What changed in this filing

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Item 1. Business

2022-03-01 compared with 2021-03-03 · 173 added, 172 removed, 525 unchanged (40% of the section changed)

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Risk Factors - Risks Related to our Business."

We are a publicly traded limited partnership with a diverse set of operations focused primarily in the United States ("U.S.") Gulf Coast region.

We are a publicly traded limited partnership with a diverse set of operations focused primarily primarily in the Gulf Coast region of the United States ("U.S.").

Our four primary business lines include:

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• Natural gas liquids ("NGL") marketing, distribution, and transportation services.

Our vertically integrated services have created longstanding relationships with a diversified customer base that includes major and independent oil and gas companies, independent refiners, chemical companies, and other wholesale purchasers of certain petroleum products and by-products, with significant business concentrated around the U.S.

Our vertically integrated services have created long-standing relationships with a diversified customer base that includes major and independent oil and gas companies, independent refiners, chemical companies, and other wholesale purchasers of certain petroleum products and by-products, with significant business concentrated around the U.S.

Gulf Coast refinery complex, which is a major hub for petroleum refining, natural gas gathering and processing, and support services for the exploration and production industry.

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We believe that we have become an integral part of the value chain for our customers by providing them with high value, niche services.

We generate a significant amount of our revenues from fee-based businesses with a significant amount of the working capital demands and margin risk associated with the collective services that we and our sponsor, Martin Resource Management Corporation, provide to customers mainly assumed under contracts between such customers and Martin Resource Management Corporation.

We generate a significant amount of our cash flow from fee-based businesses with a significant amount of the working capital demands and margin risk associated with the collective services that we and our sponsor, Martin Resource Management Corporation, provide to customers mainly assumed under contracts between such customers and Martin Resource Management Corporation.

Our fixed fee and margin business provides a combination of long-term, spot and evergreen contracts.

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As of December 31, 2021, Martin Resource Management Corporation owned 15.8% of our total outstanding common limited partner units.

Furthermore, Martin Resource Management Corporation controls Martin Midstream GP LLC ("MMGP"), our general partner, by virtue of its 51% voting interest in MMGP Holdings, LLC ("Holdings"), the sole member of MMGP.

MMGP owns a 2.0% general partner interest in us and all of our incentive distribution rights.

Martin Resource Management Corporation directs our business operations through its ownership interests in and control of our general partner.

Furthermore, on December 28, 2021, Martin Resource Management Corporation indirectly acquired, through its wholly owned subsidiary, Martin Resource LLC, the remaining 49% voting interest (50% economic interest) in MMGP Holdings, LLC ("Holdings"), which is the sole member of Martin Midstream GP LLC ("MMGP"), our general partner.

Such interests were previously held by certain affiliated investment funds managed by Alinda Capital Partners, which sold the interests to Senterfitt Holdings Inc.

(“Senterfitt”) on November 23, 2021.

At such time, Senterfitt granted Martin Resource LLC the right to purchase such interests for a period of ten years, which right was exercised on December 28, 2021.

As a result, Martin Resource Management Corporation indirectly owns 100% of MMGP.

Martin Resource Management Corporation directs our business operations through its ownership of our general partner.

MMGP owns a 2.0% general partner interest in us, and, until November 23, 2021, MMGP owned all of our incentive distribution rights.

On November 23, 2021, MMGP contributed to us all of our incentive distribution rights for no consideration, whereupon the incentive distribution rights were cancelled and cease to exist.

We entered into an omnibus agreement dated November 1, 2002, with Martin Resource Management Corporation (the "Omnibus Agreement") that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision to us of general administration and support services by Martin Resource Management Corporation and our use of certain of Martin Resource Management Corporation’s trade names and trademarks.

Under the terms of the Omnibus Agreement, the employees of Martin Resource Management Corporation are responsible for conducting our business and operating our assets.

Martin Resource Management Corporation has operated our business since its inception in 2002.

Martin Resource Management Corporation has operated our business since the Partnership's inception in 2002.

Martin Resource Management Corporation began operating our NGL business in the 1950s and our sulfur business in the 1960s.

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• Terminalling and Storage.

We own or operate 17 marine shore-based terminal facilities and 13 specialty terminal facilities located primarily in the U.S.

Gulf Coast region with aggregate storage capacity of 2.6 million barrels.

We own or operate 15 marine shore-based terminal facilities and 13 specialty terminal facilities located primarily in the Gulf Coast region of the U.S.

with aggregate storage capacity of 2.6 million barrels.

We provide storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of various grades and quantities of industrial, commercial, and automotive lubricants and greases.

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Our land transportation assets include approximately 570 trucks and 1,200 tank trailers which are based across 24 terminals strategically located throughout the U.S.

Gulf Coast and southeastern United States.

Our marine transportation assets include 31 inland marine tank barges, 14 inland push boats and one articulated offshore tug and barge unit that operate coastwise along the Gulf of Mexico and east coast and on the U.S.

Gulf Coast and southeastern U.S.

Our marine transportation assets include 29inland marine tank barges, 14 inland push boats and one articulated offshore tug and barge unit that primarily operate coastwise

along the Gulf of Mexico and on the U.S.

inland waterway system, primarily between domestic ports along the Gulf of Mexico, the Intracoastal Waterway, the Mississippi River system and the Tennessee-Tombigbee Waterway system.

Our "refinery and petrochemical services" model is focused on transportation of heavy tank bottoms (by-products) and other petroleum products, hauling liquefied petroleum gas ("LPG"), molten sulfur, sulfuric acid, paper mill liquids, chemicals, dry bulk and numerous other bulk liquid commodities from refineries and petrochemical production locations to end markets.

We provide these transportation services on a fee basis, and many of our customers have long standing contractual relationships

Our "refinery and petrochemical services" model is focused on transportation of heavy tank bottoms (by-products) and other petroleum products, hauling NGLs, molten sulfur, sulfuric acid, paper mill liquids, chemicals, and numerous other bulk liquid commodities from refineries and petrochemical production locations to end markets.

We provide these transportation services on a fee basis, and many of our customers have long standing contractual relationships with us.

We believe our modernized asset base is attractive both to our existing customers as well as potential new customers.

In addition, our fleet contains several vessels that reflect our focus on specialty products.

In addition, our marine fleet contains several vessels that reflect our focus on specialty products.

• Sulfur Services.

We own 21 railcars and lease 27 railcars equipped to transport molten sulfur and we lease 131 railcars to transport our fertilizer products.

