Item 2. Management’s Discussion and Analysis
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated and condensed financial statements and the notes thereto included elsewhere in this quarterly report.
Overview
We are a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the U.S. Our four primary business lines include:
• Terminalling, processing, and storage services for petroleum products and by-products;
• Land and marine transportation services for petroleum products and by-products, chemicals, and specialty products;
• Sulfur and sulfur-based products processing, manufacturing, marketing, and distribution; and
• Marketing, distribution, and transportation services for NGLs and blending and packaging services for specialty lubricants and greases.
The petroleum products and by-products we collect, transport, store and market are produced primarily by major and independent oil and gas companies who often turn to third parties, such as us, for the transportation and disposition of these products. In addition to these major and independent oil and gas companies, our primary customers include independent refiners, large chemical companies, and other wholesale purchasers of these products. We operate primarily in the Gulf Coast region of the U.S. This region is a major hub for petroleum refining, natural gas gathering and processing, and support services for the exploration and production industry.
We were formed in 2002 by Martin Resource Management Corporation, a privately-held company whose initial predecessor was incorporated in 1951 as a supplier of products and services to drilling rig contractors. Since then, Martin Resource Management Corporation has expanded its operations through acquisitions and internal expansion initiatives as its management identified and capitalized on the needs of producers and purchasers of petroleum products and by-products and other bulk liquids. Martin Resource Management Corporation is an important supplier and customer of ours. As of June 30, 2026, Martin Resource Management Corporation owned 20.1% of our total outstanding common limited partner units and 100% of MMGP Holdings, LLC ("Holdings"), which is the sole member of Martin Midstream GP LLC ("MMGP"), our general partner. MMGP owns a 2.0% general partner interest in us.
We entered into the Omnibus Agreement 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 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 our inception in 2002. Martin Resource Management Corporation began operating our NGL business in the 1950s and our sulfur business in the 1960s. It began our land transportation business in the early 1980s and our marine transportation business in the late 1980s. It entered into our fertilizer and terminalling and storage businesses in the early 1990s.
Significant Recent Developments
Subsequent Events
Quarterly Distribution. On July 22, 2026, we declared a quarterly cash distribution of $0.005 per common unit for the second quarter of 2026, or $0.020 per common unit on an annualized basis, which will be paid on August 14, 2026 to unitholders of record as of August 7, 2026.
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Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based on the historical consolidated and condensed financial statements included elsewhere herein. We prepared these financial statements in conformity with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. We routinely evaluate these estimates, utilizing historical experience, consultation with experts and other methods we consider reasonable in the particular circumstances. Our results may differ from these estimates, and any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Changes in these estimates could materially affect our financial position, results of operations or cash flows. See the "Critical Accounting Policies and Estimates" section in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 2, "Significant Accounting Policies" in Notes to Consolidated Financial Statements included within our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026.
Our Relationship with Martin Resource Management Corporation
Martin Resource Management Corporation is engaged in the following principal business activities:
• distributing asphalt, marine fuel and other liquids;
• providing 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 marketing and transportation from the well head to the end market;
• operating an environmental consulting company;
• operating a butane optimization business;
• supplying employees and services for the operation of our business; and
• operating, solely for our account, the asphalt facilities owned by us in each of Hondo, South Houston and Port Neches, Texas, and Omaha, Nebraska.
We are and will continue to be closely affiliated with Martin Resource Management Corporation as a result of the following relationships.
Ownership
Martin Resource Management Corporation owns approximately 20.1% of the outstanding limited partner units and indirectly owns 100% of MMGP, our general partner, through its 100% interest in Holdings, which is the sole member of MMGP. MMGP owns a 2% general partner interest in us.
Management
Martin Resource Management Corporation directs our business operations through its ownership interests in and control of our general partner. We benefit from our relationship with Martin Resource Management Corporation through access to a significant pool of management expertise and established relationships throughout the energy industry. We do not have employees. Martin Resource Management Corporation employees are responsible for conducting our business and operating our assets on our behalf.
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Related Party Agreements
The Omnibus Agreement requires us to reimburse Martin Resource Management Corporation for all direct expenses it incurs or payments it makes on our behalf or in connection with the operation of our business. We reimbursed Martin Resource Management Corporation for $45.1 million of direct costs and expenses for the three months ended June 30, 2026, compared to $42.8 million for the three months ended June 30, 2025. We reimbursed Martin Resource Management Corporation for $88.5 million of direct costs and expenses for the six months ended June 30, 2026, compared to $83.9 million for the six months ended June 30, 2025. There is no monetary limitation on the amount we are required to reimburse Martin Resource Management Corporation for direct expenses.
In addition to the direct expenses, under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporat ion for indirect general and administrative and corporate overhead expenses. For the three months ended June 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $3.2 million and $3.4 million, respectively. For the six months ended June 30, 2026 and 2025, the Conflicts Committee approved reimbursement amounts of $6.5 million and $6.8 million, respectively. The Conflicts Committee 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, su ch 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 we share with Martin R esource Management Corporation’s retained businesses. The Omnibus Agreement also contains significant non-compete provisions and indemnity obligations. Martin Resource Management Corporation also licenses certain of its trademarks and trade names to us under the Omnibus Agreement.
