Martin Midstream Partners L.P 10-K for FY2024

Martin Midstream Partners L.P. (MMLP)

10-K 2025-02-24 For: 2024-12-31

Added on April 06, 2026

About this 10-K

Martin Midstream Partners L.P filed this 10-K on February 24, 2025, covering the fiscal year ended December 31, 2024 (FY2024).

Headline figures

Fiscal year ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $707.62M; down 11.3% from $797.96M a year earlier
Net loss: $5.21M; compared with a net loss of $4.55M a year earlier

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Mark One			Annual Report Pursuant to Section 13 or 15(d) of the
☒			Securities Exchange Act of 1934


Delaware						05-0527861
State or other jurisdiction of incorporation or organization						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units representing limited partnership interests	MMLP	The NASDAQ Global Select Market


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


		Page
PART I		1
Item 1.	Business	1
Item 1A.	Risk Factors	19
Item 1B.	Unresolved Staff Comments	44
Item 1C.	Cybersecurity	44
Item 2.	Properties	45
Item 3.	Legal Proceedings	45
Item 4.	Mine Safety Disclosures	46

PART II		47
Item 5.	Market for Our Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities	47
Item 6.	[Reserved]	47
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	66
Item 8.	Financial Statements and Supplementary Data	67
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	109
Item 9A.	Controls and Procedures	109
Item 9B.	Other Information	110

PART III		111
Item 10.	Directors, Executive Officers and Corporate Governance	111
Item 11.	Executive Compensation	115
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	125
Item 13.	Certain Relationships and Related Transactions, and Director Independence	128
Item 14.	Principal Accounting Fees and Services	133

PART IV		134
Item 15.	Exhibits, Financial Statement Schedules	134
Item 16.	Form 10-K Summary	137


☐			Transition Report Pursuant to Section 13 or 15(d) of the
			Securities Exchange Act of 1934


Terminal Locations
Texas	Louisiana	Arkansas	Florida
Baytown	Arcadia	West Memphis	Tampa
Beaumont	Baton Rouge	Smackover	Pace
Beaumont Lube	Bossier City	Stephens	Mulberry
Channelview	Jennings
Corpus Christi	Lake Charles	Tennessee	Other
Kilgore	Reserve	Chattanooga	Theodore, Alabama
Longview		Kingsport	Hattiesburg, Mississippi
Plainview			Kenova, West Virginia


Class of Equipment	Number in Class	Capacity/Horsepower	Products Transported
Offshore tank barge	1	10,500 long tons	Molten sulfur
Offshore tugboat	1	5,100 horsepower	N/A
Inland push boat	1	1,200 horsepower	N/A
Inland tank barge	2	2,500 long tons	Molten sulfur


Terminal	Location	Daily Production Capacity	Products Stored
Neches	Beaumont, Texas	5,500 metric tons per day	Molten, prilled and granulated sulfur


Facility	Location	Annual Capacity	Description
Fertilizer plant	Plainview, Texas	150,000 tons	Fertilizer production
Fertilizer plant	Beaumont, Texas	146,000 tons	Liquid sulfur fertilizer production
Fertilizer plant	Odessa, Texas	35,000 tons	Dry sulfur fertilizer production
Fertilizer plant	Seneca, Illinois	36,000 tons	Dry sulfur fertilizer production
Fertilizer plant	Cactus, Texas	20,000 tons	Dry sulfur fertilizer production
Industrial sulfur plant	Nash, Texas	18,000 tons	Emulsified sulfur production
Sulfuric acid plant	Plainview, Texas	150,000 tons	Sulfuric acid production


NGL Facility	Location	Capacity	Description
Wholesale terminals	Arcadia, Louisiana	2,300,000 barrels	Underground and above ground NGL storage terminal
Rail terminal	Arcadia, Louisiana	24 railcars per day	Railcar loading and unloading facility
Spindletop storage facility	Beaumont, Texas	91,000 barrels	Above ground storage tank and pipeline connections



			We may not have sufficient cash after the establishment of cash reserves and payment of our general partner's expenses to enable us to pay a distribution each quarter.
			Restrictions in our debt instruments could prevent us from making distributions to our unitholders or limit our ability to pursue opportunities that would increase our distributions to unitholders.
			Demand for a portion of our terminalling and storage services is substantially dependent on the level of offshore oil and gas exploration, development and production activity.
			We have a significant amount of indebtedness. Debt we owe or incur in the future could limit our flexibility to obtain financing, to pursue other business opportunities, and to pay distributions to our unitholders.
			We have significant capital needs, and our ability to access the capital and credit markets to raise capital on favorable terms is limited by our debt level, industry conditions, and financial covenants in our debt instruments.
			Fluctuations in interest rates could materially affect our financial results
			We are exposed to counterparty risk in our credit facility and hedging agreements and we may not be able to access funds under our credit facility if there is a default.