We have developed an integrated system of transportation assets and facilities relating to sulfur services.

We process and distribute sulfur produced by oil refineries primarily located in the U.S.

Gulf Coast region.

We process and distribute sulfur produced by oil refineries primarily located in the Gulf Coast region of the U.S.

We purchase and sell molten sulfur on contracts that are tied to sulfur indices to minimize margin fluctuations.

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Significant Developments in 2021

Sale of Mega Lubricants

On December 22, 2020, we entered into an asset purchase and sale agreement to sell certain assets used in connection with our Mega Lubricants shore-based terminals business ("Mega Lubricants") to John W.

Stone Oil Distributor, LLC ("Stone Oil") for $22.4 million.

Mega Lubricants is engaged in the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary commercial and industrial products.

The transaction closed on December 22, 2020.

The proceeds from the transaction were used to reduce outstanding borrowings under our revolving credit facility.

Exchange Offer and Cash Tender Offer

On August 12, 2020, (the "Settlement Date") we successfully completed our exchange offer (the "Exchange Offer") and consent solicitation to certain eligible holders of our 7.25% senior unsecured notes due 2021 ("2021 Notes") and separate but related cash tender offer and consent solicitation to certain other holders of our 2021 Notes.

Please see Note 15 in Part II of this Form 10-K for more information about the Exchange Offer and related transactions.

A novel strain of coronavirus ("COVID-19") surfaced in late 2019 and has spread around the world, including to the United States.

In March 2020, the World Health Organization declared COVID-19 a pandemic.

The Partnership continues to prioritize the health and safety of our employees, the businesses we serve, and the communities where we live and work.

To support the safety of all of our employees and operations, precautionary measures were implemented to prevent the COVID-19 virus from spreading in our workplace or the locations we serve, including suspending non-essential travel, limiting the number of employees attending meetings, reducing the number of people at our locations at any one time, monitoring the health of all employees, and implementing work-from-home initiatives for all eligible employees.

Further, we continue to provide awareness training for all of our drivers, vessel crews, blending operators and other affected personnel regarding preventative measures in or around our docks, vessels, and trucks and locations to which they are delivering.

Our communication lines are open 24/7 for the environmental health and safety division, land and marine logistics, and sales and marketing teams.

Due to the economic impacts of the COVID-19 pandemic, the markets experienced a decline in oil prices in response to oil demand concerns.

These concerns were further exacerbated by the price war among members of the Organization of Petroleum Exporting Countries ("OPEC") and other non-OPEC producer nations during the first quarter of 2020 and global storage considerations.

Travel restrictions and stay-at-home orders implemented by governments in many regions and countries across the globe, including the United States, have greatly impacted the demand for refined products resulting in a significant reduction in refinery utilization, which has impacted our 2020 performance.

This impact started in February of 2020 and

continued through the end of the year, during which time we have seen unfavorable trends in certain key metrics across several of our business lines compared to historical periods.

The significant reduction in refinery utilization as a result of reduced refined products demand significantly impacted our Transportation and NGL segments.

As the volume of products produced or purchased by refineries has been reduced, demand for our services has decreased.

Looking forward, we expect to continue to experience some adverse impacts of COVID-19 in our transportation segment during the first half of 2021 but we believe that refinery utilization will continue to increase in the second half of 2021 as a result of widespread vaccinations, government stimulus, and a rebounding economy.

This should ultimately improve refined product demand as people get back to work and begin traveling again.

We expect this will positively impact our transportation segment as demand for our services improves.

The extent to which the duration and severity of the pandemic impacts our business, results of operations, and financial condition, will depend on future developments, which are highly uncertain and cannot be predicted at this time.

Accordingly, the full impact of COVID-19 will not be reflected in our results of operations and overall financial performance until future periods.

Management also assessed the extent to which the current macroeconomic events brought about by COVID-19 and significant declines in refined product demand impacted the valuation of expected credit losses on accounts receivable and certain inventory items or resulted in modifications to any significant contracts.

Hurricane Ida.

On August 29, 2021, Hurricane Ida ("Ida") made landfall in Southeast Louisiana as a category 4 hurricane.

Ida impacted our transportation and sulfur services segments due to the effects on refinery utilization in the Lake Charles, Louisiana area resulting from the storm.

We did not experience any material storm-related damage.

We spent approximately $0.1 million on restoration and recovery costs as a result of Ida.

Winter Storm Uri.

In February 2021, we experienced Winter Storm Uri ("Uri"), an unprecedented storm bringing extreme cold temperatures to Texas and the surrounding areas, which resulted in Gulf Coast refineries running at reduced rates or halting operations entirely.

The majority of the impact we experienced was centered around our transportation and sulfur services segments, where we saw reduced activity due to Uri's impact on Gulf Coast refinery utilization.

Additionally, our Smackover Refinery was down approximately nine days due to Uri, during which time we began preparations for the previously scheduled turnaround in March of 2021.

This allowed us to minimize the amount of downtime at the Smackover Refinery, which was back in operation by March 9, 2021.

We continue to monitor the impacts of the COVID-19 pandemic (including variants of the virus) on all aspects of our business.

Travel restrictions and stay-at-home orders in place during much of 2020 that were implemented by governments in many regions and countries across the globe, including the U.S., have greatly impacted the demand for refined products resulting in a significant reduction in refinery utilization, which impacted our 2020 performance and continued to impact our marine transportation business in 2021.

Looking forward, we expect to continue to experience some adverse impacts of COVID-19 in our marine transportation segment, but we believe that refinery utilization will continue to increase as a result of widespread vaccinations and a rebounding economy.

This should ultimately improve refined product demand as people continue to return to in-person work and resume travel.

We expect this will positively impact our marine transportation business as demand for our services improves.

Overall, the extent to which the duration and severity of the pandemic impacts our business, results of operations, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted at this time.

Accordingly, it is possible that the impact of the pandemic, including the impact of variants of COVID-19, could have a material adverse effect on the Partnership's results of operations, financial position and cash flows in 2022, including the recoverability of long-lived assets and goodwill, the valuation of inventory, and the amount of expected credit losses.

Management considered the impact of the pandemic on the assumptions and estimates used in the preparation of the financial statements.

A sustained reduction in refinery demand and utilization could lead to future asset impairments as well as adversely affect access to capital and financing to be able to meet future obligations.

Management also assessed the extent to which the current macroeconomic events brought about by the pandemic and significant declines in refined product demand impacted the valuation of expected credit losses on accounts receivable and certain inventory items or resulted in modifications to any significant contracts.