These additional related party 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.
For a more comprehensive discussion concerning the Omnibus Agreement and the other agreements that we have entered into with Martin Resource Management Corporation, please refer to "Item 13. Certain Relationships and Related Transactions, and Director Independence" set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026.
Commercial
We have been and anticipate that we will continue to be both a significant customer and supplier of products and services offered by Martin Resource Management Corporation. In the aggregate, the impact of related party transactions included in total costs and expenses accounted for approximately 24% and 28% of our total costs and expenses during the three months ended June 30, 2026 and 2025, respectively. In the aggregate, the impact of related party transactions included in total costs and expenses accounted for approximately 25% and 26% of our total costs and expenses during the six months ended June 30, 2026 and 2025, respectively.
Correspondingly, Martin Resource Management Corporation is one of our significant customers. Our sales to Martin Resource Management Corporation accounted for approximately 13% and 15% of our total revenues for the three months ended June 30, 2026 and 2025, respectively. Our sales to Martin Resource Management Corporation accounted for approximately 14% and 14% of our total revenues for the six months ended June 30, 2026 and 2025, respectively.
For a more comprehensive discussion concerning the agreements that we have entered into with Martin Resource Management Corporation, please refer to "Item 13. Certain Relationships and Related Transactions, and Director Independence" set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026.
Approval and Review of Related Party Transactions
If we contemplate entering into a transaction, other than a routine or in the ordinary course of business transaction, in which a related person will have a direct or indirect material interest, the proposed transaction is submitted for consideration to the Board or to our management, as appropriate. If the Board is involved in the approval process, it determines whether to refer the matter to the Conflicts Committee, as constituted under our limited partnership agreement. If a matter is referred to the Conflicts Committee, the Conflicts Committee obtains information regarding the proposed transaction from management and determines whether to engage independent legal counsel or an independent financial advisor to advise the members of the
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committee regarding the transaction. If the Conflicts Committee retains such counsel or financial advisor, it considers such advice and, in the case of a financial advisor, such advisor’s opinion as to whether the transaction is fair and reasonable to us and to our unitholders.
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Non-GAAP Financial Measures
To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("Adjusted Free Cash Flow"). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.
Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets.
Adjusted EBITDA . We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, transaction costs associated with business combination, merger, and divestiture activities, equity in earnings (loss) from unconsolidated entities, and non-cash contractual revenue deferral adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:
• the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis;
• the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness, and make cash distributions to our unitholders; and
• our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure.
The GAAP measures most directly comparable to Adjusted EBITDA is net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.
Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net Cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance.
Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.
Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.
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The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity.
The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and six months ended June 30, 2026 and 2025, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(in thousands) (in thousands)
Net income (loss) $ 2,647 $ (2,407) $ (4,113) $ (3,440)
Adjustments:
Interest expense 14,491 14,608 28,452 28,715
Income tax expense 1,875 2,084 2,393 3,201
Depreciation and amortization 13,052 12,638 25,923 25,454
EBITDA 32,065 26,923 52,655 53,930
Adjustments:
Gain on disposition or sale of property, plant and equipment (4,653) (613) (4,986) (1,092)
Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — 827
Equity in loss of DSM Semichem LLC 260 616 561 825
Non-cash contractual revenue adjustment 197 175 372 396
Unit-based compensation 49 47 94 90
Adjusted EBITDA $ 27,918 $ 27,148 $ 48,696 $ 54,976
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Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(in thousands) (in thousands)
Net cash provided by (used in) operating activities $ 12,200 $ 30,915 $ (1,577) $ 24,896
Interest expense 1
13,152 13,229 25,581 25,959
Current income tax expense 1,479 2,024 1,855 3,355
Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — 827
Non-cash contractual revenue adjustment 197 175 372 396
Changes in operating assets and liabilities which (provided) used cash:
Accounts and other receivables, inventories, and other current assets 14,450 (6,570) 31,166 (5,997)
Trade, accounts and other payables, and other current liabilities (13,202) (12,013) (7,336) 7,024
Other (358) (612) (1,365) (1,484)
Adjusted EBITDA 27,918 27,148 48,696 54,976
Adjustments:
Interest expense (14,491) (14,608) (28,452) (28,715)
Income tax expense (1,875) (2,084) (2,393) (3,201)
Deferred income taxes 396 60 538 (154)
Amortization of debt discount 600 600 1,200 1,200
Amortization of deferred debt issuance costs 739 779 1,671 1,556
Payments for plant turnaround costs (1,589) (977) (9,378) (1,799)
Maintenance capital expenditures (9,588) (4,246) (12,652) (8,103)
Distributable Cash Flow 2,110 6,672 (770) 15,760
Principal payments under finance lease obligations (3) (3) (7) (7)
Expansion capital expenditures (2,987) (792) (6,125) (1,721)
Adjusted Free Cash Flow $ (880) $ 5,877 $ (6,902) $ 14,032
1 Net of amortization of debt issuance costs and discount, which are included in interest expense but not included in net cash provided by operating activities.
