8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): April 26, 2017

MARTIN MIDSTREAM PARTNERS L.P.

(Exact name of Registrant as specified in its charter)

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)

Registrant's telephone number, including area code: (903) 983-6200

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

          On April 26, 2017, Martin Midstream Partners L.P. (the “Partnership”) issued a press release reporting its financial results for the quarter ended March 31, 2017.   A copy of the press release is furnished as Exhibit 99.1 to this Current Report and will be published on the Partnership's website at www.martinmidstream.com. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

          In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 and Exhibit 99.2 are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.

Exhibit Number	Description
99.1	Press release dated April 26, 2017
99.2	Supplemental information - Martin Midstream Partners L.P. Adjusted EBITDA comparison to guidance

 SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MARTIN MIDSTREAM PARTNERS L.P. By: Martin Midstream GP LLC, Its General Partner
Date: April 26, 2017		By: /s/ Robert D. Bondurant
		Robert D. Bondurant
		Executive Vice President, Treasurer, Principal Accounting Officer and Chief Financial Officer

 INDEX TO EXHIBITS

Exhibit
Number		Description
	99.1	Press release dated April 26, 2017
	99.2	Supplemental information - Martin Midstream Partners L.P. Adjusted EBITDA comparison to guidance

EX-99.1

EXHIBIT 99.1

MARTIN MIDSTREAM PARTNERS REPORTS

2017 FIRST QUARTER FINANCIAL RESULTS

• Net Income of $13.6 million

• Quarterly Distribution Coverage Ratio of 1.68 times

• Balance Sheet Improvement & De-levering. Leverage at 4.42x as of March 31, 2017

KILGORE, Texas, April 26, 2017 (GlobeNewswire) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the "Partnership") announced today its financial results for the quarter ended March 31, 2017.

Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, “We continue to execute on our stated path of improved distribution coverage and balance sheet leverage; and we delivered strong first quarter 2017 results, including net income of $13.6 million. We followed up our highest distribution coverage quarter ever at the end of 2016 with another strong cash flow and distribution coverage quarter. Based on actual distributions paid during the quarter, we generated a 1.68 times coverage ratio.

“I’m pleased with our performance as Adjusted EBITDA for the quarter ended March 31, 2017 was $46.8 million, approximately 5% ahead of our guidance level as shown on our first quarter earnings slide. Looking across our business segments, Sulfur Services was our strongest performer compared to guidance, beating our estimate by approximately 30%. Fertilizer exceeded expectations on both volume and margin benefiting from favorable market and weather conditions. Also, Marine Transportation outperformed versus plan due to improved efficiency and reduced operating costs. Our Natural Gas Services segment performed below expectation as a result of warmer weather adversely impacting our wholesale propane business. Also, we experienced reduced distributions from our West Texas LPG pipeline joint-venture as a result of lower system throughput in the quarter and the continued rollback of the posted tariff rates by the Railroad Commission of Texas during the ongoing rate proceeding.

“Looking at our balance sheet, I’m pleased with the continued trend toward lower leverage. For the first quarter our bank compliant total leverage ratio which includes certain pro forma adjustments and the positive impact of debt reduction from the follow-on equity offering completed in February, was 4.42 times. This is the Partnership’s lowest leverage since the second quarter of 2013 and represents an improvement of approximately 0.50 times from our year end 2016 level. This debt reduction coincides with cash flow generation and reduced working capital levels primarily concentrated in our Natural Gas Services segment.

Finally, during the quarter we successfully executed the drop down acquisition of the Hondo, Texas asphalt terminal currently under construction from MRMC. Upon completion, which is expected mid-year, the total investment will be $36.0 million and we expect to generate approximately $5.0 million of cash flow on an annual basis. We funded the entire acquisition with proceeds from the follow-on equity offering completed in February.”

The Partnership had net income for the first quarter of 2017 of $13.6 million, or $0.36 per limited partner unit. The Partnership had net income for the first quarter of 2016 of $15.9 million, or $0.33 per limited partner unit. The Partnership's adjusted EBITDA for the first quarter of 2017 was $46.8 million compared to adjusted EBITDA from for the first quarter of 2016 of $49.3 million.