Ultimately the results of these assessments did not have a material impact on our results as of December 31, 2021.

Subsequent Events

Retirement of 2021 Notes.

On February 15, 2021, our 2021 Notes matured and we retired the outstanding balance of $28.8 million using our revolving credit facility.

Quarterly Distribution.

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The key components of our growth strategy are:

• Pursue Organic Growth Projects .

We continually evaluate organic expansion opportunities in existing areas of operation that will allow us to leverage our existing market position and increase the revenues from our existing assets through improved utilization and efficiency.

• Spur Internal Organic Growth by Attracting New Customers and Expanding Services Provided to Existing Customers .

Opportunities exist to expand our customer base and provide additional services and products to existing customers.

We generally begin a relationship with a customer by transporting, storing or marketing a limited range of products and services.

Expanding our customer base and our service and product offerings to existing customers is an efficient and cost effective method of achieving organic growth in revenues and cash flow.

We plan to focus on growth in our business segments with a stronger economic outlook.

• Establish Strategic Commercial Alliances .

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We intend to continue pursuing a disciplined financial policy that includes continuing to evaluate the sale of non-core assets and conservative capital spending to pay down debt, and prudent control of distributions.

• Spur Internal Organic Growth by Attracting New Customers and Expanding Services Provided to Existing Customers .

Opportunities exist to expand our customer base and provide additional services and products to existing customers.

We generally begin a relationship with a customer by transporting, storing or marketing a limited range of products and services.

Expanding our customer base and our service and product offerings to existing customers is an efficient and cost effective method of achieving organic growth in revenues and cash flow.

We plan to focus on growth in our business segments with a stronger economic outlook.

• Pursue Organic Growth Projects .

Competitive Strengths

We believe we are well positioned to execute our business strategy because of the following competitive strengths:

Fee-Based Contracts.

We generate a significant amount of our cash flow from fee-based contracts with our customers, many of which are major and independent oil and gas companies with whom we have longstanding customer relationships.

majority of our fee-based contracts consist of reservation charges or minimum fee arrangements, which reduce the volatility of our cash flows due to volume fluctuations.

Vertically Integrated Services Provided for U.S.

Gulf Coast-Centric Asset and Operational Footprint.

We own and operate a diversified asset base that enables us to offer our customers an integrated distribution network consisting of terminalling, storage, packaging and other midstream logistical services for petroleum products and by-products in one of the world’s most active refining and petrochemical regions.

Strategically Located Assets.

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For example, our land transportation assets are based out of terminals located to serve refineries and chemical companies across the U.S.

Many of our sulfur services assets are located to source sulfur from the largest refinery sources in the United States.

Many of our sulfur services assets are located to source sulfur from the largest refinery sources in the U.S.

Finally, our terminalling and storage assets are located in areas across the U.S.

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Strong Industry Reputation and Established Relationships with Suppliers and Customers.

We have established a reputation in our industry as a reliable and cost-effective supplier of services to our customers and have a track record of safe, efficient operation of our facilities.

We have established a reputation in our industry as a reliable and cost-effective supplier of services to our customers and have a track record of a safe, efficient operation of our facilities.

Our management has also established long-term relationships with many of our suppliers and customers.

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We provide specialized value-added services to our customers and believe we have become an integral part of their value chain.

Fee-Based Contracts.

We generate a significant amount of our cash flow from fee-based contracts with our customers, many of which are major and independent oil and gas companies with whom we have long-standing customer relationships.

A majority of our fee-based contracts consist of reservation charges or minimum fee arrangements, which reduce the volatility of our cash flows due to volume fluctuations.

Vertically Integrated Services Provided for U.S.

Gulf Coast-Centric Asset and Operational Footprint.

Experienced Management Team and Operational Expertise .

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Strong Parent Support .

Martin Resource Management Corporation, our general partner, which is privately owned, assumes a significant amount of the working capital demands and margin risk, providing stable fee-based cash flows to our limited partners.

Martin Resource Management Corporation, owner of our general partner, which is privately owned, assumes a significant amount of the working capital demands and margin risk, providing stable fee-based cash flows to our limited partners.

Terminalling and Storage Segment

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Major energy and chemical companies also need independent terminal storage when their owned storage facilities are inadequate, either because of lack of capacity, the nature of the stored material or specialized handling requirements.

Gulf Coast region is a major hub for petroleum refining.

The Gulf Coast region of the U.S.

is a major hub for petroleum refining.

Approximately 50% of U.S.

refining capacity exists in this region.

Growth in the refining and natural gas processing industries has increased the volume of petroleum products and by-products that are transported within the U.S.

Gulf Coast region, which consequently has increased the need for terminalling and storage services.

The marine and offshore oil and gas exploration and production industries use terminal facilities in the U.S.

Gulf Coast region as shore bases that provide them logistical support services as well as a broad range of products, including fuel oil,

lubricants, chemicals and supplies.

Growth in the refining and natural gas processing industries has increased the volume of petroleum products and by-products that are transported within the Gulf Coast region of the U.S., which consequently has increased the need for terminalling and storage services.

The marine and offshore oil and gas exploration and production industries use terminal facilities in the Gulf Coast region of the U.S.

as shore bases that provide them logistical support services as well as a broad range of products, including fuel oil, lubricants, chemicals and supplies.

The demand for these types of terminals, services and products is driven primarily by offshore exploration, development and production in the Gulf of Mexico.

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At the Neches, Stanolind, and Tampa terminals, our customers are primarily energy and petrochemical companies.

In addition, Martin Resource Management Corporation pays us for terminalling and storage of asphalt at our Tampa facility through a terminalling service agreement that includes a provision for minimum volume throughput requirements.

In addition, Martin Resource Management Corporation pays us for terminalling and storage of asphalt at these facilities through a terminalling service agreement that includes a provision for minimum volume throughput requirements.

We charge either a fixed monthly fee or a throughput fee for the use of services we perform at our facilities based on the capacity of the applicable tank.

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In addition, a significant portion of the contracts for our specialty terminals provide for minimum fee arrangements that are not based on the volume handled.

In Smackover, Arkansas, we own a refinery and terminal where we process crude oil into finished products that include naphthenic lubricants, distillates, asphalt and other intermediates.

In Smackover, Arkansas, we own a refinery where we process naphthenic crude oil into finished products that include naphthenic lubricants, distillates, asphalt and other intermediates.

