Timothy O'Toole's questions to Martin Midstream Partners LP (MMLP) leadership • Q3 2024
Question
Timothy O'Toole, on behalf of Selman Akyol, inquired about the financial implications of Hurricane Milton on Florida assets, the operational status and growth prospects of the ELSA joint venture, current rates and contracting in the barge business, and the voting structure for the proposed merger with MRMC.
Answer
COO Randall Tauscher detailed that hurricane repairs would require $0.5 million to $1 million in CapEx with minimal commercial impact. He also noted the ELSA JV feedstock intake is imminent but 2025 sales may be muted, a point CEO Robert Bondurant supplemented by confirming a reservation fee begins October 1. Tauscher provided current barge day rates, highlighting market stability and contract terms. Executive Sharon Taylor confirmed the merger vote requires a simple majority.