Commodity price and demand volatility
Margins depend on spreads, volumes and customer demand for refined products and renewable fuels.
- Scope
- Wholesale fuels, retail fuel and logistics
- Materiality
- high
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.
5,7 %
0,5 %
+8,1 %
1.14
0.63
| % | |
|---|---|
| Wholesale fuels | 55% Sales and distribution of gasoline, distillates, residual oil, renewable fuels and propane to retail and commercial customers. |
| Retail fuel and convenience | 25% Owned, leased and supplied gasoline stations plus directly operated convenience stores and related rental income. |
| Terminal and logistics services | 12% Storage, blending, terminalling and transportation services supported by rail, pipeline and marine assets. |
| Commercial and marine supply | 8% Fuel deliveries to public sector, industrial customers and bunkering activity for ships. |
Global Partners sells to a mix of retail motorists, independent dealers, wholesalers, commercial end users and...
- Retail gasoline consumersprimary
Drivers purchasing fuel and convenience items at company-operated or supplied stations, where traffic and fuel margins drive performance.
- Independent dealers and distributorsprimary
Dealer-leased stations, cobranding partners and distributors in New England that buy branded gasoline supply and related services.
- Commercial and industrial end usersprimary
Large users of diesel, heating oil, kerosene and residual oil that buy on contract or through bidding processes.
- Public sector customerssecondary
Government and municipal buyers that source fuel through competitive bids and term contracts.
- Marine and bunkering customerssecondary
Ships and marine operators buying custom blended fuels and bunker fuel delivered through terminals or barges.
The company’s core footprint is the U.S. Northeast, especially Massachusetts, Maine, Connecticut, Vermont, New...
- •Northeast is the main retail and wholesale fuel market
- •Terminal network spans Maine to Florida and the Gulf States
- •Texas station exposure comes through Spring Partners Retail LLC
- •Rail supply links connect mid-continent U.S. and Canada
- •Geographic concentration increases exposure to regional fuel demand
Global Partners is focused on maintaining and upgrading its fuel distribution and retail network while funding...
01
Expand and refresh station and terminal assetsmedium-term
Keeps the retail network competitive and supports throughput, storage and distribution capacity.
02
Protect supply chain and logistics flexibilityshort-term
The business depends on reliable access to refined products, renewable fuels and transport capacity.
03
Preserve distributable cash flowshort-term
As a master limited partnership, cash generation and capital discipline are central to investor returns.
The business is exposed to fuel price volatility, demand swings, logistics cost inflation and strong competition from...
Trade credit and counterparty nonperformance
The company extends credit and uses derivative and supply counterparties that may fail to pay or perform.
- Scope
- Wholesale and hedging activities
- Materiality
- high
Seasonality of heating oil and related products
Winter weather drives demand and can cause large quarter-to-quarter swings in results.
- Scope
- Home heating oil, distillates and residual oil
- Materiality
- high
Competitive pressure from larger fuel distributors and retailers
Larger competitors may undercut prices or secure better supply economics.
- Scope
- Retail stations, wholesale distribution and logistics
- Materiality
- high
Cybersecurity and operational disruption
Terminal, retail and logistics operations depend on secure IT and control systems.
- Scope
- Network, payment and supply chain systems
- Materiality
- medium
Physical forward derivative contracts
Derivative assets and liabilities, earnings volatility
Goodwill valuation
Potential non-cash impairment charges
Environmental liabilities
Accrued liabilities and expense recognition
Financing obligations from sale-leasebacks
Debt-like liabilities and interest expense presentation
Seasonality and interim comparability
Quarterly results and cash flow timing
: 28.4.2026