This process is dedicated to a subsidiary of Martin Resource Management Corporation through a long-term tolling agreement based on throughput rates and a monthly reservation fee.

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We own asphalt terminals in each of Hondo, South Houston, and Port Neches, Texas and Omaha, Nebraska, each dedicated to a subsidiary of Martin Resource Management Corporation through a terminalling service agreement based on throughput rates.

In Beaumont, Texas, we own a terminal where we receive natural gasoline via pipeline and then ship the product to our customers via other pipelines to which the facility is connected, referred to as the "Spindletop Terminal." Our fees for the use of this facility are based on the volume of barrels shipped from the terminal.

In Beaumont, Texas, we own a terminal ("Spindletop Terminal") where we receive natural gasoline via pipeline and then ship the product to our customers via other pipelines to which the facility is connected, referred to as the "Spindletop Terminal." Our fees for the use of this facility are based on the volume of barrels shipped from the terminal under an arrangement that includes a provision for minimum volume throughput requirements.

The following is a summary description of our shore-based specialty terminals:

Terminal Location Aggregate Capacity (in barrels) Products Description

Tampa (1) Tampa, Florida 662,000 Asphalt, crude oil, and diesel Marine terminal, loading/unloading for vessels, barges, railcars and trucks

Tampa, Florida 662,000 Asphalt, crude oil, and diesel Marine terminal, loading/unloading for vessels, barges, railcars and trucks

Stanolind Beaumont, Texas 619,000 Asphalt, crude oil, sulfur, sulfuric acid and fuel oil Marine terminal, marine dock for loading/unloading of vessels, barges, railcars and trucks

Neches (2) Beaumont, Texas 551,000 Molten sulfur, formed sulfur, ammonia, asphalt, fuel oil, crude oil and sulfur-based fertilizer Marine terminal, loading/unloading for vessels, barges, railcars and trucks

(1) This terminal is located on land owned by the Tampa Port Authority that was leased to us under a 10-year lease that expires in December 2021.

This lease may be extended at the option of the tenant for one option period of five years.

Beaumont, Texas 551,000 Molten sulfur, formed sulfur, ammonia, asphalt, fuel oil, crude oil and sulfur-based fertilizer Marine terminal, loading/unloading for vessels, barges, railcars and trucks

1 The terminal is located on land owned by the Tampa Port Authority that was leased to us under a lease that expires in December 2026.

2 The Neches terminal is a deep water marine terminal located near Beaumont, Texas, on approximately 50 acres of land owned by us, and an additional 96 acres leased to us under terms of a 20-year lease commencing May 1, 2014 with three five-year options.

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275,000 barrels of crude bulk storage;

647,000 barrels of lubricant storage Naphthenic lubricants, distillates, asphalt, crude oil Crude refining facility

647,000 barrels of lubricant storage Naphthenic lubricants, distillates, asphalt, crude oil Naphthenic rude refining facility

Martin Lubricants Smackover, Arkansas 4.0 million gallons bulk storage Agricultural, automotive, and industrial lubricants and grease Lubricants packaging facility

Martin Specialty Products (1) Kansas City, Missouri 0.2 million gallons of bulk storage Automotive, commercial and industrial greases Grease manufacturing and packaging facility

Martin Specialty Products Houston, Texas 0.2 million gallons of bulk storage Commercial and industrial greases Grease manufacturing and packaging facility

Martin Specialty Products (2) Phoenix, Arizona 0.1 million gallons of bulk storage Commercial and industrial greases Grease manufacturing and packaging facility

Martin Specialty Products 1

Kansas City, Missouri 14 million pounds of production capacity Automotive, commercial and industrial greases Grease manufacturing and packaging facility

Martin Specialty Products Houston, Texas 16 million pounds of production capacity Commercial and industrial greases Grease manufacturing and packaging facility

Martin Specialty Products 2

Phoenix, Arizona 6 million pounds of production capacity Commercial and industrial greases Grease manufacturing and packaging facility

Hondo Asphalt Hondo, Texas 182,000 barrels Asphalt Asphalt processing and storage

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Our terminalling assets are located at strategic distribution points for the products we handle and are in close proximity to our customers.

We are one of the largest operators of marine shore-based terminals in the U.S.

Gulf Coast region.

We are one of the largest operators of marine shore-based terminals in the Gulf Coast region of the U.S.

These terminals are used to distribute and market fuel and lubricants.

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Customers are primarily oil and gas exploration and production companies and oilfield service companies, such as drilling fluid companies, marine transportation companies and offshore construction companies.

Shore bases typically provide logistical support, including the storing and handling of tubular goods, loading and unloading bulk materials, providing facilities from which major and independent oil companies can communicate with and control offshore operations and leasing dockside facilities to companies which provide complementary products and services such as drilling fluids and cementing services.

We generate revenues from our terminals that have shore bases by fees that we charge our customers under land rental contracts for the use of our terminal facility for these shore bases.

Shore bases typically provide logistical support, including the storage and handling of tubular goods, loading and unloading bulk materials, providing facilities from which major and independent oil companies can communicate with and control offshore operations and leasing dockside facilities to companies which provide complementary products and services such as drilling fluids and cementing services.

These contracts generally provide us a fixed land rental fee and additional rental fees that are determined based on a percentage of the sales value of the products and services delivered from the shore base.

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Full Service Terminals.

We own or operate four full service terminals.

We own or operate three full service terminals.

These facilities provide logistical support services and storage and handling services for fuel and lubricants.

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End of Lease (Including Options)

Fourchon 15 Fourchon, Louisiana 7,600 February 2047

Harbor Island (1) Port Aransas, Texas 6,800 December 2039

Harbor Island 1

Port Aransas, Texas 6,800 December 2039

Pelican Island Galveston, Texas 87,600 Own

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Fuel and Lubricant Terminals.

We own or operate 13 fuel and lubricant terminals located in the U.S.

Gulf Coast region that provide storage and handling services for lubricants and fuel oil.

We own or operate 12 fuel and lubricant terminals located in the Gulf Coast region of the U.S.

that provide storage and handling services for lubricants and fuel oil.