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Results of Operations
The results of operations for the three and six months ended June 30, 2026 and 2025, have been derived from our consolidated and condensed financial statements.
We evaluate segment performance on the basis of operating income, which is derived by subtracting cost of products sold, operating expenses, selling, general and administrative expenses, and depreciation and amortization expense from revenues. The following table sets forth our operating revenues and operating income by segment for the three and six months ended June 30, 2026 and 2025. The results of operations for these interim periods are not necessarily indicative of the results of operations which might be expected for the entire year.
Our consolidated and condensed results of operations are presented on a comparative basis below. There are certain items of income and expense which we do not allocate on a segment basis. These items, including interest expense and indirect selling, general and administrative expenses, are discussed following the comparative discussion of our results within each segment.
Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
Operating Revenues Intersegment Revenues Eliminations Operating Revenues
after Eliminations Operating Income (Loss) Operating Income (Loss) Intersegment Eliminations Operating
Income (Loss)
after
Eliminations
Three Months Ended June 30, 2026 (In thousands)
Terminalling and storage $ 25,719 $ (1,976) $ 23,743 $ 8,806 $ (1,905) $ 6,901
Transportation 61,257 (4,618) 56,639 5,137 (4,568) 569
Sulfur services 50,070 — 50,070 4,368 4,310 8,678
Specialty products 83,192 (44) 83,148 4,610 2,163 6,773
Indirect selling, general and administrative
— — — (3,663) — (3,663)
Total $ 220,238 $ (6,638) $ 213,600 $ 19,258 $ — $ 19,258
Operating Revenues Intersegment Revenues Eliminations Operating Revenues
after Eliminations Operating Income (Loss) Operating Income (Loss) Intersegment Eliminations Operating
Income (Loss)
after
Eliminations
Three Months Ended June 30, 2025 (In thousands)
Terminalling and storage $ 24,228 $ (1,824) $ 22,404 $ 3,000 $ (1,762) $ 1,238
Transportation 57,701 (3,875) 53,826 6,217 (3,913) 2,304
Sulfur services 44,128 — 44,128 5,969 3,800 9,769
Specialty products 60,341 (23) 60,318 3,634 1,875 5,509
Indirect selling, general and administrative
— — — (3,937) — (3,937)
Total $ 186,398 $ (5,722) $ 180,676 $ 14,883 $ — $ 14,883
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Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Operating Revenues Intersegment Revenues Eliminations Operating Revenues
after Eliminations Operating Income (Loss) Operating Income (Loss) Intersegment Eliminations Operating
Income (Loss)
after
Eliminations
Six Months Ended June 30, 2026 (In thousands)
Terminalling and storage $ 50,107 $ (3,927) $ 46,180 $ 11,009 $ (3,748) $ 7,261
Transportation 118,060 (8,614) 109,446 8,374 (8,557) (183)
Sulfur services 100,894 — 100,894 6,895 7,865 14,760
Specialty products 144,819 (65) 144,754 8,141 4,440 12,581
Indirect selling, general and administrative
— — — (7,142) — (7,142)
Total $ 413,880 $ (12,606) $ 401,274 $ 27,277 $ — $ 27,277
Operating Revenues Intersegment Revenues Eliminations Operating Revenues
after Eliminations Operating Income (Loss) Operating Income (Loss) Intersegment Eliminations Operating
Income (Loss)
after
Eliminations
Six Months Ended June 30, 2025 (In thousands)
Terminalling and storage $ 47,642 $ (3,689) $ 43,953 $ 5,110 $ (3,593) $ 1,517
Transportation 115,176 (8,365) 106,811 11,723 (8,426) 3,297
Sulfur services 92,832 — 92,832 13,685 7,605 21,290
Specialty products 129,669 (46) 129,623 7,379 4,414 11,793
Indirect selling, general and administrative
— — — (8,612) — (8,612)
Total $ 385,319 $ (12,100) $ 373,219 $ 29,285 $ — $ 29,285
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Terminalling and Storage Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
Three Months Ended June 30, Variance Percent Change
2026 2025
(In thousands, except BBL per day)
Revenues $ 25,719 $ 24,228 $ 1,491 6 %
Operating expenses 15,940 15,079 861 6 %
Selling, general and administrative expenses 298 746 (448) (60) %
Depreciation and amortization 5,125 5,411 (286) (5) %
4,356 2,992 1,364 46 %
Gain on disposition or sale of property, plant and equipment 4,450 8 4,442 55,525 %
Operating income $ 8,806 $ 3,000 $ 5,806 194 %
Shore-based throughput volumes (gallons) 33,908 47,199 (13,291) (28) %
Smackover refinery throughput volumes (guaranteed minimum BBL per day) 6,500 6,500 — — %
Revenues. Revenues increased $1.5 million. Revenue at our underground storage terminal increased $1.1 million primarily as a result of increased storage volume. Revenue at our Smackover refinery increased $0.4 million primarily due to natural gas surcharge revenue. Revenue at our specialty terminals increased $0.1 million, primarily as a result of increased throughput revenue of $0.2 million and storage revenue of $0.1 million, offset by a $0.2 million decrease in service revenue. Our shore-based terminals decreased $0.1 million due to decreased space rent.
