Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 02, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MARTIN MIDSTREAM PARTNERS LP | ||
Entity Central Index Key | 1176334 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 35,449,662 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,051,991,075 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash | $42 | $16,542 |
Accounts and other receivables, less allowance for doubtful accounts of $1,620 and $2,492, respectively | 134,173 | 163,855 |
Product exchange receivables | 3,046 | 2,727 |
Inventories | 88,718 | 94,902 |
Due from affiliates | 14,512 | 12,099 |
Other current assets | 6,772 | 7,353 |
Assets held for sale | 40,488 | 0 |
Total current assets | 287,751 | 297,478 |
Property, plant and equipment, at cost | 1,343,674 | 929,183 |
Accumulated depreciation | -345,397 | -304,808 |
Property, plant and equipment, net | 998,277 | 624,375 |
Goodwill | 23,802 | 23,802 |
Investment in unconsolidated entities | 134,506 | 128,662 |
Debt issuance costs, net | 13,118 | 15,659 |
Notes receivable - Martin Energy Trading LLC | 15,000 | 0 |
Intangibles and other assets, net | 81,465 | 7,943 |
Total Assets | 1,553,919 | 1,097,919 |
Liabilities and Partners’ Capital | ||
Trade and other accounts payable | 125,332 | 142,951 |
Product exchange payables | 10,396 | 9,595 |
Due to affiliates | 4,872 | 2,596 |
Income taxes payable | 1,174 | 1,204 |
Other accrued liabilities | 21,801 | 20,242 |
Total current liabilities | 163,575 | 176,588 |
Long-term debt | 902,005 | 658,695 |
Other long-term obligations | 2,668 | 2,219 |
Total liabilities | 1,068,248 | 837,502 |
Commitments and contingencies | ||
Partners’ capital | 485,671 | 260,417 |
Total Liabilities and Partners' Capital | $1,553,919 | $1,097,919 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Doubtful accounts for accounts and other receivables | $1,620 | $2,492 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues: | ||||||
Terminalling and storage | $130,506 | [1] | $115,965 | [1] | $90,243 | [1] |
Marine transportation | 91,372 | [1] | 95,496 | [1] | 85,748 | [1] |
Natural gas storage services | 22,991 | 0 | 0 | |||
Sulfur services | 12,149 | 12,004 | 11,702 | |||
Product sales: | ||||||
Natural gas services | 990,844 | [1] | 966,909 | [1] | 825,506 | [1] |
Sulfur services | 203,322 | [1] | 201,120 | [1] | 249,882 | [1] |
Terminalling and storage | 190,957 | [1] | 221,245 | [1] | 227,280 | [1] |
Total product sales | 1,385,123 | [1] | 1,389,274 | [1] | 1,302,668 | [1] |
Total revenues | 1,642,141 | 1,612,739 | 1,490,361 | |||
Cost of products sold: (excluding depreciation and amortization) | ||||||
Natural gas services | 948,765 | [1] | 928,725 | [1] | 801,724 | [1] |
Sulfur services | 159,782 | [1] | 157,723 | [1] | 194,952 | [1] |
Terminalling and storage | 172,069 | [1] | 195,640 | [1] | 205,588 | [1] |
Total cost of products sold (excluding depreciation and amortization) | 1,280,616 | 1,282,088 | 1,202,264 | |||
Expenses: | ||||||
Operating expenses | 184,049 | [1] | 170,155 | [1] | 146,287 | [1] |
Selling, general and administrative | 36,316 | [1] | 29,236 | [1] | 25,494 | [1] |
Impairment of long lived assets | 3,445 | 0 | 0 | |||
Depreciation and amortization | 68,830 | 50,962 | 42,063 | |||
Total costs and expenses | 1,573,256 | 1,532,441 | 1,416,108 | |||
Other operating income (loss) | -1,014 | 1,166 | -418 | |||
Operating income | 67,871 | 81,464 | 73,835 | |||
Other income (expense): | ||||||
Equity in earnings (loss) of unconsolidated entities | 5,466 | -53,048 | -1,113 | |||
Debt prepayment premium | -7,767 | -272 | -2,470 | |||
Interest expense, net | -42,203 | -42,495 | -30,665 | |||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | -30,102 | 0 | 0 | |||
Other, net | 1,505 | 542 | 1,092 | |||
Total other income (expense) | -73,101 | -95,273 | -33,156 | |||
Net income (loss) before taxes | -5,230 | -13,809 | 40,679 | |||
Income tax expense | -1,137 | -753 | -3,557 | |||
Income (loss) from continuing operations | -6,367 | -14,562 | 37,122 | |||
Income (loss) from discontinued operations, net of income taxes | -5,338 | 1,208 | 64,865 | |||
Net income (loss) | -11,705 | -13,354 | 101,987 | |||
Less general partner's interest in net (income) loss | -3,503 | 267 | -4,748 | |||
Less pre-acquisition income allocated to Parent | 0 | 0 | -4,622 | |||
Less loss allocable to unvested restricted units | 32 | 40 | 0 | |||
Limited partner's interest in net income (loss) | -15,176 | -13,047 | 92,617 | |||
Limited partner interest: | ||||||
Continuing operations | -8,255 | -14,227 | 30,915 | |||
Discontinued operations | -6,921 | 1,180 | 61,702 | |||
Limited partner's interest in net income (loss) | -15,176 | -13,047 | 92,617 | |||
General partner interest: | ||||||
Continuing operations | 1,906 | -291 | 1,585 | |||
Discontinued operations | 1,597 | 24 | 3,163 | |||
Net Income Allocated to General Partners | $3,503 | ($267) | $4,748 | |||
Basic: | ||||||
Continuing operations (in dollars per unit) | ($0.27) | ($0.54) | $1.32 | |||
Discontinued operations (in dollars per unit) | ($0.22) | $0.04 | $2.64 | |||
Net Income, Basic (in dollars per unit) | ($0.49) | ($0.50) | $3.96 | |||
Weighted average limited partner units outstanding basic (in units) | 30,785,035 | 26,557,829 | 23,361,551 | |||
Diluted: | ||||||
Continuing operations (in dollars per unit) | ($0.27) | ($0.54) | $1.32 | |||
Discontinued operations (in dollars per unit) | ($0.22) | $0.04 | $2.64 | |||
Net Income, Diluted (in dollars per unit) | ($0.49) | ($0.50) | $3.96 | |||
Weighted average limited partner units - diluted (in units) | 30,785,000 | 26,558,000 | 23,365,000 | |||
[1] | Related Party Transactions Included Above Year Ended December 31, 2014 2013 2012Revenues: Terminalling and storage$74,467 $71,517 $64,669Marine transportation24,389 24,654 17,494Product sales7,661 4,698 7,201Costs and expenses: Cost of products sold: (excluding depreciation and amortization) Natural gas services37,703 32,639 27,512Sulfur services18,390 18,161 16,968 Terminalling and storage36,341 48,868 48,375Expenses: Operating expenses79,577 70,333 58,834Selling, general and administrative23,679 17,689 13,678 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Terminalling and storage | $74,467 | $71,517 | $64,669 |
Marine transportation | 24,389 | 24,654 | 17,494 |
Product sales | 7,661 | 4,698 | 7,201 |
Cost of products sold: (excluding depreciation and amortization) | |||
Natural gas services | 37,703 | 32,639 | 27,512 |
Sulfur services | 18,390 | 18,161 | 16,968 |
Terminalling and storage | 36,341 | 48,868 | 48,375 |
Expenses: | |||
Operating expenses | 79,577 | 70,333 | 58,834 |
Selling, general and administrative | $23,679 | $17,689 | $13,678 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | ($11,705) | ($13,354) | $101,987 |
Other comprehensive income adjustments: | |||
Changes in fair values of commodity cash flow hedges | 0 | 0 | 126 |
Commodity cash flow hedging gains reclassified to earnings | 0 | 0 | -752 |
Other comprehensive loss | 0 | 0 | -626 |
Comprehensive income (loss) | ($11,705) | ($13,354) | $101,361 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning Balance | $260,417 | $357,962 | $260,417 | $357,962 | $337,187 | |||
Net income (loss) | 4,374 | 11,795 | -39,259 | 16,636 | -11,705 | -13,354 | 101,987 | |
Issuance of common units | 331,728 | 194,170 | ||||||
General partner contribution | 7,007 | 37 | 4,145 | |||||
Purchase of treasury units | -277 | -250 | -222 | |||||
Cash distributions | -97,368 | -84,588 | -76,528 | |||||
Excess purchase price over carrying value of acquired assets | 4,948 | 301 | 142,075 | |||||
Excess carrying value of the assets over the purchase price paid by Martin Resource Management | -4,268 | |||||||
Contributions to parent | -56,193 | |||||||
Adjustment in fair value of derivatives | -626 | |||||||
Unit-based compensation | 817 | 911 | 385 | |||||
Ending Balance | 485,671 | 260,417 | 485,671 | 260,417 | 357,962 | |||
Limited Partner [Member] | Common [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning Balance (in units) | 26,625,026 | 26,566,776 | 26,625,026 | 26,566,776 | 20,471,776 | |||
Beginning Balance | 254,028 | 349,490 | 254,028 | 349,490 | 279,562 | |||
Net income (loss) | -15,208 | -13,087 | 92,617 | |||||
Issuance of common units (in units) | 8,743,386 | 6,095,000 | ||||||
Issuance of common units | 331,728 | 194,170 | ||||||
Issuance of restricted units (in units) | 8,900 | 64,500 | 6,250 | |||||
Forfeiture of restricted units (in units) | -5,000 | -250 | ||||||
Purchase of treasury units (in units) | -6,400 | -6,000 | -6,250 | |||||
Purchase of treasury units | -277 | -250 | -222 | |||||
Cash distributions | -95,197 | -82,735 | -70,679 | |||||
Excess purchase price over carrying value of acquired assets | 4,948 | 301 | 142,075 | |||||
Excess carrying value of the assets over the purchase price paid by Martin Resource Management | -4,268 | |||||||
Unit-based compensation | 817 | 911 | 385 | |||||
Ending Balance | 470,943 | 254,028 | 470,943 | 254,028 | 349,490 | |||
Ending Balance (in units) | 35,365,912 | 26,625,026 | 35,365,912 | 26,625,026 | 26,566,776 | |||
General Partner [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning Balance | 6,389 | 8,472 | 6,389 | 8,472 | 5,428 | |||
Net income (loss) | 3,503 | -267 | 4,748 | |||||
General partner contribution | 7,007 | 37 | 4,145 | |||||
Cash distributions | -2,171 | -1,853 | -5,849 | |||||
Ending Balance | 14,728 | 6,389 | 14,728 | 6,389 | 8,472 | |||
Accumulated Comprehensive Income | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning Balance | 626 | |||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | 626 | ||
Parent Net Investment | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Beginning Balance | 0 | 0 | 51,571 | |||||
Net income (loss) | 0 | 4,622 | ||||||
Contributions to parent | -56,193 | |||||||
Ending Balance | $0 | $0 | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Partners' Capital [Abstract] | |||
Cash distributions (in dollars per unit) | $3.18 | $3.11 | $3.06 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($11,705) | ($13,354) | $101,987 |
Less: (Income) loss from discontinued operations | 5,338 | -1,208 | -64,865 |
Net income (loss) from continuing operations | -6,367 | -14,562 | 37,122 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 68,830 | 50,962 | 42,063 |
Amortization of deferred debt issue costs | 6,263 | 3,700 | 3,290 |
Amortization of discount on notes payable | 1,305 | 306 | 581 |
Amortization of premium on notes payable | -245 | 0 | 0 |
Deferred income taxes | 0 | 0 | 402 |
(Gain) loss on disposition or sale of property, plant, and equipment | 1,353 | -217 | 795 |
Gain on sale of equity method investment | 0 | -750 | -486 |
Impairment of long lived assets | 3,445 | 0 | 0 |
Equity in (income) loss of unconsolidated entities | -5,466 | 53,048 | 1,113 |
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 30,102 | 0 | 0 |
Unrealized mark-to-market on derivatives | 818 | 0 | 0 |
Unit-based compensation | 817 | 911 | 385 |
Preferred dividends from Martin Energy Trading | 1,498 | 1,738 | 0 |
Return on investment | 2,600 | 0 | 0 |
Other | 0 | 6 | 0 |
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||
Accounts and other receivables | 29,025 | 26,270 | -56,856 |
Product exchange receivables | -319 | 689 | 14,230 |
Inventories | 5,680 | 4,559 | -2,733 |
Due from affiliates | -2,413 | 1,244 | -20,135 |
Other current assets | 4,123 | -5,432 | 3,046 |
Trade and other accounts payable | -26,349 | -9,978 | 17,595 |
Product exchange payables | 801 | -2,592 | -25,126 |
Due to affiliates | 2,276 | -1,203 | 18,976 |
Income taxes payable | -30 | -357 | 367 |
Other accrued liabilities | 1,084 | 10,749 | -1,463 |
Change in other non-current assets and liabilities | 181 | -1,449 | 872 |
Net cash provided by continuing operating activities | 119,012 | 117,642 | 34,038 |
Net cash used in discontinued operating activities | -3,432 | -5,459 | -1,360 |
Net cash provided by operating activities | 115,580 | 112,183 | 32,678 |
Cash flows from investing activities: | |||
Payments for property, plant, and equipment | -84,307 | -92,243 | -93,640 |
Acquisitions, net of cash acquired | -102,696 | -31,321 | -224,603 |
Proceeds from sale of acquired assets | 0 | 0 | 56,000 |
Payments for plant turnaround costs | -3,974 | 0 | -2,107 |
Proceeds from sale of property, plant, and equipment | 1,030 | 5,576 | 44 |
Proceeds from sale of equity method investment | 0 | 750 | 531 |
Proceeds from involuntary conversion of property, plant and equipment | 2,475 | 2,200 | 0 |
Investments in unconsolidated entities | -134,030 | 0 | -775 |
Milestone distributions from ECP | 0 | 0 | 2,208 |
Return of investments from unconsolidated entities | 225 | 1,738 | 5,980 |
Contributions to unconsolidated entities for operations | -3,386 | -30,877 | -30,279 |
Net cash used in continuing investing activities | -324,663 | -144,177 | -286,641 |
Net cash provided by (used in) discontinued investing activities | 0 | -42,600 | 271,605 |
Net cash used in investing activities | -324,663 | -186,777 | -15,036 |
Cash flows from financing activities: | |||
Payments of long-term debt | -1,533,087 | -650,000 | -706,000 |
Payments of notes payable and capital lease obligations | 0 | -8,809 | -6,556 |
Proceeds from long-term debt | 1,493,250 | 839,000 | 727,000 |
Net proceeds from issuance of common units | 331,728 | 0 | 194,170 |
General partner contributions | 7,007 | 37 | 4,145 |
Excess purchase price over carrying value of acquired assets | -4,948 | -301 | -142,075 |
Excess carrying value of assets over the purchase price paid by Martin Resource Management | 0 | 0 | -4,268 |
Purchase of treasury units | -277 | -250 | -222 |
Decrease in affiliate funding of investments in unconsolidated entities | 0 | 0 | -2,208 |
Payments of debt issuance costs | -3,722 | -9,115 | -204 |
Cash distributions paid | -97,368 | -84,588 | -76,528 |
Net cash provided by (used in) financing activities | 192,583 | 85,974 | -12,746 |
Net increase (decrease) in cash | -16,500 | 11,380 | 4,896 |
Cash at beginning of period | 16,542 | 5,162 | 266 |
Cash at end of period | $42 | $16,542 | $5,162 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business |
Martin Midstream Partners L.P. (the “Partnership”) is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States “U.S.” Gulf Coast region. Its four primary business lines include: terminalling and storage services for petroleum products and by-products including the refining of naphthenic crude oil, blending and packaging of finished lubricants; natural gas services, including liquids transportation and distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. | |
The petroleum products and by-products the Partnership collects, transports, stores and distributes are produced primarily by major and independent oil and gas companies who often turn to third parties, such as the Partnership, for the transportation and disposition of these products. In addition to these major and independent oil and gas companies, the Partnership's primary customers include independent refiners, large chemical companies, fertilizer manufacturers and other wholesale purchasers of these products. The Partnership operates primarily in the U.S. Gulf Coast region, which is a major hub for petroleum refining, natural gas gathering and processing and support services for the oil and gas exploration and production industry. | |
On August 30, 2013, Martin Resource Management completed the sale of a 49% non-controlling voting interest (50% economic interest) in MMGP Holdings, LLC (“Holdings”), a newly-formed sole member of Martin Midstream GP LLC (“MMGP”), the general partner of the Partnership, to certain affiliated investment funds managed by Alinda Capital Partners (“Alinda”). Upon closing the transaction, Alinda appointed two representatives to serve on the board of directors of the general partner of the Partnership. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies |
(a) Principles of Presentation and Consolidation | |
The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2014 or 2013. | |
As discussed in Note 5, on February 12, 2015, the Partnership sold all six 16,101 barrel liquefied petroleum gas ("LPG") pressure barges, collectively referred to as the "Floating Storage Assets." These assets were acquired on February 28, 2013. On December 19, 2014, the Partnership made the decision to dispose of the Floating Storage Assets. As a result, the Partnership has classified the Floating Storage Assets as held for sale at December 31, 2014 and has presented the results of operations and cash flows of the Floating Storage Assets as discontinued operations for the year ended December 31, 2014. The Partnership has retrospectively adjusted its prior period consolidated financial statements to comparably classify the amounts related to the operations and cash flows of the Floating Storage Assets as discontinued operations. | |
On October 2, 2012, the Partnership, which owned 10.74% of the Class A interests and 100% of the Class B interests, acquired all of the remaining Class A interests in Redbird Gas Storage LLC ("Redbird") from Martin Underground Storage, Inc. (“MUS”), a subsidiary of Martin Resource Management. Redbird was formed by the Partnership and Martin Resource Management in 2011 to invest in Cardinal Gas Storage Partners LLC ("Cardinal"). | |
On October 2, 2012, the Partnership acquired from Cross Oil Refining and Marketing, Inc. (“Cross”), a wholly-owned subsidiary of Martin Resource Management, certain specialty lubricant product blending and packaging assets (“Blending and Packaging Assets”). | |
The acquisitions of the Redbird Class A interests and the Blending and Packaging Assets were considered a transfer of net assets between entities under common control. The acquisitions of the Redbird Class A interests and the Blending and Packaging Assets are recorded at amounts based on the historical carrying value of these assets at October 2, 2012, and the Partnership is required to update its historical financial statements to include the activities of the Redbird Class A interests and the Blending and Packaging Assets as of the date of common control. The Partnership’s accompanying historical financial statements have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the activities of the Redbird Class A interests and the Blending and Packaging Assets as if the Partnership owned these assets for the periods presented. Net income attributable to the Redbird Class A interests and the activities of the Blending and Packaging Assets for periods prior to the Partnership’s acquisition of the assets is not allocated to the general and limited partners for purposes of calculating net income per limited partner unit. See Note 16. As discussed further in Note 4, on August 29, 2014, the Partnership acquired the remaining outstanding interests in Cardinal from Energy Capital Partners ("ECP"). | |
As discussed in Note 5, on July 31, 2012, the Partnership completed the sale of its East Texas and Northwest Louisiana natural gas gathering and processing assets. These assets, along with additional gathering and processing assets discussed in Note 5 are collectively referred to as the “Prism Assets.” The Partnership has presented the results of operations and cash flows of the Prism Assets as discontinued operations for the year ended December 31, 2012. | |
(b) Product Exchanges | |
The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids (“NGLs”) and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Product exchanges with the same counterparty are entered into in contemplation of one another and are combined. The net amount related to location differentials is reported in “Product sales” or “Cost of products sold” in the Consolidated Statements of Operations. | |
(c) Inventories | |
Inventories are stated at the lower of cost or market. Cost is generally determined by using the FIFO method for all inventories except lubricants and lubricants packaging inventories. Lubricants and lubricants packaging inventories cost is determined using standard cost, which approximates actual cost, computed on a FIFO basis. | |
(d) Revenue Recognition | |
Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. | |
Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck to the Partnership's NGL customers, which occurs when the customer physically receives the product. When product is sold in storage, or by pipeline, the Partnership recognizes NGL distribution revenue when the customer receives the product from either the storage facility or pipeline. Natural gas storage revenue is recognized when the service is provided to the customer. | |
Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Revenue from sulfur services is recognized as deliveries are made during each monthly period. | |
Marine Transportation – Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. | |
(e) Equity Method Investments | |
The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Investments in excess of the underlying net assets of equity method investees, specifically identifiable to property, plant and equipment, are amortized over the useful life of the related assets. Excess investment representing equity method goodwill is not amortized but is evaluated for impairment, annually. Under certain provisions of ASC 350-20, related to goodwill, this goodwill is not subject to amortization and is accounted for as a component of the investment. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. | |
(f) Property, Plant, and Equipment | |
Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. | |
Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. | |
Routine maintenance and repairs are charged to operating expense while costs of betterments and renewals are capitalized. When an asset is retired or sold, its cost and related accumulated depreciation are removed from the accounts, and the difference between net book value of the asset and proceeds from disposition is recognized as gain or loss. | |
(g) Goodwill and Other Intangible Assets | |
Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. | |
All four of the Partnership's reporting units, terminalling and storage, natural gas services, sulfur services and marine transportation, contain goodwill. | |
The Partnership has performed the annual impairment tests as of August 31, 2014, 2013, and 2012. The determination of fair value for 2013 and 2012 for each reporting unit was based on the weighted average of two valuation techniques: (i) the discounted cash flow method and (ii) the guideline public company method. Fair value for 2014 for the terminalling and storage and marine transportation reporting units was determined based on weighted average of the discounted cash flow method, the guideline public company method and the guideline transaction method. No change was made in the 2014 methodology for determining fair value of the natural gas services and sulfur services segments. At August 31, 2014, 2013, and 2012, the estimated fair value of each of the four reporting units was in excess of its carrying value, resulting in no impairment. | |
No triggering events occurred that would cause the Partnership to perform an impairment test at either December 31, 2014 or 2013. | |
Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. | |
Other intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. An impairment is indicated if the carrying amount of a long-lived intangible asset exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If impairment is indicated, the Partnership would record an impairment loss equal to the difference between the carrying value and the fair value of the asset. There were no intangible asset impairments in 2014, 2013 or 2012. | |
(h) Debt Issuance Costs | |
Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements. | |
In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $3,722, $9,114 and $204 in the years ended December 31, 2014, 2013 and 2012, respectively. | |
Due to the redemption of the remaining $175,000 of 8.875% senior unsecured notes in 2014 and a reduction in the number of lenders under the Partnership’s multi-bank credit agreement, $3,078, $502 and $0 of the existing debt issuance costs were determined not to have continuing benefit and were expensed during the years ended December 31, 2014, 2013 and 2012, respectively. Remaining unamortized deferred issuance costs are amortized over the term of the revised debt arrangement. | |
Amortization of debt issuance costs, which is included in interest expense, totaled $6,263, $3,700 and $3,290 for the years ended December 31, 2014, 2013 and 2012, respectively. Accumulated amortization amounted to $5,488 and $5,270 at December 31, 2014 and 2013, respectively. | |
(i) Impairment of Long-Lived Assets | |
In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |
In the third quarter of 2014, the Partnership identified a triggering event related to one offshore tow in the Marine Transportation segment. The triggering event was the tow's inability to generate cash flows in recent quarters. As a result, an impairment charge of $3,445 was recorded in the Marine Transportation segment results of operations in the third quarter of 2014. No other triggering events occurred in 2014, 2013 or 2012 that would require an additional assessment for impairment of long-lived assets. | |
(j) Asset Retirement Obligations | |
Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation (“ARO”) at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. | |
(k) Derivative Instruments and Hedging Activities | |
In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. | |
Derivative instruments not designated as hedges are marked to market with all market value adjustments being recorded in the Consolidated Statements of Operations. As of December 31, 2014, the Partnership did not have any hedging instruments outstanding. Fair value changes associated with the Partnership's hedges have been recorded in accumulated other comprehensive income (“AOCI”) as a component of equity during 2012. | |
(l) Comprehensive Income | |
Comprehensive income includes net income and other comprehensive income. Other comprehensive income for the Partnership includes unrealized gains and losses on derivative financial instruments. In accordance with ASC 815-10, the Partnership records deferred hedge gains and losses on its derivative financial instruments that qualify as cash flow hedges as other comprehensive income. | |
(m) Use of Estimates | |
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the U.S. Actual results could differ from those estimates. | |
(n) Indirect Selling, General and Administrative Expenses | |
Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. For the years ended December 31, 2014, 2013 and 2012, the conflicts committee of the Partnership's general partner (“Conflicts Committee”) approved reimbursement amounts of $12,535, $10,621 and $7,593, respectively, reflecting the Partnership's allocable share of such expenses. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. | |
(o) Environmental Liabilities and Litigation | |
The Partnership’s policy is to accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |
(p) Accounts Receivable and Allowance for Doubtful Accounts. | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in the Partnership’s existing accounts receivable. | |
(q) Deferred Catalyst Costs | |
The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 months. | |
(r) Deferred Turnaround Costs | |
The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 months. | |
(s) Income Taxes | |
With respect to the Partnership’s taxable subsidiary (Woodlawn Pipeline Co., Inc.) and the Blending and Packaging Assets prior to the date of acquisition from Cross, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
