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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