Good day, ladies and gentlemen, and welcome to the Martin Midstream second-quarter 2014 earnings conference call. [Operator Instructions]. And as a reminder, this conference is being recorded. Now I will turn the conference over to your host, Chief Financial Officer Bob Bondurant. Please begin.

Thank you, Tyrone. And to let everyone know who is on the call today, we have Ruben Martin, our President and Chief Executive Officer; Joe McCreery, Vice President of Finance and Head of Investor Relations; and Wes Martin, Vice President of Corporate Development. Before we get started with the financial and operational results for the second quarter, I need to make this disclaimer. Certain statements made during the conference call may be forward-looking statements relating to financial forecasts, future performance, and our ability to make distributions to unit holders. We report our financial results in accordance with Generally Accepted Accounting Principles, and use certain non-GAAP financial measures within the meanings of the SEC Regulation G, such as distributed cash flow, or DCF; and earnings before interest, taxes, depreciation, and amortization, or EBITDA; and, also, adjusted EBITDA. We use these measures because we believe it provides users of our financial information with meaningful comparisons between current results and prior reported results, and it can be a meaningful measure of the Partnership's cash available to pay distributions. We also included in our press release issued yesterday a reconciliation of EBITDA, adjusted EBITDA, and distributable cash flow to the most comparable comparable GAAP financial measure. Our earnings press release is available at our website, www.martinmidstream.com. Now I would like to discuss our second-quarter performance. For the second quarter, we had adjusted EBITDA of $31.9 million compared to $38.8 million in the first quarter of 2013. Our total distributable cash flow, or DCF, for the second quarter was $19.2 million, a distribution coverage of 0.88, times based on the distributions we paid in the second quarter. This coverage ratio does not include any IDR payments to the General Partner as we have suspended IDR payments until a cumulative suspension of $21 million is met.…

Thanks, Bob. Good morning, everyone. I'll start with our normal walk-through of the debt components of our balance sheet and our bank ratios. I will then highlight some of the Partnership's financing growth and other activities during the quarter. On June 30, 2014, the Partnership had total long-term funded debt of approximately $692 million. This consisted of approximately $400 million of senior unsecured notes, and $290 million drawn under our recently upsized $900 million revolving credit facility. Thus, the Partnership's available liquidity on June 30, 2014, was $610 million. For the second quarter ended 2014, our bank compliant leverage ratios – as defined as senior secured indebtedness to adjusted EBITDA, and total indebtedness to adjusted EBITDA – were 1.95 times and 4.66 times, respectively. Additionally, our bank compliant interest coverage ratio, as defined by adjusted EBITDA to consolidated interest expense, was 2.89 times. Looking at the balance sheet, our total debt to total capitalization at June 30 was 64.2%, an improvement compared to the quarter ended March 31, 2014, as a result of the Partnership's follow-on offering during the second quarter, offset by seasonally higher working capital balances associated with our natural gas liquids business. In all, on June 30, 2014, the Partnership was in full compliance with all banking covenants, financial or otherwise. Reconciling our current revolver balance to the quarter ended June 30, our current outstandings are $280 million, thus $620 million of Partnership available liquidity. Now I'd like to highlight our significant acquisition during the quarter. As Bob mentioned, on May 14, 2014, the Partnership acquired effective 20% interest in the West Texas LPG pipeline – which I will call WTLPG – for cash of approximately $134.4 million, subject to certain post-closing adjustments. WTLPG is an approximate 2200-mile common carrier pipeline system that transports NGLs from New…

Thank you. [Operator Instructions]. First question is from Darren Horowitz of Raymond James. Your line is open. Darren Horowitz – Raymond James & Associates: A couple questions, the first regarding the West Texas LPG assets. If you could just roughly quantify what you think the magnitude of EBITDA cash flow outperformance would be, that would be helpful. And then second, and kind of more importantly, when you start talking about additional revenue opportunities, either organic or bolt-on, you've mentioned before maybe some additional NGL infrastructure at terminal points. Obviously, there's some access points across the Gulf Coast, and maybe some additional acreage at that Neches facility. But how do you think about maybe better utilizing dock capacity, or even possibly getting further downstream with regard to LPG product export?

Hey, Darren, this is Wes. I'll take the first one, and then maybe put it to Ruben for the second question. With respect to WTLPG, in terms of – I think we were out there saying that we thought about distributions of about $9 million, I believe, in 2015. Given where we stand today, and just our outlook for what's going on in the Permian, without having to spend significant capital dollars, we think that number could be, call it, 10% to 20% higher in 2015. As everybody generally knows, I think Chevron, who owns the other 80%, is potentially running a process, or are running a process on that. And so some of that growth is uncertain at this point. It just depends on who the partner is; if there is a new partner there, or not. And so that remains to be determined a little bit, but I think just in general, when we look at the volumes that we see currently in our outlook, with respect to what's going on in the Permian, we could see a material increase in those distributions. And that excludes any sort of capital investment in expansions. Ruben, do you want to take the second part on the…

You were talking, Darren, about – separate from the West Texas LPG line, concerning potential exports out of Beaumont? Darren Horowitz – Raymond James & Associates: Yes, Ruben, just looking at your existing asset base, there is some complementary assets. So I'm thinking you've got additional acreage at the Neches facility. You've got an underutilized dock. So the way we see it, there could be a lot of synergistic upside to get further downstream, maybe spend a bit more capital and get a higher return on investment.

