Martin Midstream Partners Declares $0.005 Quarterly Distribution
Martin Midstream Partners L.P., a Gulf Coast energy logistics partnership, declared a quarterly cash distribution of $0.005 per unit for the quarter ended December 31, 2025. The distribution annualizes to $0.02 per common unit.
Martin Midstream Partners L.P. (NASDAQ: MMLP), a Gulf Coast energy logistics partnership focused on terminalling, transportation, and storage services, declared a quarterly cash distribution of $0.005 per unit for the quarter ended December 31, 2025. The distribution was paid on February 13, 2026, to unitholders of record as of February 6, 2026. Read more dividend announcements.
The quarterly payout annualizes to $0.02 per common unit. The partnership did not disclose a comparison to the prior quarter's distribution level.
| Distribution Details | Date |
|---|---|
| Amount per Unit | $0.005 |
| Record Date | February 6, 2026 |
| Ex-Dividend Date | February 6, 2026 |
| Payment Date | February 13, 2026 |
| Annualized Rate | $0.02 |
Fourth Quarter Financial Performance
Martin Midstream reported a net loss of $2.9 million for the fourth quarter ended December 31, 2025, compared to a net loss of $14.8 million for the full year. Adjusted EBITDA totaled $24.8 million for the quarter and $99.0 million for the full year.
Bob Bondurant, President and Chief Executive Officer, said the partnership demonstrated resilience through its diversified asset base despite headwinds in certain segments. The terminalling and storage segment, sulfur services business, and land transportation operations delivered stable performance supported by fixed-fee contracts.
The partnership faced challenges including lower marine utilization in the third quarter, a softer fertilizer market in the fourth quarter, and weakness in its grease business throughout the year.
Balance Sheet and Leverage
Martin Midstream ended 2025 with total debt outstanding of approximately $439.1 million, down from $453.6 million at year-end 2024. The partnership held $31.4 million in available liquidity under its revolving credit facility as of December 31, 2025, compared to $80.7 million a year earlier.
The partnership's adjusted leverage ratio stood at 4.43 times based on Credit Adjusted EBITDA, up from 3.96 times at the end of 2024. The senior leverage ratio improved to 0.39 times from 0.47 times, while the interest coverage ratio declined to 1.90 times from 2.14 times.
The partnership's $400.0 million in 11.50% senior secured notes remain outstanding and are due in February 2028. Its revolving credit facility, with total capacity reduced to $130.0 million from $150.0 million, is due in February 2027. Martin Midstream was in compliance with all debt covenants as of December 31, 2025.
2026 Outlook
The partnership provided 2026 guidance projecting Adjusted EBITDA of $96.5 million. Martin Midstream expects to spend $4.1 million on growth capital expenditures and $32.4 million on maintenance capital expenditures during the year.