KILGORE, Texas, June 10, 2019 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (NASDAQ: MMLP) announced today that it has entered into a definitive agreement with Hartree Cardinal Gas, LLC, a subsidiary of Hartree Bulk Storage LLC, to sell its membership interests in Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, Monroe Gas Storage, LLC and Perryville Gas Storage LLC for $215.0 million in cash.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, “Our agreement to sell the Natural Gas Storage Assets is an important piece of the Partnership’s strategy to strengthen the balance sheet and re-focus our operational expertise on the refinery services industry.”
The Natural Gas Storage Assets consist of approximately 50 billion cubic feet of working capacity located in northern Louisiana and Mississippi. The transaction is expected to close on or around the end of the second quarter, subject to customary closing conditions.
“We are excited about the opportunity for Hartree Bulk Storage to acquire the Natural Gas Storage Assets and operate them as independent facilities,” said Steve Semlitz, co-founder of Hartree Partners L.P., “the Natural Gas Storage Assets are high-performing facilities strategically located in the Gulf Coast. Hartree Bulk Storage plans on further optimizing these facilities and their capabilities in the near-term, to better serve customers in the ever-growing Gulf Coast region.”
About Martin Midstream Partners (NASDAQ:MMLP)
The Partnership is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business segments include: (1) natural gas services, including liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) land and marine transportation services for petroleum products and by-products.
About Hartree Bulk Storage
Hartree Bulk Storage LLC is an independent storage, terminalling and related infrastructure platform company funded by Hartree Partners L.P. and funds managed by Oaktree Capital Management L.P. Headquartered in New York, Hartree Bulk Storage capitalizes on the strong global demand for energy and commodity infrastructure assets via mergers and acquisitions, greenfield projects and joint venture partnerships. The platform provides independent solutions to refiners, petrochemical manufacturers, utilities, pipeline companies, marketers and producers of natural gas, crude oil, refined products, NGLs and other products.
