TransMontaigne Partners L.P. Announces Financial Results for the Quarter Ended September 30, 2015
TransMontaigne Partners L.P. (NYSE:TLP) today announced its financial
results for the quarter ended September 30, 2015.
FINANCIAL RESULTS
An overview of the financial performance for the quarter ended September
30, 2015, as compared to the quarter ended September 30, 2014, includes:
-
Operating income increased to $10.1 million compared to $8.3 million,
principally due to the following:
-
Revenue was $37.3 million compared to $35.7 million due to
increases in revenue at the Gulf Coast, Midwest and Brownsville
terminals of approximately $0.5 million, $0.2 million and $1.2
million, respectively, offset by a decrease in revenue at the
Southeast terminals of approximately $0.3 million. Revenue for the
River terminals was consistent period over period.
-
Direct operating costs and expenses were $16.7 million compared to
$16.5 million due to increases in direct operating costs and
expenses at the Midwest and Southeast terminals of approximately
$0.2 million and $0.5 million, respectively, offset by decreases
in direct operating costs and expenses at the Gulf Coast and
Brownsville terminals of approximately $0.2 million and $0.3
million, respectively. Direct operating costs and expenses for the
River terminals were consistent period over period.
-
Earnings from investments in unconsolidated affiliates were $2.2
million compared to $1.7 million due to increases in earnings at
the BOSTCO and Frontera terminals of approximately $0.3 million
and $0.2 million, respectively.
-
Quarterly net earnings increased to $7.7 million from $6.5 million due
principally to the changes in quarterly operating income discussed
above, offset by an increase in interest expense of approximately $0.7
million.
-
Net earnings per limited partner unit increased to $0.37 per unit
compared to $0.29 per unit.
-
Quarterly Consolidated EBITDA increased to $23.3 million compared to
$17.8 million.
Distributable cash flow was $17.4 million and $52.1 million for the
three and nine months ended September 30, 2015, respectively. We will
pay distributions of $12.6 million and $37.9 million, resulting in
distribution coverage ratios of 1.37x and 1.38x, for the three and nine
months ended September 30, 2015, respectively.
Our terminaling services agreements are structured as either throughput
agreements or storage agreements. Most of our throughput agreements
contain provisions that require our customers to throughput a minimum
volume of product at our facilities over a stipulated period of time,
which results in a fixed amount of revenue to be recognized by us. Our
storage agreements require our customers to make minimum payments based
on the volume of storage capacity made available to the customer under
the agreement, which results in a fixed amount of revenue to be
recognized by us. We refer to the fixed amount of revenue recognized
pursuant to our terminaling services agreements as being “firm
commitments.” Revenue recognized in excess of firm commitments and
revenue recognized based solely on the volume of product distributed or
injected are referred to as “variable.” Our revenue was as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Firm Commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminaling services fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
$
|
19,953
|
|
$
|
15,211
|
|
$
|
55,043
|
|
$
|
32,433
|
Affiliates
|
|
|
|
7,565
|
|
|
10,930
|
|
|
24,741
|
|
|
48,825
|
Total firm commitments
|
|
|
|
27,518
|
|
|
26,141
|
|
|
79,784
|
|
|
81,258
|
Variable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminaling services fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
|
753
|
|
|
990
|
|
|
3,250
|
|
|
2,641
|
Affiliates
|
|
|
|
742
|
|
|
207
|
|
|
2,237
|
|
|
554
|
Total variable
|
|
|
|
1,495
|
|
|
1,197
|
|
|
5,487
|
|
|
3,195
|
Total terminaling services fees
|
|
|
|
29,013
|
|
|
27,338
|
|
|
85,271
|
|
|
84,453
|
Pipeline transportation fees
|
|
|
|
1,616
|
|
|
786
|
|
|
4,948
|
|
|
2,255
|
Management fees and reimbursed costs
|
|
|
|
1,966
|
|
|
1,892
|
|
|
5,720
|
|
|
5,203
|
Other
|
|
|
|
4,674
|
|
|
5,687
|
|
|
16,261
|
|
|
21,204
|
Total revenue
|
|
|
$
|
37,269
|
|
$
|
35,703
|
|
$
|
112,200
|
|
$
|
113,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The amount of revenue recognized as “firm commitments” based on the
remaining contractual term of the terminaling services agreements that
generated “firm commitments” for the nine months ended September 30,
2015 was as follows (in thousands):
|
|
|
|
|
Remaining terms on terminaling services agreements that generated
“firm commitments”:
|
|
|
|
|
Less than 1 year remaining
|
|
|
$
|
21,547
|
1 year or more, but less than 3 years remaining
|
|
|
|
36,381
|
3 years or more, but less than 5 years remaining
|
|
|
|
7,875
|
5 years or more remaining
|
|
|
|
13,981
|
Total firm commitments for the nine months ended September 30, 2015
|
|
|
$
|
79,784
|
|
|
|
|
|
Our investments in unconsolidated affiliates include a 42.5% interest in
BOSTCO and a 50% interest in Frontera. BOSTCO is a newly constructed
terminal facility located on the Houston Ship Channel. BOSTCO began
initial commercial operations in the fourth quarter of 2013; with the
completion of its approximately 7.1 million barrels of storage capacity
and related infrastructure occurring at the end of the third quarter of
2014. Frontera is a terminal facility located in Brownsville, Texas that
encompasses approximately 1.5 million barrels of light petroleum product
storage capacity, as well as related ancillary facilities.
