KILGORE, Texas, Oct. 26, 2011 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") announced today that Waskom Gas Processing Company ("WGPC") has completed the previously announced expansion of the gas processing capacity at its Waskom gas processing and natural gas liquids fractionation facility in Waskom, Texas. The new nameplate gas processing capacity at the Waskom complex is 320 million cubic feet per day, an increase of 35 million cubic feet per day. The expansion project was completed ahead of schedule and at its originally budgeted cost of $13 million on a consolidated basis.
In addition, MMLP is pleased to report substantial progress on the natural gas liquids rail car loading facility also being constructed by WGPC for the transportation of natural gas liquids produced at the Waskom gas processing facility to end users. This project is anticipated to be placed into service in late December 2011.
WGPC is a Texas general partnership whose equal 50% ownership general partners are CenterPoint Energy Gas Processing, Inc. a wholly-owned subsidiary of CenterPoint Energy, Inc. (NYSE:CNP), and Prism Gas Systems I, L.P., the operator of WGPC, and an indirect, wholly-owned subsidiary of MMLP.
The Partnership has additional previously announced organic growth projects in the form of new crude oil tankage and a marine terminal under construction at the Port of Corpus Christi, Texas ("Corpus"). The Corpus project is progressing according to plan and will be able to accept trucked-in crude oil volumes by December 31, 2011. The terminal is anticipated to be fully functional by the end of the first quarter 2012.
Lastly, the Partnership is constructing a new $23 million vacuum tower at its Cross Oil lubricant processing facility in Smackover, Arkansas. This investment will increase the facility's efficiency by reducing the amount of non-lubricant residual oil produced. This project is on budget and is targeted to go online March 2012.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, MMLP's general partner said, "We are pleased with the progress of these capital projects and can report that each is on schedule and on budget. Going forward, I envision similar organic growth as we continue providing the logistical solutions our customers seek across our diverse operations."
About Martin Midstream Partners L.P.
Martin Midstream Partners is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: terminalling and storage services for petroleum products and by-products; natural gas gathering and processing and NGL distribution services; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. Additional information concerning Martin Midstream is available on its website at www.martinmidstream.com.
Forwarding Looking Statements
Statements in this release 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 its control, which could cause actual results to differ materially from such statements. While MMLP 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's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. Martin Midstream Partners 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.