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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
ý
 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the quarterly period ended September 30, 2018
OR
o
 
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the transition period from ____________ to ____________
 
Commission File Number
000-50056
MARTIN MIDSTREAM PARTNERS L.P.
(Exact name of registrant as specified in its charter)
Delaware
 
05-0527861
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
4200 Stone Road
Kilgore, Texas 75662
(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code: (903) 983-6200

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes  x
 
No o
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes x
 
No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  o
Accelerated filer  x
Non-accelerated filer   o 
Smaller reporting company  o
Emerging growth company  o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes o
 
No x
 The number of the registrant’s Common Units outstanding at October 24, 2018, was 39,036,237.
 



 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1



PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(Dollars in thousands)
 
September 30, 2018
 
December 31, 2017
 
(Unaudited)
 
(Audited)
Assets
 
 
 
Cash
$
3,186

 
$
27

Accounts and other receivables, less allowance for doubtful accounts of $347 and $314, respectively
72,280

 
107,242

Product exchange receivables
185

 
29

Inventories (Note 6)
134,059

 
97,252

Due from affiliates
22,933

 
23,668

Other current assets
4,921

 
4,866

Assets held for sale (Note 4)
6,152

 
9,579

Total current assets
243,716

 
242,663

 
 
 
 
Property, plant and equipment, at cost
1,279,365

 
1,253,065

Accumulated depreciation
(465,079
)
 
(421,137
)
Property, plant and equipment, net
814,286

 
831,928

 
 
 
 
Goodwill
17,296

 
17,296

Investment in WTLPG (Note 7)

 
128,810

Other assets, net (Note 9)
25,751

 
32,801

Total assets
$
1,101,049

 
$
1,253,498

 
 
 
 
Liabilities and Partners’ Capital
 

 
 

Trade and other accounts payable
$
71,176

 
$
92,567

Product exchange payables
9,647

 
11,751

Due to affiliates
3,651

 
3,168

Income taxes payable
448

 
510

Fair value of derivatives (Note 10)
2,968

 
72

Other accrued liabilities (Note 9)
18,876

 
26,340

Total current liabilities
106,766

 
134,408

 
 
 
 
Long-term debt, net (Note 8)
698,680

 
812,632

Other long-term obligations
10,718

 
8,217

Total liabilities
816,164

 
955,257

 
 
 
 
Commitments and contingencies (Note 15)


 


Partners’ capital (Note 11)
284,885

 
298,241

Total partners’ capital
284,885

 
298,241

Total liabilities and partners' capital
$
1,101,049

 
$
1,253,498


See accompanying notes to consolidated and condensed financial statements.

2

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and units in thousands, except per unit amounts)


 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
Terminalling and storage  *
$
24,354

 
$
25,752

 
$
72,508

 
$
75,105

Marine transportation  *
12,727

 
11,407

 
36,920

 
36,661

Natural gas services*
11,232

 
14,253

 
40,392

 
43,756

Sulfur services
2,787

 
2,850

 
8,361

 
8,550

Product sales: *
 
 
 
 
 
 
 
Natural gas services
101,919

 
83,831

 
351,725

 
284,154

Sulfur services
27,981

 
24,174

 
98,565

 
95,728

Terminalling and storage
38,047

 
30,861

 
111,351

 
96,421

 
167,947

 
138,866

 
561,641

 
476,303

Total revenues
219,047

 
193,128

 
719,822

 
640,375

 
 
 
 
 
 
 
 
Costs and expenses:
 

 
 

 
 

 
 

Cost of products sold: (excluding depreciation and amortization)
 

 
 

 
 

 
 

Natural gas services *
99,346

 
77,368

 
329,945

 
255,745

Sulfur services *
21,363

 
19,716

 
73,998

 
65,406

Terminalling and storage *
33,801

 
27,372

 
99,967

 
85,398

 
154,510

 
124,456

 
503,910

 
406,549

Expenses:
 

 
 

 
 

 
 

Operating expenses  *
32,628

 
43,552

 
95,592

 
109,478

Selling, general and administrative  *
9,257

 
9,085

 
27,339

 
27,816

Depreciation and amortization
18,741

 
20,286

 
58,842

 
65,948

Total costs and expenses
215,136

 
197,379

 
685,683

 
609,791

 
 
 
 
 
 