The Partnership's distributable cash flow for the first quarter of 2017 was $30.3 million compared to distributable cash flow for the first quarter of 2016 of $32.5 million.

Revenues for the first quarter of 2017 were $253.3 million compared to the first quarter of 2016 of $225.6 million.

Distributable cash flow, EBITDA and adjusted EBITDA 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 a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow" in

order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

Included with this press release are the Partnership's consolidated and condensed financial statements as of and for the three months ended March 31, 2017 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, to be filed with the Securities and Exchange Commission on April 26, 2017.

An attachment accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f388b630-6c52-43fa-a1a9-43909c676d22.

Investors' Conference Call

An investors’ conference call to review the first quarter results will be held on Thursday, April 27, 2017, at 8:00 a.m. Central Time. The conference call can be accessed by calling (877) 878-2695. An audio replay of the conference call will be available by calling (855) 859-2056 from 11:00 a.m. Central Time on April 27, 2017 through 10:59 p.m. Central Time on May 8, 2017. The access code for the conference call and the audio replay is Conference ID No. 5945983. The audio replay of the conference call will also be archived on Martin Midstream Partners’ website at www.martinmidstream.com.

About Martin Midstream Partners

The Partnership is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business segments include: (1) terminalling, storage and packaging services for petroleum products and by-products; (2) natural gas services, including liquids transportation and distribution services and natural gas storage; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.

Forward-Looking Statements

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 and other factors, many of which are outside the Partnership's 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 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.

Use of Non-GAAP Financial Information

The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to analyze its performance. These include: (1) net income before interest expense, income tax expense, and depreciation and amortization (“EBITDA”), (2) adjusted EBITDA and (3) distributable cash flow. The Partnership's management views these measures as important performance measures of core profitability for its operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The Partnership's management believes investors benefit from having access to the same financial measures that management uses.

EBITDA and Adjusted EBITDA. Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with additional information to better understand the following: financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.

Distributable Cash Flow. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by the Partnership to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its 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.

EBITDA, adjusted EBITDA and distributable cash flow should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these measures may not be the same method used to compute similar measures reported by other entities.

Additional information concerning the Partnership is available on the Partnership's website at www.martinmidstream.comor by contacting:

Joe McCreery, IRC - Vice President - Finance & Head of Investor Relations

(903) 988-6425

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSE BALANCE SHEETS

(Dollars in thousands)

	March 31, 2017			December 31, 2016
	(Unaudited)			(Audited)
Assets
Cash	$	39		$	15
Accounts and other receivables, less allowance for doubtful accounts of $239 and $372, respectively	61,398			80,508
Product exchange receivables	297			207
Inventories	62,051			82,631
Due from affiliates	12,044			11,567
Fair value of derivatives	97			—
Other current assets	3,930			3,296
Assets held for sale	14,264			15,779
Total current assets	154,120			194,003
Property, plant and equipment, at cost	1,251,496			1,224,277
Accumulated depreciation	(400,139		)	(378,593		)
Property, plant and equipment, net	851,357			845,684
Goodwill	17,296			17,296
Investment in WTLPG	129,211			129,506
Note receivable - affiliate	15,000			15,000
Other assets, net	42,176			44,874
Total assets	$	1,209,160		$	1,246,363
Liabilities and Partners’ Capital
Trade and other accounts payable	$	69,132		$	70,249
Product exchange payables	7,260			7,360
Due to affiliates	3,288			8,474
Income taxes payable	1,050			870
Fair value of derivatives	164			3,904
Other accrued liabilities	18,322			26,717
Total current liabilities	99,216			117,574
Long-term debt, net	750,735			808,107
Other long-term obligations	5,997			8,676
Total liabilities	855,948			934,357
Commitments and contingencies (Note 17)
Partners’ capital	353,212			312,006
Total partners’ capital	353,212			312,006
Total liabilities and partners' capital	$	1,209,160		$	1,246,363

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2017.

