TransMontaigne Partners L.P.
Annual Report 2015

Plain-text annual report

Table of Contents UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10‑K(Mark One) ☒Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934for the fiscal year ended December 31, 2015OR☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period to Commission File Number 001‑32505TRANSMONTAIGNE PARTNERS L.P.(Exact name of registrant as specified in its charter)Delaware(State or other jurisdiction ofincorporation or organization)34‑2037221(I.R.S. EmployerIdentification No.) Suite 3100, 1670 BroadwayDenver, Colorado 80202(Address, including zip code, of principal executive offices)(303) 626‑8200(Telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act:Title of Each ClassName of Each Exchange on Which RegisteredCommon Limited Partner UnitsNew York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: NONEIndicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes ☒ No ☐Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data Filerequired to be submitted and posted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit and post such files). Yes ☒ No ☐Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S‑K is not contained herein, and will not be contained, tothe best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10‑K or any amendment tothis Form 10‑K. ☒Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, or a smaller reporting company.See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b‑2 of the Exchange Act.Large accelerated filer ☐Accelerated filer ☒Non‑accelerated filer ☐(Do not check if asmaller reporting company)Smaller reporting company ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act) Yes ☐ No ☒The aggregate market value of common limited partner units held by non‑ affiliates of the registrant on June 30, 2015 was$489,427,549 computed by reference to the last sale price ($38.00 per common unit) of the registrant’s common limited partner units on theNew York Stock Exchange on June 30, 2015The number of the registrant’s common limited partner units outstanding on February 29, 2016 was 16,124,566.DOCUMENTS INCORPORATED BY REFERENCENone. Table of Contents TABLE OF CONTENTSItem Page No. Part I 1 and2. Business and Properties 5 1A. Risk Factors 27 1B. Unresolved Staff Comments 43 3. Legal Proceedings 43 4. Mine Safety Disclosures 43 Part II 5. Market for the Registrant’s Common Units, Related Unitholder Matters and Issuer Purchasesof Equity Securities 44 6. Selected Financial Data 46 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 47 7A. Quantitative and Qualitative Disclosures About Market Risks 62 8. Financial Statements and Supplementary Data 63 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 9A. Controls and Procedures 96 9B. Other Information 98 Part III 10. Directors, Executive Officers of Our General Partner and Corporate Governance 98 11. Executive Compensation 104 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 108 13. Certain Relationships and Related Transactions, and Director Independence 111 14. Principal Accounting Fees and Services 114 Part IV 15. Exhibits, Financial Statement Schedules 115 2 Table of Contents Our annual reports on Form 10‑K, quarterly reports on Form 10‑Q and current reports on Form 8‑K (including exhibits), andany amendments to such reports, will be available free of charge on our website at www.transmontaignepartners.com underthe heading “Unitholder Information,” “SEC Filings” as soon as reasonably practicable after we electronically file suchmaterial with, or furnish it to, the Securities and Exchange Commission. A copy of this annual report on Form 10‑K (withoutexhibits), will be furnished without charge to any unitholder who sends a written request to our offices, addressed as follows:TransMontaigne Partners L.P., Attention: Investor Relations, 1670 Broadway, Suite 3100, Denver, Colorado 80202.CAUTIONARY STATEMENT REGARDING FORWARD‑LOOKING STATEMENTSThis annual report contains forward‑looking statements within the meaning of Section 27A of the Securities Act of1933 and Section 21E of the Securities Exchange Act of 1934, including the following:·any statements contained in this annual report regarding the prospects for our business or any of our services orour ability to pay distributions;·any statements preceded by, followed by or that include the words “may,” “seeks,” “believes,” “expects,”“anticipates,” “intends,” “continues,” “estimates,” “plans,” “targets,” “predicts,” “attempts,” “is scheduled,” orsimilar expressions; and·other statements contained in this annual report regarding matters that are not historical facts.Our business and results of operations are subject to risks and uncertainties, many of which are beyond our ability tocontrol or predict. Because of these risks and uncertainties, actual results may differ materially from those expressed orimplied by forward‑looking statements, and investors are cautioned not to place undue reliance on such statements, whichspeak only as of the date thereof.Important factors, many of which are described in more detail in “Item 1A. Risk Factors” of this annual report, thatcould cause actual results to differ materially from our expectations include, but are not limited to:·whether we are able to generate sufficient cash from operations to enable us to maintain or grow the amount ofthe quarterly distribution to our unitholders;·Gulf TLP Holdings, LLC, a wholly-owned subsidiary of ArcLight Energy Partners Fund VI, L.P. (“ArcLight”)controls our general partner, which has sole responsibility for conducting our business and managing ouroperations. ArcLight and its affiliates have conflicts of interest and limited fiduciary duties, which may permitthem to favor their own interests to our detriment;·affiliates of our general partner, including Gulf TLP Holdings, LLC and ArcLight, may compete with us and donot have any obligation to present business opportunities to us;·failure by any of our significant customers to continue to engage us to provide services after the expiration ofexisting terminaling services agreements or our failure to secure comparable alternative arrangements;·a reduction in revenue from any of our significant customers upon which we rely for a substantial majority ofour revenue;·a material portion of our operations are conducted through joint ventures, over which we do not maintain fullcontrol and which have unique risks;·competition from other terminals and pipelines that may be able to supply our significant customers withterminaling services on a more competitive basis;·the continued creditworthiness of, and performance by, our significant customers;3 Table of Contents ·the expiration of our omnibus agreement occurs on the earlier to occur of ArcLight ceasing to control ourgeneral partner or following at least 24 months prior written notice;·NGL Energy Operating will continue to employ the officers and employees that provide services to us under theprovisions of a transition services agreement entered into in connection with the ArcLight acquisition and NGLhas conflicts of interest with us and limited duties to us, which may permit it to favor its own interests to ourdetriment while the transition services agreement is operative;·we are exposed to the credit risks of our significant customers which could affect our creditworthiness. Anymaterial nonpayment or nonperformance by such customers could also adversely affect our financial conditionand results of operations;·a lack of access to new capital would impair our ability to expand our operations;·the lack of availability of acquisition opportunities, constraints on our ability to make acquisitions, failure tosuccessfully integrate acquired facilities and future performance of acquired facilities, could limit our ability togrow our business successfully and could adversely affect the price of our common units;·a decrease in demand for products due to high prices, alternative fuel sources, new technologies or adverseeconomic conditions;·our debt levels and restrictions in our debt agreements that may limit our operational flexibility;·the ability of our significant customers to secure financing arrangements adequate to purchase their desiredvolume of product;·the impact on our facilities or operations of extreme weather conditions, such as hurricanes, and other events,such as terrorist attacks or war and costs associated with environmental compliance and remediation;·the control of our general partner being transferred to a third party without our consent or unitholder consent;·we may have to refinance our existing debt in unfavorable market conditions;·the failure of our existing and future insurance policies to fully cover all risks incident to our business;·our shared pollution insurance policies with TransMontaigne LLC may limit or extinguish the coverageavailable to us. ·cyber attacks or other breaches of our information security measures could disrupt our operations and result inincreased costs;·timing, cost and other economic uncertainties related to the construction of new tank capacity or facilities;·the impact of current and future laws and governmental regulations, general economic, market or businessconditions;·the age and condition of many of our pipeline and storage assets may result in increased maintenance andremediation expenditures;4 Table of Contents ·cost reimbursements, which are determined by our general partner, and fees paid to our general partner and itsaffiliates for services will continue to be substantial;·our general partner’s limited call right may require unitholders to sell their common units at an undesirable timeor price;·our ability to issue additional units without your approval would dilute your existing ownership interest;·the possibility that our unitholders could be held liable under some circumstances for our obligations to thesame extent as a general partner;·our failure to avoid federal income taxation as a corporation or the imposition of state level taxation;·our inability to make acquisitions and investments to increase our capital asset base may result in futuredeclines in our tax depreciation;·the impact of new IRS regulations or a challenge of our current allocation of income, gain, loss and deductionsamong our unitholders;·unitholders will be required to pay taxes on their respective share of our taxable income regardless of theamount of cash distributions;·investment in common partnership units by tax‑exempt entities and non‑United States persons raises tax issuesunique to them;·unitholders will likely be subject to state and local taxes and return filing requirements in states where they donot live as a result of investing in our units; and·the sale or exchange of 50% or more of our capital and profits interests within a 12‑month period would result ina deemed technical termination of our partnership for income tax purposes.We do not intend to update these forward-looking statements except as required by law. ITEMS 1 AND 2. BUSINESS AND PROPERTIESTransMontaigne Partners L.P. is a publicly traded Delaware limited partnership formed in February 2005 byTransMontaigne LLC. We commenced operations upon the closing of our initial public offering on May 27, 2005. Ourcommon units are traded on the New York Stock Exchange under the symbol “TLP.” Our principal executive offices arelocated at 1670 Broadway, Suite 3100, Denver, Colorado 80202; our telephone number is (303) 626‑8200.Our general partner is TransMontaigne GP L.L.C. On February 1, 2016, TransMontaigne GP L.L.C. was acquiredby a wholly owned subsidiary of ArcLight Energy Partners Fund VI, L.P. Unless the context requires otherwise, referencesto “we,” “us,” “our,” “TransMontaigne Partners,” “Partners” or the “partnership” are intended to mean TransMontaignePartners L.P. (and our wholly owned and controlled operating subsidiaries). References to ArcLight are intended to meanArcLight Energy Partners Fund VI, L.P., its wholly owned subsidiary Gulf TLP Holdings, LLC and its subsidiaries other thanTransMontaigne GP L.L.C., our general partner, and TransMontaigne Partners and its subsidiaries.OVERVIEWWe are controlled by our general partner, TransMontaigne GP L.L.C., which as of February 1, 2016, is awholly‑owned indirect subsidiary of ArcLight. At December 31, 2015, TransMontaigne LLC, a wholly owned5 Table of Contents subsidiary of NGL Energy Partners LP, or NGL, owned all of the issued and outstanding membership interests ofTransMontaigne GP L.L.C. As a result, NGL was the indirect owner of our general partner. At December 31, 2015,TransMontaigne LLC and NGL had a significant interest in our partnership through their indirect ownership of anapproximate 19% limited partner interest, a 2% general partner interest and the incentive distribution rights.On February 1, 2016, NGL consummated the sale of its indirect 100% ownership interest in TransMontaigne GPL.L.C. pursuant to a purchase agreement by and among NGL, TransMontaigne Services LLC, a Delaware limited liabilitycompany and wholly owned subsidiary of NGL, ArcLight Energy Partners Fund VI, L.P., a Delaware limited partnership, andGulf TLP Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of ArcLight, which we refer toherein as the ArcLight acquisition. As a result of the ArcLight acquisition, ArcLight acquired a 100% membership interest in, and control of, our generalpartner. Consequently, the transaction resulted in a change in control of TLP. The ArcLight acquisition did not involve anyof the limited partnership units in TLP held by the public, and our limited partnership units continue to trade on the NewYork Stock Exchange.Prior to July 1, 2014, Morgan Stanley Capital Group Inc., a wholly‑owned subsidiary of Morgan Stanley and theprincipal commodities trading arm of Morgan Stanley, owned all of the issued and outstanding capital stock ofTransMontaigne LLC, and, as a result, Morgan Stanley was the indirect owner of our general partner. Effective July 1, 2014,Morgan Stanley consummated the sale of its 100% ownership interest in TransMontaigne LLC to NGL. The sale resulted in achange in control of the Partnership. In addition to the sale of our general partner to NGL, NGL acquired the common unitsowned by TransMontaigne LLC and affiliates of Morgan Stanley, representing approximately 20% of our outstandingcommon units, and assumed Morgan Stanley Capital Group’s obligations under our light oil terminaling services agreementsin Florida and the Southeast regions, excluding the Collins/Purvis bulk storage tankage, collectively, referred to herein as,the NGL acquisition. All other terminaling services agreements with Morgan Stanley Capital Group remained with MorganStanley Capital Group. The NGL acquisition did not involve the sale or purchase of any of our common units held by thepublic.Our partnership has no officers or employees and all of our management and operational activities are provided byofficers and employees of NGL Energy Operating LLC, or NGL Energy Operating, a wholly owned subsidiary of NGL. Inconnection with the ArcLight acquisition, NGL and ArcLight entered into a transition services agreement whereby NGLEnergy Operating continues to serve as the entity that employs the officers and employees that provide services to ourpartnership and NGL Energy Operating provides payroll and benefits services related thereto for so long as necessary. Thetransition services agreement may be terminated by our general partner upon 30 days prior written notice to NGL. It isanticipated that in 2016 all employees who provide services to the Partnership will become employees of TLP ManagementServices LLC, which entity will establish and maintain all employee benefits programs on behalf of our partnership. TLPManagement Services LLC is a newly formed, wholly owned subsidiary of Gulf TLP Holdings, LLC, which is a whollyowned subsidiary of ArcLight. We are controlled by our general partner, TransMontaigne GP L.L.C., which is wholly owned by Gulf TLP Holdings,LLC. TransMontaigne GP L.L.C. is a holding company with no independent assets or operations other than its generalpartner interest in TransMontaigne Partners L.P. TransMontaigne GP L.L.C. is dependent upon the cash distributions itreceives from TransMontaigne Partners L.P. to service any obligations it may incur. 6 Table of Contents The following diagram depicts our organization and structure as of December 31, 2015, prior to the occurrence ofthe ArcLight acquisition:7 Table of Contents The following diagram depicts our current organization and structure, following the February 1, 2016 ArcLightacquisition:Industry OverviewRefined product terminaling and transportation companies, such as TransMontaigne Partners, receive, store, blend,treat and distribute foreign and domestic cargoes to and from oil refineries, wholesalers, retailers and ultimate end-usersaround the country. The substantial majority of the petroleum refining that occurs in the United States is concentrated in theGulf Coast region, which necessitates the transportation of this domestic product to other areas, such as the East Coast,Florida, Southeast and Midwest regions of the country. Recently, an increased amount of domestic crude oil is beingextracted throughout unconventional shale formations (i.e. Bakken, Eagle Ford, Utica, etc.). These shale formations aregenerally located in areas that are highly constrained in storage and transportation infrastructure; thereby offering theprospect of new growth and development for terminaling and transportation companies such as TransMontaigne Partners.8 Table of Contents Refining. The storage and handling services of feedstocks or crude oil used in the refining process are generallyhandled by terminaling and transportation companies such as TransMontaigne Partners. United States based refineries refinemultiple grades of feedstock or crude oil into various light refined products and heavy refined products. Light refinedproducts include gasoline and diesel fuel, as well as propane, butane, heating oils and jet fuels. Heavy refined productsinclude residual fuel oils for consumption in ships and power plants and asphalt. Refined products of specific grade andcharacteristics are substantially identical in composition from one refinery to another and are referred to as being “fungible.”The refined products are initially staged at the refinery, and then shipped out either in large “batches” via pipeline or vesselor by individual truck‑loads. The refineries owned by major oil companies then schedule for delivery some of their refinedproduct output to satisfy their own retail delivery obligations, for example, at branded gasoline stations, and sell theremainder of their refined product output to independent marketing and distribution companies or traders, such asTransMontaigne LLC, for resale.Transportation. Before an independent distribution and marketing company distributes refined petroleum productsinto wholesale markets, it must first schedule that product for shipment by tankers, barges, railcars or on common carrierpipelines to a liquid bulk terminal.Refined product is transported to marine terminals, such as our Gulf Coast terminals and Baton Rouge, Louisianadock facility, by vessels or barges. Because there are economies of scale in transporting products by vessel, marine terminalswith larger storage capacities for various commodities have the ability to offer their customers lower per‑barrel freight coststo a greater extent than do terminals with smaller storage capacities.Refined product reaches inland terminals, such as our Southeast and Midwest terminals, primarily by commoncarrier pipelines. Common carrier pipelines are pipelines with published tariffs that are regulated by the Federal EnergyRegulatory Commission, or FERC, or state authorities. These pipelines ship fungible refined products in multiple cycles oflarge batches, with each batch generally consisting of product owned by several different companies. As a batch of product isshipped on a pipeline, each terminal operator along the way draws the volume of product that is scheduled for that facility asthe batch passes in the pipeline. Consequently, each terminal operator must monitor the type of product in the commoncarrier pipeline to determine when to draw product scheduled for delivery to that terminal. In addition, both the commoncarrier pipeline and the terminal operator monitor the volume of product drawn to ensure that the amount scheduled fordelivery at that location is actually received.At both inland and marine terminals, the various products are stored in tanks on behalf of our customers.Delivery. Most terminals have a tanker truck loading facility commonly referred to as a “rack.” Often, commercialand industrial end‑users and independent retailers rely on independent trucking companies to pick up product at the rack andtransport it to the end‑user or retailer at its specified location. Each truck holds an aggregate of approximately 8,000 gallons(approximately 190 barrels) of various refined products in different compartments. To initiate the loading of product, thedriver uses an access control card that identifies the customer purchasing the refined product, the carrier and the driver as wellas the type or grade of refined products to be pumped into the truck. A computerized system electronically reviews thecredentials of the carrier, including insurance and certain mandated certifications, and confirms the customer is withinproduct allocation or credit limits. When all conditions are verified as being current and correct, the system authorizes thedelivery of the refined product to the truck. As refined product is being loaded into the truck, ethanol, bio diesel or additivesare injected to conform to government specifications and individual customer requirements. As part of the Renewable FuelStandard Act, ethanol and biodiesel are often blended with the refined product across the rack to create a certain “spec” ofsaleable product. Additionally, if a truck is loading gasoline for retail sale by an independent gasoline station, genericadditives will be added to the gasoline as it is loaded into the truck. If the gasoline is for delivery to a branded retail gasolinestation, the proprietary additive compound of that particular retailer will be added to the gasoline as it is loaded. The typeand amount of additive are electronically and mechanically controlled by equipment located at the truck loading rack.Generally one to two gallons of additive are injected into an 8,000 gallon truckload of gasoline.9 Table of Contents At marine terminals, the refined product stored in tanks may be delivered to tanker trucks over a rack in the samemanner as at an inland terminal or be delivered onto large ships, ocean‑going barges, or inland barges for delivery to variousdistribution points around the world. In addition, cruise ships and other vessels are fueled through a process known as“bunkering”, either at the dock, through a pipeline, or by truck or barge. Cruise ships typically purchase approximately6,000 to 8,000 barrels, the equivalent of approximately 42 tanker truckloads, of bunker fuel per refueling. Bunker fuel is amixture of residual fuel oil and diesel fuel. Each large vessel generally requires its own mixture of bunker fuel to match thedistinct characteristics of that ship’s engines and turbines. Because the mixture for each ship requires precision to mix anddeliver, cruise ships often prefer to obtain their fuel from experienced terminaling companies such as TransMontaignePartners.Our OperationsWe are a terminaling and transportation company with operations in the United States along the Gulf Coast, in theMidwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. We use ourterminaling facilities to, among other things:•receive refined products from the pipeline, ship, barge or railcar making delivery on behalf of our customers, andtransfer those refined products to the tanks located at our terminals;•store the refined products in our tanks for our customers;•monitor the volume of the refined products stored in our tanks;•distribute the refined products out of our terminals in vessels, railcars or truckloads using truck racks and otherdistribution equipment located at our terminals, including pipelines; and•heat residual fuel oils and asphalt stored in our tanks, and provide other ancillary services related to thethroughput process.We derive revenue from our terminal and pipeline transportation operations by charging fees for providingintegrated terminaling, transportation and related services. The fees we charge and our other sources of revenue are composedof:•Terminaling Services Fees. We generate terminaling services fees by receiving, storing and distributingproducts for our customers. Terminaling services fees include throughput fees based on the volume of productdistributed from the facility, injection fees based on the volume of product injected with additive compoundsand storage fees based on a rate per barrel of storage capacity per month.·Pipeline Transportation Fees. We earn pipeline transportation fees on our Razorback and Diamondbackpipelines and the Ella‑Brownsville pipeline, which in January 2013 we began leasing from a third party, basedon the volume of product transported and the distance from the origin point to the delivery point. The FederalEnergy Regulatory Commission, or FERC, regulates the tariff on the Razorback, Diamondback andElla‑Brownsville pipelines.•Management Fees and Reimbursed Costs. We manage and operate certain tank capacity at our Port EvergladesSouth terminal for a major oil company and receive a reimbursement of its proportionate share of operating andmaintenance costs. We manage and operate for an affiliate of PEMEX, Mexico’s state‑owned petroleumcompany, a bi‑directional products pipeline connected to our Brownsville, Texas terminal facility and receive amanagement fee and reimbursement of costs. Effective as of April 1, 2011, we entered into the Frontera jointventure. We manage and operate Frontera and receive a management fee based on our costs incurred.10 Table of Contents •Other Revenue. We provide ancillary services including heating and mixing of stored products, product transferservices, railcar handling, butane blending, wharfage fees and vapor recovery fees. Pursuant to certainterminaling services agreements with our throughput customers, we are entitled to the volume of net productgained resulting from differences in the measurement of product volumes received and distributed at ourterminaling facilities. Consistent with recognized industry practices, measurement differentials occur as theresult of the inherent variances in measurement devices and methodology. We recognize as revenue the netproceeds from the sale of the product gained.Further detail regarding our financial information can be found under Item 8. “Financial Statements andSupplementary Data” of this annual report.Our existing facilities are located in five geographic regions, which we refer to as our Gulf Coast, Midwest,Brownsville, River and Southeast facilities. The locations and approximate aggregate active storage capacity at our terminalfacilities as of December 31, 2015 are as follows: Active storage capacity Locations (shell bbls) Gulf Coast Facilities Florida Port Everglades Complex Port Everglades North 2,408,000 Port Everglades South(1) 376,000 Jacksonville 271,000 Cape Canaveral 724,000 Port Manatee 1,408,000 Pensacola 270,000 Fisher Island 673,000 Tampa 760,000 Gulf Coast Total 6,890,000 Midwest Facilities Rogers, AR and Mount Vernon, MO (aggregate amounts) 421,000 Cushing, OK 1,005,000 Oklahoma City, OK 158,000 Midwest Total 1,584,000 Brownsville Facilities Brownsville, TX 906,000 Frontera(2) 1,476,000 Brownsville Total 2,382,000 River Facilities Arkansas City, AR 446,000 Evansville, IN 245,000 New Albany, IN 201,000 Greater Cincinnati, KY 189,000 Henderson, KY 169,000 Louisville, KY 183,000 Owensboro, KY 157,000 Paducah, KY 322,000 Baton Rouge, LA (Dock) — Greenville, MS (Clay Street) 350,000 Greenville, MS (Industrial Road) 56,000 Cape Girardeau, MO 140,000 East Liverpool, OH 227,000 River Total 2,685,000 11 Table of Contents Active storage capacity Locations (shell bbls) Southeast Facilities Albany, GA 203,000 Americus, GA 93,000 Athens, GA 203,000 Bainbridge, GA 367,000 Belton, SC — Birmingham, AL 178,000 Charlotte, NC 121,000 Collins/Purvis, MS (bulk storage) 3,419,000 Collins, MS 200,000 Doraville, GA 438,000 Fairfax, VA 513,000 Greensboro, NC 479,000 Griffin, GA 102,000 Lookout Mountain, GA 219,000 Macon, GA 174,000 Meridian, MS 139,000 Montvale, VA 503,000 Norfolk, VA 1,336,000 Richmond, VA 463,000 Rome, GA 152,000 Selma, NC 529,000 Spartanburg, SC 166,000 Southeast Total 9,997,000 BOSTCO(3) 7,080,000 TOTAL CAPACITY 30,618,000 (1)Reflects our ownership interest net of a major oil company’s ownership interest in certain tank capacity.(2)Reflects the total active storage capacity of Frontera, of which we have a 50% ownership interest.(3)Reflects the completed construction total active storage capacity of Battleground Oil Specialty Terminal Company LLC(“BOSTCO”), of which we have a 42.5%, general voting, Class A Member (“ownership”) interest. The BOSTCO facilitybegan initial commercial operation in the fourth quarter of 2013 and completion of the approximately 7.1 millionbarrels of storage capacity and related infrastructure occurred in the third quarter of 2014.Gulf Coast Operations. Our Gulf Coast operations include eight refined product terminals located in Florida. Atour Gulf Coast terminals we handle refined products and crude oil on behalf of, and provide integrated terminaling servicesto, customers engaged in the distribution and marketing of refined products and crude oil. Our Gulf Coast terminals receiverefined products from vessels on behalf of our customers. In addition, our Jacksonville terminal also receives asphalt by railand our Port Everglades (North) terminal also receives product by truck. We distribute by truck or barge at all of our GulfCoast terminals. In addition, we distribute products by pipeline at our Port Everglades and Tampa terminals. A major oilcompany retains an ownership interest, ranging from 25% to 50%, in specific tank capacity at our Port Everglades Southterminal. We manage and operate the Port Everglades (South) terminal, and we are reimbursed by the major oil company forits proportionate share of our operating and maintenance costs.12 Table of Contents Midwest Terminals and Pipeline Operations. In Missouri and Arkansas we own and operate the Razorback pipelineand terminals in Mount Vernon, Missouri, at the origin of the pipeline and in Rogers, Arkansas, at the terminus of thepipeline. We refer to these two terminals collectively as the Razorback terminals. The Razorback pipeline is a 67‑mile, 8‑inchdiameter interstate common carrier pipeline that transports light refined product from our terminal at Mount Vernon, where itis interconnected with a pipeline system owned by Magellan Midstream Partners, L.P., to our terminal at Rogers. TheRazorback pipeline has a capacity of approximately 30,000 barrels per day. The FERC regulates the transportation tariffs forinterstate shipments on the Razorback pipeline.We also own and operate a terminal facility at Oklahoma City, Oklahoma. Our Oklahoma City terminal receivesgasolines and diesel fuels from a pipeline system owned by Magellan Midstream Partners, L.P. for delivery via our truck forredistribution to locations throughout the Oklahoma City region.We leased a portion of land in Cushing, Oklahoma and constructed storage tanks with approximately 1.0 millionbarrels of crude oil storage and associated infrastructure on such property for the receipt of crude oil by truck and pipeline,the blending of crude oil and the storage of approximately 1.0 million barrels of crude oil. The facility was completed andplaced into service in August 2012.Brownsville, Texas Operations. Effective as of April 1, 2011, we entered into the Frontera joint venture with PMI atour Brownsville, Texas terminal. We contributed approximately 1.5 million barrels of light petroleum product storagecapacity, as well as related ancillary facilities, to the Frontera joint venture, in exchange for a cash payment of approximately$25.6 million and a 50% ownership interest. PMI acquired the remaining 50% ownership interest in Frontera for a cashpayment of approximately $25.6 million. We operate the Frontera assets under an operations and reimbursement agreementbetween us and Frontera. Our 50% ownership interest does not allow us to control Frontera, but does allow us to exercisesignificant influence over its operations. Accordingly, we account for our investment in Frontera under the equity method ofaccounting.We continue to own and operate approximately 0.9 million barrels of additional tankage and related ancillaryfacilities in Brownsville independent of the Frontera joint venture, as well as the Diamondback pipeline which handlesliquid product movements between Mexico and south Texas. At our Brownsville terminal we handle refined petroleumproducts, chemicals, vegetable oils, naphtha, wax and propane on behalf of, and provide integrated terminaling services to,customers engaged in the distribution and marketing of refined products and natural gas liquids. Our Brownsville facilitiesreceive refined products on behalf of our customers from vessels, by truck or railcar. We also receive natural gas liquids bypipeline.The Diamondback pipeline consists of an 8″ pipeline that transports LPG approximately 16 miles from ourBrownsville facilities to the U.S./Mexico border and a 6″ pipeline, which runs parallel to the 8″ pipeline, that can be used byus in the future to transport additional LPG or refined products to Matamoros, Mexico. The 8″ pipeline has a capacity ofapproximately 20,000 barrels per day. The 6″ pipeline has a capacity of approximately 12,000 barrels per day.In August 2013, we sold our Mexico operations to an unaffiliated third party for cash proceeds of approximately$2.1 million, net of $0.2 million in bank accounts sold related to the Mexico operations. The Mexico operations consisted ofa 7,000 barrel liquefied petroleum gas storage terminal in Matamoros, Mexico and a seven mile pipeline system connectingthe Matamoros terminal to our Diamondback pipeline system at the U.S. border, which connects to our Brownville, Texasterminals.Beginning in January 2013, we leased the capacity on the Ella‑Brownsville pipeline from Seadrift PipelineCorporation, which transports LPG from two points of origin to our terminal in Brownsville: from the King Ranch natural gasprocessing plant owned and operated by a third party in Kleberg County, Texas 121 miles to Brownsville and an additional11 miles beginning near the King Ranch terminus to the DCP LaGloria Gas Plant in Jim Wells County, Texas.13 Table of Contents We also operate and maintain the United States portion of a 174‑mile bi‑directional refined products pipeline ownedby a third party. This pipeline connects our Brownsville terminal complex to a pipeline in Mexico that delivers to a thirdparty terminal located in Reynosa, Mexico and terminates at the third party’s refinery, located in Cadereyta, Nuevo Leon,Mexico, a suburb of the large industrial city of Monterrey. The pipeline transports refined products and blendingcomponents. We operate and manage the 18‑mile portion of the pipeline located in the United States for a fee that is based onthe average daily volume handled during the month. Additionally, we are reimbursed for non‑routine maintenance expensesbased on the actual costs plus a fee based on a fixed percentage of the expense.The customers we serve at our Brownsville terminal facilities consist principally of wholesale and retail marketers ofrefined products and industrial and commercial end‑users of refined products, waxes and industrial chemicals.River Operations. Our River facilities include 12 refined product terminals along the Mississippi and Ohio Riversand the Baton Rouge, Louisiana dock facility. At our River terminals, we handle gasolines, diesel fuels, heating oil,chemicals and fertilizers on behalf of, and provide integrated terminaling services to, customers engaged in the distributionand marketing of refined products and industrial and commercial end‑users. Our River terminals receive products fromvessels and barges on behalf of our customers and distribute products primarily to trucks and barges.Southeast Operations. Our Southeast facilities include 22 refined product terminals along the Plantation andColonial pipelines. At our Southeast terminals, we handle gasolines, diesel fuels, ethanol, biodiesel, jet fuel and heating oilon behalf of, and provide integrated terminaling services to customers engaged in the distribution and marketing of refinedproducts. Our Southeast terminals primarily receive products from the Plantation and Colonial pipelines on behalf of ourcustomers and distribute products primarily to trucks with the exception of the Collins/Purvis bulk storage terminal. TheCollins/Purvis bulk storage terminal has current active storage capacity of approximately 3.4 million barrels, and is the onlyindependent terminal capable of receiving from, delivering to, and transferring refined petroleum products between theColonial and Plantation pipeline systems. We are in the process of expanding the capacity at this terminal by an additional2.0 million barrels, subject to our entry into terminaling services agreements to contract the additional capacity, at anexpected cost of approximately $75 million. The completion of the construction of the new tank capacity, which iscommensurate with the associated new contract revenue coming on-line, is expected to occur during the fourth quarter of2016 through the second quarter of 2017.Investment in BOSTCO. On December 20, 2012, we acquired a 42.5%, general voting, Class A Member (“ownership”) interest in BOSTCO, for approximately $79 million, from Kinder Morgan Battleground Oil, LLC, a whollyowned subsidiary of Kinder Morgan, Inc. (“Kinder Morgan”). BOSTCO is a new terminal facility on the Houston ShipChannel designed to handle residual fuel, feedstocks, distillates and other black oils. The initial phase of BOSTCO involvedthe construction of 51 storage tanks with approximately 6.2 million barrels of storage capacity. The BOSTCO facility beganinitial commercial operation in the fourth quarter of 2013. Completion of the full 6.2 million barrels of storage capacity andrelated infrastructure occurred in the second quarter of 2014.On June 5, 2013, we announced an expansion of BOSTCO. The expansion includes six, 150,000 barrel, ultra‑low sulphur diesel tanks, additional pipeline and deepwater vessel dock access and high‑speed loading at a rate of 25,000 barrelsper hour. Work on the 900,000 barrel expansion started in the second quarter of 2013, and was placed into service at the endof the third quarter of 2014. With the addition of this expansion project, BOSTCO has fully subscribed capacity ofapproximately 7.1 million barrels at an overall construction cost of approximately $539 million. Our total payments for theinitial and the expansion projects were approximately $237 million. We have funded our payments for BOSTCO utilizingborrowings under our credit facility.Our investment in BOSTCO entitles us to appoint a member to the Board of Managers of BOSTCO to vote ourproportionate ownership share on general governance matters and to certain rights of approval over significant changes in, orexpansion of, BOSTCO’s business. Kinder Morgan is responsible for managing BOSTCO’s day‑to‑day operations. Our 42.5%ownership interest does not allow us to control BOSTCO, but does allow us to exercise significant influence over itsoperations. Accordingly, we account for our investment in BOSTCO under the equity method of accounting.14 Table of Contents Business StrategiesOur primary business objective is to increase distributable cash flow per unit. The most effective means of growingour business and increasing cash distributions to our unitholders is to expand our asset base and infrastructure, and toincrease utilization of our existing infrastructure. We intend to accomplish this by executing the following strategies:Generate stable cash flows through the use of long‑term contracts with our customers. We intend to continue togenerate stable cash flows by capitalizing on the fee‑based nature of our business, our minimum revenue commitments fromour customers and the long‑term nature of our contracts with many of our customers. We generate revenue from customerswho pay us fees based on the volume of storage capacity contracted for, volume of refined products throughput at ourterminals or volume of refined products transported in the Razorback, Diamondback and Ella‑Brownsville pipelines.Pursue strategic and accretive acquisitions, including acquisitions from ArcLight and its affiliates in drop downtransactions. We plan to pursue accretive acquisitions of energy infrastructure assets, including drop down transactions fromArcLight who controls our general partner, and its affiliates, that are complementary to our existing asset base or that provideattractive returns in new operating regions or business lines. We will pursue acquisitions in our areas of operation that webelieve will allow us to realize operational efficiencies by capitalizing on our existing infrastructure, personnel and customerrelationships. We will also seek acquisitions in new geographic areas or new but related business lines to the extent that webelieve we can utilize our operational expertise to enhance our business with these acquisitions. Capitalize on organic growth opportunities associated with our existing assets. We continually seek to identifyand evaluate economically attractive organic expansion and asset enhancement opportunities that leverage our existing assetfootprint and strategic relationships with our customers. We expect to have opportunities to expand our systems into newmarkets and sources of supply, which we believe will make our services more attractive to our customers. We intend to focuson projects that can be completed at a relatively low cost and that have potential for attractive returns. For example, ourCollins/Purvis, Mississippi bulk storage terminal, with a current active storage capacity of approximately 3.4 million barrels,is the only independent terminal capable of receiving from, delivering to, and transferring refined petroleum productsbetween the Colonial and Plantation pipeline systems. We are in the process of expanding the capacity at this terminal by anadditional 2.0 million barrels subject to our entry into terminaling services agreements to contract the additional capacity.The status of our effort to expand the Collins/Purvis bulk storage terminal is as follows:·In October 2015 we entered into a six-year terminaling services agreement with NGL for approximately 1.2million barrels of new product storage capacity and approximately 0.1 million barrels of existing storagecapacity. The terminaling services agreement with NGL was effective January 1, 2016 with the majority of thecontract revenue to come on-line upon completion of the construction of the new tank capacity.·In the first quarter of 2016 we entered into five-year terminaling services agreements with third parties forapproximately 0.8 million barrels of new product storage capacity. The term of the terminaling servicesagreements will commence upon the construction of the new tank capacity.The above additional capacity brings the total new tank capacity currently under construction at our Collins/Purvisbulk storage terminal to approximately 2.0 million barrels, at an expected cost of approximately $75 million. Thecompletion of the construction of the new tank capacity, which is commensurate with the associated new contract revenuecoming on-line, is expected to occur during the fourth quarter of 2016 through the second quarter of 2017. In addition,during 2015 we purchased land adjacent to our Collins/Purvis bulk storage terminal and have begun the process ofpermitting at least 3.0 million barrels of additional capacity. We are in discussions with potential customers for this futurecapacity. 15 Table of Contents Maintain a disciplined financial policy. We will continue to pursue a disciplined financial policy by maintaining aprudent capital structure, managing our exposure to interest rate risk and conservatively managing our cash reserves. Webelieve this conservative capital structure will allow us to consider attractive growth projects and acquisitions even inchallenging commodity price or capital market environments.Attract additional volumes to our systems. We intend to attract new volumes of refined products, crude oil andspecialty chemicals to our systems and terminals from existing and new customers by continuing to provide superiorcustomer service and through aggressively marketing our services to additional customers in our areas of operation. We haveavailable capacity at certain terminal locations; as a result, we can accommodate additional volumes at a minimalincremental cost. Competitive StrengthsWe believe that we are well positioned to successfully execute our business strategies using the followingcompetitive strengths:The terminaling services agreements we have with our existing customers provide us with stable cash flows. Wehave contractual commitments from our customers that generated a substantial majority of our actual revenue. Of this firmlycommitted revenue for the year ended December 31, 2015, approximately 61% was generated under terminaling servicesagreements with remaining terms of at least 3 years or more. Our actual revenue for a year is higher than our contractualcommitments because certain of our terminaling services agreements with customers do not contain minimum revenuecommitments and because our customers often use other ancillary services in addition to the services covered by theminimum revenue commitments. We believe that the fee‑based nature of our business, our minimum revenue commitmentsfrom our customers, the long‑term nature of our contracts with many of our customers and our lack of material direct exposureto changes in commodity prices (except for the value of refined product gains and losses arising from terminaling servicesagreements with certain customers) will provide us with stable cash flows.We do not have material direct commodity price risk. Because we do not purchase or market the products that wehandle or transport, our cash flows are not subject to material direct exposure to changes in commodity prices, except for thevalue of refined product gains and losses arising from terminaling services agreements with certain customers.Relationship with ArcLight. ArcLight is a private equity firm focused on North American and Western Europeanenergy assets. Since its establishment in 2001, ArcLight has invested over $15.3 billion across multiple energy cycles inmore than 97 investments. Headquartered in Boston, MA with an additional office in Luxembourg, the firm’s investmentteam brings extensive energy expertise, industry relationships and specialized value creation capabilities to TransMontaignePartners. ArcLight controls our general partner and has a proven track record of investments across the energy industry valuechain. ArcLight bases its investments on fundamental asset values and execution of defined growth strategies with a focus oncash flow generating assets and service companies with conservative capital structures. We believe our growth strategy maybenefit from this relationship.We will continue to seek cost‑effective asset enhancement opportunities. We have high utilization of our existingstorage capacity, which enables us to focus on expanding our terminal capacity and acquiring additional terminal capacityfor our current and future customers. In December 2012, we acquired a 42.5% ownership interest in BOSTCO, whichconstructed a new terminal facility on the Houston Ship Channel for handling residual fuel, feedstocks, distillates and otherblack oils. The BOSTCO facility began initial commercial operation in the fourth quarter of 2013. Completion of theapproximately 7.1 million barrels of storage capacity and related infrastructure occurred in the third quarter of 2014.We have a substantial presence in Florida, which has significant demand for refined petroleum products, and isnot currently served by any local refinery or interstate refined product pipeline. Eight of our terminals serve our customers’operations in metropolitan areas in Florida, which we believe to be an attractive area for the following reasons:16 Table of Contents •Refined products are largely distributed in Florida through terminals with waterborne access, such as ourterminals, because Florida has no refineries or interstate refined product pipelines.•The Florida market is attractive to physical commodity traders because they can originate product supplies frommultiple locations, both domestically and overseas, and transport the product to the terminal by vessel.•The ports served by our terminals are among the busiest cruise ship ports in the United States, with year‑rounddemand.Our Collins/Purvis bulk storage terminal offers strategic access to the Colonial and Plantation Pipeline systems. Our Collins/Purvis, Mississippi bulk storage terminal, with a current active storage capacity of approximately 3.4 millionbarrels, is the only independent terminal capable of receiving from, delivering to, and transferring refined petroleum productsbetween the Colonial and Plantation pipeline systems. We are in the process of expanding the capacity at this terminal by anadditional 2.0 million barrels. In addition, during 2015 we purchased land adjacent to our Collins/Purvis bulk storageterminal and have begun the process of permitting at least 3.0 million barrels of additional capacity. CompetitionWe face competition from other terminals and pipelines that may be able to supply our customers with integratedterminaling and transportation services on a more competitive basis. We compete with national, regional and local terminaland transportation companies, including the major integrated oil companies, of widely varying sizes, financial resources andexperience. These competitors include BP p.l.c., Buckeye Partners, L.P., Chevron U.S.A. Inc., CITGO Petroleum Corporation,Exxon Mobil Oil Corporation, HollyFrontier Corporation and its affiliate Holly Energy Partners, L.P., Kinder Morgan, Inc., Magellan Midstream Partners, L.P., Marathon Petroleum Corporation and its affiliate MPLX LP, Motiva Enterprises LLC,Murphy Oil Corporation, NuStar Energy L.P., Phillips 66 and its affiliate Phillips 66 Partners LP, Sunoco, Inc. and its affiliateSunoco Logistics Partners L.P., and terminals in the Caribbean. In particular, our ability to compete could be harmed byfactors we cannot control, including:•price competition from terminal and transportation companies, some of which are substantially larger than weare and have greater financial resources, and control substantially greater storage capacity, than we do;•the perception that another company can provide better service; and•the availability of alternative supply points, or supply points located closer to our customers’ operations.We also compete with national, regional and local terminal and transportation companies for acquisition andexpansion opportunities. Some of these competitors are substantially larger than us and have greater financial resources andlower costs of capital than we do.17 Table of Contents Significant Customer RelationshipsWe have several significant customer relationships from which we expect to derive a substantial majority of ourrevenue for the foreseeable future. These relationships include:Customer Location NGL Energy Partners LP Gulf Coast and Southeast facilities Castleton Commodities International LLC Midwest and Southeast facilities RaceTrac Petroleum Inc. Gulf Coast facilities PMI Trading Ltd. (1) Brownsville facilities Glencore Ltd. Gulf Coast facilities Trafigura Gulf Coast facilities Valero Marketing and Supply Company River facilities World Fuel Services Corporation Gulf Coast facilities ExxonMobil Oil Corporation Gulf Coast facilities United States Government Gulf Coast and Southeast facilities Magellan Pipeline Company, L.P. Midwest facilities Motiva Enterprises LLC Gulf Coast facilities Nieto Trading, B.V. Brownsville facilities (1) Includes 1,200,000 bbls of storage capacity at our Frontera terminal.Our Relationship with our General Partner and its AffiliatesGeneral. We are controlled by our general partner, TransMontaigne GP L.L.C., which as of February 1, 2016, is awholly‑owned indirect subsidiary of ArcLight. ArcLight is a private equity firm focused on North American and WesternEuropean energy assets. Since its establishment in 2001, ArcLight has invested over $15.3 billion across multiple energycycles in more than 97 investments. Headquartered in Boston, MA with an additional office in Luxembourg, the firm’sinvestment team brings extensive energy expertise, industry relationships and specialized value creation capabilities to itsportfolio. ArcLight controls our general partner and has a proven track record of investments across the energy industry valuechain. ArcLight bases its investments on fundamental asset values and execution of defined growth strategies with a focus oncash flow generating assets and service companies with conservative capital structures. At December 31, 2015, TransMontaigne LLC, a wholly owned subsidiary of NGL, owned all of the issued andoutstanding membership interests of TransMontaigne GP L.L.C. As a result, NGL was the indirect owner of our generalpartner. At December 31, 2015, TransMontaigne LLC and NGL had a significant interest in our partnership through theirindirect ownership of an approximate 19% limited partner interest, a 2% general partner interest and the incentivedistribution rights. On February 1, 2016, NGL sold its indirect 100% ownership interest in the general partner to ArcLight. As a resultof the ArcLight acquisition, ArcLight acquired a 100% membership interest in, and control of, our general partner, whichcontrols our partnership. Consequently, the transaction resulted in a change in control of TLP. The ArcLight acquisitiondid not involve any of the limited partnership units in TLP held by the public, and our limited partnership units continue totrade on the New York Stock Exchange. NGL continues to hold 3,166,704, or approximately 19.6%, of our outstanding limited partnership units. Inconnection with the ArcLight acquisition, NGL entered into a lockup, right of first offer and call option agreement withArcLight pursuant to which NGL agreed not to dispose of any of our common units held by NGL for a period beginning onJanuary 7, 2016 and ending on the 90th day following the closing. Following the expiration of the lock-up period, ArcLightwill have a right of first offer with respect to any of our common units that NGL or its subsidiaries proposes to18 Table of Contents transfer to a third party. Additionally, NGL granted to ArcLight a call option with respect to 800,000 of our common unitspursuant to which ArcLight has the option to purchase the option units following the closing. The call option may only beexercised by ArcLight following delivery of written notice to NGL at any time during the 10-day period commencing onMarch 31, 2016. Omnibus Agreement. We have an omnibus agreement with Gulf TLP Holdings, LLC, an ArcLight subsidiary, thatwill continue in effect until the earlier to occur of (i) ArcLight or its affiliates ceasing to control our general partner or (ii) theelection of either us or ArcLight, following at least 24 months’ prior written notice to the other parties.Under the omnibus agreement we pay Gulf TLP Holdings (and prior to the ArcLight acquisition, TransMontaigneLLC) an administrative fee for the provision of various general and administrative services for our benefit. In connectionwith the ArcLight acquisition, we entered into an amendment to the omnibus agreement to consent to the assignment of theomnibus agreement from TransMontaigne LLC to Gulf TLP Holdings. Further, the amendment waived the automatictermination that would occur at such time as TransMontaigne LLC ceased to control our general partner. In March 2016, weamended and restated the omnibus agreement to reflect the change in ownership structure and remove inapplicable referencesto TransMontaigne LLC and NGL. The amended and restated omnibus agreement did not change the financial terms,substantive rights or obligations of the parties.For the years ended December 31, 2015, 2014, and 2013, the administrative fee paid to TransMontaigne LLC wasapproximately $11.3 million, $11.1 million and $11.0 million, respectively. If we acquire or construct additional facilities, ArcLight will propose a revised administrative fee covering the provision of services for such additional facilities. If theconflicts committee of our general partner agrees to the revised administrative fee, Gulf TLP Holdings will provide servicesfor the additional facilities pursuant to the agreement. The administrative fee includes expenses incurred by Gulf TLPHoldings to perform certain management, legal, accounting, tax, corporate staff, engineering and other support services, tothe extent such services are not outsourced by Gulf TLP Holdings. We also reimburse Gulf TLP Holdings for direct operatingcosts and expenses that Gulf TLP Holdings incurs on our behalf, such as salaries of operational personnel performing serviceson‑site at our terminals and pipelines and the cost of employee benefits, including 401(k) and health insurance benefits,including amounts paid to NGL Operating for such services under the transition services agreement.The omnibus agreement further provides that we pay Gulf TLP Holdings (and prior to the ArcLight acquisition,TransMontaigne LLC) an insurance reimbursement for premiums on insurance policies paid for by Gulf TLP Holdingscovering our facilities and operations. For the years ended December 31, 2015, 2014 and 2013, the insurance reimbursementpaid to TransMontaigne LLC was approximately $3.8 million, $3.7 million and $3.8 million, respectively. Following theArcLight acquisition, we expect to contract directly with insurance carriers for the majority of our insurance requirements.Under the omnibus agreement we have agreed to reimburse the owner of TransMontaigne GP for a portion of theincentive bonus awards made to key employees under the owner’s savings and retention plan, provided the compensationcommittee of our general partner determines that an adequate portion of the incentive bonus awards are indexed to theperformance of our common units in the form of restricted phantom units. The value of our incentive bonus awardreimbursement for a single grant year may be no less than $1.5 million. Effective