<SUBMISSION>
<ACCESSION-NUMBER>0000950134-05-009266
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050505
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20050506
<DATE-OF-FILING-DATE-CHANGE>20050506
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MARTIN MIDSTREAM PARTNERS LP
<CIK>0001176334
<ASSIGNED-SIC>5171
<IRS-NUMBER>050527861
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-50056
<FILM-NUMBER>05807970
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4200 STONE ROAD
<CITY>KILGORE
<STATE>TX
<ZIP>75662
<PHONE>9039836200
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d25217e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT</B><BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934

<P>

<P align="center" style="font-size: 10pt">Date of report (date of earliest event reported): May&nbsp;5, 2005

<P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 20pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MARTIN MIDSTREAM PARTNERS L.P.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">(Exact name of Registrant as specified in its charter)</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DELAWARE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>000-50056</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>05-0527861</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">(State of incorporation<BR>
or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer<BR>
identification number)</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>4200 STONE ROAD</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>KILGORE, TEXAS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>75662</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: (903)&nbsp;983-6200

<P>

<P align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)

<P>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT><FONT style="font-family: Wingdings">&#032;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT><FONT style="font-family: Wingdings">&#032;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT><FONT style="font-family: Wingdings">&#032;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT><FONT style="font-family: Wingdings">&#032;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">














<P align="left" style="font-size: 10pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;5, 2005, Martin Midstream Partners L.P. (the &#147;Partnership&#148;) held an investors&#146;
conference call to review the Partnership&#146;s financial results for the first quarter ended March&nbsp;31,
2005. Furnished as Exhibit&nbsp;99.1 is a copy of the transcript of the Partnership&#146;s presentation
during that call and the questions and answers following the presentation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of From 8-K, the information set forth in this Item
7.01 and in the attached Exhibit shall be deemed to be &#147;furnished&#148; and not be deemed to be &#147;filed&#148;
for purposes of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements about the Partnership&#146;s outlook and all other statements contained in the Exhibit
other than historical facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements and all references to
financial estimates rely on a number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are outside of the Partnership&#146;s control,
which could cause actual results to differ materially from such statements. While the Partnership
believes that the assumptions concerning future events are reasonable, it cautions that there are
inherent difficulties in anticipating or predicting certain important factors. A discussion of
these factors, including risks and uncertainties, is set forth in the Partnership&#146;s annual and
quarterly reports filed from time to time with the Securities and Exchange Commission. The
Partnership disclaims any intention or obligation to revise any forward-looking statements,
including financial estimates, whether as a result of new information, future events, or otherwise.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Exhibits</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in the
attached Exhibit is deemed to be &#147;furnished&#148; and not be deemed to be &#147;filed&#148; for purposes of the
Exchange Act.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT<BR>
<U>NUMBER</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>DESCRIPTION</U></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Partnership&#146;s Conference
Call Reviewing Financial Results for the
First Quarter ended March&nbsp;31, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MARTIN MIDSTREAM PARTNERS L.P.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">Martin Midstream GP LLC,
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its General Partner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"> Date: May 6, 2005&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert D. Bondurant
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Robert D. Bondurant,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT<BR>
<U>NUMBER</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>DESCRIPTION</U></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">99.1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Partnership&#146;s Conference
Call Reviewing Financial Results for the
First Quarter Ended March&nbsp;31, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d25217exv99w1.htm
<DESCRIPTION>TRANSCRIPT OF CONFERENCE CALL
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit 99.1



<P align="center" style="font-size: 10pt">MARTIN MIDSTREAM PARTNERS<BR>
First Quarter 2005 Earnings Conference Call<BR>
May&nbsp;5, 2005<BR>
4:30 p.m. EST



<P align="left" style="font-size: 10pt"><U><B>PRESENTATION</B></U><B>:</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operator</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greetings, ladies and gentlemen, and welcome to the Martin Midstream Partners first quarter 2005
earnings conference call. At this time all participants are in a listen-only mode. A brief
question-and-answer session will follow the formal presentation. If anyone should require operator
assistance during the conference, please press star 0 on your telephone keypad. As a reminder,
this conference is being recorded.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">I would now like to turn the conference over to your host, Mr.&nbsp;Bob Bondurant, Chief Financial
Officer for Martin Midstream Partners.