The following is a summary description of our fuel and lubricant terminals at:

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Amelia Amelia, Louisiana 13,000 August 2023

Dulac (1) Dulac, Louisiana — December 2041

Dock 193 (3) Gueydan, Louisiana 11,000 May 2022

Gueydan, Louisiana 11,000 May 2022

Fourchon Fourchon, Louisiana 80,900 May 2027

Fourchon 16 Fourchon, Louisiana 15,200 July 2048

Galveston T (2) Galveston, Texas 1,400 Own

Intracoastal City (2) Intracoastal City, Louisiana — Own

Jennings Bulk Plant Jennings, Louisiana 9,100

Galveston T 2

Galveston, Texas 10,500 Own

Intracoastal City 2

Intracoastal City, Louisiana — Own

Jennings Bulk Plant Jennings, Louisiana 9,100 Own

Lake Charles T Lake Charles, Louisiana 1,000 April 2023

Pascagoula (2) Pascagoula, Mississippi 10,100 Own

Pascagoula, Mississippi 10,100 Own

Port Arthur Port Arthur, Texas 16,300 November 2025

Port O'Connor (1) Port O'Connor, Texas 6,700 March 2028

Sabine Pass (2)(3) Sabine Pass, Texas 16,700 September 2036

Port O'Connor 1

Port O'Connor, Texas 6,700 March 2028

Sabine Pass 2

Sabine Pass, Texas 16,100 September 2036

1 This terminal is currently in caretaker status and the lease will not be renewed at the end of the current option.

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Terminal versatility depends upon the operator’s ability to handle diverse products, some of which have complex or specialized handling and storage requirements.

The service function of a terminal includes, among other things, the safe storage of product at specified temperature, moisture and other conditions and

receiving and delivering product to and from the terminal.

The service function of a terminal includes, among other things, the safe storage of product at specified temperature, moisture and other conditions and receiving and delivering product to and from the terminal.

All of these services must be in compliance with applicable environmental and other regulations.

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Additionally, while some companies have significantly more terminalling and storage capacity than us, not all terminalling and storage facilities located in the markets we serve are equipped to properly handle specialty products such as asphalt, sulfur and anhydrous ammonia.

The principal competitive factors affecting our terminals, which provide fuel and lubricants distribution and marketing, as well as shore bases at certain terminals, are the locations of the facilities, availability of competing logistical support services and the experience of personnel and dependability of service.

and the experience of personnel and dependability of service.

The distribution and marketing of our lubricant products is brand sensitive and we encounter brand loyalty competition.

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Our land transportation assets operate out of 24 strategically located terminals throughout the U.S.

Gulf Coast and Southeastern United States.

Gulf Coast and Southeastern U.S.

The following is a listing of our terminals utilized in our land transportation business:

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Channelview Jennings Kenova, West Virginia

Corpus Christi Lake Charles Tennessee

Corpus Christi Lake Charles Tennessee Pace, Florida

Kilgore Reserve Chattanooga

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The agreement will continue unless either party terminates the agreement by giving at least 30 days' written notice to the other party.

These rates are subject to any adjustments which are mutually agreed upon or in accordance with a price index.

The rates under this agreement are subject to any adjustments which are mutually agreed upon or in accordance with a price index.

Additionally, shipping charges are also subject to fuel surcharges determined on a weekly basis in accordance with the U.S.

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This waterway system extends approximately 26,000 miles, of which 12,000 miles are generally considered significant for domestic commerce.

Gulf Coast region is a major hub for petroleum refining.

The Gulf Coast region of the U.S.

is a major hub for petroleum refining.

The petroleum refining process generates products and by-products that require transportation in large quantities from the refinery or processor.

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We utilize a fleet of inland and offshore tows that provide marine transportation of petroleum products and by-products produced in oil refining.

Our marine transportation business operates coastwise along the Gulf of Mexico and east coast of the United States, as well as on the U.S.

Our marine transportation business operates coastwise along the Gulf of Mexico and east coast of the U.S., as well as on the U.S.

inland waterway system, primarily between domestic ports along the Gulf of Mexico, Intracoastal Waterway, the Mississippi River system and the Tennessee-Tombigbee Waterway system.

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is principally located along the U.S.

Gulf Coast, along major inland waterways and in some areas of the western United States.

Gulf Coast, along major inland waterways and in some areas of the western U.S.

Sulfur has long been recognized as essential for plant and animal growth and various other industrial purposes.

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Nitrogen, phosphorus, potassium and sulfur are the four most important nutrients for crop growth.

These nutrients are found naturally in soils.

These nutrients are found

naturally in soils.

However, soils used for agriculture become depleted of nutrients and require fertilizers rich in nutrients to restore fertility.

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We also provide barge transportation and tank storage services to large producers and consumers of sulfur under contracts with remaining terms from one to five years in duration.

We operate sulfur forming assets in the Port of Stockton, California and Beaumont, Texas, which are used to convert molten sulfur into solid form (prills/granules).

The Stockton facility is equipped with one wet prill unit capable of processing 1,000 metric tons of molten sulfur per day.

We operate sulfur forming assets in Beaumont, Texas and the Port of Stockton, California, which are used to convert molten sulfur into solid form (prills/granules).

The Beaumont facility is equipped with two wet prill units and one granulation unit capable of processing a combined 5,500 metric tons of molten sulfur per day.

The Stockton facility is equipped with one wet prill unit capable of processing 1,000 metric tons of molten sulfur per day.

Formed sulfur at both facilities is stored in bulk until sold into local or international agricultural markets.

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We manufacture and market the following sulfur-based fertilizer and related sulfur products:

• Plant nutrient sulfur products.

We produce plant nutrient and agricultural ground sulfur products at our facilities in Odessa, Texas, Seneca, Illinois and Cactus, Texas.

Our plant nutrient sulfur product is a 90% degradable sulfur product marketed under the Disper-Sul® trade name and sold throughout the U.S.

to direct application agricultural markets.

• Ammonium sulfate products.

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We package these custom grade products under both proprietary and private labels and sell them to major retail distributors and other retail customers.

• Sulfuric acid.

Our sulfuric acid production facility at our Plainview, Texas location processes molten sulfur to produce a dedicated supply of raw material sulfuric acid to our ammonium sulfate production plant.

The ammonium sulfate plant produces approximately 400 tons per day of quality ammonium sulfate and is marketed to our customers throughout the U.S.

The sulfuric acid produced and not consumed by the captive ammonium sulfate production is sold to third parties.

• Industrial sulfur products.

We produce industrial sulfur products such as elemental pastille sulfur, industrial ground sulfur products, and emulsified sulfur.

We produce elemental pastille sulfur at our Odessa, Texas and Seneca, Illinois facilities.

Elemental pastille sulfur is used to increase the efficiency of the coal-fired precipitators in the power industry.