As discussed further in Note 19, the assets of the Partnership's taxable subsidiary Woodlawn Pipeline Co., Inc were disposed of on July 31, 2012. The entity was dissolved on December 31, 2012. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue which it expects to be entitled for the transfer of promised goods and services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") when it becomes effective. The new standard is effective on January 1, 2017 and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. A disposal of a component of an entity or a group of components of any entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a geographic area, a major line of business or a major equity method investment. Additionally, the update requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This update is effective prospectively for the Partnership's fiscal year beginning January 1, 2015 and early adoption is permitted. The standard primarily involves presentation and disclosure and therefore is not expected to have a material impact on the Partnership's financial condition, results of operations or cash flows. | |
In February 2013, the FASB amended the provisions of ASC 220 related to AOCI, which does not change the current requirements for reporting net income or other comprehensive income in financial statements. The standard requires entities to provide information about the amounts reclassified out of AOCI by component. The entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This amended guidance was adopted by the Partnership effective January 1, 2013. As this new guidance only requires enhanced disclosure, adoption did not impact the Partnership's financial position or results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Acquisitions | ||||||||
Cardinal Gas Storage Partners LLC | |||||||||
On August 29, 2014, the Partnership acquired from ECP all of ECP’s approximate 57.8%Category A membership interests in Cardinal for cash consideration of approximately $120,973, subject to certain post-closing adjustments. Prior to the acquisition, the Partnership owned an approximate 42.2% interest in the Category A membership interests in Cardinal. Based on the application of purchase accounting, the Partnership reduced the carrying value of its existing investment in Cardinal at the acquisition date by $30,102, which was recognized in the Partnership's Consolidated Statements of Operations for the year ended December 31, 2014. Concurrent with the closing of the transaction, the Partnership retired all of the project level financing of various Cardinal subsidiaries. The Partnership funded the acquisition and repayment of the project financings with borrowings under its revolving credit facility and the use of restricted cash acquired. | |||||||||
The total purchase price is as follows: | |||||||||
Cash payment for 57.8% interest in Cardinal | $ | 120,973 | |||||||
Fair value of the Partnership's previously owned 42.2% interest in Cardinal | 87,613 | ||||||||
Total | $ | 208,586 | |||||||
Assets acquired and liabilities assumed were recorded in the Natural Gas Services segment at fair value in the following purchase price allocation which was finalized in the fourth quarter of 2014: | |||||||||
Restricted cash | $ | 17,566 | |||||||
Other current assets | 9,385 | ||||||||
Property, plant and equipment | 390,895 | ||||||||
Intangible and other assets | 80,135 | ||||||||
Project level finance debt | (282,087 | ) | |||||||
Other current liabilities | (6,713 | ) | |||||||
Other non-current liabilities | (595 | ) | |||||||
Total | $ | 208,586 | |||||||
Intangible assets consist of above-market gas storage customer contracts which are amortized based upon the terms of the individual contracts. The weighted average life of these contracts, based upon contracted volumes, is 5.1 years. | |||||||||
The Partnership’s results of operations from the Cardinal acquisition include revenues of $22,991 and net income of $1,916 for the period from August 29, 2014 to December 31, 2014. | |||||||||
Natural Gas Liquids ("NGL") Storage Assets | |||||||||
On May 31, 2014, the Partnership acquired certain NGL storage assets, located in Arcadia, Louisiana, from a subsidiary of Martin Resource Management for $7,388. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The Partnership recorded the purchase in the following allocation: | |||||||||
Property, plant and equipment | $ | 2,453 | |||||||
Current liabilities | (13 | ) | |||||||
$ | 2,440 | ||||||||
The excess of the purchase price over the carrying value of the assets of $4,948 was recorded as an adjustment to "Partners' capital." This transaction was funded with borrowings under the Partnership's revolving credit facility. As no individual line item of the historical financial statements of the assets was in excess of 3% of the Partnership's relative financial statement captions, the Partnership elected not to retrospectively recast the historical financial information to include these assets. | |||||||||
West Texas LPG Pipeline Limited Partnership | |||||||||
On May 14, 2014, the Partnership acquired from a subsidiary of Atlas Pipeline Partners L.P. ("Atlas"), all of the outstanding membership interests in Atlas Pipeline NGL Holdings, LLC and Atlas Pipeline NGL Holdings II, LLC (collectively, "Atlas Holdings") for cash of approximately $134,400. The purchase price was subsequently reduced $501 due to a post-closing working capital adjustment. This transaction was recorded in "Investments in unconsolidated entities" in the Partnership's Consolidated Balance Sheet. Atlas Holdings owned a 19.8% limited partnership interest and a 0.2% general partnership interest in West Texas LPG Pipeline L.P. ("WTLPG"). At the time of the purchase, WTLPG was operated by Chevron Pipe Line Company. The 80% interest was subsequently sold to ONEOK Partners, L.P. who assumed operational responsibility. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. This acquisition will enable the Partnership to participate in the transportation of the growing NGL production of West Texas and other basins along the WTLPG pipeline route. This acquisition of the WTLPG business complements the Partnership's existing East Texas NGL pipeline that delivers Y-grade NGLs from East Texas production areas into Beaumont, Texas on a smaller scale. This transaction was funded with borrowings under the Partnership's revolving credit facility. | |||||||||
Pro Forma Unaudited Financial Information for Cardinal and WTLPG | |||||||||
The following pro forma unaudited consolidated results of operations have been prepared as if the acquisitions of Cardinal and WTLPG occurred at the beginning of fiscal 2013: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenue: | |||||||||
As reported | $ | 1,642,141 | $ | 1,612,739 | |||||
Pro forma | $ | 1,688,629 | $ | 1,665,501 | |||||
Net income (loss) from continuing operations attributable to limited partners: | |||||||||
As reported | $ | (8,255 | ) | $ | (14,227 | ) | |||
Pro forma | $ | 1,676 | $ | (120,785 | ) | ||||
Net income (loss) from discontinued operations attributable to limited partners: | |||||||||
As reported | $ | (6,921 | ) | $ | 1,180 | ||||
Pro forma | $ | (6,921 | ) | $ | 1,180 | ||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||
As reported | $ | (0.27 | ) | $ | (0.54 | ) | |||
Pro forma | $ | 0.05 | $ | (4.55 | ) | ||||
Net income (loss) from discontinued operations per unit attributable to limited partners - basic | |||||||||
As reported | $ | (0.22 | ) | $ | 0.04 | ||||
Pro forma | $ | (0.22 | ) | $ | 0.04 | ||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||
As reported | $ | (0.27 | ) | $ | (0.54 | ) | |||
Pro forma | $ | 0.05 | $ | (4.55 | ) | ||||
Net income (loss) from discontinued operations per unit attributable to limited partners - diluted | |||||||||
As reported | $ | (0.22 | ) | $ | 0.04 | ||||
Pro forma | $ | (0.22 | ) | $ | 0.04 | ||||
Pro forma adjustments included above are based upon currently available information which includes certain estimates and assumptions. Although actual results could differ from the pro forma results, the Partnership believes the pro forma results provide a reasonable basis for presenting the the significant effects of the transactions. However, the pro forma results are not necessarily indicative of the results that would have occurred if the transactions had occurred at the beginning of fiscal 2013. | |||||||||
Marine Transportation Equipment Purchase | |||||||||
On September 30, 2013, the Partnership acquired two previously leased inland tank barges from Martin Resource Management for $7,100. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these assets was recorded at the historical carrying value of the assets at the acquisition date. The Partnership recorded $6,799 to property, plant and equipment in the Marine Transportation segment and the excess of the purchase price over the carrying value of the assets of $301 was recorded as an adjustment to partners' capital. This transaction was funded with borrowings under the Partnership's revolving credit facility. | |||||||||
Sulfur Production Facility | |||||||||
On August 5, 2013, the Partnership acquired a plant nutrient sulfur production facility in Cactus, Texas for $4,118. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: | |||||||||
Inventory | $ | 162 | |||||||
Property, plant and equipment | 4,000 | ||||||||
Current liabilities | (44 | ) | |||||||
Total | $ | 4,118 | |||||||
The Partnership's results of operations from these assets included revenues of $2,792 and net income of $608 for the year ended December 31, 2014 and revenues of $267 and a net loss of $284 for the year ended December 31, 2013. | |||||||||
NL Grease, LLC | |||||||||
On June 13, 2013, the Partnership acquired certain assets of NL Grease, LLC (“NLG”) for $12,148. NLG is a Kansas City, Missouri based grease manufacturer that specializes in packaging of automotive, commercial and industrial greases. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. This transaction was funded by borrowings under the Partnership's revolving credit facility. The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: | |||||||||
Inventory and other current assets | $ | 1,513 | |||||||
Property, plant and equipment | 6,136 | ||||||||
Other assets | 5,113 | ||||||||
Other accrued liabilities | (168 | ) | |||||||
Other long-term obligations | (446 | ) | |||||||
Total | $ | 12,148 | |||||||
The purchase price allocation resulted in the recognition of $5,113 in definite-lived intangible assets with no residual value, including $2,418 of technology, $2,218 attributable to a customer list, and $477 attributable to a non-compete agreement. The amounts assigned to technology, the customer list, and the non-compete agreement are amortized over the estimated useful lives of ten years, three years, and five years, respectively. The weighted average life over which these acquired intangibles will be amortized is approximately six years. | |||||||||
The Partnership completed the purchase price allocation during the third quarter of 2013, which resulted in an adjustment to working capital from the preliminary purchase price allocation in the amount of $55. | |||||||||
The Partnership's results of operations included revenues of $14,054 and net income of $517 for the year ended December 31, 2014 and revenues of $7,875 and a net loss of $22 for the year ended December 31, 2013 related to the NLG acquisition. | |||||||||
NGL Marine Equipment Purchase | |||||||||
On February 28, 2013, the Partnership purchased from affiliates of Florida Marine Transporters, Inc. six liquefied petroleum gas pressure barges and two commercial push boats for approximately $50,801, of which the commercial push boats totaling $8,201 were allocated to property, plant and equipment in the Partnership's Marine Transportation segment and the six pressure barges totaling $42,600 were allocated to property, plant and equipment in the Partnership's Natural Gas Services segment. This transaction was funded with borrowings under the Partnership's revolving credit facility. As discussed in Note 2, on February 12, 2015, the Partnership sold the six LPG pressure barges for $41,250. | |||||||||
Talen's Marine & Fuel, LLC | |||||||||
On December 31, 2012, the Partnership acquired all of the outstanding membership interests in Talen's Marine & Fuel LLC (“Talen's”) from QEP Marine Fuel Investment, LLC and QEP Marine Fuel Holdings, Inc. (collectively referred to as “Quintana Energy Partners”) for $103,368, subject to certain post-closing adjustments, including the assumption of a note payable in the amount of $2,971. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 relating to business combinations. Additionally, as required by ASC 805, the Partnership expensed acquisition related costs, of which $58 were recorded in selling, general and administrative expenses for the year ended December 31, 2013. Through this acquisition, the Partnership acquired certain terminalling facilities and other terminalling related assets located along the Texas and Louisiana gulf coast. This transaction was funded by borrowings under the Partnership's revolving credit facility. Simultaneously with the acquisition, the Partnership sold certain working capital-related assets and a customer relationship intangible asset to Martin Energy Services LLC (“MES”), a wholly-owned subsidiary of Martin Resource Management for $56,000. Due to the Talen's acquisition, MES entered into various service agreements with Talen's pursuant to which the Partnership provides certain terminalling and marine services to MES. The excess carrying value of the assets over the purchase price paid by Martin Resource Management at the sales date was $4,268 and was recorded as an adjustment to partners' capital. The remaining net assets retained by the Partnership were recorded at fair value of $43,100 in the following purchase price allocation: | |||||||||
Purchase price paid to acquire Talen's | $ | 103,368 | |||||||
Less proceeds received from Martin Resource Management for assets sold (described above) | (56,000 | ) | |||||||
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | (4,268 | ) | |||||||
Total | $ | 43,100 | |||||||
Cash | $ | 5,096 | |||||||
Accounts and other receivables, net | 1,932 | ||||||||
Other current assets | 685 | ||||||||
Assets held for sale | 3,578 | ||||||||
Property, plant and equipment | 23,656 | ||||||||
Goodwill | 15,465 | ||||||||
Notes payable | (2,971 | ) | |||||||
Current liabilities | (3,872 | ) | |||||||
Other long-term obligations | (469 | ) | |||||||
Total | $ | 43,100 | |||||||
Goodwill recognized from the acquisition primarily relates to the expected contributions of the entity to the overall corporate strategy in addition to synergies and acquired workforce, which are not separable from goodwill. | |||||||||
The Partnership's results of operations included revenues of $5,227 and net income of $2,452 for the year ended December 31, 2014 and revenues of $5,226 and net income of $2,432 for the year ended December 31, 2013 related to the Talen's acquisition. | |||||||||
Lubricant Blending and Packaging Assets | |||||||||
On October 2, 2012, the Partnership purchased the Blending and Packaging Assets from Cross. The consideration consisted of $121,767 in cash at closing, plus a final net working capital adjustment of $907 paid in October of 2012. This transaction was funded by borrowings under the Partnership's revolving credit facility. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of the Blending and Packaging Assets was recorded at the historical carrying value of the assets at the acquisition date, which were as follows: | |||||||||
Accounts receivable, net | $ | 20,599 | |||||||
Inventory | 18,730 | ||||||||
Other current assets | 769 | ||||||||
Property, plant and equipment, net | 24,692 | ||||||||
Current liabilities | (2,424 | ) | |||||||
Total | $ | 62,366 | |||||||
The excess purchase price over the historical carrying value of the assets at the acquisition date was $60,308 and was recorded as an adjustment to partners' capital. | |||||||||
Redbird Class A Interests | |||||||||
On October 2, 2012, the Partnership acquired from Martin Resource Management all of the remaining Class A interests in Redbird for $150,000 in cash. The Partnership began making Class A investments in Redbird during the fourth quarter of 2011. Prior to the transaction, the Partnership owned a 10.74% Class A interest and a 100% Class B interest in Redbird. This transaction was funded by borrowings under the Partnership's revolving credit facility. This acquisition is considered a transfer of net assets between entities under common control. The acquisition of these interests was recorded at the historical carrying value of the interests at the acquisition date. The Partnership recorded an investment in consolidated entities of $68,233 and the excess of the purchase price over the carrying value of the Class A interests of $81,767 was recorded as an adjustment to partners' capital. |
Discontinued_Operations_and_Di
Discontinued Operations and Divestitures | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations and Divestitures | Discontinued Operations and Divestitures | ||||||||
Floating Storage Assets. On February 12, 2015, the Partnership sold the Floating Storage Assets. These assets were acquired on February 28, 2013. The Partnership classified the related assets as assets held for sale at December 31, 2014, and the results of operations of these assets, which were previously presented as a component of the Natural Gas Services segment, as discontinued operations in the Consolidated Statements of Operations for 2014 and 2013. | |||||||||
The Floating Storage Assets’ operating results, which are included in income from discontinued operations, were as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues from third parties1 | $ | 51,264 | $ | 20,771 | |||||
Total costs and expenses and other, net, excluding depreciation and amortization | 55,068 | 18,285 | |||||||
Depreciation and amortization | 1,534 | 1,278 | |||||||
Income (loss) from discontinued operations before income taxes | (5,338 | ) | 1,208 | ||||||
Income tax expense | — | — | |||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5,338 | ) | $ | 1,208 | ||||
1 Total revenues from third parties excludes intercompany revenues of $5,241 and $945 for the years ended December 31, 2014 and 2013, respectively. | |||||||||
Prism Assets. On July 31, 2012, the Partnership completed the sale of its East Texas and Northwest Louisiana natural gas gathering and processing assets owned by Prism Gas and other natural gas gathering and processing assets also owned by the Partnership to a subsidiary of CenterPoint Energy Inc. (NYSE: CNP) (“CenterPoint”). The Partnership received net cash proceeds from the sale of $273,269. The asset sale included the Partnership’s 50% operating interest in Waskom Gas Processing Company (“Waskom”). A subsidiary of CenterPoint owned the other 50% interest. | |||||||||
Additionally, on September 18, 2012, the Partnership completed the sale of its interest in Matagorda Offshore Gathering System (“Matagorda”) and Panther Interstate Pipeline Energy, LLC (“PIPE”) to a private investor group for $1,530. | |||||||||
The Partnership classified the results of operations of the Prism Assets which were previously presented as a component of the Natural Gas Services segment, as discontinued operations in the Consolidated Statements of Operations for all periods presented. | |||||||||
The Prism Assets’ operating results, which are included in income from discontinued operations, were as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | |||||||||
Total revenues from third parties1 | $ | 66,876 | |||||||
Total costs and expenses and other, net, excluding depreciation and amortization | (64,562 | ) | |||||||
Depreciation and amortization | (2,320 | ) | |||||||
Other operating income2 | 61,858 | ||||||||
Equity in earnings of unconsolidated entities3 | 4,611 | ||||||||
Income from discontinued operations before income taxes | 66,463 | ||||||||
Income tax expense | (1,598 | ) | |||||||
Income from discontinued operations, net of income taxes | $ | 64,865 | |||||||
1 Total revenues from third parties excludes intercompany revenues of $26,431. | |||||||||
2 The Partnership recognized a gain on the sale of the Prism Assets of $61,848 in income from discontinued operations. | |||||||||
3 Represents equity in earnings of Waskom, Matagorda, and PIPE. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Components of inventories at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Natural gas liquids | $ | 27,820 | $ | 31,859 | ||||
Sulfur | 12,231 | 8,912 | ||||||
Sulfur based products | 16,280 | 17,584 | ||||||
Lubricants | 29,096 | 33,847 | ||||||
Other | 3,291 | 2,700 | ||||||
$ | 88,718 | $ | 94,902 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||
At December 31, 2014 and 2013, property, plant, and equipment consisted of the following: | ||||||||||
Depreciable Lives | 2014 | 2013 | ||||||||
Land | — | $ | 23,595 | $ | 21,971 | |||||
Improvements to land and buildings | 10-25 years | 149,112 | 131,941 | |||||||
Storage equipment | 5-50 years | 171,373 | 104,949 | |||||||
Marine vessels | 4-25 years | 260,588 | 309,147 | |||||||
Operating plant and equipment | 3-50 years | 598,314 | 287,268 | |||||||
Base Gas | — | 43,799 | — | |||||||
Furniture, fixtures and other equipment | 3-20 years | 4,224 | 3,742 | |||||||
Transportation equipment | 3-7 years | 2,273 | 1,802 | |||||||
Construction in progress | 90,396 | 68,363 | ||||||||
$ | 1,343,674 | $ | 929,183 | |||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $56,309, $48,596, and $40,724, respectively, which includes amortization of fixed assets under capital lease obligations of $0, $233 and $280, respectively. All capital lease obligations were retired in November 2013. | ||||||||||
Additions to property, plant and equipment included in accounts payable at December 31, 2014 and 2013 were $4,976 and $6,803, respectively. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill | Goodwill | |||||||
The following table represents the goodwill balance at December 31, 2014 and 2013: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Carrying amount of goodwill: | ||||||||
Terminalling and storage | $ | 14,229 | $ | 14,229 | ||||
Natural gas services | 79 | 79 | ||||||
Sulfur services | 5,349 | 5,349 | ||||||
Marine transportation | 4,145 | 4,145 | ||||||
Total goodwill | $ | 23,802 | $ | 23,802 | ||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information | |||||||
Components of "Intangible and other assets, net" at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Customer contracts | $ | 72,171 | $ | — | ||||
Other intangible assets | 2,215 | 2,696 | ||||||
Other | 7,079 | 5,247 | ||||||
$ | 81,465 | $ | 7,943 | |||||
Customers contracts were acquired through the Partnership's acquisition of the remaining interests in Cardinal on August 29, 2014. | ||||||||
Other intangible assets consist of covenants not-to-compete, technology-based assets, and customer relationships. | ||||||||
Aggregate amortization expense for customer contracts and other intangible assets included in continuing operations was $9,772, $1,153, and $140, for the years ended December 31, 2014, 2013 and 2012, respectively, and accumulated amortization amounted to $12,125 and $2,353 at December 31, 2014 and 2013, respectively. | ||||||||
Estimated amortization expense for customer contract and relationships and other intangible assets for the years subsequent to December 31, 2014 are as follows: 2015 - $22,115; 2016 - $14,961; 2017 - $11,122; 2018 - $7,148; 2019 - $4,305; subsequent years - $14,735. | ||||||||
Components of "Other accrued liabilities" at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Accrued interest | $ | 10,996 | $ | 11,038 | ||||
Property and other taxes payable | 7,524 | 6,785 | ||||||
Accrued payroll | 3,125 | 2,186 | ||||||
Other | 156 | 233 | ||||||
$ | 21,801 | $ | 20,242 | |||||
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Leases | Leases | |||
The Partnership has numerous non-cancelable operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the equipment are to be paid by the lessee. Management expects to renew or enter into similar leasing arrangements for similar equipment upon the expiration of the current lease agreements. The Partnership also has cancelable operating lease land rentals and outside marine vessel charters. | ||||
The Partnership’s future minimum lease obligations as of December 31, 2014 consist of the following: | ||||
Fiscal year | Operating Leases | |||
2015 | $ | 11,421 | ||
2016 | 10,194 | |||
2017 | 5,982 | |||
2018 | 3,331 | |||
2019 | 1,751 | |||
Thereafter | 5,622 | |||
Total | $ | 38,301 | ||
Rent expense for continuing operating leases for the years ended December 31, 2014, 2013 and 2012 was $18,724, $15,629 and $15,801, respectively. The amount recognized in interest expense for capital leases was $0, $796, and $945 for the years ended December 31, 2014, 2013 and 2012, respectively. The Partnership's capital lease obligations were retired in November of 2013. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities and Joint Ventures | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||
Investments in Unconsolidated Entities and Joint Ventures | Investments in Unconsolidated Entities and Joint Ventures | |||||||||||||||||||
On August 29, 2014, the Partnership acquired ECP's approximate 57.8% Category A interest in Cardinal. Prior to the acquisition, the Partnership owned an approximate 42.2% Category A interest in Cardinal which was accounted for by the equity method. See Note 4 for discussion of the acquisition of the remaining interests. | ||||||||||||||||||||
On May 14, 2014, the Partnership acquired from a subsidiary of Atlas, all of the outstanding membership interests in Atlas Holdings for cash of approximately $134,400 at closing. The purchase price was subsequently reduced $501 due to a post-closing working capital adjustment. Atlas Holdings owned a 19.8% limited partner interest and a 0.2% general partner interest in WTLPG. At the time of the purchase, WTLPG was operated by Chevron Pipe Line Company. The 80% interest was subsequently sold to ONEOK Partners, L.P. who assumed operational responsibility. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. At the acquisition date, the carrying value of the combined 20% interest in WTLPG exceeded the Partnership's share of underlying net assets by approximately $96,000. The Partnership's analysis determined that the entire $96,000 is attributable to property, plant and equipment and will be amortized over approximately 35 years. Such amortization amounted to $1,484 for the year ended December 31, 2014. The Partnership recognizes its combined 20% interest in WTLPG as "Investment in unconsolidated entities" on its Consolidated Balance Sheet. The Partnership accounts for its ownership interest in WTLPG under the equity method of accounting with recognition of its ownership interest in the income of WTLPG as "Equity in earnings of unconsolidated entities" on its Consolidated Statement of Operations. | ||||||||||||||||||||
In March 2013, the Partnership acquired 100% of the preferred interests in Martin Energy Trading LLC ("MET"), a subsidiary of Martin Resource Management for $15,000. On August 31, 2014, MET converted its preferred equity to subordinated debt. The resulting $15,000 note receivable from MET bears an annual interest rate of 15% and matures August 31, 2026. MET may prepay any or all of the note balance after September 1, 2016. See Note 13. | ||||||||||||||||||||
The partnership sold its 50% interest in Caliber in 2013 and its 50% interests in Waskom, PIPE, Matagorda and Pecos Valley Producer Services, LLC (“Pecos Valley”) in 2012. | ||||||||||||||||||||