<P align="left" style="font-size: 10pt">Thank you, Mr.&nbsp;Bondurant, you may begin.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Bob Bondurant - Martin Midstream - CFO</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thank you. Just to let everyone know who else is on the call today. We have Ruben Martin, Chief
Executive Officer of the company; Scott Martin, who manages our marine transportation business,
director of the company. We have Don Neumeyer, Chief Operating Officer, and Wes Skelton,
Controller and Chief Administrative Officer of the company.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Before we get started with any of my comments, I need to make this formal disclaimer here: Certain
statements made during this conference call may be forward-looking statements, including, but not
limited to statements related to the following future matters: Financial forecast, future
performances, our ability to make distributions to unit holders, as well as any other statements
that are not historical fact. The words &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect&#148; and &#147;may project&#148; and
similar expressions are intended to be among the statements that identify forward-looking
statements. Actual results could differ materially from those projected and forward-looking
statements made during the call.


<P align="left" style="font-size: 10pt">Additional information concerning these factors that could cause actual results to differ is
contained in our annual report as well as our quarterly reports filed from time to time with the
SEC.


<P align="left" style="font-size: 10pt">We report our financial results in accordance with generally accepted accounting principles from
time to time; use certain non-GAAP financial measures within the meaning of SEC Regulation&nbsp;G, such
as distributable cash flow, because management believes that this measure might provide users of
this financial information with meaningful comparisons between current results and prior reported
results and a meaningful measure of our cash flow after we have satisfied the capital and related
requirements of our operations.




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Distributable cash flow is not a measure of financial performance for liquidity under GAAP or a
substitute for comparable metrics provided in accordance with GAAP and should not be considered in
isolation as an indicator of our performance.


<P align="left" style="font-size: 10pt">We also included in our press release a reconciliation of distributable cash flow to the most
direct comparable GAAP financial measure. Both the earnings press release and our first quarter
10-Q are available at our website, www.martinmidstream.com.


<P align="left" style="font-size: 10pt">Now with that out of the way, I&#146;d like to comment on the first quarter performance.


<P align="left" style="font-size: 10pt">For the first quarter we had net income of $3.5&nbsp;million or $0.41 per unit. Our distributable cash
flow, which is a non-GAAP measure we believe provides users with a meaningful measure of cash
flow, was $5.2&nbsp;million for the first quarter. This was a 6% higher increase than the first quarter
of 2004, which was $4.9&nbsp;million. In looking at our performance by business line, we continue to
improve growth in our terminal segment.


<P align="left" style="font-size: 10pt">Operating income grew 2% to $2.3&nbsp;million in the first quarter, when compared to the previous
quarter. We are continuing to see growth from our Gulf Coast shore base operations. As you know,
these terminals support off shore Gulf of Mexico exploration and production activity and we&#146;re
continuing to see more drilling rigs working out of our locations.


<P align="left" style="font-size: 10pt">Now marine transportation
business: Operating income decreased 55% to $932,000 in the first
quarter, when compared to the previous quarter. I would like to point out that in the previous
quarter, which was the fourth quarter of &#145;04, we experienced almost full utilization of our fleet,
as there were no vessels in the shipyard for maintenance. In the first quarter, this was not the
case, as we had five vessels in for dry dock work. This negatively impacted our marine revenues
and explained the drop in our operating income compared to the fourth quarter.


<P align="left" style="font-size: 10pt">In our LPG distribution
segment, operating income grew 48% to $1.7&nbsp;million for the first quarter,
when compared to the previous quarter. We were able to expand both volume and margins in the first
quarter. Volume increased 8% and our margin per gallon increased 34% to 3.4 cents a gallon.


<P align="left" style="font-size: 10pt">In our fertilizer segment,
operating income fell 43% to $479,000 when compared to the previous
quarter. In the previous quarter, we had sales of our higher margin, premium priced product. These
sales typically happen in one quarter, which rose the fourth quarter. We currently anticipate
these sales will happen in the third quarter of 2005.


<P align="left" style="font-size: 10pt">When comparing the first quarter of &#145;05 operating income to the same period in &#145;04, operating
income was down 52%.


<P align="left" style="font-size: 10pt">Our margin per ton fell approximately $6.20, as we continue to experience increased raw material
costs, mainly in sulfuric acid, which averaged $20 per ton higher in the first quarter this year
compared to the first quarter of 2004.


