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 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description | |
99.1 | Press release dated October 29, 2014 |
MARTIN MIDSTREAM PARTNERS L.P. By: Martin Midstream GP LLC, Its General Partner | ||||
Date: October 29, 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 October 29, 2014. |
• | Distribution increase of $0.02 per unit compared to previous quarter |
• | Distributable cash flow increased 45% compared to the 3rd quarter of 2013 |
• | Adjusted EBITDA increased 25% compared to the 3rd quarter of 2013 |
• | Earnings adversely affected by one-time non-cash charges |
September 30, 2014 | December 31, 2013 | ||||||
(Unaudited) | (Audited) | ||||||
Assets | |||||||
Cash | $ | 3,006 | $ | 16,542 | |||
Accounts and other receivables, less allowance for doubtful accounts of $1,608 and $2,492, respectively | 132,839 | 163,855 | |||||
Product exchange receivables | 6,351 | 2,727 | |||||
Inventories | 120,369 | 94,902 | |||||
Due from affiliates | 14,581 | 12,099 | |||||
Fair value of derivatives | 879 | — | |||||
Other current assets | 10,256 | 7,353 | |||||
Assets held for sale | 700 | — | |||||
Total current assets | 288,981 | 297,478 | |||||
Property, plant and equipment, at cost | 1,359,620 | 929,183 | |||||
Accumulated depreciation | (334,150 | ) | (304,808 | ) | |||
Property, plant and equipment, net | 1,025,470 | 624,375 | |||||
Goodwill | 23,802 | 23,802 | |||||
Investment in unconsolidated entities | 135,219 | 128,662 | |||||
Debt issuance costs, net | 13,833 | 15,659 | |||||
Note receivable - Martin Energy Trading LLC | 15,000 | — | |||||
Other assets, net | 86,431 | 7,943 | |||||
$ | 1,588,736 | $ | 1,097,919 | ||||
Liabilities and Partners’ Capital | |||||||
Trade and other accounts payable | $ | 120,037 | $ | 142,951 | |||
Product exchange payables | 18,860 | 9,595 | |||||
Due to affiliates | 11,713 | 2,596 | |||||
Income taxes payable | 1,002 | 1,204 | |||||
Fair value of derivatives | 542 | — | |||||
Other accrued liabilities | 13,041 | 20,242 | |||||
Total current liabilities | 165,195 | 176,588 | |||||
Long-term debt | 910,077 | 658,695 | |||||
Other long-term obligations | 3,174 | 2,219 | |||||
Total liabilities | 1,078,446 | 837,502 | |||||
Commitments and contingencies | |||||||
Partners’ capital | 510,290 | 260,417 | |||||
$ | 1,588,736 | $ | 1,097,919 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Terminalling and storage * | $ | 31,880 | $ | 28,956 | $ | 97,848 | $ | 85,267 | |||||||
Marine transportation * | 24,282 | 24,217 | 69,845 | 74,694 | |||||||||||
Natural gas services | 5,764 | — | 5,764 | — | |||||||||||
Sulfur services | 3,037 | 3,001 | 9,112 | 9,003 | |||||||||||
Product sales: * | |||||||||||||||
Natural gas services | 230,294 | 204,296 | 812,232 | 650,605 | |||||||||||
Sulfur services | 46,993 | 39,096 | 157,706 | 164,375 | |||||||||||
Terminalling and storage | 47,735 | 60,050 | 153,451 | 167,546 | |||||||||||
325,022 | 303,442 | 1,123,389 | 982,526 | ||||||||||||
Total revenues | 389,985 | 359,616 | 1,305,958 | 1,151,490 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||
Natural gas services * | 218,356 | 196,308 | 777,676 | 626,609 | |||||||||||
Sulfur services * | 38,841 | 33,994 | 122,009 | 131,577 | |||||||||||