 
 
Other operating loss
(384
)
 
(187
)
 
(876
)
 
(327
)
Operating income (loss)
3,527

 
(4,438
)
 
33,263

 
30,257

 
 
 
 
 
 
 
 
Other income (expense):
 

 
 

 
 

 
 

Interest expense, net
(13,140
)
 
(12,538
)
 
(39,591
)
 
(34,677
)
Other, net
18

 
55

 
18

 
605

Total other expense
(13,122
)
 
(12,483
)
 
(39,573
)
 
(34,072
)
 
 
 
 
 
 
 
 
Net loss before taxes
(9,595
)
 
(16,921
)
 
(6,310
)
 
(3,815
)
Income tax expense
(91
)
 
(108
)
 
(372
)
 
(301
)
Loss from continuing operations
(9,686
)
 
(17,029
)
 
(6,682
)
 
(4,116
)
Income from discontinued operations, net of income taxes
49,132

 
743

 
51,700

 
2,402

Net income (loss)
39,446

 
(16,286
)
 
45,018

 
(1,714
)
Less general partner's interest in net (income) loss
(789
)
 
325

 
(900
)
 
34

Less (income) loss allocable to unvested restricted units
(27
)
 
38

 
(29
)
 

Limited partners' interest in net income (loss)
$
38,630

 
$
(15,923
)
 
$
44,089

 
$
(1,680
)
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated and condensed financial statements.
*Related Party Transactions Shown Below

3

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and units in thousands, except per unit amounts)



*Related Party Transactions Included Above
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Revenues:*
 
 
 
 
 
 
 
Terminalling and storage
$
19,619

 
$
21,910

 
$
60,151

 
$
61,945

Marine transportation
4,009

 
4,098

 
11,727

 
12,610

Natural gas services

 
4

 

 
122

Product Sales
180

 
828

 
1,248

 
2,982

Costs and expenses:*
 
 
 
 
 
 
 
Cost of products sold: (excluding depreciation and amortization)
 
 
 
 
 
 
 
Natural gas services
2,856

 
3,033

 
10,273

 
14,836

Sulfur services
4,337

 
3,555

 
13,208

 
10,997

Terminalling and storage
7,392

 
4,817

 
21,959

 
14,003

Expenses:
 
 
 
 
 
 
 
Operating expenses
14,051

 
15,858

 
41,774

 
48,686

Selling, general and administrative
6,834

 
6,495

 
21,053

 
20,563



See accompanying notes to consolidated and condensed financial statements.

4

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and units in thousands, except per unit amounts)


 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Allocation of net income (loss) attributable to:
 
 
 
 
 
 
 
   Limited partner interest:
 
 
 
 
 
 
 
 Continuing operations
$
(9,486
)
 
$
(16,649
)
 
$
(6,544
)
 
$
(4,034
)
 Discontinued operations
48,116

 
726

 
50,633

 
2,354

 
$
38,630

 
$
(15,923
)
 
$
44,089

 
$
(1,680
)
   General partner interest:
 

 
 

 
 
 
 

  Continuing operations
$
(193
)
 
$
(340
)
 
$
(134
)
 
$
(82
)
  Discontinued operations
982

 
15

 
1,034

 
48

 
$
789

 
$
(325
)
 
$
900

 
$
(34
)
 
 

 
 

 
 
 
 

Net income (loss) per unit attributable to limited partners:
 
 
 
 
 
 
 
Basic:
 

 
 

 
 
 
 

Continuing operations
$
(0.24
)
 
$
(0.44
)
 
$
(0.17
)
 
$
(0.10
)
Discontinued operations
1.24

 
0.02

 
1.30

 
0.06

 
$
1.00

 
$
(0.42
)
 
$
1.13

 
$
(0.04
)
Weighted average limited partner units - basic
38,712

 
38,357

 
38,877

 
38,016

Diluted:
 

 
 

 
 
 
 

Continuing operations
$
(0.24
)
 
$
(0.44
)
 
$
(0.17
)
 
$
(0.10
)
Discontinued operations
1.24

 
0.02

 
1.30

 
0.06

 
$
1.00

 
$
(0.42
)
 
$
1.13

 
$
(0.04
)
Weighted average limited partner units - diluted
38,738

 
38,357

 
38,889

 
38,016


See accompanying notes to consolidated and condensed financial statements.



