Martin Midstream Partners LP, a Gulf Coast-focused oil and oil products logistics company, on Wednesday reported a net loss of $14.7 million for 2025, compared to a net loss of $5.2 million for 2024.
Last year’s net result came down to $57.8 million in interest expense and $21.9 million in unallocated selling, general and administrative expense, according to the Kilgore, Texas-based company’s quarterly report.
Martin Midstream’s Q4 net loss of $2.9 million, however, improved from a net result of -$8.4 million for the prior three-month period.
Full-year and Q4 EBITDA adjusted for extraordinary or nonrecurring items stood at $99 million and $24.8 million respectively.
Transport adjusted EBITDA for Q4 2025 increased by $2.4 million against Q4 2024 on higher inland utilization and offshore day rates in the marine division and increased service revenue and transportation rates in the land division.
Terminaling and storage adjusted EBITDA for Q4 2025 rose by $2.7 million on higher refinery throughput and higher revenue from natural gas liquids underground storage.
Sulfur services adjusted EBITDA for Q4 2025 fell by $3.7 million on lower fertilizer margins.
Specialty products adjusted EBITDA for Q4 2025 dropped by $0.9 million on a higher lubricants sales volume, partially offset by higher propane margins.
“Unallocated selling, general and administrative expense decreased by $0.9 million, reflecting lower insurance-related costs”, Martin Midstream added.
Operating activities generated $22.4 million in net cash for Q4 2025, compared to $42.2 million for Q4 2024. On an annual basis, operating net cash only slightly decreased, from $48.4 million for 2024 to $46.1 million for 2025.
Martin Midstream expects adjusted EBITDA to decrease year-on-year to $96.5 million in 2026, despite a projected increase in capital spend to $36.5 million primarily due to scheduled refinery turnaround activity.
“While our GAAP [generally accepted accounting principles] net loss reflects non-cash items and specific segment headwinds, our focus remained on balance sheet discipline”, said Bob Bondurant, president and chief executive of Martin Midstream GP LLC, the general partner. “We ended the year with total debt outstanding of approximately $439.1 million, liquidity of $31.4 million under our revolving credit facility and an adjusted leverage ratio of 4.43 times based on credit adjusted EBITDA”.
“Our 2025 results within the terminaling and storage segment, our pure sulfur services business and our land transportation business delivered stable performance, underscoring the durability of our fixed-fee contracts within these businesses. This stability was partially offset by a decline in marine utilization during the third quarter, a softer fertilizer market in the fourth quarter and headwinds in our grease business throughout the year”.
Martin Midsteam’s dividend for Q4 2025 was $0.005 per unit. Its annualized dividend per unit was $0.02.
Martin Midstream ended the year with $129.9 million in current assets including $49,000 in cash. Current liabilities stood at $124.1 million.
To contact the author, email jov.onsat@rigzone.com
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