v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
    The Chief Operating Decision Maker ("CODM") is a group of executives, comprised of the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Partnership's general partner. The CODM may use different operating measures to assess operating results and allocate resources among the Partnership's four segments (outlined below), however the measure that is most consistent with the amounts included in the consolidated financial statements is operating income. The CODM utilizes this measure to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources.

The Partnership's four reportable segments are comprised of (1) Terminalling and Storage, (2) Transportation, (3) Sulfur Services and (4) Specialty Products. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including different product type and services.

The Terminalling and Storage segment generates revenue by providing terminalling, processing, and storage services for petroleum products and by-products. Storage revenue is earned through contracted monthly tank fixed fees, while throughput revenue is based on the volume moved through the Partnership’s terminals at contracted rates. Tolling revenue is derived from contracted monthly reservation fees and throughput volumes processed at the facility.

The Transportation segment earns revenue by offering land and marine transportation services for petroleum products, by-products, chemicals, and specialty products. Land transportation revenue is based on mileage rates for line hauls or completion of contracted trips. Marine transportation revenue comes from time charters, calculated on a per-day basis, or from the completion of contracted trips.

The Sulfur Services segment generates revenue by providing processing, manufacturing, marketing, and distribution services for sulfur and sulfur-based products. Revenue from sulfur and fertilizer product sales is recognized when the customer takes title to the product. Revenue from sulfur services is earned as services are performed during each monthly period.
The Specialty Products segment earns revenue by providing marketing, distribution, and transportation services for NGLs as well as blending and packaging services for specialty lubricants and greases. NGL revenue is recognized upon the sale of products via truck, rail, or pipeline. For lubricants and greases, revenue is recognized upon their sale by truck or rail.

The following tables present selected financial information with respect to the Partnership's operating segments for the three and six months ended June 30, 2026 and 2025.
Terminalling and StorageTransportationSulfur ServicesSpecialty ProductsIndirect selling, general and administrativeTotal
Three Months Ended June 30, 2026
Operating revenues from external customers23,743 56,639 50,070 83,148 — $213,600 
Intersegment operating revenues 1,976 4,618 — 44 — 6,638 
Total segment revenues25,719 61,257 50,070 83,192 — 220,238 
Reconciliation of revenues:
Elimination of intersegment revenues(1,976)(4,618)— (44)— (6,638)
Total consolidated revenues23,743 56,639 50,070 83,148 — 213,600 
Less: cost of products sold:
Direct product costs— — 28,882 67,647 — 96,529 
Manufacturing costs (plant, labor, transportation, and other)— — 8,389 8,464 — 16,853 
Segment gross margin25,719 61,257 12,799 7,081 — 106,856 
Less:
Employment related expenses2
6,654 14,753 2,070 1,409 2,964 27,850 
Driver pay — 12,963 — — — 12,963 
Pass-through expenses— 7,997 497 — — 8,494 
Utilities, materials, and supplies3,793 590 254 43 — 4,680 
Repairs and maintenance1,094 4,501 42 4 — 5,641 
Insurance related expenses1,642 4,350 191 42 25 6,250 
Lease expenses1,197 5,784 100 15 — 7,096 
Other segment expenses1
1,858 2,304 1,176 213 674 6,225 
Depreciation and amortization5,125 3,062 4,120 745 — 13,052 
(Gain) loss on sale or disposition of property, plant and equipment(4,450)(184)(19)— — (4,653)
16,913 56,120 8,431 2,471 3,663 87,598 
Operating income (loss)$8,806 $5,137 $4,368 $4,610 $(3,663)$19,258 
Segment assets - as of June 30, 2026$161,643 $164,321 $141,256 $80,213 $— $547,433 
Capital expenditures and plant turnaround costs$4,313 $3,876 $5,790 $185 $— $14,164 

1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.
2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.

Terminalling and StorageTransportationSulfur ServicesSpecialty ProductsIndirect selling, general and administrativeTotal
Six Months Ended June 30, 2026
Operating revenues from external customers$46,180 $109,446 $100,894 $144,754 $— $401,274 
Intersegment operating revenues 3,927 8,614 — 65 — 12,606 
Total segment revenues50,107 118,060 100,894 144,819 — 413,880 
Reconciliation of revenues:
Elimination of intersegment revenues(3,927)(8,614)— (65)— (12,606)
Total consolidated revenues46,180 109,446 100,894 144,754 — 401,274 
Less: cost of products sold:
Direct product costs— — 59,064 118,338 — 177,402 
Manufacturing costs (plant, labor, transportation, and other)— — 17,646 12,983 — 30,629 
Segment gross margin50,107 118,060 24,184 13,498 — 205,849 
Less:
Employment related expenses2
13,641 30,013 4,300 3,205 5,759 56,918 
Driver pay — 24,689 — — — 24,689 
Pass-through expenses— 14,140 1,115 — — 15,255 
Utilities, materials, and supplies7,896 1,139 558 76 — 9,669 
Repairs and maintenance2,200 9,191 140 9 — 11,540 
Insurance related expenses3,301 8,937 495 88 32 12,853 
Lease expenses2,337 11,631 196 37 — 14,201 
Other segment expenses1
4,103 4,347 2,263 446 1,351 12,510 
Depreciation and amortization10,079 6,100 8,247 1,497 — 25,923 
(Gain) loss on sale or disposition of property, plant and equipment(4,459)(501)(25)(1)— (4,986)
39,098 109,686 17,289 5,357 7,142 178,572 
Operating income (loss)$11,009 $8,374 $6,895 $8,141 $(7,142)$27,277 
Segment assets - as of June 30, 2026$161,643 $164,321 $141,256 $80,213 $— $547,433 
Capital expenditures and plant turnaround costs$14,529 $5,594 $7,663 $369 $— $28,155 

1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.