			We are exposed to counterparty credit risk. Nonpayment and nonperformance by our customers, suppliers or vendors could reduce our revenues, increase our expenses and otherwise have a negative impact on our ability to conduct our business, operating results, cash flows and ability to make distributions to our unitholders.
			Our future acquisitions may not be successful, may substantially increase our indebtedness and contingent liabilities and may create integration difficulties.
			Our and our customers’ operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs and reduced demand for our services.
			Subsidence and coastal erosion could damage our facilities along the U.S. Gulf Coast and offshore and the facilities of our customers, which could adversely affect our operations and financial condition.
			Adverse weather conditions, including droughts, hurricanes, tropical storms, ice storms, extreme cold weather and other severe weather, exacerbated by climate change, could reduce our results of operations and ability to make distributions to our unitholders.
			If we incur material liabilities that are not fully covered by insurance, such as liabilities resulting from accidents on rivers or at sea, spills, fires or explosions, our results of operations and ability to make distributions to our unitholders could be adversely affected.
			The price volatility of petroleum products and by-products could reduce our liquidity and results of operations and ability to make distributions to our unitholders.
			We could incur losses due to impairment in the carrying value of our long-lived assets
			Increasing energy prices could adversely affect our results of operations.
			Decreasing energy prices could adversely affect our results of operations.
			The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control. Any decrease in supplies of natural gas, NGLs or crude oil could adversely affect our business and operating results.
			Our NGL and sulfur-based fertilizer products are subject to seasonal demand and could cause our revenues to vary.
			The highly competitive nature of our industry could adversely affect our results of operations and ability to make distributions to our unitholders.
			Our business is subject to compliance with environmental laws and regulations that could expose us to significant costs and liabilities and adversely affect our results of operations and ability to make distributions to our unitholders.
			Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
			The loss or insufficient attention of key personnel could negatively impact our results of operations and ability to make distributions to our unitholders.
			Our loss of significant commercial relationships with Martin Resource Management Corporation could adversely impact our results of operations and ability to make distributions to our unitholders.
			Our business could be adversely affected if operations at our transportation, terminalling and storage and distribution facilities experienced significant interruptions. Our business could also be adversely affected if the operations of our customers and suppliers experienced significant interruptions.
			If third-party pipelines and other facilities interconnected to our terminals become partially or fully unavailable to transport natural gas, NGLs and crude oil, our revenues could be adversely affected.
			NASDAQ does not require a publicly traded partnership like us to comply with certain of its corporate governance requirements, and therefore, unitholders do not have the same protections afforded to shareholders of corporations subject to all NASDAQ requirements.
			Our marine transportation business could be adversely affected if we do not satisfy the requirements of the Jones Act or if the Jones Act were modified or eliminated.
			Our marine transportation business could be adversely affected if the U.S. Government purchases or requisitions any of our vessels under the Merchant Marine Act.
			Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect our business, operations and financial condition.
			Changes in transportation regulations may increase our costs and negatively impact our results of operations.
			Our interest rate swap activities could have a material adverse effect on our earnings, profitability, liquidity, cash flows and financial condition.
			A downgrade of our credit ratings could impact our liquidity, access to capital and costs of doing business, and maintaining credit ratings is under the control of independent third parties.
			The industry in which we operate is highly competitive and increased competitive pressure could adversely affect our business and operating results.
			Information technology systems present potential targets for cyber security attacks or security breaches, whether with us or a third party, which could adversely affect our business and result in the compromise of confidential, sensitive or proprietary information.
			Our business is subject to complex and evolving U.S. laws and regulations regarding privacy and data protection (“data protection laws”). Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, increased cost of operations, or otherwise harm our business.
			Units available for future sales by us or our affiliates could have an adverse impact on the price of our common units or on any trading market that may develop.
			Unitholders have less power to elect or remove management of our general partner than holders of common stock in a corporation. It is unlikely that our common unitholders will have sufficient voting power to elect or remove our general partner without consent of Martin Resource Management Corporation and its affiliates.
			Our general partner's discretion in determining the level of our cash reserves may adversely affect our ability to make cash distributions to our unitholders.