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per unit amounts)

	Three Months Ended
	March 31,
	2017			2016
Revenues:
Terminalling and storage  *	$	24,658		$	31,705
Marine transportation  *	12,821			16,346
Natural gas services*	14,665			16,097
Sulfur services	2,850			2,700
Product sales: *
Natural gas services	126,657			91,091
Sulfur services	39,527			39,475
Terminalling and storage	32,147			28,191
	198,331			158,757
Total revenues	253,325			225,605
Costs and expenses:
Cost of products sold: (excluding depreciation and amortization)
Natural gas services *	108,179			78,544
Sulfur services *	24,483			27,524
Terminalling and storage *	26,446			23,832
	159,108			129,900
Expenses:
Operating expenses  *	35,057			41,232
Selling, general and administrative  *	9,921			8,171
Depreciation and amortization	25,336			22,048
Total costs and expenses	229,422			201,351
Other operating income (loss)	(155		)	84
Operating income	23,748			24,338
Other income (expense):
Equity in earnings of WTLPG	905			1,677
Interest expense, net	(10,920		)	(10,112		)
Other, net	30			62
Total other expense	(9,985		)	(8,373		)
Net income before taxes	13,763			15,965
Income tax expense	(180		)	(51		)
Net income	13,583			15,914
Less general partner's interest in net income	(272		)	(4,211		)
Less income allocable to unvested restricted units	(35		)	(43		)
Limited partners' interest in net income	$	13,276		$	11,660
Net income per unit attributable to limited partners - basic	$	0.36		$	0.33
Net income per unit attributable to limited partners - diluted	$	0.36		$	0.33
Weighted average limited partner units - basic	37,321			35,354
Weighted average limited partner units - diluted	37,367			35,366

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2017.

*Related Party Transactions Shown Below

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per unit amounts)

*Related Party Transactions Included Above

	Three Months Ended
	March 31,
	2017		2016
Revenues:*
Terminalling and storage	$	19,704	$	20,958
Marine transportation	4,325		6,411
Natural gas services	112		313
Product Sales	1,430		700
Costs and expenses:*
Cost of products sold: (excluding depreciation and amortization)
Natural gas services	8,894		3,385
Sulfur services	3,675		3,812
Terminalling and storage	5,067		3,385
Expenses:
Operating expenses	16,376		17,357
Selling, general and administrative	7,568		5,432

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2017.

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL

(Dollars in thousands)

	Partners’ Capital
	Common Limited					General Partner Amount
	Units		Amount						Total
Balances - January 1, 2016	35,456,612		$	380,845		$	13,034		$	393,879
Net income	—		11,703			4,211			15,914
Issuance of restricted units	13,800		—			—			—
Forfeiture of restricted units	(250	)	—			—			—
Cash distributions	—		(28,795		)	(4,560		)	(33,355		)
Reimbursement of excess purchase price over carrying value of acquired assets	—		750			—			750
Unit-based compensation	—		222			—			222
Purchase of treasury units	(15,200	)	(330		)	—			(330		)
Balances - March 31, 2016	35,454,962		$	364,395		$	12,685		$	377,080
Balances - January 1, 2017	35,452,062		$	304,594		$	7,412		$	312,006
Net income	—		13,311			272			13,583
Issuance of common units, net of issuance related costs	2,990,000		51,188			—			51,188
Issuance of restricted units	12,000		—			—			—
Forfeiture of restricted units	(1,500	)	—			—			—
General partner contribution	—		—			1,098			1,098
Cash distributions	—		(17,725		)	(362		)	(18,087		)
Unit-based compensation	—		186			—			186
Excess purchase price over carrying value of acquired assets	—		(7,887		)	—			(7,887		)
Reimbursement of excess purchase price over carrying value of acquired assets	—		1,125			—			1,125
Balances - March 31, 2017	38,452,562		$	344,792		$	8,420		$	353,212

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2017.

