Martin Midstream Partners (MMLP) Announces Sale of Stockton California Sulfur Terminal
StreetInsider.com Top Tickers, 10/10/2022
Enter Wall Street with StreetInsider Premium. Claim your one week free trial here.
Martin Midstream Partners LP (“MMLP” or the “Partnership”) (NASDAQ: MMLP) announced the sale of its Stockton Sulfur Terminal (the “Stockton Terminal”) to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Bob Bondurant, President and CEO of Martin Midstream GP LLC, the general partner of MMLP, said: “Over the past few years, the partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt. to reduce our leverage. As a result, we successfully completed several non-core asset sales, allowing us to focus on our refining services business segments. And while the sulfur business remains a strategic part of our operations, the Stockton terminal was considered a non-core asset because it is geographically removed from our focus on the U.S. Gulf Coast region where our core sulfur assets are situated.