These industrial ground sulfur products are also used in a variety of dusting and wettable sulfur applications such as rubber manufacturing, fungicides, sugar and animal feeds.

We produce emulsified sulfur at our Nash, Texas facility.

Emulsified sulfur is primarily used to control the sulfur content in the pulp and paper manufacturing processes.

Our ammonium sulfate plant produces approximately 400 tons per day of quality ammonium sulfate and is marketed to our customers throughout the U.S.

• Liquid sulfur products.

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and Coastal Bend area of Texas.

• Plant nutrient sulfur products.

We produce plant nutrient and agricultural ground sulfur products at our facilities in Odessa, Texas, Seneca, Illinois and Cactus, Texas.

Our plant nutrient sulfur product is a 90% degradable sulfur product marketed under the Disper-Sul® trade name and sold throughout the U.S.

to direct application agricultural markets.

• Industrial sulfur products.

We produce industrial sulfur products such as elemental pastille sulfur, industrial ground sulfur products, and emulsified sulfur.

We produce elemental pastille sulfur at our Odessa, Texas and Seneca, Illinois facilities.

Elemental pastille sulfur is used to increase the efficiency of the coal-fired precipitators in the power industry.

These industrial ground sulfur products are also used in a variety of dusting and wettable

sulfur applications such as rubber manufacturing, fungicides, sugar and animal feeds.

We produce emulsified sulfur at our Nash, Texas facility.

Emulsified sulfur is primarily used to control the sulfur content in the pulp and paper manufacturing processes.

• Sulfuric acid.

Sulfuric acid production facility at our Plainview, Texas location processes molten sulfur to produce a dedicated supply of raw material sulfuric acid to our ammonium sulfate production plant.

The sulfuric acid produced and not consumed by the captive ammonium sulfate production is sold to third parties.

Our Sulfur Services Facilities.

We own 21 railcars and lease 27 railcars equipped to transport molten sulfur.

We own the following marine assets and use them to transport molten sulfur between U.S.

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Stockton Stockton, California 1,000 metric tons per day Molten and prilled sulfur

We lease 131 railcars to transport our fertilizer products.

We own the following manufacturing plants as part of our sulfur services business:

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Fertilizer plant Beaumont, Texas 110,000 tons Liquid sulfur fertilizer production

Fertilizer plants Odessa, Texas 35,000 tons Dry sulfur fertilizer production

Fertilizer plant Odessa, Texas 35,000 tons Dry sulfur fertilizer production

Fertilizer plant Seneca, Illinois 36,000 tons Dry sulfur fertilizer production

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Sulfuric acid plant Plainview, Texas 150,000 tons Sulfuric acid production

The Martin Explorer/Margaret Sue articulated barge unit is one of four vessels currently used to transport molten sulfur between U.S.

We own the LaForce/Margaret Sue articulated barge unit, which is one of four vessels currently used to transport molten sulfur between U.S.

ports on the Gulf of Mexico and Tampa, Florida.

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• storage of NGLs;

• efficient use of railroad tank cars;

• the transportation fleet owned by MTI;

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NGL Facility Location Capacity Description

Wholesale terminals Arcadia, Louisiana 2,100,000 barrels Underground storage

Rail terminal Arcadia, Louisiana 24 railcars per day NGL railcar loading and unloading capabilities

Wholesale terminals Arcadia, Louisiana 2,200,000 barrels Underground and above ground NGL storage terminal

Rail terminal Arcadia, Louisiana 24 railcars per day Railcar loading and unloading facility

Spindletop storage facility Beaumont, Texas 90,695 barrels Above ground storage tank and pipeline connections

In addition to the owned NGL facilities above, we lease underground storage capacity at four locations under short-term lease agreements.

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This imbalance causes increases in inventories during summer months when consumption is low and decreases in inventories during winter months when consumption is high.

In September, demand for normal butane typically increases with refineries entering

the winter gasoline-blending season, resulting in upward pressure on prices.

In September, demand for normal butane typically increases with refineries entering the winter gasoline-blending season, resulting in upward pressure on prices.

Abnormally cold weather can put extra upward pressure on propane prices during the winter.

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• distributing asphalt, marine fuel and other liquids;

• providing shore-based marine services in Texas, Louisiana, Mississippi, and Alabama;

• providing marine bunkering and other shore-based marine services in Texas, Louisiana, Mississippi, and Alabama;

• operating a crude oil gathering business in Stephens, Arkansas;

• providing crude oil gathering and marketing services of base oils, asphalt, and distillate products in Smackover, 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;

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• supplying employees and services for the operation of our business;

• operating, solely for our account, the asphalt facilities in each of Hondo, South Houston and Port Neches, Texas and Omaha, Nebraska.

• operating, solely for our account, the asphalt facilities in Omaha, Nebraska, Port Neches, Texas, and South Houston, Texas

We are and will continue to be closely affiliated with Martin Resource Management Corporation as a result of the following relationships.

Martin Resource Management Corporation owns approximately 15.8% of the outstanding limited partner units.

In addition, Martin Resource Management Corporation controls MMGP, our general partner, by virtue of its 51% voting interest in Holdings, the sole member of MMGP.

MMGP owns a 2% general partner interest in us and all of our incentive distribution rights.

In addition, following its acquisition of the remaining 49% voting interest (50% economic interest) in Holdings, which is the sole member of MMGP, Martin Resource Management Corporation indirectly owns 100% of MMGP, our general partner.

MMGP owns a 2% general partner interest in us.

Martin Resource Management Corporation directs our business operations through its ownership interests in and control of our general partner.

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For the years ended December 31, 2021, 2020, and 2019, the board of directors of our general partner approved reimbursement amounts of $14.4 million, $16.4 million and $16.7 million, respectively, reflecting our allocable share of such expenses.

The board of directors of our general partner will review and approve future adjustments in the reimbursement amount for indirect expenses, if any,

The board of directors of our general partner will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually.

These indirect expenses covered the centralized corporate functions Martin Resource Management Corporation provides for us, such as accounting, treasury, clerical, engineering, legal, billing, information technology, administration of insurance, environmental and safety compliance, general office expenses and employee benefit plans and other general corporate overhead functions we share with Martin Resource Management Corporation’s retained businesses.

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Martin Resource Management Corporation also licenses certain of its trademarks and trade names to us under the Omnibus Agreement.

Other agreements include, but are not limited to, a master transportation services agreement, marine transportation agreements, terminal services agreements, a tolling agreement, and a sulfuric acid sales agency agreement.