Yes, we're actually evaluating all of those particular situations right now. We have a lot of property in the Beaumont area that is sitting right in the areas of all of the gathering of several pipelines, and major lines that run in there. We not only have the Neches facility, which has a dock capacity; but we've got Spindletop, which is about 3 miles away from that, that we have a lot of capacity. We're pulling off of TT pipeline there now for distribution of different products. But, no, we are looking at that. We have the dock space; we can add to our dock space very, very easily and cheaply, relative to the rest of the markets. And so, no, we are in that mode right now, trying to figure out exactly how – what we do want to do to expand that. And we also have additional barge, a little bit shallower capacity at our Stanolind terminal. So we've got basically 3 terminals in that area and we are evaluating it, because we do see that area becoming more and more actively involved in the export market, as we've already seen with some other announcements. Darren Horowitz – Raymond James & Associates: What do you think the development of all of those areas would be, just in terms of rough CapEx and the timing to get everything up and running, to where it becomes a vertically integrated point-to-point system?

Well, I think you can't do much of anything nowadays in less than a couple of years. And so you're probably looking in an area of a couple of years there, and anywhere from $500 million to $700 million of total development cost. Darren Horowitz – Raymond James & Associates: Okay. And then last question for me, if I could shift it back a little bit to the discussion around condensate splitting, or now stabilization capacity, at Corpus. What do you think in terms of the timeframe it would take to get a splitter, a 50,000 barrel a day – or, excuse me, stabilization asset up and running? And, more importantly, from a CapEx perspective, does that $175 million to $200 million – does that include any sort of additional dock capacity, or any kind of downstream infrastructure that needs to take place to actually handle stabilized released condensate for export?

Yes, we're looking at dock capacity there. We are actually evaluating that situation right now. We've just added another dock. And then due to some circumstances down there, we may be adding another one to that area. But, yes, it's got to have dock capacity. But I don't know exactly what the stabilization numbers were, but I think it was closer to about 18 months, was it, Wes?

Yes. Yes.

Yes, around 18 months to – probably from start to finish there. Darren Horowitz – Raymond James & Associates: Okay. Thanks, guys. I appreciate it.

Thank you. [Operator Instructions]. Our next question is from TJ Schultz of RBC. Your line is open. TJ Schultz – RBC Capital Markets: Last quarter you mentioned that initial discussions on drop-downs had started. Just any update here, and your thoughts on getting something done in 2014?

Yes, this is Wes. I'll take that, TJ. I think we indicated, I think – and I think maybe you had even asked the question last quarter, in terms of priorities and timing of different things. We are, as Joe alluded to in his earlier conversations, we are looking at, call it, 2 or 3 outside – what I would call outside acquisitions; or, I'd say, non-related drop-down type stuff, relative to the Alinda conversation. So that continues to be out there in terms of timing. I think we've said, hey, maybe we could see something in 6 months or so develop. I think when you look at what Alinda is doing – they obviously own HFOTCO. I think HFOTCO is generally looking at undergoing some capital improvements there. And I think they are trying to work through those right now, in terms of timing and the financing of those, and really looking at that on a longer-term basis. So I think we still have some time there. I think with respect to seeing anything definitive, I think probably not by the end of this year. But again, we are having a lot of discussions about when is the right timing, and what size is the right size. But right now we've got a lot on our plate, as we continue to say, with a couple of other transactions that we're looking at, and incremental investments and opportunities. So we continue to be focused on that. But, I would say, the odds of something happening in 2014 are not high, at this point. TJ Schultz – RBC Capital Markets: Okay. Can you provide any color on those two to 3 outside opportunities you're looking at? Does that include the other 80% of West Texas LPG? Or what other types of activities are you looking at there?

Yes, I'll just say with respect to WTLPG, we can't comment on that. With respect to the other opportunities that we speak of, one in particular is an affiliated type transaction that we could look at. That's something that we're working on right now. And I think we can't really necessarily say that it's going to happen. But the way we see things right now, it could be a highly accretive transaction, and hopefully we could get to the finish line on something like that within the next few weeks. TJ Schultz – RBC Capital Markets: Okay.

Just in general, there's other opportunities out there; but we are focused on particularly this one, and spending a lot of time right now trying to get that over the finish line. TJ Schultz – RBC Capital Markets: Okay. Thank you.

Thank you. There are no further questions at this time. I'd like to turn the call over to management.

Yes, thank you, Tyrone. This is Joe. Just in summary, appreciate everyone's time this morning. As you can see, second-quarter performance was better than we anticipated, and that was able to garner a $0.005 increase in our distribution, payable on August 14. So now, as I mentioned, we're at $3.17 annualized. And as Bob alluded to, nearly all the marine dry-docking is now behind us. We expect full cash flow recovery in the third and fourth quarters in the marine transportation segment, which of course is higher DCF as it pertains to now. Approximately 70% of our maintenance CapEx for the year is behind us. And lastly, as Wes mentioned, the acquisition pipeline is robust. And we expect a decision on the highly accretive acquisition he referred to to surface in the very near term, and we continue to evaluate the drop-down opportunities with Alinda. So, with that, we thank everyone for their time this morning. Have a great day.

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Have a wonderful day.