The following table summarizes our investments in unconsolidated
affiliates:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value
|
|
|
|
Percentage of ownership
|
|
(in thousands)
|
|
|
|
September 30,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
BOSTCO
|
|
|
42.5
|
%
|
|
42.5
|
%
|
|
$
|
225,027
|
|
$
|
225,920
|
Frontera
|
|
|
50
|
%
|
|
50
|
%
|
|
|
23,177
|
|
|
23,756
|
Total investments in unconsolidated affiliates
|
|
|
|
|
|
|
|
|
$
|
248,204
|
|
$
|
249,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from investments in unconsolidated affiliates were as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
BOSTCO
|
|
|
$
|
1,670
|
|
$
|
1,368
|
|
$
|
8,244
|
|
$
|
2,617
|
Frontera
|
|
|
|
521
|
|
|
285
|
|
|
1,520
|
|
|
474
|
Total earnings from investments in unconsolidated affiliates
|
|
|
$
|
2,191
|
|
$
|
1,653
|
|
$
|
9,764
|
|
$
|
3,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distributions received from unconsolidated affiliates were as
follows (in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
BOSTCO
|
|
|
$
|
6,555
|
|
$
|
2,915
|
|
$
|
13,363
|
|
$
|
4,072
|
Frontera
|
|
|
|
955
|
|
|
344
|
|
|
2,099
|
|
|
1,625
|
Total cash distributions received from unconsolidated affiliates
|
|
|
$
|
7,510
|
|
$
|
3,259
|
|
$
|
15,462
|
|
$
|
5,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase in distributions received from our investment in BOSTCO for
the quarter ended September 30, 2015, as compared to the quarter ended
September 30, 2014, includes approximately $3.4 million of our share of
a one-time gain resulting from a contract buy-out by one of the BOSTCO
customers in April of 2015, which we received in cash as a component of
our third quarter 2015 distribution from BOSTCO.
RECENT DEVELOPMENTS
Commercial activity. On October 30, 2015, we entered into
a new six-year terminaling services agreement with a subsidiary of NGL
Energy Partners LP (“NGL”) for approximately 1.2 million barrels of new
product storage capacity to be constructed at our Collins, Mississippi
terminal and approximately 0.1 million barrels of existing storage
capacity at this same terminal. The terminaling services agreement with
NGL will be effective January 1, 2016 with the majority of the contract
revenue coming on-line upon completion of the construction of the new
tank capacity, which is expected to occur during the fourth quarter of
2016 and the first quarter of 2017. This first phase of our expansion at
Collins is expected to cost approximately $43 million. We are currently
negotiating agreements with other potential customers that could support
the construction of another 0.8 million barrels of product storage
capacity at our Collins terminal. Our Collins terminal is the only
independent terminal capable of receiving from, delivering to, and
transferring between the Colonial and Plantation pipeline systems.
On October 26, 2015, we finalized the negotiation of the start of a
five-and-half-year terminaling services agreement with a new third party
customer for approximately 700,000 barrels of existing asphalt storage
capacity at our Port Everglades North, Cape Canaveral, Jacksonville, and
Port Manatee, Florida terminals. The new agreement contains an increase
to the minimum throughput fee per barrel and commenced November 1, 2015,
upon the departure of the previous third party asphalt customer at these
terminals. The new agreement re-contracts all but approximately 270,000
barrels of our asphalt storage capacity in Florida, which was under
contract through October 31, 2015. We are in the process of identifying
other potential parties to re-contract this capacity, however, at this
time we cannot be certain whether we will be successful in our
re-contracting efforts.