<P align="left" style="font-size: 10pt">We are continuing to pass these costs on as much as we can, but it is always a lag in that process.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Now moving to CF Martin,
equity in earnings fell 80% to $75,000 in the first quarter compared to
the previous quarter. This was due to decreased demand from our largest customer as they had a
plant turnaround project in the first quarter. As a result of this decreased demand, our sulfur
distribution system had major oversupply of pressures that forced us to sell certain tons at a
loss.


<P align="left" style="font-size: 10pt">Looking forward to the second quarter, the customer just mentioned is making up their shortfall and
the total sulfur supply and demand in our system is currently balanced.


<P align="left" style="font-size: 10pt">I&#146;d like to comment on the expansion of our credit facility that we closed yesterday. Our total
facility increased $50&nbsp;million to $150&nbsp;million. $120&nbsp;million of this is allocated to our
acquisition subfacility and $30&nbsp;million is allocated to our working capital subfacility. As we
stand today we have $56.5&nbsp;million available for borrowings on our acquisition subfacility which will
allow us to continue to seek strategic accretive acquisitions.


<P align="left" style="font-size: 10pt">I would also like to point out that with our loan closing Tuesday, we were able to lower our
pricing by 50 basis points. Based on our current leverage, we were borrowing &#151; we&#146;re now
borrowing at LIBOR plus 175 basis points.


<P align="left" style="font-size: 10pt">That concludes my final comments. I&#146;d like to now turn over the floor to Ruben Martin, our CEO.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Ruben Martin - Martin Midstream, CEO</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thank you, Bob. One thing we wanted to talk about here briefly is touch on our sulfur business.
As you&#146;ve seen from two acquisitions, well one acquisition and one organic growth project, we have
entered into the sulfur prilling business, which is the way the sulfur moves a lot in
internationally in prilling of it. We purchased a facility in
Stockton, California that takes
sulfur from local refineries in that area, takes it in, prills it into a small sulfur bead. It&#146;s
exported out of there to all parts of the world.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">We&#146;re building the same type of system except twice as big and larger in Beaumont, Texas at our
Neches Industrial Park which we purchased. This will give us an extreme amount of flexibility into
that market so we don&#146;t face the problems that we faced in the last quarter with oversupply. It
will allow us to have flexibility and should get us back to norms on our sulfur business and allow
us to generate additional profits next year when we come on line by exporting sulfur.


<P align="left" style="font-size: 10pt">This has been a long-term project. We have commitments on the capacity of the system from all the
large major oil companies. And as you&#146;ve seen in the refining business you know that the refining
heavier sour crude, they have new diesel fuel specs and gasoline specs coming on which will make
more sulfur out of these refineries. We fully anticipate massive quantities of additional sulfur
coming on in the next few years, and this will set us up in the marketplace to be a swing consumer
of sulfur to where we won&#146;t have the problems that we&#146;ve had in the past with that.


<P align="left" style="font-size: 10pt">With that, our sulfur business is balanced now. We should be back to norms. All of the equipment
is running good and been in and out of the shipyard, and we&#146;re ready to, looking forward to getting
back to our normal levels in our CF Martin subsidiary.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Bob, is there anything else you need to add to that?


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Bob Bondurant - Martin Midstream - CFO</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.&nbsp;It sounded good. With that I guess we&#146;d like to open up the floor for questions.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operator</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ladies and gentlemen, at this point in time we&#146;ll be conducting the question and answer session.
If you would like to ask a question please press star 1 on your telephone keypad.
(Caller instructions).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Our first question is coming from John Freeman of Raymond James. Please state your question.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Hi, guys. Following up on the sulfur prilling business that you&#146;re getting into, just
so I understand it correctly, will these facilities basically just be the swing consumer I guess as
you put it when you end up with excess sulfur and you&#146;ll ship it internationally or is it going to
be like more of a steady business where you&#146;re always every year going to be shipping
internationally?


<P align="left" style="font-size: 10pt">&#060;A&#062;: The acquisition on the West Coast in Stockton is a steady business. It is consistent,
because there&#146;s no liquid market, so to speak, like we have on the Gulf Coast, when we go to Tampa
for that. So it is a consistent, regular market. And it&#146;s exported on a consistent basis and has
been for years and years and that acquisition was closed effective April 1. And so it should start
generating profits for the company in the second quarter here.


