Martin Midstream announces sale of California sulphur terminal

Mark Milam

10-Oct-2022

HOUSTON (ICIS)–Martin Midstream Partners has announced the sale of its Stockton, California, sulphur terminal to Gulf Terminals.

The company said that the net proceeds of approximately $5.25m will be used to reduce outstanding borrowings under the partnership’s revolving credit facility.

It noted that while the sulphur business remains a strategic piece of the company’s operations, the Stockton terminal was considered a non-core asset as it is geographically removed from their focus on the US Gulf Coast area where the company’s primary sulphur assets are located.

“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,” said Bob Bondurant, Martin Midstream GP president and CEO.

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