Michael Fitzsimmons • 75 Comments
Michael Fitzsimmons • 15 Comments
Thu, Oct. 20, 4:37 PM
- Martin Midstream Partners (NASDAQ:MMLP) agrees to sell its 900K-barrel Corpus Christi crude oil storage terminal and related assets to NuStar Logistics (NYSE:NS) for $107M, confirming an earlier report.
- At the same time, MMLP says it is reducing its quarterly dividend to $0.50/unit, a 38.5% reduction from $0.8125/unit in Q2.
- MMLP says the asset sale is a necessary first step to ultimately returning the company to a growth trajectory, and that the two actions "should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unitholders."
Aug. 11, 2014, 8:19 AM
- Martin Midstream Partners (NASDAQ:MMLP) agrees to acquire controlling membership interests in Cardinal Gas Storage Partners from Energy Capital Partners for $120M.
- MMLP expects the deal to be accretive to annual distributions by at least $0.15/unit by end of 2015, and plans to recommend a quarterly distribution increase of at least $0.02/unit payable in Q4 2014.
- Cardinal is involved in the development, construction, operation and management of four natural gas storage facilities in Louisiana and Mississippi totaling ~50B cf.
Jan. 3, 2013, 3:58 PM
Martin Midstream Partners (MMLP +1.6%) this morning acquired all outstanding membership interests in Talen's Marine & Fuel in a deal valued at ~$47M. MMLP purchased the Talen's membership interests from various subsidiaries of Quintana Energy Partners.| Jan. 3, 2013, 3:58 PM
Jun. 19, 2012, 8:27 AM
CenterPoint Energy (CNP) agrees to acquire gathering and processing assets from Martin Midstream Partners (MMLP), including a 50% interest in Waskom Gas Processing, for ~$275M, and enters a 15-year agreement with Encana (ECA) to gather and treat natural gas from two East Texas fields.| Jun. 19, 2012, 8:27 AM | 1 Comment