April 13, 2015 and beginning with the 2015incentive bonus award, we have the option to provide the reimbursement in either a cash payment or the delivery of ourcommon units to the owner of TransMontaigne GP or to the award recipients, with the reimbursement made in accordancewith the underlying vesting and payment schedule of the savings and retention plan. Prior to the 2015 incentive bonusaward, we reimbursed our portion of the incentive bonus awards by making cash payments to the owner ofTransMontaigne GP over the first year that each applicable award was granted. For the years ended December 31, 2015, 2014and 2013, the expense associated with the reimbursement of incentive bonus awards was approximately $1.3 million, $1.5million and $1.3 million, respectively.Transition Services Agreement. In connection with the ArcLight acquisition, NGL and ArcLight entered into atransition services agreement whereby an affiliate of NGL, NGL Energy Operating, continues to serve as the entity thatemploys the officers and employees that provide services to our partnership and NGL Energy Operating provides payroll andbenefits services related thereto for so long as necessary. The transition services agreement may be terminated by19 Table of Contents our general partner upon 30 days prior written notice to NGL. It is anticipated that in 2016 all employees who provideservices to our partnership will become employees of TLP Management Services LLC, which entity will establish andmaintain all employee benefits programs on behalf of our partnership. TLP Management Services LLC is a newly formed,wholly owned subsidiary of Gulf TLP Holdings, LLC, which is a wholly owned subsidiary of ArcLight. Accordingly, certainamounts paid to Gulf TLP Holdings under the omnibus agreement will in turn be paid by Gulf TLP Holdings to NGL EnergyOperating for the provision of services under the transition services agreement.Terminals and Pipeline Control OperationsThe pipelines we own or operate are operated via wireless, radio and frame relay communication systems from acentral control room located in Atlanta, Georgia. We also monitor activity at our terminals from this control room.The control center operates with Supervisory Control and Data Acquisition, or SCADA, systems. Our control centeris equipped with computer systems designed to continuously monitor operational data, including refined productthroughput, flow rates and pressures. In addition, the control center monitors alarms and throughput balances. The controlcenter operates remote pumps, motors, and valves associated with the receipt of refined products. The computer systems aredesigned to enhance leak‑detection capabilities, sound automatic alarms if operational conditions outside of pre‑establishedparameters occur, and provide for remote‑controlled shutdown of pump stations on the pipeline. Pump stations andmeter‑measurement points on the pipeline are linked by high speed communication systems for remote monitoring andcontrol. In addition, our Collins/Purvis, Mississippi bulk storage facility contains full back‑up/redundant disaster recoverysystems covering all of our SCADA systems.Safety and MaintenanceWe perform preventive and normal maintenance on the pipeline and terminal systems we operate or own and makerepairs and replacements when necessary or appropriate. We also conduct routine and required inspections of the pipelineand terminal tanks we operate or own as required by code or regulation. External coatings and impressed current cathodicprotection systems are used to protect against external corrosion. We conduct all cathodic protection work in accordancewith National Association of Corrosion Engineers standards. We continually monitor, test, and record the effectiveness ofthese corrosion‑ inhibiting systems.We monitor the structural integrity of all of our Department of Transportation, or DOT, regulated pipeline systems.These pipeline systems include the 67‑mile Razorback pipeline; a 37‑mile pipeline, known as the “Pinebelt pipeline,”located in Covington County, Mississippi that transports refined petroleum liquids between our Collins and Collins/Purvisbulk storage terminal facilities; a one‑mile diesel fuel pipeline, known as the Bellemeade pipeline, owned by and operatedfor Dominion Virginia Power Corp. in Richmond, Virginia; the Diamondback pipeline; and an approximately 18‑mile,bi‑directional refined petroleum liquids pipeline in Texas, known as the “MB pipeline,” that we operate and maintain onbehalf of PMI Services North America, Inc., an affiliate of PEMEX. The maintenance of structural integrity includes aprogram of periodic internal inspections as well as hydrostatic testing that conforms to Federal standards. Beginning in 2002,the DOT required internal inspections or other integrity testing of all DOT‑regulated crude oil and refined product pipelines.We believe that the pipelines we own and manage meet or exceed all DOT inspection requirements for pipelines located inthe United States.Maintenance facilities containing equipment for pipe repairs, spare parts, and trained response personnel are locatedalong all of these pipelines. Employees participate in simulated spill deployment exercises on a regular basis. They alsoparticipate in actual spill response boom deployment exercises in planned spill scenarios in accordance with Oil PollutionAct of 1990 requirements. We believe that the pipelines we own and manage have been constructed and are maintained in allmaterial respects in accordance with applicable federal, state, and local laws and the regulations and standards prescribed bythe American Petroleum Institute, the DOT, and accepted industry practice.At our terminals, tanks designed for gasoline storage are equipped with internal or external floating roofs designedto minimize emissions and prevent potentially flammable vapor accumulation between fluid levels and the roof of the tank.Our terminal facilities have all required facility response plans, spill prevention and control plans, and other plans andprograms to respond to emergencies.20 Table of Contents Many of our terminal loading racks are protected with fire protection systems activated by either heat sensors or anemergency switch. Several of our terminals also are protected by foam systems that are activated in case of fire.Safety RegulationWe are subject to regulation by the DOT under the Pipeline Inspection, Protection, Enforcement and Safety Act of2006, or PIPES, and comparable state statutes relating to the design, installation, testing, construction, operation,replacement and management of the pipeline facilities we operate or own. PIPES covers petroleum and petroleum productsand requires any entity that owns or operates pipeline facilities to comply with such regulations and also to permit access toand copying of records and to make certain reports and provide information as required by the Secretary of Transportation.We believe that we are in material compliance with these PIPES regulations.The DOT Office of Pipeline and Hazardous Materials Safety Administration, or PHMSA, has promulgatedregulations that require qualification of pipeline personnel. These regulations require pipeline operators to develop andmaintain a written qualification program for individuals performing covered tasks on pipeline facilities. The intent of theseregulations is to ensure a qualified work force and to reduce the probability and consequence of incidents caused by humanerror. The regulations establish qualification requirements for individuals performing covered tasks, and amends certaintraining requirements in existing regulations. We believe that we are in material compliance with these PHMSA regulations.We also are subject to PHMSA regulation for High Consequence Areas, or HCAs, for Category 2 pipeline systems(companies operating less than 500 miles of jurisdictional pipeline). This regulation specifies how to assess, evaluate, repairand validate the integrity of pipeline segments that could impact populated areas, areas unusually sensitive to environmentaldamage and commercially navigable waterways, in the event of a release. The pipelines we own or manage are subject tothese requirements. The regulation requires an integrity management program that utilizes internal pipeline inspection,pressure testing, or other equally effective means to assess the integrity of pipeline segments in HCAs. The program requiresperiodic review of pipeline segments in HCAs to ensure adequate preventative and mitigative measures exist. Through thisprogram, we evaluated a range of threats to each pipeline segment’s integrity by analyzing available information about thepipeline segment and consequences of a failure in an HCA. The regulation requires prompt action to address integrity issuesraised by the assessment and analysis. We have completed baseline assessments for all segments.Our terminals also are subject to various state regulations regarding our storage of refined product in abovegroundstorage tanks. These regulations require, among other things, registration of tanks, financial assurances and inspection andtesting, consistent with the standards established by the American Petroleum Institute. We have completed baselineassessments for all of the segments and believe that we are in material compliance with these aboveground storage tankregulations.We also are subject to the requirements of the federal Occupational Safety and Health Act, or OSHA, and comparablestate statutes that regulate the protection of the health and safety of workers. In addition, the OSHA hazard communicationstandard, the Environmental Protection Agency, or EPA, community right‑to‑know regulations under Title III of the FederalSuperfund Amendment and Reauthorization Act, and comparable state statutes require us to organize and discloseinformation about the hazardous materials used in our operations. Certain parts of this information must be reported toemployees, state and local governmental authorities, and local citizens upon request. We believe that we are in materialcompliance with OSHA and state requirements, including general industry standards, record keeping requirements andmonitoring of occupational exposures.In general, we expect to increase our expenditures during the next decade to comply with higher industry andregulatory safety standards such as those described above. Although we cannot estimate the magnitude of such expendituresat this time, we do not believe that they will have a material adverse impact on our results of operations.21 Table of Contents Environmental MattersOur operations are subject to stringent and complex laws and regulations pertaining to health, safety and theenvironment. As an owner or operator of refined product terminals and pipelines, we must comply with these laws andregulations at federal, state and local levels. These laws and regulations can restrict or impact our business activities in manyways, such as:•requiring remedial action to mitigate releases of hydrocarbons, hazardous substances or wastes caused by ouroperations or attributable to former operators;•requiring capital expenditures to comply with environmental control requirements; and•enjoining the operations of facilities deemed in non‑compliance with permits issued pursuant to suchenvironmental laws and regulations.Failure to comply with these laws and regulations may trigger a variety of administrative, civil and criminalenforcement measures, including the assessment of monetary penalties, the imposition of remedial requirements, and theissuance of orders enjoining future operations. Certain environmental statutes impose strict, joint and several liability forcosts required to cleanup and restore sites where hydrocarbons, hazardous substances or wastes have been released ordisposed of. Moreover, it is not uncommon for neighboring landowners and other third parties to file claims for personalinjury and property damage allegedly caused by the release of hydrocarbons, hazardous substances or other wastes into theenvironment.The trend in environmental regulation is to place more restrictions and limitations on activities that may affect theenvironment. As a result, there can be no assurance as to the amount or timing of future expenditures that may be required forenvironmental compliance or remediation, and actual future expenditures may be different from the amounts we currentlyanticipate. We try to anticipate future regulatory requirements that may affect our operations and to plan accordingly tocomply with and minimize the costs of such requirements.We do not believe that compliance with federal, state or local environmental laws and regulations will have amaterial adverse effect on our business, financial position or results of operations. In addition, we believe that the variousenvironmental activities in which we are presently engaged are not expected to materially interrupt or diminish ouroperational ability. We cannot assure you, however, that future events, such as changes in existing laws, the promulgation ofnew laws, or the development or discovery of new facts or conditions will not cause us to incur significant costs. Thefollowing is a discussion of certain potential material environmental concerns that relate to our business.Water. The Federal Water Pollution Control Act of 1972, renamed and amended as the Clean Water Act or CWA,imposes strict controls against the discharge of pollutants, including oil and its derivatives into navigable waters. Thedischarge of pollutants into regulated waters is prohibited except in accordance with the regulations issued by the EPA or thestate. We are subject to various types of storm water discharge requirements at our terminals. The EPA and a number of stateshave adopted regulations that require us to obtain permits to discharge storm water run‑off from our facilities. Such permitsmay require us to monitor and sample the effluent from our operations. The cost involved in obtaining and renewing thesestorm water permits is not material. We believe that we are in substantial compliance with effluent limitations at our facilitiesand with the CWA generally.The CWA provides penalties for any discharges of petroleum products in reportable quantities and imposessubstantial potential liability for the costs of removing an oil or hazardous substance spill. State laws for the control of waterpollution also provide for various civil and criminal penalties and liabilities in the event of a release of petroleum or itsderivatives in surface waters or into the groundwater. Spill prevention control and countermeasure requirements of federallaws require, among other things, appropriate containment be constructed around product storage tanks to help prevent thecontamination of navigable waters in the event of a product tank spill, rupture or leak.The primary federal law for oil spill liability is the Oil Pollution Act of 1990, as amended, or OPA, which addressesthree principal areas of oil pollution—prevention, containment and cleanup. It applies to vessels, offshore platforms, andonshore facilities, including terminals, pipelines and transfer facilities. In order to handle, store or transport oil, shorefacilities are required to file oil spill response plans with the United States Coast Guard, the Office of Pipeline Safety, or theEPA. Numerous states have enacted laws similar to OPA. Under OPA and similar state laws,22 Table of Contents responsible parties for a regulated facility from which oil is discharged may be liable for removal costs and natural resourcesdamages. We believe that we are in substantial compliance with regulations pursuant to OPA and similar state laws.Contamination resulting from spills or releases of refined products is an inherent risk in the petroleum terminal andpipeline industry. To the extent that groundwater contamination requiring remediation exists around the facilities we own asa result of past operations, we believe any such contamination is being controlled or remedied without having a materialadverse effect on our financial condition. However, such costs can be unpredictable and are site specific and, therefore, theeffect may be material in the aggregate.Air Emissions. Our operations are subject to the federal Clean Air Act, or CAA, and comparable state and localstatutes. The CAA requires most industrial operations in the United States to incur expenditures to meet the air emissioncontrol standards that are developed and implemented by the EPA and state environmental agencies. These laws andregulations regulate emissions of air pollutants from various industrial sources, including our operations, and also imposevarious monitoring and reporting requirements. Such laws and regulations may require a facility to obtain pre‑approval forthe construction or modification of certain projects or facilities expected to produce air emissions or result in the increase ofexisting air emissions and obtain and strictly comply with air permits containing requirements.Most of our terminaling operations require air permits. These operations generally include volatile organiccompound emissions (primarily hydrocarbons) associated with truck loading activities and tank working and breathinglosses. The sources of these emissions are strictly regulated through the permitting process. Such regulation includesstringent control technology and extensive permit review and periodic renewal. The cost involved in obtaining and renewingthese permits is not material.Moreover, any of our facilities that emit volatile organic compounds or nitrogen oxides and are located in ozonenon‑attainment areas face increasingly stringent regulations, including requirements to install various levels of controltechnology on sources of pollutants. We believe that we are in substantial compliance with existing standards andregulations pursuant to the CAA and similar state and local laws, and we do not anticipate that implementation of additionalregulations will have a material adverse effect on us.Congress and numerous states are currently considering proposed legislation directed at reducing “greenhouse gasemissions.” It is not possible at this time to predict how future legislation that may be enacted to address greenhouse gasemissions would impact our operations. We believe we are in compliance with existing federal and state greenhouse gasreporting regulations. Although future laws and regulations could result in increased compliance costs or additionaloperating restrictions, they are not expected to have a material adverse effect on our business, financial position, results ofoperations and cash flows.Hazardous and Solid Waste. Our operations are subject to the Federal Resource Conservation and Recovery Act, asamended, or RCRA, and comparable state laws, which impose detailed requirements for the handling, storage, treatment, anddisposal of hazardous and solid waste. All of our terminal facilities are classified by the EPA as Conditionally Exempt SmallQuantity Generators. Our terminals do not generate hazardous waste except in isolated and infrequent cases. At such times,only third party disposal sites which have been audited and approved by us are used. Our operations also generate solidwastes that are regulated under state law or the less stringent solid waste requirements of RCRA. We believe that we are insubstantial compliance with the existing requirements of RCRA and similar state and local laws, and the cost involved incomplying with these requirements is not material.Site Remediation. The Comprehensive Environmental Response, Compensation, and Liability Act of 1980, asamended, or CERCLA, also known as the “Superfund” law, and comparable state laws impose liability without regard to faultor the legality of the original conduct, on certain classes of persons responsible for the release of hazardous substances intothe environment. Such classes of persons include the current and past owners or operators of sites where a hazardoussubstance was released, and companies that disposed or arranged for disposal of hazardous substances at offsite locationssuch as landfills. In the course of our operations we will generate wastes or handle substances that may fall within thedefinition of a “hazardous substance.” CERCLA authorizes the EPA and, in some cases, third parties to take actions inresponse to threats to the public health or the environment and to seek to recover from the responsible classes of persons thecosts they incur. Under CERCLA, we could be subject to joint and several liability for the costs of cleaning up and restoringsites where hazardous substances have been released, for damages to natural resources and for the costs of certain healthstudies. We believe that we are in substantial compliance with the existing requirements of CERCLA.23 Table of Contents We currently own, lease, or operate numerous properties and facilities that for many years have been used forindustrial activities, including refined product terminaling operations. Hazardous substances, wastes, or hydrocarbons mayhave been released on or under the properties owned or leased by us, or on or under other locations where such substanceshave been taken for disposal. In addition, some of these properties have been operated by third parties or by previous ownerswhose treatment and disposal or release of hazardous substances, wastes, or hydrocarbons, was not under our control. Theseproperties and the substances disposed or released on them may be subject to CERCLA, RCRA and analogous state laws.Under such laws, we could be required to remove previously disposed substances and wastes (including substances disposedof or released by prior owners or operators) or remediate contaminated property (including groundwater contamination,whether from prior owners or operators or other historic activities or spills).Under an indemnification agreement, which contains the indemnification terms previously set forth in the omnibusagreement, TransMontaigne LLC agreed to indemnify us against potential environmental claims, losses and expenses thatwere identified on or before May 27, 2010 and that were associated with the ownership or operation of the Florida andMidwest terminals prior to May 27, 2005. TransMontaigne LLC’s maximum liability for this indemnification obligation is$15.0 million and it has no obligation to indemnify us for aggregate losses until such losses exceed $250,000 in theaggregate. TransMontaigne LLC has no indemnification obligations with respect to environmental claims made as a result ofadditions to or modifications of environmental laws promulgated after May 27, 2005.Under the purchase agreement for the Brownsville, Texas and River facilities, TransMontaigne LLC agreed toindemnify us against potential environmental claims, losses and expenses that were identified on or before December 31,2011 and that were associated with the ownership or operation of the Brownsville and River facilities prior to December 31,2006. Our environmental losses must first exceed $250,000 and TransMontaigne LLC’s indemnification obligations arecapped at $15.0 million. The deductible amount, cap amount and time limitation for indemnification do not apply to anyenvironmental liabilities known to exist as of December 31, 2006.Under the purchase agreement for the Southeast facilities, TransMontaigne LLC has agreed to indemnify us againstpotential environmental claims, losses and expenses that were identified on or before December 31, 2012 and that wereassociated with the ownership or operation of the Southeast terminals prior to December 31, 2007. Our environmental lossesmust first exceed $250,000 and TransMontaigne LLC’s indemnification obligations are capped at $15.0 million. Thedeductible amount, cap amount and time limitation for indemnification do not apply to any environmental liabilities knownto exist as of December 31, 2007.Under the purchase agreement for the Pensacola, Florida terminal, TransMontaigne LLC agreed to indemnify usagainst potential environmental claims, losses and expenses that are identified on or before March 1, 2016, and that wereassociated with the ownership or operation of the Pensacola terminal prior to March 1, 2011. Our environmental losses mustfirst exceed $200,000 and TransMontaigne LLC’s indemnification obligations are capped at $2.5 million. The deductibleamount, cap amount and limitation of time for indemnification do not apply to any environmental liabilities known to existas of March 1, 2011.The forgoing environmental indemnification obligations of TransMontaigne LLC to us remain in place and werenot affected by the ArcLight acquisition. Endangered Species Act. The Endangered Species Act restricts activities that may affect endangered or threatenedspecies or their habitats. While some of our facilities are in areas that may be designated as habitat for endangered orthreatened species, we believe that we are in substantial compliance with the Endangered Species Act. However, thediscovery of previously unidentified endangered or threatened species could cause us to incur additional costs or becomesubject to operating restrictions or bans in the affected area.24 Table of Contents Operational Hazards and InsuranceOur terminal and pipeline facilities may experience damage as a result of an accident or natural disaster. Thesehazards can cause personal injury and loss of life, severe damage to and destruction of property and equipment, pollution orenvironmental damage and suspension of operations. We maintain insurance of various types that we consider adequate tocover our operations, properties and loss of income at specified locations. Coverage for domestic acts of terrorism as definedin Terrorism Risk Insurance Program Reauthorization Act 2007 are covered under certain casualty insurance policies.The insurance covers all of our facilities in amounts that we consider to be reasonable. The insurance policies aresubject to deductibles that we consider reasonable and not excessive. Our insurance does not cover every potential riskassociated with operating terminals, pipelines and other facilities. Consistent with insurance coverage generally available tothe industry, our insurance policies provide limited coverage for losses or liabilities relating to pollution, with broadercoverage for sudden and accidental occurrences.Under the transition services agreement, we currently share pollution insurance policies with TransMontaigne LLCuntil such time as we secure our own replacement policies, which we expect to accomplish in 2016. These policies containcaps on the insurer’s maximum liability under the policy, and claims made by either of TransMontaigne LLC or us areapplied against the caps. The possibility exists that, in any event in which we wish to make a claim under a shared insurancepolicy, our claim could be denied or only partially satisfied due to claims made by TransMontaigne LLC against the policycap. In the event we reach the cap, we would seek to acquire additional insurance in the marketplace; however, we canprovide no assurance that such insurance would be available or if available, at a reasonable cost. Tariff RegulationThe Razorback pipeline, which runs between Mount Vernon, Missouri and Rogers, Arkansas, the Diamondbackpipeline, which runs between Brownsville, Texas and the United States‑ Mexico border, and the Ella‑Brownsville pipeline,which runs from two points of origin in Texas to our Brownsville terminal, transport petroleum products subject to regulationby the FERC under the Interstate Commerce Act and the Energy Policy Act of 1992 and rules and orders promulgated underthose statutes. FERC regulation requires that the rates of pipelines providing interstate service, such as the Razorback,Diamondback and Ella‑Brownsville pipelines, be filed at FERC and posted publicly, and that these rates be “just andreasonable” and nondiscriminatory. Such rates are currently regulated by the FERC primarily through an indexmethodology, whereby a pipeline is allowed to change its rates based on the change from year to year in the Producer PriceIndex for Finished Goods (PPI‑FG), plus a 1.3 percent adjustment for the period July 1, 2006 through June 30, 2011, and a2.65 percent adjustment for the five‑year period beginning July 1, 2011. In the alternative, interstate pipeline companies mayelect to support rate filings by using a cost‑of‑service methodology, competitive market showings, or actual agreementsbetween shippers and the oil pipeline company.The FERC generally has not investigated interstate oil pipeline rates on its own initiative when those rates have notbeen the subject of a protest or a complaint by a shipper. A shipper or other party having a substantial economic interest inour rates could, however, challenge our rates. In response to such challenges, the FERC could investigate our rates. If ourrates were successfully challenged, the amount of cash available for distribution to unitholders could be reduced. In theabsence of a challenge to our rates, given our ability to utilize either filed rates as annually indexed or to utilize rates tied tocost of service methodology, competitive market showing, or actual agreements between shippers and us, we do not believethat FERC’s regulations governing oil pipeline ratemaking would have any negative material monetary impact on us unlessthe regulations were substantially modified in such a manner so as to effectively prevent a pipeline company’s ability to earna fair return for the shipment of petroleum products utilizing its transportation system, which we believe to be an unlikelyscenario.25 Table of Contents On July 20, 2004, the United States Court of Appeals for the District of Columbia Circuit, or D.C. Circuit, issued itsopinion in BP West Coast Products, LLC v. FERC, which vacated the portion of the FERC’s decision applying the Lakeheadpolicy, under which the FERC allowed a regulated entity organized as a master limited partnership to include in itscost‑of‑service an income tax allowance to the extent that entity’s unitholders were corporations subject to income tax. OnMay 4, 2005, the FERC adopted a policy statement providing that all entities owning public utility assets—oil and gaspipelines and electric utilities—would be permitted to include an income tax allowance in their cost‑of‑service rates toreflect the actual or potential income tax liability attributable to their public utility income, regardless of the form ofownership. Any tax pass‑through entity seeking an income tax allowance would have to establish that its partners ormembers have an actual or potential income tax obligation on the entity’s public utility income. The FERC’s new policy wassubsequently challenged before the D.C. Circuit and on May 29, 2007, the D.C. Circuit denied the petitions for review withrespect to the income tax allowance issues. As the FERC continues to apply this policy in individual cases, the ultimateimpact remains uncertain. If the FERC were to act to substantially reduce or eliminate the right of a master limitedpartnership to include in its cost‑of‑service an income tax allowance to reflect actual or potential income tax liability onpublic utility income, it may affect the Razorback, Ella‑Brownsville and Diamondback pipelines’ ability to justify their ratesif challenged in a protest or complaint.In addition to being regulated by the FERC, we are required to maintain a Presidential Permit from the United StatesDepartment of State to operate and maintain the Diamondback pipeline, because the pipeline transports petroleum productsacross the international boundary line between the United States and Mexico. The Department of State’s regulations do notaffect our rates but do require the agency’s approval for the international crossing. We do not believe that these regulationswould have any negative material monetary impact on us unless the regulations were substantially modified, which webelieve to be an unlikely scenario.Title to PropertiesThe Razorback and Diamondback pipelines are generally constructed on easements and rights-of-way granted bythe apparent record owners of the property and in some instances these grants are revocable at the election of the grantor.Several rights‑of‑way for the Razorback pipeline and other real property assets are shared with other pipelines and otherassets owned by affiliates of TransMontaigne LLC and by third parties. In many instances, lands over which rights‑of‑wayhave been obtained are subject to prior liens that have not been subordinated to the right‑of‑way grants. We have obtainedpermits from public authorities to cross over or under, or to lay facilities in or along, watercourses, county roads, municipalstreets, and state highways and, in some instances, these permits are revocable at the election of the grantor. We have alsoobtained permits from railroad companies to cross over or under lands or rights‑of‑way, many of which are also revocable atthe grantor’s election. In some cases, property for pipeline purposes was purchased in fee.Some of the leases, easements, rights‑of‑way, permits, licenses and franchise ordinances transferred to us will requirethe consent of the grantor to transfer these rights, which in some instances is a governmental entity. Our general partner hasobtained or is in the process of obtaining sufficient third‑ party consents, permits, and authorizations for the transfer of thefacilities necessary for us to operate our business in all material respects as described in this annual report. With respect toany consents, permits, or authorizations that have not been obtained, our general partner believes that these consents,permits, or authorizations will be obtained, or that the failure to obtain these consents, permits, or authorizations would nothave a material adverse effect on the operation of our business.Our general partner believes that we have satisfactory title to all of our assets. Although title to these properties issubject to encumbrances in some cases, such as customary interests generally retained in connection with acquisition of realproperty, liens that can be imposed in some jurisdictions for government‑initiated action to cleanup environmentalcontamination, liens for current taxes and other burdens, and easements, restrictions, and other encumbrances to which theunderlying properties were subject at the time of our acquisition, our general partner believes that none of these burdensshould materially detract from the value of these properties or from our interest in these properties or should materiallyinterfere with their use in the operation of our business.26 Table of Contents EmployeesWe do not directly employ any of the persons responsible for managing our business. We are managed by ourgeneral partner, TransMontaigne GP L.L.C. For the year ended December 31, 2015, the executive officers of our generalpartner were employees of and paid by NGL Energy Operating. All of our management and operational activities wereprovided during 2015, and are still provided for a transition period, by employees of NGL Energy Operating. In connection with the ArcLight acquisition, NGL and ArcLight entered into a transition services agreementwhereby NGL Energy Operating continues to employ the executive officers of our general partner and employees thatprovide services to our partnership and NGL Energy Operating provides payroll and benefits services related thereto for solong as necessary. It is anticipated that in 2016 all employees who provide services with respect to our business will becomeemployees of TLP Management Services LLC, a newly formed, wholly owned subsidiary of Gulf TLP Holdings. As of February 29, 2016, approximately 450 employees of NGL Energy Operating provided services directly to us.As of March 10, 2016, none of NGL Energy Operating’s employees who provide services directly to us were covered by acollective bargaining agreement. ITEM 1A. RISK FACTORSOur business, operations and financial condition are subject to various risks. You should consider carefully thefollowing risk factors, in addition to the other information set forth in this annual report in connection with any investmentin our securities. Limited partner interests are inherently different from the capital stock of a corporation, although many ofthe business risks to which we are subject are similar to those that would be faced by a corporation engaged in a similarbusiness. If any of the following risks actually occurs, our business, financial condition, results of operations or cash flowscould be materially adversely affected. In that case, we might not be able to continue to make distributions on our commonunits at current levels, or at all. As a result of any of these risks, the market value of our common units representing limitedpartnership interests could decline, and investors could lose all or a part of their investment.Risks Inherent in Our BusinessWe may not have sufficient cash from operations to enable us to maintain or grow the distribution to ourunitholders following establishment of cash reserves and payment of fees and expenses, including payments to our generalpartner.The amount of cash we can distribute on our common units principally depends upon the amount of cash wegenerate from our operations, which will fluctuate from quarter to quarter based on, among other things:•the level of consumption of products in the markets in which we operate;•the prices we obtain for our services;•the level of our operating costs and expenses, including payments to our general partner; and•prevailing economic conditions.Additionally, the actual amount of cash we have available for distribution to our unitholders depends on otherfactors such as:•the level of capital expenditures we make;•the restrictions contained in our debt instruments and our debt service requirements;•fluctuations in our working capital needs; and27 Table of Contents •the amount, if any, of reserves, including reserves for future capital expenditures and other matters, establishedby our general partner in its discretion.The amount of cash we have available for distribution to our unitholders depends primarily on our cash flow,including cash flow from operations and working capital borrowings, and not solely on profitability, which will be affectedby non‑cash items. As a result, we may make cash distributions to our unitholders during periods when we incur net lossesand may not make cash distributions to our unitholders during periods when we generate net earnings. We may not be able toobtain debt or equity financing on terms that are favorable to us, if at all, and we may be required to fund our working capitalrequirements principally on cash generated by our operations and borrowings under our amended and restated senior securedcredit facility. As a result, we may not be able to maintain or grow our quarterly distribution to our unitholders.We depend upon a relatively small number of customers for a substantial majority of our revenue. A substantialreduction of revenue from one or more of these customers would have a material adverse effect on our financial conditionand results of operations.We expect to derive a substantial majority of our revenue from a small number of significant customers for theforeseeable future. For example, in 2015 NGL accounted for approximately 25% of our annual revenue. Events thatadversely affect the business operations of any one or more of our significant customers may adversely affect our financialcondition or results of operations. Therefore, we are indirectly subject to the business risks of our significant customers, manyof which are similar to the business risks we face. For example, a material decline in refined petroleum product suppliesavailable to our customers, or a significant decrease in our customers’ ability to negotiate marketing contracts on favorableterms, could result in a material decline in the use of our tank capacity or throughput of product at our terminal facilities,which would likely cause our revenue and results of operations to decline. In addition, if any of our significant customerswere unable to meet their contractual commitments to us for any reason, then our revenue and cash flow would decline.The omnibus agreement expires on the earlier to occur of ArcLight ceasing to control our general partner orfollowing at least 24 months’ prior written notice to the other parties.We cannot predict whether an acquirer of ArcLight or of our general partner will seek to terminate, amend or modifythe terms of the omnibus agreement, which may be terminated following at least 24 months’ prior written notice. If we are notsuccessful in negotiating acceptable terms with such successor, if we are required to pay a higher administrative fee, or if wemust incur substantial costs to replicate the services currently provided by ArcLight and its affiliates under the omnibusagreement, our financial condition and results of operations could be materially adversely affected.We are exposed to the credit risks of our other significant customers which could affect our creditworthiness. Anymaterial nonpayment or nonperformance by such customers could also adversely affect our financial condition and resultsof operations.We have various credit terms with virtually all of our customers, and our customers have varying degrees ofcreditworthiness. Although we evaluate the creditworthiness of each of our customers, we may not always be able to fullyanticipate or detect deterioration in their creditworthiness and overall financial condition, which could expose us to risks ofloss resulting from nonpayment or nonperformance by our other significant customers. Some of our significant customersmay be highly leveraged and subject to their own operating and regulatory risks. Any material nonpayment ornonperformance by our other significant customers could require us to pursue substitute customers for our affected assets orprovide alternative services. There can be no assurance that any such efforts would be successful or would provide similar revenue. These events could adversely affect our financial condition and results of operations.The obligations of our customers under their terminaling services agreements may be reduced or suspended insome circumstances, which would adversely affect our financial condition and results of operations.Our agreements with our customers provide that, if any of a number of events occur, which we refer to as events offorce majeure, and the event renders performance impossible with respect to a facility, usually for a specified minimumperiod of days, our customer’s obligations would be temporarily suspended with respect to that facility. Force majeure eventsinclude, but are not limited to, wars, acts of enemies, embargoes, import or export restrictions, strikes,28 Table of Contents lockouts, acts of nature, including fires, storms, floods, hurricanes, explosions and mechanical or physical failures of ourequipment or facilities or those of third parties. In the event of a force majeure, a significant customer’s minimum revenuecommitment may be reduced or the contract may be subject to termination. As a result, our revenue and results of operationscould be materially adversely affected.A material portion of our operations are conducted through joint ventures, over which we do not maintain fullcontrol and which have unique risks. A material portion of our operations are conducted through joint ventures. We are entitled to appoint a member tothe BOSTCO board of managers and maintain certain rights of approval over significant changes to, or expansion of,BOSTCO’s business, however Kinder Morgan serves as the operator of BOSTCO and is responsible for its day-to-dayoperations. Although we serve as the operator of Frontera, there are restrictions and limitations on our authority to takecertain material actions absent the consent of our joint venture partner. With respect to our existing joint ventures, we shareownership with partners that may not always share our goals and objectives. Differences in views among the partners mayresult in delayed decisions or failures to agree on major matters, such as large expenditures or contractual commitments, theconstruction of assets or borrowing money, among others. Delay or failure to agree may prevent action with respect to suchmatters, even though such action may not serve our best interest or that of the joint venture. Accordingly, delayed decisionsand disagreements could adversely affect the business and operations of the joint ventures and, in turn, our business andoperations. From time to time, our joint ventures may be involved in disputes or legal proceedings which may negativelyaffect our investments. Accordingly, any such occurrences could adversely affect our financial condition, operating resultsand cash flows. Competition from other terminals and pipelines that are able to supply our customers with storage capacity at alower price could adversely affect our financial condition and results of operations.We face competition from other terminals and pipelines that may be able to supply our customers with integratedterminaling services on a more competitive basis. We compete with national, regional and local terminal and pipelinecompanies, including the major integrated oil companies, of widely varying sizes, financial resources and experience. Ourability to compete could be harmed by factors we cannot control, including:•price competition from terminal and transportation companies, some of which are substantially larger than usand have greater financial resources and control substantially greater product storage capacity, than we do;•the perception that another company may provide better service; and•the availability of alternative supply points or supply points located closer to our customers’ operations.In addition, our general partner’s affiliates, including ArcLight, may engage in competition with us. If we are unableto compete with services offered by our competitors, including ArcLight and its affiliates, it could have a material adverseeffect on our financial condition, results of operations and cash flows.Our continued working capital requirements, distributions to unitholders and expansion programs may requireaccess to additional capital. Tightened credit markets or more expensive capital could impair our ability to maintain orgrow our operations, or to fund distributions to our unitholders.Our primary liquidity needs are to fund our working capital requirements, distributions to unitholders, approvedcapital projects and future expansion, development and acquisition opportunities. Our amended and restated senior securedcredit facility provides for a maximum borrowing line of credit equal to $400 million. At December 31, 2015, ouroutstanding borrowings were $248 million. At December 31, 2015, the capital expenditures to complete the approvedadditional investments and expansion capital projects are estimated to be approximately $90 million. We expect to fund ourfuture investments and expansion capital expenditures with additional borrowings under our credit facility. If we cannotobtain adequate financing to complete the approved investments and capital projects while29 Table of Contents maintaining our current operations, we may not be able to continue to operate our business as it is currently conducted, or wemay be unable to maintain or grow the quarterly distribution to our unitholders.Moreover, our long term business strategies include acquiring additional energy‑related terminaling andtransportation facilities and further expansion of our existing terminal capacity. We will need to raise additional funds togrow our business and implement these strategies. We anticipate that such additional funds would be raised through equityor debt financings. Any equity or debt financing, if available at all, may not be on terms that are favorable to us. Limitationson our access to capital, including on our ability to issue additional debt and equity, could result from events or causesbeyond our control, and could include, among other factors, significant increases in interest rates, increases in the riskpremium required by investors, generally or for investments in energy‑related companies or master limited partnerships,decreases in the availability of credit or the tightening of terms required by lenders. An inability to access the capital marketsmay result in a substantial increase in our leverage and have a detrimental impact on our creditworthiness. If we cannotobtain adequate financing, we may not be able to fully implement our business strategies, and our business, results ofoperations and financial condition would be adversely affected.If we do not make acquisitions or make acquisitions on economically acceptable terms, any future growth of ourbusiness will be limited and the price of our limited partnership units may be adversely affected.Our ability to grow has been dependent principally on our ability to make acquisitions that are attractive becausethey are expected to result in an increase in our quarterly distributions to unitholders. Our ability to acquire facilities will bebased, in part, on divestitures of product terminal and transportation facilities by large industry participants. A materialdecrease in such divestitures could therefore limit our opportunities for future acquisitions.In addition, we may be unable to make attractive acquisitions for any of the additional following reasons, amongothers:•because we are outbid by competitors, some of which are substantially larger than us and have greater financialresources and lower costs of capital than we do;•because we are unable to identify attractive acquisition candidates or negotiate acceptable purchase contractswith them, or acceptable terminaling services contracts with them or another customer; or•because we are unable to raise financing for such acquisitions on economically acceptable terms.If we consummate future acquisitions, our capitalization and results of operations may change significantly, andunitholders will not have the opportunity to evaluate the economic, financial and other relevant information that we willconsider in determining the application of our capital resources.Any acquisitions we make are subject to substantial risks, which could adversely affect our financial conditionand results of operations.Any acquisition involves potential risks, including risks that we may:•fail to realize anticipated benefits, such as cost‑savings or cash flow enhancements;•decrease our liquidity by using a significant portion of our available cash or borrowing capacity to financeacquisitions;•significantly increase our interest expense or financial leverage if we incur additional debt to financeacquisitions;•encounter difficulties operating in new geographic areas or new lines of business;30 Table of Contents •incur or assume unanticipated liabilities, losses or costs associated with the business or assets acquired for whichwe are not indemnified or for which the indemnity is inadequate;•be unable to hire, train or retain qualified personnel to manage and operate our growing business and assets;•less effectively manage our historical assets because of the diversion of management’s attention; or•incur other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation orrestructuring charges.If any acquisitions we ultimately consummate result in one or more of these outcomes, our financial condition andresults of operations may be adversely affected.A significant decrease in demand for refined products due to alternative fuel sources, new technologies or adverseeconomic conditions may cause one or more of our significant customers to reduce their use of our tank capacity andthroughput volumes at our terminal facilities, which would adversely affect our financial condition and results ofoperations.Market uncertainties, adverse economic conditions or lack of consumer confidence resulting in lower consumerspending on gasolines, distillates and travel, and high prices of refined products may cause a reduction in demand for refinedproducts, which could result in a material decline in the use of our tank capacity or throughput of product at our terminalfacilities. Additionally, the volatility in the price of refined products may render our customers’ hedging activitiesineffective, which could cause one or more of our significant customers to decrease their supply and marketing activities inorder to reduce their exposure to price fluctuations.Additional factors that could lead to a decrease in market demand for refined products include:•an increase in the market price of crude oil that leads to higher refined product prices;•higher fuel taxes or other governmental or other regulatory actions that increase, directly or indirectly, the costof gasolines or other refined products;•a shift by consumers to more fuel‑efficient or alternative fuel vehicles or an increase in fuel economy, whether asa result of technological advances by manufacturers, pending legislation proposing to mandate higher fueleconomy or otherwise; or•an increase in the use of alternative fuel sources, such as ethanol, biodiesel, fuel cells and solar, electric andbattery‑powered engines.Mergers between our existing customers and our competitors could provide strong economic incentives for thecombined entities to utilize their existing systems instead of ours in those markets where the systems compete. As a result, wecould lose some or all of the volumes and associated revenues from these customers and we could experience difficulty inreplacing those lost volumes and revenues.Because most of our operating costs are fixed, any decrease in throughput volumes at our terminal facilities, wouldlikely result not only in a decrease in our revenue, but also a decline in cash flow of a similar magnitude, which wouldadversely affect our results of operations, financial position and cash flows and may impair our ability to make quarterlydistributions to our unitholders.31 Table of Contents Our debt levels may limit our flexibility in obtaining additional financing and in pursuing other businessopportunities.Our level of debt could have important consequences to us. For example our level of debt could:•impair our ability to obtain additional financing, if necessary, for distributions to unitholders, working capital,capital expenditures, acquisitions or other purposes;•require us to dedicate a substantial portion of our cash flow to make principal and interest payments on our debt,reducing the funds that would otherwise be available for operations and future business opportunities;•make us more vulnerable to competitive pressures, changes in interest rates or a downturn in our business or theeconomy generally;•impair our ability to make quarterly distributions to our unitholders; and•limit our flexibility in responding to changing business and economic conditions.If our operating results are not sufficient to service our current or future indebtedness, we will be forced to takeactions such as reducing distributions, reducing or delaying our business activities, acquisitions, investments or capitalexpenditures, selling assets, restructuring or refinancing our debt, or seeking additional equity capital. We may not be able toaffect any of these actions on satisfactory terms, or at all.Our amended and restated senior secured credit facility also contains covenants limiting our ability to makedistributions to unitholders in certain circumstances. In addition, our amended and restated senior secured credit facilitycontains various covenants that limit, among other things, our ability to incur indebtedness, grant liens or enter into amerger, consolidation or sale of assets. Furthermore, our amended and restated senior secured credit facility containscovenants requiring us to maintain certain financial ratios and tests. Any future breach of any of these covenants or ourfailure to meet any of these ratios or conditions could result in a default under the terms of our amended and restated seniorsecured credit facility, which could result in acceleration of our debt and other financial obligations. If we were unable torepay those amounts, the lenders could initiate a bankruptcy proceeding or liquidation proceeding or proceed against thecollateral.Adverse economic conditions periodically result in weakness and volatility in the capital markets, that may limit,temporarily or for extended periods, the ability of one or more of our significant customers to secure financingarrangements adequate to purchase their desired volume of product, which could reduce use of our tank capacity andthroughput volumes at our terminal facilities and adversely affect our financial condition and results of operations.Domestic and international economic conditions affect the functioning of capital markets and the availability ofcredit. Adverse economic conditions, such as those prevalent during the recent recessionary period, periodically result inweakness and volatility in the capital markets, which in turn can limit, temporarily or for extended periods, the creditavailable to various enterprises, including those involved in the supply and marketing of refined products. As a result ofthese conditions, some of our customers may suffer short or long‑term reductions in their ability to finance their supply andmarketing activities, or may voluntarily elect to reduce their supply and marketing activities in order to preserve workingcapital. A significant decrease in our customers’ ability to secure financing arrangements adequate to support their historicrefined product throughput volumes could result in a material decline in the use of our tank capacity or the throughput ofrefined product at our terminal facilities. We may not be able to generate sufficient additional revenue from third parties toreplace any shortfall in revenue from our current customers, which would likely cause our revenue and results of operationsto decline and may impair our ability to make quarterly distributions to our unitholders.32 Table of Contents Our business involves many hazards and operational risks, including adverse weather conditions, which couldcause us to incur substantial liabilities and increased operating costs.Our operations are subject to the many hazards inherent in the terminaling and transportation of products,including:•leaks or accidental releases of products or other materials into the environment, whether as a result of humanerror or otherwise;•extreme weather conditions, such as hurricanes, tropical storms, and rough seas, which are common along theGulf Coast;•explosions, fires, accidents, mechanical malfunctions, faulty measurement and other operating errors; and•acts of terrorism or vandalism.If any of these events were to occur, we could suffer substantial losses because of personal injury or loss of life,severe damage to and destruction of storage tanks, pipelines and