5

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL
(Unaudited)
(Dollars in thousands)



 
Partners’ Capital
 
 
 
Common Limited
 
General Partner Amount
 
 
 
Units
 
Amount
 
 
Total
Balances - January 1, 2017
35,452,062

 
$
304,594

 
$
7,412

 
$
312,006

Net income

 
(1,680
)
 
(34
)
 
(1,714
)
Issuance of common units, net
2,990,000

 
51,061

 

 
51,061

Issuance of restricted units
12,000

 

 

 

Forfeiture of restricted units
(5,750
)
 

 

 

General partner contribution

 

 
1,098

 
1,098

Cash distributions

 
(56,177
)
 
(1,146
)
 
(57,323
)
Unit-based compensation

 
518

 

 
518

Purchase of treasury units
(200
)
 
(4
)
 

 
(4
)
Excess purchase price over carrying value of acquired assets

 
(7,887
)
 

 
(7,887
)
Reimbursement of excess purchase price over carrying value of acquired assets

 
1,125

 

 
1,125

Balances - September 30, 2017
38,448,112

 
$
291,550

 
$
7,330

 
$
298,880

 
 
 
 
 
 
 
 
Balances - January 1, 2018
38,444,612

 
$
290,927

 
$
7,314

 
$
298,241

Net income

 
44,118

 
900

 
45,018

Issuance of common units, net of issuance related costs

 
(118
)
 

 
(118
)
Issuance of restricted units
633,425

 

 

 

Forfeiture of restricted units
(23,000
)
 

 

 

Cash distributions

 
(57,653
)
 
(1,176
)
 
(58,829
)
Unit-based compensation

 
872

 

 
872

Excess purchase price over carrying value of acquired assets

 
(26
)
 

 
(26
)
Purchase of treasury units
(18,800
)
 
(273
)
 

 
(273
)
Balances - September 30, 2018
39,036,237

 
$
277,847

 
$
7,038

 
$
284,885

 
See accompanying notes to consolidated and condensed financial statements.

6

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)


 
Nine Months Ended
 
September 30,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net income (loss)
$
45,018

 
$
(1,714
)
Less: Income from discontinued operations, net of income taxes
(51,700
)
 
(2,402
)
Net loss from continuing operations
(6,682
)
 
(4,116
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 

 
 

Depreciation and amortization
58,842

 
65,948

Amortization of deferred debt issuance costs
2,563

 
2,170

Amortization of premium on notes payable
(230
)
 
(230
)
Loss on sale of property, plant and equipment
876

 
327

Derivative loss
198

 
2,392

Net cash received (paid) for commodity derivatives
2,698

 
(6,429
)
Unit-based compensation
872

 
518

Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
 

 
 

Accounts and other receivables
35,191

 
16,381

Product exchange receivables
(156
)
 
173

Inventories
(37,147
)
 
(48,022
)
Due from affiliates
735

 
(1,917
)
Other current assets
556

 
(411
)
Trade and other accounts payable
(18,230
)
 
2,222

Product exchange payables
(2,104
)
 
1,910

Due to affiliates
483

 
(5,169
)
Income taxes payable
(62
)
 
(420
)
Other accrued liabilities
(9,726
)
 
(3,766
)
Change in other non-current assets and liabilities
610

 
1,941

Net cash provided by continuing operating activities
29,287

 
23,502

Net cash provided by discontinued operating activities
3,254

 
4,055

Net cash provided by operating activities
32,541

 
27,557

 
 
 
 
Cash flows from investing activities:
 

 
 

Payments for property, plant and equipment
(31,497
)
 
(30,014
)
Acquisitions

 
(19,533
)
Payments for plant turnaround costs
(879
)
 
(1,583
)
Proceeds from sale of property, plant and equipment
1,269

 
1,604

Proceeds from repayment of Note receivable - affiliate

 
15,000

Other

 
(900
)
Net cash used in continuing investing activities
(31,107
)
 
(35,426
)
Net cash provided by (used in) discontinuing investing activities
177,256

 
(145
)
Net cash provided by (used in) investing activities
146,149

 
(35,571
)
 
 
 
 
Cash flows from financing activities:
 

 
 

Payments of long-term debt
(460,000
)
 
