		54,976		62,118
Adjustments:
Interest expense	(14,608)		(14,377)		(28,715)		(28,219)
Income tax expense	(2,084)		(1,772)		(3,201)		(2,568)
Deferred income taxes	60		352		(154)		26
Amortization of debt discount	600		600		1,200		1,200
Amortization of deferred debt issuance costs	779		773		1,556		1,539
Payments for plant turnaround costs	(977)		(745)		(1,799)		(6,705)
Maintenance capital expenditures	(4,246)		(7,009)		(8,103)		(12,211)
Distributable Cash Flow	6,672		9,534		15,760		15,180
Principal payments under finance lease obligations	(3)		(1)		(7)		(1)
Investment in DSM Semichem LLC	—		(6,938)		—		(6,938)
Expansion capital expenditures	(792)		(5,450)		(1,721)		(11,681)
Adjusted Free Cash Flow	$	5,877	$	(2,855)	$	14,032	$	(3,440)


Period	Net Income (Loss)		Net Income (Loss) Per Unit		Adjusted EBITDA		Net Cash Provided by (Used in) Operating Activities		Distributable Cash Flow		Revenues

Three Months Ended June 30, 2025	$	(2.4)	$	(0.06)	$	27.1	$	30.9	$	6.7	$	180.7
Three Months Ended June 30, 2024	$	3.8	$	0.09	$	31.7	$	11.8	$	9.5	$	184.5