Martin Midstream to Sell Corpus Christi Terminal Assets

Martin Midstream Partners will sell some of its Corpus Christi, TX terminal assets to NuStar Logistics for $107 million, plus the reimbursement of certain capital expenditures and prepaid items.
Among the assets, Martin is selling a 900,000 bbl crude oil storage terminal, a refined product barge terminal, certain pipelines and related easements, as well as dockage and trans-loading assets. The transaction is expects to close before the end of 2016.
“Given our focus on reduction of leverage, we feel this asset sale and distribution right-sizing are prudent moves for the partnership at this time,” said Ruben Martin, president and CEO of Martin. “Together, these two actions should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unit-holders.”
Related News
Related News

- Kazakh Oil Decouples from Russian Crude But Risk Weighs on Price
- Pipeline Operator TC Energy Says Stress, Weld Fault Caused Keystone Oil Spill
- Repsol Ditches Plans to Develop LNG Terminal on Canada’s East Coast
- US to Sell 26 Million Barrels of Oil Reserves As Mandated by Congress
- Ukraine to Jointly Buy Gas with European Union Countries
- US Intelligence Suggests Pro-Ukrainian Group Sabotaged Nord Stream Pipelines -NYT
- EIA: US Natural Gas Output to Hit Record High in 2023, Demand to Fall
- US Regulator Orders Lower Pressure on Keystone Pipeline System After Spill
- US Carbon Pipeline Faces Setback as Residents Refuse to Cede Land Rights
- YPF CEO: Green Light for Argentina's Gas Project with Petronas to Come in 2024
Comments