DELAWARE (State of incorporation or organization) | 000-50056 (Commission file number) | 05-0527861 (I.R.S. employer identification number) | ||||
4200 STONE ROAD | ||||||
KILGORE, TEXAS (Address of principal executive offices) | 75662 (Zip code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit | |||||
Number | Description | ||||
99.1 | Press release dated July 30, 2014. |
MARTIN MIDSTREAM PARTNERS L.P. By: Martin Midstream GP LLC, Its General Partner | |||||
Date: July 30, 2014 | By: /s/ Robert D. Bondurant | ||||
Robert D. Bondurant | |||||
Executive Vice President, Treasurer, Principal Accounting Officer and Chief Financial Officer | |||||
Exhibit | |||||
Number | Description | ||||
99.1 | Press release dated July 30, 2014. |
June 30, 2014 | December 31, 2013 | ||||||
(Unaudited) | (Audited) | ||||||
Assets | |||||||
Cash | $ | 2,704 | $ | 16,542 | |||
Accounts and other receivables, less allowance for doubtful accounts of $1,807 and $2,492, respectively | 145,418 | 163,855 | |||||
Product exchange receivables | 4,164 | 2,727 | |||||
Inventories | 113,346 | 94,902 | |||||
Due from affiliates | 21,915 | 12,099 | |||||
Other current assets | 11,173 | 7,353 | |||||
Total current assets | 298,720 | 297,478 | |||||
Property, plant and equipment, at cost | 970,170 | 929,183 | |||||
Accumulated depreciation | (329,772 | ) | (304,808 | ) | |||
Property, plant and equipment, net | 640,398 | 624,375 | |||||
Goodwill | 23,802 | 23,802 | |||||
Investment in unconsolidated entities | 266,445 | 128,662 | |||||
Debt issuance costs, net | 14,191 | 15,659 | |||||
Fair value of derivatives | 547 | — | |||||
Other assets, net | 6,653 | 7,943 | |||||
$ | 1,250,756 | $ | 1,097,919 | ||||
Liabilities and Partners’ Capital | |||||||
Trade and other accounts payable | $ | 121,578 | $ | 142,951 | |||
Product exchange payables | 22,078 | 9,595 | |||||
Due to affiliates | 6,555 | 2,596 | |||||
Income taxes payable | 818 | 1,204 | |||||
Other accrued liabilities | 18,806 | 20,242 | |||||
Total current liabilities | 169,835 | 176,588 | |||||
Long-term debt | 692,168 | 658,695 | |||||
Other long-term obligations | 2,020 | 2,219 | |||||
Total liabilities | 864,023 | 837,502 | |||||
Commitments and contingencies | |||||||
Partners’ capital | 386,733 | 260,417 | |||||
$ | 1,250,756 | $ | 1,097,919 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Terminalling and storage * | $ | 34,167 | $ | 27,420 | $ | 65,968 | $ | 56,311 | |||||||
Marine transportation * | 22,153 | 25,497 | 45,563 | 50,477 | |||||||||||
Sulfur services | 3,038 | 3,001 | 6,075 | 6,002 | |||||||||||
Product sales: * | |||||||||||||||
Natural gas services | 248,601 | 187,200 | 581,938 | 446,309 | |||||||||||
Sulfur services | 59,543 | 57,895 | 110,713 | 125,279 | |||||||||||
Terminalling and storage | 51,443 | 57,175 | 105,716 | 107,496 | |||||||||||
359,587 | 302,270 | 798,367 | 679,084 | ||||||||||||
Total revenues | 418,945 | 358,188 | 915,973 | 791,874 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||
Natural gas services * | 238,622 | 181,523 | 559,320 | 430,301 | |||||||||||
Sulfur services * | 45,315 | 44,786 | 83,168 | 97,583 | |||||||||||
Terminalling and storage * | 46,806 | 50,273 | 94,835 | 94,088 | |||||||||||
330,743 | 276,582 | 737,323 | 621,972 | ||||||||||||
Expenses: | |||||||||||||||
Operating expenses * | 48,256 | 43,035 | 92,152 | 86,395 | |||||||||||
Selling, general and administrative * | 8,745 | 6,383 | 17,351 | 13,413 | |||||||||||
Depreciation and amortization | 14,594 | 12,353 | 28,586 | 24,246 | |||||||||||
Total costs and expenses | 402,338 | 338,353 | 875,412 | 746,026 | |||||||||||
Other operating income | 99 | 424 | 54 | 796 | |||||||||||
Operating income | 16,706 | 20,259 | 40,615 | 46,644 | |||||||||||