(242,000
)
Proceeds from long-term debt
345,000

 
262,000

Proceeds from issuance of common units, net of issuance related costs
(118
)
 
51,061

General partner contribution

 
1,098

Purchase of treasury units
(273
)
 
(4
)
Payment of debt issuance costs
(1,285
)
 
(56
)
Excess purchase price over carrying value of acquired assets
(26
)
 
(7,887
)
Reimbursement of excess purchase price over carrying value of acquired assets

 
1,125

Cash distributions paid
(58,829
)
 
(57,323
)
Net cash (used in) provided by financing activities
(175,531
)
 
8,014

 
 
 
 
Net increase in cash
3,159

 

Cash at beginning of period
27

 
15

Cash at end of period
$
3,186

 
$
15

Non-cash additions to property, plant and equipment
$
938

 
$
1,367


See accompanying notes to consolidated and condensed financial statements.

7

MARTIN MIDSTREAM PARTNERS L.P.
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
(Dollars in thousands, except where otherwise indicated)
September 30, 2018
(Unaudited)




NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Martin Midstream Partners L.P. (the "Partnership") is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States ("U.S.") Gulf Coast region. Its four primary business lines include:  natural gas services, including liquids transportation and distribution services and natural gas storage; terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil, blending and packaging of finished lubricants; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products.
 
The Partnership’s unaudited consolidated and condensed financial statements have been prepared in accordance with the requirements of Form 10-Q and U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial reporting. Accordingly, these financial statements have been condensed and do not include all of the information and footnotes required by U.S. GAAP for annual audited financial statements of the type contained in the Partnership’s annual reports on Form 10-K. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s financial position, results of operations, and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. Results for such interim periods are not necessarily indicative of the results of operations for the full year. These financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements and notes thereto included in the Partnership’s annual report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the "SEC") on February 16, 2018, as amended by Amendment No. 1 on Form 10-K/A for the year ended December 31, 2017 filed on March 29, 2018.

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated and condensed financial statements in conformity with U.S. GAAP.  Actual results could differ from those estimates.

Divestiture of WTLPG Partnership Interest. On July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in West Texas LPG Pipeline L.P. ("WTLPG") to ONEOK, Inc. (“ONEOK”). WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. A wholly-owned subsidiary of ONEOK, Inc. is the operator of the assets. The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to its equity method investment in WTLPG as discontinued operations for the three and nine months ended September 30, 2018 and 2017. See Note 4 for more information.

Correction of Immaterial Error. The third quarter and year to date amounts for 2017 have been revised to reflect a reclassification in the presentation of certain expenses associated with the manufacturing and shipping of product related to a location in the Partnership's Terminalling and Storage operating segment.  The reclassification resulted in a decrease in operating expenses from $45,072 to $43,552 and an increase in cost of products sold from $122,936 to $124,456 for the three months ended September 30, 2017, and a decrease in operating expenses from $114,564 to $109,478 and an increase in cost of products sold from $401,463 to $406,549 for the nine months ended September 30, 2017.

NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for the Partnership on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership adopted the new standard utilizing the cumulative effect method which will result in the cumulative effect of the adoption being recorded as of January 1, 2018. The Partnership adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. Additional disclosures related to revenue recognition appear in "Note 5. Revenue."
    

8

MARTIN MIDSTREAM PARTNERS L.P.
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
(Dollars in thousands, except where otherwise indicated)
September 30, 2018
(Unaudited)



In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. Lessor accounting under the new standard is substantially unchanged and the Partnership believes substantially all of our leases will continue to be classified as operating leases under the new standard. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required.  The update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods, with early adoption permitted. The original guidance required application on a modified retrospective basis with the earliest period presented. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which includes an option to not restate comparative periods in transition and elect to use the effective date of ASC 842, Leases, as the date of initial application of transition. Based on the effective date, this guidance will apply and the Partnership will adopt this ASU beginning on January 1, 2019 and plans to elect the transition option provided under ASU 2018-11. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019.

The new standard provides a number of optional practical expedients in transition. The Partnership expects to elect the "package of practical expedients", which permits the Partnership not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs.