Other agreements include, but are not limited to, a master transportation services agreement, marine transportation agreements, terminal services agreements, and a tolling agreement.

Pursuant to the terms of the Omnibus Agreement, we are prohibited from entering into certain material agreements with Martin Resource Management Corporation without the approval of the conflicts committee of our general partner ("Conflicts Committee").

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Our deductible for onshore physical damage resulting from named windstorms is 5% of the total value of affected properties.

Excluding Neches Industrial Park, which has no minimum deductible, the overall minimum deductible ranges from $1.0 million to $5.0 million for damage caused by the named windstorm.

Our onshore program currently provides $40.0 million per occurrence for named windstorm events, including business interruption coverage in connection with a named windstorm event and has a waiting period of 45 days.

Excluding Neches Industrial Park, the overall minimum deductible ranges from $1.0 million to $5.0 million for damage caused by the named windstorm.

Neches Industrial Park has a specific minimum deductible of $3.0 million.

Our onshore program currently provides $40.0 million per occurrence and annual aggregate for named windstorm events, including business interruption coverage in connection with a named windstorm event and has a waiting period of 45 to 60 days.

For non-named windstorms or events, our onshore physical damage deductible is $1.0 million per occurrence for all properties.

Business interruption coverage in connection with a non-named windstorm or event is subject to a $200.0 million per occurrence and aggregate limit as the property damage coverage and has a waiting period of 30 days, excluding the Smackover Refinery which has a waiting period of 45 days.

Business interruption coverage in connection with a non-named windstorm or event is subject to a $200.0 million per occurrence as the property damage coverage and has a waiting period of 30 days, excluding the Smackover Refinery which has a waiting period of 45 to 60 days.

We have various pollution liability policies, which provide coverages ranging from remediation of our property to third party liability.

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Loss of, or damage to, our vessels and cargo is insured through hull and cargo insurance policies.

Vessel operating liabilities such as collision, cargo, environmental and personal injury are insured primarily through our participation in mutual insurance associations and other reinsurance arrangements, pursuant to which we are potentially exposed to assessments in the event claims by us or other members exceed available funds and reinsurance.

Protection and indemnity ("P&I") insurance coverage is provided by P&I associations and other insurance underwriters.

Our vessels are entered in P&I associations that are parties to a pooling agreement, known as the International Group Pooling Agreement ("Pooling Agreement") through which approximately 90% of the world's ocean-going tonnage is reinsured through a group reinsurance policy.

With regard to collision coverage, the first $1.0 million of coverage is insured by our hull policy and any excess is insured by a P&I association.

We insure our owned cargo through a domestic insurance company.

We insure cargo owned by third parties through our P&I coverage.

As a member of P&I associations that are parties to the Pooling Agreement, we are subject to supplemental calls payable to the associations of which we are a member, based on our claims record and the other members of the other P&I associations that are parties to the Pooling Agreement.

Vessel operating liabilities such as collision, cargo, environmental and personal injury are insured primarily through our participation in mutual insurance associations, commonly referred to as a P&I Club, which provides protection and indemnity insurance, and other insurance arrangements.

Such membership potentially exposes us to assessments, and/or calls, in the event claims by us or other members exceed available funds and insurance.

Except for our marine operations, we self-insure against liability exposure up to a predetermined amount, beyond which we are covered by catastrophe insurance coverage.

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The Federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, ("CERCLA"), also known as the "Superfund" law, and similar state laws, impose liability without regard to fault or the legality of the original conduct, on certain classes of "responsible persons," including the owner or operator of a site where regulated hazardous substances have been released into the environment and companies that disposed or arranged for the disposal of the hazardous substances found at such site.

Under CERCLA, these responsible persons may be subject to joint and several strict liability for the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources, and for the costs of certain health studies, and it is not uncommon for neighboring landowners and other third parties

to file claims for personal injury and property damage allegedly caused by the release of hazardous substances into the environment.

Although certain hydrocarbons are not subject to CERCLA’s reach because "petroleum" is excluded from CERCLA’s definition of a "hazardous substance," in the course of our ordinary operations we will generate wastes that may fall within the definition of a "hazardous substance." In addition, some state counterparts to CERCLA tie liability to a broader set of substances than does CERCLA.

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We currently own or lease, and have in the past owned or leased, properties that have been used for the manufacturing, processing, transportation and storage of petroleum products and by-products.

Solid waste disposal practices within oil and gas related industries have improved over the years with the passage and implementation of various environmental laws and regulations.

Solid waste disposal practices within oil and gas related industries have improved over the years with the passage and implementation of various environmental laws and

Nevertheless, a possibility exists that petroleum and other solid wastes may have been disposed of on or under various properties owned or leased by us during the operating history of those facilities.

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Supreme Court ruling in Massachusetts, et al.

EPA that the EPA has authority to regulate carbon dioxide emissions under the CAA, the EPA has taken several steps towards implementing regulations regarding the emission of GHGs.

EPA deciding that the EPA has authority to regulate carbon dioxide emissions under the CAA, the EPA has taken several steps towards implementing regulations regarding the emission of GHGs.

In 2009, the EPA issued a final rule declaring that six GHGs "endanger both the public health and the public welfare of current and future generations." The issuance of this "endangerment finding" allows the EPA to regulate GHG emissions under existing provisions of the federal CAA.

Further, in December 2015, over 190 countries, including the United States, reached an agreement to reduce global GHG emissions ("Paris Agreement").

The Paris Agreement entered into force in November 2016, after over 70 countries, including the United States, ratified or otherwise consented to be bound by the agreement.

In November 2020, the United States formally withdrew from the Paris Agreement.

Further, in December 2015, over 190 countries, including the U.S., reached an agreement to reduce global GHG emissions ("Paris Agreement").

The Paris Agreement entered into force in November 2016, after over 70 countries, including the U.S., ratified or otherwise consented to be bound by the agreement.

In November 2020, the U.S.

formally withdrew from the Paris Agreement.

However, on January 20, 2021, President Biden signed an “Acceptance on Behalf of the United States of America” that will allow the U.S.

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The newly signed acceptance, deposited with the United Nations on January 20, 2021, reverses the prior withdrawal.

The United States will officially rejoin the Paris Agreement on February 19, 2021.

In addition, shortly after taking office in January 2021, President Biden issued a series of executive orders designed to address climate change.

