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) 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%.
Global Partners LP (NYSE: GLP) reported financial results for the first quarter of 2024, highlighting strong performance in the Gasoline Distribution and Station Operations segment. The Wholesale segment faced challenges due to mark-to-market valuations but recovered in April. The company successfully integrated acquired assets and closed a significant acquisition. Despite a net loss of $5.6 million, the company remains optimistic about growth opportunities.
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