Other income (expense): | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | 1,938 | 73 | 1,642 | (301 | ) | ||||||||||
Interest expense | (11,441 | ) | (10,940 | ) | (22,892 | ) | (19,998 | ) | |||||||
Debt prepayment premium | (7,767 | ) | — | (7,767 | ) | — | |||||||||
Other, net | (50 | ) | (14 | ) | (117 | ) | (23 | ) | |||||||
Total other expense | (17,320 | ) | (10,881 | ) | (29,134 | ) | (20,322 | ) | |||||||
Net income (loss) before taxes | (614 | ) | 9,378 | 11,481 | 26,322 | ||||||||||
Income tax expense | (354 | ) | (300 | ) | (654 | ) | (607 | ) | |||||||
Net income (loss) | (968 | ) | 9,078 | 10,827 | 25,715 | ||||||||||
Less general partner's interest in net income | 19 | (181 | ) | (217 | ) | (514 | ) | ||||||||
Less (income) loss allocable to unvested restricted units | 3 | (23 | ) | (29 | ) | (66 | ) | ||||||||
Limited partners' interest in net income (loss) | $ | (946 | ) | $ | 8,874 | $ | 10,581 | $ | 25,135 | ||||||
Net income (loss) per unit attributable to limited partners - basic | $ | (0.03 | ) | $ | 0.33 | $ | 0.38 | $ | 0.95 | ||||||
Weighted average limited partner units - basic | 28,924 | 26,558 | 27,757 | 26,561 | |||||||||||
Net income (loss) per unit attributable to limited partners - diluted | $ | (0.03 | ) | $ | 0.33 | $ | 0.38 | $ | 0.95 | ||||||
Weighted average limited partner units - diluted | 28,924 | 26,579 | 27,791 | 26,577 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Terminalling and storage | $ | 18,743 | $ | 17,485 | $ | 36,753 | $ | 34,813 | |||||||
Marine transportation | 6,415 | 6,042 | 12,264 | 12,885 | |||||||||||
Product Sales | 3,709 | 1,839 | 5,601 | 3,048 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||
Natural gas services | 10,808 | 7,036 | 19,261 | 15,592 | |||||||||||
Sulfur services | 4,452 | 4,441 | 9,317 | 8,975 | |||||||||||
Terminalling and storage | 6,553 | 14,189 | 16,397 | 26,150 | |||||||||||
Expenses: | |||||||||||||||
Operating expenses | 19,248 | 17,534 | 37,487 | 35,508 | |||||||||||
Selling, general and administrative | 5,489 | 4,170 | 10,873 | 8,588 |
Partners’ Capital | ||||||||||||||
Common Limited | General Partner Amount | |||||||||||||
Units | Amount | Total | ||||||||||||
Balances - January 1, 2013 | 26,566,776 | $ | 349,490 | $ | 8,472 | $ | 357,962 | |||||||
Net income | — | 25,201 | 514 | 25,715 | ||||||||||
Issuance of restricted units | 63,750 | — | — | — | ||||||||||
Forfeiture of restricted units | (250 | ) | — | — | — | |||||||||
General partner contribution | — | — | 37 | 37 | ||||||||||
Cash distributions | — | (41,135 | ) | (917 | ) | (42,052 | ) | |||||||
Unit-based compensation | — | 479 | — | 479 | ||||||||||
Purchase of treasury units | (6,000 | ) | (250 | ) | — | (250 | ) | |||||||
Balances - June 30, 2013 | 26,624,276 | $ | 333,785 | $ | 8,106 | $ | 341,891 | |||||||
Balances - January 1, 2014 | 26,625,026 | $ | 254,028 | $ | 6,389 | $ | 260,417 | |||||||
Net income | — | 10,610 | 217 | 10,827 | ||||||||||
Issuance of common units | 4,017,156 | 160,514 | — | 160,514 | ||||||||||
Issuance of restricted units | 6,900 | — | — | — | ||||||||||
Forfeiture of restricted units | (3,250 | ) | — | — | — | |||||||||
General partner contribution | — | — | 3,407 | 3,407 | ||||||||||
Cash distributions | — | (42,192 | ) | (953 | ) | (43,145 | ) | |||||||
Unit-based compensation | — | 387 | — | 387 | ||||||||||
Excess purchase price over carrying value of acquired assets | — | (5,397 | ) | — | (5,397 | ) | ||||||||
Purchase of treasury units | (6,400 | ) | (277 | ) | — | (277 | ) | |||||||
Balances - June 30, 2014 | 30,639,432 | $ | 377,673 | $ | 9,060 | $ | 386,733 |
Six Months Ended | |||||||
