Global Partners Lp (NYSE: GLP)

Global Partners LP is a master limited partnership that operates a diversified energy distribution and logistics business, specializing in the wholesale, retail, and commercial supply of refined petroleum products, renewable fuels, and crude oil. The company maintains a vast terminal network with connectivity to rail, pipeline, and marine assets, spanning from Maine to Florida and into the U. S. Gulf States. Global Partners LP is also one of the largest independent owners, suppliers, and operators of gasoline stations and convenience stores in the Northeast, with a portfolio of 1,540 owned, leased, or supplied locations as of September 30, 2025. Its operations are deeply integrated into the energy supply chain, encompassing the purchasing, blending, storing, transporting, and marketing of fuels and related products.

The company generates revenue through the sale of refined petroleum products, including gasoline, gasoline blendstocks, distillates (such as diesel and home heating oil), residual oil, renewable fuels, crude oil, and propane. Additional income streams include convenience store sales, prepared food offerings, rental income from leased gasoline stations, and fees from cobranding arrangements. For the nine months ended September 30, 2025, Global Partners LP reported total sales of $13.9 billion, driven by volume growth and strategic acquisitions. The company’s pricing models are based on spot, fixed, or indexed rates, with hedging activities conducted through exchanges like the New York Mercantile Exchange and Chicago Mercantile Exchange to mitigate commodity price volatility.

The company operates through the following segments:

• Wholesale: This segment focuses on the logistics of gathering, blending, storing, and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil, and propane. It sells home heating oil, branded and unbranded gasoline, diesel, kerosene, and residual oil to retail and wholesale distributors. The segment also engages in the trading of Renewable Identification Numbers (RINs), which are credits tied to government-mandated renewable fuel standards. Products are transported via railcars, barges, trucks, and pipelines under spot or long-term contracts, with customers typically using their own vehicles or third-party carriers for delivery.

• Gasoline Distribution and Station Operations (GDSO): This segment distributes branded and unbranded gasoline to gasoline station operators and sub-jobbers. It also manages convenience store operations, including prepared food sales, rental income from leased gasoline stations, and sundries such as car wash services, lottery commissions, and ATM fees. As of September 30, 2025, the GDSO portfolio included 290 company-operated stores, 326 commissioned agent locations, 168 lessee dealers, and 756 contract dealers, primarily concentrated in the Northeast.

• Commercial: This segment supplies unbranded gasoline, home heating oil, diesel, kerosene, residual oil, and bunker fuel to end-user customers in the public sector and large commercial and industrial markets. Sales are conducted through competitive bidding processes or contractual agreements, with delivery arranged to customer-designated locations. The segment also includes bunkering operations, which involve the sale of custom-blended fuels delivered by barge or terminal dock to ships.

Global Partners LP holds a prominent position in the energy distribution and retail fuel markets, particularly in the Northeast, where it is one of the largest independent players. Its competitive advantages include an extensive terminal network with strategic connectivity to rail, pipeline, and marine infrastructure, enabling efficient logistics and storage capabilities. The company’s scale in gasoline station and convenience store operations provides a stable retail revenue stream and enhances customer loyalty. Additionally, its involvement in renewable fuels and compliance with environmental regulations, such as the Renewable Fuel Standard, positions it to capitalize on the growing demand for cleaner energy solutions. Key competitors include other independent fuel distributors, major oil companies, and regional convenience store operators, though Global Partners LP’s integrated supply chain and terminal assets differentiate it within the industry.

The company serves a diverse customer base, including retail and wholesale fuel distributors, gasoline station operators, convenience store lessees, public sector entities, and large commercial and industrial end users. Its wholesale segment caters to distributors and retailers who rely on the company for bulk fuel supply, while the GDSO segment targets consumers through its network of gasoline stations and convenience stores. The Commercial segment focuses on government agencies, industrial clients, and maritime customers requiring specialized fuel solutions. While specific customer names are not disclosed, the company’s reach extends across multiple sectors, from individual consumers to institutional buyers.