Global Partners LP
Global Partners LP is a U.S. master limited partnership that buys, stores, blends, transports and distributes refined petroleum products and renewable fuels. It also owns and supplies a large network of gasoline stations and convenience stores, with a concentration in the Northeast and additional terminal, rail, pipeline and marine-linked logistics assets across the U.S. East Coast and Gulf States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSales and distribution of gasoline, distillates, residual oil, renewable fuels and propane to retail and commercial customers.
Owned, leased and supplied gasoline stations plus directly operated convenience stores and related rental income.
Storage, blending, terminalling and transportation services supported by rail, pipeline and marine assets.
Fuel deliveries to public sector, industrial customers and bunkering activity for ships.
Products
Reported · share of revenue- Refined Petroleum Products Renewable Fuels Crude Oil and Propane94.7 %
- Station Operations5.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Global Partners sells to a mix of retail motorists, independent dealers, wholesalers, commercial end users and public-sector buyers. Its customer base is shaped by fuel type and delivery channel: station operators and dealers buy branded or unbranded gasoline, while industrial, municipal and marine customers buy distillates, heating oil, bunker fuel and custom blends.
Drivers purchasing fuel and convenience items at company-operated or supplied stations, where traffic and fuel margins drive performance.
Dealer-leased stations, cobranding partners and distributors in New England that buy branded gasoline supply and related services.
Large users of diesel, heating oil, kerosene and residual oil that buy on contract or through bidding processes.
Government and municipal buyers that source fuel through competitive bids and term contracts.
Ships and marine operators buying custom blended fuels and bunker fuel delivered through terminals or barges.
Strategy
Global Partners is focused on maintaining and upgrading its fuel distribution and retail network while funding selective expansion capital in stations and terminals. It also relies on logistics connectivity and supply relationships to secure product flow, manage seasonal demand swings and support cash distributions to unitholders.
Keeps the retail network competitive and supports throughput, storage and distribution capacity.
The business depends on reliable access to refined products, renewable fuels and transport capacity.
As a master limited partnership, cash generation and capital discipline are central to investor returns.
Geography
The company’s core footprint is the U.S. Northeast, especially Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania. Its terminal and logistics network extends from Maine to Florida and into the U.S. Gulf States, with additional station exposure in Texas through a joint venture and rail supply links from the mid-continent U.S. and Canada.
Risks
The business is exposed to fuel price volatility, demand swings, logistics cost inflation and strong competition from integrated refiners, wholesalers and retail chains. It also faces seasonal heating demand, credit and counterparty risk, tariff and trade restrictions, and operational or cyber disruptions that could affect supply continuity and cash available for distributions.
- Commodity price and demand volatilityImpact: HighLikelihood: Medium
Margins depend on spreads, volumes and customer demand for refined products and renewable fuels.
Exposure - Trade credit and counterparty nonperformanceImpact: HighLikelihood: Medium
The company extends credit and uses derivative and supply counterparties that may fail to pay or perform.
Exposure: Wholesale and hedging activities
- Seasonality of heating oil and related productsImpact: MediumLikelihood: Medium
Winter weather drives demand and can cause large quarter-to-quarter swings in results.
Exposure - Competitive pressure from larger fuel distributors and retailersImpact: MediumLikelihood: Medium
Larger competitors may undercut prices or secure better supply economics.
Exposure - Cybersecurity and operational disruptionImpact: MediumLikelihood: Medium
Terminal, retail and logistics operations depend on secure IT and control systems.
Exposure
Accounting
Judgemental itemsThese are measured at fair value and can materially affect reported gains or losses as fuel prices move.
Impact: Derivative assets and liabilities, earnings volatility
Acquisitions and reporting units in retail and terminal businesses may require impairment testing.
Impact: Potential non-cash impairment charges
Fuel storage, terminals and retail sites can create remediation obligations that require estimation.
Impact: Accrued liabilities and expense recognition
Some historical sale-leaseback transactions are accounted for as financing obligations rather than sales.
Impact: Debt-like liabilities and interest expense presentation
Heating demand and weather can materially change quarterly revenue and margins.
Impact: Quarterly results and cash flow timing
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Last updated: 24/09/2026