related property and equipment, and pollution or otherenvironmental damage resulting in curtailment or suspension of our related operations and potentially substantialunanticipated costs for the repair or replacement of property and environmental cleanup. In addition, if we suffer accidentalreleases or spills of products at our terminals or pipelines, we could be faced with material third‑party costs and liabilities,including those relating to claims for damages to property and persons and governmental claims for natural resource damagesor fines or penalties for related violations of environmental laws or regulations. We are not fully insured against all risks toour business and if losses in excess of our insurance coverage were to occur, they could have a material adverse effect on ouroperations. Furthermore, events like hurricanes can affect large geographical areas which can cause us to suffer additionalcosts and delays in connection with subsequent repairs and operations because contractors and other resources are notavailable, or are only available at substantially increased costs following widespread catastrophes.In the event we are required to refinance our existing debt in unfavorable market conditions, we may have to payhigher interest rates and be subject to more stringent financial covenants, which could adversely affect our results ofoperations and may impair our ability to make quarterly distributions to our unitholders.Our amended and restated senior secured credit facility matures in July 2018. At December 31, 2015, we hadoutstanding borrowings of $248 million. Our amended and restated senior secured credit facility provides that we payinterest on outstanding balances at interest rates based on market rates plus specified margins, ranging from 2% to 3%depending on the total leverage ratio in the case of loans with interest rates based on LIBOR, or ranging from 1% to 2%depending on the total leverage ratio in the case of loans with interest rates based on the base rate. In the event we arerequired to refinance our amended and restated senior secured credit facility in unfavorable market conditions, we may haveto pay interest at higher rates on outstanding borrowings and may be subject to more stringent financial covenants than wehave today, which could adversely affect our results of operations and may impair our ability to make quarterly distributionsto our unitholders.We are not fully insured against all risks incident to our business, and could incur substantial liabilities as aresult.We may not be able to maintain or obtain insurance of the type and amount we desire at reasonable rates. As a resultof market conditions, premiums and deductibles for certain of our insurance policies have increased substantially, and couldescalate further. In some instances, certain insurance could become unavailable or available only for reduced amounts ofcoverage. For example, our insurance carriers require broad exclusions for losses due to terrorist acts. If we were to incur asignificant liability for which we were not fully insured, it could have a material adverse effect on our financial condition. Inaccordance with typical industry practice, we do not have any property or title insurance on the Razorback andDiamondback pipelines.33 Table of Contents Our insurance policies each contain caps on the insurer’s maximum liability under the policy, and claims made byus are applied against the caps. In the event we reach the cap, we would seek to acquire additional insurance in themarketplace; however, we can provide no assurance that such insurance would be available or if available, at a reasonablecost.Pursuant to the transition services agreement, we currently share our pollution insurance policies withTransMontaigne LLC and claims made by TransMontaigne LLC may limit or extinguish the coverage available to us. Under the transition services agreement, we currently share pollution insurance policies with TransMontaigne LLCuntil such time as we secure our own replacement policies, which we expect to accomplish in 2016. These policies containcaps on the insurer’s maximum liability under the policy, and claims made by either of TransMontaigne LLC or us areapplied against the caps. The possibility exists that, in any event in which we wish to make a claim under a shared insurancepolicy, our claim could be denied or only partially satisfied due to claims made by TransMontaigne LLC against the policycap. In the event we reach the cap, we would seek to acquire additional insurance in the marketplace; however, we canprovide no assurance that such insurance would be available or if available, at a reasonable cost. Cyber attacks that circumvent our security measures and other breaches of our information security measurescould disrupt our operations and result in increased costs.We utilize information technology systems to operate our assets and manage our businesses. A cyber attack or othersecurity breach of our information technology systems could result in a breach of critical operational or financial controlsand lead to a disruption of our operations, commercial activities or financial processes. Additionally, we rely on third‑partysystems that could also be subject to cyber attacks or security breaches, and the failure of which could have a significantadverse effect on the operation of our assets. We and the operators of the third‑party systems on which we depend may nothave the resources or technical sophistication to anticipate or prevent every emerging type of cyber attack, and such anattack, or the additional security measures undertaken to prevent such an attack, could adversely affect our results ofoperations, financial position or cash flows.In addition, we collect and store sensitive data, including our proprietary business information and informationabout our customers, suppliers and other counterparties, and personally identifiable information of the employees of NGLEnergy Operating, on our information technology networks. Despite our security measures, our information technology andinfrastructure may be vulnerable to cyber attacks or breached due to employee error, malfeasance or other disruptions. Anysuch breach could compromise our networks and the information stored therein could be accessed, publicly disseminated,lost or stolen. Any such access, dissemination or other loss of information could result in legal claims or proceedings,liability under laws that protect the privacy of personal information, regulatory penalties, or could disrupt our operations,any of which could adversely affect our results of operations, financial position or cash flows.Expanding our business by constructing new facilities subjects us to risks that the project may not be completedon schedule and that the costs associated with the project may exceed our estimates or budgeted costs, which couldadversely affect our financial condition and results of operations.The construction of additions or modifications to our existing terminal and transportation facilities, and theconstruction of new terminals and pipelines, involves numerous regulatory, environmental, political, legal and operationaluncertainties beyond our control and requires the expenditure of significant amounts of capital. If we undertake theseprojects, they may not be completed on schedule or at all and may exceed the budgeted cost. If we experience material costoverruns, we would have to finance these overruns using cash from operations, delaying other planned projects, incurringadditional indebtedness, or issuing additional equity. Any or all of these methods may not be available when needed or mayadversely affect our future results of operations and cash flows. Moreover, our revenue may not increase immediately uponthe expenditure of funds on a particular project. For instance, if we construct additional storage capacity, the constructionmay occur over an extended period of time, and we will not receive any material increases in revenue until the project iscompleted. Moreover, we may construct additional storage capacity to capture anticipated future growth in consumption ofproducts in a market in which such growth does not materialize.34 Table of Contents Because of our lack of asset diversification, adverse developments in our terminals or pipeline operations couldadversely affect our revenue and cash flows.We rely exclusively on the revenue generated from our terminals and pipeline operations. Because of our lack ofdiversification in asset type, an adverse development in these businesses would have a significantly greater impact on ourfinancial condition and results of operations than if we maintained more diverse assets.Our operations are subject to governmental laws and regulations relating to the protection of the environmentthat may expose us to significant costs and liabilities.Our business is subject to the jurisdiction of numerous governmental agencies that enforce complex and stringentlaws and regulations with respect to a wide range of environmental, safety and other regulatory matters. We could beadversely affected by increased costs resulting from more strict pollution control requirements or liabilities resulting fromnon‑compliance with required operating or other regulatory permits. New environmental laws and regulations mightadversely impact our activities, including the transportation, storage and distribution of petroleum products. Federal, stateand local agencies also could impose additional safety requirements, any of which could affect our profitability. Furthermore,our failure to comply with environmental or safety related laws and regulations also could result in the assessment ofadministrative, civil and criminal penalties, the imposition of investigatory and remedial obligations and even the issuanceof injunctions that restrict or prohibit the performance of our operations.Federal, state and local agencies also have the authority to prescribe specific product quality specifications ofrefined products. Changes in product quality specifications or blending requirements could reduce our throughput volume,require us to incur additional handling costs or require capital expenditures. For example, different product specifications fordifferent markets impact the fungibility of the products in our system and could require the construction of additionalstorage. If we are unable to recover these costs through increased revenues, our cash flows and ability to pay cashdistributions could be adversely affected.Terrorist attacks, and the threat of terrorist attacks, have resulted in increased costs to our business. Continuedhostilities in the Middle East or other sustained military campaigns may adversely impact our ability to make distributionsto our unitholders.The long‑term impact of terrorist attacks, such as the attacks that occurred on September 11, 2001, and the threat offuture terrorist attacks, on the energy transportation industry in general, and on us in particular, is impossible to predict.Increased security measures that we have taken as a precaution against possible terrorist attacks have resulted in increasedcosts to our business. Uncertainty surrounding continued hostilities in the Middle East or other sustained military campaignsmay affect our operations in unpredictable ways, including the possibility that infrastructure facilities could be direct targetsof, or indirect casualties of, an act of terrorism.Many of our storage tanks and portions of our pipeline system have been in service for several decades that couldresult in increased maintenance or remediation expenditures, which could adversely affect our results of operations andour ability to pay cash distributions.Our pipeline and storage assets are generally long‑lived assets. As a result, some of those assets have been in servicefor many decades. The age and condition of these assets could result in increased maintenance or remediation expenditures.Any significant increase in these expenditures could adversely affect our results of operations, financial position and cashflows, as well as our ability to pay cash distributions.Climate change legislation or regulations restricting emissions of “greenhouse gases” or setting fuel economy orair quality standards could result in increased operating costs or reduced demand for the refined petroleum products thatwe transport, store or otherwise handle in connection with our business.New environmental laws and regulations, including new federal or state regulations relating to alternative energysources and the risk of global climate change, increased governmental enforcement or other developments could increase ourcosts in complying with environmental and safety regulations and require us to make additional unforeseen expenditures. OnDecember 15, 2009, the EPA officially published its findings that emissions of carbon dioxide, methane and other“greenhouse gases” endanger human health and the environment because emissions of such gases are,35 Table of Contents according to the EPA, contributing to the warming of the earth’s atmosphere and other climatic changes. These findings bythe EPA allow the agency to proceed with the adoption and implementation of regulations that would restrict emissions ofgreenhouse gases under existing provisions of the Federal Clean Air Act. Moreover, more than one‑third of the states, eitherindividually or through multi‑state regional initiatives, have already begun implementing legal measures to reduceemissions of greenhouse gases.While it is not possible at this time to fully predict how legislation or new regulations that may be adopted in theUnited States to address greenhouse gas emissions would impact our business, new legislation or regulatory programs thatrestrict emissions of greenhouse gases in areas where we conduct business could, depending on the particular programadopted, increase our costs to operate and maintain our facilities, measure and report our emissions, install new emissioncontrols on our facilities and administer and manage a greenhouse gas emissions program. Laws or regulations regarding fueleconomy, air quality or greenhouse gas emissions could also include efficiency requirements or other methods of curbingcarbon emissions that could adversely affect demand for the refined petroleum products, natural gas and other hydrocarbonproducts that we transport, store or otherwise handle in connection with our business. A significant decrease in demand forpetroleum products would have a material adverse effect on our business, financial condition, results of operations and cashflows.In addition, some scientists have concluded that increasing concentrations of greenhouse gases in the earth’satmosphere may produce climate changes that have significant physical effects, such as increased frequency and severity ofstorms, droughts, floods and other climate events; if any such effects were to occur, they could have an adverse effect on ourassets and operations.Risks Inherent in an Investment in UsArcLight indirectly controls our general partner, which has sole responsibility for conducting our business andmanaging our operations. ArcLight and its affiliates have conflicts of interest with and limited fiduciary duties to us, whichmay permit them to favor their own interests to our detriment.TransMontaigne GP L.L.C. is our general partner and manages our operations and activities. TransMontaigne GPL.L.C. is a wholly owned subsidiary of Gulf TLP Holdings, LLC. Gulf TLP Holdings, LLC is a wholly owned subsidiary of ArcLight Energy Partners Fund VI, L.P. and is responsible under our omnibus agreement for providing the personnel whoprovide support to our operations. Neither our general partner nor its board of directors is elected by our unitholders and ourunitholders have no right to elect our general partner or its board of directors on an annual or other continuing basis.Furthermore, it may be difficult for unitholders to remove our general partner without its consent because the vote of theholders of at least 66/3% of all outstanding common units, including any common units owned by our general partner andits affiliates, but excluding the general partner interest, voting together as a single class, is required to remove our generalpartner.Additionally, any or all of the provisions of our omnibus agreement with Gulf TLP Holdings, LLC, other than theindemnification provisions, will be terminable by Gulf TLP Holdings, LLC at its option if our general partner is removedwithout cause and common units held by our general partner and its affiliates are not voted in favor of that removal. Cause isnarrowly defined in the omnibus agreement to mean that a court of competent jurisdiction has entered a final, non‑appealablejudgment finding our general partner liable for actual fraud or willful or wanton misconduct in its capacity as our generalpartner. Cause does not include most cases of charges of poor management of the business.Four of our general partner’s directors are affiliated with ArcLight. Therefore, conflicts of interest may arise between ArcLight and its affiliates and subsidiaries, including Gulf TLP Holdings, LLC, and our general partner, on the one hand,and us and our unitholders, on the other hand. In resolving those conflicts of interest, our general partner may favor its owninterests and the interests of its affiliates over the interests of our unitholders.These conflicts include, among others, the following potential conflicts of interest:·ArcLight, Gulf TLP Holdings, LLC and their affiliates may engage in competition with us under certaincircumstances.36 2Table of Contents ·Except in limited circumstances, our general partner has the power and authority to conduct our businesswithout unitholder approval.·Neither our partnership agreement nor any other agreement requires Gulf TLP Holdings, LLC or ArcLight topursue a business strategy that favors us. This entitles our general partner to consider only the interests andfactors that it desires, and it has no duty or obligation to give any consideration to any interest of, or factorsaffecting, us, our affiliates or any limited partner. Gulf TLP Holdings, LLC and ArcLight’s respective directorsand officers have fiduciary duties to make decisions in the best interests of those companies, which may becontrary to our interests or the interests of our other customers.·Our partnership agreement does not restrict our general partner from causing us to pay it or its affiliates for anyservices rendered to us or entering into additional contractual arrangements with any of these entities on ourbehalf.·Our general partner is allowed to take into account the interests of parties other than us, such as ArcLight, GulfTLP Holdings, LLC or their affiliates, in resolving conflicts of interest. Specifically, in determining whether atransaction or resolution is “fair and reasonable,” our general partner may consider the totality of therelationships between the parties involved, including other transactions that may be particularly advantageousor beneficial to us.·Certain directors of our general partner are officers or directors of affiliates of our general partner, includingGulf TLP Holdings, LLC and ArcLight, and also devote significant time to the business of these entities and arecompensated accordingly. •Our general partner has limited its liability and reduced its fiduciary duties, and also has restricted the remediesavailable to our unitholders for actions that, without the limitations, might constitute breaches of fiduciaryduty. Our general partner will not have any liability to us or our unitholders for decisions made in its capacityas a general partner so long as it acted in good faith, meaning it believed that its decision was in the bestinterests of our partnership.•Our general partner determines the amount and timing of acquisitions and dispositions, capital expenditures,borrowings, issuance of additional partnership securities, and reserves, each of which can affect the amount ofcash that is distributed to our unitholders.•Our general partner determines the amount and timing of any capital expenditures by our partnership andwhether a capital expenditure is a maintenance capital expenditure, which reduces operating surplus, or anexpansion capital expenditure, which does not reduce operating surplus. That determination can affect theamount of cash that is distributed to our unitholders.•Our partnership agreement permits us to treat a distribution of a certain amount of cash from non‑operatingsources such as asset sales, issuances of securities and long‑term borrowings as a distribution of operatingsurplus instead of capital surplus. The amount that can be distributed in such a fashion is equal to four timesthe amount needed for us to pay a quarterly distribution on the common units, the general partner interest andthe incentive distribution rights at the same per‑unit distribution amount as the distribution paid in theimmediately preceding quarter. As of December 31, 2015, that amount was $50.5 million, $16.0 million ofwhich would go to our general partner in the form of distributions on their general partner interest and incentivedistribution rights.•Our general partner determines which out‑of‑pocket costs incurred by TLP Management Services LLC arereimbursable by us.•Our general partner and its officers and directors will not be liable for monetary damages to us, our limitedpartners or assignees for any acts or omissions unless there has been a final and non‑appealable judgmententered by a court of competent jurisdiction determining that our general partner or those other persons acted inbad faith or engaged in fraud or willful misconduct.•Our general partner decides whether to retain separate counsel, accountants, or others to perform services on ourbehalf.37 Table of Contents NGL controls NGL Energy Operating, which will continue to employ the officers and employees that provideservices to us under the provisions of a transition services agreement entered into in connection with the ArcLightacquisition. NGL has conflicts of interest with us and limited duties to us, which may permit it to favor its own interests toour detriment while the transition services agreement is operative.TransMontaigne GP L.L.C. is our general partner and manages our operations and activities. TransMontaigne GPL.L.C. is a wholly owned subsidiary of Gulf TLP Holdings, LLC which is a wholly owned subsidiary of ArcLight EnergyPartners Fund VI, L.P. We have no officers or employees and all of our management and operational activities are providedby officers and employees of NGL Energy Operating. In connection with the ArcLight acquisition, NGL and ArcLightentered into a transition services agreement whereby NGL Energy Operating continues to serve as the entity that employs theofficers and employees that provide services to us and provides payroll and benefits services related thereto for so long asnecessary. Employees of NGL who provide services to us also devote time to the businesses of NGL which may compete withour own. NGL’s businesses include, among others, crude oil logistics services, oil field services, propane and natural gasliquids trading and distribution. Therefore, conflicts of interest may arise between NGL and its affiliates, including NGLEnergy Operating, on the one hand and us and our unitholders, on the other hand, for the interim period during which theprovisions of the transition services agreement providing for employment of our officers and employees by an affiliate ofNGL remain in effect.Affiliates of our general partner, including Gulf TLP Holdings, LLC and ArcLight, may compete with us and donot have any obligation to present business opportunities to us.Neither our partnership agreement nor any other agreement will prohibit affiliates of our general partner, includingGulf TLP Holdings, LLC and ArcLight, from owning assets or engaging in businesses that compete directly or indirectly withus. For example, an affiliate of ArcLight is the majority owner of the general partner of another publicly traded master limitedpartnership in the midstream segment of the energy industry, which may compete with us in the future. In addition, Gulf TLPHoldings, LLC, ArcLight and other affiliates of our general partner may acquire, construct or dispose of midstream assets orother assets in the future without any obligation to offer us the opportunity to purchase any of those assets. ArcLight and itsaffiliates are large, established participants in the energy industry and may have greater resource than we have, which maymake it more difficult for us to compete with these entities with respect to commercial activities as well as for acquisitionopportunities. As a result, competition from affiliates of our general partner, including Gulf TLP Holdings, LLC andArcLight, could materially adversely impact our results of operations and distributable cash flow.The control of our general partner may be transferred to a third party without the consent of our general partner, Partners or our unitholders.Our general partner may transfer its general partner interest in TransMontaigne Partners L.P. to a third party in amerger, a sale of all or substantially all of the general partner's assets, or other transaction without the consent of the generalpartner on behalf of Partners. Furthermore, our partnership agreement does not restrict the ability of Gulf TLP Holdings, LLC,the sole member of our general partner, from transferring its respective limited liability company interest in our generalpartner to a third party. The new owner of our general partner could then be in a position to replace the board of directors andofficers of our general partner with their own choices and to control the decisions taken by the board of directors andofficers. In that event, our general partner would be able to take steps to protect the interests of Partners.Cost reimbursements, which will be determined by our general partner, and fees due our general partner and itsaffiliates for services provided are and will continue to be substantial and will reduce our cash available for distribution tounitholders.Payments to our general partner are and will continue to be substantial and will reduce the amount of available cashfor distribution to unitholders. For the year ended December 31, 2015, we paid TransMontaigne LLC and its affiliates anadministrative fee of approximately $11.3 million, an additional insurance reimbursement of approximately $3.8 million and$1.3 million as partial reimbursement for grants to key employees of TransMontaigne Services LLC38 Table of Contents and its affiliates who provided services to our partnership under the TransMontaigne Services LLC savings and retentionplan. Both the administrative fee and the insurance reimbursement are subject to increase in the event we acquire or constructfacilities. Under our amended and restated omnibus agreement with ArcLight and its affiliates, we will continue to incursimilar cost reimbursement obligations. Our general partner and its affiliates will continue to be entitled to reimbursement forall other direct expenses they incur on our behalf, including the salaries of and the cost of employee benefits for employeesworking on‑site at our terminals and pipelines. Our general partner will determine the amount of these expenses. Our generalpartner and its affiliates also may provide us other services for which we will be charged fees as determined by our generalpartner.The omnibus agreement will continue in effect until the earlier to occur of (i) ArcLight ceasing to control ourgeneral partner or (ii) the election of either us or ArcLight, following at least 24 months’ prior written notice to the otherparties. We cannot predict whether ArcLight or our general partner will seek to terminate, amend or modify the terms of theomnibus agreement. If we are not successful in negotiating acceptable terms with such successor, if we are required to pay ahigher administrative fee or if we must incur substantial costs to replicate the services currently provided by ArcLight and itsaffiliates under the omnibus agreement, our financial condition and results of operations could be materially adverselyaffected.Our general partner has a limited call right that may require unitholders to sell their common units at anundesirable time or price.If at any time our general partner and its affiliates own more than 80% of the common units, our general partner willhave the right, but not the obligation, which it may assign to any of its affiliates or to us, to acquire all, but not less than all,of the common units held by unaffiliated persons at a price not less than their then‑current market price. As a result,unitholders may be required to sell their common units at an undesirable time or price and may not receive any return ontheir investment. Unitholders may also incur a tax liability upon a sale of their common units.We may issue additional units without your approval, which would dilute your existing ownership interests.Our partnership agreement does not limit the number of additional limited partner interests that we may issue at anytime without the approval of our unitholders. The issuance by us of additional common units or other equity securities ofequal or senior rank will have the following effects: your proportionate ownership interest in us will decrease; the amount ofcash available for distribution on each unit may decrease; the ratio of taxable income to distributions may increase; therelative voting strength of each previously outstanding unit may be diminished; and the market price of the common unitsmay decline.Unitholders may not have limited liability in some circumstances.The limitations on the liability of holders of limited partnership interests for the obligations of a limited partnershiphave not been clearly established in some states. If it were determined that we had been conducting business in any statewithout compliance with the applicable limited partnership statute, or that our unitholders as a group took any actionpursuant to our partnership agreement that constituted participation in the “control” of our business, then the unitholderscould be held liable under some circumstances for our obligations to the same extent as a general partner. Under applicablestate law, our general partner has unlimited liability for our obligations, including our debts and environmental liabilities, ifany, except for our contractual obligations that are expressly made without recourse to the general partner.In addition, Section 17‑607 of the Delaware Revised Uniform Limited Partnership Act provides that under somecircumstances a unitholder may be liable to us for the amount of distributions paid to the unitholder for a period of threeyears from the date of the distribution.39 Table of Contents Tax Risks Our tax treatment depends on our status as a partnership for federal income tax purposes, as well as not beingsubject to a material amount of entity‑level taxation by states. If the Internal Revenue Service were to treat us as acorporation or if we were to become subject to a material amount of entity‑level taxation for state tax purposes, then ourcash available for distribution to unitholders would be substantially reduced.The anticipated after‑tax benefit of an investment in our common units depends largely on our being treated as apartnership for federal income tax purposes. We have not requested, and do not plan to request, a ruling from the IRS on thismatter.A publicly‑traded partnership may be treated as a corporation for federal income tax purposes unless its grossincome from its business activities satisfies a “qualifying income” requirement under U.S. tax code. Based upon our currentoperations, we believe that we qualify to be treated as a partnership for federal income tax purposes under these requirements.While we intend to continue to meet this gross income requirement, we may not find it possible to meet, or may inadvertentlyfail to meet, these requirements. If we do not meet these requirements for any taxable year, and the IRS does not determinethat such failure was inadvertent, we would be treated as a corporation for such taxable year and each taxable year thereafter.If we were treated as a corporation for federal income tax purposes, we would pay federal income tax on our incomeat the corporate tax rate, which is currently a maximum of 35%. In such a circumstance, distributions to our unitholderswould generally be taxed again as corporate distributions (if such distributions were less than our earnings and profits) andno income, gains, losses, deductions or credits would flow through to our unitholders. Imposition of a corporate tax wouldsubstantially reduce our cash flows and after‑tax return to our unitholders. This likely would cause a substantial reduction inthe value of the common units.Any modification to the U.S. federal income tax laws and interpretations thereof may or may not be appliedretroactively and could make it more difficult or impossible to meet the qualifying income requirements, affect or cause us tochange our business activities, affect the tax considerations of an investment in a publicly traded partnership, including us,change the character or treatment of portions of our income and adversely affect an investment in our common units. We areunable to predict whether any current or future proposed federal income tax law changes will ultimately be enacted.In addition, some states have subjected partnerships to entity‑level taxation through the imposition of state income,franchise or other forms of taxation, and other states may follow this trend. If any state were to impose a tax upon us as anentity, our cash flows would be reduced. For example, under current legislation, we are subject to an entity‑level tax on theportion of our total revenue (as that term is defined in the legislation) that is generated in Texas. For the year endedDecember 31, 2015, we recognized a liability of approximately $0.1 million for the Texas margin tax, which is imposed at amaximum effective rate of 0.95% of our total revenue and tax gains from Texas. Imposition of such a tax on us by Texas, orany other state, will reduce the cash available for distribution to our unitholders. The partnership agreement provides that if alaw is enacted or existing law is modified or interpreted in a manner that subjects us to taxation as a corporation or otherwisesubjects us to entity‑level taxation for federal, state or local income tax purposes, then the minimum quarterly distributionamount and the target distribution amounts will be reduced to reflect the impact of that law on us.If the sale or exchange of 50% or more of our capital and profit interests occurs within a 12‑month period, wewould experience a deemed technical termination of our partnership for federal income tax purposes.The sale or exchange of 50% or more of the partnership’s units within a 12‑month period would result in a deemedtechnical termination of our partnership for federal income tax purposes. Such an event would not terminate a unitholder’sinterest in the partnership, nor would it terminate the continuing business operations of the partnership. However, it would,among other things, result in the closing of our taxable year for all unitholders and would result in a deferral of depreciationand cost recovery deductions allowable in computing our taxable income for future tax years.40 Table of Contents The partnership previously experienced a deemed technical termination for the period ending December 30, 2007, due to achange in our ownership structure effective December 31, 2007. Pursuant to the NGL acquisition, on July 1, 2014, Morgan Stanley sold its direct ownership interest inTransMontaigne LLC to NGL. The disposition of Morgan Stanley’s direct ownership interest in TransMontaigne LLC didnot result in a technical termination of TransMontaigne Partners. However, as a result of certain post transaction restructuringof NGL’s investment in TransMontaigne LLC, including the conversion of TransMontaigne LLC, TransMontaigne ServicesLLC and TransMontaigne Product Services LLC from Delaware corporations into Delaware limited liability companies,TransMontaigne Partners did experience a technical termination as of December 30, 2014. Further, as a result ofTransMontaigne Partners’ technical termination, Frontera also experienced a technical termination on December 30, 2014.Unrelated to TransMontaigne Partners and Frontera’s technical terminations, BOSTCO experienced a technical terminationas of November 26, 2014, caused by restructuring of Kinder Morgan Energy Partners, L.P. and its affiliates. Due to thesetechnical terminations experienced for federal income tax purposes, our partnership and the Frontera and BOSTCO jointventures will each realize a deferral of cost recovery deductions that will impact each of our unitholders through allocationsof an increased amount of federal taxable income (or reduced amount of allocated loss) for the current and subsequentyears. While the ArcLight acquisition did not result in a technical termination, the transaction and any exercise of ArcLight’srights of first offer and call option on the remaining units held by NGL, will be included in our analysis of the sale andexchange of our units within a 12-month period.If we are unable to make acquisitions and investments to increase our capital asset base, we may encounter futuredeclines in our tax depreciation, which may cause some unitholders to recognize higher taxable income in respect of theirunits and adversely affect the tax characteristics of an investment in our units and reduce the market price of our units.Prior to July 1, 2014, Morgan Stanley indirectly controlled our general partner and was a bank holding companyunder applicable federal banking law and regulation, which imposed limitations on Morgan Stanley and its affiliates’ abilityto conduct certain nonbanking activities. As a result of such regulation, Morgan Stanley informed us in October 2011 that itwas unable, or limited in approving any “significant” acquisition or investment. The practical effect of these limitationssignificantly constrained our ability to expand our asset base and operations through acquisitions from third parties, limitingadditions to our capital assets primarily to additions and improvements that we constructed or added to our existingfacilities. Although we are no longer under such regulatory constraints following the sale of TransMontaigne LLC fromMorgan Stanley to NGL, if we do not grow our capital asset base quickly enough to avoid our tax depreciation fromdeclining in the future, some unitholders may recognize higher taxable income. The federal and state tax laws andregulations applicable to an investment in our units are complex and each investor’s tax considerations are likely to bedifferent from those of other investors, so it is impossible to state with certainty the impact of any change on any singleinvestor or group of investors in our units. It is the responsibility of each unitholder to investigate the legal and taxconsequences, under the laws of pertinent jurisdictions, of an investment in our common units. Accordingly, each unitholderor prospective investor in our units is urged to consult with, and depend upon, their tax counsel or other advisor with regardto those matters.Nevertheless, adverse changes in investors’ perception of the tax characteristics of an investment in our units couldadversely affect the market value of our units.We generally prorate our items of income, gain, loss and deduction between transferors and transferees of ourcommon units each month based upon the ownership of our common units on the first day of each month, instead of on thebasis of the date a particular common unit is transferred. The IRS may challenge this treatment, which could change theallocation of items of income, gain, loss and deduction among our unitholders.For administrative purposes and consistent with other publicly traded partnerships, we generally prorate our items ofincome, gain, loss, and deduction between transferors and transferees of our common units each month based upon theownership of our common units on the first day of each month, instead of on the basis of the date a particular common unit istransferred. The use of this proration method may not be permitted under existing Treasury regulations. If the IRS were tochallenge this method or new Treasury regulations were issued, we may be required to change the allocation of items ofincome, gain, loss and deduction among our unitholders.41 Table of Contents Unitholders will be required to pay taxes on their respective share of our taxable income regardless of the amountof cash distributions.Unitholders will be required to pay federal income taxes and, in some cases, state and local income taxes on theunitholder’s respective share of our taxable income, whether or not such unitholder receives cash distributions from us. Inaddition, supplemental taxes that apply to net investment income from passive activities and from gains on sales ofpartnership interests may be required of unitholders. Unitholders may not receive cash distributions from us equal to theunitholder’s respective share of our taxable income or even equal to the actual tax liability that results from the unitholder’srespective share of our taxable income or due to the unitholder’s taxes relating to net investment income.Tax‑exempt entities and foreign persons face unique tax issues from owning units that may result in adverse taxconsequences to them.Investment in common partnership units by tax‑exempt entities, such as individual retirement accounts, andnon‑United States persons raises tax issues unique to them. For example, the partnership’s ordinary income allocated toorganizations exempt from federal income tax, including individual retirement accounts and other retirement plans, will beunrelated business taxable income, or UBTI, and may be taxable to them. Due to allocations of reportable tax items tounitholders being dependent on the date of each unitholder’s purchase of our common units, we are not able to provide anestimate of a unitholder’s UBTI prior to processing that unitholder’s Schedule K‑1. Because the partnership’s distributionsare attributed to income that is effectively connected with a United States trade or business, distributions to non‑UnitedStates persons are subject to withholding taxes at the highest applicable effective tax rate set by the federal tax laws in effectat the time of such distributions. Nominees, rather than the partnership, are treated as withholding agents. Non‑United Statespersons will be required to file United States federal income tax returns and pay tax on their share of our taxable income.Our unitholders will likely be subject to state and local taxes and return filing requirements in states where theydo not live as a result of investing in our limited partner units.In addition to federal income taxes, our unitholders will likely be subject to other taxes, including state and localincome taxes, unincorporated business taxes and estate, inheritance or intangible taxes that are imposed by the variousjurisdictions in which we do business or own property, even if they do not live in any of those jurisdictions. Our unitholderswill likely be required to file returns and pay state and local income tax in some or all of these jurisdictions, and unitholdersmay be subject to penalties for failure to comply with those requirements. It is our unitholders’ responsibility to file allUnited States federal, state and local tax returns.We will treat each purchaser of our units as having the same tax benefits without regard to the units purchased.The IRS may challenge this treatment, which could adversely affect the value of our units.Because we cannot match transferors and transferees of units, we adopt various conventions for administrativepurposes (including depreciation and amortization positions) that may not conform in all aspects to existing Treasuryregulations. A successful IRS challenge to those positions could adversely affect the amount of tax benefits available tounitholders. It also could affect the timing of these tax benefits or the amount of gain from any sale of units and could have anegative impact on the value of our units or result in audit adjustments to a unitholder’s tax returns.42 Table of Contents A unitholder whose units are loaned to a “short seller” to cover a short sale of units may be considered as havingdisposed of those units. If so, the unitholder would no longer be treated for tax purposes as a partner with respect to thoseunits during the period of the loan and may recognize gain or loss from the disposition.Because a unitholder whose units are loaned to a “short seller” to cover a short sale of units may be considered ashaving disposed of the loaned units, the unitholder may no longer be treated for tax purposes as a partner with respect tothose units during the period of the loan to the short seller and the unitholder may recognize gain or loss from suchdisposition. Moreover, during the period of the loan to the short seller, any of our income, gain, loss or deduction withrespect to those units may not be reportable by the unitholder and any cash distributions received by the unitholder as tothose units could be fully taxable as ordinary income. Unitholders desiring to assure their status as partners and avoid the riskof gain recognition from a loan to a short seller are urged to modify any applicable brokerage account agreements to prohibittheir brokers from loaning their units. ITEM 1B. UNRESOLVED STAFF COMMENTSNone. ITEM 3. LEGAL PROCEEDINGSTransMontaigne LLC has agreed to indemnify us for any losses we may suffer as a result of legal claims for actionsthat occurred prior to the closing of our initial public offering on May 27, 2005. For further information regarding theindemnification obligations of TransMontaigne LLC to our partnership, please see “Part I, Items 1 and 2. Business andProperties, Environmental Matters – Site Remediation”. The environmental indemnification obligations of TransMontaigneLLC to us remain in place and were not affected by the ArcLight acquisition.The King Ranch natural-gas-processing plant in Kleberg County, Texas owned and operated by a third party, wasshut down as a result of a fire at the plant beginning in November 2013. This plant supplies a significant amount of liquefiedpetroleum gas, or “LPG,” to our third-party customer, Nieto Trading, B.V. (“Nieto”), which transports LPG through our EllaBrownsville and Diamondback pipelines, and has contracted for the LPG storage capacity at our Brownsville terminals. TheKing Ranch plant became operational again in late November 2014. Nieto claimed that the fire at the King Ranch plantconstituted a force majeure event that relieved Nieto of its obligation to pay certain fees required under the relatedterminaling services agreement for failure to throughput a minimum number of barrels of LPG (“deficiency fees”). We did notbelieve that the King Ranch fire qualified as a force majeure event under the terminaling services agreement, or that, even ifit did, it relieved Nieto of its obligation to pay the deficiency fees. In September, 2014, we filed a complaint for damages anddeclaratory relief in the Supreme Court of the State of New York, County of New York, against Nieto, by which we soughtdamages and a declaratory judgment clarifying our rights to receive the deficiency fees under the terminaling servicesagreement. In February 2016 we entered into a settlement agreement and mutual release with Nieto that included a one-timesettlement payment to us and an increase in the throughput fee under the terminaling services agreement for the remainingterm. In connection therewith, the litigation was dismissed with prejudice. ITEM 4. MINE SAFETY DISCLOSURESNot applicable.43 Table of Contents Part II ITEM 5. MARKET FOR THE REGISTRANT’S COMMON UNITS, RELATED UNITHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIESMARKET FOR COMMON UNITSThe common units are listed and traded on the New York Stock Exchange under the symbol “TLP.” On February 29,2016, there were 26 unitholders of record of our common units. This number does not include unitholders whose units areheld in trust by other entities. The actual number of unitholders is greater than the number of unitholders of record.The following table sets forth, for the periods indicated, the range of high and low per unit sales prices for ourcommon units as reported on the New York Stock Exchange. Low High January 1, 2014 through March 31, 2014 $40.69 $44.00 April 1, 2014 through June 30, 2014 $41.93 $50.00 July 1, 2014 through September 30, 2014 $40.00 $44.98 October 1, 2014 through December 31, 2014 $31.00 $41.37 January 1, 2015 through March 31, 2015 $30.36 $39.12 April 1, 2015 through June 30, 2015 $31.94 $43.00 July 1, 2015 through September 30, 2015 $26.58 $40.23 October 1, 2015 through December 31, 2015 $20.26 $32.48 DISTRIBUTIONS OF AVAILABLE CASHThe following table sets forth the distribution declared per common unit attributable to the periods indicated: Distribution January 1, 2014 through March 31, 2014 $0.660 April 1, 2014 through June 30, 2014 $0.665 July 1, 2014 through September 30, 2014 $0.665 October 1, 2014 through December 31, 2014 $0.665 January 1, 2015 through March 31, 2015 $0.665 April 1, 2015 through June 30, 2015 $0.665 July 1, 2015 through September 30, 2015 $0.665 October 1, 2015 through December 31, 2015 $0.670 Within approximately 45 days after the end of each quarter, we will distribute all of our available cash, as defined inour partnership agreement, to unitholders of record on the applicable record date. Available cash generally means all cash onhand at the end of the quarter:·less the amount of cash reserves established by our general partner to:·provide for the proper conduct of our business;·comply with applicable law, any of our debt instruments, or other agreements; or·provide funds for distributions to our unitholders and to our general partner for any one or more of thenext four quarters;44 Table of Contents ·plus, if our general partner so determines, all or a portion of cash on hand on the date of determination ofavailable cash for the quarter.The terms of our credit facility may limit our ability to distribute cash under certain circumstances as discussedunder “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity andCapital Resources” of this annual report.INCENTIVE DISTRIBUTION RIGHTSIncentive distribution rights are non‑voting limited partner interests that represent the right to receive an increasingpercentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution andthe target distribution levels have been achieved. Our general partner currently holds the incentive distribution rights, butmay transfer these rights separately from its general partner interest, subject to restrictions in the partnership agreement.The following table illustrates the percentage allocations of the additional available cash from operating surplusbetween the unitholders and our general partner up to the various target distribution levels. The amounts set forth under“Marginal percentage interest in distributions” are the percentage interests of our general partner and the unitholders in anyavailable cash from operating surplus we distribute up to and including the corresponding amount in the column “Total perunit quarterly distribution,” until available cash from operating surplus we distribute reaches the next target distributionlevel, if any. The percentage interests shown for the unitholders and our general partner for the minimum quarterlydistribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. Thepercentage interests set forth below for our general partner include its 2% general partner interest and assume our generalpartner has contributed any additional capital to maintain its 2% general partner interest and has not transferred its incentivedistribution rights. Marginal percentage interest in distributions Total per unit General quarterly distribution Unitholders partner Minimum quarterly distribution $0.40 98% 2% First target distribution up to $0.44 98% 2% Second target distribution above $0.44 up to$0.50 85% 15% Third target distribution above $0.50 up to$0.60 75% 25% Thereafter above $0.60 50% 50% There is no guarantee that we will be able to pay the minimum quarterly distribution on the common units in anyquarter, and we will be prohibited from making any distributions to unitholders if it would cause an event of default, or anevent of default is existing, under our credit facility.45 Table of Contents ITEM 6. SELECTED FINANCIAL DATAThe following table sets forth our selected historical consolidated financial data for the periods and as of the datesindicated. The following selected financial data for each of the years in the five‑year period ended December 31, 2015, hasbeen derived from our consolidated financial statements. You should not expect the results for any prior periods to beindicative of the results that may be achieved in future periods. You should read the following information together with ourhistorical consolidated financial statements and related notes and with “Management’s Discussion and Analysis of FinancialCondition and Results of Operations” included elsewhere in this annual report. Years ended December 31, 2015(1) 2014(1) 2013(1) 2012(1) 2011 (dollars in thousands except per unit amounts) Operations Data: Revenue $152,510 $150,062 $158,886 $156,239 $152,292 Direct operating costs and expenses (64,033) (66,183) (69,390) (65,964) (64,498) Direct general and administrative expenses (3,573) (3,535) (3,911) (4,810) (4,703) Allocated general and administrative expenses (11,284) (11,127) (10,963) (10,780) (10,466) Allocated insurance expense (3,756) (3,711) (3,763) (3,590) (3,290) Reimbursement of bonus awards (1,303) (1,500) (1,250) (1,250) (1,250) Depreciation and amortization (30,650) (29,522) (29,568) (28,260) (27,654) Gain (loss) on disposition of assets — — (1,294) — 9,576 Earnings (loss) from unconsolidated affiliates 11,948 4,443 (321) 558 113 Operating income 49,859 38,927 38,426 42,143 50,120 Other income (expenses): Interest expense (7,396) (5,489) (2,712) (2,855) (2,457) Amortization of deferred financing costs (774) (975) (975) (767) (1,055) Foreign currency transaction gain (loss) — — (13) 51 (88) Net earnings 41,689 32,463 34,726 38,572 46,520 Less—earnings allocable to general partner interestincluding incentive distribution rights (7,506) (7,167) (5,929) (5,157) (4,415) Net earnings allocable to limited partners $34,183 $25,296 $28,797 $33,415 $42,105 Net earnings per limited partner unit—basic $2.12 $1.57 $1.90 $2.31 $2.92 Net earnings per limited partner unit—diluted $2.12 $1.57 $1.90 $2.31 $2.91 Other Financial Data: Net cash provided by operating activities $87,480 $60,929 $64,235 $64,311 $66,091 Net cash used in investing activities $(34,153) $(50,702) $(119,958) $(85,731) $(18,566) Net cash provided by (used in) financing activities $(55,950) $(10,186) $52,192 $20,964 $(45,605) Cash distributions declared per common unitattributable to the period $2.665 $2.655 $2.590 $2.550 $2.480 Balance Sheet Data (at period end): Property, plant and equipment, net $388,423 $385,301 $407,045 $427,701 $431,782 Investments in unconsolidated affiliates $246,700 $249,676 $211,605 $105,164 $25,875 Total assets $656,687 $664,057 $648,432 $569,801 $514,104 Long-term debt $248,000 $252,000 $212,000 $184,000 $120,000 Partners’ equity $383,971 $391,465 $408,467 $348,737 $351,876 (1)At December 31, 2015, 2014, 2013 and 2012, our investments in unconsolidated affiliates include a 42.5% ownershipinterest in BOSTCO and a 50% interest in Frontera. BOSTCO is a newly constructed terminal facility located on theHouston Ship Channel with approximately 7.1 million barrels of storage capacity at a cost of approximately $539million. Our total contributions were approximately $237 million. We have funded our payments for BOSTCO utilizingborrowings under our credit facility. The BOSTCO facility began initial commercial operation in the fourth quarter of2013. Completion of the approximately 7.1 million barrels of storage capacity and related infrastructure occurred in thethird quarter of 2014 (See Note 8 of Notes to consolidated financial statements).46 Table of Contents ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONSThe following discussion and analysis of the results of operations and financial condition should be read inconjunction with the accompanying consolidated financial statements included elsewhere in this annual report.OVERVIEWWe are a refined petroleum products terminaling and pipeline transportation company formed in February 2005 as aDelaware limited partnership. We are controlled by our general partner, TransMontaigne GP, which as of February 1, 2016, isa wholly‑owned indirect subsidiary of ArcLight. Prior to February 1, 2016, TransMontaigne LLC, a wholly owned subsidiaryof NGL, owned all of the issued and outstanding membership interests of TransMontaigne GP. At December 31, 2015, ouroperations are composed of:•A 42.5%, general voting, Class A Member ownership interest in BOSTCO. BOSTCO is a new fully subscribed,7.1 million barrel terminal facility on the Houston Ship Channel designed to handle residual fuel, feedstocks,distillates and other black oils. The BOSTCO facility began initial commercial operations in the fourth quarterof 2013. Completion of the approximately 7.1 million barrels of storage capacity and related infrastructure occurred at the end of the third quarter of 2014.•Eight refined product terminals located in Florida (“Gulf Coast terminals”), with an aggregate active storagecapacity of approximately 6.9 million barrels, that provide integrated terminaling services to NGL, RaceTracPetroleum Inc., Glencore Ltd., Trafigura, World Fuel Services Corporation, ExxonMobil Oil Corporation,United States Government, Motiva Enterprises LLC, and other distribution and marketing companies.•A 67‑mile interstate refined products pipeline, which we refer to as the Razorback pipeline, that transportsgasoline and distillates for customers of Magellan Pipeline Company, L.P. from our two refined productterminals, one located in Mount Vernon, Missouri and the other located in Rogers, Arkansas, which we refer toas our Razorback terminals. These terminals have an aggregate active storage capacity of approximately421,000 barrels and are leased to Magellan Pipeline Company, L.P. under a ten-year capacity agreement.•One crude oil terminal located in Cushing, Oklahoma with an aggregate active storage capacity ofapproximately 1.0 million barrels that provides integrated terminaling services to Castleton CommoditiesInternational LLC.