Welcome to our dedicated page for Global Partners LP news (Ticker: GLP), a resource for investors and traders seeking the latest updates and insights on Global Partners LP stock.
Global Partners LP (GLP) is a publicly traded master limited partnership specializing in midstream logistics and marketing. With a significant presence in the Northeast, the company boasts one of the largest terminal networks for petroleum products and renewable fuels. GLP’s core business involves the purchasing, selling, storing, and transportation of these products, ensuring a steady supply to wholesalers, retailers, and commercial customers across New England and New York.
One of GLP’s distinguishing features is its extensive distribution network. The company is a major distributor of gasoline, distillates, residual oil, and renewable fuels. Additionally, it operates a virtual pipeline that facilitates the transportation of crude oil and other products from the Midwest and Canada to both U.S. coasts, enhancing the efficiency and reach of its operations.
GLP’s retail operations are equally impressive, with nearly 1,600 locations primarily in the Northeast. These include well-known convenience store brands such as Alltown, Mr. Mike's, Xtramart, On the Run, and Fast Freddie's. This makes GLP one of the largest independent owners, suppliers, and operators of gasoline stations and convenience stores in the region.
The company operates through three primary segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial. The Wholesale segment generates the most revenue, underscoring its importance to GLP’s overall business model.
In recent years, GLP has achieved notable milestones, including its ranking at No. 180 on the Fortune 500 list of America’s largest companies. This reflects its robust financial health and strategic growth initiatives.
Overall, Global Partners LP stands as a key player in the energy sector, known for its extensive network, diverse product offerings, and significant contributions to the regional fuel supply chain.
Global Partners LP (NYSE: GLP) reported strong Q3 2024 financial results with net income of $45.9 million ($1.17 per unit), up from $26.8 million ($0.60 per unit) in Q3 2023. EBITDA increased to $119.1 million from $76.7 million year-over-year. The company's gross profit rose to $286.0 million from $228.5 million, while total sales reached $4.4 billion. Notable achievements include the integration of 29 new terminals and the recent acquisition of ExxonMobil's East Providence terminal with 959,730 barrels of storage capacity. The GDSO segment showed strong performance with product margin of $237.7 million, while Wholesale segment margin increased to $71.1 million.
Global Partners LP (NYSE:GLP) has completed the acquisition of a liquid energy terminal in East Providence, Rhode Island from ExxonMobil Oil The terminal features 10 product tanks with 959,730-barrel shell capacity for storing gasoline, additives, distillates, and ethanol. The facility includes a six-bay truck rack serving Rhode Island, Northern Connecticut, and Southern Massachusetts markets, plus a dock for long-range vessels. The acquisition includes surplus vacant real estate parcels for potential future development and will enhance Global's gasoline infrastructure to optimize its marketing and retail presence in the area.
Global Partners LP (NYSE: GLP) announced it will release its third-quarter 2024 financial results before market opens on Friday, November 8, 2024. The company will hold a conference call at 10:00 a.m. ET, featuring President and CEO Eric Slifka, CFO Gregory B. Hanson, and COO Mark Romaine. Investors and analysts can join via phone at (877) 709-8155 (U.S./Canada) or (201) 689-8881 (International). An audio replay will be available on the company's investor relations website.
Global Partners LP (NYSE: GLP) has announced its third-quarter 2024 cash distribution of $0.7300 per unit ($2.92 per unit annualized). The distribution will be paid on November 14, 2024, to unitholders of record as of November 8, 2024. The company also provided notice regarding withholding requirements for non-U.S. investors, stating that 100% of distributions are subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.
Global Partners LP (NYSE: GLP) has announced a quarterly cash distribution on its 9.50% fixed-rate Series B preferred units. The Board of Directors of its general partner, Global GP , has declared a distribution of $0.59375 per unit ($2.375 per unit annualized) for the period from August 15, 2024, through November 14, 2024. The distribution will be paid on November 15, 2024, to Series B preferred unitholders of record as of November 1, 2024.
The announcement also includes information for brokers and nominees regarding withholding for non-U.S. investors. 100% of Global Partners LP's distributions to non-U.S. investors should be treated as income effectively connected with a U.S. trade or business and subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.
Global Partners LP (NYSE: GLP) has announced the availability of its 2023 Schedule K-3, which contains information on items of international tax relevance. Unitholders can access their Schedule K-3 online at www.taxpackagesupport.com/globalpartners. This information is primarily relevant for foreign unitholders, those computing foreign tax credits, and certain corporate or partnership unitholders. The Partnership advises unitholders to review the information and consult with their tax advisors if necessary. Global Partners LP will not be mailing physical copies of the Schedule K-3 to investors. However, unitholders can request an electronic copy via email by calling Tax Package Support at (866) 867-4075 on weekdays between 8 a.m. and 5 p.m. CT.
Global Partners LP (NYSE: GLP) reported strong Q2 2024 financial results, with growth across all key metrics. Net income rose to $46.1 million ($1.10 per diluted unit), up from $41.4 million in Q2 2023. EBITDA increased to $118.8 million from $90.7 million, while Adjusted EBITDA reached $121.1 million, up from $90.4 million. The company's strategic acquisitions expanded its Wholesale segment, doubling storage capacity to 21.4 million barrels. Gross profit grew to $287.9 million, with combined product margin rising to $319.6 million. The GDSO segment saw product margin increase to $221.5 million, while Wholesale segment margin grew to $91.9 million. Total sales reached $4.4 billion, with total volume at 1.6 billion gallons.
Global Partners LP (NYSE: GLP) has announced a cash distribution of $0.7200 per unit for the second quarter of 2024, equivalent to $2.88 per unit on an annualized basis. The distribution will be paid on August 14, 2024 to unitholders of record as of August 8, 2024. The company also provided a qualified notice to brokers and nominees regarding withholding information for non-U.S. investors. 100% of Global Partners LP's distributions to non-U.S. investors are considered attributable to income effectively connected with a U.S. trade or business and subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.
Global Partners LP (NYSE: GLP) has announced its upcoming second-quarter 2024 financial results conference call, scheduled for August 7, 2024. The company will release its financial results before the market opens on that day. At 10:00 a.m. ET, the Partnership will host a conference call for investors and analysts, featuring key executives including Eric Slifka (President and CEO), Gregory B. Hanson (CFO), and Mark Romaine (COO).
Interested parties can access the call by dialing (877) 709-8155 (U.S. and Canada) or (201) 689-8881 (International). For those unable to attend live, an audio replay will be available on the Global Partners website in the 'Events & Presentations' section of the 'Investors' page at https://ir.globalp.com.
Global Partners LP (NYSE: GLP) has announced a quarterly cash distribution of $0.59375 per unit ($2.375 per unit annualized) on its 9.50% fixed-rate Series B preferred units. This distribution covers the period from May 15, 2024, through August 14, 2024, and will be paid on August 15, 2024, to Series B preferred unitholders of record as of August 1, 2024.
The company also provided a qualified notice to brokers and nominees regarding withholding requirements for non-U.S. investors. 100% of Global Partners LP's distributions to non-U.S. investors are considered attributable to income effectively connected with a U.S. trade or business and subject to federal income tax withholding at the highest applicable effective tax rate plus 10%.
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