In December 2013, Cardinal recorded a $129,384 impairment charge related to long-lived assets of Monroe. This amount represents the carrying value of the assets in excess of their fair value. The impairment resulted from the weaker than anticipated results of operations of Monroe. The Partnership's share of this charge is $54,053 and is included in “Equity in loss of unconsolidated entities” in the Consolidated Statement of Operations for the year ended December 31, 2013. The Partnership evaluated its remaining investment in Cardinal and determined that no additional impairment was necessary. | ||||||||||||||||||||
During the second quarter of 2012, the Partnership acquired an unconsolidated 50% interest in Caliber and Pecos Valley. The Partnership sold its interest in Caliber during the fourth quarter of 2013 for $750, resulting in a gain of $750 recorded in "Other, net" in the Partnership's Consolidated Statements of Operations for the year ended December 31, 2013. The Partnership sold its interest in Pecos Valley during the third quarter of 2012 for $531, resulting in a gain of $486 recorded in "Other, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2012. | ||||||||||||||||||||
These investments are accounted for by the equity method. | ||||||||||||||||||||
The following tables summarize the components of the "Investment in unconsolidated entities" on the Partnership’s Consolidated Balance Sheets and the components of "Equity in earnings of unconsolidated entities" included in the Partnership’s Consolidated Statements of Operations: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
WTLPG | $ | 134,506 | $ | — | ||||||||||||||||
Cardinal | — | 113,662 | ||||||||||||||||||
MET | — | 15,000 | ||||||||||||||||||
Total investment in unconsolidated entities | $ | 134,506 | $ | 128,662 | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Equity in earnings of Waskom1 | $ | — | $ | — | $ | 4,172 | ||||||||||||||
Equity in loss of PIPE1 | — | — | (60 | ) | ||||||||||||||||
Equity in earnings of Matagorda1 | — | — | 499 | |||||||||||||||||
Equity in earnings of discontinued operations | — | — | 4,611 | |||||||||||||||||
Equity in earnings of WTLPG | 3,076 | — | — | |||||||||||||||||
Equity in earnings (loss) of Cardinal | 892 | (54,226 | ) | (943 | ) | |||||||||||||||
Equity in earnings of MET | 1,498 | 1,738 | — | |||||||||||||||||
Equity in loss of Caliber | — | (560 | ) | (190 | ) | |||||||||||||||
Equity in earnings of Pecos Valley | — | — | 20 | |||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | 5,466 | (53,048 | ) | (1,113 | ) | |||||||||||||||
Total equity in earnings (loss) of unconsolidated entities | $ | 5,466 | $ | (53,048 | ) | $ | 3,498 | |||||||||||||
1 The financial information for Waskom, Matagorda, and PIPE is included on the Consolidated Statements of Operations and Cash Flows as discontinued operations. | ||||||||||||||||||||
Selected financial information for significant unconsolidated equity method investees is as follows: | ||||||||||||||||||||
As of December 31, | Years ended December 31, | |||||||||||||||||||
Total Assets | Long-Term Debt | Members’ Equity/Partners' Capital | Revenues | Net Income (Loss) | ||||||||||||||||
2014 | ||||||||||||||||||||
WTLPG | $ | 827,697 | $ | — | $ | 818,546 | $ | 95,315 | $ | 38,698 | ||||||||||
Cardinal2 | $ | — | $ | — | $ | — | $ | 46,488 | $ | 1,911 | ||||||||||
2013 | ||||||||||||||||||||
Cardinal | $ | 661,816 | $ | 295,261 | $ | 346,584 | $ | 52,762 | $ | (128,283 | ) | |||||||||
2012 | ||||||||||||||||||||
Cardinal | $ | 694,767 | $ | 210,079 | $ | 457,297 | $ | 31,999 | $ | (5,951 | ) | |||||||||
Waskom | $ | — | $ | — | $ | — | $ | 66,662 | $ | 8,986 | ||||||||||
2 Financial information for Cardinal includes revenues and net income for the 2014 period prior to the Partnership's acquisition of the 57.8% interest not previously owned. | ||||||||||||||||||||
As of December 31, 2014 and 2013, the Partnership’s interest in cash of the unconsolidated equity method investees was $10 and $3,703, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: | ||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||
Level 3: Unobservable inputs that reflect the entity's own assumptions and are not corroborated by market data. | ||||||||||||||||
The following items are measured at fair value on a recurring and non-recurring basis at December 31, 2014 and 2013: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets | ||||||||||||||||
Note receivable - MET | $ | 15,852 | $ | — | $ | — | $ | 15,852 | ||||||||
Total assets | $ | 15,852 | $ | — | $ | — | $ | 15,852 | ||||||||
Liabilities | ||||||||||||||||
2021 Senior unsecured notes | $ | 385,077 | $ | — | $ | 385,077 | $ | — | ||||||||
Total liabilities | $ | 385,077 | $ | — | $ | 385,077 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 185,816 | $ | — | $ | 185,816 | $ | — | ||||||||
2021 Senior unsecured notes | 258,004 | 258,004 | ||||||||||||||
Total liabilities | $ | 443,820 | $ | — | $ | 443,820 | $ | — | ||||||||
The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these financial instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||
• | Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excluded from the table above. The estimated fair value of the note receivable from MET was determined by calculating the net present value of the interest payments over the life of the note. The note is considered Level 3 due to the lack of observable inputs for similar transactions between related parties. | |||||||||||||||
• | Long-term debt including current portion: The carrying amount of the revolving credit facility approximates fair value due to the debt having a variable interest rate and is in Level 2. The estimated fair value of the senior unsecured notes is based on market prices of similar debt. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||||
The Partnership’s results of operations are materially impacted by changes in crude oil, natural gas and NGL prices and interest rates. In an effort to manage its exposure to these risks, the Partnership periodically enters into various derivative instruments, including commodity and interest rate hedges. | ||||||||||||||||||||||||||||||||||||||||
(a) Commodity Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||
The Partnership has from time to time used derivatives to manage the risk of commodity price fluctuation. The Partnership has established a hedging policy and monitors and manages the commodity market risk associated with potential commodity risk exposure. These hedging arrangements have been in the form of swaps for crude oil, natural gas and natural gasoline. In addition, the Partnership has focused on utilizing counterparties for these transactions whose financial condition is appropriate for the credit risk involved in each specific transaction. | ||||||||||||||||||||||||||||||||||||||||
Due to the sale of the Prism Assets during 2012, the Partnership terminated and settled all of its commodity derivative instruments during the second quarter of 2012. For the year ended December 31, 2012, changes in the fair value of the Partnership’s derivative contracts were recorded in both earnings (income from discontinued operations) and in AOCI as a component of partners’ capital. | ||||||||||||||||||||||||||||||||||||||||
Due to the acquisition of the remaining interests of Cardinal, the Partnership acquired a notional quantity of 3,631,740 MMBtu of natural gas call options with a strike price of $4.50 per MMBtu. These options managed the purchase of base gas at Monroe Gas Storage Company, LLC for the portion of base gas that was currently leased with Credit Suisse and was scheduled to be returned in January and February 2015. The options were set to settle in two increments of 2,345,498 MMBtu and 1,286,242 MMBtu on January 31, 2015 and February 28, 2015, respectively. On December 31, 2014, the Partnership terminated these options, resulting in a termination benefit of $3, which was recorded in "Other, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Partnership did not have any commodity derivative instruments outstanding. | ||||||||||||||||||||||||||||||||||||||||
(b) Impact of Commodity Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||||||
Crude Oil. For the year ended December 31, 2012, net gains and losses on swap hedge contracts increased crude revenue (included in income from discontinued operations) by $496. | ||||||||||||||||||||||||||||||||||||||||
Natural Gas. For the year ended December 31, 2012, net gains and losses on swap hedge contracts increased gas revenue (included in income from discontinued operations) by $813. | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Liquids. For the year ended December 31, 2012, net gains and losses on swap hedge contracts increased liquids revenue (included in income from discontinued operations) by $1,066. | ||||||||||||||||||||||||||||||||||||||||
For information regarding fair value amounts and gains and losses on commodity derivative instruments and related hedged items, see “Tabular Presentation of Fair Value Amounts, and Gains and Losses on Derivative Instruments and Related Hedged Items” within this Note. | ||||||||||||||||||||||||||||||||||||||||
(c) Impact of Interest Rate Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||
The Partnership is exposed to market risks associated with interest rates. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. We minimize this market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Partnership enters into interest rate swaps to manage interest rate risk associated with the Partnership’s variable rate credit facility and it's senior unsecured notes. All derivatives and hedging instruments are included on the balance sheet as an asset or a liability measured at fair value and changes in fair value are recognized currently in earnings. | ||||||||||||||||||||||||||||||||||||||||
On April 1, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements with an aggregate notional amount of $100,000 each to hedge its exposure to changes in the fair value of its senior unsecured notes. On May 14, 2014 the Partnership terminated these swaps and received a termination benefit of $2,380 upon cancellation of these swap agreements. This amount was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. Additionally, subsequent to the termination on May 14, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements on May 14, 2014 with an aggregate notional amount of $100,000 each to hedge its exposure to changes in the fair value of its senior unsecured notes. In August 2014, the Partnership received a scheduled swap settlement related to these agreements totaling $976. This amount was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
On September 18, 2014, the Partnership entered into a fixed-to-variable interest rate swap agreement, with an aggregate notional amount of $50,000, to hedge its exposure to changes in the fair value of its senior unsecured notes. | ||||||||||||||||||||||||||||||||||||||||
On October 9, 2014, the Partnership terminated each of its three outstanding swaps, receiving a termination benefit of $2,125, which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
Subsequent to the termination on October 9, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements, each with an aggregate notional amount of $50,000 to hedge its exposure to changes in the fair value of its senior unsecured notes. On October 14, 2014, the Partnership terminated each of these two swaps, receiving a termination benefit of $500, which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
Subsequent to the termination on October 14, 2014, the Partnership entered into two fixed-to-variable interest rate swap agreements, each with an aggregate notional amount of $50,000 to hedge its exposure to changes in the fair value of its senior unsecured notes. On October 14, 2014, the Partnership terminated each of these two swaps, receiving a termination benefit of $711, which was recorded in "Interest expense, net" in the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
For information regarding fair value amounts and gains and losses on interest rate derivative instruments and related hedged items, see “Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items” below. | ||||||||||||||||||||||||||||||||||||||||
Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items | ||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | |||||||||||||||||||||||||||||||||||||||
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 126 | Income from discontinued operations | $ | — | $ | 748 | Income from discontinued operations | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | 126 | $ | — | $ | — | $ | 748 | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | 6,692 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Commodity contracts | Other income | (818 | ) | — | — | |||||||||||||||||||||||||||||||||||
Commodity contracts | Income from discontinued operations | — | — | 1,623 | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,874 | $ | — | $ | 1,623 | ||||||||||||||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | Related Party Transactions | |||||||||||
As of December 31, 2014, Martin Resource Management owned 6,264,532 of the Partnership’s common units representing approximately 17.7% of the Partnership’s outstanding limited partnership units. Martin Resource Management controls the Partnership's general partner by virtue of its 51% voting interest in Holdings, the sole member of the Partnership's general partner. The Partnership’s general partner, MMGP, owns a 2% general partner interest in the Partnership and the Partnership’s incentive distribution rights. The Partnership’s general partner’s ability, as general partner, to manage and operate the Partnership, and Martin Resource Management’s ownership as of December 31, 2014, of approximately 17.7% of the Partnership’s outstanding limited partnership units, effectively gives Martin Resource Management the ability to veto some of the Partnership’s actions and to control the Partnership’s management. | ||||||||||||
The following is a description of the Partnership’s material related party agreements: | ||||||||||||
Omnibus Agreement | ||||||||||||
Omnibus Agreement. The Partnership and its general partner are parties to the Omnibus Agreement dated November 1, 2002, with Martin Resource Management that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision of general administration and support services by Martin Resource Management and the Partnership’s use of certain Martin Resource Management trade names and trademarks. The Omnibus Agreement was amended on November 25, 2009, to include processing crude oil into finished products including naphthenic lubricants, distillates, asphalt and other intermediate cuts. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. | ||||||||||||
Non-Competition Provisions. Martin Resource Management has agreed for so long as it controls the general partner of the Partnership, not to engage in the business of: | ||||||||||||
• | providing terminalling and storage services for petroleum products and by-products including the refining, blending and packaging of finished lubricants; | |||||||||||
•providing marine transportation of petroleum products and by-products; | ||||||||||||
•distributing NGLs; and | ||||||||||||
•manufacturing and selling sulfur-based fertilizer products and other sulfur-related products. | ||||||||||||
This restriction does not apply to: | ||||||||||||
• | the ownership and/or operation on the Partnership’s behalf of any asset or group of assets owned by it or its affiliates; | |||||||||||
• | any business operated by Martin Resource Management, including the following: | |||||||||||
◦ | providing land transportation of various liquids; | |||||||||||
◦ | distributing fuel oil, sulfuric acid, marine fuel and other liquids; | |||||||||||
◦ | providing marine bunkering and other shore-based marine services in Alabama, Florida, Louisiana, Mississippi and Texas; | |||||||||||
◦ | operating a crude oil gathering business in Stephens, Arkansas; | |||||||||||
◦ | providing crude oil gathering, refining, and marketing services of base oils, asphalt, and distillate products in Smackover, Arkansas; | |||||||||||
◦ | providing crude oil marketing and transportation from the well head to the end market; | |||||||||||
◦ | operating an environmental consulting company; | |||||||||||
◦ | operating an engineering services company; | |||||||||||
◦ | supplying employees and services for the operation of the Partnership's business; | |||||||||||
◦ | operating a natural gas optimization business; and | |||||||||||
◦ | operating, solely for the Partnership's account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas and South Houston, Texas. | |||||||||||
• | any business that Martin Resource Management acquires or constructs that has a fair market value of less than $5,000; | |||||||||||
• | any business that Martin Resource Management acquires or constructs that has a fair market value of $5,000 or more if the Partnership has been offered the opportunity to purchase the business for fair market value and the Partnership declines to do so with the concurrence of the Conflicts Committee; and | |||||||||||
• | any business that Martin Resource Management acquires or constructs where a portion of such business includes a restricted business and the fair market value of the restricted business is $5,000 or more and represents less than 20% of the aggregate value of the entire business to be acquired or constructed; provided that, following completion of the acquisition or construction, the Partnership will be provided the opportunity to purchase the restricted business. | |||||||||||
Services. Under the Omnibus Agreement, Martin Resource Management provides the Partnership with corporate staff, support services, and administrative services necessary to operate the Partnership’s business. The Omnibus Agreement requires the Partnership to reimburse Martin Resource Management for all direct expenses it incurs or payments it makes on the Partnership’s behalf or in connection with the operation of the Partnership’s business. There is no monetary limitation on the amount the Partnership is required to reimburse Martin Resource Management for direct expenses. In addition to the direct expenses, under the Omnibus Agreement, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. | ||||||||||||
Effective January 1, 2015, through December 31, 2015, the Conflicts Committee approved an annual reimbursement amount for indirect expenses of $13,679. The Partnership reimbursed Martin Resource Management for $12,535, $10,621, and $7,593 of indirect expenses for the years ended December 31, 2014, 2013, and 2012, respectively. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually. | ||||||||||||
These indirect expenses are intended to cover the centralized corporate functions Martin Resource Management provides for the Partnership, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, general office expenses and employee benefit plans and other general corporate overhead functions the Partnership shares with Martin Resource Management retained businesses. The provisions of the Omnibus Agreement regarding Martin Resource Management’s services will terminate if Martin Resource Management ceases to control the general partner of the Partnership. | ||||||||||||
Related Party Transactions. The Omnibus Agreement prohibits the Partnership from entering into any material agreement with Martin Resource Management without the prior approval of the Conflicts Committee. For purposes of the Omnibus Agreement, the term material agreements means any agreement between the Partnership and Martin Resource Management that requires aggregate annual payments in excess of then-applicable agreed upon reimbursable amount of indirect general and administrative expenses. Please read “Services” above. | ||||||||||||
License Provisions. Under the Omnibus Agreement, Martin Resource Management has granted the Partnership a nontransferable, nonexclusive, royalty-free right and license to use certain of its trade names and marks, as well as the trade names and marks used by some of its affiliates. | ||||||||||||
Amendment and Termination. The Omnibus Agreement may be amended by written agreement of the parties; provided, however, that it may not be amended without the approval of the Conflicts Committee if such amendment would adversely affect the unitholders. The Omnibus Agreement was first amended on November 25, 2009, to permit the Partnership to provide refining services to Martin Resource Management. The Omnibus Agreement was amended further on October 1, 2012, to permit the Partnership to provide certain lubricant packaging products and services to Martin Resource Management. Such amendments were approved by the Conflicts Committee. The Omnibus Agreement, other than the indemnification provisions and the provisions limiting the amount for which the Partnership will reimburse Martin Resource Management for general and administrative services performed on its behalf, will terminate if the Partnership is no longer an affiliate of Martin Resource Management. | ||||||||||||
Motor Carrier Agreement | ||||||||||||
Motor Carrier Agreement. The Partnership is a party to a motor carrier agreement effective January 1, 2006 as amended, with Martin Transport, Inc., a wholly owned subsidiary of Martin Resource Management through which Martin Transport, Inc. operates its land transportation operations. Under the agreement, Martin Transport, Inc. agreed to transport the Partnership's NGLs as well as other liquid products. | ||||||||||||
Term and Pricing. The agreement has an initial term that expired in December 2007 but automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 30 days prior to the expiration of the then-applicable term. The Partnership has the right to terminate this agreement at any time by providing 90 days prior notice. Under this agreement, Martin Transport, Inc. transports the Partnership’s NGL shipments as well as other liquid products. These rates are subject to any adjustments which are mutually agreed or in accordance with a price index. Additionally, during the term of the agreement, shipping charges are also subject to fuel surcharges determined on a weekly basis in accordance with the U.S. Department of Energy’s national diesel price list. | ||||||||||||
Indemnification. Martin Transport has indemnified us against all claims arising out of the negligence or willful misconduct of Martin Transport and its officers, employees, agents, representatives and subcontractors. We indemnified Martin Transport against all claims arising out of the negligence or willful misconduct of us and our officers, employees, agents, representatives and subcontractors. In the event a claim is the result of the joint negligence or misconduct of Martin Transport and us, our indemnification obligations will be shared in proportion to each party’s allocable share of such joint negligence or misconduct. | ||||||||||||
Marine Agreements | ||||||||||||
Marine Transportation Agreement. The Partnership is a party to a marine transportation agreement effective January 1, 2006, as amended, under which the Partnership provides marine transportation services to Martin Resource Management on a spot-contract basis at applicable market rates. Effective each January 1, this agreement automatically renews for consecutive one year periods unless either party terminates the agreement by giving written notice to the other party at least 60 days prior to the expiration of the then applicable term. The fees the Partnership charges Martin Resource Management are based on applicable market rates. | ||||||||||||
Marine Fuel. The Partnership is a party to an agreement with Martin Resource Management dated November 1, 2002 under which Martin Resource Management provides the Partnership with marine fuel from its locations in the Gulf of Mexico at a fixed rate in excess of the Platt’s U.S. Gulf Coast Index for #2 Fuel Oil. Under this agreement, the Partnership agreed to purchase all of its marine fuel requirements that occur in the areas serviced by Martin Resource Management. | ||||||||||||
Terminal Services Agreements | ||||||||||||
Diesel Fuel Terminal Services Agreement. Effective January 1, 2015, the Partnership entered into a new terminalling services agreement under which the Partnership provides terminal services to Martin Resource Management for marine fuel distribution. This agreement replaced the prior agreement that was in place concerning the same services which was dated October 27, 2004 and consolidated it with the (i) terminalling services agreement entered into in connection with the acquisition of Talen's Marine & Fuel, LLC and (ii) terminalling services agreement entered into in connection with the acquisition of L&L Holdings LLC into a single agreement. The minimum throughput requirements of the three superseded agreements were aggregated in the new agreement. The per gallon throughput fee the Partnership charges under this agreement may be adjusted annually based on a price index. | ||||||||||||
Miscellaneous Terminal Services Agreements. The Partnership is currently party to several terminal services agreements and from time to time the Partnership may enter into other terminal service agreements for the purpose of providing terminal services to related parties. Individually, each of these agreements is immaterial but when considered in the aggregate they could be deemed material. These agreements are throughput based with a minimum volume commitment. Generally, the fees due under these agreements are adjusted annually based on a price index. | ||||||||||||
Other Agreements | ||||||||||||
Cross Tolling Agreement. The Partnership is a party to an amended and restated tolling agreement with Cross dated October 28, 2014 under which the Partnership processes crude oil into finished products, including naphthenic lubricants, distillates, asphalt and other intermediate cuts for Cross. The tolling agreement expires November 25, 2031. Under this tolling agreement, Cross agreed to process a minimum of 6,500 barrels per day of crude oil at the facility at a fixed price per barrel. Any additional barrels are processed at a modified price per barrel. In addition, Cross agreed to pay a monthly reservation fee and a periodic fuel surcharge fee based on certain parameters specified in the tolling agreement. All of these fees (other than the fuel surcharge) are subject to escalation annually based upon the greater of 3% or the increase in the Consumer Price Index for a specified annual period. In addition, on the third, sixth and ninth anniversaries of the agreement, the parties can negotiate an upward or downward adjustment in the fees subject to their mutual agreement. | ||||||||||||
Sulfuric Acid Sales Agency Agreement. The Partnership is party to a second amended and restated sulfuric acid sales agency agreement dated August 5, 2013, under which Martin Resource Management purchases and markets the sulfuric acid produced by the Partnership’s sulfuric acid production plant at Plainview, Texas, that is not consumed by the Partnership’s internal operations. This agreement, as amended, will remain in place until the Partnership terminates it by providing 180 days’ written notice. Under this agreement, the Partnership sells all of its excess sulfuric acid to Martin Resource Management. Martin Resource Management then markets such acid to third-parties and the Partnership shares in the profit of Martin Resource Management’s sales of the excess acid to such third parties. | ||||||||||||
Other Miscellaneous Agreements. From time to time the Partnership enters into other miscellaneous agreements with Martin Resource Management for the provision of other services or the purchase of other goods. | ||||||||||||