June 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 10,827 | $ | 25,715 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 28,586 | 24,246 | |||||
Amortization of deferred debt issuance costs | 4,588 | 2,075 | |||||
Amortization of debt discount | 1,305 | 153 | |||||
Amortization of premium on notes payable | (82 | ) | — | ||||
Gain on sale of property, plant and equipment | (54 | ) | (796 | ) | |||
Equity in (earnings) loss of unconsolidated entities | (1,642 | ) | 301 | ||||
Non-cash mark-to-market on derivatives | (547 | ) | — | ||||
Unit-based compensation | 387 | 479 | |||||
Preferred dividends on MET investment | 1,116 | — | |||||
Other | — | 6 | |||||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||||||
Accounts and other receivables | 15,962 | 66,658 | |||||
Product exchange receivables | (1,437 | ) | 1,694 | ||||
Inventories | (18,444 | ) | 4,946 | ||||
Due from affiliates | (9,816 | ) | (17,657 | ) | |||
Other current assets | (1,430 | ) | (3,530 | ) | |||
Trade and other accounts payable | (23,574 | ) | (29,256 | ) | |||
Product exchange payables | 12,483 | (1,211 | ) | ||||
Due to affiliates | 3,959 | 89 | |||||
Income taxes payable | (386 | ) | 53 | ||||
Other accrued liabilities | (1,449 | ) | 7,694 | ||||
Change in other non-current assets and liabilities | 597 | (563 | ) | ||||
Net cash provided by continuing operating activities | 20,949 | 81,096 | |||||
Net cash used in discontinued operating activities | — | (8,678 | ) | ||||
Net cash provided by operating activities | 20,949 | 72,418 | |||||
Cash flows from investing activities: | |||||||
Payments for property, plant and equipment | (41,237 | ) | (28,621 | ) | |||
Acquisitions | (1,991 | ) | (63,004 | ) | |||
Payments for plant turnaround costs | (3,910 | ) | — | ||||
Proceeds from sale of property, plant and equipment | 702 | 4,719 | |||||
Proceeds from involuntary conversion of property, plant and equipment | 2,475 | — | |||||
Investment in unconsolidated entities | (134,413 | ) | (15,000 | ) | |||
Return of investments from unconsolidated entities | 2,425 | 1,357 | |||||
Contributions to unconsolidated entities | (3,070 | ) | (15,578 | ) | |||
Net cash used in investing activities | (179,019 | ) | (116,127 | ) | |||
Cash flows from financing activities: | |||||||
Payments of long-term debt | (885,000 | ) | (439,000 | ) | |||
Payments of notes payable and capital lease obligations | — | (160 | ) | ||||
Proceeds from long-term debt | 917,250 | 529,000 | |||||
Net proceeds from issuance of common units | 160,514 | — | |||||
General partner contribution | 3,407 | 37 | |||||
Purchase of treasury units | (277 | ) | (250 | ) | |||
Payment of debt issuance costs | (3,120 | ) | (9,011 | ) | |||
Excess purchase price over carrying value of acquired assets | (5,397 | ) | — | ||||
Cash distributions paid | (43,145 | ) | (42,052 | ) | |||
Net cash provided by financing activities | 144,232 | 38,564 | |||||
Net decrease in cash | (13,838 | ) | (5,145 | ) | |||
Cash at beginning of period | 16,542 | 5,162 | |||||
Cash at end of period | $ | 2,704 | $ | 17 | |||
Non-cash additions to property, plant and equipment | $ | 3,111 | $ | — |
Three Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except BBL per day) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 35,474 | $ | 28,587 | $ | 6,887 | 24% | ||||||
Products | 51,443 | 57,175 | (5,732 | ) | (10)% | ||||||||
Total revenues | 86,917 | 85,762 | 1,155 | 1% | |||||||||
Cost of products sold | 47,310 | 51,139 | (3,829 | ) | (7)% | ||||||||
Operating expenses | 20,370 | 17,739 | 2,631 | 15% | |||||||||
Selling, general and administrative expenses | 731 | 748 | (17 | ) | (2)% | ||||||||
Depreciation and amortization | 9,415 | 7,297 | 2,118 | 29% | |||||||||
9,091 | 8,839 | 252 | 3% | ||||||||||
