By Katherine Hamilton

Martin Midstream Partners pulled its guidance due to an unexpected drop in demand in its marine-transportation business.

The Kilgore, Texas-based company, which provides services to the oil-and-gas industry, said Wednesday it experienced a significant decline in demand for inland barge fuel transportation, which it said was unexpected entering the third quarter.

Barge utilization also declined as refineries favored lighter crude slates, shifting demand away from barges and into pipelines, Chief Executive Bob Bondurant said.

As a result of those trends, Martin Midstream withdrew its full-year outlook and said it doesn't intend to provide new guidance until there is more visibility into what is impacting demand in the marine segment.

"While third quarter results are typically our weakest based on seasonal factors, earnings for the quarter were well below our internal projections in both our marine and grease businesses," Bondurant said.

Income in Martin Midstream's general transportation segment dropped 67% to $2.8 million in the third quarter, the company said. That was partly driven by a $5 million decline in adjusted earnings before interest, taxes, depreciation and amortization from the marine-transportation segment, it said.

Shares fell 8.9% to $2.88 in after-hours trading Wednesday. Through the close, the stock was down 14% this year.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

October 15, 2025 17:00 ET (21:00 GMT)

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