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Three Months Ended
	March 31,
	2017			2016
Cash flows from operating activities:
Net income	$	13,583		$	15,914
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,336			22,048
Amortization of deferred debt issuance costs	721			715
Amortization of premium on notes payable	(77		)	(77		)
(Gain) loss on sale of property, plant and equipment	155			(84		)
Equity in earnings of unconsolidated entities	(905		)	(1,677		)
Derivative (income) loss	2,495			(2,001		)
Net cash (paid) received for commodity derivatives	(6,332		)	1,215
Net cash received for interest rate derivatives	—			160
Net premiums received on derivatives that settled during the year on interest rate swaption contracts	—			630
Unit-based compensation	186			222
Cash distributions from WTLPG	1,200			2,500
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
Accounts and other receivables	19,110			15,136
Product exchange receivables	(90		)	49
Inventories	20,580			17,966
Due from affiliates	(477		)	(1,432		)
Other current assets	(491		)	1,142
Trade and other accounts payable	(2,560		)	(13,078		)
Product exchange payables	(100		)	(2,811		)
Due to affiliates	(5,186		)	(2,640		)
Income taxes payable	180			51
Other accrued liabilities	(11,083		)	(8,223		)
Change in other non-current assets and liabilities	281			(419		)
Net cash provided by operating activities	56,526			45,306
Cash flows from investing activities:
Payments for property, plant and equipment	(6,477		)	(17,298		)
Acquisitions	(19,533		)	—
Acquisition of intangible assets	—			(2,150		)
Payments for plant turnaround costs	(1,394		)	(991		)
Proceeds from sale of property, plant and equipment	1,481			113
Net cash used in investing activities	(25,923		)	(20,326		)
Cash flows from financing activities:
Payments of long-term debt	(133,000		)	(86,200		)
Proceeds from long-term debt	75,000			94,200
Proceeds from issuance of common units, net of issuance related costs	51,188			—
General partner contribution	1,098			—
Purchase of treasury units	—			(330		)
Payment of debt issuance costs	(16		)	(30		)
Excess purchase price over carrying value of acquired assets	(7,887		)	—
Reimbursement of excess purchase price over carrying value of acquired assets	1,125			750
Cash distributions paid	(18,087		)	(33,355		)
Net cash used in financing activities	(30,579		)	(24,965		)
Net increase (decrease) in cash	24			15
Cash at beginning of period	15			31
Cash at end of period	$	39		$	46
Non-cash additions to property, plant and equipment	$	3,262		$	3,292

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2017.

MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME

(Dollars and volumes in thousands, except BBL per day)

Terminalling and Storage Segment

Comparative Results of Operations for the Three Months Ended March 31, 2017 and 2016

	Three Months Ended March 31,					Variance			Percent Change
	2017			2016
	(In thousands, except BBL per day)
Revenues:
Services	$	26,431		$	33,157	$	(6,726	)	(20	)%
Products	32,147			28,193		3,954			14	%
Total revenues	58,578			61,350		(2,772		)	(5	)%
Cost of products sold	27,011			24,350		2,661			11	%
Operating expenses	15,645			18,716		(3,071		)	(16	)%
Selling, general and administrative expenses	1,325			1,100		225			20	%
Depreciation and amortization	15,477			9,998		5,479			55	%
	(880		)	7,186		(8,066		)	(112	)%
Other operating income (loss)	(13		)	100		(113		)	(113	)%
Operating income (loss)	$	(893	)	$	7,286	$	(8,179	)	(112	)%
Lubricant sales volumes (gallons)	5,334			5,146		188			4	%
Shore-based throughput volumes (guaranteed minimum) (gallons)	41,667			50,000		(8,333		)	(17	)%
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day)	6,500			6,500		—			—	%
Corpus Christi crude terminal (BBL per day)	—			92,635		(92,635		)	(100	)%

Natural Gas Services Segment

Comparative Results of Operations for the Three Months Ended March 31, 2017 and 2016

	Three Months Ended March 31,				Variance			Percent Change
	2017		2016
	(In thousands)
Revenues:
Services	$	14,665	$	16,097	$	(1,432	)	(9	)%
Products	126,657		91,091		35,566			39	%
Total revenues	141,322		107,188		34,134			32	%
Cost of products sold	109,303		79,348		29,955			38	%
Operating expenses	5,658		5,519		139			3	%
Selling, general and administrative expenses	3,051		2,304		747			32	%
Depreciation and amortization	6,161		6,974		(813		)	(12	)%
Operating income	$	17,149	$	13,043	$	4,106		31	%
Distributions from unconsolidated entities	$	1,200	$	2,500	$	(1,300	)	(52	)%
NGL sales volumes (Bbls)	2,810		3,202		(392		)	(12	)%

MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME

(Dollars and volumes in thousands, except BBL per day)

Sulfur Services Segment

Comparative Results of Operations for the Three Months Ended March 31, 2017 and 2016

	Three Months Ended March 31,						Variance			Percent Change
	2017			2016
	(In thousands)
Revenues:
Services	$	2,850		$	2,700		$	150		6	%
Products	39,527			39,475			52			—	%
Total revenues	42,377			42,175			202			—	%
Cost of products sold	24,574			27,615			(3,041		)	(11	)%
Operating expenses	3,247			2,757			490			18	%
Selling, general and administrative expenses	1,021			958			63			7	%
Depreciation and amortization	2,033			1,970			63			3	%
	11,502			8,875			2,627			30	%
Other operating loss	(22		)	(16		)	(6		)	38	%
Operating income	$	11,480		$	8,859		$	2,621		30	%
Sulfur (long tons)	217			157			60			38	%
Fertilizer (long tons)	94			83			11			13	%
Total sulfur services volumes (long tons)	311			240			71			30	%

Marine Transportation Segment

Comparative Results of Operations for the Three Months Ended March 31, 2017 and 2016

	Three Months Ended March 31,						Variance			Percent Change
	2017			2016
	(In thousands)
Revenues	$	13,414		$	16,902		$	(3,488	)	(21)%
Operating expenses	11,093			14,837			(3,744		)	(25)%
Selling, general and administrative expenses	104			(419		)	523			(125)%
Depreciation and amortization	1,665			3,106			(1,441		)	(46)%
	552			(622		)	1,174			(189)%
Other operating loss	(120		)	—			(120		)
Operating income (loss)	$	432		$	(622	)	$	1,054		(169)%

Non-GAAP Financial Measures

The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three months ended March 31, 2017 and 2016, which represents EBITDA, Adjusted EBITDA and Distributable Cash Flow.

Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow

	Three Months Ended
	March 31,
	2017			2016
	(in thousands)
Net income	$	13,583		$	15,914
Adjustments:
Interest expense	10,920			10,112
Income tax expense	180			51
Depreciation and amortization	25,336			22,048
EBITDA	50,019			48,125
Adjustments:
Equity in earnings of unconsolidated entities	(905		)	(1,677		)
(Gain) loss on sale of property, plant and equipment	155			(84		)
Unrealized mark-to-market on commodity derivatives	(3,837		)	210
Distributions from unconsolidated entities	1,200			2,500
Unit-based compensation	186			222
Adjusted EBITDA	46,818			49,296
Adjustments:
Interest expense	(10,920		)	(10,112		)
Income tax expense	(180		)	(51		)
Amortization of debt premium	(77		)	(77		)
Amortization of deferred debt issuance costs	721			715
Non-cash mark-to-market on interest rate derivatives	—			(206		)
Payments for plant turnaround costs	(1,394		)	(991		)
Maintenance capital expenditures	(4,668		)	(6,044		)
Distributable Cash Flow	$	30,300		$	32,530