			Unitholders may not have limited liability if a court finds that we have not complied with applicable statutes or that unitholder action constitutes control of our business.
			Our Partnership Agreement contains provisions that reduce the remedies available to unitholders for actions that might otherwise constitute a breach of fiduciary duty by our general partner.
			We may issue additional common units without unitholder approval, which would dilute unitholder ownership interests.
			The control of our general partner may be transferred to a third party and that party could replace our current management team, without unitholder consent.
			Our general partner has a limited call right that may require unitholders to sell their common units at an undesirable time or price.
			Our common units have a limited trading volume compared to other publicly traded securities.
			Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our unit price.
			Cash reimbursements due to Martin Resource Management Corporation may be substantial and will reduce our cash available for distribution to our unitholders.
			Martin Resource Management Corporation has conflicts of interest and limited fiduciary responsibilities, which may permit it to favor its own interest to detriment of our unitholders.
			Martin Resource Management Corporation and its affiliates may engage in limited competition with us.
			If Martin Resource Management Corporation were ever to file for bankruptcy or otherwise default on its obligations under its credit facility, amounts we owe under our credit facility may become immediately due and payable and our results of operations could be adversely affected.
			The U.S. Internal Revenue Service ("IRS") could treat us as a corporation for tax purposes, which would substantially reduce the cash available for distribution to unitholders.
			The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
			A successful IRS contest of the federal income tax positions we take could adversely affect the market for our common units and the costs of any contest will be borne by our unitholders, debt security holders and our general partner.
			If the IRS makes audit adjustments to our income tax returns, it may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
			Unitholders may be required to pay taxes on income from us, including their share of income from the cancellation of debt, even if they do not receive any cash distributions from us.
			Tax gain or loss on the disposition of our common units could be different than expected.
			Unitholders may be subject to limitations on their ability to deduct interest expenses incurred by us.
			Tax-exempt entities and non-U.S. persons face unique tax issues from owning common units that may result in adverse tax consequences to them.
			We treat a purchaser of our common units as having the same tax benefits without regard to the seller's identity. The IRS may challenge this treatment, which could adversely affect the value of the common units.
			Entity level taxes on income from C Corporation subsidiaries will reduce cash available for distribution, and an individual unitholder's share of dividend and interest income from such subsidiaries would constitute portfolio income that could not be offset by the unitholder's share of our other losses or deductions.
			Unitholders may be subject to state and local taxes and return filing requirements as a result of investing in our common units.
			There are limits on the deductibility of our losses that may adversely affect our unitholders.
			We prorate our items of income, gain, loss and deduction between transferors and transferees of our units each month based upon the ownership of our units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
			A unitholder whose units are loaned to a "short seller" to cover a short sale of units may be considered as having disposed of those units. If so, he would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition.
			We have adopted certain valuation methodologies and monthly conventions for U.S. federal income tax purposes that may result in a shift of income, gain, loss and deduction among our unitholders. The IRS may challenge this treatment, which could adversely affect the value of our units.


	Year Ended December 31,
	2024		2023
	(in thousands)
Net loss	$	(5,207)	$	(4,549)
Adjustments:
Interest expense	57,706		60,290
Income tax expense	4,197		5,918
Depreciation and amortization	50,787		49,895
EBITDA	107,483		111,554
Adjustments:
Gain on disposition of property, plant and equipment	(1,584)		(1,373)
Loss on extinguishment of debt	—		5,121
Transaction expenses related to the terminated Merger with Martin Resource Management Corporation	3,674		—
Equity in loss of DSM Semichem LLC	624		—
Non-cash contractual revenue deferral adjustment	221		—
Lower of cost or net realizable value and other non-cash adjustments	—		(12,850)
Unit-based compensation	187		163
Adjusted EBITDA	110,605		102,615
Adjustments:
Pro-forma adjustment related to ELSA project	2,655		—
Capitalized interest	1,153		310
Net loss associated with butane optimization business	—		2,256
Lower of cost or net realizable value and other non-cash adjustments	—		12,850
Credit Adjusted EBITDA	$	114,413	$	118,031