Quarterly distribution. On October 12, 2015, we announced
a distribution of $0.665 per unit for the period from July 1, 2015
through September 30, 2015. This distribution is payable on November 6,
2015 to unitholders of record on October 30, 2015.
LIQUIDITY AND CAPITAL RESOURCES
TransMontaigne Partners also released the following statements regarding
its current liquidity and capital resources:
-
Our credit facility provides for a maximum borrowing line of credit
equal to $400 million. The credit facility allows us to make up to
$125 million in additional future joint venture investments, which may
include additional investments in BOSTCO. The terms of the credit
facility also permit us to issue senior unsecured notes. Further, at
our request, the maximum borrowing line of credit can be increased by
an additional $100 million, subject to the approval of the
administrative agent and the receipt of additional commitments from
one or more lenders. The credit facility became effective March 9,
2011 and expires on July 31, 2018. At September 30, 2015, our
outstanding borrowings were $249.6 million.
-
Management and the board of directors of our general partner have
approved additional investments and expansion projects at our
terminals that currently are, or will be, under construction with
estimated completion dates that extend through the first quarter of
2017. At September 30, 2015, the remaining expenditures to complete
the approved projects are estimated to be approximately $50 million,
which includes the construction costs associated with the first phase
of our tank expansion at our Collins, Mississippi terminal. We expect
to fund our future investment and expansion expenditures with
additional borrowings under our credit facility.
-
Our primary liquidity needs are to fund our working capital
requirements, distributions to unitholders, approved investments,
approved capital projects and approved future expansion, development
and acquisition opportunities. We expect to initially fund our
approved investments, approved capital projects and our approved
future expansion, development and acquisition opportunities with
additional borrowings under our credit facility. After initially
funding these expenditures with borrowings under our credit facility,
we may raise funds through additional equity offerings and debt
financings. The proceeds of such equity offerings and debt financings
may then be used to reduce our outstanding borrowings under our credit
facility.
Attachment A contains additional selected financial information and
results of operations. Attachment B contains a reconciliation of net
earnings to the computation of our distributable cash flow and
Consolidated EBITDA.
CONFERENCE CALL
TransMontaigne Partners L.P. previously announced that it has scheduled
a conference call for Thursday, November 5, 2015 at 11:00 a.m. (ET)
regarding the above information. Analysts, investors and other
interested parties are invited to listen to management’s presentation of
the Company’s results and supplemental financial information by
accessing the call as follows:
(800) 230-1766 Ask for: TransMontaigne
Partners
A playback of the conference call will be available from 1:00 p.m. (ET)
on Thursday, November 5, 2015 until 11:59 p.m. (ET) on Thursday,
November 12, 2015 by calling:
USA: (800) 475-6701 International: (320)
365-3844 Access Code: 372619
ATTACHMENT A SELECTED FINANCIAL INFORMATION AND RESULTS
OF OPERATIONS
The following selected financial information is extracted from our
Quarterly Report on Form 10-Q for the three months ended September 30,
2015, which was filed on November 5, 2015 with the Securities and
Exchange Commission (in thousands, except per unit amounts):
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
Income Statement Data
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
37,269
|
|
|
$
|
35,703
|
|
Direct operating costs and expenses
|
|
|
|
(16,655
|
)
|
|
|
(16,514
|
)
|
Direct general and administrative expenses
|
|
|
|
(1,117
|
)
|
|
|
(1,086
|
)
|
Earnings from unconsolidated affiliates
|
|
|
|
2,191
|
|
|
|
1,653
|
|
Operating income
|
|
|
|
10,077
|
|
|
|