<P align="left" style="font-size: 10pt">Now, the Gulf Coast system is based upon what we see as future additional sulfur production on
that. And as that sulfur production comes on, it will become more and more of a regular export
item. Had it been up and running in 2005, I would say that we would have probably exported
anywhere from, say, fifty to one hundred thousand tons of sulfur. In 2006, we fully anticipate to start exporting
tons but not reaching our peak capacity for probably a year to two years. But it&#146;s important to
understand that we have commitments from the major oil companies to reserve their share of that
capacity. And so they pay a reservation fee, whether we use it or not. Whether they use it or
not. So the payout on the system, the money that we&#146;re spending in Neches is there and if we do
run, then that is additional revenue and additional profit. But if we don&#146;t run, we still have a
very good payout on our, and multiple on our system that we&#146;re building.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: That&#146;s very helpful. And when was the Port Neches, when is that supposed to be
completed?


<P align="left" style="font-size: 10pt">&#060;A&#062;: We expect to be functional right after the end of the year. Probably by late January
or February.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. And then kind of shifting gears a little bit, I noticed that the SG&#038;A was a
little higher this quarter. Is that mainly due to Sarbanes Oxley and is that kind of a good run
rate I should use going forward or was there any one time stuff there?


<P align="left" style="font-size: 10pt">&#060;A&#062;: Unallocated SG&#038;A?



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&#060;Q&#062;: Yeah.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Yeah, we had, as you know we took the 45&nbsp;day extension. So we had intensive work both
in the fourth quarter and the first quarter. The fourth quarter and the first quarter&#146;s numbers
were similar on unallocated SG&#038;A. I think that they will dip a bit going forward. But not
significantly. I&#146;ll tell you the tune maybe $50,000 to $75,000.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. That&#146;s all.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Quarterly basis.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: On a quarterly basis. Okay. And also in your comments you mentioned you got impacted
negatively by some increased raw material costs I think y&#146;all said it was about $20 a ton higher
year over year, is that something that you see flattening out any, is that continuing to increase?


<P align="left" style="font-size: 10pt">&#060;A&#062;: Ruben, do you want to address the sulfuric acid market?


<P align="left" style="font-size: 10pt">&#060;A&#062;: It&#146;s been a tight market, and we have come in here and have paid, you know, as high as
$60 in west Texas for sulfuric and it&#146;s been as low as, I can
remember paying $25 and $30 in there.
We expect that to soften up somewhat, not back to the old numbers. But, no, we expect some
softening and we&#146;re already seeing it in the international market. We&#146;re seeing some softening but
the prices have been able, we have slowly been able to raise our prices. As usual it&#146;s a lot
harder to raise your prices as your raw material costs do go up but it takes some time and we
eventually will be able to raise our prices to the level to get back to the other margins.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. And on the marine business, that&#146;s faired a lot better than I would have
thought, only due to the fact that since we had a warm winter, you weren&#146;t able to benefit much
from moving much volumes up east. Is that mainly just being offset by the much higher activity
we&#146;re having in the Gulf of Mexico?


<P align="left" style="font-size: 10pt">&#060;A&#062;: You&#146;re talking about that marine transportation of petroleum?


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Yeah.


<P align="left" style="font-size: 10pt">&#060;A&#062;: We only operate in the Gulf of Mexico with the ocean-going units and inland units. And
so not really in that East Coast heating oil business like a lot of the other MLPs are. So our
business tends to be more contract-based, but dependent on when you have down time. As Bob said,
we had very few, very little down time in the fourth quarter of &#145;04 and we had five vessels down in
the first quarter of &#145;05.


<P align="left" style="font-size: 10pt">&#060;A&#062;: I don&#146;t believe &#151; this is Ruben. I don&#146;t believe we were as affected by the demand.
We have seen the demand. It&#146;s pretty consistent and steady out there. It&#146;s more of a function of
when you&#146;re able to you know when you have to go to the ship yards and when you don&#146;t and that type
of situation.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. And last question I had, and I&#146;ll turn it over, is the maintenance CAPEX came in
around $1.1&nbsp;million. Is that a good run rate to use going forward?