Other operating income | 83 | 97 | (14 | ) | (14)% | ||||||||
Operating income | $ | 9,174 | $ | 8,936 | $ | 238 | 3% | ||||||
Lubricant sales volumes (gallons) | 8,814 | 10,450 | (1,636 | ) | (16)% | ||||||||
Shore-based throughput volumes (gallons) | 61,466 | 67,069 | (5,603 | ) | (8)% | ||||||||
Smackover refinery throughput volumes (BBL per day) | 7,102 | 7,010 | 92 | 1% | |||||||||
Corpus Christi crude terminal (BBL per day) | 166,971 | 105,986 | 60,985 | 58% |
Six Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except BBL per day) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 68,498 | $ | 58,619 | $ | 9,879 | 17% | ||||||
Products | 105,716 | 107,496 | (1,780 | ) | (2)% | ||||||||
Total revenues | 174,214 | 166,115 | 8,099 | 5% | |||||||||
Cost of products sold | 95,835 | 95,409 | 426 | —% | |||||||||
Operating expenses | 40,122 | 35,433 | 4,689 | 13% | |||||||||
Selling, general and administrative expenses | 1,698 | 1,443 | 255 | 18% | |||||||||
Depreciation and amortization | 18,390 | 14,393 | 3,997 | 28% | |||||||||
18,169 | 19,437 | (1,268 | ) | (7)% | |||||||||
Other operating income | 38 | 168 | (130 | ) | (77)% | ||||||||
Operating income | $ | 18,207 | $ | 19,605 | $ | (1,398 | ) | (7)% | |||||
Lubricant sales volumes (gallons) | 17,977 | 19,247 | (1,270 | ) | (7)% | ||||||||
Shore-based throughput volumes (gallons) | 122,618 | 142,017 | (19,399 | ) | (14)% | ||||||||
Smackover refinery throughput volumes (BBL per day) | 5,132 | 6,730 | (1,598 | ) | (24)% | ||||||||
Corpus Christi crude terminal (BBL per day) | 153,732 | 107,677 | 46,055 | 43% |
Three Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Marine transportation | $ | 69 | $ | 1,515 | $ | (1,446 | ) | (95)% | |||||
Products | 248,601 | 187,200 | 61,401 | 33% | |||||||||
Total revenues | 248,670 | 188,715 | 59,955 | 32% | |||||||||
Cost of products sold | 239,114 | 181,893 | 57,221 | 31% | |||||||||
Operating expenses | 2,318 | 990 | 1,328 | 134% | |||||||||
Selling, general and administrative expenses | 1,741 | 718 | 1,023 | 142% | |||||||||
Depreciation and amortization | 675 | 554 | 121 | 22% | |||||||||
Operating income | $ | 4,822 | $ | 4,560 | $ | 262 | 6% | ||||||
Distributions from unconsolidated entities | $ | 561 | $ | 1,436 | $ | (875 | ) | (61)% | |||||
NGL sales volumes (Bbls) | 4,039 | 3,016 | 1,023 | 34% |
Six Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Marine transportation | $ | 365 | $ | 1,845 | $ | (1,480 | ) | (80)% | |||||
Products | 581,938 | 446,309 | 135,629 | 30% | |||||||||
Total revenues | 582,303 | 448,154 | 134,149 | 30% | |||||||||
Cost of products sold | 560,254 | 431,029 | 129,225 | 30% | |||||||||
Operating expenses | 4,233 | 1,971 | 2,262 | 115% | |||||||||
Selling, general and administrative expenses | 3,177 | 1,644 | 1,533 | 93% | |||||||||
Depreciation and amortization | 1,179 | 846 | 333 | 39% | |||||||||
Operating income | $ | 13,460 | $ | 12,664 | $ | 796 | 6% | ||||||
Distributions from unconsolidated entities | $ | 1,341 | $ | 1,961 | $ | (620 | ) | (32)% | |||||
NGL sales volumes (Bbls) | 8,997 | 6,721 | 2,276 | 34% |
Three Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 3,038 | $ | 3,001 | $ | 37 | 1% | ||||||
Products | 59,543 | 57,895 | 1,648 | 3% | |||||||||
Total revenues | 62,581 | 60,896 | 1,685 | 3% | |||||||||
Cost of products sold | 45,406 | 44,877 | 529 | 1% | |||||||||
Operating expenses | 4,809 | 4,186 | 623 | 15% | |||||||||
Selling, general and administrative expenses | 1,123 | 1,016 | 107 | 11% | |||||||||
Depreciation and amortization | 2,031 | 1,957 | 74 | 4% | |||||||||
Operating income | $ | 9,212 | $ | 8,860 | $ | 352 | 4% | ||||||
Sulfur (long tons) | 204.1 | 209.1 | (5.0 | ) | (2)% | ||||||||