Operating expenses. Operating expenses increased primarily due to employee-related expenses of $0.5 million and repairs and maintenance of $0.2 million across all terminals.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to lower employee-related expenses.
Depreciation and amortization. The decrease in depreciation and amortization is primarily the result of fully depreciated assets and disposals, offset by capital expenditures.
Gain on disposition or sale of property, plant and equipment. The increase of $4.5 million is due to the gain recognized on the disposition of a non-core asset.
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Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands, except BBL per day)
Revenues $ 50,107 $ 47,642 $ 2,465 5 %
Operating expenses 32,199 29,892 2,307 8 %
Selling, general and administrative expenses 1,279 1,669 (390) (23) %
Depreciation and amortization 10,079 10,980 (901) (8) %
6,550 5,101 1,449 28 %
Gain on disposition or sale of property, plant and equipment 4,459 9 4,450 49,444 %
Operating income $ 11,009 $ 5,110 $ 5,899 115 %
Shore-based throughput volumes (gallons) 68,355 85,690 (17,335) (20) %
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) 6,500 6,500 — — %
Revenues. Revenues increased $2.5 million. Revenue at our underground storage terminal increased $1.6 million primarily as a result of higher storage revenue of $1.1 million and increased throughput revenue of $0.6 million. Revenue at our Smackover refinery increased $1.2 million primarily as a result of increases in natural gas surcharge revenue of $1.1 million and throughput revenue of $0.1 million. Our shore-based terminals decreased $0.3 million due to decreased space rent.
Operating expenses. Operating expenses increased primarily as a result of increases in employee-related expenses of $0.9 million, insurance premiums of $0.2 million and outside services of $0.2 million across all terminals. Additionally at our Smackover refinery, natural gas utilities increased $0.5 million (rates) and other tax expenses increased $0.3 million (sales tax credit in 2025).
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to lower employee-related expenses.
Depreciation and amortization. The decrease in depreciation and amortization is primarily the result of assets being fully depreciated and disposals, offset by capital expenditures.
Gain on disposition or sale of property, plant and equipment. The increase of $4.5 million is due to the gain recognized on the disposition of a non-core asset.
Transportation Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
Three Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Revenues $ 61,257 $ 57,701 $ 3,556 6 %
Operating expenses 50,899 46,399 4,500 10 %
Selling, general and administrative expenses 2,343 2,769 (426) (15) %
Depreciation and amortization 3,062 2,916 146 5 %
4,953 5,617 (664) (12) %
Gain on disposition or sale of property, plant and equipment 184 600 (416) (69) %
Operating income $ 5,137 $ 6,217 $ (1,080) (17) %
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Revenues . Revenues increased $3.6 million. In our land transportation division, ancillary revenue increased $4.2 million (primarily fuel). Freight revenue decreased $0.1 million, primarily due to a 3% decrease in total miles. In our marine transportation division, inland revenues increased $0.3 million, primarily related to an increase in transportation rates and utilization. Offshore revenues decreased $1.0 million, primarily related to lower transportation rates and utilization associated with planned regulatory inspections. Pass-through revenue (primarily fuel) increased $0.2 million.
Operating expenses . The increase in operating expenses is primarily a result of pass-through expenses (primarily fuel) of $2.2 million, employee-related expenses of $1.1 million, lease expense of $0.9 million, and outside towing of $0.2 million. The increase in lease expense is related to the replacement of tractors and trailers in our land transportation division.
Selling, general and administrative expenses . Selling, general and administrative expenses decreased primarily due to a reduction in the allowance for uncollectible accounts receivable of $0.3 million and employee-related expenses of $0.1 million.
Depreciation and amortization. The increase in depreciation and amortization is primarily the result of capital expenditures, offset by asset disposals.
Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Revenues $ 118,060 $ 115,176 $ 2,884 3 %
Operating expenses 99,177 93,046 6,131 7 %
Selling, general and administrative expenses 4,910 5,637 (727) (13) %
Depreciation and amortization 6,100 5,848 252 4 %
7,873 10,645 (2,772) (26) %
Gain on disposition or sale of property, plant and equipment 501 1,078 (577) (54) %
Operating income $ 8,374 $ 11,723 $ (3,349) (29) %
Revenues. Revenues increased $2.9 million. In our land transportation division, ancillary revenue increased $4.4 million (primarily fuel). Freight revenue decreased $0.4 million, primarily due to a 6% decrease in total miles. In our marine transportation division, inland revenues increased $0.5 million, primarily related to an increase in transportation rates and utilization. Offshore revenues decreased $1.8 million, primarily related to lower utilization associated with planned regulatory inspections combined with lower transportation rates. Pass-through revenue (primarily fuel) increased $0.1 million.