Terminalling and storage * | 42,239 | 52,718 | 137,074 | 146,806 | |||||||||||
299,436 | 283,020 | 1,036,759 | 904,992 | ||||||||||||
Expenses: | |||||||||||||||
Operating expenses * | 48,391 | 43,444 | 140,543 | 129,839 | |||||||||||
Selling, general and administrative * | 10,302 | 7,211 | 27,653 | 20,624 | |||||||||||
Depreciation and amortization | 16,743 | 13,698 | 45,329 | 37,944 | |||||||||||
Total costs and expenses | 374,872 | 347,373 | 1,250,284 | 1,093,399 | |||||||||||
Impairment of long-lived assets | (3,445 | ) | — | (3,445 | ) | — | |||||||||
Other operating income | 347 | — | 401 | 796 | |||||||||||
Operating income | 12,015 | 12,243 | 52,630 | 58,887 | |||||||||||
Other income (expense): | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | 2,655 | (577 | ) | 4,297 | (878 | ) | |||||||||
Interest expense, net | (11,459 | ) | (11,060 | ) | (34,351 | ) | (31,058 | ) | |||||||
Debt prepayment premium | — | — | (7,767 | ) | — | ||||||||||
Reduction in carrying value of investment in Cardinal due to the purchase of the controlling interest | (30,102 | ) | — | (30,102 | ) | — | |||||||||
Other, net | 286 | (111 | ) | 169 | (134 | ) | |||||||||
Total other expense | (38,620 | ) | (11,748 | ) | (67,754 | ) | (32,070 | ) | |||||||
Net income (loss) before taxes | (26,605 | ) | 495 | (15,124 | ) | 26,817 | |||||||||
Income tax expense | (300 | ) | (303 | ) | (954 | ) | (910 | ) | |||||||
Net income (loss) | (26,905 | ) | 192 | (16,078 | ) | 25,907 | |||||||||
Less general partner's interest in net (income) loss | 539 | (4 | ) | 322 | (518 | ) | |||||||||
Less (income) loss allocable to unvested restricted units | 62 | (1 | ) | 33 | (67 | ) | |||||||||
Limited partners' interest in net income (loss) | $ | (26,304 | ) | $ | 187 | $ | (15,723 | ) | $ | 25,322 | |||||
Net income (loss) per unit attributable to limited partners - basic | $ | (0.82 | ) | $ | 0.01 | $ | (0.54 | ) | $ | 0.95 | |||||
Weighted average limited partner units - basic | 32,243 | 26,552 | 29,271 | 26,561 | |||||||||||
Net income (loss) per unit attributable to limited partners - diluted | $ | (0.82 | ) | $ | 0.01 | $ | (0.54 | ) | $ | 0.95 | |||||
Weighted average limited partner units - diluted | 32,243 | 26,579 | 29,271 | 26,581 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | |||||||||||||||
Terminalling and storage | $ | 19,045 | $ | 18,044 | $ | 55,798 | $ | 52,857 | |||||||
Marine transportation | 6,076 | 5,943 | 18,340 | 18,828 | |||||||||||
Product Sales | 883 | 964 | 6,484 | 4,012 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||
Natural gas services | 9,908 | 7,799 | 29,169 | 23,391 | |||||||||||
Sulfur services | 4,491 | 4,539 | 13,808 | 13,514 | |||||||||||
Terminalling and storage | 9,174 | 13,488 | 25,571 | 39,638 | |||||||||||
Expenses: | |||||||||||||||
Operating expenses | 21,013 | 17,902 | 58,500 | 53,410 | |||||||||||
Selling, general and administrative | 7,230 | 4,356 | 18,103 | 12,944 |
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 | — | 25,389 | 518 | 25,907 | ||||||||||
Issuance of restricted units | 63,750 | — | — | — | ||||||||||
Forfeiture of restricted units | (250 | ) | — | — | — | |||||||||
General partner contribution | — | — | 37 | 37 | ||||||||||