8,257
|
|
Net earnings
|
|
|
|
7,712
|
|
|
|
6,520
|
|
Net earnings allocable to limited partners
|
|
|
|
5,909
|
|
|
|
4,741
|
|
Net earnings per limited partner unit—basic
|
|
|
$
|
0.37
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
Balance Sheet Data
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
$
|
387,056
|
|
$
|
385,301
|
Investments in unconsolidated affiliates
|
|
|
|
248,204
|
|
|
249,676
|
Goodwill
|
|
|
|
8,485
|
|
|
8,485
|
Total assets
|
|
|
|
659,164
|
|
|
664,057
|
Long-term debt
|
|
|
|
249,600
|
|
|
252,000
|
Partners’ equity
|
|
|
|
384,779
|
|
|
391,465
|
|
|
|
|
|
|
|
|
Selected results of operations data for each of the quarters in the
years ended December 31, 2015 and 2014 are summarized below (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ending
|
|
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
2015
|
|
Revenue
|
|
|
$
|
37,897
|
|
|
$
|
37,034
|
|
|
$
|
37,269
|
|
|
$
|
—
|
|
$
|
112,200
|
|
Direct operating costs and expenses
|
|
|
|
(14,954
|
)
|
|
|
(15,872
|
)
|
|
|
(16,655
|
)
|
|
|
—
|
|
|
(47,481
|
)
|
Direct general and administrative expenses
|
|
|
|
(1,021
|
)
|
|
|
(672
|
)
|
|
|
(1,117
|
)
|
|
|
—
|
|
|
(2,810
|
)
|
Allocated general and administrative expenses
|
|
|
|
(2,803
|
)
|
|
|
(2,802
|
)
|
|
|
(2,835
|
)
|
|
|
—
|
|
|
(8,440
|
)
|
Allocated insurance expense
|
|
|
|
(934
|
)
|
|
|
(934
|
)
|
|
|
(944
|
)
|
|
|
—
|
|
|
(2,812
|
)
|
Reimbursement of bonus awards expense
|
|
|
|
(525
|
)
|
|
|
(539
|
)
|
|
|
(121
|
)
|
|
|
—
|
|
|
(1,185
|
)
|
Depreciation and amortization
|
|
|
|
(7,337
|
)
|
|
|
(7,476
|
)
|
|
|
(7,711
|
)
|
|
|
—
|
|
|
(22,524
|
)
|
Earnings from unconsolidated affiliates
|
|
|
|
2,056
|
|
|
|
5,517
|
|
|
|
2,191
|
|
|
|
—
|
|
|
9,764
|
|
Operating income
|
|
|
|
12,379
|
|
|
|
14,256
|
|
|
|
10,077
|
|
|
|
—
|
|
|
36,712
|
|
Other expenses
|
|
|
|
(2,257
|
)
|
|
|
(2,068
|
)
|
|
|
(2,365
|
)
|
|
|
—
|
|
|
(6,690
|
)
|
Net earnings
|
|
|
$
|
10,122
|
|
|
$
|
12,188
|
|
|
$
|
7,712
|
|
|
$
|
—
|
|
$
|
30,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ending
|
|
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
Revenue
|
|
|
$
|
38,053
|
|
|
$
|
39,359
|
|
|
$
|
35,703
|
|
|
$
|
36,947
|
|
|
$
|
150,062
|
|
Direct operating costs and expenses
|
|
|
|
(15,392
|
)
|
|
|
(16,396
|
)
|
|
|
(16,514
|
)
|
|
|
(17,881
|
)
|
|
|
(66,183
|
)
|
Direct general and administrative expenses
|
|
|
|
(918
|
)
|
|
|
(462
|
)
|
|
|
(1,086
|
)
|
|
|
(1,069
|
)
|
|
|
(3,535
|
)
|
Allocated general and administrative expenses
|
|
|
|
(2,782
|
)
|
|
|
(2,782
|
)
|
|
|
(2,782
|
)
|
|
|
(2,781
|
)
|
|
|
(11,127
|
)
|
Allocated insurance expense
|
|
|
|
(914
|
)
|
|
|
(913
|
)
|
|
|
(942
|
)
|
|
|
(942
|
)
|
|
|
(3,711
|
)
|
Reimbursement of bonus awards expense
|
|
|
|
(375
|
)
|
|
|
(375
|
)
|
|
|
(375
|
)
|
|
|
(375
|
)
|
|
|
(1,500
|
)
|
Depreciation and amortization
|
|
|
|
(7,400
|
)
|
|
|
(7,396
|
)
|
|
|
(7,400
|
)
|
|
|
(7,326
|
)
|
|
|
(29,522
|
)
|
Earnings from unconsolidated affiliates
|
|
|
|
163
|
|
|
|
1,275
|
|
|
|
1,653
|
|
|
|
1,352
|
|
|
|
4,443
|
|
Operating income
|
|
|
|
10,435
|
|
|
|
12,310
|
|
|
|
8,257
|
|
|
|
7,925
|
|
|
|
38,927
|
|
Other expenses
|
|
|
|
(1,197
|
)
|
|
|
(1,470
|
)
|
|
|
(1,737
|
)
|
|
|
(2,060
|
)
|
|
|
(6,464
|
)
|
Net earnings
|
|
|
$
|
9,238
|
|
|
$
|
10,840
|
|
|
$
|
6,520
|
|
|
$
|
5,865
|
|
|
$
|
32,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTACHMENT B DISTRIBUTABLE CASH FLOW
The following summarizes our distributable cash flow for the period
indicated (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
July 1, 2015
|
|
January 1, 2015
|
|
|
|
through
|
|
through
|
|
|
|
September 30, 2015
|
|
September 30, 2015
|
Net earnings
|
|
|
$
|
7,712
|
|
|
$
|
30,022
|
|
Depreciation and amortization
|
|
|
|
7,711
|
|
|
|
22,524
|
|
Earnings from unconsolidated affiliates
|
|
|
|
(2,191
|
)
|
|
|
(9,764
|
)
|
Distributions from unconsolidated affiliates
|
|
|
|
7,510
|
|
|
|
15,462
|
|
Equity-based compensation
|
|
|
|
145
|
|
|
|
1,255
|
|
Interest expense
|
|
|
|
2,198
|
|
|
|
6,083
|
|
Amortization of deferred financing costs
|
|
|
|
167
|
|
|
|
607