The Partnership expects that this standard will have a material impact on its financial statements. While the Partnership continues to assess all of the effects of adoption, including evaluating its population of leases, the Partnership believes the most significant effects relate to (1) the recognition of a material amount of right-of-use ("ROU") assets and lease liabilities on its consolidated balance sheet and (2) providing significant new disclosures about the Partnership’s leasing activities. Refer to Note 9 - Leases of the Annual Report on Form 10-K for the fiscal year ended December 31, 2017 for information about the Partnership's lease obligations.

The new standard also provides practical expedients for an entity’s ongoing accounting. The Partnership expects to elect the short-term lease recognition exemption for all leases that qualify. This means, for those assets that qualify, the Partnership will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition.

NOTE 3. ACQUISITIONS

Acquisition of Terminalling Assets.    On February 22, 2017, the Partnership acquired 100% of the membership interests of MEH South Texas Terminals LLC ("MEH"), a subsidiary of Martin Resource Management, for a purchase price of $27,420 (the "Hondo Acquisition"), which was funded with borrowings under the Partnership's revolving credit facility. At the date of acquisition, MEH was in the process of constructing an asphalt terminal facility in Hondo, Texas (the "Hondo Terminal"), to serve the asphalt market in San Antonio, Texas and surrounding areas. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The excess of the purchase price over the carrying value of the assets of $7,887 was recorded as an adjustment to "Partners' capital" during the nine months ended September 30, 2017. During 2018, the Partnership paid an additional $26 related to a purchase price true-up, which was recorded as a further adjustment to "Partners' capital" for the nine months ended September 30, 2018.
Original purchase price
$
27,420

Purchase price true-up
26

Historical carrying value of assets allocated to "Property, plant and equipment"
19,533

Excess purchase price over carrying value of acquired assets
$
7,913



As no individual line item of the historical financial statements of the acquired assets was in excess of 3% of the Partnership's relative consolidated financial statement captions, the Partnership elected not to retrospectively recast the historical financial information to include these assets.


9

MARTIN MIDSTREAM PARTNERS L.P.
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
(Dollars in thousands, except where otherwise indicated)
September 30, 2018
(Unaudited)



NOTE 4. DIVESTITURES AND DISCONTINUED OPERATIONS

Discontinued Operations
    
Divestiture of WTLPG Partnership Interest. On July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in WTLPG to ONEOK. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. A wholly-owned subsidiary of ONEOK, Inc. is the operator of the assets. In consideration for the sale of these assets, the Partnership received cash proceeds of $193,705, after transaction fees and expenses. The proceeds from the sale were used to reduce outstanding borrowings under the Partnership's revolving credit facility.  The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to its equity method investment in WTLPG as discontinued operations for the three and nine months ended September 30, 2018 and 2017.

The operating results, which are included in income from discontinued operations, were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Total costs and expenses and other, net, excluding depreciation and amortization
$
(89
)
 
$
(44
)
 
$
(247
)
 
$
(143
)
Other operating income1
48,564

 

 
48,564

 

Equity in earnings
657

 
787

 
3,383

 
2,545

Income from discontinued operations before income taxes
49,132

 
743

 
51,700

 
2,402

Income tax expense

 

 

 

Income from discontinued operations, net of income taxes
$
49,132

 
$
743

 
$
51,700

 
$
2,402


1 These expenses represent direct operating expenses as a result of the Partnership's ownership interest in WTLPG.

2 Other operating income represents the gain on the disposition of the investment in WTLPG.

Long-Lived Assets Held for Sale

At September 30, 2018 and December 31, 2017, certain terminalling and storage and marine transportation assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the lower of the assets' carrying amount or fair value less cost to sell by segment in current assets as follows:
 
September 30, 2018
 
December 31, 2017
 
 
 
 
Terminalling and storage
$
3,552

 
$
4,152

Marine transportation
2,600

 
5,427

    Assets held for sale
$
6,152

 
$
9,579



These assets are considered non-core assets to the Partnership's operations and did not qualify for discontinued operations presentation under the guidance of ASC 205-20.


10

MARTIN MIDSTREAM PARTNERS L.P.
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
(Dollars in thousands, except where otherwise indicated)
September 30, 2018
(Unaudited)



NOTE 5. REVENUE

The following table disaggregates our revenue by major source:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Terminalling and storage segment
 
 
 
 
 
 
 
Lubricant product sales
$
38,047

 
$
30,861

 
$
111,351

 
$
96,421

Throughput and storage
24,354

 
25,752