The tables below summarize the related party transactions that are included in the related financial statement captions on the face of the Partnership’s Consolidated Statements of Operations. The revenues, costs and expenses reflected in these tables are tabulations of the related party transactions that are recorded in the corresponding caption of the Consolidated Statements of Operations and do not reflect a statement of profits and losses for related party transactions. | ||||||||||||
The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Revenues: | 2014 | 2013 | 2012 | |||||||||
Terminalling and storage | $ | 74,467 | $ | 71,517 | $ | 64,669 | ||||||
Marine transportation | 24,389 | 24,654 | 17,494 | |||||||||
Product sales: | ||||||||||||
Natural gas services | 3,064 | 10 | 113 | |||||||||
Sulfur services | 3,921 | 3,890 | 6,022 | |||||||||
Terminalling and storage | 676 | 798 | 1,066 | |||||||||
7,661 | 4,698 | 7,201 | ||||||||||
$ | 106,517 | $ | 100,869 | $ | 89,364 | |||||||
The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Cost of products sold: | ||||||||||||
Natural gas services | $ | 37,703 | $ | 32,639 | $ | 27,512 | ||||||
Sulfur services | 18,390 | 18,161 | 16,968 | |||||||||
Terminalling and storage | 36,341 | 48,868 | 48,375 | |||||||||
$ | 92,434 | $ | 99,668 | $ | 92,855 | |||||||
The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Operating expenses: | ||||||||||||
Marine transportation | $ | 37,703 | $ | 38,373 | $ | 28,495 | ||||||
Natural gas services | 4,870 | 1,971 | 1,855 | |||||||||
Sulfur services | 7,479 | 8,223 | 6,646 | |||||||||
Terminalling and storage | 29,525 | 21,766 | 21,838 | |||||||||
$ | 79,577 | $ | 70,333 | $ | 58,834 | |||||||
The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Selling, general and administrative: | ||||||||||||
Marine transportation | $ | 30 | $ | 50 | $ | 60 | ||||||
Natural gas services | 6,039 | 2,671 | 2,498 | |||||||||
Sulfur services | 3,201 | 3,081 | 2,964 | |||||||||
Terminalling and storage | 1,874 | 1,266 | 563 | |||||||||
Indirect overhead allocation, net of reimbursement | 12,535 | 10,621 | 7,593 | |||||||||
$ | 23,679 | $ | 17,689 | $ | 13,678 | |||||||
Other Related Party Transactions | ||||||||||||
As discussed in Note 10, during March 2013, the Partnership acquired 100% of the preferred interests in MET, a subsidiary of Martin Resource Management, for $15,000. On August 31, 2014, MET converted its preferred equity to subordinated debt. The resulting $15,000 note receivable from MET bears an annual interest rate of 15% and matures August 31, 2026. MET may prepay any or all of the note balance on or after September 1, 2016. The note is recorded in "Note receivable - Martin Energy Trading LLC" on the Partnership's Consolidated Balance Sheet. Interest income for the year ended December 31, 2014 was $752 and is included in "Interest expense, net" in the Consolidated Statements of Operations. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
At December 31, 2014 and 2013, long-term debt consisted of the following: | ||||||||
2014 | 2013 | |||||||
$900,0003 Revolving loan facility at variable interest rate (2.92%1 weighted average at December 31, 2014), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees | $ | 500,000 | $ | 235,000 | ||||
$200,0002,4 Senior notes, 8.875% interest, net of unamortized discount of $0 and $1,305, respectively, issued March 2010 and due April 2018, unsecured | — | 173,695 | ||||||
$400,000 Senior notes, 7.250% interest, including unamortized premium of $2,005 and $0, respectively, issued February 2013 and April 2014 and due February 2021, unsecured2,4 | 402,005 | 250,000 | ||||||
Total long-term debt | $ | 902,005 | $ | 658,695 | ||||
1 Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 1.75% to 2.75% and the applicable margin for revolving loans that are base prime rate loans ranges from 0.75% to 1.75%. The applicable margin for LIBOR borrowings at December 31, 2014 is 2.75%. The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. | ||||||||
2 Pursuant to the indenture under which the senior notes were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 1, 2014, the Partnership redeemed the remaining $175,000 of the 8.875% senior unsecured notes due in 2018 from all holders. On April 1, 2014 the Partnership completed a private placement add-on of $150,000 in aggregate principal amount of 7.25% senior unsecured notes due February 2021 to qualified institutional buyers under Rule 144A. The Partnership filed with the SEC a registration statement to exchange these notes for substantially identical notes that are registered under the Securities Act and completed the exchange offer during the second quarter of 2014. In conjunction with the redemption, the Partnership incurred a debt prepayment premium in the amount of $7,767, which is included in the Consolidated Statement of Operations for the year ended December 31, 2014. Also in conjunction with this redemption, the Partnership expensed $2,643 and $1,228 of unamortized debt issuance costs and unamortized discount on notes payable, respectively, which is included in "Interest expense, net" on the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||
3 On June 27, 2014, the Partnership increased the maximum amount of borrowings and letters of credit available under the Credit Facility from $637,500 to $900,000 and amended certain financial covenants governing the credit facility. | ||||||||
4 The 2018 and 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. Many of these covenants will terminate if the notes achieve an investment grade rating from each of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no default (as defined in the indentures) has occurred. | ||||||||
The Partnership paid cash interest in the amount of $37,112, $33,038, and $29,239 for the years ended December 31, 2014, 2013 and 2012, respectively. Capitalized interest was $1,437, $1,096, and $1,136 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Partners_Capital
Partners' Capital | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Partners' Capital | Partners' Capital | |||||||||||
As of December 31, 2014, partners’ capital consisted of 35,365,912 common limited partner units, representing a 98% partnership interest and a 2.0% general partner interest. Martin Resource Management, through subsidiaries, owned 6,264,532 of the Partnership's common limited partnership units representing approximately 17.7% of the Partnership's outstanding common limited partnership units. MMGP, the Partnership's general partner, owns the 2.0% general partnership interest. | ||||||||||||
The partnership agreement of the Partnership (the “Partnership Agreement”) contains specific provisions for the allocation of net income and losses to each of the partners for purposes of maintaining their respective partner capital accounts. | ||||||||||||
Issuance of Common Units | ||||||||||||
On September 29, 2014, the Partnership completed a public offering of 3,450,000 common units at a price of $36.91 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,450,000 common units, net of underwriters' discounts, commissions and offering expenses, were $122,176. The Partnership's general partner contributed $2,599 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. | ||||||||||||
On August 29, 2014, the Partnership closed a private equity sale with Martin Resource Management, under which Martin Resource Management invested $45,000 in cash in exchange for 1,171,265 common units. The pricing of $38.42 per common unit was based on the 10-day weighted average price of the Partnership's common units for the 10 trading days ending August 8, 2014. In connection with the issuance of these common units, the Partnership's general partner contributed $918 in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. | ||||||||||||
On May 12, 2014, the Partnership completed a public offering of 3,600,000 common units at a price of $41.51 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,600,000 common units, net of underwriters' discounts, commissions and offering expenses, were $143,431. The Partnership's general partner contributed $3,049 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to pay down outstanding amounts under the Partnership's revolving credit facility. | ||||||||||||
In March 2014, the Partnership entered into an equity distribution agreement with multiple underwriters (the “Sales Agents”) for the ongoing distribution of the Partnership's common units. Pursuant to this program, the Partnership offered and sold common unit equity through the Sales Agents for aggregate proceeds of $21,121 for the year ended December 31, 2014. The Partnership paid $413 in compensation to the Sales Agents for the year ended December 31, 2014. Under the the program, the Partnership issued 522,121 common units during the year ended December 31, 2014. Common units issued were at market prices prevailing at the time of the sale. The Partnership also received capital contributions from the Partnership's general partner of $441 during the year ended December 31, 2014 related to these issuances to maintain its 2.0% general partner interest in the Partnership. The net proceeds from the common unit issuances were used to pay down outstanding amounts under the Partnership's revolving credit facility. | ||||||||||||
On November 26, 2012, the Partnership completed a public offering of 3,450,000 common units at a price of $31.16 per common unit, before the payment of underwriters' discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 3,450,000 common units, net of underwriters' discounts, commissions and offering expenses, were $102,809. The Partnership's general partner contributed $2,194 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to reduce outstanding indebtedness of the Partnership. | ||||||||||||
On January 25, 2012, the Partnership completed a public offering of 2,645,000 common units at a price of $36.15 per common unit, before the payment of underwriters’ discounts, commissions and offering expenses (per unit value is in dollars, not thousands). Total proceeds from the sale of the 2,645,000 common units, net of underwriters’ discounts, commissions and offering expenses, were $91,361. The Partnership’s general partner contributed $1,951 in cash to the Partnership in conjunction with the issuance in order to maintain its 2.0% general partner interest in the Partnership. All of the net proceeds were used to reduce outstanding indebtedness of the Partnership. | ||||||||||||
Incentive Distribution Rights | ||||||||||||
The Partnership’s general partner, MMGP, holds a 2.0% general partner interest and certain incentive distribution rights (“IDRs”) in the Partnership. IDRs are a separate class of non-voting limited partner interest that may be transferred or sold by the general partner under the terms of the Partnership Agreement, and represent the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution and any cumulative arrearages on common units once certain target distribution levels have been achieved. The Partnership is required to distribute all of its available cash from operating surplus, as defined in the Partnership Agreement. On October 2, 2012, the Partnership Agreement was amended to provide that the general partner shall forego the next $18,000 in incentive distributions that it would otherwise be entitled to receive. Additionally, on May 5, 2014, the owner of our general partner agreed to forego an additional $3,000 in incentive distributions. No incentive distributions were allocated to the general partner from July 1, 2012 (which would have been payable to the general partner on November 14, 2012 for the third quarter of 2012 distribution) through December 31, 2014. As of December 31, 2014, the amount of incentive distributions the general partner has foregone is $20,845, resulting in an amount remaining of $155. | ||||||||||||
The target distribution levels entitle the general partner to receive 2.0% of quarterly cash distributions up to $0.55 per unit, 15% of quarterly cash distributions in excess of $0.55 per unit until all unitholders have received $0.625 per unit, 25% of quarterly cash distributions in excess of $0.625 per unit until all unitholders have received $0.75 per unit and 50% of quarterly cash distributions in excess of $0.75 per unit. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the general partner received $0, $0, and $2,857 in incentive distributions. | ||||||||||||
Distributions of Available Cash | ||||||||||||
The Partnership distributes all of its available cash (as defined in the Partnership Agreement) within 45 days after the end of each quarter to unitholders of record and to the general partner. Available cash is generally defined as all cash and cash equivalents of the Partnership on hand at the end of each quarter less the amount of cash reserves its general partner determines in its reasonable discretion is necessary or appropriate to: (i) provide for the proper conduct of the Partnership’s business; (ii) comply with applicable law, any debt instruments or other agreements; or (iii) provide funds for distributions to unitholders and the general partner for any one or more of the next four quarters, plus all cash on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. | ||||||||||||
Net Income per Unit | ||||||||||||
The Partnership follows the provisions of the FASB ASC 260-10 related to earnings per share, which addresses the application of the two-class method in determining income per unit for master limited partnerships having multiple classes of securities that may participate in partnership distributions accounted for as equity distributions. Undistributed earnings are allocated to the general partner and limited partners utilizing the contractual terms of the Partnership Agreement. Distributions to the general partner pursuant to the IDRs are limited to available cash that will be distributed as defined in the Partnership Agreement. Accordingly, the Partnership does not allocate undistributed earnings to the general partner for the IDRs because the general partner's share of available cash is the maximum amount that the general partner would be contractually entitled to receive if all earnings for the period were distributed. When current period distributions are in excess of earnings, the excess distributions for the period are to be allocated to the general partner and limited partners based on their respective sharing of losses specified in the Partnership Agreement. Additionally, as required under FASB ASC 260-10-45-61A, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities, as defined in FASB ASC 260-10-20, for earnings per unit calculations. | ||||||||||||
For purposes of computing diluted net income per unit, the Partnership uses the more dilutive of the two-class and if-converted methods. Under the if-converted method, the weighted-average number of subordinated units outstanding for the period is added to the weighted-average number of common units outstanding for purposes of computing basic net income per unit and the resulting amount is compared to the diluted net income per unit computed using the two-class method. The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations: | ||||||||||||
Net income (loss) attributable to Martin Midstream Partners L.P. | $ | (6,367 | ) | $ | (14,562 | ) | $ | 37,122 | ||||
Less pre-acquisition income allocated to Parent | — | — | 4,622 | |||||||||
Less general partner’s interest in net income: | ||||||||||||
Distributions payable on behalf of IDRs | 2,033 | — | 954 | |||||||||
Distributions payable on behalf of general partner interest | 1,181 | 2,021 | 522 | |||||||||
General partner interest in undistributed earnings | (1,308 | ) | (2,312 | ) | 109 | |||||||
Less loss allocable to unvested restricted units | (18 | ) | (44 | ) | — | |||||||
Limited partners’ interest in net income (loss) | $ | (8,255 | ) | $ | (14,227 | ) | $ | 30,915 | ||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discontinued operations: | ||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | (5,338 | ) | $ | 1,208 | $ | 64,865 | |||||
Less general partner’s interest in net income: | ||||||||||||
Distributions payable on behalf of IDRs | 1,704 | — | 1,903 | |||||||||
Distributions payable on behalf of general partner interest | 990 | (168 | ) | 1,040 | ||||||||
General partner interest in undistributed earnings | (1,097 | ) | 192 | 220 | ||||||||
Less income (loss) allocable to unvested restricted units | (14 | ) | 4 | — | ||||||||
Limited partners’ interest in net income (loss) | $ | (6,921 | ) | $ | 1,180 | $ | 61,702 | |||||
The Partnership allocates the general partner's share of earnings between continuing and discontinued operations as a proportion of net income from continuing and discontinued operations to total net income. | ||||||||||||
The weighted average units outstanding for basic net income per unit were 30,785,035, 26,557,829 and 23,361,551 for the years ended December 31, 2014, 2013 and 2012, respectively. All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented. All common unit equivalents were antidilutive for the years ended December 31, 2014 and 2013 because the limited partners were allocated a net loss in these periods. For diluted net income per unit, the weighted average units outstanding were increased by 3,018 for the year ended December 31, 2012, due to the dilutive effect of restricted units granted under the Partnership’s long-term incentive plan. |
Unit_Based_Awards
Unit Based Awards | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Unit Based Awards | Unit Based Awards | |||||||||||
The Partnership recognizes compensation cost related to stock-based awards to employees in its consolidated financial statements in accordance with certain provisions of ASC 718. The Partnership recognizes compensation costs related to stock-based awards to directors under certain provisions of ASC 505-50-55 related to equity-based payments to non-employees. Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Employees | $ | 537 | $ | 668 | $ | 178 | ||||||
Non-employee directors | 280 | 243 | 207 | |||||||||
Total unit-based compensation expense | $ | 817 | $ | 911 | $ | 385 | ||||||
Long-Term Incentive Plans | ||||||||||||
The Partnership's general partner has a long term incentive plan for employees and directors of the general partner and its affiliates who perform services for the Partnership. | ||||||||||||
The plan consists of two components, restricted units and unit options. The plan currently permits the grant of awards covering an aggregate of 725,000 common units, 241,667 of which may be awarded in the form of restricted units and 483,333 of which may be awarded in the form of unit options. The plan is administered by the compensation committee of the general partner’s board of directors (“Compensation Committee”). | ||||||||||||
Restricted Units. A restricted unit is a unit that is granted to grantees with certain vesting restrictions. Once these restrictions lapse, the grantee is entitled to full ownership of the unit without restrictions. In addition, the restricted units will vest upon a change of control of the Partnership, the general partner or Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management. The Partnership intends the issuance of the common units upon vesting of the restricted units under the plan to serve as a means of incentive compensation for performance and not primarily as an opportunity to participate in the equity appreciation of the common units. Therefore, plan participants will not pay any consideration for the common units they receive, and the Partnership will receive no remuneration for the units. The restricted units issued to directors generally vest in equal annual installments over a four-year period. Restricted units issued to employees generally cliff vest after three years of service. | ||||||||||||
The restricted units are valued at their fair value at the date of grant which is equal to the market value of common units on such date. A summary of the restricted unit activity for the year ended December 31, 2014 is provided below: | ||||||||||||
Number of Units | Weighted Average Grant-Date Fair Value Per Unit | |||||||||||
Non-vested, beginning of period | 72,998 | $ | 31.75 | |||||||||
Granted | 8,900 | $ | 29.47 | |||||||||
Vested | (13,074 | ) | $ | 32.14 | ||||||||
Forfeited | (5,000 | ) | $ | 31.06 | ||||||||
Non-Vested, end of period | 63,824 | $ | 31.4 | |||||||||
Aggregate intrinsic value, end of period | $ | 1,662 | ||||||||||
A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2014, 2013 and 2012 is provided below: | ||||||||||||
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Aggregate intrinsic value of units vested | $ | 514 | $ | 153 | $ | 465 | ||||||
Fair value of units vested | $ | 450 | $ | 157 | $ | 495 | ||||||
As of December 31, 2014, there was $779 of unrecognized compensation cost related to non-vested restricted units. That cost is expected to be recognized over a weighted-average period of 1.3 years. | ||||||||||||
Unit Options. The plan currently permits the grant of options covering common units. As of March 2, 2015, the Partnership has not granted any common unit options to directors or employees of the Partnership's general partner, or its affiliates. In the future, the Compensation Committee may determine to make grants under the plan to employees and directors containing such terms as the Compensation Committee shall determine. Unit options will have an exercise price that, in the discretion of the Compensation Committee, may not be less than the fair market value of the units on the date of grant. In addition, the unit options will become exercisable upon a change in control of the Partnership's general partner, Martin Resource Management or if the general partner ceases to be an affiliate of Martin Resource Management or upon the achievement of specified financial objectives. |
Stanolind_Tank_Damage
Stanolind Tank Damage | 12 Months Ended |
Dec. 31, 2014 | |
Physical Damage to Assets [Abstract] | |
Stanolind Tank Damage | Stanolind Tank Damage |
During the third quarter of 2011, a single tank fire occurred at the Partnership’s Stanolind Terminal in Beaumont, Texas. This specific tank stores No. 6 oil for Martin Resource Management under a throughput agreement. The tank contained approximately 3,200 barrels of No. 6 oil at the time the incident occurred, all of which was the property of Martin Resource Management. | |
Physical damage to the Partnership’s asset caused by the fire as well as the related removal and recovery costs, are fully covered by the Partnership’s non-windstorm insurance policy subject to a deductible of $443, which has been expensed and included in “operating expenses” in the Consolidated Statements of Operations for the year ended December 31, 2011. | |
Insurance proceeds received as a result of the this claim were used to replace the tank. The proceeds received exceeded the net book value of the tank that was destroyed and the Partnership recognized a gain in the amount of $909 in “other operating income” in the Consolidated Statement of Operations for the year ended December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The operations of a partnership are generally not subject to income taxes because its income is taxed directly to its partners, except as discussed below. | ||||||||||||
The activities of the Blending and Packaging Assets prior to the acquisition by the Partnership were subject to federal and state income taxes. Accordingly, income taxes have been included in the Blending and Packaging Assets' operating results from January 1, 2010 through October 2, 2012. Related payables/receivables are included in “Due to affiliates” and “Other current assets”, respectively, in the Consolidated Balance Sheet. | ||||||||||||
Woodlawn, a subsidiary of the Partnership, was subject to income taxes due to its corporate structure. The assets of Woodlawn were sold July 31, 2012 and the corporation was liquidated December 31, 2012. Income tax expense related to Woodlawn is recorded in discontinued operations. A current federal income tax expense of $0, $0 and $8,681, related to the operation of the subsidiary, was recorded for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The Partnership established deferred income taxes of $8,964 associated with book and tax basis differences of the acquired Woodlawn assets and liabilities at the date of acquisition. The basis differences related primarily to property, plant and equipment. A deferred tax benefit of $0, $0 and $7,657 related to the Woodlawn basis differences was recorded for the years ended December 31, 2014, 2013 and 2012, respectively. A deferred tax expense of $0, $0, and $402 related to the Blending and Packaging Assets' basis differences was recorded for the years ended December 31, 2014, 2013 and 2012. No deferred tax liability related to these basis differences existed at December 31, 2014 and 2013, respectively. The deferred tax liability related to the Prism Assets was reversed upon the sale of those assets as discussed further in Note 5. | ||||||||||||
The Partnership is subject to the Texas margin tax, which is considered a state income tax, and is included in income tax expense on the Consolidated Statements of Operations. The Texas margin tax restructured the state business tax by replacing the taxable capital and earned surplus components of the existing franchise tax with a new “taxable margin” component. Since the tax base on the Texas margin tax is derived from an income-based measure, the margin tax is construed as an income tax and, therefore, the recognition of deferred taxes applies to the margin tax. The impact on deferred taxes as a result of this provision is immaterial. State income taxes attributable to the Texas margin tax of $1,137, $753 and $1,575 were recorded in income tax expense for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
A current income tax liability of $1,174, and $1,204 existed at December 31, 2014 and 2013, respectively. | ||||||||||||
The components of income tax expense from operations recorded for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 10,516 | ||||||
State | 1,137 | 753 | 1,894 | |||||||||
1,137 | 753 | 12,410 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | (7,255 | ) | ||||||||
Total income tax expense | $ | 1,137 | $ | 753 | $ | 5,155 | ||||||
Total income tax expense was allocated to continuing and discontinued operations as follows: | ||||||||||||
Income tax expense from continuing operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 1,835 | ||||||
State | 1,137 | 753 | 1,320 | |||||||||
1,137 | 753 | 3,155 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | 402 | |||||||||
Total income tax expense from continuing operations | $ | 1,137 | $ | 753 | $ | 3,557 | ||||||
Income tax expense (benefit) from discontinued operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 8,681 | ||||||
State | — | — | 574 | |||||||||
— | — | 9,255 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | (7,657 | ) | ||||||||
Total income tax expense from discontinued operations | $ | — | $ | — | $ | 1,598 | ||||||
Cash paid for income taxes was $1,167, $9,789, and $1,007 for the years ended December 31, 2014, 2013, and 2012, respectively. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Business Segments | Business Segments | |||||||||||||||||||||||
The Partnership has four reportable segments: terminalling and storage, natural gas services, marine transportation, and sulfur services. The Partnership’s reportable segments are strategic business units that offer different products and services. The operating income of these segments is reviewed by the chief operating decision maker to assess performance and make business decisions. | ||||||||||||||||||||||||