•One refined product terminal located in Oklahoma City, Oklahoma, with aggregate active storage capacity ofapproximately 0.2 million barrels, that provides integrated terminaling services to a third party distribution andmarketing company.•One refined product terminal located in Brownsville, Texas with aggregate active storage capacity ofapproximately 0.9 million barrels that provides integrated terminaling services to Nieto Trading, B.V. and PMITrading Ltd. and other distribution and marketing companies.•A 16‑mile LPG pipeline, which we refer to as the Diamondback pipeline, that extends from our Brownsville,Texas facility to the U.S. border. At the U.S. border the Diamondback pipeline connects to a pipeline andstorage terminal in Matamoros, Mexico, owned by Nieto Trading, B.V.47 Table of Contents •A pipeline leased from the Seadrift Pipeline Corporation, which we refer to as the Ella‑Brownsville pipeline. Thepipeline transports LPG from two points of origin to our terminal in Brownsville: from the King Ranch inKleberg County, Texas owned and operated by a third party 121 miles to Brownsville and an additional 11miles beginning near the King Ranch terminus to the DCP LaGloria Gas Plant in Jim Wells County, Texas.•A 50/50 joint venture with PMI, an indirect subsidiary of PEMEX, for the operation of the Frontera lightpetroleum products terminal located in Brownsville, Texas with an aggregate active storage capacity ofapproximately 1.5 million barrels that provides services to PMI Trading Ltd. and other distribution andmarketing companies.•Twelve refined product terminals located along the Mississippi and Ohio rivers (“River terminals”) withaggregate active storage capacity of approximately 2.7 million barrels and the Baton Rouge, Louisiana dockfacility that provide integrated terminaling services to Valero Marketing and Supply Company and otherdistribution and marketing companies.•Twenty‑two refined product terminals located along the Colonial and Plantation pipelines (“Southeastterminals”) with aggregate active storage capacity of approximately 10.0 million barrels that providesintegrated terminaling services to NGL, Castleton Commodities International LLC and the United StatesGovernment.We provide integrated terminaling, storage, transportation and related services for customers engaged in thedistribution 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. Heavyrefined products include residual fuel oils and asphalt.We do not take ownership of or market products that we handle or transport and, therefore, we are not directlyexposed to changes in commodity prices, except for the value of product gains and losses arising from certain of ourterminaling services agreements with our customers. The volume of product that is handled, transported through or stored inour terminals and pipelines is directly affected by the level of supply and demand in the wholesale markets served by ourterminals and pipelines. Overall supply of refined products in the wholesale markets is influenced by the products’ absoluteprices, the availability of capacity on delivering pipelines and vessels, fluctuating refinery margins and the markets’perception of future product prices. The demand for gasoline typically peaks during the summer driving season, whichextends from April to September, and declines during the fall and winter months. The demand for marine fuels typicallypeaks in the winter months due to the increase in the number of cruise ships originating from the Florida ports. Despite theseseasonalities, the overall impact on the volume of product throughput in our terminals and pipelines is not material.While our customer base has diversified over the past couple of years away from affiliates to third party customers,as of December 31, 2015 affiliates were still our largest customers and our agreements with them provide a substantialamount of our revenue, representing approximately 28%, 49%, and 66%, of our revenue for the years ended December 31, 2015, 2014 and 2013, respectively. Our revenue from affiliate customers is primarily earned pursuant to terminaling servicesagreements (See Note 2 of Notes to consolidated financial statements).SIGNIFICANT DEVELOPMENTS SINCE THE FILING OF OUR PRIOR YEAR FORM 10-KChange in control of the ownership of our general partner. Effective February 1, 2016, NGL consummated the saleof its indirect 100% ownership interest in TransMontaigne GP to ArcLight for $350 million in cash. TransMontaigne GP isour general partner and holds a 2% general partner interest and incentive distribution rights. The ArcLight acquisitionresulted in a change in control of our partnership. The ArcLight acquisition did not involve any of our limited partnershipunits held by the public, and our limited partnership units continue to trade on the New York Stock Exchange.48 Table of Contents ArcLight is one of the leading private equity firms focused on North American and Western European energy assets.Since its establishment in 2001, ArcLight has invested over $15.3 billion across multiple energy cycles in more than 97investments. Headquartered in Boston, Massachusetts with an additional office in Luxembourg, the firm’s investment teambrings extensive energy expertise, industry relationships and specialized value creation capabilities to our operations.Upon the closing of the ArcLight acquisition, Atanas H. Atanasov, Benjamin Borgen, Brian Cannon and Donald M.Jensen, each employees of NGL, resigned from the board of directors of our general partner. To fill the vacancies resultingfrom the resignation of the NGL directors, Daniel R. Revers, Kevin M. Crosby and Lucius H. Taylor, each employees ofArcLight, were appointed to the board of directors of our general partner effective February 1, 2016. On February 22, 2016,Theodore D. Burke, an employee of ArcLight, was appointed to the board of directors of our general partner.In connection with the ArcLight acquisition, our Southeast terminaling services agreement with NGL was amendedto extend the term of the agreement through July 31, 2040 at the prevailing contract rate terms contained within theagreement. Subsequent to January 31, 2023, NGL has the ability to terminate the agreement at any time upon at least 24months’ prior notice of its intent to terminate the agreement. In addition, we also amended and restated our omnibusagreement to assign it from TransMontaigne LLC to ArcLight and remove certain legacy provisions that were no longerapplicable to our partnership. Under the omnibus agreement, we pay ArcLight (and prior to the ArcLight acquisition, we paidTransMontaigne LLC, a wholly owned subsidiary of NGL) an administrative fee for the provision of certain management,legal, accounting, tax, corporate staff, engineering and other support services. The omnibus agreement will continue in effectuntil the earlier to occur of (i) ArcLight ceasing to control our general partner or (ii) the election of us or ArcLight, followingat least 24 months’ prior written notice to the other party of the intent to terminate the agreement. The amendment did notchange the financial terms, substantive rights or obligations of the parties under the omnibus agreement.Expansion of the Collins/Purvis bulk storage terminal. Our Collins/Purvis, Mississippi bulk storage terminal,with a current active storage capacity of approximately 3.4 million barrels, is the only independent terminal capable ofreceiving from, delivering to, and transferring refined petroleum products between the Colonial and Plantation pipelinesystems. We are in the process of expanding the capacity at this terminal, and the status of our expansion effort is as follows:·In October 2015 we entered into a six-year terminaling services agreement with NGL for approximately 1.2 millionbarrels of new product storage capacity and approximately 0.1 million barrels of existing storage capacity. Theterminaling services agreement with NGL was effective January 1, 2016 with the majority of the contract revenue tocome on-line upon completion of the construction of the new tank capacity.·In the first quarter of 2016 we entered into five-year terminaling services agreements with various third parties forapproximately 0.8 million barrels of new product storage capacity. The term of the terminaling services agreementswill commence upon construction of the new tank capacity.The above additional capacity brings the total new tank capacity currently under construction at our Collins/Purvisbulk storage terminal to approximately 2.0 million barrels, at an expected cost of approximately $75 million. Thecompletion of the construction of the new tank capacity, which is commensurate with the associated new contract revenuecoming on-line, is expected to occur during the fourth quarter of 2016 through the second quarter of 2017. In addition,during 2015 we purchased land adjacent to our Collins/Purvis bulk storage terminal and have begun the process ofpermitting at least 3.0 million barrels of additional capacity. We are in discussions with potential customers for this futurecapacity.Purchase of the Port Everglades hydrant system. Effective January 28, 2016, we acquired fromTransMontaigne LLC its Port Everglades, Florida hydrant system for a cash payment of $12 million. The hydrant systemencompasses a system of pipelines that connect the Port’s ship berths to our Port Everglades North terminal. It is the onlypipeline system in Port Everglades for fueling cruise ships, and it is currently under contract with one of our existing terminalcustomers for approximately three more years.49 Table of Contents Commercial re-contracting activity. On November 12, 2015, we entered into a new four year terminaling servicesagreement with Motiva Enterprises LLC for approximately 0.3 million barrels of product storage capacity at our Pensacola,Florida terminal. The new agreement commenced February 2, 2016 upon the departure of the previous third party customerat this terminal. The new agreement contains an increase to the minimum throughput payments and is anticipated to generateadditional minimum throughput revenue in excess of $1.2 million annually.On October 26, 2015, we entered into a five-and-half year terminaling services agreement with Trafigura forapproximately 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 feeper barrel and commenced November 1, 2015, upon the departure of the previous third party asphalt customer at theseterminals. 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‑contractthis capacity, however, at this time we cannot be certain whether we will be successful in our re‑contracting efforts.On May 4, 2015, we entered into a new five year terminaling services agreement with Morgan Stanley CapitalGroup for approximately 2.7 million barrels of existing product storage capacity at our Collins/Purvis, Mississippi bulkstorage terminal. The new five year terminaling services agreement was effective January 1, 2016 and replaced the previousagreement we had with Morgan Stanley Capital Group for this tankage. The new agreement contains an increase to theminimum throughput payments and is anticipated to generate additional minimum throughput revenue in excess of $4.0million annually. On October 30, 2015, upon the sale of Morgan Stanley’s global physical oil merchanting business toCastleton Commodities International LLC, Morgan Stanley Capital Group, with our consent, assigned the terminalingservices agreements to Castleton Commodities International LLC.In the first quarter of 2015 we contracted 110,000 barrels of available capacity at our Brownsville, Texas terminalsto a third party for a three year term commencing in May of 2015. The majority of this capacity had been unsubscribed sincethe first quarter of 2014. We have also contracted 119,000 barrels of available capacity at our Louisville and GreaterCincinnati, Kentucky terminals to a different third party for a three year term commencing in May of 2015. The majority ofthis capacity had been unsubscribed since the beginning of 2012. These two new agreements in combination are anticipatedto generate additional minimum throughput revenue in excess of $2.5 million annually.Effective March 1, 2015, our Frontera joint venture re-contracted a large portion of its capacity at a throughput ratethat is in excess of the throughput rate contained in the previous contract. The new agreement is anticipated to generateadditional revenue at Frontera in excess of $1.5 million annually. We have a 50% ownership interest in Frontera, and weexpect to benefit from its additional revenue through increases in our proportionate share of Frontera’s earnings and cashdistributions.NGL has previously provided us the required 18 months’ prior notice that it will terminate its remaining obligationsunder the Florida and Midwest terminaling services agreement effective April 30, 2016, which constitutes NGL’s light oilterminaling capacity for approximately 1.1 million barrels at our Port Everglades North, Florida terminal. NGL has agreed toallow us to re-contract the majority of this tankage prior to its effective contract termination date. Accordingly, we have re-contracted approximately 0.9 million barrels of the capacity to World Fuel Services Corporation, RaceTrac Petroleum Inc.and another third party at similar rates charged to NGL. We expect to re-contract the remaining capacity at Port EvergladesNorth prior to April 30, 2016 and at rates that are at least similar to the current rate charged to NGL.Quarterly distributions. On January 19, 2016, we announced a distribution of $0.67 per unit for the period fromOctober 1, 2015 through December 31, 2015. This distribution was paid on February 8, 2016 to unitholders of record onJanuary 29, 2016. On October 12, 2015, we announced a distribution of $0.665 per unit for the period from July 1, 2015through September 30, 2015. This distribution was paid on November 6, 2015 to unitholders of record on October 30, 2015.On July 13, 2015, we announced a distribution of $0.665 per unit for the period from April 1, 2015 through June 30, 2015.This distribution was paid on August 7, 2015 to unitholders of record on July 31, 2015. On April50 Table of Contents 13, 2015, we announced a distribution of $0.665 per unit for the period from January 1, 2015 through March 31, 2015. Thisdistribution was paid on May 7, 2015 to unitholders of record on April 30, 2015.NATURE OF REVENUE AND EXPENSESWe derive revenue from our terminal and pipeline transportation operations by charging fees for providingintegrated terminaling, transportation and related services. The fees we charge, our other sources of revenue and our directcosts and expenses are described below.Terminaling services fees. We generate terminaling services fees by distributing and storing products for ourcustomers. Terminaling services fees include throughput fees based on the volume of product distributed from the facility,injection fees based on the volume of product injected with additive compounds and storage fees based on a rate per barrel ofstorage capacity per month.Pipeline transportation fees. We earn pipeline transportation fees at our Diamondback and Ella‑Brownsvillepipelines based on the volume of product transported and the distance from the origin point to the delivery point. We earnpipeline transportation fees at our Razorback pipeline based on an allocation of the aggregate fees charged under thecapacity agreement with our customer who has contracted for 100% of our Razorback system. We own the Razorback andDiamondback pipelines, and we lease the Ella‑Brownsville pipeline from a third party. The Federal Energy RegulatoryCommission regulates the tariff on our pipelines.Management fees and reimbursed costs. We manage and operate for a major oil company certain tank capacity atour Port Everglades South, Florida terminal and receive reimbursement of their proportionate share of operating andmaintenance costs. We manage and operate for an affiliate of Mexico’s state‑owned petroleum company a bi‑directionalproducts pipeline connected to our Brownsville, Texas terminal facility and receive a management fee and reimbursement ofcosts. We manage and operate the Frontera terminal facility located in Brownsville, Texas for a management fee based on ourcosts incurred. Frontera is an unconsolidated affiliate for which we have a 50% ownership interest.Other revenue. We provide ancillary services including heating and mixing of stored products, product transfer,railcar handling, butane blending, wharfage and vapor recovery. Pursuant to terminaling services agreements with certainthroughput customers, we are entitled to the volume of product gained resulting from differences in the measurement ofproduct volumes received and distributed at our terminaling facilities. Consistent with recognized industry practices,measurement differentials occur as the result of the inherent variances in measurement devices and methodology. Werecognize as revenue the net proceeds from the sale of the product gained.Direct operating costs and expenses. The direct operating costs and expenses of our operations include the directlyrelated wages and employee benefits, utilities, communications, maintenance and repairs, property taxes, rent, vehicleexpenses, environmental compliance costs, materials and supplies needed to operate our terminals and pipelines.Direct general and administrative expenses. The direct general and administrative expenses of our operationsprimarily include third party accounting costs associated with annual and quarterly reports and tax return and Schedule K‑1preparation and distribution, legal fees, independent director fees and equity‑based compensation expense under the long-term incentive plan.51 Table of Contents CRITICAL ACCOUNTING POLICIES AND ESTIMATESA summary of the significant accounting policies that we have adopted and followed in the preparation of ourhistorical consolidated financial statements is detailed in Note 1 of Notes to consolidated financial statements. Certain ofthese accounting policies require the use of estimates. The following estimates, in management’s opinion, are subjective innature, require the exercise of judgment, and involve complex analyses: useful lives of our plant and equipment and accruedenvironmental obligations. These estimates are based on our knowledge and understanding of current conditions and actionswe may take in the future. Changes in these estimates will occur as a result of the passage of time and the occurrence of futureevents. Subsequent changes in these estimates may have a significant impact on our financial condition and results ofoperations.Useful lives of plant and equipment. We calculate depreciation using the straight‑line method, based on estimateduseful lives of our assets. These estimates are based on various factors including age (in the case of acquired assets),manufacturing specifications, technological advances and historical data concerning useful lives of similar assets.Uncertainties that impact these estimates include changes in laws and regulations relating to restoration, economicconditions and supply and demand in the area. When assets are put into service, we make estimates with respect to usefullives that we believe to be reasonable. However, subsequent events could cause us to change our estimates, thus impactingthe future calculation of depreciation. Estimated useful lives are 15 to 25 years for plant, which includes buildings, storagetanks, and pipelines, and 3 to 25 years for equipment.Accrued environmental obligations. At December 31, 2015, we have an accrued liability of approximately$1.0 million representing our best estimate of the undiscounted future payments we expect to pay for environmental costs toremediate existing conditions. Estimates of our environmental obligations are subject to change due to a number of factorsand judgments involved in the estimation process, including the early stage of investigation at certain sites, the lengthy timeframes required to complete remediation, technology changes affecting remediation methods, alternative remediationmethods and strategies and changes in environmental laws and regulations. Changes in our estimates and assumptions mayoccur as a result of the passage of time and the occurrence of future events.Costs incurred to remediate existing contamination at the terminals we acquired from TransMontaigne LLC havebeen, and are expected in the future to be, insignificant. Pursuant to agreements with TransMontaigne LLC,TransMontaigne LLC retained 100% of these liabilities and indemnified us against certain potential environmental claims,losses and expenses associated with the operation of the acquired terminal facilities and occurring before our date ofacquisition from TransMontaigne LLC, up to a maximum liability for these indemnification obligations (not to exceed$15.0 million for the Florida and Midwest terminals acquired on May 27, 2005, not to exceed $15.0 million for theBrownsville and River facilities acquired on December 31, 2006, not to exceed $15.0 million for the Southeast terminalsacquired on December 31, 2007 and not to exceed $2.5 million for the Pensacola terminal acquired on March 1, 2011). Theforgoing environmental indemnification obligations of TransMontaigne LLC to us remain in place and were not affected bythe ArcLight acquisition. 52 Table of Contents RESULTS OF OPERATIONS—YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013ANALYSIS OF REVENUETotal revenue. We derive revenue from our terminal and pipeline transportation operations by charging fees forproviding integrated terminaling, transportation and related services. Our total revenue by category was as follows (inthousands): Total Revenue by Category Yearended Yearended Yearended December31 December31 December31 2015 2014 2013 Terminaling services fees $114,235 $111,857 $118,585 Pipeline transportation fees 6,613 3,314 7,600 Management fees and reimbursed costs 7,626 7,053 6,281 Other 24,036 27,838 26,420 Revenue $152,510 $150,062 $158,886 See discussion below for a detailed analysis of terminaling services fees, pipeline transportation fees, managementfees and reimbursed costs and other revenue included in the table above.We operate our business and report our results of operations in five principal business segments: (i) Gulf Coastterminals, (ii) Midwest terminals and pipeline system, (iii) Brownsville terminals, (iv) River terminals and (v) Southeastterminals. The aggregate revenue of each of our business segments was as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast terminals $53,708 $55,209 $56,297 Midwest terminals and pipeline system 11,422 11,813 11,561 Brownsville terminals 25,703 21,439 24,900 River terminals 10,194 9,308 10,955 Southeast terminals 51,483 52,293 55,173 Revenue $152,510 $150,062 $158,886 53 Table of Contents Total revenue by business segment is presented and further analyzed below by category of revenue.Terminaling services fees. Pursuant to terminaling services agreements with our customers, which range from onemonth to several years in duration, we generate fees by distributing and storing products for our customers. Terminalingservices fees include throughput fees based on the volume of product distributed from the facility, injection fees based on thevolume of product injected with additive compounds and storage fees based on a rate per barrel of storage capacity permonth. The terminaling services fees by business segments were as follows (in thousands): Terminaling Services Fees, by Business Segment Year ended Year ended Year ended December31 December31 December31 2015 2014 2013 Gulf Coast terminals $42,049 $43,777 $47,143 Midwest terminals and pipeline system 8,330 8,164 7,926 Brownsville terminals 8,037 6,280 7,412 River terminals 9,316 8,566 10,093 Southeast terminals 46,503 45,070 46,011 Terminaling services fees $114,235 $111,857 $118,585 The decrease in terminaling services fees at our Gulf Coast terminals for the year ended December 31, 2015 ascompared to the year ended December 31, 2014 includes a decrease of approximately $1.1 million resulting from themajority of the light oil tankage at our Port Manatee, Florida terminal being offline for approximately four months during theyear ended December 31, 2015 in order to complete enhancements for a new customer at this facility, RaceTrac PetroleumInc. The enhanced tankage at Port Manatee became available to RaceTrac Petroleum Inc. in July of 2015. The decrease interminaling services fees at our Gulf Coast terminals for the year ended December 31, 2015 as compared to the year endedDecember 31, 2014 and for the year ended December 31, 2014 as compared to the year ended December 31, 2013 includes adecrease of approximately $1.1 million and $4.1 million, respectively, resulting from Morgan Stanley Capital Groupterminating its bunker fuels agreement at our Cape Canaveral and Port Manatee, Florida terminals effective May 31, 2014and TransMontaigne LLC terminating its bunker fuels agreement at our Fisher Island, Florida Terminal effective December31, 2013. Towards the end of 2014 and beginning in 2015, we were able to re-contract the bunker fuel capacity at our CapeCanaveral and Fisher Island terminals to third parties at similar rates to the preceding agreements. We are currently in theprocess of identifying other potential parties to re‑contract our bunker fuel capacity at Port Manatee.The increase in terminaling services fees at our Brownsville terminals for the year ended December 31, 2015 ascompared to the year ended December 31, 2014 includes an increase of approximately $1.2 million due to additional LPGthroughput resulting from the King Ranch gas plant becoming operational again in late November 2014. The plant, whichwas owned and operated by a third party, had been shut down since November 2013 due to a fire. The impact of the KingRanch gas plant fire is further discussed below in pipeline transportation fees. The increase in terminaling services fees at ourBrownsville terminals also includes an increase of approximately $0.6 million resulting from us contracting 110,000 barrelsof available capacity to a third party for a three year term commencing in May of 2015. The majority of this capacity hadbeen unsubscribed since the first quarter of 2014.Included in terminaling services fees, for the years ended December 31, 2015, 2014 and 2013 are fees charged toaffiliates of approximately $34.8 million, $59.0 million and $83.3 million, respectively.Our terminaling services agreements are structured as either throughput agreements or storage agreements. Most ofour throughput agreements contain provisions that require our customers to throughput a minimum volume of product at ourfacilities over a stipulated period of time, which results in a fixed amount of revenue to be recognized by us. Our storageagreements require our customers to make minimum payments based on the volume of storage capacity54 Table of Contents available to the customer under the agreement, which results in a fixed amount of revenue to be recognized by us. We refer tothe 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 productdistributed or injected are referred to as “variable.” The “firm commitments” and “variable” revenue included in terminalingservices fees were as follows (in thousands): Firm Commitments and Variable Revenue Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Firm commitments: External customers $75,218 $49,024 $31,234 Affiliates 31,856 58,226 83,328 Total 107,074 107,250 114,562 Variable: External customers 4,169 3,789 3,969 Affiliates 2,992 818 54 Total 7,161 4,607 4,023 Terminaling services fees $114,235 $111,857 $118,585 The remaining terms on the terminaling services agreements that generated “firm commitments” for the year endedDecember 31, 2015 were as follows (in thousands): Less than 1 year remaining $9,695 1 year or more, but less than 3 years remaining 32,266 3 years or more, but less than 5 years remaining 25,555 5 years or more remaining 39,558 Total firm commitments for the year ended December 31, 2015 $107,074 Pipeline transportation fees. We earn pipeline transportation fees at our Diamondback and Ella‑Brownsvillepipelines based on the volume of product transported and the distance from the origin point to the delivery point. We earnpipeline transportation fees at our Razorback pipeline based on an allocation of the aggregate fees charged under thecapacity agreement with our customer who has contracted for 100% of our Razorback system. We own the Razorback andDiamondback pipelines, and we lease the Ella‑Brownsville pipeline from a third party. The Federal Energy RegulatoryCommission regulates the tariff on our pipelines. The pipeline transportation fees by business segments were as follows (inthousands): Pipeline Transportation Fees by Business Segment Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast terminals $ — $— $— Midwest terminals and pipeline system 1,694 1,569 1,361 Brownsville terminals 4,919 1,745 6,239 River terminals — — — Southeast terminals — — — Pipeline transportation fees $6,613 $3,314 $7,600 The fluctuations in pipeline transportation fees at our Brownsville terminals over the past three years resulted from aNovember 2013 fire that shut down the King Ranch natural gas processing plant in Kleberg County, Texas,55 Table of Contents which was owned and operated by a third party, for approximately one full year. The plant supplies a significant amount ofliquefied petroleum gas, or “LPG”, to our third party customer, Nieto, who transports LPG on our Ella‑Brownsville andDiamondback pipelines and has contracted for the LPG storage capacity at our Brownsville terminals. We recently settled thedispute we had with Nieto regarding the fees that were due from them during the period the King Ranch plant was notoperational (see “Item 3. Legal proceedings” of this annual report).Included in pipeline transportation fees for the years ended December 31, 2015, 2014 and 2013 are fees charged toaffiliates of approximately $nil, $0.2 million and $1.4 million, respectively.Management fees and reimbursed costs. We manage and operate for a major oil company certain tank capacity atour Port Everglades (South) terminal and receive reimbursement of their proportionate share of operating and maintenancecosts. We manage and operate for an affiliate of Mexico’s state‑owned petroleum company a bi‑directional products pipelineconnected to our Brownsville, Texas terminal facility and receive a management fee and reimbursement of costs. We manageand operate the Frontera terminal facility located in Brownsville, Texas for a management fee based on our costs incurred.Frontera is an unconsolidated affiliate for which we have a 50% ownership interest. The management fees and reimbursedcosts by business segments were as follows (in thousands): Management Fees and Reimbursed Costs by Business Segment Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast terminals $897 $986 $288 Midwest terminals and pipeline system — — — Brownsville terminals 6,729 6,067 5,993 River terminals — — — Southeast terminals — — — Management fees and reimbursed costs $7,626 $7,053 $6,281 Included in management fees and reimbursed costs for the years ended December 31, 2015, 2014 and 2013 are feescharged to affiliates of approximately $4.4 million, $4.4 million and $3.7 million, respectively.Other revenue. We provide ancillary services including heating and mixing of stored products, product transfer,railcar handling, butane blending, wharfage and vapor recovery. Pursuant to terminaling services agreements with certainthroughput customers, we are entitled to the volume of product gained resulting from differences in the measurement ofproduct volumes received and distributed at our terminaling facilities. Consistent with recognized industry practices,measurement differentials occur as the result of the inherent variances in measurement devices and methodology. Werecognize as revenue the net proceeds from the sale of the product gained. Other revenue is composed of the following (inthousands): Principal Components of Other Revenue Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Product gains $7,526 $13,102 $14,788 Steam heating fees 4,042 4,411 4,011 Product transfer services 1,371 1,524 1,199 Butane blending fees 1,360 420 312 Railcar handling 565 652 648 Other 9,172 7,729 5,462 Other revenue $24,036 $27,838 $26,420 56 Table of Contents For the years ended December 31, 2015, 2014 and 2013, we sold approximately 117,000, 140,000 and 159,000barrels, respectively, of product gained resulting from differences in the measurement of product volumes received anddistributed at our terminaling facilities at average prices of $64, $106 and $117 per barrel, respectively. Pursuant to ourterminaling services agreement related to the Southeast terminals, we rebate to NGL 50% of the proceeds we receive annuallyin excess of $4.2 million from the sale of product gains at our Southeast terminals. For the years ended December 31, 2015and 2014, we have accrued a liability due to our affiliate customer of approximately $nil and $1.8 million, respectively,representing our rebate liability.The increase in other, included in other revenue, for the year ended December 31, 2015 as compared to the yearended December 31, 2014 includes approximately $2.6 million of a one-time early contract termination payment at our GulfCoast terminals and approximately $0.5 million of insurance payments at our Southeast terminals. The increase in other forthe year ended December 31, 2014 as compared to the year ended December 31, 2013 includes approximately $1.0 million ofa one-time tank cleaning payment at our Gulf Coast terminals and approximately $0.9 million of insurance payments at ourBrownsville terminals.Included in other revenue for the years ended December 31, 2015, 2014 and 2013 are amounts charged to affiliatesof approximately $3.7 million, $10.6 million and $16.4 million, respectively.The other revenue by business segments were as follows (in thousands): Other Revenue by Business Segment Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast terminals $10,762 $10,446 $8,866 Midwest terminals and pipeline system 1,398 2,080 2,274 Brownsville terminals 6,018 7,347 5,256 River terminals 878 742 862 Southeast terminals 4,980 7,223 9,162 Other revenue $24,036 $27,838 $26,420 ANALYSIS OF COSTS AND EXPENSESThe direct operating costs and expenses of our operations include the directly related wages and employee benefits,utilities, communications, repairs and maintenance, rent, property taxes, vehicle expenses, environmental compliance costs,materials and supplies. Consistent with historical trends, repairs and maintenance expenses can vary year-to-year based onthe timing of scheduled maintenance and unforeseen circumstances necessitating repairs to our terminals and pipelines. Thedirect operating costs and expenses of our operations were as follows (in thousands): Direct Operating Costs and Expenses Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Wages and employee benefits $22,348 $22,967 $24,070 Utilities and communication charges 7,607 8,075 7,690 Repairs and maintenance 14,657 17,174 20,439 Office, rentals and property taxes 9,169 9,179 9,017 Vehicles and fuel costs 964 1,198 1,394 Environmental compliance costs 2,618 2,642 2,705 Other 6,670 4,948 4,075 Direct operating costs and expenses $64,033 $66,183 $69,390 57 Table of Contents The direct operating costs and expenses of our business segments were as follows (in thousands): Direct Operating Costs and Expenses by Business Segment Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast terminals $19,147 $19,426 $20,531 Midwest terminals and pipeline system 3,000 3,134 2,912 Brownsville terminals 12,152 14,253 15,975 River terminals 7,126 7,976 7,866 Southeast terminals 22,608 21,394 22,106 Direct operating costs and expenses $64,033 $66,183 $69,390 Direct general and administrative expenses of our operations primarily include third party accounting costsassociated with annual and quarterly reports and tax return and Schedule K‑1 preparation and distribution, legal fees,independent director fees and equity‑based compensation expense under the long-term incentive plan. The direct generaland administrative expenses for the years ended December 31, 2015, 2014 and 2013 were approximately $3.6 million,$3.5 million and $3.9 million, respectively.Allocated general and administrative expenses include charges from TransMontaigne LLC for indirect corporateoverhead to cover costs of centralized corporate functions such as legal, accounting, treasury, insurance administration andclaims processing, health, safety and environmental, information technology, human resources, credit, payroll, taxes,engineering and other corporate services. The allocated general and administrative expenses for the years ended December31, 2015, 2014 and 2013 were approximately $11.3 million, $11.1 million and $11.0 million, respectively.Allocated insurance expenses include charges from TransMontaigne LLC for allocations of insurance premiums tocover costs of insuring activities such as property, casualty, pollution, automobile, directors’ and officers’ liability, and otherinsurable risks. The allocated insurance expenses for the years ended December 31, 2015, 2014 and 2013 were approximately$3.8 million, $3.7 million and $3.8 million, respectively.Reimbursement of bonus awards include expenses associated with us reimbursing TransMontaigne LLC for awardsgranted by them to certain key officers and employees that vest over future service periods. The expenses associated withthese reimbursements were approximately $1.3 million, $1.5 million and $1.3 million for the years ended December 31,2015, 2014 and 2013, respectively.Depreciation and amortization expenses for the years ended December 31, 2015, 2014 and 2013 were approximately$30.7 million, $29.5 million and $29.6 million, respectively.Interest expense for the years ended December 31, 2015, 2014 and 2013 was approximately $7.4 million, $5.5million and $2.7 million, respectively. The increase in interest expense is primarily attributable to us no longer capitalizinginterest on our investment in BOSTCO, as it was placed into service throughout the first three quarters of 2014.The accompanying consolidated financial statements for the year ended December 31, 2013 include a loss ofapproximately $1.3 million recognized on the sale of our Mexico operations to an unaffiliated third party effective August 8,2013 (see Note 3 of Notes to consolidated financial statements). The loss was measured as the difference between the netcarrying amount of the Mexico operations and net cash proceeds received from the sale.58 Table of Contents ANALYSIS OF INVESTMENTS IN UNCONSOLIDATED AFFILIATESAt December 31, 2015, 2014 and 2013, our investments in unconsolidated affiliates include a 42.5% ownershipinterest in BOSTCO and a 50% interest in Frontera. BOSTCO is a newly constructed terminal facility located on the HoustonShip Channel. BOSTCO began initial commercial operations in the fourth quarter of 2013; with completion of itsapproximately 7.1 million barrels of storage capacity and related infrastructure occurring at the end of the third quarter of2014. Frontera is a terminal facility located in Brownsville, Texas that encompasses approximately 1.5 million barrels oflight petroleum product storage capacity, as well as related ancillary facilities.The following table summarizes our investments in unconsolidated affiliates: Percentage of Carrying value ownership (in thousands) December 31, December 31, 2015 2014 2015 2014 BOSTCO 42.5% 42.5% $223,214 $225,920 Frontera 50% 50% 23,486 23,756 Total investments in unconsolidatedaffiliates $246,700 $249,676 At December 31, 2015 and 2014, our investment in BOSTCO includes approximately $7.4 million and $7.8 million,respectively, of excess investment related to a one time buy-in fee to acquire our 42.5% interest and capitalization of intereston our investment during the construction of BOSTCO. Excess investment is the amount by which our investment exceedsour proportionate share of the book value of the net assets of the BOSTCO entity.Earnings (loss) from investments in unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $9,968 $3,853 $(826) Frontera 1,980 590 505 Total earnings (loss) from investments inunconsolidated affiliates $11,948 $4,443 $(321) Additional capital investments in unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $4,226 $43,635 $108,077 Frontera 500 46 152 Additional capital investments in unconsolidatedaffiliates $4,726 $43,681 $108,229 59 Table of Contents Cash distributions received from unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $16,900 $7,749 $— Frontera 2,749 2,304 1,467 Cash distributions received from unconsolidatedaffiliates $19,649 $10,053 $1,467 LIQUIDITY AND CAPITAL RESOURCESOur primary liquidity needs are to fund our working capital requirements, distributions to unitholders, approvedinvestments, approved capital projects and approved future expansion, development and acquisition opportunities. Weexpect to initially fund any investments, capital projects and future expansion, development and acquisition opportunities,with additional borrowings under our credit facility (see Note 12 of Notes to consolidated financial statements). Afterinitially funding these expenditures with borrowings under our credit facility, we may raise funds through additional equityofferings and debt financings. The proceeds of such equity offerings and debt financings may then be used to reduce ouroutstanding borrowings under our credit facility.Our capital expenditures for the year ended December 31, 2015 were approximately $29.4 million for terminal andpipeline facilities and assets to support these facilities. Management and the board of directors of our general partner haveapproved additional investments and expansion projects at our terminals that currently are, or will be, under constructionwith estimated completion dates that extend through the second quarter of 2017. At December 31, 2015, the remainingexpenditures to complete the approved projects are estimated to be approximately $90 million, which primarily includes theconstruction costs associated with the tank expansion at our Collins/Purvis bulk storage terminal and the recent purchase ofthe Port Everglades hydrant system, as further discussed in Significant Developments Since The Filing Of Our Prior YearForm 10-K, within Item 7. Management’s Discussion And Analysis of Financial Condition And Results Of Operations. Weexpect to fund our future investment and expansion expenditures with additional borrowings under our credit facility.Amended and restated senior secured credit facility. On March 9, 2011, we entered into an amended and restatedsenior secured credit facility, or “credit facility”, which has been subsequently amended from time to time. The credit facilityprovides for a maximum borrowing line of credit equal to the lesser of (i) $400 million and (ii) 4.75 times ConsolidatedEBITDA (as defined: $425.7 million at December 31, 2015). At our request, the maximum borrowing line of credit may beincreased by an additional $100 million, subject to the approval of the administrative agent and the receipt of additionalcommitments from one or more lenders. The terms of the credit facility include covenants that restrict our ability to makecash distributions, acquisitions and investments, including investments in joint ventures. We may make distributions of cashto the extent of our “available cash” as defined in our partnership agreement. We may make acquisitions and investmentsthat meet the definition of “permitted acquisitions”; “other investments” which may not exceed 5% of “consolidated nettangible assets”; and additional future “permitted JV investments” up to $125 million, which may include additionalinvestments in BOSTCO. The principal balance of loans and any accrued and unpaid interest are due and payable in full onthe maturity date, July 31, 2018.We may elect to have loans under the credit facility bear interest either (i) at a rate of LIBOR plus a margin rangingfrom 2% to 3% depending on the total leverage ratio then in effect, or (ii) at the base rate plus a margin ranging from 1% to2% depending on the total leverage ratio then in effect. We also pay a commitment fee on the unused amount ofcommitments, ranging from 0.375% to 0.5% per annum, depending on the total leverage ratio then in effect. Our obligationsunder the credit facility are secured by a first priority security interest in favor of the lenders in the majority of our assets,including our investments in unconsolidated affiliates. At December 31, 2015, our outstanding borrowings under the creditfacility were $248.0 million. 60 Table of Contents The credit facility also contains customary representations and warranties (including those relating to organizationand authorization, compliance with laws, absence of defaults, material agreements and litigation) and customary events ofdefault (including those relating to monetary defaults, covenant defaults, cross defaults and bankruptcy events). The primaryfinancial covenants contained in the credit facility are (i) a total leverage ratio test (not to exceed 4.75 times), (ii) a seniorsecured leverage ratio test (not to exceed 3.75 times) in the event we issue senior unsecured notes, and (iii) a minimuminterest coverage ratio test (not less than 3.0 times). These financial covenants are based on a defined financial performancemeasure within the credit facility known as “Consolidated EBITDA.” The calculation of the “total leverage ratio” and“interest coverage ratio” contained in the credit facility is as follows (in thousands, except ratios): Twelve months Three months ended ended March 31, June 30, September30, December 31, December 31, 2015 2015 2015 2015 2015 Financial performance debt covenant test: Consolidated EBITDA for the total leverage ratio, asstipulated in the credit facility $21,325 $21,612 $23,252 $23,432 $89,621 Consolidated funded indebtedness $248,000 Total leverage ratio 2.77xConsolidated EBITDA for the interest coverage ratio $21,325 $21,612 $23,252 $23,432 $89,621 Consolidated interest expense, as stipulated in thecredit facility (1) $1,793 $2,002 $1,737 $1,864 $7,396 Interest coverage ratio 12.12xReconciliation of consolidated EBITDA to cashflows provided by operating activities: Consolidated EBITDA $21,325 $21,612 $23,252 $23,432 $89,621 Consolidated interest expense (1,942) (1,943) (2,198) (1,313) (7,396) Unrealized loss (gain) on derivative instruments 149 (59) 461 (551) — Amortization of deferred revenue (309) (258) (437) (264) (1,268) Change in operating assets and liabilities 826 (205) 7,696 (1,794) 6,523 Cash flows provided by operating activities $20,049 $19,147 $28,774 $19,510 $87,480 (1)Consolidated interest expense, used in the calculation of the interest coverage ratio, excludes unrealized gains andlosses recognized on our derivative instruments.If we were to fail either financial performance covenant, or any other covenant contained in the credit facility, wewould seek a waiver from our lenders under such facility. If we were unable to obtain a waiver from our lenders and thedefault remained uncured after any applicable grace period, we would be in breach of the credit facility, and the lenderswould be entitled to declare all outstanding borrowings immediately due and payable.Contractual obligations and contingencies. We have contractual obligations that are required to be settled in cash.The amounts of our contractual obligations at December 31, 2015 are as follows (in thousands): Years ending December 31, 2016 2017 2018 2019 2020 Thereafter Additions to property, plant and equipment undercontract $11,130 $— $— $— $— $— Operating leases—property and equipment 3,935 3,076 685 671 564 4,120 Long-term debt — — 248,000 — — — Interest expense on debt(1) 6,696 6,696 3,889 — — — Total contractual obligations to be settled in cash $21,761 $9,772 $252,574 $671 $564 $4,120 61 Table of Contents (1)Assumes that our outstanding long‑term debt at December 31, 2015 remains outstanding until its maturity date underour credit facility and we incur interest expense at the weighted average interest rate on our borrowings outstanding forthe three months ended December 31, 2015, which is 2.7% per year.We believe that our future cash expected to be provided by operating activities, available borrowing capacity underour credit facility, and our relationship with institutional lenders and equity investors should enable us to meet ourcommitted capital and our essential liquidity requirements for the next twelve months. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKSMarket risk is the risk of loss arising from adverse changes in market rates and prices. A principal market risk towhich we are exposed is interest rate risk associated with borrowings under our credit facility. Borrowings under our creditfacility bear interest at a variable rate based on LIBOR or the lender’s base rate. We manage a portion of our interest rate riskwith interest rate swaps, which reduce our exposure to changes in interest rates by converting variable interest rates to fixedinterest rates. At December 31, 2015, we are party to interest rate swap agreements with an aggregate notional amount of$75.0 million that expire March 25, 2018. Pursuant to the terms of the interest rate swap agreements, we pay a blended fixedrate of approximately 1.05% and receive interest payments based on the one-month LIBOR. The net difference to be paid orreceived under the interest rate swap agreements is settled monthly and is recognized as an adjustment to interest expense. AtDecember 31, 2015, we had outstanding borrowings of $248.0 million under our credit facility. Based on the outstandingbalance of our variable‑interest‑rate debt at December 31, 2015, the terms of our interest rate swap agreements and assumingmarket interest rates increase or decrease by 100 basis points, the potential annual increase or decrease in interest expense isapproximately $1.7 million.We do not purchase or market products that we handle or transport and, therefore, we do not have material directexposure to changes in commodity prices, except for the value of product gains arising from certain of our terminalingservices agreements with our customers. Pursuant to our Southeast terminaling services agreement, we rebate to NGL 50% ofthe proceeds we receive annually in excess of $4.2 million from the sale of product gains at our Southeast terminals. We donot use derivative commodity instruments to manage the commodity risk associated with the product we may own at anygiven time. Generally, to the extent we are entitled to retain product pursuant to terminaling services agreements with ourcustomers, we sell the product to our customers on a contractually established periodic basis; the sales price is based onindustry indices. For the years ended December 31, 2015, 2014 and 2013, we sold approximately 117,000, 140,000 and159,000 barrels, respectively, of product gained resulting from differences in the measurement of product volumes receivedand distributed at our terminaling facilities at average prices of $64, $106 and $117 per barrel, respectively.62 Table of Contents ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAThe following consolidated financial statements should be read in conjunction with “Management’s Discussion andAnalysis of Financial Condition and Results of Operations” included elsewhere in this annual report.TransMontaigne Partners L.P. and Subsidiaries:Report of Independent Registered Public Accounting Firm 64 Consolidated balance sheets as of December 31, 2015 and 2014 65 Consolidated statements of comprehensive income for the years ended December 31, 2015, 2014 and 2013 66 Consolidated statements of partners’ equity for the years ended December 31, 2015, 2014 and 2013 67 Consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 68 Notes to consolidated financial statements 69 63 Table of Contents Report of Independent Registered Public Accounting FirmTo the Board of Directors of TransMontaigne GP L.L.C. andThe Unitholders of TransMontaigne Partners L.P.Denver, ColoradoWe have audited the accompanying consolidated balance sheets of TransMontaigne Partners L.P. and subsidiaries(the “Partnership”) as of December 31, 2015 and 2014, and the related consolidated statements of comprehensive income,partners’ equity, and cash flows for each of the three years in the period ended December 31, 2015. These financial statementsare the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the financial statementsbased on our audits.We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.In our opinion, such consolidated financial statements present fairly, in all material respects, the financial positionof TransMontaigne Partners L.P. and subsidiaries as of December 31, 2015 and 2014, and the results of their operations andtheir cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principlesgenerally accepted in the United States of America.We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board(United States), the Partnership’s internal control over financial reporting as of December 31, 2015, based on the criteriaestablished in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of theTreadway Commission and our report dated March 10, 2016 expressed an unqualified opinion on the Partnership’s internalcontrol over financial reporting./s/ DELOITTE & TOUCHE LLPDenver, ColoradoMarch 10, 2016 64 Table of Contents TransMontaigne Partners L.P. and subsidiariesConsolidated balance sheets(Dollars in thousands) December 31, December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $681 $3,304 Trade accounts receivable, net 5,973 9,359 Due from affiliates 1,080 1,316 Other current assets 2,410 3,065 Total current assets 10,144 17,044 Property, plant and equipment, net 388,423 385,301 Goodwill 8,485 8,485 Investments in unconsolidated affiliates 246,700 249,676 Other assets, net 2,935 3,551 $656,687 $664,057 LIABILITIES AND EQUITY Current liabilities: Trade accounts payable $10,874 $6,887 Accrued liabilities 11,111 9,835 Total current liabilities 21,985 16,722 Other liabilities 2,731 3,870 Long-term debt 248,000 252,000 Total liabilities 272,716 272,592 Commitments and contingencies (Note 16) Partners’ equity: Common unitholders (16,124,566 units issued and outstanding at December 31, 2015and 2014) 326,224 333,619 General partner interest (2% interest with 329,073 equivalent units outstanding atDecember 31, 2015 and 2014) 57,747 57,846 Total partners’ equity 383,971 391,465 $656,687 $664,057 See accompanying notes to consolidated financial statements. 65 Table of Contents TransMontaigne Partners L.P. and subsidiariesConsolidated statements of comprehensive income(In thousands, except per unit amounts) Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Revenue: External customers $109,557 $75,909 $54,045 Affiliates 42,953 74,153 104,841 Total revenue 152,510 150,062 158,886 Operating costs and expenses and other: Direct operating costs and expenses (64,033) (66,183) (69,390) Direct general and administrative expenses (3,573) (3,535) (3,911) Allocated general and administrative expenses (11,284) (11,127) (10,963) Allocated insurance expense (3,756) (3,711) (3,763) Reimbursement of bonus awards expense (1,303) (1,500) (1,250) Depreciation and amortization (30,650) (29,522) (29,568) Loss on disposition of assets — — (1,294) Earnings (loss) from unconsolidated affiliates 11,948 4,443 (321) Total operating costs and expenses and other (102,651) (111,135) (120,460) Operating income 49,859 38,927 38,426 Other expenses: Interest expense (7,396) (5,489) (2,712) Amortization of deferred financing costs (774) (975) (975) Foreign currency transaction loss — — (13) Total other expenses (8,170) (6,464) (3,700) Net earnings 41,689 32,463 34,726 Other comprehensive income - foreign currency translation adjustments — — 83 Comprehensive income $41,689 $32,463 $34,809 Net earnings $41,689 $32,463 $34,726 Less—earnings allocable to general partner interest including incentivedistribution rights (7,506) (7,167) (5,929) Net earnings allocable to limited partners $34,183 $25,296 $28,797 Net earnings per limited partner unit—basic $2.12 $1.57 $1.90 Net earnings per limited partner unit—diluted $2.12 $1.57 $1.90 See accompanying notes to consolidated financial statements.66 Table of Contents TransMontaigne Partners L.P. and subsidiariesConsolidated statements of partners’ equity(Dollars in thousands) Accumulated General other Common partner comprehensive units interest income (loss) Total Balance January 1, 2013 $292,648 $56,564 $(475) $348,737 Proceeds from offering of 1,667,500 common units, net ofunderwriters’ discounts and offering expenses of $3,462 68,774 — — 68,774 Contribution of cash by TransMontaigne GP to maintain its 2%general partner interest — 1,474 — 1,474 Distributions to unitholders (39,466) (6,005) — (45,471) Equity-based compensation related to restricted phantom units 337 — — 337 Purchase of 13,069 common units by our long-term incentive planand from affiliate (585) — — (585) Issuance of 10,608 common units by our long-term incentive plandue to vesting of restricted phantom units — — — — Net earnings for year ended December 31, 2013 28,797 5,929 — 34,726 Other comprehensive income—foreign currency translationadjustments — — 83 83 Foreign currency translation adjustments reclassified into lossupon the sale of the Mexico operations — — 392 392 Balance December 31, 2013 350,505 57,962 — 408,467 Distributions to unitholders (42,561) (7,283) — (49,844) Equity-based compensation 721 — — 721 Purchase of 8,004 common units by our long-term incentive plan (342) — — (342) Issuance of 20,500 common units due to vesting of restrictedphantom units — — — — Net earnings for year ended December 31, 2014 25,296 7,167 — 32,463 Balance December 31, 2014 333,619 57,846 — 391,465 Distributions to unitholders (42,897) (7,605) — (50,502) Equity-based compensation 1,411 — — 1,411 Purchase of 2,668 common units by our long-term incentive plan (92) — — (92) Net earnings for year ended December 31, 2015 34,183 7,506 — 41,689 Balance December 31, 2015 $326,224 $57,747 $ — $383,971 See accompanying notes to consolidated financial statements.67 Table of Contents TransMontaigne Partners L.P. and subsidiariesConsolidated statements of cash flows(In thousands) Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Cash flows from operating activities: Net earnings $41,689 $32,463 $34,726 Adjustments to reconcile net earnings to net cash provided by operatingactivities: Depreciation and amortization 30,650 29,522 29,568 Loss on disposition of assets — — 1,294 Loss (earnings) from unconsolidated affiliates (11,948) (4,443) 321 Distributions from unconsolidated affiliates 19,649 10,053 1,467 Equity-based compensation 1,411 721 337 Amortization of deferred financing costs 774 975 975 Amortization of deferred revenue (1,268) (2,437) (3,672) Changes in operating assets and liabilities, net of effects from acquisitionsand dispositions: Trade accounts receivable, net 3,386 (2,838) (1,518) Due from affiliates 236 941 778 Other current assets 655 413 472 Amounts due under long-term terminaling services agreements, net 1,144 1,298 792 Utility deposits (19) — 135 Trade accounts payable (155) 615 (2,322) Accrued liabilities 1,276 (6,354) 882 Net cash provided by operating activities 87,480 60,929 64,235 Cash flows from investing activities: Investments in unconsolidated affiliates (4,726) (43,681) (108,229) Capital expenditures (29,427) (7,021) (13,838) Proceeds from sale of assets — — 2,109 Net cash used in investing activities (34,153) (50,702) (119,958) Cash flows from financing activities: Net proceeds from issuance of common units — — 68,774 Contribution of cash by TransMontaigne GP — — 1,474 Borrowings of debt under credit facility 101,900 136,700 168,500 Repayments of debt under credit facility (105,900) (96,700) (140,500) Deferred debt issuance costs (1,356) — — Distributions paid to unitholders (50,502) (49,844) (45,471) Purchase of common units by our long-term incentive plan (92) (342) (585) Net cash provided by (used in) financing activities (55,950) (10,186) 52,192 Increase (decrease) in cash and cash equivalents (2,623) 41 (3,531) Foreign currency translation effect on cash — — 49 Cash and cash equivalents at beginning of period 3,304 3,263 6,745 Cash and cash equivalents at end of period $681 $3,304 $3,263 Supplemental disclosures of cash flow information: Cash paid for interest $7,298 $5,496 $2,604 Property, plant and equipment acquired with accounts payable $5,966 $1,273 $718 See accompanying notes to consolidated financial statements. 