	Operating Revenues		Revenues Intersegment Eliminations		Operating Revenues after Eliminations		Operating Income (loss)		Operating Income Intersegment Eliminations		Operating Income (loss) after Eliminations
	(In thousands)
Year Ended December 31, 2024:
Terminalling and storage	$	96,555	$	(7,488)	$	89,067	$	11,098	$	(7,213)	$	3,885
Specialty products	264,945		(95)		264,850		17,038		8,736		25,774
Sulfur services	129,772		(1)		129,771		18,531		14,491		33,022
Transportation	239,807		(15,873)		223,934		30,184		(16,014)		14,170
Indirect selling, general and administrative	—		—		—		(19,556)		—		(19,556)
Total	$	731,079	$	(23,457)	$	707,622	$	57,295	$	—	$	57,295

Year Ended December 31, 2023:
Terminalling and storage	$	95,459	$	(8,945)	$	86,514	$	14,532	$	(8,856)	$	5,676
Specialty products	346,863		(86)		346,777		17,109		13,226		30,335
Sulfur services	140,995		—		140,995		17,412		13,024		30,436
Transportation	240,926		(17,249)		223,677		33,701		(17,394)		16,307
Indirect selling, general and administrative	—		—		—		(16,030)		—		(16,030)
Total	$	824,243	$	(26,280)	$	797,963	$	66,724	$	—	$	66,724


	Year Ended December 31,				Variance		Percent Change
	2024		2023
	(In thousands)

Revenues	$	96,555	$	95,459	$	1,096	1%


Cost of products sold	72		75		(3)		(4)%
Operating expenses	60,409		57,393		3,016		5%
Selling, general and administrative expenses	3,324		2,070		1,254		61%

Depreciation and amortization	22,757		21,030		1,727		8%
	9,993		14,891		(4,898)		(33)%
Other operating income (loss), net	1,105		(359)		1,464		408%

Operating income	$	11,098	$	14,532	$	(3,434)	(24)%

Shore-based throughput volumes (gallons)	170,407		162,363		8,044		5%
Smackover refinery throughput volumes (guaranteed minimum BBL per day)	6,500		6,500		—		—%


	Year Ended December 31,				Variance		Percent Change
	2024		2023
	(In thousands)
Revenues	$	239,807	$	240,926	$	(1,119)	—%
Operating expenses	185,813		184,334		1,479		1%
Selling, general and administrative expenses	11,496		9,787		1,709		17%


Depreciation and amortization	13,027		14,879		(1,852)		(12)%
	29,471		31,926		(2,455)		(8)%
Other operating income, net	713		1,775		(1,062)		(60)%
Operating income	$	30,184	$	33,701	$	(3,517)	(10)%


	Year Ended December 31,				Variance		Percent Change
	2024		2023
	(In thousands)
Revenues:
Services	$	14,572	$	13,430	$	1,142	9%
Products	115,200		127,565		(12,365)		(10)%
Total revenues	129,772		140,995		(11,223)		(8)%

Cost of products sold	79,984		93,842		(13,858)		(15)%
Operating expenses	12,178		13,143		(965)		(7)%
Selling, general and administrative expenses	7,012		5,925		1,087		18%
Depreciation and amortization	11,769		10,690		1,079		10%
	18,829		17,395		1,434		8%
Other operating income (loss), net	(298)		17		(315)		(1,853)%

Operating income	$	18,531	$	17,412	$	1,119	6%

Sulfur (long tons)	407.0		478.0		(71.0)		(15)%
Fertilizer (long tons)	223.0		254.0		(31.0)		(12)%
Sulfur services volumes (long tons)	630.0		732.0		(102.0)		(14)%


	Payments due by period
Type of Obligation	Total Obligation		Less than One Year		1-3 Years		3-5 Years		Due Thereafter
Credit facility	$	53,500	$	—	$	53,500	$	—	$	—
11.5% senior secured notes, due 2028	400,000		—		—		400,000		—
Operating leases	78,479		24,137		36,698		13,289		4,355
Finance leases	69		14		31		24		—
Interest payable on finance lease obligations	9		4		5		—		—
Interest payable on fixed long-term debt obligations	142,926		46,000		92,000		4,926		—
Total contractual cash obligations	$	674,983	$	70,155	$	182,234	$	418,239	$	4,355