Reentry into the Paris Agreement and President Biden’s executive orders

may result in the development of additional regulations or changes to existing regulations, which could have a material adverse effect on our business and that of our customers.

officially rejoined the Paris Agreement on February 19, 2021.

As part of rejoining the Paris Agreement, President Biden announced that the U.S.

would commit to a 50 to 52 percent reduction from 2005 levels of GHG emissions by 2030 and set the goal of reaching net-zero GHG emissions by 2050.

In addition, shortly after taking office in January 2021, President Biden issued a series of executive orders designed to address climate change, and new legislation to regulate GHG emissions has been periodically introduced into the U.S.

Congress, but none have passed.

Reentry into the Paris Agreement, new legislation, or President Biden’s executive orders may result in the development of additional regulations or changes to existing regulations, which could have a material adverse effect on our business and that of our customers.

Several states and local governments have also stated their commitment to the principles of the Paris Agreement in their effectuation of policy and regulations.

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Significant physical effects of climate change could also have an indirect effect on our financing and operations by disrupting the transportation or process related services provided by companies or suppliers with whom we have a business relationship.

In addition, the demand for and consumption of our products and services (due to change in both costs and weather patterns), and the economic health of the regions in which we operate, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, the demand for and consumption of our products and services (due to change in costs, consumer demand and weather patterns), and the economic health of the regions in which we operate, could have a material adverse effect on our business, financial

condition, results of operations and cash flows.

We may not be able to recover through insurance some or any of the damages, losses or costs that may result from potential physical effects of climate change.

Clean Water Act

The Federal Water Pollution Control Act of 1972, as amended, also known the Clean Water Act and comparable state laws impose restrictions and strict controls regarding the discharge of pollutants, including hydrocarbon-bearing wastes, into state waters and waters of the United States.

Pursuant to the Clean Water Act and similar state laws, a National Pollutant Discharge Elimination System permit, or a state permit, or both, must be obtained to discharge pollutants into federal and state waters.

In addition, the Clean Water Act and comparable state laws require that individual permits or coverage under general permits be obtained by subject facilities for discharges of storm water runoff.

Furthermore, the Clean Water Act potentially requires individual permits or qualification for nationwide permits for activities that involve the discharge of dredged or fill material into waters of the United States.

In June 2015, the EPA and the U.S.

Army Corps of Engineers finalized a rule intended to clarify the meaning of the term "waters of the United States," which established the scope of regulated waters under the Clean Water Act.

Army Corps of Engineers (the “Corps”) finalized a rule intended to clarify the meaning of the term "waters of the U.S.," which established the scope of regulated waters under the Clean Water Act.

However, in October 2019, the subject rule was repealed and the pre-2015 regulatory text was re-codified.

In April 2020, the EPA and the Army Corps of Engineers issued the final Navigable Waters Protection Rule amending the definition of "water of the United States" and replacing the EPA's October 2019 final rule.

In April 2020, the EPA and the Army Corps of Engineers issued the final Navigable Waters Protection Rule (“NWPR”) amending the definition of "water of the U.S." and replacing the EPA's October 2019 final rule.

Judicial challenges to EPA’s October 2019 and April 2020 final rules are currently before multiple federal district courts.

Additionally, the rules are among agency actions listed for review in accordance with President Biden’s January 20, 2021 Executive Order:

"Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis.

" If the rules are vacated and the expanded scope of jurisdiction in the 2015 rule is ultimately implemented, or to the extent that any future rules expand the scope of the Clean Water Act's jurisdiction , we could face increased costs and delays with respect to permitting.

"Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis." On December 7, 2021, EPA and the Corps published a proposed rule titled the “Revised Definition of ‘Waters of the U.S.’” The proposed rule provides that EPA and the Corps will begin interpreting the WOTUS definition consistent with the Pre-2015 regulatory regime, generally referred to as the “1986 definition,” subject to some amendments that reflect the agencies’ interpretation of the statutory limits on the WOTUS definition and Supreme Court precedent.

The proposed rule, if finalized, would be expected to significantly expand federal jurisdiction as compared to the NWPR, and as such, we could face increased costs and delays with respect to obtaining permits for activities in jurisdictional waters, including wetlands.

On January 24, 2022, however, the Supreme Court granted certiorari in the case of Sackett v.

EPA to determine whether the Ninth Circuit set forth the proper test for determining whether wetlands are “waters of the U.S.” under the Clean Water Act.

The Court’s decision to take up this jurisdictional question will undoubtedly impact the agencies’ current rulemaking process addressing the same question.

To the extent that any future Supreme Court decisions or final rules expand the scope of the Clean Water Act's jurisdiction, we could face increased costs and delays with respect to permitting.

We believe that we are in substantial compliance with Clean Water Act permitting requirements as well as the conditions imposed thereunder, and that our continued compliance with such existing permit conditions will not have a material adverse effect on our business, financial condition or results of operations.

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The trucking industry is subject to possible regulatory and legislative changes that may affect the economics of the industry by requiring changes in operating practices or by changing the demand for common or contract carrier services or the cost of providing truckload services.

Some of these possible changes include increasingly stringent environmental regulations, changes in the hours of service regulations which govern the amount of time a driver may drive or work in any specific period, onboard black box recorder device requirements, or limits on vehicle weight and size.

Moreover, various legislative proposals are occasionally introduced, including proposals to increase federal, state, or local taxes

on motor fuels, among other things, which may increase our costs or adversely impact the recruitment of drivers.

Some of these possible changes include increasingly stringent environmental regulations;

changes in the hours of service regulations which govern the amount of time a driver may drive or work in any specific period;

onboard black box recorder device requirements;

or limits on vehicle weight and size.

Moreover, various legislative proposals are occasionally introduced, including proposals to increase federal, state, or local taxes on motor fuels, among other things, which may increase our costs or adversely impact the recruitment of drivers.

We cannot predict whether, or in what form, any increase in such taxes applicable to us will be enacted.

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These services include centralized corporate functions, such as accounting, treasury, engineering, information technology, insurance, administration of employee benefit plans and other corporate services.

Martin Resource Management Corporation has approximately 1,500 employees of which 1,130 individuals, including 59 individuals represented by labor unions, provide direct support to our operations as of December 31, 2020.

Martin Resource Management Corporation has approximately 1,450

employees of which 1,130 individuals, including 59 individuals represented by labor unions, provide direct support to our operations as of December 31, 2021.

Martin Resource Management Corporation employees are responsible for conducting our business and operating our assets on our behalf.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business