Operating expenses. The increase in operating expenses is primarily a result of pass-through expenses (primarily fuel) of $2.3 million, lease expense of $2.1 million, employee-related expenses of $0.6 million, insurance premiums of $0.5 million, insurance claims of $0.3 million, repairs and maintenance of $0.2 million. The increase in lease expense is related to the replacement of tractors and trailers in our land transportation division.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to a reduction in the allowance for uncollectible accounts receivable.
Depreciation and amortization. The increase in depreciation and amortization is primarily the result of capital expenditures, offset by asset disposals.
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Sulfur Services Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
Three Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Revenues:
Services $ 4,253 $ 4,073 $ 180 4 %
Products 45,817 40,055 5,762 14 %
Total revenues 50,070 44,128 5,942 13 %
Cost of products sold 37,271 29,311 7,960 27 %
Operating expenses 2,923 3,655 (732) (20) %
Selling, general and administrative expenses 1,407 1,638 (231) (14) %
Depreciation and amortization 4,120 3,556 564 16 %
4,349 5,968 (1,619) (27) %
Gain on disposition or sale of property, plant and equipment 19 1 18 1,800 %
Operating income $ 4,368 $ 5,969 $ (1,601) (27) %
Sulfur (long tons) 100 144 (44) (31) %
Fertilizer (long tons) 61 73 (12) (16) %
Total sulfur services volumes (long tons) 161 217 (56) (26) %
Services revenues. Services revenues increased $0.2 million largely associated with a contractually prescribed, index-based fee adjustment.
Products revenues. Products revenues increased $5.8 million, reflecting a $21.7 million increase from a 54% rise in average sulfur products sales prices, offset by a $15.9 million decrease from a 26% reduction in sales volumes, comprising a 31% decrease in sulfur volumes and a 16% decrease in fertilizer volumes. The fertilizer volume decline reflected reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices and pressured farmer affordability.
Cost of products sold. Cost of products sold increased $8.0 million. A 71% increase in product cost impacted cost of products sold by $20.9 million, resulting from increased commodity prices. A 26% reduction in sales volumes resulted in a decrease in cost of products sold by $12.9 million. Margin per ton increased $3.57, or 7%.
Operating expenses. Operating expenses decreased due to a decrease of $0.3 million in marine pass-through expense, $0.2 million in marine operating expenses, $0.2 million in repairs and maintenance, and $0.1 million in outside services offset by a $0.1 million increase in employee-related expense.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to lower employee-related expenses.
Depreciation and amortization. Depreciation and amortization increased due to the amortization of higher turnaround spend as well as certain assets being placed into service.
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Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Revenues:
Services $ 8,627 $ 8,296 $ 331 4 %
Products 92,267 84,536 7,731 9 %
Total revenues 100,894 92,832 8,062 9 %
Cost of products sold 76,710 61,313 15,397 25 %
Operating expenses 5,980 7,487 (1,507) (20) %
Selling, general and administrative expenses 3,087 3,235 (148) (5) %
Depreciation and amortization 8,247 7,113 1,134 16 %
6,870 13,684 (6,814) (50) %
Gain on disposition or sale of property, plant and equipment 25 1 24 2,400 %
Operating income $ 6,895 $ 13,685 $ (6,790) (50) %
Sulfur (long tons) 228 277 (49) (18) %
Fertilizer (long tons) 148 170 (22) (13) %
Total sulfur services volumes (long tons) 376 447 (71) (16) %
Services revenues. Services revenues increased $0.3 million as a result of a contractually prescribed index-based fee adjustment of $0.2 million and $0.1 million associated with reservation fee revenue from the DSM joint venture.
Products revenues. Products revenues increased $7.7 million, reflecting a $25.1 million increase from a 30% rise in average sulfur products sales prices, offset by a $17.4 million decrease from a 16% reduction in sales volumes, comprising an 18% decrease in sulfur volumes and a 13% decrease in fertilizer volumes. The fertilizer volume decline reflected reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices and pressured farmer affordability.
Cost of products sold. Cost of products sold increased $15.4 million. A 49% increase in product cost impacted cost of products sold by $29.9 million, resulting from higher commodity prices. A 16% reduction in sales volumes resulted in a decrease in cost of products sold of $14.5 million. Margin per ton decreased $10.58, or 20%.
Operating expenses. Operating expenses decreased $1.5 million due to $0.6 million in outside services, $0.5 million in marine pass-through expenses, $0.3 million in other marine operating expense, and $0.3 million in repairs and maintenance, offset by a $0.2 million increase in insurance-related costs.
Selling, general and administrative expenses. Selling, general and administrative expenses decreased primarily due to lower employee-related expenses.
Depreciation and amortization. Depreciation and amortization increased due to the amortization of higher turnaround costs as well as certain assets being placed into service.
