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Overview of Global Partners LP (GLP)
Global Partners LP (GLP) is a publicly traded master limited partnership (MLP) that operates as a key player in the midstream logistics and marketing sector. Headquartered in the United States, the company specializes in the purchase, sale, storage, and transportation of petroleum products, renewable fuels, and other energy commodities. With one of the largest terminal networks for refined petroleum products and renewable fuels in the Northeast, Global Partners LP plays a pivotal role in ensuring energy supply chain efficiency across the region.
Core Business Segments
Global Partners LP operates through three primary business segments:
- Wholesale: The wholesale segment is the company's largest revenue generator, focusing on the distribution of gasoline, distillates, residual oil, renewable fuels, crude oil, natural gas, and propane to wholesalers, retailers, and commercial customers. This segment leverages the company's extensive terminal network and logistical expertise.
- Gasoline Distribution and Station Operations (GDSO): GLP is one of the largest independent owners, suppliers, and operators of gasoline stations and convenience stores in the Northeast, with nearly 1,600 locations. Its convenience store brands include Alltown, Mr. Mike's, Xtramart, On the Run, and Fast Freddie's.
- Commercial: This segment focuses on providing energy products and services to institutional and industrial clients, further diversifying the company's revenue streams.
Strategic Infrastructure and 'Virtual Pipeline'
A distinguishing feature of Global Partners LP is its 'virtual pipeline,' which facilitates the transportation of crude oil and other energy products via rail from the Mid-Continent U.S. and Canada to coastal distribution points. This innovative approach enhances the company's logistical capabilities and supports efficient energy distribution to refiners and other stakeholders.
Market Position and Geographic Focus
Global Partners LP holds a prominent position in the energy logistics and marketing industry, particularly in the Northeast United States. Its operations span key states such as Massachusetts, Maine, Connecticut, Vermont, and New York, where it serves a diverse customer base that includes wholesalers, retailers, and commercial entities. The company's focus on renewable fuels aligns with evolving market trends and regulatory requirements, positioning it as a forward-thinking participant in the energy sector.
Competitive Landscape
In a highly competitive energy market, Global Partners LP differentiates itself through its integrated business model, extensive terminal network, and strategic geographic focus. Its ability to handle both traditional petroleum products and renewable fuels provides a competitive edge, particularly as the energy industry transitions toward more sustainable solutions. Competitors in the space include other midstream logistics companies and regional fuel distributors, but GLP's scale and infrastructure give it a unique advantage.
Value Proposition
Global Partners LP's value proposition lies in its ability to efficiently connect energy producers with end markets through its robust infrastructure and logistics expertise. By managing a diverse portfolio of energy products and maintaining a strong presence in the Northeast, the company ensures reliability and flexibility for its customers, while also capitalizing on opportunities in renewable energy markets.
Cushing Asset Management and Swank Capital announced the rebalancing of The Cushing MLP Market Cap Index, effective September 20, 2021. Following market closure on September 17, Alliance Resource Partners, L.P. (NASDAQ: ARLP) will be added as a constituent, while Global Partners LP (NYSE: GLP) will be removed. The Index tracks midstream energy infrastructure companies and is calculated by S&P Dow Jones Indices. It serves as a benchmark to monitor the performance of master limited partnerships and non-MLP midstream corporations.
Global Partners LP (GLP) reported Q2 2021 financial results with a net income of $12.1 million ($0.23 per unit), down from $76.3 million ($2.17 per unit) in Q2 2020. EBITDA decreased to $58.5 million from $125.7 million year-over-year. The GDSO segment showed growth, with product margin rising to $162.4 million, while the Wholesale segment saw a drop to $33.5 million due to tougher market conditions. Total sales surged to $3.3 billion from $1.5 billion in the previous year. A quarterly cash distribution of $0.5750 per unit is set for August 13, 2021.
Global Partners LP (NYSE: GLP) has announced a quarterly cash distribution of $0.5750 per unit for the period from April 1 to June 30, 2021, amounting to an annualized $2.30 per unit. The payment is scheduled for August 13, 2021, to unitholders on record as of August 9, 2021. The company emphasizes that 100% of distributions to non-U.S. investors will be subject to the highest federal income tax withholding. Global Partners operates approximately 1,550 locations in the Northeast, focusing on gasoline and convenience store operations, with extensive terminal networks for fuel distribution.
Global Partners LP (NYSE: GLP) is set to release its second-quarter 2021 financial results on August 6, 2021, before the market opens. A conference call for investors and analysts will take place at 10:00 a.m. ET. Interested parties can join via dial-in or listen to the live webcast available at the company's Investor Relations page. Global Partners operates approximately 1,550 locations mainly in the Northeast and has a significant terminal network for fuel distribution. This call may provide insights into the company's performance and future outlook.
Global Partners LP (NYSE: GLP) declared cash distributions on its Series A and B preferred units for the period from May 15, 2021, to August 14, 2021. Series A preferred units will receive $0.609375 per unit ($2.4375 annualized) while Series B units will receive $0.59375 per unit ($2.375 annualized). Both distributions are payable on August 16, 2021, to holders of record as of August 2, 2021. Additionally, distributions to non-U.S. investors will be subject to federal income tax withholding at the highest applicable rate.
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.
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