 Reported net loss of 2.2 million and net income of 6.6 million for the three and six months ended June 30, 2020, respectively Reported adjusted EBITDA of 23.9 million and 54.9 million for the three and six months ended June 30, 2020, respectively Generated distributable cash flow of 12.5 million and 30.8 million for the three and six months ended June 30, 2020, resulting in a quarterly distribution coverage ratio of 5.10 times and 6.26 times, respectively As previously disclosed, exchange offer and cash tender offer early participation of 335.5 million aggregate principal amount, or 92.045 of all outstanding senior unsecured notes Adjusts quarterly cash distribution to 0.005 or 0.020 per unit annually as required by the credit facility amendment dated July 8, 2020KILGORE, Texas, July 27, 2020 GLOBE NEWSWIRE -- Martin Midstream Partners L.P. Nasdaq:MMLP the Partnership today announced its financial results for the second quarter of 2020.We are pleased with our second quarter results as we continue to navigate through the crisis brought on by the COVID-19 pandemic, commented Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership. Entering into the quarter we were beginning to see the negative impacts of reduced refinery utilization on our businesses. However, as expected, the performance of our fertilizer division offset a portion of the impact as sales were strong through the corn planting season. Overall we remain confident in our diversified business model during these challenging times and fully expect to meet our guidance, although the uncertainty around containment of the virus and the length of the disruption to our economy and society continues to blur our line of sight for the near future. I want to commend our team for their commitment to safe and reliable operations that protect the health of our workforce and business partners while continuing to deliver positive results.Finally, I would like to thank our lenders and noteholders for the support they have given the Partnership through the amendment of our revolving credit facility and the refinancing of our senior notes by the exchange offer that was launched July 9th. As previously announced, the early participation results were 92.045, slightly below the 95.0 requirement under the Restructuring Support Agreement. However, we are optimistic the threshold percentage will be met prior to the expiration date and anticipate settling the exchange on August 12th. Although we regret the need to reduce the cash distribution due to leverage covenant conditions contained in the revolving credit facility, the Partnerships extended debt maturity profile and improved liquidity allow us to continue to strengthen our balance sheet and reduce leverage while focusing on our long-term vision for the business.SECOND QUARTER 2020 OPERATING RESULTS BY BUSINESS SEGMENTTERMINALLING AND STORAGE TSTS Operating Income for the three months ended June 30, 2020 and 2019 was 3.3 million and 4.4 million, respectively.Adjusted segment EBITDA for TS was 10.6 million and 12.3 million for the three month periods ended June 30, 2020 and 2019, respectively, reflecting reduced volumes in the lubricants business related to lower demand in the oil field and construction industries due to COVID-19, expired capital recovery fees at the Smackover Refinery and decreased fees related to a crude pipeline gathering rate adjustment.TRANSPORTATIONTransportation Operating Income for the three months ended June 30, 2020 and 2019 was 0.6 million and 3.3 million, respectively.Adjusted segment EBITDA for Transportation was 4.9 and 8.7 for the three months ended June 30, 2020 and 2019, respectively, reflecting lower land transportation load count and lower marine utilization related to demand destruction and lower refinery utilization as a result of COVID-19.SULFUR SERVICESSulfur Services Operating Income for the three months ended June 30, 2020 and 2019 was 7.4 million and 5.3 million, respectively.Adjusted segment EBITDA for Sulfur Services was 10.8 and 8.6 for the three months ended June 30, 2020 and 2019 respectively, reflecting increased volumes in the fertilizer business slightly offset by reduced sulfur volumes due to lower refinery utilization impacted by demand destruction around COVID-19.NATURAL GAS LIQUIDS NGLNGL Operating Income Loss for the three months ended June 30, 2020 and 2019 was 1.1 million and 3.4 million, respectively.Adjusted segment EBITDA from continuing operations for NGL was 1.6 million and 0.2 million for the three months ended June 30, 2020 and 2019, respectively, reflecting an increase in volumes and margins in 2020 and losses in 2019 from commodity hedging contracts related to