Fertilizer (long tons) | 89.8 | 71.3 | 18.5 | 26% | |||||||||
Total sulfur services volumes (long tons) | 293.9 | 280.4 | 13.5 | 5% |
Six Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 6,075 | $ | 6,002 | $ | 73 | 1% | ||||||
Products | 110,713 | 125,279 | (14,566 | ) | (12)% | ||||||||
Total revenues | 116,788 | 131,281 | (14,493 | ) | (11)% | ||||||||
Cost of products sold | 83,349 | 97,764 | (14,415 | ) | (15)% | ||||||||
Operating expenses | 8,786 | 8,625 | 161 | 2% | |||||||||
Selling, general and administrative expenses | 2,238 | 2,063 | 175 | 8% | |||||||||
Depreciation and amortization | 4,014 | 3,923 | 91 | 2% | |||||||||
Operating income | $ | 18,401 | $ | 18,906 | $ | (505 | ) | (3)% | |||||
Sulfur (long tons) | 394.5 | 403.1 | (8.6 | ) | (2)% | ||||||||
Fertilizer (long tons) | 181.0 | 175.0 | 6.0 | 3% | |||||||||
Total sulfur services volumes (long tons) | 575.5 | 578.1 | (2.6 | ) | —% |
Three Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 23,282 | $ | 25,021 | $ | (1,739 | ) | (7)% | |||||
Operating expenses | 22,177 | 20,999 | 1,178 | 6% | |||||||||
Selling, general and administrative expenses | 312 | 353 | (41 | ) | (12)% | ||||||||
Depreciation and amortization | 2,473 | 2,545 | (72 | ) | (3)% | ||||||||
(1,680 | ) | 1,124 | (2,804 | ) | (249)% | ||||||||
Other operating income | 16 | 327 | (311 | ) | (95)% | ||||||||
Operating income | $ | (1,664 | ) | $ | 1,451 | $ | (3,115 | ) | (215)% |
Six Months Ended June 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 47,396 | $ | 50,253 | $ | (2,857 | ) | (6)% | |||||
Operating expenses | 41,624 | 42,065 | (441 | ) | (1)% | ||||||||
Selling, general and administrative expenses | 503 | 772 | (269 | ) | (35)% | ||||||||
Depreciation and amortization | 5,003 | 5,084 | (81 | ) | (2)% | ||||||||
266 | 2,332 | (2,066 | ) | (89)% | |||||||||
Other operating income | 16 | 628 | (612 | ) | (97)% | ||||||||
Operating income | $ | 282 | $ | 2,960 | $ | (2,678 | ) | (90)% |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income (loss) | $ | (968 | ) | $ | 9,078 | $ | 10,827 | $ | 25,715 | ||||||
Adjustments: | |||||||||||||||
Interest expense | 11,441 | 10,940 | 22,892 | 19,998 | |||||||||||
Income tax expense | 354 | 300 | 654 | 607 | |||||||||||
Depreciation and amortization | 14,594 | 12,353 | 28,586 | 24,246 | |||||||||||
EBITDA | 25,421 | 32,671 | 62,959 | 70,566 | |||||||||||
Adjustments: | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | (1,938 | ) | (73 | ) | (1,642 | ) | 301 | ||||||||
Gain on sale of property, plant and equipment | (99 | ) | (424 | ) | (54 | ) | (796 | ) | |||||||
Debt prepayment premium | 7,767 | — | 7,767 | — | |||||||||||
Distributions from unconsolidated entities | 561 | 1,436 | 1,341 | 1,961 | |||||||||||
Unit-based compensation | 208 | 223 | 387 | 479 | |||||||||||
Adjusted EBITDA | 31,920 | 33,833 | 70,758 | 72,511 | |||||||||||
Adjustments: | |||||||||||||||
Interest expense | (11,441 | ) | (10,940 | ) | (22,892 | ) | (19,998 | ) | |||||||
Income tax expense | (354 | ) | (300 | ) | (654 | ) | (607 | ) | |||||||
Amortization of debt discount | 1,228 | 77 | 1,305 | 153 | |||||||||||
Amortization of debt premium | (82 | ) | — | (82 | ) | — | |||||||||
Amortization of deferred debt issuance costs | 3,778 | 806 | 4,588 | 2,075 | |||||||||||
Non-cash mark-to-market on derivatives | 547 | — | 547 | — | |||||||||||
Payments of installment notes payable and capital lease obligations | — | (79 | ) | — | (160 | ) | |||||||||
Payments for plant turnaround costs | (1,746 | ) | — | (3,910 | ) | — | |||||||||
Maintenance capital expenditures | (4,616 | ) | (2,822 | ) | (8,954 | ) | (4,500 | ) | |||||||
Distributable Cash Flow | $ | 19,234 | $ | 20,575 | $ | 40,706 | $ | 49,474 |