Cash distributions | — | (61,902 | ) | (1,384 | ) | (63,286 | ) | |||||||
Excess purchase price over carrying value of acquired assets | — | (301 | ) | — | (301 | ) | ||||||||
Unit-based compensation | — | 737 | — | 737 | ||||||||||
Purchase of treasury units | (6,000 | ) | (250 | ) | — | (250 | ) | |||||||
Balances - September 30, 2013 | 26,624,276 | $ | 313,163 | $ | 7,643 | $ | 320,806 | |||||||
Balances - January 1, 2014 | 26,625,026 | $ | 254,028 | $ | 6,389 | $ | 260,417 | |||||||
Net loss | — | (15,756 | ) | (322 | ) | (16,078 | ) | |||||||
Issuance of common units | 8,727,673 | 331,571 | — | 331,571 | ||||||||||
Issuance of restricted units | 6,900 | — | — | — | ||||||||||
Forfeiture of restricted units | (3,500 | ) | — | — | — | |||||||||
General partner contribution | — | — | 6,995 | 6,995 | ||||||||||
Cash distributions | — | (66,473 | ) | (1,506 | ) | (67,979 | ) | |||||||
Unit-based compensation | — | 589 | — | 589 | ||||||||||
Excess purchase price over carrying value of acquired assets | — | (4,948 | ) | — | (4,948 | ) | ||||||||
Purchase of treasury units | (6,400 | ) | (277 | ) | — | (277 | ) | |||||||
Balances - September 30, 2014 | 35,349,699 | $ | 498,734 | $ | 11,556 | $ | 510,290 |
Nine Months Ended | |||||||
September 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (16,078 | ) | $ | 25,907 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 45,329 | 37,944 | |||||
Amortization of deferred debt issuance costs | 5,415 | 2,890 | |||||
Amortization of debt discount | 1,305 | 230 | |||||
Amortization of premium on notes payable | (164 | ) | — | ||||
Gain on sale of property, plant and equipment | (54 | ) | (796 | ) | |||
Impairment of long-lived assets | 3,445 | — | |||||
Equity in (earnings) loss of unconsolidated entities | (4,297 | ) | 878 | ||||
Reduction in carrying value of investment in Cardinal due to purchase of the controlling interest | 30,102 | — | |||||
Non-cash mark-to-market on derivatives | 489 | — | |||||
Unit-based compensation | 589 | 737 | |||||
Preferred dividends on MET investment | 1,498 | 1,171 | |||||
Return on investment | 600 | — | |||||
Other | — | 7 | |||||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||||||
Accounts and other receivables | 32,443 | 43,043 | |||||
Product exchange receivables | (3,624 | ) | (219 | ) | |||
Inventories | (25,223 | ) | (8,362 | ) | |||
Due from affiliates | (2,482 | ) | (5,188 | ) | |||
Other current assets | 1,219 | (6,358 | ) | ||||
Trade and other accounts payable | (29,600 | ) | (29,641 | ) | |||
Product exchange payables | 9,265 | 936 | |||||
Due to affiliates | 9,117 | (525 | ) | ||||
Income taxes payable | (202 | ) | (440 | ) | |||
Other accrued liabilities | (7,214 | ) | 8,842 | ||||
Change in other non-current assets and liabilities | 1,123 | (210 | ) | ||||
Net cash provided by continuing operating activities | 53,001 | 70,846 | |||||
Net cash used in discontinued operating activities | — | (8,678 | ) | ||||
Net cash provided by operating activities | 53,001 | 62,168 | |||||
Cash flows from investing activities: | |||||||
Payments for property, plant and equipment | (58,522 | ) | (68,591 | ) | |||
Acquisitions, less cash acquired | (100,046 | ) | (73,921 | ) | |||