EX-99.2

MMLP 1Q 2017 ADJUSTED EBITDA COMPARISON TO GUIDANCE Unallocated SG&A $(15.6) $(3.9) $(4.2) Total Adjusted EBITDA $157.4 $44.6 $46.8 Natural Gas Services Terminalling & Storage Sulfur Services Marine Transportatio n SG&A Interest Expense YTD 1Q17 Actual Net income (loss) $18.1 $(0.9) $11.5 $0.4 $(4.6) $(10.9) $13.6 Interest Expense Add-back -- -- -- -- -- $10.9 $10.9 Depreciation & amortization $6.1 $15.5 $2.0 $1.7 -- -- $25.3 (Gain) loss on sale of property, plant & equipment -- -- -- $0.1 -- -- $0.1 Unrealized mark-to-market on commodity derivatives $(3.8) -- -- -- -- -- $(3.8) Distributions from unconsolidated entities $1.2 -- -- -- -- -- $1.2 Equity in earnings of unconsolidated entities $(0.9) -- -- -- -- -- $(0.9) Unit-based compensation -- -- -- -- $0.2 -- $0.2 Income tax expense -- -- -- -- $0.2 -- $0.2 Adjusted EBITDA $20.7 $14.6 $13.5 $2.2 $(4.2) $0.0 $46.8 Terminalling & Storage 2017E Guidance YTD 1Q Guidance YTD 1Q17 Actual Shore-Based Terminals $15.7 $3.7 $4.3 Martin Lubricants $9.4 $2.3 $2.8 Smackover Refinery $20.7 $5.2 $5.4 Specialty Terminals $13.3 $2.6 $2.1 Total T&S $59.1 $13.8 $14.6 Natural Gas Services 2017E Guidance YTD 1Q Guidance YTD 1Q17 Actual Cardinal $36.3 $9.0 $9.7 Butane $26.1 $9.6 $9.0 WTLPG $8.8 $1.8 $1.2 NGLs $2.5 $0.5 $0.4 Propane $3.2 $1.8 $0.4 Total NGS $76.9 $22.7 $20.7 Sulfur Services 2017E Guidance YTD 1Q Guidance YTD 1Q17 Actual Fertilizer $15.8 $6.9 $9.7 Molten Sulfur $6.6 $1.6 $1.9 Sulfur Prilling $7.4 $1.9 $1.9 Total Sulfur Services $29.8 $10.4 $13.5 Marine Transportation 2017E Guidance YTD 1Q Guidance YTD 1Q17 Actual Inland $9.6 $2.3 $2.5 Offshore $2.4 $0.5 $0.8 Marine USG&A $(4.8) $(1.2) $(1.1) Total Marine $7.2 $1.6 $2.2 $ millions Exhibit 99.2

MMLP FULL YEAR 2017E ADJUSTED EBITDA GUIDANCE $ millions Natural Gas Services 1Q17E 2Q17E 3Q17E 4Q17E 2017E Cardinal $9.0 $9.2 $8.7 $9.4 $36.3 Butane $9.6 $0.5 $0.7 $15.3 $26.1 WTLPG $1.8 $1.5 $2.6 $2.9 $8.8 NGLs $0.5 $0.6 $0.6 $0.8 $2.5 Propane $1.8 $0.0 $0.1 $1.3 $3.2 Total NGS $22.7 $11.8 $12.7 $29.7 $76.9 Natural Gas Services Terminalling & Storage(1) Sulfur Services Marine Transportation SG&A Interest Expense 2017E Net income (loss) $47.5 $9.8 $21.5 $(1.2) $(17.1) $(45.6) $14.9 Interest expense add back -- -- -- -- -- $45.6 $45.6 Depreciation and amortization $28.0 $49.3 $8.3 $8.4 -- -- $94.0 Distributions from unconsolidated entities $8.8 -- -- -- -- -- $8.8 Equity in earnings of unconsolidated entities $(7.4) -- -- -- -- -- $(7.4) Unit-based compensation -- -- -- -- $0.9 -- $0.9 Income tax expense -- -- -- -- $0.6 -- $0.6 Adjusted EBITDA $76.9 $59.1 $29.8 $7.2 $(15.6) $0.0 $157.4 Terminalling & Storage (1) 1Q17E 2Q17E 3Q17E(1) 4Q17E(1) 2017E Shore-Based Terminals $3.7 $4.0 $4.0 $4.0 $15.7 Martin Lubricants $2.3 $2.5 $2.5 $2.1 $9.4 Smackover Refinery $5.2 $5.3 $5.0 $5.2 $20.7 Specialty Terminals $2.6 $2.5 $4.1 $4.1 $13.3 Total T&S $13.8 $14.3 $15.6 $15.4 $59.1 Sulfur Services 1Q17E 2Q17E 3Q17E 4Q17E 2017E Fertilizer $6.9 $6.9 $0.4 $1.6 $15.8 Molten Sulfur $1.6 $1.6 $1.7 $1.7 $6.6 Sulfur Prilling $1.9 $1.8 $1.9 $1.8 $7.4 Total Sulfur Services $10.4 $10.3 $4.0 $5.1 $29.8 Marine Transportation 1Q17E 2Q17E 3Q17E 4Q17E 2017E Inland $2.3 $2.4 $2.4 $2.5 $9.6 Offshore $0.5 $0.6 $0.7 $0.6 $2.4 Marine USG&A $(1.2) $(1.2) $(1.2) $(1.2) $(4.8) Total Marine $1.6 $1.8 $1.9 $1.9 $7.2 Unallocated SG&A $(3.9) $(3.9) $(3.9) $(3.9) $(15.6) Total Adjusted EBITDA $44.6 $34.3 $30.3 $48.2 $157.4 (1) These figures include the incremental adjusted EBITDA associated with the Partnership’s February 22, 2017 acquisition of certain asphalt terminalling assets located in Hondo, Texas.