68 TransMontaigne Partners L.P. and subsidiariesTable of ContentsNotes to Consolidated Financial StatementsYears ended December 31, 2015, 2014 and 2013 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(a) Nature of businessTransMontaigne Partners L.P. (“we,” “us,” “our,”) was formed in February 2005 as a Delaware limited partnershipinitially to own and operate refined petroleum products terminaling and transportation facilities. We conduct our operationsin the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi andOhio rivers, and in the Southeast. We provide integrated terminaling, storage, transportation and related services forcompanies engaged in the trading, distribution and marketing of light refined petroleum products, heavy refined petroleumproducts, crude oil, chemicals, fertilizers and other liquid products.We are controlled by our general partner, TransMontaigne GP L.L.C. (“TransMontaigne GP”), which as of February1, 2016 is a wholly‑owned indirect subsidiary of ArcLight Energy Partners Fund VI, L.P. (“ArcLight”). Prior to February 1,2016, TransMontaigne LLC, a wholly-owned subsidiary of NGL Energy Partners LP, or (“NGL”) owned all the issued andoutstanding membership interests of TransMontaigne GP (see Note 20 of Notes to consolidated financial statements). AtDecember 31, 2015, TransMontaigne LLC and NGL had a significant interest in our partnership through their indirectownership of an approximate 19% limited partner interest, a 2% general partner interest and the incentive distribution rights.Prior to July 1, 2014, Morgan Stanley Capital Group Inc. (“Morgan Stanley Capital Group”), a wholly‑ownedsubsidiary of Morgan Stanley and the principal commodities trading arm of Morgan Stanley, owned all of the issued andoutstanding capital stock of TransMontaigne LLC, and, as a result, Morgan Stanley was the indirect owner of our generalpartner. Effective July 1, 2014, Morgan Stanley consummated the sale of its 100% ownership interest in TransMontaigneLLC to NGL. In addition to the sale of our general partner to NGL, NGL acquired the common units owned byTransMontaigne LLC and affiliates of Morgan Stanley and assumed Morgan Stanley Capital Group’s obligations under ourlight-oil terminaling services agreements in Florida and the Southeast regions, excluding the Collins/Purvis, Mississippibulk storage terminals, which we refer to collectively as, the “NGL acquisition”. Terminaling services agreements for ourCollins/Purvis, Mississippi bulk storage and Cushing, Oklahoma terminals remained with Morgan Stanley Capital Groupuntil October 30, 2015, at which time Morgan Stanley sold its global physical oil merchanting business to CastletonCommodities International LLC, and Morgan Stanley Capital Group, with our consent assigned its terminaling servicesagreements with us to Castleton Commodities International LLC.(b) Basis of presentation and use of estimatesOur accounting and financial reporting policies conform to accounting principles generally accepted in the UnitedStates of America (“GAAP”). The accompanying consolidated financial statements include the accounts of TransMontaignePartners L.P., a Delaware limited partnership, and its controlled subsidiaries. Investments where we do not have the ability toexercise control, but do have the ability to exercise significant influence, are accounted for using the equity method ofaccounting. All inter‑company accounts and transactions have been eliminated in the preparation of the accompanyingconsolidated financial statements. The accompanying consolidated financial statements include all adjustments (consistingof normal and recurring accruals) considered necessary to present fairly our financial position as of December 31, 2015 and2014 and our results of operations for the years ended December 31, 2015, 2014 and 2013.The preparation of financial statements in conformity with “GAAP” requires us to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements, and the reported amounts of revenue and expenses during the reporting periods. The followingestimates, in management’s opinion, are subjective in nature, require the exercise of judgment, and/or involve complexanalyses: useful lives of our plant and equipment and accrued environmental obligations. Changes in these estimates andassumptions will occur as a result of the passage of time and the occurrence of future events. Actual results could differ fromthese estimates.69 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (c) Accounting for terminal and pipeline operationsIn connection with our terminal and pipeline operations, we utilize the accrual method of accounting for revenueand expenses. We generate revenue in our terminal and pipeline operations from terminaling services fees, transportationfees, management fees and cost reimbursements, fees from other ancillary services and gains from the sale of refined products.Terminaling services revenue is recognized ratably over the term of the agreement for storage fees and minimum revenuecommitments that are fixed at the inception of the agreement and when product is delivered to the customer for fees based ona rate per barrel of throughput; transportation revenue is recognized when the product has been delivered to the customer atthe specified delivery location; management fee revenue and cost reimbursements are recognized as the services areperformed or as the costs are incurred; ancillary service revenue is recognized as the services are performed; and gains fromthe sale of refined products are recognized when the title to the product is transferred.Pursuant to terminaling services agreements with certain of our throughput customers, we are entitled to the volumeof product gained resulting from differences in the measurement of product volumes received and distributed at ourterminaling facilities. Consistent with recognized industry practices, measurement differentials occur as the result of theinherent variances in measurement devices and methodology. We recognize as revenue the net proceeds from the sale of theproduct gained. For the years ended December 31, 2015, 2014 and 2013, we recognized revenue of approximately$7.5 million, $13.1 million and $14.8 million, respectively, for net product gained. Within these amounts, approximately$2.9 million, $7.5 million and $12.7 million, respectively, were pursuant to terminaling services agreements with affiliatecustomers.(d) Cash and cash equivalentsWe consider all short‑term investments with a remaining maturity of three months or less at the date of purchase tobe cash equivalents.(e) Property, plant and equipmentDepreciation is computed using the straight‑line method. Estimated useful lives are 15 to 25 years for terminals andpipelines and 3 to 25 years for furniture, fixtures and equipment. All items of property, plant and equipment are carried atcost. Expenditures that increase capacity or extend useful lives are capitalized. Repairs and maintenance are expensed asincurred.We evaluate long‑lived assets for impairment whenever events or changes in circumstances indicate that thecarrying value of an asset group may not be recoverable based on expected undiscounted future cash flows attributable tothat asset group. If an asset group is impaired, the impairment loss to be recognized is the excess of the carrying amount ofthe asset group over its estimated fair value.(f) Investments in unconsolidated affiliatesWe account for our investments in our unconsolidated affiliates, which we do not control but do have the ability toexercise significant influence over, using the equity method of accounting. Under this method, the investment is recorded atacquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased byour proportionate share of any losses, distributions received and amortization of any excess investment. Excess investment isthe amount by which our total investment exceeds our proportionate share of the book value of the net assets of theinvestment entity. We evaluate our investments in unconsolidated affiliates for impairment whenever events orcircumstances indicate there is a loss in value of the investment that is other than temporary. In the event of impairment, wewould record a charge to earnings to adjust the carrying amount to fair value.70 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (g) Environmental obligationsWe accrue for environmental costs that relate to existing conditions caused by past operations when probable andreasonably estimable (see Note 10 of Notes to consolidated financial statements). Environmental costs include initial sitesurveys and environmental studies of potentially contaminated sites, costs for remediation and restoration of sites determinedto be contaminated and ongoing monitoring costs, as well as fines, damages and other costs, including direct legal costs.Liabilities for environmental costs at a specific site are initially recorded, on an undiscounted basis, when it is probable thatwe will be liable for such costs, and a reasonable estimate of the associated costs can be made based on available information.Such an estimate includes our share of the liability for each specific site and the sharing of the amounts related to each sitethat will not be paid by other potentially responsible parties, based on enacted laws and adopted regulations and policies.Adjustments to initial estimates are recorded, from time to time, to reflect changing circumstances and estimates based uponadditional information developed in subsequent periods. Estimates of our ultimate liabilities associated with environmentalcosts are difficult to make with certainty due to the number of variables involved, including the early stage of investigationat certain sites, the lengthy time frames required to complete remediation, technology changes, alternatives available and theevolving nature of environmental laws and regulations. We periodically file claims for insurance recoveries of certainenvironmental remediation costs with our insurance carriers under our comprehensive liability policies (see Note 5 of Notesto consolidated financial statements). We recognize our insurance recoveries as a credit to income in the period that we assessthe likelihood of recovery as being probable (i.e., likely to occur).TransMontaigne LLC agreed to indemnify us against certain potential environmental claims, losses and expensesthat were identified on or before May 27, 2010 and that were associated with the ownership or operation of the Florida andMidwest terminal facilities prior to May 27, 2005, up to a maximum liability not to exceed $15.0 million for thisindemnification obligation. TransMontaigne LLC agreed to indemnify us against certain potential environmental claims,losses and expenses that were identified on or before December 31, 2011 and that were associated with the ownership oroperation of the Brownsville and River facilities prior to December 31, 2006, up to a maximum liability not to exceed$15.0 million for this indemnification obligation. TransMontaigne LLC agreed to indemnify us against certain potentialenvironmental claims, losses and expenses that were identified on or before December 31, 2012 and that were associated withthe ownership or operation of the Southeast terminals prior to December 31, 2007, up to a maximum liability not to exceed$15.0 million for this indemnification obligation. TransMontaigne LLC has agreed to indemnify us against certain potentialenvironmental claims, losses and expenses that are identified on or before March 1, 2016 and that were associated with theownership or operation of the Pensacola terminal prior to March 1, 2011, up to a maximum liability not to exceed$2.5 million for this indemnification obligation. The forgoing environmental indemnification obligations ofTransMontaigne LLC to us remain in place and were not affected by ArcLight’s acquisition of our general partner. (h) Asset retirement obligationsAsset retirement obligations are legal obligations associated with the retirement of long‑lived assets that result fromthe acquisition, construction, development or normal use of the asset. Generally accepted accounting principles require thatthe fair value of a liability related to the retirement of long‑lived assets be recorded at the time a legal obligation is incurred.Once an asset retirement obligation is identified and a liability is recorded, a corresponding asset is recorded, which isdepreciated over the remaining useful life of the asset. After the initial measurement, the liability is adjusted to reflectchanges in the asset retirement obligation. If and when it is determined that a legal obligation has been incurred, the fairvalue of any liability is determined based on estimates and assumptions related to retirement costs, future inflation rates andinterest rates. Our long‑lived assets consist of above‑ground storage facilities and underground pipelines. We are unable topredict if and when these long‑lived assets will become completely obsolete and require dismantlement. We have notrecorded an asset retirement obligation, or corresponding asset, because the future dismantlement and removal dates of ourlong‑lived assets is indeterminable and the amount of any associated costs are71 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 believed to be insignificant. Changes in our assumptions and estimates may occur as a result of the passage of time and theoccurrence of future events.(i)  Equity based compensationGenerally accepted accounting principles require us to measure the cost of services received in exchange for anaward of equity instruments based on the measurement‑date fair value of the award. That cost is recognized during the periodservices are provided in exchange for the award.(j) Accounting for derivative instrumentsGenerally accepted accounting principles require us to recognize all derivative instruments at fair value in theconsolidated balance sheets as assets or liabilities. Changes in the fair value of our derivative instruments are recognized inearnings.We did not have any derivative instruments at December 31, 2014. At December 31, 2015, our derivativeinstruments were limited to interest rate swap agreements with an aggregate notional amount of $75.0 million that expireMarch 25, 2018. Pursuant to the terms of the interest rate swap agreements, we pay a blended fixed rate of approximately1.05% and receive interest payments based on the one-month LIBOR. The net difference to be paid or received under theinterest rate swap agreements is settled monthly and is recognized as an adjustment to interest expense. The fair value of ourinterest rate swap agreements are determined using a pricing model based on the LIBOR swap rate and other observablemarket data. At December 31, 2015 the fair value of our interest rate swaps was approximately $nil.(k) Income taxesNo provision for U.S. federal income taxes has been reflected in the accompanying consolidated financialstatements because we are treated as a partnership for federal income tax purposes. As a partnership, all income, gains, losses,expenses, deductions and tax credits generated by us flow through to our unitholders.(l) Net earnings per limited partner unitNet earnings allocable to the limited partners, for purposes of calculating net earnings per limited partner unit, arenet of the earnings allocable to the general partner interest and distributions payable to any restricted phantom units grantedunder our equity based compensation plans that participate in our distributions (see Note 15 of Notes to consolidatedfinancial statements). The earnings allocable to the general partner interest include the distributions of available cash (asdefined by our partnership agreement) attributable to the period to the general partner interest, net of adjustments for thegeneral partner’s share of undistributed earnings, and the incentive distribution rights. Undistributed earnings are thedifference between the earnings and the distributions attributable to the period. Undistributed earnings are allocated to thelimited partners and general partner interest based on their respective sharing of earnings or losses specified in thepartnership agreement, which is based on their ownership percentages of 98% and 2%, respectively. The incentivedistribution rights are not allocated a portion of the undistributed earnings given they are not entitled to distributions otherthan from available cash. Further, the incentive distribution rights do not share in losses under our partnership agreement.Basic net earnings per limited partner unit is computed by dividing net earnings allocable to limited partners by theweighted average number of limited partner units outstanding during the period. Diluted net earnings per limited partner unitis computed by dividing net earnings allocable to the limited partners by the weighted average number of limited partnerunits outstanding during the period and any potential dilutive securities outstanding during the period.72 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (m) Recent accounting pronouncementsIn May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this updateis to clarify the principles for recognizing revenue and to develop a common revenue standard. ASU 2014-09 is effective forannual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We arecurrently evaluating the potential impact that the adoption will have on our disclosures and financial statements.In February 2016, the FASB issued ASU 2016-02, Leases. The objective of this update is to improve financialreporting about leasing transactions. ASU 2016-02 is effective for annual reporting periods beginning after December 15,2018, including interim periods within that reporting period. We are currently evaluating the potential impact that theadoption will have on our disclosures and financial statements. (2) TRANSACTIONS WITH AFFILIATESOmnibus agreement. We have an omnibus agreement with the owner of TransMontaigne GP that will continue ineffect until the earlier to occur of (i) the owner ceasing to control our general partner or (ii) the election of either us or theowner, following at least 24 months’ prior written notice to the other parties.Under the omnibus agreement we pay the owner an administrative fee for the provision of various general andadministrative services for our benefit. For the years ended December 31, 2015, 2014 and 2013, the annual administrative feepaid to TransMontaigne LLC was approximately $11.3 million, $11.1 million and $11.0 million, respectively. If we acquireor construct additional facilities, the owner may propose a revised administrative fee covering the provision of services forsuch additional facilities, which the revised fee is subject to approval by the conflicts committee of our general partner. Theadministrative fee encompasses the reimbursement of services to perform centralized corporate functions, such as legal,accounting, treasury, insurance administration and claims processing, health, safety and environmental, informationtechnology, human resources, credit, payroll, taxes and engineering and other corporate services.The omnibus agreement further provides that we pay the owner an insurance reimbursement for premiums oninsurance policies covering our facilities and operations. For the years ended December 31, 2015, 2014 and 2013, theinsurance reimbursement paid was approximately $3.8 million, $3.7 million and $3.8 million, respectively. We alsoreimburse the owner of TransMontaigne GP for direct operating costs and expenses, such as salaries of operational personnelperforming services on‑site at our terminals and pipelines and the cost of their employee benefits, including 401(k) andhealth insurance benefits.Under the omnibus agreement we have agreed to reimburse the owner of TransMontaigne GP for a portion of theincentive bonus awards made to key employees under the owner’s savings and retention plan, provided the compensationcommittee of our general partner determines that an adequate portion of the incentive bonus awards are indexed to theperformance of our common units in the form of restricted phantom units. The value of our incentive bonus awardreimbursement for a single grant year may be no less than $1.5 million. Effective April 13, 2015 and beginning with the2015 incentive bonus award, we have the option to provide the reimbursement in either a cash payment or the delivery of ourcommon units to the owner of TransMontaigne GP or to the award recipients, with the reimbursement made in accordancewith the underlying vesting and payment schedule of the savings and retention plan. Prior to the 2015 incentive bonusaward, we reimbursed our portion of the incentive bonus awards by making cash payments to the owner ofTransMontaigne GP over the first year that each applicable award was granted. For the years ended December 31, 2015, 2014and 2013, the expense associated with the reimbursement of incentive bonus awards was approximately $1.3 million, $1.5million and $1.3 million, respectively.73 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Environmental indemnification. In connection with our acquisition of the Florida and Midwest terminals on May27, 2005, TransMontaigne LLC agreed to indemnify us against certain potential environmental claims, losses and expensesthat were identified on or before May 27, 2010, and that were associated with the ownership or operation of the Florida andMidwest terminals prior to May 27, 2005. TransMontaigne LLC’s maximum liability for this indemnification obligation is$15.0 million. TransMontaigne LLC has no obligation to indemnify us for losses until such aggregate losses exceed$250,000. TransMontaigne LLC has no indemnification obligations with respect to environmental claims made as a result ofadditions to or modifications of environmental laws promulgated after May 27, 2005.In connection with our acquisition of the Brownsville, Texas and River terminals on December 31, 2006,TransMontaigne LLC agreed to indemnify us against potential environmental claims, losses and expenses that wereidentified on or before December 31, 2011, and that were associated with the ownership or operation of the Brownsville andRiver facilities prior to December 31, 2006. TransMontaigne LLC’s maximum liability for this indemnification obligation is$15.0 million. TransMontaigne LLC has no obligation to indemnify us for losses until such aggregate losses exceed$250,000. The deductible amount, cap amount and limitation of time for indemnification do not apply to any environmentalliabilities known to exist as of December 31, 2006. TransMontaigne LLC has no indemnification obligations with respect toenvironmental claims made as a result of additions to or modifications of environmental laws promulgated afterDecember 31, 2006.In connection with our acquisition of the Southeast terminals on December 31, 2007, TransMontaigne LLC agreedto indemnify us against potential environmental claims, losses and expenses that were identified on or before December 31,2012, and that were associated with the ownership or operation of the Southeast terminals prior to December 31, 2007.TransMontaigne LLC’s maximum liability for this indemnification obligation is $15.0 million. TransMontaigne LLC has noobligation to indemnify us for losses until such aggregate losses exceed $250,000. The deductible amount, cap amount andlimitation of time for indemnification do not apply to any environmental liabilities known to exist as of December 31, 2007.TransMontaigne LLC has no indemnification obligations with respect to environmental claims made as a result of additionsto or modifications of environmental laws promulgated after December 31, 2007.In connection with our acquisition of the Pensacola terminal on March 1, 2011, TransMontaigne LLC has agreed toindemnify us against potential environmental claims, losses and expenses that are identified on or before March 1, 2016, andthat are associated with the ownership or operation of the Pensacola terminal prior to March 1, 2011. Our environmentallosses must first exceed $200,000 and TransMontaigne LLC’s indemnification obligations are capped at $2.5 million. Thedeductible amount, cap amount and limitation of time for indemnification do not apply to any environmental liabilitiesknown to exist as of March 1, 2011. TransMontaigne LLC has no indemnification obligations with respect to environmentalclaims made as a result of additions to or modifications of environmental laws promulgated after March 1, 2011.The forgoing environmental indemnification obligations of TransMontaigne LLC to us remain in place and werenot affected by ArcLight’s acquisition of our general partner. Terminaling services agreement—Florida and Midwest terminals. In connection with the NGL acquisition,effective July 1, 2014, Morgan Stanley Capital Group assigned to NGL its obligations under our terminaling servicesagreement for light oil terminaling capacity at our Florida terminals. Effective September 16, 2014, we amended our long-term terminaling services agreement with RaceTrac Petroleum Inc. to include the use of gasoline, ethanol and diesel tankageat our Cape Canaveral, Port Manatee and Port Everglades South terminals. Simultaneous with the entry into the RaceTracPetroleum Inc. agreement, we amended the Florida and Midwest terminaling services agreement to immediately terminateNGL’s obligations at our Cape Canaveral and Port Everglades South terminals, and to terminate NGL’s obligation at our PortManatee terminal effective March 14, 2015. The tankage at Cape Canaveral and Port Everglades South became available toRaceTrac Petroleum Inc. on September 16, 2014. The tankage at Port Manatee74 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 became available to RaceTrac Petroleum Inc. in July of 2015, upon the completion of certain enhancements at this facility.On October 31, 2014, NGL provided us the required 18 months’ prior notice that it will terminate its remainingobligations under the Florida and Midwest terminaling services agreement effective April 30, 2016, which constitutes NGL’slight oil terminaling capacity for approximately 1.1 million barrels at our Port Everglades North, Florida terminal. NGL hasagreed to allow us to re-contract the majority of this tankage prior to its effective contract termination date. Accordingly, wehave re-contracted approximately 0.9 million barrels of this capacity to third party customers at similar rates charged to NGL. Effective May 31, 2014, the Florida tanks dedicated to bunker fuels were no longer subject to the Florida andMidwest terminaling services agreement. A majority of this capacity has been re‑contracted to Glencore Ltd. effective June 1,2014 and World Fuel Services Corporation effective November 19, 2014.Under the Florida and Midwest terminaling services agreement, Morgan Stanley Capital Group had also contractedfor our Mount Vernon, Missouri and Rogers, Arkansas terminals and the use of our Razorback Pipeline, which runs fromMount Vernon to Rogers. We refer to these terminals and the related pipeline as the Razorback system. This portion of theFlorida and Midwest terminaling services agreement related to the Razorback system was terminated effective February 28,2014, which was simultaneous with our entry into a ten-year capacity agreement with Magellan Pipeline Company, L.P.,covering 100% of the capacity of our Razorback system.Under the Florida and Midwest terminaling services agreement, taking into consideration terminations, MorganStanley Capital Group, and NGL as the successor to the agreement, was obligated to throughput a volume that, at the fee andtariff schedule contained in the agreement, resulted in minimum throughput payments to us of approximately $5.0 million,$21.0 million and $36.0 million for the years ending December 31, 2015, 2014 and 2013, respectively.Terminaling services agreement—Fisher Island terminal. We had a terminaling services agreement withTransMontaigne LLC that expired on December 31, 2013. Under this agreement, TransMontaigne LLC had agreed tothroughput at our Fisher Island terminal in the Gulf Coast region a volume of fuel oils that, at the fee schedule contained inthe agreement, resulted in minimum revenue to us of approximately $1.8 million for the year ended December 31, 2013. Inexchange for its minimum throughput commitment, we had agreed to provide TransMontaigne LLC with approximately185,000 barrels of fuel oil capacity. We re-contracted the capacity to a third party at similar rates in June 2014.Terminaling services agreement—Cushing terminal. In July 2011, we entered into a terminaling servicesagreement with Morgan Stanley Capital Group relating to our Cushing, Oklahoma facility that will expire in July 2019,subject to a five-year automatic renewal unless terminated by either party upon 180 days’ prior notice. In exchange for itsminimum revenue commitment, we agreed to construct storage tanks and associated infrastructure to provide approximately1.0 million barrels of crude oil capacity. These capital projects were completed and placed into service in August 2012.Under this agreement, Morgan Stanley Capital Group has agreed to throughput a volume of crude oil at our terminal that, atthe fee schedule contained in the agreement, result in minimum throughput payments to us of approximately $4.3 million foreach one-year period following the in‑service date of August 1, 2012. Subsequent to the NGL acquisition, effective July 1,2014, revenue associated with the Cushing tankage is recorded as revenue from external customers as opposed to revenuefrom affiliates. Further, on October 27, 2015, upon the sale of Morgan Stanley’s global physical oil merchanting business toCastleton Commodities International LLC, Morgan Stanley Capital Group, with our consent, assigned all its terminalingservices agreements with us to Castleton Commodities International LLC.If a force majeure event occurs that renders us unable to perform our obligations with respect to an asset, theobligations would be temporarily suspended with respect to that asset. If a force majeure event continues for 120 consecutivedays or more and results in a diminution in the storage capacity we make available, the counterparty may75 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 terminate its obligations with respect to the asset affected by the force majeure event and their minimum revenuecommitment would be reduced proportionately for the duration of the agreement.Terminaling services agreement—Southeast terminals. In connection with the NGL acquisition, effective July 1,2014, Morgan Stanley Capital Group assigned to NGL its obligations under our terminaling services agreement relating toour Southeast terminals, excluding the Collins/Purvis bulk storage tankage. The terminaling services agreement provisionspertaining to the Collins/Purvis bulk storage tankage remained with Morgan Stanley Capital Group, and subsequent to theNGL acquisition the revenue associated with the Collins/Purvis bulk storage tankage is recorded as revenue from externalcustomers as opposed to revenue from affiliates. The Southeast terminaling services agreement, excluding the Collins/Purvisbulk storage tankage, will continue in effect through July 2040. Subsequent to January 31, 2023, NGL has the ability toterminate the agreement at any time upon at least 24 months’ prior notice of its intent to terminate the agreement (see Note20 of Notes to consolidated financial statements).Under this agreement, Morgan Stanley Capital Group, and NGL as the successor to the majority of the agreement,was obligated to throughput a volume of refined product at our Southeast terminals that, at the fee schedule contained in theagreement, resulted in minimum throughput payments to us of approximately $27.0 million, $36.8 million and $36.1 millionfor the years ended December 31, 2015, 2014 and 2013, respectively. The agreement contains stipulated annual increases inthroughput payments based on increases in the United States Consumer Price Index. The minimum annual throughputpayment is reduced proportionately for any decrease in storage capacity due to out‑of‑service tank capacity.If a force majeure event occurs that renders us unable to perform our obligations with respect to an asset, theobligations would be temporarily suspended with respect to that asset. If a force majeure event continues for 30 consecutivedays or more and results in a diminution in the storage capacity we make available, the counterparty may terminate itsobligations with respect to the asset affected by the force majeure event and their minimum revenue commitment would bereduced proportionately for the duration of the agreement.Terminaling services agreement—Collins/Purvis bulk storage additional light oil tankage. In January 2010, weentered into a terminaling services agreement with Morgan Stanley Capital Group for additional light oil tankage relating toour Collins/Purvis, Mississippi bulk storage facility that will expire in July 2018, after which the terminaling servicesagreement will continue in effect unless and until Morgan Stanley Capital Group provides us at least 24 months’ prior noticeof its intent to terminate the agreement. In exchange for its minimum revenue commitment, we agreed to construct storagetanks and associated infrastructure to provide approximately 700,000 barrels of additional light oil capacity at theCollins/Purvis bulk storage terminal. These capital projects were completed and placed into service in July 2011. Under thisagreement, Morgan Stanley Capital Group has agreed to throughput a volume of light oil products at our terminal that, ateach fee schedule contained in the agreement, result in minimum throughput payments to us of approximately $4.1 millionfor each one-year period following the in‑service date of July 2011. Subsequent to the NGL acquisition, effective July 1,2014, revenue associated with the Collins/Purvis bulk storage additional light oil tankage is recorded as revenue fromexternal customers as opposed to revenue from affiliates. Further, on October 27, 2015, upon the sale of Morgan Stanley’sglobal physical oil merchanting business to Castleton Commodities International LLC, Morgan Stanley Capital Group, withour consent, assigned all its terminaling services agreements with us to Castleton Commodities International LLC.If a force majeure event occurs that renders us unable to perform our obligations with respect to an asset, theobligations would be temporarily suspended with respect to that asset. If a force majeure event continues for 30 consecutivedays or more and results in a diminution in the storage capacity we make available, the counterparty may terminate itsobligations with respect to the asset affected by the force majeure event and their minimum revenue commitment would bereduced proportionately for the duration of the agreement.76 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Barge dock services agreement—Baton Rouge dock. Effective May 2013, we entered into a barge dock servicesagreement with Morgan Stanley Capital Group relating to our Baton Rouge, Louisiana dock facility that will expire in May2023, subject to a five-year automatic renewal unless terminated by either party upon 180 days’ prior notice. Under thisagreement, Morgan Stanley Capital Group agreed to throughput a volume of refined product at our Baton Rouge dockfacility that, at the fee schedule contained in the agreement, result in minimum throughput payments to us of approximately$1.2 million for each of the first three years ending May 12, 2016 and approximately $0.9 million for each of the remainingseven years ending May 12, 2023. In exchange for its minimum throughput commitment, we agreed to provide MorganStanley Capital Group with exclusive access to our dock facility. Effective September 1, 2014, Morgan Stanley CapitalGroup assigned its rights and obligations under the Baton Rouge barge dock services agreement to Colonial PipelineCompany. Subsequent to the NGL acquisition, effective July 1, 2014, revenue associated with the Baton Rouge barge dockservices agreement is recorded as revenue from external customers as opposed to revenue from affiliates.If a force majeure event occurs that renders us unable to perform our obligations, the counterparty obligations wouldbe temporarily suspended. If a force majeure event continues for 120 consecutive days, the counterparty may terminate itsobligations under this agreement.Operations and reimbursement agreement—Frontera. Effective as of April 1, 2011, we entered into the FronteraBrownsville LLC joint venture, or “Frontera”, in which we have a 50% ownership interest. In conjunction with us enteringinto the joint venture, we agreed to operate Frontera, in accordance with an operations and reimbursement agreementexecuted between us and Frontera, for a management fee that is based on our costs incurred. Our agreement with Fronterastipulates that we may resign as the operator at any time with the prior written consent of Frontera, or that we may be removedas the operator for good cause, which includes material noncompliance with laws and material failure to adhere to goodindustry practice regarding health, safety or environmental matters. For the years ended December 31, 2015, 2014 and 2013,we recognized approximately $4.4 million, $4.0 million and $3.7 million, respectively, of revenue related to this operationsand reimbursement agreement.(3) TERMINAL DISPOSITIONEffective August 8, 2013, we sold our Mexico operations to an unaffiliated third party for cash proceeds ofapproximately $2.1 million, net of $0.2 million in bank accounts sold related to the Mexico operations. The Mexicooperations consisted of a 7,000 barrel LPG storage terminal in Matamoros, Mexico and a seven mile pipeline systemconnecting the Matamoros terminal to our Diamondback pipeline system at the U.S. border, which connects to ourBrownville, Texas terminals. The net carrying amount of the Mexico operations was approximately $3.4 million, which wasin excess of the net cash proceeds, resulting in an approximate $1.3 million loss on disposition of assets. The accompanyingconsolidated financial statements exclude the assets, liabilities and results of the Mexico operations subsequent to August 8,2013.(4) CONCENTRATION OF CREDIT RISK AND TRADE ACCOUNTS RECEIVABLEOur primary market areas are located in the United States along the Gulf Coast, in the Southeast, in Brownsville,Texas, along the Mississippi and Ohio Rivers, and in the Midwest. We have a concentration of trade receivable balances duefrom companies engaged in the trading, distribution and marketing of refined products and crude oil. These concentrations ofcustomers may affect our overall credit risk in that the customers may be similarly affected by changes in economic,regulatory or other factors. Our customers’ historical financial and operating information is analyzed prior to extendingcredit. We manage our exposure to credit risk through credit analysis, credit approvals, credit limits and monitoringprocedures, and for certain transactions we may request letters of credit, prepayments or guarantees. We maintain allowancesfor potentially uncollectible accounts receivable.77 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Trade accounts receivable, net consists of the following (in thousands): December 31, December 31, 2015 2014 Trade accounts receivable $6,448 $9,823 Less allowance for doubtful accounts (475) (464) $5,973 $9,359 The following table presents a rollforward of our allowance for doubtful accounts (in thousands): Balance at Balance at beginning Charged to end of of period expenses Deductions period 2015 $464 $11 $ — $475 2014 $100 $364 $ — $464 2013 $200 $— $(100) $100 The following customers accounted for at least 10% of our consolidated revenue in at least one of the periodspresented in the accompanying consolidated statements of comprehensive income: Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 NGL Energy Partners LP 25% 16% —% Morgan Stanley Capital Group 10% 37% 62% RaceTrac Petroleum Inc. 11% 7% —% (5) OTHER CURRENT ASSETSOther current assets are as follows (in thousands): December 31, December 31, 2015 2014 Amounts due from insurance companies $774 $1,233 Additive detergent 1,411 1,591 Deposits and other assets 225 241 $2,410 $3,065 Amounts due from insurance companies. We periodically file claims for recovery of environmental remediationcosts with our insurance carriers under our comprehensive liability policies. We recognize our insurance recoveries in theperiod that we assess the likelihood of recovery as being probable (i.e., likely to occur). At December 31, 2015 and 2014, wehave recognized amounts due from insurance companies of approximately $0.8 million and $1.2 million, respectively,representing our best estimate of our probable insurance recoveries. During the year ended December 31, 2015, we receivedreimbursements from insurance companies of approximately $0.5 million. During the year ended December 31, 2015, we didnot adjust our estimate of probable insurance recoveries.78 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (6) PROPERTY, PLANT AND EQUIPMENT, NETProperty, plant and equipment, net is as follows (in thousands): December 31, December 31, 2015 2014 Land $53,079 $52,519 Terminals, pipelines and equipment 595,883 566,677 Furniture, fixtures and equipment 2,665 2,122 Construction in progress 8,704 5,444 660,331 626,762 Less accumulated depreciation (271,908) (241,461) $388,423 $385,301 (7) GOODWILLGoodwill is as follows (in thousands): December 31, December 31, 2015 2014 Brownsville terminals $8,485 $8,485 Goodwill is required to be tested for impairment annually unless events or changes in circumstances indicate it ismore likely than not that an impairment loss has been incurred at an interim date. Our annual test for the impairment ofgoodwill is performed as of December 31. The impairment test is performed at the reporting unit level. Our reporting units areour operating segments (see Note 18 of Notes to consolidated financial statements). The fair value of each reporting unit isdetermined on a stand‑alone basis from the perspective of a market participant and represents an estimate of the price thatwould be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. Ifthe fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to be impaired.At December 31, 2015 and 2014, our only reporting unit that contained goodwill was our Brownsville terminals.Our estimate of the fair value of our Brownsville terminals at December 31, 2015 and 2014 substantially exceeded itscarrying amount. Accordingly, we did not recognize any goodwill impairment charges during the years ended December 31,2015 and 2014, respectively. However, a significant decline in the price of our common units with a resulting increase in theassumed market participants’ weighted average cost of capital, the loss of a significant customer, the disposition ofsignificant assets, or an unforeseen increase in the costs to operate and maintain the Brownsville terminals, could result in therecognition of an impairment charge in the future.(8) INVESTMENTS IN UNCONSOLIDATED AFFILIATESAt December 31, 2015 and 2014, our investments in unconsolidated affiliates include a 42.5% ownership interest inBOSTCO and a 50% interest in Frontera. BOSTCO is a newly constructed terminal facility with approximately 7.1 millionbarrels of storage capacity at a cost of approximately $539 million. BOSTCO is located on the Houston Ship Channel andbegan initial commercial operations in the fourth quarter of 2013, with completion of the full 7.1 million barrels of storagecapacity and related infrastructure occurring at the end of third quarter of 2014. Frontera is a terminal facility located inBrownsville, Texas that encompasses approximately 1.5 million barrels of light petroleum product storage capacity, as wellas related ancillary facilities.79 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 The following table summarizes our investments in unconsolidated affiliates: Percentage of Carrying value ownership (in thousands) December 31, December 31, 2015 2014 2015 2014 BOSTCO 42.5% 42.5% $223,214 $225,920 Frontera 50% 50% 23,486 23,756 Total investments in unconsolidatedaffiliates $246,700 $249,676 At December 31, 2015 and 2014, our investment in BOSTCO includes approximately $7.4 million and $7.8 million,respectively, of excess investment related to a one time buy-in fee to acquire our 42.5% interest and capitalization of intereston our investment during the construction of BOSTCO. Excess investment is the amount by which our investment exceedsour proportionate share of the book value of the net assets of the BOSTCO entity.Earnings (loss) from investments in unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $9,968 $3,853 $(826) Frontera 1,980 590 505 Total earnings (loss) from investments inunconsolidated affiliates $11,948 $4,443 $(321) Additional capital investments in unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $4,226 $43,635 $108,077 Frontera 500 46 152 Additional capital investments in unconsolidatedaffiliates $4,726 $43,681 $108,229 Cash distributions received from unconsolidated affiliates were as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 BOSTCO $16,900 $7,749 $— Frontera 2,749 2,304 1,467 Cash distributions received from unconsolidatedaffiliates $19,649 $10,053 $1,467 80 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 The summarized financial information of our unconsolidated affiliates was as follows (in thousands):Balance sheets: BOSTCO Frontera December 31, December 31, 2015 2014 2015 2014 Current assets $21,079 $19,400 $4,156 $4,222 Long-term assets 500,982 511,373 44,194 44,528 Current liabilities (15,064) (17,435) (1,376) (1,238) Long-term liabilities — — — — Net assets $506,997 $513,338 $46,974 $47,512 Statements of operations: BOSTCO Frontera Year ended Year ended December 31, December 31, 2015 2014 2013 2015 2014 2013 Revenue $70,710 $49,924 $3,917 $16,083 $13,464 $12,388 Expenses (45,787) (40,185) (5,854) (12,121) (12,284) (11,378) Net earnings (loss) $24,923 $9,739 $(1,937) $3,962 $1,180 $1,010 (9) OTHER ASSETS, NETOther assets, net are as follows (in thousands): December 31, December 31, 2015 2014 Amounts due under long-term terminaling services agreements: External customers $12 $649 Affiliates 567 945 579 1,594 Deferred financing costs, net of accumulated amortization of $3,945and $3,278, respectively 1,721 1,138 Customer relationships, net of accumulated amortization of $1,890and $1,687, respectively 540 743 Deposits and other assets 95 76 $2,935 $3,551 Amounts due under long‑term terminaling services agreements. We have long‑term terminaling servicesagreements with certain of our customers that provide for minimum payments that increase at stated amounts over the termsof the respective agreements. We recognize as revenue the minimum payments under the long‑term terminaling servicesagreements on a straight‑line basis over the term of the respective agreements. At December 31, 2015 and 2014, we haverecognized revenue in excess of the minimum payments that are due through those respective dates under the long‑termterminaling services agreements resulting in an asset of approximately $0.6 million and $1.6 million, respectively.81 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Deferred financing costs. Deferred financing costs are amortized using the effective interest method over the term ofthe related credit facility.Customer relationships. Other assets, net include certain customer relationships at our River terminals. Thesecustomer relationships are being amortized on a straight‑line basis over twelve years. Expected future amortization expensefor the customer relationships as of December 31, 2015 is as follows (in thousands): Years ending December 31, 2016 2017 2018 2019 2020 Thereafter Amortization expense $202 $202 $136 $ — $— $— (10) ACCRUED LIABILITIESAccrued liabilities are as follows (in thousands): December 31, December 31, 2015 2014 Customer advances and deposits: External customers $4,925 $2,756 Affiliates 2,352 — 7,277 2,756 Accrued property taxes 1,019 892 Accrued environmental obligations 1,047 1,524 Interest payable 141 159 Rebate due to affiliate — 1,795 Accrued expenses and other 1,627 2,709 $11,111 $9,835 Customer advances and deposits. We bill certain of our customers one month in advance for terminaling services tobe provided in the following month. At December 31, 2015 and 2014, we have billed and collected from certain of ourcustomers approximately $7.3 million and $2.8 million, respectively, in advance of the terminaling services being provided.Accrued environmental obligations. At December 31, 2015 and 2014, we have accrued environmental obligationsof approximately $1.0 million and $1.5 million, respectively, representing our best estimate of our remediation obligations.Changes in our estimates of our future environmental remediation obligations may occur as a result of the passage of timeand the occurrence of future events.The following table presents a rollforward of our accrued environmental obligations (in thousands): Balance at Increase Balance at beginning (decrease) end of of period Payments in estimate period 2015 $1,524 $(513) $36 $1,047 2014 $1,966 $(560) $118 $1,524 2013 $3,116 $(1,250) $100 $1,966 82 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Rebate due to affiliate. Pursuant to our terminaling services agreement related to the Southeast terminals, we agreedto rebate to NGL 50% of the proceeds we receive annually in excess of $4.2 million from the sale of product gains at ourSoutheast terminals that NGL has contracted. At December 31, 2015 and 2014, we have accrued a liability due to affiliate ofapproximately $nil and $1.8 million, respectively. In January 2015, we paid approximately $1.8 million to NGL for therebate due for the year ended December 31, 2014.(11) OTHER LIABILITIESOther liabilities are as follows (in thousands): December 31, December 31, 2015 2014 Advance payments received under long-term terminaling servicesagreements $580 $451 Deferred revenue—ethanol blending fees and other projects 2,151 3,419 $2,731 $3,870 Advance payments received under long‑term terminaling services agreements. We have long‑term terminalingservices agreements with certain of our customers that provide for advance minimum payments. We recognize the advanceminimum payments as revenue either on a straight‑line basis over the term of the respective agreements or when serviceshave been provided based on volumes of product distributed. At December 31, 2015 and 2014, we have received advanceminimum payments in excess of revenue recognized under these long‑term terminaling services agreements resulting in aliability of approximately $0.6 million and $0.5 million, respectively. Deferred revenue—ethanol blending fees and other projects. Pursuant to agreements with affiliates and others, weagreed to undertake certain capital projects that primarily pertain to providing ethanol blending functionality at certain ofour Southeast terminals. Upon completion of the projects, affiliates and others have paid us lump‑sum amounts that will berecognized as revenue on a straight‑line basis over the remaining term of the agreements. At December 31, 2015 and 2014,we have unamortized deferred revenue of approximately $2.2 million and $3.4 million, respectively, for completed projects.During the years ended December 31, 2015, 2014 and 2013, we billed affiliates and others approximately $nil, $0.1 million and $nil, respectively, for completed projects. During the years ended December 31, 2015, 2014 and 2013, werecognized revenue on a straight‑line basis of approximately $1.3 million, $2.4 million and $3.7 million, respectively, forcompleted projects.(12) LONG‑TERM DEBTOn March 9, 2011, we entered into an amended and restated senior secured credit facility, or “credit facility”, whichhas been subsequently amended from time to time. At December 31, 2015, the credit facility provides for a maximumborrowing line of credit equal to the lesser of (i) $400 million and (ii) 4.75 times Consolidated EBITDA (as defined: $425.7million at December 31, 2015). At our request, the maximum borrowing line of credit may be increased by an additional$100 million, subject to the approval of the administrative agent and the receipt of additional commitments from one or morelenders. The terms of the credit facility include covenants that restrict our ability to make cash distributions, acquisitions andinvestments, including investments in joint ventures. We may make distributions of cash to the extent of our “availablecash” as defined in our partnership agreement. We may make acquisitions and investments that meet the definition of“permitted acquisitions”; “other investments” which may not exceed 5% of “consolidated net tangible assets”; andadditional future “permitted JV investments” up to $125 million, which may include additional investments in BOSTCO.The principal balance of loans and any accrued and unpaid interest are due and payable in full on the maturity date, July 31,2018.83 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 We may elect to have loans under the credit facility bear interest either (i) at a rate of LIBOR plus a margin rangingfrom 2% to 3% depending on the total leverage ratio then in effect, or (ii) at the base rate plus a margin ranging from 1% to2% depending on the total leverage ratio then in effect. We also pay a commitment fee on the unused amount ofcommitments, ranging from 0.375% to 0.5% per annum, depending on the total leverage ratio then in effect. Our obligationsunder the credit facility are secured by a first priority security interest in favor of the lenders in the majority of our assets,including our investments in unconsolidated affiliates. For the years ended December 31, 2015, 2014 and 2013, the weightedaverage interest rate on borrowings under the credit facility was approximately 2.7%, 2.6% and 2.5%, respectively. AtDecember 31, 2015 and December 31, 2014, our outstanding borrowings under the credit facility were $248.0 million and$252.0 million, respectively. At December 31, 2015 and December 31, 2014, our outstanding letters of credit were $nil atboth dates.The credit facility also contains customary representations and warranties (including those relating to organizationand authorization, compliance with laws, absence of defaults, material agreements and litigation) and customary events ofdefault (including those relating to monetary defaults, covenant defaults, cross defaults and bankruptcy events). The primaryfinancial covenants contained in the credit facility are (i) a total leverage ratio test (not to exceed 4.75 times), (ii) a seniorsecured leverage ratio test (not to exceed 3.75 times) in the event we issue senior unsecured notes, and (iii) a minimuminterest coverage ratio test (not less than 3.0 times). If we were to fail any financial performance covenant, or any othercovenant contained in the credit facility, we would seek a waiver from our lenders under such facility. If we were unable toobtain a waiver from our lenders and the default remained uncured after any applicable grace period, we would be in breachof the credit facility, and the lenders would be entitled to declare all outstanding borrowings immediately due and payable.We were in compliance with all of the financial covenants under the credit facility as of December 31, 2015.We have an effective universal shelf‑registration statement and prospectus on Form S‑3 with the Securities andExchange Commission that expires in June 2016. TLP Finance Corp., our 100% owned subsidiary, may act as a co‑issuer ofany debt securities issued pursuant to that registration statement. TransMontaigne Partners L.P. has no independent assets oroperations. TLP Finance Corp. has no assets or operations. Our operations are conducted by subsidiaries of TransMontaignePartners L.P. through our 100% owned operating company subsidiary, TransMontaigne Operating Company L.P. Each ofTransMontaigne Operating Company L.P.s’ and our other 100% owned subsidiaries (other than TLP Finance Corp., whosesole purpose is to act as co‑issuer of any debt securities) may guarantee the debt securities. We expect that any guaranteeswill be full and unconditional and joint and several, subject to certain automatic customary releases, including sale,disposition, or transfer of the capital stock or substantially all of the assets of a subsidiary guarantor, exercise of legaldefeasance option or covenant defeasance option, and designation of a subsidiary guarantor as unrestricted in accordancewith the indenture. There are no significant restrictions on the ability of TransMontaigne Partners L.P. or any guarantor toobtain funds from its subsidiaries by dividend or loan. None of the assets of TransMontaigne Partners L.P. or a guarantorrepresent restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.84 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (13) PARTNERS’ EQUITYThe number of units outstanding is as follows: General Common partner units equivalent units Units outstanding at January 1, 2013 14,457,066 295,042 Public offering of common units 1,667,500 — TransMontaigne GP to maintain its 2% general partner interest — 34,031 Units outstanding at December 31, 2013, 2014 and 2015 16,124,566 329,073 At December 31, 2015 and 2014, common units outstanding include 8,018 and 7,600 common units, respectively,held on behalf of TransMontaigne Services LLC’s long‑term incentive plan. On July 24, 2013, we issued, pursuant to an underwritten public offering, 1,450,000 common units representing limitedpartner interests at a public offering price of $43.32 per common unit. On July 30, 2013, the underwriters of our secondaryoffering exercised in full their over‑allotment option to purchase an additional 217,500 common units representing limitedpartnership interests at a price of $43.32 per common unit. The net proceeds from the offering were approximately$68.8 million, after deducting underwriting discounts, commissions, and offering expenses. Additionally,TransMontaigne GP, our general partner, made a cash contribution of approximately $1.5 million to us to maintain its 2%general partner interest.