<SUBMISSION>
<ACCESSION-NUMBER>0000950134-05-014974
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050804
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20050805
<DATE-OF-FILING-DATE-CHANGE>20050805
<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>051002164
</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>d27719e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<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>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Date of report (date of earliest event reported): August&nbsp;4, 2005</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MARTIN MIDSTREAM PARTNERS L.P.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>DELAWARE</B><BR>
(State of incorporation<BR>
or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-50056</B><BR>
(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>05-0527861</B><BR>
(I.R.S. employer identification number)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><B>4200 STONE ROAD<BR>
KILGORE, TEXAS<BR></B>
(Address of principal executive offices)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<BR>
<B>75662</B><BR>
(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (903)&nbsp;983-6200</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>

<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>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="d27719exv99w1.htm">Trasncript of the Partnership's Conference Call</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link2 "Item&nbsp;7.01. Regulation&nbsp;FD Disclosure." -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;4, 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 second quarter ended June&nbsp;30,
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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of From 8-K, the information set forth in this
Item&nbsp;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;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements about the Partnership&#146;s outlook and all other statements contained in the attached
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.
</DIV>


<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Exhibits</B></U></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">DESCRIPTION</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="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
Second Quarter ended June&nbsp;30, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<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" align="left">Martin Midstream GP LLC,&nbsp;<BR>
Its General Partner<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: August 5, 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
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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


<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>

</TABLE>
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</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="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">DESCRIPTION</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="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
Second Quarter Ended June&nbsp;30, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d27719exv99w1.htm
<DESCRIPTION>TRASNCRIPT OF THE PARTNERSHIP'S CONFERENCE CALL
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MARTIN MIDSTREAM PARTNERS<BR>
Second Quarter 2005 EARNINGS CONFERENCE CALL<BR>
AUGUST 4, 2005<BR>
4:00 PM EST
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Greetings, ladies and gentlemen, and welcome to the Martin Midstream Partners second 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 &#147;star,&#148; &#147;0&#148; on your telephone keypad. As a reminder
this conference is being recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is now my pleasure to turn the conference over to your host, Mr.&nbsp;Bob Bondurant, Chief Financial
Officer of Martin Midstream Partners. Thank you, sir. You may now begin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Robert D. Bondurant, Executive Vice President and Chief Financial Officer</B></U><BR>
Thank you, Donna. And just to let everyone know who&#146;s on the call today, we have Ruben Martin,
Chief Executive Officer of the Company and Scott Martin, who manages our Marine Transportation
business and all three of us will be open for questions at the end of our formal presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And before we get started with any formal comments, I need to make this disclaimer. Certain
statements made during this conference call may be forward-looking statements, including, but not
limited to statements relating to the following future matters: Financial forecasts, 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 made during the call. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We report our financial results in accordance with generally accepted accounting principles from
time to time, use certain non-GAAP financial measures within the meanings of the SEC Regulation&nbsp;G,
such as distributable cash flow and EBITDA, because management believes that this measure might
provide users of this financial information with the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributable cash flow is not a measure of financial performance or 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.
</DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also included in our press release yesterday a reconciliation of distributable cash flow to the
most direct comparable GAAP financial measures. Both the earnings press release and our second
quarter 10-Q are available at our website www.martinmidstream.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now with that out of the way I&#146;d like to comment on the second quarter performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The second quarter we had net income of $2.9&nbsp;million, or $0.34 per unit compared to $0.28 for the
second quarter of 2004. Most importantly, our distributable cash flow, which is a non-GAAP measure
we believe provides users with a meaningful measure of cash flow, was $4.5&nbsp;million second quarter
compared to $3.6&nbsp;million for the second quarter of the previous year, which is a 26% increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now I would like to look at our performance by business segment for the second quarter of 2005 in
comparison to the first quarter of 2005. The determined segment operating income remained at $2.2
million for the second quarter, which was the same as the first quarter. We continue to experience
stable offshore drilling activity in the Gulf, which is a primary driver of our full-service and
fuel and lube terminals. With the continuing high energy price levels, we continue to see strong
stable performance coming from this segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Marine Transportation segment, operating income increased 7% to $1.1&nbsp;million in the second
quarter compared to the first quarter. Our utilization increased in the second quarter on both the
inland and offshore sides of the business. The inland utilization increased as a result of fewer
inland vessels in the shipyard and our offshore utilization increased as a result of increased
demand for offshore asphalt service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have been able to pass through a significant portion of our increased fuel expense to our
customers as a result of how our contracts are structured. As a result of this contract structure,
we have not been significantly impacted by the rising fuel prices that would normally affect this
business segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moving to our LPG distribution segment, operating income fell 78% to $0.4&nbsp;million in the second
quarter compared to the first quarter of 2005. This decrease was expected due to the seasonality
of the LPG distribution business. This seasonality is due to the propane piece of our LPG segment
which is primarily driven by winter heating demand. Also, the propane piece carries a higher
margin per gallon than our industrial LPG side of the business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please note, however, that when compared to the second quarter of 2004, our LPG segment&#146;s operating
income increased 92%, primarily a result of a 28% increase in operating margin per gallon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our fertilizer segment, operating income grew 85% to $884,000 in the second quarter when
compared to the first quarter. We accomplished this increase through a 46% increase in our per-ton
margins. Margins per ton in the second quarter were $40.63 compared to $27.85 in the first
quarter. The lag in passing through our raw material price increases that we experienced in the
first quarter was overcome in the second quarter and, as a result, our margins significantly
improved.
</DIV>


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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our new sulfur segment as reported in our 10-Q contains the results of our base sulfur acquisition.
To refresh your memory, this business is located in Stockton, California, and performs a service
of converting molten sulfur into pelletized sulfur that can be shipped to foreign markets. As you
are aware, the U.S. handles sulfur in molten form at approximately 275 degrees. Our foreign
markets demand sulfur in hardened pelletized form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our new sulfur priller that we are building at our Neches terminal facility located in Beaumont,
Texas, will also be included in this segment when it comes online in the first quarter of 2006.
Additionally, the results from CF Martin Sulphur which we purchased the remaining 50% interest in
July will also be included in this segment beginning in the third quarter 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In reviewing the results of CF Martin, we recorded $120,000 of equity and earnings from them in the
second quarter of 2005 compared to $75,000 in the first quarter. On a 100% basis, CF Martin&#146;s
EBITDA, which is the non-GAAP measure for the second quarter of 2005, was $890,000 compared to a
$1.296 in the second quarter of 2004. Fuel expense from CF Martin&#146;s marine vessels was $526,000
higher in the second quarter of 2005 compared to 2004. Unlike our Marine Transportation segment,
we have been unable to pass through this increase due to the structure of our sulfur contracts.
However, for 2006 we have begun negotiations with our customers and suppliers which will allow us
to pass through future increased fuel costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Looking forward to the third quarter, we will benefit from a $5 per ton increase in the Tampa
sulfur market which should positively impact earnings for CF Martin Sulphur by approximately
$300,000 to $400,000 in the third quarter compared to the second.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now with that, that concludes my formal comments. So I&#146;d like to turn the floor over to Ruben
Martin, our CEO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ruben S. Martin, President and Chief Executive Officer</B></U><BR>
Thank you, Bob. As you are aware, we just recently had a distribution increase that was due to the
performance in our second quarter that we felt was strong and with our anticipation over the next
six months. A lot of people have asked about the CF Martin acquisition and why with the
performance of that segment being down this year relative to previous years as to why we would go
ahead and buy them out. The real reason was that this market is changing and we&#146;re seeing more and
more sulfur come online at the refinery level and gas plant, too. Our focus has basically changed
of one of supplying the Tampa market to supplying going into the international market and that&#146;s
what our new priller in Beaumont will allow us to do. So it&#146;s a little bit different focus. CF
Industries is having an initial public offering and so they were conducive to buying out at that
time. So we look forward to it. There will be a lot more time and money spent in that division
and we look for the operating profits as soon as we can get through our diesel fuel pricing
problem, those operating profits to get back to norms and then above next year when the new priller
comes in and gives us access to the international market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sulfur business is always good as prices look to come down because of increased production and
that&#146;s what we see happening in the world market over the next few years and it should help grow
that end of the business dramatically.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With that we&#146;ll open the door to any questions that anybody&#146;s got.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Thank you. Ladies and gentlemen, at this time we will be conducting a question-and-answer session.