Payments for plant turnaround costs | (4,000 | ) | — | ||||
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 | ) | — | ||||
Return of investments from unconsolidated entities | 726 | 1,551 | |||||
Contributions to unconsolidated entities | (3,386 | ) | (30,877 | ) | |||
Net cash used in investing activities | (296,464 | ) | (167,119 | ) | |||
Cash flows from financing activities: | |||||||
Payments of long-term debt | (1,458,096 | ) | (518,000 | ) | |||
Payments of notes payable and capital lease obligations | — | (251 | ) | ||||
Proceeds from long-term debt | 1,426,250 | 691,000 | |||||
Net proceeds from issuance of common units | 331,571 | — | |||||
General partner contribution | 6,995 | 37 | |||||
Purchase of treasury units | (277 | ) | (250 | ) | |||
Payment of debt issuance costs | (3,589 | ) | (9,115 | ) | |||
Excess purchase price over carrying value of acquired assets | (4,948 | ) | (301 | ) | |||
Cash distributions paid | (67,979 | ) | (63,286 | ) | |||
Net cash provided by financing activities | 229,927 | 99,834 | |||||
Net decrease in cash | (13,536 | ) | (5,117 | ) | |||
Cash at beginning of period | 16,542 | 5,162 | |||||
Cash at end of period | $ | 3,006 | $ | 45 | |||
Non-cash additions to property, plant and equipment | $ | 4,208 | $ | — |
Three Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except BBL per day) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 33,213 | $ | 30,151 | $ | 3,062 | 10% | ||||||
Products | 47,735 | 60,054 | (12,319 | ) | (21)% | ||||||||
Total revenues | 80,948 | 90,205 | (9,257 | ) | (10)% | ||||||||
Cost of products sold | 43,193 | 53,215 | (10,022 | ) | (19)% | ||||||||
Operating expenses | 21,506 | 19,427 | 2,079 | 11% | |||||||||
Selling, general and administrative expenses | 786 | 979 | (193 | ) | (20)% | ||||||||
Depreciation and amortization | 9,512 | 8,532 | 980 | 11% | |||||||||
5,951 | 8,052 | (2,101 | ) | (26)% | |||||||||
Other operating income | 347 | — | 347 | ||||||||||
Operating income | $ | 6,298 | $ | 8,052 | $ | (1,754 | ) | (22)% | |||||
Lubricant sales volumes (gallons) | 8,193 | 10,638 | (2,445 | ) | (23)% | ||||||||
Shore-based throughput volumes (gallons) | 64,338 | 65,516 | (1,178 | ) | (2)% | ||||||||
Smackover refinery throughput volumes (BBL per day) | 7,123 | 6,878 | 245 | 4% | |||||||||
Corpus Christi crude terminal (BBL per day) | 173,315 | 101,921 | 71,394 | 70% |
Nine Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except BBL per day) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 101,711 | $ | 88,770 | $ | 12,941 | 15% | ||||||
Products | 153,451 | 167,550 | (14,099 | ) | (8)% | ||||||||
Total revenues | 255,162 | 256,320 | (1,158 | ) | —% | ||||||||
Cost of products sold | 139,028 | 148,624 | (9,596 | ) | (6)% | ||||||||
Operating expenses | 61,628 | 54,860 | 6,768 | 12% | |||||||||
Selling, general and administrative expenses | 2,484 | 2,422 | 62 | 3% | |||||||||
Depreciation and amortization | 27,902 | 22,925 | 4,977 | 22% | |||||||||
24,120 | 27,489 | (3,369 | ) | (12)% | |||||||||
Other operating income | 385 | 168 | 217 | 129% | |||||||||
Operating income | $ | 24,505 | $ | 27,657 | $ | (3,152 | ) | (11)% | |||||
Lubricant sales volumes (gallons) | 26,170 | 29,885 | (3,715 | ) | (12)% | ||||||||