(14) EQUITY BASED COMPENSATIONTransMontaigne GP is our general partner and manages our operations and activities. Prior to February 1, 2016TransMontaigne GP was a wholly owned subsidiary of TransMontaigne LLC, which is a wholly owned subsidiary of NGL.TransMontaigne Services LLC, which is a wholly owned subsidiary of TransMontaigne LLC, has a long‑term incentive planand a savings and retention plan to compensate through incentive bonus awards certain employees and independentdirectors of our general partner who provide services with respect to the business of our general partner. For any incentivebonus awards subsequent to February 1, 2016, we anticipate that TLP Management Services LLC, a wholly owned subsidiaryof ArcLight, the new owner of our general partner, will adopt similar bonus award programs for employees and independentdirectors who provide services with respect to our business.Long-term incentive plan. The long‑term incentive plan was administered by the compensation committee of theboard of directors of our general partner and was primarily used for grants of restricted phantom units to the independentdirectors of our general partner. The grants to the independent directors of our general partner generally vest and are payableannually in equal tranches over a four-year period, subject to accelerated vesting upon a change in control ofTransMontaigne GP. Ownership in the awards is subject to forfeiture until the vesting date, but recipients have distributionand voting rights from the date of the grant.TransMontaigne GP had historically acquired outstanding common units on the open market under a purchaseprogram for purposes of delivering vested units to the independent directors of our general partner. The purchase programconcluded with its final purchase of 667 units on the program’s scheduled termination date of April 1, 2015. Future grants ofrestricted phantom units under the TLP Management Services LLC long‑term incentive plan are expected to be settled by usthrough the issuance of common units pursuant to a Form S-8 Registration Statement. TransMontaigne GP, on behalf of thelong‑term incentive plan, has purchased 2,668, 8,004 and 7,728 common units pursuant to the program during the yearsended December 31, 2015, 2014 and 2013, respectively. In addition to the foregoing purchases, upon the vesting of 10,000restricted phantom units on August 10, 2013, we purchased 5,341 85 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 common units, from TransMontaigne Services LLC for the purpose of delivering these units, net of taxes withheld, to theformer Chief Executive Officer (“CEO”) of our general partner.Activity under the long-term incentive plan is as follows: Restricted NYSE phantom closing units price Restricted phantom units outstanding at January 1, 2013 24,000 Grant on March 31, 2013 6,000 $50.74 Vesting on March 31, 2013 (5,500) $50.74 Vesting on August 10, 2013 (10,000) $41.38 Restricted phantom units outstanding at December 31, 2013 14,500 Grant on March 31, 2014 6,000 $43.08 Vesting on March 31, 2014 (5,500) $43.08 Vesting on July 1, 2014 (15,000) $43.80 Grant on September 30, 2014 9,000 $41.24 Restricted phantom units outstanding at December 31, 2014 9,000 Vesting on September 30, 2015 (2,250) $27.20 Grant on October 14, 2015 9,000 $31.11 Restricted phantom units outstanding at December 31, 2015 15,750 Generally accepted accounting principles require us to measure the cost of board member services received inexchange for an award of equity instruments based on the grant‑date fair value of the award. That cost is recognized over thevesting period on a straight line basis during which a board member is required to provide services in exchange for theaward. For awards to the independent directors of our general partner, equity‑based compensation expense of approximately$108,000, $721,000 and $337,000 is included in direct general and administrative expenses for the years ended December31, 2015, 2014 and 2013, respectively.We typically recognize the equity‑based compensation expense associated with annual grants on a straight-linebasis over their respective four year vesting periods. However, pursuant to the terms of the long‑term incentive plan, alloutstanding grants of restricted phantom units vest upon a change in control of TransMontaigne GP. Accordingly, as a resultof Morgan Stanley’s sale of its 100% ownership interest in TransMontaigne LLC to NGL, effective July 1, 2014 all 15,000 ofthe then outstanding restricted phantom units vested, and equivalent common units were delivered to the independentdirectors of our general partner at that time. As of July 1, 2014, we recognized in direct general and administrative expensesthe remaining grant date fair value pertaining to these 15,000 restricted phantom units, of approximately $0.6 million, asequity‑based compensation because the requisite service period for these restricted phantom units had been completed uponthe change in control.Savings and retention plan. Under the omnibus agreement we agreed to reimburse TransMontaigne LLC for aportion of the incentive bonus awards made by TransMontaigne Services LLC under the TransMontaigne Services LLCsavings and retention plan to key employees that provide corporate and support services to us, provided the compensationcommittee of our general partner determines that an adequate portion of the incentive bonus awards are indexed to theperformance of our common units in the form of restricted phantom units. In accordance with the omnibus agreement, thevalue of our incentive bonus award reimbursement for a single grant year may be no less than $1.5 million. Ownership in therestricted phantom units under the savings and retention plan is subject to forfeiture until the vesting date, but recipientshave distribution equivalent rights from the date of grant that accrue additional restricted phantom units equivalent to thevalue of quarterly distributions paid by us on each of our outstanding common units. Recipients of restricted phantom unitsunder the savings and retention plan do not have voting rights.86 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 The purpose of the savings and retention plan is to provide for the reward and retention of participants by providingthem with bonus awards that vest over future service periods. Awards under the plan generally become vested as to 50% of aparticipant’s annual award as of the January 1 that falls closest to the second anniversary of the grant date, and the remaining50% as of the January 1 that falls closest to the third anniversary of the grant date, subject to earlier vesting upon aparticipant’s age and length of service thresholds, retirement, death or disability, involuntary termination without cause, ortermination of a participant’s employment following a change in control of NGL, or TransMontaigne LLC, or their affiliates,as specified in the plan. Awards are payable as to 50% of a participant’s annual award in the month containing the secondanniversary of the grant date, and the remaining 50% in the month containing the third anniversary of the grant date, subjectto earlier vesting and payment, as applicable, upon the participant’s attainment of retirement, death or disability, involuntarytermination without cause, or a participant’s termination of employment following a change in control of NGL, orTransMontaigne LLC, or their affiliates, as specified in the plan. Pursuant to the provisions of the plan, once participantsreach the age and length of service thresholds set forth below, awards become vested and are payable as set forth above. Aperson will satisfy the age and length of service thresholds of the plan upon the attainment of the earliest of (a) age sixty,(b) age fifty five and ten years of service as an officer of TransMontaigne LLC or any of its affiliates, or (c) age fifty andtwenty years of service as an employee of TransMontaigne LLC or any of its affiliates.Effective April 13, 2015 and beginning with the 2015 incentive bonus award, under the omnibus agreement wehave the option to provide the reimbursement in either a cash payment to TransMontaigne LLC or the delivery of ourcommon units to TransMontaigne LLC or to the award recipients, with the reimbursement made in accordance with theunderlying vesting and payment schedule of the TransMontaigne Services LLC savings and retention plan. Ourreimbursement for the 2015 incentive bonus award is reduced for forfeitures and is increased for the value of quarterlydistributions accrued under the distribution equivalent rights. We have the intent and ability to settle our reimbursement forthe 2015 incentive bonus award in our common units, and accordingly, effective April 13, 2015, we began accounting for the2015 incentive bonus award as an equity award. Prior to the 2015 incentive bonus award, we reimbursed our portion of theincentive bonus awards through monthly cash payments to TransMontaigne LLC over the first year that each applicableaward was granted.Given that we do not have any employees to provide corporate and support services and instead we contract for suchservices under our omnibus agreement, generally accepted accounting principles require us to classify the 2015 incentivebonus award as a non-employee award and measure the cost of services received in exchange for an award of equityinstruments based on the vesting‑date fair value of the award. That cost, or an estimate of that cost in the case of unvestedrestricted phantom units, is recognized over the period during which services are provided in exchange for the award. For theyears ended December 31, 2015, 2014 and 2013, the expenses associated with the reimbursement of incentive bonus awardswere approximately $1.3 million, $1.5 million and $1.3 million respectively. NYSE closing Vested Unvested price Restricted phantom units outstanding at December 31, 2014 — — Grant on April 13, 2015 28,399 29,644 $34.02 Unit accrual for distributions paid on May 7, 2015 540 564 $34.95 Unit accrual for distributions paid on August 7, 2015 606 633 $31.74 Forfeitures — (892) Unit accrual for distributions paid on November 6, 2015 658 667 $29.85 Restricted phantom units outstanding at December 31, 2015 30,203 30,616 87 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (15) NET EARNINGS PER LIMITED PARTNER UNITThe following table reconciles net earnings to earnings allocable to limited partners and sets forth the computationof basic and diluted net earnings per limited partner unit (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Net earnings $41,689 $32,463 $34,726 Less: Distributions payable on behalf of incentive distribution rights (6,808) (6,650) (5,341) Distributions payable on behalf of general partner interest (877) (874) (809) Earnings allocable to general partner interest less than distributionspayable to general partner interest 179 357 221 Earnings allocable to general partner interest including incentivedistribution rights (7,506) (7,167) (5,929) Net earnings allocable to limited partners per the consolidated statements ofcomprehensive income $34,183 $25,296 $28,797 Less distributions payable for unvested long-term incentive plan grants (27) (32) (38) Net earnings allocable to limited partners for calculating net earnings perlimited partner unit $34,156 $25,264 $28,759 Basic weighted average units 16,137 16,114 15,171 Diluted weighted average units 16,146 16,114 15,171 Net earnings per limited partner unit—basic $2.12 $1.57 $1.90 Net earnings per limited partner unit—diluted $2.12 $1.57 $1.90 Pursuant to our partnership agreement we are required to distribute available cash (as defined by our partnershipagreement) as of the end of the reporting period. Such distributions are declared within 45 days after period end. Thefollowing table sets forth the distribution declared per common unit attributable to the periods indicated: Distribution January 1, 2013 through March 31, 2013 $0.640 April 1, 2013 through June 30, 2013 $0.650 July 1, 2013 through September 30, 2013 $0.650 October 1, 2013 through December 31, 2013 $0.650 January 1, 2014 through March 31, 2014 $0.660 April 1, 2014 through June 30, 2014 $0.665 July 1, 2014 through September 30, 2014 $0.665 October 1, 2014 through December 31, 2014 $0.665 January 1, 2015 through March 31, 2015 $0.665 April 1, 2015 through June 30, 2015 $0.665 July 1, 2015 through September 30, 2015 $0.665 October 1, 2015 through December 31, 2015 $0.670 88 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (16) COMMITMENTS AND CONTINGENCIESContract commitments. At December 31, 2015, we have contractual commitments of approximately $11.1 millionfor the supply of services, labor and materials related to capital projects that currently are under development. We expect thatthese contractual commitments will be paid during the year ending December 31, 2016.Operating leases. We lease property and equipment under non‑cancelable operating leases that extend throughAugust 2030. At December 31, 2015, future minimum lease payments under these non‑cancelable operating leases are asfollows (in thousands): Years ending December 31: 2016 $3,935 2017 3,076 2018 685 2019 671 2020 564 Thereafter 4,120 $13,051 Included in the above non‑cancelable operating lease commitments are amounts for property rentals that we havesublet under non‑cancelable sublease agreements, for which we expect to receive minimum rentals of approximately$0.5 million in future periods.Rental expense under operating leases was approximately $3.5 million, $3.5 million and $3.4 million for the yearsended December 31, 2015, 2014 and 2013, respectively.Legal proceedings. The King Ranch natural-gas-processing plant in Kleberg County, Texas owned and operatedby a third party, was shut down as a result of a fire at the plant beginning in November 2013. This plant supplies a significantamount of liquefied petroleum gas, or “LPG,” to our third-party customer, Nieto Trading, B.V. (“Nieto”), which transportsLPG through our Ella Brownsville and Diamondback pipelines, and has contracted for the LPG storage capacity at ourBrownsville terminals. The King Ranch plant became operational again in late November 2014. Nieto claimed that the fire atthe King Ranch plant constituted a force majeure event that relieved Nieto of its obligation to pay certain fees required underthe related terminaling services agreement for failure to throughput a minimum number of barrels of LPG (“deficiency fees”).We did not believe that the King Ranch fire qualified as a force majeure event under the terminaling services agreement, orthat, even if it did, it relieved Nieto of its obligation to pay the deficiency fees. In September, 2014, we filed a complaint fordamages and declaratory relief in the Supreme Court of the State of New York, County of New York, against Nieto, by whichwe sought damages and a declaratory judgment clarifying our rights to receive the deficiency fees under the terminalingservices agreement. In February 2016 we entered into a settlement agreement and mutual release with Nieto that included a one-timesettlement payment to us and an increase in the throughput fee under the terminaling services agreement for the remainingterm. In connection therewith, the litigation was dismissed with prejudice.(17) DISCLOSURES ABOUT FAIR VALUE“GAAP” defines fair value, establishes a framework for measuring fair value and expands disclosures about fairvalue measurements. Generally accepted accounting principles also establishes a fair value hierarchy that prioritizes the useof higher‑level inputs for valuation techniques used to measure fair value. The three levels of the fair value hierarchy are:(1) Level 1 inputs, which are quoted prices (unadjusted) in active markets for identical assets or liabilities;89 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 (2) Level 2 inputs, which are inputs other than quoted prices included within Level 1 that are observable for the asset orliability, either directly or indirectly; and (3) Level 3 inputs, which are unobservable inputs for the asset or liability.The fair values of the following financial instruments represent our best estimate of the amounts that would bereceived to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between marketparticipants at that date. Our fair value measurements maximize the use of observable inputs. However, in situations wherethere is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects ourjudgments about the assumptions that market participants would use in pricing the asset or liability based on the bestinformation available in the circumstances. The following methods and assumptions were used to estimate the fair value offinancial instruments at December 31, 2015 and 2014.Cash and cash equivalents. The carrying amount approximates fair value because of the short‑term maturity ofthese instruments. The fair value is categorized in Level 1 of the fair value hierarchy.Derivative instruments. The carrying amount of our interest rate swaps as of December 31, 2015 was determinedusing a pricing model based on the LIBOR swap rate and other observable market data. The fair value is categorized inLevel 2 of the fair value hierarchy. We did not have an interest rate swap as of December 31, 2014.Debt. The carrying amount of our credit facility debt approximates fair value since borrowings under the facilitybear interest at current market interest rates. The fair value is categorized in Level 2 of the fair value hierarchy.(18) BUSINESS SEGMENTSWe provide integrated terminaling, storage, transportation and related services to companies engaged in the trading,distribution and marketing of refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Our chiefoperating decision maker is our general partner’s chief executive officer. Our general partner’s chief executive officer reviewsthe financial performance of our business segments using disaggregated financial information about “net margins” forpurposes of making operating decisions and assessing financial performance. “Net margins” is composed of revenue lessdirect operating costs and expenses. Accordingly, we present “net margins” for each of our business segments: (i) Gulf Coastterminals, (ii) Midwest terminals and pipeline system, (iii) Brownsville terminals, (iv) River terminals and (v) Southeastterminals.90 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 The financial performance of our business segments is as follows (in thousands): Year ended Year ended Year ended December 31, December 31, December 31, 2015 2014 2013 Gulf Coast Terminals: Terminaling services fees $42,049 $43,777 $47,143 Other 11,659 11,432 9,154 Revenue 53,708 55,209 56,297 Direct operating costs and expenses (19,147) (19,426) (20,531) Net margins 34,561 35,783 35,766 Midwest Terminals and Pipeline System: Terminaling services fees 8,330 8,164 7,926 Pipeline transportation fees 1,694 1,569 1,361 Other 1,398 2,080 2,274 Revenue 11,422 11,813 11,561 Direct operating costs and expenses (3,000) (3,134) (2,912) Net margins 8,422 8,679 8,649 Brownsville Terminals: Terminaling services fees 8,037 6,280 7,412 Pipeline transportation fees 4,919 1,745 6,239 Other 12,747 13,414 11,249 Revenue 25,703 21,439 24,900 Direct operating costs and expenses (12,152) (14,253) (15,975) Net margins 13,551 7,186 8,925 River Terminals: Terminaling services fees 9,316 8,566 10,093 Other 878 742 862 Revenue 10,194 9,308 10,955 Direct operating costs and expenses (7,126) (7,976) (7,866) Net margins 3,068 1,332 3,089 Southeast Terminals: Terminaling services fees 46,503 45,070 46,011 Other 4,980 7,223 9,162 Revenue 51,483 52,293 55,173 Direct operating costs and expenses (22,608) (21,394) (22,106) Net margins 28,875 30,899 33,067 Total net margins 88,477 83,879 89,496 Direct general and administrative expenses (3,573) (3,535) (3,911) Allocated general and administrative expenses (11,284) (11,127) (10,963) Allocated insurance expense (3,756) (3,711) (3,763) Reimbursement of bonus awards expense (1,303) (1,500) (1,250) Depreciation and amortization (30,650) (29,522) (29,568) Loss on disposition of assets — — (1,294) Earnings from unconsolidated affiliates 11,948 4,443 (321) Operating income 49,859 38,927 38,426 Other expenses (8,170) (6,464) (3,700) Net earnings $41,689 $32,463 $34,726 91 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Supplemental information about our business segments is summarized below (in thousands): Year ended December 31, 2015 Midwest Terminals and Gulf Coast Pipeline Brownsville River Southeast Terminals System Terminals Terminals Terminals Total Revenue: External customers $48,430 $11,422 $21,277 $9,765 $18,663 $109,557 NGL Energy Partners LP 5,278 — 10 429 32,820 38,537 Frontera — — 4,416 — — 4,416 Revenue $53,708 $11,422 $25,703 $10,194 $51,483 $152,510 Capital expenditures $9,236 $1,129 $3,753 $4,888 $10,421 $29,427 Identifiable assets $120,590 $22,990 $45,287 $54,213 $163,987 $407,067 Cash and cash equivalents 681 Investments in unconsolidatedaffiliates 246,700 Deferred financing costs 1,721 Other 518 Total assets $656,687 Year ended December 31, 2014 Midwest Terminals and Gulf Coast Pipeline Brownsville River Southeast Terminals System Terminals Terminals Terminals Total Revenue: External customers $30,695 $8,827 $17,397 $8,408 $10,582 $75,909 NGL Energy Partners LP 7,032 — 7 231 16,253 23,523 Morgan Stanley Capital Group 17,472 2,986 — 669 25,248 46,375 Frontera — — 4,035 — — 4,035 TransMontaigne LLC 10 — — — 210 220 Revenue $55,209 $11,813 $21,439 $9,308 $52,293 $150,062 Capital expenditures $1,893 $484 $1,387 $1,433 $1,824 $7,021 Identifiable assets $122,366 $23,702 $45,742 $54,042 $163,722 $409,574 Cash and cash equivalents 3,304 Investments in unconsolidatedaffiliates 249,676 Deferred financing costs 1,138 Other 365 Total assets $664,057 92 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Year ended December 31, 2013 Midwest Terminals and Gulf Coast Pipeline Brownsville River Southeast Terminals System Terminals Terminals Terminals Total Revenue: External customers $17,107 $1,865 $21,168 $10,161 $3,744 $54,045 Morgan Stanley Capital Group 37,343 9,696 — 770 51,274 99,083 Frontera — — 3,732 — — 3,732 TransMontaigne LLC 1,847 — — 24 155 2,026 Revenue $56,297 $11,561 $24,900 $10,955 $55,173 $158,886 Capital expenditures $2,109 $1,548 $1,529 $1,369 $7,283 $13,838 (19) FINANCIAL RESULTS BY QUARTER (UNAUDITED) Three months ended Year ended March 31, June 30, September 30, December 31, December 31, 2015 2015 2015 2015 2015 (in thousands except per unit amounts) Revenue $37,897 $37,034 $37,269 $40,310 $152,510 Direct operating costs and expenses (14,954) (15,872) (16,655) (16,552) (64,033) Direct general and administrative expenses (1,021) (672) (1,117) (763) (3,573) Allocated general and administrative expenses (2,803) (2,802) (2,835) (2,844) (11,284) Allocated insurance expense (934) (934) (944) (944) (3,756) Reimbursement of bonus awards (525) (539) (121) (118) (1,303) Depreciation and amortization (7,337) (7,476) (7,711) (8,126) (30,650) Earnings from unconsolidated affiliates 2,056 5,517 2,191 2,184 11,948 Operating income 12,379 14,256 10,077 13,147 49,859 Other expenses (2,257) (2,068) (2,365) (1,480) (8,170) Net earnings $10,122 $12,188 $7,712 $11,667 $41,689 Net earnings per limited partner unit—basic anddiluted $0.51 $0.64 $0.37 $0.60 $2.12 93 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Three months ended Year ended March 31, June 30, September 30, December 31, December 31, 2014 2014 2014 2014 2014 (in thousands except per unit amounts) 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 (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 Net earnings per limited partner unit—basic anddiluted $0.46 $0.56 $0.29 $0.26 $1.57 (20) SUBSEQUENT EVENTSOn January 19, 2016, we announced a distribution of $0.67 per unit for the period from October 1, 2015 throughDecember 31, 2015, and we paid the distribution on February 8, 2016 to unitholders of record on January 29, 2016. Effective February 1, 2016, NGL consummated the sale of its indirect 100% ownership interest in TransMontaigneGP to ArcLight for $350 million in cash (the “ArcLight acquisition”). TransMontaigne GP is our general partner and holdsa 2% general partner interest and incentive distribution rights. The ArcLight acquisition resulted in a change in control ofour partnership. The ArcLight acquisition did not involve any of our limited partnership units held by the public, and ourlimited partnership units continue to trade on the New York Stock Exchange.Upon the closing of the ArcLight acquisition, Atanas H. Atanasov, Benjamin Borgen, Brian Cannon and Donald M.Jensen, each employees of NGL, resigned from the board of directors of our general partner. To fill the vacancies resultingfrom the resignation of the NGL directors, Daniel R. Revers, Kevin M. Crosby and Lucius H. Taylor, each employees ofArcLight were appointed to the board of directors of our general partner effective February 1, 2016. On February 22, 2016,Theodore D. Burke, an employee of ArcLight, was appointed to the board of directors of our general partner. In connection with the ArcLight acquisition, our Southeast terminaling services agreement with NGL was amendedto extend the term of the agreement through July 31, 2040 at the prevailing contract rate terms contained within theagreement. Subsequent to January 31, 2023, NGL has the ability to terminate the agreement at any time upon at least 24months’ prior notice of its intent to terminate the agreement. In addition, we also amended and restated our omnibusagreement to assign it from TransMontaigne LLC to ArcLight and to remove certain legacy provisions that were no longerapplicable to us. Under the omnibus agreement, we pay ArcLight (and prior to the ArcLight acquisition, we paidTransMontaigne LLC, a wholly owned subsidiary of NGL) an administrative fee for the provision of certain management,legal, accounting, tax, corporate staff, engineering and other support services. The omnibus agreement will continue in effectuntil the earlier to occur of (i) ArcLight ceasing to control our general partner or (ii) the election of us or ArcLight followingat least 24 months’ prior written notice to the other party of the intent to terminate the agreement. The amended omnibusagreement did not change the financial terms, substantive rights or obligations of the parties.94 Table of Contents Notes to Consolidated Financial Statements (Continued)Years ended December 31, 2015, 2014 and 2013 Effective January 28, 2016, we acquired from TransMontaigne LLC its Port Everglades, Florida hydrant system for acash payment of $12 million. The hydrant system encompasses a system of pipelines that connect the Port’s ship berths toour Port Everglades North terminal. It is the only pipeline system in Port Everglades for fueling cruise ships, and it iscurrently under contract with one of our existing terminal customers for approximately three more years. 95 Table of ContentsITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURENone. ITEM 9A. CONTROLS AND PROCEDURESWe maintain disclosure controls and procedures that are designed to ensure that information required to bedisclosed by us in the reports that we file or submit to the Securities and Exchange Commission under the SecuritiesExchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified by theCommission’s rules and forms, and that information is accumulated and communicated to the management of our generalpartner, including our general partner’s principal executive and principal financial officer (whom we refer to as the CertifyingOfficers), as appropriate to allow timely decisions regarding required disclosure. The management of our general partnerevaluated, with the participation of the Certifying Officers, the effectiveness of our disclosure controls and procedures as ofDecember 31, 2015, pursuant to Rule 13a‑15(b) under the Exchange Act. Based upon that evaluation, the Certifying Officersconcluded that, as of December 31, 2015, our disclosure controls and procedures were effective at the reasonable assurancelevel. In addition, our Certifying Officers concluded that there were no changes in our internal control over financialreporting that occurred during the fiscal quarter ended December 31, 2015 that have materially affected, or are reasonablylikely to materially affect, our internal control over financial reporting.Management’s Report on Internal Control Over Financial ReportingThe management of our general partner is responsible for establishing and maintaining adequate internal controlover financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles.Internal control over financial reporting cannot provide absolute assurance of achieving financial reportingobjectives because of its inherent limitations. Internal control over financial reporting is a process that involves humandiligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internalcontrol over financial reporting also can be circumvented by collusion or improper management override. Because of suchlimitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal controlover financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore,it is possible to design into the process safeguards to reduce, though not eliminate, this risk.The management of our general partner has used the framework set forth in the report entitled “Internal Control—Integrated Framework (2013)” published by the Committee of Sponsoring Organizations of the Treadway Commission(“COSO”) to evaluate the effectiveness of our internal control over financial reporting. Based on that evaluation, themanagement of our general partner has concluded that our internal control over financial reporting was effective as ofDecember 31, 2015. The effectiveness of our internal control over financial reporting as of December 31, 2015 has beenaudited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appearsherein.March 10, 201696 Table of Contents Report of Independent Registered Public Accounting FirmTo the Board of Directors of TransMontaigne GP L.L.C. andThe Unitholders of TransMontaigne Partners L.P.Denver, ColoradoWe have audited the internal control over financial reporting of TransMontaigne Partners L.P. and subsidiaries (the“Partnership”) as of December 31, 2015, based on criteria established in Internal Control—Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Partnership’s management isresponsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness ofinternal control over financial reporting, included in the accompanying Management’s Report on Internal Control OverFinancial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reportingbased on our audit.We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whethereffective internal control over financial reporting was maintained in all material respects. Our audit included obtaining anunderstanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing andevaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such otherprocedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for ouropinion.A company’s internal control over financial reporting is a process designed by, or under the supervision of, thecompany’s principal executive and principal financial officers, or persons performing similar functions, and effected by thecompany’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance with generally acceptedaccounting principles. A company’s internal control over financial reporting includes those policies and procedures that(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts andexpenditures of the company are being made only in accordance with authorizations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, ordisposition of the company’s assets that could have a material effect on the financial statements.Because of the inherent limitations of internal control over financial reporting, including the possibility ofcollusion or improper management override of controls, material misstatements due to error or fraud may not be prevented ordetected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financialreporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions,or that the degree of compliance with the policies or procedures may deteriorate.In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reportingas of December 31, 2015, based on the criteria established in Internal Control—Integrated Framework (2013) issued by theCommittee of Sponsoring Organizations of the Treadway Commission.We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board(United States), the consolidated financial statements as of and for the year ended December 31, 2015 of the Partnership andour report dated March 10, 2016 expressed an unqualified opinion on those financial statements./s/ DELOITTE & TOUCHE LLPDenver, ColoradoMarch 10, 201697 Table of Contents ITEM 9B. OTHER INFORMATIONNo information was required to be disclosed in a report on Form 8‑K, but not so reported, for the quarter endedDecember 31, 2015. Part III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS OF OUR GENERAL PARTNER AND CORPORATEGOVERNANCEManagement of TransMontaigne PartnersTransMontaigne GP L.L.C. is our general partner and manages our operations and activities. Effective as of theFebruary 1, 2016 ArcLight acquisition, TransMontaigne GP L.L.C. became a wholly owned subsidiary of Gulf TLP Holdings,LLC, which is a wholly owned subsidiary of ArcLight. TransMontaigne Partners has no officers or employees and all of ourmanagement and operational activities were provided during 2015, and are still provided for a transition period, byemployees of NGL Energy Operating. In connection with the ArcLight acquisition, NGL and ArcLight entered into atransition services agreement whereby NGL Energy Operating continues to serve as the entity that employs the officers andemployees that provide services to our partnership and NGL Energy Operating provides payroll and benefits services relatedthereto for so long as necessary. It is anticipated that in 2016 all employees who provide services to our partnership willbecome employees of TLP Management Services LLC, which entity will establish and maintain all employee benefitsprograms on behalf of our partnership. TLP Management Services LLC is a newly formed, wholly owned subsidiary of GulfTLP Holdings. Certain amounts paid by us to Gulf TLP Holdings under the omnibus agreement will in turn be paid by GulfTLP Holdings to NGL Energy Operating.Our general partner is not elected by our unitholders and is not subject to re‑election on a regular basis in the future.Unitholders are not entitled to elect directors to the board of directors of our general partner or directly or indirectlyparticipate in our management or operation. Under the Corporate Governance Guidelines adopted by the board of directors ofour general partner, the board assesses, on an annual basis, the skills and characteristics that candidates for election to theboard of directors should possess, as well as the composition of the board of directors as a whole. This assessment includesthe qualifications under applicable independence standards and other standards applicable to the board of directors and itscommittees, as well as consideration of skills and experience in the context of the needs of the board of directors as a whole.Our general partner has no formal policy regarding the diversity of board members, but seeks to ensure that its board ofdirectors collectively have the personal qualities to be able to make an active contribution to the board of directors’deliberations, which qualities may include relevant industry experience, financial management, reporting and controlexpertise and executive and operational management experience.Board of Directors and OfficersThe board of directors of our general partner oversees our operations. As part of its oversight function, the board ofdirectors monitors how management operates the partnership, in part via its committee structure. When granting authority tomanagement, approving strategies and receiving management reports, the board of directors considers, among other things,the risks and vulnerabilities we face. The audit committee of the board of directors considers risk issues associated with ouroverall accounting, financial reporting and disclosure process. Except for executive sessions held with unaffiliated directors,all members of the board of directors are invited to and generally attend the meetings of the audit committee. The conflictscommittee of our general partner reviews specific matters that the board believes may involve conflicts of interests.As of the date of this report, there are seven members of the board of directors of our general partner, three of whom,Messrs. Blank, Burk and Ross, are independent as defined under the independence standards established by the New YorkStock Exchange (the “NYSE”). The NYSE does not require a publicly traded limited partnership listed on the exchange, likeTransMontaigne Partners, to have a majority of independent directors on the board of directors of its general partner or toestablish a compensation committee or a nominating or governance committee. However, the Governance Guidelines of ourgeneral partner provide that at least three directors will be independent.98 Table of Contents On September 4, 2014, the board of directors of TransMontaigne GP appointed Robert A. Burk to serve as adirector. Mr. Burk serves as a member of the audit and compensation committees, as the chair of the conflicts committee,and as the presiding director over non-management and independent directors. On September 24, 2014, the board of directorsof TransMontaigne GP appointed Steven A. Blank and Lawrence C. Ross to serve as directors. Mr. Blank serves as the chairof the audit committee and as a member of the compensation and conflicts committees. Based upon his education andemployment experience, Mr. Blank qualifies as an “audit committee financial expert” as defined by the Securities andExchange Commission. Mr. Ross serves as the chair of the compensation committee and as a member of the audit andconflicts committees. Messrs. Blank, Burk and Ross each qualify as independent directors under the applicable listingstandards of the NYSE.In connection with the consummation of the ArcLight acquisition, on February 1, 2016, Atanas H. Atanasov,Benjamin Borgen, Brian Cannon and Donald M. Jensen, each employees of NGL, resigned from the board of directors of ourgeneral partner. To fill the vacancies resulting from the resignation of the NGL-affiliated directors, Daniel R. Revers, KevinM. Crosby and Lucius H. Taylor, each employees of ArcLight, were appointed to the board of directors of our general partnereffective February 1, 2016. On February 22, 2016, Theodore D. Burke, an employee of ArcLight, was appointed to the boardof directors of our general partner. The officers of our general partner manage the day‑to‑day affairs of our business. Prior to the ArcLight acquisitionthat closed on February 1, 2016, all of the officers listed below split their time between managing our business and affairs andthe business and affairs of TransMontaigne LLC. Although the omnibus agreement obligated TransMontaigne LLC to causethe officers to devote as much time to the management of our operations as is necessary for the proper conduct of ourbusiness and affairs, the officers of our general partner may have had conflicts regarding the allocation of their time betweenour business and the other business interests of TransMontaigne LLC.Directors and Executive OfficersThe following table shows information for the directors and reporting officers of TransMontaigne GP L.L.C. underSection 16 of the Securities Exchange Act of 1934:Name Age Position Frederick W. Boutin 60 Chief Executive Officer Gregory J. Pound 63 President and Chief Operating Officer Robert T. Fuller 46 Executive Vice President, Chief Financial Officer, Chief Accounting Officerand Treasurer Michael A. Hammell 45 Executive Vice President, General Counsel and Secretary Steven A. Blank 61 Director, Chairman of Audit Committee Robert A. Burk 59 Director, Chairman of Conflicts Committee Theodore D. Burke 55 Director Kevin M. Crosby 43 Director Daniel R. Revers 54 Director Lawrence C. Ross 69 Director, Chairman of Compensation Committee Lucius H. Taylor 41 Director Frederick W. Boutin has served as Chief Executive Officer of our general partner and its subsidiaries sinceNovember of 2014. Prior to then he served as Executive Vice President and Chief Financial Officer beginning in January2008. Mr. Boutin also managed business development and commercial contracting activities from December 2007 to July2010 and from August 2013 to January 2015. Prior to February 1, 2016, Mr. Boutin also served in various other capacities atour general partner and its subsidiaries, and TransMontaigne LLC and its predecessors, since 1995. Prior to his affiliationwith TransMontaigne, Mr. Boutin was a Vice President at Associated Natural Gas Corporation, and its successor Duke EnergyField Services, and a certified public accountant with Peat Marwick. Mr. Boutin holds a B.S. in Electrical Engineering and anM.S. in Accounting from Colorado State University.Gregory J. Pound has served as the President and Chief Operating Officer of our general partner and its subsidiariessince January 2008 and served as its Executive Vice President from May 2007 to December 2007. Prior to99 Table of Contents February 1, 2016, Mr. Pound served as the Executive Vice President—Asset Operations of TransMontaigne LLC sinceFebruary 2002. From October 10, 2014 until February 1, 2016, Mr. Pound served as Executive Vice President, Operations(Refined Products) of NGL.Robert T. Fuller has served as Executive Vice President, Chief Financial Officer, Chief Accounting Officer andTreasurer of our general partner and its subsidiaries since October 20, 2014. Prior to October 20, 2014, Mr. Fuller served asVice President and Chief Accounting Officer of our general partner and its subsidiaries since January 2011 and as itsAssistant Treasurer since February 2012. Prior to his affiliation with TransMontaigne, Mr. Fuller spent 13 years as a certifiedpublic accountant with KPMG LLP. Mr. Fuller has a B.A. in Political Science from Fort Lewis College and a M.A. from theUniversity of Colorado. Mr. Fuller is licensed as a certified public accountant in Colorado and New York.Michael A. Hammell has served as Executive Vice President, General Counsel and Secretary of our general partnerand its subsidiaries since October 2012 and held the same titles with TransMontaigne LLC and its subsidiaries. Mr. Hammellserved as the Senior Vice President, Assistant General Counsel and Secretary of each of our general partner and theTransMontaigne LLC entities from July 2011 to October 2012; as Vice President, Assistant General Counsel and Secretaryfrom January 2011 to July 2011; as Vice President, Assistant General Counsel and Assistant Secretary from November 2007until January 2011 and as Assistant General Counsel from April 2007 to November 2007. Prior to joining TransMontaigne,Mr. Hammell practiced at the law firm of Hogan & Hartson LLP (now Hogan Lovells). Mr. Hammell received a B.S. inBusiness Administration from the University of Colorado at Boulder and a J.D. from Northwestern University School of Law.Steven A. Blank was elected as a director of our general partner on September 24, 2014. Mr. Blank was asked to jointhe board of directors, in part, based on his executive management experience in the energy industry, his financial andaccounting knowledge and because he qualified as an independent director. Mr. Blank served as Executive Vice President,Chief Financial Officer and Treasurer of NuStar GP, LLC and NuStar GP Holdings from February 2012 until December 2013.Mr. Blank served as Senior Vice President and Chief Financial Officer of NuStar GP, LLC from January 2002 untilFebruary 2012. Mr. Blank also served as NuStar GP, LLC’s Treasurer from July 2005 until February 2012. Mr. Blank has alsoserved as Senior Vice President, Chief Financial Officer and Treasurer of NuStar GP Holdings from March 2006 untilDecember 2013. From December 1999 until January 2002, Mr. Blank was Chief Accounting and Financial Officer and adirector of NuStar GP, LLC. Mr. Blank served as Vice President and Treasurer of Ultramar Diamond Shamrock Corporationfrom December 1996 until January 2002. Since February 2015 Mr. Blank has served on the board of directors of DakotaPlains Holdings, Inc. an integrated midstream energy company operating the Pioneer Terminal in Mountrail County, NorthDakota with services that include outbound crude storage, logistics and rail transportation and inbound frac sand logistics.Mr. Blank holds a B.A. in History from the State University of New York and a Master of International Affairs, Specializationin Business from Columbia University. Mr. Blank serves as the chair of the audit committee of our general partner and as amember of the compensation and conflicts committees of our general partner.Robert A. Burk was elected as a director of our general partner on September 4, 2014. Mr. Burk was asked to jointhe board of directors, in part, based on his executive management experience in the energy industry and because hequalified as an independent director. Mr. Burk has served as the President and Managing Member of River DistrictDevelopment Group, LLC, a Tulsa-based commercial and retail developer since 2007, and as President and ManagingMember of South Memorial Development Group, LLC, a Tulsa-based commercial and retail developer, since 2011. Mr. Burkhas served as a director as well as chairman of the audit committee and compliance committee, co-chairman of the ITcommittee, and a member of the executive committee and the compensation committees of the board of directors of PacificCommerce Bank, a Los Angeles, California community bank, since 2011. From 2004 until 2007, Mr. Burk served as VicePresident, Secretary and General Counsel of Energy Transfer Partners, L.P. Prior to joining Energy Transfer Partners, L.P.,Mr. Burk was a partner in the law firm of Doerner, Sanders, Daniel & Anderson, LLP. Mr. Burk holds a B.S. in AnimalScience from Missouri State University and a J.D. from the University of Arkansas. Mr. Burk serves as a member of the auditcommittee and the compensation committee of our general partner, as the chair of the conflicts committee of our generalpartner, and as the presiding director over non-management and independent directors. 100 Table of Contents Theodore D. Burke was elected as a director of our general partner on February 1, 2016. Mr. Burke was appointed tothe board of directors of our general partner by ArcLight, in part, based on his position with ArcLight and his legal andexecutive management experience in the energy industry. Mr. Burke serves as a Partner and the General Counsel of ArcLight.He joined ArcLight in 2014 and has over 30 years of legal, energy finance, and private equity experience. Prior to joiningArcLight, Mr. Burke was the Chief Executive and Global Managing Partner of Freshfields, Bruckhaus Deringer LLP. BeforeFreshfields, he was a Partner with Milbank Tweed Hadley and McCloy. Mr. Burke earned a Bachelor of Arts in Economicsfrom the University of Vermont and a Juris Doctor from Georgetown University.Kevin M. Crosby was elected as a director of our general partner on February 1, 2016. Mr. Crosby was appointed tothe board of directors of our general partner by ArcLight, in part, based on his position with ArcLight and his energy financeand industry experience. Mr. Crosby serves as a Partner of Arclight. He joined ArcLight in 2001 and has 21 years of energyfinance and private equity experience. Prior to joining ArcLight, Mr. Crosby was an Associate in the Corporate FinanceGroup at John Hancock where he focused on analyzing, structuring, and closing private debt and equity investments in theenergy industry. Mr. Crosby also focused on industrial sectors such as chemicals, metals, consumer products, and healthcarewhile at John Hancock. Mr. Crosby began his career in 1995 at John Hancock Funds, where he held various financialpositions. Mr. Crosby earned a Bachelor of Science in Finance from the University of Maine. Daniel R. Revers was elected as a director of our general partner on February 1, 2016. Mr. Revers was appointed tothe board of directors of our general partner by ArcLight, in part, based on his position with ArcLight and his energy financeand industry experience. Mr. Revers is a co-founder and the Managing Partner of ArcLight and has 27 years of energy financeand private equity experience. Mr. Revers is responsible for overall investment, asset management, strategic planning, andoperations of ArcLight and its funds. Prior to forming ArcLight in 2000, Mr. Revers was a Managing Director in theCorporate Finance Group at John Hancock Financial Services, where he was responsible for the origination, execution, andmanagement of a $6 billion portfolio consisting of debt, equity, and mezzanine investments in the energy industry. Prior tojoining John Hancock in 1995, Mr. Revers held various financial positions at Wheelabrator Technologies, where hespecialized in the development, acquisition, and financing of domestic and international power and energy projects. Mr. Revers serves as a director of the general partner of American Midstream Partners, LP and the general partner of JP EnergyPartners LP. Mr. Revers earned a Bachelor of Arts in Economics from Lafayette College and a Master of BusinessAdministration from the Amos Tuck School of Business Administration at Dartmouth College. Lawrence C. Ross was elected as a director of our general partner on September 24, 2014. Mr. Ross was asked to jointhe board of directors, in part, based on his executive management experience in the energy industry and because hequalified as an independent director. From 2006 until his retirement in 2014, Mr. Ross was a corporate attorney in privatepractice in Denver, Colorado. From 2000 until 2006, Mr. Ross served as Vice President, General Counsel and AssistantSecretary for Samsonite Corporation. From 1981 until 1997, Mr. Ross served as Vice President, General Counsel andSecretary of Total Petroleum, Inc., the North American affiliate of Total S.A. Prior thereto, Mr. Ross served as the GeneralCounsel and Secretary of Vickers Petroleum Corporation. Mr. Ross holds a B.A. and a J.D. from the University of Kansas. Mr. Ross serves as the chair of the compensation committee of our general partner and as a member of the audit and conflicts committees of our general partner.Lucius H. Taylor was elected as a director of our general partner on February 1, 2016. Mr. Taylor was appointed tothe board of directors of our general partner by ArcLight, in part, based on his position with ArcLight and his energy financeand industry experience. Mr. Taylor serves as a Principal of Arclight. He joined ArcLight in 2007 and has 17 years ofexperience in energy and natural resource finance and engineering. Prior to joining ArcLight, Mr. Taylor was a VicePresident in the Energy and Natural Resource Group at FBR Capital Markets, where he focused on raising public and privatecapital for companies in the power and energy sectors. Mr. Taylor began his career as a geologist and project manager atCH2M HILL and is a licensed professional geologist. Mr. Taylor serves as a director of the general partner of AmericanMidstream Partners, LP. Mr. Taylor earned a Bachelor of Arts in Geology from Colorado College, a Master of Science inHydrogeology from the University of Nevada, and a Master of Business Administration from the Wharton School of Businessat the University of Pennsylvania. 