Martin Midstream Partners Declares $0.005 Quarterly Distribution
Martin Midstream Partners L.P., a Gulf Coast-focused midstream energy partnership, declared a quarterly cash distribution of $0.005 per common unit for the quarter ended March 31, 2026. The distribution is payable May 15 to unitholders of record as of May 8.
Martin Midstream Partners L.P. (NASDAQ: MMLP), a midstream energy partnership focused on terminalling, transportation, and sulfur services in the Gulf Coast region, declared a quarterly cash distribution of $0.005 per common unit for the quarter ended March 31, 2026. Read more dividend announcements.
The distribution is payable May 15, 2026, to common unitholders of record as of the close of business on May 8, 2026. The ex-dividend date is May 8, 2026.
| Distribution Details | Date |
|---|---|
| Amount per Unit | $0.005 |
| Record Date | May 8, 2026 |
| Ex-Dividend Date | May 8, 2026 |
| Payment Date | May 15, 2026 |
First Quarter Financial Performance
The Kilgore, Texas-based partnership reported a net loss of $6.8 million for the first quarter of 2026, compared to a net loss of $1.0 million in the same period of 2025. Adjusted EBITDA came in at $20.8 million for the quarter, down from $27.8 million a year earlier.
The partnership revised its full-year 2026 Adjusted EBITDA guidance downward to $90.0 million. Chief Executive Officer Bob Bondurant cited margin pressure in the fertilizer business and lower-than-anticipated contributions from the transportation segment as primary headwinds.
"For the first quarter of 2026, the Partnership generated Adjusted EBITDA of $20.8 million, short of the pace needed to achieve our full-year guidance," Bondurant said. He noted that elevated input costs for sulfur and ammonia, combined with weak farmer affordability, continue to impact fertilizer products.
The partnership's Terminalling and Storage and Specialty Products segments performed in line with internal expectations. Strong performance from the pure sulfur business partially offset the fertilizer shortfall.
Debt and Liquidity
As of March 31, 2026, Martin Midstream Partners had total debt outstanding of $468.1 million, up from $439.1 million at year-end 2025. The increase was driven primarily by higher borrowings under the revolving credit facility, which stood at $68.0 million compared to $39.0 million at December 31, 2025.
The partnership had $37.5 million in available liquidity under its revolving credit facility as of March 31, 2026. The total adjusted leverage ratio was 5.08x, compared to 4.43x at the end of 2025. The senior leverage ratio stood at 0.74x, with an interest coverage ratio of 1.77x.
Martin Midstream Partners was in compliance with all debt covenants as of March 31, 2026. The partnership's revolving credit facility is due in November 2027, while its 11.50% senior secured notes mature in February 2028.