Leverage Ratio	ABR Loans		Term SOFR Rate Loans and Letters of Credit
Less than 3.00 to 1.00	1.75	%	2.75	%
Greater than or equal to 3.00 to 1.00 and less than 3.50 to 1.00	2.00	%	3.00	%
Greater than or equal to 3.50 to 1.00 and less than 4.00 to 1.00	2.25	%	3.25	%
Greater than or equal to 4.00 to 1.00 and less than 4.50 to 1.00	2.50	%	3.50	%
Greater than or equal to 4.50 to 1.00	2.75	%	3.75	%


			Page
Report of Independent Registered Public Accounting Firm (KPMG LLP, Dallas, TX, Auditor Firm ID 185)			68
Consolidated Balance Sheets as of December 31, 2024 and 2023			71
Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022			72
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022			74
Consolidated Statements of Changes in Capital (Deficit) for the years ended December 31, 2024, 2023 and 2022			75
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022			76
Notes to Consolidated Financial Statements			77


	December 31,
	2024		2023
Assets
Cash	$	55	$	54
Trade and accrued accounts receivable, less allowance for doubtful accounts of $940 and $530, respectively	53,569		53,293

Inventories	51,707		43,822
Due from affiliates	13,694		7,924

Other current assets	11,454		9,220

Total current assets	130,479		114,313

Property, plant and equipment, at cost	954,059		918,786
Accumulated depreciation	(648,609)		(612,993)
Property, plant and equipment, net	305,450		305,793

Goodwill	16,671		16,671
Right-of-use assets	67,140		60,359
Investment in DSM Semichem LLC	7,314		—
Deferred income taxes, net	9,946		10,200
Intangibles and other assets, net	1,509		2,039

	$	538,509	$	509,375
Liabilities and Partners’ Capital (Deficit)
Current portion of long term debt and finance lease obligations	$	14	$	—
Trade and other accounts payable	61,599		51,653
Product exchange payables	798		426
Due to affiliates	4,927		6,334
Income taxes payable	1,283		652

Other accrued liabilities	46,880		41,499

Total current liabilities	115,501		100,564

Long-term debt, net	437,635		421,173
Finance lease obligations	55		—
Operating lease liabilities	47,815		45,684

Other long-term obligations	7,942		6,578
Total liabilities	608,948		573,999
Commitments and contingencies
Partners’ capital (deficit)	(70,439)		(64,624)

Total partners’ capital (deficit)	(70,439)		(64,624)
	$	538,509	$	509,375


		Partners’ Capital (Deficit)
		Common				General Partner Amount	Accumulated Other Comprehensive Income
	Units		Amount								Total
Balances – December 31, 2021		38,802,750		$	(50,741)		$	1,888	$	816		(48,037)

Net loss		—		(10,127)			(207)		—			(10,334)

Issuance of time-based restricted units		48,000		—			—		—			—


Cash distributions		—		(777)			(16)		—			(793)
Changes in fair values of commodity cash flow hedges		—		—			—		(816)			(816)

Excess carrying value of the assets over the purchase price paid by Martin Resource Management		—		374			—		—			374

Unit-based compensation		—		161			—		—			161


Balances – December 31, 2022		38,850,750		(61,110)			1,665		—			(59,445)

Net loss		—		(4,458)			(91)		—			(4,549)

Issuance of time-based restricted units		64,056		—			—		—			—



Cash distributions		—		(777)			(16)		—			(793)



Unit-based compensation		—		163			—		—			163

Balances – December 31, 2023		38,914,806		(66,182)			1,558		—			(64,624)

Net loss		—		(5,103)			(104)		—			(5,207)

Issuance of time-based restricted units		86,280		—			—		—			—



Cash distributions		—		(779)			(16)		—			(795)


Unit-based compensation		—		187			—		—			187

Balances – December 31, 2024		39,001,086		$	(71,877)		$	1,438	$	—		$	(70,439)


	2024		2023		2022
Products revenue	$	—	$	70,539	$	172,756
Cost of products sold	—		72,283		190,677
Selling, general and administrative expenses	—		512		2,094
	$	—	$	(2,256)	$	(20,015)


	2025		2026		2027		2028		2029		Thereafter		Total
Terminalling and Storage
Throughput and storage	$	44,774	$	46,117	$	47,500	$	48,990	$	50,393	$	105,367	$	343,141
Specialty Products
Natural Gas Liquids	6,657		3,867		—		—		—		—		10,524
Sulfur Services
Product sales	14,237		14,237		14,237		—		—		—		42,711
Service revenues	11,234		10,259		4,038		3,540		3,540		34,515		67,126
Total	$	76,902	$	74,480	$	65,775	$	52,530	$	53,933	$	139,882	$	463,502