101 Table of Contents Compliance with Section 16(a) of the Securities Exchange Act of 1934Section 16(a) of the Securities Exchange Act of 1934 requires the executive officers and directors of our generalpartner, and persons who own more than ten percent of a registered class of our equity securities (collectively, “ReportingPersons”) to file with the SEC and the New York Stock Exchange initial reports of ownership and reports of changes inownership of our common units and our other equity securities. Specific due dates for those reports have been established,and we are required to report herein any failure to file reports by those due dates. Reporting Persons are also required by SECregulations to furnish TransMontaigne Partners with copies of all Section 16(a) reports they file.To our knowledge, based solely on a review of the copies of such reports furnished to us and written representationsthat no other reports were required during the year ended December 31, 2015, all Section 16(a) filing requirements applicableto such Reporting Persons were satisfied.Audit CommitteeThe board of directors of our general partner has a standing audit committee. The audit committee currently hasthree members, Steven A. Blank, Robert A. Burk and Lawrence C. Ross, each of whom is able to understand fundamentalfinancial statements and at least one of whom has past experience in accounting or related financial management. The boardhas determined that each member of the audit committee is independent under Section 303A.02 of the New York StockExchange listing standards and Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended. In making theindependence determination, the board considered the requirements of the New York Stock Exchange and the CorporateGovernance Guidelines of our general partner. Among other factors, the board considered current or previous employmentwith the partnership, its auditors or their affiliates by the director or his immediate family members, ownership of our votingsecurities, and other material relationships with the partnership. The audit committee has adopted a charter, which has beenratified and approved by the board of directors of our general partner.With respect to material relationships, the following relationships are not considered to be material for purposes ofassessing independence: service as an officer, director, employee or trustee of, or greater than five percent beneficialownership in (a) a supplier to the partnership if the annual sales to the partnership are less than one percent of the sales of thesupplier; (b) a lender to the partnership if the total amount of the partnership’s indebtedness is less than one percent of thetotal consolidated assets of the lender; or (c) a charitable organization if the total amount of the partnership’s annualcharitable contributions to the organization are less than three percent of that organization’s annual charitable receipts.Based upon his education and employment experience as more fully detailed in Mr. Blank’s biography set forthabove, Mr. Blank has been designated by the board as the audit committee’s financial expert meeting the requirementspromulgated by the SEC and set forth in Item 407(d)(5)(ii) of Regulation S‑K of the Securities Exchange Act of 1934.Conflicts CommitteeMessrs. Blank, Burk and Ross currently serve on the conflicts committee of the board of directors of our generalpartner. The conflicts committee reviews specific matters that the board believes may involve conflicts of interest. Theconflicts committee determines if the resolution of the conflict of interest is fair and reasonable to us. The members of theconflicts committee may not be officers or employees of our general partner or directors, officers, or employees of itsaffiliates, and must meet the independence standards established by the New York Stock Exchange and the SecuritiesExchange Act of 1934 to serve on an audit committee of a board of directors, and certain other requirements. Any matterapproved by the conflicts committee will be conclusively deemed to be fair and reasonable to us, to be approved by all of ourpartners, and not deemed a breach by our general partner of any duties it may owe us or our unitholders.102 Table of Contents Compensation CommitteeAlthough not required by New York Stock Exchange listing requirements, the board of directors of our generalpartner has a standing compensation committee, which (1) administers the TransMontaigne Services LLC long termincentive plan, pursuant to which we currently grant equity based awards to the independent directors of our general partner,and (2) which reviews the allocation of grants to certain employees of NGL Energy Operating under the TransMontaigneServices LLC savings and retention plan. The compensation committee has adopted a written charter. In connection with itsself-evaluation and review of its charter, on March 3, 2015 the compensation committee adopted a new charter, which theboard of directors of our general partner ratified and approved. The committee may from time to time address on an ad hocbasis other issues related to compensation and benefits. Messrs. Blank, Burk and Ross currently serve on the compensation committee and Mr. Ross serves as the committeechair.Corporate Governance Guidelines; Code of Business Conduct and EthicsThe board of directors of our general partner has adopted Corporate Governance Guidelines that outline theimportant policies and practices regarding our governance. The board of directors has no policy requiring that we have aChairman of the Board or that the positions of the Chairman of the Board and the Chief Executive Officer of our generalpartner be separate or that they be occupied by the same individual. The board of directors believes that this issue is properlyaddressed as part of the succession planning process and that a determination on this subject should be made when it elects anew chief executive officer or at such other times as when consideration of the matter is warranted by circumstances.On February 26, 2016, the board of directors of our general partner adopted an amended and restated Code ofBusiness Conduct and Ethics, which the audit committee has ratified and approved, that replaced our prior code. The Code ofBusiness Conduct applies to all employees acting on behalf of our general partner and to the officers and directors of ourgeneral partner. The audit committee has also adopted, and the board of directors of our general partner has ratified andapproved, a Code of Ethics for Senior Financial Officers of our general partner. The Code of Ethics for Senior FinancialOfficers applies to the senior financial officers of our general partner, including the chief executive officer, the chief financialofficer and the chief accounting officer or persons performing similar functions. The Code of Business Conduct and Code ofEthics for Senior Financial Officers each require prompt disclosure of any waiver of the code for executive officers ordirectors made by the general partner’s board of directors or any committee thereof as required by law or the New York StockExchange.Copies of our Code of Business Conduct, Code of Ethics for Senior Financial Officers, Corporate GovernanceGuidelines, Audit Committee Charter, and Compensation Committee Charter, are available on our website atwww.transmontaignepartners.com.Communications by UnitholdersPursuant to our Corporate Governance Guidelines, the board of directors of our general partner meets at theconclusion of regularly‑scheduled board meetings without the executive officers of or employees who provide services onbehalf of our general partner present, which meetings are presided over by Robert A. Burk as presiding director. In addition,the independent members of the board of directors of our general partner meet in executive sessions at the conclusion ofregularly‑scheduled board meetings, pursuant to which, the board has chosen Mr. Burk to preside as chair of these executivesession meetings.Unitholders and other interested parties may communicate with (1) Robert A. Burk, in his capacity as chairman ofthe executive session meetings of the board of directors of our general partner, (2) the independent members of the board ofdirectors of our general partner as a group, or (3) any and all members of the board of directors of our general partner bytransmitting correspondence by mail or facsimile addressed to one or more directors by name or to the103 Table of Contents independent directors (or to the presiding director or any standing committee of the board) at the following address and faxnumber:Name of the Director(s)c/o SecretaryTransMontaigne Partners L.P.1670 Broadway, Suite 3100Denver, Colorado 80202(303) 626‑8228The Secretary of our general partner will collect and organize all such communications in accordance withprocedures approved by the board. The Secretary will forward all communications to the presiding director or to theidentified director(s) as soon as practicable. However, we may handle differently communications that are abusive, offensiveor that present safety or security concerns. If we receive multiple communications on a similar topic, our secretary may, in hisor her discretion, forward only representative correspondence.The presiding director will determine whether any communication addressed to the entire board should be properlyaddressed by the entire board or a committee thereof if a communication is sent to the board or a committee, the presidingdirector or the chairman of that committee, as the case may be, will determine whether the communication warrants aresponse. If a response to the communication is warranted, the content and method of the response will be coordinated withour general partner’s internal or external counsel. ITEM 11. EXECUTIVE COMPENSATIONEXECUTIVE COMPENSATIONCompensation Discussion and AnalysisWe do not directly employ any of the persons responsible for managing our business. We are managed by ourgeneral partner, TransMontaigne GP L.L.C. For the year ended December 31, 2015, the executive officers of our generalpartner were employees of and paid by NGL Energy Operating. All of our management and operational activities wereprovided during 2015, and are still provided for a transition period, by employees of NGL Energy Operating. In connection with the ArcLight acquisition, NGL and ArcLight entered into a transition services agreementwhereby NGL Energy Operating continues to employ the officers of our general partner and employees that provide servicesto our partnership and NGL Energy Operating provides payroll and benefits services related thereto for so long as necessary.It is anticipated that in 2016 all employees who provide services with respect to our business will become employees of TLPManagement Services LLC, a newly formed, wholly owned subsidiary of Gulf TLP Holdings. We do not incur any direct compensation charge for the executive officers of our general partner. Instead, for 2015we paid TransMontaigne LLC under the omnibus agreement an annual administrative fee that was intended to compensateTransMontaigne LLC for providing, through NGL Energy Operating, certain corporate staff and support services to us,including services provided to us by the executive officers of our general partner. During the year ended December 31, 2015,we paid TransMontaigne LLC an administrative fee of approximately $11.3 million. The administrative fee is a lump‑sumpayment and does not reflect specific amounts attributable to the compensation of the executive officers of our generalpartner while acting on our behalf. In addition, under the omnibus agreement, and prior to the ArcLight acquisition on February 1, 2016, we agreed toreimburse TransMontaigne LLC for a portion of the incentive bonus awards made to key employees under theTransMontaigne Services LLC savings and retention plan, provided that the compensation committee of our general partnerdetermines that an adequate portion of the incentive bonus awards are indexed to the performance of our common units inthe form of restricted phantom units. The value of our incentive bonus award reimbursement for a single grant year may be noless than $1.5 million. Effective April 13, 2015 and beginning with the 2015 incentive bonus award, we have the option toprovide the reimbursement in either a cash payment to TransMontaigne LLC (or Gulf TLP Holdings from and after February1, 2016) or the delivery of our common units to TransMontaigne LLC (or Gulf TLP104 Table of Contents Holdings from and after February 1, 2016) or to the award recipients, with the reimbursement made in accordance with theunderlying vesting and payment schedule of the savings and retention plan. Prior to the 2015 incentive bonus award, wereimbursed our portion of the incentive bonus awards by making cash payments to TransMontaigne LLC over the first yearthat each applicable award was granted. For the 2015 incentive bonus awards, the expense associated with the reimbursementis approximately $1.3 million.Effective as of February 1, 2016, in connection with the ArcLight acquisition, we entered into an assignment andfourth amendment to the omnibus agreement by and among Partners, our general partner, Gulf TLP Holdings,TransMontaigne LLC, as assignor, and the other parties thereto. The amendment amended the omnibus agreement to, amongother items, consent to the assignment of the omnibus agreement from TransMontaigne LLC to Gulf TLP Holdings. In March2016, we amended and restated the omnibus agreement to reflect the change in ownership structure to remove certain legacyprovisions that were no longer applicable to us. The amended and restated omnibus agreement did not change the financialterms, substantive rights or obligations of the parties. Accordingly, the payments previously made to TransMontaigne LLC,including the administrative fee and satisfaction of incentive bonus awards to employees providing services to ourpartnership, are now paid to Gulf TLP Holdings. Until such time as the employees who provide services to our partnershipbecome employees of TLP Management Services LLC, Gulf TLP Holdings will make certain payments to NGL under thetransition services agreement.The board of directors and the compensation committee of our general partner perform only a limited advisory rolein setting the compensation of the executive officers of our general partner, which for 2015 was determined by thecompensation committee of TransMontaigne LLC. The compensation committee of our general partner, however, determinesthe amount, timing and terms of all equity awards granted to our independent directors. For 2015 and prior years, suchawards were granted under TransMontaigne Services LLC’s long‑term incentive plan. The primary elements of TransMontaigne LLC’s compensation program for 2015 were a combination of annual cashand long‑term equity‑based compensation. During 2015, elements of compensation for our executive officers consisted of thefollowing:•Annual base salary;•Discretionary annual cash awards;•Long‑term equity‑based compensation; and•Other compensation, including very limited perquisites.The elements of TransMontaigne LLC’s compensation program for 2015, along with TransMontaigne LLC’s otherrewards (for example, benefits, work environment, career development), were intended to provide a total rewards packagedesigned to support the business strategies of TransMontaigne LLC and our partnership. During 2015, TransMontaigne LLCdid not use any elements of compensation based on specific performance‑based criteria and did not have any other specificperformance‑based objectives. Although the board of directors and the compensation committee of our general partnerperform only a limited advisory role in setting the compensation of the executive officers of our general partner, we are notaware of any compensation elements of TransMontaigne LLC’s compensation program which are reasonably likely to have amaterial adverse effect on us.TransMontaigne Services LLC’s savings and retention plan and long‑term incentive plan was intended to align thelong‑term interests of the executive officers of our general partner with those of our unitholders to the extent a portion of thebonus awards under the savings and retention plan is deemed invested in our common units.Employment and Other AgreementsWe have not entered into any employment agreements with any officers of our general partner.105 Table of Contents Compensation Committee ReportThe compensation committee has reviewed and discussed the Compensation Discussion and Analysis withmanagement. Based on such review and discussions, the compensation committee recommended to the board of directors ofour general partner that the Compensation Discussion and Analysis be included in the our annual report on Form 10‑K forfiling with the Securities and Exchange Commission. COMPENSATION COMMITTEELawrence C. Ross, ChairSteven A. BlankRobert A. Burk COMPENSATION OF DIRECTORSEmployees of our general partner or its affiliates (including employees of NGL and its affiliates in 2015 and, fromand after February 1, 2016, employees of ArcLight and its affiliates) who also serve as directors of our general partner do notreceive additional compensation. Independent directors receive a $30,000 annual cash retainer and an annual grant of 3,000restricted phantom units, which will vest in 25% increments on the anniversary of their grant date and each of the succeedingthree anniversaries (with vesting to be accelerated upon a change in control). Upon vesting, the restricted phantom units willbe replaced with our common units on a one‑for‑one basis, as the common units are acquired in the open market by the plan,issued by our partnership or paid out in cash based upon the closing market price of the common units on the date of vesting,at the option of the plan administrator. Distributions are paid on restricted phantom units at the same rate as distributions onour unrestricted common units. In addition, each director is reimbursed for out‑of‑pocket expenses in connection withattending meetings of the board of directors or committees. Each director will be fully indemnified by us for actionsassociated with being a director to the extent permitted under Delaware law. The following table provides informationconcerning the compensation of our general partner’s directors for 2015.Director Compensation Table for 2015 Fees earned or Stock All other paid in cash ($) awards ($) compensation ($) Total ($) Name (a) (b) (c) (g) (h) Atanas H. Atanasov(1) — — — — Benjamin Borgen(1) — — — — Donald M. Jensen(1) — — — — Brian Cannon(1)(2) — — — — Steven A. Blank $30,000 $93,330(3) — $123,330 Robert A. Burk $30,000 $93,330(3) — $123,330 Lawrence C. Ross $30,000 $93,330(3) — $123,330 (1)Because Messrs. Atanasov, Borgen, Cannon and Jensen are employees of an affiliate of our general partner, none of themreceived compensation for service as a director of our general partner. At December 31, 2015, none of Messrs. Atanasov,Borgen and Jensen held any restricted phantom or other limited partnership interests.(2)In 2015, Brian Cannon received 2,717 restricted phantom units for his service as an officer and employee ofTransMontaigne LLC under the TransMontaigne Services LLC Savings and Retention Plan. The grant‑date fair valueper restricted phantom unit is equal to $36.80, the closing price of our unrestricted common units on January 29, 2015. 106 Table of Contents (3)This dollar amount reflects the aggregate grant‑date fair value of the restricted phantom units, computed in accordancewith generally accepted accounting principles. The grant‑date fair value per restricted phantom unit is equal to $31.11,the closing price of our unrestricted common units on October 14, 2015. The restricted phantom units vest in 25%increments beginning on September 30, 2016 and each of the succeeding three anniversaries (with vesting to beaccelerated upon a change in control). At December 31, 2015, Messrs. Blank, Burk and Ross each held 5,250 restrictedphantom units. In connection with the ArcLight acquisition, effective February 1, 2016, all of the restricted phantomunits previously granted to the independent directors vested and were satisfied via the delivery our common units.COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATIONDuring the year ended December 31, 2015, Messrs. Blank, Burk and Ross served on the compensation committee ofour general partner. During 2015, none of the members of the compensation committee was an officer or employee of ourgeneral partner or any of our subsidiaries or served as an officer of any company with respect to which any of the executiveofficers of our general partner served on such company’s board of directors.SAVINGS AND RETENTION PLANThe board of directors of TransMontaigne LLC adopted the savings and retention plan of TransMontaigne Services LLC effective January 1, 2007, which was subsequently amended and restated. For 2015, the plan was administered by thecompensation committee of TransMontaigne LLC. The purpose of the plan was to provide for the reward and retention ofcertain key employees of TransMontaigne Services LLC or its affiliates by providing them with bonus awards that vest overfuture service periods. Awards under the plan generally became vested as to 50% of a participant’s annual award as of theJanuary 1 that falls closest to the second anniversary of the grant date, and the remaining 50% as of the January 1 that fallsclosest to the third anniversary of the grant date, subject to earlier vesting upon a participant’s retirement, death or disability,involuntary termination without cause, or termination of a participant’s employment following a change in control of NGL orTransMontaigne LLC, or their affiliates, as specified in the plan. Awards are payable as to 50% of a participant’s annualaward in the month containing the second anniversary of the grant date, and the remaining 50% in the month containing thethird anniversary of the grant date, subject to earlier payment upon the participant’s retirement, death or disability,involuntary termination without cause, or termination of a participant’s employment following a change in control of NGL orTransMontaigne LLC, or their affiliates, as specified in the plan. For certain senior level employees, including the executiveofficers of our general partner, all prior grants vested upon the change in control of TransMontaigne LLC that occurred onJuly 1, 2014 and, with respect to the 2015 awards, such awards vested upon the change in control of our general partner thatoccurred on February 1, 2016. Pursuant to the provisions of the plan, once participating employees of TransMontaigneServices LLC reach the age and length of service thresholds set forth below, awards are immediately vested and becomepayable as set forth above, and such vested awards remain subject to forfeiture as specified in the plan. A person will satisfythe age and length of service thresholds of the plan upon the attainment of the earliest of (a) age sixty, (b) age fifty‑five andten years of service as an officer of TransMontaigne LLC or its affiliates, or (c) age fifty and twenty years of service as anemployee of TransMontaigne LLC or its affiliates. For the awards granted under the plan in February 2015, the ChiefExecutive Officer and Chief Operating Officer of our general partner have each satisfied the age and length of servicethresholds of the plan. Generally, only senior level management of TransMontaigne Services LLC receive awards under theplan. Although no assets are segregated or otherwise set aside with respect to a participant’s account, the amount ultimatelypayable to a participant shall be the amount credited to such participant’s account as if such account had been invested insome or all of the investment funds selected by the plan administrator.The plan administrator determines both the amount and investment funds in which the bonus award will be deemedinvested for each participant. For the year ended December 31, 2015, the four investment funds that the plan administratorcould select were (1) a fixed interest fund, under which interest accrues at a rate to be determined annually by the planadministrator; (2) a fund under which a participant’s account is deemed invested in the Dodge & Cox Income Fund, whichinvests primarily in bonds and other fixed income securities; (3) an equity index fund under which a participant’s account isdeemed invested in the SPDR Trust Series 1, which has an investment goal of tracking the performance of the Standard &Poor’s 500 Index, or such other equity index as the plan administrator may from time to time select; and (4) a fund underwhich a participant’s account tracks the performance of our common units, with all distributions automatically reinvested incommon units. Upon vesting and payment, the participant shall be paid the107 Table of Contents value of the investment funds in cash or in‑kind, at the sole discretion of the plan administrator. The plan administratorallocated 100% of all 2015 awards to the Partnership’s common units fund. For the 2015 incentive bonus awards, theexpense associated with the reimbursement is approximately $1.3 million.On February 26, 2016, the board of our general partner unanimously approved the new TLP Management ServicesLLC savings and retention plan for employees who provide services with respect to our business, which plan is intended toconstitute a program under, and be subject to, the 2016 long term incentive plan described below. The new savings andretention plan will be used for incentive bonus awards in 2016 and going forward. The new savings and retention planoperates in a manner that is, and pursuant to terms and conditions that are substantially similar to, the savings and retentionplan of TransMontaigne Services LLC used previously. Under the omnibus agreement, we expect to reimburse TLPManagement Services LLC with respect to awards in a similar manner as applied to the 2015 incentive bonus awards. LONG‑TERM INCENTIVE PLANUpon the consummation of our initial public offering in May 2005, TransMontaigne Services LLC adopted a long‑termincentive plan for employees and consultants of TransMontaigne Services LLC who provide services on our behalf, and ourindependent directors. During the year ended December 31, 2015, the compensation committee of the board of directors ofour general partner awarded 9,000 restricted phantom units to the independent directors of our general partner under the plan.In connection with the ArcLight acquisition, effective February 1, 2016, all of the restricted phantom units previouslygranted to the independent directors vested and were satisfied via the delivery of our partnership’s common units. The long-term incentive plan expired in 2015.On February 26, 2016, the board of our general partner approved the 2016 long-term incentive plan, subject to theapproval of our unitholders. We anticipate that we will seek approval from our unitholders for the long-term incentive planwithin 12 months of its adoption. The 2016 long-term incentive plan operates in a manner that is, and pursuant to terms andconditions that are substantially similar to, the long-term incentive plan of TransMontaigne LLC used previously. The 2016plan reserves 750,000 common units to be granted as awards under the plan, with such amount subject to adjustment asprovided for under the terms of the plan if there is a change in the common units of the Partnership, such as a unit split orother reorganization. The common units authorized to be granted under the 2016 long-term incentive plan are expected to beregistered pursuant to a registration statement on Form S-8. ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ANDRELATED UNITHOLDER MATTERSThe following table sets forth certain information regarding the beneficial ownership of our limited partnershipcommon units as of February 29, 2016 by each director of our general partner, by each individual serving as an executiveofficer of our general partner as of February 29, 2016, by each person known by us to own more than 5% of the outstandingunits, and by all directors, director nominees and the named executive officers as of February 29, 2016 as a group. Theinformation set forth below is based solely upon information furnished by such individuals or contained in filings made bysuch beneficial owners with the SEC.The calculation of the percentage of beneficial ownership is based on an aggregate of 16,124,566 limitedpartnership common units outstanding as of February 29, 2016. Beneficial ownership is determined in accordance with therules of the SEC and includes voting and investment power with respect to the units. To our knowledge, except underapplicable community property laws or as otherwise indicated, the persons named in the table have sole voting and soleinvestment power with respect to all units beneficially owned. Units underlying outstanding warrants or options that arecurrently exercisable or exercisable within 60 days of February 29, 2016 are deemed outstanding for the purpose ofcomputing the percentage of beneficial ownership of the person holding those options or warrants, but are not deemedoutstanding for computing the percentage of beneficial ownership of any other person. The address for each named executiveofficer, director and director nominee is care of TransMontaigne Partners L.P., 1670 Broadway, Suite 3100, Denver, Colorado80202.108 Table of Contents Common units Percentage of beneficially common units Name of beneficial owner owned beneficially owned TransMontaigne LLC(1) 2,716,704 16.8%NGL Energy Partners LP(2) 3,166,704 19.6%OppenheimerFunds, Inc.(3) 2,646,178 16.4%Energy Income Partners, LLC(4) 1,404,869 8.7%First Trust Portfolios L.P.(5) 825,496 5.1%Named Executive Officers Frederick W. Boutin(6) 48,314 *Robert T. Fuller(7) 6,120 *Michael A. Hammell(7) 4,653 *Gregory J. Pound(6) 36,338 *Directors Steven A. Blank(8) 6,000 *Robert A. Burk(8) 15,453 *Theodore D. Burke — *Kevin M. Crosby — *Daniel R. Revers — *Lawrence C. Ross(8) 6,000 *Lucius H. Taylor — *All directors, director nominees and executive officers as a group (11 persons) 122,878 0.8% *Less than 1%.(1)The common units beneficially owned by TransMontaigne LLC are held by TransMontaigneServices LLC. TransMontaigne LLC is the indirect parent company of TransMontaigne Services LLCand may, therefore, be deemed to beneficially own the units held by each of them. The address ofTransMontaigne LLC and TransMontaigne Services LLC is 1670 Broadway, Suite 3100, Denver,Colorado 80202. (2)Based on the number of common units beneficially owned by TransMontaigne LLC and theSchedule 13D (Amendment No. 4) filed with the Securities and Exchange Commission on February 2,2016. NGL may be deemed to beneficially own the 2,716,704 common units indirectly held byTransMontaigne Services LLC. NGL beneficially owns 450,000 common units. NGL may be deemedto have voting and dispositive power with respect to 2,716,704 common units beneficially owned byTransMontaigne Services LLC. The address of NGL is 6120 South Yale Avenue Suite 805, Tulsa,Oklahoma 74136. (3)Based on the Schedule 13G (Amendment No. 5) filed with the Securities and Exchange Commissionon February 5, 2016 by OppenheimerFunds, Inc. and Oppenheimer SteelPath MLP AlphaFund. OppenheimerFunds, Inc. reports shared voting and shared dispositive power over the2,646,178 common units reported above. OppenheimerFunds, Inc. may be deemed to beneficiallyown 1,236,104 common units held by Oppenheimer SteelPath MLP Alpha Fund. OppenheimerSteelPath MLP Alpha Fund reports shared voting and shared dispositive power over the same1,236,104 common units. The address of OppenheimerFunds, Inc. is Two World Financial Center, 225Liberty Street, New York, New York 10281. The address of Oppenheimer SteelPath MLP Alpha Fundis 6803 S. Tucson Way, Centennial, Colorado 80112-3924.(4)Based on the Schedule 13G (Amendment No. 3) filed with the Securities and Exchange Commissionon February 11, 2016 by Energy Income Partners, LLC, James J. Murchie, Eva Pao, Linda A.Longville and Saul Ballesteros. James J. Murchie and Eva Pao are the Portfolio Managers with respectto the portfolios managed by Energy Income Partners, LLC. Linda A.109 Table of Contents Longville and Saul Ballesteros are control persons of Energy Income Partners, LLC. Each of theforegoing report shared voting and dispositive power over 1,404,869 common units. Energy IncomePartners, LLC, serves as a sub-adviser to certain registered investment companies advised by FirstTrust Advisors LP. As of December 31, 2015, the Sub-Advised Funds beneficially owned 6.6% of thisshare class. The address of each of the foregoing is 49 Riverside Avenue, Westport, Connecticut06880.(5)Based on the Schedule 13G (Amendment No. 2) filed with the Securities and Exchange Commissionon February 4, 2016 by First Trust Portfolios L.P., First Trust Advisors L.P. and The ChargerCorporation. The Charger Corporation is the general partner of both First Trust Portfolios L.P. andFirst Trust Advisors L.P. Each of the forgoing report beneficial ownership of 825,496 common units.The Charger Corporation and First Trust Advisors L.P. report shared voting power over 823,432common units and shared dispositive power over 825,496 common units. First Trust Portfolios L.P.reports that it has no sole or shared voting or sole or shared disposition rights over any of the commonunits. The address of each of the forgoing is 120 East Liberty Drive, Suite 400, Wheaton, Illinois60187.(6)Includes 7,038 phantom units awarded to Mr. Boutin in 2014 and 2015 and 7,469 phantom unitsawarded to Mr. Pound in 2014 and 2015, each pursuant to the TransMontaigne Services LLC savingsand retention plan. Includes 5,843 phantom units awarded to each of Mr. Boutin and Mr. Pound inMarch 2016, each pursuant to the TLP Management Services LLC savings and retention plan. Each ofMessrs. Boutin and Pound have satisfied the age and length of service thresholds under the prior andthe current savings and retention plans, therefore, the common units beneficially owned and reportedin the table above include phantom units that were immediately vested upon grant and will becomepayable as to 50% of a participant’s award in the month containing the second anniversary of thegrant date, and the remaining 50% in the month containing the third anniversary of the grant date.The phantom units are subject to earlier payment as described under “—Savings and Retention Plan”above. At the time of payment, phantom units will be paid out, in the sole discretion of the planadministrator, in cash, in common units or a combination thereof.(7)Includes 3,861 phantom units awarded to Mr. Fuller in 2014 and 2015 and 4,653 phantom unitsawarded to Mr. Hammell in 2014 and 2015, each pursuant to the TransMontaigne Services LLCsavings and retention plan. The foregoing phantom units vested upon the ArcLight acquisitioneffective February 1, 2016. Excludes 3,652 phantom units awarded to Mr. Fuller and 4,382 phantomunits awarded to Mr. Hammell in March 2016 under the TLP Management Services Savings andRetention Plan. The phantom units vest 50% as of the January 1 that falls closest to the secondanniversary of the grant date, with the remaining 50% vesting as of the January 1 that falls closest tothe third anniversary of the grant date. Phantom units granted are subject to earlier vesting asdescribed under “—Savings and Retention Plan” above. At the time of payment, phantom units willbe paid out, in the sole discretion of the plan administrator, in cash, in common units or acombination thereof. (8)The ArcLight transaction resulted in a change in control of our general partner. Pursuant to theTransMontaigne Services LLC long term incentive plan, all the restricted phantom units awarded tothe independent directors vested as on February 1, 2016 as a result of the change in control.110 Table of Contents EQUITY COMPENSATION PLAN INFORMATIONThe following table summarizes information about our equity compensation plans as of December 31, 2015. Number of securities remaining available for future issuance under Number of securities to be Weighted average equity compensation issued upon exercise of exercise price of plans (excluding outstanding options, outstanding options, securities reflected warrants and rights(1) warrants and rights in column (a))(1) (a) (b) (c) Equity compensation plans approved by securityholders — — — Equity compensation plans not approved by securityholders 15,750 — — Total 15,750 — — (1)For 2015 and prior years, restricted phantom unit awards were granted to our general partner’s independent directorspursuant to TransMontaigne Services LLC’s long-term incentive plan, which expired in 2015. For more informationabout our long term incentive plan, which did not require approval by our limited partners, refer to “Item 11. ExecutiveCompensation—Long Term Incentive Plan,” and Note 14 of Notes to consolidated financial statements in Item 8 of thisannual report. ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCEREVIEW, APPROVAL OR RATIFICATION OF TRANSACTIONS WITH RELATED PERSONSOur general partner’s conflicts committee reviews specific matters that the board of directors of our general partnerbelieves may involve conflicts of interest and other transactions with related persons in accordance with the procedures setforth in our amended and restated limited partnership agreement. Due to the conflicts of interest inherent in our operatingstructure, our general partner may, but is not required to, seek the approval of any conflict of interest transaction from theconflicts committee. Generally, such approval is requested for material transactions, including the purchase of a materialamount of assets from TransMontaigne LLC or NGL prior to the ArcLight acquisition, and from ArcLight and its affiliatesthereafter, or the modification of a material agreement with the foregoing parties. Any matter approved by the conflictscommittee will be conclusively deemed fair and reasonable to us, to be approved by all of our partners, and not to be a breachby our general partner of its fiduciary duties. The conflicts committee may consider any factors it determines in good faith toconsider when resolving a conflict, including taking into account the totality of the relationships among the partiesinvolved, including other transactions that may be particularly favorable or advantageous to us. In addition, the conflictscommittee has been granted authority to engage outside advisors to assist it in making its determinations.We also have attempted to resolve many of the conflicts of interest inherent in our operating structure by enteringinto various documents and agreements with TransMontaigne LLC. These agreements, and any amendments thereto,discussed below were not the result of arm’s‑length negotiations, and they, or any of the transactions that they provide for,may not be effected on terms at least as favorable to the parties to these agreements as they could have been obtained fromunaffiliated third parties.RELATIONSHIP AND AGREEMENTS WITH OUR AFFILIATESIn 2015 and prior to February 1, 2016, NGL controlled our operations through its indirect ownership of our generalpartner and has a significant limited partner ownership interest in us through its indirect ownership of our common units. Asof January 31, 2016, affiliates of NGL, in the aggregate, owned a 21.2% interest in the partnership which consisted of 3,166,704 common units, 2% general partner interest and the incentive distribution rights (excluding111 Table of Contents any common units that NGL may be deemed to indirectly beneficially own through investment accounts managed by itsaffiliates).The following table summarizes the distributions and payments to be made by us to our general partner and its otheraffiliates in connection with our ongoing operations.Operational stageDistributions of available cash to our general partner and itsaffiliates We will generally make cash distributions 98% to theunitholders and 2% to our general partner. In addition, ifdistributions exceed the minimum quarterly distribution andother higher target levels, our general partner will be entitledto increasing percentages of the distributions, up to 50% ofthe distributions above the highest target level. During the year ended December 31, 2015, we distributedapproximately $16.1 million to our general partner and itsaffiliates. Assuming we have sufficient available cash to paythe minimum quarterly distribution on all of our outstandingunits for four quarters, our general partner and its affiliateswould receive an annual distribution of approximately$0.5 million on the 2% general partner interest andapproximately $5.1 million on their common units.Payments to our general partner and its affiliatesFor the year ended December 31, 2015, we paid our generalpartner and its affiliates an administrative fee ofapproximately $11.3 million with an additional insurancereimbursement of approximately $3.8 million for theprovision of various general and administrative services forour benefit. We also agreed to reimburseTransMontaigne LLC for a portion of the incentivebonus awards made to key employees under theTransMontaigne Services LLC savings and retention planand beginning with the 2015 incentive bonus award, we havethe option to provide the reimbursement in either a cashpayment to TransMontaigne LLC or the delivery of ourcommon units to TransMontaigne LLC or to the awardrecipients, with the reimbursement made in accordance withthe underlying vesting and payment schedule of the savingsand retention plan. For further information regarding theadministrative fee, please see “Omnibus Agreement; Paymentof general and administrative services fee” below.Omnibus AgreementOn May 27, 2005 we entered into an omnibus agreement with TransMontaigne LLC and our general partner, whichagreement was amended and restated on December 31, 2007 and further amended subsequent thereto. In connection with theArcLight acquisition, we entered into an amendment to the omnibus agreement to consent to the assignment of the omnibusagreement from TransMontaigne LLC to Gulf TLP Holdings, an ArcLight subsidiary and to waive the automatic terminationthat would have occurred at such time as TransMontaigne LLC ceased to control our general partner. In March 2016, weamended and restated the omnibus agreement to reflect the change in ownership112 Table of Contents structure and to remove certain legacy provisions that were no longer applicable to us. The amended and restated omnibusagreement did not change the financial terms, substantive rights or obligations of the parties.The omnibus agreement will continue in effect until the earlier to occur of (i) ArcLight or its affiliates ceasing tocontrol our general partner or (ii) the election of either us or ArcLight following at least 24 months’ prior written notice to theother parties. Any or all of the provisions of the omnibus agreement, are terminable by Gulf TLP Holdings at its option if ourgeneral partner is removed without cause and units held by our general partner and its affiliates are not voted in favor of thatremoval.Under the omnibus agreement we pay Gulf TLP Holdings (and prior to the ArcLight acquisition, TransMontaigneLLC) an administrative fee for the provision of various general and administrative services for our benefit. The administrativefee includes expenses incurred by Gulf TLP Holdings to perform certain management, legal, accounting, tax, corporate staff,engineering and other support services, to the extent such services are not outsourced by Gulf TLP Holdings. For the yearsended December 31, 2015, 2014, and 2013, the administrative fee paid to TransMontaigne LLC was approximately $11.3million, $11.1 million and $11.0 million, respectively. If we acquire or construct additional facilities, ArcLight will proposea revised administrative fee covering the provision of services for such additional facilities. If the conflicts committee of ourgeneral partner agrees to the revised administrative fee, Gulf TLP Holdings will provide services for the additional facilitiespursuant to the agreement. The omnibus agreement further provides that we pay Gulf TLP Holdings (and prior to the ArcLight acquisition,TransMontaigne LLC) an insurance reimbursement for premiums on insurance policies covering our facilities andoperations. For the years ended December 31, 2015, 2014 and 2013, the insurance reimbursement paid to TransMontaigneLLC was approximately $3.8 million, $3.7 million and $3.8 million, respectively. Following the ArcLight acquisition, weexpect to contract directly with insurance carriers for the majority of our insurance requirements. We also reimburse Gulf TLP Holdings for direct operating costs and expenses that Gulf TLP Holdings incurs on ourbehalf, such as salaries of operational personnel performing services on‑site at our terminals and pipelines and the cost ofemployee benefits, including 401(k) and health insurance benefits, including amounts paid to NGL Operating for suchservices under the transition services agreement.Under the omnibus agreement we have agreed to reimburse the owner of TransMontaigne GP for a portion of theincentive bonus awards made to key employees under the owner’s savings and retention plan, provided the compensationcommittee of our general partner determines that an adequate portion of the incentive bonus awards are indexed to theperformance of our common units in the form of restricted phantom units. The value of our incentive bonus awardreimbursement for a single grant year may be no less than $1.5 million. Effective April 13, 2015 and beginning with the2015 incentive bonus award, we have the option to provide the reimbursement in either a cash payment or the delivery of ourcommon units to the owner of TransMontaigne GP or to the award recipients, with the reimbursement made in accordancewith the underlying vesting and payment schedule of the savings and retention plan. Prior to the 2015 incentive bonusaward, we reimbursed our portion of the incentive bonus awards by making cash payments to the owner ofTransMontaigne GP over the first year that each applicable award was granted. For the years ended December 31, 2015, 2014and 2013, the expense associated with the reimbursement of incentive bonus awards was approximately $1.3 million, $1.5million and $1.3 million, respectively. 113 Table of Contents Transition Services AgreementIn connection with the ArcLight acquisition, NGL and ArcLight entered into a transition services agreementwhereby an affiliate of NGL, NGL Energy Operating, continues to serve as the entity that employs the officers and employeesthat provide services to our partnership and NGL Energy Operating provides payroll and benefits services related thereto forso long as necessary. The transition services agreement may be terminated by our general partner upon 30 days prior writtennotice to NGL. It is anticipated that in 2016 all employees who provide services to our partnership will become employees ofTLP Management Services LLC, a subsidiary of Gulf TLP Holdings, which entity will establish and maintain all employeebenefits programs on behalf of our Partnership. TLP Management Services LLC is a newly formed, wholly owned subsidiaryof Gulf TLP Holdings, LLC, which is a wholly owned subsidiary of ArcLight. Accordingly, certain amounts paid to Gulf TLPHoldings under the omnibus agreement will in turn be paid by Gulf TLP Holdings to NGL Energy Operating for theprovision of services under the transition services agreement.Terminaling Services AgreementsWe have entered into various terminaling services agreements with NGL and TransMontaigne LLC, who were ouraffiliates prior to the ArcLight acquisition that closed on February 1, 2016, which are discussed in Note 2 of Notes toconsolidated financial statements contained within Item 8. “Financial Statements and Supplementary Data” of this annualreport.IndemnificationWe have entered into various indemnification agreements with TransMontaigne LLC, which are discussed underItem 1. “Business and Properties—Environmental Matters—Site Remediation” of this annual report.DIRECTOR INDEPENDENCEA description of the independence of the board of directors of our general partner may be found under Item 10.“Directors, Executive Officers of our General Partner and Corporate Governance” of this annual report. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICESDeloitte & Touche LLP is our independent auditor. Deloitte & Touche LLP’s accounting fees and services were asfollows (in thousands): 2015 2014 Audit fees(1) $650,000 $638,000 Comfort letter and consents — — Audit-related fees — — Tax fees — — All other fees — — Total accounting fees and services $650,000 $638,000 (1)Represents an estimate of fees for professional services provided in connection with the annual audit of our financialstatements and internal control over financial reporting, including Sarbanes‑Oxley 404 attestation, the reviews of ourquarterly financial statements, and other services provided by the auditor in connection with statutory and regulatoryfilings.The audit committee of our general partner’s board of directors has adopted an audit committee charter, which isavailable on our website at www.transmontaignepartners.com. The charter requires the audit committee to approve inadvance all audit and non‑audit services to be provided by our independent registered public accounting firm. All servicesreported in the audit, comfort letter and consents, audit‑related, tax and all other fees categories above were approved by theaudit committee in advance.114 Table of Contents Part IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES(A)1—The following documents are filed as a part of this annual report.1.Consolidated Financial Statements and Schedules. See the index to the consolidated financial statements ofTransMontaigne Partners L.P. and its subsidiaries that appears under Item 8. “Financial Statements andSupplementary Data” of this annual report.2.Financial Statement Schedules. Financial statement schedules included in this Item 15 are the financial statementsof Battleground Oil Specialty Terminal Company LLC. Other schedules are omitted because they are not required,are inapplicable or the required information is included in the financial statements or notes thereto.3.Exhibits. A list of exhibits required by Item 601 of Regulation S‑K to be filed as part of this annual report:(A)2— Battleground Oil Specialty Terminal Company LLC Financial Statements, with Independent Auditor’s Report,as of December 31, 2015 and 2014 and for the Years Ended December 31, 2015, 2014 and 2013 .115 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Members ofBattleground Oil Specialty Terminal Company LLC: We have audited the accompanying financial statements of Battleground Oil Specialty Terminal Company LLC (the“Company”), which comprise the balance sheets as of December 31, 2015 and 2014, and the related statements ofoperations, of members’ equity, and of cash flows for each of the three years in the period ended December 31, 2015. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance withaccounting principles generally accepted in the United States of America; this includes the design, implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial statements that arefree from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our auditsin accordance with auditing standards generally accepted in the United States of America. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on our judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, weconsider internal control relevant to the Company's preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness of significantaccounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial positionof Battleground Oil Specialty Terminal Company LLC at December 31, 2015 and 2014, and the results of its operationsand its cash flows for each of the three years in the period ended December 31, 2015, in accordance with accountingprinciples generally accepted in the United States of America. Emphasis of Matter As discussed in Note 4 to the financial statements, the Company has extensive operations and relationships with itsmember, Kinder Morgan Battleground Oil, LLC and other affiliated companies. /s/PricewaterhouseCoopers LLP Houston, TexasFebruary 26, 2016116 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCSTATEMENTS OF OPERATIONS(In Thousands) Year Ended December 31,201520142013Revenues$70,710$49,924$3,917Operating Costs and ExpensesOperations and maintenance18,89818,2893,254Depreciation and amortization18,09216,6011,839General and administrative2,6732,407461Taxes other than income taxes5,9473,244275Total Operating Costs and Expenses45,61040,5415,829Operating Income (Loss)25,1009,383(1,912)Other Income (Expense)—536(11)Income (Loss) Before Taxes25,1009,919(1,923)Income Tax Expense17718014Net Income (Loss)$24,923$9,739$(1,937) The accompanying notes are an integral part of these financial statements.117 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCBALANCE SHEETS(In Thousands) December 31,20152014ASSETSCurrent assetsCash and cash equivalents$18,792 $16,339 Accounts receivable, net1,378 2,056 Inventories700 815 Prepayments209 190 Total current assets21,079 19,400 Property, plant and equipment, net499,971 510,707 Deferred charges and other assets1,011 666 Total Assets$522,061 $530,773 LIABILITIES AND MEMBERS' EQUITYCurrent liabilitiesAccounts payables$11,965 $13,351 Other current liabilities3,099 4,084 Total current liabilities15,064 17,435 Commitments and contingencies (Note 5)Members' Equity506,997 513,338 Total Liabilities and Members' Equity$522,061 $530,773 The accompanying notes are an integral part of these financial statements.118 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCSTATEMENTS OF CASH FLOWS(In Thousands) Year Ended December 31,201520142013Cash Flows From Operating ActivitiesNet income (loss)$24,923$9,739$(1,937)Adjustments to reconcile net income (loss) to net cash provided byoperating activities:Depreciation and amortization18,09216,6011,839Other non-cash items599121(68)Changes in components of working capital:Accounts receivable6781,110(3,166)Inventories115(519)(296)Accounts payables4,139(315)6,027Other current assets and liabilities(1,076)2,4101,450Other long-term assets and liabilities(481)42(695)Net Cash Provided by Operating Activities46,98929,1893,154Cash Flows From Investing ActivitiesCapital expenditures(13,362)(99,577)(221,555)Sale and disposal of property, plant and equipment90——Net Cash Used in Investing Activities(13,272)(99,577)(221,555)Cash Flows From Financing ActivitiesContributions from Members9,94399,480245,626Distributions to Members(41,207)(18,895)—Net change in note payable to affiliate—(21,083)—Net Cash (Used in) Provided by Financing Activities(31,264)59,502245,626Net Increase (Decrease) in Cash and Cash Equivalents2,453(10,886)27,225Cash and Cash Equivalents, beginning of period16,33927,225—Cash and Cash Equivalents, end of period$18,792$16,339$27,225Non-cash Investing ActivitiesNet increases in property, plant and equipment accruals$6,759 The accompanying notes are an integral part of these financial statements.119 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCSTATEMENTS OF MEMBERS' EQUITY(In Thousands) Class AunitholdersClass BunitholdersTotalunitholdersBalance at December 31, 2012$179,325$—$179,325Net loss(1,937)—(1,937)Contributions245,626—245,626Balance at December 31, 2013423,014—423,014Net income9,0786619,739Contributions99,480—99,480Distributions(18,234)(661)(18,895)Balance at December 31, 2014513,338—513,338Net income23,4811,44224,923Contributions9,943—9,943Distributions(39,765)(1,442)(41,207)Balance at December 31, 2015$506,997$—$506,997 The accompanying notes are an integral part of these financial statements. 120 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS 1. General We are a Delaware limited liability company, formed on May 26, 2011. When we refer to “us,” “we,” “our,” “ours,” “theCompany”, or “BOSTCO,” we are describing Battleground Oil Specialty Terminal Company LLC. The member interests in us (collectively referred to as the Class A Members) are as follows: ∠55.0% - Kinder Morgan Battleground Oil, LLC (KM Battleground Oil), a subsidiary of Kinder Morgan Inc. (KMI);∠42.5% - TransMontaigne Operating Company L.P. (TransMontaigne), a wholly-owned subsidiary ofTransMontaigne Partners L.P.; and∠ 2.5% - Tauber Terminals, L.P. (Tauber), a Texas limited partnership. We own and operate a terminal facility that has 7.1 million barrels of distillate, residual fuel and other black oil productstorage at a Houston Ship Channel site. The facility also has deep draft docks and high speed pumps. 2. Summary of Significant Accounting Policies Basis of Presentation We have prepared our accompanying financial statements in accordance with the accounting principles contained in theFinancial Accounting Standards Board's (FASB) Accounting Standards Codification, the single source of United StatesGenerally Accepted Accounting Principles (GAAP) and referred to in this report as the Codification. Additionally, certainamounts from prior years have been reclassified to conform to the current presentation. Management has evaluated subsequent events through February 26, 2016, the date the financial statements wereavailable to be issued. Use of Estimates Certain amounts included in or affecting our financial statements and related disclosures must be estimated, requiring usto make certain assumptions with respect to values or conditions which cannot be known with certainty at the time ourfinancial statements are prepared. These estimates and assumptions affect the amounts we report for assets and liabilities, ourrevenues and expenses during the reporting period, and our disclosures, including as it relates to contingent assets andliabilities at the date of our financial statements. We evaluate these estimates on an ongoing basis, utilizing historicalexperience, consultation with experts and other methods we consider reasonable in the particular circumstances.Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position orresults of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise tothe revision become known. 121 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) In addition, we believe that certain accounting policies are of more significance in our financial statement preparationprocess than others, and set out below are the principal accounting policies we apply in the preparation of our financialstatements. Cash Equivalents We define cash equivalents as all highly liquid short-term investments with original maturities of three months or less. Accounts Receivable, net We establish provisions for losses on accounts receivable due from customers if we determine that we will not collect allor part of the outstanding balance. We regularly review collectability and establish or adjust our allowance as necessaryusing the specific identification method. Allowance for doubtful accounts was $0 and $700,000 as of December 31, 2015 and2014, respectively. Inventories Our inventories, which consist of consumable spare parts used in the operations of the facilities, are valued at the lowerof average cost or market. Property, Plant and Equipment, net Our property, plant and equipment is recorded at its original cost of construction or, upon acquisition, at either the fairvalue of the assets acquired or the cost to the entity that first placed the asset in utility service. For constructed assets, wecapitalize all construction-related direct labor and material costs, as well as indirect construction costs. The indirectcapitalized labor and related costs are based upon estimates of time spent supporting construction projects. We use the straight-line method to depreciate property, plant and equipment. Under this method, depreciation isprovided on a straight-line basis over the estimated useful life for each asset. The cost of property, plant and equipment soldor retired and the related depreciation are removed from the balance sheet in the period of sale or disposition. Gains or lossesresulting from property sales or dispositions are recognized in the period incurred. We generally include gains or losses ondispositions of land and operating units in “Operations and maintenance” on our accompanying Statements of Operations. 122 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) Asset Retirement Obligations (ARO) We record liabilities for obligations related to the retirement and removal of long-lived assets used in our businesses. Werecord, as liabilities, the fair value of ARO on a discounted basis when they are incurred and can be reasonably estimated,which is typically at the time the assets are installed or acquired. Amounts recorded for the related assets are increased by theamount of these obligations. Over time, the liabilities increase due to the change in their present value, and the initialcapitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished whenthe asset is taken out of service. We are required to operate and maintain our assets, and intend to do so as long as supply and demand for such servicesexists, which we expect for the foreseeable future. Therefore, we believe that we cannot reasonably estimate the ARO for thesubstantial majority of assets because these assets have indeterminate lives. We continue to evaluate our ARO and futuredevelopments could impact the amounts we record. We had no recorded ARO as of December 31, 2014 and 2015. Asset Impairments We evaluate our assets for impairment when events or circumstances indicate that their carrying values may not berecovered. These events include changes in the manner in which we intend to use a long-lived asset, decisions to sell an assetand adverse changes in market conditions or in the legal or business environment. If an event occurs, which is adetermination that involves judgment, we evaluate the recoverability of the carrying values of our long-lived assets based onthe long-lived asset's ability to generate future cash flows on an undiscounted basis. If an impairment is indicated, or if wedecide to sell a long-lived asset or group of assets, we adjust the carrying value of the asset downward, if necessary, to itsestimated fair value. Our fair value estimates are generally based on assumptions market participants would use, including market dataobtained through the sales process or an analysis of expected discounted future cash flows. There were no impairments for theyears ended December 31, 2015, 2014 and 2013. Revenue Recognition Our revenue is generated from storage services under long-term storage contracts. We recognize storage revenues on firmcontracted capacity ratably over the contract period regardless of the volume of petroleum products stored. We may alsogenerate revenues from throughput movements and ancillary services. We record revenues for these additional services whenperformed and earned, subject to possible contractual minimums and maximums. 