Shore-based throughput volumes (gallons) | 186,956 | 207,533 | (20,577 | ) | (10)% | ||||||||
Smackover refinery throughput volumes (BBL per day) | 5,803 | 6,780 | (977 | ) | (14)% | ||||||||
Corpus Christi crude terminal (BBL per day) | 160,332 | 105,783 | 54,549 | 52% |
Three Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Marine transportation | $ | — | $ | 630 | $ | (630 | ) | (100)% | |||||
Services | 5,764 | — | 5,764 | ||||||||||
Products | 230,294 | 204,296 | 25,998 | 13% | |||||||||
Total revenues | 236,058 | 204,926 | 31,132 | 15% | |||||||||
Cost of products sold | 218,882 | 196,719 | 22,163 | 11% | |||||||||
Operating expenses | 4,546 | 1,863 | 2,683 | 144% | |||||||||
Selling, general and administrative expenses | 3,507 | 1,156 | 2,351 | 203% | |||||||||
Depreciation and amortization | 2,684 | 598 | 2,086 | 349% | |||||||||
Operating income | $ | 6,439 | $ | 4,590 | $ | 1,849 | 40% | ||||||
Distributions from unconsolidated entities | $ | 982 | $ | 761 | $ | 221 | 29% | ||||||
NGL sales volumes (Bbls) | 3,737 | 3,162 | 575 | 18% |
Nine Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Marine transportation | $ | 365 | $ | 2,475 | $ | (2,110 | ) | (85)% | |||||
Services | 5,764 | — | 5,764 | ||||||||||
Products | 812,232 | 650,605 | 161,627 | 25% | |||||||||
Total revenues | 818,361 | 653,080 | 165,281 | 25% | |||||||||
Cost of products sold | 779,136 | 627,748 | 151,388 | 24% | |||||||||
Operating expenses | 8,779 | 3,834 | 4,945 | 129% | |||||||||
Selling, general and administrative expenses | 6,684 | 2,800 | 3,884 | 139% | |||||||||
Depreciation and amortization | 3,863 | 1,444 | 2,419 | 168% | |||||||||
Operating income | $ | 19,899 | $ | 17,254 | $ | 2,645 | 15% | ||||||
Distributions from unconsolidated entities | $ | 2,323 | $ | 2,722 | $ | (399 | ) | (15)% | |||||
NGL sales volumes (Bbls) | 12,734 | 9,883 | 2,851 | 29% |
Three Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 3,037 | $ | 3,001 | $ | 36 | 1% | ||||||
Products | 46,993 | 39,096 | 7,897 | 20% | |||||||||
Total revenues | 50,030 | 42,097 | 7,933 | 19% | |||||||||
Cost of products sold | 38,932 | 34,085 | 4,847 | 14% | |||||||||
Operating expenses | 4,497 | 4,166 | 331 | 8% | |||||||||
Selling, general and administrative expenses | 1,166 | 1,069 | 97 | 9% | |||||||||
Depreciation and amortization | 2,078 | 2,024 | 54 | 3% | |||||||||
Operating income | $ | 3,357 | $ | 753 | $ | 2,604 | 346% | ||||||
Sulfur (long tons) | 251.0 | 211.8 | 39.2 | 19% | |||||||||
Fertilizer (long tons) | 52.1 | 44.8 | 7.3 | 16% | |||||||||
Total sulfur services volumes (long tons) | 303.1 | 256.6 | 46.5 | 18% |
Nine Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 9,112 | $ | 9,003 | $ | 109 | 1% | ||||||
Products | 157,706 | 164,375 | (6,669 | ) | (4)% | ||||||||
Total revenues | 166,818 | 173,378 | (6,560 | ) | (4)% | ||||||||
Cost of products sold | 122,281 | 131,849 | (9,568 | ) | (7)% | ||||||||
Operating expenses | 13,283 | 12,791 | 492 | 4% | |||||||||
Selling, general and administrative expenses | 3,404 | 3,132 | 272 | 9% | |||||||||
Depreciation and amortization | 6,092 | 5,947 | 145 | 2% | |||||||||
Operating income | $ | 21,758 | $ | 19,659 | $ | 2,099 | 11% | ||||||