The accounting policies of the operating segments are the same as those described in Note 2. The Partnership evaluates the performance of its reportable segments based on operating income. There is no allocation of administrative expenses or interest expense. | ||||||||||||||||||||||||
The Natural Gas Services segment information below excludes the discontinued operations of the Floating Storage Assets for 2014 and 2013 and the Prism Assets for 2012. See Note 5. | ||||||||||||||||||||||||
Operating Revenues | Intersegment Eliminations | Operating Revenues After Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Year Ended December 31, 2014: | ||||||||||||||||||||||||
Terminalling and storage | $ | 326,654 | $ | (5,191 | ) | $ | 321,463 | $ | 37,622 | $ | 24,993 | $ | 49,476 | |||||||||||
Natural gas services | 1,013,835 | — | 1,013,835 | 13,090 | 34,574 | 24,194 | ||||||||||||||||||
Sulfur services | 215,471 | — | 215,471 | 8,176 | 19,465 | 4,115 | ||||||||||||||||||
Marine transportation | 97,049 | (5,677 | ) | 91,372 | 9,942 | 7,551 | 11,498 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (18,712 | ) | — | |||||||||||||||||
Total | $ | 1,653,009 | $ | (10,868 | ) | $ | 1,642,141 | $ | 68,830 | $ | 67,871 | $ | 89,283 | |||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||||||
Terminalling and storage | $ | 341,966 | $ | (4,756 | ) | $ | 337,210 | $ | 31,823 | $ | 32,855 | $ | 84,582 | |||||||||||
Natural gas services | 966,909 | — | 966,909 | 962 | 30,524 | 4,080 | ||||||||||||||||||
Sulfur services | 213,124 | — | 213,124 | 7,979 | 21,511 | 3,867 | ||||||||||||||||||
Marine transportation | 99,511 | (4,015 | ) | 95,496 | 10,198 | 13,411 | 6,517 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (16,837 | ) | — | |||||||||||||||||
Total | $ | 1,621,510 | $ | (8,771 | ) | $ | 1,612,739 | $ | 50,962 | $ | 81,464 | $ | 99,046 | |||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||||||
Terminalling and storage | $ | 322,175 | $ | (4,652 | ) | $ | 317,523 | $ | 22,976 | $ | 25,403 | $ | 72,877 | |||||||||||
Natural gas services | 825,506 | — | 825,506 | 601 | 15,395 | 434 | ||||||||||||||||||
Sulfur services | 261,584 | — | 261,584 | 7,371 | 41,909 | 11,477 | ||||||||||||||||||
Marine transportation | 88,815 | (3,067 | ) | 85,748 | 11,115 | 3,174 | 8,852 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (12,046 | ) | — | |||||||||||||||||
Total | $ | 1,498,080 | $ | (7,719 | ) | $ | 1,490,361 | $ | 42,063 | $ | 73,835 | $ | 93,640 | |||||||||||
Revenues from two customers in the Natural Gas Services segment were $265,434, $285,566 and $294,897 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The Partnership's assets by reportable segment as of December 31, 2014 and 2013, are as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total assets: | ||||||||||||||||||||||||
Terminalling and storage | $ | 450,112 | $ | 461,160 | ||||||||||||||||||||
Natural gas services | 802,234 | 320,631 | ||||||||||||||||||||||
Sulfur services | 147,094 | 151,982 | ||||||||||||||||||||||
Marine transportation | 154,479 | 164,146 | ||||||||||||||||||||||
Total assets | $ | 1,553,919 | $ | 1,097,919 | ||||||||||||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information | |||||||||||||||||
Consolidated Quarterly Income Statement Information | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth | |||||||||||||||
Quarter | ||||||||||||||||||
(Dollar in thousands, except per unit amounts) | ||||||||||||||||||
2014 | ||||||||||||||||||
Revenues | $ | 484,809 | $ | 403,261 | $ | 377,088 | $ | 376,983 | ||||||||||
Operating income | 24,499 | 17,997 | 13,181 | 12,194 | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (297 | ) | 1,939 | 2,655 | 1,169 | |||||||||||||
Income (loss) from continuing operations | 12,384 | 324 | (25,739 | ) | (A) | 6,664 | ||||||||||||
Loss from discontinued operations | (589 | ) | (1,292 | ) | (1,167 | ) | (2,290 | ) | ||||||||||
Net income (loss) | $ | 11,795 | $ | (968 | ) | $ | (26,906 | ) | $ | 4,374 | ||||||||
Limited partners' interest in net income (loss) per limited partner unit | $ | 0.43 | $ | (0.03 | ) | $ | (0.82 | ) | $ | (0.07 | ) | |||||||
First Quarter | Second Quarter | Third Quarter | Fourth | |||||||||||||||
Quarter | ||||||||||||||||||
(Dollar in thousands, except per unit amounts) | ||||||||||||||||||
2013 | ||||||||||||||||||
Revenues | $ | 433,356 | $ | 356,673 | $ | 355,578 | $ | 467,132 | ||||||||||
Operating income | 26,189 | 19,166 | 12,680 | 23,429 | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (374 | ) | 72 | (577 | ) | (52,169 | ) | (B) | ||||||||||
Income (loss) from continuing operations | 16,440 | 7,985 | 628 | (39,615 | ) | |||||||||||||
Income (loss) from discontinued operations | 196 | 1,093 | (437 | ) | 356 | |||||||||||||
Net income (loss) | $ | 16,636 | $ | 9,078 | $ | 191 | $ | (39,259 | ) | |||||||||
Limited partners' interest in net income (loss) per limited partner unit | $ | 0.61 | $ | 0.33 | $ | 0.01 | $ | (1.44 | ) | |||||||||
(A) As discussed in Note 4, this amount includes the Partnership's reduction in the carrying value of its existing investment in Cardinal at the acquisition date of $30,102. | ||||||||||||||||||
(B) As discussed in Note 10, this amount includes the Partnership's share of an impairment charge related to long-lived assets of Monroe in the amount of $54,053. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
From time to time, the Partnership is subject to various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Partnership. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2014 | |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Information |
Martin Operating Partnership L.P. (the “Operating Partnership”), the Partnership’s wholly-owned subsidiary, has issued in the past, and may issue in the future, unconditional guarantees of senior or subordinated debt securities of the Partnership in the event that the Partnership issues such securities from time to time. The guarantees that have been issued are full, irrevocable and unconditional. In addition, the Operating Partnership may also issue senior or subordinated debt securities which, if issued, will be fully, irrevocably and unconditionally guaranteed by the Partnership. | |
The Partnership maintains as subsidiary guarantors the following entities: MOP Midstream Holdings LLC, Martin Midstream NGL Holdings, LLC and Martin Midstream NGL Holdings II, LLC, Cardinal Gas Storage Partners LLC, Perryville Gas Storage LLC, Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, and Monroe Gas Storage Company, LLC as subsidiary guarantors to its outstanding senior unsecured notes and has transferred substantially all of Talen's assets to certain of the Partnership's other subsidiary guarantors. Therefore, the Partnership no longer presents condensed consolidating financial information for any non-subsidiary guarantors. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Disposition of Floating Storage Assets. On February 12, 2015, the Partnership sold the Floating Storage Assets for $41,250. The Partnership expects to record a gain on the disposition of approximately $1,500 in the first quarter of 2015. The proceeds from the disposition were used to reduce outstanding indebtedness under the Partnership's revolving credit facility. | |
Quarterly Distribution. On January 22, 2015, The Partnership declared a quarterly cash distribution of $0.8125 per common unit for the fourth quarter of 2014, or $3.25 per common unit on an annualized basis, which was paid on February 13, 2015 to unitholders of record as of February 6, 2015. Additionally, the Partnership paid a distribution to its general partner in the amount of $4,405. Of this amount, $667 is related to the base general partner distribution and $3,737 represents incentive distribution rights paid to the Partnership's general partner. | |
Common Unit Grants. On January 5, 2015, the Partnership issued 84,750 restricted common units under the Partnership's long-term incentive plan to the executive officers of the general partner and certain Martin Resource Management employees who provide services to the Partnership. These restricted units vest 100% on January 5, 2018. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Presentation and Consolidation | Principles of Presentation and Consolidation |
The consolidated financial statements include the financial statements of the Partnership and its wholly-owned subsidiaries and equity method investees. In the opinion of the management of the Partnership’s general partner, all adjustments and elimination of significant intercompany balances necessary for a fair presentation of the Partnership’s results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal recurring nature. In addition, the Partnership evaluates its relationships with other entities to identify whether they are variable interest entities under certain provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), 810-10 and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Partnership is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with ASC 810-10. No such variable interest entities exist as of December 31, 2014 or 2013. | |
As discussed in Note 5, on February 12, 2015, the Partnership sold all six 16,101 barrel liquefied petroleum gas ("LPG") pressure barges, collectively referred to as the "Floating Storage Assets." These assets were acquired on February 28, 2013. On December 19, 2014, the Partnership made the decision to dispose of the Floating Storage Assets. As a result, the Partnership has classified the Floating Storage Assets as held for sale at December 31, 2014 and has presented the results of operations and cash flows of the Floating Storage Assets as discontinued operations for the year ended December 31, 2014. The Partnership has retrospectively adjusted its prior period consolidated financial statements to comparably classify the amounts related to the operations and cash flows of the Floating Storage Assets as discontinued operations. | |
On October 2, 2012, the Partnership, which owned 10.74% of the Class A interests and 100% of the Class B interests, acquired all of the remaining Class A interests in Redbird Gas Storage LLC ("Redbird") from Martin Underground Storage, Inc. (“MUS”), a subsidiary of Martin Resource Management. Redbird was formed by the Partnership and Martin Resource Management in 2011 to invest in Cardinal Gas Storage Partners LLC ("Cardinal"). | |
On October 2, 2012, the Partnership acquired from Cross Oil Refining and Marketing, Inc. (“Cross”), a wholly-owned subsidiary of Martin Resource Management, certain specialty lubricant product blending and packaging assets (“Blending and Packaging Assets”). | |
The acquisitions of the Redbird Class A interests and the Blending and Packaging Assets were considered a transfer of net assets between entities under common control. The acquisitions of the Redbird Class A interests and the Blending and Packaging Assets are recorded at amounts based on the historical carrying value of these assets at October 2, 2012, and the Partnership is required to update its historical financial statements to include the activities of the Redbird Class A interests and the Blending and Packaging Assets as of the date of common control. The Partnership’s accompanying historical financial statements have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the activities of the Redbird Class A interests and the Blending and Packaging Assets as if the Partnership owned these assets for the periods presented. Net income attributable to the Redbird Class A interests and the activities of the Blending and Packaging Assets for periods prior to the Partnership’s acquisition of the assets is not allocated to the general and limited partners for purposes of calculating net income per limited partner unit. See Note 16. As discussed further in Note 4, on August 29, 2014, the Partnership acquired the remaining outstanding interests in Cardinal from Energy Capital Partners ("ECP"). | |
As discussed in Note 5, on July 31, 2012, the Partnership completed the sale of its East Texas and Northwest Louisiana natural gas gathering and processing assets. These assets, along with additional gathering and processing assets discussed in Note 5 are collectively referred to as the “Prism Assets.” The Partnership has presented the results of operations and cash flows of the Prism Assets as discontinued operations for the year ended December 31, 2012. | |
Product Exchanges | Product Exchanges |
The Partnership enters into product exchange agreements with third parties, whereby the Partnership agrees to exchange natural gas liquids (“NGLs”) and sulfur with third parties. The Partnership records the balance of exchange products due to other companies under these agreements at quoted market product prices and the balance of exchange products due from other companies at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Product exchanges with the same counterparty are entered into in contemplation of one another and are combined. The net amount related to location differentials is reported in “Product sales” or “Cost of products sold” in the Consolidated Statements of Operations. | |
Inventories | Inventories |
Inventories are stated at the lower of cost or market. Cost is generally determined by using the FIFO method for all inventories except lubricants and lubricants packaging inventories. Lubricants and lubricants packaging inventories cost is determined using standard cost, which approximates actual cost, computed on a FIFO basis. | |
Revenue Recognition | Revenue Recognition |
Terminalling and Storage – Revenue is recognized for storage contracts based on the contracted monthly tank fixed fee. For throughput contracts, revenue is recognized based on the volume moved through the Partnership’s terminals at the contracted rate. For the Partnership’s tolling agreement, revenue is recognized based on the contracted monthly reservation fee and throughput volumes moved through the facility. When lubricants and drilling fluids are sold by truck or rail, revenue is recognized upon delivering product to the customers as title to the product transfers when the customer physically receives the product. | |
Natural Gas Services – NGL distribution revenue is recognized when product is delivered by truck to the Partnership's NGL customers, which occurs when the customer physically receives the product. When product is sold in storage, or by pipeline, the Partnership recognizes NGL distribution revenue when the customer receives the product from either the storage facility or pipeline. Natural gas storage revenue is recognized when the service is provided to the customer. | |
Sulfur Services – Revenue from sulfur product sales is recognized when the customer takes title to the product. Revenue from sulfur services is recognized as deliveries are made during each monthly period. | |
Marine Transportation – Revenue is recognized for time charters based on a per day rate. For contracted trips, revenue is recognized upon completion of the particular trip. | |
Equity Method Investments | Equity Method Investments |
The Partnership uses the equity method of accounting for investments in unconsolidated entities where the ability to exercise significant influence over such entities exists. Investments in unconsolidated entities consist of capital contributions and advances plus the Partnership’s share of accumulated earnings as of the entities’ latest fiscal year-ends, less capital withdrawals and distributions. Investments in excess of the underlying net assets of equity method investees, specifically identifiable to property, plant and equipment, are amortized over the useful life of the related assets. Excess investment representing equity method goodwill is not amortized but is evaluated for impairment, annually. Under certain provisions of ASC 350-20, related to goodwill, this goodwill is not subject to amortization and is accounted for as a component of the investment. Equity method investments are subject to impairment under the provisions of ASC 323-10, which relates to the equity method of accounting for investments in common stock. No portion of the net income from these entities is included in the Partnership’s operating income. | |
Property, Plant and Equipment | Property, Plant, and Equipment |
Owned property, plant, and equipment is stated at cost, less accumulated depreciation. Owned buildings and equipment are depreciated using straight-line method over the estimated lives of the respective assets. | |
Equipment under capital leases is stated at the present value of minimum lease payments less accumulated amortization. Equipment under capital leases is amortized on a straight line basis over the estimated useful life of the asset. | |
Routine maintenance and repairs are charged to operating expense while costs of betterments and renewals are capitalized. When an asset is retired or sold, its cost and related accumulated depreciation are removed from the accounts, and the difference between net book value of the asset and proceeds from disposition is recognized as gain or loss. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill is subject to a fair-value based impairment test on an annual basis, or more often if events or circumstances indicate there may be impairment. The Partnership is required to identify its reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets. The Partnership is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Partnership would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. | |
All four of the Partnership's reporting units, terminalling and storage, natural gas services, sulfur services and marine transportation, contain goodwill. | |
The Partnership has performed the annual impairment tests as of August 31, 2014, 2013, and 2012. The determination of fair value for 2013 and 2012 for each reporting unit was based on the weighted average of two valuation techniques: (i) the discounted cash flow method and (ii) the guideline public company method. Fair value for 2014 for the terminalling and storage and marine transportation reporting units was determined based on weighted average of the discounted cash flow method, the guideline public company method and the guideline transaction method. No change was made in the 2014 methodology for determining fair value of the natural gas services and sulfur services segments. At August 31, 2014, 2013, and 2012, the estimated fair value of each of the four reporting units was in excess of its carrying value, resulting in no impairment. | |
No triggering events occurred that would cause the Partnership to perform an impairment test at either December 31, 2014 or 2013. | |
Significant changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit which could give rise to future impairment. Changes to these estimates and assumptions can include, but may not be limited to, varying commodity prices, volume changes and operating costs due to market conditions and/or alternative providers of services. | |
Other intangible assets that have finite lives are tested for impairment when events or circumstances indicate that the carrying value may not be recoverable. An impairment is indicated if the carrying amount of a long-lived intangible asset exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset. If impairment is indicated, the Partnership would record an impairment loss equal to the difference between the carrying value and the fair value of the asset. There were no intangible asset impairments in 2014, 2013 or 2012. | |
Debt Issuance Costs | Debt Issuance Costs |
Debt issuance costs relating to the Partnership’s revolving credit facility and senior unsecured notes are deferred and amortized over the terms of the debt arrangements. | |
In connection with the issuance, amendment, expansion and restatement of debt arrangements, the Partnership incurred debt issuance costs of $3,722, $9,114 and $204 in the years ended December 31, 2014, 2013 and 2012, respectively. | |
Due to the redemption of the remaining $175,000 of 8.875% senior unsecured notes in 2014 and a reduction in the number of lenders under the Partnership’s multi-bank credit agreement, $3,078, $502 and $0 of the existing debt issuance costs were determined not to have continuing benefit and were expensed during the years ended December 31, 2014, 2013 and 2012, respectively. Remaining unamortized deferred issuance costs are amortized over the term of the revised debt arrangement. | |
Amortization of debt issuance costs, which is included in interest expense, totaled $6,263, $3,700 and $3,290 for the years ended December 31, 2014, 2013 and 2012, respectively. Accumulated amortization amounted to $5,488 and $5,270 at December 31, 2014 and 2013, respectively. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
In accordance with ASC 360-10, long-lived assets, such as property, plant and equipment, and intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and would no longer be depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |
In the third quarter of 2014, the Partnership identified a triggering event related to one offshore tow in the Marine Transportation segment. The triggering event was the tow's inability to generate cash flows in recent quarters. As a result, an impairment charge of $3,445 was recorded in the Marine Transportation segment results of operations in the third quarter of 2014. No other triggering events occurred in 2014, 2013 or 2012 that would require an additional assessment for impairment of long-lived assets. | |
Asset Retirement Obligation | Asset Retirement Obligations |
Under ASC 410-20, which relates to accounting requirements for costs associated with legal obligations to retire tangible, long-lived assets, the Partnership records an asset retirement obligation (“ARO”) at fair value in the period in which it is incurred by increasing the carrying amount of the related long-lived asset. In each subsequent period, the liability is accreted over time towards the ultimate obligation amount and the capitalized costs are depreciated over the useful life of the related asset. | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities |
In accordance with certain provisions of ASC 815-10 related to accounting for derivative instruments and hedging activities, all derivatives and hedging instruments are included in the Consolidated Balance Sheets as an asset or liability measured at fair value and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. If a derivative qualifies for hedge accounting, changes in the fair value can be offset against the change in the fair value of the hedged item through earnings or recognized in other comprehensive income until such time as the hedged item is recognized in earnings. | |
Derivative instruments not designated as hedges are marked to market with all market value adjustments being recorded in the Consolidated Statements of Operations. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income includes net income and other comprehensive income. Other comprehensive income for the Partnership includes unrealized gains and losses on derivative financial instruments. In accordance with ASC 815-10, the Partnership records deferred hedge gains and losses on its derivative financial instruments that qualify as cash flow hedges as other comprehensive income. | |
Use of Estimates | Use of Estimates |
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the U.S. Actual results could differ from those estimates. | |
Indirect Selling, General and Administrative Expense | Indirect Selling, General and Administrative Expenses |
Indirect selling, general and administrative expenses are incurred by Martin Resource Management and allocated to the Partnership to cover costs of centralized corporate functions such as accounting, treasury, engineering, information technology, risk management and other corporate services. Such expenses are based on the percentage of time spent by Martin Resource Management’s personnel that provide such centralized services. Under an omnibus agreement with Martin Resource Management, the Partnership is required to reimburse Martin Resource Management for indirect general and administrative and corporate overhead expenses. | |
Environmental Liabilities and Litigation | Environmental Liabilities and Litigation |
The Partnership’s policy is to accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in the Partnership’s existing accounts receivable. | |
Deferred Catalyst Costs | Deferred Catalyst Costs |
The cost of the periodic replacement of catalysts is deferred and amortized over the catalyst’s estimated useful life, which ranges from 12 to 36 months. | |
Deferred Turnaround Costs | Deferred Turnaround Costs |
The Partnership capitalizes the cost of major turnarounds and amortizes these costs over the estimated period to the next turnaround, which ranges from 12 to 36 months. | |
Income Taxes | Income Taxes |
With respect to the Partnership’s taxable subsidiary (Woodlawn Pipeline Co., Inc.) and the Blending and Packaging Assets prior to the date of acquisition from Cross, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Business Acquisitions | The total purchase price is as follows: | ||||||||
Cash payment for 57.8% interest in Cardinal | $ | 120,973 | |||||||
Fair value of the Partnership's previously owned 42.2% interest in Cardinal | 87,613 | ||||||||
Total | $ | 208,586 | |||||||
Assets and Liabilities Assumed in Acquisition | The remaining net assets retained by the Partnership were recorded at fair value of $43,100 in the following purchase price allocation: | ||||||||
Purchase price paid to acquire Talen's | $ | 103,368 | |||||||
Less proceeds received from Martin Resource Management for assets sold (described above) | (56,000 | ) | |||||||
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | (4,268 | ) | |||||||
Total | $ | 43,100 | |||||||
Cash | $ | 5,096 | |||||||
Accounts and other receivables, net | 1,932 | ||||||||
Other current assets | 685 | ||||||||
Assets held for sale | 3,578 | ||||||||
Property, plant and equipment | 23,656 | ||||||||
Goodwill | 15,465 | ||||||||
Notes payable | (2,971 | ) | |||||||
Current liabilities | (3,872 | ) | |||||||
Other long-term obligations | (469 | ) | |||||||
Total | $ | 43,100 | |||||||
The assets acquired by the Partnership were recorded in the Terminalling and Storage segment at fair value of $12,148 in the following purchase price allocation: | |||||||||
Inventory and other current assets | $ | 1,513 | |||||||
Property, plant and equipment | 6,136 | ||||||||
Other assets | 5,113 | ||||||||
Other accrued liabilities | (168 | ) | |||||||
Other long-term obligations | (446 | ) | |||||||
Total | $ | 12,148 | |||||||
Assets acquired and liabilities assumed were recorded in the Natural Gas Services segment at fair value in the following purchase price allocation which was finalized in the fourth quarter of 2014: | |||||||||
Restricted cash | $ | 17,566 | |||||||
Other current assets | 9,385 | ||||||||
Property, plant and equipment | 390,895 | ||||||||
Intangible and other assets | 80,135 | ||||||||
Project level finance debt | (282,087 | ) | |||||||
Other current liabilities | (6,713 | ) | |||||||
Other non-current liabilities | (595 | ) | |||||||
Total | $ | 208,586 | |||||||
The Partnership recorded the purchase in the following allocation: | |||||||||
Property, plant and equipment | $ | 2,453 | |||||||
Current liabilities | (13 | ) | |||||||
$ | 2,440 | ||||||||
The acquisition of the Blending and Packaging Assets was recorded at the historical carrying value of the assets at the acquisition date, which were as follows: | |||||||||
Accounts receivable, net | $ | 20,599 | |||||||
Inventory | 18,730 | ||||||||
Other current assets | 769 | ||||||||
Property, plant and equipment, net | 24,692 | ||||||||
Current liabilities | (2,424 | ) | |||||||
Total | $ | 62,366 | |||||||
Assets acquired and liabilities assumed were recorded in the Sulfur Services segment at fair value as follows: | |||||||||