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&#060;A&#062;: I would actually tip it up a little bit higher. I fully estimate we&#146;ll be in the range
of what we did last year, which was, I believe, just a hair over $5&nbsp;million.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. Excellent. I really appreciate it guys. Good quarter.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Thank you.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operator</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Once again, ladies and gentlemen, if you do have a question it&#146;s star 1 on your telephone keypad.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Our next question is coming from Kevin Gallagher of RBC Capital Markets. Please state your
question.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Hi. Can you go over some of the specifics of the acquisition and the announced
project? I guess for the acquisition, the multiple paid and the run rate for operating expenses
and for the growth project, what kind of return you&#146;re looking at.


<P align="left" style="font-size: 10pt">&#060;A&#062;: If we look at the acquisition on the west coast, we think it&#146;s a little bit below a six
multiple, right at a six multiple, wouldn&#146;t you say Bob?


<P align="left" style="font-size: 10pt">&#060;A&#062;: Yes.


<P align="left" style="font-size: 10pt">&#060;A&#062;: And the Gulf Coast project is probably going to be a little bit above that, I believe
initially. And probably in the 7.5 or so range, 7.5 to 8 range. Depending on how much we run
through it and so forth. That could drop significantly if the sulfur surplus is as bad as we think
it will be, that could drop, because we do generate profits when we run, too. And it helps
generate profits for our CF Martin affiliate.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. And the run rate for expenses on the acquisition, roughly.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Bob.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Ruben, I don&#146;t have those in front of me. I can grab those real quick. Let me go do
that.


<P align="left" style="font-size: 10pt">&#060;A&#062;: Okay.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: That was all I had.


<P align="left" style="font-size: 10pt">&#060;A&#062;: I&#146;m not sure exactly what the total expenses were out there on that. It&#146;s not a big
operation. I think the thing to keep in mind is that we will have a duplicate. The priller out
there can run at a rate of about a thousand tons per day, and the one we&#146;re building on the Gulf
Coast will be 2,000 tons a day. So it&#146;s almost a duplicate, just double of what we do out there.
And this has given us a lot of experience and getting us up on the learning curve as far as that
operation goes.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&#060;A&#062;: Basically the operating expenses at acquisition in California were roughly, roughly
about $850,000 per year.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: $850,000 per year. How many tons a day?


<P align="left" style="font-size: 10pt">&#060;A&#062;: We can do a thousand basically due to restrictions on the amount of sulfur that&#146;s out
there, I believe it&#146;s budgeted to do somewhere around 140,000 tons a year. So you can see there&#146;s
surplus capacity. And if those California refineries start increasing in their sulfur production,
we&#146;ll, you know, it will help that facility generate more profits for Stockton.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. You said 2000 for the Gulf Coast?


<P align="left" style="font-size: 10pt">&#060;A&#062;: That&#146;s correct.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. And that was capacity, not &#151;


<P align="left" style="font-size: 10pt">&#060;A&#062;: That&#146;s capacity, not necessarily, you know, what we would be running.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay.


<P align="left" style="font-size: 10pt">&#060;A&#062;: But that&#146;s where we&#146;ve had the reservation fee is based on the capacity.


<P align="left" style="font-size: 10pt">&#060;Q&#062;: Okay. All right. Thank you.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operator</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gentlemen, there are no further questions in queue at this time. I&#146;ll hand it back over to you to
conclude.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Bob Bondurant - Martin Midstream - CFO</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">This is Bob speaking. I appreciate everybody on the call. We&#146;re looking forward to continuing our
growth prospects. I will say this: There continues to be good deal flow for our company and we
look forward to continuing to improve our results and improving specifically CF Martin area, and as
Ruben described, I think we&#146;re positioning ourselves to achieve that going forward.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">And with that, I&#146;d like to conclude my comments. Ruben, would you like to add anything?


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Ruben Martin - Martin Midstream, CEO</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No, I think it&#146;s important to note that, you know, we are working. We know where some of the
things are. And a lot of our deal flow is a lot of smaller deals and things that are outside the
realm of a lot of the other MLPs, and so we have not had to get in bidding situations to where
we&#146;re bidding up pricing and so forth. So we still have a lot of deal flow out there and we&#146;ll
continue to pick and choose on what fits our company best.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">With that, I appreciate everybody calling, and I think that&#146;s &#151; bye-bye.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operator</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ladies and gentlemen, this does conclude today&#146;s teleconference. You may disconnect your lines at
this time.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