Sulfur (long tons) | 645.5 | 614.9 | 30.6 | 5% | |||||||||
Fertilizer (long tons) | 233.1 | 219.8 | 13.3 | 6% | |||||||||
Total sulfur services volumes (long tons) | 878.6 | 834.7 | 43.9 | 5% |
Three Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 25,859 | $ | 24,751 | $ | 1,108 | 4% | ||||||
Operating expenses | 19,181 | 19,352 | (171 | ) | (1)% | ||||||||
Selling, general and administrative expenses | 364 | 228 | 136 | 60% | |||||||||
Depreciation and amortization | 2,469 | 2,544 | (75 | ) | (3)% | ||||||||
3,845 | 2,627 | 1,218 | 46% | ||||||||||
Impairment of long-lived assets | (3,445 | ) | — | (3,445 | ) | ||||||||
Operating income | $ | 400 | $ | 2,627 | $ | (2,227 | ) | (85)% |
Nine Months Ended September 30, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 73,255 | $ | 75,004 | $ | (1,749 | ) | (2)% | |||||
Operating expenses | 60,805 | 61,417 | (612 | ) | (1)% | ||||||||
Selling, general and administrative expenses | 867 | 1,000 | (133 | ) | (13)% | ||||||||
Depreciation and amortization | 7,472 | 7,628 | (156 | ) | (2)% | ||||||||
4,111 | 4,959 | (848 | ) | (17)% | |||||||||
Impairment of long-lived assets | (3,445 | ) | — | (3,445 | ) | ||||||||
Other operating income | 16 | 628 | (612 | ) | (97)% | ||||||||
Operating income | $ | 682 | $ | 5,587 | $ | (4,905 | ) | (88)% |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income (loss) | $ | (26,905 | ) | $ | 192 | $ | (16,078 | ) | $ | 25,907 | |||||
Adjustments: | |||||||||||||||
Interest expense | 11,459 | 11,060 | 34,351 | 31,058 | |||||||||||
Income tax expense | 300 | 303 | 954 | 910 | |||||||||||
Depreciation and amortization | 16,743 | 13,698 | 45,329 | 37,944 | |||||||||||
EBITDA | 1,597 | 25,253 | 64,556 | 95,819 | |||||||||||
Adjustments: | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | (2,655 | ) | 577 | (4,297 | ) | 878 | |||||||||
Gain on sale of property, plant and equipment | — | — | (54 | ) | (796 | ) | |||||||||
Impairment of long-lived assets | 3,445 | — | 3,445 | — | |||||||||||
Reduction in carrying value of investment in Cardinal due to the purchase of the controlling interest | 30,102 | — | 30,102 | — | |||||||||||
Debt prepayment premium | — | — | 7,767 | — | |||||||||||
Distributions from unconsolidated entities | 982 | 761 | 2,323 | 2,722 | |||||||||||
Unit-based compensation | 201 | 257 | 589 | 737 | |||||||||||
Adjusted EBITDA | 33,672 | 26,848 | 104,431 | 99,360 | |||||||||||
Adjustments: | |||||||||||||||
Interest expense | (11,459 | ) | (11,060 | ) | (34,351 | ) | (31,058 | ) | |||||||
Income tax expense | (300 | ) | (303 | ) | (954 | ) | (910 | ) | |||||||
Amortization of debt discount | — | 77 | 1,305 | 230 | |||||||||||
Amortization of debt premium | (82 | ) | — | (164 | ) | — | |||||||||
Amortization of deferred debt issuance costs | 827 | 815 | 5,415 | 2,890 | |||||||||||
Non-cash mark-to-market on derivatives | 1,036 | — | 489 | — | |||||||||||
Payments of installment notes payable and capital lease obligations | — | (91 | ) | — | (251 | ) | |||||||||
Payments for plant turnaround costs | (90 | ) | — | (4,000 | ) | — | |||||||||
Maintenance capital expenditures | (4,306 | ) | (2,973 | ) | (13,260 | ) | (7,473 | ) | |||||||
Distributable Cash Flow | $ | 19,298 | $ | 13,313 | $ | 58,911 | $ | 62,788 |