Inventory | $ | 162 | |||||||
Property, plant and equipment | 4,000 | ||||||||
Current liabilities | (44 | ) | |||||||
Total | $ | 4,118 | |||||||
Pro Forma Information for Acquisition | The following pro forma unaudited consolidated results of operations have been prepared as if the acquisitions of Cardinal and WTLPG occurred at the beginning of fiscal 2013: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenue: | |||||||||
As reported | $ | 1,642,141 | $ | 1,612,739 | |||||
Pro forma | $ | 1,688,629 | $ | 1,665,501 | |||||
Net income (loss) from continuing operations attributable to limited partners: | |||||||||
As reported | $ | (8,255 | ) | $ | (14,227 | ) | |||
Pro forma | $ | 1,676 | $ | (120,785 | ) | ||||
Net income (loss) from discontinued operations attributable to limited partners: | |||||||||
As reported | $ | (6,921 | ) | $ | 1,180 | ||||
Pro forma | $ | (6,921 | ) | $ | 1,180 | ||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||
As reported | $ | (0.27 | ) | $ | (0.54 | ) | |||
Pro forma | $ | 0.05 | $ | (4.55 | ) | ||||
Net income (loss) from discontinued operations per unit attributable to limited partners - basic | |||||||||
As reported | $ | (0.22 | ) | $ | 0.04 | ||||
Pro forma | $ | (0.22 | ) | $ | 0.04 | ||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||
As reported | $ | (0.27 | ) | $ | (0.54 | ) | |||
Pro forma | $ | 0.05 | $ | (4.55 | ) | ||||
Net income (loss) from discontinued operations per unit attributable to limited partners - diluted | |||||||||
As reported | $ | (0.22 | ) | $ | 0.04 | ||||
Pro forma | $ | (0.22 | ) | $ | 0.04 | ||||
Discontinued_Operations_and_Di1
Discontinued Operations and Divestitures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of disposal groups including discontinued operations income statement and balance sheet | The Floating Storage Assets’ operating results, which are included in income from discontinued operations, were as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues from third parties1 | $ | 51,264 | $ | 20,771 | |||||
Total costs and expenses and other, net, excluding depreciation and amortization | 55,068 | 18,285 | |||||||
Depreciation and amortization | 1,534 | 1,278 | |||||||
Income (loss) from discontinued operations before income taxes | (5,338 | ) | 1,208 | ||||||
Income tax expense | — | — | |||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5,338 | ) | $ | 1,208 | ||||
1 Total revenues from third parties excludes intercompany revenues of $5,241 and $945 for the years ended December 31, 2014 and 2013, respectively. | |||||||||
The Prism Assets’ operating results, which are included in income from discontinued operations, were as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | |||||||||
Total revenues from third parties1 | $ | 66,876 | |||||||
Total costs and expenses and other, net, excluding depreciation and amortization | (64,562 | ) | |||||||
Depreciation and amortization | (2,320 | ) | |||||||
Other operating income2 | 61,858 | ||||||||
Equity in earnings of unconsolidated entities3 | 4,611 | ||||||||
Income from discontinued operations before income taxes | 66,463 | ||||||||
Income tax expense | (1,598 | ) | |||||||
Income from discontinued operations, net of income taxes | $ | 64,865 | |||||||
1 Total revenues from third parties excludes intercompany revenues of $26,431. | |||||||||
2 The Partnership recognized a gain on the sale of the Prism Assets of $61,848 in income from discontinued operations. | |||||||||
3 Represents equity in earnings of Waskom, Matagorda, and PIPE. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of inventory | Components of inventories at December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Natural gas liquids | $ | 27,820 | $ | 31,859 | ||||
Sulfur | 12,231 | 8,912 | ||||||
Sulfur based products | 16,280 | 17,584 | ||||||
Lubricants | 29,096 | 33,847 | ||||||
Other | 3,291 | 2,700 | ||||||
$ | 88,718 | $ | 94,902 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment | At December 31, 2014 and 2013, property, plant, and equipment consisted of the following: | |||||||||
Depreciable Lives | 2014 | 2013 | ||||||||
Land | — | $ | 23,595 | $ | 21,971 | |||||
Improvements to land and buildings | 10-25 years | 149,112 | 131,941 | |||||||
Storage equipment | 5-50 years | 171,373 | 104,949 | |||||||
Marine vessels | 4-25 years | 260,588 | 309,147 | |||||||
Operating plant and equipment | 3-50 years | 598,314 | 287,268 | |||||||
Base Gas | — | 43,799 | — | |||||||
Furniture, fixtures and other equipment | 3-20 years | 4,224 | 3,742 | |||||||
Transportation equipment | 3-7 years | 2,273 | 1,802 | |||||||
Construction in progress | 90,396 | 68,363 | ||||||||
$ | 1,343,674 | $ | 929,183 | |||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill | The following table represents the goodwill balance at December 31, 2014 and 2013: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Carrying amount of goodwill: | ||||||||
Terminalling and storage | $ | 14,229 | $ | 14,229 | ||||
Natural gas services | 79 | 79 | ||||||
Sulfur services | 5,349 | 5,349 | ||||||
Marine transportation | 4,145 | 4,145 | ||||||
Total goodwill | $ | 23,802 | $ | 23,802 | ||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Schedule of Other Assets | Components of "Intangible and other assets, net" at December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Customer contracts | $ | 72,171 | $ | — | ||||
Other intangible assets | 2,215 | 2,696 | ||||||
Other | 7,079 | 5,247 | ||||||
$ | 81,465 | $ | 7,943 | |||||
Schedule of Other Accrued Liabilities | omponents of "Other accrued liabilities" at December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | |||||||
Accrued interest | $ | 10,996 | $ | 11,038 | ||||
Property and other taxes payable | 7,524 | 6,785 | ||||||
Accrued payroll | 3,125 | 2,186 | ||||||
Other | 156 | 233 | ||||||
$ | 21,801 | $ | 20,242 | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Lease Payments for Operating Leases | The Partnership’s future minimum lease obligations as of December 31, 2014 consist of the following: | |||
Fiscal year | Operating Leases | |||
2015 | $ | 11,421 | ||
2016 | 10,194 | |||
2017 | 5,982 | |||
2018 | 3,331 | |||
2019 | 1,751 | |||
Thereafter | 5,622 | |||
Total | $ | 38,301 | ||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities and Joint Ventures (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||
Summary of components of investment in unconsolidated entities and components of equity in earnings of unconsolidated entities | The following tables summarize the components of the "Investment in unconsolidated entities" on the Partnership’s Consolidated Balance Sheets and the components of "Equity in earnings of unconsolidated entities" included in the Partnership’s Consolidated Statements of Operations: | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
WTLPG | $ | 134,506 | $ | — | ||||||||||||||||
Cardinal | — | 113,662 | ||||||||||||||||||
MET | — | 15,000 | ||||||||||||||||||
Total investment in unconsolidated entities | $ | 134,506 | $ | 128,662 | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Equity in earnings of Waskom1 | $ | — | $ | — | $ | 4,172 | ||||||||||||||
Equity in loss of PIPE1 | — | — | (60 | ) | ||||||||||||||||
Equity in earnings of Matagorda1 | — | — | 499 | |||||||||||||||||
Equity in earnings of discontinued operations | — | — | 4,611 | |||||||||||||||||
Equity in earnings of WTLPG | 3,076 | — | — | |||||||||||||||||
Equity in earnings (loss) of Cardinal | 892 | (54,226 | ) | (943 | ) | |||||||||||||||
Equity in earnings of MET | 1,498 | 1,738 | — | |||||||||||||||||
Equity in loss of Caliber | — | (560 | ) | (190 | ) | |||||||||||||||
Equity in earnings of Pecos Valley | — | — | 20 | |||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | 5,466 | (53,048 | ) | (1,113 | ) | |||||||||||||||
Total equity in earnings (loss) of unconsolidated entities | $ | 5,466 | $ | (53,048 | ) | $ | 3,498 | |||||||||||||
1 The financial information for Waskom, Matagorda, and PIPE is included on the Consolidated Statements of Operations and Cash Flows as discontinued operations. | ||||||||||||||||||||
Select financial information for significant unconsolidated equity-method investees | Selected financial information for significant unconsolidated equity method investees is as follows: | |||||||||||||||||||
As of December 31, | Years ended December 31, | |||||||||||||||||||
Total Assets | Long-Term Debt | Members’ Equity/Partners' Capital | Revenues | Net Income (Loss) | ||||||||||||||||
2014 | ||||||||||||||||||||
WTLPG | $ | 827,697 | $ | — | $ | 818,546 | $ | 95,315 | $ | 38,698 | ||||||||||
Cardinal2 | $ | — | $ | — | $ | — | $ | 46,488 | $ | 1,911 | ||||||||||
2013 | ||||||||||||||||||||
Cardinal | $ | 661,816 | $ | 295,261 | $ | 346,584 | $ | 52,762 | $ | (128,283 | ) | |||||||||
2012 | ||||||||||||||||||||
Cardinal | $ | 694,767 | $ | 210,079 | $ | 457,297 | $ | 31,999 | $ | (5,951 | ) | |||||||||
Waskom | $ | — | $ | — | $ | — | $ | 66,662 | $ | 8,986 | ||||||||||
2 Financial information for Cardinal includes revenues and net income for the 2014 period prior to the Partnership's acquisition of the 57.8% interest not previously owned. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following items are measured at fair value on a recurring and non-recurring basis at December 31, 2014 and 2013: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets | ||||||||||||||||
Note receivable - MET | $ | 15,852 | $ | — | $ | — | $ | 15,852 | ||||||||
Total assets | $ | 15,852 | $ | — | $ | — | $ | 15,852 | ||||||||
Liabilities | ||||||||||||||||
2021 Senior unsecured notes | $ | 385,077 | $ | — | $ | 385,077 | $ | — | ||||||||
Total liabilities | $ | 385,077 | $ | — | $ | 385,077 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
2018 Senior unsecured notes | $ | 185,816 | $ | — | $ | 185,816 | $ | — | ||||||||
2021 Senior unsecured notes | 258,004 | 258,004 | ||||||||||||||
Total liabilities | $ | 443,820 | $ | — | $ | 443,820 | $ | — | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Effect of derivative instruments on the Consolidated Statement of Operations | For information regarding fair value amounts and gains and losses on interest rate derivative instruments and related hedged items, see “Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items” below. | |||||||||||||||||||||||||||||||||||||||
Tabular Presentation of Gains and Losses on Derivative Instruments and Related Hedged Items | ||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations For the Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion and Amount Excluded from Effectiveness Testing | |||||||||||||||||||||||||||||||||||||||
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income | Location of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 126 | Income from discontinued operations | $ | — | $ | 748 | Income from discontinued operations | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | 126 | $ | — | $ | — | $ | 748 | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ | 6,692 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Commodity contracts | Other income | (818 | ) | — | — | |||||||||||||||||||||||||||||||||||
Commodity contracts | Income from discontinued operations | — | — | 1,623 | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 5,874 | $ | — | $ | 1,623 | ||||||||||||||||||||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
The impact of Related Party Transactions | The impact of related party revenues from sales of products and services is reflected in the Consolidated Statements of Operations as follows: | |||||||||||
Revenues: | 2014 | 2013 | 2012 | |||||||||
Terminalling and storage | $ | 74,467 | $ | 71,517 | $ | 64,669 | ||||||
Marine transportation | 24,389 | 24,654 | 17,494 | |||||||||
Product sales: | ||||||||||||
Natural gas services | 3,064 | 10 | 113 | |||||||||
Sulfur services | 3,921 | 3,890 | 6,022 | |||||||||
Terminalling and storage | 676 | 798 | 1,066 | |||||||||
7,661 | 4,698 | 7,201 | ||||||||||
$ | 106,517 | $ | 100,869 | $ | 89,364 | |||||||
The impact of related party cost of products sold is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Cost of products sold: | ||||||||||||
Natural gas services | $ | 37,703 | $ | 32,639 | $ | 27,512 | ||||||
Sulfur services | 18,390 | 18,161 | 16,968 | |||||||||
Terminalling and storage | 36,341 | 48,868 | 48,375 | |||||||||
$ | 92,434 | $ | 99,668 | $ | 92,855 | |||||||
The impact of related party operating expenses is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Operating expenses: | ||||||||||||
Marine transportation | $ | 37,703 | $ | 38,373 | $ | 28,495 | ||||||
Natural gas services | 4,870 | 1,971 | 1,855 | |||||||||
Sulfur services | 7,479 | 8,223 | 6,646 | |||||||||
Terminalling and storage | 29,525 | 21,766 | 21,838 | |||||||||
$ | 79,577 | $ | 70,333 | $ | 58,834 | |||||||
The impact of related party selling, general and administrative expenses is reflected in the Consolidated Statements of Operations as follows: | ||||||||||||
Selling, general and administrative: | ||||||||||||
Marine transportation | $ | 30 | $ | 50 | $ | 60 | ||||||
Natural gas services | 6,039 | 2,671 | 2,498 | |||||||||
Sulfur services | 3,201 | 3,081 | 2,964 | |||||||||
Terminalling and storage | 1,874 | 1,266 | 563 | |||||||||
Indirect overhead allocation, net of reimbursement | 12,535 | 10,621 | 7,593 | |||||||||
$ | 23,679 | $ | 17,689 | $ | 13,678 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of long-term debt | At December 31, 2014 and 2013, long-term debt consisted of the following: | |||||||
2014 | 2013 | |||||||
$900,0003 Revolving loan facility at variable interest rate (2.92%1 weighted average at December 31, 2014), due March 2018 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries and equity method investees | $ | 500,000 | $ | 235,000 | ||||
$200,0002,4 Senior notes, 8.875% interest, net of unamortized discount of $0 and $1,305, respectively, issued March 2010 and due April 2018, unsecured | — | 173,695 | ||||||
$400,000 Senior notes, 7.250% interest, including unamortized premium of $2,005 and $0, respectively, issued February 2013 and April 2014 and due February 2021, unsecured2,4 | 402,005 | 250,000 | ||||||
Total long-term debt | $ | 902,005 | $ | 658,695 | ||||
1 Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 1.75% to 2.75% and the applicable margin for revolving loans that are base prime rate loans ranges from 0.75% to 1.75%. The applicable margin for LIBOR borrowings at December 31, 2014 is 2.75%. The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists. | ||||||||
2 Pursuant to the indenture under which the senior notes were issued, the Partnership has the option to redeem up to 35% of the aggregate principal amount at a redemption price of 108.875% of the principal amount, plus accrued and unpaid interest with the proceeds of certain equity offerings. On April 1, 2014, the Partnership redeemed the remaining $175,000 of the 8.875% senior unsecured notes due in 2018 from all holders. On April 1, 2014 the Partnership completed a private placement add-on of $150,000 in aggregate principal amount of 7.25% senior unsecured notes due February 2021 to qualified institutional buyers under Rule 144A. The Partnership filed with the SEC a registration statement to exchange these notes for substantially identical notes that are registered under the Securities Act and completed the exchange offer during the second quarter of 2014. In conjunction with the redemption, the Partnership incurred a debt prepayment premium in the amount of $7,767, which is included in the Consolidated Statement of Operations for the year ended December 31, 2014. Also in conjunction with this redemption, the Partnership expensed $2,643 and $1,228 of unamortized debt issuance costs and unamortized discount on notes payable, respectively, which is included in "Interest expense, net" on the Partnership's Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||
3 On June 27, 2014, the Partnership increased the maximum amount of borrowings and letters of credit available under the Credit Facility from $637,500 to $900,000 and amended certain financial covenants governing the credit facility. | ||||||||
4 The 2018 and 2021 indentures restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets. Many of these covenants will terminate if the notes achieve an investment grade rating from each of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no default (as defined in the indentures) has occurred. |
Partners_Capital_Tables
Partners' Capital (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Reconciliation of net income to partners interest in net income | The following is a reconciliation of net income from continuing operations and net income from discontinued operations allocated to the general partner and limited partners for purposes of calculating net income attributable to limited partners per unit: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations: | ||||||||||||
Net income (loss) attributable to Martin Midstream Partners L.P. | $ | (6,367 | ) | $ | (14,562 | ) | $ | 37,122 | ||||
Less pre-acquisition income allocated to Parent | — | — | 4,622 | |||||||||
Less general partner’s interest in net income: | ||||||||||||
Distributions payable on behalf of IDRs | 2,033 | — | 954 | |||||||||
Distributions payable on behalf of general partner interest | 1,181 | 2,021 | 522 | |||||||||
General partner interest in undistributed earnings | (1,308 | ) | (2,312 | ) | 109 | |||||||
Less loss allocable to unvested restricted units | (18 | ) | (44 | ) | — | |||||||
Limited partners’ interest in net income (loss) | $ | (8,255 | ) | $ | (14,227 | ) | $ | 30,915 | ||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discontinued operations: | ||||||||||||
Net income attributable to Martin Midstream Partners L.P. | $ | (5,338 | ) | $ | 1,208 | $ | 64,865 | |||||
Less general partner’s interest in net income: | ||||||||||||
Distributions payable on behalf of IDRs | 1,704 | — | 1,903 | |||||||||
Distributions payable on behalf of general partner interest | 990 | (168 | ) | 1,040 | ||||||||
General partner interest in undistributed earnings | (1,097 | ) | 192 | 220 | ||||||||
Less income (loss) allocable to unvested restricted units | (14 | ) | 4 | — | ||||||||
Limited partners’ interest in net income (loss) | $ | (6,921 | ) | $ | 1,180 | $ | 61,702 | |||||
Unit_Based_Awards_Tables
Unit Based Awards (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of compensation costs related to unit based plan | Amounts recognized in selling, general, and administrative expense in the consolidated financial statements with respect to these plans are as follows: | |||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Employees | $ | 537 | $ | 668 | $ | 178 | ||||||
Non-employee directors | 280 | 243 | 207 | |||||||||
Total unit-based compensation expense | $ | 817 | $ | 911 | $ | 385 | ||||||
Summary of restricted unit activity | A summary of the restricted unit activity for the year ended December 31, 2014 is provided below: | |||||||||||
Number of Units | Weighted Average Grant-Date Fair Value Per Unit | |||||||||||
Non-vested, beginning of period | 72,998 | $ | 31.75 | |||||||||
Granted | 8,900 | $ | 29.47 | |||||||||
Vested | (13,074 | ) | $ | 32.14 | ||||||||
Forfeited | (5,000 | ) | $ | 31.06 | ||||||||
Non-Vested, end of period | 63,824 | $ | 31.4 | |||||||||
Aggregate intrinsic value, end of period | $ | 1,662 | ||||||||||
Summary of aggregate intrinsic value and fair value of units vested | A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2014, 2013 and 2012 is provided below: | |||||||||||
For the Year Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Aggregate intrinsic value of units vested | $ | 514 | $ | 153 | $ | 465 | ||||||
Fair value of units vested | $ | 450 | $ | 157 | $ | 495 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of income tax expense (benefit) from operations | The components of income tax expense from operations recorded for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 10,516 | ||||||
State | 1,137 | 753 | 1,894 | |||||||||
1,137 | 753 | 12,410 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | (7,255 | ) | ||||||||
Total income tax expense | $ | 1,137 | $ | 753 | $ | 5,155 | ||||||
Total income tax expense was allocated to continuing and discontinued operations as follows: | ||||||||||||
Income tax expense from continuing operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 1,835 | ||||||
State | 1,137 | 753 | 1,320 | |||||||||
1,137 | 753 | 3,155 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | 402 | |||||||||
Total income tax expense from continuing operations | $ | 1,137 | $ | 753 | $ | 3,557 | ||||||
Income tax expense (benefit) from discontinued operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | 8,681 | ||||||
State | — | — | 574 | |||||||||
— | — | 9,255 | ||||||||||
Deferred: | ||||||||||||
Federal | — | — | (7,657 | ) | ||||||||
Total income tax expense from discontinued operations | $ | — | $ | — | $ | 1,598 | ||||||
Cash paid for income taxes was $1,167, $9,789, and $1,007 for the years ended December 31, 2014, 2013, and 2012, respectively. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of segment reporting information, by segment | The Natural Gas Services segment information below excludes the discontinued operations of the Floating Storage Assets for 2014 and 2013 and the Prism Assets for 2012. See Note 5. | |||||||||||||||||||||||
Operating Revenues | Intersegment Eliminations | Operating Revenues After Eliminations | Depreciation and Amortization | Operating Income (Loss) after Eliminations | Capital Expenditures | |||||||||||||||||||
Year Ended December 31, 2014: | ||||||||||||||||||||||||
Terminalling and storage | $ | 326,654 | $ | (5,191 | ) | $ | 321,463 | $ | 37,622 | $ | 24,993 | $ | 49,476 | |||||||||||
Natural gas services | 1,013,835 | — | 1,013,835 | 13,090 | 34,574 | 24,194 | ||||||||||||||||||
Sulfur services | 215,471 | — | 215,471 | 8,176 | 19,465 | 4,115 | ||||||||||||||||||
Marine transportation | 97,049 | (5,677 | ) | 91,372 | 9,942 | 7,551 | 11,498 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (18,712 | ) | — | |||||||||||||||||
Total | $ | 1,653,009 | $ | (10,868 | ) | $ | 1,642,141 | $ | 68,830 | $ | 67,871 | $ | 89,283 | |||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||||||
Terminalling and storage | $ | 341,966 | $ | (4,756 | ) | $ | 337,210 | $ | 31,823 | $ | 32,855 | $ | 84,582 | |||||||||||
Natural gas services | 966,909 | — | 966,909 | 962 | 30,524 | 4,080 | ||||||||||||||||||
Sulfur services | 213,124 | — | 213,124 | 7,979 | 21,511 | 3,867 | ||||||||||||||||||
Marine transportation | 99,511 | (4,015 | ) | 95,496 | 10,198 | 13,411 | 6,517 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (16,837 | ) | — | |||||||||||||||||
Total | $ | 1,621,510 | $ | (8,771 | ) | $ | 1,612,739 | $ | 50,962 | $ | 81,464 | $ | 99,046 | |||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||||||
Terminalling and storage | $ | 322,175 | $ | (4,652 | ) | $ | 317,523 | $ | 22,976 | $ | 25,403 | $ | 72,877 | |||||||||||
Natural gas services | 825,506 | — | 825,506 | 601 | 15,395 | 434 | ||||||||||||||||||
Sulfur services | 261,584 | — | 261,584 | 7,371 | 41,909 | 11,477 | ||||||||||||||||||
Marine transportation | 88,815 | (3,067 | ) | 85,748 | 11,115 | 3,174 | 8,852 | |||||||||||||||||
Indirect selling, general, and administrative | — | — | — | — | (12,046 | ) | — | |||||||||||||||||
Total | $ | 1,498,080 | $ | (7,719 | ) | $ | 1,490,361 | $ | 42,063 | $ | 73,835 | $ | 93,640 | |||||||||||
Assets by segment | The Partnership's assets by reportable segment as of December 31, 2014 and 2013, are as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total assets: | ||||||||||||||||||||||||
Terminalling and storage | $ | 450,112 | $ | 461,160 | ||||||||||||||||||||
Natural gas services | 802,234 | 320,631 | ||||||||||||||||||||||
Sulfur services | 147,094 | 151,982 | ||||||||||||||||||||||
Marine transportation | 154,479 | 164,146 | ||||||||||||||||||||||
Total assets | $ | 1,553,919 | $ | 1,097,919 | ||||||||||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Schedule of Quarterly Financial Information | Consolidated Quarterly Income Statement Information | |||||||||||||||||
(Unaudited) | ||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth | |||||||||||||||
Quarter | ||||||||||||||||||
(Dollar in thousands, except per unit amounts) | ||||||||||||||||||
2014 | ||||||||||||||||||
Revenues | $ | 484,809 | $ | 403,261 | $ | 377,088 | $ | 376,983 | ||||||||||
Operating income | 24,499 | 17,997 | 13,181 | 12,194 | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (297 | ) | 1,939 | 2,655 | 1,169 | |||||||||||||
Income (loss) from continuing operations | 12,384 | 324 | (25,739 | ) | (A) | 6,664 | ||||||||||||
Loss from discontinued operations | (589 | ) | (1,292 | ) | (1,167 | ) | (2,290 | ) | ||||||||||
Net income (loss) | $ | 11,795 | $ | (968 | ) | $ | (26,906 | ) | $ | 4,374 | ||||||||
Limited partners' interest in net income (loss) per limited partner unit | $ | 0.43 | $ | (0.03 | ) | $ | (0.82 | ) | $ | (0.07 | ) | |||||||
First Quarter | Second Quarter | Third Quarter | Fourth | |||||||||||||||
Quarter | ||||||||||||||||||
(Dollar in thousands, except per unit amounts) | ||||||||||||||||||
2013 | ||||||||||||||||||
Revenues | $ | 433,356 | $ | 356,673 | $ | 355,578 | $ | 467,132 | ||||||||||
Operating income | 26,189 | 19,166 | 12,680 | 23,429 | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (374 | ) | 72 | (577 | ) | (52,169 | ) | (B) | ||||||||||
Income (loss) from continuing operations | 16,440 | 7,985 | 628 | (39,615 | ) | |||||||||||||
Income (loss) from discontinued operations | 196 | 1,093 | (437 | ) | 356 | |||||||||||||
Net income (loss) | $ | 16,636 | $ | 9,078 | $ | 191 | $ | (39,259 | ) | |||||||||
Limited partners' interest in net income (loss) per limited partner unit | $ | 0.61 | $ | 0.33 | $ | 0.01 | $ | (1.44 | ) | |||||||||
Organization_and_Description_o1
Organization and Description of Business (Details) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Aug. 30, 2013 | |
segment | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Reportable Segments | 4 | |
Ownership percentage | 98.00% | |
Subsidiaries [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 49.00% | |
Economic ownership percentage by parent | 50.00% | |
Number of Directors Appointed | 2 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2014 | Sep. 30, 2014 | Oct. 02, 2012 | Feb. 12, 2015 |
segment | barge | ||||||
valuation_technique | bbl | ||||||
Equity Method Investments | |||||||
Impairment of long lived assets | $3,445 | $0 | $0 | ||||
Goodwill and Other Intangibles | |||||||
Number of Reportable Segments | 4 | ||||||
Number of Valuation Techniques | 2 | ||||||
Debt Issuance Costs | |||||||
Debt issuance cost | 3,722 | 9,114 | 204 | ||||
Debt issuance costs expensed | 3,078 | 502 | 0 | ||||
Amortization of debt issuance costs | 6,263 | 3,700 | 3,290 | ||||
Accumulated amortization of debt issuance costs | 5,488 | 5,270 | |||||
Indirect Selling, General and Administrative Expenses | |||||||
Indirect selling, general and administrative expenses | 12,535 | 10,621 | 7,593 | ||||
Minimum [Member] | |||||||
Deferred Catalyst Costs | |||||||
Catalyst, Useful Life | 12 months | ||||||
Deferred Turnaround Costs | |||||||
Turnarounds, Useful Life | 12 months | ||||||
Maximum [Member] | |||||||
Deferred Catalyst Costs | |||||||
Catalyst, Useful Life | 36 months | ||||||
Deferred Turnaround Costs | |||||||
Turnarounds, Useful Life | 36 months | ||||||
Common Class A [Member] | Redbird Gas Storage [Member] | |||||||
Equity Method Investments | |||||||
Ownership percentage | 10.74% | ||||||
Common Class B [Member] | Redbird Gas Storage [Member] | |||||||
Equity Method Investments | |||||||
Ownership percentage | 100.00% | ||||||
