Martin Midstream Partners has sold its East Texas Pipeline for $17.5 million to an undisclosed buyer.
The pipeline has been idle since September 2018 and was producing a trailing 12-month net loss and negative EBITDA of $1.6 million and $0.9 million respectively.
The net proceeds will be used to reduce outstanding borrowings under the partnership's revolving credit facility.
Ruben Martin, president and CEO of Martin Midstream, says: 'The East Texas Pipeline sale is one more step along the partnership's strategic path of selling non-core assets and using the proceeds to reduce leverage.'
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