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Specialty Products Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
Three Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Products revenues $ 83,192 $ 60,341 $ 22,851 38 %
Cost of products sold 76,111 54,166 21,945 41 %
Operating expenses — (31) 31 100 %
Selling, general and administrative expenses 1,726 1,821 (95) (5) %
Depreciation and amortization 745 755 (10) (1) %
4,610 3,630 980 27 %
Gain on disposition or sale of property, plant and equipment — 4 (4) (100) %
Operating income $ 4,610 $ 3,634 $ 976 27 %
NGL sales volumes (Bbls) 605 572 33 6 %
Other specialty products volumes (Bbls) 107 89 18 20 %
Total specialty products volumes (Bbls) 712 661 51 8 %
Products Revenues. Products revenues increased $22.9 million. Our average sales price per barrel increased $25.56, resulting in a $16.9 million increase to revenue. Sales volumes increased 8%, increasing revenues by $6.0 million, primarily related to a 20% increase in other specialty sales volumes.
Cost of products sold . Cost of products sold increased $21.9 million. Our average cost per barrel increased $24.95, or 30%, increasing cost of products sold by $16.5 million. The increase in sales volumes of 8% resulted in a $5.4 million increase to cost of products sold. Our margins increased $0.60 per barrel, or 6%, during the period.
Operating expenses. Operating expenses remained relatively consistent.
Selling, general and administrative expenses . Selling, general and administrative decreased $0.1 million primarily due to lower employee-related expenses.
Depreciation and amortization. Depreciation and amortization remained relatively consistent.
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Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Products revenues $ 144,819 $ 129,669 $ 15,150 12 %
Cost of products sold 131,321 117,211 14,110 12 %
Operating expenses — — —
Selling, general and administrative expenses 3,861 3,570 291 8 %
Depreciation and amortization 1,497 1,513 (16) (1) %
8,140 7,375 765 10 %
Gain on disposition or sale of property, plant and equipment 1 4 (3) (75) %
Operating income $ 8,141 $ 7,379 $ 762 10 %
NGL sales volumes (Bbls) 1,198 1,236 (38) (3) %
Other specialty products volumes (Bbls) 204 170 34 20 %
Total specialty products volumes (Bbls) 1,402 1,406 (4) — %
Products Revenues. Product revenues increased by $15.2 million. A 12% rise in average specialty product sales prices increased revenue by $15.6 million. A minimal reduction in sales volumes decreased revenue by $0.4 million, primarily driven by a 3% decrease in NGL sales volumes.
Cost of products sold . Cost of products sold increased $14.1 million. A 12% rise in average product cost impacted cost of products sold by $14.5 million, resulting from increasing commodity prices. A minimal decrease in sales volumes resulted in a decrease in cost of products sold of $0.4 million. Our margins increased $0.77 per barrel, or 9%, during the period.
Selling, general and administrative expenses . Selling, general and administrative expenses increased primarily due to employee-related expenses.
Depreciation and amortization. Depreciation and amortization remained relatively consistent.
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Interest Expense
Comparative Components of Interest Expense, Net for the Three Months Ended June 30, 2026 and 2025
Three Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Credit facility $ 1,522 $ 1,382 $ 140 10 %
Senior notes 11,628 11,627 1 — %
Amortization of deferred debt issuance costs 739 779 (40) (5) %
Amortization of debt discount 600 600 — — %
Other 144 263 (119) (45) %
Finance leases 1 2 (1) (50) %
Capitalized interest (143) (45) (98) (218) %
Total interest expense, net $ 14,491 $ 14,608 $ (117) (1) %
Comparative Components of Interest Expense, Net for the Six Months Ended June 30, 2026 and 2025
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Credit facility $ 2,865 $ 2,854 $ 11 — %
Senior notes 22,617 22,616 1 — %
Amortization of deferred debt issuance costs 1,671 1,556 115 7 %
Amortization of debt discount 1,200 1,200 — — %
Other 332 532 (200) (38) %
Finance leases 2 2 — — %
Capitalized interest (235) (45) (190) (422) %
Total interest expense, net $ 28,452 $ 28,715 $ (263) (1) %
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Indirect Selling, General and Administrative Expenses
Three Months Ended June 30, Variance Percent Change Six Months Ended June 30, Variance Percent Change
2026 2025 2026 2025
(In thousands) (In thousands)
Indirect selling, general and administrative expenses $ 3,663 $ 3,937 $ (274) (7) % $ 7,142 $ 8,612 $ (1,470) (17) %
Indirect selling, general and administrative expenses decreased $0.3 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower compensation expense of $0.1
million and reduced legal and tax fees of $0.1 million.
Indirect selling, general and administrative expenses decreased $1.5 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the absence of $0.8 million in transaction expenses associated with the unsuccessful merger with Martin Resource Management Corporation that were incurred in the first quarter of 2025, lower compensation expense of $0.4 million, lower professional fees of $0.2 million, and overhead allocated from Martin Resource Management of $0.1 million.