123 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) For the year ended December 31, 2015, revenues from our three largest non-affiliate customers were approximately$12,424,000, $10,739,000 and $8,702,000, respectively and revenues from our largest affiliate customer was approximately$7,480,000, each of which exceeded 10% of our operating revenues. For the year ended December 31, 2014, revenues fromour two largest non-affiliate customers were approximately $11,884,000 and $7,920,000, respectively, and revenues from ourlargest affiliate customer was approximately $5,331,000, each of which exceeded 10% of our operating revenues. For theyear ended December 31, 2013, revenues from our two largest non-affiliate customers were approximately $2,561,000 and$455,000, respectively, each of which exceeded 10% of our operating revenues. During 2015, we recognized $8,219,000 of revenue associated with amounts collected on the early termination of astorage contract. Environmental Matters We capitalize or expense, as appropriate, environmental expenditures. We capitalize certain environmental expendituresrequired in obtaining rights-of-way, regulatory approvals or permitting as part of the construction. We accrue and expenseenvironmental costs that relate to an existing condition caused by past operations, which do not contribute to current orfuture revenue generation. We generally do not discount environmental liabilities to a net present value, and we recordenvironmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonablyestimate the costs. Generally, our recording of these accruals coincides with our completion of a feasibility study or ourcommitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when suchrecoveries are deemed to be probable. We routinely conduct reviews of potential environmental issues and claims that could impact our assets or operations.These reviews assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. Wealso routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liabilityestimations, we consider the material effect of environmental compliance, pending legal actions against us, and potentialthird-party liability claims. Often, as the remediation evaluation and effort progresses, additional information is obtained,requiring revisions to estimated costs. These revisions are reflected in our income in the period in which they are reasonablydeterminable. We are subject to environmental cleanup and enforcement actions from time to time. In particular, ComprehensiveEnvironmental Response, Compensation and Liability Act generally imposes joint and several liability for cleanup andenforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or thelegality of the original conduct, subject to the right of a liable party to establish a “reasonable basis” for apportionment ofcosts. Our operations are also subject to federal, state and local laws and regulations relating to protection of theenvironment. Although we believe our operations are in substantial compliance with applicable environmental law andregulations, risks of additional costs and liabilities are inherent in our operations, and there can be no assurance that we willnot incur significant costs and liabilities. Moreover, it is possible that other developments, such as increasingly stringentenvironmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damagesto property or persons resulting from our operations, could result in substantial costs and liabilities to us. 124 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters,and other matters to which we are a party, will not have a material adverse effect on our business, financial position, results ofoperations or cash flows. In addition, as of December 31, 2015 and 2014, we had no reserves for environmental matters. Legal Matters We are party to various legal, regulatory and other matters arising from the day-to-day operations of our business thatmay result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to dateand taking into account established reserves, that the ultimate resolution of such items will not have a material adverseimpact on our business, financial position, results of operations or cash flows. We believe we have meritorious defenses to thematters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable ofoccurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimateusing information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimatewithin the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcomemay be material, or in the judgment of management, we conclude the matter should otherwise be disclosed. As of December 31, 2015 and 2014, we had $1,642,000 of reserves for legal proceedings. We are engaged in an ongoing dispute with one of our major customers with respect to amounts due and potentialdamages associated with the commencement of operations under an agreement with this customer. We are presentlyattempting to negotiate a resolution concerning this matter. Other Contingencies We recognize liabilities for other contingencies when we have an exposure that indicates it is both probable that aliability has been incurred and the amount of loss can be reasonably estimated. Where the most likely outcome of acontingency can be reasonably estimated, we accrue an undiscounted liability for that amount. Where the most likelyoutcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely thanany other, the low end of the range is accrued. Income Taxes We are a limited liability company that has elected to be treated as a partnership for income tax purposes and are notsubject to federal income taxes or state income taxes. Accordingly, no provision for federal or state income taxes has beenrecorded in our financial statements. The tax effects of our activities accrue to our members who report on their individualfederal income tax returns their share of revenues and expenses. However, we are subject to Texas margin tax (a revenuebased calculation), which is presented as “Income Tax Expense” on our accompanying Statements of Operations. 125 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) 3. Property, Plant and Equipment, net Our property, plant and equipment, net consisted of the following (in thousands):December 31,Useful Life inYears20152014Terminal and storage facilities10 - 40$432,172$429,378Buildings3012,95513,068Other support equipment5 - 3075,91668,536Accumulated depreciation and amortization(36,471)(18,448)484,572492,534Land13,16813,168Construction work in process2,2315,005Property, plant and equipment, net$499,971$510,707 4. Related Party Transactions Limited Liability Company Agreement (LLC Agreement) Under the terms of our LLC Agreement entered into as of October 18, 2011 and amended on December 20, 2012, theClass A Members are obligated to make capital contributions in proportion to their Class A Member interests in us to fundthe construction of the storage facilities (Phase I and Phase IA). Our profits and losses, and cash distributions are allocated, and made, on a pro-rata basis to our Members in accordancewith their equity percentage interests and profit interests, subject to other conditions as defined in the LLC Agreement. TheClass A and Class B Members share in our profits and losses on a 96.5% and 3.5% pro-rata basis, respectively. Class BMember interests are not required to make capital contributions in order to maintain their profit interests. Class A and Class BMembers have other restrictions, obligations, and limitations as to the transfer of ownership interests. Class A unitsoutstanding as of December 31, 2015 and 2014 were 14,914,900. Class B units outstanding as of December 31, 2015 and2014 were 700. Changes and amendments to the terms of the LLC Agreement, including its provisions regarding the approval ofadditional capital contributions, require both KM Battleground Oil and TransMontaigne approvals pursuant to the LLCAgreement. Class A and Class B Members have other rights, preferences, obligations, and limitations, including limitationsas to the transfer of ownership interests. Cash distributions are paid to our Members based on distributable cash as defined in the LLC Agreement within 45 daysafter the end of each quarter on a pro-rata basis in accordance with their respective equity percentage interests as describedabove. 126 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) Construction Management and Operating Agreements We entered into an Operations and Reimbursement Agreement whereby KM Battleground Oil (operator) oversees theconstruction and operations. During construction, prior to operations, we paid the operator and capitalized the pre-commissioning services fees of approximately $7,000,000 for services rendered in connection with project and constructionmanagement. Beginning in October 2013, we began paying the operator a services fee to operate the terminal. The service feefor the years ended December 31, 2015, 2014 and 2013 was approximately $1,544,000, $1,509,000 and $375,000,respectively, and is reflected in “Operations and maintenance” on our accompanying Statements of Operations. Other Affiliate Balances and Activities We enter into transactions with our affiliates within the ordinary course of business and the services are based on thesame terms as non-affiliates. We do not have employees. Employees of KMI and its affiliates provide services to us. Under policies with KMI and itsaffiliates, we reimburse KMI and its affiliates without a profit component. The following table summarizes our balance sheet affiliate balances (in thousands):December 31,20152014Accounts receivable$27 $84 Prepayments(a)376 512 Accounts payable1,403 1,769 ____________(a)Included in “Prepayments” and “Deferred charges and other assets” on our accompanying Balance Sheets. The following table shows revenues and costs from our affiliates (in thousands):Year Ended December 31,201520142013Revenues$7,480 $5,331 $—Operations and maintenance9,486 9,048 1,498 General and administrative2,673 2,407 461 Subsequent Event In January 2016, we received cash contributions from our Members totaling $5,000,000. In February 2016, we made cashdistributions to our Class A and B Members totaling $8,861,000. 127 Table of Contents BATTLEGROUND OIL SPECIALTY TERMINAL COMPANY LLCNOTES TO FINANCIAL STATEMENTS (continued) 5. Commitments Capital Commitments As of December 31, 2015, we have commitments for purchases of plant, property and equipment of $890,000, which weexpect to spend during 2016. Operating Leases We lease property and equipment under various operating leases. Future minimum annual rental commitments under ouroperating leases as of December 31, 2015, are as follows (in thousands):YearTotal2016$397 2017407 2018414 2019418 2020377 Thereafter7,834 Total$9,847 Rental expense on our lease obligation for the years ended December 31, 2015, 2014 and 2013 was approximately$471,000, $410,000 and $2,000, respectively, and is reflected in “Operations and maintenance” on our accompanyingStatements of Operations. 6. Recent Accounting Pronouncements Accounting Standards Update (ASU) No. 2014-09 On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU isdesigned to create greater comparability for financial statement users across industries and jurisdictions. The provisions ofASU No. 2014-09 include a five-step process by which entities will recognize revenue to depict the transfer of goods orservices to customers in amounts that reflect the payment to which an entity expects to be entitled in exchange for thosegoods or services. The standard also will require enhanced disclosures, provide more comprehensive guidance fortransactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements.ASU No. 2014-09 will be effective for us January 1, 2018. Early adoption is permitted for the interim periods within theadoption year. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition and assessing thetiming of our adoption.128 Table of Contents (A)3—EXHIBITS:ExhibitNumber Description 2.1 Facilities Sale Agreement, dated as of December 29, 2006, by and between TransMontaigne ProductServices LLC (formerly known as TransMontaigne Product Services Inc.) and TransMontaignePartners L.P. (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8‑K filed byTransMontaigne Partners L.P. with the SEC on January 5, 2007). 2.2 Facilities Sale Agreement, dated as of December 28, 2007, by and between TransMontaigne ProductServices LLC and TransMontaigne Partners L.P. (incorporated by reference to Exhibit 2.1 of the CurrentReport on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on January 3, 2008). 3.1 Certificate of Limited Partnership of TransMontaigne Partners L.P., dated February 23, 2005 (incorporatedby reference to Exhibit 3.1 of TransMontaigne Partners L.P.’s Registration Statement on Form S‑1(Registration No. 333‑123219) filed on March 9, 2005). 3.2 First Amended and Restated Agreement of Limited Partnership of TransMontaigne Partners L.P., datedMay 27, 2005 (incorporated by reference to Exhibit 3.1 of the Annual Report on Form 10‑K filed byTransMontaigne Partners L.P. with the SEC on September 13, 2005). 3.3 First Amendment to the First Amended and Restated Agreement of Limited Partnership ofTransMontaigne Partners L.P. dated January 23, 2006 (incorporated by reference to Exhibit 3.3 ofTransMontaigne Partners L.P.’s Annual Report on Form 10‑K filed by TransMontaigne Partners with theSEC on March 8, 2010). 3.4 Second Amendment to the First Amended and Restated Agreement of Limited Partnership ofTransMontaigne Partners L.P. (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8‑Kfiled by TransMontaigne Partners L.P. with the SEC on April 8, 2008). 3.5 Third Amendment to the First Amended and Restated Agreement of Limited Partnership ofTransMontaigne Partners L.P. dated May 5, 2015 (incorporated by reference to Exhibit 3.1 of theQuarterly Report on Form 10-Q filed by TransMontaigne Partners L.P. with the SEC on May 7, 2015). 10.1 Amended and Restated Senior Secured Credit Facility, dated March 9, 2011, by and amongTransMontaigne Operating Company L.P., as borrower, U.S. Bank National Association, as SyndicationAgent, Bank of America, N.A., as Documentation Agent and Wells Fargo Bank, National Association, asAdministrative Agent, and the other lenders a party thereto (incorporated by reference to Exhibit 10.1 ofthe Current Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 10, 2011). 10.2 Letter Agreement to Second Amended and Restated Senior Secured Credit Facility, dated January 5, 2012among TransMontaigne Operating Company L.P., as borrower, among the financial institutions partythereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated byreference to Exhibit 99.2 of the Current Report on Form 8‑K filed by TransMontaigne Partners L.P. withthe SEC on December 20, 2012). 10.3 Second Amendment to Second Amended and Restated Senior Secured Credit Facility, dated March 20,2012 among TransMontaigne Operating Company L.P., as borrower, among the financial institutionsparty thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent(incorporated by reference to Exhibit 99.3 of the Current Report on Form 8‑K filed by TransMontaignePartners L.P. with the SEC on December 20, 2012). 10.4 Third Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as ofDecember 20, 2012 among TransMontaigne Operating Company L.P., as borrower, among the financialinstitutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent(incorporated by reference to Exhibit 10.1 of the Current Report on Form 8‑K filed by TransMontaignePartners L.P. with the SEC on December 20, 2012). 129 Table of Contents Exhibit Number Description 10.5 Fourth Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as of July1, 2014 among TransMontaigne Operating Company L.P., as borrower, among the financial institutionsparty thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent(incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q filed by TransMontaignePartners L.P. with the SEC on August 7, 2014). 10.6 Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as ofFebruary 26, 2015 among TransMontaigne Operating Company L.P., as borrower, among the financialinstitutions party thereto as lenders, and Wells Fargo Bank, National Association, as AdministrativeAgent (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed byTransMontaigne Partners L.P. with the SEC on March 2, 2015). 10.7 Consent Under and Sixth Amendment to the Second Amended and Restated Senior Secured CreditFacility, dated January 29, 2016 (as previously amended, the “Credit Facility”), among TransMontaigneOperating Company L.P., as Borrower, TransMontaigne Partners L.P. and certain of its subsidiaries, asGuarantors, the financial institutions party thereto as lenders, U.S. Bank National Association, asSyndication Agent, Bank of America, N.A., as Documentation Agent, and Wells Fargo Bank, NationalAssociation, as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Quarterly Reporton Form 10-Q filed by TransMontaigne Partners L.P. with the SEC on February 2, 2016) 10.8 Contribution, Conveyance and Assumption Agreement, dated May 27, 2005, by and amongTransMontaigne LLC, TransMontaigne Partners L.P., TransMontaigne GP L.L.C., TransMontaigneOperating GP L.L.C., TransMontaigne Operating Company L.P., TransMontaigne Product Services LLCand Coastal Fuels Marketing, Inc., Coastal Terminals L.L.C., Razorback L.L.C., TPSI Terminals L.L.C. andTransMontaigne Services LLC. (incorporated by reference to Exhibit 10.2 of the Annual Report onForm 10‑K filed by TransMontaigne Partners L.P. with the SEC on September 13, 2005). 10.9 Second Amended and Restated Omnibus Agreement, dated March 1, 2016, by and among Gulf TLPHoldings, LLC, TLP Management Services LLC, TransMontaigne Partners L.P., TransMontaigne GPL.L.C., TransMontaigne Operating GP L.L.C. and TransMontaigne Operating Company L.P. (incorporatedby reference to Exhibit 10.2 of the Quarterly Report on Form 8‑K filed by TransMontaigne Partners L.P.with the SEC on March 3, 2016). 10.11+ 2016 Long‑Term Incentive Plan (incorporated by reference to Exhibit 10.3 of the Quarterly Report onForm 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 3, 2016) 10.12+* Form of 2016 Long‑Term Incentive Plan Non‑Employee Director Award Agreement. 10.13+ TLP Management Services LLC Savings and Retention Plan (incorporated by reference to Exhibit 10.4 ofthe Quarterly Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 3, 2016). 10.14 Registration Rights Agreement, dated May 27, 2005, by and between TransMontaigne Partners L.P. andMSDW Morgan Stanley Strategic Investments, Inc. (formerly MSDW Bondbook Ventures Inc.)(incorporated by reference to Exhibit 10.7 of the Annual Report on Form 10‑K filed by TransMontaignePartners L.P. with the SEC on September 13, 2005). 130 Table of Contents Exhibit Number Description 10.16 Terminaling Services Agreement—Southeast and Collins/Purvis, dated January 1, 2008, betweenTransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc., as amended (assigned in part toNGL Energy Partners LP on July 1, 2014) (incorporated by reference to Exhibit 10.16 of the AnnualReport on Form 10 K filed by TransMontaigne Partners L.P. with the SEC on March 10, 2008). Certainportions of this exhibit have been omitted and filed separately with the Commission pursuant to a requestfor confidential treatment under Rule 24b 2 as promulgated under the Securities Exchange Act of 1934. 10.17 Sixth Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated July 16,2013, between TransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc. (assigned in part toNGL Energy Partners LP on July 1, 2014) (incorporated by reference to Exhibit 10.1 of the Current Reporton Form 8 K filed by TransMontaigne Partners L.P. with the SEC on July 17, 2013). 10.18 Seventh Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated December20, 2013, between TransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc. (assigned in partto NGL Energy Partners LP on July 1, 2014) (incorporated by reference to Exhibit 10.1 of the CurrentReport on Form 8 K filed by TransMontaigne Partners L.P. with the SEC on December 23, 2013). 10.19* Eighth Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated November4, 2014, between TransMontaigne Partners L.P. and NGL Energy Partners LP. 10.20 Amendment No. 9 to Terminaling Services Agreement—Southeast and Collins/Purvis, dated March 1,2016, between TransMontaigne Partners L.P. and NGL Energy Partners LP (incorporated by reference toExhibit 10.1 of the Quarterly Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC onMarch 3, 2016).10.21 Indemnification Agreement, dated December 31, 2007, among TransMontaigne LLC, TransMontaignePartners L.P., TransMontaigne GP L.L.C., TransMontaigne Operating GP L.L.C. and TransMontaigneOperating Company L.P. (incorporated by reference to Exhibit 10.17 of the Annual Report on Form 10‑Kfiled by TransMontaigne Partners L.P. with the SEC on March 10, 2008).10.22 Amended and Restated Limited Liability Company Agreement of Battleground Oil Specialty TerminalCompany LLC Company, dated October 18, 2011, by and among TransMontaigne OperatingCompany L.P., Kinder Morgan Battleground Oil LLC and Tauber Terminals, LP. Certain portions of thisexhibit have been omitted and filed separately with the Commission pursuant to a request for confidentialtreatment under Rule 24b‑2 as promulgated under the Securities Exchange Act of 1934.10.23 First Amendment to the Amended and Restated Limited Liability Company Agreement of BattlegroundOil Specialty Terminal Company LLC, dated December 20, 2012, by and among TransMontaigneOperating Company L.P., Kinder Morgan Battleground Oil LLC and Tauber Terminals, LP. Certainportions of this exhibit have been omitted and filed separately with the Commission pursuant to a requestfor confidential treatment under Rule 24b‑2 as promulgated under the Securities Exchange Act of 1934. 10.24 Purchase Agreement, dated December 20, 2012, by and among TransMontaigne Operating Company L.P.,and Kinder Morgan Battleground Oil LLC (incorporated by reference to Exhibit 2.1 of the Current Reporton Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on December 20, 2012). 21.1* List of Subsidiaries of TransMontaigne Partners L.P. 23.1* Consent of Independent Registered Public Accounting Firm—consent of Deloitte & Touche LLP on theconsolidated financial statements of TransMontaigne Partners, L.P. and the effectiveness ofTransMontaigne Partners, L.P.’s internal control over financial reporting. 131 Table of Contents Exhibit Number Description 23.2* Consent of Independent Registered Public Accounting Firm—consent of PricewaterhouseCoopers LLP onthe financial statements of Battleground Oil Specialty Terminal Company LLC. 31.1* Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002. 31.2* Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002. 32.1* Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes‑Oxley Act of 2002. 32.2* Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes‑Oxley Act of 2002. 101 The following financial information from the Annual Report on Form 10‑K of TransMontaignePartners L.P. and subsidiaries for the year ended December 31, 2015, formatted in XBRL (eXtensibleBusiness Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements ofcomprehensive income, (iii) consolidated statements of partners’ equity, (iv) consolidated statements ofcash flows and (v) notes to the consolidated financial statements. *Filed with this annual report.+Identifies each management compensation plan or arrangement.132 Table of Contents SIGNATURESPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TransMontaigne Partners L.P. By:TransMontaigne GP L.L.C., its General Partner By:/s/ Frederick W. Boutin Frederick W. BoutinChief Executive Officer Date: March 10, 2016Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities with TransMontaigne GP L.L.C., the general partner of theregistrant, on the date indicated.Name and Signature Title Date /s/ Frederick W. Boutin Chief Executive Officer March 10, 2016Frederick W. Boutin /s/ Robert T. Fuller Executive Vice President, ChiefFinancial Officer, Chief AccountingOfficer and Treasurer March 10, 2016Robert T. Fuller /s/ Kevin M. Crosby Director March 10, 2016Kevin M. Crosby /s/ Daniel R. Revers Director March 10, 2016Daniel R. Revers /s/ Lucius H. Taylor Director March 10, 2016Lucius H. Taylor /s/ Steven A. Blank Director March 10, 2016Steven A. Blank /s/ Robert A. Burk Director March 10, 2016Robert A. Burk /s/ Lawrence C. Ross Director March 10, 2016Lawrence C. Ross /s/ Theodore D. Burke Director March 10, 2016Theodore D. Burke 133 Table of Contents ExhibitNumber Description2.1 Facilities Sale Agreement, dated as of December 29, 2006, by and between TransMontaigne ProductServices LLC (formerly known as TransMontaigne Product Services Inc.) and TransMontaigne Partners L.P.(incorporated by reference to Exhibit 2.1 of the Current Report on Form 8‑K filed by TransMontaignePartners L.P. with the SEC on January 5, 2007).2.2 Facilities Sale Agreement, dated as of December 28, 2007, by and between TransMontaigne ProductServices LLC and TransMontaigne Partners L.P. (incorporated by reference to Exhibit 2.1 of the CurrentReport on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on January 3, 2008).3.1 Certificate of Limited Partnership of TransMontaigne Partners L.P., dated February 23, 2005 (incorporated byreference to Exhibit 3.1 of TransMontaigne Partners L.P.’s Registration Statement on Form S‑1 (RegistrationNo. 333‑123219) filed on March 9, 2005).3.2 First Amended and Restated Agreement of Limited Partnership of TransMontaigne Partners L.P., datedMay 27, 2005 (incorporated by reference to Exhibit 3.1 of the Annual Report on Form 10‑K filed byTransMontaigne Partners L.P. with the SEC on September 13, 2005).3.3 First Amendment to the First Amended and Restated Agreement of Limited Partnership of TransMontaignePartners L.P. dated January 23, 2006 (incorporated by reference to Exhibit 3.3 of TransMontaignePartners L.P.’s Annual Report on Form 10‑K filed by TransMontaigne Partners with the SEC on March 8,2010).3.4 Second Amendment to the First Amended and Restated Agreement of Limited Partnership of TransMontaignePartners L.P. (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8‑K filed byTransMontaigne Partners L.P. with the SEC on April 8, 2008). 3.5 Third Amendment to the First Amended and Restated Agreement of Limited Partnership of TransMontaignePartners L.P. dated May 5, 2015 (incorporated by reference to Exhibit 3.1 of the Quarterly Report on Form 10-Q filed by TransMontaigne Partners L.P. with the SEC on May 7, 2015).10.1 Amended and Restated Senior Secured Credit Facility, dated March 9, 2011, by and among TransMontaigneOperating Company L.P., as borrower, U.S. Bank National Association, as Syndication Agent, Bank ofAmerica, N.A., as Documentation Agent and Wells Fargo Bank, National Association, as AdministrativeAgent, and the other lenders a party thereto (incorporated by reference to Exhibit 10.1 of the Current Reporton Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 10, 2011).10.2 Letter Agreement to Second Amended and Restated Senior Secured Credit Facility, dated January 5, 2012among TransMontaigne Operating Company L.P., as borrower, among the financial institutions party theretoas lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by referenceto Exhibit 99.2 of the Current Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC onDecember 20, 2012).10.3 Second Amendment to Second Amended and Restated Senior Secured Credit Facility, dated March 20, 2012among TransMontaigne Operating Company L.P., as borrower, among the financial institutions party theretoas lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by referenceto Exhibit 99.3 of the Current Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC onDecember 20, 2012).10.4 Third Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as ofDecember 20, 2012 among TransMontaigne Operating Company L.P., as borrower, among the financialinstitutions party thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent(incorporated by reference to Exhibit 10.1 of the Current Report on Form 8‑K filed by TransMontaignePartners L.P. with the SEC on December 20, 2012).134 Table of Contents 10.5 Fourth Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as of July 1,2014 among TransMontaigne Operating Company L.P., as borrower, among the financial institutions partythereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated byreference to Exhibit 10.1 of the Quarterly Report on Form 10-Q filed by TransMontaigne Partners L.P. withthe SEC on August 7, 2014). 10.6 Fifth Amendment to Second Amended and Restated Senior Secured Credit Facility, effective as of February26, 2015 among TransMontaigne Operating Company L.P., as borrower, among the financial institutionsparty thereto as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporatedby reference to Exhibit 10.1 of the Current Report on Form 8-K filed by TransMontaigne Partners L.P. withthe SEC on March 2, 2015). 10.7 Consent Under and Sixth Amendment to the Second Amended and Restated Senior Secured Credit Facility,dated January 29, 2016 (as previously amended, the “Credit Facility”), among TransMontaigne OperatingCompany L.P., as Borrower, TransMontaigne Partners L.P. and certain of its subsidiaries, as Guarantors, thefinancial institutions party thereto as lenders, U.S. Bank National Association, as Syndication Agent, Bank ofAmerica, N.A., as Documentation Agent, and Wells Fargo Bank, National Association, as AdministrativeAgent (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q filed byTransMontaigne Partners L.P. with the SEC on February 2, 2016) 10.8 Contribution, Conveyance and Assumption Agreement, dated May 27, 2005, by and amongTransMontaigne LLC, TransMontaigne Partners L.P., TransMontaigne GP L.L.C., TransMontaigneOperating GP L.L.C., TransMontaigne Operating Company L.P., TransMontaigne Product Services LLC andCoastal Fuels Marketing, Inc., Coastal Terminals L.L.C., Razorback L.L.C., TPSI Terminals L.L.C. andTransMontaigne Services LLC. (incorporated by reference to Exhibit 10.2 of the Annual Report onForm 10‑K filed by TransMontaigne Partners L.P. with the SEC on September 13, 2005). 10.9 Second Amended and Restated Omnibus Agreement, dated March 1, 2016, by and among Gulf TLP Holdings,LLC, TLP Management Services LLC, TransMontaigne Partners L.P., TransMontaigne GP L.L.C.,TransMontaigne Operating GP L.L.C. and TransMontaigne Operating Company L.P. (incorporated byreference to Exhibit 10.2 of the Quarterly Report on Form 8‑K filed by TransMontaigne Partners L.P. with theSEC on March 3, 2016). 10.11+ 2016 Long‑Term Incentive Plan (incorporated by reference to Exhibit 10.3 of the Quarterly Report onForm 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 3, 2016) 10.12+* Form of 2016 Long‑Term Incentive Plan Non‑Employee Director Award Agreement. 10.13+ TLP Management Services LLC Savings and Retention Plan (incorporated by reference to Exhibit 10.4 of theQuarterly Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC on March 3, 2016). 10.14 Registration Rights Agreement, dated May 27, 2005, by and between TransMontaigne Partners L.P. andMSDW Morgan Stanley Strategic Investments, Inc. (formerly MSDW Bondbook Ventures Inc.) (incorporatedby reference to Exhibit 10.7 of the Annual Report on Form 10 K filed by TransMontaigne Partners L.P. withthe SEC on September 13, 2005). 10.16 Terminaling Services Agreement—Southeast and Collins/Purvis, dated January 1, 2008, betweenTransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc. (assigned in part to NGL EnergyPartners LP on July 1, 2014) (incorporated by reference to Exhibit 10.16 of the Annual Report on Form 10 Kfiled by TransMontaigne Partners L.P. with the SEC on March 10, 2008). Certain portions of this exhibit have been omitted and filed separately with the Commission pursuant to a request for confidential treatmentunder Rule 24b 2 as promulgated under the Securities Exchange Act of 1934. 135 Table of Contents 10.17 Sixth Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated July 16, 2013,between TransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc. (assigned in part to NGLEnergy Partners LP on July 1, 2014) (incorporated by reference to Exhibit 10.1 of the Current Report on Form8 K filed by TransMontaigne Partners L.P. with the SEC on July 17, 2013). 10.18 Seventh Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated December 20,2013, between TransMontaigne Partners L.P. and Morgan Stanley Capital Group Inc. (assigned in part toNGL Energy Partners LP on July 1, 2014) (incorporated by reference to Exhibit 10.1 of the Current Report onForm 8 K filed by TransMontaigne Partners L.P. with the SEC on December 23, 2013). 10.19* Eighth Amendment to Terminaling Services Agreement—Southeast and Collins/Purvis, dated November 4,2014, between TransMontaigne Partners L.P. and NGL Energy Partners LP. 10.20 Amendment No. 9 to Terminaling Services Agreement—Southeast and Collins/Purvis, dated March 1, 2016,between TransMontaigne Partners L.P. and NGL Energy Partners LP (incorporated by reference toExhibit 10.1 of the Quarterly Report on Form 8‑K filed by TransMontaigne Partners L.P. with the SEC onMarch 3, 2016). 10.21 Indemnification Agreement, dated December 31, 2007, among TransMontaigne LLC, TransMontaignePartners L.P., TransMontaigne GP L.L.C., TransMontaigne Operating GP L.L.C. and TransMontaigneOperating Company L.P. (incorporated by reference to Exhibit 10.17 of the Annual Report on Form 10‑Kfiled by TransMontaigne Partners L.P. with the SEC on March 10, 2008). 10.22 Amended and Restated Limited Liability Company Agreement of Battleground Oil Specialty TerminalCompany LLC Company, dated October 18, 2011, by and among TransMontaigne Operating Company L.P.,Kinder Morgan Battleground Oil LLC and Tauber Terminals, LP. Certain portions of this exhibit have beenomitted and filed separately with the Commission pursuant to a request for confidential treatment underRule 24b‑2 as promulgated under the Securities Exchange Act of 1934. 10.23 First Amendment to the Amended and Restated Limited Liability Company Agreement of Battleground OilSpecialty Terminal Company LLC, dated December 20, 2012, by and among TransMontaigne OperatingCompany L.P., Kinder Morgan Battleground Oil LLC and Tauber Terminals, LP. Certain portions of thisexhibit have been omitted and filed separately with the Commission pursuant to a request for confidentialtreatment under Rule 24b‑2 as promulgated under the Securities Exchange Act of 1934. 10.24 Purchase Agreement, dated December 20, 2012, by and among TransMontaigne Operating Company L.P.,and Kinder Morgan Battleground Oil LLC (incorporated by reference to Exhibit 2.1 of the Current Report onForm 8‑K filed by TransMontaigne Partners L.P. with the SEC on December 20, 2012). 21.1* List of Subsidiaries of TransMontaigne Partners L.P. 23.1* Consent of Independent Registered Public Accounting Firm—consent of Deloitte & Touche LLP on theconsolidated financial statements of TransMontaigne Partners, L.P. and the effectiveness of TransMontaignePartners, L.P.’s internal control over financial reporting.23.2* Consent of Independent Registered Public Accounting Firm—consent of PricewaterhouseCoopers LLP on thefinancial statements of Battleground Oil Specialty Terminal Company LLC.31.1* Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.31.2* Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.136 Table of Contents 32.1* Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes‑Oxley Act of 2002.32.2* Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant toSection 906 of the Sarbanes‑Oxley Act of 2002. 101 The following financial information from the Annual Report on Form 10‑K of TransMontaigne Partners L.P.and subsidiaries for the year ended December 31, 2015, formatted in XBRL (eXtensible Business ReportingLanguage): (i) consolidated balance sheets, (ii) consolidated statements of comprehensive income,(iii) consolidated statements of partners’ equity, (iv) consolidated statements of cash flows and (v) notes to theconsolidated financial statements. *Filed with this annual report.+Identifies each management compensation plan or arrangement. 137 Exhibit 10.122016 LONG-TERM INCENTIVE PLANNON-EMPLOYEE DIRECTOR AWARD AGREEMENTThis Award Agreement (“Agreement”) is made and entered into between TLP Services LLC (the“Company”) and __________ (the “Grantee”), a Director of TransMontaigne GP L.L.C. (the “General Partner”), regarding anaward (“Award”) of _____ Interests (as defined in Section 3 below) granted to the Grantee on __________, 20__ (the “GrantDate”) pursuant to the 2016 Long-Term Incentive Plan (the “Plan”), such number of Interests being subject to adjustment asprovided in the Plan, and further subject to the following terms and conditions:1. Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Plan andadministrative interpretations thereunder, if any, which have been adopted by the Committee thereunder and are in effect onthe date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan.2. Vesting Schedule.(a) This Award shall vest in installments in accordance with the following schedule: Date VestedIncrement Total VestedPercentage __________, 2017 25 % 25 %__________, 2018 25 % 50 %__________, 2019 25 % 75 %__________, 2020 25 % 100 %The number of Interests that vest as of each date described above will be rounded down to the nearestwhole Interest, with any remaining Interests to vest with the final installment. The Grantee must continuously serveas a Director, Employee or Consultant from the Grant Date through the applicable vesting date in order for theAward to become vested with respect to additional Interests on such date. All Interests vesting in accordance withthis Section 2 shall have a value equal to the Fair Market Value as established under the Plan. (b) All Interests subject to this Award shall vest upon the occurrence of a Change in Control, irrespective ofthe limitations set forth in subparagraph (a) above, provided that the Grantee has been continuously serving as aDirector, Employee or Consultant from the Grant Date through the date of the Change in Control.3. Description of Interests. As used in this Agreement, “Interests” means either a Phantom Unit or aRestricted Unit, as such terms are defined in the Plan. Interests under this Agreement will initially be in the form of PhantomUnits. With respect to Interests in the form of Phantom Units that have not vested pursuant to the schedule in Section 2(a), theCommittee, in its sole discretion and to the extent it deems appropriate, may convert such Phantom Units to Restricted Unitsin accordance with Section 6, and such Interests so converted shall continue to be subject to the vesting schedule in Section2(a).4. Forfeiture of Award. If the Grantee’s service terminates by reason of death or Disability, a pro rataportion of the Interests granted pursuant to this Award shall be vested based on the ratio between (1) the number of fullmonths of service completed from the Grant Date to the termination date and (2) the total number of full months of servicerequired for all of the Interests to become vested. After giving effect to the preceding sentence, all unvested Interests shall beimmediately forfeited as of the date of the Grantee’s termination of Service for any reason.  5. Book Entry of Phantom Units. During the period of time between the Grant Date and the earlier of thedate Interests in the form of Phantom Units vest, are forfeited or are converted to Restricted Units, the Interests will beevidenced by a book entry account in the Company’s records. Upon vesting of Phantom Units, the Grantee shall be entitledto payment for such Phantom Units in the form of cash or Units (as defined in the Plan), as determined by the Committee inits sole discretion.6. Escrow of Restricted Units. Interests in the form of Restricted Units subject to this Award shall be issuedto and registered in Grantee’s name as soon as practicable following the conversion of such Interests from Phantom Units toRestricted Units. Until the earlier of the date the Restricted Units vest or are forfeited (the “Restriction Period”), theRestricted Units may be retained by the transfer agent or certificates may be held in escrow by the Company, together with aunit power endorsed by the Grantee in blank if so required by the Company. Any certificate issued and held by the Companyshall bear a legend as provided by the Company, conspicuously referring to the terms, conditions and restrictions describedin this Agreement. Upon termination of the Restriction Period, the Company shall release the restrictions on any vested Unitsand a certificate representing such vested Units shall be delivered to the Grantee as promptly as is reasonably practicablefollowing such termination or, at the Company’s option, shall be delivered in street name to a brokerage account establishedby the Grantee.7. No Code Section 83(b) Election. The Grantee shall not make an election, under Section 83(b) of theCode, to include an amount in income in respect of the Award of Interests.8. Distributions and Voting Rights. The Grantee is entitled to DERs with respect to Phantom Units, whichshall be paid to the Grantee in cash at the time distributions are made with respect to Units. The Grantee shall have no votingrights with respect to Phantom Units. The Grantee is entitled to receive all cash distributions made with respect to RestrictedUnits registered in Grantee’s name and is entitled to vote such Restricted Units, unless and until the Restricted Units areforfeited.9. Acceptance of Grant. The Grantee must accept the terms of this Agreement by signing and returning afully executed original of this Agreement to the Company in accordance with Section 10 below no later than forty-five (45)days from the Grant Date (the “Acceptance Period”). In the event the last day of the Acceptance Period should fall on aSaturday, Sunday or Federal holiday, the last day of the Acceptance Period shall be deemed to be the next following businessday. In the event a fully-executed original of this Agreement is not received by the Company prior to the expiration of theAcceptance Period, the Grantee shall be deemed to have rejected the grant of Interests referenced herein and such grant shallbe deemed cancelled and null and void ab initio.10. Notices. Any notices provided for in this Agreement or in the Plan shall be given in writing and shall bedeemed effectively delivered or given upon receipt in the case of personal delivery or, in the case of notices delivered bycertified or registered mail, upon the second day after deposit in the United States mails, postage prepaid and properlyaddressed as set forth below:(a) If to the Company, to TLP Services LLC, Attention: General Counsel, 1670 Broadway, Suite 3100,Denver, Colorado 80202, or at such other address as may be furnished in writing to the Grantee; or (b) If to the Grantee, to the Grantee’s home address as listed in the records of the Company.Any party may send any notice, request, demand, claim or other communication hereunder to the intendedrecipient at the address set forth above using any other means (including expedited courier, messenger service, telecopy,ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication shall be deemed tohave been duly given unless and until it actually is received by the intended recipient. 11. Assignment of Award. Except as otherwise permitted by the Committee, the Grantee’s rights under thisAgreement and the Plan are personal; no assignment or transfer of the Grantee’s rights under and interest in this Award maybe made by the Grantee other than by will, by beneficiary designation, by the laws of descent and distribution or by aqualified domestic relations order.  12. Unit Certificates. Certificates representing the Restricted Units issued pursuant to the Award will bearall legends required by law and necessary or advisable to effectuate the provisions of the Plan and this Award. The Companymay place a “stop transfer” order against Restricted Units issued pursuant to this Award until all restrictions and conditionsset forth in the Plan or this Agreement and in the legends referred to in this Section 12 have been complied with.13. Withholding. Unless other arrangements have been made that are acceptable to the Committee, theCompany, the General Partner or any Affiliate thereof is authorized to deduct or withhold, or cause to be deducted orwithheld, from any Award, from any payment due or transfer made under any Award, or from any compensation or otheramount owing to the Grantee the amount (in cash or Units, including Units that would otherwise be issued pursuant to suchAward or other property) of any applicable taxes payable in respect of an Award, including its grant, its exercise, the lapse ofrestrictions thereon, or any payment or transfer thereunder or under the Plan, and to take such other action as may benecessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. Whether or notwithholding tax requirements are imposed, the Grantee may pay all or any portion of the taxes required to be paid by theGrantee in connection with the vesting of all or any portion of this Award by delivering cash, or, with the Committee’sapproval, by electing to have Units withheld, or by delivering previously owned Units, having a Fair Market Value equal tothe amount required to be withheld or paid. The Grantee may only request the withholding of Units having a Fair MarketValue equal to the statutory minimum withholding amount applicable to employees. The Grantee must make the foregoingelection on or before the date that the amount of tax to be withheld is determined.14. No Guarantee of Continued Service. No provision of this Agreement shall confer any right upon theGrantee to continue serving as a Director.15. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with thelaws of the State of Colorado without regard to its conflicts of laws principles.16. Amendment. This Agreement cannot be modified, altered or amended, except by an agreement, inwriting, signed by both the Company and the Grantee.  TLP SERVICES LLC Date: By: Name: Title: The Grantee hereby accepts the foregoing Agreement, subject to the terms and provisions of the Plan andadministrative interpretations thereof referred to above. GRANTEE: Date: Exhibit 10.19 EIGHTH AMENDMENTTOTERMINALING SERVICES AGREEMENT – SOUTHEAST AND COLLINS/PURVIS THIS EIGHTH AMENDMENT TO TERMINALING SERVICES AGREEMENT – SOUTHEAST ANDCOLLINS/PURVIS (this “Eighth Amendment”) dated as of November 4, 2014 (the “Effective Date”) is entered intoby and between TransMontaigne Partners L.P. on behalf of itself and its Affiliates (“Owner”) and NGL EnergyPartners LP (“Customer”), as successor in interest to Morgan Stanley Capital Group Inc., each sometimes referred toherein each as a “Party” and, collectively, as the “Parties.”R E C I T A L S:A. Owner and Customer previously entered into the Terminaling Services Agreement – Southeast andCollins/Purvis, dated as of January 1, 2008, as amended by the First Amendment to Terminaling ServicesAgreement – Southeast and Collins/Purvis, effective January 1, 2008, the Second Amendment to TerminalingServices Agreement – Southeast and Collins/Purvis, effective June 1, 2009, the Third Amendment to TerminalingServices Agreement – Southeast and Collins/Purvis, effective December 22, 2009, the Fourth Amendment toTerminaling Services Agreement – Southeast and Collins/Purvis, dated as of April 14, 2010, the Fifth Amendmentto Terminaling Services Agreement – Southeast and Collins/Purvis, dated as of March 15, 2012, the SixthAmendment to Terminaling Services Agreement – Southeast and Collins/Purvis, dated as of July 16, 2013, and theSeventh Amendment to Terminaling Services Agreement – Southeast and Collins/Purvis, dated as of December 20,2013 (collectively, the “Original TSA”).B. Owner and Customer desire to amend the Original TSA in certain respects.NOW, THEREFORE, in consideration of the premises and the covenants, conditions, and agreementscontained herein, and for other good and valuable consideration, the receipt and sufficiency of which are herebyacknowledged, the Parties hereby agree as follows:ARTICLE 1DEFINITIONS AND CONSTRUCTION 1.1 Defined Terms. Capitalized terms and references used but not otherwise defined in this EighthAmendment have the respective meanings given to such terms in the Original TSA. 1.2 Headings. All headings herein are intended solely for convenience of reference and shall not affectthe meaning or interpretation of the provisions of this Eighth Amendment. 1.3 References. Each reference in the Original TSA to “this Agreement”, “herein” or words of likeimport referring to such Original TSA shall mean and be a reference to the Original TSA, as amended by this EighthAmendment, and “thereunder”, “thereof” or words of like import shall mean and be a reference to the OriginalTSA, as amended by this Eighth Amendment. Any notices, requests, certificates and other documents executedand delivered on or after the date hereof may refer to the Original TSA without making specific reference to thisEighth Amendment, but nevertheless all such references shall mean the Original TSA as amended by this EighthAmendment. ARTICLE 2AMENDMENT TO AGREEMENT 2.1 The following language shall be inserted at the end of Section III of Attachment “A-1”: “Any top tier additive supplied by Owner will be charged at a rate of $.0040 per gallon.” ARTICLE 3MISCELLANEOUS 3.1 Effective Date. This Eighth Amendment shall be effective as of Effective Date.3.2 Scope of Eighth Amendment. The Original TSA is amended only as expressly modified by thisEighth Amendment. Except as expressly modified by this Eighth Amendment, the terms of the Original TSAremain unchanged, and the Original TSA is hereby ratified and confirmed by the Parties in all respects. In the eventof any inconsistency between the terms of the Original TSA and this Eighth Amendment, this Eighth Amendmentshall prevail to the extent of such inconsistency.3.3 Representations and Warranties. Each Party represents and warrants that this Eighth Amendment hasbeen duly authorized, executed and delivered by it and that each of this Eighth Amendment and the Original TSAconstitutes its legal, valid, binding and enforceable obligation, enforceable against it in accordance with its terms,except to the extent such enforceability may be limited by the effect of any applicable bankruptcy, insolvency,reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. 3.4 No Waiver. Except as expressly provided herein, the execution and delivery of this EighthAmendment shall not be deemed or construed to (i) constitute an extension, modification or waiver of any term orcondition of the Original TSA, (ii) give rise to any obligation on the part of any Party to extend, modify or waiveany term or condition of the Original TSA, or (iii) be a waiver by any Party of any of its rights under the OriginalTSA, at law or in equity.3.5 Reaffirmation. Each Party hereby reaffirms each and every representation, warranty, covenant,condition, obligation and provision set forth in the Original TSA, as modified hereby. 3.6 Choice of Law. This Eighth Amendment shall be subject to and governed by the laws of the State ofNew York, excluding any conflicts of law, rule or principle that might refer to the construction or interpretation ofthis Eighth Amendment to the laws of another state. 3.7 Jurisdiction. Each Party hereby submits to the exclusive jurisdiction of any state court of Delawarelocated in Wilmington, Delaware (without recourse to arbitration unless both Parties agree in writing), and toservice of process by certified mail, delivered to the Party at the most recent designated address. Each Party herebyirrevocably waives to the fullest extent permitted by applicable law, any objection to personal jurisdiction, whetheron grounds of venue, residence or domicile.3.8 Waiver by Jury Trial. Each Party further waives, to the fullest extent permitted by Applicable Law,any right it may have to a trial by jury in respect of any proceedings relating to this Eighth Amendment.3.9 Severability. If any Article, Section or provision of this Eighth Amendment shall be determined to benull and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void orinvalid, it shall be deemed to be deleted from this Eighth Amendment and the remaining portions of this EighthAmendment shall remain in full force and effect. 3.10 Counterparts; Facsimile Signatures. This Eighth Amendment may be executed by the Parties inseparate counterparts and delivered by electronic or facsimile transmission or otherwise and all such counterpartsshall together constitute one and the same instrument. [SIGNATURE PAGE FOLLOWS] IN WITNESS WHEREOF, the Parties have executed this Eighth Amendment as of the EffectiveDate.NGL ENERGY PARTNERS LP By:NGL Energy Holdings LLC, its general partner By:/s/ Don Jensen Name:Don Jensen Title:Senior Vice President TRANSMONTAIGNE PARTNERS L.P. By:TransMontaigne GP L.L.C., its general partner By:/s/ Mark S. Huff Name:Mark S. Huff Title:Senior Vice President Signature Page to Eighth Amendment to Southeast/Collins TSAExhibit 21.1List of Subsidiaries of TransMontaigne Partners L.P. at December 31, 2014*Ownership ofsubsidiary Name of subsidiary Trade name State/Country oforganization 100% TransMontaigne Operating GP L.L.C. None Delaware 100% TransMontaigne Terminals L.L.C. None Delaware 100% TPSI Terminals L.L.C. None Delaware 100% TransMontaigne Operating Company L.P. None Delaware 100% Razorback L.L.C. None Delaware 100% TLP Operating Finance Corp. None Delaware 100% TPME L.L.C. None Delaware 100% TLP Finance Corp. None Delaware Exhibit 23.1Consent of Independent Registered Public Accounting Firm To the Board of Directors of TransMontaigne GP L.L.C. andThe Unitholders of TransMontaigne Partners L.P.Denver, Colorado We consent to the incorporation by reference in Registration Statement Nos. 333-125209 and 333-148280 on Form S-8 andRegistration Statement No. 333-187661 on Form S-3 of our reports dated March 10, 2016, relating to the consolidatedfinancial statements of TransMontaigne Partners L.P. and subsidiaries (the “Partnership”), and the effectiveness of thePartnership’s internal control over financial reporting, appearing in this Annual Report on Form 10-K of TransMontaignePartners L.P. for the year ended December 31, 2015. /s/ DELOITTE & TOUCHE LLP Denver, ColoradoMarch 10, 2016Exhibit 23.2CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMWe hereby consent to the incorporation by reference in the Registration Statements on Form S-3(No. 333-187661) and on Form S-8 (Nos. 333-125209 and 333-148280) of TransMontaigne PartnersL.P. of our report dated February 26, 2016 relating to the financial statements of Battleground OilSpecialty Terminal Company LLC, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLCHouston, TexasMarch 10, 2016Exhibit 31.1Certification Pursuant toSection 302 of the Sarbanes‑Oxley Act of 2002I, Frederick W. Boutin, Chief Executive Officer of TransMontaigne GP L.L.C., a Delaware limited liability company andgeneral partner of TransMontaigne Partners L.P. (the “Company”), certify that:1.I have reviewed this Annual Report on Form 10‑K of TransMontaigne Partners L.P. for the fiscal year endedDecember 31, 2015;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state amaterial fact necessary to make the statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairlypresent in all material respects the financial condition, results of operations and cash flows of the registrant asof, and for, the periods presented in this report;4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosurecontrols and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control overfinancial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and proceduresto be designed under our supervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financialreporting to be designed under our supervision, to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls and procedures, as of the endof the period covered by this report based on such evaluation; and(d)Disclosed in this report any change in the registrant’s internal control over financial reporting thatoccurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case ofan annual report) that has materially affected, or is reasonably likely to materially affect, theregistrant’s internal control over financial reporting; and5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internalcontrol over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board ofdirectors (or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect the registrant’s ability to record,process, summarize and report financial information; and(b)Any fraud, whether or not material, that involves management or other employees who have asignificant role in the registrant’s internal control over financial reporting.Chief Executive OfficerMarch 10, 2016/s/ Frederick W. BoutinFrederick W. BoutinChief Executive Officer Exhibit 31.2Certification Pursuant toSection 302 of the Sarbanes‑Oxley Act of 2002I, Robert T. Fuller, Chief Financial Officer of TransMontaigne GP L.L.C., a Delaware limited liability company andgeneral partner of TransMontaigne Partners L.P. (the “Company”), certify that:1.I have reviewed this Annual Report on Form 10‑K of TransMontaigne Partners L.P. for the fiscal year endedDecember 31, 2015;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state amaterial fact necessary to make the statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairlypresent in all material respects the financial condition, results of operations and cash flows of the registrant asof, and for, the periods presented in this report;4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosurecontrols and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control overfinancial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and proceduresto be designed under our supervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financialreporting to be designed under our supervision, to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls and procedures, as of the endof the period covered by this report based on such evaluation; and(d)Disclosed in this report any change in the registrant’s internal control over financial reporting thatoccurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case ofan annual report) that has materially affected, or is reasonably likely to materially affect, theregistrant’s internal control over financial reporting; and5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internalcontrol over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board ofdirectors (or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect the registrant’s ability to record,process, summarize and report financial information; and(b)Any fraud, whether or not material, that involves management or other employees who have asignificant role in the registrant’s internal control over financial reporting.Chief Financial OfficerMarch 10, 2016/s/ Robert T. FullerRobert T. FullerChief Financial Officer Exhibit 32.1Certification of Chief Executive Officer and Chief Financial OfficerPursuant to Section 906 of the Sarbanes‑Oxley Act of 2002(18 U.S.C. Section 1350)The undersigned, the Chief Executive Officer of TransMontaigne GP L.L.C., a Delaware limited liabilitycompany and general partner of TransMontaigne Partners L.P. (the “Company”), hereby certifies that, to his knowledgeon the date hereof:(a)the Annual Report on Form 10‑K of the Company for the fiscal year ended December 31, 2015, filedon the date hereof with the Securities and Exchange Commission (the “Report”) fully complies withthe requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(b)the information contained in the Report fairly presents, in all material respects, the financial conditionand results of operations of the Company.Chief Executive Officer /s/ Frederick W. BoutinFrederick W. BoutinChief Executive Officer March 10, 2016 Exhibit 32.2Certification of Chief Executive Officer and Chief Financial OfficerPursuant to Section 906 of the Sarbanes‑Oxley Act of 2002(18 U.S.C. Section 1350)The undersigned, the Chief Financial Officer of TransMontaigne GP L.L.C., a Delaware limited liabilitycompany and general partner of TransMontaigne Partners L.P. (the “Company”), hereby certifies that, to his knowledgeon the date hereof:(a)the Annual Report on Form 10‑K of the Company for the fiscal year ended December 31, 2015, filedon the date hereof with the Securities and Exchange Commission (the “Report”) fully complies withthe requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(b)the information contained in the Report fairly presents, in all material respects, the financial conditionand results of operations of the Company.Chief Financial Officer /s/ Robert T. FullerRobert T. FullerChief Financial Officer March 10, 2016 

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