	Depreciable Lives	2024		2023
Land	—	$	18,812	$	18,818
Improvements to land and buildings	10-25 years	136,609		133,440
Storage equipment	5-50 years	130,663		129,456
Marine vessels	4-25 years	194,406		187,182
Operating plant and equipment	3-50 years	396,631		376,170
Furniture, fixtures and other equipment	3-20 years	7,908		7,527
Transportation equipment	3-7 years	43,807		47,017
Construction in progress		25,223		19,176
		$	954,059	$	918,786


	2024		2023
Carrying amount of goodwill:
Terminalling and storage	$	6,756	$	6,756
Specialty products	4,229		4,229
Sulfur services	5,197		5,197
Transportation	489		489
Total goodwill	$	16,671	$	16,671


	Operating Leases		Finance Leases
Year 1	$	24,137	$	18
Year 2	20,512		18
Year 3	16,186		18
Year 4	9,714		18
Year 5	3,575		6
Thereafter	4,355		—
Total	78,479		78
Less amounts representing interest costs	(10,957)		(9)
Total lease liability	$	67,522	$	69


	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
2028 Notes	386,377		436,172		381,965		414,453
Total	$	386,377	$	436,172	$	381,965	$	414,453


	Amount of Gain (Loss) Recognized in AOCI				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	2024		2023			2024		2023		2022
Commodity contracts	$	—	$	—	Cost of products sold	$	—	$	—	$	816
Total	$	—	$	—		$	—	$	—	$	816


Cost of products sold:
Specialty products	$	31,789	$	35,930	$	39,356
Sulfur services	11,915		11,182		10,717
Terminalling and storage	72		75		19
	$	43,776	$	47,187	$	50,092


Operating expenses:
Transportation	$	79,441	$	73,866	$	66,682

Sulfur services	4,888		5,738		6,165
Terminalling and storage	22,502		21,247		20,783
	$	106,831	$	100,851	$	93,630


Selling, general and administrative:
Transportation	$	11,218	$	8,927	$	7,553
Specialty products	5,454		4,152		5,565
Sulfur services	5,427		3,714		3,917
Terminalling and storage	3,051		780		804
Indirect overhead allocation, net of reimbursement	14,235		14,448		13,919
	$	39,385	$	32,021	$	31,758


	2024		2023
Catalyst and turnaround costs	$	254	$	701
Other intangible assets	26		55
Other	1,229		1,283
	$	1,509	$	2,039


	2024		2023
Accrued interest	$	17,899	$	17,956
Asset retirement obligations	—		25
Property and other taxes payable	4,043		4,348
Accrued payroll	5,187		4,136
Operating lease liabilities	19,707		14,901
Other	44		133
	$	46,880	$	41,499


	2024		2023
$150,000 1 Credit facility at variable interest rate (8.18% 1 weighted average at December 31, 2024), due February 2027 4 secured by substantially all of the Partnership’s assets, net of unamortized debt issuance costs of $2,242 and $3,292, respectively 2	$	51,258	$	39,208
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $6,223 and $8,235, respectively, including unamortized premium of $7,400 and $9,800, respectively, due February 2028, secured 2,3,4	386,377		381,965
Total	437,635		421,173
Less: current portion	—		—
Total long-term debt, net of current portion	$	437,635	$	421,173


	Years Ended December 31,
	2024		2023		2022

Net loss	$	(5,207)	$	(4,549)	$	(10,334)
Less general partner’s interest in net loss:
Distributions payable on behalf of general partner interest	16		16		16
General partner interest in undistributed loss	(120)		(107)		(223)
Less loss allocable to unvested restricted units	(25)		(14)		(40)
Limited partners’ interest in net loss	$	(5,078)	$	(4,444)	$	(10,087)


	For the Year Ended December 31,
	2024		2023		2022
Restricted unit awards
Employees	$	—	$	—	$	—
Non-employee directors	187		163		161
Phantom unit Awards
Employees	3,070		(177)		3,124
Non-employee directors	—		—		—
Total unit-based compensation expense	$	3,257	$	(14)	$	3,285