activities in the butane optimization business.UNALLOCATED SELLING, GENERAL AND ADMINISTRATIVE EXPENSE USGAUSGA expenses included in operating income were 4.4 million and 4.6 million for the three months ended June 30, 2020 and 2019 respectively.USGA expenses included in adjusted EBITDA were 4.0 million and 4.3 million for the three months ended June 30, 2020 and 2019 respectively, reflecting a decrease in professional fees.2020 FINANCIAL GUIDANCE UPDATEThe majority of our refinery services are focused on the Gulf Coast Region whose states have reopened their economies. However, the impact on refinery utilization due to demand destruction related to the current increase in COVID-19 cases remains unclear. As a result, the Partnership is not providing detailed segment guidance for 2020 but instead providing an estimated range for Adjusted EBITDA, Expansion Capital Expenditures and Maintenance Capital Expenditures.MMLP 2020 Guidance millions Adjusted EBITDA 95 - 107 Expansion Capital Expenditures 10 - 131 Maintenance Capital Expenditures 14 - 16 1 On July 9, 2020, the Partnership executed a long-term terminalling service agreement with a third-party customer that requires upgrades to a tank at our Tampa terminal. Expansion Cap Ex guidance range increased by 2.0 million related to those upgrades.The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort as the adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with a reasonable degree of certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant.LIQUIDITYAt June 30, 2020, the Partnership had 181 million drawn on its 400 million revolving credit facility, an 11 million increase from March 31, 2020. Accordingly, the Partnerships leverage ratio, as calculated under the revolving credit facility, was 4.8 times on June 30, 2020 compared to 4.7 times on March 31, 2020. The Partnership is in compliance with all debt covenants as of June 30, 2020.QUARTERLY CASH DISTRIBUTIONThe Partnership has declared a quarterly cash distribution of 0.005 per unit for the quarter ended June 30, 2020. The distribution is payable on August 14, 2020 to common unitholders of record as of the close of business on August 7, 2020. The ex-dividend date for the cash distribution is August 6, 2020.COVID-19 RESPONSEThe Partnership initiated protocols in response to the COVID-19 pandemic which include work from home initiatives to protect the health and safety of our employees as well as the communities where we operate, travel restrictions, and training personnel regarding preventative measures when accessing docks, vessels and operating locations. At this time all facilities are operational and monitored closely.RESULTS OF OPERATIONSThe Partnership had a net loss from continuing operations for the three months ended June 30, 2020 of 2.2 million, a loss of 0.06 per limited partner unit. The Partnership had a net loss from continuing operations for the three months ended June 30, 2019 of 10.6 million, a loss of 0.27 per limited partner unit. Adjusted EBITDA from continuing operations for the three months ended June 30, 2020 was 23.9 million compared to the three months ended June 30, 2019 of 23.5 million. Distributable cash flow from continuing operations for the three months ended June 30, 2020 was 12.5 million compared to the three months ended June 30, 2019 of 6.4 million.The Partnership had no net income from discontinued operations for the three months ended June 30, 2020 compared to a loss of 180.6 million, or 4.55 per limited partner unit for the three months ended June 30, 2019. The Partnership had no adjusted EBITDA from discontinued operations for the three months ended June 30, 2020 compared to 5.5 million for the three months ended June 30, 2019. The Partnership had no distributable cash flow from discontinued operations for the three months ended June 30, 2020 compared to 4.9 million for the three months ended June 30, 2019.The Partnership had net income from continuing operations for the six months ended June 30, 2020 of 6.6 million, or 0.17 per limited partner unit. The Partnership had a net loss from continuing operations for the six months ended June 30, 2019 of 15.4 million, a loss of 0.39 per limited partner unit. Adjusted EBITDA from continuing operations for the six months ended June 30, 2020 was 54.9 million compared to the six months ended June 30, 2019 of 50.8 million. Distributable cash flow from continuing operations for the six months ended June 30, 2020 was 30.8 million compared to the six months ended June 30, 2019 of 12.7 million.The Partnership had no net income from discontinued operations for the six months ended June 30, 2020 compared to a loss of 179.5 million, or 4. 