Global Partners LP (GLP)

Global Partners LP reported second-quarter 2026 net income of $71.0 million on 7 August 2026, up from $25.2 million in the same quarter a year earlier 2. Adjusted EBITDA, a profit measure before interest, taxes, depreciation and amortization with some items removed, was $148.2 million against $98.2 million 2.

Product margin, the money left from sales after the cost of the fuel itself, rose to $245.2 million from $207.9 million in the station and fuel-distribution segment 2. The release credits higher fuel margins, measured in cents per gallon 2. Wholesale product margin was $106.5 million against $91.7 million 2.

In wholesale, gasoline margin rose to $78.4 million from $58.8 million on more favorable gasoline market conditions, while distillates slipped to $28.1 million from $32.9 million 2. Station volume fell to 351.2 million gallons from 382.4 million a year earlier 2.

Global also finished redeeming its Series B preferred units, which paid 9.50 percent, at $25.00 a unit, and they were no longer outstanding from 30 July 2026 21. On 16 October 2026 it extended its bank credit facility from March 2028 to October 2031, keeping a $1.0 billion working-capital commitment and a $500 million revolver 4.

On 29 October 2026 the board of its general partner declared a quarterly distribution of $0.7850 a unit, or $3.14 a year, payable 13 November to holders of record on 9 November 3. Chief executive Eric Slifka said the company remains "committed to pursuing growth where it creates durable value" 2.

The business began in the 1930s with founder Abraham Slifka, according to C-Store Dive 6. After his son Richard Slifka joined the company in 1963, he and his brother Fred turned a heating oil company into a wholesale fuel distributor and convenience retailer 6.

The partnership was formed in March 2005 and filed its registration statement on Form S-1 on 10 May 2005 1. Richard Slifka became vice chairman of its general partner in 2005 and chairman in 2014 9. Its tax treatment depends on being a partnership, not a corporation 1.

In June 2015 it bought retail gasoline stations from Capitol Petroleum Group 1. In June 2016 it sold the real estate at 30 stations in a deal that did not meet the accounting test for a sale 1. In March 2021 it issued 3,000,000 Series B preferred units with a 9.50 percent fixed rate 1.

CSP Daily News reported in June 2023 that Global and ExxonMobil had finished on 1 June buying 64 Houston-area convenience and fueling sites from Landmark Group 7. A new joint venture, Spring Partners Retail LLC, bought them, and Global is its operator 7.

On 21 December 2023 Global bought 25 refined product terminals from Motiva Enterprises along the Atlantic Coast, in the Southeast and in Texas, for $313.2 million including inventory 1. Motiva signed a 25-year take-or-pay throughput agreement, which sets minimum annual payments whether or not the space is used 5.

Eric Slifka said the deal "nearly doubles our operating footprint" 5. Afterward Global owned or leased 49 terminals with about 18.3 million barrels of shell capacity, meaning tank space 5.

In April 2024 it added four refined-product terminals from Gulf Oil, and in November 2024 one liquid energy terminal in East Providence, Rhode Island from ExxonMobil 1. It redeemed all of its Series A preferred units on 15 April 2024 1.

Net income was $152.5 million in 2023, $110.3 million in 2024 and $98.0 million in 2025 1. Sales rose 8 percent in 2025 to $18.5 billion, mainly because Global sold more gallons, partly offset by lower prices 1.

Gross profit was flat at $1.1 billion in both years, because wholesale margins rose on gasoline and distillates while retail gasoline and bunkering margins fell 1. The station count fell to 1,524 from 1,584 as company-operated sites were sold or converted 1.

In June 2025 it sold $450.0 million of 7.125 percent senior notes due 2033 to fund a tender offer for older 7.00 percent notes due 2027 1. In October 2025 it began marine fuel supply in the Port of Houston and nearby Gulf ports 1.

Richard Slifka died on 25 May at age 85 6. His nephew Eric Slifka became chairman in May 2025 1.

Wholesale: fuel moved through terminals

Wholesale is the largest segment 1. Global buys, blends, stores and ships refined fuels and sells them to retailers and distributors from terminals it owns, leases or uses 1. Sales were $12.7 billion in 2025 against $10.7 billion, about 68 percent of the total 1.

Wholesale product margin was $321.7 million against $292.2 million 1. It competes with terminal companies, major oil companies and their marketing arms, wholesalers, producers and independent marketers 1.

Gas stations and convenience stores

This segment, called GDSO, sells fuel to station operators and runs convenience stores 1. Station income also includes rent and sundries such as car washes and lottery commissions 1. Sales were $4.8 billion against $5.4 billion 1.