2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products
sold.
Terminalling and StorageTransportationSulfur ServicesSpecialty ProductsIndirect selling, general and administrativeTotal
Three Months Ended June 30, 2025
Operating revenues from external customers$22,404 $53,826 $44,128 $60,318 $— $180,676 
Intersegment operating revenues 1,824 3,875 — 23 — 5,722 
Total segment revenues24,228 57,701 44,128 60,341 — 186,398 
Reconciliation of revenues:
Elimination of intersegment revenues(1,824)(3,875)— (23)— (5,722)
Total consolidated revenues22,404 53,826 44,128 60,318 — 180,676 
Less: cost of products sold:
Direct product costs— — 22,604 50,218 — 72,822 
Manufacturing costs (plant, labor, transportation, and other)— — 6,707 3,948 — 10,655 
Segment gross margin24,228 57,701 14,817 6,175 — 102,921 
Less:
Employment related expenses2
6,584 15,183 2,221 1,431 3,165 28,584 
Driver pay — 11,504 — — — 11,504 
Pass-through expenses— 5,884 777 — — 6,661 
Utilities, materials, and supplies3,587 587 236 31 — 4,441 
Repairs and maintenance905 4,481 215 9 — 5,610 
Insurance related expenses1,560 4,296 179 44 3 6,082 
Lease expenses1,075 4,920 110 31 — 6,136 
Other segment expenses1
2,114 2,313 1,555 244 769 6,995 
Depreciation and amortization5,411 2,916 3,556 755 — 12,638 
(Gain) loss on sale or disposition of property, plant and equipment(8)(600)(1)(4)— (613)
21,228 51,484 8,848 2,541 3,937 88,038 
Operating income (loss)$3,000 $6,217 $5,969 $3,634 $(3,937)$14,883 
Segment assets - as of June 30, 2025$159,001 $162,974 $128,266 $65,391 $— $515,632 
Capital expenditures and plant turnaround costs$1,925 $2,077 $1,587 $426 $— $6,015 
1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.

2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.
Terminalling and StorageTransportationSulfur ServicesSpecialty ProductsIndirect selling, general and administrativeTotal
Six Months Ended June 30, 2025
Operating revenues from external customers$43,953 $106,811 $92,832 $129,623 $— $373,219 
Intersegment operating revenues 3,689 8,365 — 46 — 12,100 
Total segment revenues47,642 115,176 92,832 129,669 — 385,319 
Reconciliation of revenues:
Elimination of intersegment revenues(3,689)(8,365)— (46)— (12,100)
Total consolidated revenues43,953 106,811 92,832 129,623 — 373,219 
— 
Less: cost of products sold:
Direct product costs— — 49,424 107,845 — 157,269 
Manufacturing costs (plant, labor, transportation, and other)— — 11,889 9,366 — 21,255 
Segment gross margin47,642 115,176 31,519 12,458 — 206,795 
Less:
Employment related expenses2
13,137 30,436 4,384 2,884 6,259 57,100 
Driver pay — 23,585 — — — 23,585 
Pass-through expenses— 11,982 1,641 — — 13,623 
Utilities, materials, and supplies7,220 1,196 491 58 — 8,965 
Repairs and maintenance2,305 8,976 424 10 — 11,715 
Insurance related expenses3,031 8,246 339 77 92 11,785 
Lease expenses2,231 9,555 235 53 — 12,074 
Other segment expenses1
3,637 4,707 3,208 488 2,261 14,301 
Depreciation and amortization10,980 5,848 7,113 1,513 — 25,454 
(Gain) loss on sale or disposition of property, plant and equipment(9)(1,078)(1)(4)— (1,092)
42,532 103,453 17,834 5,079 8,612 177,510 
Operating income (loss)$5,110 $11,723 $13,685 $7,379 $(8,612)$29,285 
Segment assets - as of June 30, 2025$159,001 $162,974 $128,266 $65,391 $— $515,632 
Capital expenditures and plant turnaround costs$2,847 $4,899 $3,328 $549 $— $11,623 

1 Other segment expenses include outside services, property taxes, terminalling fees, regulatory expenses, professional fees, communications expenses, and many other less significant expense categories used in operations.

2 These employment expenses include allocated overhead from Martin Resource Management Corporation and exclude those that are part of our manufacturing operations. Payroll expenses in our manufacturing operations are included in cost of products sold.