Senior Notes 8.875% [Member] | Senior Notes [Member] | |||||||
Debt Issuance Costs | |||||||
Aggregate redemption value | 175,000 | 175,000 | |||||
Fixed rate cost | 8.88% | 8.88% | |||||
Marine transportation [Member] | |||||||
Equity Method Investments | |||||||
Impairment of long lived assets | $3,445 | ||||||
Subsequent Event [Member] | |||||||
Equity Method Investments | |||||||
Number of pressure barges disposed of | 6 | ||||||
Volume of pressure barges disposed of | 16,101 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 29, 2014 | 31-May-14 | Sep. 30, 2013 | Jun. 13, 2013 | Aug. 05, 2013 | Dec. 31, 2012 | Oct. 02, 2012 |
In Thousands, unless otherwise specified | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $23,802 | $23,802 | |||||||
Cardinal Gas Storage Partners LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Restricted cash | 17,566 | ||||||||
Other current assets | 9,385 | ||||||||
Property, plant and equipment | 390,895 | ||||||||
Intangible and other assets | 80,135 | ||||||||
Project level finance debt | -282,087 | ||||||||
Other current liabilities | -6,713 | ||||||||
Other non-current liabilities | -595 | ||||||||
Total | 208,586 | ||||||||
Martin Resource Management [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment | 2,453 | ||||||||
Current liabilities | -13 | ||||||||
Total | 2,440 | 7,100 | |||||||
NL Grease, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory | 1,513 | ||||||||
Other accrued liabilities | -168 | ||||||||
Property, plant and equipment | 6,136 | ||||||||
Intangible and other assets | 5,113 | ||||||||
Other non-current liabilities | -446 | ||||||||
Total | 12,148 | ||||||||
Sulfur Production Facility [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory | 162 | ||||||||
Property, plant and equipment | 4,000 | ||||||||
Current liabilities | -44 | ||||||||
Total | 4,118 | ||||||||
Talen's Marine and Fuel, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 5,096 | ||||||||
Accounts and other receivables, net | 1,932 | ||||||||
Other current assets | 685 | ||||||||
Assets held for sale | 3,578 | ||||||||
Property, plant and equipment | 23,656 | ||||||||
Goodwill | 15,465 | ||||||||
Notes payable | -2,971 | ||||||||
Current liabilities | -3,872 | ||||||||
Other non-current liabilities | -469 | ||||||||
Total | 43,100 | 43,100 | |||||||
Lubricant Packaging Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts and other receivables, net | 20,599 | ||||||||
Inventory | 18,730 | ||||||||
Other current assets | 769 | ||||||||
Property, plant and equipment | 24,692 | ||||||||
Current liabilities | -2,424 | ||||||||
Total | $62,366 |
Acquisitions_Cardinal_Gas_Stor
Acquisitions - Cardinal Gas Storage Partners LLC (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 29, 2014 | Dec. 31, 2014 | Aug. 28, 2014 |
Business Acquisition [Line Items] | ||||||||||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | $30,102 | $0 | $0 | |||||||||||
Revenues | 376,983 | 377,088 | 403,261 | 484,809 | 467,132 | 355,578 | 356,673 | 433,356 | 1,642,141 | 1,612,739 | 1,490,361 | |||
Net income (loss) | 4,374 | -26,906 | -968 | 11,795 | -39,259 | 191 | 9,078 | 16,636 | -11,705 | -13,354 | 101,987 | |||
Cardinal Gas Storage Partners LLC [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Additional voting interests acquired in acquisition | 57.80% | |||||||||||||
Cash consideration of acquisition | 120,973 | |||||||||||||
Ownership prior to acquisition | 42.20% | |||||||||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 30,102 | |||||||||||||
Weighted average useful life | 5 years 1 month 12 days | |||||||||||||
Revenues | 22,991 | |||||||||||||
Net income (loss) | 1,916 | |||||||||||||
Fair value of the Partnership's previously owned 42.2% interest in Cardinal | 87,613 | |||||||||||||
Total | $208,586 |
Acquisitions_Natural_Gas_Liqui
Acquisitions - Natural Gas Liquids Storage Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 |
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value | ($4,948) | ($301) | ($142,075) | |
Martin Resource Management [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price of acquisition | 7,388 | |||
Partners' Capital [Member] | Martin Resource Management [Member] | ||||
Business Acquisition [Line Items] | ||||
Excess purchase price over carrying value | $4,948 | |||
Excess of the purchase price over the carrying value, percentage | 3.00% |
Acquisitions_West_Texas_LPG_Pi
Acquisitions - West Texas LPG Pipeline Limited Partnership (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-14 |
Business Acquisition [Line Items] | ||||
Payment to acquire unconsolidated entities | $134,030 | $0 | $775 | |
Atlas Pipeline NGL Holdings, LLC and Atlas Pipeline NGL Holdings II, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payment to acquire unconsolidated entities | 134,400 | |||
Post closing working capital adjustment | $501 | |||
West Texas LPG Pipeline L.P. [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 20.00% | |||
Length common carrier pipeline, in miles | 2,300 | |||
Limited Partner [Member] | West Texas LPG Pipeline L.P. [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 19.80% | |||
General Partner [Member] | West Texas LPG Pipeline L.P. [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 0.20% | |||
Chevron Pipe Line Company [Member] | West Texas LPG Pipeline L.P. [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership sold | 80.00% |
Acquisitions_Pro_Forma_Financi
Acquisitions - Pro Forma Financial Information for Cardinal and WTLPG (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
As reported | $376,983 | $377,088 | $403,261 | $484,809 | $467,132 | $355,578 | $356,673 | $433,356 | $1,642,141 | $1,612,739 | $1,490,361 |
Net income (loss) from continuing operations attributable to limited partners: | |||||||||||
As reported | -8,255 | -14,227 | 30,915 | ||||||||
Net income (loss) from discontinued operations attributable to limited partners: | |||||||||||
As reported | -6,921 | 1,180 | 61,702 | ||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | ($0.27) | ($0.54) | $1.32 | ||||||||
Net income (loss) from discontinued operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | ($0.22) | $0.04 | $2.64 | ||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | ($0.27) | ($0.54) | $1.32 | ||||||||
Net income (loss) from discontinued operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | ($0.22) | $0.04 | $2.64 | ||||||||
Limited Partner [Member] | Cardinal and West Texas Pipeline Limited Partnership [Member] | |||||||||||
Revenues: | |||||||||||
As reported | 1,642,141 | 1,612,739 | |||||||||
Pro forma | 1,688,629 | 1,665,501 | |||||||||
Net income (loss) from continuing operations attributable to limited partners: | |||||||||||
As reported | -8,255 | -14,227 | |||||||||
Pro forma | 1,676 | -120,785 | |||||||||
Net income (loss) from discontinued operations attributable to limited partners: | |||||||||||
As reported | -6,921 | 1,180 | |||||||||
Pro forma | ($6,921) | $1,180 | |||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | ($0.27) | ($0.54) | |||||||||
Pro forma (in dollars per unit) | $0.05 | ($4.55) | |||||||||
Net income (loss) from discontinued operations per unit attributable to limited partners - basic | |||||||||||
As reported (in dollars per unit) | ($0.22) | $0.04 | |||||||||
Pro forma (in dollars per unit) | ($0.22) | $0.04 | |||||||||
Net income (loss) from continuing operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | ($0.27) | ($0.54) | |||||||||
Pro forma (in dollars per unit) | $0.05 | ($4.55) | |||||||||
Net income (loss) from discontinued operations per unit attributable to limited partners - diluted | |||||||||||
As reported (in dollars per unit) | ($0.22) | $0.04 | |||||||||
Pro forma (in dollars per unit) | ($0.22) | $0.04 |
Acquisitions_Marine_Transporta
Acquisitions - Marine Transportation Equipment Purchase (Details) (Martin Resource Management [Member], USD $) | 31-May-14 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | barge | |
Business Acquisition [Line Items] | ||
Number of Inland Tank Barges | 2 | |
Excess carrying value of assets over the purchase price | $2,440 | $7,100 |
Partners' Capital [Member] | ||
Business Acquisition [Line Items] | ||
Excess carrying value of assets over the purchase price | 301 | |
Property, plant and equipment [Member] | Marine transportation [Member] | ||
Business Acquisition [Line Items] | ||
Excess carrying value of assets over the purchase price | $6,799 |
Acquisitions_Sulfur_Production
Acquisitions - Sulfur Production Facility (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||
Revenues | $376,983 | $377,088 | $403,261 | $484,809 | $467,132 | $355,578 | $356,673 | $433,356 | $1,642,141 | $1,612,739 | $1,490,361 |
Net income (loss) | 4,374 | -26,906 | -968 | 11,795 | -39,259 | 191 | 9,078 | 16,636 | -11,705 | -13,354 | 101,987 |
Sulfur Production Facility [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 2,792 | 267 | |||||||||
Net income (loss) | $608 | ($284) |
Acquisitions_NL_Grease_LLC_Det
Acquisitions - NL Grease, LLC (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 13, 2013 |
Business Acquisition [Line Items] | ||||||||||||
Revenues | $376,983 | $377,088 | $403,261 | $484,809 | $467,132 | $355,578 | $356,673 | $433,356 | $1,642,141 | $1,612,739 | $1,490,361 | |
Net income (loss) | 4,374 | -26,906 | -968 | 11,795 | -39,259 | 191 | 9,078 | 16,636 | -11,705 | -13,354 | 101,987 | |
NL Grease, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible and other assets | 5,113 | |||||||||||
Weighted average useful life | 6 years | |||||||||||
Revenues | 14,054 | 7,875 | ||||||||||
Net income (loss) | 517 | -22 | ||||||||||
NL Grease, LLC [Member] | Technology-Based Intangible Assets [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible and other assets | 2,418 | |||||||||||
Finite-lived intangible asset useful life | 10 years | |||||||||||
NL Grease, LLC [Member] | Customer Lists [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible and other assets | 2,218 | |||||||||||
Finite-lived intangible asset useful life | 3 years | |||||||||||
NL Grease, LLC [Member] | Noncompete Agreements [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible and other assets | 477 | |||||||||||
Finite-lived intangible asset useful life | 5 years | |||||||||||
NL Grease, LLC [Member] | Partners' Capital [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible and other assets | $55 |
Acquisitions_NGL_Marine_Equipm
Acquisitions - NGL Marine Equipment Purchase (Details) (USD $) | Feb. 28, 2013 | Feb. 12, 2015 |
In Thousands, unless otherwise specified | push_boat | barge |
barge | ||
Florida Marine Transporters, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Number of liquefied petroleum gas pressure barges | 6 | |
Number of commercial push boats | 2 | |
Number of pressure barges | 6 | |
Transaction costs | $50,801 | |
Marine transportation [Member] | Florida Marine Transporters, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Transaction costs | 8,201 | |
Natural gas services [Member] | Florida Marine Transporters, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Transaction costs | 42,600 | |
Subsequent Event [Member] | ||
Business Acquisition [Line Items] | ||
Number of pressure barges disposed of | 6 | |
Subsequent Event [Member] | Florida Marine Transporters, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Transaction costs | 41,250 | |
Number of pressure barges disposed of | 6 |
Acquisitions_Talens_Marine_Fue
Acquisitions - Talen's Marine & Fuel, LLC (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||||||||||
Revenues | $376,983 | $377,088 | $403,261 | $484,809 | $467,132 | $355,578 | $356,673 | $433,356 | $1,642,141 | $1,612,739 | $1,490,361 | |
Net income (loss) | 4,374 | -26,906 | -968 | 11,795 | -39,259 | 191 | 9,078 | 16,636 | -11,705 | -13,354 | 101,987 | |
Talen's Marine and Fuel, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price of acquisition | 103,368 | |||||||||||
Liabilities assumed | 2,971 | |||||||||||
Proceeds from assets sold | 56,000 | 56,000 | 56,000 | 56,000 | ||||||||
Excess of carrying value of assets sold | 4,268 | 4,268 | 4,268 | 4,268 | ||||||||
Excess carrying value of assets over the purchase price | 43,100 | 43,100 | 43,100 | 43,100 | ||||||||
Revenues | 5,227 | 5,226 | ||||||||||
Net income (loss) | 2,452 | 2,432 | ||||||||||
Selling, General and Administrative Expenses [Member] | Talen's Marine and Fuel, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | $58 |
Acquisitions_Schedule_of_Purch
Acquisitions - Schedule of Purchase Price Allocation - Talon's Marine & Fuel, LLC (Details) (Talen's Marine and Fuel, LLC [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Talen's Marine and Fuel, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Purchase price paid to acquire Talen's | $103,368 | |
Less proceeds received from Martin Resource Management for assets sold (described above) | -56,000 | -56,000 |
Less excess of carrying value of assets sold to Martin Resource Management over the purchase price paid by Martin Resource Management | -4,268 | -4,268 |
Total | $43,100 | $43,100 |
Acquisitions_Lubricant_Blendin
Acquisitions - Lubricant Blending an Packing Assets (Details) (Lubricant Packaging Assets [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Oct. 02, 2012 |
Lubricant Packaging Assets [Member] | |
Business Acquisition [Line Items] | |
Cash consideration of acquisition | $121,767 |
Working capital adjustment | 907 |
Assets fair value adjustment | $60,308 |
Acquisitions_Redbird_Class_A_I
Acquisitions - Redbird Class A Interests (Details) (Redbird Gas Storage [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Oct. 02, 2012 | Oct. 01, 2012 |
Business Acquisition [Line Items] | ||
Value of assets recorded | $68,233 | |
Common Class A [Member] | ||
Business Acquisition [Line Items] | ||
Cash consideration of acquisition | 150,000 | |
Ownership percentage | 10.74% | |
Assets fair value adjustment | $81,767 | |
Common Class B [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 100.00% |
Discontinued_Operations_and_Di2
Discontinued Operations and Divestitures (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 18, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $1,530 | $273,269 | |||||||||||
Operations | |||||||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | -1,573,256 | -1,532,441 | -1,416,108 | ||||||||||
Depreciation and amortization | -68,830 | -50,962 | -42,063 | ||||||||||
Equity in earnings of unconsolidated entities | 0 | 0 | 4,611 | ||||||||||
Income from discontinued operations, net of income taxes | -2,290 | -1,167 | -1,292 | -589 | 356 | -437 | 1,093 | 196 | -5,338 | 1,208 | 64,865 | ||
Floating Storage Assets [Member] | |||||||||||||
Operations | |||||||||||||
Total revenues from third parties | 51,264 | 20,771 | |||||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | -55,068 | -18,285 | |||||||||||
Depreciation and amortization | -1,534 | -1,278 | |||||||||||
Income from discontinued operations before income taxes | -5,338 | 1,208 | |||||||||||
Income tax expense | 0 | 0 | |||||||||||
Income from discontinued operations, net of income taxes | -5,338 | 1,208 | |||||||||||
Intercompany revenue from third parties excluded from total revenue | 5,241 | 945 | |||||||||||
Waskom [Member] | |||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||
Unconsolidated interest ownership | 50.00% | ||||||||||||
CenterPoint [Member] | |||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||
Unconsolidated interest ownership | 50.00% | ||||||||||||
Prism Gas [Member] | |||||||||||||
Operations | |||||||||||||
Total revenues from third parties | 66,876 | ||||||||||||
Total costs and expenses and other, net, excluding depreciation and amortization | -64,562 | ||||||||||||
Depreciation and amortization | -2,320 | ||||||||||||
Other operating income (loss) | 61,858 | ||||||||||||
Equity in earnings of unconsolidated entities | 4,611 | ||||||||||||
Income from discontinued operations before income taxes | 66,463 | ||||||||||||
Income tax expense | -1,598 | ||||||||||||
Income from discontinued operations, net of income taxes | 64,865 | ||||||||||||
Intercompany revenue from third parties excluded from total revenue | 26,431 | ||||||||||||
Gain on disposition of assets | $61,848 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Natural gas liquids | $27,820 | $31,859 |
Sulfur | 12,231 | 8,912 |
Sulfur based products | 16,280 | 17,584 |
Lubricants | 29,096 | 33,847 |
Other | 3,291 | 2,700 |
Inventories | $88,718 | $94,902 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $1,343,674 | $929,183 | |
Depreciation | 56,309 | 48,596 | 40,724 |
Additions to property, plant and equipment included in accounts payable | 4,976 | 6,803 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 23,595 | 21,971 | |
Improvements to land and buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 149,112 | 131,941 | |
Improvements to land and buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 10 years | 10 years | |
Improvements to land and buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 25 years | 25 years | |
Storage equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 171,373 | 104,949 | |
Storage equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 5 years | 5 years | |
Storage equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 50 years | 50 years | |
Marine vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 260,588 | 309,147 | |
Marine vessels [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 4 years | 4 years | |
Marine vessels [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 25 years | 25 years | |
Operating equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 598,314 | 287,268 | |
Operating equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 3 years | 3 years | |
Operating equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 50 years | 50 years | |
Base Gas [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 43,799 | 0 | |
Furniture, fixtures and other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 4,224 | 3,742 | |
Furniture, fixtures and other equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 3 years | 3 years | |
Furniture, fixtures and other equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 20 years | 20 years | |
Transportation equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 2,273 | 1,802 | |
Transportation equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 3 years | 3 years | |
Transportation equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 7 years | 7 years | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 90,396 | 68,363 | |
Capital Lease Obligations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amortization | $0 | $233 | $280 |
Goodwill_Details
Goodwill (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $23,802 | $23,802 |
Terminalling and storage [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 14,229 | 14,229 |
Natural gas services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 79 | 79 |
Sulfur services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,349 | 5,349 |
Marine transportation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $4,145 | $4,145 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Other Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Customer contracts | $72,171 | $0 |
Other intangible assets | 2,215 | 2,696 |
Other | 7,079 | 5,247 |
Other assets, net | $81,465 | $7,943 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information - Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Balance Sheet Related Disclosures [Abstract] | |||
Amortization of Intangible Assets | $9,772 | $1,153 | $140 |
Accumulated amortization | 12,125 | 2,353 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 22,115 | ||
2016 | 14,961 | ||
2017 | 11,122 | ||
2018 | 7,148 | ||
2019 | 4,305 | ||
Subsequent years | $14,735 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information - Other Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Accrued interest | $10,996 | $11,038 |
Property and other taxes payable | 7,524 | 6,785 |
Accrued payroll | 3,125 | 2,186 |
Other | 156 | 233 |
Total other accrued liabilities | $21,801 | $20,242 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases | |||
2015 | $11,421 | ||
2016 | 10,194 | ||
2017 | 5,982 | ||
2018 | 3,331 | ||
2019 | 1,751 | ||
Thereafter | 5,622 | ||
Total | 38,301 | ||
Rent expense for operating leases | 18,724 | 15,629 | 15,801 |
Interest expense for capital leases | $0 | $796 | $945 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities and Joint Ventures (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Aug. 31, 2014 | Mar. 31, 2013 | Aug. 29, 2014 | 14-May-14 | Jun. 30, 2012 | Aug. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Payment to acquire unconsolidated entities | $134,030,000 | $0 | $775,000 | ||||||||||
Amortization of Intangible Assets | 9,772 | 1,153 | 140 | ||||||||||
Proceeds from sale of equity method investment | 0 | 750,000 | 531,000 | ||||||||||
Notes receivable - Martin Energy Trading LLC | 15,000,000 | 0 | 0 | 0 | |||||||||
Impairment of long lived assets | 3,445,000 | 0 | 0 | ||||||||||
Gain on sale of equity method investment | 0 | 750,000 | 486,000 | ||||||||||
Interest in cash of the unconsolidated equity method investees | 10,000 | 3,703,000 | 3,703,000 | 3,703,000 | |||||||||
Pecos Valley Producer Services LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Proceeds from sale of equity method investment | 531,000 | ||||||||||||
Gain on sale of equity method investment | 486,000 | ||||||||||||
Cardinal Gas Storage Partners LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Impairment of long lived assets | 129,384,000 | ||||||||||||
Caliber Gathering System LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage | 50.00% | ||||||||||||
Proceeds from sale of equity method investment | 750,000 | ||||||||||||
Ownership percentage sold | 50.00% | ||||||||||||
Gain on sale of equity method investment | 750,000 | ||||||||||||
Cardinal Gas Storage Partners LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Impairment of long lived assets | 54,053,000 | ||||||||||||
West Texas LPG Pipeline L.P. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Length common carrier pipeline, in miles | 2,300 | ||||||||||||
Ownership percentage | 20.00% | ||||||||||||
Difference between carrying amount and underlying equity | 96,000,000 | ||||||||||||
Difference between carrying amount and underlying equity, percentage | 96,000,000 | ||||||||||||
Amortization of Intangible Assets | 1,484,000 | ||||||||||||
West Texas LPG Pipeline L.P. [Member] | Chevron Pipe Line Company [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership prior to acquisition | 80.00% | ||||||||||||
Martin Energy Trading LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage | 100.00% | ||||||||||||
Proceeds from sale of equity method investment | 15,000,000 | ||||||||||||
Interest rate, note receivable due from related party | 15.00% | ||||||||||||
Waskom, Pipe, Matagorda, and Pecos Valley [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage sold | 50.00% | ||||||||||||
Cardinal Gas Storage Partners LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional voting interests acquired in acquisition | 57.80% | ||||||||||||
Ownership prior to acquisition | 42.20% | ||||||||||||
Atlas Pipeline NGL Holdings, LLC and Atlas Pipeline NGL Holdings II, LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Payment to acquire unconsolidated entities | 134,400,000 | ||||||||||||
Post closing working capital adjustment | 501,000 | ||||||||||||
Limited Partner [Member] | West Texas LPG Pipeline L.P. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage | 19.80% | ||||||||||||
General Partner [Member] | West Texas LPG Pipeline L.P. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage | 0.20% | ||||||||||||
Equity Method Investment Fair Value In Excess Of Book Value [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Finite-lived intangible asset useful life | 35 years | ||||||||||||
Notes Receivable [Member] | Martin Energy Trading LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Notes receivable - Martin Energy Trading LLC | 15,000,000 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Entities and Joint Ventures - Components of Investment in Unconsolidated Entities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | $134,506 | $128,662 | $134,506 | $128,662 | |||||||
Equity in earnings of discontinued operations | 0 | 0 | 4,611 | ||||||||
Equity in earnings (loss) of unconsolidated entities | 1,169 | 2,655 | 1,939 | -297 | -52,169 | -577 | 72 | -374 | 5,466 | -53,048 | -1,113 |
Total equity in earnings (loss) of unconsolidated entities | 5,466 | -53,048 | 3,498 | ||||||||
West Texas LPG Pipeline L.P. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | 134,506 | 0 | 134,506 | 0 | |||||||
Equity in earnings (loss) of unconsolidated entities | 3,076 | 0 | 0 | ||||||||
Waskom [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings of discontinued operations | 0 | 0 | 4,172 | ||||||||
Panther Interstate Pipeline Energy LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings of discontinued operations | 0 | 0 | -60 | ||||||||
Matagorda Offshore Gathering System [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings of discontinued operations | 0 | 0 | 499 | ||||||||
Cardinal Gas Storage Partners LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | 0 | 113,662 | 0 | 113,662 | |||||||
Equity in earnings (loss) of unconsolidated entities | 892 | -54,226 | -943 | ||||||||
Martin Energy Trading LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated entities | 0 | 15,000 | 0 | 15,000 | |||||||
Equity in earnings (loss) of unconsolidated entities | 1,498 | 1,738 | 0 | ||||||||
Caliber Gathering System LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (loss) of unconsolidated entities | 0 | -560 | -190 | ||||||||
Pecos Valley Producer Services LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (loss) of unconsolidated entities | $0 | $0 | $20 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Entities and Joint Ventures - Information for Significant Unconsolidated Equity Method Investees (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
West Texas LPG Pipeline L.P. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | $827,697 | ||
Long-Term Debt | 0 | ||
Partners’ Capital/Members' Equity | 818,546 | ||
Revenues | 95,315 | ||
Net Income (Loss) | 38,698 | ||
Waskom [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 0 | ||
Long-Term Debt | 0 | ||
Partners’ Capital/Members' Equity | 0 | ||
Revenues | 66,662 | ||
Net Income (Loss) | 8,986 | ||
Cardinal Gas Storage Partners LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 0 | 661,816 | 694,767 |
Long-Term Debt | 0 | 295,261 | 210,079 |
Partners’ Capital/Members' Equity | 0 | 346,584 | 457,297 |
Revenues | 46,488 | 52,762 | 31,999 |
Net Income (Loss) | $1,911 | ($128,283) | ($5,951) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | $15,852 | |
Total assets | 15,852 | |
Total liabilities | 385,077 | 443,820 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 0 | |
Total assets | 0 | |
Total liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 0 | |
Total assets | 0 | |
Total liabilities | 385,077 | 443,820 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note receivable - MET | 15,852 | |
Total assets | 15,852 | |
Total liabilities | 0 | 0 |
Senior Notes 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 385,077 | 258,004 |
Senior Notes 2021 [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 0 | |
Senior Notes 2021 [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 385,077 | 258,004 |
Senior Notes 2021 [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 0 | |
Senior Notes 2018 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 185,816 | |
