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Martin Midstream Partners L.P. Ltd. Part Reports Operating Results (10-Q)

November 05, 2012 | About:

Martin Midstream Partners L.P. Ltd. Part (NASDAQ:MMLP) filed Quarterly Report for the period ended 2012-09-30.

Martin Midstream Partners L.p. has a market cap of $813.7 million; its shares were traded at around $34.6355 with a P/E ratio of 55 and P/S ratio of 0.7. The dividend yield of Martin Midstream Partners L.p. stocks is 8.7%.

Highlight of Business Operations:

Our total revenues before eliminations were $319.9 million for the three months ended September 30, 2012, compared to $290.4 million for the three months ended September 30, 2011, an increase of $29.5 million, or 10%. Our operating income before eliminations was $14.9 million for the three months ended September 30, 2012, compared to $7.7 million for the three months ended September 30, 2011, an increase of $7.2 million, or 94%.

Revenues. Our natural gas services revenues increased $31.0 million, or 19% for the three months ended September 30, 2012, compared to the three months ended September 30, 2011. NGL sales volumes for the three months of 2012 increased 50% compared to the same period of 2011, resulting in a positive impact on revenues of $62.4 million. Our NGL average sales price per barrel for the three months ended September 30, 2012, decreased $15.60, or 20% compared to the same period of 2011, resulting in a decrease in revenue of $31.4 million.

Revenues. Our marine transportation revenues increased $0.5 million, or 2%, for the three months ended September 30, 2012, compared to the three months ended September 30, 2011. This increase was primarily a result of an increase in our offshore marine operations somewhat offset by a decrease in our inland marine operations. Our offshore revenues increased $1.7 million, primarily due to increased utilization of the offshore fleet in 2012 of $1.1 million due to increased demand for our two offshore tows which operate in the spot market and an increase in ancillary charges of $0.6 million. Our inland marine operations decreased $1.2 million, of which $1.3 million is attributed to decreased utilization of the inland fleet and $0.1 million in increased ancillary charges, primarily related to fuel.

Our total revenues before eliminations were $926.0 million for the nine months ended September 30, 2012 compared to $809.5 million for the nine months ended September 30, 2011, an increase of $116.5 million, or 14%. Our operating income before eliminations was $47.6 million for the nine months ended September 30, 2012 compared to $31.3 million for the nine months ended September 30, 2011, an increase of $16.3 million, or 52%.

Revenues. Our marine transportation revenues increased $2.7 million, or 4%, for the nine months ended September 30, 2012, compared to the nine months ended September 30, 2011. This increase was primarily a result of an increase in our offshore marine operations, offset by a decrease in our inland marine operations. Our offshore revenues increased $5.6 million primarily due to increased utilization of the offshore fleet in 2012 of $4.5 million due to increased demand for our two offshore tows which operate in the spot market and an increase in ancillary charges of $1.1 million. Our inland marine operations decreased $2.9 million, of which $3.2 million is attributed to decreased utilization of the inland fleet offset by $0.3 million in increased ancillary charges, primarily related to fuel.

Read the The complete Report

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10qk
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