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Martin Midstream Partners sells East Texas Pipeline for $17.5M

Martin Midstream Partners LP divested its East Texas Pipeline to an unnamed buyer for about $17.5 million.

The net proceeds from the sale will be used to decrease outstanding borrowings under Martin Midstream Partners' credit facility, according to an Aug. 12 news release.

Ruben Martin III, president and CEO of Martin Midstream's general partner, said in the release that the pipeline has been idle since September 2018, producing a trailing 12-month net loss and negative EBITDA of $1.6 million and $900,000, respectively.

Martin Midstream Partners is a limited partnership offering petroleum products and natural gas liquids services focused mainly on the U.S. Gulf Coast region.