Senior Notes 2018 [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 0 | |
Senior Notes 2018 [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 185,816 | |
Senior Notes 2018 [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | $0 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Oct. 14, 2014 | Oct. 09, 2014 | 14-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 18, 2014 | Apr. 01, 2014 | |
derivative | ||||||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of agreements | 2 | 2 | ||||||
Derivative amount | $50,000,000 | $100,000,000 | $50,000,000 | $100,000,000 | ||||
Early extinguishment termination fees received | 711,000 | 2,125,000 | 2,380,000 | |||||
Number of agreements terminated | 2 | 3 | ||||||
Designated as Hedging Instrument [Member] | ||||||||
Derivative [Line Items] | ||||||||
Amount of gain(loss) on derivatives | 0 | 0 | 126,000 | |||||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Amount of gain(loss) on derivatives | 0 | 0 | 126,000 | |||||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | Crude Oil Swaps [Member] | ||||||||
Derivative [Line Items] | ||||||||
Effect of derivative instrument on revenue increase (decrease) | 496,000 | |||||||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | Natural Gas Swaps [Member] | ||||||||
Derivative [Line Items] | ||||||||
Effect of derivative instrument on revenue increase (decrease) | 813,000 | |||||||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | Natural Gas Liquids [Member] | ||||||||
Derivative [Line Items] | ||||||||
Effect of derivative instrument on revenue increase (decrease) | 1,066,000 | |||||||
Call Option [Member] | Commodity Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Strike price of natural gas | 4.5 | |||||||
Notional quantity of natural gas | 3,631,740 | |||||||
January 31, 2015 [Member] | Call Option [Member] | Commodity Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional quantity of natural gas | 2,345,498 | |||||||
February 28, 2015 [Member] | Call Option [Member] | Commodity Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional quantity of natural gas | 1,286,242 | |||||||
Early extinguishment termination fees received | 3,000 | |||||||
October 9, 2014 [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of agreements | 2 | |||||||
Derivative amount | 50,000,000 | |||||||
Early extinguishment termination fees received | 500,000 | |||||||
Number of agreements terminated | 2 | |||||||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Amount of gain(loss) on derivatives | $976,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Effect of derivative instruments on the Consolidated Statement of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | $0 | $0 | $126 |
Amount of gain(loss) reclassified from accumulated OCI into income, effective portion | 0 | 0 | 748 |
Amount of gain (loss) recognized in income on derivatives, ineffective portion | 0 | 0 | 4 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | 0 | 0 | 126 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Discontinued operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) reclassified from accumulated OCI into income, effective portion | 0 | 748 | |
Amount of gain (loss) recognized in income on derivatives, ineffective portion | 0 | 0 | 4 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | 5,874 | 0 | 1,623 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | 6,692 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | -818 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Discontinued operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain(loss) on derivatives | $0 | $0 | $1,623 |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Aug. 29, 2014 | Nov. 26, 2012 | Jan. 25, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
General partner interest percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Martin Resource Management [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares owned (in units) | 6,264,532 | ||||
Ownership percentage | 17.70% | ||||
General partner interest percentage | 2.00% | ||||
Martin Resource Management [Member] | MMGP Holdings, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
General partner interest percentage | 51.00% |
Related_Party_Transactions_Omn
Related Party Transactions - Omnibus Agreement Narrative (Details) (Omnibus Agreement [Member], Martin Resource Management [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Agreement [Member] | Martin Resource Management [Member] | |||
Related Party Transaction [Line Items] | |||
Noncompete restriction threshold | $5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum | 5,000,000 | ||
Noncompete restriction ownership option opportunity threshold minimum with equity limitation | 5,000,000 | ||
Equity limitation on ownership restriction percentage | 20.00% | ||
Approved annual reimbursements for indirect expenses | 13,679,000 | ||
Indirect expenses reimbursed | $12,535,000 | $10,621,000 | $7,593,000 |
Related_Party_Transactions_Mot
Related Party Transactions - Motor Carrier Agreement (Details) (Motor Carrier Agreement [Member], Martin Resource Management [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Motor Carrier Agreement [Member] | Martin Resource Management [Member] | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal | 1 year |
Termination written notice, minimum | 30 days |
Partnership notice period to terminate agreement | 90 days |
Related_Party_Transactions_Mar
Related Party Transactions - Marine Agreements (Details) (Marine Transportation Agreement [Member], Martin Resource Management [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Marine Transportation Agreement [Member] | Martin Resource Management [Member] | |
Related Party Transaction [Line Items] | |
Automatic consecutive term renewal | 1 year |
Termination written notice, minimum | 60 days |
Related_Party_Transactions_Oth
Related Party Transactions - Other Agreements (Details) (Martin Resource Management [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Cross Tolling Agreement [Member] | |
Related Party Transaction [Line Items] | |
Production minimum per day (in bbl) | 6,500 |
Annual escalation benchmark | 3.00% |
Sulfuric Acid Sales Agency Agreement [Member] | |
Related Party Transaction [Line Items] | |
Partnership notice period to terminate agreement | 180 days |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of the impact of Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Terminalling and storage | $74,467 | $71,517 | $64,669 |
Marine transportation | 24,389 | 24,654 | 17,494 |
Product sales: | |||
Product Sales Related Party | 7,661 | 4,698 | 7,201 |
Revenue from Related Parties | 106,517 | 100,869 | 89,364 |
Cost of products sold: | |||
Natural gas services | 37,703 | 32,639 | 27,512 |
Sulfur services | 18,390 | 18,161 | 16,968 |
Terminalling and storage | 36,341 | 48,868 | 48,375 |
Total related party cost of products sold | 92,434 | 99,668 | 92,855 |
Operating expenses: | |||
Operating expenses | 79,577 | 70,333 | 58,834 |
Selling, general and administrative: | |||
Selling, general and administrative | 23,679 | 17,689 | 13,678 |
Related Party [Member] | |||
Cost of products sold: | |||
Natural gas services | 37,703 | 32,639 | 27,512 |
Sulfur services | 18,390 | 18,161 | 16,968 |
Related Party [Member] | Terminalling and storage [Member] | |||
Revenues: | |||
Terminalling and storage | 74,467 | 71,517 | 64,669 |
Product sales: | |||
Product Sales Related Party | 676 | 798 | 1,066 |
Cost of products sold: | |||
Terminalling and storage | 36,341 | 48,868 | 48,375 |
Operating expenses: | |||
Operating expenses | 29,525 | 21,766 | 21,838 |
Selling, general and administrative: | |||
Selling, general and administrative | 1,874 | 1,266 | 563 |
Related Party [Member] | Marine transportation [Member] | |||
Revenues: | |||
Marine transportation | 24,389 | 24,654 | 17,494 |
Operating expenses: | |||
Operating expenses | 37,703 | 38,373 | 28,495 |
Selling, general and administrative: | |||
Selling, general and administrative | 30 | 50 | 60 |
Related Party [Member] | Natural gas services [Member] | |||
Product sales: | |||
Product Sales Related Party | 3,064 | 10 | 113 |
Operating expenses: | |||
Operating expenses | 4,870 | 1,971 | 1,855 |
Selling, general and administrative: | |||
Selling, general and administrative | 6,039 | 2,671 | 2,498 |
Related Party [Member] | Sulfur services [Member] | |||
Product sales: | |||
Product Sales Related Party | 3,921 | 3,890 | 6,022 |
Operating expenses: | |||
Operating expenses | 7,479 | 8,223 | 6,646 |
Selling, general and administrative: | |||
Selling, general and administrative | 3,201 | 3,081 | 2,964 |
Related Party [Member] | Indirect overhead allocation, net of reimbursement [Member] | |||
Selling, general and administrative: | |||
Selling, general and administrative | $12,535 | $10,621 | $7,593 |
Related_Party_Transactions_Oth1
Related Party Transactions - Other Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 |
Related Party Transaction [Line Items] | ||||||
Proceeds from sale of equity method investment | $0 | $750 | $531 | |||
Notes receivable - Martin Energy Trading LLC | 15,000 | 0 | ||||
Martin Energy Trading LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Proceeds from sale of equity method investment | 15,000 | |||||
Interest rate, note receivable due from related party | 15.00% | |||||
Notes Receivable [Member] | Martin Energy Trading LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes receivable - Martin Energy Trading LLC | 15,000 | |||||
Interest Expense [Member] | Martin Energy Trading LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest income from related parties | $752 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2014 | Jun. 27, 2014 | Jun. 26, 2014 | |
Debt Instrument [Line Items] | ||||||
Total long-term debt | $902,005,000 | $658,695,000 | ||||
Unamortized debt issuance costs on redemption of senior note | 6,263,000 | 3,700,000 | 3,290,000 | |||
Maximum amount of borrowings and letters of credit available under Credit Facility | 900,000,000 | 637,500,000 | ||||
Cash paid for interest | 37,112,000 | 33,038,000 | 29,239,000 | |||
Capitalized interest | 1,437,000 | 1,096,000 | 1,136,000 | |||
LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 2.75% | |||||
Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 1.75% | |||||
Minimum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 0.75% | |||||
Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 2.75% | |||||
Maximum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margins | 1.75% | |||||
Senior Notes 8.875% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Partnership redemption option maximum | 35.00% | |||||
Partnership senior note redemption option price | 108.88% | |||||
Prepayment premium | 7,767,000 | |||||
Revolving Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 500,000,000 | 235,000,000 | ||||
Face amount | 900,000,000 | |||||
Weighted average interest rate | 2.92% | |||||
Senior Notes [Member] | Senior Notes 8.875% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 0 | 173,695,000 | ||||
Face amount | 200,000,000 | |||||
Fixed rate cost | 8.88% | 8.88% | ||||
Unamortized discount | 0 | 1,305,000 | ||||
Aggregate redemption value | 175,000,000 | 175,000,000 | ||||
Senior Notes [Member] | Senior Notes 7.250% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 402,005,000 | 250,000,000 | ||||
Face amount | 400,000,000 | 150,000,000 | ||||
Fixed rate cost | 7.25% | 7.25% | ||||
Unamortized discount | 2,005,000 | 0 | ||||
Interest Expense [Member] | Senior Notes [Member] | Senior Notes 8.875% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs on redemption of senior note | 2,643,000 | |||||
Unamortized discount on notes payable | $1,228,000 |
Partners_Capital_Details
Partners' Capital (Details) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Aug. 29, 2014 | Nov. 26, 2012 | Jan. 25, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | |
Limited Partners' Capital Account [Line Items] | |||||
Common limited partner units | 35,365,912 | ||||
Ownership percentage | 98.00% | ||||
General partner interest percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Martin Resource Management [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Common limited partner units | 6,264,532 | ||||
Ownership percentage | 17.70% | ||||
General partner interest percentage | 2.00% |
Partners_Capital_Issuance_of_C
Partners' Capital - Issuance of Common Units (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2014 | Aug. 29, 2014 | Aug. 08, 2014 | 12-May-14 | Nov. 26, 2012 | Jan. 25, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 29, 2014 | Aug. 29, 2014 |
Limited Partners' Capital Account [Line Items] | ||||||||||||
Units issued in public offering (in shares) | 3,450,000 | 3,600,000 | 3,450,000 | 2,645,000 | ||||||||
Share Price | $38.42 | $38.42 | ||||||||||
Proceeds from issuance of common units | $122,176 | $143,431 | ||||||||||
Private placement of units in cash | 45,000 | |||||||||||
Aggregate proceeds from issuance of common units | 21,121 | |||||||||||
Compensation costs | 413 | |||||||||||
Common units sold in private equity sale | 1,171,265 | 522,121 | ||||||||||
General partner contribution | 2,599 | 3,049 | 2,599 | |||||||||
Trading period for weighted average price of common units | 10 days | |||||||||||
Sale of stock (in dollars per share) | $31.16 | $36.15 | ||||||||||
Proceeds from the public offering | 102,809 | 91,361 | ||||||||||
General partner contribution to maintain GP interest | 918 | 2,194 | 1,951 | 7,007 | 37 | 4,145 | ||||||
General partner interest percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||
IPO [Member] | ||||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||||
Share Price | $36.91 | $41.51 | $36.91 | |||||||||
General Partner [Member] | ||||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||||
General partner contribution to maintain GP interest | $441 |
Partners_Capital_Incentive_Dis
Partners' Capital - Incentive Distribution Rights (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 29, 2014 | Nov. 26, 2012 | Jan. 25, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 5-May-14 | Oct. 02, 2012 |
Limited Partners' Capital Account [Line Items] | |||||||||
General partner interest percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||
Martin Midstream GP LLC [Member] | |||||||||
Limited Partners' Capital Account [Line Items] | |||||||||
General partner interest percentage | 2.00% | ||||||||
Incentive distribution foregone | 20,845 | $3,000 | $18,000 | ||||||
Incentive distribution foregone remaining | 155 | ||||||||
Distributions payable on behalf of IDRs | 0 | $0 | $2,857 | ||||||
Martin Midstream GP LLC [Member] | Target Level 1 [Member] | |||||||||
Limited Partners' Capital Account [Line Items] | |||||||||
Target cash distribution, percent | 2.00% | ||||||||
Target cash distribution (in dollars per share) | 0.55 | ||||||||
Martin Midstream GP LLC [Member] | Target Level 2 [Member] | |||||||||
Limited Partners' Capital Account [Line Items] | |||||||||
Target cash distribution, percent | 15.00% | ||||||||
Target cash distribution (in dollars per share) | 0.625 | ||||||||
Martin Midstream GP LLC [Member] | Target Level 3 [Member] | |||||||||
Limited Partners' Capital Account [Line Items] | |||||||||
Target cash distribution, percent | 25.00% | ||||||||
Target cash distribution (in dollars per share) | 0.75 | ||||||||
Martin Midstream GP LLC [Member] | Target Level 4 [Member] | |||||||||
Limited Partners' Capital Account [Line Items] | |||||||||
Target cash distribution, percent | 50.00% |
Partners_Capital_Distributions
Partners' Capital - Distributions of Available Cash (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Distribution period | 45 days |
Partners_Capital_Reconciliatio
Partners' Capital - Reconciliation of net income to partners interest in net income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) attributable to Martin Midstream Partners L.P. | $4,374 | ($26,906) | ($968) | $11,795 | ($39,259) | $191 | $9,078 | $16,636 | ($11,705) | ($13,354) | $101,987 |
Less general partner’s interest in net income: | |||||||||||
Less loss allocable to unvested restricted units | -32 | -40 | 0 | ||||||||
Limited partners’ interest in net income (loss) | -8,255 | -14,227 | 30,915 | ||||||||
Limited partners’ interest in net income (loss) | -6,921 | 1,180 | 61,702 | ||||||||
Continuing Operations [Member] | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) attributable to Martin Midstream Partners L.P. | -6,367 | -14,562 | 37,122 | ||||||||
Less pre-acquisition income allocated to Parent | 0 | 0 | 4,622 | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 2,033 | 0 | 954 | ||||||||
Distributions payable on behalf of general partner interest | 1,181 | 2,021 | 522 | ||||||||
General partner interest in undistributed earnings | -1,308 | -2,312 | 109 | ||||||||
Less loss allocable to unvested restricted units | -18 | -44 | 0 | ||||||||
Limited partners’ interest in net income (loss) | -8,255 | -14,227 | 30,915 | ||||||||
Discontinued operations [Member] | |||||||||||
Reconciliation of Net Income from Continuing and Discontinued Operations [Line Items] | |||||||||||
Net income (loss) attributable to Martin Midstream Partners L.P. | -5,338 | 1,208 | 64,865 | ||||||||
Less general partner’s interest in net income: | |||||||||||
Distributions payable on behalf of IDRs | 1,704 | 0 | 1,903 | ||||||||
Distributions payable on behalf of general partner interest | 990 | -168 | 1,040 | ||||||||
General partner interest in undistributed earnings | -1,097 | 192 | 220 | ||||||||
Less loss allocable to unvested restricted units | -14 | 4 | 0 | ||||||||
Limited partners’ interest in net income (loss) | ($6,921) | $1,180 | $61,702 |
Partners_Capital_Net_Income_pe
Partners' Capital - Net Income per Unit Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Weighted average limited partner units outstanding basic (in units) | 30,785,035 | 26,557,829 | 23,361,551 |
Increase in units outstanding due to the dilutive effect of restricted units granted (in units) | 3,018 |
Unit_Based_Awards_Schedule_of_
Unit Based Awards - Schedule of compensation costs relate to unit based plan (Details) (Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $817 | $911 | $385 |
Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 537 | 668 | 178 |
Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $280 | $243 | $207 |
Unit_Based_Awards_Summary_of_r
Unit Based Awards - Summary of restricted unit activity (Details) (Restricted Units [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Units [Member] | |
Number of Units | |
Non-vested, beginning of period, numbers of units | 72,998 |
Granted, number of units | 8,900 |
Vested, number of units | -13,074 |
Forfeited, number of units | -5,000 |
Non-vested, end of period, number of units | 63,824 |
Weighted Average Grant-Date Fair Value Per Unit | |
Non-vested, beginning of period, weighted average grant-date fair value per unit | $31.75 |
Granted, weighted average grant-date fair value per unit | $29.47 |
Vested, weighted average grant-date fair value per unit | $32.14 |
Forfeited, weighted average grant-date fair value per unit | $31.06 |
Non-vested, end of period, weighted average grant-date fair value per unit | $31.40 |
Aggregate intrinsic value, end of period | $1,662 |
Unit_Based_Awards_Summary_of_a
Unit Based Awards - Summary of aggregate intrinsic value and fair value of units vested (Details) (Restricted Units [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of units vested | $514 | $153 | $465 |
Fair value of units vested | $450 | $157 | $495 |
Unit_Based_Awards_Details
Unit Based Awards (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of plan components | 2 |
Number of shares authorized | 725,000 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 483,333 |
Restricted Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized | 241,667 |
Compensation costs not yet recognized | $779 |
Weighted average period for recognition | 1 year 3 months 6 days |
Restricted Units [Member] | Non-employee Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Cliff Vesting [Member] | Restricted Units [Member] | Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Stanolind_Tank_Damage_Details
Stanolind Tank Damage (Details) (Damage from Fire, Explosion or Other Hazard [Member], USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2011 |
bbl | |||
Loss Contingencies [Line Items] | |||
Barrels of oil contained in tank | 3,200 | ||
Non-windstorm insurance deductible | $443 | ||
Other Operating Income [Member] | |||
Loss Contingencies [Line Items] | |||
Gain on Business Interruption Insurance Recovery | $909 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Loss Carryforwards [Line Items] | |||
Current federal income tax expense | $0 | $0 | $8,681 |
Deferred income taxes | 0 | 0 | 402 |
Deferred tax liability | 1,174 | 1,204 | |
Income Taxes Paid | 1,167 | 9,789 | 1,007 |
Income Tax Expense (Benefit) including Continuing and Discontinued Operations | |||
Federal | 0 | 0 | 10,516 |
State | 1,137 | 753 | 1,894 |
Current income tax expense (benefit) | 1,137 | 753 | 12,410 |
Federal | 0 | 0 | -7,255 |
Total income tax expense | 1,137 | 753 | 5,155 |
Current: | |||
Federal | 0 | 0 | 1,835 |
State | 1,137 | 753 | 1,320 |
Current income tax expense (benefit) form continuing operations | 1,137 | 753 | 3,155 |
Deferred: | |||
Federal | 0 | 0 | 402 |
Total income tax expense from continuing operations | 1,137 | 753 | 3,557 |
Current: | |||
Federal | 0 | 0 | 8,681 |
State | 0 | 0 | 574 |
Current income tax expense (benefit), Discontinued operation | 0 | 0 | 9,255 |
Deferred: | |||
Federal | 0 | 0 | -7,657 |
Total income tax expense from discontinued operations | 0 | 0 | 1,598 |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Current state income tax expense | 1,137 | 753 | 1,575 |
Cross Refining and Packaging [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income taxes | 0 | 0 | 402 |
Woodlawn [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Current federal income tax expense | 0 | 0 | 8,681 |
Deferred income taxes | 8,964 | ||
Deferred tax benefit | 0 | 0 | 7,657 |
Current: | |||
Federal | $0 | $0 | $8,681 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 4 | ||||||||||
Operating Revenues | $1,653,009 | $1,621,510 | $1,498,080 | ||||||||
Intersegment Eliminations | -10,868 | -8,771 | -7,719 | ||||||||
Total revenues | 376,983 | 377,088 | 403,261 | 484,809 | 467,132 | 355,578 | 356,673 | 433,356 | 1,642,141 | 1,612,739 | 1,490,361 |
Depreciation and amortization | 68,830 | 50,962 | 42,063 | ||||||||
Operating income | 12,194 | 13,181 | 17,997 | 24,499 | 23,429 | 12,680 | 19,166 | 26,189 | 67,871 | 81,464 | 73,835 |
Capital Expenditures | 89,283 | 99,046 | 93,640 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 1,553,919 | 1,097,919 | 1,553,919 | 1,097,919 | |||||||
Terminalling and storage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 326,654 | 341,966 | 322,175 | ||||||||
Intersegment Eliminations | -5,191 | -4,756 | -4,652 | ||||||||
Total revenues | 321,463 | 337,210 | 317,523 | ||||||||
Depreciation and amortization | 37,622 | 31,823 | 22,976 | ||||||||
Operating income | 24,993 | 32,855 | 25,403 | ||||||||
Capital Expenditures | 49,476 | 84,582 | 72,877 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 450,112 | 461,160 | 450,112 | 461,160 | |||||||
Natural gas services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Customers | 2 | 2 | 2 | ||||||||
Operating Revenues | 1,013,835 | 966,909 | 825,506 | ||||||||
Intersegment Eliminations | 0 | 0 | 0 | ||||||||
Total revenues | 1,013,835 | 966,909 | 825,506 | ||||||||
Depreciation and amortization | 13,090 | 962 | 601 | ||||||||
Operating income | 34,574 | 30,524 | 15,395 | ||||||||
Capital Expenditures | 24,194 | 4,080 | 434 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 802,234 | 320,631 | 802,234 | 320,631 | |||||||
Natural gas services [Member] | Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 265,434 | 285,566 | 294,897 | ||||||||
Sulfur services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Customers | 1 | 1 | |||||||||
Operating Revenues | 215,471 | 213,124 | 261,584 | ||||||||
Intersegment Eliminations | 0 | 0 | 0 | ||||||||
Total revenues | 215,471 | 213,124 | 261,584 | ||||||||
Depreciation and amortization | 8,176 | 7,979 | 7,371 | ||||||||
Operating income | 19,465 | 21,511 | 41,909 | ||||||||
Capital Expenditures | 4,115 | 3,867 | 11,477 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 147,094 | 151,982 | 147,094 | 151,982 | |||||||
Marine transportation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 97,049 | 99,511 | 88,815 | ||||||||
Intersegment Eliminations | -5,677 | -4,015 | -3,067 | ||||||||
Total revenues | 91,372 | 95,496 | 85,748 | ||||||||
Depreciation and amortization | 9,942 | 10,198 | 11,115 | ||||||||
Operating income | 7,551 | 13,411 | 3,174 | ||||||||
Capital Expenditures | 11,498 | 6,517 | 8,852 | ||||||||
Total Assets [Abstract] | |||||||||||
Total assets | 154,479 | 164,146 | 154,479 | 164,146 | |||||||
Indirect selling, general and administrative [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Operating income | -18,712 | -16,837 | -12,046 | ||||||||
Capital Expenditures | $0 | $0 | $0 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 1 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Revenues | $376,983 | $377,088 | $403,261 | $484,809 | $467,132 | $355,578 | $356,673 | $433,356 | $1,642,141 | $1,612,739 | $1,490,361 | |||
Operating income | 12,194 | 13,181 | 17,997 | 24,499 | 23,429 | 12,680 | 19,166 | 26,189 | 67,871 | 81,464 | 73,835 | |||
Equity in earnings (loss) of unconsolidated entities | 1,169 | 2,655 | 1,939 | -297 | -52,169 | -577 | 72 | -374 | 5,466 | -53,048 | -1,113 | |||
Income (loss) from continuing operations | 6,664 | -25,739 | 324 | 12,384 | -39,615 | 628 | 7,985 | 16,440 | -6,367 | -14,562 | 37,122 | |||
Income (loss) from discontinued operations | -2,290 | -1,167 | -1,292 | -589 | 356 | -437 | 1,093 | 196 | -5,338 | 1,208 | 64,865 | |||
Net income (loss) | 4,374 | -26,906 | -968 | 11,795 | -39,259 | 191 | 9,078 | 16,636 | -11,705 | -13,354 | 101,987 | |||
Limited partners' interest in net income per limited partner unit (in dollars per unit) | -0.07 | -0.82 | -0.03 | 0.43 | -1.44 | 0.01 | 0.33 | 0.61 | ||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 30,102 | 0 | 0 | |||||||||||
Impairment of long lived assets | 3,445 | 0 | 0 | |||||||||||
Cardinal Gas Storage Partners LLC [Member] | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Revenues | 22,991 | |||||||||||||
Net income (loss) | 1,916 | |||||||||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | 30,102 | |||||||||||||
Cardinal Gas Storage Partners LLC [Member] | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities | 892 | -54,226 | -943 | |||||||||||
Impairment of long lived assets | $54,053 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 22, 2015 | Feb. 05, 2015 | Feb. 12, 2015 | Mar. 31, 2015 |
Subsequent Event [Line Items] | |||||||
Distribution to general partner | $97,368 | $84,588 | $76,528 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared | $0.81 | ||||||
Annualized dividends declared | $3.25 | ||||||
Restricted Units [Member] | Long-Term Incentive Plan [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common units issued | 84,750 | ||||||
Floating Storage Assets [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Sale of floating storage assets | 41,250 | ||||||
Gain on disposition of assets | 1,500 | ||||||
General Partner [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution to general partner | 2,171 | 1,853 | 5,849 | ||||
General Partner [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution to general partner | 4,405 | ||||||
Incentive distribution rights paid | 3,737 | ||||||
Base general partner distribution | $667 |