If you would like to ask a question, please press &#147;star,&#148; &#147;1&#148; on your telephone keypad. A
confirmation tone will indicate your line is in the question queue. You may press &#147;star,&#148; &#147;2&#148; if
you would like to remove your question from the queue. For participants using speaker equipment,
it may be necessary to pick up your handset before pressing the star keys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our first question is coming from John Freeman of Raymond James. Please proceed with your
question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Good afternoon, guys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Hey, John.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Hey, John.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: What does your credit facility look like following the purchase of CF Martin?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Well, right now in our acquisition line, the total facility is $150&nbsp;million. Currently
we have $37&nbsp;million &#151; between that $120&nbsp;million for acquisition and $30&nbsp;million on a working
capital revolver totaling $150. The working capital revolver of $30&nbsp;million, we have currently $11
million drawn against it; on our acquisition line of $120&nbsp;million, there&#146;s $37&nbsp;million of
availability left on that line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. Thanks. And on the new sulfur processing facility that you&#146;re building, does it
still look like the total all-in cost of that&#146;s going to come in at around $14&nbsp;million?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: That&#146;s correct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. And I guess as how it looks for this current quarter, I know last year in the
third quarter, y&#146;all were pretty negatively impacted by a lot of storms, hurricanes on both the CF
Martin segment and Marine Transportation. Has there been any impact on this current quarter?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No.&nbsp;We haven&#146;t had any impact yet at this time. We haven&#146;t had a problem, and our
inventories are in good shape in Tampa. So we feel like we&#146;ve got a situation, even if there was
one, we would be able to survive through without any supply interruptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. And any guidance you can give on maintenance CapEx yet for next year?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: For 2006?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: It should be, I think we&#146;re telling the market that we&#146;re somewhere between $4 and $5
million this year. I think a year ago in 2004 we were up roughly $5.5&nbsp;million. That number
because of most of our projects, our capital expenditures have been growth, but maintenance CapEx
should not jump that much. So we should be consistently within that range next year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. On the Marine Transportation segment, you all mentioned that basically you&#146;re
now able to pass through the higher fuel costs. Is that just y&#146;all changed the structure of the
way the contracts are and should I just assume going forward that all future contracts will have
kind of a fuel cost element embedded in them?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. And, Scott, chime in if you think anything wrong about this, but basically most
&#151; because the market has been very, very tight, most of our contracts now are day rates plus fuel
and lube. And so when the market is soft, you sometimes get into a contract of a freight where you
just charge a set fee per barrel to move it between two points, but in a tight market you can pass
that fuel and lube through and that&#146;s the situation that we&#146;ve experienced in the marine segment.
Scott, you got anything to add?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No, that&#146;s correct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. And then, so I guess is that the same thing that&#146;s what&#146;s happened there is
what&#146;s allowing y&#146;all on the CF Martin side to do the same thing and pass through future fuel
costs?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: It&#146;s a little different in the sulfur business because we purchase and resell a lot of
the sulfur that we transport, and those contracts don&#146;t roll over but annually and so we&#146;ve seen
such a run-up this year. Now, we have a couple of those contracts do have some fuel surcharges in
them. So we are getting a small amount of our total back, but when you look at overall, there is
probably around, could be as much as a couple of hundred thousand dollars a month is the reason
that our profits have been down relative to the previous year. So we look first quarter of next
year, we look for that to change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. Great, guys. I appreciate it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Thank you. Our next question is coming from Richard Freyre of Delphi management. Please proceed
with your question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Yeah, Richard Freyre here. Well, I guess you answered all my questions about fuel
surcharges. Sounds as though there&#146;s been a little more of a pick-up in business this quarter.
