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Hot Stocks
Martin Resource Management announces Alinda Capital/Senterfitt transaction » 09:12
11/29/21
11/29
09:12
11/29/21
09:12
MMLP

Martin Midstream Partners

$2.76 /

-0.08 (-2.82%)

Martin Resource…

Martin Resource Management Corporation which through its wholly owned subsidiary owns a 51% voting interest n MMGP Holding , the sole owner of Martin Midstream which is the general partner of Martin Midstream Partners announced today that Senterfitt Holdings indirectly acquired the 49% voting interest in Holdings owned by certain affiliated investment funds managed by Alinda Capital Partners by purchasing certain entities from Alinda. Senterfitt is a privately held investment entity owned by Ruben S. Martin, III, President and Chief Executive Officer of MRMC. "I am pleased to have the opportunity to simplify the structure of the General Partner and to consolidate control back under the Martin umbrella," said Mr. Martin, "and in doing so show my personal commitment and support to MMLP and its management team." As part of the announced transaction, Martin Resource , a wholly-owned subsidiary of MRMC, has entered into call option agreements with the Senterfitt subsidiaries, which own the membership interest in Holdings. Subject to certain conditions, MRLLC will have the right, but not the obligation, to purchase all of the membership interests of Holdings owned by such subsidiaries for a period of ten years. At closing, the General Partner amended and restated its limited liability company agreement to revise corporate governance procedures and eliminate Alinda's preferential right with respect to the board appointment process, which had expanded the Board of Directors of the General Partner to seven members and provided Alinda with the preferential right to appoint three members. The elimination of the preferential right results in the reduction of the Board to five members, at least three of which are required to be independent in accordance with SEC and NASDAQ requirements. Upon closing, Holdings reappointed Ruben S. Martin, III, Robert D. Bondurant, Byron Kelley, C. Scott Massey and James Collingsworth to serve on the Board.

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MMLP Martin Midstream Partners
$2.76 /

-0.08 (-2.82%)

Over a quarter ago
Earnings
Martin Midstream Partners reports Q2 EPS (17c), one estimate (13c) » 16:04
07/22/21
07/22
16:04
07/22/21
16:04
MMLP

Martin Midstream Partners

$2.94 /

-0.13 (-4.23%)

Reports Q2 revenue…

Reports Q2 revenue $184.3M vs. $140.6M last year. CEO Bob Bondurant says: "For the second quarter of 2021, the Partnership had a solid performance in line with our annual projected cash flows of between $95 million to $102 million. As the country returns to a more open economy and refinery utilization increases, we have seen heightened demand for our services particularly within the land transportation and lubricants businesses. However, the impact of COVID-19 is still reflected in a reduction in sulfur service volumes and lower marine day rates year over year. As expected, marine utilization has increased from last quarter and we anticipate the continued economic recovery will drive demand upward allowing for the further utilization of our asset base. Looking to the third quarter, which is seasonally our weakest due to the cyclical nature of both the fertilizer and butane businesses, we amended our revolving credit facility in response to rising commodity prices and the continued impact of COVID-19 on the Partnership's trailing twelve month cash flows. I'd like thank our lenders for recognizing our ongoing commitment to capital discipline through their support of the amendment."

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Hot Stocks
Martin Midstream Partners announces sale of Mega Lubricants assets for $22.4M » 16:04
12/22/20
12/22
16:04
12/22/20
16:04
MMLP

Martin Midstream Partners

$1.62 /

+0.02 (+1.25%)

Martin Midstream Partners…

Martin Midstream Partners announced the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor for $22.4M. Robert Bondurant, executive VP, CFO and director of the partnership, said, "The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets. As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our Partnership attractive to investors again. Reducing our leverage is integral to that vision."

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MMLP Martin Midstream Partners
$1.62 /

+0.02 (+1.25%)

MMLP Martin Midstream Partners
$1.62 /

+0.02 (+1.25%)

01/07/20 Wells Fargo
Martin Midstream Partners downgraded to Underweight at Wells Fargo
01/07/20 Wells Fargo
Martin Midstream Partners downgraded to Underweight from Equal Weight at Wells Fargo
MMLP Martin Midstream Partners
$1.62 /

+0.02 (+1.25%)

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