Global Partners LP reported a total revenue of approximately $17.2 billion for the fiscal year ending December 31, 2024, marking a 4% increase from $16.5 billion in 2023. The increase was primarily driven by a rise in the volume of products sold, which reached 6.6 billion gallons, up from 5.7 billion gallons in the previous year. The company’s net income, however, decreased to $110.3 million from $152.5 million in 2023. The decline in profitability was attributed to various factors, including increased interest expenses and operational costs associated with recent acquisitions.
In 2024, Global Partners completed significant acquisitions, including four refined-product terminals from Gulf Oil for approximately $215.1 million and one terminal from ExxonMobil. These acquisitions were financed through borrowings under the company’s revolving credit facility. The company also redeemed all outstanding Series A Preferred Units on April 15, 2024, which had a cumulative distribution rate of 12.42%. The Series A units were redeemed at a price of $25.00 per unit, plus a cash distribution for the period leading up to the redemption.
Operationally, Global Partners maintained a portfolio of 1,584 gasoline stations as of December 31, 2024, which included 300 directly operated convenience stores. The company reported a total product margin of $1.2 billion, an increase from $1.1 billion in 2023, driven by improved margins in the Wholesale segment, particularly in gasoline blendstocks and distillates. However, the Gasoline Distribution and Station Operations segment experienced a decrease in sales, primarily due to lower gasoline prices and a reduction in volume sold.
Looking ahead, Global Partners anticipates continued challenges from fluctuating commodity prices and market conditions, which could impact its financial performance. The company expects maintenance capital expenditures of approximately $60 million to $70 million and expansion capital expenditures of $75 million to $85 million in 2025. The management remains focused on leveraging its extensive terminal network and operational capabilities to navigate these challenges while pursuing growth opportunities in the refined petroleum products market.
About GLOBAL PARTNERS LP
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