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MI - MMLP halves distribution after all segments disappoint - April 2019
Petroleum products transporter Martin Midstream Partners cut distributions by 50% after reporting all four of its segments missed EBITDA guidance in Q1. While the distribution cut will boost liquidity, MMLP also expects to sell its Cardinal Gas Storage business by the end of Q2 and unnamed non-core assets to free itself from looming debt maturities. MMLP already faced headwinds with the sudden drop in commodity prices in 4Q18, especially in butane. But as rains depressed agricultural demand and other segments started slowly......
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