TransMontaigne Partners LLC: Company Profile

Background

TransMontaigne Partners LLC is a leading provider of terminaling, storage, transportation, and related services to the energy industry. Established in 2005 and headquartered in Denver, Colorado, the company operates a diversified network of midstream terminals and pipelines across the United States. These facilities are strategically located along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio rivers, in the Southeast, in the Pacific Northwest, and along the West Coast.

TransMontaigne's mission is to provide essential storage and transportation services for a wide array of petroleum products, crude oil, chemicals, fertilizers, and other liquid products. The company's vision is to be the leading provider of integrated storage, terminaling, and transportation solutions for energy products, driving the seamless flow of resources to power the world. Through innovation, reliability, and sustainability, TransMontaigne aims to redefine industry standards and foster a resilient energy infrastructure.

Key Strategic Focus

TransMontaigne's strategic focus centers on three main avenues:

1. Maximizing Profitability of Existing Assets: Enhancing the efficiency and profitability of its current terminal and pipeline systems.

2. Organic Growth: Pursuing new projects and investments to expand its platform.

3. Accretive Acquisitions: Acquiring complementary energy infrastructure assets to strengthen its market position.

The company specializes in the storage and transportation of bulk liquids, including traditional and renewable fuels, feedstocks, natural gas liquids (NGLs), building materials, fertilizers, and chemicals. TransMontaigne serves distributors and marketers of these products, providing essential services that support the American economy.

Financials and Funding

In February 2025, TransMontaigne completed a $500 million senior unsecured notes offering, with an interest rate of 8.500% due in 2030. The net proceeds from this offering were utilized to redeem all of its 6.125% Senior Unsecured Notes due 2026, repay indebtedness under its revolving credit facility, make a distribution to its parent company, TLP Finance Holdings, LLC, to repay TLP Finance's term loan due 2025, and for general corporate purposes.

Additionally, in February 2025, TransMontaigne closed an amendment to its credit facility, extending the maturity date of the revolving facility to August 31, 2029, and adjusting the applicable margin for interest rates.

Pipeline Development

TransMontaigne's pipeline development includes:

• SeaPort Sound Terminal in Tacoma, WA: Acquired in November 2021, this terminal is the only independent end-market unit train facility in the Puget Sound, playing a critical role in the region's renewable fuels supply.

• SeaPort Midstream Partners, LLC: Also acquired in November 2021, this entity owns liquid products terminals in Seattle, WA, and Portland, OR, enhancing TransMontaigne's presence in the Pacific Northwest.

• Olympic Pipeline Company, LLC: TransMontaigne holds a 30% membership interest in this company, which owns the Olympic Pipeline between Blaine, WA, and Portland, OR, further expanding its infrastructure in the region.

Technological Platform and Innovation

TransMontaigne employs sophisticated terminal facilities capable of custom processing and blending of additives to meet customer specifications. These facilities are strategically located near population centers, deepwater marine docks, rail infrastructure, pipeline connections, and truck racks, facilitating efficient logistics for bulk liquid products.

Leadership Team

As of September 2025, the leadership team includes:

• Jesse Arenivas: Appointed Chief Executive Officer in September 2025, bringing extensive experience from his previous role as CEO of EnLink Midstream LLC.

• Randal Maffett: Served as CEO from 2023 to 2025 and transitioned to the Board of Managers in September 2025.

• Fred Boutin: Chief Executive Officer prior to September 2025.

• Mark Huff: President.

• Rob Fuller: Chief Financial Officer.

• Jim Dugan: Chief Operating Officer.

Competitor Profile

Market Insights and Dynamics

The midstream sector, encompassing the transportation, storage, and distribution of petroleum products, is highly competitive. Key players include:

• Kinder Morgan Inc.: One of the largest energy infrastructure companies in North America, operating an extensive network of pipelines and terminals.

• Enterprise Products Partners L.P.: Owns and operates over 50,000 miles of pipelines, along with storage capacity for natural gas, crude oil, and refined products.

• Magellan Midstream Partners, L.P.: Specializes in the transportation, storage, and distribution of refined petroleum products and crude oil, boasting the longest refined petroleum products pipeline system in the U.S.

• Buckeye Partners, L.P.: Operates one of the largest independent liquid petroleum products pipeline systems in the U.S., including pipelines, terminals, and storage facilities.

• Plains All American Pipeline, L.P.: Focuses on the transportation, storage, and marketing of crude oil and refined products, with an extensive network of pipeline transportation assets and storage facilities.

• NuStar Energy L.P.: Involved in the storage and transportation of crude oil, refined products, and specialty liquids, with a significant presence in the Gulf Coast region.

• Targa Resources Corp.: Provides midstream natural gas and NGL services, operating a network of gathering pipelines, processing plants, and storage facilities.

Competitor Analysis

TransMontaigne's competitors, such as Kinder Morgan, Enterprise Products Partners, and Magellan Midstream Partners, possess extensive infrastructure and diversified service offerings, posing significant competition in the midstream sector. Staying competitive requires continuous investment in infrastructure, strategic acquisitions, and a focus on operational efficiency.

Strategic Collaborations and Partnerships

In November 2021, TransMontaigne acquired SeaPort Financing, LLC, expanding its operations in the Pacific Northwest and enhancing its capabilities in the renewable fuels logistics space.

Operational Insights

TransMontaigne's strategic considerations include:

• Asset Optimization: Maximizing the profitability of existing terminals and pipelines.

• Geographic Expansion: Acquiring assets in strategic locations, such as the Pacific Northwest, to enhance market reach.

• Renewable Fuels Logistics: Strengthening capabilities in handling renewable fuels to meet evolving energy demands.

Strategic Opportunities and Future Directions

TransMontaigne's strategic roadmap focuses on:

• Operational Excellence: Continuously improving efficiency and safety standards.

• Infrastructure Investment: Expanding and upgrading facilities to support a more sustainable energy future.

• Market Expansion: Entering new geographic regions and service areas to diversify revenue streams.