Martin Midstream Partners sells Stockton Sulfur Terminal to Gulf Terminals

Martin Midstream Partners has revealed the sale of its Stockton Sulfur Terminal in California to Gulf Terminals for a total sum of approximately $5.25 million.

The publicly traded limited partnership intends to utilize the net proceeds from the sale of the Stockton Sulfur Terminal 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 Martin Midstream Partners, commenting on the Stockton Sulfur Terminal deal, said: “Over the last several years, the Partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage.

“As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments. And while the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the U.S. Gulf Coast area where our primary sulfur assets are located.”

Martin Midstream Partners runs its operations mainly in the US Gulf Coast region, with 19 marine shore-based terminal facilities and 12 specialty terminal facilities.

Its primary businesses consist of terminalling, processing, storage, and packaging services for petroleum products and by-products; and land and marine transportation services for petroleum products and by-products, chemicals, and specialty products.

Its business lines also include processing of sulfur and sulfur-based products and their manufacturing, marketing and distribution as well as marketing of natural gas liquids, distribution, and transportation services.