At the end of 2025 the portfolio had 1,524 sites: 290 company operated, 328 with commissioned agents, 164 with lessee dealers and 742 with contract dealers 1. Product margin was $846.0 million against $860.5 million 1.

CSP Daily News describes Global as owner of the Alltown Fresh, Honey Farms and XtraMart convenience-store brands 5. Global also operates or supplies 67 Texas stations through Spring Partners Retail 1.

Commercial and marine fuels

Commercial sells to public bodies and large industrial users, including bunker fuel, which is fuel for ships, delivered by barge or from a terminal dock 1. Sales in the latest annual report were $1.1 billion, with product margin of $26.3 million against $31.4 million 1.

In the second quarter of 2026 commercial product margin rose to $10.5 million from $6.1 million on better bunkering conditions 2.

Terminals and offices

Global owned, leased or kept dedicated storage at 54 bulk terminals holding about 22.3 million barrels 1. Rail-capable terminals sit in New York, Vermont, Oregon, Georgia and Florida, and two North Dakota terminals can receive crude oil by rail 1.

Its principal office is now in Newton, Massachusetts, under a 12-year lease signed in January 2025 13.

People

Mark Romaine is chief operating officer, a post he has held since July 2013 1.

Eric Slifka is chairman, president and chief executive; he has been with Global Companies LLC or its predecessors since 1987 1. Gregory Hanson has been chief financial officer since 1 September 2021 1.

Global had about 4,700 employees at the end of 2025, about 3,265 of them full time, and about 130 were union members 1.

Gasoline made up 65 percent of last year's sales, distillates, residual oil and crude oil 32 percent, and convenience-store items 3 percent 1. Gasoline demand is higher in late spring and summer, while heating oil and residual oil sell more in winter 1.

Total sales in the second quarter of 2026 were $6.8 billion against $4.6 billion, and wholesale sales were $4.9 billion against $3.1 billion 2.

Rivals and current problems

Rivals may supply the same products at lower prices and with more capital, the partnership says 1. It names climate effects, erosion of major gasoline brands and conflicts with its general partner among its risks 1. At the end of last year its leverage was 3.59 times under the credit agreement 8.

The umbrella, in words

Brands in its filing include Alltown Fresh, Xtra Mart, HF Honey Farms, Jiffy Mart and Fast Freddie's 1.

Exhibit 21 lists Alliance Energy LLC, Basin Transload LLC, Cascade Kelly Holdings LLC, Drake Petroleum Company and Global Companies LLC 10. It also lists Global Montello Group, Global Operating LLC, Global Terminal Holdings LLC, GLP Finance Corp., SPR Operator LLC and Warex Terminals Corporation 10.

It owns 49.99 percent of the Spring Partners Retail joint venture, counted under the equity method, and ExxonMobil bought the Landmark sites alongside Global 17. It also invested through Global HQ 2 LLC in a venture that owns the Newton office building 1.

The general partner, Global GP LLC, manages the partnership, and on 20 February 2026 it and its affiliates owned 12.7 percent of the common units and the entire general partner interest 1. Eric Slifka is chairman 1.

On its fourth-quarter call, management guided 2026 maintenance capital spending of $60.0 million to $70.0 million and expansion spending, excluding acquisitions, of $75.0 million to $85.0 million 8. Maintenance spending keeps existing assets running, and expansion spending builds new capacity 8.

On that call management said the largest potential expansion spend is on terminals, to widen throughput and logistics, with timing uncertain because of permitting and contracts 8. It also said three raze-and-rebuild projects are under way on the station side 8.

Management said the strategy "remains focused on acquiring strategic assets, investing in our existing network, and continuously optimizing our portfolio" 8. It also reported ongoing sales of non-strategic retail sites and conversions to higher-value formats 8.

It plans to grow bunkering in Houston through a lease at the Texas City terminal, which management called a capital-light model with leased barges and leased terminals 8.

Chief executive Eric Slifka said on 7 August 2026 the company would keep deploying capital "with discipline" and pursue growth "where it creates durable value" 2.

Management called the Providence terminal, in its first full year, a better performer than expected 8. It also said spending on data and analytics raised costs and is expected to bring efficiencies later 8.

Chief financial officer Gregory Hanson said cold Northeast weather in early 2026 gave wholesale fuel demand a favorable start, which the Motley Fool summary calls a potential short-term tailwind 8.

Under the amended credit agreement, the $1.0 billion working-capital commitment and the $500 million revolver stay in place until the new maturity 4. Management has said its strategy includes acquiring strategic assets and investing in its existing network 8.

The distribution declared on 29 October 2026 is payable on 13 November, and the credit facility now runs to 16 October 2031 34.