Natural Gas Services Terminalling & Storage Sulfur Services Marine Transportation SG&A Interest Expense 2Q2017E Net income (loss) $4.6 $2.9 $8.3 $(0.2) $(4.3) $(11.0) $0.3 Interest expense add back -- -- -- -- -- $11.0 $11.0 Depreciation and amortization $7.0 $11.4 $2.0 $2.0 -- -- $22.4 Distributions from unconsolidated entities $1.5 -- -- -- -- -- $1.5 Equity in earnings of unconsolidated entities $(1.3) -- -- -- -- -- $(1.3) Unit-based compensation -- -- -- -- $0.2 -- $0.2 Income tax expense -- -- -- -- $0.2 -- $0.2 Adjusted EBITDA $11.8 $14.3 $10.3 $1.8 $(3.9) $0.0 $34.3 Natural Gas Services Terminalling & Storage(1) Sulfur Services Marine Transportation SG&A Interest Expense 3Q2017E Net income (loss) $5.4 $4.1 $1.8 $(0.1) $(4.3) $(11.7) $(4.8) Interest expense add back -- -- -- -- -- $11.7 $11.7 Depreciation and amortization $7.1 $11.5 $2.2 $2.0 -- -- $22.8 Distributions from unconsolidated entities $2.6 -- -- -- -- -- $2.6 Equity in earnings of unconsolidated entities $(2.4) -- -- -- -- -- $(2.4) Unit-based compensation -- -- -- -- $0.2 -- $0.2 Income tax expense -- -- -- -- $0.2 -- $0.2 Adjusted EBITDA $12.7 $15.6 $4.0 $1.9 $(3.9) $0.0 $30.3 Natural Gas Services Terminalling & Storage(1) Sulfur Services Marine Transportation SG&A Interest Expense 4Q2017E Net income (loss) $22.1 $5.2 $3.0 $(0.2) $(4.3) $(11.8) $14.0 Interest expense add back -- -- -- -- -- $11.8 $11.8 Depreciation and amortization $7.1 $10.2 $2.1 $2.1 -- -- $21.5 Distributions from unconsolidated entities $2.9 -- -- -- -- -- $2.9 Equity in earnings of unconsolidated entities $(2.4) -- -- -- -- -- $(2.4) Unit-based compensation -- -- -- -- $0.2 -- $0.2 Income tax expense -- -- -- -- $0.2 -- $0.2 Adjusted EBITDA $29.7 $15.4 $5.1 $1.9 $(3.9) $0.0 $48.2 MMLP 2Q 2017E ADJUSTED EBITDA GUIDANCE MMLP 3Q 2017E ADJUSTED EBITDA GUIDANCE MMLP 4Q 2017E ADJUSTED EBITDA GUIDANCE $ millions (1) These figures include the incremental adjusted EBITDA associated with the Partnership’s February 22, 2017 acquisition of certain asphalt terminalling assets located in Hondo, Texas.

The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to analyze its performance. These include: (1) net income before interest expense, income tax expense, and depreciation and amortization (“EBITDA”), and (2) adjusted EBITDA. The Partnership's management views these measures as important performance measures of core profitability for its operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The Partnership's management believes investors benefit from having access to the same financial measures that management uses. EBITDA and Adjusted EBITDA. Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with additional information to better understand the following: financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders. EBITDA and adjusted EBITDA should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these measures may not be the same method used to compute similar measures reported by other entities. USE OF NON-GAAP FINANCIAL INFORMATION