You&#146;re talking about selling sulfur in the new markets. I&#146;m wondering if you feel that the overall
profile of this business is that it&#146;s going to be growing a little faster going forward and if
there&#146;s anything else that&#146;s going to drive that. Just sort of a general question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Talking about the sulfur business?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Yeah, but the whole business, too.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. Sulfur business, like I said, is we have our new facility coming on in Beaumont.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Yeah.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: I think that&#146;s going to be a big jump in growth and you&#146;ll see that. We are seeing
some things happen with extra production coming on in the Gulf Coast at the refineries and so we to
look to pick up our share, a portion of that. So, yes, I would say it will be growing probably at
least at the same rate that we&#146;ve done historically. But the way the sulfur business grows is it&#146;s
in spurts usually. It will be level for a few years and then some new environmental reg will lower
sulfur in the fuel and that&#146;s when new product comes on a year or two later. So it runs in spurts
and I think 2006 will be one of those, be one of those spurts. Overall the rest of the businesses,
the marine business is fairly tight. We are not adding to our fleet and most of the additions in
the marketplace to the fleets have been simply as replacement. So that market has remained tight
and busy. Everything else, fertilizer and terminalling, of course, is slow growth. Fertilizer has
a lot to do with some of the seasonality of the business and &#151; yeah, and then LPG, we&#146;ve seen some
growth there I think because the economy&#146;s good and we&#146;re seeing a lot of industrial and chemical
demand that&#146;s helped out with the incremental profits in that segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: All right. What about the M&#038;A environment? Are there any attractive acquisitions out
there for you?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, we are working on some now. Most of ours, a lot of our individual projects are a
lot of internal growth but some small acquisitions too. But we still think the M&#038;A environment is
good.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: All right. Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Once again, ladies and gentlemen, if you do have a question, please press &#147;star,&#148; &#147;1&#148; on your
telephone keypad. Please keep in mind if you are using speaker equipment, it may be necessary to
pick up your handset before pressing the star keys. Our next question is coming from Ron Lundy of
AG Edwards. Please proceed with your question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Thanks. Has there been any movement or news on the pipeline that was potentially to
come into the Natchez port?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No.&nbsp;They&#146;re still in discussions, negotiations on that. It wasn&#146;t coming in. I think
it was potential pipeline going out for ammonia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Right. The other question I had was recently TransMontaigne, Inc. acquired
Radcliff/Economy Marine?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: That&#146;s correct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Yeah, they&#146;re competitors of yours on the Gulf. Do you see the competitive environment
there with them changing at all or is that going to be meaningful to you?
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No, they&#146;re really not in the areas that we serve in Martin Midstream Partners. It&#146;s
more, we do compete with them in some areas, but it&#146;s in our private company. It&#146;s in the company
that owns the general partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: I see. Okay. That&#146;s all I had. Thanks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Thank you. At this time we&#146;re showing no further questions in queue. I would like to turn the
floor back over to management for any additional or closing comments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ruben S. Martin, President and Chief Executive Officer</B></U><BR>
Okay. Well, thank you. We appreciate everybody calling in today and appreciate your questions.
They&#146;re good questions. Hopefully, we answered everything. We look forward to the rest of the six
months. We&#146;ve got a lot of activity going on and I look forward to 2006 as well. We may see some
of these projects, like the priller project you will see, drawing down on our growth CapEx line to
build that, but then the revenue on that project will not start until January 1. So there may see
an increase in the debt over the next six months with a interest expense along with it, too, but
that project kicks in and it is a fixed rate that we charge third parties, whether it runs or
operates or not and then, we also have another rate that we charge whenever we process the sulfur.
So looking forward to the next six months and the next year on these and we appreciate your
interest. Thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U><BR>
Ladies and gentlemen, thank you for your participation. This does conclude today&#146;s teleconference.
You may disconnect your lines at this time and have a wonderful day.
</DIV>



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