Global Partners Declares Second-Quarter 2024 Cash Distribution of $0.7200 on Common Units

Rhea-AI Summary

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%.

Positive

• Declared cash distribution of $0.7200 per unit for Q2 2024
• Annualized distribution of $2.88 per unit

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• None.

WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYSE: GLP) (the “Partnership”) today announced that the Board of Directors of its general partner, Global GP LLC, has declared a cash distribution of $0.7200 per unit ($2.88 per unit on an annualized basis) on all of its outstanding common units from April 1, 2024 through June 30, 2024. The distribution will be paid on August 14, 2024 to unitholders of record as of the close of business on August 8, 2024.

Non-U.S. Withholding Information

Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold Global Partners LP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of Global Partners LP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, Global Partners LP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not Global Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

About Global Partners LP

Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 53 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.

Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240724622903/en/

Gregory B. Hanson

Chief Financial Officer

Global Partners LP

(781) 894-8800

Sean T. Geary

Chief Legal Officer and Secretary

Global Partners LP

(781) 894-8800

Source: Global Partners LP

FAQ

What is the Q2 2024 cash distribution amount for Global Partners LP (GLP)?

Global Partners LP (GLP) declared a cash distribution of $0.7200 per unit for the second quarter of 2024.

When will Global Partners LP (GLP) pay its Q2 2024 distribution?

Global Partners LP (GLP) will pay its Q2 2024 distribution on August 14, 2024 to unitholders of record as of August 8, 2024.

What is the annualized distribution for Global Partners LP (GLP) based on the Q2 2024 announcement?

Based on the Q2 2024 announcement, the annualized distribution for Global Partners LP (GLP) is $2.88 per unit.

How are Global Partners LP (GLP) distributions treated for non-U.S. investors?

100% of Global Partners LP (GLP) distributions to non-U.S. investors are 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%.