|
|
“Consolidated EBITDA”
|
|
|
|
23,252
|
|
|
|
66,189
|
|
Interest expense
|
|
|
|
(2,198
|
)
|
|
|
(6,083
|
)
|
Unrealized gain on derivative instrument
|
|
|
|
461
|
|
|
|
551
|
|
Amortization of deferred financing costs
|
|
|
|
(167
|
)
|
|
|
(607
|
)
|
Amounts due under long-term terminaling services agreements, net
|
|
|
|
388
|
|
|
|
727
|
|
Project amortization of deferred revenue under GAAP
|
|
|
|
(437
|
)
|
|
|
(1,004
|
)
|
Project amortization of deferred revenue for DCF
|
|
|
|
565
|
|
|
|
1,420
|
|
Cash paid for purchase of common units
|
|
|
|
—
|
|
|
|
(92
|
)
|
Capitalized maintenance
|
|
|
|
(4,510
|
)
|
|
|
(8,954
|
)
|
“Distributable cash flow”, or DCF, generated during the period
|
|
|
$
|
17,354
|
|
|
$
|
52,147
|
|
|
|
|
|
|
|
|
|
|
|
Actual distribution for the period on all common units and the
general partner interest including incentive distribution rights
|
|
|
$
|
12,624
|
|
|
$
|
37,871
|
|
Distribution coverage ratio
|
|
|
|
1.37x
|
|
|
|
1.38x
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow, the distribution coverage ratio and
Consolidated EBITDA are not computations based upon generally accepted
accounting principles. The amounts included in the computations of our
distributable cash flow and Consolidated EBITDA are derived from amounts
separately presented in our consolidated financial statements, notes
thereto and “Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations” in our Quarterly Report on
Form 10-Q for the quarter ended September 30, 2015, which was filed with
the Securities and Exchange Commission on November 5, 2015.
Distributable cash flow and Consolidated EBITDA should not be considered
in isolation or as an alternative to net earnings or operating income,
as an indication of our operating performance, or as an alternative to
cash flows from operating activities as a measure of liquidity.
Distributable cash flow and Consolidated EBITDA are not necessarily
comparable to similarly titled measures of other companies.
Distributable cash flow and Consolidated EBITDA are presented here
because they are widely accepted financial indicators used to compare
partnership performance. Further, Consolidated EBITDA is calculated
consistent with the provisions our credit facility and is a financial
performance measure used in the calculation of our leverage ratio
requirement. We believe that these measures provide investors an
enhanced perspective of the operating performance of our assets, the
cash we are generating and our ability to make distributions to our
unitholders and our general partner.
About TransMontaigne Partners L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company
based in Denver, Colorado with operations in the United States along the
Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the
Mississippi and Ohio Rivers, and in the Southeast. We provide integrated
terminaling, storage, transportation and related services for customers
engaged in the distribution and marketing of light refined petroleum
products, heavy refined petroleum products, crude oil, chemicals,
fertilizers and other liquid products. Light refined products include
gasolines, diesel fuels, heating oil and jet fuels; heavy refined
products include residual fuel oils and asphalt. We do not purchase or
market products that we handle or transport. News and additional
information about TransMontaigne Partners L.P. is available on our
website: www.transmontaignepartners.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995. Although the
company believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Important factors that could
cause actual results to differ materially from the company’s
expectations and may adversely affect its business and results of
operations are disclosed in "Item 1A. Risk Factors" in the company’s
Annual Report on Form 10-K for the year ended December 31, 2014, filed
with the Securities and Exchange Commission on March 12, 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005873/en/ Copyright Business Wire 2015
Source: Business Wire
(November 5, 2015 - 8:17 AM EST)
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