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) announced the sudden passing of Edward J. Faneuil, its Executive Vice President, General Counsel, and Secretary, who died on May 17, 2021, at the age of 68. Faneuil was a key figure in the company for three decades, instrumental in guiding its legal and regulatory departments and managing its 2005 initial public offering. His leadership and mentorship significantly contributed to the success of Global Partners. The company expressed deep condolences to his family and acknowledges his immense impact on the organization.
Global Partners LP (NYSE: GLP) reported a net loss of $4.3 million for Q1 2021, compared to net income of $3.3 million in Q1 2020. EBITDA decreased to $40.9 million, down from $44.7 million year-over-year. Fuel volumes showed signs of recovery, despite lower retail fuel margins and gross profit of $145 million, slightly down from $145.7 million in 2020. The Wholesale segment experienced a significant improvement with product margins up $25 million from last year. The company also issued 3 million preferred units and extended its credit agreement to May 2024.
Cushing Asset Management and Swank Capital announced a change to the Cushing MLP Market Cap Index on April 30, 2021. Enable Midstream Partners (ENBL) and Energy Transfer (ET) have agreed to merge, pending approval from ENBL unitholders. A majority have already consented, allowing the merger to close as early as May 10, 2021. Consequently, ENBL will be replaced by Global Partners (GLP) in the Index after market close on May 7, 2021. No other constituents of the Index will be affected by this change.
Global Partners LP (NYSE: GLP) has announced a quarterly cash distribution increase of $0.025 per unit, bringing the total to $0.5750 per unit ($2.30 annually) for the period of January 1 to March 31, 2021. This distribution will be paid on May 14, 2021, to unitholders on record as of May 10, 2021. The press release also provides information regarding federal income tax withholding applicable to non-U.S. investors, indicating significant tax implications for these stakeholders. Global operates approximately 1,550 locations, primarily in the Northeast, distributing various petroleum and renewable fuel products.
Global Partners LP (NYSE: GLP) will release its first-quarter 2021 financial results before the market opens on May 7, 2021. A conference call for investors and analysts is scheduled for 10:00 a.m. ET, with dial-in numbers provided for U.S., Canadian, and international participants. The call will also be available via webcast on the company's Investor Relations website. Global Partners operates approximately 1,550 locations in the Northeast and owns a significant terminal network, distributing various petroleum products.
Global Partners LP (NYSE:GLP) has declared a cash distribution of $0.609375 per unit on its 9.75% Series A Preferred Units and an initial distribution of $0.3365 per unit on its 9.50% Series B Preferred Units. Both distributions are for the period ending May 14, 2021, to be paid on May 17, 2021. As a qualified notice, distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable rate. Global Partners operates approximately 1,550 locations, distributing gasoline and renewable fuels across New England and New York.
Global Partners LP (NYSE:GLP) has priced an offering of 3,000,000 of its 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units at $25.00 each. Distributions will be paid quarterly, cumulative from the issue date. The net proceeds will be used to reduce debt under its credit agreement. The offering is expected to close on March 24, 2021, pending customary closing conditions. Stifel and Morgan Stanley are acting as joint book-running managers.
Global Partners LP (NYSE:GLP) has initiated a public offering of Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units, priced at $25.00 per unit. The offering is subject to market conditions and includes a 30-day option for underwriters to purchase additional units. Proceeds will be utilized to reduce debt under their credit agreement. Stifel, Nicolaus & Company and Morgan Stanley are the joint book-running managers for this offering, which is being conducted under an effective registration statement with the SEC.
Global Partners LP (NYSE: GLP) announces the retirement of Chief Financial Officer Daphne H. Foster, effective August 31, 2021, after 14 years. Gregory B. Hanson, currently Treasurer, will succeed her on September 1, 2021. Foster's tenure saw significant advancements in the company’s strategic goals, successful financial transactions, and a strengthened financial position. Hanson brings over 20 years of finance experience, having previously worked at G.E. Financial Services and Merrill Lynch. Global Partners operates 1,550 locations in the Northeast, dealing in gasoline and renewable fuels.
Global Partners LP (NYSE: GLP) filed its Annual Report on Form 10-K for the year ended December 31, 2020, with the U.S. SEC on March 5, 2021. The report is accessible for viewing or download on the Partnership's website and the SEC’s website. Global Partners operates approximately 1,550 gasoline stations and convenience stores mainly in the Northeast and maintains one of the largest terminal networks for petroleum distribution in New England and New York, indicating a significant presence in the energy sector.
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