Martin Resource Management Corporation allocates to us a portion of its indirect selling, general and administrative expenses for services such as accounting, legal, treasury, clerical, billing, information technology, administration of insurance, engineering, general office expense and employee benefit plans and other general corporate overhead functions we share with Martin Resource Management Corporation retained businesses. This allocation is based on the percentage of time spent by Martin Resource Management Corporation personnel that provide such centralized services. GAAP also permits other methods for allocation of these expenses, such as basing the allocation on the percentage of revenues contributed by a segment. The allocation of these expenses between Martin Resource Management Corporation and us is subject to a number of judgments and estimates, regardless of the method used. We can provide no assurances that our method of allocation, in the past or in the future, is or will be the most accurate or appropriate method of allocation for these expenses. Other methods could result in a higher allocation of selling, general and administrative expenses to us, which would reduce our net income.
Under the Omnibus Agreement, we are required to reimburse Martin Resource Management Corporation for indirect general and administrative and corporate overhead expenses. The Conflicts Committee of our general partner approved the following reimbursement amounts during the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, Variance Percent Change Six Months Ended June 30, Variance Percent Change
2026 2025 2026 2025
(In thousands) (In thousands)
Conflicts Committee approved reimbursement amount
$ 3,238 $ 3,384 $ (146) (4) % $ 6,477 $ 6,768 $ (291) (4) %
The amounts reflected above represent our allocable share of such expenses. The Conflicts Committee will review and approve future adjustments in the reimbursement amount for indirect expenses, if any, annually.
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Liquidity and Capital Resources
General
Our primary sources of liquidity to meet operating expenses, service our indebtedness, fund capital expenditures and pay distributions to our unitholders have historically been cash flows generated by our operations, borrowings under our credit facility and access to debt and equity capital markets, both public and private. Set forth below is a description of our cash flows for the periods indicated.
Total Contractual Obligations
A summary of our total contractual cash obligations as of June 30, 2026, is as follows:
Payments due by period
Type of Obligation Total
Obligation Less than
One Year 1-3
Years 3-5
Years Due
Thereafter
Credit facility $ 62,000 $ — $ 62,000 $ — $ —
11.5% senior secured notes, due 2028 400,000 — 400,000 — —
Operating leases 72,090 27,024 33,248 9,329 2,489
Finance lease obligations 48 16 32 — —
Interest payable on finance lease obligations 5 3 2 — —
Interest payable on fixed long-term debt obligations 74,815 46,000 28,815 — —
Total contractual cash obligations $ 608,958 $ 73,043 $ 524,097 $ 9,329 $ 2,489
The interest payable under our credit facility is not reflected in the above table because such amounts depend on the outstanding balances and interest rates, which vary from time to time.
Letters of Credit . At June 30, 2026, we had outstanding irrevocable letters of credit in the amount of $1.6 million, which were issued under our credit facility.
Off-Balance Sheet Arrangements. We do not have any off-balance sheet financing arrangements.
Cash Flows - Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
The following table details the cash flow changes between the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, Variance Percent Change
2026 2025
(In thousands)
Net cash provided by (used in):
Operating activities $ (1,577) $ 24,896 $ (26,473) (106) %
Investing activities (20,886) (11,929) (8,957) (75) %
Financing activities 22,464 (12,975) 35,439 273 %
Net increase (decrease) in cash and cash equivalents $ 1 $ (8) $ 9 113 %
Net cash used in operating activities. Net cash provided by (used in) operating activities decreased $26.5 million. The increase in net cash used in operating activities for the six months ended June 30, 2026, includes a decrease in operating results and other non-cash charges of $3.6 million, coupled with an increase in cash outflows associated with changes in working capital of $22.9 million.
Net cash used in investing activities. Net cash used in investing activities for the six months ended June 30, 2026, increased $9.0 million. An increase in cash used of $13.4 million resulted from higher payments for capital expenditures and plant turnaround costs in 2026. This was partially offset by an increase in net proceeds from the sale of property, plant and equipment of $4.4 million.
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Net cash provided by financing activities. Net cash provided by financing activities for the six months ended June 30, 2026, increased primarily as a result of an increase in borrowings of long-term debt of $30.5 million, combined with a decrease in repayments of long-term debt of $5.0 million.
Description of Our Indebtedness
Credit Facility
At June 30, 2026, we maintained a $115.0 million credit facility that matures on November 16, 2027. As of June 30, 2026, we had $62.0 million outstanding under the credit facility and $1.6 million of outstanding irrevocable letters of credit, leaving a maximum amount available to be borrowed under our credit facility for future revolving credit borrowings and letters of credit of $51.4 million. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $48.3 million in additional amounts thereunder as of June 30, 2026.
The credit facility is used for ongoing working capital needs and general partnership purposes, and to finance permitted investments, acquisitions and capital expenditures. The level of outstanding draws on our credit facility from January 1, 2026 through June 30, 2026 ranged from a low of $39.0 million to a high of $91.0 million.
The applicable margin for SOFR borrowings and alternate base rate borrowings at June 30, 2026 is 3.75% and 2.75%, respectively. The applicable margin for SOFR borrowings and alternate base rate borrowings effective July 22, 2026, is 3.75% and 2.75%, respectively.
