Martin Midstream Partners LP
While most investors tend to think about pipelines when they think about MLPs, the truth is there are a ton of different infrastructure and midstream assets that can be placed in the corporate structure. Martin Midstream Partners (NASDAQ:MMLP) operates a hodge-podge of various businesses and it operates them very very well.
These include oil storage terminals, marine transportation assets, pipelines, six sulfur-based fertilizer plants and one emulsified sulfur blending plant. All are located in the critical Gulf Coast.
That mixture of assets plus Martin’s strong management has resulted in increasing cash flows and earnings that have flowed back to shareholders. MMLP has managed to grow its dividend by 9.5% on a compound annual basis since it listed in 2003. That’s more than 60% higher than the dividend growth for other MLPs. MMLP currently yields 7.4%.