Amendment to Credit Facility . On March 31, 2026, we entered into the Third Amendment with Royal Bank of Canada, as administrative agent and collateral agent, and the lenders party thereto, which amends the Credit Agreement.
The Third Amendment amended the Credit Agreement to, among other things:
• decrease the amount available for the Partnership to borrow under the Credit Agreement on a revolving credit basis from $130.0 million to $115.0 million; and
• adjust the financial covenants as described in more detail below:
◦ require the Partnership to maintain a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of at least 1.65 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026 and stepping up to 1.75 to 1.00 for the fiscal quarter ending March 31, 2027 and each fiscal quarter thereafter; and
◦ require the Partnership to maintain a maximum Total Leverage Ratio (as defined in the Credit Agreement) of not more than 5.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, stepping down to 5.30 to 1.00 for the fiscal quarter ending March 31, 2027, stepping down to 5.25 to 1.00 for the fiscal quarter ending June 30, 2027, and further stepping down to 5.00 to 1.00 for the fiscal quarter ending September 30, 2027 and each fiscal quarter thereafter.
For a description of our credit facility, see “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Description of Our Long-Term Debt" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026.
2028 Notes
For a description of our 2028 Notes, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Description of Our Long-Term Debt" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026.
Capital Resources and Liquidity
Historically, we have generally satisfied our working capital requirements and funded our debt service obligations and capital expenditures with cash generated from operations and borrowings under our credit facility.
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On June 30, 2026, we had cash and cash equivalents of $0.05 million and available borrowing capacity of $51.4 million under our credit facility with $62.0 million of borrowings outstanding. After giving effect to our then current borrowings, letters of credit, and the financial covenants contained in our credit facility, we had the ability to borrow approximately $48.3 million in additional amounts thereunder as of June 30, 2026.
We expect that our primary sources of liquidity to meet operating expenses, service our indebtedness, pay distributions to our unitholders and fund capital expenditures will be provided by cash flows generated by our operations, borrowings under our credit facility and access to the debt and equity capital markets. Our ability to generate cash from operations will depend upon our future operating performance, which is subject to certain risks. For a discussion of such risks, please read "Item 1A. Risk Factors" of our Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026. In addition, due to the covenants in our credit facility, our financial and operating performance impacts the amount we are permitted to borrow under that facility.
We are in compliance with all debt covenants as of June 30, 2026, and expect to be in compliance for the next twelve months.
Interest Rate Risk
We are subject to interest rate risk on our credit facility due to the variable interest rate and may enter into interest rate swaps to reduce this variable rate risk.
Seasonality
A substantial portion of our revenues is dependent on the quantity and sales prices of products, particularly NGLs and fertilizers, which fluctuate in part based on winter and spring weather conditions. The demand for NGLs is strongest during the winter heating and blending season. The demand for fertilizers is strongest during the early spring planting season. However, our Terminalling and Storage and Transportation business segments and the molten sulfur business are typically not impacted by seasonal fluctuations and a significant portion of our net income is derived from our Terminalling and Storage, Sulfur Services and Transportation business segments. Further, extraordinary weather events, such as hurricanes, have in the past, and could in the future, impact all of our business segments.
Impact of Inflation
Inflation did not have a material impact on our results of operations for the six months ended June 30, 2026 or 2025. Inflation may increase the cost to acquire or replace property, plant and equipment. It may also increase the costs of labor and supplies. In the future, increasing energy prices for products consumed by our operations, such as diesel fuel, natural gas, chemicals, and other supplies, could adversely affect our results of operations. An increase in price of these products would increase our operating expenses which could adversely affect net income. We cannot provide assurance that we will be able to pass along increased operating expenses to our customers.
Environmental Matters
Our operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which these operations are conducted.
On June 15, 2024, the Partnership experienced a spill of less than 2,500 barrels of crude oil from its transfer pipeline connecting the Sandyland Terminal to the refinery in Smackover, Union County, Arkansas. The Partnership promptly coordinated with the U.S. Environmental Protection Agency (the “EPA”), Arkansas Department of Energy and Environment (the “ADEE”), and Arkansas Game and Fish Commission, dedicating the necessary resources, equipment, and personnel to expedite oil recovery and cleanup activities. In October 2024, the EPA transitioned the Partnership’s response from emergency response status to remediation status under ADEE oversight. On October 11, 2024, the ADEE notified the Partnership that documentation, observations, and data indicated the Partnership completed all remedial actions to the maximum practical extent. No further remediation is required at this time. The Partnership submitted a claim related to the spill, which was accepted by its insurance carriers, subject to a reservation of rights. The Partnership’s deductible under the applicable insurance policies total $0.5 million and such deductible expense has been recorded by the Partnership in the Consolidated and Condensed Statements of Operations. As of July 27, 2026, no fines or penalties have been assessed in relation to the spill.
We incurred no material environmental costs, liabilities or expenditures to mitigate or eliminate environmental contamination during the three months ended June 30, 2026.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.